Page 2601 - Business Finance
AkzoNobel India appoints Rajiv Rajgopal Managing Director
Paint maker AkzoNobel India Friday announced the appointment of Rajiv Rajgopal as its Managing Director. The Board of Akzo Nobel India Friday approved appointment of Rajgopal as the Managing Director of the company, effective from November 1, 2018, the company said in a statement. Akzo Nobel India Chairman Amit Jain said, "Rajiv's earlier experience at managing and profitably growing the Dulux business in India, makes him the ideal candidate to take Akzo Nobel India to greater heights.
Relaxed cabotage rules may move transshipment to Indian ports
Relaxation in cabotage rules that were prohibiting foreign flagged vessels from ferrying domestic cargo will help transferring transshipment activity to Indian ports and can help save forex and also create jobs opportunities locally, a trade body said today. Easier cabotage rules is expected to halve Indias exim cargo handling at ports in the vicinity like Colombo. The cabotage rules are considered one of the biggest hindrance preventing Indian ports to act as transshipment hubs, where a mother ship discharges goods at a port to be distributed by other liners. "Transshipment will never go down to zero, but will come down 50 per cent in the next three years," Deepak Tewari, chairman of Container Shipping Lines Association said at an industry event here. Earlier, Jibu Kurien Itty, the chief executive of Gateway Terminals said Colombo handles 65 per cent of the total exim trade of the country. Once the mother ship discharges cargo at a transshipment port, which gets ...
India's April-June balance of payments in deficit for first time in six quarters
MUMBAI (Reuters) - India's overall balance of payments slipped into deficit for the first time in six quarters in April-June on large foreign dollar outflows.
Corrected: India's April-June balance of payments in deficit for first time in six quarters
(Corrects name of the company and the economist in fourth and ninth paragraph)
S&P drops as strong jobs data raise rate hike fears, techs buoy Nasdaq
(Reuters) - The S&P 500 and Dow Industrials dropped on Friday after strong August jobs data raised concerns about the possibility of faster interest rate hikes, but a rebound in chip stocks helped the Nasdaq trade higher.
Fed likely to need to hike rates 'a bit beyond neutral' - Evans
(Reuters) - The Federal Reserve will likely have to raise interest rates past the neutral rate to keep the economy on a sustainable growth path and inflation around target, according to Chicago Federal Reserve Bank President Charles Evans.
US unemployment rate unchanged at 3.9% in August
The US' headline unemployment rate was unchanged at 3.9 per cent in August, a month in which non-farm payrolls in the world's largest economy rose by 201,000, the Labour Department said on Friday.
Sweden's Vattenfall targets German electric vehicle sector
FRANKFURT (Reuters) - Swedish power utility Vattenfall is making a push into the German market for electric vehicle (EV) services and is in talks with carmakers to further its efforts to secure a place among the leading players.
US employment jumps 201,000 in August, jobless rate steady at 3.9 per cent
Pay for American workers saw its biggest bump in nearly a decade last month amid a surprise late-summer hiring spree that offered no sign jobs markets could be cooling, the government reported Friday. The unexpected job gains, which saw jobs sprout up in construction, transportation, wholesale trade, finance and health care, was a shot in the arm for President Donald Trump, who was beset this week by reports his staff had actively sought to undermine him. The US economy added 201,000 new jobs, well above analyst expectations, while the unemployment rate held steady at an already-low 3.9 per cent and wages gained ground on inflation. Ahead of crucial elections in November, the White House -- which had been at pains this week to counter reports of flagging wage growth -- will surely welcome news that average worker pay grew by 2.9 per cent compared to August of last year, the biggest increase since June 2009, and in line with consumer inflation. But the strong gain in pay will also ...
Oil falls as refined products' stocks rise
LONDON (Reuters) - Oil prices fell on Friday as a rise in stocks of refined petroleum products offset a sharp decline in U.S. crude inventories to the lowest level since 2015.
Verizon's media and advertising head Tim Armstrong to leave - WSJ
(Reuters) - Verizon Communications Inc's head of media and advertising business Tim Armstrong is in talks to leave the U.S. wireless carrier, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Extremely sad on campaign to run down electric vehicles: Goyal
Union Minister Piyush Goyal Friday expressed disappointment over some companies running a campaign to run down electric vehicles to promote their hybrid cars in India. Speaking here at the Global Mobility Summit 'MOVE', the minister alleged that the companies promoting hybrid vehicles "want us to settle for the second best". "I am extremely sad that there is a campaign going on to promote hybrid cars in this country and the campaign is trying to run down electric vehicles in order to promote hybrid cars," the minister for coal and railways said. "The sad part is that the campaign is being run by companies which don't make electric cars. To sell their hybrid cars they are willing to compromise with the best. They want us to settle for the second best just (because) they don't make electric cars," he added. Goyal also urged those companies to manufacture electric cars and come to the Indian market if they wanted a share of the pie of the big opportunity in India. "Gone are the days ...
