Page 2726 - Business Finance

Miniso expects India to be among top 3 markets; looks to widen reach

Japanese retail brand Miniso expects India to be among its top three markets globally as it amplify its reach here, a top company official said. The company also expects a "400 per cent" growth in its revenue in next the two years. Miniso, which achieved a revenue of Rs 700 crore in the first year of its operations, is quite upbeat and now has extensive plans to start operation in leading cities and tap the fast growing Tier II & III cities here, the company's Global Chief Designer and Co - Founder Miyake Junya told PTI. Moreover, Miniso is also exploring the fast growing e-commerce channels here besides traditional brick-and-mortar business model as part of its growth strategy. "By FY2019/2020, we expect to amplify our reach and revenue by 400 per cent. The pace of growth will put India in the top 3 markets for us, Miniso Global Chief Designer and Co Founder Miyake Junya told PTI. Presently, India is among top five markets for Miniso globally. It operates 27 stores here - 21 in .

WelcomHeritage Hotels to add 10 properties by 2019-end

WelcomHeritage Hotels, a joint venture of ITC and Jodhana Heritage Resorts, is looking to add 10 hotels across the country by 2019-end, a top company official said. The company currently has 36 operational hotels and resorts across the country. "We will be adding 10 more hotels and resorts across the country by end of 2019 as part of our expansion plans going forward," WelcomHeritage Hotels Chief Executive Officer Sunil Gupta told PTI. Out of these, five properties are in project stage that are in various stages of development and renovation, he added. When asked about the business model the company follows, Gupta said, "We follow the franchise model. We also advise the properties that are under development on architectural aspects and interiors and other details." The company supports hotels under its brand with marketing and also helps them with quality standards and training, he added. On being asked about the investment to be made in the expansion, Gupta said, "As a franchise ...

Anil Ambani resigns as Director, Reliance Naval and Engineering

Anil D Ambani has resigned as the Director of Reliance Naval and Engineering Ltd (RNAVAL), a company official said on Saturday.As per an official statement from company secretary Paresh Rathod, Ambani resigned in compliance with provisions of Section 165 of the Companies Act, 2013, prescribing the limit on directorships to only 10 public companies."Pursuant to Regulation 30 read with Schedule Ill Part A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations"), we hereby inform that Shri Anil D Ambani has resigned as Director of the Company with effect from August 25, 2018, in compliance with provisions of Section 165 of the Companies Act, 2013, prescribing the limit on directorships to only 10 public companies," the statement read.Reliance Naval and Engineering Limited operates the country's largest integrated shipbuilding facility and has obtained a license and contract to build warships. It has the .

Much detail, little progress in U.S.-China talks, sources say

BEIJING/WASHINGTON (Reuters) - U.S.-China trade talks this week were heavy on details but short on progress as U.S. negotiators outlined cases of American firms harmed by Chinese practices and China argued it was meeting its WTO obligations, people familiar with contents of the discussions said.

SpiceJet to conduct India's first test flight partially powered by bio-fuel

Budget passenger carrier SpiceJet is set to conduct India's first test flight which will be partially powered by bio-fuel, on Monday.

Government invites entries for first National CSR Awards

The government on Saturday invited nominations for the first National CSR (Corporate Social Responsibility) Awards from ministries and departments of Central and state governments and professional bodies by September 30.

Karnataka plans law to waive farm loans from money lenders

Karnataka plans to make a law to get waived the loans farmers and landless agricultural labourers took from moneylenders to provide them debt relief, said an official on Saturday.

Shiv Sena hits out at Reliance, Centre

Shiv Sena chief Uddhav Thackeray today slammed the Centre's Digital India plan saying that one could not download "rozi roti" (livelihood). The Digital India programme aims at transforming the country into a digitally empowered society and knowledge economy. The Shiv Sena is constituent of the BJP-led governments at the Centre as well as Maharashtra. Addressing a meeting here, Thackeray also said that cable operators were worried over plans by Reliance Jio to start fibre-to-home broadband services. He said that the firm planned to provide these services free for a few months and termed it "inducement". Reliance Jio, on July 5 this year, had announced ambitious plans to provide ultra-high speed fibre-based broadband services in 1,100 cities across the country. "It is said the service will be free for few months. Providing everything free is inducement," the Sena chief said while addressing cable operators affiliated to his party. Promising support to the cable operators, Thackeray ...

Anil Ambani resigns as director of Reliance Naval and Engineering

Reliance Naval and Engineering Ltd (RNAVAL) today said Anil D Ambani has resigned as director of the company with immediate effect. Ambani has resigned in compliance with provisions of Section 165 of the Companies Act, 2013, prescribing the limit on directorships to only 10 public companies, RNAVAL said in a regulatory filing. RNAVAL operates country's largest integrated shipbuilding facility. It has obtained licence and contract to build warships.

