Page 2577 - Business Finance
Report: Chinese building projects narrowing economic gaps
A wave of Chinese-financed railways and other trade links in Africa and Asia that have prompted worries about debt and Beijing's ambitions is reducing politically dangerous inequality between regions within countries, a multinational group of researchers said Tuesday. The study led by AidData at the College of William & Mary in Virginia strikes a positive note at a time when governments from Washington to Moscow to New Delhi are uneasy about Beijing's "Belt and Road" initiative. The study of 3,485 projects in 138 nations across Asia, Africa, Latin America and the Middle East in 2000-14 found they led to a more equal distribution of economic activity by improving access to jobs and markets. It said that helps reduce economic differences that "elevate the risk of violent unrest." "Western pundits and politicians often claim that Beijing is a reckless, self-serving or sinister actor," said AidData's executive director, Bradley C Parks, in an email. But by helping to spread economic ..
Tech Mahindra, Intel to open 5G Centre of Excellence in India, US
Software major Tech Mahindra on Tuesday announced to open two 5G Centre of Excellence (CoEs) powered by Intel technology in Redmond, Washington State and Bengaluru.
Will not let manipulators cash in on market volatility: Sebi
Market regulator Securities and Exchange Board of India (Sebi) Tuesday warned that the manipulators will not be allowed to take advantage of the volatility in the stock market. A combination of global and domestic factors have affected investor sentiment, with the benchmark indices registering around 500 points decline in the last two days. The renewed concerns over an escalation of trade war between the US and China pulled down global markets, while the domestic markets are witnessing free fall due to sharp decline in the rupee value. "The domestic markets are volatile, but they are globally volatile too. Our risk management economics are in place and manipulators will not be allowed to take advantage," Sebi chairman Ajay Tyagi told reporters on the sidelines of a capital market conference here. "The regulator is vigilant," he added. Commenting on implementation of time extension for equity derivatives, Tyagi said we have received basic proposals but are awaiting ...
Mutual funds garner Rs 7,600 cr via SIPs in August
Retail investors are increasingly opting for systematic investment plans (SIPs) in mutual funds as the industry garnered over Rs 7,600 crore through this route in August, a surge of 47 per cent from the year-ago period. With this, total funds garnered through SIPs has reached to Rs 36,760 crore in the current fiscal so far (April-August), according to the data available with Association of Mutual Funds in India (Amfi). In the entire 2017-18, over 67,000 crore was mopped-up through SIP route and more than Rs 43,900 crore in the preceding fiscal. SIPs have been the preferred route for retail investors to invest in mutual funds as it helps them reduce market timing risk. Further, investors are not showing interest in traditional asset classes like real estate and gold, and are preferring financial assets such as mutual funds. "While SIP remains a popular mode of investment, there is need for investor awareness on the advantages of SIP, especially in volatile markets. There are emerging ..
Asia buyers to receive more Saudi oil ahead of Iran sanctions: sources
SINGAPORE/SEOUL (Reuters) - At least three North Asian buyers will receive extra supplies of oil from Saudi Arabia after the kingdom cut its prices for most grades in October and as they look to cushion the impact on supply of U.S. sanctions on Iran, sources said.
Pinterest now has 250 mn monthly users
Visual search giant Pinterest has revealed that it is being used by 250 million people each month as it quietly continues to grow and other social networks slightly falter.
Indices hover in negative terrain
Key indices were hovering in negative terrain in afternoon trade. At 13:22 IST, the barometer index, the S&P BSE Sensex, was down 88.18 points or 0.23% at 37,833.99. The Nifty 50 index was down 24.50 points or 0.21% at 11,413.60. Investors sentiment was fragile due to negative Asian cues amid lingering global trade war concerns.
