Page 2682 - Business Finance
Explainer: Auction battle looms for Comcast and Fox as Sky bidding deadline nears
LONDON (Reuters) - Britain's takeover regulator could take the rare step of intervening in the battle between Comcast and Twenty-First Century Fox for Sky next month by staging an auction for the broadcaster to bring the drawn-out bidding war to an end.
Surge in second-quarter profit masks underlying challenges for AirAsia
(Reuters) - AirAsia Group reported a surge in second-quarter net profit on the back of a tax benefit, but operating profit fell sharply as fuel and maintenance costs increased.
OPEC, non-OPEC seek to formalise oil policy coordination - draft charter
DUBAI (Reuters) - OPEC and non-OPEC oil producers will aim to formalise their long-term cooperation later this year by approving a charter that will make possible further joint action on output, according to a draft charter seen by Reuters.
Half of VW models in Germany not compliant with new pollution standard
FRANKFURT (Reuters) - German carmaker Volkswagen said only half of its VW branded passenger car models in Germany are compliant with a new pollution standard, thanks to a much tougher emissions testing regime.
100 Assam post offices to have IPPB services on day 1
The postal authorities of Assam today said the services of the India Post Payments Bank (IPPB) would be available in 26 branches and 100 post offices in the state on the day of its launch on September 1. The IPPB would be launched by Prime Minister Narendra Modi on that day to leverage reach of 1.55 lakh post office branches in the country to provide banking and financial service to people in rural areas. The IPPB service would be available to all the post offices of the state by December 31, Chief Post Master General, Assam Circle, Vishvapavan Pati said. It was aimed at the financial inclusion agenda of the government by removing the barriers for the unbanked and underbanked population, he said. Payments banks can accept deposits of up to Rs 1 lakh per account from individuals and small businesses. The IPPB will be used by government to distribute NREGA wages, subsidies, pension etc. A wide range of products and services such as savings account, current account, money ..
Issue natural calamity notification for 8 more flood-ravaged
The Centre and Reserve Bank today advised Kerala to issue the natural calamity notification for the remaining eight districts at the earliest, with the date of the calamity as July 31, so that banks can act on the decisions taken at the special SLBC meetings held earlier this month and today. The central bank separately also said it has amended the master circular to help open special forex/rupee accounts by authorised dealers to receive remittances to the chief minister's distress relief fund through exchange houses. But the circular underlined that remittances are directly credited to the CM's fund by banks and lenders maintain full details of the remitters. Today's was the second SLBC (state-level banking committee) meeting since the deluge that devastate Kerala and left over 300 dead and destroyed properties, crops, roads and other public infrastructure, an official of Canara Bank, the lead bank for the state, told PTI. The first special SLBC meeting was held in ...
NCLT clears Vodafone-Idea merger: Sources
The National Company Law Tribunal (NCLT) has approved the merger of Vodafone India and Idea Cellular, sources told IANS on Thursday.
Demonetization meant to help crony capitalists: Rahul
Terming the demonetization a "scam", Congress President Rahul Gandhi on Thursday said the primary purpose behind the exercise was to help "15-20 biggest crony capitalists" whose loans have turned into NPAs.
Jet Airways shares fall nearly 2%
Shares of Jet Airways fell nearly 2 per cent today amid reports of I-T department probing a land deal. The scrip declined 1.70 per cent to end at Rs 286.75 on BSE. During the day, it lost 3.47 per cent to Rs 281.55. At NSE, shares of the company dipped 1.54 per cent to end at Rs 286.80. In terms of equity volume, 5.18 lakh shares of the company were traded on BSE and over 63 lakh shares changed hands at NSE during the day. BSE had yesterday sought clarification from Jet Airways with respect to news that I-T dept is probing Jet Airways-Godrej Buildcon land development deal. In a clarification today, Jet Airways said: "We hereby clarify that the company has not received any communication till date from the Income Tax department in this regard." "The company has been regular in making the required disclosures and committed to make appropriate disclosures, in accordance with Regulation 30 of the Listing Regulations of those events/information that have a bearing on the ...
Finmin asks insurer to expedite claims arising out of Kerala floods
The Finance Ministry has instructed all public and private insurance companies to expedite processing and settlement of all claims arising out of floods in Kerala, according to a statement released by the ministry today. Assuring that the Centre would provide all necessary assistance to flood-ravaged Kerala, Minister of State for Finance Pon Radhakrishnan stressed that the Centre is totally sympathetic to the state and the prime minister has asked all ministries to consider various demands of the state, the statement said. "With the allocation of Rs 214 crore during 2018-19 to Kerala, the state government has a total amount of Rs 562.45 crore in the State Disaster Response Fund (SDRF) under its disposal," he said after the State Level Bankers' Committee meeting in Thiruvananthapuram yesterday. Further fund requirement will be decided after the submission of memorandum by the state, he said. The meeting which was also attended by the Department of Financial Services Additional ...
Abercrombie & Fitch misses same-store sales estimates, shares fall
(Reuters) - Abercrombie & Fitch Co missed quarterly same-store sales estimates on Thursday, hurt by lower demand for its namesake line of apparel for teenagers and Hollister brand of surfwear.
Afghanistan aims to double trade with India to $2bn by 2020
Afghanistan is hopeful of doubling bilateral trade to USD 2 billion with India by 2020 and seeks private investments and co-operation in various fields, a senior government official said. "Our bilateral trade with India is USD 1 billion at present and is expected to reach more than USD 2 billion by 2020. We seek private investment and cooperation from India in the field of agriculture, mining, heavy industries, education, healthcare, energy, IT and transportation," the Islamic Republic of Afghanistan's ambassador to India Shaida Mohammad Abdali told reporters here. As part of economic development in war-ravaged country, The United States Agency for International Development (USAID), India and government of Afghanistan announced the second annual "Passage to Prosperity: India-Afghanistan International Trade and Investment Show" which will be held between September 12-15 in Mumbai. More than 600 representatives from Afghanistan, India and international businesses are ...
