Page 2587 - Business Finance
CBS CEO Moonves resigns amid new allegations of sexual misconduct
(Reuters) - Leslie Moonves, the top executive at CBS Corp since 2006 and a major figure at the broadcast network and media company for more than two decades, resigned on Sunday amid a new wave of allegations against him of sexual assault and harassment.
Sensex plunges 467 points on weak rupee; Nifty loses 151 points
The key Indian equity indices ended deep in the red on Monday with the benchmark Sensex losing 467 points and the Nifty50 down 151 points.
Singapore to return $11 million of 1MDB money to Malaysia
A Singapore court has ordered the return of millions of dollars misappropriated from Malaysian state fund 1MDB in a cross-border financial scandal that helped topple former leader Najib Razak. Tan Rajah and Cheah, a Singapore-based law firm acting for 1MDB and the Malaysian government, said Monday the Singapore State Courts "have granted disposal orders" in respect to the money totalling Sg$15.3 million ($11.1 million). "These monies are being transferred to the special 1MDB recovery bank account in Kuala Lumpur. Efforts to recover other unlawfully misappropriated assets are ongoing," it said in a statement. Malaysia's new government under Prime Minister Mahathir Mohamad, 93, has launched investigations into allegations that Najib and his cronies looted billions of dollars from the fund while he was in office. Last month, a yacht worth around a quarter of a billion dollars, allegedly bought by Malaysian businessman Low Taek Jho using money taken from 1MDB, was returned to Malaysia ...
India's share in Asia-Pacific's GDP rises to 17.3% from 14. 6% in 2000: ADB
India's share in the GDP of Asia and Pacific region has increased to 17.3 per cent in 2017 from 14.6 per cent in 2000, a ADB report said Monday. As per the ADB's report on 'Key Indicators for Asia and the Pacific 2018', the Asia and Pacific region accounts for more than two-fifths of the share of global GDP in PPP (Purchasing Power Parity) terms. Asia and the Pacific's growing share of global output, which increased from 30.1 per cent to 42.6 per cent during the review period, came at the expense of the global shares of North America, Europe, South America, and the rest of the world, which declined by 6.8, 4.7, 1.3, and 0.3 percentage points, respectively. The report said the three largest economies in Asia and the Pacific People's Republic of China (PRC), India, and Japan accounted for more than 70 per cent of the region's GDP at PPP in 2017, up from about 63 per cent in 2000. China accounted for 42.7 per cent of the region's total output at PPP in 2017, compared with 25.1 per cent
Ricoh India provides financial update
Defaults on Rs 200 cr interest payment on NCDs
Bring petrol, diesel under GST: Karnataka CM
Amid protests over rising fuel prices in the country, Karnataka Chief Minister H. D. Kumaraswamy on Monday said the petroleum products should be brought under Goods and Services Tax (GST), adding his government would think over reducing cess on diesel and petrol.
Sensex tumbles 468 pts as Re hits a lifetime low of 72.67
Market benchmark BSE Sensex tanked 468 points or 1.22 per cent to end below the 38,000 mark as the rupee falling further to a record low and widening current account deficit spooked investors. The 30-share index closed at 37,922.17, down by 467.65 points or 1.22 per cent, which was its biggest single-day fall since March 16 when it had lost 509.54 points. The 50-share NSE Nifty also slipped below the 11,500-level by plunging 151 points or 1.30 per cent -- its biggest single day fall since February 6 -- to close at 11,438.10. Intra-day, it also hit a low of 11,427.30. Negative leads from global markets as investors were cautious amid fears of a possible escalation in the US-China trade conflict hit the market sentiment. US President Donald Trump last week threatened tariffs on all Chinese imports, while Beijing warned of retaliation if the US goes ahead with any new measures. Sentiment also took a blow after Moody's Investors Service said sustained weakening of the rupee is credit ...
Alembic Pharma board okays proposal to raise up to Rs 300 cr via NCDs
Alembic Pharmaceuticals Monday said its board has approved a proposal to raise up to Rs 300 crore through issuance of non-convertible debentures (NCDs) on private placement basis. The Board of Directors has also approved constituting an NCD Committee for issuance and allotment of NCDs, Alembic Pharma said in a filing to BSE. The company however did not mention what it intended to do with the funds it is looking to raise. Shares of Alembic Pharma were trading at Rs 627.65 per scrip on BSE, down 1.73 per cent from the previous close.
