Page 2555 - Business Finance

Flipkart aims to solidify position in furniture segment with 'Pure Wood'

Walmart-backed Flipkart is expanding the furniture category on its platform with the introduction of new sub-brand 'Pure Wood' as it looks to compete aggressively against not just its arch-rival Amazon but also IKEA in the Indian market. Flipkart has partnered with solid wood furniture makers in cities like Jaipur and Jodhpur in Rajasthan for Pure Wood, which would be under its private label 'Perfect Homes'. The collection named Amer, Mehrangarh, Nahargarh, Taragarh and Jaisalmer will be priced between Rs 5,000-70,000. E-commerce companies focus on private labels because they offer higher margins and enable better control of inventory. "If you see the furniture market in India, it is about USD 15 billion in size. And yet, 90 per cent of it is unorganised. Of the 10 per cent that is organised, online players take up only 10-15 per cent, so there is a huge scope of growth," Flipkart Senior Director (Private Labels) Shivani Suri said. She added that estimates (internal and industry) ...

India says state energy companies scouting projects in Russia

NEW DELHI (Reuters) - India's state-run energy companies are looking to participate in more oil and gas projects in Russia, India's oil minister said on Thursday, as a way to use the sector to bolster ties with the traditional ally rich in resources.

Petronet CEO gets 12.5 pc higher commission in FY18

Petronet LNG, India's biggest liquefied natural gas importer, has paid a 12.5 per cent higher commission-on-profit to its chief executive Prabhat Singh and company directors in the fiscal year ended March 31, 2018. According to the company's Annual Report for 2017-18, Singh was paid a commission of Rs 22.50 lakh over and above his remuneration. This compared with Rs 20 lakh commission he got in the 2016-17 fiscal year. Petronet Director (Technical) Rajender Singh earned a similar commission in both the years. The commission to Prabhat Singh took his total remuneration to Rs Rs 1.16 crore in 2017-18 as compared to Rs 1.08 crore in the previous fiscal. Petronet, which is registered as a private limited company but is headed by the Oil Secretary, also paid its three independent directors -- A K Misra, Sushil Kumar Gupta and Jyoti Kiran Sukla, a commission ranging from Rs 3.14 lakh to Rs 8.5 lakh over and above their sitting fee. Prabhat Singh took over as the Managing Director and CEO of

ECB to stay on course to curb stimulus as economy ticks over

FRANKFURT (Reuters) - The European Central Bank looks all but certain on Thursday to firm up plans to end bond purchases this year and raise interest rates next autumn, arguing that the euro zone economy has enough momentum to expand unsupported after years of stimulus.

Saudi Arabia raises $2 billion with new Islamic bonds

DUBAI (Reuters) - Saudi Arabia has raised $2 billion in new sukuk, or Islamic bonds, completing its external funding requirements for 2018.

Pawan Hans stake sale: Govt extends deadline for initial bids

The government has extended the deadline to September 19 for submitting initial bids for 51 per cent stake sale in helicopter services provider Pawan Hans, according to a communication. The previous deadline for expression of interest (EoI) was to end Wednesday. In August, the government said that along with government's 51 per cent stake, the bidders would have the option to buy ONGC's 49 per cent shareholding in the company. "The last date for submission of EoI for strategic disinvestment of PHL... has been extended up to September 19, 2018," as per a notice posted on the website of the Civil Aviation Ministry. Timelines for all other subsequent activities would change accordingly, it added. On April 13, the government issued the information memorandum for the 51 per cent stake sale in Pawan Hans and had sought EoI from interested bidders by June 18. About half a dozen bidders are believed to have submitted bids. Later, fresh bids were invited after ONGC board in July decided to ...

Nordea, DNB sell Baltic bank stake to Blackstone in $1.2 billion deal

OSLO (Reuters) - Nordea and DNB have agreed to sell a 60 percent stake in Baltic bank Luminor to a Blackstone private equity consortium for 1 billion euros ($1.16 billion) in cash, the two Nordic banks said on Thursday.

Tencent-backed Meituan raises $4.2 billion in IPO priced near range top: sources

HONG KONG (Reuters/IFR) - Chinese online food delivery-to-ticketing services firm Meituan Dianping raised $4.2 billion in the world's biggest internet-focused IPO in four years as it priced the float near the top end of a marketed range, people close to the deal said.

Iran floats surplus oil as demand falls ahead of U.S. sanctions

SINGAPORE (Reuters) - Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.

Oil slips as economic concerns counter tightening supplies

SINGAPORE (Reuters) - Oil prices fell on Thursday, reversing some of the strong gains from the previous session, as economic concerns raised doubts about ongoing fuel demand growth.