Household savings in form of cash soared to 7-yr high in post demo year
Financial savings of the household sector in form of cash soared to 7-year high of 2.8 per cent of gross national disposable income (GNDI) in 2017-18, the year following demonetisation, showed a RBI data. Following cash crunch in the aftermath of the November 2016 demonetisation, household savings in form of "currency" had declined by 2 per cent during 2016-17. Household financial saving the most important source of funds for investment in the economy too declined to 6.7 per cent of GNDI in 2016-17, down from 8.1 per cent in 2015-16 (Table II.1.1). However, it rose to 7.1 per cent in 2017-18. As per the RBI data, financial saving of the household sector in form of currency was 1.2 per cent of GNDI in 2011-12, 1.1 per cent in 2012-13, 0.9 per cent in 2013-14. It increased to 1 per cent of GNDI in 2014-15, 1.4 per cent in 2015-16 and declined by 2 per cent in the demonetisation year of 2016-17. The savings in form of deposits had soared to 6.3 per cent of GNDI in the demonetisation ...
Corrected: Oil rises on Iran sanctions, lower U.S. fuel inventories
(Corrects to show fall larger than expected, paragraph 9)
Banks to remain open in September first week
Banks will largely remain open in the first week of September and there will be no impact on the functioning of ATMs, contrary to social media buzz that claimed banks across India will be closed for six days during the week.
Refined palmolein gains on mild demand
Refined palmolein edged up further at the Vashi oils and oilseeds wholesale market here today on mild demand from retailers. While, castor seeds bold and castor oil commercial dropped owing to reduced demand from soap and shippers industries. Meanwhile, groundnut oil and linseed oil continued to rule steady in absence of any large-scale buying activity. In the edible segment, refined palmolein inched up by a rupee per 10 kg to Rs 671 from Wednesday's closing level of Rs 670 and groundnut oil closed unchanged at Rs 890 per 10 kg. Moving to non-edible section, castor seeds bold declined by Rs 20 to Rs 4,525 per 100 kg as against Rs 4,545 and castor oil commercial eased by Rs 4 to Rs 935 per 10 kg from Rs 939. Linseed oil ended unaltered to Rs 950 per 10 kg.
Exporters facing uncertainty due to rupee depreciation: FIEO
Exporters are facing uncertainty due to a continuous depreciation of the domestic currency as they are not able to negotiate properly prices of goods in the global markets, FIEO today said. Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said that with fluctuation in rupee value, global buyers start asking for review of contracts. "Exporters are facing uncertainty due to this. They are unable to hedge as they do not know where the rupee value would go tomorrow," Gupta said. He added that only 20 per cent exporters make profits due to the depreciation as they do not indulge in hedging practices and 80 per cent do not get any benefit. He expressed hope that the rupee would stabilise at 67-68 in the coming days. Continuing its free-fall, the rupee today weakened by another 23 paise against the dollar to trade at a life-time low of 70.82 on strong month-end demand for the US currency amid sustained foreign fund outflows. CII Director General Chandrajit ...
Rupee slides further by 15p to end at fresh lifetime low of 70.74 to dollar
The rupee today slid further by 15 paise to close at a fresh lifetime low of 70.74 to the dollar due to month-end demand for the US currency from importers and rising crude oil prices. In the day trade, the rupee plunged to a record low of 70.90 to the dollar as firming oil prices fanned fears of widening current account deficit. A stronger dollar in overseas markets and losses in local stocks markets also impacted the rupee sentiment. The dollar index, which shows the dollar strength against a basket of currencies, was trading up 0.11 per cent at 94.56. Earlier the rupee resumed lower at 70.64 against the previous closing level of 70.59 a dollar at the interbank foreign exchange market here. Later it fell to a record low of 70.90 in volatile trade in morning deals. The rupee pared some of the losses to trade near 70.69 in afternoon deals but slid in the last hour of trade to close at 70.74, a fall of 15 paise or 0.21 per cent against the US currency. The domestic unit came under ...
Zinc, lead rise in a listless trade
Zinc and lead prices rose further in an otherwise listless non-ferrous metals market here today on stockists' buying amid mild demand from consumer industries. While, select copper and brass sheet cutting slipped due to subdued offtake from industrial users. Zinc rose by Rs 2 per kg to Rs 216 from Wednesday's closing level of Rs 214. Lead edged-up by a rupee per kg to Rs 159. However, copper utensils scrap fell by Rs 3 to Rs 418 per kg from Rs 421. Brass sheet cutting moved down by Rs 2 to Rs 351 per kg as against Rs 353, yesterday. Copper armature and copper sheet cuttings softened by a rupee per kg each to Rs 447 and Rs 444, respectively.
India Has Potential To Be Among Top Three Global Economies In Coming 10-20 Years
India has potential to be among top three economies of the world in the next 10-20 years, according to Arun Jaitley, Union Minister of Finance and Corporate Affairs. This year, by sheer size, we have overtaken France. Next year, we expect to overtake the size of the Britain's economy and will become the 5th largest economy in the world, he noted while inaugurating the new office building of Competition Commission of India (CCI) in Delhi. Other economies in the world are growing at much lesser rate and India has the potential to be among top three economies of the world in the next 10-20 years, Jaitley added.