Page 2561 - Business Finance
Coal India hopeful of meeting demand for power, others sectors
Coal India is hopeful of meeting the fuel demand of the power sector as well as non-regulated sectors in the current fiscal despite challenges during the monsoon, an official said on Wednesday.
Protecting foreign investments key objective: Afghanistan CEO
Calling for deepening trade and investment relations in the South Asian region, Afghanistan's chief executive officer Abdullah Abdullah Wednesday said providing a secured environment and protecting foreign investments are the key objectives of his government. He also said that Afghanistan wants to recapture its domestic market, increase productivity resulting in volume of exports. "Unfortunately for reasons beyond our control, South Asia remains one of the less integrated regions as intra-regional trade hovers around six per cent.. this calls for deepening trade and investment in the region," said Abdullah. He was addressing the second India-Afghanistan International Trade and Investment show here. The four-day event, which kick started Wednesday, is aimed at bolstering trade besides showcasing business and investment opportunities in Afghanistan. Stating that the show will open up opportunities for small and medium size enterprises (SMEs) and women entrepreneurs, he ..
Centre approves MoU with Egypt on agriculture, allied sectors
The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing of a Memorandum of Understanding (MoU) between India and Egypt for cooperation in the field of agriculture and allied sectors.The MoU provides for cooperation in areas of agricultural crops (especially wheat and maize), agricultural biotechnology, nanotechnology, irrigation and water management technology including water harvesting and micro-irrigation technology.Other manually agreed areas by both the parties include- management of agriculture wastes and management for energy production; food security, safety and quality; horticulture; organic agriculture; livestock husbandry, livestock breeding, dairying, fisheries, feed and fodder production; animal products and value addition.Both the countries also agreed on areas like Sanitary and phyto-sanitary issues concerning trade in plant and animal products; agriculture machinery in small scale; agri-business and marketing; pre and post-harvest ...
Schwing Stetter India to invest Rs 350 cr on greenfield plant in Tamil Nadu
Concrete equipment maker Schwing Stetter India announced Wednesday investment of about Rs 350 crore to set up a new manufacturing plant in Tamil Nadu. The new unit is a step towards strengthening commitment to the Indian market, Schwing Stetter India said in a statement. Besides, it will also help the company focus on meeting export potential in Asia and African markets, it added. It will be located at SIPCOT Industrial Area, Cheyyar, Tiruvannamalai District in Tamil Nadu, spread over 53 acres. The company will be investing about Rs 350 crore in two phases towards installing this technology-enabled and environmentally-sustainable manufacturing facility, it said. "The new site aims to focus on new product launches and support the progression of engineered products from the prototype stage to serial production," the company added. Commenting on the development, Schwing Stetter India Vice Chairman and Managing Director Anand Sundaresan said, "The new facility is core to Schwing Stetter's
Wall Street to open flat as trade worries linger; Apple event in focus
(Reuters) - U.S. stock index futures pointed to a flat open on Wednesday, held back by worries over the Sino-U.S. trade war, while Apple shares moved higher ahead of the expected launch of three new iPhone models.
Satyakam Arya to be new Daimler India Commercial Vehicles MD, CEO
German commercial vehicles major Daimler AG announced Wednesday appointment of Satyakam Arya as the Managing Director and CEO of Daimler India Commercial Vehicles (DICV). Arya, who is currently Head of Customer Services at Daimler Trucks Asia and Chairman of PABCO Ltd, will succeed Erich Nesselhauf, the company said in a statement. Nesselhauf will return to Daimler headquarters in Germany to take over global responsibility for Manufacturing Engineering at Daimler Trucks, starting October 1, 2018, it added. Commenting on the development, Martin Daum, member of the Board of Management of Daimler AG, Daimler Trucks & Buses said Arya brings a deep understanding of the Indian automotive market combined with a wealth of organizational experience gained at Daimler Trucks Asia. Arya had joined DICV in 2009 as the Head of Powertrain Procurement before becoming its Vice President of Global Procurement. In 2014, he moved to Mitsubishi Fuso Truck and Bus Corporation (MFTBC) in Japan as the ...
