Page 2552 - Business Finance

Amadeus products to help travel agencies reduce costs, says company official

Amadeus, which provides travel automation technology solutions, aims to help travel agencies reduce their costs with its products, according to a company official. On Wednesday, the company launched a programme to drive the industrialisation of New Distribution Capability (NDC) for travel agencies. NDC is an XML-based interface that enables entities in the travel industry, including airlines and travel agencies, to evolve travel distribution and merchandising. "Our portfolio of products and solutions introduced for the market offers effective and efficient variety of solutions that help in generating additional revenue, improving productivity and efficiency for travel agencies... thus reducing costs," Rakesh Bansal, CEO of Amadeus Indian Subcontinent said Wednesday. Amadeus in India, part of the Bird Group, provides a global platform to the Indian travel industry by enabling access to advanced travel automation technology.

China's CCCC wins $398 million contract to build Mombasa oil terminal

NAIROBI (Reuters) - China Communications Construction Co has won a $398 million contract to build a new oil terminal at Kenya's main port of Mombasa, the acting head of the Kenya Ports Authority said on Thursday.

Digital commerce market to reach Rs 2.37 lakh cr: Report

Digital commerce in India will reach Rs 2.37 lakh crore by December 2018, a report by the Internet and Mobile Association of India (IAMAI) said here on Thursday.

Bring petroleum products under GST: Punjab finance minister

Punjab Finance Minister Manpreet Singh Badal on Thursday said petroleum products should be brought under the purview of the Goods and Services Tax (GST) to maintain an uniformity in price across the country. Punjab has one of the highest rates of VAT on petrol in the country and it is second to Maharashtra. The price of petrol in Punjab is over Rs 86 a litre, around Rs 7 per litre costlier than that in Chandigarh. The state levies about 36 per cent VAT and surcharges on petrol. "Petroleum sector is a big sector and it is still out of the ambit of GST," Badal told to reporters here. "The Congress has been saying that petroleum products needed to be brought under the GST so that the price of petrol and diesel remain same throughout the country," he said. Notably, the Congress had held a nationwide shut-down against rising fuel prices on September 10. The state finance minister also told reporters that a one-day special session of the Punjab Assembly is likely to be convened in the first

SAD accuses Manpreet of compromising with security of Badals

Opposition SAD Thursday accused Punjab Finance Minister Manpreet Singh Badal of compromising with the security of former chief minister Parkash Singh Badal and his son Sukhbir by rejecting police proposal to buy armoured vehicles for their security. "The security cover is provided in consideration of threat perception to individuals and Manpreet has vetoed the proposal caring too hoots for the security concerns," party spokesman Mahesh Inder Singh Grewal said in a statement here. He accused Manpreet Badal of playing "petty politics with the lives of those who had dedicated every bit of their life for the state" and also happen to be his mentor. The Punjab police had mooted the proposal to replace ageing Toyota Land Cruiser in the security fleet of Badal and Sukhbir. Besides, the police also sought new bullet-proof vehicles for former minister Bikram Singh Majithia as these vehicles had outlived their utility and can no more be used for sensitive security operations, he said. "Throwing

Public companies no longer need govt nod to offer pay beyond 11% of profit

A company can make such payments after getting shareholders' nod through a special resolution, which requires the approval of members having at least 75% of the voting rights

Govt focusing skilling workforce: Prabhu

The government is focusing on skilling people across sectors as it will help create economic opportunity, Commerce and Industry Minister Suresh Prabhu said Thursday. In a video message delivered during the Indo-US Economic Summit, Prabhu highlighted the importance of skilling India's workforce. "Today, business is experiencing a major paradox - on one hand there is a large number of job seekers, and on the other hand are business leaders looking for the right people to work. To bridge this gap, we must create a skill-based economy," he said. A a stronger focus on skilling across sectors will generate immense value and ecor of Commerce (IACC)'s North India Council.nomic opportunity for people, he said. The summit was organised by the Indo-American Chamber of Commerce. Lalit Bhasin, Summit Chair and Executive Vice President, Indo-American Chamber of Commerce, said that bilateral relationships between the two countries are now taking off at high velocity.

