Page 2666 - Business Finance
Russia's Gazprom to take pause on external debt market
MOSCOW (Reuters) - Gazprom said on Friday it was taking a pause from using some of its debt tools but the Russian gas giant said it had not suspended its loans programme and it still had access to private loans.
Hutchison wins EU antitrust nod for $2.9 billion euro Wind Tre deal
BRUSSELS (Reuters) - CK Hutchison secured EU antitrust approval on Friday for its 2.45 billion euro ($2.9 billion) deal to buy out Veon from their Italian joint venture Wind Tre.
Base effect, lower crude oil production decelerate July core factory output
Unfavourable base effect, along with a contraction in crude oil and natural gas production sequentially decelerated India's eight major industries' output in July 2018.
Rupee suffering from 'low fever', says Mamata
West Bengal Chief Minister Mamata Banerjee today mocked the Centre over rupee's record-breaking slide, saying the Indian currency was suffering from "low fever". In a tweet, she said, "Rupee suffering from low fever. Petrol and diesel prices highest ever. Foreign Exchange Reserves have fallen by $21.84 billion between March end and August 3." "Current Account Deficit is moving up towards 2.8 per cent of GDP," she said. Referring to the GST, the chief minister said the new indirect tax regime resulted in huge losses to West Bengal's revenue. "The unprepared bravado of launching GST has resulted in a massive loss to the state revenue to the tune of Rs 48,178 crore during July 2017 - March 2018. Describing the economic situation as "very dangerous", she added, "Everyone in the country is concerned now. Where we are heading?" The rupee hit a record low of 71 against the US dollar for the first time today, while petrol and diesel prices hit a new high in the four metros.
Chennai Port starts handling very large crude oil carries
: Chennai Port Trust today commenced operations of handling very large crude oil carriers that would reduce time and freight charges of state-owned Indian Oil Corporation, a top official said. CPT Chairman P Raveendran said the very large crude oil tanker M V New Diamond with a Panama flag arrived here from Iraq, marking a significant milestone in the 137-year-old history of the Port. "It is a very significant milestone for us. We are showcasing that a such a large crude carrier can be handled by us. For IOCL and CPCL (Chennai Petroleum Corporation Ltd), handling such large ships at Port Trust will reduce time and freight charges by around 30 per cent", he told reporters. Earlier such large ships had to utilise the services of 'Single Buoy Mooring' (SBM) for supply of crude oil which are located away from the Port, Raveendran said. The M V Diamond is 333 metres long, has a 60 metre beam with a maximum weight tonnage of 2.99 lakh tons. The crude oil it carried was 1.60 ...
Primary aluminium production up 18.2% to 915 KT in Q1: Report
The domestic primary aluminium production has increased by 18.2 per cent to 915 kilo tonne (KT) in April to June quarter on account of better capacity utilisation and addition, a report said today. Production has increased despite the challenges like coal shortage during the monsoon and increase in the prices of furnace oil, Care Ratings said in its report. Consumption of aluminium has also risen by 15.1 per cent to 582 KT during June quarter, on development of smart cities, rural electrification, focus on building renewable energy projects and growth in the transportation segment. On the outlook for the aluminium sector, the rating agency said the country's aluminium demand is set to grow around 5 per cent to 2,200 KT in FY19, driven by the growth in power transmission and the automobile sector. Demand from the building and construction activities is also expected to pick up due to the affordable housing for all programme, whereas demand from the packaging sector is ...
Japan's Renesas says considering buying U.S. chipmaker IDT
TOKYO (Reuters) - Renesas Electronics Corp is considering buying U.S. chipmaker Integrated Device Technology Inc, the Japanese automotive chipmaker said on Friday, as it beefs up its business in chips for self-driving cars and seeks new growth areas.
Malaysia's AirAsia drops joint venture plan to set up base in China
KUALA LUMPUR (Reuters) - AirAsia Bhd, Asia's largest budget airline, said it has dropped plans for a joint venture to establish a low-cost carrier in China, in a setback for its plans to expand in the world's second-biggest aviation market.
GDP growth to exceed 7.5% this fiscal, says Finmin
Enthused by 8.2 per cent GDP growth in the first quarter of 2018-19, the Finance Ministry today expressed the hope that economy may expand at 7.5 per cent in the current fiscal. The country's economy is on steady growth path, Economic Affairs Secretary S C Garg said while commenting on the April-June quarter growth number. The robust performance this quarter gives hope that growth could exceed even estimates 7.5 per cent this fiscal, he said. He also said that the fiscal deficit will not exceed 3.3 per cent of the GDP in 2018-19. On the falling rupee, he said it will soon be in the range of Rs 68-70 against the US dollar. The rupee closed today at record low of 71 to the dollar.
Lakshmi Vilas Bank announces revision in MCLR
With effect from 01 September 2018
Weak rupee, global cues subdue equity indices; energy stocks dip (Roundup)
Caution ahead of key macro-economic data points, along with investors' fears over the rise in global trade protectionist measures subdued the key Indian equity indices on Friday.
