Page 2692 - Business Finance
Govt committed to resolving problems of home buyers: Housing Minister
Asserting that the government is committed to resolving the problem of home buyers, Union minister Hardeep Singh Puri said today that all real estate projects will eventually come under the purview of real estate law RERA once the regulator is established in all states to protect consumers interest. Hard-earned money of over lakhs of home buyers in Delhi-NCR are stuck because of defaults by developers including Jaypee group, Amrapali, Unitech and The 3C Company in deliveries of their projects on time. Speaking at the CII-CBRE real estate conference, Puri said a high-powered committee, headed by Union Housing Secretary, has submitted its report to the Uttar Pradesh government. The state government had constituted this panel to examine the issues and propose some viable solutions to the problem faced by the home buyers. The Housing and Urban Affairs Minister however did not disclose the recommendations contained in the reports. He also said that state-owned construction firm NBCC will ..
Wall Street up slightly as tech stocks gain
(Reuters) - U.S. stocks rose slightly on Wednesday, lifted by technology stocks, though gains were limited as investors awaited progress on U.S.-Canada trade talks and eyed a deadline for consultations on the next round of China-U.S. tariffs.
Madhya Pradesh 35 MW rooftop solar auction gets 31 bidders
A Madhya Pradesh Urja Vikas Nigam Ltd (MPUVNL) tender for 35 MW of solar rooftop power has attracted 31 bidders, and fetched a lowest tariff quote of Rs 1.58 per unit attracted by an auction in the country so far, a MPUVNL statement said on Wednesday.
Gun control steps hurt Dick's Sporting sales, shares slip
(Reuters) - Dick's Sporting Goods reported a bigger-than-expected drop in quarterly same-store sales and forecast further declines this year due to tighter controls on gun sales, sending its shares down 8 percent.
NFL inks pact to market RFCL's products
State-owned National Fertilisers Ltd (NFL) today announced an agreement with Ramagundam Fertilizers and Chemicals (RFCL) to market the latter's products. The RFCL is a joint venture firm, promoted by NFL, Engineers India Limited (EIL) and Fertilizer Corporation of India Limited (FCIL), to revive the old FCIL plant at Ramagundam in Telangana. The plant is likely to start commercial production by 2019. "NFL has signed a Memorandum of Agreement (MoA) today with RFCL to market RFCL products, including 12.71 lakh tonnes of urea to be produced by the RFCL plant at Ramagundam," the NFL said in a regulatory filing. NFL will market RFCL urea under its brand "Kisan". The marketing arrangements entered into will be beneficial to both NFL and RFCL, it added. NFL said it has already strengthened its marketing network in south India by opening its fourth zonal office at Hyderabad. With the expansion of marketing territory, NFL will become pan India company and it would also improve its top and ...
India Post Payments Bank to be launched in Telangana on Sept 1
The India Post Payments Bank (IPPB) would be launched in Telangana Postal Circle in 23 branches and 115 Access Points on September one, Chief Postmaster General, Telangana Circle, B Chandrasekhar, said here today. The nationwide launch would take place in 650 branches and 3,250 access points on September 1. Prime Minister Narendra Modi would launch IPPB in Delhi. Access points can be a head post office, sub-post office or even a branch post office in a village. India Post already has 40 crore customers in the country with over 17 crore post office savings bank accounts. The Department of Post has planned to cover all 1.55 lakh access points in the country by December 31, he said. The objectives of IPPB are to "build the most accessible, affordable and trusted bank for the common man and to spearhead the Financial Inclusion agenda by removing the barriers for the unbanked and under-banked sector of population", he said. The IPPB offers three types of products - savings ..
BSE, NSE to place Pfizer, 2 others under ASM framework from Aug 30
Leading exchanges BSE and NSE said they will place pharmaceutical major Pfizer Ltd and Adani Transmission under the additional surveillance measure (ASM) framework from tomorrow. While both the exchanges have shortlisted Pfizer Ltd and Adani Transmission Ltd for the enhanced surveillance measure, the BSE has named Accel Ltd as well. In two separate communications, the exchanges said that a price band of 5 per cent will be applicable from August 30 on the firms placed under the ASM framework. In a notice, the BSE said: "100 per cent margins shall be applicable with effect from September 5, 2018, on all open positions as on September 4, 2018 and new positions created from September 5, 2018 onwards." The securities which are placed under the ASM framework "would be reviewed on bimonthly or periodic basis", the NSE said in a circular. In order to enhance market integrity and safeguard investors interest, the Securities and Exchange Board of India and the exchanges have been introducing ...
Gold edges higher but rate hike views weigh on market
LONDON (Reuters) - Gold climbed on Wednesday as funds bet prices would find short-term support at $1,200 per ounce, but a stronger dollar and expectations for increases in U.S interest rates limited gains.
U.S. pending home sales fall in July amid supply constraints
WASHINGTON (Reuters) - Contracts to buy previously owned homes fell in July, continuing a general trend in recent months that reflects a lack of supply in the market.
