Page 2743 - Business Finance
Surge in Indian buying sends West African oil flows to Asia to record in August
Shipments of West African crude to Asia are set to reach a record high in August, driven by a surge in demand from Indian refiners, who will take more oil from the region than at any time since mid-2015.
Analysis: 'Safe as houses'? Brexit looms over UK real estate market
LONDON (Reuters) - Investors are ditching British real estate as Brexit uncertainty, rising interest rates and inflation erode house prices and office values in a market hurtling towards a potentially messy exit from the European Union.
Danish jeweller Pandora hires new China chief
COPENHAGEN (Reuters) - Jeweller Pandora has recruited Geena Tok from Nike to head its business in China, where the Danish company has been challenged by a rise in sales on the grey market.
Gold falls as new trade tariffs, rate hike views buoy dollar
LONDON (Reuters) - Gold prices faltered on Thursday, under pressure from a stronger dollar as the U.S. Federal Reserve reaffirmed intentions to raise interest rates and trade tariffs between the United States and China kicked in.
Nifty rises 11.85 points to fresh lifetime high
The NSE benchmark Nifty finished at a fresh lifetime high of 11,582.75 points today on buying in IT, pharma, energy, infra, FMCG and realty stocks. However, banking, metals, financal service and auto counters succumbed to selling. Domestic investors refrained from taking big positions amid escalating trade war tensions between the US and China. The Nifty 50 index rose 11.85 points or 0.10 per cent to end at 11,582.75, its record closing high. It saw an intra-day movement of about 74.00 points. On the sectoral front, pharma rose by 1.27 per cent, followed by IT 1.24 per cent, energy 1.13 per cent, infra 0.99 per cent, FMCG 0.91 per cent and realty 0.40 per cent. However, metal slipped by 1.45 per cent, PSU Bank 1.22 per cent, media 1.07 per cent, bank 0.81 per cent, private bank 0.76 per cent, finance service 0.69 per cent and auto 0.18 per cent. Major index gainers were Tech Mahindra, L&T, Dr Reddy's, NTPC, HCL Tech, GAIL, Adani Ports, Lupin and Reliance. Losers were Tata Motors, .
Pub Cabinet approves bill for price stabilisation fund
The Punjab cabinet today approved a bill for creation of a price stabilisation fund which will ensure state farmers get minimum support price (MSP). The decision was taken during a cabinet meeting chaired by Chief Minister Amarinder Singh. The cabinet decided to table the bill for enactment in the Vidhan Sabha session, which is beginning tomorrow. The bill aims to protect the interests of farmers in the event of a sudden fall in prices of certain agricultural commodities. According to it, amendments will be made to sections 25 (A), 26 and 28 of the Punjab Agricultural Produce Markets Act, 1961, read an official release. The amendments will ensure that a fraction of the commission charged by the arhtiyas (commission agents) are directed towards the agricultural produce price stabilisation fee. The rules pertaining to market development fund and market committee fund would also be amended by insertion of a new clause (XXII) after sections 26 & 28 of the Punjab Agricultural Produce ..
TCI Industries allots 2,696 preference shares to Promoters
On 23 August 2018
Goldman sells new London HQ to SKorean pension fund
Goldman Sachs has sold his new European headquarters, opening next year in London, to South Korea's National Pension Service for USD 1.5 billion, the US investment bank has said. Goldman added in a statement that it would lease back the building, worth 1.165 billion pounds (USD 1.502 billion, 1.297 billion euros), in a deal lasting up to 25 years. "The Goldman Sachs Group Inc. today announced it has entered into a binding agreement for the sale and leaseback of Plumtree Court with Korea's National Pension Service," said the statement issued late yesterday. "Plumtree Court will be the new European headquarters of Goldman Sachs in London from mid-2019 when it is expected to take occupancy of the premises." Located in London's key City financial district, the 10-storey building can seat up to 8,000 staff, the statement added. Goldman Sach's decision to keep its European headquarters in London is a boost for the capital heading into a post-Brexit Britain. The bank employs about 6,000 ...
