Page 2571 - Business Finance

Fuel prices continue northward march, climb to new highs

Domestic fuel prices continued their northward push on Tuesday with a depreciating rupee and expensive crude oil further pushing petrol and diesel to new record highs as per daily rates under the dynamic pricing regime.

Deutsche Bank, Commerzbank increasingly open to merger: Spiegel

BERLIN (Reuters) - Executives of Deutsche Bank and Commerzbank are increasingly open to the idea of a merger of Germany's two largest banks, magazine Der Spiegel reported on Tuesday.

Pipeline Infrastructure-India Infrastructure Trust deal gets CCI nod

The Competition Commission has approved acquisition of Reliance Industries Holding's subsidiary Pipeline Infrastructure by India Infrastructure Trust, according to a communication. The Trust is proposed to be registered as an infrastructure investment trust (InvIT). "@CCI_India approves acquisition of Pipeline Infrastructure Private Limited by India Infrastructure Trust," the regulator said in a tweet Tuesday. The transaction entails the complete acquisition of Pipeline Infrastructure by the Trust. The purchase is to be done through the Trust's proposed sponsor Rapid Holdings 2 Pte Ltd and investment manager PenBrook Capital Advisors Pvt Ltd. A special purpose vehicle, Rapid is an affiliate of global player Brookfield Asset Management Inc while PenBrook is an asset management company, as per the notice submitted to the Competition Commission of India (CCI). Rapid has made an application to the Securities Exchange Board of India (Sebi) for the Trust to be registered as an InvIT. Under .

Finland's Amer Sports leaps on $5.3 billion approach by China's Anta

HELSINKI/HONG KONG (Reuters) - Finnish sports equipment maker Amer Sports has had a 4.6 billion euros ($5.3 billion) takeover approach from China's Anta Sports and private equity firm FountainVest.

Global Markets: U.S.-China trade dispute weighs on equity markets

NEW YORK (Reuters) - A broad index of world stock markets edged lower on Tuesday as it struggled to maintain momentum amid lingering concerns over a trade dispute between Washington and Beijing.

SC to hear ArcelorMittal plea against NCLAT order on Wednesday

The Supreme Court will hear on Wednesday a plea by ArcelorMittal challenging the National Company Law Appellate Tribunal order asking it to first clear Rs 7,000-crore dues of Uttam Galva and KSS Petron by September 11 to turn eligible to bid for insolvent Essar Steel.

BSNL, Unlimit tie up to provide IoT services in India

Public sector telecom major BSNL and Reliance Group promoted Unlimit on Tuesday tied up to provide IoT (Internet of Things) services to enterprise customers across the country.

Global leaders raises USD 11 mn to improve quality of education in India

Prince Charles' British Asian Trust, Michael & Susan Dell Foundation, Tata Trusts and some others have come together to raise initial USD 11 million (about Rs 73 crore) to improve quality of education in India. The UK government's Department for International Development is also a part of the consortium. The consortium wants to use the fund as a springboard to double the Development Impact Bond (DIB) in the coming years, a statement said. Till date, this is the largest DIB globally for education and the largest in India with a potential to be significantly scaled up further, it said. With this new and innovative social finance tool, the consortium aims to improve literacy and numeracy skills for more than 3,00,000 children, drive focus towards outcomes in the development sector and transform the way education is funded in India, the statement added. While traditional funding streams are under severe pressure, innovative financing mechanisms such as DIBs are a complementary tool to

Most NPAs originated in 2006-08, banks to blame: Raghuram Rajan

Former RBI Governor Raghuram Rajan has said that a big number of non-performing assetes (NPAs) originated in 2006-08 when India's economic growth was strong while some banks proved inadequate in making proper due diligence.

ArcelorMittal's sweetened offer for Essar Steel knocks shares

BRUSSELS (Reuters) - ArcelorMittal shares fell more than 2 percent on Tuesday after the company raised its offer for India's debt-laden Essar Steel, prompting concerns that it was paying too much.

Oil rises $1/bbl as U.S. sanctions on Iran squeeze supply

NEW YORK (Reuters) - Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.

SC asks banks to maintain status quo in insolvency proceedings against power firms

The Supreme Court Tuesday asked banks to maintain status quo and not to initiate insolvency proceedings against loan defaulting power companies in the country. A bench headed by Justice R F Nariman also asked the banks not to file any insolvency cases till November when the apex court would hear the matter. It also agreed to transfer to itself 12 cases pending before different high courts related to this issue. The issue pertains to the Reserve Bank of India's (RBI) revised framework introduced on February 12 this year which has provisions to declare a company bankrupt even on a one-day overdue. The RBI's new framework provides that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above. In its circular, the RBI has said that if a resolution was not found by August 27, NPA accounts should be sent to bankruptcy courts. Banks have exposure of around Rs 1.74 lakh crore to stressed power assets.

Board of Alembic accords in-principle approval for scheme of arrangement

At meeting held on 11 September 2018

Unitech independent director resigns

Crisis-hit Unitech Ltd Tuesday said that Kali Charan Agarwal, an aditional Non-executive Independent Director has resigned from the company. In a filing to the BSE, the Gurgaon-based developer said that Agarwal tendered his resignation yesterday. The company has taken into effect the resignation letter from September 10th, it added. Debt-ridden Unitech is facing a huge crisis as the company has failed to deliver its housing projects on time, forcing home buyers to protest on streets and on sites as well as file court cases.

Saudi to sign space cooperation pact with Russia

Saudi Cabinet approved on Tuesday an agreement with the Russian government for cooperation in the field of exploring space and using outer space for peaceful purposes, Saudi Press Agency reported.

Debt tribunals de-cluttered to focus on high value NPAs

The Finance Ministry on Tuesday doubled the minimum threshold for filing cases in debt recovery tribunals (DRT) to Rs 20 lakh to de-clutter DRTs so that they can focus on quick recovery of high value non-performing assets (NPAs).

Inflationary risks, global cues drag Sensex, Nifty down; both tank over 1% (Roundup)

Inflationary risks on the back of higher crude oil prices and a weak rupee coupled with a rise in global protectionist measures dragged the key Indian equity indices deep into the red on Tuesday.

Online hiring in auto, ancillary segment up 26% in August: Report

Online recruitment activity in the auto and ancillary sector rose by 26 per cent on a year-on-year basis in August, a Naukri.com report showed on Tuesday.

Wall Street flat, tech boost softens trade war fears

(Reuters) - U.S. stocks were little changed on Tuesday, as gains in technology stocks helped the Nasdaq regain footing and curbed losses in the materials and industrials sectors due to fears of an escalation in Sino-U.S. trade spat.

ITI announces cessation of nominee director

On 31 July 2018