Page 2322 - Business Finance
Vuitton parent LVMH posts solid third-quarter sales amid China concerns
PARIS (Reuters) - Louis Vuitton owner LVMH on Tuesday posted a 10 percent rise in comparable sales in the third quarter, in line with forecasts and setting an encouraging tone for luxury companies sensitive to any wavering in Chinese demand.
US keen to invest in India's infra, port, solar sector development: OPIC
The US government's development finance institution OPIC is keen to invest in the development of India's infrastructure, port and solar energy sectors, a top US official said Tuesday. Overseas Private Investment Corporation (OPIC) Executive Vice-President David Bohigian, who is visiting India, further said that India is a clearly the anchor of the US government's Indo-Pacific strategy. OPIC is a self-sustaining US government agency that helps American businesses invest in emerging markets. "We are looking across all sectors (of India for investment) including infrastructure development, port development and solar energy sector, not just in venture capital," Bohigian said in an interaction with reporters. He, however, added that OPIC does not have any numerical target for investments in India, and the development finance institution is looking at the merits of the projects in India. "We are proud to announce our investments in Iron Pillar, a mid-stage India-focused venture capital ...
AkzoNobel Specialty Chemicals rebrands as Nouryon
AkzoNobel Specialty Chemicals on Tuesday launched its new brand identity as Nouryon as part of its transition to become an independent, global specialty chemical firm. The move follows acquisition of the speciality business of AkzoNobel by The Carlyle Group. Commenting on development, its CEO Charles W Shaver said, "Launching our new company is a significant milestone to add to our proud history and we are all looking forward to this exciting new chapter." "We are ready to leverage our experience, global presence, and strong company culture to unleash our full potential as an independent company." On March 27, AkzoNobel announced sale of 100 per cent of its Specialty Chemicals to The Carlyle Group and GIC for 10.1 billion euros. Talking to PTI on the development, Akzo Nobel Chemicals India Managing Director Shrikant Kulkarni said the company looks India and China as its "focus" countries to accelerate growth and has investment plans for these markets. It expects Indian unit to ...
Himachal CM asks bankers to target agri, tourism sectors; increase credit-deposit ratio
The bankers should target sectors such as agriculture, horticulture, tourism and services in Himachal Pradesh for increasing the credit-deposit ratio and ensuring all-round and robust development, Chief Minister Jai Ram Thakur said on Tuesday. The credit-deposit ratio in the state is 35.47 per cent which is quite low as compared to the national average of 75.64 per cent, he said while presiding over the state level bankers' conference here. The banking sector should create conducive atmosphere for people to go for institutional loans, Thakur said, adding that the efforts would be made to bring co-operative banks in the state under the preview of Credit Guarantee Fund Trust for Micro and Small Entrepreneurs (CGTMSE) for availing credit guarantee coverage for collateral free loans. The banks should also simplify cumbersome documentation and procedure requirements for availing banks loan, he added. A survey conducted in the state has found that a large proportion of households accessed .
Fund outflows, oil prices hit rupee; closes at fresh low of 74.39 to USD (Roundup)
The continuous outflow of foreign funds from the country's equity market segment along with persistently high crude oil prices plunged the Indian rupee to close at a new low of 74.39 to a US dollar on Tuesday.
Tractor volume growth expected to be 10-12% this fiscal: Icra
Tractor sales are expected to grow in the range of 10-12 per cent this fiscal on the back of factors like enhanced agriculture cash flows and healthy haulage demand, according to rating agency Icra. The domestic tractor industry has grown by 22 per cent in April-August of the current fiscal as compared to the same period of previous financial year. The volume growth has been relatively broad based, with healthy offtake recorded across a majority of states even as the monsoon distribution remained uneven, the agency said. "Icra expects the tractor volume growth for the fiscal to be at 10-12 per cent as the base effect catches up," its Vice President and Sector Head, Corporate Ratings Anupama Arora said. The demand drivers for the industry continue to remain intact, which has aided robust volume growth in the fiscal till date, it added. "A combination of factors such as enhanced agri cash flows, healthy haulage demand and adequate financing availability remain the key demand drivers; ...
