Page 2637 - Business Finance
U.S. construction spending rises slightly in July
WASHINGTON, Sept 4 (Reuters) - U.S. construction spending barely rose in July as increases in homebuilding and investment in public projects were overshadowed by a sharp drop in private nonresidential outlays.
Carney says he is ready to stay longer at Bank of England
LONDON (Reuters) - Bank of England Governor Mark Carney said on Tuesday he was ready to extend his time in charge of the central bank to help Britain's economy as it leaves the European Union.
Weak rupee, oil prices depress equity indices; TCS m-cap over Rs 8 lakh cr (Roundup)
Broadly negative global cues such as high crude oil prices and concerns over escalation in global protectionist measures coupled with a weak rupee depressed the Indian equity markets on Tuesday.
Outcome of Board meeting of Trans Financial Resources
Held on 04 September 2018
Wall Street kicks off September trading on a sombre note
(Reuters) - U.S. stocks opened lower on Tuesday, the first trading day in September, as declines in heavyweights such as Nike and Facebook added to worries over trade negotiations between United States and other major economies.
Delhi Cabinet approves 50% subsidy for using eco-friendly tandoors
In a bid to reduce greenhouse gas emissions, the Delhi Cabinet on Tuesday approved a 50 per cent subsidy for hotels and restaurants that use eco-friendly fuel instead of coal in clay ovens. The meeting, chaired by Chief Minister Arvind Kejriwal, also decided that a subsidy of up to Rs 1 lakh would be given to industries that switch to piped natural gas (PNG). It approved the Department of Environment's proposal to provide subsidy to restaurants, banquet halls and hotels for replacing or converting their coal-based tandoors with electricity or gas-based ovens. A 50 per cent subsidy or a maximum of Rs 5000 per tandoor would be given for switching to such eco-friendly ovens from April 1 next year, the Cabinet said in a statement. The Cabinet noted that it was also decided to incentivise industrial units that switch from polluting fuels to PNG, following several meetings with Indraprastha Gas Limited (IGL) and industrial associations. A grant of Rs 50,000 to small industries and Rs ...
SC assures NBCC for funds to complete 46,575 flats of Amrapali Group, favours forensic audit
The Supreme Court Tuesday assured state-run NBCC of funds to complete 46,575 flats of crisis-hit Amrapali Group at an estimated cost of Rs 8,500 crores and favoured forensic audit of balance sheets of the private realtor to assess the extent of siphoning of funds by them. The top court observed it appears that a "big scandal is taking place in the name of real estate business" and termed it as a "big serious fraud" committed on the homebuyers. The court asked the Amrapali Group to cooperate with the auditors or face sealing of its premises and forensic audit of accounts of all entities including directors, their wives and daughters. As the National Buildings Construction Corporation India Ltd (NBCC) gave a proposal for completion of 15 residential projects having 46,575 flats at an estimated cost of Rs 8,500 crores in 6-36 months, a bench of Justices Arun Mishra and U U Lalit said the court will try to reach the persons responsible for the fraud and retrieve each and every money ...
Qatar Airways puts on hold plans for setting up airline in India; awaits clarity on FDI norms
Qatar Airways will wait for "another 12 months" to decide on setting up an airline in India as it seeks clarity on "ambiguous" foreign ownership norms, its chief Akbar Al Baker said Tuesday. The comments come less than three months after Al Baker said that the Gulf carrier would soon be moving an application to launch a full-service airline in India for domestic operations. Al Baker, who has been Qatar Airways' Group Chief Executive Officer for over two decades, said that the rule of allowing foreign entity to own up to 100 per cent stake in Indian carriers is not very clear. "What we are given to understand is that a foreign airline cannot own 100 per cent but a foreigner can. I don't know what is the difference between a foreigner and an airline," he said. Speaking at a select media round table here, he said that if Qatar Investment Authority (QIA) owns 51 per cent and Qatar Airways has 49 per cent in an airline that is not allowed. "It is very ambiguous. Really the rule is not ...
Havells India to fortify consumer biz with water purifiers
Fast moving electrical goods major, Havells India was seeking to fortify its consumer business with recently introduced water purifiers and was expecting a sale of Rs 500 crore in the next four to five years, a senior company official said Tuesday. Purifier will be a small business compared to the company's total consumer businesses of around Rs 4000 crore and out of the combined revenue of about Rs 8250 crore as on March 2018. Water purifier business was expected to do a Rs 100 crore sales in the current fiscal, but in the long run opportunity would be immense, Havells India VP and head water purifiers, Shashank Shrivastav said. "In the next four to five years we are looking at 10 per cent marketshare of the organised water purifier sector worth Rs 5000 crore," he said. Shrivastav claimed that top players in the water purifiers were compromising on quality. He however, did not provide any evidence to his claims. He said market is gradually realising importance of PH ...
Corrected: Wall Street kicks off September trading on a sombre note
(Reuters) - U.S. stocks opened lower on Tuesday, the first trading day in September, as declines in heavyweights such as Nike and Facebook added to worries over trade negotiations between United States and other major economies.
EU aims at deal on digital tax by year end: document
BRUSSELS (Reuters) - European Union finance ministers will this week discuss proposals to adopt a tax on companies' digital turnover by the end of the year, a document prepared by the Austrian presidency of the bloc said.