Zarif says Iran waiting for European guarantees on sale of oil, banking

(Reuters) - Iran is waiting for European guarantees on the sale of Iranian oil and banking relations, Foreign Minister Mohammad Javad Zarif said Saturday, according to the Iranian Students' News Agency.

'Amazon effect' could have impact on inflation dynamics: paper

(Reuters) - More frequent price changes for goods and a rise in the consistency of pricing due to the growth of online retailers may be affecting inflation, according to an academic paper presented on Saturday to some of the world's top central bankers.

Fraud hit PNB ranked best PSB for digital transactions

Punjab National Bank (PNB), which was recently hit by a multi billion dollar fraud by manipulation of its financial messaging -- Swift -- system, has been ranked as the best PSU bank in the overall digital transactions category in India.

Aparna Bhosle appointed as Business Head of ZEE TV

Zee Entertainment Enterprises Ltd (ZEEL) today said it has appointed Aparna Bhosle as Business Head of its flagship channel ZEE TV with immediate effect. Bhosle will report to Punit Misra, CEO, Domestic Broadcast Business, ZEEL, the company said in a statement. The Premium Cluster will now be led by Shaurya Mehta, in addition to his current role as the Chief Operating Officer, Living Entertainment, and will also report to Misra, it added.

Filatex board approves to raise up to Rs 150 cr via securities

Textile firm Filatex India today said its board has approved to raise up to Rs 150 crore through issue of securities. The company's board, which met today, has considered and approved raising of funds up to Rs 150 crore by way of issue of shares, American Depository Receipts, Global Depository Receipts, Convertible bonds/securities through qualified institutional placement, Filatex India said in a regulatory filing. Filatex India, however, did not divulge how it plans to utilise the raised capital.

Finance Ministry ranks PNB as best PSU bank for digital transactions

A central government report has ranked Punjab National Bank (PNB) as the best PSU bank in the overall digital transactions category in India.

Private skill training centres are 'worse' in India

Ministry of Skill Development and Entrepreneurship Secretary K.P. Krishnan said on Saturday that private skill training centres in India were in a "worse" condition.

Huawei to repair its water-damaged phones in Kerala for free

Chinese electronics giant Huawei on Saturday announced it would provide free repair services for Huawei and Honor smartphones damaged in the Kerala floods.

Here are some brother-sister duos from the startup world

The sibling rivalry is well known and has been experienced by many Indians. Brothers and sisters have often found many reasons to fight.But when they unite, their strength combined can bring about varied changes in their field.So as we celebrate Raksha Bandhan, let's take a look at successful startups that are run by a brother-sister duo:Imarticus LearningThis Mumbai based startup founded by the brother-sister duo Sonya Hooja and Nikhil Barshikar, is a leading ed-tech company in the realm of financial and analytics-centric professional education. Launched in 2012, it is bridging the much dreaded skill gap between the industry and academia. Having trained more than 30,000 students globally, it has established itself in cities like Mumbai, Delhi, Hyderabad, Bangalore, Chennai, Pune and is targeting global markets like Dubai, Southeast Asia and Africa.KyazoongaLed by the brother-sister duo Akash and Neetu Bhatia and based in Delhi and Pune, it is India's first and largest online ...

Sugar prices remain unchange on some support

The wholesale sugar market ended steady in the national capital today as prices ended flat after moving in a tight range. Marketmen said sporadic demand and restricted supplies mainly kept prices unmoved. Following are today's quotations (in Rs per quintal) Sugar retail markets - Rs 35-40 per kg. Sugar ready: M-30 Rs 3,380-3,490, S-30 Rs 3,370-3,480. Mill delivery: M-30 Rs 3,150-3,285, S-30 Rs 3,140-3,375. Sugar millgate (including duty): Mawana Rs 3,200, Kinnoni Rs 3,285, Asmoli Rs 3,260, Dorala Rs 3,190, Budhana Rs 3,180, Thanabhavan Rs 3,170, Dhanora Rs 3,265, Simbholi Rs 3,280, Khatuli Rs 3,280, Dhampur Rs 3,150, Sakoti 3,160, Modinagar 3,185, Shamli 3,180, Malakpur Rs 3,180, Ramala NA (not available), Anupshaher NA, Baghpat NA, Morna NA, Chandpur NA, Nazibabad NA and Nanota NA.

Freight rates up on tight positions of trucks

Freight rates for the nine-metric tonne pay load section rose by Rs 1,000 at the local truck transport market in the national capital today following the shortage of trucks against increased cargo movements. Transporters said less availability of trucks against pick up in cargo movements mainly pushed up freight rates for select destinations. Delhi to Guwahati, Kanpur and Indore freight rates were up by Rs 1,000 each to Rs 61,000, Rs 21,000 and Rs 23,000, respectively. Rates to Kolkata, Goa, Chennai and Hyderabad also rose by Rs 1,000 each to Rs 33,000, Rs 59,000, Rs 65,000 and Rs 58,000, respectively.