Page 3241 - Business Finance
Omnicom growth falls short as U.S. base shrinks
(Reuters) - Omnicom Group Inc fell short of expectations for revenue growth in the second quarter as U.S. clients put their marketing dollars elsewhere, sending shares of the New York firm and rival global advertising agencies lower.
Airtel announces network expansion plans for Odisha
Leading telecommunications service provider Bharti Airtel today announced its network roll-out plans for the current fiscal to further expand its high speed mobile data footprint in Odisha. As a part of its network expansion programme, Airtel plans to add 4,400 new sites in 2018-19, along with an addition of 1,500 kms of optic fiber in the state, a senior company official said today. "We are committed to offer our customers in Odisha a seamless experience on the best smartphone network. We will continue to invest aggressively in the region and expand our network capabilities with over 15,600 sites by the end of this financial year," said Siddharth Motiwale, Chief Operating Officer - Odisha, Bharti Airtel Ltd. During 2017-18, the company deployed 3660 new sites and rolled out over 500 kms of optic fiber in Odisha, extending its mobile broadband footprint to 53,500 towns and villages, he said. With VoLTE services launched in June, Airtel is witnessing a steady surge in ...
Wall Street gains on Powell comments, J&J results; Netflix drags
(Reuters) - U.S. stock indexes rose on Tuesday after Federal Reserve Chairman Jerome Powell gave a robust view of the U.S. economy and strong earnings from healthcare gaint Johnson & Johnson reinforced expectations of a solid earnings season.
Muthoot Capital posts Rs 20.6 cr profit for Q1
Muthoot Capital today reported over three-fold jump in its net profit at Rs 20.6 crore for the first quarter ending June compared to the year-ago period. The non-banking finance company of the Muthoot Pappachan Group had registered a net profit of Rs 6.1 crore in the corresponding April-June period of 2017-18. The total income increased to Rs 124.2 crore during the quarter ending June 2018, from Rs 79.5 crore during the same period last year, registering a growth of 56.2 per cent, the company said in a statement. Commenting on the results, Thomas George Muthoot, Managing Director, Muthoot Capital Services Limited said, "MCSL's results reflect the success of the group's strategic move towards customer-centric digital transformation to provide financial services at the doorstep of the common man." Chief Operating Officer Madhu Alexiouse said moving forward the company will be focused on incorporating the best of practices in terms of technology, processes, people, markets and ...
Oil steadies in choppy trading as focus turns to supply
NEW YORK (Reuters) - Crude oil futures steadied Tuesday as worries over supply disruptions eased and the focus moved to increasing production and potential damage to global growth from the U.S.-China trade dispute.
Exclusive: ECB warns of 'systemic' threat if Euribor reform efforts fail
LONDON (Reuters) - The European Central Bank is concerned about the risk of systemic problems if efforts to reform Euribor, one of the bank-to-bank lending benchmarks caught up in a global rate-rigging scandal, get torpedoed.
Nifty regains 11,000-level as crude oil slides
The broader Nifty reclaimed the 11,000-level to finish at 11,008.05 today, propelled by a rally in PSU Bank, Metal, Energy, Pharma, Media and Banking counters following sharp fall in global crude oil, while finance ministry report on capital infusion state-owned banks lifted the sentiment. The overnight steep fall in crude oil prices lifted stocks and sentiment bolstered after report of finance ministry is likely to infuse about Rs 10,000 crore within a few days in some state-owned lenders including PNB, Corporation Bank and Central Bank of India, to help them meet regulatory capital requirement. The 50-share NSE Nifty reclaimed the 11,000-level at 11,008.05, gaining 71.20 points, or 0.65 per cent, it shuttled between 11,018.50 and 10,925.60 in day trade. The broader midcap and smallcap company shares outperformed the key indices. Overseas, most Asian markets declined as energy stock came under selling pressure amid overnight fall in crude oil prices. European shares rose ahead of .
Task force to examine feasibility of $1 bn fund for social, environmental drive in Lat America
The Global Steering Group for Impact Investment today announced the launch of a task force to determine the feasibility of USD 1 billion fund to drive social and environmental impact in 20 countries across Central and South America. Once viability has been established, the Latin America Impact Fund of Funds (LIFF) Task Force intends to launch the fund of funds to strengthen the intermediary market. Latin American countries have made significant progress on key social and environmental fronts over the last decade, but significant challenges remain. According to estimates, about 40 per cent of their population live in vulnerable conditions: 115 million people live in informal urban settlements, more than 80 million people are affected by insufficient water supply and sanitation, twenty per cent of the regional population lacks access to basic health-care facilities, and nearly ten per cent of young people have not completed primary school. "The fund will seek to address these issues by .
Manufacturing, mining power U.S. industrial production
WASHINGTON (Reuters) - U.S. industrial production increased in June, boosted by a sharp rebound in manufacturing and further gains in mining output, the latest sign of robust economic growth in the second quarter.
Govt increases load carrying capacity of trucks by up to 25 per cent
The load carrying capacities of heavy vehicles, including trucks, have been increased by 20-25 per cent at par with global standards, and it would help in reducing logistics costs, Road Transport Minister Nitin Gadkari said today. Besides, the requirement for annual fitness certificates for trucks have been done away with and these certificates need to be only renewed every two years. The government has made changes to regulations governing "axle loads". Prior to this, the changes were last notified in 1983. After 35 years, the government has decided to increase the axle loads after taking into consideration the qualitative and quantitative changes in National Highways as well as reforms in heavy automobiles, Gadkari said. "We have increased the axle load for transport vehicles. The automobile technology and road construction quality has improved considerably. "We needed to harmonise our axle loads with international standards. This will help in increasing the carrying capacity of ...
