Page 2341 - Business Finance
Mumbai Congress launches 'hoarding war' against BJP over financial crises
The Mumbai Congress on Sunday launched a 'hoarding war' blaming the Bharatiya Janata Party government for the ongoing stock market crises in the wake of the IL&FS developments.
Ikea not to hike prices of low-end furniture products
Swedish furniture giant Ikea Sunday said it would not raise the prices of low-end furniture and furnishing products if the company costs increase due to Centre's recent hike in customs duty on some furnishing items to curb imports of non-essential goods. "For now, we have not seen any repercussions, but if there is continuation of costs due to hike in customs duties on furniture and furnishing items, then at some point of time we would have to pass it (burden) on to customers, but we may do it on higher-end products, not lower-end, Deputy Country Manager Patrik Antoni told PTI here. "So, customers can still be hopeful," he said. Patrik said Ikea is a global company and it would appreciate global trade, but would not be happy with trade barriers such as customs tariff or import duties. He also said trade barriers will only affect 'ease of doing business,' which will in the long run affect customers. The central government had on September 26 hiked customs duties on as many
Flipkart forays into insurance with Bajaj Allianz
Leading e-tailor Flipkart on Sunday said it had tied up with Bajaj Allianz General Insurance to offer insurance to products like mobiles bought on its online shopping platform from October 10.
Delhi fuel price: Vijay Goel rides bullock cart to protest against AAP govt
Demanding a reduction in petrol and diesel prices by at least Rs 8 in Delhi, Union Minister Vijay Goel on Sunday protested against the Arvind Kejriwal-led Delhi government in a unique way by riding a bullock cart in the national capital.Stating that the Aam Aadmi Party (AAP)-led state government is "insensitive", Goel said: "The Narendra Modi government has decreased the petrol and diesel prices even when the crude oil price is so high in international market and value of Indian rupee against US dollar has decreased. But, the Arvind Kejriwal government is insensitive. They are only talking. This government is running at the speed of a bullock cart," he added.On September 4, the Centre slashed the prices of petrol and diesel by 2.50 per litre each and directed the state governments to implement the same. Soon after this, many states, including Madhya Pradesh, Rajasthan, Uttar Pradesh, Chhattisgarh, Bihar, and Maharashtra announced an additional concession of fuel prices.
Oil market is balanced, says Qatar energy minister
DUBAI (Reuters) - The oil market is balanced in terms of supply and demand, Qatar's Energy Minister Mohammed al-Sada said on Sunday.
VPT turns 86, draws up plans to become most preferred in South
As it turned 86 Sunday, the Visakhapatnam Port Trust (VPT), which is acclaimed as the Eastern Gateway of India has drawn up a vision to become the most-preferred port in south Asia offering services of global standards and world-class logistics solutions. Massive capacity expansion and modernisation plans are being implemented in a mission-mode in line with Visakhapatnam Port's growing strategic importance to trade with China, Australia, Indonesia, Singapore, Malaysia, South Africa, Nigeria and countries in the Persian Gulf. "Visakhapatnam Port, one of the 12 major ports of the country, has a strategic importance since it serves major economic sectors like steel, power, petroleum, mining and fertilisers. We play a pivotal role in the economic development of the hinterland, catering to major industries. We now aim to further this by becoming the most-preferred port in south Asia that offers world-class logistics solutions at minimal cost to stakeholders," VPT Chairman ...
Nepal's flag carrier resumes flight services to Lukla airport
The state-run Nepal Airlines Corporation (NAC) has resumed its services to the Lukla airport, two years after suspending the flight operation to the gateway to Mount Everest, according to a media report Sunday. A large number of foreign trekkers and mountaineers, who want to climb the world's highest mountain, travel to this airport also known as Tenzing-Hillary airport, to reach the base camp. The airline operated three flights on Saturday -- two with China-made Y12e plane while one with Twin Otter aircraft, an official spokesperson said. "We have two charter flights and a scheduled flight for Sunday," NAC spokesperson Ashok Sigdel was quoted as saying in the report. Situated at a height of 2,845 metres from the mean sea level, the Lukla airport is the most lucrative airfield for domestic airlines. The cost of the 25-minute flight from Kathmandu for foreigners is probably the world's most expensive as they have to shell more than three times higher airfare than the fare charged on ...
