Page 2121 - Business Finance
As stocks suffer, forex markets keep calm and carry on
LONDON (Reuters) - As global stock markets head for one of their worst months in a decade and bond market volatility surges to more than four-month highs, the stampede out of risk has left the foreign exchange market largely unmoved.
Italian PM to hold talks with Modi on Tuesday
Italian Prime Minister Giuseppe Conte will be on a day-long maiden visit to India on Tuesday during which he will hold talks with his Indian counterpart Narendra Modi to boost cooperation in key areas such as trade and investment, besides participating in the India-Italy Technology Summit. The highlight of the visit will be the Italian prime minister's participation at the 24th edition of the India-Italy Technology Summit which is being organised by the Department of Science and Technology (DST) in partnership with the Confederation of Indian Industry (CII). The summit will focus on a number of areas including healthcare, aerospace, education, clean technology, renewable energy and information and communication technology. During the Conte-Modi talks, focus is expected to be on discussing ways to boost trade and investment. The bilateral trade between the countries increased to USD 10.5 billion in 2017-18 from USD 8.8 billion in the previous fiscal. Italy is India's fifth largest ...
Newgen Q2 net profit jumps about to 3-fold to Rs 17.7 cr
IT company Newgen Software Technologies Monday posted close to three-fold jump in consolidated net profit at Rs 17.7 crore in the July-September quarter over the year-ago period. The company had posted net profit of Rs 6.27 crore in the same period a year ago. Total income of the company grew by around 29 per cent to Rs 155.48 crore during the reported quarter from around Rs 121 crore in the corresponding quarter of 2017-18. "We are on a robust growth trajectory across all our key markets; our consolidated total income witnessed a 29 per cent year on year increase in second quarter of financial year 2019 driven by license revenue growth. We have added 22 new customer logos during the quarter including 5 new wins in the US region," Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies said. Newgen executed an agreement with a global technology player for supply of software licences and related services for total order size at Rs 78.8 crore spread over seven ...
Gold slips as dollar gains, stocks rebound
BENGALURU (Reuters) - Gold eased on Monday, after hitting a more than three-month peak in the previous session, as the dollar strengthened and stocks moved into positive territory.
LIC Housing Finance Q2 standalone net profit up 12%
LIC Housing Finance on Monday reported an increase of 12 per cent in its standalone net profit for the quarter ended September 30, 2018.
MSMEs have to be encouraged to increase GDP: TN governor
Micro and small and medium enterprises (MSMEs) would have to be encouraged to achieve the goal of the national manufacturing policy to increase the gross domestic product (GDP) rate from 16 per cent to 25 per cent by end of year 2022, Tamil Nadu governor Banwarilal Purohit said Monday. The governor said this while inaugurating the golden jubilee celebrations of Coimbatore district small industries association (CODISSIA). He said the MSMEs play a vital role in the economic growth and development of a country, besides creating employment and increasing the GDP. The governor said the MSMEs produce over 6,000 products and contribute about 45 per cent to manufacturing and about 40 per cent to exports. He said Tamil Nadu was estimated to have 11.10 lakh registered small-scale industries which constitute 12 per cent of the total number of MSMEs in the country. Earlier, the governor, releasing a book 'Sculptors of Indian Independence' authored by an advocate from the city, ...
EasyJet expects to be flying electric planes by 2030
LONDON (Reuters) - EasyJet has pushed back its forecast for flying electric planes to 2030, but is more confident about a technology it expects to cut emissions and costs after a partner moved to the next stage of engine development, the airline said on Monday.
SBI, Hitachi Payments form JV for digital payment platform
The State Bank of India (SBI) and Hitachi Payment Services (Hitachi Payments) on Monday entered into a joint venture (JV) to start a digital payment platform in India.
India, Japan to enter into $75-bn currency swap agreement
India and Japan on Monday decided to enter into a $75-billion bilateral currency swap agreement which is expected to bring stability in foreign exchange and capital markets in the country.
Vijaya Bank Q2 net profits falls 25% on year
State-run Vijaya Bank on Monday reported a net profit of Rs 140 crore in the quarter ended September, about 25 per cent lower on year.
Risk review report on Anti Money Laundering by Alea Consulting
Anti-Money Laundering (AML) refers to a set of rules, policies, procedures and regulations implemented to mitigate the risks of money laundering and terrorism financing.The implications of non-compliance with AML regulations are far-reaching. For example, when a bank needs to provide credit or allow a customer to open a bank account, it is compulsory for the customer to complete its AML procedures. The onus of conducting the AML checks is on the bank and not on the customer or the government.AML procedures act as a safeguard against the risks associated with money laundering, including supporting crime and corruption, undermining the legitimate private sector, weakening financial institutions, and causing reputational, operational, legal and concentration risks.Globally, AML regulations and policies are framed and monitored by the Financial Action Task Force (FATF), United Nations Office of Drugs and Crime (UNODC) and the Wolfsberg Group.According to the Association of Certified Fraud
Oil falls as concern deepens over global economic outlook
LONDON (Reuters) - Oil prices dropped on Monday as concern over the global economy put crude on track for its biggest monthly fall since mid-2016.
Wall Street rebounds with help from auto, tech stocks
(Reuters) - U.S. stock indexes rose on Monday, as gains in auto stocks, a recovery in tech company stocks and relief over an unchanged sovereign rating on Italy helped a rebound from last week's steep global selloff.
IPO plans on schedule: Airtel Africa
Telecom major Bharti Airtel's subsidiary Airtel Africa on Monday said its preparations for an Initial Public Offering (IPO) are on track and there is no change in the planned schedule.
