Page 2636 - Business Finance
Fuel prices rise for 10th consecutive day
The prices of petrol and diesel, already at unprecedented levels in the country, rose for the 10th consecutive day on Tuesday, even as analysts said the dual impact of rising oil prices and depreciating rupee increases regulatory risks for state-run oil and gas firms.
Wall Street slips as internet stocks, Nike weigh
(Reuters) - U.S. stocks were lower on Tuesday, with declines in Facebook, internet stocks and Nike leading to a bumpy start to September, as investors also grappled with rising trade uncertainties.
India's airlines suffering double whammy: IATA
India's passenger carriers are suffering from a "double whammy" of a steep rise in fuel costs and a decline in the Indian rupee's value, global airlines association IATA said on Tuesday.
Delhi metro daily ridership 32% less than projected in 2018: CSE
The Delhi Metro has received nearly 32 per cent less than the number of daily passengers it had hoped to serve this year, according to a study by the Centre of Science and Environment. The research and advocacy group attributed fare hike as the reason behind the sudden drop in ridership, approximately by 4.2 lakh passengers in 2018 as compared to the previous year. While the average daily ridership projections made by Delhi Metro Rail Corporation (DMRC) in 2016 stood at around 40 lakh for this year, it has been only around 27 lakh -- 31.66 per cent less than the projections, the study said. This, say CSE experts, "is symptomatic of the lack of overall policy for pricing of all transport services and a lack of strategy for funding of these systems and increasing ridership". Individual metro and bus systems are struggling to recover costs and retain and improve ridership, in the absence of any strategy to address the issues, the organisation noted on the first day of the two-day CSE ...
Amazon hits $1 trillion market value milestone
(Reuters) - Amazon.com Inc on Tuesday became the second U.S. company to reach $1 trillion in stock market value, just weeks after Apple Inc hit the same milestone on Aug. 2.
JD.com shares fall after CEO's arrest and release
SHANGHAI/BENGALURU (Reuters) - Chinese retailer JD.com Inc's stock fell as much as 7 percent on Tuesday, hitting an 18-month low after the company's chief executive officer was arrested in the United States on suspicion of criminal sexual conduct and later released.
No changes April 10 Sebi circular; NRIs allowed to invest up to 5% in any security: Govt
Seeking to assuage foreign investors, the government said Tuesday there were no changes in the April 10 Sebi circular and overseas Indians would continue to be allowed to invest up to 5 per cent in any security under current regulations. Economic Affairs Secretary S C Garg asserted that capital markets regulator Sebi last month extended the deadline of the circular until December and wondered that why there was much ado about the proposed guidelines. Sebi also said that it was "preposterous and highly irresponsible" to claim that USD 75 billion will move out of India because of the April 10 regulatory move. Stock markets fell for the fifth straight session Tuesday on sustained capital outflows by foreign funds after an investor lobby group AMRI flagged Monday the new Sebi KYC norms, if not amended, could lead to outflows of USD 75 billion from India, hurting the rupee and equities. Speaking with reporters here, Garg said, "April 10 circular has been put off to December. There is ...
Applications for in-flight connectivity to be invited in October: Official
The roadmap for in-flight mobile connectivity in India is ready and the Department of Telecommunications (DoT) is expected to invite applications for service license of the same in October, an official said here on Tuesday.
Air fares in India cheaper than auto-rickshaw ride: Minister
India's domestic air fares per km basis are cheaper than even an auto-rickshaw ride, Union Minister Jayant Sinha said on Tuesday.
Wow Air appoints Kiran Jain as India MD
Iceland's low fare transatlantic airline Wow Air Tuesday said it has appointed Kiran Jain as its managing director for India. Jain, an aviation veteran moves to Wow Air, which is set to commence its operations in the country from December, joined the company last month, a release said. Prior to her appointment at Wow Air, Jain was working with AirAsia India, where she was holding the position of director for commercial and government relations. Besides, she has also worked as the head of airline marketing at GMR group-run Delhi International Airport (DIAL), the release said. "Kiran has great versatile work experience in the Indian market which I am sure will benefit and strengthen our presence in India," said Skli Mogensen, founder and chief executive officer, Wow Air. The airline will start operations from New Delhi from December 7, with five direct flights a week to Keflavik airport in Iceland connecting multiple destinations in North America and Europe.
Telenor Norway head leaves after failing to agree new role
OSLO (Reuters) - The head of Telenor's Norwegian business is leaving the group after failing to agree a new role as the company looks to develop potential new leaders in the face of a rapidly changing global telecoms market.