Jio to connect govt schools, colleges with high-speed net to make U'khand 'Digital Devbhoomi':Ambani
Having invested over Rs 4,000 crore in Uttarakhand, richest Indian Mukesh Ambani Sunday said his telecom venture Reliance Jio will in the next two years connect most of the 2,385-plus government schools and colleges with high-speed internet to make the state a 'Digital Devbhoomi'. Speaking at the Uttarakhand Investors Summit, he said Jio will promote environment protecting industries and businesses. Ambani said he wants to convert 'Devbhoomi Uttarakhand' into 'Digital Devbhoomi'. "Jio will boost sustainable tourism. Jio will improve the delivery of healthcare, education and government services and improve the life of every citizen," he said. Jio is committed to a 'Digital Uttarakhand' where every citizen can have the best quality digital connectivity and services, he said. Ambani had in 2016 stormed back into the telecom sector with Reliance Jio, offering free calls and data, forcing rivals to merge or exit as revenues declined. It has amassed over 220 million subscribers since its ...
Zambia says open to dialogue with miners over tax increases
LUSAKA (Reuters) - Zambia's Finance Ministry said on Sunday that it was open to dialogue with mining companies over the government's plans to increase mining taxes.
Parking space for nearly 10,000 cars in Noida by March-end: Official
Work on five major parking spaces is underway here and will be completed by March 31 next year, offering space to park nearly 10,000 cars in the city, an official document said. These parking spaces are coming up in sectors 3, 5, 1, 38A and 16A Film City, and would cost an estimated Rs 810.79 crore. Four of these would be underground, including the one in Sector 16A, while one is multi-level, it stated. "The biggest of them, in Sector 38A, is a multi-level parking that will be able to accommodate as many as 7,000 vehicles, while the others will be underground, including the one in Sector 16A with a capacity of 1,400 vehicles," according to the Noida Authority document on parking projects under construction. The parking in Sector 38A will cost Rs 573.15 crore (Rs 523.01 crore for civil works and Rs 50.14 crore for electrical works) while the one in Film City will cost Rs 110.59 crore (Rs 101.85 crore for civil works and Rs 8.74 crore for electrical works), it said. The parking in ...
Fujifilm India forays into endoscopy segment; expects to contribute 10% of medical biz
Japanese Photography and imaging company Fujifilm has forayed into endoscopy segment here and expects it to contribute around 10 per cent of its total Indian medical business in FY 2018-19, said a top company official. Fujifilm India will continue to build its portfolio in the endoscopy segment by expanding its line-up and associations with various medical institutions to strengthen its foothold in the medical business here as the company eyes double digit growth next year, the Japanese firm said. "10 per cent of the total medical business of Fujifilm India is expected to come from the endoscopy segment this fiscal," Fujifilm India Managing Director Haruto Iwata told PTI. In FY2017-18, Fujifilm India posted a turnover of 1,100 crore, in which medical business was a major contributor. "Around 50 per cent of the total revenue was generated by Fujifilm's medical business," Iwata added. Presently, medical endoscopy in India is around Rs 300 crore market, in which players such as Olympus, .
China pumps USD 109 bn into economy as trade war bites on growth
China's central bank said on Sunday that it was cutting the reserve requirement ratios (RRRs) by one per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second-largest economy. The reserve cut, the fourth by the People's Bank of China (PBOC) this year, came after Beijing pledged to speed up plans to invest billions of dollars in infrastructure projects as the economy shows signs of cooling further. The PBOC said on Sunday it will cut the RRR for RMB deposits by one percentage point starting from October 15. The cut will enable banks in China to release 1.2 trillion-yuan cash for additional lending. Some of the liquidity unleashed will be used to pay back the 450 billion yuan (USD 65 billion) of the medium-term lending facility that will mature on October 15, state-run Xinhua news agency reported. In addition, the liquidity of another 750 billion ..
Petrol, diesel prices on the rise again
Within a day of the one-off excise duty cut and PSUs subsidising fuel, petrol and diesel prices are on the rise again and have hit a three week high. Petrol and diesel prices were cut by a minimum Rs 2.50 on October 5 when the government's only second cut in excise duty of Rs 1.50 per litre and state-owned fuel retailers providing a Re 1 per litre subsidy came into effect. In BJP-ruled states, the reduction was higher as they matched the cut with a similar reduction local sales tax or VAT. But the prices were on the rise from the very next day. Petrol price was hiked by 18 paise a litre on October 6 and 14 paise on Sunday, according to daily price notification issued by state-owned oil firms. Petrol, which in Delhi was cut to Rs 81.50 on October 5, on Sunday costs Rs 81.82. Similarly, diesel rates are hiked by 29 paise a litre each on October 6 and Sunday. It costs Rs 73.53 per litre in Delhi, up from Rs 72.95 on October 5, according to the oil firms. Delhi, which did not cut VAT on ..
