Page 3267 - Business Finance
NGOs hail Nippon Life for dropping coal finance
With Japan's Nippon Life Insurance Company purporting to restrict new finance for coal plant projects regardless of their location, a group of environmental NGOs and experts on Saturday hailed the decision, saying it was aimed to strengthen commitment to the Paris Agreement to limit global warming to 1.5 degrees Celsius.
Sonam K Ahuja new face of Vega
Beauty accessory and appliances brand Vega has roped in Bollywood actress Sonam K Ahuja as its brand ambassador. As part of this association, Sonam will feature in the latest TV campaign of Vega. "We all are extremely happy with Sonam 's association with Vega. Her fashion and style complements the personality of the brand and the campaign perfectly," Vega Industries Director Sandeep Jain said. ***** Mysore Deep Perfumery eyes intl markets *Mysore Deep Perfumery House, which sells incense sticks under the brand name Zedblack, is eyeing overseas market as it plans to open office in Nepal and the US, the company said in a statement. Besides, it is enhancing the capacity by setting one more unit in Madhya Pradesh. The company rolls out 8 billion sticks a year. "We are setting up one more state-of-the-art factory at Indore (MP) which is about 2.5 lakh sq ft to be operational by September 2018. This would increase our production capacity by 40 per cent and provide employment to 1,000 women .
US banks see mixed profits, little trade war hit so far
Clients of giant US banks are increasingly nervous about growing trade tensions, but are not yet significantly curtailing business activity due to the uncertainty, banks have said, after reporting mixed earnings. JPMorgan Chase chief executive Jamie Dimon cautioned yesterday that "There are unpredictable outcomes when you start skirmishes like this with multiple countries." "It's a worry," he told reporters in a conference call, but "I don't know if I'd use the word 'major' yet." Citigroup chief financial officer John Gerspach agreed with his counterparts that the concerns are not yet driving business decisions. "When you get into this kind of rhetoric, it does impact sentiment," he said. "It's going to slow down decision making in some cases, but that hasn't translated yet into anything we've seen." The comments came as the two major US banks reported earnings that easily topped analyst expectations, in contrast to slumping Wells Fargo which badly underperformed forecasts. The banks .
Equity indices surged over 2% this week; Sensex touched new high (Market Review)
Supportive global cues and a healthy start to the earnings season lifted the key Indian equity indices over 2 per cent in the week ended Friday, with the BSE Sensex setting fresh benchmarks and the NSE Nifty50 closing over the 11,000-mark.
India to be $10 trillion economy by 2030: Garg
The Indian economy is at a "take off" stage and is expected to be the world's third largest by 2030 with GDP worth USD 10 trillion, Economic Affairs Secretary Subhash Chandra Garg said today. "Good days are ahead and lot of good work is happening in the economy. The economy is on a stage of take off where Indians can legitimately hold their heads high," he said here. In the first 40 years of independence, the country hardly grew at 3.5 per cent, and today 7-8 per cent is the norm, Garg said at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India. "By 2030, we can legitimately expect to be a USD 10 trillion economy. That is the challenge. That is also the opportunity," he said. "Eight per cent growth is very much achievable... If we keep that... we can look forward to be an Indian economy of USD 10 trillion which would be the third largest economy in the world," Garg said. His comments come on the heels of latest World Bank data showing ...
