Page 2963 - Business Finance
New York Times' digital subscriber growth slows, shares drop
(Reuters) - The New York Times Co added fewer paid digital subscribers in the second quarter as it cut back on discounts, overshadowing its better-than-expected quarterly results and sending its shares down nearly 5 percent on Wednesday.
Pakistan's locally-assembled car prices to come down
The Supreme Court of Pakistan has ordered slashing of the taxes on the locally-assembled cars and this will bring the down the prices, the media reported on Wednesday.
NCLAT seeks Tata Sons' reply to Mistry's plea
The National Company Law Appellate Tribunal (NCLAT) has asked Tata Sons to file a reply to former chairperson Cyrus Mistry's plea by August 10 challenging the conversion of Tata Sons into a private company.The NCLAT has listed the case for hearing next on August 14.Last month, the National Company Law Tribunal's (NCLT) Mumbai bench had rejected former Mistry's petition against Tata Sons, which challenged his dismissal as chairman of the business conglomerate and also highlighted alleged operational mismanagement.Mistry, through his investment firms-Cyrus Investments Pvt. Ltd and Sterling Investment Corp. Pvt. Ltd had filed a petition before the NCLT under Sections 241 and 242 of the Companies Act, which deal with oppression and mismanagement.For those unversed, Mistry was removed as executive chairman of Tata Sons, on October 24, 2016, by its board, following shareholder upheaval.
SBI launches unified payment terminal- MOPAD
State Bank of India (SBI) on Wednesday launched the Multi-Option Payment Acceptance Device or MOPAD, a unified payment option that accepts multiple payment methods.Under this, customers will be able to pay through credit or debit cards, Bharat QR, Unified Payments Interface (UPI) and SBI Buddy (e-wallet) at a Point of Sale (PoS) terminal. This initiative aims at providing digital convenience to customers and ease of doing business for merchants at the same time.A charge-slip as a proof of payment, which was not available for the Bharat QR, UPI, and the SBI Buddy transactions, will be available for customers who pay through MOPAD.The merchants get a single management information system (MIS) for all types of digital transactions, helping them to have total control over cash flows. This multipurpose initiative is expected to enhance the digital ecosystem and help the bank in driving the economy towards a less-cash society."MOPAD will help merchants to integrate different kinds of ...
CVS Health beats profit estimates, defends PBM business
(Reuters) - CVS Health Corp beat analysts' estimates for quarterly profit on Wednesday and the drugstore operator defended its pharmacy benefits management business in the face of the Trump administration's move to clamp down on escalating drug costs.
Naspers creates new video on demand unit as Netflix rivalry heats up
JOHANNESBURG (Reuters) - Naspers' video entertainment division has created a new over-the-top (OTT) video unit to be headed by Niclas Ekdahl in a bid to counter stiff competition for video on demand from global players such as Netflix.
Govt, industry must work togesther to promote R&D: Watal
Government and industry must synergise their efforts to promote R&D and innovation in the country, Principal Adviser to Niti Aayog Ratan P Watal said today. The culture of spending on research and development is growing in India and we are seeing the results in the form of improvements in rankings such as the Global Innovation Rank (GII), Watal said at a CII event on release of the GII report. India has improved its ranks on the Global Innovation Index by three places to 57th in 2018 from 60th position last year, according to the 'Global Innovation Index 2018, Energizing the World with Innovation' report. India ranked well in several important innovation inputs, including graduates in science and engineering, expenditures of major R&D-intensive global companies, and capital formation, the report said. Switzerland, the Netherlands, Sweden, the UK, Singapore, the US, Finland and Denmark lead the 2018 rankings in GII. Among the indicators of innovation outputs, India ranked first
IKEA plans to revise investment in India
Buoyed by the rapid growth of the retail sector, leading Swedish home furnishings retailer IKEA plans to increase its investments in the country.
China to slap additional tariffs on $16 billion of U.S. goods
BEIJING/WASHINGTON (Reuters) - China is slapping additional tariffs of 25 percent on $16 billion worth of U.S. imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world's largest economies escalated their trade dispute.
25K Govt organisations registered with GeM for public procurement: Comm Min
Over 25,000 government organisations from centre, state and public sector units are registered with the online platform of the commerce ministry to procure goods and services. The ministry launched Government e-Marketplace (GeM), an online platform for public procurement in August 2016 with the objective of creating an open and transparent procurement platform for government. "GeM has made over 4.2 lakh products available on its platform through a network of over 1.3 lakh sellers and service providers. These products and services are being bought by over 25,000 government organisations registered on the platform," the ministry said in a statement. It also said that GeM has grossed over Rs 10,000 crore in gross merchandise value in the last two years. As many as 24 states and UTs have signed an MoU with GeM to adopt this platform as the core procurement portal, it added. Average savings of 25 per cent have been achieved across transactions on the platform, it said.