Prabhu invites Russian companies to explore business opportunities in India

India has invited Russian companies to explore business opportunities in the country and strengthen bilateral economic ties, the commerce ministry said Thursday. Commerce and Industry Minister Suresh Prabhu recently concluded his visit to Vladivostok in Russia. He was there for the Eastern Economic Forum meeting. "He invited the Governors of the Far East Regions to lead business delegations to India and explore partnerships with Indian businesses," the ministry said in a statement. Prabhu held discussions on enhancing bilateral trade and investment between the countries with Denis Manturov, Russian Minister of Industry and Trade and Aysen Nikolayev, Governor of the Sakha Republic. He also held bilateral meeting with Yury Trutnev, Deputy Prime Minister of Russia. "Discussions took place on areas of cooperation between India and Russia to strengthen bilateral ties for economic growth," it added. He interacted with the Governors, Vice-Governors and Representatives of the Russian Far East

Sebi seeks replies from BSP Infra, 18 others over illegal fund mobilisation

Sebi has sought replies from BSP Infrastructure & Construction and 18 individuals, including the firm's past and present directors over illegal fund mobilisation from investors. The regulator has barred the 19 entities from capital markets "until further orders" and asked them to explain why directions against them cannot be issued over illegal fund raising. Among the directions is one pertaining to refund of money to investors, collected by BSP through allotment of secured redeemable debentures during the financial years 2010-11, 2011-12 and 2012-13, with an annual interest of 15 per cent, by the firm and 11 individuals who were directors of the company when the money was mobilised. A ban of at least four years from the securities market for BSP, its promoters and directors and a debenture trustee (19 entities), is also part of the directions. According to a Sebi interim order dated September 12, BSP had allotted debentures to more than 49 persons, which made it "prima facie" a ..

PNB to auction 21 bad loan accounts to recover Rs 1,320 cr

State-run Punjab National Bank (PNB) has put 21 non-performing assets (NPAs), or bad loan accounts, on sale to recover over Rs 1,320 crore with the e-bidding auction process slated later this month.

Raje's 'Gaurav Yatra' in Kota from Friday: BJP spokesperson

Rajasthan Chief Minister Vasundhra Raje's 'Gaurav Yatra' in Kota division will begin Friday. The yatra in Kota will be from September 14 to September 17 and 12 public meetings will be held, a BJP spokesperson said Thursday. Raje's 'Gaurav Yatra, which was launched on August 4 by BJP chief Amit Shah in Udaipur division's Rajsamand district, has apart from Udaipur also covered Jodhpur and Bikaner divisions.

NBCC to buy HSCC for 285 cr

NBCC said Thursday it will buy out 100 per cent government stake in consultancy firm HSCC for Rs 285 crore. "DIPAM intimated vide letter dated September 13, 2018 that NBCC has been selected as the buyer for 100 per cent strategic disinvestment of HSCC at a bid amount of Rs 285 crore," NBCC said in a filing to the BSE. The government last October invited bids from similarly placed central public sector enterprises (CPSEs) for buying out entire 100 per cent stake in HSCC, along with management control. Thereafter in June 2018, NBCC had submitted financial bid for buying HSCC. Hospital Services Consultancy Corporation (HSCC), under the Ministry of Health and Family Welfare, is engaged in the provision of consultancy services in health-care and other social sectors in India and abroad. The government will also transfer management control through a competitive bidding process by way of sale EPI stake to a similarly placed CPSE. In the current fiscal, the government plans to raise Rs 80,000

Alibaba kicks off Taobao fest in China's Hangzhou

Chinese e-tailer giant Alibaba on Thursday flagged off its Taobao Maker Festival in China's scenic city Hangzhou, about 180 km southwest of Shanghai, drawing hundreds of young entrepreneurs.

Hassled buyers of Vigneshwara seek projects completed by another developer

Home buyers of realty firm Vigneshwara Group of Companies Thursday accused the company of committing Rs 1,000 crore fraud and sought the government's intervention to rope in a new developer for completing the housing projects. They also demanded that the ongoing case against the company promoters in the Delhi High Court need to be fast-tracked and completed in six months. The company had launched three housing and commerical projects at Gurugram and Manesar in Haryana. "Over a decade in the making, Vigneshwara Developers have not delivered upon their promise. ...many families are suffering," Vigneshwara Victim Welfare Association (VVWA) president Nipun Kapur said in a statement. The fraud is of Rs 1,000 crore and about 1,200 buyers have been affected, he alleged. "All the buyers demand that the government should take action and the entire project should be given to another developer for the completion of the project." According to the association, the company allegedly "misused" home

Faridabad to have own development authority

Faridabad city, which adjoins the national capital, will have its own development authority.

