Page 2267 - Business Finance
RBI lays down norms for CCPs
The RBI Monday laid down framework for Central Counterparties (CCPs) which provide guaranteed settlement services in the markets served by them and mitigate counterparty risk for the participants, thereby reducing systemic risk. The framework aims at ensuring that these entities function in an efficient and effective manner. As per the norms, an applicant seeking authorisation/recognition as a CCP should have a minimum networth of Rs 300 crore at the time of submitting its application. "The adequacy of networth requirement of the CCP would be reviewed by RBI from time to time. RBI may, however, based on its assessment of the CCP prescribe higher networth," the central bank added. Further, every authorised CCP would have to constitute a risk management committee, said the norms, which also prescribes 'fit and proper criteria' for directors on the board. The RBI further said that authorised CCP must maintain effective written organisational and administrative arrangements to identify ...
Bank of America's lagging loan growth overshadows profit gains
(Reuters) - Bank of America Corp's loan growth lagged rivals and fees from advising on deals and underwriting bonds fell in the third quarter, sending its share price 1.7 lower even as profit beat expectations.
Modi urges partnership with oil producers, Saudi output to rise
Blaming current marketing practice for the current high oil prices, Prime Minister Narendra Modi on Monday made a strong case for partnership between producers and consumers at a meeting here with global company heads, following which Saudi Arabia said it expects its oil output to rise next month to counter the impact of US sanctions on Iran.
RIIL Q2 net profit down 21.9%
Reliance Industrial Infrastructure Ltd (RIIL) on Monday reported a 21.9 per cent decline in net profit for the second quarter which ended on September 30.
Twenty Two Motors joins hands with KYMCO for electric two wheelers
Electric two-wheeler maker Twenty Two Motors Monday inked a pact with Taiwanese scooter manufacturer KYMCO to manufacture, market and sell electric two-wheelers in India. The partnership marks the entry of KYMCO into the Indian market. "We envisioned to facilitate Indian customers with smart EV vehicles and a proper infrastructure with charging stations and efficient battery and our partnership with KYMCO is the next step in this direction," Parveen Kharb, CEO and Co-Founder, Twenty Two Motors said in a statement. As part of the pact, KYMCO is bringing its electric vehicle solutions - Ionex and Ionex Commercial, to help consumers adopt premium electric mobility. Ionex is an electric vehicle solution that eliminates all barriers for consumers to go green. Ionex Commercial is a tailor-made EV turnkey solution for commercial entities that integrates world-class experts from every necessary field and comprises of a complete arrangement of electric vehicles, charging facilities, removable .
Govt needs to focus on jobs creation: Jalan
Former RBI Governor Bimal Jalan said Monday the government needs to focus on jobs creation and stressed that the long-term prospects for economic growth are good. Also, he said the Narendra Modi-led government has a majority and can take tough decisions. "I am positive about medium to long-term growth perspective of the economy... If you look at the all factors of production, India is strong today," he said during an interaction organised by 'Algebra, the Arts & Ideas Club'. However, on employment opportunities front, Jalan said not enough jobs are being created. The banking sector is grappling with the problem of bad loans, he added. "...something which is going now is depressing, there is not enough job created, there is NPA problem," the former RBI governor noted. He also pitched for decentralisation of power and said that the ministries should not be running the public sector undertakings (PSUs).
ADNOC aims to deepen energy partnership opportunities with India
Sultan Ahmed Al Jaber, United Arab Emirates Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC) met with Prime Minister Narendra Modi, at an invitation-only energy leaders' roundtable.The roundtable held in New Delhi, was also attended by Dharmendra Pradhan, Minister of Petroleum and Natural Gas and Minister of Skill Development and Entrepreneurship; Khalid Al Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Chairman of Saudi Aramco; Mohammad Sanusi Barkindo, Secretary-General of OPEC; as well as global oil and gas industry leaders, including the CEOs of Total and BP.The UAE is seeking to expand partnership and investment opportunities, especially in the energy sector.During the meeting with Prime Minister Modi, Al Jaber conveyed the greetings of the UAE's leadership, and emphasised the importance of strategic relationship between the UAE and India. He also reaffirmed the close and longstanding political, economic and cultural ...
Govt stake in Allahabad Bank rises by 7.6%, shareholding goes up to 79.41%
The preferential allotment of shares is against infusion of Rs 17.90 billion by the government in the bank
 "Govt stake in Allahabad Bank rises by 7.6%, shareholding goes up to 79.41%")
U.S. retail sales increase modestly; consumer spending strong
WASHINGTON (Reuters) - U.S. retail sales barely rose in September as a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years.
AstraZeneca will keep UK investment freeze if no Brexit clarity
PARIS (Reuters) - AstraZeneca will keep its freeze on manufacturing investments in Britain if the country's exit from the European Union fails to give enough clarity on future trading relations, the drugmaker's chairman was quoted as saying on Monday.
Global Markets: European stocks brush 22-month low as Saudi tensions swirl
LONDON (Reuters) - World markets turned tail again on Monday, as a bounceback in oil prices and rising tensions between Western powers and Saudi Arabia added to a cocktail of concerns that battered global stocks last week.
