Page 2277 - Business Finance
Global Markets: Asian shares slip on lingering trade, U.S. rates worries
TOKYO (Reuters) - Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism despite a rebound in global equities late last week.
Global Markets: Asian shares resume descent, oil prices up on Saudi tensions
TOKYO (Reuters) - Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism despite a rebound in global equities late last week.
Exclusive: Sears CEO steps in for bankruptcy financing - sources
(Reuters) - Sears Holdings Corp CEO Eddie Lampert has stepped in to contribute towards a financing package of between $500 million and $600 million that the U.S. department store operator was close to securing on Sunday to fund operations during bankruptcy proceedings, people familiar with the matter said.
Maha minister says online liquor sale to be allowed, then
A Maharashtra minister said Sunday that the BJP-led government had decided to allow online sale and home delivery of liquor in the state, but later stated that only a proposal in this regard had been received. "We want to curb the instances of drunken driving. Allowing home delivery of liquor will help in this," Excise Minister Chandrashekhar Bawankule told PTI Sunday morning, without elaborating as to when the decision would come into effect. However, apparently fearing backlash over the announcement from Opposition parties and anti-liquor activists, the minister later said that only a proposal had been received. "We have a received an application requesting framing of a policy for purchase of liquor online from home. However, the government has not thought about it, nor there has been any policy (framed)," Bawankule told reporters in Nagpur. He also said that his department recently took action against 35 liquor shops in the state for providing foreign liquor at ...
Structural reforms helping India absorb global shocks, official says
Structural reforms such as those in the indirect tax regime and bankruptcy rules are boosting India's resilience to shocks triggered by protectionism, and a tightening of global financial conditions, an official statement said on Sunday.
India urges IMF to implement quota reforms
Stressing on the need to strengthen institutions like IMF to tackle financial crisis, Economic Affairs Secretary S C Garg called for quota reforms so that share of emerging nations increases in line with their growing economic position. He also pointed out that protectionism, trade tensions and tightening of financial conditions are challenges for the world. In the context of these challenges, he said the time for building buffer and policy action by the emerging market economies is not there. "A suitable approach could be the association of the IMF (International Monetary Fund), being at the centre of the GFSN (global financial safety net), at an earlier stage rather than when crisis has already occurred. Hence, the strengthening of this Multilateral Institution is crucial," he said. Speaking at 15th General Review of Quotas in Bali, Indonesia Saturday Garg said this agenda of IMF is urgent as there is a deadline fixed for its conclusion next year. "Both, enhancement in the Quantum ..
Fuel prices continue to rise, Modi to meet oil company heads
Fuel prices continued to rise across the four major metros on Sunday even as Prime Minister Narendra Modi prepares to meet oil company chiefs here on Monday to take stock of the global energy scenario.
AMFI delays campaign promoting debt funds amid market woes
The Association of Mutual Funds of India has postponed its proposed campaign highlighting debt investments, amid scepticism triggered by default in repayment by a infrastructure conglomerate, industry sources said. The new campaign focusing on the fixed income category was a sequel to the 'Mutual Funds Sahi Hai' drive, and slated for launch in September. AMFI's first promo focused on equity. "The new campaign is still under finalisation with the media planners. It might take another month," AMFI Chief Executive N S Venkatesh told PTI. He, however, did not link the delay to Infrastructure Leasing & Financial Services Ltd's (IL&FS) default on interest repayment that has rocked the debt market. A section of mutual fund houses apprehend that pushing back the launch could be a planned move for the IL&FS dust to settle, the sources said. "Promoting debt funds at this stage is not a good idea," a mutual fund house official, who did not wish to be identified, ...
Maharashtra to allow online sale, home delivery of liquor
The Maharashtra government has decided to allow online sale and home delivery of liquor in the state, saying it could curb the cases of drunken driving. "We want to curb the instances of drunken driving. Allowing home delivery of liquor will help in this," Excise Minister Chandrashekhar Bawankule told PTI on Sunday. He did not elaborate as to when the decision would come into effect. Speaking on the condition of anonymity, a senior official in the excise department said increasing the revenue was also a prime objective behind the decision. Established e-commerce companies were expected to enter this segment, the official added. The government is losing sizable excise tax due to closure of around 3,000 liquor outlets located near the highways owing to the Supreme Court's order, he said. Excise duty contributed Rs 15,343 crore to the state's treasury in 2017-18. Also, the reduction in prices of petrol and diesel earlier this month has caused some strain on the state's ...
GoaAir launches 2nd overseas route with Mumbai-Male service
Wadia group budget carrier GoAir Sunday launched its second international route with non-stop air services to Male, the capital city of Maldives, from the Chhatrapati Shivaji International Airport here. The city-based airline had made its international debut last Friday with a flight with an Airbus A320Neo plane to tourist hub Phuket in Thailand from New Delhi. "We welcome Male as a part of our new global network. In light of the significant increase in outgoing tourism from India over the past few years, GoAir introduced direct flight services from Mumbai and New Delhi to Male," said Cornelis Vriesjwik, chief executive officer, GoAir, in a release. The Mumbai-Male flight was also operated with an A320Neo aircraft, the airline said. GoAir became eligible to fly overseas two years ago when it took delivery of its 20th aircraft, which was also the first Airbus A320Neo for the airline. GoAir, which commenced its domestic operations in November 2005, is the sixth domestic ...
Punjab to give unique number to plots of land to prevent frauds
The Punjab government has decided to assign a unique number to government residential plots and approved colonies in the revenue records that will show the "khasra" as well as plot numbers, an official said on Sunday.
Avaya showcases AI-enabled communication solutions at Gitex
US-based business communications leader Avaya on Sunday showcased how it intends to integrate artificial intelligence enhanced technologies, including biometrics and real-time sentiment analysis, to its communication platforms.
