Page 2941 - Business Finance
Global Markets: U.S. sanctions slam Russian rouble, Turkey's lira tumbles
NEW YORK (Reuters) - New U.S. sanctions drove down Russia's rouble, while worries that Turkey was sliding into a full-blown economic crisis battered the lira on Thursday, while global equity markets largely shrugged off these events to edge higher.
U.S. labour market tightening; inflation steadily rising
WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labour market weather ongoing trade tensions between the United States and a host of other countries.
SFIO arrests Bhushan Steel's former promoter Neeraj Singal for siphoning off funds
The Serious Fraud Investigation Office (SFIO) has arrested Bhushan Steel's former promoter Neeraj Singal for allegedly siphoning off funds worth over Rs 2,000 crore, according to officials. This is the first time that the SFIO has arrested a person for fraudulent activities, a senior official told PTI. Singal was arrested in the national capital and has been sent to judicial custody till August 14, another official said. Financial Services Secretary Rajiv Kumar said it was paying time for those who have indulged in fraud and diversion of loans. "Another blow to Crony capitalism. No mercy for siphoning off Public money. Arrest of ex promoter of Bhushan SL -zero tolerance of Govt. to fraudsters & economic offenders #CleanBanking, ?? ???? ?? ????. #NPA Recoveries and action to continue. @PMOIndia @FinMinIndia @PIB_India," Kumar tweeted. The probe agency, which comes under the Corporate Affairs Ministry, got powers to arrest people for violations of companies law last year. In a ...
Pulsus plans expansion to add 2,000 more jobs in India
Canadian health informatics player Pulsus plans to add 2,000 jobs through expansion of health informatics regional language translation activities in its India facilities.
Offering something for everybody, IKEA gets huge response on day one
Ikea's first India store, which opened its doors to a huge response by customers on Thursday, offers a world of options for people looking to furnish their homes with products of good quality and yet affordable.
IEX net up 33 pc at Rs 41.89 Cr in April-June quarter
Indian Energy Exchange today posted a 33 per cent jump in net profit at Rs 41.89 crore in the quarter ended on June 30, 2018 compared to the year-ago period mainly on the back of higher revenues. The company's net profit was Rs 31.38 crore in the quarter ended on June 30, 2017, a BSE filing said. Its total income rose to Rs 74.18 crore in the quarter from Rs 61.90 crore a year ago. The company is a registered power exchange and the same constitutes a single operating segment. Apart from approving the results, the board in its meeting recommended Sub-Division of 1 equity share of face value of Rs 10 each fully paid up into 1 equity shares of Rs 1 each fully paid up, resulting in issuance 10 equity shares of Rs 1 each fully paid up, thereby keeping the paid up capital intact, subject to the approval of the members in the ensuing 12thAnnual General Meeting. The board also approved increase in limit of total shareholding of FPI/FII from 24 per cent up to 49 per cent (which is present ...
Tata Communications loss at Rs 57.95 cr in June quarter
Tata Communications today reported a loss of Rs 57.95 crore for the quarter ended June 2018, against a net profit of Rs 32.94 crore in the year ago period. On a sequential basis, the losses, however, narrowed as compared to Rs 120.47 crore in the quarter ended March 2018. The income from operations came in 9.2 per cent lower year-on-year to Rs 3,912.28 crore for June quarter, from Rs 4,310.02 crore in the same period of previous year, according to a regulatory filing by the company. In a statement today, the company said that the consolidated revenues had declined primarily on account of lower volume and price compression in voice business. "Despite decline in revenue, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) margins expanded...the margins expanded by 30 BPS (basis points) sequentially and 120 BPS on YoY (year on year) basis due to cost optimisation and control," the statement added. A change in treatment of one-time service revenue in accordance with ...
BLS E-Services acquires Starfin India for an undisclosed amount
BLS E-Services today said it has acquired Starfin India, a banking business correspondent of State Bank of India, for an undisclosed amount. The company, which is a wholly-owned subsidiary of BLS International, has over 1,500 active customer service centres, BLS E-Services said in a statement. Starfin has a network of Customer Service Centres (CSCs) across 11 states through which it caters to banking services to millions of customers. "This acquisition will not only provide major growth opportunities to BLS and will strengthen our presence in B2C services in India," BLS International JMD Shikhar Aggarwal said. With Starfin the company aims to enable every consumer to seamlessly benefit through financial and social inclusion, Digital India and different government programmes to provide a wider access to basic services, he added. BLS International is amongst the world's leading specialist service provider for outsourcing of visa, passport, consular, attestation and citizen services.
PFC seeks shareholders approval to raise Rs 65,000 Cr
Power Finance Corporation (PFC) will seek its shareholders approval to raise Rs 65,000 crore through issuance of debt securities on private placement basis in India or abroad at its annual general meeting on September 11, 2018. The proposal to raise funds up to Rs 65,000 crore through issue of Bonds/Debentures/notes/debt securities on Private Placement basis in India and/or outside India is listed on the agenda of AGM on September 11, 2018, a BSE filing said. According to statement, the shareholders will also consider proposal of scheme of arrangement for Amalgamation of PFC Green Energy Limited (Transferor Company) with Power Finance Corporation Limited (Transferee Company) and their respective shareholders and creditors. In a separate filing, the company said that it launched an issue notes of USD 300 million on August 2, 2018. The Notes carry a coupon of 5.25 per annum payable semi-annually, in arrears. The Notes will mature on August 10, 2028 and all rupee principal and interest ..
