Page 2295 - Business Finance
Mindless lending earlier led to problems in banking system: Venkaiah Naidu
Vice President M Venkaiah Naidu Thursday said the banking system is facing problems due to "mindless lending earlier" and banks should learn from their experiences so that such issues do not reoccur. Participating in the platinum jubilee celebrations of the Tamil Chamber of Commerce here, he said, "The banking system is going through a transformation. You are also seeing the problems that have arisen due to mindless lending earlier." "Now, you are all seeing how the money is getting collected. We have to take steps. Banks must learn from their experience of what happened and see to it that such things do not reoccur," he said. The aggregate gross NPAs of commercial banks increased from Rs 3,23,464 crore, as on March 31, 2015, to Rs 10,35,528 crore, as on March 31, 2018. Naidu suggested that India must take initiative and the entire global community must come together to enable automatic exchange of information with regard to bank accounts in different countries. "The entire world ...
Analysis: Opaque markets get a little clearer after EU rule change
LONDON (Reuters) - Ten months after new European Union rules designed to boost market transparency kicked in, the initiative appears to be working, having fuelled a dramatic jump in electronic trading across some of the financial world's most opaque markets.
U.S. inflation slows in September, weekly jobless claims increase
WASHINGTON (Reuters) - U.S. consumer prices rose less than expected in September, held back by a slower increase in the cost of rent and falling energy prices, as underlying inflation pressures appeared to cool slightly.
Trump calls "loco" Federal Reserve "too aggressive"
WASHINGTON (Reuters) - U.S. President Donald Trump launched a second day of criticism against the Federal Reserve on Thursday, calling its interest rate increases a "ridiculous" policy that was making it more expensive for his administration to finance its escalating deficits.
Wall Street drops again, but tech bounce helps limit losses
(Reuters) - Wall Street dropped on Thursday but the losses were less severe than the brutal sell-off in the previous session as a bounce in technology stocks helped limit losses.
Call 'em crazy, but Fed officials likely to keep raising rates
WASHINGTON (Reuters) - A stock sell-off, rising trade tension with China, slower global growth and verbal pressure from the White House are unlikely to dent the U.S. Federal Reserve's rate hike plans in an economy performing in line with the central bank's forecasts.
Fed's George says inflation to rise; backs more rate increases
(Reuters) - The U.S. Federal Reserve will likely have to keep raising interest rates, in part because a tightening labor market could lead inflation to accelerate over the next few years, Kansas City Fed President Esther George said on Thursday.
Orderly depreciation of rupee to increase competitiveness: World Bank Official
An orderly depreciation of the rupee would increase competitiveness and relieve some of the pressures in capital market, according to a top World Bank official who described it as a "positive development" if done in a right way. The remarks by Martin Rama, the Chief Economist for the South Asia region of the World Bank, came as the rupee hit an all-time low of 74.45 against the US dollar on Thursday. "We think that an orderly depreciation of the rupee would increase competitiveness and relieve some of the pressures that we are seeing in general in capital market," Rama told PTI. As such the World Bank sees the depreciation of the rupees as a "positive development provided it is done in the right way, Rama said when asked about the rapid deprecation of the Indian rupee in recent weeks, which has now dropped to a historic low. He said that South Asian countries may be tempted to slow down the devaluation of their currency, because that translates into inflation, and not being very ...
GoAir goes international; launches maiden Delhi-Phuket flight
Budget carrier GoAir became the sixth domestic carrier to hit international skies with the launch of its inaugural flight to Phuket from New Delhi Thursday. The inaugural flight (G8 031) with 182 passengers on board was given a ceremonial flag off for Phuket in Thailand at 0100 hours Thursday from New Delhi's Indira Gandhi International Airport, the airline said in a release. Besides the national carrier Air India and its subsidiary Air India Express, private carriers Jet Airways, IndiGo and SpiceJet also fly international. GoAir's first international service was operated by Airbus A320 Neo aircraft, the airline said, adding that it will soon mark the commencement of a direct service on New Delhi-Phuket route twice a week and on Mumbai-Phuket sector thrice a week. "The launch of our first service to Phuket represents another step of transition from a domestic carrier to a global airline. Phuket is a key market in India and holds a significant base for business and ...
Oil falls 2.5 percent as equity markets drop, inventories climb
NEW YORK (Reuters) - Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by a bigger-than-expected U.S. crude inventories build.
