Page 2677 - Business Finance
WPP set to name internal favourite Mark Read as new CEO - source
LONDON (Reuters) - WPP will name its unassuming former digital boss Mark Read as its new chief executive, tasked with turning around the world's largest advertising group in the wake of Martin Sorrell's departure, a city source told Reuters.
RBI approves Kapoor's re-appointed as Yes Bank MD
Private sector lender Yes Bank on Thursday said that the Reserve Bank of India (RBI) has approved the re-appointment of Rana Kapoor as the bank's MD and CEO.
Court quashes Canadian approval of Trans Mountain oil pipeline
WINNIPEG, Manitoba (Reuters) - A Canadian court on Thursday overturned approval of the Trans Mountain oil pipeline expansion, ruling that Ottawa failed to adequately consider aboriginal concerns, in a blow to Prime Minister Justin Trudeau's efforts to balance environmental and economic issues.
Campbell to sell fresh, international units, complete sale an option
NEW YORK/BOSTON (Reuters) - Campbell Soup Co said on Thursday it plans to sell its international and fresh refrigerated-foods units and left open the possibility of putting the whole company up for sale, following a months-long review and pressure from a hedge fund to sell itself outright.
Objective of demonetisation was to help reduce cash transactions: Niti Aayog VC
NITI Aayog vice-chairman Rajiv Kumar on Thursday said that the objective of demonetisation was to help reduce cash transactions.His statement comes a day after the Reserve Bank of India (RBI) report revealed that almost all demonetised notes were returned to banks."Who said that the sole purpose of demonetisation was that less currency should be deposited? Over Rs 3-4 lakh crore have returned to system and are under the scanner of tax authorities. Notices were sent on 18 lakh accounts and probe is underway in lakhs of them," he told ANI."The currency might not have turned from black to white, but at least it has turned to grey. It is still there. Cash transactions have also been reduced. If fear has developed in the nation against cash transactions by wrong means, isn't it an effect of demonetisation?," he added.Yesterday, the RBI in its annual report for the year 2017-18 stated that 99.3 per cent of the demonetised Rs 500 and Rs 1,000 notes have returned to the banking ...
Revenue officers should work to encourage tax payers: President
President Ram Nath Kovind on Thursday said that Indian Revenue Service officers should discharge their duty in a way that it could encourage honest tax payers as the department had primary responsibility of ensuring tax resources to fund different aspects of national development.
Yes Bank gets RBI's nod for Rana Kapoor's reappointment as MD & CEO
Private sector lender Yes Bank today said it has received RBI's approval for the continuance of Rana Kapoor as managing director and CEO of the bank till further notice from the central bank. In June this year, Yes Bank's shareholders had approved the re-appointment of Rana Kapoor as the chief executive and managing director for three years, subject to final approval from the Reserve Bank of India. "We wish to inform you that the Bank has received the RBI's approval that Rana Kapoor may continue as Managing Director & CEO of YES Bank till further notice from RBI," the bank said in a regulatory filing. Shares of the bank had slid in the past few sessions amid pending approval from RBI on Kapoor's re-appointment. The stock declined 1.12 per cent to close at Rs 361.90 on BSE today. Putting speculation to the rest, RBI approved the reappointment of Rana Kapoor as MD and CEO of Yes Bank but did not specify the period. The Bank had sought permission from the RBI for the reappointment of
CIBIL score mandatory for milling govt paddy in Punjab
Rice millers, desirous of milling government paddy in Punjab, should have a CIBIL score not less than 600 and should also submit credit report, according to a new custom milling paddy policy. The decision is aimed to check allotment of government paddy to non-eligible rice millers. Punjab cabinet led by Chief Minister Amarinder Singh today gave nod to the new policy, with the aim of ensuring seamless procurement of paddy from farmers and delivery of rice into the Central Pool from more than 3,710 mills operating in the state. "To strictly check allotment of government paddy to non-eligible parties for the first time ever, the millers would be mandatorily required to submit a certified credit report, along with complete Credit Information Bureau India Limited (CIBIL) report for all their financial transactions from their bankers for this purpose. The miller desirous of doing milling of government paddy should have a CIBIL score not below 600 and CIBIL Micro, Medium and Small ...
Argentine central bank hikes rate to eye-popping 60 percent, peso plunges
BUENOS AIRES (Reuters) - Argentina's central bank yanked its benchmark interest rate up to a dizzying 60 percent on Thursday in a bid to control rampant inflation as the country's currency plummeted 15.8 percent to a record low 40.5 pesos per U.S. dollar.
Japan indicates making further investments in India: Comm Min
Japan has expressed interest to increase investments in India and enhance cooperation in areas including automobiles, energy, cargo aircraft and manufacturing sectors, the commerce ministry said today. Issues to promote trade and investments were discussed during the meeting of Commerce and Industry Minister Suresh Prabhu and Japanese Minister of Economy, Trade & Industry Seko Hiroshige in Singapore. The meeting held on the sidelines of the 6th RCEP Ministerial Meeting. "Japan indicates making further investments in India. Commerce Minister Suresh Prabhu assured to further facilitate single window clearance mechanism to boost investments," the department of commerce said in a series of tweets. The Japanese side also welcomed Prabhu's proposal seeking greater access for Indian nurses and healthcare service providers in Japan. The commerce minister on the other hand assured cooperation of India in supporting Japanese Township Projects in 12 Indian states. Prabhu in his tweet said ...
