Page 2358 - Business Finance
Thyssenkrupp's 30 percent Industrials stake may pave way for M&A: union
DUISBURG, Germany/FRANKFURT (Reuters) - Thyssenkrupp will keep a stake of around 30 percent in the capital goods business it plans to spin off, a labour representative at the German conglomerate said, paving the way for an eventual takeover bid once it decides to sell out.
Petrol, diesel to become Rs 5 cheaper in Himachal
The Himachal Pradesh government has decided to reduce prices of petrol and diesel by Rs 2.50 per litre, Chief Minister Jai Ram Thakur said Thursday. The state government has decided to reduce the value added tax (VAT) on petrol and diesel to effect a Rs 2.50 per litre reduction in fuel prices in order to facilitate the general public, he said after a meeting. Petrol and diesel would be cheaper by Rs 5 per litre in the state with this since the Centre has also decided to reduce the rate of petrol and diesel by Rs 2.50 per litre, he added.
India continues to be world's largest BPM base, generated $32.5 bn revenue: Nasscom
Industry body Nasscom Thursday said India continues to be the largest BPM (business process management) base in the world, generating close to USD 32.5 billion in revenue with an employee strength of 1.2 million. The Indian BPM industry is estimated to now account for over 37 per cent share in global sourcing and is witnessing a 1.7X revenue growth. This is set to grow from USD 154 billion to a projected USD 167 billion in FY18, an increase of almost 8 per cent, Nasscom said in a statement. "As digital technologies reshape businesses, this industry with its foundation in domain and process expertise, is increasingly innovating to emerge as the hub for digital solutions. Upskilling for digital, acquiring competencies through acquisitions or partnerships, building platforms and products, and leveraging centers of excellence in new technologies are some of the key priorities of companies in the BPM industry," Nasscom Vice-Chairman and WNS CEO Keshav R Murugesh said. Nasscom, which hosted
Kerala not to reduce price on petrol and diesel
The CPI-M-led LDF government in Kerala Thursday ruled out slashing the cess on petrol and diesel to match the Centre's announcement in fuel price cut. Reacting to Union Finance Minister Arun Jaitley's suggestion asking states to match the Centre's decision with a similar reduction in sales tax or VAT, State Finance minister T M Thomas Isaac said it would adversely affect the state's revenue. Blaming the Centre for the frequent spurt in price of petroleum products, Isaac said it was the Centre that hiked the taxes on petroleum products. "Now they have reduced by Rs.1.50 per litre, if the Centre was ready to reduce the full hiked tax completely, the state government would think about it," Isaac said. Isaac also said the state had already reduced the tax on petroleum products earlier. The minister said the Centre's move was with an eye on the coming assembly polls in states like Rajasthan and Madhya Pradesh. During the Karnataka assembly polls also, the Centre had asked ...
Show cause notices to multi-system operator in cable business for tax evasion, claims Sidhu
Punjab minister Navjot Singh Sidhu on Thursday claimed that show cause notices have been issued to Fastway Transmission Pvt limited (FTPL), a multi-system operator in cable business, by the director general of GST Intelligence for allegedly evading service tax amounting to Rs 2,100 crore. He alleged that the previous SAD-BJP regime had provided monetary benefit of Rs 5,000 to Rs 7,000 crore to the company by illegally monopolizing cable business in Punjab. Releasing the copies of the show cause notices to the media, Sidhu further claimed that the central agency acted against the private company offering cable services in Punjab after he highlighted the massive tax evasion last year. However, FTPL, in a statement, accused the Punjab cabinet minister of "twisting facts and making false statements", mainly to "score his personnel vendetta". At a press conference here, Sidhu said, "DG of GST Intelligence initiated a probe into the matter after I highlighted it in the media. It has served .
Oil holds near four-year highs; Saudi, Russia agree to up supply
LONDON (Reuters) - Oil held just below four-year highs on Thursday, supported by the imminent loss of Iranian supply through U.S. sanctions, but also tempered by the prospect of a rapid production increase from Saudi Arabia and Russia.
Assam cuts petrol, diesel prices by Rs 2.50 a litre
Assam joined the states which opted to reduce fuel price Thursday with the state government slashing the prices of petrol and diesel by Rs 2.50 per litre which will provide the consumers in the state relief of Rs 5. The reduced rates will come into effect in the state from midnight and follows the announcement by Union Finance Minister Arun Jaitley to pare prices of petrol and diesel by Rs 2.50 per litre, Assam Finance Minister Himanta Biswa Sarma said. He tweeted, "Following Fin Minister Arun Jaitley announcement of cut of Rs 2.50 in petrol and diesel prices, glad to share that Assam Govt has also decided to reduce Rs 2.50 on both petrol and diesel per litre, making it Rs 5 less than the prevailing rates. "The present rate (in Assam) is Rs 86.50/L for petrol and Rs 78.91/L for diesel ... After rate cut by GOI and Assam Govt, new rates would be Rs 81.50/L and RS 73.91/L respectively," he said. The tax cut of Rs 2.5 per litre on both petrol and diesel shall mean a loss of revenue of Rs
U.S. weekly jobless claims near 49-year low; factory orders surge
WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell to a near 49-year low last week, pointing to sustained labor market strength, which should continue to underpin economic growth.
