Page 2345 - Business Finance
Wall Street slides as bond yields climb on jobs data
(Reuters) - U.S. stocks tumbled on Friday, weighed down by rising Treasury yields after data showed job growth slowed in September, while wage increases were not enough to fan worries over rising inflation or faster interest rates hikes.
BMW Group India's January-September sales up 11%
BMW Group India on Friday reported a rise of 11 per cent in its January-September 2018 sales.
Graphic: After market rout, signs point to even higher bond yields
(Reuters) - A bond market rout that drove yields through key levels has some investors prepared for another leg that may finally declare an end to a three-decade-long bull run.
Gold inches up as dollar eases after tepid U.S. jobs data
BENGALURU (Reuters) - Gold edged higher on Friday, on track for its biggest weekly gain in six, as the dollar softened after data showed U.S. job growth slowed more than expected last month and a slide in stock markets burnished the appeal of bullion as a safe haven.
Bhatt, Vijayan to be in Yes Bank's search committee
Yes Bank on Friday said that T.S. Vijayan, past Chairman of IRDAI and LIC and O.P. Bhatt, past CMD, State Bank of India, will be a part of its "Search and Selection Committee" as "external experts".
New generation Mercedes-AMG G 63 launched at Rs 2.19 cr
Luxury car manufacturer Mercedes-Benz India on Friday launched the new generation of Mercedes-AMG G 63 SUV with price starting at Rs 2.19 crore (ex-showroom, all India).
India hopes to boost bilateral trade through India-West Africa Regional Conclave
Indian High Commissioner to Nigeria, Nagabhushana Reddy, said on Friday that the bilateral trade between India and Nigeria would be strengthened through the India-West Africa Regional Conclave.Reddy said this during a press conference on the India-West Africa Regional Conclave scheduled to be held in Abuja from October 8 to 9. The conference is being organised by the India High Commission in collaboration with Confederation of Indian Industry (CII), Nigeria Investment Promotion Council (NIPC) and Abuja Chamber of Commerce and Industry (ACCI).According to the envoy the conclave will serve as platform for dialogue between India and the 15 West African countries. Reddy said: "This is part of our larger engagement to support governments on the provision of business platforms with different stakeholders. It is in this context that the second edition of the regional conclave will hold in Abuja; we are looking forward to government to government level of business engagement. I hope the ...
Oil prices rise, supported by U.S. jobs data, Iran sanctions
NEW YORK (Reuters) - Crude futures rose on Friday as U.S. unemployment data eased concerns about demand in the world's top oil consumer, with both benchmarks set for a weekly gain ahead of U.S. sanctions on Iranian oil exports.
MP rooftop solar tender fetches lowest tariff of Rs 1.38/unit
A Madhya Pradesh Urja Vikas Nigam Ltd (MPUVN) rooftop solar tender for central government buildings has fetched a lowest tariff quote of Rs 1.38 per unit attracted by an auction in the country so far, a MPUVN statement said on Friday.
CM launches 'Odyssey City Card' for Bhubaneswar
Odisha Chief Minister Naveen Patnaik on Friday launched a common city payment card system "Odyssey City Card" for Bhubaneswar.
KLM Royal Dutch Airlines to celebrate 99th anniversary on Oct 7
KLM Royal Dutch Airlines will celebrate its 99th anniversary on October 7, becoming the only airline in the world to reach this milestone. KLM -- set up on October 7, 1919 -- is the oldest airline still operating under its original name. The airline has already launched exclusive promotions and engagement activities from October 4 for 99 hours across multiple channels, offering attractive discounts on ticket purchases to Amsterdam and to over 40 destinations across its network. "For us, this is an occasion to thank our customers for their continued loyalty over the years. Our customers are at the heart of our business and we take care of them with special attention and passion. This is what makes us different," said JeanNoel Rault, General Manager Air FranceKLM, Indian Sub-Continent. The Air France-KLM group was formed after the merger of the two major carriers in May 2004. "We have brought Europe and the rest of the world closer to our customers in India with our partnership with Jet
Analysis: A decade of U.S. economic sluggishness may have just snapped back to normal
WASHINGTON (Reuters) - For a solid decade after the collapse of Lehman Brothers touched off a global financial crisis, there was good reason to think the U.S. economy remained broken, from skepticism about the health of the labor market to tepid economic growth and the moribund rate of interest paid on U.S. Treasury bonds.
Appellate Tribunal of PMLA restrains Nirav Modi from disposing assets
The Appellate Tribunal for Prevention of Money Laundering Act (PMLA) has directed Punjab National Bank (PNB) scam accused, fugitive diamantaire Nirav Modi, his wife Ami Nirav Modi, Firestar Diamond International Pvt Ltd and its sister concerns not to dispose or create third party interest in their 21 immovable properties.The appellate tribunal also directed them to maintain the status quo in these 21 immovable assets, having fair market value of Rs 5.32 crore.On an appeal moved by the Punjab National Bank (PNB), the appellate tribunal said that it was Modi, his wife and other accomplices, who were liable to return the defaulted loan and that the bank was entitled to receive the amount after sale proceeds."It has been noticed from this case as well as many other similar cases that the borrowers/NPA/big corporate-houses are not paying the huge defaulted-loan amounts to the public sector banks which are owned by the Government. Most of them are not sitting on the roadside and are still ..
