Page 2323 - Business Finance
UP among top GDPI contributors for insurance industry: SBI Gen Insurance
Uttar Pradesh has been one of the top five contributors to the insurance sector in terms of gross direct premium income (GDPI) and the state has also played a major role in the "journey" of SBI General Insurance, a top company official Tuesday said. Pushan Mahapatra, MD and CEO, SBI General Insurance, said, "Uttar Pradesh has been one of the top five contributors (in terms of gross direct premium income) to the insurance industry in India. SBI General Insurance has seen a stable yet profitable growth since its inception and the state has played a significant role in this journey. "The state capital, Lucknow, is a leading centre for our retail as well as corporate policies and we will continue our endeavour of offering unique products to our customers in the region." He also said that the Simple Health Policy and Individual Personal Accident Policy are the highest selling products in the health category, along with the long term two-wheeler policy in the motor category in ...
Aramco and BAPCO announce new phase of Saudi-Bahrain pipeline
DUBAI (Reuters) - Saudi Aramco and Bahrain's BAPCO have announced the commissioning of the AB-4 pipeline, a new phase of Saudi-Bahrain crude oil pipeline, the Saudi company said on Tuesday.
Equity indices resume slide on weaker rupee, fund outflows (Roundup)
Equity indices resumed their slide on Tuesday, as rising crude oil prices, a likely tariff war-induced global slowdown, and a persistent decline in the Indian rupee have roiled investor sentiments.
PCI urges RBI for stability in regulatory framework
Urging the Reserve Bank of India (RBI) for some stability in regulatory framework, the Payments Council of India (PCI) Tuesday claimed frequent changes in regulations have forced the companies to focus more on meeting the compliances than on innovation. In a conference titled 'Digital Money 2.0' organised by the PCI Tuesday, the industry body, which represents companies in the payments and settlements system, urged the regulator to create an environment conducive for promoting the financial technology (fintech) sector in the country. In the last 18 months, a lot of regulatory change have been imposed on the sector, which has affected the companies, including their profitability. "Back to back regulatory changes have led the firms to deviate their focus from innovation to compliance. It has also had an adverse impact on the balance sheet of the companies owing to the cost spiral," a release issued by the PCI said. The industry has urged the RBI to act as an enabler and ...
Bloomberg Media, AP partner for EMEA and Asia sales
(Reuters) - Associated Press (AP) and Bloomberg LP announced a sales partnership in EMEA and Asia on Tuesday to expand their media client base in the regions.
Foundation stone laid for Rs 50K cr projs in Jharkhand after investors summit: CM
Investor-friendly policies of Jharkhand resulted in laying of the foundation stones for projects worth about Rs 50,000 crore after investors summit, state Chief Minister Raghubar Das said here Tuesday. Jharkhand had announced securing investment commitments of over Rs 3 lakh crore after Momentum Jharkhand Global Investors Summit last year. "We have formulated 15-16 policies to make Jharkhand an industrial hub....This is the result of such industry-friendly policies that the foundation stone of 354 units with an estimated investment of Rs 49,025 crore have been laid post global investors summit," Das said, addressing investors here for the upcoming global agriculture summit in the state. He said these units would employ 62,000 people. Describing Jharkhand as a "land full of potential", Das said the agriculture summit was organised in line with Prime Minister Narendra Modi's announcement to make farmers' income double by 2022 as the state has immense possibilities in the field. He said .
I Coast says nearly 400 tonnes of fake drugs seized in two years
Nearly 400 tonnes of fake medicines have been seized over two years in Ivory Coast, whose main city Abidjan is a West African haven for counterfeit drugs, the health ministry said Tuesday. Counterfeit medicine is the scourge of Africa and the cause of around 100,000 deaths annually on the world's poorest continent, according to the World Health Organization. "In the course of the last two years, 385 tonnes of fake medicines -- representing a financial loss of 152 million euros (USD 173 million) for the pharmaceutical industry -- were seized," said Able Ekissi, an inspector in the ministry. "In Ivory Coast, 30 to 40 per cent of medicines are bought off the streets. They are reputed to be cheaper and at best they are ineffective and at worst toxic, causing death," said Abderrahmane Chakibi, the managing director of French pharmaceutical firm Sanofi for sub-Saharan Africa. The illicit sector has a turnover of at least 10 per cent of the world pharmaceutical business, meaning that it ...
FIIs sell Rs 5853.07 Cr in local equities
Foreign Institutional Investors (FIIs) were net sellers of local stocks today
Host Indonesia hopes IMF-World Bank meetings will warn against protectionism
NUSA DUA, Indonesia (Reuters) - Economic policymakers gathering in Indonesia for this week's annual meetings of the International Monetary Fund and World Bank should highlight risks to the global economy posed by rising protectionism, the host nation's finance minister said.
India likely to miss fiscal deficit target due to fuel excise duty cut: Moody's
MUMBAI (Reuters) - India is likely to overshoot its fiscal deficit target for 2018/19 by a small margin following its decision to cut fuel excise duties, Moody's Investors Service said on Tuesday, describing the move as "credit negative".