Thermax net profit rises 22% to Rs 49 cr in Apr-Jun qtr
Thermax today said its consolidated net profit surged by 22.5 per cent to Rs 49 crore in the quarter ended June 30, on the back of higher revenues. The company had reported Rs 40 crore consolidated net profit for the corresponding period last fiscal, it said in a BSE filing. According to the statement, the total revenues of the company increased to Rs 1,066 crore in the quarter compared to Rs 917 crore in the same period a year ago. Its order booking stood at Rs 1,652 crore in the quarter, while the order backlog was Rs 6,420 crore.
Oil drops on slowing Chinese demand, U.S.-China trade spat
NEW YORK (Reuters) - Oil prices fell on Wednesday as a trade dispute between the United States and China escalated further and after Chinese import data showed a slowdown in demand.
Sterling plunges to 2018 lows as Brexit unease builds
LONDON (Reuters) - The pound suffered a heavy sell-off on Wednesday, skidding to its lowest levels against the dollar and euro in almost a year as markets ramped up bets on Britain leaving the EU without an agreement with Brussels on their future relationship.
Traders' body to move court against CCI nod to Walmart-Flipkart deal
Traders' body CAIT today described as 'most unfortunate' the Competition Commission of India's move to clear the Walmart-Flipkart deal and said it will approach the court against the decision. The Competition Commission today said it has approved US retail giant Walmart's proposed acquisition of Flipkart. "It is most unfortunate that leaving aside the objections raised by CAIT in CCI , the Commission has approved the deal. Without giving any opportunity of hearing to CAIT, the CCI has flayed principle of natural justice. "We deeply condemn such an attitude and will certainly move the court against the decision of CCI. CAIT has called an emergency meeting of its governing council on August 19 at Nagpur to take stock of the situation and finalise strategy for a nationwide movement," CAIT Secretary General Praveen Khandelwal told PTI. The Confederation of All India Traders (CAIT) has been demanding the government to scrap the deal and constitute a regulatory authority to regulate and ...
Fed's Barkin says U.S. interest rates need to rise further
ROANOKE, Virginia (Reuters) - The U.S. economy is strong enough to warrant further interest rate increases by the Federal Reserve, Richmond Fed President Thomas Barkin said on Wednesday.
Indian regulator clears Walmart's $16 billion acquisition of Flipkart
NEW DELHI (Reuters) - India's antitrust regulator on Wednesday approved U.S. retail giant Walmart Inc's $16 billion acquisition of Indian ecommerce firm Flipkart, beefing up the competition for rival Amazon.com Inc in the fast growing market.
NITI Aayog, CII to partner on sustainable development goals
The NITI Aayog on Wednesday entered into a three-year partnership with the Confederation of Indian Industry (CII) to develop vision and action agenda for the industry to contribute towards sustainable development goals (SDGs).
Trade war: China hits back at US with new tariffs
China on Wednesday announced that it will slap additional 25 per cent tariff on $16 billion worth of US products in retaliation to Washington's latest round of duties, escalating the trade battle between the two countries.
Nifty scales new peak of 11,450
The NSE Nifty continued its record setting spree today by rising over 60 points to close at an all-time high of 11,450, helped by hectic buying in energy, banking, financial service and FMCG stocks. Despite initial volatility and trading in small range during morning session, sentiments were firm on fading US-China trade tensions. Sustained buying in fundamentally strong stocks during fag-end hours of the trade took the key index to fresh closing highs. Overseas, European shares were trading higher as investors kept a close eye on corporate earnings and trade tensions. Asian equities ended on a mixed note. The Nifty 50 index rose by 60.55 points, or 0.53 per cent, to end at 11,450, its record closing high. The index rose 70.50 points at the day's high of 11,459.95 and the index fell 10.15 points at the day's low of 11,379.30. It witnessed an intra-day movement of about 80.65 points. Sector-wise, energy jumped 1.74 per cent followed by PSU bank 0.89 per cent, bank 0.67 per cent, ...
Indian Bank Q1 net slips 43.7% to Rs 209.31 cr
: Public sector Indian Bank today reported a 43.7 decline in net profits for the quarter ending June 30, 2018 to Rs 209.31 crore. The city-headquartered bank had recorded net profits of Rs 372.40 crore in the corresponding period last year. For the year ending March 31, 2018 the bank's net profits stood at Rs 1,258.99 crore. Total income for the April-June 30, 2018 quarter went upto Rs 5,131.96 crore from Rs 4,788.04 crore registered in the same period of the previous year. For the year ending March 31, 2018 total income was Rs 19,519.48 crore. Gross NPA as on June 30, 2018 stood at 7.20 per cent as against 7.21 per cent recorded in the same period last year. Net NPA as on June 30, 2018 stood at 3.79 per cent as against 4.05 per cent in the corresponding period in 2017. The bank shares ended at Rs 354.80 apiece, down by 5.20 per cent over the previous close in the BSE.