DSF Bid round-II may attract USD 1.2 billion investments-DGH
The Director General of Hydrocarbons Wednesday said the ongoing Discovered Small Field (DSF) second round bidding, once completed, will attract about USD 1.2 billion worth of investments by the successful bidders. "The total investment committed in the DSF-I was USD 600 million. We expect it to double this time at least double to USD 1200 million (USD 1.2 billion). Here the area is also doubled and reserves are also doubled (when compared to the round one). The area is 3000 Sq Km and reserves are 190 mmtoe ( million metric tonnes of oil equivalent)," VP Joy, Director General of Directorate of Hydrocarbons told reporters. He was in the city to participate in the investor meet organised by the DGH for the DSF Bid Round-II. He said under the current round 25 contract areas covering 59 discovered oil and gas fields spread over 3000 Sq Km with prospective resource base of over 190 mmtoe was announced. The e-bidding portal was open since August 9 and would continue till ...
Sebi grants recognition to NCDEX's clearing corp for one year
Markets regulator Sebi Wednesday said it has granted recognition to National Commodity Clearing Ltd, the wholly-owned subsidiary of NCDEX, as a clearing corporation for a period of one year. The period of recognition is from September 10, 2018 till September 9, 2019, according to the Securities and Exchange Board of India (Sebi). "Sebi has granted recognition to National Commodity Clearing Ltd (NCCL) as a clearing corporation for a period of one year commencing from September 10, 2018 to September 09, 2019. "The grant of recognition to NCCL has been notified in the Gazette of India," the regulator said in a statement. Earlier, the regulator also granted recognition to Multi Commodity Exchange Clearing Corporation, a wholly-owned subsidiary of MCX, for a period of one year from July 31, 2018 till July 30, 2019.
Exclusive: Vietnam finance minister urges flexibility in forex policy, says debt ratio falling
HANOI (Reuters) - Vietnam should be more flexible in handling its exchange rate, and is on track to cut its public debt to about 60 percent of gross domestic product by 2020, its finance minister said in an interview on Wednesday.
Industrial production improves 6.6% in July 2018
20 out of 23 manufacturing sector industry groups shown positive growth in July 2018
India's August inflation falls below RBI target despite rupee slide
NEW DELHI (Reuters) - India's retail inflation fell below the Reserve Bank of India's medium-term target in August, increasing the likelihood it will keep interest rates on hold in October after raising them at its past two meetings.
Bank credit rose by 13.49%; deposits by 8.9%
Bank credit grew by 13.49 per cent to Rs 87,89,259 crore in the fortnight ended August 31, according to recent RBI data. In the year-ago fortnight, bank advances was at Rs 77,44,237 crore. In the reporting period, the growth in advances was higher than the previous fortnight ended August 17, 2018, when it had grown at 12.94 per cent to Rs 86,75,129 crore. In the fortnight ended August 31, 2018, deposits grew by 8.88 per cent to Rs 116,45,870 crore from Rs 106,96,099 crore in the fortnight ended September 1, 2017, the RBI data showed. Deposits grew at 8.31 per cent to Rs 106,28,428 crore in the fortnight ended August 18, 2017. In July 2018, non-food bank credit rose by 10.6 per as compared with an increase of 5.3 per cent in July 2017. Loans to agriculture and allied activities rose by 6.6 per cent in July in comparison with an increase of 6.8 per cent in the same month last year. The services sector advances expanded by 23 per cent in July as compared with that of 4.9 per
Expert Views: India's August annual retail inflation eases to 3.69 percent
MUMBAI/BENGALURU (Reuters) - India's annual retail inflation eased to 3.69 percent in August from 4.17 percent in July, the statistics ministry said on Wednesday, helped by a smaller rise in food prices.
India's July industrial output grows 6.6 percent
NEW DELHI (Reuters) - India's industrial output in July grew 6.6 percent from a year earlier, helped by a rise in the sales of consumer durables ahead of festive season, government data showed on Wednesday.