Mumbai High oilfields revamp to boost oil, gas output: Vijay Goel

The ongoing Mumbai High South Redevelopment Phase III is expected to result in a cumulative increase in production of 7.547 MMT of oil and 3.864 BCM of gas in the next 10 years, Union Minister of State for Statistics & Programme Implementation Vijay Goel said here on Thursday.

EIL to bid to buy out govt stake in PDIL

State-owned engineering consultancy firm EIL said Thursday it will bid to acquire government's 100 per cent stake in Projects and Development India Ltd (PDIL). It, however, did not give details saying they were confidential. In a regulatory filing, Engineers India Ltd (EIL) said its board of directors in a meeting Thursday "considered the proposal for acquisition of 100 per cent paid-up share capital of PDIL from President of India." The Board gave "the approval of bidding for the same by way of Share Acquisition Route," it said. "Other details cannot be disclosed due to confidentiality of the matter." The government in October last year invited bids from EIL or other similarly placed PSUs to buy out its 100 per cent shareholding in consultancy firm PDIL. Miniratna PSU Projects & Development India Ltd (PDIL) is under the administrative control of Chemical and Fertilizers Ministry. "The Government of India has 'in-principle' decided to disinvest 100 percent of its shareholding in ..

Secretaries panel on e-tail discusses e-commerce definition, payment issues

Issues related to the definition of e-commerce trade and payment mechanisms figured in the meeting of a group of secretaries here Thursday, sources said. The panel of secretaries has been constituted by the government to look into all issues related to the e-commerce trade. An initial draft on national e-commerce policy has suggested the adoption of a common definition of e-commerce for the purpose of the domestic policy. At present, commerce and industry ministry, consumer affairs, department of IT, WTO, OECD and UNCTAD have separate definitions. The other issues which figured in the meeting included ways to control sale of counterfeit products through an online platform, and facilitating logistics for the sector, sources said. An official in the commerce and industry ministry said that group would meet again after one month to discuss some more matters related to the e-commerce sector. The concerned departments including consumer affairs, economic affairs, logistics, and the RBI ...

Fear of cartelisation post telecom consolidation 'unfounded': COAI

Industry body COAI has sought to allay fears of cartelisation due to limited number of telecom players, saying the operators are listed companies conscious of their brand value and the sector regulator keeps a tight vigil. "...the three private players are (or belong to) listed companies...they are very concerned about their brands. They have built up the value of the brand through years of integrity and looking after customers...and they are not about to throw it (away)," COAI Director General Rajan Mathews told PTI. He was responding to a query on whether three large private sector players left in the fray post-consolidation could trigger fears of a possible cartelisation. "The brand value is so high and so important for conducting business in terms of getting the necessary funding from financial institutions that one cannot afford to indulge in these type of shenanigans that will dilute, distort or disrupt the value of fundamental assets," Mathews argued. Attracting funds for ...

Vedanta makes gas discovery in KG block

Vedanta Ltd said Thursday it has discovered natural gas in a Krishna Godavari basin block in the Bay of Bengal. In a regulatory filing, mining baron Anil Agarwal's company which had recently merged oil explorer Cairn India with itself, said it has notified the oil ministry and the upstream regulator Directorate General of Hydrocarbons (DGH) about the discovery in well A3-2 in block KG-OSN-2009/3. Vedanta holds 100 per cent participating interest in the block. "A3-2 is the first exploration well drilled within the KG-OSN-2009/3 block," it said. "Multiple reservoir zones were encountered in the Mesozoic rift formation between the depths of 3351-3944 meters with indications of hydrocarbon during drilling and formation evaluations." One zone flowed gas to surface during well testing. "Further appraisal will be required to assess the potential commerciality of this Mesozoic rift discovery," the firm added.