Brace up for more fake note discovery despite new bills: Study
Despite RBI claims that the newly introduced bills are more secure, currency counterfeiters seem to have found a way around it and we should brace for more fake note discoveries, a SBI report said today. "The promise of RBI that new currency notes of Rs 200 and Rs 500 (post demonetisation) are more secure and less prone to counterfeit is not entirely correct," SBI's house economists said in a report released after the RBI came out with its annual report. It said there was a "noticeable increase" in counterfeit notes detected in the denomination of new Rs 500 (up by 4,178 per cent) and Rs 2,000 (by 2,710 per cent), as per the data shared in the annual report. It added that given the trend, "it is expected that the number of counterfeit notes in the denomination of Rs 500 (new) and Rs 2,000 may increase further and RBI/banks/public should pay more attention to that". The annual report said almost all the 500 and 1,000 currency notes that were made illegal on November 8, ...
Rupee likely to hover around 68-70/dollar: DEA Secretary
The government today said the rupee was likely to remain in the range of 68-70 to the dollar, as the Indian currency plunged to an all-time closing low of 70.59 against the US currency. The local currency dropped by 49 paise or 0.70 per cent at close, its biggest single-day drop since August 13 when it nosedived 110 paise or 1.6 per cent, at the interbank foreign exchange market today. The rupee had earlier hit its all-time closing low of 70.16 on Monday. "There is some small mismatch in demand and supply which plays one way or the other depending upon the view that operators take. But some changes have happened which are material. Foreign portfolio investors took out USD 9 billion from the country in the first three months," Economic Affairs Secretary S C Garg said while replying to queries on rupee value. In July, he said the net flow was same so there was no inflow or outflow of money. So far in this month there is a positive inflow of over USD 1 billion. "So that suggests the ...
Gas supply through pipeline in Salem, Cbe in another 3 yrs
Preliminary work on laying a pipeline to supply gas to Coimbatore and Salem would begin soon, a top official of Indian Oil Corporation said today. Customers in these cities would be supplied piped gas in another three years, IOC Executive Director, Tamil Nadu, R Sitharthan, said. Since IOC won the bid to lay a gas distribution network in these two cities, preliminary would soon start in the project, which was likely to be completed in another three years, he told reporters here. The outlay for completing the project was being worked out, he said. Stating that IOC would invest nearly Rs 7,000 crore to develop infrastructure in Tamil Nadu during this period, he said it planned vast expansion of pipelines and increasing capacity of plants, As against the average growth of 9.2 per cent of oil companies, IOC has grown at 9.4 per cent and has 2.25 crore gas customers in the State.
Israel expects 3 lakh Indian tourists annually in next 3-4 yrs
Israel, which is expecting about 90,000 Indian tourists in 2018, is hopeful of attracting at least 3 lakh Indian visitors annually in the next three-four years by improving the air-connectivity between the two countries, an Israeli official said here on Wednesday.
Gazprom's second quarter profit soars on rising energy prices, sales
MOSCOW (Reuters) - Russian gas giant Gazprom reported a surge in second-quarter net profit, beating analysts' expectations, as it benefited from rising energy prices.
Trade tensions cast shadow even as China's big banks bag more profits
BEIJING (Reuters) - Agricultural Bank of China (AgBank), the country's third-largest lender, expects its asset quality to stabilize in the second half, but said it had increased provisions as trade tensions threaten the global economy.
Analysis: Tug of war for oil sector looking to feast after famine
STAVANGER, Norway (Reuters) - After years of restraint since crude prices slumped in 2014, oil services companies are now at loggerheads with producers as they battle for what they see as a fair share of the sector recovery.
Vedanta awarded 41 exploration blocks under Open Acreage Licensing Policy
For total bid cost of USD 551 million
Subex partners with Town of Florence, Arizona
To provide cybersecurity and vital technological systems for Florence public infrastructure
Record low rupee, global cues depress equity indices (Roundup)
A slump in the Indian rupee and weak global cues subdued the key Indian equity indices on Wednesday after the market went through a bull-run in the last two trading sessions.
Abu Dhabi witnesses 81% occupancy during 4-days of Eid Al Adha
Abu Dhabi witnessed 81 per cent average occupancy during the four days of Eid Al Adha, which saw a surge in visitors from both the UAE and further afield, including the Emiratis, Saudis, Indians, British and Americans. The hotel occupancy rates in Abu Dhabi during Eid Al Adha 2018 averaged 81 per cent across the 4 days from Tuesday, August 21 (the start of Eid) to Friday, August 24, the department of culture and tourism Abu Dhabi (DCT Abu Dhabi) said in a release. This represented a 6 percentage point increase compared to the average occupancy figure of 75 per cent during Eid Al Adha in 2017. The highest occupancy rate (87 per cent) was recorded on the second day of Eid. This exceptional holiday period saw a surge in visitors from both the UAE and further afield, with Emiratis, Saudis, Indians, British and Americans making up 55 per cent of total visitors. "Once again, Abu Dhabi demonstrates its position as a leading tourism destination for visitors from the region and