Pak media regulatory body issues notice to TV channel for airing 'fake news'
Pakistan's electronic media regulatory authority has issued a notice to a private TV channel for airing news reports deemed to be against two federal ministers, a media report said Sunday. "From the tickers it was transpired that the prime minister had expressed displeasure over the performance of federal finance minister for his policies," Dawn reported, citing the notice issued by the Pakistan Electronic Media Regulatory Authority (PEMRA) on Saturday. In the notice titled 'Notice on False News, it said that by airing such reports, the channel had violated provisions of the 2015 Electronic Media Code of Conduct. The regulatory authority asked the TV channel to prove authenticity of its reports and submit a reply by Monday, the paper reported. It also said if the channel failed to provide evidence in support of its reports, it should tender an apology.
Avaya showcases live voice translation technology at Gitex
US-based business communications company Avaya Holdings Corp on Sunday showcased its simultaneous live voice translation technology which will enable people speaking different languages to interact seamlessly over the digital platform.
India International Silk Fair to begin this week
Union Minister Smriti Irani will Tuesday inaugurate India International Silk Fair (IISF), a three-day event where over 108 exhibitors of silk and blended silk will display their produce here. "The fair will give a platform to exporters to display their products and to overseas buyers an opportunity to place orders and source their merchandise," the textiles ministry said. "The IISF-2018 is expected to generate business of over USD 20 million for the small and medium enterprises (SMEs) engaged in producing silk and blended silk garments, fabrics, accessories and floor covering," it added. Over 218 buyers from various countries will participate in the fair. Artisans from Jammu & Kashmir and north-east will showcase their unique products from their region which will be an added attraction for buyers. India is the second largest producer of silk in the world. The country's silk industry is agriculture based and labour intensive and provides gainful employment to around 8 million ...
Festive sale: SBI customers to get additional discount, cash back on YONO
The SBI customers will get additional discounts and cash back on shopping through its digital platform YONO, as the lender wants to cash in on the festival season shopping spree. YONO -- acronym for You Only Need One -- is the SBI's digital app for various services. Apart from paperless banking, it offers investment in financial products and customers can also do shopping as the bank has on-boarded over 85 e-commerce players on YONO platform. The SBI said it is the first ever bank to have come up with a digital shopping festival, in which it will offer discounts up to 10 per cent and cash back to customers using SBI credit and debit cards during October 16-21. These discounts will be over and above what e-commerce players would offer to SBI customers during the sale. "Our discounts of 10 per cent and cash back on purchases through SBI credit and debit card will be over and above the discounts up to 50 per cent offered by the top 14 e-commerce players on host of products ranging from ..
Bangladesh inflation cools to 5.43 percent, lowest since March 2017
DHAKA (Reuters) - Bangladesh's annual inflation eased in September to its lowest since March 2017, the statistics bureau said on Sunday, as food prices rose at a slower pace.
Edenred India eyes M&A opportunities;looks to expand into
Edenred, a prepaid corporate services company,is looking atmerger and acquisition (M&A) opportunities andexpanding in small towns to tap up to 10 million more employed people for its meal benefit allowance programme in the country, a senior executive said. The company, known for its 'Ticket Restaurant' meal cards, is also looking at organic growth by increasing merchant partners, launching new products and solutions. "India is a strong market and we are looking at both organic as well asinorganic opportunities to grow our business inIndia. We are exploring M&A in areas like employees benefit space, fintech partners and multi-wallet space. We have the capacity to invest for the same," Edenred (India) chief operating officer Puneet Khanna told PTI. French firmEdenred, which employs 8,000 people in 45 countries, sells prepaid meal vouchers that employers offer to workers. Globally, the group claims to serve more than one billion meals a year. The companystarted ...
Bank credit rises by 12.51%, deposits by 8.07%
Bank credit rose by 12.51 per cent to Rs 89.82 lakh crore in the fortnight ended September 28, while the deposits grew by 8.07 per cent to Rs 117.99 lakh crore, according the RBI data. In the year-ago fortnight, advances stood at Rs 79.83 lakh crore, while the deposits at Rs 109.17 lakh crore. In the fortnight ended September 14, bank credit had risenby 13.46 per cent to Rs 87.98 lakh crore, while the deposits grew by 8.58 per cent to Rs 115.70 lakh crore. In August this year, non-food credit rose by 12.4 per cent, as against an increase of 5.5 per cent in the year-ago month, the RBI data showed. Advancesto industry rose by 1.9 per cent in August, against a contraction of 0.3 per cent in August 2017. Bank loans toagriculture and allied activities were up by 6.6 per cent, compared with an increase of 6.5 per cent in the same month last year. Credit to the services sector expanded by 26.7 per cent, against 5 per cent last year. Personal loans rose by 18.2 per cent in August .
DoT limits subscriber enrolment during network test to 5%; trial phase to 180 days
The telecom department has restricted enrolment of test subscribers on network of a new mobile operator to 5 per cent of its network capacity during trial phase and testing period to maximum six months. "The number of test subscribers that can be enrolled by a licensee in licensed service area (LSA or telecom circle) shall be limited to 5 per cent of its installed network capacity for that LSA," the department said in its order. The order has come in to effect from October 9. The telecom operator will need to submit details of network capacity to the Department of Telecom (DoT) and Telecom Regulatory Authority of India at least 15 days before commencing enrolment of test subscribers. The guidelines come following issue of continuous enrolment of test subscribers when Reliance Jio started its network test. Rivals of Jio approached the DoT and the telecom regulator to act against the practice, alleging that Jio is on-boarding customers by masquerading them as test subscribers. Mukesh ...