SC to hear tomorrow plea of ArcelorMittal against NCLAT order on Essar Steel auction
The Supreme Court Tuesday agreed to hear tomorrow a plea of Arcelor Mittal seeking extension of time for payment of Rs 7,000 crore as ordered by NCLAT last week for its bid to become eligible for Essar Steel. The apex court refused urgent hearing for ArcelorMittal's plea for payment of Rs 7,000 crore by today for its second bid to become eligible. A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud said, "We will hear the plea tomorrow". The National Company Law Appellate Tribunal (NCLAT) had last Friday pronounced judgement, saying Russia's VTB Group-backed Numetal's second bid was eligible and asked ArcelorMittal to clear dues of its other subsidiaries to remove the stigma of defaulter by September 11 to become eligible. Anil Aggrawal's Vedanta is a third qualified bidder for Essar Steel whose lenders have initiated insolvency proceedings for recovery of around Rs 49,000 crore dues. ArcelorMittal had yesterday moved the apex court challenging the ...
Bajaj Finserv RBL Bank supercard offers interest-free cash withdrawal
Taking its customer experiences to another level, Bajaj Finance Ltd., the lending arm of Bajaj Finserv, is offering Interest-free cash withdrawal in its exclusive SuperCard series.The Bajaj Finserv RBL Bank SuperCard offer customers to withdraw interest-free cash from any ATM, by paying just a minimal processing fee. The cash can be used by customers for any financial requirement and interest will not be charged for up to 50 days.Additionally, customers can opt to convert the cash limit of the SuperCard into a short interest-free personal loan with a repayment tenor of up to 90 days with a small processing fee. Merely, the principal must be repaid against this facility and that too in three EMIs.Loaded with features and excellent rewards programs. Customer can avail free movie tickets, cash-backs and discounts on online and offline transactions. Customers can also opt to convert every transaction of above Rs. 3,000/- into instant easy EMIs.Currently, the SuperCard series have offers ..
Paras Healthcare appoints Debajit Sensharma as new Group CFO
Paras Healthcare on Tuesday announced the appointment of DebajitSensharma as Group Chief Financial Officer, who will be responsible for strategising organizational growth and expansion plans.With over 28 years of experience in the field of finance and accounts, Debajit has a rich experience in working with healthcare and pharma majors, such as Ranbaxy Laboratories Ltd, Sentiss PharmaPvt Ltd. ,Symbiotec Pharmalab Pvt. Ltd and consumer goods major, Reckitt Benckiser Group."We are delighted to have Debajit join our team. His expertise infinancial planning and budgeting, mergers and acquisitions, fund raising, business structuring, and investment planning will be much needed to further our expansion plans and direct healthcare delivery operations towards newer areas," said Dr. Dharminder Nagar, MD, Paras Healthcare."I am excited about my new role at Paras Healthcare, which has been at the forefront of quality medical care delivery to the common man. My endeavors would be to put to use my .
Italy determined to pass a budget that will stem market speculation - minister
ROME (Reuters) - Italy is not on a collision course with the European Union over its budget and will move to stem market speculation, the foreign affairs minister said on Tuesday.
Unilever single holding company shares to start trading in December
LONDON (Reuters) - Consumer goods giant Unilever said simplifying its parent company structure from two UK and Dutch legal entities into a single holding company would conclude in December, when shares in the new firm would start trading.
Russia's Sibur in talks with banks about possible IPO: CNBC
MOSCOW (Reuters) - Russian petrochemical producer Sibur has begun talks with banks about a possible initial public offering, CNBC cited Sibur's CEO Dmitry Konov as saying on Tuesday.
TVS Motor Company launches its super premium motorcycle TVS Apache RR 310 in Nepal
TVS Apache RR 310 is the latest offering from the TVS Apache stable - a super-premium motorcycle brand from TVS Motor Company. TVS Apache RR 310 boasts of superior performance and riding dynamics, combined with a powerful, expressive design. The culmination of rich racing heritage thanks to TVS Racing's 36 years of racing excellence, the motorcycle also boasts of superior technology and razor-sharp handling.
