Page 2242 - Business Finance
HP may hold investors' meet at Dharamsala in Feb: CM
A mega investors' meet may be held in Dharamsala in February next year to showcase Himachal Pradesh as potential investment destination to entrepreneurs, Chief Minister Jai Ram Thakur said Wednesday. Thakur was speaking after launching Him Pragati portal to fast track clearances and approvals of various development projects being monitored by the Chief Minister's office. The investors' meet in Dharamsala will help in creating international and national visibility about state readiness to attract the investors, he said adding that the state was well connected with upcoming Eastern Dedicated Freight Corridor from Amritsar to Kolkata and five major potential state industrial hubs were situated very near to this corridor. While reviewing the investment targets in the state, he said that a high power committee would be constituted soon under his chairmanship and a sub-committee under the chairmanship of the Chief Secretary in order to attract investment in the state. The state will focus ..
Trump widens Fed critique, calls it 'my biggest threat'
WASHINGTON (Reuters) - U.S. President Donald Trump heaped more criticism on the Federal Reserve in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public.
RIL to buy majority stakes in Den Networks, Hathway Cable for Rs 5,230 cr
Reliance Industries Wednesday said it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore, a move aimed at becoming the largest player in the broadband as well as the cable TV and direct-to-home market. The acquisition gives Reliance access to 24 million existing cable connected homes of these companies across 750 cities, thereby covering around half of its target to connect 50 million homes across 1,100 Indian cities. According to latest data of the Telecom Regulatory Authority of India, there were little over 18 million fixed line broadband connections in the country in July, with BSNL leading the chart. RIL 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 purchase of Rs 245 crore from the existing promoters for a 66 per cent stake in
Mindtree net zooms 65% in second quarter
IT services firm Mindtree on Wednesday reported Rs 206 crore consolidated net profit for the second quarter of fiscal 2018-19, registering a 65 per cent annual and 30 per cent quarterly growth.
Wall Street drops on disappointing IBM results, housing data
(Reuters) - The three main indexes fell on Wednesday, a day after their strongest rally in seven months, as IBM snapped a run of strong earnings from blue-chip companies and disappointing housing data dragged down shares of Home Depot and homebuilders.
BJP-ruled MCD charging illegal parking fee in Delhi: AAP
Delhi's ruling AAP on Wednesday levelled charges of corruption against BJP for enforcing parking charges in private malls and hospitals despite court orders calling it illegal. The BJP-dominated Municipal Corporation of Delhi (MCD) is in-charge of most public parking places.
Housing prices up 5.3% during April-June quarter in 10 major cities: RBI
Housing prices rose by an average 5.3 per cent during April-June quarter of this fiscal in ten major cities as compared to the year-ago period, according to RBI data. The average rates appreciated by 2.5 per cent in these 10 major cities when compared to the previous quarter. The Reserve Bank of India (RBI) Wednesday released the quarterly house price index (HPI) for the first quarter of 2018-19, based on transactions data received from housing registration authorities in ten major cities -- Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi. "On a year-on-year basis, the all-India HPI recorded a growth of 5.3 per cent in Q1:2018-19 as against 6.7 per cent in the previous quarter and 8.7 per cent a year ago," RBI said in a statement. Except Delhi, all other cities recorded a rise in housing price on an annual basis, it added. "The All-India HPI recorded a sequential increase of 2.5 per cent in Q1:2018-19 over Q4:2017-18," RBI said. Delhi recorded .
U.S. regains crown as most competitive economy for first time since 2008 - WEF
WASHINGTON (Reuters) - The U.S. economy sits atop of the World Economic Forum's annual global competitiveness survey for the first time since the 2007-2009 financial crisis, benefiting from a new ranking methodology this year, the Swiss body said on Tuesday.
Reliance makes strategic investment in SkyTran Inc.
Reliance Industries Ltd's subsidiary Reliance Industrial Investments and Holdings Ltd on Wednesday acquired a 12.7 per cent shareholding in venture-funded technology company SkyTran Inc.
Goyal asks IRCTC to use rail saloons earmarked for him for commercial purpose
Railway Minister Piyush Goyal on Wednesday asked the IRCTC to use the two saloons earmarked for him for the commercial purpose, railway ministry sources said.
