Page 2284 - Business Finance

French firms still sometimes 'too cautious' when it comes to doing business in India: French envoy

French companies are still sometimes "too cautious" when it comes to doing business in India and Indian companies could also "do much more" in France, its envoy Alexandre Ziegler has said. He, however, said there is clearly a momentum in these spheres. Ziegler was addressing business leaders from both the countries at the first edition of the Indo-French Business Awards 2018 held at the Ambassador's residence here on Thursday night. "French companies are reinforcing their footprint in India. Almost 600 French companies are now established in this country. A continuous flow of new investments places France among the top countries in terms of FDI. More than 350,000 workers are employed in French companies within all sectors of activity," he said. Ziegler said this year has been "particularly rich and meaningful" for the Indo-French business relations. "The State visit of President Emmanuel Macron in March was outstanding in many respects and particularly in its economic outcomes. It ...

Asia Gold: High prices deter buyers ahead of India festival season

MUMBAI/BENGALURU (Reuters) - Physical gold demand in India was subdued this week as a rally in domestic prices curbed retail purchases going into a key festival season, while buying remained lacklustre in other major Asian hubs.

Retail inflation picks up

Increasing prices of fuel, cereal, clothing, footwear and depreciation of rupee has led to India's retail inflation rate pick up from 3.69 per cent in August to 3.77 per cent in September, 2018. Despite the increase, the inflation rate remains within the 4 per cent target of the Reserve Bank of India. The inflation rate was 3.28 per cent in September 2017.According to the latest data provided by the Ministry of Statistics and Programme Implementation, the inflation rate in the rural area was 3.34 per cent while in urban areas it was 4.31. The price data were collected from selected towns and villages.While the prices of food and beverages particularly meat and fish, egg, fruits and vegetables, pulses, sugar and confectionaries dropped marginally in September compared to August, the cost of cereals, milk and related products, spices, non alcoholic beverage, sweets and snacks went up. There was also increase in the costs of pan, tobacco and intoxicants, clothing, footwear, fuel and ...

IL&FS cuts staffing costs in effort to tackle debts

MUMBAI (Reuters) - India's ailing Infrastructure Leasing and Financial Services Ltd (IL&FS) said on Friday its newly-appointed board had begun cutting cost in staffing and unspecified operations as the first step in their efforts to revive the company.

Global Economy: Crunch time for Italy, Brexit as leaders convene in Brussels

BRUSSELS (Reuters) - Brussels, the political heart of Europe, could prove the centre of global market focus next week as Italy's budget and Brexit talks overshadow economic data and central banks.

SpiceJet plans to fly new overseas destinations with Boeing 737 MAX 8 planes

SpiceJet plans to fly to new international destinations as well as provide free internet onboard its more fuel-efficient Boeing 737 MAX 8 planes, according to the airline. The no-frills airline, which has inducted its first 189-seater B 737 MAX 8 aircraft, Friday said the plane can fly non-stop to Singapore, Doha (Qatar), Kuwait, Abu Dhabi (UAE), Riyadh (Saudi Arabia), Kuala Lumpur (Malaysia), Tehran (Iran), Salalah (Oman) and Kunming (China), among other destinations, from various Indian airports. "With a one-stop, the aircraft can easily fly up to Finland, Norway, Morocco, London and Amsterdam," the airline said. SpiceJet, which has made a turnaround after being on the verge of collapse in 2014, placed an order for up to 205 B 737 MAX 8 planes last year and has inducted the first one into its fleet. The aircraft is equipped with Satcom that would enable the airline to provide internet on board services once the requisite approvals are in place. SpiceJet Chairman and Managing ...

Impact Investors Council hosted second edition of Prabhav

India's only impact investing industry body Impact Investors Council (IIC) kicked off its second edition of impact investing conference Prabhav 2018 (7th - 10th October) in New Delhi. Prabhav was attended by more than 300 delegates from India and other countries including over 50 global impact investors.The conference aimed to showcase how Impact Investing in India goes hand in hand with Sustainable Development Goals (SDGs) of the United Nations. Over 100 meetings were conducted between Limited Partners (LPs) and General Partners (GPs) from India, the US, Japan and Europe.The inaugural session was chaired by Sir Ronald Cohen, Chairman, Global Social Impact investment Steering Group (GSG), where he spoke of impact investment's crucial role in inclusive growth in India and how it will help achieve the United Nations Sustainable Development Goals (SDGs).The session was further addressed by key speakers Geeta Goel, Country Director, Dell Foundation and Chairperson Impact Investors ...