ED files prosecution complaint in Upendra Rai case
The Special Court on Thursday took cognisance of prosecution complaint filed by the Enforcement Directorate (ED) against journalist Upendra Rai before Special Judge (PMLA), Patiala House, New Delhi on August 6 in a money laundering case for an amount of Rs. 29,58,09,570.In this case, Upendra Rai had adopted a different modus operandi to launder the ill-gotten money.Rai was involved in extortion of huge amount of money from different companies and corporate houses.He took undue advantage of his connections with several government officials, to gain access to confidential information available with them about the penal proceedings being contemplated against various defaulters, at times in advance.After having received references from his connections in government agencies in respect of different prospective entities, Rai used to gather confidential information to finally blackmail them to extort money. He also threatened to tarnish their image by publishing adverse reporting about them .
MPS to sell generic low-cost medicines at railway stations: Gohain
The government on Thursday said that the Railway Board has decided to have Multi Purpose Stalls (MPS) at stations that could soon stock generic low-cost medicines.
Second auction of discovered oil, gas fields launched
Union Minister Dharmendra Pradhan on Thursday launched the second round bidding for Discovered Small Fields (DSF) having 190 million metric tons (MMT) of oil and oil equivalent of gas worth more than Rs 1 lakh crore. It is likely to fetch Rs 45,000 crore for the government.
Railways spent Rs 3,256 cr of RRSK till June this year: Gohain
The government on Thursday said that the Indian Railways spent Rs 3,256 crore this year against the Rs 20,000 crore from the Rashtriya Rail Sanraksha Kosh (RRSK) and Rs 16,091 crore last year.
Tech stocks take Nasdaq closer to record
(Reuters) - The Nasdaq inched towards a record on the back of high-flying technology trio of Apple, Amazon and Microsoft, while gains in the Dow and the S&P 500 were limited as energy shares fell.
Illegal supply of fuel detected at Muktsar, Bathinda
A team of Punjab Food and Civil Supplies department today detected the illegal supply of petroleum products at Muktsar and Bathinda, other than the authorized points of sale, flouting norms. The department launched a crackdown after Punjab Food Supplies Minister Bharat Bhushan Ashu received a complaint alleging that fuel tankers were being loaded from Satpal Traders fuelling station in Gidderbaha, Muktsar which were further sent to fuel stations in Bathinda against norms, according to press release. Rakesh Singla, District Food Supplies controller, said the fuel was being supplied at fuel pump of New Deep Bus Company located on Bathinda-Mansa road. He said that Satpal Traders have violated the norms of Motor Spirit and High Speed Diesel (Regulation of supply and distribution and prevention of malpractices) Order 2005 that do not allow sale of petroleum products other than at the authorized points of sale. The tankers have also violated Petroleum Act 1934 and Petroleum Rule 2002 for ...
Tribune Media files suit, terminates Sinclair merger deal
(Reuters) - Tribune Media Co said on Thursday it had terminated a $3.9 billion deal to be acquired by Sinclair Broadcast Group and was suing Sinclair for breach of contract, after regulators objected to the acquisition that was supported by U.S. President Donald Trump.
Analysis: At bargain prices, European banks attract value-hungry investors
LONDON (Reuters) - Europe's most shunned stock market sector, banking, is starting to tempt some investors as a string of solid earnings updates persuade them there are cut-price deals to be had.
India Nayara Energy to shut Vadinar refinery for a month from mid-November
NEW DELHI (Reuters) - Indian private refiner Nayara Energy, part-owned by Russian oil giant Rosneft's, will shut its 400,000 barrels per day (bpd) Vadinar refinery on the west coast for about a month from mid-November, a company spokesman said.
Option to interim dividend from RBI open: Garg
The option of interim dividend from the Reserve Bank of India during the financial year is open and decision in this regard may be taken later this year, Economic Affairs Secretary S C Garg said today. Yesterday, the RBI board decided to pay Rs 50,000 crore as dividend to the government for the financial year ended June 2018. RBI follows July-June fiscal year. Explaining the break up of dividend announced by RBI, Garg said, "You declare dividend after year closes. RBI financial year closes on June 30, now they are finalising accounts and they declared Rs 50,000 crore as dividend. Rs 10,000 crore (as interim dividend) was received last year (FY18), Rs 40,000 crore will come (FY19)." When asked if there is scope for interim dividend, he said the option remains open. "Like we did last year there may be interim dividend this year. The review could happen later may be December, " he said. He said the RBI dividend announcement is close to estimates. As per the Budget Estimate, the ...
UBI net loss climbs to Rs 388.68 crore, operating profit increases
State-run United Bank of India (UBI) on Thursday reported a net loss of Rs 388.68 crore in the quarter ended June 30, up from Rs 211.47 crore reported in the year-ago period.