Page 2729 - Business Finance

Liverpool 'not for sale' after USD 2 billion bid

Liverpool owners Fenway Sports Group insisted today the Premier League club is not for sale after details emerged of a failed USD 2 billion ($2.6 billion) takeover bid from a cousin of Manchester City owner Sheikh Mansour. Britain's Daily Mail newspaper reported that Abu Dhabi-based Sheikh Khaled Bin Zayed Al Nehayan approached the club over several months in late 2017 and into early 2018. He then made the USD 2 billion offer that would have been the most expensive takeover in the history of the game. Liverpool -- 18-times English champions -- said the club was still open to new outside investment but is not for sale. Britain's Press Association said it understood that the interest -- one of a number of approaches FSG have received in recent years -- did not get past the vetting stage because it was deemed neither credible nor worthy of being put to the ownership. "FSG have been clear and consistent: the club is not for sale," said a Liverpool statement. "But what the ownership has ...

India, Singapore sign Second Protocol amending bilateral trade pact

India and Singapore on Friday signed the "Second Protocol" amending the Comprehensive Economic Cooperation Agreement (CECA) to boost trade ties between the two countries, an official statement said.

Banking industry to see write-backs: Official

With resolution of stressed assets, Indian banking sector is expected to see substantial write-backs by end of the current financial year, an official said on Friday.

U.S. Fed chief Powell defends policy of gradual rate hikes

JACKSON HOLE, Wyo. (Reuters) - Federal Reserve Chairman Jerome Powell on Friday defended the U.S. central bank's push to raise interest rates as healthy for the economy and signaled more hikes were coming despite President Donald Trump's criticism of higher borrowing costs.

Spiralling aviation fuel; biofuel driven plane could take to Indian skies soon

At a time when spiralling aviation fuel has strained the finances of domestic airlines, a private carrier is planning to operate some of its flight through biofuel. No frills carrier SpiceJet will test a plane on Monday that uses biofuel. It could be a small turboporp, with officials from DGCA and other aviation bodies onboard to ascertain the feasibility of biofuel-drive aircraft. The objective is to make air travel economical and bring some respite to the airlines reeling under high fuel price through the use of alternate fuel, insiders in the aviation industry said. Aviation leaders are a worried lot over the rising fuel costs and have demanded the government bring Aviation Turbine Fuel under GST. Vistara's chief strategy and commercial officer Sanjiv Kapoor said in a tweet today that aviation in India is not for the "weak-kneed" while expressing concern over the domestic aviation fuel rates. "Domestic aviation fuel (ATF) rates ex-DEL are now 97% higher (ie almost double) the low .

LIC Housing Finance's Q1 standalone net profit up 18%

LIC Housing Finance on Friday reported an increase of 18 per cent in its standalone net profit for the quarter ended June 30, 2018.

IndiGo adds Kuwait and Abu Dhabi to its international network

Budget carrier IndiGo today said it will add Kuwait and Abu Dhabi to its international destination from October this year. The carrier will operate a daily flight from Chennai to Kuwait and from Calicut to Abu Dhabi from mid October. Besides, it will operate a daily flight from Abu Dhabi to Kochi, a statement issued by the airline said. Beginning October 1, it will also operate a daily flight between Doha and Thiruvanathapuram and a daily flight between Doha and Ahmedabad. On the domestic sector, IndiGo will become the first domestic airline to introduce services connecting Port Blair with Hyderabad and Vadodara. These flights will commence from September 2018. In addition, the airline will operate its first daily return flight between Surat and Chennai, daily non-stop return service between Delhi and Imphal, direct flights to Vijayawada from Delhi. "We will operate first flight between Kuwait and Chennai and Calicut and Abu Dhabi starting October this year. It also gives us immense ..

ISS recommends against LaSalle deal with Blackstone

(Reuters) - Shareholder advisory firm ISS on Friday recommended against a buyout deal of LaSalle Hotel Properties by private equity company Blackstone, in another boon for LaSalle's unwelcome suitor Pebblebrook Hotel Trust.

Rise in U.S. business equipment orders points to firm investment

WASHINGTON (Reuters) - New orders for key U.S.-made capital goods increased more than expected in July and growth in shipments held firm, signaling that business investment started the third quarter on a strong note.

Fed's Bullard wants to pause rate hikes, Mester does not

JACKSON HOLE, Wyo. (Reuters) - The Federal Reserve should stop raising interest rates now because the economy is showing no signs of inflation surging and is expected to slow next year after the effects of fiscal stimulus wear off, St. Louis Fed President James Bullard said Friday.

UK says Brexit could hit banks' stock of 'risk free' EU debt

LONDON (Reuters) - Britain could force European Union banks operating in London to start holding capital against inventory of riskier EU government bonds in the case of a 'no-deal' Brexit.

Oil rises as U.S. sanctions on Iran cloud supply outlook

LONDON (Reuters) - Oil prices rose more than 1 percent on Friday, supported by signs that U.S. sanctions on Iran are already reducing global crude supply.

