Page 3075 - Business Finance
U.S. consumer spending rises; wage growth slows in second quarter
WASHINGTON (Reuters) - U.S. consumer spending increased solidly in June as households spent more at restaurants and on accommodation, building a strong base for the economy heading into the third quarter, while inflation rose moderately.
Industrials boost Wall Street on renewed trade hopes
(Reuters) - U.S. stocks rose on Tuesday, led by industrial companies, after a report that the U.S. and China were trying to resume negotiations to defuse a trade war between world's two largest economies.
Tax collection in Haryana goes up: Minister
Tax collection in Haryana has increased by an average of 12 per cent during the last four years, a minister said today. The collection which was Rs 25,567 crore in 2013-14, has increased to about Rs 41,000 crore in 2017-18, Haryana Finance Minister Capt Abhimanyu said here today. "Haryana is leading in every field, and this achievement is the result of the transparent policies pursued by the state government," he said. The growth of tax collection, which was 8.52 per cent in 2013-14, has now increased to 20.76 per cent, which is a great achievement. The collection includes stamp and registration fee, excise duty, vehicle tax and sales tax/GST, he said in a statement. Capt Abhimanyu said the financial condition of Haryana was improving. "While on one hand, government funds are being utilized appropriately, on the other hand, the tax collection has gone up," he said. Further giving details about the tax collection, the minister said, "the tax collection was Rs 25,567 crore in 2013-14, ..
RIL wins arbitration award in gas dispute with govt
An international arbitration tribunal has rejected Indian government's claim of USD 1.55 billion against Reliance Industries and its partners for allegedly syphoning gas from deposits they had no right to exploit. The three member panel by a majority of 2-1 also awarded USD 8.3 million compensation to the three partners, Reliance said in a regulatory filing. ? "An international arbitration panel has issued an award in favour of Reliance, BP & Niko (Consortium) rejecting completely the claims of the Government of India against the Consortium in respect of migrated gas, by a majority of 2 to 1," it said. All the contentions of the Consortium have been upheld by the majority with a finding that the Consortium was entitled to produce all gas from its contract area and all claims made by the Government of India have been rejected, it said adding the Consortium is not liable to pay any amount to the Government of India.? "The Tribunal also awarded costs of USD 8.3 million (Rs. 56.44 ...
U.S. Treasury backs special federal charter for fintech firms
WASHINGTON (Reuters) - The U.S. Treasury on Tuesday backed the creation of a federal charter for financial technology firms, in a boon for online and peer-to-peer lenders that have long complained the current state-by-state licensing regime is expensive and outdated.
7 out of 10 fashion accessory buys in India to be 'mobile influenced' by 2022: FB-KPMG
Seven in 10 fashion accessory purchases in 2022 will be influenced by mobile-focussed marketing in India, creating a USD 110 billion sales opportunity by 2022, a report by Facebook and KPMG said today. The report added that higher use of mobile in the media mix can help create about USD 14 billion worth of potential revenue for fashion brands by 2022. "Seven in 10 fashion accessory purchases in 2022 will be mobile influenced, nearly half of which will be driven by Facebook, amounting to a USD 110 billion sales opportunity by 2022," the report said. Also, marketing initiatives driven via mobile platform are expected influence two in three apparel purchases, amounting to USD 66 billion opportunity for brands, it added. "Fashion spectrum in India has evolved so considerably, that the apparel and accessory market is projected to reach USD 102 billion and USD 155 billion individually, by the year 2022. Today, mobile has become central to the way brands market and sell their products and ...
Par panel asks govt to ensure reliable feedstock to BCPL
A Parliamentary panel today asked the Centre to give top priority in ensuring more reliable feedstock supply to the Brahmaputra Cracker and Polymer Ltd (BCPL), which is implementing the Assam Gas Cracker project. The panel also asked the government to release balance amount of capital subsidy of Rs 449.45 crore that would help BCPL improve its financial condition. "The committee do hope that all stakeholders will put in their best efforts to address the issue of adequate supply of feedstock," the Parliamentary Standing Committee on Chemicals and Petrochemicals said in a report placed in the Lok Sabha. The feedstock for BCPL project is natural gas and naphtha. BCPL's plant took nearly eight months for stabilisation after commission in January 2016. The committee found that the capacity utilisation of BCPL in 2016-17 was 37 per cent and it rose to nearly 78 per cent in 2017-18. "However, the plant got affected due to inadequate availability of natural gas, naphtha and also Butene-1," ...
