Page 3247 - Business Finance
UK's Brexit campaign group fined for overspending, referred to Scotland Yard
The official group that campaigned for Brexit has been fined 61,000 pounds for breaking spending limits in the 2016 EU membership referendum and the case has been reported to Scotland Yard, the UK's Electoral Commission said today. Vote Leave, which proved victorious at the end of its campaign with 51.9 per cent voting for Brexit as against 48.1 per cent to Remain, was found guilty of funnelling cash with the help of a smaller pro-Brexit group called 'BeLeave' to get around campaign finance rules. Darren Grimes, the founder of 'BeLeave' has been fined 20,000 pounds and reported to the Metropolitan Police, along with 'Vote Leave' official David Halsall. The UK, on June 23, 2016, had voted in favour of leaving the 28-member European Union. It is scheduled to quit the bloc on March 29, 2019. "The Electoral Commission has followed the evidence and conducted a thorough investigation into spending and campaigning carried out by 'Vote Leave' and 'BeLeave'," said Bob Posner, the commission's .
Turnover on NSE's F&O segment rises
Nifty July futures at premium
Federal Bank shares soar over 19 pc as Q1 net profit rises
Shares of Federal Bank today surged over 19 per cent after the company registered a 25 per cent increase in its net profit for first quarter of the current fiscal. The bank's stock soared 19.16 per cent to close at Rs 88.30 on the BSE. During the day, it jumped 20.64 per cent to Rs 89.40. On the NSE, shares of the company zoomed 19.28 per cent to end at Rs 88.45. The company's market valuation also went up by Rs 2,856.18 crore to Rs 17,469.18 crore. In terms of equity volume, 60.60 lakh shares of the company were traded on the BSE and over 9.6 crore shares changed hands on the NSE during the day. Private sector lender Federal Bank today registered a 25 per cent increase in its net profit at Rs 262.71 crore for first quarter of the current fiscal despite rise in bad loans. The bank's net profit in the corresponding three months to June in 2017-18 stood at Rs 210.15 crore. Total income increased to Rs 2,938.24 crore for the quarter, against Rs 2,653.19 crore in the year ago period, the .
Thyssenkrupp chairman Ulrich Lehner quits after Tata deal
Ulrich Lehner, the chairman of Thyssenkrupp has resigned, citing pressure from activist shareholders, days after the German industrial giant announced the merger of its steel business with India's Tata Steel to emerge as Europe's second-biggest steelmaker. Lehner's resignation comes 12 days after Thyssenkrupp's CEO Heinrich Hiesinger who had suprisingly quit the company after Tata Steel announced its 50-50 joint venture with the German giant, creating Europe's second-largest steel company after Lakshmi Mittal's ArcelorMittal. Lehner, 72, had publicly backed Hiesinger, saying that activist shareholders of Thyssenkrupp had inflicted "psychological terrorism" on the former CEO. In a statement last night, Thyssenkrupp said Lehner informed the Executive Board of the company that he will resign from his office as Chairman of the Supervisory Board of thyssenkrupp AG as of July 31, and that he will withdraw from the Supervisory Board. "Today I have decided to resign from my office as Chairman
Eatigo secures investment from TripAdvisor; total funding reaches $25mn
Eatigo, a restaurant reservation platform in Southeast Asia, has received a follow-on investment from its existing strategic investor, TripAdvisor, bringing its total raise across all its investors to date to over USD 25 million.The pre-series C investment for Eatigo comes as TripAdvisor's restaurants business unit and its subsidiary, TheFork, look to help expand Eatigo's presence and services across the Asia Pacific region.On the heels of a successful entry into Hong Kong, the Philippines, Malaysia and India in 2017, Eatigo will use the funds to launch in several more markets and extend its product offering. Over the past year, the company has grown rapidly to claim a leading position in every market it operates in."Eatigo is excited to continue its strong relationship and collaboration with TripAdvisor. These new funds will be integral in allowing Eatigo to consolidate and extend the reach of our leadership and expertise in helping customers reserve the perfect table," said Eatigo's
Max Life Insurance to distribute Rs. 1,084 crore as bonus to its participating policyholders
Max Life Insurance, one of the leading life insurance companies of India, announced bonus for its participating policyholders. During the period July 1, 2018 to June 30, 2019, Max Life Insurance will be paying Rs.1,084 crore as policyholder bonus on the participating policies in-force, an increase of 27 percent over Rs. 854 crore in the same period in the previous year.The bonus distribution will benefit ~15 lacs participating policyholders of Max Life Insurance. This is the 16th year in a row when Max Life Insurance has announced bonus.Max Life Insurance's participating policyholder fund at Rs. 26,570 crore (as on 31st March, 2018) is one of the largest in the industry and has grown at Compounded Annual Growth Rate (CAGR) of ~35 percent over 10 years. This indicates trust Max Life's customers have reposed in its participating plans."We believe in offering consistent returns to our participating policyholders. In spite of volatile market conditions experienced over the last year, we ..
