Page 2651 - Business Finance
Anti-money laundering pact with Cyprus to boost investment cross-flows: Kovind
An anti-money laundering memorandum of understanding (MoU) signed between India and Cyprus will help boost investment cross-flows between the two countries, President Ram Nath Kovind said here on Monday.
India, Cyprus ink 2 MoUs as Kovind meets Cypriot counterpart
India and Cyprus signed two agreements on combating money laundering and cooperation in the field of environment on Monday as President Ram Nath Kovind met his Cypriot counterpart Nicos Anastasiades and held wide-ranging talks here. President Kovind is in Cyprus on the first leg of his three-nation visit to Europe to continue India's high-level engagements with European countries. Kovind and Anastasiades exchanged views on economic cooperation during their talks. India happens to be the fastest growing major economy in the world today with a growth rate of 8.2 per cent last quarter, the President said. "In this context and given Cyprus' niche expertise in financial services and investment banking, both of us agreed that there was much scope to deepen our investment partnership," Kovind said in a statement. "We welcomed the signing of the MoU between Financial Intelligence Unit, India and Unit for Combating Money Laundering of Cyprus. "This agreement would further strengthen the ...
Domestic ECB Funding Up 74% Over Year In July 2018
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U.S. police investigate JD.com CEO over sexual misconduct accusation
BEIJING/NEW YORK (Reuters) - The CEO of Chinese e-commerce giant JD.com Inc, Richard Liu, was arrested by U.S. police on suspicion of criminal sexual conduct and later released in what police said was an ongoing investigation.
Market drops as pivotals slide
Key benchmark indices logged sharp losses led by slide in index heavyweights ITC, ICICI Bank and Hindustan Unilever. The barometer index, the S&P BSE Sensex, was down 332.55 points or 0.86% at 38,312.52, as per the provisional closing data. The Nifty 50 index was down 110.40 points or 0.95% at 11,570.10, as per the provisional closing data. Negative global cues weighed on the domestic bourses.
Anil Agarwal succeeds with Vedanta Resources buyout
(Reuters) - Vedanta Resources' Chairman Anil Agarwal will take the London-listed miner private on Oct. 1, his family trust said on Monday, a step seen by some in the industry as a prelude to a potentially broader deal with bigger miner Anglo American.
Richard Liu, high-flying CEO of JD.com, has fostered 'clean' reputation
BEIJING/SHANGHAI (Reuters) - Richard Liu, founder and chief executive of JD.com, has kept tight control of the business as he takes aim at the likes of Amazon.com, but faces a battle on a new front after being arrested in the United States following an accusation of sexual misconduct.
China Market falls on renewed Sino-U.S. trade tensions
Shares of transportation sector declined after an official at China's state planner said on the weekend that China would strictly prevent haphazard investment and redundant development in the automobile industry.
Hong Kong Market falls on trade worries
Shares of automakers declined after China Automobile Dealers Association (CADA) said inventories level of auto dealers in August hit 52.2%, higher than the alarming level for eight months in a row. Geely Automobile (00175) dipped 4.4% to HK$15.94. Great Wall Motor (02333) plunged 6.6% to HK$4.51. Dongfeng Motor (00489) slid 4.6% to HK$8.37. Brilliance China Automotive (01114) plunged 7.1% to HK$11.56. BAIC Motor (01958) declined 5.5% to hK$6.24. GAC Group (02238) dived 6.1% to HK$8.
Balkrishna Industries Ltd leads losers in 'A' group
Adani Enterprises Ltd, Adani Transmission Ltd, Coffee Day Enterprises Ltd and Bajaj Finance Ltd are among the other losers in the BSE's 'A' group today, 03 September 2018.
Global Markets: Stocks slip for third day as trade, emerging market worries nag
LONDON (Reuters) - Global stock markets fell for a third straight day on Monday, hurt by worries over the escalation of trade disputes between world powers and a deepening sell-off across emerging market currencies.
Marico aims up to 10% volume growth, healthy market share gains in 5 yrs
Home-grown FMCG firm Marico is expecting a volume growth of 8 to 10 per cent and double-digit constant currency growth in international business over the next 3 to 5 years on account of strategic investments, a top company official has said. The company is also looking at achieving a healthy market share gains as it plans to focus on strengthening its core portfolio, driving premiumisation in value added hair oils and expanding portfolio in the existing and new markets. In addition to that, Marico has also plans for strategic investments in its core foreign markets such as -- Bangladesh, Vietnam, Middle East and North Africa and South Africa, coupled with expansion in adjacent markets. "The company is aiming for 8-10 per cent volume growth over the medium term (3 to 5 years), coupled with healthy market share gains," Marico CFO Vivek Karve told PTI. He further said that Marico "will focus on strengthening the core portfolio... creating new engines of growth with portfolio expansion in
Japan Stocks fall 0.7%
Shares of exporters such as automakers and tech companies were lower, due to yen appreciation against greenback. Among major exporters, Toyota Motor Corp lost 1.64% to 6,816 yen and Honda was off 1.09% at 3,256 yen. Industrial robots maker Fanuc fell 2% to 21,345 yen and construction machine maker Komatsu closed down 0.60% at 3,142 yen.
