Page 2501 - Business Finance
Railways approves GE locomotives for operation
GE Transportation Wednesday announced that its locomotives have been approved for operation by Indian Railways. "GE Transportation announced today...that Indian Railways has confirmed its acceptance of GE's 4,500-horsepower diesel-electric evolution series prototype locomotive," the company said in a statement. This critical milestone, it said, was achieved following the successful completion of rigorous testing on Indian Railways tracks following the locomotive handover in February. "This is a major step towards fulfilling our contract with Indian Railways. Together we will help modernise Indian Railways' fleet, significantly upgrade India's rail infrastructure and provide critical support for India's growing economy," Nalin Jain, President and CEO-APAC, GE Transportation said. The new units feature an evolution series engine and an electronic fuel-injection system for improved fuel efficiency. The locomotives are part of a USD 2.5 billion agreement signed in 2015 in support of ...
Jeera dips Rs 460 per quintal on profit-booking
Jeera prices tumbled Rs 460 to quote at Rs 19,610 per quintal in futures market Wednesday as speculators trimmed positions to book profits at prevailing higher rates amid anticipations of higher production on favourable weather conditions at producing region in Gujarat. Besides, ample stocks position following higher supplies from the producing regions, fuelled the downtrend. At the National Commodity and Derivatives Exchange, jeera for delivery in October fell Rs 460, or 2.29 per cent, to trade at Rs 19,610 per quintal, with an open interest of 7,506 lots. Similarly, the spice for delivery in far-month November moved down by Rs 420, or 2.07 per cent, to quote at Rs 19,890 per quintal in 969 lots. Analysts said besides profit-booking by speculators at existing levels, a fall in demand at the spot market against adequate stocks position, kept pressure on jeera futures.
Brussels Airlines to stop India flights from January
Brussels Airlines has decided to stop flights between India and Belgium for "economic reasons", one-and-a-half years after launching services from the Belgian capital to Mumbai. The airline, owned by Deutsche Lufthansa AG, would operate its last flight from Mumbai to Brussels on January 7, according to a release. It is operating direct flights between Mumbai and Brussels. The airline increased the services to six flights a week on this route. Initially, it was five times a week. Since the service is not delivering "the anticipated results", the decision has been taken to withdraw flights on this route, the release issued on Tuesday said. The flight capacity would be utilised to serve its African network. "For economic reasons, the airline has decided to cease its flight service between India and Belgium," the carrier said. The airline said customers who are booked on its flights to or from Mumbai after January 7 are being contacted and offered alternative travel solutions.
China trade official sees shake-up of WTO developing country rules
GENEVA (Reuters) - The World Trade Organization should bring in a new system to determine which countries are classed as "developing", based on the size but also the structure of the economy, a senior official from China's Commerce Ministry said on Wednesday.
Toshiba Memory chief shrugs off price concerns, sticks with IPO plans
YOKKAICHI, Japan (Reuters) - The chief executive of Toshiba Memory Corp, the world's No. 2 producer of NAND flash memory chips, on Wednesday brushed aside concerns about falling memory chip prices and reaffirmed the company's plan to go public in two to three years.
Sugar melts on bumper stocks, weak demand
Sugar prices tumbled up to Rs 170 per quintal at the wholesale market in the national capital Wednesday following slackness in demand at existing levels from stockists and bulk consumers amid ample stocks on record production. Marketmen said mounting stocks in the market on relentless supplies form mills against muted demand from bulk consumers as well as stockists, dragged sugar prices down. Besides, record output this marketing season too had its pressure on the sweetener prices, they added. Sugar mill delivery M-30 and S-30 prices recorded a steep fall of Rs 120 each to Rs 3,240-3,480 and Rs 3,230-3,470 per quintal. Sugar ready M-30 and S-30 prices also fell by Rs 100 each to conclude at Rs 3,500-3,700 and Rs 3,490-3,690 per quintal. In the mill gate section, the sharpest fall of Rs 170 each recorded in sugar Dhanora, Simbholi and Khatuli to end at Rs 3,410, Rs 3,390 and Rs 3,430 per quintal respectively. Sugar Asmoli dipped by Rs 130 to Rs 3,430, Kinnoni dropped by Rs 120 to Rs ..
Danske Bank boss resigns after $234 billion money laundering inquiry
COPENHAGEN (Reuters) - Danske Bank's chief executive Thomas Borgen quit on Wednesday following an investigation into payments totalling some 200 billion euros ($234 billion) through its Estonian branch, many of which the Danish bank said were suspicious.
Turmeric futures fall 1.42 pc on weak demand
Turmeric prices fell by 1.42 per cent to Rs 6,490 per quintal in futures market Wednesday on account of tepid demand from retailers and industrial buyers at the spot market. Furthermore, expectations of robust production and on profit-booking by market participants at prevailing higher prices also weighed on the turmeric prices. At the National Commodity and Derivatives Exchange, turmeric for October declined by Rs 94, or 1.42 per cent, to Rs 6,490 per quintal with an open interest of 12,025 lots. Market analysts said off-loading of positions by traders, triggered by fall in domestic as well as exports demand against adequate stocks position mainly exerted pressure on turmeric prices. Similarly, the spice for November lost Rs 94, or 1.40 per cent, to Rs 6,586 per quintal in 3,215 lots.
Nikon brings 2 full-frame mirrorless cameras to India
Japanese imaging giant Nikon on Wednesday brought its Z7 and Z6 full-frame mirrorless cameras to India that will give new wings to professional photographers in the country.