Adani Wilmar to use recyclable plastic for 1 litre pouch of 'Fortune' edible oil
Adani group firm Adani Wilmar today said it has replaced the packaging of its popular cooking oil brand Fortune to make it completely recyclable. To reduce wastage of plastic, the company said that one litre pouches of Fortune edible oil has been replaced with recyclable packaging nationally. Adani Wilmar claimed that it is the first edible oil company to introduce recyclable packaging of oil pouches in India. The company has an exclusive agreement with Ahmedabad-based Vishakha Polyfab Pvt Ltd (VPPL) to avail 'sole usage rights' of introducing and marketing eco-friendly packaging across the edible oil industry, a company statement said. It has sourced plastic films made of unique formulation of polyethylene (PE) resins from its supplier Vishakha Polyfab, to create sustainable PE laminate solution. Adani Wilmar sources nearly 300 MT of plastic films for packaging per month and a kilogram of film produces about 130 pouches. The estimated count touches nearly 47 crore pouch/litres of oil
HPCL lines up Rs 75,000 crore capex for next five years
The ONGC-run Hindustan Petroleum (HPCL) today said it will invest around Rs 75,000 crore towards capex over the next five years, of which around Rs 8,425 crore will be invested this financial year. Most of the capex will be spent on capacity expansion both in greenfield and brownfield projects, the company chairman and managing director M K Surana told reporters at a post AGM press meet this evening. "We have lined up capex plans of Rs 75,000 crore for the next five years. On an average we have been investing around Rs 6,000 crore per annum in capital expenditure. But during the current fiscal we are investing Rs 8,425 crore as we are coasting along to complete the expansion of our capacities at Vizag and Mumbai refineries at a faster clip," the chairman said. Most of the announced capex will go into the over Rs 43,000 crore new refinery coming up in Rajasthan and the over Rs 22,000 crore expansion of Vizag facility, he said. As to the current year's capital spending, ...
Global Markets: U.S. stocks drop on China trade concerns; Argentine peso roiled
NEW YORK (Reuters) - Gains in U.S. stocks came to a halt on Thursday as concerns rose among investors that the U.S.-Chinese trade dispute will intensify, while economic turmoil in Turkey and Argentina sent those countries' currencies tumbling.
Russia's Gazprom oil arm ups H1 sales by 20% to 319,000 tonnes
Russia's state-owned gas major Gazprom's oil business subsidiary Gazpromneft-Lubricants, announced on Thursday that it had boosted sales of its products to 319,000 tonnes in the first half of 2018, an increase of 20 per cent over the same period last year.
Argentine cenbank hikes rate to eye-popping 60 percent, peso plummets
BUENOS AIRES (Reuters) - Argentina's central bank yanked higher its benchmark interest rate to a dizzying 60 percent on Thursday in a bid to control rampant inflation as the peso currency plummeted 15.6 percent to a record low 39 pesos per U.S. dollar.
U.S. consumer spending, inflation data point to strong economy
WASHINGTON (Reuters) - U.S. consumer spending increased solidly in July, suggesting strong economic growth early in the third quarter, while a measure of underlying inflation hit the Federal Reserve's 2 percent target for the third time this year.
Global Mobility Summit to see some 'policy announcements': Niti vice-chairman
Top government officials and automobile industry leaders are expected to deliberate on future of mobility at the upcoming 'Global Mobility Summit' on September 7-8 here. The summit, which will be inaugurated by Prime Minister Narendra Modi, will see 'some policy announcements' after the event, Niti Aayog vice chairman Rajiv Kumar today said. "It (Global Mobility Summit) will be biggest disruption in the modern society. The Prime Minister says that the mobility should not be an elite activity...there will be some policy announcements after the event," Kumar said while addressing a press conference here. The six themes of the summit are asset utilisation and service, comprehensive electrification, alternative energy, reinventing public transit, logistics and goods transport and data analytics and mobility. "By partnering with organisations working in the mobility space across the country and the globe, we will be better prepared to formulate India's go forward strategy on mobility, and .
Idea and Vodafone's India deal edges closer to completion - source
LONDON (Reuters) - Idea Cellular and Vodafone have cleared the last regulatory hurdle to merge their operations in India, a source told Reuters, opening the way for the creation of a new market leader in the fiercely competitive country.
DHFL to raise Rs 2,000 cr from NCDs
Housing finance firm DHFL today said it plans to raise Rs 2,000 crore through non-convertible debentures (NCDs) to fund business growth. The company proposes to issue secured redeemable NCDs amounting to Rs 1,500 crore plus a Greenshoe option of upto Rs 500 crore on private placement basis, DHFL said in a regulatory filing to stock exchanges. It will carry a coupon rate of 9.27 per cent per annum, it said.
Nigeria stuns MTN with $8.1 billion demand, shares plunge
JOHANNESBURG (Reuters) - MTN Group shares plunged as much as 25 percent to a nine year low on Thursday, a day after Nigeria ordered the telecoms group's Lagos-based business to hand over $8.1 billion that the authorities say was illegally sent abroad.