Stamp duty on 17 items set for steep hike in Punjab
Stamp duty on 17 items is set to increase steeply in Punjab as the state government Wednesday approved an ordinance to amend a law to pave way for revision of rates with a view to mobilising additional resources. The Punjab Cabinet Wednesday approved an ordinance to amend Schedule 1-A of the Indian Stamp Act, 1899, to enable increase in the stamp duty rates. Stamp duty rates for 17 items of the 65 items inSchedule 1-A stand to double following the amendment, whichthe Cabinet found to be essential to boost the revenue receipts of the state, an official spokesperson said here. There are 65 items in the Indian Stamp Act, 1899 on which stamp duty is levied, out of which stamp duty has been revised in the Cabinet only on 17 items, said spokesperson. Among items on which the stamp duty has been hiked are adoption deed, affidavit (including an affirmation or declaration in the case of persons by law allowed to affirm or declare), agreement or memorandum of an agreement, relating to sale of a
Pakistan seeks Saudi Arabia's help to tackle financial crisis
Pakistan is seeking foreign aid to tackle its sagging economy and Saudi Arabia is one of the most important investors that it needs to get its hands on, opines Arif Rafiq, who authored 'The China-Pakistan Economic CorridorIn an article, titled "What Is Saudi Arabia's Grand Plan for Pakistan?", published in The National Interest, Rafiq notes that the first foreign visit of Imran Khan after taking over as Pakistan's Prime Minister was to Saudi Arabia in a bid to woo Riyadh to invest in energy and mining in Pakistan."It appears that Islamabad asked Riyadh to park funds close to $10 billion with the State Bank of Pakistan-well before these investments achieve financial close-to shore up Pakistan's forex reserves in the interim," Rafiq wrote in the article published on October 16.Terming Pakistan's claims and subsequent denials of inviting Saudi Arabia to join the China-Pakistan Economic Border (CPEC) as a strategic partner, as "Islamabad's scramble for dollars", the article states that ...
Campbell heirs to vote for own board, Third Point calls move a "stunt"
CHICAGO (Reuters) - Campbell Soup Co said on Wednesday that four key shareholders, all descendants of the company's former chairman John Dorrance, have formally aligned themselves against hedge fund Third Point LLC's plans to oust the embattled soupmaker's entire board.
Shell sells Danish upstream assets to Norwegian Energy for $1.9 bln
OSLO (Reuters) - Royal Dutch Shell has agreed to sell its Danish upstream business to Norwegian Energy (Noreco) for $1.9 billion as part of its wider divestment strategy, the company said on Wednesday.
Gold rises as global stocks falter, nervous shorts cover
BENGALURU (Reuters) - Gold rose on Wednesday, carried along by a retreat in global stock markets and technical momentum, despite the normally bearish influence of a stronger dollar.
Honda Activa breaches 2 cr sales mark in India
Hondas Activa scooter has breached the 2-crore sales mark in India, Honda Motorcycle and Scooter India said on Wednesday.
Reliance Retail Q2 pre-tax profit jumps over 3-fold to Rs 1,392 cr
Reliance Retail today reported an over three-fold jump in its pre-tax profit at Rs 1,392 crore for the second quarter ended September 2018 helped by store expansion and strong value proposition. The retail arm of Reliance Industries Ltd (RIL) had posted a PBDIT (profit before depreciation, interest and tax) of Rs 444 crore in the July-September period a year-ago. Revenue from RIL's organised retail segment during the quarter under review grew over two-fold to Rs 32,436 crore as against Rs 14,646 crore in the corresponding quarter of the last fiscal. Commenting on the results, RIL Chairman and Managing Director Mukesh Ambani said: "Our commitment to create consumer value is gathering momentum, with the robust scale-up of India centric consumer facing businesses. "The financial performance of both Retail and Jio reflects the benefits of scale, technology and operational efficiencies. Retail business EBITDA has grown three- fold on Y-o-Y basis whereas Reliance Jio EBITDA has grown nearly
JSW bid for Bhushan Power and Steel gets 90 pc lenders backing
JSW Steel's Rs 19,700 crore offer for debt-laden Bhushan Power and Steel (BPSL) has been backed by around 90 per cent of lenders, a source in the know of the matter said. Besides JSW Steel, Tata Steel and Liberty House have also submitted bids for the stressed steel company. The voting on offers had begun on Monday and ended Wednesday, the person said. Till Tuesday, the offer submitted by JSW Steel had received over 66 per cent of votes of the members of the committee of creditors (CoC), the source who did not wish to be named said. "The plan submitted by JSW Steel has received about 88-90 per cent lenders' vote," the person said. The CoC will declare the outcome of the voting next week, the source added. Bhushan Steel and Power Ltd was among the 12 non-performing accounts referred by the RBI for NCLT proceedings and owes about Rs 45,000 crore to its lenders. According to reports, JSW Steel had submitted a resolution plan of Rs 19,700-crore to the Committee of Creditors of Bhushan ...
Reliance Jio posts Rs 681 crore profit in Q2
Reliance Jio, a subsidiary of Reliance Industries Limited, on Wednesday said it posted a standalone net profit of Rs 681 crore in the quarter through September on the back of (as yet) highest quarterly subscriber addition of 37 million.
Bank of England's Cunliffe urges caution over signs of stronger pay
LONDON (Reuters) - British pay growth is struggling to exceed 3 percent and policymakers should not over-react to a recent improvement, Bank of England Deputy Governor Jon Cunliffe said on Wednesday, striking a more cautious tone than some of fellow policymakers.