Infosys inks 3-year deal with Australian Open
India's second largest software services firm Infosys said Monday it has signed a three-year partnership with the Australian Open as its official digital innovation partner. Infosys will leverage its expertise in emerging technologies like Big Data and Analytics, Artificial Intelligence as well as Virtual and Augmented Reality, to provide unique, innovative and engaging experiences for fans, Infosys said in a statement. The financial details of the deal were, however, not disclosed. Partnering with Infosys is an exciting next step in our ongoing quest to innovate the Australian Open and engage new audiences across the world," Craig Tiley, Tournament Director, Australian Open, said. Tennis Australia is the governing body of tennis in Australia, promoting and facilitating participation the sport at all levels, as well as conducting national and international tournaments and events. The partnership is about creating new ways of experiencing the Australian Open, Infosys CEO and Managing ..
Govt to sign OALP-1 contracts on Sep 24
The government is likely to sign on September 24 contracts for 55 oil and gas exploration areas awarded under India's maiden open acreage auction OALP-1, people with direct knowledge of the development said. The signing of contracts with the winners of Open Acreage Licensing Policy (OALP) round-1 was initially scheduled for September 6 but it was postponed. The event is now scheduled for September 24, sources said. The signing had to be postponed pending Vedanta getting shareholders' nod to sign the Production Sharing Contracts (PSC) with the government. Mining mogul Anil Agarwal-led Vedanta Ltd had walked away with 41 out of 55 oil and gas exploration blocks offered in OALP-1 when the bid evaluation was completed last month. State-owned Oil India Ltd had won nine blocks, while Oil and Natural Gas Corp (ONGC) managed to win just two. State gas utility GAIL, upstream arm of Bharat Petroleum Corp Ltd and Hindustan Oil Exploration Co (HOEC) received one block each, according to the list .
13 SEZ developers, units seek more time to implement projects
As many as 13 SEZ developers and units including G P Realtors, JBF Petrochemicals and Aurobindo Pharma have sought more time from the commerce ministry to implement their projects. Decision on these proposals would be taken by the Board of Approval (BoA) for Special Economic Zones (SEZs) in its meeting on September 12. BoA is headed by the commerce secretary. G P Realtors has sought more time for its electronic hardware and IT/ITES SEZ at Gurugram. "Formal approval to the developer was granted on November 14, 2006. The developer has been granted nine extensions. Last extension was granted by the board in November 2017 till November 13 this year. The developer has requested for further extension up to November 13, 2019," the agenda of the board meeting said. JBF Petrochemicals, a unit in Mangalore (multi product) SEZ at Mangalore, has sought extension of Letter of Permission (LoP) beyond September 15, 2018. As per SEZ rules, LoP is valid for one year. Development commissioners of that .
Market tumbles as trade tensions take toll
The market declined steeply, tracking negative global cues as fears of a potentially major escalation in the Sino-US trade conflict weighed on investor sentiment, while the rupee depreciated to a fresh low, bolstering inflation concerns. The barometer index, the S&P BSE Sensex, fell 467.65 points or 1.22% to 37,922.17, as per the provisional closing data. The Nifty 50 index fell 151 points or 1.30% to 11,438.10, as per the provisional closing data. The Sensex ended below the psychologically important 38,000 mark.
Lightyear buys U.S. blockchain start-up Chain; to move business to Stellar
NEW YORK (Reuters) - San Francisco technology start-up Chain Inc. has been acquired by Lightyear Corp., a company focused on the Stellar blockchain, Chain Chief Executive officer Adam Ludwin said on Monday.
