Page 2647 - Business Finance
Andhra to adopt Alibaba's cloud-computing frameworks for governance
The Andhra Pradesh Economic Development Board (APEDB) has signed a Memorandum of Understanding (MoU) with Alibaba Cloud to adopt cloud computing frameworks within the government model.
Brazil court overturns ban on weed-killer glyphosate
BRASÍLIA (Reuters) - A Brazilian court on Monday overturned an injunction banning products containing the popular weed-killer glyphosate, knocking down a previous ruling that had been set to disrupt the soy planting season set to begin this month.
Petrol price would soon touch Rs 100 as also the rupee against
Andhra Pradesh Chief Minister N Chandrababu Naidu Monday said price of petrol would soon touch Rs 100 a litre as also the rupee against the US dollar. "Whatever (economic) growth that's happening now is because of India's strength. It's not because of the NDA government's greatness. It would have grown even better if there is any other government," Chandrababu remarked. Responding to questions at the press conference here, the Chief Minister said demonetisation was a 'big failure' because of which people were still suffering. "The economy has collapsed. The economy has suffered a set back for over one and a half years. In fact, growth has stalled under NDA and it may even fall," he observed. Blaming the 'faulty' policies of the NDA government for the current (sorry) state of affairs, naidu said, "Petrol will soon cost Rs 100. They are going to hit a century. And, the rupee will also touch the century mark. You can then buy petrol paying a dollar." Petrol and diesel prices
SBI, LIC Housing offer concessional home loan for flood-affected Kerala
SBI, LIC Housing Finance and Muthoot Home Monday offered loans at concessional rate for repairing and renovation of homes to help people in flood-affected Kerala. State Bank of India (SBI) said it will offer the special term loan at 8.45 per cent for borrowings up to Rs 10 lakh for repair and renovation of homes for flood-affected victims in Kerala. The bank will levy no processing fee on such loans. The special rate will be applicable for home loan applications for repair and renovation submitted on or before November 30, 2018, SBI said. LIC Housing Finance will offer loans up to Rs 15 lakh at a concessional rate of 8.5 per cent under Kerala Flood Scheme. Under the scheme loan up to Rs 15 lakhs will be extended for properties located in the flood affected areas of Kerala for the purpose of reconstruction, repair, renovation or up-gradation of dwelling units, LIC Housing Finance said in a statement. Customers can apply for loan till October 31. Also as a relief for its existing ...
Argentina to tax grain exports, slash ministries to balance budget
BUENOS AIRES (Reuters) - Argentina unveiled plans on Monday to raise export taxes on grains and slash the number of government ministries in a bid to balance its budget next year, as President Mauricio Macri seeks a deal with the IMF to accelerate a $50 billion loan program.
Fuel price hike: TN petroleum dealers monitoring situation
With fuel prices touching new levels Monday, petroleum dealers in Tamil Nadu said they were closely monitoring the situation. "We too are concerned. We have no choice but to follow the order of oil marketing companies on dynamic pricing. In the last three days, the price of petrol increased by Re 1," Tamil Nadu Petroleum Dealers Association Vice President Suresh Kumar told PTI. "The situation is precarious," he said. Petrol and diesel prices in the country climbed to their highest levels due to dramatic fall in rupee and sharp rise in crude oil rates. In Chennai, petrol costs Rs 82.41 per litre, while the diesel price is Rs 75.21 per litre. Kumar also opined that use of private vehicles may decline and people may opt for public transport for commuting if the fuel prices continue to increase. Meanwhile, DMK President M K Stalin flayed the Centre and State governments, saying the fuel prices were "unconscionable." In a statement here, he sought to know whether it was right
Sebi's income rises 25% to Rs 752 cr in FY17
Capital markets regulator Sebi witnessed its total income rise by 25 per cent to Rs 752.48 crore in 2016-17, mainly due to increase in fees and subscription income. As per the annual accounts of Sebi, the total expenditure of the regulator also rose to Rs 387 crore in 2016-17, from about Rs 374 crore in the previous fiscal. The other administrative expenses increased from Rs 78 crore to Rs 103 crore, however, the establishment expenses dropped from Rs 264 crore to Rs 253 crore. The regulator's fee income rose from Rs 391 crore to Rs 519 crore, while earning from investments increased to Rs 200 crore over Rs 186 crore. Overall, the markets watchdog's total income increased to Rs 752.48 crore in 2016-17 from Rs 601.67 crore in the preceding fiscal, indicating a growth of 25 per cent. The fee income included income from annual fees or subscription, listing fees contribution from stock exchanges, income from registration, renewal and application. Formed by the government in 1988, the ...
