Page 2511 - Business Finance
Louvre Hotels to add 40 new properties in India by 2019
Louvre Hotels group, a subsidiary of Shanghai-based Jin Jiang International Holdings, Tuesday said it is planning to open 40 new properties in India under its various brands by next year. Currently, the company is operating 130 properties in the country under Golden Tulip, Sarovar and Kyriad brands. "Going forward, we are planning to add another 40 properties to our overall portfolio by 2019, taking the total to 170 properties in India," Louvre Hotels group global chief development officer Saurabh Chawla told PTI. He further said that the company is planning to expand its Kyriad brand through master franchise with Orange Tiger Hospitality, which manages all Citrus Hotels in India. "Our goal is to become one of the top hospitality group by 2023. This calls for a strategic approach to countries with high growth potential such as India, where we introduce new brands that complement our existing presence," said Chawla. Orange Tiger Hospitality chief executive officer ...
Gold, silver advance on festive season demand
Gold prices rallied by Rs 210 to Rs 30,810 per 10 gram at the bullion market here Tuesday on fresh buying by local jewellers to meet festive season demand even as the metal weakened overseas. Silver also gained Rs 290 on buying support from industrial units. Standard gold (99.5 per cent purity) rose by Rs 210 to end at Rs 30,810 per 10 gram against Monday's closing level of Rs 30,600. Pure gold (99.9 per cent purity) also gained the same amount to settle at Rs 30,960 per 10 gram from Rs 30,750 earlier. Silver (.999 fineness) moved up by Rs 290 to finish at Rs 36,990 per kg against Rs 39,700 Monday. Globally, gold prices fell as the dollar firmed after China said it would retaliate against a new round of the US tariffs on its goods, intensifying tensions between the two largest economies. Spot gold fell by 0.2 per cent to USD 1,198.78 an ounce in an early trade, after rising 0.6 per cent in the previous session. Spot silver fell 0.3 per cent to USD 14.19 an ounce.
Mumbai must get special infra grants: Cong to finance panel
The Congress in Maharashtra Tuesday told the 15th Finance Commission Mumbai should be given special grants for infrastructure development and asked it to consider transferring additional tax revenue to its civic body. A delegation of the Maharashtra Pradesh Congress Committee (MPCC) submitted a written memorandum in this regard to the commission, headed by chairman N K Singh, which is in Mumbai for consultations. The MPCC delegation, led by its vice-president Ratnakar Mahajan, said the Municipal Corporation of Greater Mumbai (MCGM) should be given special grants for development of infrastructure such as roads, bridges, flyovers, drainage system and public transport. "Urban local bodies are now becoming behemoth, especially the Municipal Corporation of Greater Mumbai. We request that considering the special position Mumbai holds in the country, the MCGM be transferred a certain percentage of divisible pool of taxes over and above the share of the state," the memorandum .
ICC appoints recruitment firm to search for new CEO
The International Cricket Council (ICC) today confirmed that global executive recruitment company, Egon Zehnder has been appointed to conduct the search for a new Chief Executive (CEO) following the end of David Richardson's tenure next summer. "This is a pivotal time for our game and we need to appoint a Chief Executive who can oversee the delivery of our new global strategy for cricket which is focused on the growth of the game in both traditional and non-traditional markets," ICC Chairman Shashank Manohar said in a statement. "The strategy is bold in its ambition and the ICC Board is committed to a search that takes us beyond cricket to identify a strong leader who can propel the sport forward into a period of significant and sustained global growth, particularly in new markets. "We have appointed Egon Zehnder to ensure we undertake a truly global search and select our new CEO from the most competitive pool of talent possible," he added. Egon Zehnder specialise in executive and CEO
Large cos to raise 25% of long-term borrowings through bonds: Sebi
Large listed companies will soon be required to raise at least 25 per cent of their long-term borrowings through corporate bonds, with Sebi board approving a revised regulatory framework Tuesday. The board of Sebi has cleared the framework for enhanced market borrowings by large corporates and it would come into force from April 1, 2019. Large corporates would have to raise "25 per cent of their incremental borrowings" for a particular year through the bond market, Sebi said. Under the new framework, companies, other than scheduled commercial banks, that meet certain criteria would be categorised as large corporates. Long-term borrowings are those having a maturity period of more than one year. With respect to the new framework, the Securities and Exchange Board of India (Sebi) said that such borrowings would exclude external commercial borrowings and inter-corporate borrowings between a parent and its subsidiaries. For the first two years -- 2019-20 and 2020-21 -- the entities ...
