Page 2521 - Business Finance
Merger of BoB, Vijaya, Dena banks in 4-6 months: BoB MD
As the government on Monday proposed amalgamation of Bank of Baroda (BoB), Vijaya Bank and Dena Bank into the country's third-largest bank, BoB Managing Director P.S. Jayakumar said it may happen in four to six months.
Deutsche Bank to move assets from London to Frankfurt after Brexit
FRANKFURT (Reuters) - Deutsche Bank said on Monday it would move assets from London to Frankfurt after Britain's planned exit from the European Union next year, in line with demands from British and EU regulators.
Trump adviser eyes entitlement cuts to plug U.S. budget gaps
NEW YORK (Reuters) - A top economic adviser to President Donald Trump said on Monday he expects U.S. budget deficits of about 4 percent to 5 percent of the country's economic output for the next one to two years, adding that there would likely be an effort in 2019 to cut spending on entitlement programs.
Cooperative banks need a new "vision document": RBI Director
Patron of Sahakar Bharati and Reserve Bank of India Director Satish Marathe said Monday co- operative banks in India need a new "vision document". He said it is unfortunate that in the last 15 years, not a single urban cooperative bank came up in the country. At the same time, small finance banks, payment banks and other private financial institutions have flourished. "Till 1967, the Centre, as well as state policy, was to give priority to the cooperative sector but in the later years, barring some institutions, the cooperative sector did not flourish. "After the division in the Congress in the late 60s, the perspective to look at the cooperative sector as a developmental movement changed and the cooperative sector became a stepping stone to enter politics," said Marathe. He was speaking to reporters here. "There is a need to put the cooperative sector into right and balanced perspective as the existing cooperative policy was formulated 15 years ago and now a review of .
Gold gains on sliding dollar, short-covering
NEW YORK/LONDON (Reuters) - A softer dollar and short-covering lifted gold on Monday after two sessions of declines, but investors braced for more U.S.-China trade tensions, with some buying bullion as a safe haven.
Goldman names Tim O'Neill as vice-chairman: memo
(Reuters) - Goldman Sachs Group Inc named Tim O'Neill as its vice-chairman, according to an internal memo seen by Reuters, the latest top-level appointment ahead of David Solomon taking charge as chief executive officer of the Wall Street bank.
Uber in talks to buy Dubai ride-hailing rival Careem: Bloomberg
(Reuters) - Ride-hailing company Uber Technologies Inc is in talks to buy Dubai-based rival Careem Networks FZ for about $2 billion to $2.5 billion, Bloomberg reported https://www.bloomberg.com/news/articles/2018-09-17/uber-is-said-in-talks-to-acquire-dubai-ride-hailing-firm-careem?utm_source=google&utm_medium=bd&cmpId=google on Monday, citing people familiar with the matter.
South Africa's Naspers plans to spin off, list pay-TV unit
JOHANNESBURG (Reuters) - South Africa's Naspers unveiled plans on Monday to spin off and list separately its pay-TV unit, its first major move aimed at narrowing a discount between its market value and the value of its stake in Chinese technology giant Tencent.
Maha minister threatens to dissolve APMCs not implementing
Maharashtra State Marketing Minister Subhash Deshmukh Monday threatened to dissolve agricultural produce market committees in the state if they did not implement the agricultural commodity mortgage scheme. As part of the scheme, a farmer unhappy with prevailing prices can store his produce at state-owned godowns till prices get favourable. During this time, he can avail loans by mortgaging his produce. "Farmers have already mortgaged 2.15 lakh quintal produce and availed loan on it. As many as 138 APMCs in the state have implemented the scheme so far. If any APMC is found refusing mortgage requests from farmers, its board of directors will be dissolved," Deshmukh said. He said farmers should register complaints with the District Sub-Registrars in case market committees do not give loans on commodity mortgage. The Agricultural Commodity Mortgage Loan Scheme is implemented by the Maharashtra State Agricultural Marketing Board. The state government also asked the Centre to .
Fox says Sky shareholders have until October 6 to accept offer
(Reuters) - Twenty-First Century Fox said on Monday that its 14 pounds per share bid for Sky Plc will remain open for acceptances until October 6.
Karnataka's 203 MLAs richest with Rs 111.4 lakh annual income
Of the 224 Karnataka MLAs, 203 have the highest average annual income of Rs 111.4 lakh, followed by Maharashtra's 256 MLAs (Rs 43.4 lakh), according to an analysis of the affidavits of 3,145 legislators.
Saudi's PIF invests more than $1 billion in electric carmaker Lucid Motors
DUBAI (Reuters) - Saudi Arabia's Public Investment Fund (PIF) has agreed to invest more than $1 billion in Lucid Motors, adding to the emerging competition facing U.S. electric vehicle maker Tesla.
Bank mergers: No miracles will happen: AIBEA
Miracles do not happen by merger of banks but result in higher bad loans as it has happened in the case of State Bank of India (SBI), said a leader of the All India Bank Employees Association (AIBEA).