U.S. factory activity races to 14-year high in August
WASHINGTON (Reuters) - U.S. manufacturing activity accelerated to more than a 14-year high in August, boosted by a surge in new orders, but growing concerns over rising raw material costs as a result of import tariffs could restrain further growth.
Lockheed Martin to manufacture F-16 wings in India
Aerospace major Lockheed Martin plans to produce the wings of its F-16 fighter aircraft in India.
Healthians looks to raise $15-20 mn via VC funding
Yuvraj Singh-backed online diagnostic startup Healthians Tuesday said it is looking to raise USD 15-20 million through venture capital funding to expand business in the country and overseas markets. The company had raised Series A funding in 2016 through investors from Singapore, Japan and YouWeCan Ventures of cricketer Yuvraj Singh. "To fund our expansion plans, we are talking to venture capitalist to raise around USD 15-20 million this year in Series B funding," Healthians chief executive officer Deepak Sahni told PTI. The funds will be used for expansion, building technology to automate lab operations and creating products to monitor and manage customers' health using data, he said. The company which started operations in 2015, has a presence in Delhi-NCR and Punjab markets at present. It is now looking to expand in 20 more cities in the country including Mumbai, Mysuru, Bangaluru and a few cities in Gujarat, and in overseas markets in South East Asia, Africa and ...
Kerala floods: SBI, staff donate Rs 10 crore to CM relief fund
State Bank of India and its employees have donated Rs 10 crore in the Chief Minister's Distress Relief Fund in the flood-ravaged Kerala, said the country's largest lender in a statement on Tuesday. State Bank of India Managing Director (Retail and Digital Banking) Parveen Kumar Gupta handed over a cheque of Rs 8 crore to E P Jayarajan, Minister in-charge of Chief Minister's Distress Relief Fund (CMDRF). "This includes Rs 5 crore raised by the employees of SBI collectively and a further contribution of Rs 3 crore by the bank, to make the total contribution amount to Rs 10 crore in the CMDRF, including the initial contribution of Rs 2 crore to CMDRF," the release said. The bank has 1,245 branches and 3,243 ATMs in the state. As per the release, over 15,000 employees of the bank across the state voluntarily undertook on-the-ground relief measures by providing basic supplies like food and grain, medicines, drinking water, clothes, to the affected people. The bank has managed to normalise .
Rupee touches 71.56 against US dollar
The Indian rupee on Tuesday further declined to a record low of 71.56 against the US dollar.The rupee witnessed a drop of 44 paise as compared to its decline on Monday.Meanwhile, BSE's Sensex was recorded at 38,157.92, while Nifty traded at 11,520.30.Yesterday, Sensex rose by 103.61 points to 38,748.68, while Nifty traded marginally above 11,700 at 11,709.65.
Lockheed Martin, Tata to build F-16 wings in India
Lockheed Martin Corp. on Tuesday announced its agreement to commence production of F-16 wings in India.This strategic initiative positions Tata Advanced Systems Limited's (TASL) to become the provider of wings for all future customers and strengthens their role in the F-16 global supply chain. TASL is Lockheed Martin's strategic industry partner in India.Producing F-16 wings in India will strengthen Lockheed Martin's strategic partnership with Tata and support 'Make in India'. The planned F-16 wing production move to India is not contingent on the Government of India selecting the F-16 for the Indian Air Force."Building F-16 wings in India is a natural next step that builds on our successful partnerships with Tata on the C-130J [airlifter] and S-92 [helicopter]," said Vivek Lall, Vice President of Strategy and Business Development for Lockheed Martin Aeronautics."This is a strategic business decision that reflects the value of our partnerships with India and the confidence we have in .
Congress to launch nationwide stir over rising fuel prices
The Congress is planning to launch a nationwide agitation along with other parties on the rising fuel prices and falling rupee, accusing the BJP-led coalition government of unleashing "economic terror on the nation."
Wall Street drops as tech stocks, Nike weigh
(Reuters) - U.S. stocks tumbled on Tuesday as a drop in heavyweights Facebook and Nike added to worries over trade negotiations between the United States and other major economies.
U.S. regulators extend comment period for proposed 'Volcker Rule' rewrite
WASHINGTON (Reuters) - U.S. regulators said on Tuesday they will giving the public an extra 30 days to comment on a proposed rewrite of the "Volcker Rule" banning proprietary trading by banks.