CCD, Afoozo bid for operating India Coffee Houses
The government-run Coffee Board said Tuesday private players Cafe Coffee Day (CCD) and Afoozo have bid for running its 15 India Coffee Houses (ICHs) across the country under a franchise agreement. The iconic India Coffee House has a rich history of eight decades with the first outlet been established in 1936. "Not everyone can afford to go to Starbucks everyday. Where is the place where you and I can go to have coffee where I don't have to pay Rs 200 for a cup of coffee. "We are in the process of revamping India Coffee Houses. We will sell coffee at Rs 30 a cup," Coffee Board CEO and Secretary Srivatsa Krishna told PTI. Stating that the IHCs are in a "very bad shape", Krishna said that the outlets will now be revamped on the likes of India Habitat Centre and India International Centre located in the national capital. "We have invited bids. CCD and Mumbai-based food company Afoozo have come forward. We will give our outlets for one time fee per annum. The licence will be given for a ...
Experts call for protecting national critical infra entities from cyber attacks on priority
With new dimension of privacy and compliance coming to the fore, cybersecurity experts Tuesday emphasised on initiating steps to protect organisations of national critical infrastructure, including capital market eco-system, from possible online attacks. Global and local cybersecurity practitioners discussed and analysed the ramifications of the possible cybersecurity attacks on the financial and capital markets eco-system, and emphasised on building the required resilience in the National Critical Infrastructure (NCI) organisations in the overall capital market segment, to help combat and withstand them. The experts were speaking at NSE Future Tech 2018 event here. Collective and well-collaborated effort by strongly interlinked capital market eco-systems -- comprising of exchange platforms, trading, depository and clearing members -- and striking a fine balance in financial costs to successfully thwart them, in an era of data privacy and compliance, have emerged as the key twin ...
Oil prices jump as Gulf of Mexico rigs evacuated
LONDON (Reuters) - Oil prices rose on Tuesday after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane.
Argentina starts talks with IMF to speed up standby loan
BUENOS AIRES (Reuters) - Argentine officials were in Washington on Tuesday for crunch talks with the International Monetary Fund about accelerating cash disbursements under a $50 billion standby deal aimed at shoring up confidence in the country's ailing finances.
NCAER biz confidence index dips 12.9 pc in July over April
The NCAER's business confidence index (N-BCI) fell by 12.9 per cent in July over April this year on a quarter-on-quarter basis on account of worsening of business sentiments across various segments. The decline in the N-BCI on a year-on-year basis works out to be 15.9 per cent, the National Council of Applied Economic Research (NCAER) said in a statement. NCAER's 105th Round of the Business Expectations Survey (BES) showed that the index fell by 12.9 per cent in July over April 2018 on a quarter-on-quarter basis, it said. "Although the worsening of business sentiments is broad-based across the various components, the magnitude of the decline varied across sectors. The consumer goods sectors (including both durables and non-durables) showed moderate declines as compared to the other sectors. The BCIs of the capital goods and services sectors declined by as much as 18 per cent and 15.8 per cent, respectively," it said. Elaborating further, the NCAER said a significant deterioration ...
Domestic mining, construction equipment industry to clock up to 20% growth in 2018: ICRA
The domestic mining and construction equipment industry is estimated to grow by up to 20 per cent in 2018, supported largely by government-backed projects, rating agency ICRA said Tuesday. "The Indian mining and construction equipment (MCE) industry is expected to report another year of strong performance in calendar year (CY2018) and is estimated to grow by 17-20 per cent," it said in a statement. As per ICRA report, available trends show that the demand for excavators and backhoes, which account for over 65 per cent of industry volumes, grew by 35-40 per cent during first half of 2018. "There was a strong pick-up in national highway (NH) work awards by the Government of India during Q4 FY2018, with an all-time high of 17,055 kms being awarded during FY2018. This follows a relatively muted road project awards until December 2017 (4,163 kms YTD Dec-17)," Pavethra Ponniah, Vice President, Corporate Sector ratings, ICRA said. These project awards are likely to support MCE demand over ..
IT stocks gain up to 3 pc on tumbling rupee
IT stocks gained up to 3 per cent Tuesday amid a weaker rupee, which is largely seen as a positive indication for export-oriented sectors. Shares of HCL Technologies surged 2.68 per cent, Infosys rose by 2.64 per cent, Tech Mahindra by 2.16 per cent, TCS 1.86 per cent, Mindtree 1.75 per cent and Wipro 1.42 per cent on the BSE. The BSE IT index ended 1.93 per cent higher at 15,753.65. Shares of Infosys also traded ex-bonus Tuesday. The Indian rupee crashed to a fresh record low of 71.58 against the US dollar. The 30-share BSE key index fell by 154.60 points to end at 38,157.92.
Rupee tanks 37paise to land up at fresh lifetime low of 71.58 against dollar
The rupee crumbled by a staggering 37 paise to end at a fresh lifetime low of 71.58 against the resurgent dollar Tuesday as persistent trade worries and macro concerns continue to proliferate. The rupee stretched its record fall for the fifth-straight session even as the RBI remained mostly on the sidelines, currency market participants said. The rupee opened lower at 71.24 from the previous close of 71.21 at the inter-bank foreign exchange (forex) market. Showing some initial resistant to the hardening dollar upsurge, the local unit bounced back to hit a session high of 71.09 briefly before resuming its downtrend. After witnessing wide swings, it finally ended at its historic low level of 71.58, revealing a sharp loss of 37 paise or 0.52 per cent. The domestic currency has been under pressure in recent past with deluge of headlines covering from a range of fundamental concerns against the grim backdrop of surging global crude prices and sustained capital outflows. The ballooning of .