Page 2660 - Business Finance

Nick Jonas' father in deep debt

A Real Estate company of Paul Jonas, father of American singer Nick Jonas and future father-in-law of actress Priyanka Chopra, has over $1 million in debt, including a $268k judgement from a case his company lost.

GST collection slides below Rs 94,000 crore

Revenue collection under the Goods and Services Tax (GST) dropped to Rs 93,960 crore in August as against Rs 96,483 crore collected in July.

Penalty clause spurs filing of IT returns within deadline

A total of Rs 5.42 crore income tax returns (ITRs) were filed till the end of extended August 31 deadline this year showing an improvement of around 71 per cent over returns filed during the same period last year, the government said on Saturday.

Auto companies witness mixed trend in August

Automobile majors Maruti Suzuki India and Hyundai Saturday reported fall in domestic passenger vehicles sales in August, with floods in Kerala affecting demand for automobiles, although homegrown firms Tata Motors and Mahindra & Mahindra saw healthy growth. Maruti Suzuki India said its domestic passenger vehicle (PV) sales were down 2.8 per cent at 1,47,700 units last month as against 1,52,000 units in the year ago month. While the company's sales of mini cars comprising Alto and WagonR were at 35,895 units as compared to 35,428 units in August last year, up 1.3 per cent, the compact segment, including models such as Swift, Celerio, Ignis, Baleno and Dzire, were down 3.6 per cent at 71,364 units as against 74,012 units in August last year. Sales of utility vehicles, including Vitara Brezza, S-Cross and Ertiga, were down 16.2 per cent at 17,971 units in August as compared to 21,442 units in the year-ago month, MSI said. Rival Hyundai Motor India Limited (HMIL) also saw its domestic

Congress left the nation's economy on a landmine: Modi

Congress has left the nation's economy on a land mine said, Prime Minister Narendra Modi, during the launch of India Post Payments Bank (IPPB) in New Delhi on Saturday.Talking about Non-performing Assets (NPA) and bank loans sanctioned to big defaulters, Prime Minister Narendra Modi said, "Before 2014, every rich person requiring loan would get it easily by making some influential people call the banks. Millions and billions worth of loan has been given in this way. This phone banking facility of Congress and its influential people had harmed nation much. Bank officials were also appointed by these very people hence the banks never declined their approach. Despite knowing well that loaned money would not return, the banks still gave such loans. The people, who were involved in this scam, knew well that they will be caught. Hence the data of such loans was never recorded honestly and the nation was misled".Speaking further on the issue, he added, "When we came to power we asked banks ..

India, Singapore launch next round of free trade agreement review

India and Singapore Saturday launched the next round of review for their existing free trade agreement with a view to further boost bilateral trade and investments between the countries, the commerce ministry said. The free trade agreement, officially dubbed as the Comprehensive Economic Cooperation Agreement (CECA), came into force in 2005. In a FTA review, two trading partners normally discuss ways to further relax norms and rules to promote trade and investments. The review round was launched by Commerce and Industry Suresh Prabhu and Minister of Trade Relations of Singapore S Iswaran. "The launch of the review signals further deepening of business, economic and trade collaboration between the two countries," the ministry said in a statement. Singapore is the second largest trading partner of India within ASEAN and India is the largest trading partner of Singapore in South Asia, with a bilateral trade of USD 17.7 billion in 2017-18. Prabhu, who was in Singapore, also participated .

Modi launches scathing attack on Congress, blames 'phone-a-loan' for NPA crisis

Prime Minister Narendra Modi Saturday launched a blistering attack on the Congress for leaving the economy on a 'landmine' by its indiscriminate lending, saying loans were handed out to select businessmen after phone calls were made by 'namdars' (dynasts). He blamed 'phone-a-loan' scam of the previous UPA regime where money was lent by banks to select rich businessmen close to a particular family for mounting non-performing assets (NPA) or bad loans but vowed to recover every penny from defaulters. None of the twelve biggest defaulters, who between them account for over Rs 1.75 lakh crore of NPAs, were given loan by the present government, Modi said at the launch of payments bank of the Indian postal department. He said while the previous UPA government hid the bad loans, his government has properly recognised them and brought tough laws to deal with defaults and recovery money. The Prime Minister said the country was cheated when the last government put such loan amount at Rs 2-2.5 ..

