Page 2347 - Business Finance
Oil prices climb, supported by U.S. jobs data, Iran sanctions
NEW YORK (Reuters) - Crude futures edged higher 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.
Fiscal deficit slippage to crowd out private investment: RBI to government
Reserve Bank Governor Urjit Patel on Friday said it was crucial that the fiscal deficit target is maintained as any slippage would impact inflation and crowd out private sector investment apart from increasing market volatility.
India, Russia call for widening energy cooperation
Taking into account the Indian side's interest in Russian energy assets and in the implementation of prospective joint projects in the field of renewable energy sources, both the countries on Friday called for deepening the energy cooperation.The two sides also encouraged their companies to consider a wide range of opportunities for cooperation, including long-term contracts, joint ventures and acquisitions of energy assets in both countries as well as possible cooperation in third countries.They welcomed the ongoing cooperation between the Russian and Indian energy companies, including investments of Indian consortium in Vankorneft and Taas-Yuryakh Neftegazodobycha in Russia and the participation of the PJSC Rosneft oil company in the Essar Oil capital.Noting with satisfaction the progress made by the companies in the development of comprehensive cooperation and expressed the hope for the completion of negotiations on the Vankor cluster at an early date.Both sides also acknowledged ..
GS Chaturvedi takes over as Director (Exploration), ONGC Videsh
G. S. Chaturvedi has been appointed as the Director (Exploration) on the Board of ONGC Videsh, the international petroleum company of India. Chaturvedi took charge on October 1."Chaturvedi has a track record of taking progressively responsible and challenging roles in different aspects of oil and gas exploration- from data acquisition and interpretation to management of domestic exploration business. In the last five years, he was responsible for business development, PSC and JV management, besides issues related to domestic exploration policy," read a statement.The newly-appointed head started his career in 1985 when he joined ONGC as Geophysicist (Surface) after obtaining M Sc. Tech in Exploration Geophysics from Banaras Hindu University, Varanasi in 1983.Chaturvedi has been instrumental for first ultra-deepwater gas discovery and Cretaceous oil discovery in KG Offshore in blocks of ONGC. He also has a few scientific research papers to his credit.
OPIC ties up with Iron Pillar to launch VC programme in India
The Overseas Private Investment Corporation (OPIC), the US government's development finance institution, Friday announced the launch of a venture capital programme in India in partnership with Iron Pillar. OPIC will typically commit between USD 5 million and USD 25 million, or up to 25 per cent of a fund's total capitalisation, and the programme will invest in later stage venture funds supporting developing economies, according to OPIC executive vice-president David Bohigian. "Our focus will be on supporting entrepreneurs and small businesses in tech-enabled sectors including healthcare, education, financial services, agriculture, and energy services," he told reporters here. Funds applying for OPIC support will be selected on a quarterly basis through an open and competitive process, he added. OPIC works with the US private sector and helps US businesses gain footholds in emerging markets. "OPIC has seen many small businesses have a big impact in emerging markets and by
Nissan ropes in Aamir Khan as brand ambassador for Datsun in India
Japanese auto major Nissan Friday announced Bollywood star Aamir Khan as brand ambassador for its Datsun brand in India. Khan will be "seen in Datsun India's new brand campaign #ExperienceChange, it said. Commenting on the development, Nissan India Operations President Thomas Kuehl said, Khan "advocates the bold and fearless attitude of the new generation who strive for excellence and embodies the spirit of Datsun". The company said its #ExperienceChange is a multi-media campaign that will go live on all the key platforms - digital, print, radio, TV, OOH, dealerships and city activations this festive season. The campaign will showcase the new GO and GO+ along with Datsun's highest selling model redi-GO, it added.
Task Force launched to address skill gaps in India
A task force was launched Friday to develop an action plan to address skills gaps in India and make the country's workforce ready for jobs of the future. The task force, launched in collaboration with the World Economic Forum, will be co-chaired by Skill Development and Entrepreneurship Minister Dharmendra Pradhan along with Infosys MD and CEO Salil Parekh. "The task force will bring together leaders from business, Government, civil society, and the education and training sectors to accelerate the future-proofing of education and training systems in the country," an official statement said. Pradhan said the task force will be a significant step to accelerate the impact on skills development already achieved by bringing together relevant stakeholders to act collectively. The task force is the second country-led public-private collaboration of the World Economic Forum's Closing the Skills Gap Project after South Africa.