DMK to support Cong's Bharat Bandh call against fuel price hike
Dravida Munnetra Kazhagam (DMK) president MK Stalin on Friday extended his support to the 'Bharat Bandh' called by the Congress on September 10 over rising fuel prices.Tagging Congress president Rahul Gandhi on Twitter, Stalin urged party workers to make it a big success. "DMK will extend complete support to the #BharatBandh call by the Indian National Congress protesting against the BJP government for steep rise in prices of petrol-diesel," the DMK president tweetedHe also wrote, "I urge the people and party cadres to make the bandh on 10th Sept a big success #FuelPriceHike @RahulGandhi."Fuel prices have once again gone up on Friday morning in Delhi and Mumbai, increasing the demand for government intervention among commuters.On the one hand, petrol in New Delhi is being sold 48 paise higher at Rs 79.99 per litre, while the price of diesel has been increased by 52 paise to Rs.72.07 per litre.On the other hand, petrol is being sold at Rs 87.39 per litre and diesel at Rs.76.51 per ...
Numetal can bid for Essar, ArcelorMittal must clear dues: NCLAT
The National Company Law Appellate Tribunal (NCLAT) on Friday ruled that Numetal's second bid for insolvent Essar Steel was eligible, and asked ArcelorMittal to first clear its dues by September 11 to turn eligible.
Nifty settles at 11,589, auto stocks rally
Benchmark Nifty ended higher for the second consecutive session Friday on continued value-buying in auto, metal, energy, media and pharma counters amid a recovery in the rupee. The index ended above the key 11,550-level at 11,589.10, up 52.20 points. Overseas, European shares were mixed while most Asian stocks declined amid ongoing concerns about global trade and emerging markets. The 50-share Nifty settled above the key 11,550-level at 11,589.10, up 52.20 points, or 0.45 per cent. It shuttled between 11,603.00 and 11,484.40 during the session. It saw an intra-day movement of about 118.60 points. The broader mid-cap and small-cap indices also outperformed the benchmark with substantial gains. Meanwhile, PSU bank and financial service counters saw mild selling activity. Among the sectoral indices, Auto rose by 2.20 per cent, followed by Metal 1.86 per cent, Energy 0.85 per cent, Media 0.74 per cent, Pharma 0.74 per cent, Realty 0.64 per cent, FMCG 0.63 per cent, Infra 0.63 per cent, ...
Gold slips as dollar gains after strong U.S. jobs data
LONDON (Reuters) - Gold fell on Friday as the dollar resumed its rally versus a currency basket after stronger than expected payrolls data cemented expectations of a third interest rate increase in September this year.
Essar Steel auction: NCLAT rules Numetal's second bid valid; asks ArcelorMittal to clear dues
The NCLAT Friday ruled that Numetal's Rs 37,000 crore second-round bid for Essar Steel is valid, but asked rival bidder ArcelorMittal to clear Rs 7,000 crore dues of its previously associated firms within three days to qualify for the acquisition. A two-member bench of NCLAT headed by its Chairman Justice S J Mukhopadhaya in a 68-page order asked lenders, who are auctioning Essar Steel to recover over Rs 49,000 crore of unpaid loans, to consider the second round bid of Numetal and mining baron Anil Agarwal-led Vedanta. ArcelorMittal's bid will be considered if it pays dues by September 11. For ArcelorMittal India (AMI), which was the only other bidder besides Numetal in round-1, the NCLAT held that it needs to remove the "stigma of defaulter" attached to it because of its previous 29 per cent stake in Uttam Galva Steel and KSS Petron. The National Company Law Appellate Tribunal held that the first round of bid by Russia's VTB Group-backed Numetal in February was ineligible as the firm
Wall Street opens lower as robust jobs raise rate hike fears
(Reuters) - U.S. stock indexes opened lower on Friday, as strong jobs data highlighted tightening labor market conditions and cemented expectations for the Federal Reserve increasing interest rates.
TN to host global investor meet in Jan to mop up investments
Tamil Nadu is looking to attract investments in 12 sectors including auto, textiles, renewable energy, petrochemicals among others, during its second edition of global investor meet, the state's industries minister MC Sampath said Friday. "Tamil Nadu is going to organise the global investors meet for the second time on January 23 and 24, 2019 in Chennai. We have many competitive strengths and attractive packages like land allotment, good infrastructure support, single window facilitation portal for investment," he said. The state had attracted investments to the tune of Rs 2.42 lakh crore during its first global investors meet in 2015, with 98 MoUs. Of this, it has realised Rs 73,000 crore through 63 projects which are under various stages of implementation. For the second edition, it is looking at surpassing the quantum which it achieved in 2015 and is looking at investments in textiles and apparel, pharmaceuticals and biotech, agro and food processing, aerospace and ...
Indian e-commerce market to cross $100 bn by 2022: Report
The Indian e-commerce market would become worth over $100 billion by the year 2022, with a growth of around 25 per cent from the current level, a report said on Friday.