Assam govt announces bonus for tea workers under ATCL
The Assam government has announced a bonus of 20 per cent for workers of tea gardens under the Assam Tea Corporation Limited (ATCL), an official release said Sunday. The bonus is in keeping with the government's commitment towards the welfare of the tea garden community and upliftment of the tea sector in Assam, the release said. All workers of the state-owned tea gardens under ATCL would now be eligible for the bonus, it said. The ATCL has 15 tea gardens and around 16,748 workers, it added.
China orders more lending to entrepreneurs amid trade spat
Chinese banks have been told by the government to lend more to entrepreneurs to help shore up flagging economic growth amid an escalating trade dispute with Washington. The central bank said Sunday it had released 750 billion yuan (USD 109 billion) for additional lending by reducing bank reserve requirements by 1 per cent. It said the money was for small enterprises the official term for private companies that generate China's new jobs and wealth. The dispute with the US is adding to downward pressure on an economy that already was forecast to cool after Beijing tightened lending controls to rein in a debt boom. The Asian Development Bank says China's economy is expected to expand at a 6.6 per cent annual pace this year but slow to 6.3 per cent in 2019.
Amalgamation not on cards; focus on internal consolidation: PNB MD
Ruling out possibility of inorganic expansion, Punjab National Bank Managing Director Sunil Mehta said the bank is currently focussed on internal consolidation and making it financially healthy. With Rs 14,000 crore Nirav Modi episode getting out of scene, the bank is focussing on growth and recovery of bad loans, he told PTI in an interview. The bank has registered credit growth more than the industry average, and appreciating the pace of recovery, the government has decided to provide Rs 5,431 crore capital support. "You are fully aware that Financial Services Secretary has said that they are giving this capital (Rs 5,431 crore) for growth. PNB is the second largest public sector bank and we are poised for the growth," he said. Asked if the PNB is going to acquire some other public sector banks, Mehta said "there is nothing on the cards from our side". On a question that if some amalgamation proposal comes to the bank, he said, "it would depend upon different circumstances. Right ...
Elon Musk and Mark Zuckerberg can't just jeopardise a billion dreams (Tech Analysis)
The past few weeks have witnessed some bizarre and never-before-seen occurrences in the world of technology, and the credit, if you want to call it that, goes to Tesla and SpaceX CEO Elon Musk and Facebook Founder-CEO Mark Zuckerberg.
Optimists make poor business decisions: Study
Optimistic thinking is leading people to set up businesses that have no realistic prospect of financial success, according to a study which has found that pessimists are less likely to proceed with unpromising entrepreneurial ventures. The research from the University of Bath, the London School of Economics and Political Science, and Cardiff University in the UK, explores the financial consequences of becoming an entrepreneur for optimists -- people with a tendency to overestimate their chances of doing well and underestimate their probability of failure. Tracking individuals as they move from paid employment to setting up their own business venture, the study found that business owners with above average optimism earned some 30 per cent less than those with below average optimism. Many of the optimists would have been well advised to remain an employee, according to the study published in European Economic Review. Despite entrepreneurs earning on average less, working longer hours ...
Trivitron Healthcare eyes Rs 750 crore revenue in FY19
Domestic medical devices maker Trivitron Healthcare is looking to clock revenue of around Rs 750 crore in the current fiscal year, as it mulls inorganic growth in key focus areas, a top company official has said. Established in 1997, the Chennai-based company posted revenue of around Rs 650 crore in the last fiscal year. "We are looking at a revenue of around Rs 750 crore for the current fiscal year," Trivitron Healthcare Chairman and MD GSK Velu told PTI. The focus areas for the company are laboratory, imaging, intensive care, operating rooms and renal dialysis, he added. Out of these, 80 per cent of the profits come from the areas of laboratory and imaging while others are emerging areas for the company, Velu said. "Going forward laboratory and imaging will continue to be the focus areas for the company where we are looking for both organic and inorganic growth to push revenues," he added. When asked about the key products manufactured by the company, Velu said the number one ...
Fund raising via IPO slumps 53% to Rs 12,470 crore in Apr-Sep FY19
Indian companies raised Rs 12,470 crore through initial public offerings in April-September this fiscal, a plunge of 53 per cent from the year-ago period, mainly due to volatile equity markets and uncertainties in macro environment. Some analysts believe that the IPO market for the second half of the ongoing financial year will be poor as the secondary market would continue to be choppy on account of high crude price, depreciating rupee and tariff war between US and China. However, others are of the view that concerns related to IPO market may be over-rated as the underlying consumption demand continues to remain buoyant. According to the latest data compiled from stock exchanges, 10 companies garnered Rs 12,470 crore through their respective IPOs in April-September of the current fiscal, much lower than a record Rs 26,720 crore raised by 19 firms in the year-ago period. In the first half of 2016-17, 15 companies had raked in Rs 16,535 crore through the route. Proceeds of the initial .