Gold drops on sluggish demand, weak global cues
Gold fell by Rs 25 to Rs 31,090 per 10 gram in tandem with a weak global trend and muted demand from local jewellers. Silver too shed Rs 115 to Rs 39,915 per kg on low offtake from industrial units and coin makers. A weak overseas trend when metals' prices slid to seven-month lows as the dollar rose to a two-week peak, buoyed by safe-haven purchases in the ongoing US-China trade war, influenced the sentiment here. Demand for the precious metals also waned on expectations of higher US interest rates. Globally, gold fell 0.47 per cent to USD 1,241 an ounce and silver by 0.88 per cent to USD 15.79 an ounce in New York yesterday. Moreover, erosion in demand from local jewellers and retailers at domestic spot market fulled the downtrend, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 25 each to Rs 31,090 and Rs 30,940 per ten gram, respectively. It had lost Rs 535 in last four days. Sovereign however held steady at Rs 24,800 per piece of eight
Freight rates move up on less availability of trucks
Freight rates for nine-tonne pay load section for select destinations improved by Rs 1000 at the local truck transport market in the national capital today following shortage of trucks in the market amid better cargo movements. Transporters said, besides, tight availability of trucks in the market, increased cargo movements along with blockage and diversion of roads due to water-logging because of monsoon rains, mainly pushed up some of centres freight rates. Delhi to Patna, Guwahati and Kolkata freight rates moved up by Rs 1000 each to Rs 29,000, Rs 62,000 and Rs 33,000. Rates to Hyderabad, Vijayawada and Bengaluru also went up by Rs 1000 each to Rs 58,000, Rs 60,000 and Rs 64,000.
Prudent Corporate Advisory Services offering minority stake to TA Associates
Prudent Corporate advisory Services Ltd ("Prudent"), a leading independent distributor of mutual fund and other wealth products, today announced that it has completed a process of offering minority investment in to TA Associates, a leading global growth private equity firm. Financial terms of the transaction were not disclosed.Founded in 2001, Prudent provides personal and corporate investment planning services through the distribution of mutual funds, bonds, broking and insurance products. The company operates through its network of over 10,000 Independent Financial Advisors ("IFAs") and has in excess of 18,000 Cr of assets under management ("AUM").Prudent provides its IFA partners with training and development services, technology platforms to grow and manage their client-base, back-office services, and sales and marketing support. The company is headquartered in Ahmedabad, Gujarat and operates a total of 70 branches across 19 states in India."With its IFA-centric business model, ...
Aurobindo to acquire Apotex ops in 5 European nations for EUR 74 mn
Aurobindo Pharma today said it has inked a pact to acquire Apotex's commercial operations across five European countries, including Poland and Spain, for 74 million euros. The acquisition is in line with the company's strategy to strengthen and grow its European business and to expand in Eastern Europe, Aurobindo Pharma said in a statement. The Hyderabad-based drug firm has inked definitive agreement to acquire from Apotex International Inc its commercial operations and certain supporting infrastructure in five European countries, it added. As part of the deal, Aurobindo would acquire commercial infrastructure including personnel, products, marketing authorisations and dossier license rights in Poland, the Czech Republic, the Netherlands (including a manufacturing facility in Leiden), Spain and Belgium. In Poland, Aurobindo will add significant sales based on the established brand name APO as well as a dedicated sales force covering physicians and the pharmacy network. In Poland and ..
Cost accountants should help fight gold plating in biz landscape: Prez
President Ram Nath Kovind today said cost accountants should ensure that wasteful costs in production are removed as well as fight abberations of gold plating. They should also help in improving processes and systems to reduce avoidable costs and "make each rupee that is invested go that much further," he said. The President was speaking at a function to mark the silver jubilee celebrations of the Institute of Cost Accountants of India (ICAI). "It is for cost accountants to help fight the aberrations of gold plating that may sometimes appear on our business landscape," Kovind said. Generally, gold plating refers to inflating project costs due to avoidable expenses which are then sought to be passed on to the end-users. Minister of State for Corporate Affairs P P Chaudhary said cost accountants should guide businesses towards light and truth so that they fulfil the expectations of stakeholders while "abstaining from unethical practices". "To remain a vibrant economy, it is important ...
Must have apps for convenient door-step delivery services
The Internet has revolutionized the way we make friends and connect with them, how we are entertained, and how we shop.From clothing and cosmetics to appliances and food, everything is available online and at your fingertips.The modern consumer is now used to convenience more than ever before. It therefore doesn't come as a big surprise that we have used technology to simplify daily routine tasks and get our chores done wherever we can.Here are the top 5 apps which can surely ease your morning hassles to get daily essentials at your doorstep:Daily Ninja: Now get your daily essentials delivered at your door every morning along with your milk and start your day with a dose of freshness. You can order and even subscribe for your daily needs like eggs, bread, milk, curd etc and have them delivered fresh at your doorstep every morning.Daily Ninja allows you to make amendments to your subscriptions as and when you need and comes with advanced calendar mapping to track all your ...