Vistara eyes re-negotiating contracts, tech to optimise costs

Full service airline Vistara is looking at re-negotiation of contracts and technologies to optimise cost, a senior airline official said Saturday amid the aviation industry grappling with tough business conditions. The airline, which expects to start international operations this year, will fly its 22nd aircraft from September 5. "We are not immune to the external operating environment... we are looking at how we can maximise our revenues," Vistara CEO Leslie Thng told reporters here. Faced with high fuel costs and intense competition, the domestic aviation sector is facing challenging times, which is also impacting the profitability of local carriers. He noted that the airline is also looking at activities in terms of reducing expenditure. "Our larger aircraft size, including what we will be bringing in the next couple of years, will give us the avenue to re-negotiate some of the contracts we have," he said. According to him, the carrier has taken steps to re-negotiate some of the ...

71% surge in ITR filed till Aug 31: Centre

The Centre on Saturday said the filing of income tax returns (ITR) till August 31 saw an upsurge of 71 per cent, compared to the corresponding period in the preceding year.The total number of ITRs filed online up to August 31 was 5.42 crore, as against 3.17 crore up to August 31 last year, marking an increase of 70.86 per cent. Almost 34.95 lakh returns were uploaded on August 31 itself, an official release from the Ministry of Finance noted."A remarkable increase is seen in the number of ITRs in 2 categories, that is, ITRs filed by salaried Individuals (ITR-1& 2) as also those availing the benefit of the Presumptive Taxation Scheme(ITR-4)," the release read.The total number of e-returns of salaried Individual taxpayers filed till August 31 increased to 3.37 crore from 2.19 crore returns filed during the corresponding period of 2017, registering an increase of 1.18 crore returns, thus highlighting a growth of almost 54 percent.With regards to the number of returns e-filed by ...

Jonas Brothers are doing well but their dad's company isn't

The Jonas Brothers are doing great but apparently their father is facing some serious financial problems. Paul Jonas' company just filed for bankruptcy.According to legal documents, Paul's New Jersey construction and real estate company has got into a debt of over USD 1 million, including a USD 268K judgment from a case his company had lost, reported TMZ.In order to arrange the cash, Paul plans to sell off some of the company's property. But, now the question arises, will Papa Jonas get bailed out with the help of his successful sons?The Jonas Brothers had sold millions of records globally before the band broke up in 2013, and the trio has continued building their portfolios on their own.Nick reportedly has a net worth of USD 25 million. He has made most of his money as a solo artist, but he has also got a budding acting career and was recently seen in the 'Jumanji' remake.Joe is said to have a net worth of USD 18 million and just listed his luxury farmhouse in Sherman Oaks for USD ...

Out of Sorrell's shadow, Mark Read poised for top job at ad giant WPP

LONDON (Reuters) - The unassuming Mark Read will embark on the unenviable role of running WPP this week, tasked with reshaping a group at the centre of seismic industry change following the departure of the world's most high profile advertising boss Martin Sorrell.

Turkey hikes gas and power prices by as much as 14 percent as lira crisis deepens

ANKARA (Reuters) - Turkey raised natural gas prices on Saturday by as much as 14 percent, two sources said, while the energy regulator announced a similar increase in electricity costs as a deepening currency crisis stokes inflation.

Tough operating conditions not to impact international foray: Vistara

Full service carrier Vistara on Saturday said that the tough operating conditions -- high jet fuel prices along with a weak rupee -- will not impact plans to launch international operations slated for the end of 2018.

China says will curb 'haphazard and redundant' auto investment

TIANJIN, China (Reuters) - China will strictly prevent 'haphazard investment and redundant development' in the automobile industry, an official from the state planning agency said on Saturday, apparently referring to proposed rules on automakers' investments in new capacity.

