Page 3306 - Business Finance
Brazil development bank chief says Boeing-Embraer is 'good deal'
RIO DE JANEIRO (Reuters) - The head of Brazilian development bank BNDES said on Tuesday that a proposed partnership between planemaker Embraer SA and U.S. peer Boeing Co "is certainly a good deal."
RBI remains net seller of US dollar in May; sells USD 5.767 bn
Reserve Bank remained net seller of the US dollar after it sold whopping USD 5.767 billion of the US currency on net basis in May in the spot market, according to data. This is the second consecutive month when RBI had net sold the greenback in the spot market. During the reporting month, RBI had bought USD 4.101 billion of dollars, while it sold USD 9.868 billion in the spot market. In April, the RBI had net sold 2.483 billion of the US currency. In May 2017, the apex bank was net buyer at USD 5.006 billion, after it had purchased USD 7.020 billion of dollars, and sold USD 2.014 billion. RBI has always maintained that its intervention in the foreign exchange market was to curb volatility in the rupee and not to target a level of the domestic currency. In FY18, the apex bank had net purchased USD 33.689 billion from the spot market. It had bought USD 52.068 billion from the spot market, while selling USD 18,379 billion. In FY17, RBI had bought USD 12.351 billion of ...
Andhra Pradesh tops ease of doing business rankings
Andhra Pradesh has topped ease of doing business rankings for the financial year 2016-2017, according to the Department for Industrial Policy and Promotion (DIPP) rankings which falls under the commerce and industry ministry.The third edition of the annual rankings announced on Tuesday showed Andhra Pradesh to be the best state to do business followed by Telangana and Haryana.Jharkhand, Gujarat, Chhattisgarh, Madhya Pradesh (MP), Karnataka, Rajasthan and West Bengal (WB) were in the Top 10 in the rankings.Meghalaya was ranked last at 36th position and appeared as the worst performing state.Andhra Pradesh Information and Technology minister Lokesh Nara took to social networking site to express his happiness over the ranking and said, "WE'VE DONE IT AGAIN! Andhra Pradesh is No. 1 in Ease of Doing Business. Reason why some of the best companies in the world are looking here to invest!! Kudos to @NCBN (CM N Chandra Babu Naidu)."The ranks are published with the intention of inculcating ...
Bihar Grameen Bank to merge with Madhya Bihar Grameen Bank:
Bihar Deputy Chief Minister Sushil Kumar Modi today said that the state government has approved a proposal of the Centre and NABARD to merge Bihar Grameen Bank with Madhya Bihar Grameen Bank. After the merger, only two rural banks- Uttar Bihar and Madhya Bihar- will be left in the state, said Modi, who is also Bihar's Finance Minister. The merger would increase the base capital of Madhya Bihar Grameen Bank which would help it in disbursing loans effectively, he said. All the 15,00 employees of 376 branches spread in nine districts in five regional offices of the UCO Bank sponsored Bihar Grameen Bank would come under Madhya Bihar Grameen Bank, the Dy CM said. Similarly, the business area of Punjab National Bank sponsored Madhya Bihar Grameen Bank would increase from 11 to 20 districts with the total number of branches increasing to 1078, the Finance Minister said. The number of 196 rural banks were reduced to 82 in 2004-05 across the country in the first phase while it ...
Technology exchange centre opened to boost Indo-Korea cooperation in MSME sector
The establishment of the India-Korea Technology Exchange Centre will boost bilateral cooperation in the MSME sector, Union Minister Giriraj Singh said today. The minister along with South Korean SME and Startups minister Hong Jong Haak inaugurated the centre here. An MoU was also signed between National Small Industries Corporation (NSIC) from the Indian side and Small and Medium Business Corporation (SMB) from South Korea. Addressing the event, Singh said the first India-Korea working group on the MSME sector was established on March 31, 2017 whereby both sides had discussed various measures to boost bilateral cooperation in the MSME sector. We are aware that there lie immense opportunities for cooperation in the MSME sector between India and Korea. The small and medium business units from both countries can learn a lot from each other, Singh said. He expressed confidence that the India-Korea technology Exchange Centre will also work in areas like space, renewable energy, ...
