Page 2570 - Business Finance
Wall Street gains as Apple, tech rebound
NEW YORK (Reuters) - U.S. stocks rose in afternoon trading on Tuesday after a subdued start, as Apple led a jump in technology shares.
FVAT on fuel to give states windfall gain of around Rs 22,700 cr: SBI report
Lending major State Bank of India (SBI) on Tuesday said that the recent increase in petrol and diesel prices is likely to give state governments a windfall gain of around Rs 22,700 crore "over and above the budget estimates for current fiscal".
Shares gain, with U.S. lifted by tech and energy; trade woes hurt emerging markets
NEW YORK (Reuters) - A broad index of world stock markets posted gains for a second straight day, as investors swooned over U.S. technology and energy stocks even as a trade war loomed.
Pakistan's auto sales fall 6.4% in current fiscal year's first two months
Pakistan's auto sector sales contracted for the first time since the fiscal year of 2014-15 (excluding taxi scheme) during the first two months of the fiscal year of 2018-19.
Tech, energy stocks lift Wall Street
(Reuters) - U.S. stocks powered higher on Tuesday, shaking off a subdued start, as Apple led a jump in technology stocks and a rise in oil prices lifted energy companies.
Raise limits on loans granted through OTP-based e-KYC: Kant
Niti Aayog chief executive Amitabh Kant Tuesday pitched for increasing the limits on loans granted through one time password-based electronic know your customer (KYC) verification. Kant said the current system of using biometric Aadhaar-authentication for small ticket loans will increase already high operating expenses of digital lenders. "Currently, lending through OTP-based e-KYC is capped at Rs 60,000 whereas the loan size through online digital mode, as per market data points, is approximately around Rs 3.5 lakh," Kant said in video address at a Bankbazar event here. This was part of a list of suggestions Kant made for support to the digital lending ecosystem. The bureaucrat said there is a need for multiple levels of digital verifications for establishing the identity of a person. Kant also pitched for credit cards account opening using OTP-based e-KYC and OTP-based account opening. "It should enable customers to apply for the card with more ease, and find products .
Received demand notices towards penalties for March quarter: Bharti Airtel
Telecom operator Bharti Airtel today confirmed that it has received demand notices towards penalties totalling Rs 11 lakh for six circles for the quarter ended March 2018. These penalties are on parameters such as accessibility of call centre, percentage of calls answered by the operators and metering and billing credibility, Airtel said in a regulatory filing. "We confirm that Bharti Airtel Limited (the Company) has received demand notices towards penalties totaling to a sum of Rs. 11 lakhs in respect of 6 circles namely, Maharashtra, Assam, West Bengal, Tamil Nadu, Kolkata and Gujarat for the quarter ending March 2018," it said. The Company will deal appropriately with such demand notices, it added. PTI earlier reported that the Telecom Regulatory Authority of Indian (TRAI) has imposed penalties on major telecom operators, including Bharti Airtel, for slipping on various service quality benchmarks for the March 2018 quarter. Besides Airtel, Trai has also imposed fines on other ...
Interview: UBS's Blessing sees impact of trade tensions in China
ZURICH (Reuters) - UBS is seeing the impact of a global trade war in Asia, where geopolitical jitters are prompting investors to trade less, Wealth Management Co-President Martin Blessing told Reuters on Tuesday.
Tesla to drop some color options for cars to simplify production
(Reuters) - Tesla Inc will eliminate some color options for its electric cars to streamline production, Chief Executive Officer Elon Musk tweeted on Tuesday, as the company intensifies its efforts to ramp up production.
India needs Rs 50-tln investments in infrastructure: CII
The infrastructure sector in India would require about Rs 50 trillion ($778 billion) by 2022 as a key growth driver for sustainable development across the country, said an industry official on Tuesday.
Base effect dents August passenger vehicles' sale
Unfavourable base effect, along with high fuel and interest costs, dented the monthly sales of domestic passenger vehicles in August 2018, data showed on Tuesday.
Wrong to blame OPEC for soaring fuel prices: Yashwant Sinha
Former Union Minister and BJP leader Yashwant Sinha on Tuesday flayed the Modi government for blaming international factors for fuel prices reaching an all-time high.
Hudson's Bay, Signa form European retail, real estate joint venture
BERLIN (Reuters) - Hudson's Bay Co (HBC) and Signa Holding agreed on Tuesday to merge Germany's Galeria Kaufhof and Karstadt chains to form Europe's third-biggest department store chain as they battle online rivals, sending HBC shares surging.
