Page 2598 - Business Finance
Alibaba co-founder Jack Ma to retire for philanthropy
Chinese billionaire, co-founder of Alibaba Jack Ma is planning to step down from his role to pursue philanthropy in education.According to The New York Times, Ma will retire from his role on Monday when he turns 54. The date, September 10, is commemorated as Teacher's Day in China. Ma will remain on Alibaba's board of directors and continue to mentor the management.Ma, a former English teacher, started the biggest e-commerce giant in China in 1999. He turned it into one of the world's biggest e-commerce and digital payments companies, fueling his own net worth to over USD 40 billion and becoming China's richest man.
MDMK extends support to Congress-led Bharat Bandh
Marumalarchi Dravida Munnetra Kazhagam (MDMK) on Saturday extended its support to the Bharat Bandh called by the Congress on September 10 over a fuel price hike and depreciating value of the Indian Rupee.Apart from MDMK, other opposition parties including the Nationalist Congress Party (NCP), Dravida Munnetra Kazhagam (DMK) and the Samajwadi Party (SP) have extended support to the nationwide shutdown.Congress leader Ashok Gehlot had earlier told the media that the consensus to protest against the rising fuel prices and the rupee slump was reached after a meeting of all party general secretaries and state leaders. He also said that although prices were also hiked during the United Progressive Alliance (UPA) government, led by the then prime minister Dr. Manmohan Singh, the government took essential steps to control the situation.The left parties have given a separate call for bandh on the same day over the hike in fuel prices, the problem of farmers and unemployment issues.The fuel ...
Akzo Nobel India announces change in Managing Director
With effect from 12 September 2018
China's trade surplus with US hit new record in August
China's trade surplus with the United States ballooned to a new record USD 31 billion in August, rising 18.7 per cent despite a raft of US tariffs imposed over the summer, official data showed Saturday. China's exports rose to USD 44.4 billion in August, a 13.2 per cent increase from the same period last year, customs data showed, even though US President Donald Trump pulled the trigger on taxes of up to 25 per cent on billions worth of Chinese goods.
Edible oils up on rising demand, tight stocks
Edible oil prices strengthened at the wholesale oils and oilseeds market during the week following rising demand from vanaspati millers coupled with tight supplies from producing belts amid firm global cues. Linseed and castor oils in the non-edible section also showed strength on increased offtake by consuming industries. Traders said besides surging demand from vanaspati millers and retailers, paucity of stocks due to fall in arrivals from producing regions and a firming trend overseas mainly kept edible oil prices higher. In the national capital, sesame mill delivery oil rose by Rs 200 to Rs 10,500 per quintal. Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils also edged up by Rs 50 each to Rs 8,200 and Rs 7,800 per quintal respectively. Tracking a firm trend overseas, palmolein (RBD) and palmolein (Kandla) oils too went up by Rs 100 each to Rs 6,850 and Rs 6,900 per quintal respectively. Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils ...
AI start-ups blossom in India, need big dollars to grow (Tech Trend)
A decade ago, Artificial Intelligence (AI) was unknown to many of us mortals. Lately, however, AI and related buzzwords like Machine Learning (ML) or Big Data Analytics are more visible -- staring at us from clumsy signage boards hanging at the entrance of private IT training institutes.
3 banks fined by RBI for delay in fraud detection
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore each on the Union Bank of India, Bank of India and Bank of Maharashtra for failing to detect and report fraud in certain accounts on time.The RBI, in three separate releases, said it has imposed a penalty of Rs 1 crore each on three state-run banks.According to its releases, the central bank on August 30 "imposed a monetary penalty of Rs 10 million" on the three banks for contravention of its instructions contained in Master Circular on Fraud - Classification and Reporting.The penalty has been imposed in exercise of powers vested with the RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949 taking into account delay on the part of the bank to report fraud in an account, the release stated.
Classic Steels launches stainless steel vacuum flasks, bottles
Classic Steels recently introduced stainless steel vacuum flasks and bottles with a guaranteed maintainance of 12 hours for hot and 24 hours for cold beverages. These are useful for the storage of water, tea, coffee, juice, and other beverages, and are made from the highest quality of rust-free stainless steel with a scratch resistant coating. These products are much superior and provide good value for money when compared to other products available in the market.The company has also introduced fruit infuser cum water bottle which preserves antioxidant properties of a beverage.Classic Steels was established in the year 1985 by Kantilal Premji Maru (Giju Bhai). Today, Classic Steels is one of the leading brands in India and largest manufacturers of stainless steel utensils in Mumbai. Classic Steels is an integrated stainless steel utensils manufacturer with a network of about 500 distributors and over 5,000 retail shops spread across India. Classic products are also exported to many ...