India's August core CPI inflation seen around 6 percent: analysts
(Reuters) - India's core annual consumer price inflation was seen around 6 percent in August, according to three analysts.
Cabinet approves MoU on blockchain by Exim Bank
The Cabinet Wednesday approved an agreement on collaborative research on distributed ledger and blockchain in context of development of digital economy by Exim Bank with the participating member banks under BRICS Interbank Cooperation Mechanism, an official release said. The ex-post facto approval for the Memorandum of Understanding (MoU) was given by the Cabinet chaired Prime Minister Narendra Modi. Distributed Ledger/Block chain technology holds potential for solutions to various challenges being faced in the financial sector space of the BRICS nations. "The MoU intends to enhance understanding of Distributed Ledger/Block Chain technology, through the joint research efforts to identify areas within respective business operations where it may have the potential for applications aimed at enhancing the operational efficiencies," the release said. The Xiamen Declaration signed in China on digital economy by the BRICS leaders had highlighted the importance of the digital economy and how .
IIP grows at 6.6pc in July as manufacturing, capital goods shine
Industrial production grew at 6.6 per cent in July on the back of good performance by the manufacturing sector and higher offtake of capital goods and consumer durables. Factory output measured in terms of the Index of Industrial Production had expanded by just 1 per cent in July last year, according to the data released by Central Statistics Office (CSO). The IIP growth for June was also revised downwards to 6.8 per cent from the provisional estimate of 7 per cent released last month, the data showed. The manufacturing sector recorded a 7 per cent growth in July as against a contraction of 0.1 per cent in the same month year ago. The consumer durables sector recorded an impressive growth of 14.4 per cent in July against a dip of 2.4 per cent year ago. Capital goods production grew by 3 per cent in July as against decline of 1.1 per cent year ago. The IIP growth in April-July period was 5.4 per cent compared to 1.7 per cent year ago. In terms of industries, 22 out of 23 industry ...
Govt should have set up a fuel price stabilisation fund: Mitra
West Bengal Finance Minister Amit Mitra on Wednesday said the central government should have created a fuel price stabilisation fund to counter the soaring prices of petrol and diesel in the country. Mitra told the Bengal Chamber annual general meeting here that there is deep concern in many quarters on what the Indian economy is doing at "certain dangerous levels". "Fuel prices are climbing everyday, the rupee is plummeting and this is impacting the current account deficit, which is hitting dangerous levels," he said. "When crude oil prices were low that was the time to create a fuel price stabilisation fund, which was not seized upon," Mitra added. The Centre could have also boosted its fuel reserves with the Indian Strategic Petroleum Reserves Ltd, when crude prices were at USD 33-per-barrel level, he said. "Could they not have developed it further? Chances are they did not..." he said. Mitra's comments came a day after West Bengal Chief Minister Mamata Banerjee ...
Govt approves fiscal incentives for projects to improve oil recovery
The government Wednesday approved fiscal incentives to attract investments and technology in raising oil and gas production from aging fields, which will unlock an estimated Rs 50 lakh crore of hydrocarbons in the next 20 years, Oil Minister Dharmendra Pradhan said. The government will charge half of the Rs 4,500 per tonne cess levied on oil produced from nominated fields of state-owned ONGC and Rajasthan block of private sector Vedanta Ltd through enhanced oil recovery (EOR) and improved oil recovery (IOR) projects. For gas, a 75 per cent discount in royalty would be given. "Because of this, new investment and technology will come and Rs 50 lakh crore worth of production will increase in 10 years," the minister told a news conference here. Conventional oil and gas fields see output decline and recovery rate drop as they age. To increase recovery rate, EOR and IOR schemes like polymer injection have to be implemented. "Technological interventions have significant potential in ...
Exclusive: Vietnam finance minister calls for flexibility in forex policy, says debt ratio decreasing
HANOI (Reuters) - Vietnam should be more flexible in handling its exchange rate, and is on track to cut its public debt to about 60 percent of gross domestic product by 2020, the Southeast Asian country's finance minister said on Wednesday.