Page 2333 - Business Finance
Jammu records 65 per cent polling in municipal elections: Poll panel
A total of 65 per cent of 4.42 lakh voters exercised their franchise Monday in the first phase of municipal elections in the state's winter capital Jammu, according to Jammu and Kashmir poll panel. Jammu division registered 65 percent voters' turnout against an overall 56.7 percent voting in the state. Lauding cooperation of various stakeholders, including the voters, candidates and security personnel in "smooth" conduct of the election, Jammu District Election Officer Ramesh Kumar termed polling in Jammu division as "peaceful". The urban local bodies (ULB) elections was completed peacefully, recording an overall turnout of 65 per cent, Kumar, who is also the Jammu deputy commissioner, told reporters here. The voting for all the 75 wards of Jammu municipal corporation and 79 wards of its seven municipal committees, were "smooth and peaceful". Kumar said out of total 154 municipal wards, the polling was held for 153 wards, sealing the fate of 742 candidates. One candidate was elected ..
UK-India FutureTech Festival to be held in December
The UK-India FutureTech Festival will take place in Delhi and some other parts of India in December, according to a statement. As part of the festival, a "high-impact thought-leadership" summit will bring together business, policy makers, venture capital, scientists and entrepreneurs across the breadth of India and the UK, according to the statement. UK Communities Secretary James Brokenshire launched the festival during his three-day visit to India to take forward the 'Future Mobility' partnership between Maharashtra and the Midlands Engine in the UK. The Mayor of Birmingham and CEO of the Midlands Engine also accompanied Brokenshire, it said. The statement said the festival will be an unmissable showcase of how India-UK collaboration and innovation is rapidly delivering the tech partnership. More importantly, it will demonstrate joint thought leadership on the tech that is changing lives and creating prosperity for both countries.
Bank Unions to protest against PSU banks' merger decision Tues
A bank employee unions' federation has called upon bank unions to hold demonstrations Tuesday to protest against the merger of three state-run lenders --Bank of Baroda, Vijaya Bank and Dena Bank, a union leader said Monday. "The sit-in will take place after office hours Tuesday. All our unions are requested to hold protest demonstrations in all state capitals and in all other towns on October 9," C H Venkatachalam, General Secretary of All India Bank Employees' Association said. The demonstrations are against the government's proposal to merge Bank of Baroda, Vijaya Bank and Dena Bank, he added. The demonstration has been called under the aegis of the United Forum of Bank Unions (UFBU). AIBEA in a statement said that it has learnt that the board of these three banks have approved the agenda and hence they may proceed further. "The issue as discussed in the UFBU meeting held on September 29, 2018, and it has been decided to call upon all our unions to hold protest demonstrations," it ..
Jaguar Land Rover to shut Solihull plant for two weeks as Chinese sales slump
LONDON (Reuters) - Britain's biggest carmaker Jaguar Land Rover will close its Solihull plant for two weeks later this month after it reported a nearly 50 percent fall in sales to China as import duties and a trade war with the United States hurt demand.
Wall Street slightly lower as tech stocks, oil weigh
(Reuters) - U.S. stock indexes were lower on Monday, pressured by a drop in technology and energy companies and muted appetite for equities after last week's spike in Treasury yields following healthy economic data.
Strong economy is backbone of any society: Rajnath
Union Home Minister Rajnath Singh on Mopnday said that a "strong economy" is the backbone of any society and Uttarakhand was created to give fillip to economic development in backward regions.
Companies get time till Oct 31 to file ITR, audit reports
The government on Monday extended the last date for filing of income tax returns and audit reports by companies for assessment year 2018-19 to October 31.
PMI Electro plans to invest Rs 500 cr in Uttarakhand
Bus maker PMI Electro plans to invest Rs 500 crore in Uttarakhand to build infrastructure and other support system for electric vehicles, a top company official said. The company signed an agreement for the proposed investment with the state government during the two-day investor summit at Dehradun, the official stated. "The memorandum of understanding is a first step towards reducing pollution in the hill state. Under the agreement, PMI Electro Mobility Solution plans to invest Rs 500 crore for plying 500 electric buses and developing associated charging infrastructure," PMI Electri Managing Director Satish Jain said in a statement. PMI and China-based Beiqi Foton Motors have partnered for the marketing and sales of buses in India. "Foton PMI electric bus can withstand heavy ridership and steep hills with a long design life of 15 years. PMI aims to be a zero emission commercial vehicle manufacturer within next five years," Jain said.
NHB lifts refinance cap to Rs 30,000 crore for housing finance firms
The National Housing Bank (NHB) on Monday increased its refinance limit to Rs 30,000 crore to make more funds available to eligible housing finance companies.
SC seeks RBI response on plea over banks not passing benefits of low interest rates
The Supreme Court Monday directed RBI to communicate its decision on the representation over banks delaying passing on the benefit of lower interest rates to those who have taken loans at floating interest rates. A bench of Chief Justice Ranjan Gogoi and Justices S K Kaul and K M Joseph asked RBI to commuinicate within six weeks its decision to public trust 'Moneylife Foundation' which has filed the representation alleging that banks and FIs take tardy approach in lowering interest rates despite the central bank's decision on the repo and reverse repo rates. The Reserve Bank of India undertakes bi-monthly monetary policy review and sets the repo rate -- at which it lends money to the banking/financial system, setting the tone for the interest rate regime which impacts, among others, EMI for home and auto loans. Reverse repo is the rate at which it borrows money from banks. "According to the petitioner(s) it has not been informed of the result of such consideration leaving the ...