Three million Apaches sold since 2005, says TVS Motor
Maker of two- and three-wheelers TVS Motor on Monday said its premium motorcycle Apache has recorded sales of over three million units since its launch in 2005. The city-based company has been rolling out the Apache range of models from its facility in Hosur. "We are truly humbled to reach this milestone. I want to express my gratitude to our valued customers in the country and abroad," a press release quoted president and chief executive officer of the company K N Radhakrishnan as saying. "Through the years, TVS Apache has stood for providing unrivalled experience backed by its rich racing pedigree, advanced technology and stylish design. The three million milestone is special..." the release said. The company currently sells Apache RTR (race throttle response), Apache 160 cc and the RR 310 cc in the premium segment apart from other models, it added. The shares of the firm were each trading at Rs 586.90 on the Bombay Stock Exchange (BSE)on Monday.
Petrol, diesel prices continue to rise, at record high
Petrol and diesel prices continued to rise Monday, scaling new highs as the depreciating rupee made imports costlier. Petrol price Monday increased by 23 paisa a litre and diesel by 22 paisa a litre, according to the price notification issued by state fuel retailers. The increase pushed the petrol price in Delhi to a record high of Rs 80.73 per litre. Diesel rate touched its highest level of Rs 72.83 a litre. Fuel prices in Delhi are the cheapest among all metros and most state capitals due to lower taxes. The new high came on the day when opposition parties led by the Congress called for a nation-wide 'Bharat Bandh' to protest against the spiralling fuel prices. They blame the government's unwillingness to cut excise duty for high fuel prices and consumer burden. The rupee Monday dropped by around 94 paise to touch a record low of 72.67 to the dollar due to a strengthening dollar and a widened current account deficit. Since mid-August, petrol price has risen by Rs 3.65 a litre and ...
Singapore to return $11 million in 1MDB-linked funds to Malaysia
KUALA LUMPUR (Reuters) - A Singapore court ordered the return to Malaysia of about S$15.3 million ($11.1 million), just a small portion of total seized in the city state as part of a probe into transactions linked to scandal-hit state fund 1MDB, lawyers for the fund and the Malaysian government said on Monday.
TEN YEARS ON: After its near-death, AIG CEO plots revival by returning to basics
NEW YORK (Reuters) - Brian Duperreault, who rejoined American International Group Inc as chief executive officer last year to turn the company around, remembers another era when the insurer was trying to blaze a trail toward greatness.
Ratnadeep Super Market chain eyes Rs 1000 Cr revenue by 2020
Ratnadeep Super Market, a city-based retail chain Monday said it is eyeing around Rs 1,000 crore turnover by 2020 in the food and grocery category from Rs 520 crore in FY18. The company's Managing Director, Sandeep Agarwal, said they are exploring opportunities for continuous expansion of stores in different phases and different formats like food and grocery stores with a food court and partnering with international, national and premium local brands. "We had crossed turnover of Rs 520 crore in FY18 with 3,000-plus employees in our network. We are expanding at a fast pace and expect to see a growth of about 30 per cent YOY over the next 24-36 months," he said in a press release. In terms of sales, the company's own brand of grocery, fruits and vegetables, imported assortment contribute around 22 per cent of the overall revenue pie, he added. "We are working towards the goal of becoming a Rs 1,000 crore plus brand by 2020," Agarwal said. Ratnadeep which as 42 operational ..
Spotlight on Alibaba CEO Zhang as Jack Ma starts retirement countdown
BEIJING/SHANGHAI (Reuters) - Unlike his charismatic boss, Jack Ma, Alibaba chief executive Daniel Zhang isn't usually one to grab the limelight, let alone make kung fu movies with superstars or dance in public.
Robust steel demand to keep end-product prices high: Moody's
Moody's Investors Service Monday said robust steel demand, especially from the domestic construction, infrastructure and automotive sectors will keep end-product prices high, even as rising costs for key inputs, coking coal and iron ore pressure profitability. In its latest report, Moody's said the outlook for the Asian steel industry is stable, reflecting the consideration that the profitability of rated producers will increase moderately over the next 12 months against the backdrop of overall steady regional demand, it said. For India, the US-based agency said that "with minimal new steel capacity expected to be commissioned until 2021 in India, robust steel demand especially from the construction, infrastructure and automotive sectors will keep end-product prices high, even as rising costs for key inputs, coking coal and iron ore, pressure profitability." Meanwhile, India's steel sector consolidation will drive improvement in the industry's capacity utilisation levels and mute the .