U.S inquiry deepens Danske money-laundering crisis
COPENHAGEN (Reuters) - Danske Bank faces a U.S. criminal investigation into a 200 billion euro ($230 billion) money laundering scandal at its Estonian branch which has rocked investor faith in Denmark's biggest lender and forced its chief executive to quit.
PSB losses to come down to Rs 50,000 cr in FY19: Report
State-run lenders will narrow down their losses to Rs 50,000 crore in fiscal year 2018-19, from Rs 85,000 crore in the previous fiscal year, as the quantum of dud loans reduce, a report said Thursday. This will be the third consecutive year that the 20 state-run lenders' grouping will be reporting a loss, ratings agency Crisil said in its report, adding higher provisioning requirements will ensure that the losses continue. Profits for the entire banking system are expected to start improving from the second half of this fiscal and turn positive for the whole fiscal, as most large private banks are expected to report profits, it said. "As a result of the high provisioning requirements, many PSBs (public sector banks) will continue to report losses for the third consecutive year, though the extent of this will be lesser at Rs 50,000 crore, compared with Rs 85,000 crore last fiscal," it said in the note. At present, the gross non-performing asset (NPA) ratio of the PSBs is .
India major growth market, will expand deeper: Uber
Terming India a major growth market, US-based ride-hailing major Uber on Thursday said it is planning to take its services to other, deeper parts of the country.
Government cuts fuel prices by Rs 2.50/ltr, some states follow suit (Roundup)
Under attack from rivals and with Assembly elections round the corner, the Centre on Thursday cut petrol and diesel prices by Rs 2.50 per litre, a decision that was followed by several BJP-ruled states giving an overall relief of Rs 5 per litre.
Rose Valley Ponzi scam: ED attaches Rs 130 cr assets
The Enforcement Directorate Thursday attached assets worth Rs 130 crore in connection with its money laundering probe in the Rose Valley ponzi scam case, officials said. The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA), attaching immovable and movable properties having a collective "market value" of Rs 130 crore. With the latest action, the total value of assets seized in this case stands at about Rs 4,400 crore, the Enforcement Directorate (ED) said in a statement. The agency had registered an FIR against the firm, its Chairman Gautam Kundu and others in 2014 under the PMLA. Kundu was arrested by the agency in Kolkata in 2015. At present, he is in judicial custody. Multiple charge sheets have been filed in the courts in Kolkata and Bhubaneswar by the ED in this case. The group had allegedly floated a total of 27 companies for running the alleged chit fund operations out of which only half-a-dozen were active. The agency has alleged
FIIs sell Rs 8148.12 Cr in local equities
Foreign Institutional Investors (FIIs) were net sellers of local stocks today
Sensex tanks over 800 points on rate hike fears, downhill rupee (Roundup)
Caution ahead of a likely hike in key lending rates by the Reserve Bank of India (RBI), along with a weak rupee and high crude oil prices, pulled the Indian equity indices deep into the red on Thursday.
NENT takes on Netflix in battle for Nordic streaming market as it readies for listing
STOCKHOLM (Reuters) - Nordic Entertainment Group (NENT) hopes to lure investors with robust growth in streaming when it is spun off from Sweden's MTG MTGb.ST next year, betting that its Scandi dramas will help it narrow the gap with market leader Netflix NFLX.O.
Corrected: Canadian dollar to rally; trade deal clips economic worry - Reuters poll
(Corrects paragraph three to say currency would nudge up, not dip)
India cuts fuel tax, refinery prices to ease pain of rising crude, weak rupee
NEW DELHI (Reuters) - India is cutting prices of petrol and diesel by 2.50 rupees ($0.03) a litre, Finance Minister Arun Jaitley said on Thursday, the government's latest step to tackle the impact of a sharp rise in crude oil prices and a weak local currency.
Gujarat cuts petrol-diesel prices by Rs 2.50/litre
Within hours of the Centre announcing reduction in prices of petrol and diesel, the Gujarat government also announced relief in VAT to further bring down the fuel prices.
Petrol cheaper by Rs 5 in Maha, no reduction on diesel price
Petrol will be cheaper by Rs 5 in Maharashtra, with the central and the state governments Thursday announcing a cut of Rs 2.50 per litre each. The announcement was made by Chief Minister Devendra Fadnavis soon after the central government announced cut in the prices of petrol and diesel by Rs 2.50 per litre. "Maharashtra government also decided to give additional relief of Rs 2.50 per litre on petrol to give a total benefit of Rs 5 per litre in the state of Maharashtra," Fadnavis tweeted. Thanking Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley, Fadnavis said the reduction in fuel prices will give a huge relief to citizens. Earlier, Jaitley announced in Delhi a cut in petrol and diesel prices by Rs 2.50 per litre, factoring in excise duty reduction of Rs 1.50 per litre. He asked state governments to follow suit by cutting a sales tax or VAT by a similar amount. The reduction followed petrol and diesel prices touching new highs. Maharashtra Finance ...