Zodiac-JRD-MKJ Ltd leads losers in 'B' group
Maan Aluminium Ltd, Simbhaoli Sugars Ltd, Cubex Tubings Ltd and Delta Magnets Ltd are among the other losers in the BSE's 'B' group today, 03 September 2018.
Mahindra launches 'Marazzo' at Rs 9.99 lakh
Home-grown auto major Mahindra & Mahindra (M&M) today launched its new utility passenger vehicle Marazzo at a starting price of Rs 9.99 lakh, which will compete with segment leader Toyota Innova Crysta. The vehicle has been developed from engineering collaboration between Mahindra Automotive North America (MANA), Detroit and Mahindra Research Valley (MRV) Chennai, and designed by Pininfarina, Italy and Mahindra Design Studio in Mumbai, according to M&M executive chairman Anand Mahindra. "We have launched globally developed Marazzo for the Indian market," Mahindra told reporters here. The company has spent around USD 200 million to develop this product, he said, adding it hopes to launch more luxury vehicles in collaboration with MANA, MRV and Pininfarina in the future. The new vehicle will be manufactured at the company's Nashik facility, and besides Innova Crysta, will also be competing with other brands in the segment such as forthcoming second-gen Maruti ..
Indian consumer sentiment moderates in Aug after interest rate hike: Report
Consumer sentiment in India moderated in August, as rise in interest rates, appears to have dented optimism in the housing market and also had a negative impact on personal finances, says a report. The GICI (Genesis India Consumer Indicator) - a monthly indicator tracking consumer sentiment pan India across personal finances, business conditions and buying conditions - fell to 61.71 in August from the record high of 62.44 seen in July. A result above 50 indicates respondents are optimistic while a reading below 50 indicates that pessimists outweigh optimists. "Consumer sentiment remains buoyant despite the small fall seen in August. Buying conditions around consumer durables and especially autos remain very buoyant with few signs of cooling in the short-term," said Chief Economist of GMMR, Philip Uglow. Genesis Management and Market Research (GMMR) compiles GICI index. Four out of the five components that comprise the GICI decreased between July and August, with only a bounce-back in .
UK factories feel pinch from global economy as export orders fall
LONDON (Reuters) - British manufacturers had their weakest month in over two years and export orders suffered a rare decline in August, a warning that a world economic slowdown, as well as the approach of Brexit, is weighing on the country's factories, a survey showed.
Rupee depreciation not always leads to export growth: EEPC
Contrary to popular belief that rupee depreciation helps exporters, currency volatility not always brings benefits for the fraternity, EEPC India said Monday. "Our view has been that it is a stable currency that helps exporters, providing them with predictability of dealing with the buyers. Any fluctuation and volatility on either side does not help," EEPC India chairman Ravi Sehgal said in a release. Engineering Export Promotion Council of India (EEPC) said the country's engineering export growth shrunk to single digit at 9.4 per cent in July, from sharp increases in the previous few months even as the rupee was depreciating against the US dollar during the month. It was a demonstration that a stronger dollar is not the only growth driver and does not always lead to export momentum, EEPC India said in an internal study recently. "Rupee depreciated more in July (6.56 per cent) as compared to June (5.19 per cent). But did exports grow at a higher rate and was there a ...
Techie quits high-paying job, begins firm to take nation far
: Pursuing her dream of making the country the sourcing hub for sustainable textiles, budding entrepreneur Jyothirmayi Dakkumalla quit a high-paying job and and set up a firm which is now aiming at Rs 25-crore revenue by 2020. Hailing from a middle-class family in Andhra Pradesh, she joined a top IT major as junior executive soon after getting a degree in electrical and electronics engineering. However, her desire to achieve more in life made her quit and pursue postgraduation in MBA at IIM-Lucknow. Soon after, she accepted a job at another top IT major at an annual salary package of Rs 21 lakh. But the entrepreneur in Jyothirmayi was yearning for more, so she bid adieu to this job too. Now in her late 20s, she said it was one of the toughest decisions in life (to quit the job) to pursue the dream of setting up her own company. "It was tough. My family was disappointed and advised me to continue in the IT job. After six months of discussions with them, I went ahead and ..
Australia Market falls 0.14%
Shares of materials and resources declined on renewed trade tensions between the world's two biggest economies, the US and China. Fortescue Metals fell 4.2% to A$3.68 while BHP Billiton shares closed 0.5% lower at A$33.03 and Rio Tinto fell 1.4% to A$71.76.