Shares in Gati tumble after credit rating downgrade
(Reuters) - Shares in India's Gati Ltd closed down 10 percent on Monday after ratings agency CARE downgraded the credit rating for the logistics company, citing a drop in profitability and decline in revenue from operations.
National Housing Bank raises refinance limit
(Reuters) - India's National Housing Bank will raise its refinance limit to 300 billion rupees ($4.05 billion) for the year to June, 2019 in an effort to make funds available to housing finance companies, the country's finance ministry said on Monday.
HCL's Global Development Centre to come up at Amaravati
HCL Technologies Monday conducted the ground-breaking ceremony for its Global Development Centre, which will be a production house for high end new age technlogies, in the capital region Amaravati. State Information Technology Minister N Lokesh performed the 'bhumi puja' for the project at Kesarapalli village opposite Vijayawada airport in the capital region. This is the first of the two development centres HCL Technologies will be setting up in the Amaravati region at an aggregate investment of Rs 700 crore over the next 10 years. The two centres are expected to create over 7,000 jobs in the next decade. HCL and the Andhra Pradesh government had signed a Memorandum of Understanding in March 2017 to set up the development centres, but land allocation issues delayed the project, though the company was supposed to operationalize phase-1 by August 2018. The first phase of the Global Development Centre,which will be a production house for high-end new age technologies, is ...
CBDT extends deadline for filing ITR, audit report till Oct 31
The government Monday extended by a fortnight till October 31 the deadline for filing Income Tax return (ITR) and audit report for financial year 2017-18. This is the second extension within a fortnight of the Central Board of Direct Taxes (CBDT), earlier extending the deadline for tax payers whose accounts have to be audited from September 30 to October 15. "Upon consideration of representations from various stakeholders, CBDT further extends the 'due date' for filing of Income Tax Returns as well as reports of Audit from 15th October, 2018 to 31st October, 2018 in respect of the said categories of taxpayers," the CBDT said in a statement. The assessees filing their return of income within the extended due date shall be liable for levy of interest as per provisions of section 234A of the Income-tax Act, 1961, the CBDT added.
Swiss bank UBS on trial in France over tax fraud claims
The Swiss banking giant UBS went on trial in Paris on Monday over accusations it illegally helped wealthy French clients move their money out of the country and beyond the reach of tax authorities, charges which could land it with billions of euros in fines. After a six-year investigation, judges last year charged the bank and its French subsidiary with laundering proceeds from tax fraud carried out from 2004 to 2012, allegations the bank has denied. "UBS will finally have the chance to respond to what are usually unfounded claims," the bank has said, vowing to "strongly defend itself." Six bank managers and former managers are also on trial, including Raoul Weil, the former third-in-command at UBS, and Patrick de Fayet, formerly the second-ranking executive for its French operations. The inquiry was opened after a former employee alerted authorities over the bank's alleged system of setting up dual bookkeeping to hide the movement of capital into Switzerland. France's national ...
NHB hikes refinance limit to Rs 30,000 cr
National Housing Board (NHB) Monday said it has raised refinance limit for housing finance companies to Rs 30,000 crore for the period between July 2018 to June 2019. The regulator to housing finance companies (HFCs) had set an initial limit of Rs 24,000 crore, towards refinancing eligible institutions. "Keeping in view the current scenario, we have decided to increase the refinance limit to Rs 30,000 crore," it said in a release. All the eligible HFCs and other entities will now have increased availability of funds, it added. In the current year, NHB has sanctioned Rs 8,835 crore, it said. NHB is the principal agency to promote housing finance institutions, which are currently 97 in numbers. It offers refinance assistance to housing finance companies in respect of their housing loans to individuals, and also for their loans to other institutions for housing finance and construction finance.
FIIs sell Rs 7219.21 Cr of local stocks
Foreign Institutional Investors (FIIs) were net sellers of local stocks today
Wall Street falls at open as oil prices, yields weigh
(Reuters) - U.S. stocks fell at open on Monday, as a drop in crude prices hurt energy companies and on muted appetite for equities after last week's spike in Treasury yields following healthy economic data.
Centre's GoM to discuss Goa mining issue on Oct 13: Dhavalikar
The Union government's Group of Ministers would meet on October 13 to discuss the current crisis in Goa's mining industry, state Public Works Department Minister Sudin Dhavalikar said Monday. The coastal state's mining industry came to a halt in March this year after the Supreme Court, in an order in February, quashed 88 leases and banned the extraction of iron ore. The Centre's Group of Ministers (GoM) comprises Union Minister for Shipping Nitin Gadkari, Minister for Mines Narendra Singh Tomar and Union Law Minister Ravi Shankar Prasad. Dhavalikar Monday said that the GoM will discuss ways to resume mining in Goa as its closure had resulted in huge losses to the state. The Goa minister said that the Union government will find a solution to the crisis by amending the existing mining law during the Parliamentary session to be summoned in November. "The amendment will give new life to the mining leases and it will result in the industry's resumption," Dhavalikar ...
Communicate decision on interest rate plea to NGO, SC tells RBI
The Supreme Court on Monday asked the RBI to communicate within six weeks to NGO Moneyline Foundation's on its plea for refunding the excess interest charged from those raising loans under the floating interest system but not getting the benefit of reduced interest rates.