Actress Keerthy Suresh is brand ambassador for Reliance Trends
Reliance Retail has roped in popular south Indian actress Keerthy Suresh as the brand ambassador of Southern region for Trends, the apparel and accessories speciality chain of the group. "This association with Keerthy Suresh will help establish a strong connect for Trends with consumers. She portrays a rare blend of talent, fashion, beauty and versatility as an actor," Trends, COO, Vipin Tyagi said in a statement today. "We have over 61 stores in Tamil Nadu and 229 in the South, the largest by any fashion retailer and we intend to continue to expand our presence.." he said. A new television commercial featuring the actress was also launched as part of the company's marketing campaign on the occasion.
Indian economy expected to grow by 7.5% in 2018: Moody's
Global credit ratings, research, and risk analysis firm Moody's Investors Service expects the Indian economy to grow by around 7.5 per cent in 2018 and 2019.
Punjab to streamline money lending to farmers
The Punjab government on Thursday decided to streamline the system of money lending to farmers by fixing a limit on the advance on per acre of land, and the rate of interest will also be duly determined by the government.
Jet Airways shares slide over 3% on bourses
Continuing to face selling pressure, shares of Jet Airways today slumped over 3 per cent amid the full service carrier mulling cost reduction measures to tackle financial woes. While the scrip fell 3.5 per cent on the BSE, the decline was little over 4 per cent on the NSE. The fall also comes a day after the airline said its board would consider cost reduction initiatives and turnaround plan at a meeting on August 27. After opening at Rs 290.85, Jet Airways shares shed 3.51 per cent to close at Rs 282.10 on the BSE. At the NSE, the shares tumbled 4.10 per cent to end the day at Rs 280.50. The full service carrier, which is grappling with financial woes, has been looking at ways to reduce costs amid high oil prices and intense competition. In recent weeks, the scrip has taken a beating. On August 9, the airline's board of directors deferred announcement of unaudited financial results for the June quarter and the same would be taken up on August 27. Jet Airways, on August 22, said the ..
India to explore avenues to boost exports to Kenya
India will explore opportunities to increase exports of petroleum products, cars and motorcycles, and mobile phones to Kenya during the joint trade committee meeting of the two countries beginning Thursday, sources said today. The Eighth Session of the India-Kenya Joint Trade Committee Meeting is being held in Nairobi, the capital city of the African nation. India is the second largest investor in Kenya according to KenInvest. The bilateral trade was valued at USD 2.05 billion in 2017-18. "We are keen to explore new opportunities in logistics, agriculture, energy, pharma and many other sectors with Kenya," Commerce Minister Suresh Prabhu said in a tweet after landing in Kenya. According to the sources, India has identified petroleum products (medium and light oils); medicaments for therapeutic or prophylactic purposes; motor vehicles/cars/motorcycles and products of iron and steel, as potential products to increase its exports to Kenya. Cane or beet sugar, wheat and meslin, cement ...
Sundaram Finance Group donates Rs 1 Cr to Ker relief fund
City-based Sundaram Finance Group has contributed Rs one crore to the Kerala Chief Minister's Distress Relief Fund following the deluge in the state which claimed over 230 lives and rendered many homeless. Sundaram Finance Holdings CEO, Paramesh Krishnaier, handed over the cheque to Chief Minister Pinarayi Vijayan at Thiruvananthapuram yesterday, a company statement said here.