China's exports, imports slowed sharply in August: Data
China's exports and imports rose at a sharply slower pace in August, but its global trade surplus remained stable at USD 27.9 billion amid a heated US trade war, official figures showed Saturday. Exports from the world's second biggest economy increased by 9.8 per cent while its imports rose by 20 per cent compared to the same month last year, according to customs data. The figures were well below July's performance, when exports had jumped 12.2 per cent and imports grew 27 per cent. The US-China trade spat escalated on July 6 when US President Donald Trump slapped tariffs on USD 34 billion in Chinese goods, triggering a dollar-for-dollar response from Beijing. The two sides launched another salvo on August 23, imposing duties on USD 16 billion worth of products from each country. President Donald Trump threatened Friday to slap tariffs on all of the Chinese goods imported into the United States. Altogether, the US tariffs could ultimately hit more than USD 500 billion in Chinese ...
China's August exports rise 9.8 percent, imports up 20 percent
BEIJING (Reuters) - China's export growth weakened slightly in August to 9.8 percent from a year earlier, suggesting China's massive foreign trade sector is losing some momentum as Washington readies more sweeping measures in the two countries' ongoing trade war.
Alibaba co-founder Jack Ma to retire: New York Times
BEIJING (Reuters) - Alibaba Group Holding Ltd's co-founder and executive chairman Jack Ma will retire from the e-commerce company on Monday, as the former English teacher seeks to focus on philanthropy in education, the New York Times reported.
Petrol breaches Rs 80/litre mark in Delhi
Fuel prices have yet again witnessed a fresh hike, with petrol being sold at a record high rate of Rs. 80.38 per litre in New Delhi, and diesel at Rs 72.51 per litre.As per the Indian Oil Corporation, a price hike of 39 paise and 44 paise per litre was implemented on petrol and diesel, respectively, in the national capital.On the other hand, the price of petrol rose to Rs 87.77 per litre in Mumbai, while diesel is being sold at 76.98 per litre.The soaring prices are continuing to burn a hole in the pockets of commuters, one of whom feels he may have to avail bank loans to pay for fuel.Meanwhile, a local from Mumbai urged the government to intervene in the matter."The way the prices are increasing with each passing day, it seems that it would cross Rs. 100 per litre. It's only the common man who is getting affected due to this. The government should take some steps and do something about it," he told ANI.While the government has maintained that depreciation of the Indian Rupee against .
Alibaba co-founder Jack Ma announces plans to retire at 54
Alibaba co-founder and chairman Jack Ma plans to retire from the Chinese e-commerce giant on Monday to devote his time to philanthropy focused on education, he told the New York Times in an interview. Ma was an English teacher before starting Alibaba in 1999 and built it into a multibillion-dollar internet colossus, becoming one of the world's richest men and a revered figure in his homeland. His own worth has soared along with that of the company, which was valued at USD 420.8 billion based on its share price at the close of trade on Friday. Ma told The New York Times that he plans to step down from the company on Monday -- his 54th birthday -- referring to his departure as "the beginning of an era" rather than an end. Ma, who gave up the title of CEO in 2013, said he now planned to devote his time and fortune to education. The way he chose to make the announcement was unusual. The New York Times is blocked in China by Communist Party censors and there was no official statement from .
Alibaba's Jack Ma to retire
Jack Ma, Alibabas co-founder and executive chairman, has said that he plans to step down from the Chinese e-commerce giant on Monday to pursue philanthropy in education, a changing of the guard for the $420 billion internet company.
Apple says U.S. tariffs on China would hit 'wide range' of products
(Reuters) - A "wide range" of Apple Inc products including the Apple Watch would be affected by proposed U.S. tariffs on Chinese goods, the company told U.S. trade officials, but gave no sign of an impact on its iPhone cash cow.
US stocks fall amid jobs data, trade tensions
US stocks closed lower as investors digested a slew of economic data amid global trade tensions.
US dollar rises on expected hike of interest rate
The US dollar increased substantially on expectation of interest rate hikes.
Global Markets: World stock markets fall on trade fears and rate hike worries
NEW YORK (Reuters) - World share indexes registered their biggest weekly declines in almost six months in a volatile session on Friday as investors weighed solid U.S. economic data against expectations for higher interest rates and U.S. trade tensions on multiple fronts.
Wall Street drops on tariff worries, with Apple in crosshairs
NEW YORK (Reuters) - Wall Street's major indexes fell on Friday as U.S. President Donald Trump raised the possibility of additional tariffs on Chinese imports and Apple Inc indicated that some of its products could be subjected to such levies.
Fuel price hike due to int'l factors: Dharmendra Pradhan
Union petroleum and natural gas minister Dharmendra Pradhan on Friday said that ongoing fuel price hike in the country is mainly due to the depreciation of the Indian rupee against the U.S. dollar."The fuel price hike mainly is due to the depreciation of rupee against the dollar. Petrol and diesel should come under the purview GST and I accept that people are facing problems. Once petrol and diesel are brought are GST, everyone will be benefited," Pradhan said.Pradhan also said that the political situation in countries like Iran, Venezuela and Turkey have impacted the production of crude oil."The oil-producing countries like Iran, Venezuela, and Turkey had earlier said they would increase productivity but haven't done so despite the promise. This has impacted the production of crude oil," he added.The petrol and diesel price on Friday were once again hiked by about 50 paise per lire. A litre of petrol in Delhi now costs Rs. 79.99 in New Delhi and 87.39 in Mumbai. On the other hand, ...