Cinnamon Capital sells Indiabulls Ventures shares worth Rs 832-cr
Cinnamon Capital today sold more than 1.73 crore shares of Indiabulls Ventures for a little over Rs 832 crore through an open market transaction. The shares were purchased by Jasmine Capital Investments Pte Ltd. According to block deal data available with the BSE, Cinnamon offloaded a total of 1,73,34,381 shares, amounting to 2.86 per cent stake of Indiabulls Ventures. Shares were sold at an average price of Rs 480, valuing the transaction at Rs 832.05 crore, the data showed. Indiabulls Ventures today gained 0.68 per cent to close at Rs 482.60 on the BSE. On July 4, Cinnamon Capital had sold more than 1.38 crore shares of Indiabulls Ventures for over Rs 651 crore.
India maintains position as top IT exporter, lags in ease of doing business: report
India slightly improved its rank in an index of the world's most innovative economies, maintaining its position as the top exporter of IT services but still lagging in parameters of ease of starting a business, political stability and safety, and female employees with advanced degrees in the workforce. The Global Innovation Index (GII) rankings, published annually by Cornell University, INSEAD and the UN World Intellectual Property Organisation (WIPO) and GII Knowledge Partners, ranked India at the 57th spot this year, a slight improvement from the 60th position in 2017. India maintained its top place in the Central and Southern Asia region. However, it is noteworthy that while India is the top exporter of IT services, the use and access of information and communication technologies within the country is poor. India ranked 105th on IT access and 110th on IT use. Among lower middle-income economies, India moved up to the fifth position in the GII rankings. It has also outperformed on ..
S&P hits four-month high on oil, Pepsi boost
(Reuters) - U.S. stocks rose on Tuesday, with the S&P 500 hitting a four-month high, boosted by higher oil prices and strong results from PepsiCo.
IDBI Bank shares zoom over 9%; m-cap surges Rs 7,195 cr
Shares of IDBI Bank surged over 9 per cent today amid reports that insurance behemoth LIC will make an open offer to minority shareholders of the lender in which it proposes to acquire up to 51 per cent equity. The stock rose sharply by 9.02 per cent to close at Rs 53.20 on BSE. Intra-day, it jumped 14.34 per cent to Rs 55.80. At NSE, shares of the company zoomed 9.32 per cent to end at Rs 53.35. The company's market valuation climbed Rs 7,194.93 crore to Rs 22,243.93 crore. On the equity volume front, 64.35 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day. Insurance regulator Irdai has already given its approval to LIC for the stake purchase, a move which will help the debt-ridden bank get a capital support of Rs 10,000-Rs 13,000 crore. If the deal goes through IDBI Bank, which is grappling with mounting toxic loans with gross non-performing assets rising to a staggering Rs 55,600 crore at the end of latest March quarter, will .
Gas retailing bids: Adani goes for 52 cities, GAIL Gas eyes 30; RIL-BP JV skips
Adani Group today emerged as the top bidder for gas retailing licences, eyeing 52 cities, while the Reliance-BP combine dropped out last minute from the latest round for 86 cities which saw over 400 bids with potential investment of Rs 70,000 crore. GAIL Gas Ltd, the city gas distribution arm of state-owned GAIL India Ltd, put in bids for close to 30 cities, sources privy to the development said. Adani Gas Ltd bid for 32 cities on its own and another 20 cities in equal joint venture with state-owned Indian Oil Corp (IOC). Bidding for the biggest city gas distribution licensing round, offering 86 permits for selling CNG and piped cooking gas in 174 districts in 22 states and union territories, closed today. India Gas Solutions Pvt Ltd -- the 50:50 JV of UK's BP plc and Reliance Industries, looked very closely to foray into city gas distribution but dropped out at the last moment, they said. IGSPL, which was formed to retail natural gas in India, looked at license for 15 cities but did .
