Page 2300 - Business Finance
Asia tops World Bank ranking on support for children
Asian nations got the highest marks in a World Bank ranking launched Thursday that names and shames countries on how much they invest in their own children, saying neglect was dooming millions to sub-par lives. Singapore, South Korea and Japan took the top three spots in the World Bank's Human Capital Index, released at the institution's annual meeting in Bali. They were followed by Hong Kong, Finland, Ireland, and Australia. Sweden, the Netherlands and Canada round out the top 10. European countries dominated the next 10, while the United States came in 24th and China 46th. Rather than using traditional measures such as GDP, the index ranks countries on how well children are prepared for the future, with an emphasis on factors like schooling and healthcare. The World Bank said those considerations often get lost amid other national political priorities, yet were vital to fostering high-quality economic growth and development. World Bank president Jim Yong Kim told a press conference .
GST "most complex", needs massive fixing: Punjab FM
: The current Goods and Services Tax model implemented by the NDA government was the 'most complex' in the world and has to be further simplified, Punjab Finance Minister Manpreet Singh Badal has said. Manpreet said though he was not against the GST, it was "poorly designed" and needed massive fixing. "There are 161 countries where GST has become law. But the way India designed its GST, I would actually give it 2 out of 10. I am part of the GST Council and ever since the rates were discussed, my own feeling is the model which India is following is actually the most complex in the world," Manpreet told PTI here Wednesday. According to him, GST has actually been 'messed up.' He said the centre had claimed that GDP would go up by two percentage points once GST was implemented, compliance would become very simple and tax revenues would go up. However the exact opposite had happened. GST compliance was hugely complex and less taxes were being collected when compared to the ...
Nifty off to its worst start to October quarter in a decade
(Reuters) - India's benchmark NSE Nifty is off to its weakest start to the October quarter since 2008 after a global sell-off on Thursday further dented investor sentiment just as the Indian economy enters its peak-demand festive season.
TCS net profit up 22.6% to Rs 7,901 crore in Q2
The country's largest software exporter TCS Thursday reported a 22.6 per cent jump in consolidated net profit at Rs 7,901 crore in the July-September 2018 quarter, buoyed by strong demand for digital services. Tata Consultancy Services (TCS) had posted a net profit of Rs 6,446 crore in the same period last fiscal, the company said in a statement. The Tata group company saw a revenue growth of 20.7 per cent at Rs 36,854 crore in the September quarter, up from Rs 30,541 crore a year ago. Its earning per share for the quarter was at Rs 20.66. TCS CEO and MD Rajesh Gopinathan said, "We are very pleased with our all-round strong performance in Q2. Revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in banking, financial services and insurance (BFSI) and retail." N Ganapathy Subramaniam, chief operating officer and executive director, at TCS termed the September quarter as a "good" one and said there was a strong demand in ...
TCS Q2 profit rises 22.6 percent in line with street estimates
(Reuters) - Tata Consultancy Services Ltd, India's biggest software services exporter, posted a 22.6 percent rise in second-quarter net profit, largely in line with analyst estimates, helped by strong growth in its Banking, Financial services and Insurance and retail segments.
GMR Infra arm signs pact with APGDC for piped natural gas supply
GMR Infrastructure Thursday said its arm Kakinada SEZ has inked a pact with Andhra Pradesh Gas Development Corporation (APGDC) for supply of piped natural gas. "Kakinada SEZ, a subsidiary of GMR Infra, signed an MoU with APGDC to get access to piped domestic natural gas for its upcoming 10,500-acre zone," the company said in a filing to BSE. With this development, Kakinada SEZ would be the first zone on the eastern coat of India to provide piped natural gas to all its industrial units. The zone, which is located on the Vizag-Chennai Industrial Corridor, offers 8,521 acre of industrial land with another 1,879 acre earmarked for a Greenfield commercial port. "This unique development will be a boon for gas dependent industries like ceramics, glass, fertilisers and chemicals in this region. Since gas constitutes a major portion of their costs, a 30-40 per cent saving on gas price will yield significant competitive advantage. "This is expected to attract significant overseas and domestic ..
Walgreens profit beats on higher demand for prescription drugs
(Reuters) - Walgreens Boots Alliance Inc reported a quarterly profit that beat analysts' estimates on Thursday, as more people bought prescription drugs from its U.S. pharmacies and the company benefited from its acquisition of Rite Aid stores.
MakeMyTrip rolls out in-destination activity suggestions
India's leading online travel company MakeMyTrip Limited has launched a new feature called "Experiences" that would suggest travellers in-destination leisure activities, events and hand-picked experiences at affordable prices on its app.
Market slumps on weak global stocks
Domestic stocks dropped amid a sell-off in global stocks. The barometer index, the S&P BSE Sensex, lost 759.74 points or 2.19% to 34,001.15. The Nifty 50 index fell 225.45 points or 2.16% to 10,234.65. The Sensex settled a tad above the psychological 34,000 level after sliding below that level in intraday trade. Metal and mining stocks declined. Shares of state-run oil and gas firms rose as global crude oil prices declined. Aviation stocks rose after the government cut excise duty on aviation turbine fuel.