India fuel price cuts send oil firm shares down on regulation concerns
MUMBAI (Reuters) - India's decision this week to cut petrol and diesel pump prices that had reached record highs sent oil company shares tumbling on Friday on concerns about a return to the kind of regulated regime that had hammered their profits in the past.
Bihar govt cuts petrol price by Rs 2.52/litre, diesel by Rs 2.55
The Bihar government Friday lowered the value added tax (VAT) on petrol and diesel which would make these fuels cheaper by Rs 2.52 and Rs 2.55 a litre, respectively. According to an official release, VAT on petrol has been reduced from 26 per cent to 22.20 per cent, while on diesel, it will be 15 per cent as against the earlier rate of 19 per cent. The announcement came barely a few hours after Chief Minister Nitish Kumar had hinted that the state government was looking forward to reducing taxes on petroleum products, following the Centre's decision to slash excise duty on the same a day earlier. On being asked about the fuel price cut issue on the sidelines of a function, Kumar had said "a decision will be taken later in the day (on reducing petrol and diesel prices)". The Bihar government's move follows the Centre's decision to cut petrol and diesel prices by Rs 2.50 per litre. Subsequently, on the Centre's direction, nearly all-BJP ruled states reduced prices of the fuels by Rs ...
Air India, Air Seychelles to offer codeshare flights
Government-run Air India Friday said it has inked a codeshare agreement with Seychelles national carrier Air Seychelles, offering passengers enhanced connectivity to the Seychelles and Johannesburg from the city. The two carriers signed the pact Thursday, a release said. Codesharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence. Under the new codeshare agreement, Air India will place its flights code 'AI' on Air Seychelles regional services from Mumbai to the Seychelles and Johannesburg, the release said. In turn, Air Seychelles will place its flights code 'HM' on Air India domestic services to eight cities including Ahmedabad, Bangalore, Kolkata, Kochi, Delhi, Hyderabad, Chennai and Trivandrum, and also on its international services between Mumbai and Bangkok. "India has a huge latent market for leisure travel owing to the burgeoning middle class and rising disposable incomes. Not ..
Common payment card system launched
A common payment card system (CPCS) was launched Friday to help the citizens use a single payment option for multi-purpose city level usage. Christened 'Odyssey City Card', the pre-paid card system was unveiled by Odisha Chief Minister Naveen Patnaik. The chief minister also launched 25 'My Odyssey Centres' where the 'Odyssey City Card' will be available for issuance. The card is a joint initiative of Bhubaneswar Municipal Corporation (BMC), Bhubaneswar Smart City Limited (BSCL) and ICICI bank. The card has been designed to enable residents to make quick and easy payments for an array of services like property tax, water bills, vehicle parking fees and trade license fee for traders and businesses among others, in a seamless manner. The card can also be used for making payments at retail merchant outlets enabled with POS machines across the country, as well as on e-commerce websites. Speaking on the occasion, the Chief Minister said this card system reflects the journey of
Tesla shares fall after Musk mocks SEC on Twitter
(Reuters) - Shares of Tesla Inc fell as much as 5 percent on Friday, after Chief Executive Elon Musk stirred nerves about the settlement of his securities fraud lawsuit by mocking the U.S. Securities and Exchange Commission on Twitter.
Rupee depreciated only 7% in five years: Goyal
Notwithstanding the knock that the rupee has taken against the dollar in recent days, Railway Minister Piyush Goyal on Friday said that it is the best period that India has seen when the currency has only depreciated by seven per cent in a five-year period.
