Page 329 - Business Finance
Smartphone bosses fight it out on social media in India
These are interesting times in the price-sensitive Indian smartphone market where one Chinese brand after another is entering the fray like winged insects swarming frantically at light sources during the rains -- only to disappear soon.
US lifts steel, aluminium tariffs on Canada
The US has reached a deal with Canada to lift tariffs on steel and aluminium imports in a move that could lead to approval for a new North American trade deal.
US stocks close lower amid global trade prospects
US stocks closed lower as investors weigh major economic data against global trade prospects.
US sanctions Mexican judge, ex-governor for corruption
The United States on Friday sanctioned a Mexican judge and a former state governor for corruption and maintaining links with drug cartels. Judge Isidro Avelar and Roberto Sandoval, a former governor of Nayarit, were among eight Mexicans and six businesses sanctioned for ties to drug trafficking organizations Los Cuinis and Cartel de Jalisco Nueva Generacion (CJNG). Avelar and Sandoval "callously enrich themselves at the expense of their fellow citizens," the Treasury Department said in a statement, adding that assets and property in the US belonging to the sanctioned individuals are "blocked." "Whether they are receiving bribes from narcotics trafficking organisations or engaging in a variety of other illicit activities, these and other corrupt officials will face serious consequences including being cut off from the US financial system." Three other Mexicans and four other Mexican companies were also sanctioned because of their ties to Sandoval. According to the Treasury Department, .
Modi government dismantled India's economy: Congress
The Congress on Friday said that the Modi government will be shown the "exit door" by the people of India on account of an atmosphere of "fear, despair, division and economic devastation" and alleged that it had "dismantled" India's economy in five years.
Kerala CM rings opening bell at London Stock Exchange as KIIFB lists masala bonds
Kerala Chief Minister Pinarayi Vijayan rang the opening bell at the London Stock Exchange (LSE) Friday to mark the listing of masala bonds sold by Kerala Infrastructure Investment Fund Board (KIIFB), according to an official statement. KIIFB, a state government agency, had raised Rs 2,150 crore through its debut masala bond issue. KIIFB plans to raise Rs 5,000 crore through masala bonds to fund large and critical infrastructure projects in Kerala. Indian Rupee denominated overseas bonds are popularly known as masala bonds. "This was not only the first-ever offshore capital market issuance from a state-level entity from India, but also the largest dual currency issue by a sub-sovereign backed entity from the entire emerging markets and Asia," the KIIFB had said. The transaction was priced on March 26, 2019 and saw strong participation from a wide spectrum of investors which included asset managers, insurance companies, pension funds, banks as well as private wealth managers, it had ...
India's Forex reserve rises to over $420 billion
India's foreign exchange reserves increased by $1.368 billion during the week ended May 10, official data showed on Friday.
EU ready to negotiate trade with US, including cars
The European Union said Friday it is prepared to negotiate a limited trade deal, including on cars, with the US, after President Donald Trump held off imposing auto tariffs. "We note that US postpones decision on car tariffs for 180 days," European trade commissioner Cecilia Malmstrom tweeted. "The EU is prepared to negotiate a limited trade agreement including cars." In another tweet, Malmstrom said she would discuss the issue with EU trade ministers next week before meeting on May 27 with US Trade Representative Robert Lighthizer. EU countries last month gave the green light for Brussels to open talks with Washington "limited to the elimination of tariffs for industrial goods only" and defuse trans-Atlantic tensions. They did not explicitly mention talks on cars as the threat of US tariffs on autos loomed. But Trump announced earlier Friday he will delay by six months a decision on imposing steep auto tariffs on imported autos, including those from the EU. A Trump administration ...
Zambia president threatens mining companies over tax
Zambia's President Edgar Lungu on Friday told international mining companies to leave the copper-rich country if they opposed a new tax regime, as he ratched up a dispute over possible job losses. Lungu has targeted the mining sector to generate revenue as the country struggles under growing debt, but businesses have warned that the tax proposals could trigger a mass withdrawal of investment and thousands of redundancies. "Sales tax is here to stay... and those who don't want it, will leave," Lungu told cheering supporters in Ndola, around 300 kilometres (190 miles) north of the capital Lusaka, as he started a tour of Zambia's mining belt. Piling on criticism of mining giants operating in Zambia such as Vedanta and Glencore, he added: "I am saying this without fear or favour -- they have externalised a lot of money. "Enough is enough, people are tired and we are not scaring investors because others will come." Lungu said he would meet union officials and industry representatives in ...