Japanese firm to market cordless power tools in India
Leading Japanese power tools maker Hitachi Koki (HiKoki) will soon market cordless tools in the Indian market, a company official said on Friday.
US employment rate at 3.7% touches 48-year-low in Sept
The unemployment rate in the US has dipped to its lowest level since 1969, with an official data putting the figure at 3.7 per cent for the month of September. Unemployment fell to a 48-year-low of 3.7 per cent from 3.9 per cent in September, according to a data of the Bureau of Labour Statistics. The number of unemployed people fell by 270,000 to six million, with the largest drop among adult women to 3.3 per cent, it said. The jobless rate for adult men is 3.4 per cent, teenagers 12.8 per cent, Blacks 6 per cent, Asians 3.5 per cent and Hispanics 4.5 per cent, the data said. "Just out: 3.7 percent Unemployment is the lowest number since 1969! US President Donald Trump said in a tweet soon after the release of the latest monthly job figures. However, the report also stated that 134,000 jobs were created in the month of September. "This decrease in the unemployment rate is due to more people finding jobs, as the labour force participation rate remained unchanged in September," the ...
RBI holds repo, but changes stance to 'calibrated tightening' (Roundup)
Belying market expectations of a rate hike, the RBI on Friday held its key lending rate unchanged in the context of an uncertain global economic scenario but turned hawkish in its stance, moving to one of calibrated tightening from the 'neutral' it has maintained over its six previous policy reviews.
Russia may increase oil production to stabilise global prices: Official
Prime Minister Narendra Modi raised the issue of rising crude oil prices and its impact on the domestic economy during his meeting with Russian President Vladimir Putin, who assured him that his country would enhance production of petroleum in order to stabilise global prices, a top Indian official said. The issue was discussed amidst apprehensions about a steep rise in global oil prices in view of US sanctions on Iran, a major oil producer. Modi also laid emphasis on 'Make in India' in the defence sector during his talks with the Russian president, the official said. The official added that the prime minister expressed the need to move beyond the buyer-seller relationship and suggested setting up joint ventures to partially or wholly manufacture in India. "In principle, President Putin was supportive of the idea," the official added. On possible purchase of frigates for the Navy and the joint venture on Kamov helicopter, discussions did take place but it was not finalised, the ...
RBI issues norms for operating Electronic Trading Platforms
The Reserve Bank Friday issued guidelines for operating Electronic Trading Platforms (ETPs) to transact in eligible instruments. Trading on electronic platforms is being encouraged across the world as it enhances pricing transparency, processing efficiency and risk control. It also enables better market surveillance and, therefore, discourages market abuse and unfair trading practices. As per the norms issued by the central bank ETPs will mean any electronic system, other than a recognised stock exchange, on which transactions in eligible instruments. "No entity shall operate an ETP without obtaining prior authorisation of the Reserve Bank under these directions," it said. "An entity seeking authorisation as an ETP operator under the directions will maintain a minimum net-worth of Rs 5 crore and will continue to maintain the minimum net-worth prescribed at all times," it said.
HFCL bags Rs 879 crore deal from TCIL
Domestic telecom gear maker HFCL said Friday it has received purchase order worth Rs 879 crore from state-run TCIL for supplying and rolling out of broadband equipment under BharatNet project. "We are pleased to inform you that the company has received an advance purchase order worth Rs 879 crore approximately from Telecommunications Consultants India Limited," HFCL said in a regulatory filing. TCIL has won bid from state-run telecom operator BSNL for rolling out national broadband project BharatNet and it has sub-contracted the same to Himachal Futuristic Communications. "The scope of work under the above contract inter-alia includes Survey, Procurement, Supply, Trenching, Laying, Installation, Testing and Maintenance of Optical Fibre Cable (OFC), Accessories and GPON Equipment in the State of Madhya Pradesh under BharatNet Phase-II Network," the filing said. The contract bagged by HFCL also includes operation and maintenance services for a period of seven years after warranty of one
Sebi fines promoters of Mahamaya Steel Rs 10 lakh for disclosure lapses
Markets regulator Sebi Friday imposed a total fine of Rs 10 lakh on five promoter group members of Chhattisgarh-based Mahamaya Steel for failing to comply with disclosure requirements regarding the shares of the company. In a five separate but similarly worded orders, the regulator imposed fine on Anand Kumar Agrawal, Asha Agrawal, Neha Agrawal, Nitin Agrawal, Ravi Agrawal for violating PIT (Prohibition of Insider Trading) regulations. Anand Kumar Agrawal is the promoter of the firm and Asha Agrawal is wife of Anand while Neha, Nitin and Ravi are children of the promoter Anand. Securities and Exchange Board of India (Sebi) said, during May-August period, all members of promoter group except Ravi Agrawal sold shares on several occasions in 2016 exceeding the value of Rs 10 lakh. In May, Ravi Agrawal bought shares on one occasion which exceeded Rs 10 lakh in value, Sebi said. Under PIT norms, promoter and director of company is required to disclose the transaction to the company within