Page 2563 - Business Finance
Maxxis India to expand dealership to 1,000 outlets this year
Tyre maker Maxxis India Wednesday said it is looking to expand its pan-India dealership to 1,000 outlets by this year with significant addition to come up from the Western region. The company also said it plans to set up five more plants in India which will cater to the 4-wheeler tyres market going forward. "We believe that distributors and dealers have an integral role to play in Maxxis Indias growth story and our intent is to on-board around 1,000 dealers by end of this year," said Bing-Lin Wu, retail sales head, Maxxis India in a statement. He added that the company has a total of 543 dealers across west India and it has added around 110 dealers in Maharashtra alone within this year. "Our target is to expand our network in west region significantly by the end of this year," he said. A part of the Taiwan-based Maxxis Group, Maxxis Rubber India had last month announced the commercial supply from its Sanand (Gujarat) manufacturing facility, which has come up at an ...
India Inc's M&A deal tally slips to 8-month low in August: Report
Corporate India's merger and acquisition activity fell to an eight-month low in August with 33 deals aggregating to USD 0.6 billion, largely owing to the absence of big ticket transactions, says a Grant Thornton report. According to the latest Deal Tracker report, on a year-on-year basis, the deal values dropped 32 per cent, while there was also a fall of 31 per cent in terms of number of transactions. "Lack of conclusion on large ticket IBC (Insolvency and Bankruptcy Code related) transactions and other domestic or cross-border transactions impacted the deal report card in August 2018. Pharma, healthcare and biotech and media and entertainment sectors witnessed the maximum activity," said Pankaj Chopda, Director, Grant Thornton India LLP. In August, the startup sector accounted for 37 per cent of deal volumes as established corporates targeted them to digitise their operations, leverage operational efficiencies expand consumer base. The media and entertainment sector saw four deals, .
Quick Wrap: Nifty FMCG Index rises 2.53%
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Zara owner Inditex lifts sales forecasts on warm autumn range reception
MADRID (Reuters) - Zara owner Inditex said on Wednesday its autumn clothing collections had been well received and forecast a second-half sales rise of up to 6 percent and improved profitability, despite a strong euro.
Gold prices steady amid U.S.-China trade war concerns
LONDON (Reuters) - Gold was steady on Wednesday, failing to break from a narrow trading range as investors remained concerned about a simmering trade war between the United States and China.
Euro zone industry output in surprise fall due to Germany, Italy
BRUSSELS (Reuters) - Production at factories in the euro zone dropped in July for a second consecutive month and by more than expected, in what could herald a possible slowdown of the bloc's economy in the third quarter, official data released on Wednesday showed.
Global Markets: Stocks inch off three-week lows but little respite for emerging markets
LONDON (Reuters) - Fresh sparring between Washington and Beijing over trade kept world stocks close to three-week lows on Wednesday, while a slight dollar pullback gave little respite to emerging markets, with the Indian rupee plumbing new record lows.
PFC to close resolution plans of 5 stressed assets in 1 month: CMD
Power Finance Corporation said Wednesday the worst was behind for stressed power assets and it would finalise resolution plans with five struggling projects with an exposure of Rs 8,254 crore in one month. The state-run company said it had been working with other lenders of these projects for resolution. The company would benefit from the Supreme Court's interim relief to stressed assets till November 11, 2018, from insolvency proceedings, Power Finance Corporation (PFC) Chairman and Managing Director Rajeev Sharma told reporters. "Worst is behind us. We may close the deal for five such projects in next one month. Five projects with our exposure of Rs 8,254 crore are in advance stage of resolution," Sharma said. He listed GMR Chhattisgarh, Jhabua Power and KSK Mahanadi where discussions with H1 (highest) bidders were underway to close the deals. Similarly, one-time settlement offers by managements of Indiabulls Amaravati and Essar Mahan were under finalisation, he said further. Sharma
China August new loans fall to 1.28 trillion yuan, below forecasts
BEIJING (Reuters) - Chinese banks made fewer new loans in August than expected, highlighting problems facing the central bank as it tries to boost credit to smaller companies facing weaker demand at home and shrinking export orders.
Australia's CBA rejected heart attack insurance claim using outdated model
SYDNEY (Reuters) - The insurance arm of Commonwealth Bank of Australia rejected a trauma payout to a customer using outdated criterion that found his heart attack was not severe enough, a powerful public inquiry into the financial sector heard on Wednesday.