RIL first Indian firm to breach Rs 8 lakh-cr m-cap mark; stock hits 52-week high
Reliance Industries (RIL) today became the first Indian company to cross the Rs 8 lakh crore market capitalisation mark while its stock hit a fresh 52-week high. The stock closed 1.86 per cent higher at Rs 1,269.70 on the BSE. During the trading session, the scrip touched a 52-week high of Rs 1,273.55 The surge in the counter has pegged the company's market valuation at Rs 8,04,691.40 crore at the end of today's session. According to market experts, the stock has been on an uptrend after the company announced aggressive business plans at its annual general meeting (AGM) last month, including the launch of its fibre-to-the-home service, GigaFiber. On July 13, RIL's market valuation had briefly surged past the Rs 7 lakh crore mark, making it the second company after IT bellwether Tata Consultancy Services (TCS) to achieve this milestone. On July 12, it crossed the USD 100-billion market capitalisation mark for the first time in the last 10 years. Again on July 20, Reliance Industries' ..
Goldman Sachs opens digital consumer bank in Britain
LONDON (Reuters) - Goldman Sachs has opened its digital consumer savings platform Marcus to its own staff in Britain ahead of a wider roll-out to the public in the coming weeks, according to an internal memo sent to staff on Thursday and seen by Reuters.
Fed's George sees two more rate hikes in 2018 - interviews
JACKSON HOLE, Wyo. (Reuters) - The Federal Reserve should raise rates further this year and probably next year as well, though that plan could change depending on economic and financial conditions, Kansas City Federal Reserve Bank President Esther George said in interviews aired Thursday.
Mahindra Lifespace to develop residential project in Jaipur
Mahindra Lifespace Developers have submitted a master plan to the Rajasthan government to set up residential and social infrastructure projects in the Mahindra World city in Jaipur, a top company official said today. The idea was conceptualised following the success of the Mahindra World City project near Chennai, the CEO of Mahindra Lifespace Developers, Sangeeta Prasad said. She was talking to reporters after announcing the company's fifth residential project 'Lakewoods' located in the integrated township Mahindra World City, which would have 747 apartments spread across 9.33 acres. Mahindra World City in Jaipur is spread across 3,000 acres and promoted as a public private partnership between the Mahindra Group and Rajasthan State Industrial Development and Investment Corporation. "From what we have learnt from Chennai (Mahindra World City project), we have drawn out a business strategy and a plan for developing residential and social infrastructure in Mahindra World ..
Uber Eats India crosses 25 cities milestone
Uber Eats, the largest food delivery network has announced expansion of its operations in additional cities including Tiruchirappalli, Surat, Nashik, Ludhiana and Mysore.With expansion in over 11 cities across the country in the last 6 weeks, Uber Eats plans to further open services in newer cities.Uber Eats has more than quadrupled the number of orders in the last three months and records nearly 50% month-on-month growth. Currently the service has the strongest presence in the south of India with Vijayawada and Madurai being the first two cities where Uber Eats launched before the Uber rides business."India continues to be the fastest growing market for Uber Eats in the Asia Pacific region and globally. As urbanization picks up in the country, we look for opportunities to take our service to newer cities and expand our network, especially in Tier 2 cities, which we believe, offer tremendous potential for the food tech industry," said Head Uber Eats, India, Bhavik Rathod."We look ...
CBDT asked to clear ambiguity over STT on physical settlement in F&O
The Bombay High Court today asked the Central Board of Direct Taxes (CBDT) to clear the ambiguity over the securities transactions tax (STT) rate on physical delivery of shares in the equity derivatives segment. A division bench of Justices B R Gavai and M S Karnik was hearing a petition filed by the Association of National Exchanges Members of India (ANMI) against a July 17 circular issued by the National Stock Exchange (NSE). The circular directed the members in the equity derivatives segment to collect the STT on physical settlement of stock derivatives at the rate of 0.10 per cent with effect from July 26. It added that if the CBDT issued any clarification or amendment on taxation of physically settled F&O contracts, the exchange would recover such additional tax burden from the members. ANMI, a brokers' association, claimed in the petition that this was leading to an ambiguous situation. The NSE seeking to "illegally" pass on a burden of any additional taxation is "illegal ...