Operating conditions improve at a slower pace in August : Nikkei India Manufacturing PMI
Nikkei India Manufacturing PMI registered at 51.7 in August from 52.3 in July
ACEU seeks rethink on Air India's Nariman Point building sale
Air Corporation Employees Union (ACEU) has urged Air India management to reconsider its plans to sell the iconic Air India Tower at city's tony Nariman Point neighbourhood. Instead, it has suggested that secured loans should be availed against the building, which can be utilised for retiring high-cost working capital borrowings. The government has started discussions for the sale of the 23-storeyed tower as part of efforts to raise funds for the cash-strapped national carrier. The building, which was the Air India's headquarters till February 2013 before it was vacated as part of the airline's asset-monetisation plans, is considered a primary property. "Air India buildings is an iconic building and holds a great pride...we are being informed that to overcome the difficult situation, Air India building is for sale. "We would like to inform you that the building generates around Rs 90 crore revenues annually (by way of lease rentals) and has further potential to generate ..
SBI announces special loan for repair, renovation of homes in Kerala
State Bank of India (SBI) Monday announced special term loan for repairing and renovation of homes to help people in the flood-affected Kerala. Under this scheme, the bank offers loan of up to Rs 10 lakh at a reduced interest rate of 8.45 per cent per annum along with waiver of processing fee, SBI said in a statement. "The special rate will be applicable for home loan applications for repair and renovation submitted on or before November 30, 2018," it said. There has been unprecedented damage of property in the State of Kerala during flood and the need of the hour is to repair and renovate residences to bring numerous lives to normalcy, it said. To meet this crucial requirement SBI has customize this loan offering for urgent requirement of funds by the people of Kerala at minimal charges, it added.
Iran currency hits all-time low against dollar
The Iranian rial hit another all-time low against the US dollar today in spite of central bank efforts to stem the decline. The rial has lost around 15 per cent of its value on the open market in the past three days, bottoming at 128,500 to the dollar by today evening, according to Bonbast.com, which monitors Iran's rates. The drop followed a speech by central bank governor Abdolnaser Hemmati on Saturday, in which he announced tighter restrictions on allocating foreign exchange reserves, said financial journalist Maziar Motamedi. "Hemmati said that he wishes to be much more careful in allocating foreign currencies at government rates, signalling a potential forthcoming shortage of hard currency," he told AFP. The rial has lost 70 per cent of its value in the past year, primarily due to increased hostility from the United States and its withdrawal from the 2015 nuclear deal in May. Official statements have done little to calm the markets. Hemmati, who took over in August after his ...
Right infra at right time needed to meet India's aviation demand: IATA
The right type of infrastructure at the right time and at the right place will help in meeting the demand in the Indian aviation sector, according to IATA. The global grouping of airlines also said that India is poised to become the third largest aviation market in the next 10 years. The International Air Transport Association (IATA) said that asthe world's largest democracy with a population of more than 1.3 billion citizens, India has considerable potential for furtheraviation growth. India's domestic aviation sector has been registering a double-digit growth for more than two years and is also one of the fastest growing in the world. "Weexpect India to overtake Germany, Japan, Spain, and the UK within the next 10 years to become the world's third largest air passenger market," the grouping said in a report. The IATA noted that the growth would bedriven bya trebling in the proportion of middle-class households over the next 20 years, among other factors. The challenges include ...
Oil prices higher as U.S. sanctions limit Iran exports
LONDON (Reuters) - Oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November, but gains were limited by higher supply from OPEC and the United States.
