Page 2279 - Business Finance
U.S. draws China FX into trade dispute as IMF calls for resolution
NUSA DUA, Indonesia (Reuters) - The United States sought to make currency a central part of any solution to a bruising trade fight with China, keeping the pressure on Beijing to speed up economic reforms at a gathering of world policy makers who pledged to do more to safeguard global growth.
#MeToo in sports: CoA asks for explanation after BCCI CEO accused of sexual assault
Reacting to the allegations of sexual misconduct levelled against BCCI CEO Rahul Johri, the Supreme Court-appointed Committee of Administrators (CoA) on Saturday asked him to submit an explanation within a week.
India's fuel product consumption up 1.1% in September 2018
Fuel consumption growth slows as diesel sales decline 0.8% in September 2018
Manipur Governor tells NE youths to learn foreign languages
Manipur Governor Najma Heptulla Saturday highlighted the importance of learning Mandarin and other oriental languages by North Eastern youths to establish better business relations with China and other ASEAN countries through the Act East Policy. Heptulla was speaking as the chief guest at a one-day seminar on "Skilling the youth in the wake of Indias Act East policy from North East perspectives." She said the growth of the NE region, will not only enhance Indian economy but also cultivate two sided assimilation with SE Asian nations and the Eastern countries. The region plays an important factor in the countrys Act East Policy as it will serve as a "big economic corridor" connecting the country with ASEAN countries as well as China, the governor said. The region need to establish, meaningful skill development programme and employment of the youths. Heptulla also emphasized that the region needs to take urgent initiatives in the field railways, highways, logistics, ware .
StanChart CEO says 'actively working' on Indonesian bank stake
NUSA DUA, Indonesia (Reuters) - Standard Chartered Plc is "actively working" on options for its stake in Indonesia's PT Bank Permata tbk, the British lender's Chief Executive Bill Winters said on Saturday.
BCCI demands Rahul Johri's explanation on sexual harassment allegations
The Board of Control for Cricket in India (BCCI) on Saturday directed Chief Executive Officer (CEO) Rahul Johri to provide an explanation regarding the sexual harassment allegations leveled against him.In a statement, the apex authority of Indian cricket said, "There are certain media reports today, including in the social media, pertaining to Mr. Rahul Johri, CEO of BCCI. The reports disclose allegations of sexual harassment made against Mr. Johri, by an unnamed person through a twitter handle.""The allegations also relates to his previous employment with a large media house. The allegations have appeared as a part of the 'me too' movement," the statement added.The BCCI further stated that although the allegations do not pertain to Johri's employment with them, the Committee of Administrators (CoA), a four-member committee appointed by the Supreme Court to oversee the operations of the BCCI, "has deemed it appropriate to seek an explanation from Mr Johri in relation to the ...
Avenue Supermarts standalone net profit rises 18.16% in the September 2018 quarter
Sales rise 38.94% to Rs 4872.52 crore
China echoes IMF pledges to avoid using currency as trade war tool
NUSA DUA, Indonesia (Reuters) - China's top central banker on Saturday pledged to keep the yuan currency's value "broadly stable," a sign that Beijing may be trying to prevent a bruising trade dispute with the United States from spilling over into a currency war.
AU Small Finance Bank Q2 net profit surges 34% to Rs 91 cr
AU Small Finance Bank Saturday reported 33.95 per cent rise in net profit to Rs 91.41 crore for the second quarter of 2018-19. The bank had reported a net profit of Rs 68.24 crore in the July-September period of 2017-18. The total income increased by 60.2 per cent to Rs 805.87 crore in the reported quarter as compared to Rs 502.88 crore in the year-ago period, it said in a regulatory filing. "Last quarter we saw a continued strong up-tick in our disbursements, deposits, CASA, asset quality, rating, and an improvement in our cost to income ratio. The recent market events have once again placed Banks in a sweeter spot," AU Small Finance Bank MD and CEO Sanjay Agarwal said. He added that going forward, the bank expects market share gain in retail assets and incremental deposits mobilisation. "As we chase our USD 10 billion total assets target by FY22, we continue to focus on Data, Digital, Distribution and Delight," he added. As on September 30, the bank's loan portfolio was at Rs 20,200
'Structural reforms strengthening India's resilience to global shocks'
Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg has said that structural reforms, implemented by the government in areas like taxation and bankruptcy, are helping the Indian economy in building resilience to global shocks.Garg, who was speaking at the International Monetary Fund's (IMF) Development Committee session in Bali on Friday, also stated that certain measures, including the prudent policy, will help contain the stress, which is currently being experienced in financial condition tightening and oil prices.Emphasising on the need to recognise the technological changes, Garg said that the world is currently experiencing a digital revolution, and the technological changes are more fundamental than the invention of steam engine, which led to the foundation of the Industrial Revolution.Speaking about the Human Capital Index (HCI) that was recently released as part of the Human Capital Project of the World Bank, Garg said, that the Human Capital needs to ...
AU Small Finance Bank standalone net profit rises 33.97% in the September 2018 quarter
Total Operating Income rise 66.55% to Rs 683.37 crore
Structural reforms helping India in building resilience to global shocks: Garg
Structural reforms in areas like taxation and bankruptcy are helping the Indian economy in building resilience to global shocks and maintain a robust growth rate despite challenges, Economic Affairs Secretary S C Garg has said. He also expressed hope that the prudent policy measures being undertaken now will also help contain the stress, currently seen in financial condition tightening, and oil prices etc. Speaking at the annual meeting of the International Monetary Fund (IMF) Friday in Bali, Indonesia, Garg emphasised the need to recognise that digital technological changes taking place are more fundamental than even invention of the steam engine, which had laid the foundation of the industrial revolution. There is a digital revolution which is transforming the world, he said at the IMF's Development Committee Lunch Session. The session focused on the World Development Report, which is on the changing nature of work. Speaking about the Human Capital Index (HCI) that was released ...
