Page 3270 - Business Finance
Chinese 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.
Board of Vipul approves resignation of CFO
At meeting held on 13 July 2018
Cochin Shipyard signs shipbuilding contract with Inland Water Authority of India
For Design, Construction and Supply of Ten Ro-Ro Vessels
India's trade deficit widens to more than five-year high in June
NEW DELHI (Reuters) - India's trade deficit widened to its highest in more than five years in June, the trade ministry said on Friday, driven largely by a surge in oil prices and a weaker rupee.
India's trade deficit widens to more than 5-year high in June
NEW DELHI (Reuters) - India's trade deficit widened to its highest in more than five years in June, the trade ministry said on Friday, driven largely by a surge in oil prices and a weaker rupee.
Over 1 lakh in Odisha lose money in chit fund scam, says probe panel
A panel probing Odisha's chit fund scam has identified more than one lakh small depositors who lost their money to chit fund companies in the state.
NBFC for food processing likely this year: Minister
Union Food Processing Industries Minister Harsimrat Kaur Badal on Friday said the request for proposal (RFP) for the non-banking financial company (NBFC) exclusively catering to the financial needs of the food processing sector would be floated this month and the NBFC would possibly be operational by the end of this year.
Excise dept slaps notice on Diageo; asks it to pay Rs 53crore
The Maharashtra excise department has issued a notice to liquor giant Diageo India, asking it to pay more than Rs 53 crore as penalty for allegedly evading excise duty while importing bulk scotch. The "demand notice," issued to Diageo India and Konkan Agro Marine Industries on April 20, stated that difference was found between the transit passes and the bills of landing related to import of bulk scotch. Konkan Agro is a third party bottling unit of Diageo. When contacted today, a company spokesperson declined to comment, saying the matter was sub-judice. The department's flying squad in adjoining Thane had submitted a report in the case on August 30, 2017, after which the demand notice was sent. The notice stated that upon examining the company's records, it was found that excise duty amounting to Rs 17.76 crore was evaded on 5,92,085 litres of whiskey. As per rules, the company would have to shell out three times the evaded duty, which amounts to Rs 53.28 crore, the ...
Exports up 17.57% in June; trade deficit widens to 43-month high
Exports grew by 17.57 per cent to USD 27.7 billion in June on account of healthy growth in sectors such as petroleum and chemicals but trade deficit widened to a 43-month high of USD 16.6 billion due to costlier crude oil imports. Imports rose by 21.31 per cent to USD 44.3 billion during the month, according to the data released by the commerce ministry. The trade deficit in June 2018 is the highest since November 2014 when the gap was USD 16.86 billion. The deficit in June 2017 stood at USD 12.96 billion. During April-June this fiscal, exports rose by 14.21 per cent to USD 82.47 billion. Exports of petroleum products, chemicals, pharmaceuticals, gems and jewellery, and engineering goods registered a positive growth. However, shipments of textiles, leather, marine products, poultry, cashew, rice and coffee recorded negative growth. Federation of Indian Export Organisations (FIEO President Ganesh Gupta expressed concern over rising trade deficit, saying it could impact current account .
Visa Steel announces change in CFO
With effect from 13 July2 018
Vedanta update on bid process for acquisition of GMR Chhattisgarh Energy
The receipt of any Letter of Intent and completion of the acquisition is subject to the negotiations with the consortium of lenders to the satisfaction of both parties and other requisite approvals.
Thyssenkrupp names finance chief Kerkhoff as interim CEO
FRANKFURT (Reuters) - Chief Financial Officer Guido Kerkhoff was named interim CEO of Thyssenkrupp on Friday and won the backing of the German industrial group's biggest shareholder, as the search began for a permanent replacement for Heinrich Hiesinger.
Rupee slips from 3-week high on strong dollar; closes up 4 paise
The rupee today surged to a three-week high of 68.31 before closing marginally up by 4 paise at 68.53 against the US currency mirroring late losses in stock markets and capital outflows. A strong dollar in global markets on hopes that the greenback would gain from trade dispute triggered dollar buying by banks and importers in afternoon trade. Unabated capital outflows in the face of an increase in long-term US interest rates also weighed on the trade. According to provisional exchange data, foreign investors pulled out more than Rs 1,100 crore from stocks markets. The Indian unit opened strong at 68.36 and hit a fresh three-week high of 68.31 in mid-morning deals as crude prices fell further and stock markets traded at record high levels. Late selling in stock markets and capital outflows weakened the rupee sentiment, pulling down the lo cal currency to a day's low of 68.55 per dollar. The rupee, however, managed to end at 68.53, up by just 4 paise or close to 0.06 per cent. For the .
