Page 2502 - Business Finance
China won't weaken currency to boost exports, premier says
TIANJIN, China (Reuters) - China will not stoop to competitive devaluation of its currency, Premier Li Keqiang stressed, hours after China hit back, with a softer punch than the one landed by the United States, in an escalating tariff war between the world's largest economies.
Danske Bank CEO quits in $234 billion money laundering scandal
COPENHAGEN (Reuters) - Danske Bank's chief executive Thomas Borgen quit on Wednesday in a money laundering scandal which involved 200 billion euros ($234 billion) flowing through its Estonian branch between 2007 and 2015, most of which was suspicious.
Barley remains up on rising demand
Barley prices rose by Rs 10 per quintal at the wholesale grains market Wednesday on the back of pick-up in demand from consuming industries amid pause in arrivals from growing regions. Traders said increased demand from consuming industries against restricted arrivals from producing belts, mainly kept barley prices higher. In the national capital, barley inched up by Rs 10 to Rs 1,660-1,670 per quintal. Following are today's quotations (in Rs per quintal): Wheat MP (desi) Rs 2,350-2,450, Wheat dara (for mills) Rs 2,025-2,030, Atta Chakki(delivery) Rs 2,030-2,035, Atta Rajdhani (10 kg) Rs 250-280, Shakti Bhog (10 kg) Rs 275-310, Roller flour mill Rs 1,080-1,100 (50 kg), Maida Rs 1,180-1,190 (50 kg) and Sooji Rs 1,240-1,250 (50 kg). Basmati rice (Lal Quila) Rs 10,700, Shri Lal Mahal Rs 11,300, Super Basmati rice Rs 9,900, Basmati common new Rs 7,700-7,800, Rice Pusa (1121) Rs 6,650-6,750, Permal raw Rs 2,375-2,400, Permal wand Rs 2,500-2,550, Sela Rs 3,000-3,100 and rice IR-8 Rs ...
India's MFI loan portfolio up 47% in FY18 to Rs 68,789 cr: Report
India's microfinance industry clocked 47 per cent growth with a gross loan portfolio of Rs 68,789 crore in the financial year ended March 2018 as against Rs 46,842 crore in the year-ago period, according to a report. Releasing the report here Wednesday, Union MSME Minister Giriraj Singh said the interest rate at which bankers provide loan to microfinance institutions should be brought down so that more people can be brought under the ambit of microfinance. "It is time that banks and MFIs should work in tandem. The banks are worried about NPAs. Let me tell SIDBI, those who take microfinance loans are not capable of leaving the country. "Stop thinking about NPA when you are giving loans to MFIs. The loan takers will not run away from India like Nirav Modi or Vijay Mallya," Singh said in a statement issued by the organisers of the Bharat Microfinance Report 2018 launch event. According to the report, the sector witnessed 56 per cent increase in loan disbursements in 2017-18 over the ...
Benchmarks hit fresh intraday low
The market hit fresh intraday low in mid-afternoon trade as selling pressure intensified. At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 158.36 points or 0.42% at 37,132.31. The Nifty 50 index was down 54.75 points or 0.49% at 11,224.15.
Volumes soar at Dena Bank counter
Dena Bank recorded volume of 214.77 lakh shares by 14:14 IST on NSE, a 22.76 times surge over two-week average daily volume of 9.44 lakh shares
BOJ's Kuroda warns of trade perils, echoes Abe on exiting easy policy
TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda on Wednesday stressed that he won't pull the plug on monetary easing until inflation hits his 2 percent target, warning that escalating international trade disputes could inflict widespread damage to global growth.
Gold rallies on positive global cues, jewellers' buying
Gold rose by Rs 50 to Rs 31,660 per 10 gram at the bullion market Wednesday in tandem with a firming trend overseas amid persistent buying by local jewellers. Silver too surged by Rs 300 to Rs 38,000 per kg on increased offtake by industrial units and coin makers. Traders said gold edged up on the back of firm trend overseas as the dollar weakened despite another round of tit-for-tat tariffs in the China-US trade dispute. Besides, increased buying by local jewellers to meet the ongoing festive season demand at the domestic spot market, supported the upside, they said. Globally, gold rallied 0.40 per cent to USD 1,202.70 an ounce and silver by 0.42 pr cent to USD 14.17 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 50 each to Rs 31,660 and Rs 31,510 per 10 gram, respectively. Sovereign, however, remained flat at Rs 24,500 per piece of eight gram. In similar fashion, silver ready strengthened by Rs 300 to Rs 38,000 per kg and
Select oils strengthen on rising demand, tight supply
Prices of mustard and soyabean oils advanced by Rs 50 per quintal at the wholesale oils and oilseeds market Wednesday on increased offtake by Vanaspati millers amid restricted supplies. However, castor and linseed oils in the non-edible section, eased on sluggish demand from consuming industries against sufficient stocks. Traders said besides increased offtake by Vanaspati millers, tight stocks position on fall in arrivals from producing belts mainly kept mustard and soyabean oil prices to trade higher. In the national capital, mustard expeller (Dadri) oil advanced by Rs 50 to Rs 8,550 per quintal. Mustard pakki and kachi ghani oils followed suit and gained Rs 10 each to Rs 1,325-1,370 and Rs 1,375-1,475 per quintal, respectively. Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also hardened by Rs 50 each to Rs 7,850 and Rs 7,450 per quintal, respectively. Linseed oil declined by Rs 100 to Rs 9,400 per quintal on reduced demand from paint industries. Castor ...
