Page 3295 - Business Finance
Dunkin' Brands longtime CEO Nigel Travis retires
Dunkin' Brands Group CEO Nigel Travis is retiring and will be replaced by David Hoffmann. Travis, 68, has been CEO for almost a decade. The Canton, Massachusetts, company said today Travis was named executive chairman of the board of directors. Hoffmann, 50, will take over the CEO position immediately. He will also serve on the board of directors and remains president of Dunkin' Donuts U.S. Before joining Dunkin' Brands, Hoffman spent 22 years at McDonald's Corp.
Spectrum in E and V bands should not be 'de-licensed', says COAI
Industry body COAI has opposed 'de-licensing' of 'E and V bands' and made an aggressive pitch to the telecom department to allot them to mobile operators for backhaul usage. The Cellular Operators Association of India has written to Telecom Secretary saying that the auction of spectrum in the E and V bands should be considered in case it is to be used for front-end access services. The method of allotment of spectrum in E and V bands is being hotly-debated in the telecom industry as also within the government. Views are divided on whether the spectrum in these bands should be auctioned or given administratively at a fixed rate as suggested by telecom regulator Trai. Radiowaves used for transmitting signals to mobile phones are referred to as the access spectrum while backhaul spectrum augments signals between mobile towers at the back-end. COAI has said that the 4G-induced surge in mobile traffic and the co-location of 2G, 3G and 4G at the same physical site will lead to a ...
How can TTZ consider proposal for expansion of industries around Taj: SC
The Supreme Court today observed that industrial units operating in Agra should be shut down, wondering how the Taj Trapezium Zone (TTZ) Authority was considering proposals to expand industries in the city of Taj Mahal when there was an "ad hoc moratorium" on it. The TTZ Authority looks after an area of about 10,400 sq kms spread over the districts of Agra, Firozabad, Mathura, Hathras and Etah in Uttar Pradesh and Bharatpur district of Rajasthan. A bench of Justices Madan B Lokur and Deepak Gupta told an industry body to "shut down" all industries. "Charity begins at home. The first step should be that these industries should be closed down", it said. It ordered the TTZ Chairman and Commissioner of Agra division to personally appear before the court on July 26 to explain why its orders in this regard were not complied with. "There are new proposal from industries. How can they (TTZ) consider it when there cannot be any expansion (of industries) and there is an ad hoc moratorium. How ..
Canada's Tim Hortons to open 1,500 stores in China
(Reuters) - Canadian coffee chain Tim Hortons is pushing into China with plans to open 1,500 outlets in the world's second largest economy over the next 10 years, the company said on Wednesday.
India's EBRD membership paves way for more joint investment
LONDON (Reuters) - India has joined the European Bank for Reconstruction and Development (EBRD) as the 69th shareholder, paving the way for more joint investment with Indian companies across the EBRD's regions, the bank said in a statement on Wednesday.
Apeejay to invest Rs 35-40cr to push business centres vertical
The Apeejay Surrendra Group will pump in about Rs 35-40 crore over the next three years to strive for a five-fold growth in its commercial and business centres vertical. "We have now 1,800 seats capacity in 10 centres in about eight cities of the country. We are targeting 10,000 seats in 25 centres over the next three years," Apeejay Real Estate head Shouvik Mandal said. As per a report, the demand for co-working space will be at 13.6 million seats by 2020, against the existing industry capacity of about one million seats, he claimed. The Group is now expanding its business via the lease model for real estate, Mandal said, adding, it will also look at the franchise owned-company operated model in future. "At present, we operate as company owned-company operated and franchise owned-franchise operated (only one centre in Maharashtra)," he said. Mandal said it will expand to Bengaluru as a new city besides the existing ones in Kolkata, Chennai, Hyderabad, Mumbai, Vashi, ...
Haryana tops states in per capita revenue collection under GST: minister
Haryana has topped the states in per capita revenue collection under GST and has become fourth highest generator of e-way bills in the country, said Haryana Finance Minister Abhimanyu on Wednesday. The state, he said, has also widened the tax base by 82.22 per cent, logging 19 per cent hike in revenue collections.
JLR sure to grow volume and market share in 2018: Suri
Jaguar Land Rover India, which has clocked a 66 per cent volume growth in the January-June period, is hopeful of maintaining the momentum through the rest of the year and expects to "close 2018 with a robust double-digit growth that will be much above the industry average." Buoyed by a strong product portfolio, in the first half of 2018, the Tata Motors subsidiary sold 2,579 units, up 66 per cent over the same six-month period in 2017. In the entire 2017, its volume stood at 3,954 units, up 49 per cent over 2016. This had helped the British brand cross its own targets both in volume as well as in marketshare terms, which crossed 11 per cent in 2017 against a target of 10 per cent. "The brand JLR is becoming popular by the day. We are sure to more or less continue (the 66 per cent volume growth) momentum of the first half into the rest of the year. We are sure of clocking robust double-digit growth, which will be much above the industry growth rate," Rohit Suri, ...
Rupee stays afloat ahead of key macro data, up 5 paise
The rupee ended higher by 5 paise at 68.77 against the US currency today on the back of some stray dollar selling by exporters and banks. A fall in global crude prices buoyed sentiment in the domestic currency market despite intensifying trade tensions between the US and China. Traders also remained wary ahead of IIP and retail inflation data. The Indian unit moved in a tight range between 68.75 and 68.89 for most part of the day. It had depreciated by 10 paise yesterday. Global crude prices tumbled more than USD 2 per barrel following fresh threats from US President Donald Trump to slap tariffs on an extra USD 200 billion worth of Chinese imports. The benchmark brent crude was trading at USD 77.37, down 1.89 per cent in early Asian trading. The rupee opened virtually unchanged at 68.82 against the US dollar at the Interbank Foreign Exchange (forex) market. Having posted a session high level of 68.75, the local unit finally settled at 68.77, showing a gain of 5 paise, or 0.07 per ...