Wall Street opens flat after banks report mixed results
(Reuters) - U.S. stocks were flat on Friday, as gains in technology stocks offset losses in banks, as the three big Wall Street banks kicked off what is expected to be a strong corporate earnings season.
Govt signs MoUs worth Rs 455 crore at textile conclave
The one-day Punjab Apparel and Textile Conclave proved to be beneficial for boosting investment in the state, as the government signed pacts worth Rs 455.34 crore, Minister for Industries Sunder Sham Arora said today. During the conclave, organised in Ludhiana today, MoUs worth Rs 455.34 crore were signed between the state government and nine prominent industries, Arora added. These industries are associated with technical textile, composite hosiery, spinning garments manufacturing, fabric knitting, apparel manufacturing, spinning, knitting, fabrics, readymade garments, auto parts, and pipe manufacturing, an official release said. While urging the industrialists to invest in Punjab, Arora said that Capt Amarinder Singh led Punjab government is committed for the welfare of industrialists. The minister said that for boosting investment in the state, a single window system has been set up at the Deputy Commissioner's Offices, where approval for investment of up to Rs 10 crore will be
City Union Bank allots 6.65 crore equity shares
Under bonus issue
EuroKids Int plans to invest Rs 500 over 5 years to expand
EuroKids International, a leading player in preschooling, the K-12 sector and online learning today said it is investing around Rs 500 crore over the next five years to expand its network. "We have 1,034 preschool centres in 350 plus cities across the country as well as Nepal and Bangladesh. We now plan to increase it to 3,000 in tier II and III cities in the next five years. The company is also looking at adding 20 more Euro schools in six cities and setting up of corporate day care centres at an estimated cost of Rs 500 crore," EuroKids International executive director and CEO Prajodh Rajan told PTI here. The company has made an investment of Rs 200 crore in the past two years to set up K-12 schools and upgrade facilities. The future capital expenditure will be funded through debt and internal accruals, Rajan said adding that the company is also exploring options to tap private equity funding or public offer for its future funding requirements. The PE investors namely
Allotment of shares to FPIs in IPOs need to be verified with PAN: Sebi
Markets regulator Sebi today said that allotment of shares to foreign portfolio investors (FPIs) in initial public offers would need to be verified with PANs to check against any breach of investment limit through multiple entities. Under the rules, purchase of equity shares of each company by a single FPI or an investor group would have to be below 10 per cent of the total issued capital of the company. "At the time of finalisation of basis of allotment during primary market issuances, Registrar and Transfer Agents (RTAs) shall use Permanent Account Number (PAN) issued by Income Tax Department of India for checking compliance for a single FPI," Sebi said in a circular. Besides, RTAs have been asked to obtain validation from depositories for the FPIs who have invested in the particular primary market issuance to ensure there is no breach of investment limit, the Securities and Exchange Board of India (Sebi) added. The regulator has asked depositories to put in place the necessary ...
India-Afghanistan trade likely to reach $2 bn by 2020: Afghan Ambassador
The bilateral trade between India and Afghanistan is expected to more than double to reach USD 2 billion by 2020 with the opening of air cargo route between the two countries. "The bilateral trade between India and Afghanistan is USD 900 million and with opening of air corridor our target to take it to USD 2 billion by 2020," Afghanistan Ambassador to India, Sahida Mohammad Abdali today said at an USAID-FICCI event. India-Afghanistan have opened up two direct air cargo routes linking New Delhi and Mumbai to Kabul. The Kabul-Mumbai route was opened up last year. Since starting of Kabul -New Delhi air corridor in mid-June 2017 followed by second air corridor between Kabul-Mumbai in December 2017 more than 100 Flights have been conducted between the two countries and transported 2,500 metric tonnes of goods. "We want more and more flights but landing during night hours is not allowed. These are small issues which will be resolved over time as plans to establish air corridor connection ...
Future Generali India Life launches WhatsApp service
Future Generali India Life today said it has launched two digital initiatives - 'WhatsApp for Service' initiative and chatbot REVA (robotic enabled virtual assistant) a first in the life insurance space. While using artificial intelligence and natural language processing, both these digital platforms will provide policyholders solutions to their policy related queries, the company said in a release. The 'WhatsApp for Service' is designed to empower customers to access their policies and provide them services over WhatsApp, while REVA will act as an insurance guide to assist customers through their policy buying and policy enquiry process and providing solutions, it added. ******************* Alibaba Cloud launches distribution channel programme * Alibaba Cloud, the cloud computing arm of Chinese company Alibaba group, today launched distribution channel programme in the country. Leading IT player HCL Infosystems is one of the distributors, Alibaba Cloud said in a ...