Ruchi Soya's lenders to meet tomorrow to consider Adani Wilmar Rs 6,000cr bid
Lenders of bankruptcy-bound Ruchi Soya are scheduled to meet tomorrow to consider a offer submitted by Adani Wilmar, which emerged as the highest bidder with Rs 6,000 crore bid to acquire Indore-based edible oil firm, sources said. Adani Wilmar, which sells cooking oil under the Fortune brand, and Baba Ramdev-led Patanjali are in the fray to acquire debt-ridden Ruchi Soya. Adani has emerged as the highest bidder (H1) with an offer of about Rs 6,000 crore, while Patanjali's bid was worth around Rs 5,700 crore. Sources said the Committee of Creditors (CoC) will meet tomorrow and consider Adani bids as Patanjali did not revised its offer under the Swiss Challenge system. After Adani Wilmar emerged as H1, Patanjali Ayurved sought clarification from the RP (resolution professional) of Ruchi Soya related to eligibility of Adani Group to participate in the bidding process. It also sought to know the parameters adopted by the RP to declare Adani Wilmar as the highest bidder. When contacted, a
Oil falls as OPEC, Russia boost output
NEW YORK (Reuters) - Oil prices fell on Tuesday, on track for their largest monthly decline in two years after OPEC output reached a 2018 high in July and comments from U.S. President Donald Trump raised hopes that sanctions on Iranian oil exports could be avoided.
Shopify shares fall as merchandising volume growth slows
(Reuters) - Canada's Shopify Inc reported another quarter of slowing growth in a key metric that overshadowed a surprise adjusted quarterly profit, sending the company's shares down about 6 percent.
Tata Motors skids to first quarterly loss in three years
NEW DELHI/BENGALURU (Reuters) - India's Tata Motors Ltd reported its first quarterly loss in nearly three years on Tuesday as its British unit Jaguar Land Rover (JLR) sold fewer of its luxury cars to dealerships in China and expenses rose.
Global Markets: Equities rebound on U.S.-Sino talks report, dollar jumps
NEW YORK (Reuters) - Global equity markets rebounded on Tuesday on a report that said the United States and China hoped to resume talks to defuse a budding trade war, while the dollar jumped against the yen after the Bank of Japan said it intends to keep interest rates low.
Don't fell prey to 'rice puller' scam: RBI warns
The Reserve Bank today cautioned the public not to fall prey to persons using its to market 'rice puller', purportedly a device that said to have magical properties. In a statement, the RBI said that it has been brought to its notice that "some unscrupulous persons" are marketing a device termed 'rice puller' made up of copper/iridium, that is claimed to possess magical properties of attracting grains of rice towards it. "The persons associated have been reportedly misrepresenting the Government Securities auction circulars/Notifications issued by RBI/GoI as proof of RBI sourcing funds for such activities on behalf of the sellers of these articles," said the statement titled 'Cautionary advice on Rice pulling Scam'. While cautioning the public not to fall prey to the claims, the RBI said such incidences should be reported to the investigating authorities. "It is reiterated that associating with such unscrupulous persons can result in direct financial losses and public in their own ...
Taiwanese co proposes $6.6 bn investment in India
Taiwan's state-owned CPC Corp has proposed to invest USD 6.6 billion in petrochemical projects in Paradip in Odisha using feedstock from IOC, Oil Minister Dharmendra Pradhan said today. A Taiwanese delegation today discussed investment in the petrochemical cracker and downstream units. "Met with a delegation led by President of Taiwan's state-owned petrochemical company, CPC Corporation. They propose to invest $ 6.6 billion in petrochemical projects in Paradip using feedstock from IOC," Pradhan tweeted. He did not elaborate. The delegation led by Shun-Chin Lee, President of CPC Corporation "had detailed discussions with the Minister and senior officials of the Ministry and the oil industry on the proposed investment and identified the East Coast of India, and Odisha in particular, for the location of the cracker and downstream units," and Indian Oil Corp (IOC) statement said. During the discussions, IOC's 15-million tonnes per annum Paradip Refinery has emerged as a suitable location .