Slide in crude prices lift indices; Nifty regains 11k-mark
Slide in global crude oil prices along with expectations of fund infusion into public sector banks and value buying lifted the key domestic equity indices higher on Tuesday.
FDI data cannot be taken on face value; RBI needs to regenerate it: Experts
Pointing out discrepancies in FDI data, a study by two renowned experts has suggested that the RBI should regenerate foreign fund inflows and outflows data with detailed information at least for the past five years with a view to providing a more realistic picture of overseas investments. Foreign direct investment (FDI) inflows database cannot be taken on its face value due to various shortcomings, the study outlined. "While the annual aggregates do not provide adequate guidance regarding year-to-year changes, the sectoral reporting has some serious limitations ... Besides these weaknesses in reporting, FDI in India must also be read in light of disinvestments and repatriation of capital, which are adversely impacting on the gross inflows to a significant and growing extent," it added. The report was prepared by K S Chalapati Rao, Professor (Retd), Institute for Studies in Industrial Development (ISID), and Biswajit Dhar, Professor, Jawaharlal Nehru University. The data limitations on
Airbus appoints Ashish Saraf as head of India helicopter biz
European aviation major Airbus today announced the appointment of Ashish Saraf as the head of its helicopter division in India. Saraf, whose appointment is effective from July 1, took over from Xavier Hay, who leaves India after six years to take over new responsibilities, the company said in a release. Since 2015, Saraf had been serving as the vice president industry development, strategic partnerships and offsets at Airbus India, focusing on 'Make in India' initiatives aimed at enhancing the company's industrial footprint, it added. ********************* ATR delivers 1,000th twin-engine turboprop ATR 72 plane * European regional jet maker ATR today delivered the 1,000th twin-engine turboprop ATR-72 plane, amid growing demand for the smaller aircraft particularly in the emerging markets including India. The 1,000th ATR-72 plane was delivered to India's largest carrier by domestic market share IndiGo, Franco-Italian aircraft manufacturer said in a release. "We are ...
Nifty, Sensex end higher; banks, oil companies lead
(Reuters) - Indian shares snapped two straight sessions of losses on Tuesday, helped by gains in financial stocks such as ICICI Bank Ltd and oil companies including Hindustan Petroleum Ltd.
Thyssenkrupp leadership vacuum fuels restructuring hopes
DUESSELDORF (Reuters) - Thyssenkrupp shares bounced 8 percent on Tuesday, lifted by hopes of a deeper restructuring of the German submarines-to-elevators conglomerate after the chairman resigned, leaving the company in a leadership crisis.
Gold edges up on softer dollar ahead of Fed testimony
LONDON (Reuters) - Gold edged up on Tuesday as the dollar dipped and most other markets were subdued before Federal Reserve Chair Jerome Powell testifies to the U.S. Congress, though the precious metal was not far off a recent seven month low.