Sebi fines 2 entities for manipulative trade in BSE stock options segment
Markets regulator Sebi Friday imposed a total fine of Rs 11 lakh on two entities for executing manipulative trades in the illiquid stock options segment on the BSE. The two entities -- Aakansha Advisory Services and Royal Touch Fablon Pvt Ltd -- were fined Rs 5 lakh and Rs 6 lakh, respectively, as per Sebi's separate orders. The Securities and Exchange Board of India (Sebi), after observing large scale reversal of trades in stock options segment of the bourse, conducted an investigation between April 2014 and September 2015. The probe found that more than 80 per cent of all the trades executed in the segment were non-genuine in nature and the two firms were among the various entities that executed such trades by reversing trades with same entities on the same day with wide variation of price. The trades executed by the two entities were not genuine and being non-genuine, created an appearance of artificial trading volumes, the regulator said. By doing so, both violated PFUTP ...
Airtel Rs 25k-cr rights issue over-susbscribed
Airtel on Friday said its Rs 25,000 crore rights issue has been over-subscribed based on the preliminary information on the subscription by Friday eveneing, the last date of closing the issue.
Fortis Healthcare International to offload stake in MSCL
Fortis Healthcare Friday said its subsidiary Fortis Healthcare International will sell its entire stake in Medical and Surgical Centre Ltd (MSCL). Mauritius-based Fortis Healthcare International holds 28.89 per cent stake in MSCL. "Fortis Healthcare International Ltd (FHIL), a wholly owned subsidiary of Fortis Healthcare Ltd, which is incorporated in Mauritius, has entered into a share purchase agreement with CIEL Ltd, CIEL Healthcare Ltd and MSCL, for, sale of the entire shareholding held by FHIL in MSCL, representing 28.89 per cent (164,670,801 shares) holding of the total issued and paid up equity share capital of MSCL," it said in a regulatory filing. It added that the proposed transaction is subject to the approval of Fortis Healthcare Ltd's shareholders as well as regulatory approvals, if required. "Upon consummation of the proposed transaction, the entire stake of FHIL in MSCL will be divested," it added. Share of Fortis Healthcare closed at Rs 126.95 apiece, down 0.47 per
FATF's Asia-Pacific Group raises questions on Pak's efforts to curb terror financing
The Asia-Pacific Group (APG), a regional affiliate of the Financial Action Task Force (FATF), on Friday questioned Pakistan's seriousness to curb proscribed terror outfits and act against money laundering and terror financing.A 10-member delegation, led by Finance Secretary Mohammad Younas Dagha, attended the two-day meeting of the APG in the southern Chinese city of Guangzhou, where it defended Pakistan's efforts against money laundering and terror financing, Dawn reported.In the meeting, the Pakistani delegation briefed the APG group about the country's updated actions against currency smuggling, proscribed organisations, tightening of financial and corporate sector systems and operational effectiveness.According to reports from China, some participants of the meeting, particularly those from India, raised very tough questions about Pakistan's seriousness to act against proscribed organisations and the effectiveness of internal controls.On May 3, India urged the FATF to put Pakistan
NSE FY19 net profit up 16.87 pc on higher revenues
The National Stock Exchange Friday reported a 16.87 per cent jump in its consolidated net profit at Rs 1,708.04 crore for 2018-19 on rise in revenues and sale of an investment. The bourse, which has plans of listing through an IPO, had reported a profit of Rs 1,461.47 crore in the year-ago period. Its overall revenues surged to Rs 3,514.57 crore in 2018-19 from Rs 3,032.56 crore a year ago on increase in revenue from operations as well as other income. NSE booked a profit of Rs 169.74 crore from sale of an investment in 2018-19, which aided the bottomline. Overall expenses increased to Rs 1,215 crore from Rs 957.86 crore in the year-ago period on surge in employee benefits, depreciation and other expenses. The exchange's income tax surged to Rs 857.84 crore from the Rs 681.05 crore in the year-ago period, but deferred tax declined to Rs 10.33 crore from Rs 54.52 crore in 2017-18. The company, which has been directed by Sebi to disgorge profits worth over Rs 1,000 crore in co-location .
