Page 2639 - Business Finance
Sebi begins recruitment drive for 120 officers
Capital markets watchdog Sebi is planning to hire as many as 120 officers to beef up its resources for faster and more effective execution of regulatory work. Currently, the regulator has nearly 800 employees including deputation and contract. In a public notice, Sebi has invited applications for the post of officer Grade A (Assistant Manager) for streams like general, legal, information technology and engineering. It plans to recruit 84 officers in general stream, followed by legal (18), information technology (8) and five each in civil engineering and electrical engineering streams. Securities and Exchange Board of India (Sebi) would select the officers through a written examination followed by an interview. The regulator is hiring these officers as part of its plans to beef up the headcount for faster and more effective execution of newly granted powers. Formed by the government in 1988, Sebi was given statutory powers after passage of the Sebi Act in 1992 after the Harshad Mehta ..
Qatar Airways awaits clarity on FDI norms, to wait one year before deciding on India venture
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 Baker said that the Gulf carrier would soon be moving an application to launch a full-service airline in India for domestic operations. 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 clear," ..
Govt policies imposing 'excessive costs' on airlines in India: IATA chief
Government policies are imposing "excessive costs" on airlines in India and infrastructure constraints are limiting growth, IATA chief Alexandre de Junica said Tuesday even as he projected the country's aviation sector to register 500 million passengers by 2037. Flagging various concerns about the Indian aviation sector, which is one of the fastest growing in the world, he said levying the Goods and Services Tax (GST) on international air tickets violates ICAO principles. The head of the IATA, a grouping of more than 280 airlines, also said the steep rise in fuel prices and fall in the rupee value are putting "acute pressure on profits" of airlines. Air India, Jet Airways and Vistara are also IATA members. In India, infrastructure constraints limit growth while government policies impose excessive costs, he added. "If we can comprehensively fix jet fuel and infrastructure issues, India will be primed to take a giant step forward in the world of aviation," he said at a conference ...
Sony India aims 30-35pc India revenue from premium segment
Electronics giant Sony India on Tuesday said it expects the share of revenue from the premium segment to rise 30-35 per cent over the next two to three years. "Premium products' share of sales would be 20-25 per cent now for Sony India and this should rise to 30-35 per cent in a couple of years... say in 2-3 years," Sony India Managing Director Sunil Nayyar said here today on the sidelines of unveiling the company's festive offerings here. Nayyar, the first Indian to head the company operations in the country, said he is hopeful that all product categories will show signs of robust growth, including audio and digital imaging businesses, besides the staple television category, which tops the India revenue with 60-65 per cent share. He said Sony India is trying to raise the premium image, but at the same time, attempting to make such products affordable for consumers. "We are partnering with companies that offer financing schemes to make purchases more affordable," Sony ..
Tesco recruits dealmaker to board as non-executive director
LONDON (Reuters) - Britain's biggest retailer Tesco has beefed-up its dealmaking expertise with the appointment of a former Bain Capital and Goldman Sachs executive to its board.
Lumax Cornaglia opens R&D centre in Pune
Lumax Cornaglia Auto Technologies on Tuesday inaugurated its R&D centre in Pune to design various products, including air intake systems and automotive tanks, to cater to BS VI compliant vehicles. The company is a 50:50 joint venture between Lumax Auto Technologies and Italy's Cornaglia Group. The R&D centre will host experienced designers from Cornaglia as well as indigenous designers servicing the Indian domestic market, Lumax Auto said in a statement. The targeted product line for the R&D centre is air intake systems, urea tanks, CAC ducts and other blow moulded parts, it added. "Setting up of the R&D centre is another step in the right direction. At the onset of BS VI norms, we anticipate the surge for the products such as air intake systems, fuel tanks, etc," Lumax Auto Managing Director Anmol Jain said. The company along with its partners is dedicated to capturing the market opportunity and servicing the OEMs' needs by staying ahead of the curve, he added. "The ..
Tata Capital's lending arm to raise up to Rs 7,500 cr via NCDs
Tata Capital's flagship lending arm, Tata Capital Financial Services, Tuesday said it will raise up to Rs 7,500 crore in its maiden non-convertible debenture (NCD) sale. The bond issue by the non-bank lender involves raising Rs 2,000 crore through the issue of three, five and 10-year paper, while the Tata group-company can retain oversubscriptions of Rs 5,500 crore more. The company, which finances consumer loans and small businesses, is offering a coupon rate of between 8.70 per cent and 9.10 per cent depending on the investor class and tenor, it said. Applications need to be in multiple of Rs 1,000 and the minimum subscription amount has been set at Rs 10,000. The money raised through the issue, which will open on September 10, will be primarily used for on-lending to business. The bond sale has dedicated allotments to institutional buyers, corporates, high net individuals and retail investors. Tata Capital's managing director and chief executive officer, Rajiv ...