Boeing 737 deliveries rebound in August to 48, from July low
(Reuters) - Boeing Co said on Tuesday it delivered 48 of its best-selling 737 single-aisle aircraft in August, bouncing back from the 29 it delivered in July, the fewest in years.
Wall Street rises as tech, energy gains dull trade war jitters
(Reuters) - U.S. stocks rose on Tuesday, boosted by energy companies and technology stocks, including Apple, although there were lingering concerns about the U.S. trade war with China.
India hopeful to occupy 2nd slot in global crude steel output: Steel Min
India is hopeful of occupying the second slot in global steel output after China while the government has also taken steps to encourage secondary steel producers to boost performance, the Steel Ministry said Tuesday. Growing in conjunction with the primary steel sector, the secondary steel sector holds enormous potential for growth and opportunities in the country, the ministry said in a statement. "Strong performance of the secondary steel sector has added muscle to India's steel production. Encouraged by the overall potential, the Government of India has taken various initiatives to improve the performance of this sector....Based on the present growth pattern (of steel), it is expected that India will rise to the second position after China," the statement said. The National Steel Policy 2017 has set a target of 300 million tonnes per annum (MTPA) of production capacity by 2030. The production capacity in 2017-18 has already reached 137.97 million tonnes (MT). Enumerating the steps .
Ind-Ra downgrades IL&FS Financial Services on liquidity pressures
India Ratings and Research (Ind-Ra) Tuesday downgraded the long-term issuer rating on IL&FS Financial Services to 'IND C' due to liquidity pressure posing serious challenges to meet debt obligations. Ind-Ra has downgraded IL&FS Financial Services' (IFIN) long-term issuer rating to 'IND C' from 'IND AA' and short-term issuer rating to 'IND A4' from 'IND A1+', while resolving the Rating Watch Negative (RWN), the agency said in a statement. The downgrade reflects the sharp liquidity tightness at both the parent IL&FS and IFIN levels, which poses critical challenges to their ability to meet their immediate debt liabilities, Ind-Ra said. The rating agency said IL&FS struggles for liquidity which so its ability to support IFIN's obligations immediately is "modest" at the best. "Additionally, while IFIN faces regulatory constraints in accessing the commercial paper market, Ind-Ra believes there may not be sufficient appetite in the banking or capital markets to lend to ...
Nifty settles at 11,287.50, down 150.60 points
NSE benchmark Nifty fell 150.60 points to 11,287.50 extending its sharp fall for the second session as the rupee continued its downward spiral touching a fresh life-low. The rupee hit a new low of 72.7400 against the dollar at the intra-day, further weakening from the record trough hit in the last session. All-round selling were visible among sectors such as banking, realty, FMCG, realty, metals, pharma, auto, energy and banking. The Nifty Midcap and Smallcap index fell over one per cent and that too weighed on the benchmarks. Overseas, European shares declined in early trade, while most Asian shares ended lower as the spectre of a Sino-US trade war haunted investors. The Nifty 50 index fell 150.60 points or 1.32 per cent to end at 11,287.50, its lowest closing level since August 2 2018. The index rose 41.30 pts, at the day's high 11,479.40. and fell 164.10 points, at the day's low of 11,274. It saw an intra-day movement of about 205.40 points. Among the sectoral indices, FMCG ..
Maha sent 3 reminders to Centre to bring petro items under
Maharashtra Finance Minister Sudhir Mungantiwar said Tuesday the state government has sent three reminders of its proposal to the Centre to bring petroleum products under the Goods and Services Tax (GST). Speaking to reporters here, the minister said if petrol and diesel are brought under the GST tax slabs of 28 per cent or 18 per cent, it will greatly bring down their retail prices at a uniform level nationally. "We already reduced taxes on petrol and diesel 6 months back. It does not make sense to reduce it further as the Centre also has not done so. "The only solution to bringing down (fuel) prices is to bring it under the GST. We have sent a proposal to the Centre to do so and also sent three reminders until now to consider our proposal," he said. Referring to the September 10 'Bharat Bandh' over fuel price hike, Mungantiwar said those who had staged the protest should now back our proposal. "Protesting outside and not supporting our proposal to bring petrol and ...
Unilever details plans for December listing of new Dutch entity
LONDON (Reuters) - Consumer goods giant Unilever laid out details on Tuesday for the planned December listing of its new Dutch entity, which has sparked criticism from some UK shareholders and become swept up in the debate over Brexit.