Agnivesh Agarwal named Talwandi Sabo Power Ltd Chairman
Natural resources major Vedanta Ltd subsidiary Talwandi Sabo Power Ltd (TSPL) has appointed Agnivesh Agarwal as the company's new Chairman of the Board of Directors, Vedanta announced on Friday.
NSE to challenge Sebi rulings in co-location case
Largest stock bourse NSE Friday said it will soon move the Securities Appellate Tribunal against Sebi rulings in the co-location case as there are "strong grounds" to challenge the orders. In April, Sebi directed the exchange to disgorge profits worth over Rs 1,000 crore and imposed a six-month ban on launching new derivative products besides action against other entities, including some current and former officials. The watchdog had passed five separate orders, together running into 400 pages, related to the co-location case, wherein some entities allegedly got preferential access in high frequency trading. "... the company believes that it has strong grounds to contest the above orders including monetary liability (including from adjudication proceedings) raised by Sebi," the NSE said. "The company intends to file appeals before the Securities Appellate Tribunal (SAT) against the orders passed by Sebi," the exchange said in its annual accounts statement signed by its MD and CEO ...
Arrangements in full swing for counting of votes: Tgana CEO
Arrangements are in full swing for counting of votes in 17 Lok Sabha constituencies in Telangana as part of the exercise for general elections across the country on May 23, state Chief Electoral Officer (CEO) Rajat Kumar said Friday. Counting would start at 8 AM in 82 halls at 35 premises in the state. A total of 1,841 tables have been assembled 14+1 tables in 110 segments, 18+1 tables in seven segments in Nizamabad and 28+1 tables in two segments in Medchal and LB Nagar in Malkajgiri constituency,"a release from the CEO's office said. Training programmes for all staff have been completed. Paper slips from five VVPAT machines, selected randomly, in each assembly segment, would also be counted, it said. "The Chief Electoral Officer added that election results may be delayed by three hours," the release said.
Populist schemes to push up deficit, report
India will see a coalition government post the polls and such a formation will force it to borrow more to fund populist schemes over the next five years, claims a new report.
DoT asks industry, academia to develop standards relevant for India
Telecom industry should come forward to create Indian-owned intellectual property right (IPR) that can be integrated into the global communications ecosystem and also help bridge the standardisation gap, a senior Telecom Department official said Friday. "Nearly 5-10 per cent of the value of products that the Indian telecom market uses is towards payments of global IPR. This is when many of these products have had Indian brains behind it. We want more development and fabrication of future products done in India and by Indians," Anshu Prakash, Additional Secretary, Department of Telecom (DoT) said, addressing a discussion on 'Bridging the Standardisation Gap'. The event was organised jointly by PHD Chamber of Commerce and Industry (PHDCCI) and Broadband India Forum (BIF). Prakash emphasised the need to enhance collaboration between industry, academia, and civil society to accelerate the development of Indian standards with the government taking the lead role as facilitator and enabler.
Yes Bank to claw back Rs 1.44 cr bonus from ex-MD Rana Kapoor
In a rare move, Yes Bank will claw back Rs 1.44 crore bonus paid to its founder and former chief Rana Kapoor following RBI's directions. Yes Bank, which is grappling with bad loan issues, has come under the scanner of the Reserve Bank for weak corporate governance. Kapoor is one of the founders and promoters of Yes Bank, which started operations in 2004. He still owns 4.32 per cent stake in the bank (as of March 2019). It is to be noted that RBI had denied extension to Kapoor in October last year following regulatory issues. The central bank cited serious lapses in corporate governance and a poor compliance culture at Yes Bank as reasons for denial of extension to Kapoor. "Further, in accordance with the directions of RBI, the Board of Directors of the Bank had considered and approved clawback of 100 per cent of performance bonus paid to Rana Kapoor for FY 2014-15 and FY 2015-16 net of taxes," Yes Bank said in its annual report released on Thursday. "The amount of Bonus subjected to ..