Delhi HC dismisses petition seeking formula to determine fuel prices
Delhi High Court on Wednesday dismissed a petition seeking records from the oil companies about the rationale behind fuel pricing.The plea sought details of the formula used by oil marketing companies to determine the prices of petrol, diesel and also sought to know if the hike is wrongfully benefitting them.The petition was filed on Tuesday challenging the daily surge in fuel price and seeking a direction to the Centre to fix a fair price of the same.Fuel prices witnessed another hike today with petrol being sold at Rs 82.25 per litre and diesel costing Rs. 73.87 per litre in the national capital. While in Mumbai petrol is being sold at Rs 89.63.The Union Government has been facing flak over the past few weeks for not curning the rising prices.The Centre, however, has maintained that external factors, including a rise in international crude oil prices, are influencing domestic fuel prices.
Furnishing label 'House This' launches first retail store in Gurugram
Homegrown furnishing label, House This has launched its first retail store at DLF Galleria, Gurugram.Established in 2011, House This is a Delhi based design driven furnishing label offering contemporary decor & soft furnishing solutions. Modern design language paired with Indian aesthetics and simplicity, House This aims to make every day decor simple.The venture, founded by Shikha Pahwa, has developed quality conscious merchandise.Commenting on the launch of the brand's first store, Shikha said, "We're delighted to finally introduce our range of products to a discerning diaspora here in Gurugram. The territory offers a great space to market and interact with an exceptionally nuanced audience. The team and I have created a distinct product offering, that we believe stands testimony to our foundations of holistic design - creating products that are not just beautiful but also functional, responsible and truly useful to the customer."" With the season ringing in an international ...
DSF Bid Round II expected to yield revenue of USD 15.3bn: DGH
Director General of Hydrocarbons (DGH) V P Joy said that the second round of bidding for Discovered Small Field (DSF) was expected to yield a revenue of USD 15.3 billion for companies for the next 20 years. Under the second round of bidding, 25 contract areas were offered for exploration covering an area of 3,000 square meters with a prospective reserve of 190 million metric tonne (mmt) of hydrocarbons, Joy told reporters here on Wednesday. Out of the 25 fields on offer, 15 were onshore and 10 offshore. Joy said that in the first round of bidding, under which 30 fields were offered for exploration in 2017, 24 petroleum mining licenses (PML) were signed, with the value of oil and gas production estimated at USD 6.5 billion for 20 years covering an area of 1,050 square meters. The bids were offered to new players to do exploration only where discovery of reserves had already been made, he said. Out of the 26 sedimentary basins across the country, seven had been already ...
S&P assigns rating to Kerala; cites weak budgetary, debt metrics
S&P Global Ratings Wednesday assigned 'BB' long term rating to Kerala, reflecting its weak budgetary and debt metrics. This is the first time that S&P has assigned a local and regional government (LRG) rating in India, the agency said in a statement. "Our ratings on Kerala reflect the Indian state's weak budgetary and debt metrics driven by its large spending on socio-economic welfare to support a low-income economy. We view the state's internal liquidity position as very weak but mitigated by proven access to deep domestic capital markets," S&P said. While assigning 'BB' long-term issuer credit rating and 'B' short-term issuer rating to Kerala, S&P kept the outlook on the long-term rating as stable. 'BB' reflects major ongoing uncertainties or exposure to adverse business, financial, or economic conditions, while 'B' indicates that the obligator has the capacity to meet its financial commitments. The rating on Kerala benefits from a central government framework that ..
Malaysia anti-graft agency arrests former leader Najib Razak
Malaysia's anti-graft agency says it has arrested former Prime Minister Najib Razak over the multimillion-dollar looting of a state investment fund and that he will face further charges in court. The agency says Najib was detained at its office on Wednesday and will be taken to court on Thursday to face the charges. Najib was earlier charged with multiple counts of criminal breach of trust, corruption and money laundering over the scandal at the 1MDB state fund. He has pleaded not guilty. Najib set up 1MDB when he took power in 2009 for the stated purpose of promoting economic development, but the fund amassed billions in debts and is being investigated in the U.S. and several other countries for alleged cross-border embezzlement and money laundering.
Reliance Nippon Life Asset Management Ltd leads losers in 'A' group
Reliance Infrastructure Ltd, Reliance Capital Ltd, Reliance Communications Ltd and UCO Bank are among the other losers in the BSE's 'A' group today, 19 September 2018.
Varroc Engineering to set up JV company in Romania
The joint venture will focus on electronics manufacturing and given the constantly increasing electronic content of lighting products - will significantly support Varroc Lighting's successful growth in Europe.
KPMG admits misconduct on BNY Mellon reports, says watchdog
(Reuters) - KPMG and one of its partners have admitted to serious failings in compliance reports for Bank of New York Mellon, Britain's accountancy watchdog said, potentially leading to heavy fines as the auditor comes under unprecedented scrutiny.
UK inflation unexpectedly leaps to six-month high in August
LONDON (Reuters) - British inflation jumped unexpectedly to a six-month high in August, pushed up by bigger-than-usual seasonal increases in sea and air fares and sending sterling above $1.32 for the first time since late July.
Rolta India Ltd leads losers in 'B' group
KIOCL Ltd, Kanani Industries Ltd, HDFC Asset Management Company Ltd and Schneider Electric Infrastructure Ltd are among the other losers in the BSE's 'B' group today, 19 September 2018.
Board of Dilip Buildcon to consider change in MoA to start new business activity
On 28 September 2018