Page 2509 - Business Finance
Sebi to charge only Rs 1L per exchange on agri derivatives turnover
To benefit farmers, Sebi Tuesday decided to levy a a flat fee of Rs 1 lakh per exchange on turnover arising from agricultural commodity derivatives, instead of levying turnover-based slab rates. The government, Sebi and exchanges are taking various steps to promote agricultural commodity derivative segment so that the benefits of agricultural commodity derivative are passed on to the farmers and Farmers Producer Organization (FPOs), Sebi Chief Ajay Tyagi told reporters here. Keeping in line with these efforts, Sebi board has approved that "instead of levying regulatory fee at the prescribed turn-over based slab rates, a nominal regulatory fee at a flat rate of Rs 1 lakh per exchange, would be levied on turnover arising from agricultural commodity derivatives". Further, in order to pass on the desired benefits from reduction of regulatory fees, Sebi has proposed that exchanges dealing with agricultural commodities derivatives will create a separate fund earmarked for the benefit of ...
CCI directs Linde & Praxair to divest stake in certain firms
The Competition Commission has directed Linde and Praxair to divest their shareholding in certain businesses in India to address anti-competitive issues in the proposed merger of the two industrial gas companies. The fair trade regulator has put in place various conditions while giving its nod earlier this month for the merger deal worth reportedly over USD 70 billion, which was announced in June 2017. "Based on its investigation, the Commission was of the opinion that the proposed combination is likely to have an appreciable adverse effect on competition in some markets in India but the same could be addressed by way of modifications to the proposed combination," an official statement said Tuesday. "In order to maintain effective competition, the parties (Linde and Praxair) shall divest or procure divestiture of the East Region Divestment Business as a going concern to one purchaser ...," an order said. The East Region Divestment Business comprises the business of producing, ...
Govt launches portal for giving security clearance to businesses
A portal was launched Tuesday to facilitate individuals and private companies in seeking security clearance for setting up businesses in certain sensitive sectors. The online 'e-Sahaj' portal, launched by Union Home Secretary Rajiv Gauba, will strike a healthy balance between meeting the imperatives of national security and facilitating ease of doing business and promoting investment in the country, an official statement said. The Home Ministry is the nodal authority for granting security clearances in certain sensitive sectors before licence, permit, permission, contract etc is issued to companies, bidders, individuals by the administrative ministry. The objective of national security clearance is to evaluate potential security threats, including economic threats, and provide risk assessment before clearing investment and project proposals in key sectors. The portal will facilitate an applicant to submit application online and also to view the status of his application from time to ..
Coke eyes cannabis-infused drink market
(Reuters) - Coca-Cola Co is closely watching the fast-growing marijuana drinks market for a possible entry that would expand the world's largest soft drink maker's ambitions further away from sugary sodas.
Wall Street higher after latest tariff moves
(Reuters) - U.S. stocks rose on Tuesday led by the technology and consumer sectors, as investors judged the latest exchange of blows in a trade war with China less damaging than first feared.
Usha Martin hopeful of getting offers for its steel business
Speciality steel-maker Usha Martin, which has decided to explore the sale of its steel business, is hopeful of receiving offers from bidders by end of this month after the company entered into non-disclosure agreement with steel giants, an official said on Tuesday.
Alibaba's Hangzhou meet to focus on empowering digital China
E-tailer giant Alibaba's annual meet in China's Hangzhou from Wednesday would focus on empowering 'Digital China', by showcasing its technology along with that of its partners, said the company on Tuesday.
RInfra set to become debt-free by next year: Anil Ambani
Reliance Infrastructure (RInfra) Chairman Anil Ambani on Tuesday said he expects the company to become debt-free by next year with the best credit ratings to match following the sale of its Mumbai power business to Adani Transmission for Rs 18,800 crore earlier this year.
Odisha approves 7 investment proposals of Rs 7,416 cr
The Odisha government on Tuesday approved seven investment proposals worth Rs 7,416 crore, which will help create employment opportunities for 4,454 people.
Sebi puts Pancard Clubs' properties with a reserve price of Rs 743 crore on sale
To recover over Rs 7,000 crore of investors' money from Pancard Clubs, market regulator Sebi has put to sale a total of 40 properties along with five vehicles owned by the firm at a total reserve price of over Rs 743 crore next month. Securities and Exchange Board of India (Sebi) in a notice issued Tuesday said it has engaged SBI Capital Markets "to assist it for sale of the properties of the Pancard Clubs Ltd through e-auction platform" with the reserve price of Rs 742.79 crore on October 24. Besides, for the auction of five vehicles, Sebi has sought C1 India Pvt Ltd for sale of vehicles, regulator added. The properties listed for the sale include a four-star hotel, resorts, land parcels and office spaces in Maharashtra, Karnataka, West Bengal, Tamil Nadu and Gujarat and Rajasthan as well as five vehicles, including Mercedes Benz, Toyota Innova and Hyundai Verna, owned by the company. The interested bidders can inspect these properties on October 4, Sebi said. The move comes after ...
China hits back with tariffs on $60 bn of US goods
China announced on Tuesday it will impose additional tariffs on US products worth $60 billion in response to the newly-announced American tariffs on Chinese goods.
China to penalise $60 billion of U.S. imports but reduce amount of tariffs it collects
BEIJING (Reuters) - China will levy tariffs on about $60 billion worth of U.S. goods in retaliation for the latest round of U.S. tariffs on Chinese products, as previously planned, but has reduced the level of tariffs that it will collect on the products.
