Page 2703 - Business Finance
public protest as customer gets fake gold jewels
About 50 people protested in front of a nationalised bank here today on learning that a customer was given fake jewels after clearing a gold loan, police said. Ganesh, a cycle shop owner, had pledged 190 grams of jewels and taken Rs 3.10 lakh as loan from the bank sometime ago, police said After repaying the loan, the bank released the pledged jewellery, but it allegedly turned out to be fake. The cycle shop owner then lodged a police complaint. As the news spread, other customers protested in front of the bank, following which the management assured them that their jewels were safe and there was no reason to get agitated. Meanwhile, police began a search for the gold appriser Karthik.
Moody's to pay USD 16 mn over flawed credit ratings
Ratings agency Moody's has agreed to pay more than USD 16 million to resolve charges tied to its assessment of residential mortgage-backed securities worth tens of billions of dollars, market regulators announced today. The case also involved the first charges brought by the Securities and Exchange Commission involving deficient ratings symbols. It comes nearly 10 years after the global financial crisis, in which the improper rating of such securities played a starring role. According to the SEC, Moody's failed to establish and enforce proper internal controls for models used to rate mortgage backed securities between 2010 and 2013. As a result, the agency, one of the largest in the United States, corrected more than 650 ratings of mortgage-backed securities valued at more than USD 49 billion, according to the SEC. In 54 cases, Moody's rated securities differently than its own models suggested it should but kept no record of its reasons for doing so, the commission said. The agency ...
Slowing online sales hurt Best Buy's second quarter, shares drop
(Reuters) - Best Buy Co Inc on Tuesday reported a drop in quarterly online sales growth and offered a profit forecast for the current quarter that fell short of analyst estimates, sending its shares down more than 5 percent in afternoon trading.
Oil dips on profit taking; trade deal limits decline
NEW YORK (Reuters) - Oil prices fell on Tuesday as some investors took profits on recent strong gains, but losses were limited the day after a U.S.-Mexico trade agreement eased worries about tensions between the two countries.
Wall Street flat after U.S.-Mexico trade deal high
(Reuters) - U.S. stocks treaded water on Tuesday, with the benchmark S&P 500 and the Nasdaq hovering at all-time highs, a day after the United States and Mexico reached an agreement to overhaul the North America Free Trade Agreement (NAFTA).
Gujarat leader alleges scam in crop insurance scheme
Leader of Opposition in the Gujarat Assembly Paresh Dhanani on Tuesday alleged an over Rs 100,000 crore scam in Pradhan Mantri Fasal Bima Yojana (PMFBY), claiming that private insurance companies were benefitting at the exchequer's cost.
CAIT moves NCLAT against CCI nod for Walmart-Flipkart deal
The Confederation of All India Traders (CAIT) has approached the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India (CCI) approval for Walmart-Flipkart deal.
Odisha Tourism Development Corporation signs MoU with OYO
Odisha Tourism Development Corporation (OTDC) today signed a MoU with online hotel aggregator OYO, ahead of the 2018 Men's Hockey World Cup to be held in the state capital in November. As part of the agreement, OYO will increase the inventory of rooms on its platform and endeavour to take on board the hotels and home stays in Odisha to accommodate enhanced demand during the tournament. OTDC will promote the accommodation services offered by OYO among its guests through website integration and other means, said an official. "With Odisha Hockey Men's World Cup Bhubaneswar 2018 just a few months away, we expect to have a massive footfall of visitors. This agreement will help enhance the guest experience," said Vishal Dev, Commissioner-cum-Secretary, Tourism Sports and Youth Services Department. OYO will also set up a help desk at transit places such as airport, railway station and bus terminals five days prior and during the sporting event. "As Bhubaneswar gears up for this
U.S. consumer confidence races to near 18-year high
WASHINGTON (Reuters) - U.S. consumer confidence surged to near an 18-year high in August, as households remained upbeat on the labor market, pointing to strong consumer spending that should help to sustain the economy for the remainder of the year.
Kia Motors to launch vehicle in India next year
South Korea's Kia Motors has said it will roll out its first vehicle for sale in India next year. The company is setting up its first manufacturing facility in Anantpur, Andhra Pradesh, which will become operational and begin production in the second half next year, Kia Motors India's marketing and sales head Manohar Bhat said. He told reporters here that the work on its first manufacturing unit was going on in full swing and it will have capacity to produce approximately 3 lakh units per year. The first vehicle of the company in India will be in SUV category.
Railways' computer-based recruitment tests from Sept 17
The Railways said the Computer Based Tests (CBT) for recruitment of Level 1 posts is likely to start from September 17. In a notification issued by the railways, it said the examination centre, date and shift details will be made live 10 days prior to the start of the CBT. Detailed CBT schedule shall be released shortly, the release from the ministry said. The candidates can download their admit card four days prior to the exam date. It may be noted that the Railway Recruitment Boards have already started Assistant Loco Pilot (ALP) exams and the admit cards for the same are being released four days prior to the examination date. The last phase of the ALP exam is on August 31, however, examination for the candidates from from-ravaged Kerala will be held on September 4. Around 1.5 crore candidates have applied for Group C and D jobs advertised by the Indian Railways.