Gold halts 2-day rise, sheds Rs 65 on lower demand
After rising for two days, gold prices weakened by Rs 65 to Rs 30,185 per 10 gram at the bullion market today on easing demand by local jewellers. Silver prices, too, lost Rs 225 to Rs 36,910 per kg due to reduced offtake by industrial units and coin makers. Standard gold (99.5 per cent purity) fell by Rs 65 to end at Rs 30,185 per 10 gram from last Friday's level of Rs 30,250. Pure gold (99.9 per cent purity) also eased by the same margin to close at Rs 30,335 per 10 gram against Rs 30,400 previously. Silver (.999 fineness) slipped by Rs 225 to conclude at Rs 36,910 as against Rs 37,135 previously. Globally, gold prices steadied as the dollar held near a one-week high on worries over an escalation in trade conflicts between the United States and its trading partners. Spot gold was mostly unchanged at USD 1,200.47 an ounce in an early trade. Spot silver was steady at USD 14.48 an ounce, after earlier falling to its lowest in more than two weeks at USD 14.37.
Odisha allots land for 38 investment projects
The Odisha government Monday approved allotment of land to 38 investment projects worth Rs 50,819 lakh with employment potential of 4,479 persons, an official said. An High level Land Allotment Committee chaired by Chief Secretary A P Padhi gave the nod for land allotment to the 38 investment proposals, the official said. A total of around 71 acre land was allotted in industrial estates of Khurdha, Chhatabar, Analapatna, Deras, Mancheswar, Rasulgarh, Andharua, Janala and Bhagabanpur to 38 units. These units are in sectors like vegetable and oil refinery, instant pasta, vermicelli and sweet potato, manufacturing of boats, launches, barges, tugs, chemical tanks machine conveners, seeds processing, manufacturing of garments, packaged drinking water, etc, they said. The chief secretary directed officials to ensure that 100 per cent of the land allotted is utilized in the industrial works for which it is given. Padhi asked the investors to make recruitment from Odisha more ..
Shell plans opening 1,200 retail stations in India in 10 years
Shell Companies in India Chairman Nitin Prasad said Monday the company plans to open 1,200 retail stations across India in the next ten years. Terming it as one of the "most largest expansions" ever planned by Shell, he said "each one of those stations can easily accommodate about 100 workers. Simply put, one lakh jobs will get created..." These retail stations, in turn, will trigger several other jobs in terms of infrastructure building to supply those stations with fuel and retail products, he said. "The infrastructure creation for supplying fuels and lubricant products to these retail stations could easily generate thousands of jobs," Prasad told PTI here at an event organised by the company here. Right now, the company has probably crossed putting up 120 retail stations across India and have acquired land for another 150, which are under-construction, Prasad said. Initial stages of the decade, the company plans to open 150 to 200 retail stations, but slow it down at .
Gold edges lower as trade tensions continue to weigh
LONDON (Reuters) - Gold prices eased slightly on Monday as the dollar held near a one-week high on worries over an escalation in trade conflicts between the United States and its trading partners.
Weak global cues subdue equity indices; Sensex down over 300 points (Roundup)
Weak global cues along with a slowdown in the manufacturing sector plunged the key Indian equity indices nearly 1 per cent on Monday after the indices started the day's trade on a sharply higher note.
Vectus Industries, Milltec Machinery get Sebi go-ahead for IPO
Vectus Industries, a water storage and piping solutions provider, and agro-processing equipment maker Milltec Machinery have received markets regulator Sebi's approval to raise Rs 1,000 crore through initial share-sale. With this, the total number of companies getting Sebi's nod to float an initial public offer (IPO) has reached 44 so far this year. Vectus Industries and Milltec Machinery had filed their respective draft papers with markets regulator in June and July, seeking its approval to launch initial share-sale. As per the latest update available with the Securities and Exchange Board of India (Sebi), Vectus Industries has obtained the regulator's "observations" on August 31, while Milltec Machinery has received it on August 30. Sebi's "Observations" are necessary for any company to launch public issues, including initial public offer (IPO), follow-on public offer (FPO) and rights issue. According to merchant banking sources, the both IPO is expected to fetch Rs 500 crore ...
J'khand govt to help farmers who approach it via co-operatives
The Jharkhand government would fully support the farmers who would approach it through agricultural co-operative societies, Chief Minister Raghubar Das said Monday. Cooperative societies would provide them the opportunity to use modern agricultural technology and their profit from agriculture produce would increase, Das said in tweets from China. After visiting a farmers' cooperative society in China's Shunyi, he said the peasants there are producing good agriculture produce through such societies. Farmers in Jharkhand also can benefit through Cooperative Society in agriculture, Das said. The chief minister is on a 5-day visit to China to obtain information about latest technology. Several ministers and officials are accompanying him.