Plea in HC to call for records on fixation of daily fuel prices
A plea filed in the Delhi High Court Tuesday sought direction to the Centre to produce records on the basis of which daily prices of fuel are being fixed by oil companies. The application was filed in a pending petition challenging the daily rise in fuel rates and seeking a direction to the central government to fix a fair price for petrol and diesel by treating them as essential commodities. It sought direction to the Centre to disclose the formula and to produce the records on the basis of which daily prices of petroleum and diesel are being fixed to ascertain whether wrongful gains are being made by the oil companies and the central government. The matter has been listed for hearing tomorrow. The plea, filed through advocate A Maitri, said the government cannot delegate the powers to oil firm for fixing the daily price of petrol and diesel. It claimed that the public was suffering because the formula, based of which daily prices of petrol and diesel are being fixed, is not ...
Ircon International IPO fully subscribed on Day 2
The initial public offer of railways engineering and construction firm Ircon International was subscribed 1 times on the second day of bidding Tuesday. The Rs 470.49-crore IPO received bids for 1,01,10,000 shares against the total issue size of 99,05,157 shares, as per NSE data. The category set aside for qualified institutional buyers (QIBs) was subscribed 1 per cent, non institutional investors 19 per cent and retail investors 2.96 times, the exchange data showed. The public offer which opened yesterday would close tomorrow. The price band has been set at Rs 470-475 per share. The IPO is of 9,905,157 shares and at the upper end of the price band, the offer would raise about Rs 470.49 crore. IDBI Capital Markets & Securities Ltd, Axis Capital Ltd, SBI Capital Markets Ltd are managing the issue. The shares of the company will be listed on BSE and NSE.
VP Naidu visits St John's Co-Cathedral in Malta
Vice President Venkaiah Naidu on Tuesday visited the Saint John's Co-Cathedral in Valletta, Malta.Later, Naidu, accompanied by Minister of State (Mos) for Finance, Shiv Pratap Shukla, and other officials visited the Upper Barrakka Gardens here.The Vice President, while addressing the India-Malta Business Forum on Monday, had said that India is committed to be a five trillion dollar economy by 2025, and invited Maltese business firms to come and invest in India."We aspire to improve trade and multilateral ties with Malta. Over the past few years, India witnessed a positive growth in stock market indices, foreign exchange reserves and public investments in infrastructure. Indian economy is growing at over 8 per cent and is currently one of the fastest growing major economies in the world," he had said.Naidu had also stated that according to proposals made by international business and credit rating organisations like World Bank, World Economic Forum, International Monetary Fund and ...
Bayer says agriculture trade flows may change amid tariffs dispute
MONHEIM, Germany (Reuters) - Bayer said on Tuesday it would be difficult to predict 2019 earnings at its agriculture business, which now includes Monsanto, because a U.S.-Chinese trade dispute could reroute global trade flows in farming commodities.
Turkey's lira falls as much as two percent, wiping out gains from rate hike
ISTANBUL (Reuters) - Turkey's lira fell as much as 2 percent on Tuesday, erasing all its gains since the central bank's rate hike last week, as investors took a cautious tack before the government announces its three-year plan this week.
CCI imposes Rs 38 cr penalty on 18 sugar mills, 2 associations
Fair trade regulator CCI Tuesday imposed a total penalty of Rs 38.05 crore on 18 sugar mills and two trade associations for bid rigging with regard to a joint tender floated by oil marketing companies (OMCs) for procuring ethanol for blending with petrol. Besides, the regulator also directed the sugar mills and the associations -- Indian Sugar Mills Association (ISMA) and Ethanol Manufacturers Association of India (EMAI) -- to "cease and desist" from indulging in conduct that has been found to be in contravention of Section 3 of the Competition Act. Section 3 pertains to anti-competitive agreements. The OMCs -- Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd -- had invited quotations from alcohol manufacturers for supply of ethanol through a joint tender in January 2013. "While imposing penalties, the Commission applied the principle of relevant turnover and based the penalties on the revenue generated by the sugar mills from sale ..
China hits back at US, slaps tariffs on American goods worth USD 60 bn
China Tuesday hit back at the US with tariffs on USD 60 billion worth of American goods, in a tit-for-tat move that came hours after President Donald Trump slapped duties on USD 200 billion worth of Chinese imports. President Trump on Tuesday slapped 10 per cent tariffs on USD 200 billion worth of Chinese imports and the duties will rise to whopping 25 per cent at the end of the year, escalating the trade war with the world's second largest economy. He alleged that China had been unwilling to change its unfair trade practices and the new additional tariff structure would give fair and reciprocal treatment to American firms. "If the United States insists on raising tariffs even more, China will respond accordingly," China's finance ministry said in a statement. "In order to safeguard our legitimate rights and interests and the global free trade order, China will have to take countermeasures," the country's Ministry of Commerce said in a statement, adding that "We deeply regret ...
Kolkata fire: FIR against CEO, directors of Bagree Estate
An FIR has been registered against the Chief Executive Officer (CEO) and directors of the Bagree Estate Pvt Ltd in connection with the recent Bagree market fire here.The FIR has been lodged against CEO Krishna Kumar Kothari and directors Radha Bagree and Varun Raj Bagree.It took more than 30 hours to douse the fire which broke out on September 16. As many as 30 fire tenders were pressed into action as soon as the fire broke out.Speaking to ANI, Kolkata Mayor Sovan Chatterjee said no injuries were reported. However, huge of number of buildings in the area made the firefighting operation difficult, he added.