Page 2691 - Business Finance
US trade panel blocks tariffs on Canada newsprint imports
A US trade panel today blocked tariffs imposed on Canadian newsprint imports which drew sharp protests because of their impact on struggling American newspapers. The International Trade Commission, a quasi-judicial panel that reviews tariff measures, said in a statement that newsprint or "uncoated groundwood paper" imported from Canada "does not injure US industry." The decision, which is subject to appeal, means the preliminary tariffs of up to 30 percent imposed earlier this year by the Commerce Department are cancelled and money collected will be refunded. The tariffs were imposed in response to a complaint by a single US paper mill, which alleged that subsidized imports from Canada hurt American industry. But the US paper industry's trade organization failed to back the complaint, and the tariffs drew sharp criticism from newspaper publishers, lawmakers and others. David Chavern, president and chief executive of the News Media Alliance which includes some 2,000 news organizations,
Note ban a 'farce', meant to fool people: Maha LoP Munde
The NCP dubbed demonetisation as a "farce" today which was meant to "fool" the people on a day the RBI said that 99.3 per cent of the scrapped currencies have returned to the banking system. According to the apex bank, of Rs 15.41 lakh crore--in denominations of Rs 500 and Rs 1,000--that were in circulation on November 8, 2016, when the note ban was announced, Rs 15.31 lakh crore have been returned to the banking system. This meant that only Rs 10,720 crore of the junked currency failed to return to the system. Demonetisation of higher value currencies was announced by Prime Minister Narendra Modi. "The RBI report has proved that demonetisation decision was a farce, meant to fool people. If 99.3 per cent of the demonetised notes have returned to the banking system, have the objectives claimed by the government behind the decision been fulfilled?" Munde questionned while speaking to reporters here. The Leader of Opposition in the Legislative Council said the note ban ...
Focus: Thyssenkrupp leadership vacuum tests desire for change
FRANKFURT (Reuters) - Thyssenkrupp's foundation has pledged to stop a break-up of the steel-to-submarines conglomerate, but sliding profits, activist investors and a leadership crisis have forced it to acknowledge the need for deeper reforms.
NHB to provide concessional refinance for house construction, repair in Kerala
The National Housing Bank (NHB) will provide Rs 200 crore of refinance at concessional rate for construction and repair of houses damaged due to the devastating floods in Kerala, a top official said today. The tax department too has extended the last date to file income tax return by 15 days to September 15 for all assessees in Kerala. In a series of tweets, Financial Services Secretary Rajiv Kumar said Rs 200 crore will be provided from the refinance scheme of NHB under Affordable Housing Fund to facilitate housing loan at a concessional interest rate. Giving details, Kumar further said there would be provision for need-based moratorium up to one year and rescheduling instalments accordingly. As part of the relief measures, need-based top-up loans for houses repair would be provided. In another tweet, he said that to stabilise the worst-hit agriculture and MSME sectors, measures including moratorium, fresh loans, no penal interest on current dues are being taken. Also, banking ...
Tata Tele (Maha) seeks shareholders' nod to raise Rs 20,000 cr
Tata Teleservices (Maharashtra) Ltd has sought approval of shareholders to raise up to Rs 20,000 crore, including from its promoters, mainly for repayment of debt. The company might initially accept Inter-Corporate Deposit (ICD) "from the promoters including Tata Teleservices Ltd (TTSL) and/or Tata Sons Ltd (TSL) and/or Panatone Finvest Ltd (Panatone)...," according to a notice send out to shareholders. This is to meet the requirement for additional funds worth Rs 20,000 crore, it added. According to the notice, the ICD might be later converted into redeemable preference shares. Similarly, ICD of Rs 5,220 crore already availed and those which might be availed from TTSL, TSL and Panatone could also be converted into non-cumulative redeemable preference shares, if the three entities seek to do so, as per the notice. Tata Teleservices (Maha) Ltd has proposed to issue up to 200 crore redeemable preference shares of Rs 100 each for cash at par aggregating up to Rs 20,000 crore on ...
Trade ministers of RCEP grouping to meet on Aug 30-31 in Singapore
Trade ministers of 16-member RCEP bloc, including India and China, will deliberate upon issues hindering the negotiations of the proposed mega trade deal in Singapore on August 30-31, an official said. Regional Comprehensive Economic Partnership (RCEP) is a mega trade pact aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights. The meeting is important as the 16-member bloc now needs specific political guidance to move the negotiations further. "Officials held discussions today on the pact and the ministers would meet tomorrow and day after," the official added. The bloc comprises 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners - India, China, Japan, South Korea, Australia and New Zealand. The meeting also assumes significance as the negotiations are not moving at a fast pace even as the talks for the deal started in
Oil rises as U.S. stockpiles draw down, Iran exports fall
NEW YORK (Reuters) - Oil prices rose about 1 percent on Wednesday, supported by a drawdown in U.S. crude and gasoline stockpiles and on news of falling Iranian crude shipments as U.S. sanctions deter buyers.
Unitech Q1 net loss widens to Rs 73 cr
Crisis-hit realty firm Unitech today said its net loss widened to Rs 72.95 crore for the first quarter ended June 30. Its net loss stood at Rs 16.47 crore in the year-ago period. The company said in a regulatory filing that its total revenue declined sharply to Rs 77.94 crore in the first quarter of this fiscal, compared to Rs 289 crore in the corresponding period last year. During the full fiscal ended March 31, 2018, the company had suffered a net loss of Rs 218.46 crore over total revenue of Rs 1,272.35 crore. Gurgaon-based developer is in a deep crisis as both of its managing directors - Sanjay and Ajay Chandra -- are in jail due to defaults in delivery of real estate projects. The Supreme Court recently said the unencumbered assets of the company's directors can be sold to refund money to hassled homebuyers.