Sears CEO Lampert explores bidding for assets in bankruptcy: sources
(Reuters) - Sears Holdings Corp Chief Executive Officer Eddie Lampert is exploring a bid for some of the cash-strapped U.S. retailer's businesses and real estate once it files for bankruptcy, an alternative to a traditional court-supervised reorganization, people familiar with the matter said on Thursday.
USD 1.5 bn worth of festive sale clocked in 2.5 days; Flipkart, Amazon claim victory over others
E-commerce companies in the country are estimated to have clocked sales worth USD 1.5 billion (Rs 11,085 crore) in less than three days of festive sale with both Flipkart and Amazon India claiming to be leading the tally. According to RedSeer Consulting, e-commerce companies in India have achieved USD 1.5 billion in the first 2.5 days of the festive sale -- led by sale of 4.6 million units of smartphones (translating into USD 800 million), large appliances (USD 170 million) and fashion (USD 120 million). It added that the industry is on track to reach the USD 3 billion-mark -- twice that of last year -- by the end of the five-day festive period. Players like Flipkart, Amazon India, Paytm and ShopClues have lined up attractive offers and discounts across categories to woo customers to shop on their platforms. And like previous years, Flipkart and Amazon India continue to claim bigger numbers than the others. In the smartphone category, Flipkart said it sold over three million units in .
NLIU Bhopal to get solar power at Rs 1.76/unit
National Law Institute University (NLIU) will get solar power for Rs 1.76 per unit in first year as against the current rate of Rs 7.40 under the rooftop solar tender for central government buildings floated by the Madhya Pradesh Urja Vikas Nigam, MPUVN announced on Thursday.
Gold surges 2 percent as share sell-off sparks flight to safety
BENGALURU (Reuters) - Gold rose over 2 percent to more than two-month highs on Thursday as sliding global stock markets sent risk-wary investors rushing to the safe-haven asset.
Deepening bear market sees $1 trillion wiped off emerging equities since 2018 peak
LONDON (Reuters) - A selloff in global stocks tore like a wrecking ball through emerging equities on Thursday with the key index flirting with its biggest daily tumble since the surprise Brexit vote stunned markets in June 2016.
Yes Bank hires headhunter Korn Ferry to assist search panel for new CEO
Yes Bank Thursday appointed US-based headhunter Korn Ferry to assist an expert panel searching for a successor to outgoing MD and CEO Rana Kapoor. The bank had invited proposal from four global leadership advisory firms specialising in banking and finance sector to assist its five-member expert committee in identifying a new chief executive. Kapoor, the founder and promoter of the bank, has been asked by the Reserve Bank to step down after January 2019. Based on assessments and presentations made by these global advisory firms, the Search and Selection Committee has mandated Korn Ferry to assist the committee in evaluating candidates, Yes Bank said in a statement. The Search and Selection Committee is headed by Independent Director Brahm Dutt. Other members include Lt General Mukesh Sabharwal (Retd) -Independent Director, Subhash Chander Kalia, Non-Executive Non-Independent Director, T S Vijayan, former chairman of IRDAI and LIC and O P Bhatt, former chairman, SBI. All the members of .
Exclusive: Lampert explores bid for Sears assets in bankruptcy - sources
(Reuters) - Sears Holdings Corp Chief Executive Officer Eddie Lampert is exploring a bid for some of the cash-strapped U.S. retailer's businesses and real estate once it files for bankruptcy as an alternative to a traditional court-supervised reorganization, people familiar with the matter said on Thursday.
HMSI says no to joining discount race
Honda Motorcycle and Scooter India (HMSI), which Thursday launched a digital loyalty programme, has said it will not join the discount race as it is looking for a long-term engagement with its customers. The statement comes in the wake of most automakers wooing customers with steep discounts to gain volumes during the ongoing festival season. "Discounts will deteriorate the value of our products and more importantly it will also upset the customer who has purchased the product before the discount was announced. So, it is not a good idea and we don't want to join the discount war," said Minoru Kato, president and chief executive officer, HMSI. The programme named Honda Joy Club is open to both new as well as the existing 39 million customers of the company, at a cost of Rs 299. However, it can be availed for free till November 30. "Discount is only to the customers. A loyalty programme is a long-term engagement with customer, to maximise a customer's satisfaction. That ..
Oil drops 2.5 percent as equity markets fall, inventories climb
NEW YORK (Reuters) - Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by U.S. government data that showed domestic crude inventories rose more than expected last week.
TCS forecasts double-digit revenue growth after record profit
MUMBAI (Reuters) - India's top software services exporter Tata Consultancy Services Ltd (TCS) has forecast double-digit revenue growth in this fiscal year, driven by strong demand for digital services and healthy spending by key clients.