SIAM reports drop in car sales in August by 1 percent
Passenger car sales for the month of August was noted at 196,847 units, down 1.0 percent on year as compared to 198,892 car sold in Aug 2017, the Society of Indian Automobile Manufacturers (SIAM) said on Tuesday.The society noted that the two-wheeler sales in August rose to 194, 6811 units, up 3.0 percent on year as compared to 189,1685 unit sold in Aug 2017.It added August commercial vehicle sales 84,668 units, up 29.6 percent on year as compared to 65,350 unit sold in Aug 2017."August total vehicle exports 411,357 units, up 23.7% on year as compared to 332, 545 unit sold in Aug 2017," stated the SIAM release.Adding to this, August passenger vehicle sales 287,186 units, down 2.5% on year as compared to 294,416 unit sold in Aug 2017.On the other hand, August Medium &HCV sales rose to 34,072 units, up 28.5% on year as compared to 26,506 units sold in Aug 2017.August motorcycle sales 120, 6512 units, up 6.2% on year as compared to 113, 6322 unit sold in Aug 2017.
Gold flat as rate hike concerns, trade tensions weigh
BENGALURU (Reuters) - Gold prices held steady during Asian trade on Tuesday as investors remained on the sidelines amid expectations of a U.S. interest rate hike this month and on fears of an escalation in the Sino-U.S. trade war.
Alstom wins EUR 315 million contract to supply cars for Mumbai's metro line 3
The Mumbai Metro Rail Corporation Limited (MMRCL) has awarded French multinational Alstom a contract worth around EUR 315 million to supply 248 wagons for Line 3, the company said Tuesday. The Mumbai Metro Line 3 is a 33.5-km long underground stretch connecting the busiest and congested regions in Mumbai one of the fastest growing cities in India. It will connect Cuffe Parade business district in the extreme south of the city to SEEPZ in the north-central with 26 underground and one street-level station. Line 3 will not only be the first underground metro line in Mumbai but will be one of the biggest underground continuous stretches in India as well. This contract awarded by the MMRCL envisages design, delivery and commissioning of 31 lightweight, fully-furnished modern passenger train sets of eight cars each. Alstom will be responsible for training of operating and maintenance staff for Mumbai Metro Line-3 system as well. It is also the first time that the metro cars will have 75 ...
Soybean futures drop 0.22% on weak global cues
Soybean prices marked down by 0.22 per cent to Rs 3,229 per quintal in futures trade Tuesday as speculators cut down their positions in tune with downbeat overseas lead. Marketmen said trimming of positions by participants, tracking a weak trend in global markets, led to the fall in soybean prices in futures trade here. At the National Commodity and Derivatives Exchange counter, soybean for the most-traded delivery in October contract eased by Rs 7, or 0.22 per cent, to Rs 3,229 per quintal clocking an open interest of 64,850 lots. Also, the delivery for November contract traded lower by Rs 6, or 0.18 per cent, to Rs 3,250 per quintal, in an open interest of 48,430 lots.
Guar gum futures gain on robust export demand
Guar gum prices recorded a rise of Rs 25 per quintal in the futures trade Tuesday as traders built up long positions, thanks to strong export demand amid weakening rupee against dollar. Marketmen said long positions created by speculators, driven by robust export demand from oil drilling industries, which attributed the rise in guar gum prices in futures trade here. Besides, surging crude oil prices also influenced sentiments, they added. At the National Commodity and Derivatives Exchange counter, guar gum for the most-traded delivery in October contract moved up by Rs 25, or 0.27 per cent, to Rs 9,351 per quintal with an open interest of 56,115 lots. The delivery of the second contract November also gained by Rs 20, or 0.21 per cent, to Rs 9,465 per quintal in an open interest of 7,740 lots.
Sensex edges down; ITC top loser
(Reuters) - Indian shares inched lower on Tuesday, extending their sharp falls from the previous session, as the rupee hovered near its record low, while fears of an escalation in the U.S.-China tariff dispute continued to haunt investors in broader Asian markets.