India on threshold of becoming a major economic power: VP
India is on the threshold of becoming one of the major economic powers and the private sector can play a huge role in accelerating the country's growth and development, Vice President M Venkaiah Naidu said Tuesday. Reformative measures like the introduction of Goods and Services Tax would improve the economy in the long run, although there might be some teething problems in the initial stages of implementation, Naidu said. "In the end, such reforms will also benefit the consumers," he said, while unveiling the logo of the 90th year celebrations of local chapter of Indian Chamber of Commerce and Industry here tonight. "India has now emerged as one of the fastest growing economies in the world today. If this trend and momentum continues, India is poised to become the largest economy in the next 10-15 years," Naidu said. "We in India are all committed to build a five trillion-dollar economy by 2025, making India the 3rd largest consumer market in the world. The latest ...
Online hiring activity rises slightly in September: report
Indicating a "cautious hiring scenario", online recruitment activity registered a marginal increase in September with increased demand for freshers, says a report. The Monster Employment Index for India stood at 270 in September this year, up by 4 points over the last month, where the index stood at 266. However, the index declined by 4 per cent on yearly basis as it stood 282 last year in the same period. With 69 per cent growth, production and manufacturing led the year on year growth in September 2018. "The current ease in hiring activity is indicative of a cautious hiring scenario, however, the demand for freshers with 0-3 years of experience is on the rise especially across job roles. This puts emphasis on the need to develop corporate programmes which enable these young professionals through proper guidance in order to be job-ready," said Abhijeet Mukherjee, CEO, Monster.com, APAC & Gulf. "Production and Manufacturing continues to lead the online hiring scenario, emerging as
SBI reports 1,329 fraud cases worth Rs 5,555 cr in Apr-Sep 2018
As many as 1,329 cases of fraud, involving an amount of Rs 5,555.48 crore, came to light in country's largest bank State Bank of India (SBI) in first six months of the current fiscal year, an RTI query has revealed. In response to a query of RTI activist Chandrashekhar Gaud, SBI said that 669 cases of fraud amounting to Rs 723.06 crore were reported in the first quarter (April-June), while 660 cases, involving an amount of Rs 4,832.42 crore, came to light in the second quarter (July-September). The analysis of these statistics shows that in the second quarter, the number of fraud cases reported in SBI reduced by just nine, while the amount involved rose by about 568.33 per cent over the first quarter. Gaud had also sought the information about the financial loss to the bank due to banking fraud. SBI in its response, however, said this amount cannot be quantified. In reply to a query about the money lost by bank's clients due to banking frauds in the given period, SBI said, "The ...
NLC India board approves Rs 1,249 cr share buyback plan
NLC India Tuesday said its board has approved proposal to buyback of shares worth Rs 1,248.9 crore. The board of directors of the company in the meeting held Tuesday has "approved the proposal to buyback of not exceeding 14,19,31,818 equity shares...for an aggregate consideration not exceeding Rs 12,48,99,99,984," NLC India said in a BSE filing. Coal India on Monday said that it has entered into a pact with NLC India to set up a joint venture for power generation.
IMF sees Venezuela inflation at 10 million percent in 2019
(Reuters) - Venezuela's inflation rate will reach 10 million percent next year, the International Monetary Fund (IMF) said on Tuesday in a report forecasting that one of the worst hyperinflationary crises in modern history will further deepen.
Oil prices gain as Iranian crude exports fall
NEW YORK (Reuters) - Oil prices edged higher on Tuesday on growing evidence of falling Iranian crude exports before the imposition of new U.S. sanctions, as well as a partial production shutdown in the Gulf of Mexico because of Hurricane Michael.
Postal department kicks of National Postal Week celebrations
The Maharashtra and Goa Circle of the India Post department Tuesday kicked off National Postal Week celebrations here starting with World Post Day. It is celebrated to commemorate the establishment of the Universal Postal Union (UPU) in 1874 in the Swiss capital Berne. Harish Agrawal, Chief Post Master General (CPMG) of Maharashtra and Goa Circle said that October 10 would be celebrated as Savings Bank Day, October 11 as Postal Life Insurance Day, October 12 as Philately Day, October 13 as Business Development Day and October 15 as Mails Day. "The department is aware of the changing requirements of customers and has introduced services like speed post, express/ business parcel, business post, e-post, money remittance services etc," he said. "Moreover, in order to develop business, we have tied up with Regional Transport Offices (RTO), the Maharashtra State Electricity Distribution Company Limited (MSEDCL), as well as Maharashtra Police for e-challan payment for traffic .