Quick Wrap: Nifty PSU Bank Index falls 5.16%, NIFTY Crashes 2.16%
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Volvo Cars posts 34% increase in sales at 1,896 units in Jan-Sep
Swedish automaker Volvo Cars Thursday reported 34 per cent rise in sales during January-September period in India at 1,896 units. The company had sold 1,413 units during the nine-month period of 2017. "We registered a record 28 per cent growth in 2017, with this year's growth momentum and the festive season ahead we are confident about maintaining the same growth pace as we did last year," Volvo Car India Managing Director Charles Frump said in a statement. German luxury carmaker Mercedes-Benz India has already reported a marginal dip in its sales at 11,789 units for the reported period compared to 11,869 units in the year-ago nine months. Last week, BMW India reported 11 per cent increase in sales for the January-September period of 2018 at 7,915 units. Another German carmaker, Audi, is yet to come out with its sales number for the period.
At IMF-World Bank meetings, Powell praised as Trump calls Fed 'crazy'
NUSA DUA, Indonesia (Reuters) - The Bank of England governor and the head of the International Monetary Fund praised the abilities of Federal Reserve Chairman Jerome Powell on Thursday, after U.S. President Donald Trump said the Fed had "gone crazy" by raising interest rates.
IMF chief defends Powell after Trump slams 'crazy' Fed
(Reuters) - The head of the International Monetary Fund on Thursday defended Federal Reserve Chairman Jerome Powell one day after U.S. President Donald Trump criticized the American central bank, which has been raising U.S. interest rates, as "crazy."
Walgreens quarterly profit rises 88.5 percent
(Reuters) - Walgreens Boots Alliance Inc reported an 88.5 percent rise in quarterly profit on Thursday, as more people brought prescription medicines from its pharmacies and it benefited from its acquisition of Rite Aid stores.
Bank of India raises MCLR rates by 0.05% on two tenures
State-run Bank of India Thursday said it has increased its marginal cost of funds based lending rate (MCLR) by 0.05 per cent for overnight and one month tenure, effective October 10. The new overnight rate stands at 8.05 per cent, while the one month rate has been revised to 8.15 per cent, the bank said in a statement. The lender left the MCLR rates for three, six and 12 months loan tenures unchanged at 8.30 per cent, 8.50 per cent and 8.60 per cent, respectively. Many state-run lenders have recently increased their MCLRs, with country's largest lender State Bank of India raising it by 0.05 per cent for various tenures effective October 1. It's one year MCLR currently stands at 8.50 per cent, against 8.40 per cent previously. Punjab National Bank also increased its benchmark lending rates or MCLR last week for the short-term loans by up to 0.2 per cent. Oriental Bank of Commerce (OBC) raised it's MCLR by 0.10 per cent for various tenures with effect from ...
Reliance Jewels Celebrates the Festive Season With the Campaign Thought 'From Precious Moments to Priceless Promises. With You at Every Moment'
/ -- With the arrival of Festive Season, Reliance Jewels, one of India's leading fine jewellery brands, has geared up with exceptional Dhamaka offers along with a string of services and benefits for the festive shopper. (Photo: https://mma.prnewswire.com/media/767601/Reliance_Jewels_Festive_Season.jpg ) From 12th October to 11th November, one can avail Flat 50% off on making charges of Gold Jewellery (On Invoice value above 75,000) & Flat0%making on Diamond Jewellery (On Invoice value above 75,000) along with Full Value Return on Old Gold Exchange & Free Jewellery Insurance . T&C Apply on all offers. With the entire country coming together during this season to share joyous moments and memories, the wide variety of fine traditional and contemporary jewellery designs at Reliance Jewels makes it a one-stop shop destination for festive shopping and gifting. Reliance Jewels' festive campaign advocates its relevance and existence in the customer's entire life cycle, and ...
TCS shares fall over 3% ahead of Q2 results
Shares of Tata Consultancy Services fell by over 3 per cent Thursday ahead of its second quarter earnings to be announced later in the day. The stock declined 3.10 per cent to close at Rs 1,979.75 on BSE. During the day, it slumped 4.89 per cent to Rs 1,943.05. At NSE, shares of the company went down 2.37 per cent to end at Rs 1,995. In terms of equity volume, 3.58 lakh shares of the company were traded on BSE and over 47 lakh shares changed hands at NSE during the day. Selling was also seen in other IT stocks, with HCL Technologies falling 4 per cent, Infosys 3.61 per cent, Wipro 0.90 pe cent and Tech Mahindra 0.40 per cent on BSE. Led by weakness in these stocks, the BSE IT index went down 3.21 per cent to settle at 14,413.70. The broader market also depicted extreme weak sentiment, with the BSE barometer falling sharply by 759.74 points or 2.19 per cent to end at 34,001.15.
Britain expects 5,000 financial services jobs to leave by Brexit Day
LONDON (Reuters) - Despite thousands of jobs set to move to the continent due to Brexit, Britain's financial services minister said on Wednesday he would do all he can to ensure the City of London remains a major financial centre.
Sensex falls 760 points amid global sell-off, weak rupee (Fourth Lead)
India's key stock indices slumped, settling over 2% lower, as concerns global growth will suffer due to the tariff war between the United States and China triggered fund outflows from equities around the world.
Africa rebounding, but must prepare for future: IMF official
JOHANNESBURG (Reuters) - Africa's GDP growth is rising but it must do more to solidify a fragile recovery and prepare for major disruptions in the global economy, the International Monetary Fund's top official for Africa said.