Page 2234 - Business Finance

Starbucks to let Mexico's Alsea operate stores in four European nations

(Reuters) - Starbucks Corp said on Thursday it would give its longtime partner Mexico's Alsea SAB the rights to operate its cafes in France, the Netherlands, Belgium and Luxembourg as the coffee chain looks to trim costs and battle competition.

IRB Infra ties up Rs 981 cr from lenders for Vadodara-Mumbai Expressway section

IRB Infrastructure Developers Ltd (IRB Infra) said Thursday it has tied up Rs 981 crore finances from lenders for a project to widen a section of Vadodara-Mumbai Expressway. The support from National Highways Authority of India for the project will be Rs 817 crore while the equity contribution from the company will be Rs 245 crore. "IRB Infra has achieved the third financial closure through its SPV, VK1 Expressway Private Ltd, in a span of just 20 days for its third HAM (hybrid annuity mode) project" for 8 laning of 23.40 km section of Vadodara-Mumbai Expressway, IRB Infra said in a statement. This has come after two successive financial closures for two HAM projects achieved at the end of September 2018 for its projects in South India, it said. IRB Infra Chairman & Managing Director Virendra D Mhaiskar stressed that the company achieving financial closures for all three projects under HAM within a span of almost 20-21 days demonstrate lenders "high trust" in their domain ...

Shell to invest up to $2 billion annually to explore, produce oil in Brazil through 2025 - report

RIO DE JANEIRO (Reuters) - Royal Dutch Shell plans to invest $1 billion to $2 billion annually in oil exploration and production in Brazil through 2025, Brazilian newspaper Valor Economico reported on Thursday.

Tatas mull acquiring stake in Jet Airways

Tata Sons is mulling acquiring stake in crisis-hit Jet Airways, according to sources. The diversified Tata Group owns majority stakes in two airline joint ventures -- Vistara and AirAsia India. Sources said Tata Sons is mulling purchasing stake in Jet Airways and that the plans are at a very early stage. Tata Sons is the promoter of the major operating Tata companies. When asked about reports that Tata Sons is in discussions with Jet Airways for purchasing stake, an airline spokesperson said the information is "totally speculative". Query sent to a Tata Sons spokesperson remained unanswered. Naresh Goyal-led Jet Airways, in which Gulf carrier Etihad holds 24 per cent stake, is grappling with financial woes and has even delayed payment of salaries to staff. Tatas has 51 per cent stake each in full service airline Vistara -- a joint venture with Singapore Airlines -- and budget carrier AirAsia India -- where 49 per cent is with Malaysia's AirAsia Berhad. The proposal for snapping up ...

Thyssenkrupp sees stair lift sales doubling to $1.2 billion

ESSEN, Germany (Reuters) - German conglomerate Thyssenkrupp could double sales from stair lifts over the next five years, the chief executive of the group's elevator unit said.

Qatar regulator approves listing of Qatalum shares

DOHA (Reuters) - Qatar Financial Markets Authority has approved a request to publicly list shares of Qatar Aluminium (Qatalum), Qatar News Agency said on Thursday.

Nucor profits nearly triples as steel tariffs kick in

(Reuters) - U.S. steelmaker Nucor Corp reported a tripling in profit in the third quarter as a strong U.S. economy and President Donald Trump's hefty tariffs on steel imports supported robust growth in both shipments and prices.

Aadhaar authentication to withdraw LPG subsidy at micro-ATMs to continue: UIDAI

Aadhaar-issuing authority UIDAI said Thursday LPG subsidy and other government payments can continue to be withdrawn by beneficiaries using Aadhaar authentication at micro-ATMs at their doorstep. Legal opinion on the Supreme Court verdict that restricted the use of the national biometric ID Aadhaar has stated that banks can continue with Aadhaar Enabled Payment System (AEPS) facility uninterruptedly to help beneficiaries of government schemes withdraw their entitlement smoothly at their doorsteps. AEPS is a payment service developed by the National Payments Corporation of India (NPCI) allowing banks, financial institutions to use 'Aadhaar' number and online UIDAI authentication for transactions through their respective business correspondent service centres. The AEPS allows transactions using Aadhaar and biometric authentication and enables a person to carry out the financial transaction on a micro-ATM provided by a banking correspondent at the doorstep of beneficiaries. "Following ...

China seen sustaining recovery in global mining M&A

TIANJIN, China (Reuters) - A rebound in mining mergers and acquisitions is set to continue into 2019, led by companies from top metals consumer China, as a dearth of exploration spending leaves the industry in need of fresh investment, delegates told a conference on Thursday.

Spanish banks under pressure after court ruling on mortgage stamp duty

MADRID (Reuters) - Spanish bank shares fell sharply on Thursday after the Supreme Court ruled banks must pay stamp duty on mortgage loans, potentially costing them billions of euros in compensation and raising pressure on their lending business.