Wall Street set to open lower after U.S. threatens more China tariffs
(Reuters) - U.S. stocks were set to open lower on Wednesday, halting a four-day run of gains after the United States threatened to impose tariffs on an additional $200 billion worth of Chinese goods, dampening hopes of a compromise on trade.
BoB, Korea's KB Financial Group ink MoU to set up financing corridor
Public sector lender Bank of Baroda today said it has inked an agreement with South Korea's KB Financial Group to set-up financing corridor and development of digital payment ecosystem. "Bank of Baroda signed a Memorandum of Understanding (MoU) with KB Financial Group Inc (KBFG), Korea, for comprehensive business cooperation between the two organisations to establish In-Ko financing corridor and development of innovative digital payment eco-system," the bank said in a release. The MoU was inked on July 9 during India-Korea Business Forum. It was inked between Bank of Baroda MD & CEO P S Jayakumar and Yoon Jong-kyum Chairman, KB Financial Group. "Through this engagement, Bank of Baroda and KB Financial Group will work together on creating a new digital payments ecosystem in India and creating In-Ko corridor for providing reciprocal financial services to corporate and retail Clients of Bank of Baroda and KB Financial Group," Jayakumar said in the statement. He said the bank will ...
Sebi slaps Rs 10 lakh fine on Axis Trustee Services
Markets regulator Sebi today imposed a penalty of Rs 10 lakh on Axis Trustee Services for non-compliance with debenture trustee norms. It found that Axis Trustee failed to appoint nominee directors for debt issues of three companies --- Jaiprakash Associates, Essar Power and Amtek Auto. It also failed to create security in respect of debt issues of Essar Power and Amtek Auto. Axis Trustee, despite an administrative warning issued by Sebi in November 2013, failed to obtain valuation report, quarterly as well as half yearly reports from the issuer firms on the certain debt issues, Sebi said in an order. By not fulfilling its duties, Axis Trustee has failed to comply with debenture trustee regulation, it said. The markets watchdog had conducted inspection of books and records of Axis Trustee in October 2015 and supplementary inspection of debt issues by Amtek Auto. The inspection report revealed that there were various repetitive non-compliances by the debenture trustee despite issuance .
Pfizer to split into three units, separates consumer healthcare
(Reuters) - Pfizer Inc said on Wednesday it would reorganize into three units, separating its consumer healthcare business that the U.S. drugmaker has been trying to sell since last year.
Bangladesh signs deal with General Electric, Mitsubishi to invest $3 bln in energy
DHAKA (Reuters) - General Electric and Mitsubishi Corporation are forming a joint venture with a Bangladesh private power firm to set up a 2,400 megawatt (MW) thermal power plant and related oil and LNG terminals in an investment of $3 billion, the companies said on Wednesday.
Dunkin' Brands names David Hoffmann as CEO
(Reuters) - Baskin-Robbins parent company Dunkin' Brands Group Inc on Wednesday said David Hoffmann would succeed Nigel Travis as chief executive officer effectively immediately.
OPEC sees lower 2019 demand for its oil, points to surplus returning
LONDON (Reuters) - OPEC on Wednesday forecast world demand for its crude will decline next year as growth in consumption slows and rivals pump more, pointing to a market surplus returning despite an OPEC-led pact to restrain supplies.
Telecom Commission gives nod to new telecom policy
The Telecom Commission on Wednesday approved the new telecom policy and the recommendations on net neutrality, according to sources.
Brexit to create 3,500 finance jobs in Paris: Industry group
Britain's moves towards exiting the European Union are already expected to create some 3,500 finance and banking jobs in Paris as leading players in the sector move their operations out of London, an industry group said today. The figure "is much higher than the direct job transfers to other European financial capitals," Gerard Mestrallet, president of the lobby group Paris Europlace, said at the opening of the group's annual conference. The US asset management giant Blackrock and the bank Citigroup are among the companies planning to move some activities to Paris, according to British media reports. On top of an estimated 3,500 jobs seen as likely so far, the transfers could generate an additional 20,000 indirect jobs in the French capital, said Mestrallet. He attributed the shifts to Paris to labour law overhauls and other measures taken by President Emmanuel Macron, a former Rothschild investment banker who is pushing to make France more attractive to foreign investors. "We've made
China rejects as 'totally false' report about Pak seeking more loans to keep CPEC alive
China today rejected as "totally false" a media report about Pakistan approaching it for more loans to keep President Xi Jinping's ambitious multi-billion dollar China-Pakistan Economic Corridor project alive. The Financial Times recently reported that Pakistan has asked China to give it more loans to continue the project. "These reports are totally false," Chinese Foreign Ministry spokesperson Hua Chunying said, responding to a question about the report. In fact, Pakistan's Finance Minister Shamshad Akhtar has made a clarification on this matter stressing that his country will continue with the CPEC construction, Hua added. The USD 50 billion CPEC, a flagship project of President Xi's Belt and Road Initiative (BRI), will connect China's Muslim-majority Xinjiang region with Pakistan's Gwadar port giving it access to the Arabian Sea. "We noted the shortage of foreign reserves in Pakistan and we believe Pakistan will try to maintain steady economic development against all odds," Hua ...
Focus - U.S.-China trade row helped BASF land $10 bln Guangdong chemicals coup: sources
BEIJING (Reuters) - Germany's BASF managed to wrap up a preliminary deal to build China's first wholly foreign-owned chemicals complex quite quickly, aided in part by trade tensions between Beijing and Washington, sources with knowledge of the matter said.