In maiden PPP, IWAI to hand over Kolkata terminals to SAPEL tomorrow
In its maiden public private partnership, the Inland Waterways Authority of India (IWAI) will hand over operation and management of its terminals in Kolkata to Summit Alliance Port East Gateway (India), a move that is expected to tap the potential of Nepal-bound containerised cargo, the government said Monday. "IWAI will make its foray into PPP tomorrow when it hands over the operation and management of its terminals in Kolkata to Summit Alliance Port East Gateway (India) Pvt Ltd (SAPEL) on a supply, operate and maintain (SOM) model," the Ministry of Shipping said in a statement. The terminals will be handed over to SAPEL for equipping, operating and managing on a revenue sharing model. The operator will have the right to collect user fees from the users as per the tariff rates notified by IWAI. The contract will be valid for a period of 30 years. "SAPEL was awarded the contract in August, 2017 under a revenue sharing arrangement of 61.70 per cent to itself and 38.30 per cent to IWAI .
Imran Khan's visit will open new chapter in all-weather ties: China
China said on Monday that Pakistan Prime Minister Imran Khan's maiden visit to Beijing this week will open a new chapter in the all-weather bilateral relations, amid reports of his plans to downsize the CPEC projects and seek Chinese loans to avoid the IMF bailout. Khan will arrive here on November 2, his first visit to China since he assumed the office in August. He will hold meetings with President Xi Jinping and Premier Li Keqiang and the two sides will review the entire range of bilateral relations. "You know that this is Prime Minister Imran Khan's first visit to China after assuming the office. This will provide an opportunity for the leaders of our two countries to open a new chapter of the development of bilateral relations under the new circumstances," Foreign Ministry spokesman Lu Kang told the media here. Lu said the USD 60 billion China-Pakistan Economic Corridor (CPEC) has achieved fruitful outcome and "our friendship has become ever deeper to deeper". The CPEC is the ...
Domestic coal supply significantly short of demand: Icra
Domestic coal supply remains significantly short of the domestic demand on the back of strong recovery in power demand and a healthy growth in production levels from non-regulated consuming sectors like cement, aluminium, and steel, rating agency Icra said Monday. Lower generation of hydropower in the current fiscal is also increasing the coal demand, it said in its report. "The Coal India (CIL) has achieved a double-digit production growth of 10.6 per cent during the first six months of the current fiscal. However, production ramp-ups are unable to keep pace with rising demand and the domestic coal supply remains significantly short of the domestic demand," it said. Icra estimated that as on September 30, 22 non-pithead power plants had less than seven days of coal stock left. During the just concluded monsoon season, domestic coal production growth slowed down to 3.8 and 3.2 per cent in September and August, respectively, against 10.6 per cent in July and 13.2 per cent .
Mahindra Holidays Q2 net profit at Rs 14.5 cr
Mahindra Group firm Mahindra Holidays & Resorts India Monday reported a standalone net profit at Rs 14.46 crore for the quarter ended September 30, 2018. The company had posted a net profit of Rs 31.70 crore for the corresponding period of the previous fiscal, Mahindra Holidays & Resorts India (MHRIL) said in a filing to BSE. The standalone total income of the company stood at Rs 221.10 crore for the quarter under consideration. It was Rs 248.78 crore for the same period a year ago. The company said accounts up to March 31,2018, were prepared according to Ind AS 18 standard while from April 1, 2018, the accounts have to be prepared in accordance with Ind AS 115. Due to the application of Ind-AS 115, membership fees and incremental cost to obtain and/or fulfil a contract with a customer is recognised over the effective membership period. The previous standard permitted the upfront recognition of the non refundable admission fees on sale of membership, MHRIL said. "The ...
LICHFL Q2 net rises 12% to Rs 573.2 cr; loans grow 30%
LIC Housing Finance (LICHFL) Monday reported a tepid 12 per cent growth in September quarter net at Rs 573.16 crore despite a robust loan growth that clipped past 30 per cent. The housing finance arm of the national insurer LIC said its loan disbursements rose 30 per cent to Rs 14,272 crore, taking the total outstanding loan portfolio to Rs 1,75,953 crore by the end of the reporting period, a growth of 16 per cent. Chief executive and managing director Vinay Sah attributed the 30 per cent loan growth to an exceptionally high level of disbursals in the last month of the quarter (September) and said for the first half, the loan growth was only 21 per cent. He also said this level of growth is not sustainable and expects to close the year with a 17-18 per cent growth. On the margin compression to 2.35 per cent from 2.58 per cent year-on-year, Sah told PTI that Q3 and Q4 margins should be better as the impact of increasing the prime lending rates four times or a cumulative .
Tata Sons ends ties with Suhel Seth after sexual misconduct allegations
Tata Sons, the promoter of major operating Tata group companies, has severed ties with celebrity consultant Suhel Seth following allegations of sexual misconduct by several women, according to a company official. Earlier this month, the Tata group had stated that it "has noted" reports of the allegations against Seth and was "looking into" the issue of its association with the brand consultant. According to a source, ever since several women, including model Diandra Soares, filmmaker Natasha Rathore and writer Ira Trivedi, accused Seth of sexual misconduct, Tata Sons stopped dealing with Counselage, a brand consultancy firm promoted by Seth. When asked to confirm if Tata Sons has severed ties with Seth after allegations of sexual misconduct in #MeToo campaign in India, a company official said "Yes". "Post the allegations, Tata Sons has not engaged with Counselage," a source said. When contacted, a Tata sons spokesperson said, "Counselage's contract with Tata Sons will end on November .