Wall Street flat after NAFTA deal high
(Reuters) - U.S. stocks were little changed on Tuesday, with the benchmark S&P 500 and the Nasdaq hovering at all-time highs, a day after the United States and Mexico reached an agreement on an overhaul of the North America Free Trade Agreement (NAFTA).
Vedanta wins 41 oil blocks, Oil India nine in OALP auction
Natural resources major Vedanta Ltd has won 41 of the 55 oil and gas exploration blocks offered through auction under the government's new open acreage licensing policy (OALP), the Directorate General of Hydrocarbons (DGH) said on Tuesday.
Stellar Data Recovery aims 25pc growth in FY19
Data product firm Stellar Data Recovery today said it is aiming for a 25-per cent growth in revenues in the 2018-19 fiscal. "We are looking at aggressive expansion of reach across the country. We hope to register 25 per cent growth in revenues," Stellar Co-Founder and Director Manoj Dhingra said here. "We will touch 19,100 pin codes with our channel partners," said Stellar VP (International Business), Sudhanshu Puri. The company is hoping for healthy growth in the years to come with positive impact of the upcoming Data Protection Bill and e-waste norms. Stellar Data Recovery clocked a revenue of Rs 55 crore in 2017-18.
SBI plans to sell 3.89 pc stake in NSE
State Bank of India today said it proposes to sell 3.89 per cent stake in the National Stock Exchange of lndia Ltd (NSE) as part of capital raising exercise. Banks, including SBI, have decided to exit non-core business and focus on their core activity. The appropriate authority has accorded approval to explore and initiate the process of divestment up to 3.89 per cent of stake of SBI in NSE through secondary sale, SBI said in a filing to stock exchanges. The stake sale in the bourse will help the bank to raise capital that can be used for expanding its core activity. Currently SBI holds 5.19 per cent stake in NSE. In 2016, SBI sold 5 per cent stake in NSE to Mauritius-based Veracity Investments for Rs 911 crore, valuing the exchange at over Rs 18,200 crore. Post this transaction, SBI holds 5.19 per cent stake while its subsidiary, SBI Capital, holds 4.33 per cent stake in NSE.
GSPC never defaulted on repaying loans to banks: Guj minister
The Gujarat government today said the State Petroleum Corporation (GSPC) never defaulted on repaying loans, a day after the Congress alleged that the state-owned company owed Rs 12,000 crore to various banks. State Energy Minister Saurabh Patel said there was no question of declaring the GSPC bankrupt as per the RBI rules. "The allegation that GSPC's KG Basin venture is a scam is baseless, as the CAG (Comptroller and Auditor General) had never ever alleged any intentional wrongdoing or irregularities in the conduct of the GSPC business," Patel said in a statement. Congress leader Jairam Ramesh had yesterday alleged that the GSPC owed Rs 12,000 crore in loans to various banks. Addressing a press conference in Delhi, Ramesh had accused the Narendra Modi government of trying to prevent the company from being declared bankrupt. Citing CAG reports, Ramesh had claimed that a Rs 20,000-crore scam has come to light in the GSPC. Patel said the Opposition party either lacked the ...
LIC assures HC to hold proposed acquisition of stake in IDBI till August 30
The Life Insurance Corporation (LIC) of India told the Delhi High Court today that it will not take any steps till August 30 towards its proposed acquisition of 51 per cent stake in the Industrial Development Bank of India (IDBI). The oral assurance by the LIC was given before Justice Vibhu Bakhru as he appeared inclined to pass orders restraining the state-run insurance company from making any investment in the IDBI in which the government intends to dilute its shareholding below 51 per cent. "You (LIC) will not present us with a fait accompli," the court said after which Additional Solicitor General Maninder Acharya, appearing for the Centre and the LIC, urged that no order be passed and the matter be listed for hearing on August 30 as till then nothing will happen. The ASG also sought time to file an affidavit indicating the reasons behind the government and LIC's decision. The court gave LIC time till August 30 to file the affidavit in which the insurance company was asked to also
Ind-Ra keeps negative-to-stable outlook on telecom; says industry's pricing power yet to return
India Ratings and Research (Ind-Ra) has maintained a 'negative-to-stable' outlook on telecom sector for the rest of FY19, saying weak revenue per user and high capex will continue to suppress the sectoral credit outlook. "...the industry's pricing power is yet to return. Continued weak average revenue per user (ARPU) forecasts, coupled with elevated capex for network and technology, will continue to suppress the sectoral credit outlook," Ind-Ra said in its forecast. The agency said that with Vodafone and Idea Cellular merger finally approved and network integration in offing, the industry will now be in the stabilisation phase. "The revenue market shares of all the players will also evolve over FY19, in line with their share of 4G data subscribers (higher ARPU customers)," it said. The rating agency said the current ARPUs are "unsustainable" from the cost and returns point of view, and that the ARPU decline is likely to be contained. "The second round of consolidation in the industry .
Oil near flat as market takes profits, but buoyed by trade agreement
NEW YORK (Reuters) - Oil prices stabilized on Tuesday, pausing after strong gains last week, but losses were limited after a U.S.-Mexico trade agreement eased concerns about tensions between the two countries.
Thomson Reuters says it will complete Blackstone deal on October 1
TORONTO (Reuters) - Thomson Reuters Corp said on Tuesday that it will complete the sale of a 55 percent stake in its Financial & Risk unit to private equity firm Blackstone Group LP on Oct. 1.