U.S. inflation expectations stable over three years: NY Fed survey
NEW YORK (Reuters) - U.S. inflation expectations for both one and three years into the future were unchanged last month, according to a Federal Reserve Bank of New York survey that painted a picture of price stability among consumers.
Sri Lanka to sell hotel stakes, possibly within six months: finance minister
LONDON (Reuters) - Sri Lanka plans to put two state-owned hotel companies up for sale within the next six months in a sale that could raise $500 million for the island nation as it seeks to bolster its finances, the finance minister said on Tuesday.
Aim of organising global agri and food summit is to make Jharkhand a food processing hub: Das
The aim of organising the Global Agriculture and Food Summit in Ranchi is to double the farmers' income by 2022 and to project Jharkhand as a food processing hub in eastern India, Chief Minister Raghubar Das said Tuesday. Jharkhand as a part of its endeavour to develop agriculture sector in the state and with a view to provide a focused platform to the prospective investors in the agriculture and food processing sector is organising the summit in Ranchi on November 29-30. In the run-up to the summit, the state government organised a road show in the national capital on Tuesday. It was led by Das. "Das expressed his gratitude to all the dignitaries and talked about the tremendous opportunities in horticulture, floriculture, milk processing, fisheries, meat and meat products in the state. "He (Das) highlighted that one of the objectives of the summit is to double the farmers' income by 2022 and to make Jharkhand a food processing hub in eastern India through introduction of new ...
Tech rebound props up Wall Street, but global growth concerns weigh
(Reuters) - The S&P 500 and the Nasdaq rose on Tuesday, boosted by a rebound in technology stocks, but gains, including on the blue-chip Dow Jones Industrial Average, were kept in check by concerns on slowing global growth.
GST NAA finds Maggi dealer guilty of profiteering Rs 90,778
The GST anti-profiteering authority has found a UP-based dealer of FMCG product Maggi guilty of not passing on tax rate cut benefits to the tune of Rs 90,778. The National Anti Profiteering Authority(NAA) has asked UP-based Kunj Lub Marketing to pay Rs 2,253 to the complainant and deposit the remaining Rs 88,525 profiteered into consumer welfare fund. The case before the NAA stated that dealer Kunj Lub had not passed on the benefit of GST rate cut from 18 per cent to 12 per cent on Maggi Noodles pack of 35 gms' (Rs 5 MRP pack) to buyers. The complainant (a retailer of Maggi Noodles) alleged that despite GST rate cut on November 15, 2017, the base price of the product was increased to bring the MRP at par with pre-tax rate change price. Kunj Lub, however, said that the benefit which accrued in respect of Rs 5 MRP pack had been passed on by reducing the price of Rs 12 MRP (70gm) pack of Maggi. It was further submitted that MRP of Rs 12 pack was reduced by Re 1 which was more than what ..
Analysis: The rating game - 'Junk' Italy still hard to imagine, funds say
LONDON (Reuters) - For Italy's sovereign debt the timing could hardly be worse: A budget standoff with Brussels is driving the country's bond yields to new peaks, just as two credit agencies are weighing whether to cut their ratings to within one notch of 'junk'.
Tata Motors global sales up 6 pc in Sept
Tata Motors Tuesday reported 6 per cent rise in global sales, including that of Jaguar Land Rover (JLR), to 1,23,577 units in last month. The company had sold 1,16,419 units in September 2017. Global wholesale units of all Tata Motors' commercial vehicles and Tata Daewoo range in September 2018 stood at 52,018 units, up 25 per cent from 41,503 units in September 2017, it said. The company's global sales of all the passenger vehicles were at 71,559 units, down by 4 per cent from 74,916 units in September 2017. Global sales of JLR were at 52,987 units. Jaguar wholesale units for the month were at 18,876 vehicles, while Land Rover wholesale stood at 34,111 vehicles. JLR had sold a total of 57,365 units in September 2017.