Pradhan blames "isolated" American policies for fuel price rise
Union Minister for Petroleum and Natural Gas Dharmendra Pradhan today blamed the "isolated" policies of the US for the "abnormally" rising fuel prices in the international markets. He said the Centre is concerned about the spiralling prices of petrol and diesel and is taking all measures to check them. "Due to the isolated policies of America, the value of currencies across the world has fallen in comparison to the US dollar. India's currency has also been affected and the price of fuel has increased abnormally," he told reporters on the sidelines of a programme here. "Both the factors -- rise in fuel prices and devaluation of rupee -- (which) are affecting the economy of India are external reasons," Pradhan added. Petrol and diesel prices hit an all-time high in four metros across the country today, crossing the previous peak reached on May 29. The prices ranged from Rs 78.52 to Rs 85.93 for petrol and from Rs 70.21 to Rs 74.54 for diesel. Earlier today, the Indian rupee slumped to a
Srinivasan Venkatakrishnan is CEO of Vedanta Resources
Vedanta Resources Plc has appointed Srinivasan Venkatakrishnan as its new chief executive effective today. He will also be a board member and joins from AngloGold Ashanti, the world's largest emerging market gold producer based in Johannesburg-based. He replaces Tom Albanese who was the CEO between 2014 and 2017 and Kuldip Kaura who was the interim CEO. ****************** Force Motors launches monocoque bus * Pune-based Force Motors has launched monocoque bus, Traveller -Monobus, in the 33-41 seating segment. The company claimed that this is the first monocoque bus in the country and is almost 800 kg lighter than comparable models, offering better fuel efficiency. Traveller-Monobus is the only 33/41 seater with monocoque construction offering better structural strength and higher durability. It is also the only vehicle in its class to adopt the sixth generation cathodic electro deposition dip painting process for the whole body, the company said. ***************** ..
Patel Integrated Logistics gets ratings assigned for bank facilities and FD programme
From India Ratings & Research
Rupee sinks to 71-mark on high crude oil, dollar outflows
The rupee today slumped 26 paise to breach the 71 level against the US dollar for the first time in history due to worsening macro environmental factors and heavy month-end dollar demand from importers. The domestic unit settled the day with a loss of 26 paise, or 0.37 per cent at its lifetime low of 71.00 to the dollar. Analysts said the RBI is intervening very selectively to contain volatility while the government seems to be comfortable amid a slide in emerging market currencies. The opposition Congress blamed the "failed" economic policies of the Narendra Modi government for the depreciation of the rupee to a record low. However, a report by SBI said that one should not get too much worried about a "little bit of depreciation" as the currency is still "overvalued". SBI managing director PK Gupta said that the rupee has been faring better than many of its peers, including the Turkish, Argentinean, and Indonesian currencies. An HDFC Bank report forecast the rupee to trade in the ...
Q1 growth validates strong fundamentals of economy, says Debroy
Chairman of Economic Advisory Council to Prime Minister (EAC-PM) Bibek Debroy today said that 8.2 per cent economic growth in the April-June quarter of current fiscal validates that the economic fundamentals of the country remain robust. The Indian economy grew at 8.2 per cent in the first quarter of 2018-19 on good show by manufacturing and farm sectors. Debroy attributed the rise in economic growth to continued impetus on structural reforms and effective implementation of ongoing policy initiatives. "The focus on boosting capital spend in infrastructure sector and multiple initiatives to provide universal access to basic goods and services has not only contributed to this growth but has improved its quality as well... This also validates that the economic fundamentals remain robust," said an official statement, quoting Debroy. He further said that despite an uncertain international environment and volatile crude oil prices, India's sustained growth reflects its strong resilience to .
Argentina on the spot to deliver reforms to stop the peso's fall
BUENOS AIRES/NEW YORK (Reuters) - Investors were looking for signs on Friday that Argentina would unveil a fiscal package austere enough to halt this month's more than 30 percent dive in the local peso currency brought on by jitters over the government's ability to pay its debt next year.
LIC to enter 63rd year of operations tomorrow
National insurer Life Insurance Corporation of India (LIC) is completing 62 years of its incorporation tomorrow. Having begun its journey on September 1, 1956, with an initial capital of Rs 5 crore and an asset base of Rs 352.20 crore, LIC today has assets of over Rs 28.45 trillion with life fund to the tune of Rs 25.84 trillion. From 168 offices in 1956, it today has over 4,826 offices, 1.11 lakh employees, 11.48 lakh agents and 29 crore plus policies in force. With such an asset base, LIC is the biggest financial institution in the country today. In FY18, the insurer's new business grew by 8.12 per cent, taking the total first-year premium to Rs 1,34,551.7 crore as of March 2018, capturing 69.40 per cent of the market share. The share in terms of number of policies stood at 75.67 per cent, garnering over 21 million new policies as of March. LIC is present in 14 countries through branch offices, wholly-owned subsidiaries and joint ventures in Fiji, Mauritius, England, ..
Wall Street opens lower as trade concerns weigh
(Reuters) - U.S. stocks opened lower on Friday for a second day in a row, as concerns about the ongoing trade talks between the United States and other major economies hampered a record rally for the major indexes.
India's GDP growth accelerates to nine-quarters high of 8.2% in Q1 of FY2019
Industrial sector posts double digit growth of 10.3% in Q1 of FY2019