Cabinet okays Rs 1,033 cr equity infusion by RCF in Talcher fertiliser plant
The government on Wednesday approved an equity infusion of Rs 1,033.54 crore by state-owned RCF in a fertiliser project at Talcher, Odisha. This plant is being revived at a project cost of over Rs 11,500 crore by Talcher Fertiliser Ltd, which a joint venture firm of GAIL, CIL, RCF and Fertiliser Corporation of India Ltd (FCIL). The move will boost domestic production of urea and cut import dependence. "The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has approved the proposal of the Department of Fertilizers for equity investment of Rs 1033.54 crore (+ ) @ 29.67 per cent of the total project cost for setting up a coal gasification based fertiliser project in Talcher Fertilizer Ltd (TFL) by Rashtriya Chemicals & Fertilizers Limited (RCF)," an official statement said. The revival of the Talcher project will ensure huge investment in the fertilizer sector from the government through PSUs. This will create job opportunities and also boost the economy .
Rising liquidity issues in ILFS credit negative for Indian banks: Moody's
Moody's Investors Service Wednesday said rising liquidity issues in ILFS, which has recently defaulted on repayment of Rs 100 crore, are credit negative for Indian banks. The debts incurred by ILFS in the form of bank loans accounted for around 0.5-0.7 per cent of overall banking system loans as on March 31, 2018. "Rising liquidity issues in ILFS are credit negative for Indian banks... We do not expect the exposure of any rated bank to exceed 2 per cent of its loan book," Moody's said in a note on the impact of liquidity issues at the infrastructure company on Indian banks and debt markets. Infrastructure Leasing & Finance Services (ILFS) defaulted on a repayment of Rs 100 crore to the Small Industries Development Bank of India (SIDBI) on September 10, 2018. This followed a series of defaults starting August 28, 2018, when ILFS Financial Services, one of ILFS' subsidiaries, delayed repayment of some of its commercial paper obligations. ILFS Financial Services has since been barred
UK inflation jumps unexpectedly to hit 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 higher theatre admission prices, official data showed on Wednesday.
Microsoft adds 2 Mixed Reality business apps to 'Dynamics 365'
Microsoft is expanding its Artificial Intelligence (AI)-based "Dynamics 365" apps lineup with two new Mixed Reality (MR) business apps.
Dinesh Engineers sets IPO price band at Rs 183185; issue to open on Sep 28
Dinesh Engineers, a passive communication infrastructure provider firm, Wednesday said it has fixed a price band of Rs 183-185 per equity share for its initial public offering, through which it is estimated to raise Rs 185 crore. The company's IPO will be open for public subscription on September 28 and close on October 3, it said in a statement. "The initial public offering (IPO) consists of up to 1,00,00,000 equity shares," it added. Proceeds of the issue will be used for expansion of business by setting up of further optical fibre cable (OFC)network, to fund expenditures towards general corporate purposes and meet public issue expenses. At the higher end of the price band, the company is expected to fetch Rs 185 crore through its initial share-sale. The issue is being managed by Hem Securities and the the equity shares of Dinesh Engineers will be listed on the BSE and NSE.
Renault-Nissan-Mitsubishi, Google tie up for vehicle infotainment system
Renault-Nissan-Mitsubishi and Google Wednesday announced a technology partnership to embed the Android operating system in vehicles sold by the global leading automotive alliance. Under the partnership, starting 2021, the alliance members in many markets will utilise Android for providing "intelligent infotainment and customer focussed-applications" across multiple models and brands, the alliance said in a statement. Drivers and passengers will be able to leverage Google and Android's capabilities to access an ecosystem that includes thousands of existing applications and an ever-expanding array of new apps, it added. The system will also be compatible with devices running other operating systems, such as Apple iOS, the alliance said. "Our partnership with Google will offer owners of our vehicles rich user experiences that are available only outside the vehicle or, to a limited extent, by connecting an Android device to supported vehicles," Renault-Nissan-Mitsubishi Senior VP of ...