Turkey rules property sales, rental agreements must be in lira

ISTANBUL (Reuters) - Turkish President Tayyip Erdogan ruled that property sales and rental agreements must be made in lira, putting an end to such deals in foreign currencies, in a fresh step to support the ailing local currency.

Global Markets: Hopes for reduced U.S-China trade tensions lift Asian shares

TOKYO (Reuters) - Asian shares advanced on Thursday on news the Trump administration has reached out to China for a new round of trade talks, which raised hopes for a deal easing the bitter tariff dispute between the world's two biggest economies.

Hopes for reduced U.S-China trade tensions lift Asian shares

TOKYO (Reuters) - Asian shares advanced on Thursday on news the Trump administration has reached out to China for a new round of trade talks, which raised hopes for a deal easing the bitter tariff dispute between the world's two biggest economies.

Exclusive: Adobe in talks to buy marketing software firm Marketo - sources

(Reuters) - Adobe Systems Inc, the maker of image-editing software Photoshop, is in negotiations to buy Marketo Inc, a privately held cloud-based marketing software company, according to people familiar with the matter.

Tencent-backed Meituan raises $4.2 billion in IPO priced near top of range: sources

HONG KONG (Reuters/IFR) - Chinese online food delivery-to-ticketing services firm Meituan Dianping raised $4.2 billion in the world's biggest internet-focused IPO in four years as it priced the float near the top of an indicative range, people close to the deal said.

Most Asian currencies gain on hopes of U.S.-China trade progress, supports yuan

(Reuters) - The Trump administration's invitation to China for a new round of trade talks supported almost all Asian currencies on Thursday, raising some optimism that a deal could avoid tariffs and defuse U.S.-China tensions.

How have fintech identified the MSME challenges and addressed them

It is a well- known fact that MSME sector was suffering from dearth of finance, however, current year has given a much needed boost to the MSMEs in India.The ultimate aim of financial inclusion required immediate push to be accomplished.So, here are some startups who have identified the gaps and created channels of smooth finance resource for micro entrepreneurs:HappyPromising a unique borrowing experience to Indians, Happy Loans provides customized loan offerings to consumers to meet their specific demands. It even offers micro business loans that start at as low as Rs. 2,000 for durations as short as 30 days. Recently the platform announced to have disbursed more than 18,000+ MSME-based merchants loans.Aye FinanceAye has designed an innovative "Cluster Based Credit Assessment" methodology that uses insights of each industry cluster to underwrite the risk of lending to micro businesses. This segment has historically been ignored by banks and formal lending institutions as these ...

IMF says Russia might have room for more rate cuts

MOSCOW (Reuters) - The International Monetary Fund said on Thursday that Russia might benefit from further interest rate cuts if inflation stayed subdued.

Product of the year returns with innovative categories in its 11th edition

After ten successful years of celebrating the best innovations in consumer products and services, Product of the Year (POY), the world's largest consumer voted award for product innovation is back with its invigorated eleventh edition.Established 30 years ago in France, POY currently operates in over 40 countries with an effort to guide consumers to the best products in their market and reward manufacturers for quality and innovation. The awards are backed by the votes of a large consumer base.With an array of renowned brands in India and globally, such as Pantene, Nerolac, Ariel, Max Bupa, Nestle and McCain on its winners roster, Product of the Year India has become a very powerful and impactful "label" within a short span of 10 years. Entries for POY 2019 are now open which will entitle the winners to use the POY 2019 title from 1st April, 2019 to 31st March, 2020 (one year).Commenting on the new edition of POY, Raj Arora - CEO - Product of the Year India said, "Over the years, ...

United Bank of India increases MCLR by 5 basis points

Public lender United Bank of India has increased the marginal cost of funds based lending rate (MCLR) by 5 basis point or 0.05 per cent across tenors. "The Asset Liability Management Committee of the Bank..has revised the tenor based MCLR of the bank with effect from September 14, 2018," United Bank of India said in a regulatory filing Thursday. The one-year MCLR has been increased to 8.85 per cent from 8.80 per cent. Six and three-month MCLR will attract lending rates of 8.65 per cent and 8.55 per cent, respectively. Overnight and one-month rates will be at 8.15 per cent and 8.40 per cent, United Bank of India said. Earlier this month, State Bank of India (SBI) had increased the lending rate by 20 basis points, or 0.20 per cent, across all tenors up to three years. Likewise, private sector lender ICICI Bank had announced to increase the one-year MCLR by 0.15 per cent to 8.55 per cent. Bank of Baroda also increased the MCLR by 0.05 per cent across tenors.