Page 2241 - Business Finance
RIL to buy stake in Hathway cables and Den Networks
Reliance Industries Limited said on Wednesday that it will buy 66 per cent stake in Den Networks Limited and 51.3 per cent stake in Hathway Cable and Datacom Limited.
Reliance announces strategic investment with Hathway Cable, Den Networks
Mukesh Ambani-owned Reliance Industries Limited (RIL) has announced its strategic investment in and partnership with Den Networks Limited and Hathway Cable and Datacom Limited.In a statement published by the company on Wednesday, the RIL announced a primary investment of Rs. 2,045 crore through a preferential issue under Securities and Exchange Board of India (SEBI) regulations and secondary purchase of Rs. 245 crore from the existing promoters for a 66% stake in Den Networks Limited ("DEN"), and Primary investment of Rs. 2,940 crore through a preferential issue under SEBI regulations for a 51.3% stake in Hathway Cable and Datacom Limited ("Hathway").Apart from DEN and Hathway, RIL would make open offers for GTPL Hathway Limited, a company jointly controlled by Hathway with 37.3% stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway."Reliance is privileged to partner with the Rajan Raheja Group, one of the most respected business houses in India, and Sameer
Trump seeks to shrink Cabinet agency budgets by 5 percent
WASHINGTON (Reuters) - U.S. President Donald Trump, faced with a budget deficit that hit a six-year high, on Wednesday called on his Cabinet secretaries to cut their budgets by 5 percent.
Greece's NBG ends talks with Gongbao over insurance unit sale
ATHENS (Reuters) - Greece's National Bank (NBG) said on Wednesday it had ended talks with Shanghai-based Gongbao Group on the potential sale of a majority stake in its wholly-owned insurance subsidiary.
White House's Kudlow says Trump not demanding Fed policy change
WASHINGTON (Reuters) - White House economic advisor Larry Kudlow said on Wednesday that U.S. President Trump was not demanding a policy change at the Federal Reserve after Trump heaped more criticism on the Fed on Tuesday, calling rising U.S. interest rates his "biggest threat."
RIL gives open offer to Den Networks and Hathway shareholders
Reliance Industries Limited through its subsidiaries has launched open offers to shareholders of cable and broadband services companies Den Network and Hathway Cable and its subsidiaries, according to regulatory filings. RIL through its subsidiaries Jio Content Distribution Holdings Private Limited, Jio Internet Distribution Holdings Private Limited and Jio Cable and Broadband Holdings Private Limited with other units "have announced open offer of Rs 82.65 per equity share aggregating to total consideration of Rs 238.37 crore, payable in cash" for acquisition of around 21 lakh GTPL Hathway shares to its shareholders. The move follows acquisition of significant stake by RIL units in Den Networks and Hathway Cable. RIL Wednesday announced to acquire 66 per cent stake in Den Networks for Rs 2,290 crore and 51.3 per cent in Hathway Cable for Rs 2,940 crore. RIL said it will make "primary investment of Rs 2,045 crore through a preferential issue under SEBI regulations and secondary ...
Italy's PM Conte sees no room to change 2019 budget plan
BRUSSELS (Reuters) - Italian Prime Minister Giuseppe Conte said on Wednesday he believed there was no room for changing the Italian draft budget for 2019, which the European Union worries would breach the bloc's fiscal rules and increase Italy's debt.
RIL arm acquires 12.7 pc stake in SkyTran
Reliance Industrial Investments and Holdings Ltd, a wholly owned subsidiary of RIL, said Wednesday it has acquired 12.7 per cent stake in US-based SkyTran Inc. SkyTran is a venture-funded technology company developing modern transport modes, including personal rapid transit system. "Reliance has made a strategic investment into SkyTran as part of SkyTran's recently concluded preferred stock financing, with an option to further invest an amount up to USD 25 million in convertible notes, subject to SkyTran's board approval," the company said in a statement. It said that Reliance has made the investment in SkyTran with the aim to foster a partnership in India, where it would work closely with them to develop pilot implementations followed by implementation of its network in the country at scale. Reliance would play an active role in advancing the SkyTran solution, especially in telecom, digital platforms and services, advanced materials and electric batteries. Reliance would also ...