Mauritius committed to implement FATF recommendations
Mauritius said Tuesday it is fully committed to implementing recommendations of the Financial Action Task Force (FATF), amid reports that a Sebi panel wants tighter rules for foreign investors coming from non-FATF countries. Mauritius is a member of the Eastern and Southern African Anti Money Laundering Group (ESAAMLG) which was launched in 1999 and the ESAAMLG is also an associate member of the FATF since June 2010. The FATF is an inter-governmental policy-making body that was set-up in 1989 to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. It has 37 members, including India. "By signing the memorandum of understanding of the ESAAMLG in 1999, Mauritius endorsed the FATF recommendations and committed itself to implement these recommendations," said Faraz Rojid, the head of Financial Services at the Economic Development ...
Duty-paid gold imports drop 31.56 pc in Apr-July: MMTC-PAMP
The duty-paid gold imports into India, the world's second biggest buyer of the precious metal, declined by 31.56 per cent to 168 tonnes during the April-July period of this fiscal due to sluggish demand, according to gold and silver refiner MMTC-PAMP. The country had imported 245.5 tonnes of gold, comprising 158 tonnes of bullion and 87.5 tonnes of dore (gold containing raw material), in the same period during the 2017-18 fiscal. At present, the customs duty on bullion is 10 per cent, while dore attracts 9.35 per cent import duty. "Duty-paid gold imports comprise of bullion and dore form. The imports have declined as there has been shift in demand from gold to the stock market," MMTC-PAMP Managing Director Rajesh Khosla told PTI. Of 168 tonnes of gold imported during April-July period of this fiscal, bullion comprised 70 tonnes and dore 98 tonnes, he said. "The refiners are contributing a lot more to meet the gold requirement. Of 98 tonnes of dore, the MMTC-PAMP imported 48 tonnes and
UK finance minister will set out budget timing in 'usual way': May's spokesman
LONDON (Reuters) - British finance minister Philip Hammond will set out the timing for his next budget in "the usual way", a spokesman for Prime Minister Theresa May said on Tuesday after a newspaper reported that his fiscal statement would come early.
Prudential launches consumer-direct insurance, investing service
NEWARK, N.J. (Reuters) - Prudential is going straight to consumers with its insurance and investment products for the first time in its 143-year history, a move that follows rivals and startups which are already well established in the field.
Nifty September 2018 futures at steep premium
Turnover on NSE's F&O segment spurts
CEO of Pakistan's national airline steps down on order of top court
ISLAMABAD (Reuters) - The chief executive of Pakistan's loss-making national airline on Tuesday stepped down on the order of the Supreme Court, which has ruled his appointment was made in violation of the rules and regulations.
Hong Kong Market falls on trade worries
U.S. President Donald Trump has said he is ready to implement new tariffs on Chinese imports as soon as a public comment period on the plan ends on Thursday, which would be a major escalation after Washington already applied tariffs on $50 billion of exports from China.
FPIs turn net buyers
Net inflow of Rs 1405.98 crore on 3 September 2018
Chinese minister hails ease of doing business in Jharkhand
During a meeting with the visiting Jharkhand delegation headed by Chief Minister Raghubar Das, China's International department minister Sondh Thao Tuesday commended ease of doing business in the state which has a lot of potential for investment. Thao said that though Jharkhand is a new state its growth rate is 8.2 per cent which is highly appreciable. "The investment environment in Jharkhand, its growth rate, ease of doing business and the business environment are commendable," Thao, the Minister of International Department of Communist Party of China was quoated as saying by an official release issued here. The Chinese minister said that there is a lot of potential for investment in Jharkhand. The Jharkhand delegation under Das is on a five-day tour of China starting September 1 to obtain information about latest technology. Thao said that the population of both the countries is 256 billion, which is almost one-third of the world's population and presently holds 21 per
Lockheed to build F-16 wings in India with Tata
NEW DELHI (Reuters) - Lockheed Martin will build wings for its F-16 combat plane in India with its local partner, Tata Advanced Systems Limited, an executive at the U.S. company said on Tuesday.
China Market rises 1.1%
U.S. President Donald Trump has said he is ready to implement new tariffs on Chinese imports as soon as a public comment period on the plan ends on Thursday, which would be a major escalation after Washington already applied tariffs on $50 billion of exports from China.
Quick Wrap: Nifty PSU Bank Index registers a drop of 3.55%
Powered by Capital Market - Live News
Rupee may decline further: SBI report
The rupee may fall further against the US dollar, prompting the Reserve Bank to adopt "orthodox" monetary policy like hike in interest rate to check depreciation of the domestic currency, an SBI report said Tuesday. The rupee Tuesday slumped 16 paise against the American unit to trade at a life-time low of 71.37 on strong demand for the dollar. In its research report 'Ecowrap', SBI said given the "inefficacy" of sterilised intervention, RBI may follow a relatively hands off policy in forex market for now. "The rupee has now depreciated by 6.2 per cent since June 2018 when RBI started hiking rates. Even as the decline is in consonance with strengthening of the dollar, we believe it may continue further," the report said. It noted that there has been a spate of RBI communications in recent times which have perhaps gone unnoticed by the market. For example, in August Monthly Bulletin and also in RBI Annual Report, there is a detailed discussion on the costs of continued RBI intervention .