Gold remains higher on global cues, festive demand
Gold continued its upward journey for yet another week and recorded a rise of Rs 150 in its prices to close at Rs 32,050 per 10 grams, amid positive global cues and pick up in buying by local jewellers to meet festive season demand. Besides, the rupee falling to an all-time low against the dollar, making imports costlier, too influenced gold prices. However, silver ended lower owing to reduced offtake by industrial units and coin makers. Bullion traders said a firm trend overseas as rout in equity markets boosted the gold's safe-haven appeal. Furthermore, pick up in buying by local jewellers to meet increased demand in the festive and wedding season also supported the upside in the precious metal prices, they added. Globally, gold ended the week higher at USD 1,218.50 an ounce and silver at USD 14.68 an ounce in New York. In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week lower at Rs 31,870 and Rs 31,720 per 10 grams, respectively, on lack of buying ...
ECB's Draghi warns central banks' independence under threat
NUSA DUA, Indonesia (Reuters) - The independence of central bankers around the world is being threatened by governments demanding monetary support ranging from debt cancellation to bond purchases and lower rates, European Central Bank President Mario Draghi said on Saturday.
Passenger Vehicle Sales Rise Nearly 7% In First Half Of FY2019
Passenger vehicle sales in India dropped for the third consecutive month in September mostly due to the combined effect of high, soaring domestic fuel prices and rising insurance costs. Domestic Automakers dispatched 292,658 units of cars, utility vehicles and vans in the past month, recording a 5.61% fall from a year earlier, show data from the Society of Indian Automobile Manufacturers (SIAM). For the quarter through September, sales declined 3.6%. However, the domestic car sales grew by 6.8% to 11,69,497 units in April-September period of the current fiscal as compared with 10,95,077 units in the same period of 2017-18 fiscal.
Gold falls Rs 70 on global cues, weak demand
Gold prices drifted lower by Rs 70 to Rs 32,050 per 10 grams at the bullion market Saturday, snapping a three-day rising streak on the back of weak global cues and easing demand from local jewellers. Silver also dropped by Rs 100 to Rs 39,400 per kg on reduced offtake by industrial units and coin makers. Gold eased in the global markets as the US dollar climbed and global stocks rebounded from a six-day rout, eroding demand for the precious metals as a safe haven. Easing demand from jewellers as well as retailers too weighed on gold prices in the domestic market, traders said. Gold prices fell 0.50 per cent to USD 1,218.50 an ounce in New York on Friday. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 70 each to Rs 32,050 and Rs 31,900 per 10 grams, respectively. The precious metal had gained Rs 470 in the previous three sessions. Sovereign gold, however, remained unaltered at Rs 24,600 per piece of eight grams in limited deals. Tracking gold, silver
US-China trade row not a threat to world economy: Mnuchin
US Treasury Secretary Steven Mnuchin pushed back Saturday against warnings that the Washington's trade fight with China imperils the world economy, saying that pushing Beijing to open up will be good for all. The IMF has warned this week at annual meetings in Bali that the escalating US-China trade confrontation would hobble global economic growth, as the fund lowered its forecasts for this year and next. But Mnuchin told reporters on the Indonesian resort island that President Donald Trump's drive to punish China with tariffs to encourage it to adopt fairer trade practices would have the opposite affect. "Our objective with China is very clear: it's to have a more balanced trading relationship," Mnuchin said. "I think that if we are successful, this is very good for US companies, US workers, Europeans, Japan, all of our other allies, and good for China." Mnuchin said, however that the IMF's warnings were "all the more reason for China to be incented to address these issues with ...
Egypt looks to tap Asian debt markets under debt restructuring
NUSA DUA, Indonesia (Reuters) - Egypt is considering issuing bonds in currencies other than the euro and the U.S. dollar after launching a roadshow in Asia, Finance Minister Mohamed Maait told Reuters on Saturday, as the government steps up efforts to improve its debt structure.
Stay Uncle celebrates section 377 verdict with its new ad for LGBTQ
Stay Uncle has launched a unique marketing campaign to address the problem of hotel booking for the LGBTQ community.To reach out to the masses and spread awareness about the problem StayUncle created an Ad, which showcased a gay couple walking into a hotel to book a room, and how people around judge them.Stay Uncle raised a question to most of the Indian Brands about their stance on the rights of the LGBTQ community.Stay Uncle's unique initiative was not limited to releasing an online Ad but their unique marketing tactic pulled in a lot of brands to come out and speak on the rights of the LGBTQ community, though most of them were silent.Brands celebrated scrapping of article 377 with a lot of enthusiasm but it is now that we can actually see something happening on-ground.Twitteratis picked up this unique initiative and in return they also started asking questions to different brands on the ongoing topic."We all had opinions while the article 377 made an exit, but we at Stay Uncle took
IMF members pledge to avoid using currencies as trade weapon
NUSA DUA, Indonesia (Reuters) - The International Monetary Fund said on Saturday its members pledged to refrain from competitive currency devaluations and step up dialogue on trade, as escalating trade frictions and higher borrowing costs threatened to knock global growth.