EU's Juncker eyes free trade pact with Africa
STRASBOURG (Reuters) - The European Union should offer a free trade agreement to the whole of the African continent and a new investment alliance, European Commission President Jean-Claude Juncker said in a keynote speech on Wednesday.
Jack Ma's retirement plan sparks concerns about Alibaba's future:Official media
Alibaba Group founder Jack Ma's retirement plan has sparked heated discussions in China about the future of the e-commerce giant, with some experts saying that its long-term performance will be determined by China's economic fundamentals, official media reported on Wednesday. On Monday, Ma named the company's Chief Executive Officer Daniel Zhang as his successor who would take charge in September next year, while he would continue to be company's Director. Ma's move became one of the hottest discussed topics on China's Sina Weibo, a Twitter-like service, on Monday. Many wished Ma, 54, the best for his new focus, which would be teaching, state-run Global Times reported on Wednesday. Li Chengdong, an independent analyst, said that when it comes to listed companies, investors will take the departure of a chairman or founder as bad news, and the company's stock performance is a reflection of such sentiment. "The departure of the face and voice of a company is seen by investors as a blow ..
Japan's Pioneer gets $540 million lifeline from Baring as debt deadline looms
TOKYO (Reuters) - Japan's Pioneer Corp secured a bailout worth up to 60 billion yen ($540 million) from Baring Private Equity Asia, after failed bets on car navigation and audio systems saddled it with debt and pushed it into the red.
U.S.-China 'trade typhoon' could impact 7 percent of HK exports: official
HONG KONG (Reuters) - Around 7 percent of Hong Kong's total exports could be impacted if the United States imposes a new round of trade tariffs on China, the city's commerce and economic development secretary told Reuters on Wednesday.
Oil hovers near $80 a barrel as concern grows over global supply
LONDON (Reuters) - Oil eased on Wednesday, having neared its highest level this year after a drop in U.S. crude inventories and the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.
FTSE confirms new Unilever not eligible for UK blue chip index
LONDON (Reuters) - Consumer goods giant Unilever will not be included in Britain's blue-chip FTSE 100 index once it ends its dual-headed structure, index compiler FTSE Russell said.
Germany says not mulling state fund to fend off unwanted foreign investment
BERLIN (Reuters) - Germany denied a newspaper report on Wednesday that said the government was mulling the creation of a sovereign wealth fund to buy company stakes and beat predatory Chinese and Gulf investors so that key technology remained in German hands.
Disclose amount of demonetised currency deposited in Jan Dhan accounts: CIC to RBI
The Central Information Commission has directed the Reserve Bank of India to disclose the amount deposited in Jan Dhan accounts of various banks in the form of demonetised currency. Launched in August 2014, Pradhan Mantri Jan-Dhan Yojana is a national mission for financial inclusion to ensure access to financial services banking or savings and deposit accounts, remittance, credit, insurance, pension in banks. Jan Dhan accounts had come into focus after demonetisation on November 8, 2016, when the deposits witnessed a meteoric rise, touching an approximate Rs 80,000 crore in April this year. Information Commissioner Sudhir Bhargava ordered the RBI to disclose details of demonetised currency deposited in Jan Dhan accounts to activist Subhash Agrawal, who has also demanded some other details related to demonetisation. The Union government demonetised Rs 1,000 and Rs 500 notes on November 8, 2016. Bhargava directed the RBI that in case the information was not available with it, the ...
Sensex ends higher as rupee recovers from life-low
(Reuters) - Indian shares ended higher on Wednesday, snapping two sessions of declines, after the rupee recovered sharply following reports that Prime Minister Narendra Modi will review economic situation over the weekend and that a rate hike is not ruled out.
Barometers jump on bargain hunting
Key equity indices edged higher on Wednesday after two consecutive sessions of sharp falls. The barometer index, the S&P BSE Sensex, rose 304.83 points or 0.81% to 37,717.96, as per the provisional closing data. The Nifty 50 index rose 83.35 points or 0.74% to 11,370.85, as per the provisional closing data. The sentiment, however, was fragile as the rupee touched a fresh low, stoking fears of an interest rate hike by the central bank at its next meeting in October.