Punjab CM assures CLU transfer to boost industrial development in state
Punjab Chief Minister Amarinder Singh today assured industrialists that the existing policy to allow Change in Land Use (CLU) transfer will be reviewed to facilitate industrial development in the state. The assurance was given by the chief minister during one-to-one meetings with industrialists here to woo more investment and boost industrial development in Punjab. The chief minister held meetings this evening with Walmart India president and CEO Krish Iyer and Chief Corporate Affairs Officer Rajneesh Kumar, followed by a detailed discussion with Max Healthcare CEO and MD Rajit Mehta. Close on heels was a meeting with Shahi Exports MD Harish Ahuja and Radisson Hotel Group Chairman Emeritus and Principal Advisor South Asia K B Kachru. Tomorrow in Delhi, the chief minister will interact with top industry leaders in a day-long session. It is being organised by the CII and the Punjab Bureau of Investment Promotion. Singh apprised the industry leaders of the various incentives made ...
Sebi slaps fine of Rs 15 lakh on promoters of SVC Resources
Regulator Sebi today slapped a fine of Rs 15 lakh on three former promoters of SVC Resources for violating market norms regarding the transfer of shares. The regulator in a separate order imposed a fine of Rs 2 lakh on one Ashok Gupta for not disclosing additional acquisition of shares of the firm in 2011 and thereby violating insider trading norms. Gupta was the chairman and managing director of SVC Resources at the tim of violation, according to the Sebi order. Sebi found that promoter Powerhouse Fitness Ltd (formerly known as Naaz Trading and Finance Ltd) exited from the company after transferring its shareholding to two other promoters, Akshat Gupta, Ankush Gupta without any payment through off market transaction in July 2009. Since, the transaction entered into by the three former promoters was an off-market transaction, it has to be in conformity with the provisions relating to spot delivery contract under the Securities and Contract Regulation Rules (SCRA), the regulator ...
Haryana tax collection up by 12 per cent
Tax collection in Haryana has increased by an average of 12 per cent during the last four years.
Vedanta's Q1 net profit up 2% to Rs 1,533 cr
Diversified natural resources company Vedanta on Tuesday reported a consolidated net profit of Rs 1,533 crore, up 2 per cent from the corresponding quarter last fiscal.
Hathway plans to deleverage books by Rs 500 cr by March 2020
Cable TV and broadband service provider Hathway Cable and Datacom today said it is planning to deleverage its books by Rs 500 crore by March 2020. The company's total debt stood at Rs 1,617 crore as on March 31, and its net debt-to-equity ratio stood at 1.23. "We have made a plan to deleverage the company by Rs 500 crore by March 2020," Hathway Cable and Datacom managing director Rajan Gupta told reporters. "Of the Rs 500 crore, the promoters will bring Rs 350 crore by way of equity and long-term unsecured loan. In fact, Rs 200 core is coming between July and August this year and the balance Rs 150 crore will happen over a period of time," Gupta said adding that the additional Rs 150 crore will be from cash that will be generated from operations. Recently, the company raised funds to the tune of up to Rs 100 crore by way of preferential share allotment. It is also working on upgrading its subscribers to above 40 mbps speed. Gupta said about 10 per cent of its total ...
IMF uncertain Greece's debt is sustainable in the long term
Greece still faces an uphill struggle after the end of its bailout program and it is not clear that its public debt load will be sustainable in the long term, the International Monetary Fund said today. An IMF report recommended a reduction in high direct taxes, which were imposed to right the country's public finances but also constrain growth. The economy is expected to grow 2 per cent this year and 2.4 per cent in 2019 but will slow to 1.2 per cent in 2022. In the long term, the IMF report said, population aging will further hinder economic activity. Greece's bailout programs end in three weeks' time. They were launched in 2010 when the country lost access to international bond markets after admitting it misreported key financial data. From August 21, it will have to finance itself through bond sales, although a hefty cash buffer provided by European creditors last month means there will be no urgent need for the country to quickly raise funds. The IMF, which contributed to ...