Siemens denies report it may cut 20,000 jobs

MUNICH/BERLIN (Reuters) - German engineering giant Siemens said a report by monthly Manager Magazin that it could cut 20,000 jobs as part of its Vision 2020+ strategy was "completely unfounded".

RCom seeks shareholders' nod to raise borrowing limits to up to Rs 50,000 cr

Debt-laden Reliance Communications has sought shareholders' approval to enhance the company's borrowing limits to up to Rs 50,000 crore to meet its capital requirements. The company said its annual general meeting is scheduled to be held on September 18, 2018 to consider various proposals, including revising borrowing limits, alterations to the Articles of Association of the company, and private placement of non-convertible debentures or other debt securities. In 2014, a special resolution had been passed authorising the board to borrow up to four times of the aggregate of the then paid-up capital of the company and its free reserves, RCom said in a regulatory filing today. "Keeping in view the current financial situation of the company, reduction in networth and capital intensive nature of the telecom sector in which the company operates, the company needs to enhance borrowing limits and accordingly, consent of the members is sought by way of special resolution...," RCom said. The ...

Fortis, RHT extend last date for completing acquisition

Fortis Healthcare Ltd and RHT Health Trust have agreed to extend the last date for the acquisition of entire portfolio of assets of the Singapore listed entity. "FHL and RHT have agreed to amend the Long Stop Date in the definitive agreement for the fulfilment of conditions precedent from September 30, 2018 to December 31, 2018 or such other date as may be mutually agreed between the parties in writing," Fortis said in a filing to BSE today. FHL is in process of raising funds via primary infusion which will enable it to acquire the RHT assets. The fund raise process is under way and awaiting regulatory approvals, it added. Another principal amendment agreed upon by both parties is that the consideration Fortis pays will be computed on the Rs:SGD closing offer rate one business day prior to completion date, Fortis Healthcare said. However, if the closing offer rate is lower than the closing offer rate on September 30, 2018 then the reference rate for computing the consideration shall .

Fed Chair Powell: further rate hikes best way to protect recovery

JACKSON HOLE, Wyo. (Reuters) - The Federal Reserve's steady interest rate hikes are the best way to protect the U.S. economic recovery and keep job growth as strong as possible and inflation under control, Fed Chair Jerome Powell said on Friday in a high-profile endorsement of the central bank's current approach to policy.

Baring PE Asia sells over 8% stake of Hexaware Tech for Rs 1,120 cr

Baring PE Asia today sold over 8 per cent stake in IT firm Hexaware Technologies for nearly Rs 1,120 crore through an open market transaction. The shares were disposed of by the private equity firm through HT Global IT Solutions Holdings, an investment vehicle through which Baring Asia holds a controlling stake in Hexaware. According to the NSE data, the buyers included Citigroup Global Markets Mauritius and Societe Generale. Baring offloaded 2.50 crore shares, amounting to 8.42 per cent stake in the IT firm. The shares were sold at an average price of Rs 447.83 apiece, valuing the transaction at Rs 1,119.57 crore, according to the data. As of June 30, 2018, Baring was holding 21.13 crore shares or 71.22 per cent stake in Hexaware. Shares of the IT firm today plunged 14 per cent on the bourses following reports of stake sale by Baring. On the NSE, the stock opened at Rs 452, then fell to a low of Rs 401.10, down 19.24 per cent over its last close. The stock finally settled at Rs ...

Ball bearing sector expected to grow by 10pc, says official

The Indian ball bearing industry is expected to grow at 10 per cent over the next three years, an official today said. "After a slump of almost three years till 2017, the ball bearing industry is looking up. In the first two quarters of 2018, there was double digit growth. We hope the sector would expand by at least 10 per cent over the next three years, " Eastern India Ball Bearing Merchants Association chairman Surendra Choraria said. The association today celebrated its golden jubilee. The Indian bearing market is estimated at Rs 95 billion and it constitutes less than 5 per cent of global bearing demand. About 60 per cent requirement is catered through domestic production while the remaining is met through imports, he said. Heads of two major bearing makers -- Dharmesh Arora, CEO, Schaefller India Limited, and Sanjay Koul, Managing Director of Timken India Limited -- were present at the event. The major bearing consuming sectors in eastern India are mining, steel,

Maruti Suzuki launches Quick Response Team on Bikes

Maruti Suzuki on Friday launched 'Quick Response Team on Bikes' (QRT) to offer faster on-road assistance to customers.

Paytm Money to offer MF investment products at no fee to customers

Paytm Money, a subsidiary of digital payments major Paytm, today said it will offer mutual fund investment products at zero fee to its customers. The investment and wealth management platform, which is slated for launch in the next two weeks, has seen huge consumer interest with more than 7.5 lakh people registering for early access, Paytm said in a statement. Paytm Money will offer mutual fund schemes in direct plans that come with lower expense ratios, it added. "We are aiming to make investing simple, transparent and accessible for all. We believe that the mutual fund industry will grow from current 20 million investors to over 50 million investors in the next five years," Paytm Money Whole-time Director Pravin Jadhav said. Offering users the best possible investment product at zero fee will help accelerate this growth, he added. In January, Paytm had announced that it will set up 'Paytm Money' to build investment and wealth management products for its users.