RBI approves appointment of Chaturvedi as ICICI Bank non-exec chairman
ICICI Bank today said RBI has approved the appointment of Girish Chandra Chaturvedi as non-executive (part time) Chairman of the bank till June 30, 2021. The private lender had appointed the former petroleum secretary as the company's non-executive chairman on June 29. "We wish to inform you that RBI ..has approved the appointment of Girish Chandra Chaturvedi as Non-executive (part time) Chairman of the bank effective today till June 30, 2021," ICICI Bank said in a regulatory filing. ICICI Bank is under the scanner of various regulatory agencies for alleged conflict of interest involving its CEO Chanda Kochhar and her family members in extending loans to some corporates, including the Videocon Group. Last month, ICICI Bank announced that Kochhar has decided to go on leave till the completion of an external enquiry into the matter.
LIC offers to buy 51% stake in IDBI
The Industrial Development Bank of India (IDBI) on Monday received an offer from the Life Insurance Corporation of India (LIC) seeking to buy a 51 percent controlling stake in the public sector bank.The bank's board will take the final call after approval from the Government of India.Addressing a press conference, the Managing Director and the Chief Executive Officer of IDBI, B. Sriram said, "The matter was placed before the board of IDBI bank and today the board met and we have decided to convey the interest of LIC to the Government of India for their decision in these matters."He said that they will review the LIC's interest in taking up 51 percent controlling stake of the bank, and therefore give them promoter status.They will also decide if the mode of infusion will be by preferential issue of shares or through an open offer.Currently, 86 percent of the bank is owned by the Government of India, 7.98 percent by the LIC and the balance six percent by the public."We have advised the .
Odisha govt urges Tata Group to set up defence mfg cluster
The Odisha government today made a proposal to the Tata Group to set up a defence manufacturing cluster in the state. Chief Minister Naveen Patnaik met a delegation of the company, including Tata Sons Chairman Natarajan Chandrasekharan here at the state secretariat, and asked Tata Advanced Systems to consider developing the cluster on 871 hectare of land at Naraj in possession of Tata Power. "The state is also coming up with a dedicated policy to facilitate investment in the sector (defence manufacturing)," Patnaik said. After the meeting with the CM, Chandrasekharan said, "The company has announced an investment of Rs 25,000 crore for expansion of its steel mill at Kalinga Nagar and Rs 35,000 crore in Bhusan Steel, Angul. And, there are other things we are looking at. So it is a significant presence for us." He said the capacity of Kalinga Nagar plant would be 8 mtpa after expansion, and integration with Bhushan Steel was going on well. "Therefore, overall investment ...
Johnson & Johnson beats quarterly expectations on drug sales surge, shares jump
(Reuters) - Johnson & Johnson on Tuesday reported better-than-expected second quarter profit as sales of pharmaceuticals surged 20 percent despite a sharp decline in blockbuster arthritis drug Remicade, and its shares rose more than 4 percent.
UnitedHealth second-quarter medical costs miss estimates, shares slide
(Reuters) - UnitedHealth Group Inc, the largest U.S. health insurer, on Tuesday reported second-quarter medical costs slightly higher than Wall Street expectations, sending its shares down 4 percent and weighing on the rest of the sector.
J&J, Powell comment push Wall Street higher; Netflix weighs
(Reuters) - Wall Street rose on Tuesday as Federal Reserve Chairman Jerome Powell's optimistic view on the U.S. economy and solid earnings from Dow component Johnson & Johnson lifted expectations of a robust second-quarter earnings season.
AirAsia's Fernandes undecided on plane order, no plans to attend Farnborough
KUALA LUMPUR (Reuters) - AirAsia Group Bhd CEO Tony Fernandes said the group had not yet taken a decision on which aircraft manufacturer to pick for new plane orders and that he was not planning to go to this week's air show in Farnborough, England.
Airbus appoints new India head for its helicopters business
Aerospace major Airbus on Tuesday said it has appointed Ashish Saraf as Head of the helicopter division of Airbus India.
CCI dismisses complaint against 37 railway signalling cable suppliers
Competition Commission has rejected allegations of unfair business practices made against 37 railway signalling cable suppliers even as it suggested that procurement policy of the Indian Railways should be re-assessed to ensure accountability of entities participating in the tendering process. In a 49-page order, the watchdog said "no case of contravention" of competition norms has been found and disposed of the matter. There was no violation of Section 3 of the Competition Act that pertains to anti-competitive agreements. The ruling came on a complaint filed by a North Western Railway official alleging that the 37 entities had formed a cartel for supply of railway signalling cables and that they quoted high rates. Investigations by the Director General (DG) -- the probe arm of the regulator -- found that 11 entities had violated competition norms but did not find any contravention by the remaining 26 entities. "In the present case, neither there is any evidence of anti-competitive ...
REC board to consider raising up to Rs 70K cr via NCDs
Rural Electrification Corporation (REC) today said its board will consider a proposal this month to raise up to Rs 70,000 crore through issuance of non-convertible debentures on private placement basis. The board of directors of Rural Electrification Corporation in its meeting scheduled on July 25 will "consider a proposal for raising of funds through issue of unsecured/secured non-convertible bonds/debentures through private placement, up to an amount of Rs 70,000 crore, in one or more tranches", according to a regulatory filing by the company. The company would seek shareholders' approval for the proposal in the ensuing Annual General Meeting tentatively scheduled to be held on September 25, the filing said. The Navratna firm under the power ministry has been appointed as the nodal agency for implementation of Saubhagya (Pradhanmantri Sahaj Bijli Har Ghar Yojana) and DDUGJY (Deendayal Upadhyaya Gram Jyoti Yojana), the schemes which aim at providing 24x7 sustainable and affordable ...