Page 3246 - Business Finance
EU, Switzerland, U.S. complain about Gulf excise tax at WTO
DUBAI (Reuters) - The European Union, Switzerland and the United States have complained at the World Trade Organisation about an excise tax imposed by several Gulf Arab states on carbonated and energy drinks, according to notes of a WTO meeting and diplomatic sources.
Grofers envisions Rs.2500cr-worth revenue by 2019
With an aim to disrupt the online retail market space, Grofers, a low-price online supermarket, announced its foray into the FMCG segment with the launch of seven new brands under two categories - Budget and Popular G-Brands.With this, Grofers' private label expands to 250 food and non-food products for its consumers, with an aim to drive the next wave of growth for e-commerce sector by bringing the next 100 million customers to its platform.The brand is bullish on growth with a revenue target of Rs. 2500 crores and roll out of over 500 stock keeping units (SKUs) for FY 2019.The Popular G-Brands category offers premium quality products under brands including 'G Mother's Choice', 'G Happy Day' and 'G Happy Home'. Labelled under the Budget category, the brands include 'HaveMore' and 'SaveMore' to cater to price sensitive consumers by offering entry level quality products.The G Happy Day and HaveMore brands include an array of food products like tea, fruit jam, muesli, tomato ketchup, ...
Zee Entertainment Q1 net rises 31% to Rs 325.88 cr
Media firm Zee Entertainment Enterprises (ZEEL) today reported a 31.27 per cent rise in its consolidated net profit at Rs 325.88 crore for the quarter ended June 30. The company had posted a net profit of Rs 248.25 crore during the same period a year ago. Total income during the quarter under review stood at Rs 1,821.78 crore, up 10.99 per cent, as against Rs 1,641.31 crore a year earlier, ZEEL said in a BSE filing. ZEEL Managing Director and Chief Executive Officer Punit Goenka said, "Our domestic advertising growth... was driven by higher ad spends across categories and increase in our network viewership share... we believe that the ad growth for the industry could be higher than the initial estimates for this financial year". The company's advertising revenue during the quarter was Rs 1,146.01 crore, up 18.6 per cent. Its subscription revenue stood at Rs 518.64 crore, up 8.25 per cent over the first quarter of the previous fiscal. Its shares settled at Rs 517.30 apiece, up 1.75 per
China's Didi teams with Booking.com for $500mn investment
Chinese ride-sharing giant Didi Chuxing landed a $500 million investment from Booking Holdings, owner of Booking.com and similar sites, in a tie-up that will see the companies offer their services on each other's platforms, they said today. The deal comes as Didi -- China's version of Uber -- fights off upstart rivals at home while taking on Uber overseas. The partnership will allow users of Booking's online travel brands -- including Kayak, Priceline, and Agoda -- to hail cars while Didi customers will be able to book hotel stays and other services through those platforms. "We believe that together we can offer smarter transportation services to our brands' customers," said Todd Henrich, head of corporate development for Booking Holdings. Chinese food delivery giant Meituan Dianping, as well as a new partnership made up of the country's three largest state-owned automakers, have announced plans to expand into the domestic ride-hailing market, presaging a possible turf war with ...
FPIs resume selling
Net outflow of Rs 348.97 crore on 16 July 2018
Grofers suspends fruits, veggies delivery in NCR, Bengaluru
Online grocery firm Grofers has said it has suspended the sale of fruits and vegetables across NCR and Bengaluru. "Customers can continue to shop except fruits and vegetables, which are temporarily unavailable," Grofers told PTI here. The Gurugram-based grocery start-up said in its quest to exceed customers' satisfaction, it is currently upgrading operations. Grofers also strongly believes in delivering an unparalleled experience to its buyers, it added. The firm works with 1,400 brands and sells 10,000 products through its platforms serving about 4 lakh customers every month. Industry watchers believe that grocery would become bigger than electronics and fashion categories that currently dominate online purchases. The Indian online grocery market is at USD 900 million currently and is expected to grow at 70 per cent CAGR to reach USD 7.5 billion by 2022, a report by consulting firm Praxis Global Alliance said. Fresh food has the lowest margins in this sector at 7 per ..
Exclusive: Kenya's Safaricom in 'advanced talks' to take M-Pesa to Ethiopia
ADDIS ABABA (Reuters) - Kenya's Safaricom is in "advanced talks" with the Ethiopian government to introduce its popular M-Pesa mobile money service, a major step towards establishing a toe-hold in the market of 100 million people, two sources said on Tuesday.
Johnson & Johnson lowers full-year sales forecast, shares fall
(Reuters) - Johnson & Johnson lowered its sales forecast for 2018 on Tuesday, citing a strengthening dollar.