French court approves Colony Capital purchase of hotel group
MARSEILLE, France (Reuters) - A Marseille commercial court approved U.S. investment group Colony Capital and France's AccorHotels to take over French hotel group Maranatha in receivership since 2017.
Wall Street takes a step back; Fed minutes on deck
(Reuters) - U.S. stocks slipped in a choppy session on Wednesday, struggling to sustain a rally from the previous session, as IBM snapped a run of strong blue-chips earnings and disappointing housing data dragged down Home Depot and homebuilders.
Global Markets: Stocks wobble as Wall Street cuts losses; oil off after U.S. data
NEW YORK (Reuters) - A gauge of stocks across the world pared losses on Wednesday as a rally in bank shares helped buoy Wall Street, but the outlook on earnings soured after a warning on the European auto sector and a revenue miss from IBM.
India's Reliance Industries halts Iranian oil imports
NEW DELHI (Reuters) - India's Reliance Industries Ltd, owner of the world's biggest refining complex, has halted imports of Iranian crude ahead of U.S. sanctions against Tehran's oil sector, its joint chief financial officer said.
Telcos need to give 30 day notice to customers before closing service: Sundararajan
The government has decided to make it mandatory for telecom service providers to give at least 30 days advance notice to subscribers before shutting down their services, a top government official said. The development has come against the background of abrupt closure of services by some telecom operators recently which left their subscribers in lurch. The new rule is part of Telecom Regulatory Authority of India's recommendations on 'Closure of Access Services' that were approved by the Telecom Commission at its meeting held Wednesday. "This was from point of view of ease of doing business and also customers are not put to great difficulty. It was decided that the customers are given 30 days notice before a service shut down and the licensor and Trai should be notified 60 calendar days in advance. Earlier no time limit was there," Telecom Secretary Aruna Sundararajan told reporters here. Following approval of Trai's recommendation, the subscriber would also not need to port his mobile
Oil prices slump after large build in U.S. stockpiles
NEW YORK (Reuters) - Oil prices fell on Wednesday, with U.S. futures dipping below $70 a barrel for the first time in a month, after U.S. stockpiles rose by 6.5 million barrels, almost triple what analysts had forecast, while exports dropped.
Pfizer to cut around 2 percent of jobs through early next year
NEW YORK (Reuters) - U.S. drugmaker Pfizer Inc plans to reduce its global headcount by around 2 percent through voluntary retirements and layoffs this year and early next year, as it looks to streamline its corporate structure and eliminate some managerial roles and responsibilities.
Altice Portugal wants to move into financial services - CEO
LISBON (Reuters) - The Portuguese unit of telecoms firm Altice is actively discussing expanding into financial services in 2019 and is in talks with two banks about how to do it, the company's chief executive Alexandre Fonseca said.
Uber enters trailer leasing business
(Reuters) - Uber Technologies Inc said on Wednesday it is entering the trailer leasing business.
Ekinops in talks to buy Nokia's submarine cables - Challenges magazine
PARIS (Reuters) - French telecommunications company Ekinops is discussing buying Nokia's submarine cables division, French business magazine Challenges wrote on Wednesday, without naming its sources.
Carrefour confident over overhaul as third-quarter sales accelerate
PARIS (Reuters) - Carrefour said on Wednesday it was confident its overhaul plan was on track after sales growth accelerated in the third quarter, reflecting improving sales in the core French and Brazilian markets.
French financier in talks with Czech investor over Le Monde stake - press
PARIS (Reuters) - Le Monde investor Matthieu Pigasse, who heads the Lazard investment bank in France, is in talks with Czech investor Daniel Kretinsky to sell him 40-49 percent of his shares in the French daily, Le Monde wrote on its website on Wednesday.