Tata Motors shares fall 3.5 pc , mcap drops by Rs 2,526 cr
Shares of Tata Motors fell by 3.5 per cent Tuesday on panic selling after its unit Jaguar Land Rover said it would cut production at a UK car plant. The scrip declined by 3.36 per cent to end at Rs 251.45 on the BSE. During the day, it lost 3.65 per cent to Rs 250.70. On the NSE, shares of the company fell by 3.45 per cent to close at Rs 251.25. The company's market valuation declined by Rs 2,525.62 crore to Rs 72,602.38 crore on the BSE. In terms of equity volume, 10.38 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day. Tata Motors-owned Jaguar Land Rover (JLR) Monday confirmed a cut in its production schedule at the Castle Bromwich plant manufacturing Jaguar cars in the West Midlands region of England due to "continuing headwinds" impacting the British car industry. "As is standard business practice, Jaguar Land Rover regularly reviews its production schedules to ensure market demand is balanced globally," JLR said in
Cognizant to acquire Advanced Technology Group
US-based global software major Cognizant on Tuesday announced the acquisition of Advanced Technology Group (ATG) -- a management and technology consultancy services focused on the Salesforce Platform -- for an undisclosed sum.
Several cos show interest in Usha Martin's steel biz
Several companies have signed non-disclosure agreements with Usha Martin Ltd for taking over its steel business, a company official said on Tuesday. The interested firms include the likes of Vedanta, JSW, Liberty, Tata Steel and the Kalyani Group, MD Rajeev Jhawar told reporters after Usha Martin's AGM here. The company is engaged in the businesses of steel production and wire ropes. Reeling under huge debt, Usha Martin had decided to hive-off its steel business in June this year after due diligence. "By the end of this month, we are hoping to get offers from bidders," Jhawar said. He said reviving the company was a priority of the management, and it hopes to be in "dividend list" next year.
CCI fines sugar mills for rigging bids in tender: govt
NEW DELHI (Reuters) - India's antitrust regulator has imposed penalties on sugar mills for rigging bids in a joint tender floated by state fuel retailers to buy ethanol for blending with petrol, the finance ministry said on Tuesday.
Maldives' Chinese debt and political risk could lead to trouble in paradise
NEW DELHI (Reuters) - A victory for President Abdulla Yameen in a Sunday election in the Maldives could ramp up pressure on its finances, as the government stays the course on a Chinese-backed infrastructure boom that is in danger of swamping the economy.
Rites bags additional contract worth Rs 436 cr from Indian Railways
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Yuken India allots 90 lakh equity shares
Under bonus issue
Global trade tensions dent rupee; closes at 72.98
The latest global trade protectionist measures, along with high crude oil prices, dragged the Indian rupee to a fresh low of 72.98 per US dollar on Tuesday.
SHARP unveils 8K 'Professional Display' in India
SHARP India, a wholly owned Indian subsidiary of Japan-based SHARP Corporation, on Tuesday launched its 8K "Professional Display" at InfoComm 2018 here.
Deloitte announces record revenue of US$43.2 billion
. PTI takes no editorial responsibility for the same). 11.3 percent increase marks ninth consecutive year of growth Key highlights: - All Deloitte services, industries, and regions experienced continued growth - The number of Deloitte professionals grew 8.4 percent to more than 286,000an agile workforce fit for the opportunities of the Fourth Industrial Revolution NEW YORK, Sept.
Fanatics opens tech innovation centre in Hyderabad
Online licenced sports merchandise retailer Fanatics opened a new technology innovation centre here Tuesday. The company, which partners with some of the largest sporting operations and clubs in the world, including Real Madrid, Manchester United, Big Bash Cricket, NBA, NFL and the Wimbledon Championship, plans to hire around 100 engineers over the coming years, a statement said. The opening of the centre is part of the commitment of Fanatics to further develop its technology, data and analytics platform which fuel the innovative vertical manufacturing model of the company, the statement said. The India Tech Centre is one of several global offices the company has recently opened as it introduces its vertically-integrated, end-to-end omni-channel retail capabilities to partners worldwide, the statement said. Chief technology and product officer Matt Madrigal said in the release that the growth of Fanatics would be driven by its technology platform and data-driven ...
Rupee slides 47p to close at record low of 72.98 against US dollar
The rupee Tuesday dropped further by 47 paise to close at a historic low of 72.98/99 against the US dollar due to trade war concerns. The pound sterling also ended strong firm at Rs 95.84/86 per pound at the close of the Interbank Foreign Exchange (forex) market here. Following are the Interbank forex and FBIL rates : (In Rs per unit) Unit Interbank FBIL Reference US Dollar 72.98/99 US Dollar 72.3796 Pound Sterling 95.84/86 EURO 84.7657 Euro 85.25/27 Japanese yen (100) 65.
China says Trump forces its hand, will retaliate against new U.S. tariffs
BEIJING/WASHINGTON (Reuters) - China said on Tuesday that it had no choice but to retaliate against new U.S. trade tariffs, raising the risk that U.S. President Donald Trump could soon impose duties on virtually all of the Chinese goods that America buys.
Piramal Enterprises gets revision in credit ratings
From CARE and CRISIL
Trump slaps tariffs on $200 bn of Chinese goods, Beijing to hit back
US President Donald Trump has stepped up his trade battle with China by slapping 10 per cent tariffs on $200 billion worth of Chinese imports, which Beijing said it will retaliate against.