US OPIC to help early-stage business companies in India
US economic development agency's Overseas Private Investment Corporation (OPIC) says it is "looking to help Indians" by partnering and investing in "early-stage companies in India".
U.S. investigating possible Standard Chartered Iran breaches after 2012 deal: CEO
LONDON (Reuters) - U.S. authorities are investigating whether Standard Chartered breached Iran-related compliance rules as recently as 2013, a year after it settled with them over earlier allegations of breaches and pledged to improve internal controls.
Wall Street opens lower as yields, global growth concerns weigh
(Reuters) - U.S. stocks opened lower on Tuesday, pressured by rising yields and after the International Monetary Fund cut its global growth forecasts, squarely blaming the Sino-U.S. trade war.
Gold eases as strong dollar erodes appeal to investors
BENGALURU (Reuters) - Gold prices eased for a second session on Tuesday as a stronger dollar and bullish U.S. interest rate outlook outweighed support from an earlier equity sell-off.
Garden Reach Shipbuilders to make mkt debut Wednesday
Garden Reach Shipbuilders & Engineers, which last week concluded its initial public offer, will make its stock market debut Wednesday. The company's Rs 345-crore initial public offer ran from September 24-October 1 as the issue closure date was extended. Also, the price band for the offer was revised from Rs 115-118 per share to Rs 114-118 per share. The initial public offer was of 2,92,10,760 equity shares and was fully subscribed. IDBI Capital Markets & Securities and YES Securities were the book running lead managers to the offer. Garden Reach is a ship building company under the administrative control of the Defence Ministry. It has also built India's first indigenous warship -- the INS Ajay -- in 1961, as per the company's website.
Lockheed Martin, Tata to hold suppliers' meet in India to
Lockheed Martin and Tata will jointly host a suppliers' meet in India to provide unmatched opportunities for Indian companies to establish new business ties with the F-16 fighter jets' maker and other industry leaders, the American aerospace giant announced on Tuesday. Such a move from Maryland-based Lockheed Martin comes as part of its broader proposed F-16 partnership with India to produce F-16s exclusively in India for the Indian Air Force and export customers. Last year, Lockheed Martin and Tata Advanced Systems Limited announced their intention to join hands to produce the F-16 Block 70 in India if the aircraft is selected by the Indian Air Force. Last month, it entered into an agreement with Tata Advanced Systems Limited (TASL) for the production of the wings of Lockheed Martin's F-16 fighter jets. The current F-16 suppliers and prospective Indian industry partners are gathering at the event in Bangalore to discuss opportunities on the F-16 programme -- the world's
Dr. Mahesh Reddy takes over as Secretary General of PHD Chamber
Dr. Mahesh Y Reddy has taken over as the Secretary General of PHD Chamber of Commerce and Industry (PHDCCI) with immediate effect. Reddy comes with a 28 years experience at senior positions in national level trade, infrastructure and industry bodies.Prior to taking charge as the Secretary General of India's oldest industry chamber, PHD, Dr. Reddy served at Infrastructure Industry and Logistics Federation of India (ILFI) for 8 years as its Director General, where he was responsible for overall operations of ILFI.In addition, he has also served Federation of Indian Chambers of Commerce and Industry (FICCI) for 16 years in various capacities including its Assistant Secretary General. He has also been associated with erstwhile Bureau of Industrial Costs and Prices (BICP).Dr. Reddy has represented Indian Industry on several governments and Parliamentary Committees. He was the Member Secretary, Expert Committee at Ministry of Railways, Secretary and CEO of All India Shippers Council (AISC),
There could be some liquidity crunch in system for short term: Mahindra AMC
There could be some liquidity crunch in the short term for the industry, Mahindra Asset Management Company Chief Equity Strategist Venkataraman Balasubramanian said Tuesday. He, however, said the fund house has no exposure to Infrastructure Leasing & Financial Services (IL&FS), which has defaulted on a series of interest payments. Overall, the mutual fund industry has a total exposure of Rs 2,500 crore to outstanding bonds issued by the stressed company and its subsidiaries, as per the industry insiders. "We have no exposure to IL&FS and its group companies," Balasubramanian told reporters here. When asked about the liquidity crunch in the system, Balasubramanian said, "There can be some liquidity crunch in the short-term. There won't be any problems in the longer term as (the) government and RBI are taking care of the liquidity situation". During September, an outflow of Rs 2.3 lakh crore have been seen from mutual fund schemes. This included Rs 2.11 lakh crore withdrawal
Corrected: CBS to look for potential buyers after Moonves probe ends - Fox journalist
(Reuters) - CBS Corp will look for potential buyers for the broadcast and media company after an investigation of its former Chief Executive Officer Leslie Moonves ends, a Fox journalist tweeted on Monday.
Pakistani Finance Minister off to Indonesia for World Bank, IMF meet
Pakistan's Minister for Finance, Revenue and Economic Affairs left for Indonesia on Tuesday to participate in the annual meeting of the World Bank and the International Monetary Fund (IMF).