Prasad asks UK to tap India's massive digital, biz opportunities
IT Minister Ravi Shankar Prasad today invited the UK to tap into the massive business opportunities offered by "a new India", especially in the digital domain, where the country has set its sights on becoming a USD 1 trillion digital economy in the coming years. Speaking at Asia House, London -- a centre of Asian studies in the UK -- Prasad said that while the old India represented resources and business opportunities for the old Britain, "a new India again beckons UK with a host of business opportunities, especially in the digital arena". "The future is very promising because India's digital economy, large size of our market, demographic dividend and passion for technology is creating enormous demand," a statement quoted the minister as saying. He added that the digital economy had also spawned opportunities in emerging areas like Artificial Intelligence and Internet of Things, start-up movement and low-cost cyber security solutions. "While we work out the details, no one doubts the .
Mahajan to take part in South Asian Speakers' Summit
Lok Sabha Speaker Sumitra Mahajan will take part in the third South Asian Speakers' Summit in Colombo on July 11-12 which will discuss ways for promoting regional parliamentary cooperation for sustainable and equitable economic growth.
Akihiko Kawano takes over as head of JTEKT India
JTEKT India, formerly known as Sona Koyo Steering Systems, today said it has appointed Akihiko Kawano as its managing director with effect from July 1. The appointment has been approved by the company's board, the company said in a statement. Kawano has held a number of leadership roles within JTEKT Corporation, both within and outside Japan, it added. JTEKT India is a part of Japan's JTEKT Corporation. It manufactures and sells various auto components, including steering systems, bearings, machine tools, and electronic control devices.
IT sleuths to prosecute EO involved in converting Black Money into white
New Delhi [India], July 10 (ANI): The Income Tax Department has made a list of 100 Entry Operators (EO) who were found converting black money into white on commission basis. IT sources said these people have accepted that they took commission of 3-5 per cent and routed the money through their firms.These Entry Operators are Chartered Accountants or middlemen who launder money on behalf of clients by operating multiple bank accounts. These intermediaries provide cheques to beneficiaries to convert unaccounted cash into legal tender. This is done against cash deposits in the accounts of operators who later raise bogus bills for a commission of 3-5%.As per sources, the IT officials received a nod from the Central Board of Direct Taxes (CBDT), the apex body of the Income tax Department, to begin action against the erring EOs.The IT Department has decided to prosecute such Entry Operators under section 277A of IT Act. According to Section 277A IT sleuths can prosecute for falsification of .
Monsanto may appeal Brazil royalties ruling
SAO PAULO (Reuters) - Monsanto Co is considering appealing a Brazilian court ruling obliging it to deposit in an escrow account the royalties related to its Intacta RR2 Pro soy seed biotechnology, the company said in a statement on Tuesday.
UK economy perks up slightly as Bank of England nears rate decision
LONDON (Reuters) - Britain's economy picked up a bit of speed in May after slowing in early 2018, according to official figures that are likely to give the Bank of England more confidence about raising interest rates next month.
Israel rates unlikely to rise till inflation 'somewhat' over 1 percent - central banker
JERUSALEM (Reuters) - Israeli interest rates are unlikely to rise until inflation is "somewhat higher" than 1 percent, the deputy central bank chief said on Tuesday, signalling that policymakers would not rush into tightening.
UK economy is picking up pace, NIESR predicts
LONDON (Reuters) - Britain's economy probably gathered pace in the second quarter of 2018 and will quicken again over the coming months, the National Institute of Economic and Social Research (NIESR), a think tank, said on Tuesday.
Capital First raises Rs 50 crore
Through private placement of NCDs
India, South Korea agree to deepen economic, strategic partnership (Roundup)
In bid to further boost their economic and political ties, India and South Korea agreed to upgrade their Comprehensive Economic Partnership Agreement (CEPA) and strengthen the Special Strategic Partnership they share following delegation-level talks headed by Prime Minister Narendra Modi and South Korean President Moon Jae-in here on Tuesday.