Ashish Saraf to lead Airbus India's helicopter division
Airbus on Tuesday announced the appointment of Ashish Saraf as the Head of its India faction's helicopter division.In his new role, he will lead Airbus' initiatives across the civil, defence and parapublic rotorcraft markets.Saraf will take over from Xavier Hay, who is leaving India after six years to take over new responsibilities.Ashish's appointment comes at a time when the company is competing on several military helicopter projects that would reinforce and enhance the local aerospace and defence industrial ecosystem.Airbus Helicopters is helping to develop new market segments such as Helicopter Emergency Medical Services (HEMS) and heli-tourism in the country.Since 2015, Saraf had been serving as Vice President - Industry Development, Strategic Partnerships and Offsets at Airbus India, focusing on 'Make in India' initiatives aimed at enhancing the company's industrial footprint.Before joining Airbus, Saraf was the India Head of the Tata Sikorsky joint venture and led Sikorsky's ..
Global Markets: World stocks ride out oil rout as focus turns to Fed
LONDON (Reuters) - World stocks recovered some ground on Tuesday as oil prices stabilised, while the dollar edged lower and most other markets were subdued before Federal Reserve Chair Jerome Powell testifies to the U.S. Congress. MSCI's world equity index, which tracks shares in 47 countries, was broadly unchanged, with energy companies in Europe and Asia recovering ground from early losses caused by the previous day's turbulence in commodity markets.
EU says VW yet to guarantee emission fix does not impair cars
BRUSSELS (Reuters) - European consumer authorities criticised Volkswagen on Tuesday for failing to guarantee that repairs after the Dieselgate scandal would not affect cars' performance.
'India Inc raised USD 3.8 bn through 19 IPOs in Jan-Jun this year'
Corporate India raised USD 3.8 billion through 19 IPOs in the first half of this year, largely driven by stable equity equity markets, says a report. According to Grant Thornton, increased activity in the IPO space is expected as the IPO ecosystem is evolving at a rapid pace and several companies are looking to list this year. As per the report, USD 3.8 billion was raised across 19 IPOs during the first six month of this year with values increasing by nearly three fold over the corresponding period last year (January-June 2017). The biggest public issue was floated by Bandhan Bank, which raised USD 699 million followed by Hindustan Aeronautics (USD 661 million) and ICICI Securities Ltd (USD 618 million). The top sectors that raised IPOs in the first half of this year were manufacturing, with seven companies raising USD 0.6 billion, followed by banking, with three companies raising USD 1.6 billion. The report further noted that 25 Indian firms have mobilised around USD 2 billion by ...
Sensex recovers 196 pts on sharp fall in crude prices
The Sensex today rebounded by over 196 points to close at 36,519.96 as oil, metal and PSU stocks rallied after a sharp drop in global crude oil prices. Sentiment got a boost after crude oil prices in global markets 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. 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 positive opening, the 30-share Sensex advanced to a high of 36,549.55, but profit booking in heavyweight HUL, ITC and Infosys trimmed its gains. The barometer touched a low of 36,261.78 before settling
Market ends higher after sharp fall in crude prices
The market ended with decent gains on fresh buying by investors after a sharp drop on global crude oil prices. The barometer index, the S&P BSE Sensex, rose 196.19 points or 0.54% to 36,519.96, as per the provisional closing data. The Nifty 50 index rose 71.20 points or 0.65% to 11,008.05, as per the provisional closing data. The Nifty provisionally settled above the psychologically important 11,000 mark after crossing that level in intraday trade.
Oil steadies on supply outages, U.S. China trade
LONDON (Reuters) - Oil prices stabilised on Tuesday as worries over supply disruptions balanced signs of increasing production and potential damage to global growth from the U.S.-China trade dispute.
China's Didi gets $500 mln funding from Booking.com parent
BEIJING (Reuters) - Chinese ride-hailing app Didi Chuxing has received a $500 million investment from U.S. travel firm Booking Holdings Inc, in a boost for its aggressive plan to enter new markets outside of China.