When policies are correct, results follow: Modi

Prime Minister Narendra Modi on Saturday said 8.2 per cent growth registered by the country's economy is proof that when the policies are correct and the intention is clear, positive outcomes follow.

PM launches India Post Payments Bank aimed at financial inclusion

Prime Minister Narendra Modi on Saturday launched India Post Payments Bank (IPPB) aimed at strengthening financial inclusion by taking banking services to the unbanked rural areas across the country.

TKM launches enhanced Innova Crysta, Touring Sport, Fortuner

Toyota Kirloskar Motor (TKM) Saturday announced the launch of the enhanced version of the Innova Crysta, Touring Sport and the Fortuner. While Innova Crysta is available in the price range of Rs 14,65,000 and Rs 22,01,000, ex-showroom Delhi, Innova Touring Sport will be available in the price range of Rs 18,59,000 and Rs 23,06,000, ex-showroom Delhi, the company said in a release. Fortuner is available in the price range of Rs 27,27,000 and Rs 32,97,000 ex-showroom Delhi. TKM has sold over 1,81,000 units of Innova Crysta since its launch in 2016 and sold over 1,41,000 units of Fortuner since its launch in 2009. TKM Deputy Managing Director N Raja said, "Ever since its launch in India way back in 2005, the Innova has maintained a leadership position and is often referred to as a segment creator being the most preferred MPVs in the country with a current segment share of over 40 per cent." The company has registered a strong demand with cumulative sales of over 52,000 ...

ICBC elects Chiranjiv Patel as Chairman of Gujarat Regional Council

Indo Canadian Business Chamber (ICBC) has announced election of Chiranjiv Patel as Chairman of Gujarat Regional Council for 2018-2019.Chiranjiv is known for his immense leadership quality and providing the mentoring platform for start-up and students. He is the MD of P C Snehal Group of companies and founder trustee of karma foundation. Moreover he is also global committee member for Entrepreneurs' Organization and part of so many other government organizations as well.With his vision and mission "Giving back to the Society" he is trying hard to meet the opportunity and providing platforms to young generations by sharing his knowledge and experiences."I feel very privileged and honored to be the chairman of Gujarat Regional Council for ICBC. This new horizon will give some innovative rays of opportunities to the India and Canada business people from different Industry as well," said Chiranjiv on his appointment.ICBC is India based organisation working for the economic growth and the ..

HAL gets a new chairman

India's aerospace giant Hindustan Aeronautics Limited (HAL) on Saturday appointed R Madhavan as its Chairman and Managing Director for five years. The 56-year-old has replaced T. Suvarna Raju.Prior to this, Madhavan was heading the Accessories Division of HAL at Lucknow as an Executive Director.Speaking about his future course of action, Madhavan said, "Maintaining the numero uno position of the HAL in aerospace industry while delivering world-class products and services through increased indigenisation would be my key focus areas."Madhavan also added that he will now work towards uplifting the company in the aerospace industry. "Partnership, collaboration and support of all the stakeholders are the key for HAL's success in future," he added.Madhav is a Mechanical Engineer and obtained his degree from the National Institute of Technology, Raipur. He also completed his M.Tech from the Indian Institute of Technology, Madras.Interestingly, he joined the HAL as a management trainee in ...

Uttarakhand to attract Rs 200 bn in upcoming investors' summit: CM Rawat

Uttarakhand is expected to attract investments worth around Rs 20000 crore after the forthcoming investors summit to be held here next month, Chief Minister Trivendra SinghRawat said today. Talking to reporters here after holding a slew of roadshows in Bengaluru, Ahmedabad, Mumbai and Delhi to stimulate interest among business and industry leaders for the summit, Rawat said there was a "huge interest" to invest in the hill-state. "Everyone wants to come to the Himalayas. It was evident in the enthusiasm with which the trade and business leaders and people from the film industry responded to our invitation to participate in the summit," Rawat said. Asked to specify an amount, he said investments worth around Rs 20000 crore in different sectors were expected to come to the state after the summit. Apart from Reliance Industries Chairman Mukesh Ambani who has given an assurance to expand his operations in the state and evinced interest to invest in telecommunications, hospitality and .