Wall Street slips at open on hawkish Fed, weak industrial earnings

(Reuters) - U.S. stocks opened lower on Thursday as some industrials reported disappointing results, while the Federal Reserve's minutes showed officials broadly agreed on raising interest rates further, fanning concerns that contributed to last week's sharp selloff.

FinMin affirms Oct 20 deadline to avail GST ITC for Jul-Mar; no return reconciliation

The Finance Ministry Thursday refuted concerns among businesses about reconciliation of returns and said the deadline to avail input tax credit (ITC) for last financial year will remain October 20. Businesses had expressed concern about the October 20 deadline for availing ITC for July 2017-March 2018 period saying that their returns cannot be reconciled with the returns filed by vendors. Such a concern arose after the last date for filing final sales return GSTR-1 has been set as October 31. The ministry said since the ITC is being availed on the basis of summary sales return or GSTR-3B filed, hence the deadline has been kept at October 20. The GSTR-3B of a particular month has to be filed by the 20th day of the subsequent month. "With taxpayers self-assessing & availing ITC through return in Form GSTR-3B, the last date for availing ITC in relation to said invoices issued by corresponding supplier(s) from July, 2017 to March, 2018 is the last date for filing of such return for ...

SAP to stay in Saudi Arabia, hopes for clarity on missing journalist

WALLDORF, Germany (Reuters) - SAP, Europe's most valuable tech company, will continue to do business in Saudi Arabia, a top executive told Reuters, saying he hoped the circumstances of the disappearance of journalist Jamal Khashoggi are clarified.

Thyssenkrupp predicts strong growth in stair case business

ESSEN, Germany (Reuters) - German conglomerate Thyssenkrupp could double sales from stair lifts over the next five years, the chief executive of the group's elevator unit said.

Haryana to hold corporate social responsibility summit

Haryana will organise its first-ever corporate social responsibility (CSR) summit in Gurugram on November 12 and it will be inaugurated by Chief Minister Manohar Lal Khattar, it was announced here on Thursday.

Deutsche Bank names Hoops to replace Gibbons as transaction banking chief

BERLIN (Reuters) - Deutsche Bank has named Stefan Hoops to replace John Gibbons as chief of its Global Transaction Banking business division, the company said on Thursday, confirming a newspaper report.

Starbucks to license out certain EMEA stores to Mexico's Alsea

(Reuters) - Starbucks Corp said on Thursday it would license out its operations in France, Netherlands, Belgium and Luxembourg to long-standing partner Mexico's Alsea SAB.

Primark sharpens ethical focus in bid for German customers

BERLIN (Reuters) - Primark, the fashion chain owned by Associated British Foods, has emphasised its commitment to environmental standards and safer working conditions as it fights for market share in discount-loving Germany and other countries.

Universal Sportsbiz gets USD 13.5 million funding, valuation zooms to USD 160 million

Universal Sportsbiz, the celebrity-led fashion retailer, said Thursday it has raised USD 13.5 million (around Rs 100 crore) from its existing investors, valuing the company at around Rs 1,200 crore. Post funding, the valuation of the company zoomed to USD 160 million (Rs 1,200 crore), a significant rise from USD 100 million valuation in November last year, Universal Sportsbiz said. Its brands include WROGN, IMARA and Ms. Taken. Series E round of funding from existing investors led by Accel Partners and Alteria Capital Advisors, which had made a USD 4.6 million (Rs 33.8 crore) debt investment in May this year, expand their investment with a USD 1 million maiden equity investment in the company, Universal Sportsbiz Pvt Ltd (USPL) said. "The funds will be used to accelerate growth and spread its offline retail network across key markets in the country," it added. The company aims to reach over 1,300 stores across India in two years, up from the 305 stores at present. "The company will ..

Samsung aims to double share in premium tablet PC mkt by Dec

Electronics major Samsung India expects to double its market share in premium tablet PC category in the country by December this year, a senior company official said Thursday. "We have launched Galaxy Tab S4 in premium category because we want to bridge the gap between work and productivity.We are planning to double our business in the flagship end of the market in this quarter in B2C," Samsung India, mobile business, general manager, Aditya Babbar told PTI. He said that as per market research firm GfK, Samsung's share in the top end tablet PC market was 29 per cent. The company on Thursday launched Galaxy Tab S4 for Rs 57,900 a unit, which comes with automated keyboard 'Dex' and sytlus S Pen. "This is a 2-in-1 tablet which can be converted in to desktop form when required. We have also enhanced battery size in the tablet to 7,300 mAH and screen size by 32 per cent by reducing the bezel space," Babbar said. The company has started selling the tablet on its e-commerce website and ...