City of London plans major fintech delegation to India
The City of London Corporation has unveiled plans for a major financial technology delegation to India, one of the world's largest fintech markets, to expand India-UK partnerships and collaborations in the field. Led by the Lord Mayor of London, Charles Bowman, the delegation's five-day visit in the second week of October will involve UK companies looking to expand in India's fintech markets to explore the opportunities. "India is now at the heart of the digital revolution, investing in new technologies and upskilling workers. The scale of opportunity is almost unfathomable, said the Lord Mayor, the leader of the City of London Corporation the financial hub of the British capital. "I am delighted to announce that I will be heading a delegation to Mumbai, Bangalore and New Delhi in October this year. I'm seeking to take with me companies that are interested in flying the flag for UK innovation," he said at an event entitled 'The Fintech Opportunity in India the UK perspective' at the
Jump In WPI Inflation Temporary, Says PHD Chamber
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Assets Managed By MFs Surge 18.32% On Year In June 2018
Assets managed by the Indian mutual fund industry have grown from Rs. 19.92 lakh crore (cr) in June 2017 to Rs. 23.57 Lakh cr in June 2018. That represents an 18.32% growth in assets over June 2017. The proportionate share of equity-oriented schemes is now 41.2% of the industry assets in June 2018, up from 35.1% in June 2017. The proportionate share of debt-oriented schemes is 33.3% of industry assets in June 2018, down from 41.1% in June 2017.
IBM partners Stronghold for new digital stable coin
NEW YORK (Reuters) - International Business Machines Corp is backing a new cryptocurrency pegged to the U.S. dollar, in a partnership with U.S.-based financial services provider Stronghold that adds stability to a sector known for its volatility, the companies said.
Japan's regional jet not flying so high after air show prang
FARNBOROUGH, England (Reuters) - Japan's efforts to show off its new regional jet, the MRJ, were dealt another setback on Tuesday after a prang forced it to skip a flying display at the Farnborough Airshow.
Factbox: Likely winners and losers from a Japan-EU trade deal
TOKYO (Reuters) - Japan and the European Union are set to sign a free-trade deal on Tuesday to remove nearly all customs duties and boost market access for Japanese car makers and European food exporters.
Sensex rebounds 196 pts, Nifty above 11k on crude breather
Benchmark BSE Sensex today rebounded by over 196 points to close at 36,519.96 while NSE Nifty settled above the 11,000 level as oil, metal and PSU stocks rallied after a sharp drop in global crude oil prices. Sentiment got a boost after global crude oil prices dropped by over 4 per cent yesterday owing to oversupply fears, helping the rupee to strengthen against the dollar, brokers said. Besides, reports that the 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 too accelerated the buying pace, they added. "Oil & gas, banking and pharma sector stocks stole the show, lifting Sensex to almost a new high," said Manoj Choraria, a Delhi-based NSE broker. Investors were also awaiting US Federal Reserve Chairman Jerome Powell's first congressional testimony for hints on the pace of interest rate hikes, they added. After a ...
Marico eyes 8-10% domestic volume growth from this fiscal
Homegrown FMCG major Marico is targeting an 8-10 per cent volume growth in the country along with healthy market share gains, a top company official has said. "For FY19 and beyond, we retain the target of 8-10 per cent volume growth in India accompanied by healthy market share gains. Accelerated innovation and our focus on digital will be strong enablers," Marico managing director and chief executive officer Saugata Gupta said in the company's annual report. Acknowledging that digital is the future, the company is embedding it in consumer engagement, creating digital brands and charting aggressive growth plans for e-commerce. "We are also working towards a differentiated operating model to accelerate our Horizon 2.0 initiatives. Our investments in Beardo and Revofit will augment our efforts further," he said. According to Gupta, e-commerce and modern trade posted healthy growth and should lead growth in FY19. "The leadership team's focus on nurturing new engines of ...
TEA hail increase in basic customs duty for knitted garment
Tirupur Exporters Association (TEA) today hailed the increase in the Basic Customs Duty from 10 to 20 per cent for import of 23 knitted garment items and one knitted fabric item by the Centre. The imports of textile products from countries like China, Bangladesh, Vietnam, Cambodia and Sri Lanka have been significantly increased with Compounded Annual Growth Rate of 17 per cent in five years. Besides, imports of ready made garments increased from Rs 3,994 crore in 2016-17 to Rs 4,983 crore in 2017-18, TEA president, Raja M Shanmugham said in a statement. Leading retail stores in India also started importing garments from Bangladesh and other countries, as it was cheaper compared to those produced in our country, he claimed. Considering the vulnerability of Indian Textile industry and a serious threat to employment, TEA has been continuously making representations to the centre and emphasising the threat during meetings with the ministers and officials and appealing to ...
Telia strikes $2.6 billion deal to buy rival TDC's Norway business
STOCKHOLM (Reuters) - Swedish telecom operator Telia Company is buying TDC's Norwegian business in a $2.6 billion deal that adds broadband and TV to its services in Norway.
Johnson & Johnson's quarterly profit rises 3.3 percent
(Reuters) - Johnson & Johnson reported a 3.3 percent rise in quarterly profit on Tuesday, as higher sales of cancer drugs Zytiga and Darzalex helped offset pressure on its blockbuster rheumatoid arthritis treatment Remicade.