Over 200 pvt hospitals empanelled under Ayushman Bharat: CM
Over 200 private hospitals have been empanelled under the governments flagship healthcare scheme 'Ayushman Bharat' in state, Jharkhand Chief Minister Raghubar Das said here Monday. The process of empanelment for the scheme is on, Das said while interacting with media persons. The state government was spending Rs 400 crore to implement the scheme in Jharkhand, where 57 lakh families out of 68 lakh (85 per cent population of the state) will be brought under the purview of the scheme, he said. Responding to a query, the chief minister said a constructive meeting with Tata Group management was recently held to empanel Tata Main Hospital and Tata Motors Hospital for the scheme. An Advisory committee headed by the Health Secretary would be constituted soon to resolve all problems of the empanelled hospital in connection with the implementation of the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana, he said. Earlier, the Jharkhand chief minister greeted the people of the state
Sweden's Northvolt lands BMW deal in boost before fund raising
STOCKHOLM (Reuters) - Sweden's Northvolt has secured a partnership with German carmaker BMW and is seeking more funds from the European Investment Bank (EIB) to help its plans to build Europe's largest battery factory.
127 fuel pumps in TN face penal action for short delivery
Operations of more than 120 fuel pump stations across Tamil Nadu have been suspended and penal action is being initiated against them for "short delivery" of petrol and diesel detected during a recent state-wide intensive raids by the Labour department. The officials of the department conducted inspections in 818 fuel outlets across the state between October 10 and 12 and found short delivery by 127 of them, a government release said. Of them, 34 outlets were in Chennai, 24 in Coimbatore, 30 in Tiruchirapalli, 39 in Madurai. Appealing to consumers to ensure '0' in meter pump before filling petrol or diesel, the release said they can use the five litre stamped check measure kept in the outlets to verify the quantity of the fuel delivered. It also said they can use the existing mobile application TN-LMCTS (Tamil Nadu Legal Metrology Complaint Tracking System) to lodge complaints about short delivery of fuel. It can also be used for filing complaints about short delivery of
Higher food prices jack up India's September wholesale inflation (Roundup)
India's inflation rate based on wholesale prices accelerated 5.13 per cent on year in September, from a 4.53 per cent increase in August, as prices of primary articles and food items rose, official data showed here on Monday.
Zee Media Q2 net profit at Rs 17.25 crore
Zee Media Corporation Ltd Monday reported a consolidated net profit of Rs 17.25 crore for the second quarter ended September 30, 2018. It had reported a net profit of Rs 3.79 crore in the July-September quarter a year ago, Zee Media Corporation said in a BSE filing. Its consolidated income from operations during the reported quarter stood at Rs 170.66 crore as compared to Rs 126.71 crore in the same period last fiscal. The company said results are not comparable consequent to acquisition of Akaash News. "Post acquisition of balance 40 per cent equity stake in its subsidiary, Zee Akaash News became wholly owned subsidiary of the company with effect from June 1, 2018 and accordingly figures for the current periods are not comparable with previous periods presented in the consolidated financial results," the company said. Its total expenses during the quarter stood at Rs 144.78 crore. Zee Media operates news channels which include Zee News, Zee Business, Zee Punjab Haryana Himachal, Zee
E-tailers clock Rs 15,000 cr in festive sales in 5 days; Amazon, Flipkart claim record numbers
E-commerce companies in the country are estimated to have raked in sales worth Rs 15,000 crore in about five days of their festive sales with giants like Amazon India and Flipkart claiming stellar show across categories like smartphones, large appliances and fashion. RedSeer Consulting in its report said e-tailers had a better "sales performance over the five festive days from October 9-14", generating about Rs 15,000 crore (around USD 2 billion) in sales. This translates into about 64 per cent year-on-year growth compared to USD 1.4 billion (around Rs 10,325 crore) generated in the 2017 edition. "The industry witnessed a higher growth this time compared to the last year. This was driven by multiple drivers, key being a larger shopper base from tier II (and beyond) cities. Affordability and loyalty schemes introduced by e-tailing players also played a huge role in converting the visitors into shoppers," RedSeer said. Speaking to PTI, Amazon India Senior Vice President and Country Head
India, UAE discuss ways to increase investments
India and the UAE Monday discussed ways to increase investments in areas including highways, airports and infrastructure. The issue was discussed during the meeting of the UAE-India High Level Joint Task Force on Investments. "Both sides deliberated on opportunities for cooperation and investment in both countries. Also discussed in specific detail a number of potential investment projects in India, in the highways sector; infrastructure corridor projects, Sagar Mala projects and new greenfield airports," Commerce and Industry Minister Suresh Prabhu said in a series of tweets. Prabhu also announced a fast track mechanism between India and the UAE to attract investments. "Announced special, dedicated UAE Plus desk to be constituted under Invest India with Arabic speaking officials to help (facilitate investments)," he said. He said that both the sides reviewed progress in addressing the agreed actions in the previous meeting at Abu Dhabi in January. The bilateral trade between the ...
Sears, once a retail titan, files for Chapter 11 bankruptcy
(Reuters) - Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday with a plan to close about 142 of its 700 stores by the end of the year, throwing into doubt the future of the century-old retailer that once dominated U.S. malls but has withered in the age of internet shopping.
India's September exports down 2.15%, deficit at 5-month low
India's merchandise exports declined by 2.15 per cent in September on a year-on-year basis, even as the country's merchandise trade deficit registered its lowest in last 5 months despite the currently high global crude oil prices, official data showed on Monday.