La Tim Metal & Industries Ltd. rakes in sizable profit in Q1
La Tim Metal & Industries Ltd. (formerly known as DRILLCO Metal Carbides Ltd.) has reported turn around and posted a consolidated sizable net profit of Rs. 2.17 Crore in the quarter that ended on 30 June 2018 against the loss of Rs. 1.46 Crore in the preceding quarter that ended on 31 March 2018.The consolidated total income of the company went up to Rs. 73.74 Crore in Q1, which was Rs. 35.27 Crore in the preceding quarter. Earning per share (basic) was Rs. 4.23 and diluted EPS was Rs. 3.50.For the year ending 31 March 2018, the total consolidated income of the company was Rs. 122.38 Crore with a profit of Rs. 25.43 Lakhs. The paid up equity share capital of the company was Rs. 5.13 Crore on 31 March 2018, which was raised to Rs. 8.83 Crore, presently. The company expects its turn over to reach Rs. 300 crore for the year 2018-19 and it is expected to cross Rs. 500 Crore for the year 2019-20.La Tim Metal & Industries Ltd. is a BSE listed company and La Tim Sourcing is 100 per ..
Qatar Airways announces $69 million revenue loss this year
Qatar Airways suffered a $69 million loss this fiscal year, an over $800 million swing from the year before that the long-haul carrier blamed on the ongoing boycott of Doha by four Arab nations. The loss by the flagship carrier shows the challenges still facing Qatar, a small, energy-rich nation that juts out like a thumb on the Arabian Peninsula. However, the airline struck a defiant tone while releasing its results for the fiscal year that ended March 31. "This turbulent year has inevitably had an impact on our financial results, which reflect the negative effect the illegal blockade has had on our airline," Qatar Airways CEO Akbar al-Baker said in a statement Tuesday. "However, I am pleased to say ... the impact has been minimized - and has certainly not been as negative as our neighboring countries may have hoped for," he added. The Doha-based airline reported revenue of $11.5 billion in 2018. It also adjusted its profit in 2017 to $766 million off revenue of $10.7 billion, a ...
No place for 'unilateralism' in trade disputes: Chinese Premier
Amid the escalating trade war with US, Chinese Premier Li Keqiang on Wednesday appealed for global support for free trade, saying "unilateralism" does not offer solutions to trade disputes which should be redressed through consultation. Speaking at the summer session of the World Economic Forum in the eastern city of Tianjin, Li, the second ranking leader of the ruling Communist Party of China (CPC), also ruled out any attempts by Beijing to weaken the Chinese currency to boost its exports. "It is essential that we uphold the basic principles of multilateralism and free trade," Li said a day after China and the US swapped tit-for-tat tariffs. While US President Donald Trump imposed tariffs on Chinese products worth about USD 200 billion on Tuesday, on top of USD 50 billion already targeted, China said it would retaliate with tariff hike on USD 60 billion worth of US imports to be effective from next Monday. After Beijing decided to retaliate Tuesday with duties on American products, ..
Shares of asset management cos tank up to 10 pc on Sebi move
Shares of Asset Management Companies (AMCs) tumbled up to 10.3 per cent Wednesday after markets regulator Sebi decided to slash the charges levied by mutual funds from investors. The scrip of Reliance Nippon Life Asset Management dived 10.29 per cent to hit its one-year low level of Rs 192.10 on BSE. Shares of HDFC AMC tumbled 9.29 per cent to Rs 1,397 -- its 52-week low. Commenting on Sebi's announcement on significant changes to TER structure, JM Financial Institutional Securities in a report said: "While the move is a positive step towards increasing reach and reducing costs for retail MF investors as also improving transparency, it has a negative impact on profitability for AMCs." In a major overhaul of the fee structure that mutual funds charge from investors, Sebi Tuesday decided to cap the total expenses for investment in such funds to 2.25 per cent. Mutual fund industry must adopt the full-trail model of commission in all schemes, Sebi Chairman Ajay Tyagi told reporters in ...
Britain refers Sainsbury's-Asda merger for in-depth review
LONDON (Reuters) - Britain's competition regulator referred Sainsbury's 7.3 billion-pound ($9.60 billion) takeover of Asda for an in-depth review on Wednesday because their stores overlapped in hundreds of local areas.