Page 2313 - Business Finance
India, China need to "deepen cooperation" to fight trade protectionism
China has called for deeper cooperation with India to fight trade protectionism, and accused the United States of provoking trade disputes.In a statement issued by Counselor Ji Rong, the spokesperson of the Chinese Embassy in India, he said: "China and India need to deepen cooperation to fight trade protectionism." China is firmly against the use of "Indo-Pacific" tool which is being used to counter the country's economic development, the statement underscored.Terming India and China as major developing nations, China said, "As the two largest developing countries and major emerging markets, China and India are both in the vital stage of deepening reform and developing economy and both need stable external environment. Practicing unilateral trade protectionism in the name of "national security" and "fair trade" will not only affect China's economic development, but also undermine the external environment of India and hinder India's booming economy."Rong further pointed that at the ...
Cabinet approves India-Lebanon MoU for cooperation in agriculture, allied sectors
The Union Cabinet on Wednesday approved the signing of a Memorandum of Understanding (MoU) between India and Lebanon for cooperation in the field of agriculture and allied sectors.The MoU will benefit both the countries and will also promote understanding of the best agricultural practices among them, which will help in better production and will also help in the global market.Bilateral cooperation will also help in increasing the amount of production and productivity by getting access to best practices, better techniques, and international markets. This will be helpful in strengthening food security.
IT raid at Delhi minister Gahlot's properties
Among the properties raided are Gahlot's residence, and companies like Brisk Infrastructure and Developers Ltd and Corporate International Financial Services Ltd, which belong to the AAP leader.The searches are being carried out in Delhi and Gurugram."Friendship with Nirav Modi, Mallya and raid on us?," Delhi Chief Minister and AAP convenor Arvind Kejriwal questioned in a tweet, indicating the raids at the Delhi minister's properties are a political vendetta.Brisk Infrastructure and Developers Ltd is engaged in construction and real estate development. On the other hand, Corporate International Financial Services Limited is stated to be Non-Banking Financial Company (NBFC).Further details are awaited.
Quick Wrap: Nifty PSU Bank Index rises 5.58%, NIFTY jumps 1.54%
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Govt clears closure of National Jute Manufactures Corporation, subsidiary
The government Wednesday approved the closure of loss-making PSU National Jute Manufactures Corporation (NJMC) and its subsidiary Birds Jute & Exports Ltd (BJEL). The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here. The decision will benefit the government exchequer in reducing recurring expenditure incurred in operating both the sick CPSEs in running their activities. "The proposal will help in closing loss-making companies and ensuring release of valuable assets for productive use, or for generating financial resources for developmental progress," an official statement said. BJEL has no staff and as the factory is not in operation; closure does not have any adverse implications, the government said in the statement. The available land with both the CPSEs will be put up for public use/other government use for overall development of society. The Disposal of fixed assets as well as current assets will be in accordance with the ...
Foodpanda eyes delivery network of 5 lakh partners by 2020
Online food ordering and delivery platform Foodpanda Wednesday said it has onboarded 60,000 delivery partners in five weeks and aims to expand its network to five lakh partners by 2020. The Ola-owned company, which competes with the likes of Swiggy and Zomato, said it had set a target of onboarding 60,000 additional partners across India in two months. "On the back of increased demand on its platform and rapid geographic expansion ahead, this target stands achieved, making Foodpanda India's largest food delivery network...aims to grow this network to 5,00,000 by 2020," it added. Over the past weeks, Foodpanda has expanded its delivery network to 13 new cities -- including Jaipur, Chandigarh, Kanpur, Lucknow, Indore, Ahmedabad and Nashik among others -- as part of its expansion strategy from the previous network of seven cities. Foodpanda claims to process over 3 lakh orders a day from more than 25,000 restaurant partners. "Delivery partners are key to our mission of bringing the best .
M&M to offer vehicles on lease for up to Rs 32,999 per month
Homegrown auto maker Mahindra & Mahindra Wednesday launched a new vehicle acquisition scheme that allows customers to lease vehicles for a period of up to five years. The lease option scheme will be available on Mahindra's personal portfolio of vehicles such as the entry level sports utility vehicle (SUV) KUV100, compact sports utility vehicle TUV300, mid-sized SUV Scorpio, multi-purpose vehicle Marazzo and premium sports utility vehicle XUV500, according to a release. The leased vehicles will be available at a starting price of Rs 13,499 per month for a KUV100NXT and going up to Rs 32,999 per month for an XUV500, it said adding at present the customers across Delhi, Mumbai, Hyderabad, Bengaluru, Ahmedabad and Pune can avail the scheme. The company plans to extend the lease option scheme to another 19 cities in the next phase, it said. "Our leasing model is a category creating product offering, which aims at bringing in a new class of customers, including ...