Setco Automotive to hold board meeting
On 31 July 2018
Central Railway earns Rs. 59.36 cr from ticketless travelers
The Central Railway has registered record earnings of Rs. 59.36 crore from ticketless and irregular travellers for the period April to June."In June, a total of 3.26 lakh cases of ticketless or irregular travel and unbooked luggage were detected as against 2.58 lakh cases in the corresponding month of last year i.e. June 2017, showing an increase of 26.52 percent," the railway ministry said in a statement here.The earnings realised from such ticketless or irregular travel registered Rs. 17.20 crore during June 2018, showing an increase of 34.62 percent as compared to earnings of Rs.12.78 crore registered during the corresponding month of last year i.e. June 2017.Currently, the Central Railway has detected in all 10.85 lakh cases of ticketless or irregular travel and unbooked luggage during the period April to June this year.The earnings realized during the period from April to June this year travel registered Rs.59.36 crore as against Rs.54.00 crore registered during the corresponding
Mukesh Ambani dethrones Jack Ma, becomes Asia's richest person
Reliance Industries Ltd (RIL) Chairman Mukesh Ambani has surpassed Alibaba Group's Jack Ma to become Asia's richest person.While Ambani was estimated to be worth $44.3 billion on Friday as RIL shares rose 1.6 percent, Ma's wealth stood at $44 billion, according to Bloomberg Billionaires Index.The petrochemical-to-telecom has added $4 billion this year to Reliance honcho's wealth.The market valuation of Reliance Industries surged past Rs 7 lakh crore mark during Friday morning trade.Earlier this month, Ambani announced the launch of fixed-line broadband services Jio GigaFiber."We will extend fiber connectivity to homes, merchants, small and medium enterprises and large enterprises simultaneously across 1,100 cities to offer the most advanced fiber-based broadband connectivity solutions," said Mukesh Ambani while addressing the shareholders at the Reliance Industries' 41st Annual General Meeting.Ambani also noted that Reliance is India's largest payer of Goods and Services Tax (GST), ...
AT&T CEO confident Time Warner deal on solid ground
(Reuters) - The U.S. Justice Department has only a remote chance of overturning AT&T Inc's takeover of Time Warner, Chief Executive Randall Stephenson said on Friday, adding that the move could affect the bidding war for Twenty-First Century Fox Inc .
S&P 500 at five-month high, but banks weigh after results
NEW YORK (Reuters) - U.S. stocks rose slightly on Friday, putting the S&P 500 at its highest closing level in more than five months, as gains in industrials and other areas offset a drop in financials after results from three of the big banks mostly disappointed.
Citigroup executives see better growth ahead, but not yet
(Reuters) - Citigroup Inc is still on track to hit its goals for efficiency and revenue growth, executives said on Friday, as analysts pressed them to explain how those expectations line up with second-quarter results.
Oil rises but declines for the week as supply concerns ease
NEW YORK (Reuters) - Oil prices rose about 1 percent on Friday as strike actions in Norway and Iraq hit supplies, but futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions.
Fed emphasizes 'solid' U.S economic growth, repeats gradual approach
WASHINGTON (Reuters) - The Federal Reserve on Friday pointed to "solid" U.S. economic growth during the first half of the year in its semi-annual report to Congress, where it also reiterated that it expected to continue to raise interest rates gradually.
China's imports to U.S. ports start peaking early amid tariff threat
LOS ANGELES (Reuters) - Chinese imports to U.S. ports rose more than expected in June, suggesting that some retailers moved up orders to insulate themselves from an intensifying trade war that threatens to send up costs on a growing number of consumer products.