Saxo Bank to accelerate growth with opening of new office in Gurugram

Saxo Bank Group, the leading fintech specialist provider of multi-asset trading and investing, is expanding its India presence and relocating more than 500 employees to a new and bigger office in Gurugram. The move reflects the Bank's major investments in technology with the Gurugram office as a hub for fintech innovations.Saxo Group India, part of the Saxo Bank Group, expands its presence with the move to a new and bigger office in Gurugram to accommodate future growth with a plan to increase in headcount by 20 % in 2018. The new office is officially inaugurated at an event on 11th October that marks the opening of more than 125,000 square feet with a state-of-the-art interior designed to inspire innovation and collaboration across departments.Established through an acquisition in 2010, Saxo Group India employs more than 500 people primarily within IT and operations. The organisation in Gurugram works with Saxo Bank's headquarter in Copenhagen as one team to continuously improve the .

Shares in United Breweries fall following antitrust raids

MUMBAI (Reuters) - Shares in India's United Breweries Ltd fell as much as 3 percent on Friday, a day after a report said the brewer and two global rivals had been raided in India as part of an investigation into price-fixing allegations.

Airline stocks continue to gain; soar up to 6%

Airline stocks continued to gain for the third consecutive session Friday, soaring up to 6 per cent on cut in excise duty on jet fuel and easing crude prices. Shares of InterGlobe Aviation zoomed 6.03 per cent, Jet Airways rose by 4.89 per cent and SpiceJet gained 3.63 per cent on BSE. Airline stocks had bucked the weak broader market sentiment and ended with up to 3 per cent gains Thursday. These stocks had surged up to 8 per cent in Wednesday's trading session also. After petrol and diesel, the government Wednesday cut excise duty on jet fuel to 11 per cent to give relief to the aviation industry that has been hit hard over recent weeks by rising fuel prices and plummeting rupee. ATF is one of the biggest costs in airline operations. Easing crude prices also supported aviation stocks.

Sebi exempts Bandhan Bank from 1 yr lock-in on promoter shares

Private sector lender Bandhan Bank Friday said it has got exemption from the market regulator, Sebi, on one year lock-in period for selling shares by promoters. Last month, the Reserve Bank of India (RBI) restrained the lender from opening new branches and also freezed remuneration of Ghosh for not meeting the licensing conditions. The RBI's restriction came as the bank was not able to bring down the shareholding of its non-operative financial holding company (NOFHC), Bandhan Financial Holdings (BFHL), to 40 per cent, from the current level of 82 per cent. In a filing to exchanges Friday, it said, "the Bank has received an exemption from the Sebi with respect to lock-in of one year on the equity shares held by the promoter and eligibility condition of one year from listing." The bank came out with an IPO in March of 2018, whereby all existing shareholders, including BFHL were under lock-in for a period of one year till March 2019 as per Sebi regulations. Micro finance ..

World Bank chief exits planned Saudi investment conference

NUSA DUA, Indonesia (Reuters) - World Bank President Jim Yong Kim will not attend a Saudi Arabian investment conference later this month, a World Bank official told Reuters on Friday citing a scheduling conflict.

Expert Views: India's September retail inflation picks up to 3.77 percent

BENGALURU (Reuters) - India's retail inflation rate slightly picked up to 3.77 percent in September, government data showed on Friday, driven by higher food and fuel prices and a depreciating rupee.

Citigroup profit beats on higher bond trading, LatAm growth

(Reuters) - Citigroup Inc reported a better-than-expected quarterly profit on Friday, helped by higher bond trading revenue and strength in its consumer banking business in Mexico.

India's August industrial output eases to 4.3%

India's industrial output eased in August with a slower rise of 4.3 per cent as compared to 6.52 per cent in July, official data showed on Friday.

Industrial production up 4.3% in August 2018

Sixteen out of 23 industry groups in the manufacturing sector shows positive growth

Hindustan Unilever second-quarter profit jumps nearly 20 percent, beats estimates

(Reuters) - India's consumer major Hindustan Unilever Ltd reported a 19.5 percent rise in its September-quarter profit, beating analysts' estimates, as sales at its home-care segment jumped.

Wells Fargo quarterly profit falls short of estimates

(Reuters) - Wells Fargo & Co posted a quarterly profit that fell short of analysts' estimates on Friday, as a $13 billion drop in new mortgage borrowing offset the bank's efforts to cut costs.

Analysis: Brazil presidential frontrunner's advisers clash over Petrobras

RIO DE JANEIRO/SAO PAULO (Reuters) - Nationalistic and free market advisers to Brazil's right-wing presidential frontrunner are deeply split about the future of state-run oil company Petroleo Brasileiro, foreshadowing a showdown over divestments and fuel subsidies.

India's September core consumer inflation at around 5.8 percent - analysts

MUMBAI (Reuters) - India's core consumer inflation was seen at 5.8 percent in September, compared with around 6 percent in August, four analysts estimated from the inflation numbers released on Friday.