China issues rules for online financial bodies to battle money laundering
BEIJING (Reuters) - China's central bank on Wednesday issued anti-money laundering and counter-terrorism financing regulations for online financial institutions, as part of Beijing's efforts to rein in financial risks.
Exclusive: BoE plots action plan to steer lenders through 'no-deal' Brexit - source
LONDON (Reuters) - The Bank of England has asked UK-based lenders to provide six-hourly health-checks on their balance sheets in the days after a possible 'no-deal' Brexit as it seeks to avert a shock squeeze in credit supply to the economy, a senior industry source said.
TCS 'Billion Steps Challenge' Registers Huge Success
/ -- TCS' unique employee challenge, part of its golden jubilee celebrations, draws 200,000 participants globally who log a record 3 billion steps Tata Consultancy Services (BSE: 532540) (NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that its 'Billion Steps Challenge' to employees evoked an overwhelming response, with over 200,000 participants across the globe registering and collectively logging a record three billion steps. At over 2.4 million kms, this distance is equivalent to three return trips to the moon, or going sixty times around the Earth, or five and a half times around Jupiter. The TCS 'Billion Steps Challenge' is one of the biggest employee engagement initiatives undertaken by the company, and is a part of the TCS50 program - an enterprise-wide initiative celebrating fifty years of TCS. At a larger level, 'Billion Steps' is an expression of energy and coming together of all TCS employees as a part of #OneTCS. TCS ...
German government cuts growth forecasts for this year and next: document
BERLIN (Reuters) - The German government has cut its forecast for growth in Europe's largest economy this year and next and sees an escalation in the global trade dispute as the main risk, a document seen by Reuters on Wednesday showed.
Cabinet approves closure of National Jute Manufactures, subsidiary
The Union Cabinet on Wednesday approved the closure of National Jute Manufactures Corporation Ltd (NJMC) and its arm Birds Jute and Exports Ltd (BJEL).
Hyderabad airport to handle 20 mn passengers in FY 19
The Rajiv Gandhi international airport here is expected to handle 20 million passengers, both domestic and international, during the current fiscal, a top official of the GMR Hyderabad International Airport Limited has said. "In 2015 we celebrated 10 millionth passenger. In 2018 we almost doubled. This year (FY 19) we would have handled 20 million passengers through our Hyderabad airport. We have clocked more than 20 per cent annual growth in domestic passengers. If you combine international passengers also we have been doing around 20 per cent during the last three years," he noted. The airport which handled over 18 million passengers in financial year 2018 has now taken up expansion programme to increase the capacity to 34 to 40 million passengers per annum. The present terminal was designed to handle 12 million passengers. Meanwhile, the airport Wednesday inaugurated the Interim International Departures Terminal (IIDT) that is set to commence operations from October .
Strand Life Sciences Acquires India Diagnostics Business From Quest Diagnostics
/ -- Strand Life Sciences, a Bangalore-based specialized research and diagnostics company, today announced an agreement to acquire the India medical diagnostics business of Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services. "This acquisition is an important addition to our network of 24 diagnostic labs across India, especially as we continue to expand our work in oncology, genomics, and precision medicine. It adds strong North India presence and marquee clientele that includes leading hospital chains, corporates and pharmaceutical clients to our portfolio, making us India's leading specialized diagnostics company," said Dr. Ramesh Hariharan, Chief Executive Officer, Strand Life Sciences. Steve Rusckowski, Chairman, President and CEO, Quest Diagnostics, commented: "We have built a diagnostic laboratory in India with a reputation for quality over the past 10 years. As our business model has evolved, we believe Strand Life Sciences is well ...
World's biggest traders see oil at $65-$100 next year
LONDON (Reuters) - The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year due to U.S. sanctions on Iran.
Bandhan Bank standalone net profit rises 47.29% in the September 2018 quarter
Total Operating Income rise 43.35% to Rs 1605.64 crore
R S Software (India) reports consolidated net loss of Rs 7.19 crore in the September 2018 quarter
Sales decline 13.42% to Rs 14.71 crore
S I Capital & Financial Services reports standalone net loss of Rs 0.01 crore in the September 2018 quarter
Sales decline 15.22% to Rs 1.56 crore
R S Software (India) reports standalone net loss of Rs 6.30 crore in the September 2018 quarter
Sales decline 14.67% to Rs 13.15 crore
Northern Project reports standalone net loss of Rs 0.10 crore in the September 2018 quarter
Reported sales nil