Amazon, Alphabet lift S&P and Nasdaq to new record highs
(Reuters) - The S&P 500 and the Nasdaq hit all-time highs for the fourth session in a row on Wednesday, boosted by a jump in Amazon.com and Alphabet, and on optimism over trade talks between the United States and Canada.
DeMo led to increase in tax collection, crackdown on shell companies: BJP
The BJP today accused the Congress of "misleading" the country on the issue of demonetisation, claiming that the exercise led to depositing of black money in banks, increase in income tax collection, crackdown on shell companies and a boost in digital payment. The Congress had earlier demanded an apology from Prime Minister Narendra Modi for allegedly lying to the country, after the RBI said 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system. Bharatiya Janata Party spokesperson Sambit Patra said black money found an address due to demonetisation, carried out in November 2016, and prompted the government to bring over 18 lakh suspect bank accounts under scrutiny. Over 2.09 lakh non-income tax filers filed their returns and there was an 18 per cent increase in tax revenue, he told reporters. Over five lakh shell companies were closed down, he said. Demonetisation led to formalisation of economy, and India has emerged as a growth engine of the ...
Rupee to remain at 68-70 level: Economic Affairs Secretary
On a day when the Indian rupee plunged to a record low of 70.65 to a US dollar, the government on Wednesday said it was expected to remain in the range of 68 to 70 during the year.
Global Markets: World stock index up but still below 5-1/2-month high
NEW YORK (Reuters) - A major global stock index rose slightly on Wednesday after three straight days of strong gains as investors braced for news on the United States' trade relations with Canada and China.
Where has black money gone, Mamata questions
Criticising the Central government's demonetisation move, West Bengal Chief Minister Mamata Banerjee on Wednesday wondered whether the note ban was imposed to allow some black money holders to quietly convert it into white.
On track for $100 mn revenue run rate by Q4 FY19; IPO in FY23: Happiest Minds
Happiest Minds Technologies, founded by former Mindtree chairman Ashok Soota, today said it is "on track" to reach USD 100 million annualised revenue run rate by the fourth quarter of this financial year. Founded in 2011, the company plans to launch its initial public offering in FY23. The company, in a statement, said it has witnessed all-round growth during the first quarter of FY19. The company has bagged multiple deals during the quarter, including a large media and entertainment company and a 'smart' water solutions provider, it added. "Happiest Minds is on track to reach an annualized USD 100 million run rate by Q4 FY'19. The company plans to launch its IPO in FY'23 and in the interim provide a monetisation event for investors/team by FY'20," it said. Headquartered in Bangalore, Happiest Minds has operations in the US, UK, The Netherlands, Australia and Middle East. "We are excited at the strong quarter results and credit goes to all the business units, Centres of Excellence ...
Aditya Birla Fashion gets shareholders' nod to raise up to Rs 1,250 cr via NCDs
Aditya Birla Fashion and Retail today said it has received shareholders' approval to raise up to Rs 1,250 crore through issuance of non-convertible debentures (NCDs) on private placement basis. The resolution was passed with 99.89 per cent of votes polled, Aditya Birla Fashion and Retail Ltd (ABFRL) said in a BSE filing today. Shares of Aditya Birla Fashion and Retail toady closed at Rs 201.20 per scrip on BSE, down 2.47 per cent from its previous close.
Rs 10,700-cr demonetised notes did not return to banks
The amount of banned currency notes that did not return to the system post demonetisation stands at Rs 10,700 crore, or 0.7 per cent of the old lot of notes, an RBI data showed on Wednesday.
Rahul Gandhi's attacks baseless: Anil Ambani
Reliance Group Chairman Anil Ambani said on Wednesday that Congress President Rahul Gandhi has been mislead and misdirected by a malicious campaign by vested interests and corporate rivalry in levelling charges against him in the Rafale deal.
Adani takes over RInfra's Mumbai energy biz for Rs 18,800 cr
The Adani group and Reliance group today completed the Rs 18,800-crore deal under which Anil Ambani-led Reliance Infrastructure has sold its energy business in the city, including generation, distribution and transmission to Adani Transmission. While the deal, the largest in the power sector, marks the entry of the Gautam Adani group, which thus far has only been into power generation and transmission, into the distribution space, for RInfra the sale is a big boost to pare its debt which stood at over Rs 22,000 crore. The deal was announced by the companies in December last year. RInfra's integrated power business includes the generation units based at Dahanu, transmission network across Mumbai and Maharashtra and the retail distribution network in Mumbai suburbs. With this deal, Adani Transmission will have 35 grid substations with around 19,300 MVA of transformation capacity across the country, by the end of 2018 with a cumulative transmission network of around 12,540
ICICI Prudential cuts 2.05% stake in Tata Chemicals
ICICI Prudential Life Insurance Company has sold 2.05 per cent stake, or over 52 lakh shares, in Tata Chemicals through open market transactions. After sale of these shares, the insurance firm's stake in Tata Chemicals has come down to 2.97 per cent from 5.02 per cent, according to a regulatory filing. Tata Chemicals is engaged in the business of salt, chemicals and crop nutrition. It also sells spices and pulses under Tata Sampann brand. The company has exited from the fertiliser business.
Oil higher on lower Iran exports, rising U.S. supply
LONDON (Reuters) - Oil prices rose on Wednesday, supported by news of a fall in Iranian crude supplies as U.S. sanctions deter buyers, but gains were limited by evidence of a rise in U.S. inventories.