Uber in talks to buy Dubai riding-hailing rival Careem: Bloomberg
(Reuters) - Ride-hailing company Uber Technologies Inc is in talks to buy Dubai-based rival Careem Networks FZ for about $2 billion to $2.5 billion, Bloomberg reported https://www.bloomberg.com/news/articles/2018-09-17/uber-is-said-in-talks-to-acquire-dubai-ride-hailing-firm-careem?utm_source=google&utm_medium=bd&cmpId=google on Monday, citing people familiar with the matter.
City gas retail licences: Adani, IOC, BPCL emerge big winners
State-run Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and private sector Adani Gas have emerged as the major winners of city gas distribution (CGD) licences, according to bid results of 84 cities released by the petroleum regulator PNGRB on Monday.
HCL completes 30 year in US
Indian IT firm HCL Technologies said Monday that its US arm HCL America has completed 30 years which now employees 15,000 employees. "HCL America opened its first office in Silicon Valley in 1989, recognising the United States as a market filled with an entrepreneurial spirit, creativity, and unique talent. Over the last 30 years, HCL has partnered with forward-looking American companies to solve a wide array of technology challenges and create new business opportunities and thousands of jobs," the company said in a statement. The company has expanded delivery centres from Cary, North Carolina, in 2008, to Frisco, Texas; Redmond, Washington; Jackson, Michigan; and Rochester, New York.
Locals break open sealed lock of shop in presence of AAP MLA
Some locals Monday allegedly broke open the lock of a sealed shop in the Gandhi Nagar area in the presence of local AAP MLA Anil Kumar Bajpai. The incident comes a day after Delhi BJP chief Manoj Tiwari broke open the lock of a sealed house in Gokalpur in northeast Delhi. A video of the latest incident has gone viral on social media. The municipal corporations in the city are carrying out a sealing drive over violations of the Delhi Master Plan and other irregularities, under the supervision of a Supreme Court-appointed committee . A senior officer of the East Delhi Municipal Corporation said the incident was not reported to the civic body. "Appropriate action will be taken after local staff report the incident," he said. Aam Aadmi Party MLA from Gandhi Nagar Anil Kumar Bajpai said he was passing through Kanti Nagar locality in Gandhi Nagar when he saw some municipal corporation employees sealing shops there. When Bajpai intervened, the employees "fled the spot". "Agitated locals ...
Sebi directs promoter group of SBEC Sugar to make open offer within 45 days
Markets regulator Sebi Monday directed Uttar Pradesh based SBEC Sugar's promoter group to make an open offer regarding the purchase of company's shares. In addition to it, the regulator ordered the firm to pay the consideration amount along with an interest at an annual rate of 10 per cent to the shareholders who were holding shares in the firm. According to an order, the share holding of SBEC Sugar's promoter group was 54.46 per cent in June 2014 and the group further acquired 9.4 per cent in September 2014, making the total shareholding in the firm to 63.86 per cent. As the acquisition was more than 5 per cent in a financial year, it had triggered the obligation of promoter group to make a public announcement of an open offer for acquiring shares under takeover regulations, Sebi said. However, the group failed to make such announcement, Securities and Exchange Board of India (Sebi) noted. Accordingly, the regulator directed the promoter group -- Umesh Kumar Modi, Kumkum Modi, Jayesh
Adani Ports forms JV to provide logistic service to auto industry
Adani Ports and Special Economic Zone (APSEZ) Monday said its subsidiary has formed a joint venture, Adani NYK Auto logistics Solutions, to provide logistics services to automotive industry. "Adani Logistics Limited, wholly owned subsidiary of the company has incorporated a joint venture company namely 'Adani NYK Logistics Solution Private Limited," APZEZ said in regulatory filing. The JV is with NYK Auto Logistics with authorised capital of Rs 10 crore and Rs 1 lakh paid-up capital. APSEZ said that the JV has been "incorporated with an object to provide logistics services i.e rail transportation by auto wagons to the persons engaged in automotive industry," the note said.
Ex-foreign secy Jaishankar joins board of top US-India advocacy group
Former foreign secretary S Jaishankar, described as one of the key players in shaping US-India relations, has joined the board of a top American advocacy group. Jaishankar, who us currently president of Global Corporate Affairs for the Tata Group, brings a wealth of experience to his position to the board of the US India Strategic and Partnership Forum (USISPF), the group said in an announcement on Monday. "I'm looking forward to working with USISPF's Board of Directors to build upon the key relationship between India and the US. The Tata group has been at the forefront of US-India business ties, and USISPF will be an important platform to further develop this relationship," Jaishankar said. Prior to his position as foreign secretary from January 2015 to January 2018, Jaishankar held prominent roles in the Indian Foreign Service such as High Commissioner to Singapore, Ambassador to China, and Ambassador to the US. He is widely respected for playing a key role in negotiating the ...