UT Chandigarh cuts fuel rates by Rs 1.50 per litre
Union Territory Chandigarh on Friday announced a Rs 1.50 per litre cut in petrol and diesel prices, effective from Friday midnight. Fuel prices have already come down by Rs 2.5 per litre after the Centre reduced the excise duty by Rs 1.5 per litre and directed oil companies to absorb a cut of Re 1 per litre. The Chandigarh administration has reduced the value added tax (VAT) on petrol and diesel, an official release said here. "The sale price of petrol and diesel will come down by Rs 1.50 per litre. As the Government of India has already reduced the rate on petrol and diesel of Rs 2.50 per litre, thus the total benefit to the consumers (in Chandigarh) will be Rs 4 per litre on petrol and diesel," it said. The BJP-led government in Haryana Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices, while the Punjab government has called a meeting on Monday to decide on the issue. The central government had cut petrol and diesel prices by Rs 2.50 per litre, factoring in ...
Wall Street flat as bond yields gain on jobs data
(Reuters) - U.S. stocks were little changed on Friday, kept in check by Treasury yields at seven-year highs after the September jobs report did little to alter the view that the Federal Reserve would continue to gradually raise interest rates.
World stocks fall ahead of US jobs data as tensions weigh
European and Asian markets fell on Friday as traders awaited the release of the monthly US jobs data amid a swirl of allegations against China. KEEPING SCORE: Germany's DAX lost 0.6 percent to 12,173 and the CAC 40 in France dropped 0.4 percent to 5,390. Britain's FTSE 100 fell 0.6 percent to 7,374. Wall Street was set for small gains on the open. Dow and S&P 500 futures were both up 0.1 percent. US JOBS: Investors are expecting the U.S. jobs report to show continued strong growth. Economists have forecast an increase of 184,000 jobs in September, according to the data provider FactSet, and that the unemployment rate dipped from 3.9 percent to 3.8 percent, matching an 18-year low. The gains would confirm the U.S. economy's health but are also likely to cement expectations that the Federal Reserve will keep raising rates at a steady pace, which can dent stocks. ASIA'S DAY: Japan's benchmark Nikkei 225 fell 0.8 percent to 23,783.72, and the Kospi in South Korea dropped 0.3 percent ..
Rationalise,reduce GST to achieve twin objectives on housing'
: The Confederation of Real Estate Developers' Associations of India Saturday demanded that the Union Government rationalise and reduce GST to achieve its twinobjectives of housingfor all and affordable housing. CREDAI president Jaxay Shah said that GST, coming as it did closeon the heels of demonetisation, was proving to be too disruptive for the sector. "Of course, we will pass itonto the customer. But we feel it should be rationalised and reduced," he said, addressing a press conference here. The executive committee and governing council meeting of CREDAI was held in the city Saturday. Shah thanked the government for giving the sector infrastructure status and also providing a subsidy of Rs 2.60 lakh foreach affordable housing unit. He saidthere should be more financial support from banks to make the affordable housingscheme successful. "We fully support the Government's goal of providing quality housing for all by 2022," he said. He suggested that GST be brought down .
Sri Lanka's national air carrier 'most punctual airline'
Sri Lanka's national air carrier, SriLankan Airlines, has been named the "World's Most Punctual Airline" by global flight data analysis company Flightstats, a statement from the Airline said here on Friday.
CIL non-executive employees to get performance-linked reward
Around three lakh non-executive employees of state-owned CIL and its arms will get performance-linked reward of Rs 60,500 each on a pro-rata basis for the ongoing fiscal on or before October 12. The agreement on the same was reached during the meeting of the standardisation of committee of Joint Bipartite Committee for the Coal Industry (JBCCI-X) held Friday, according to Coal India (CIL) official. "After prolonged discussion, keeping in view the overall performance during the year 2017-18 in comparison to 2016-17, it is unanimously agreed that an amount of Rs 60,500 shall be paid on pro rata basis to the non-executives cadre employees of CIL and its subsidiaries as well as SCCL as performance linked reward (PLR) for the Financial Year 2017-18 on or before October 12, 2018," the official added. In case of Singareni Collieries Company Ltd (SCCL) the date of payment would be decided by the PSU itself, the official added. CIL accounts for over 80 per cent of domestic coal output. The PSU
FIIs equity sales stand at Rs 8238.01 Cr today
Foreign Institutional Investors (FIIs) were net sellers of local stocks today