Page 3331 - Business Finance
GVK achieves financial closure for Navi Mumbai airport
GVK Group today said it has achieved financial closure for construction of the first phase of the Navi Mumbai International Airport (NMIA). "I am extremely happy that we have achieved the financial closure on schedule. This will now enable us to focus on the next steps, which is the construction and completion of the first phase of yet another landmark airport in India," said Navi Mumbai International Airport Executive chairman G V K Reddy in a statement here. The infrastructure major had bagged the financial bid to build and operate the second international airport in the Mumbai metropolitan region - Navi Mumbai - at an investment of Rs 16,000 crore this year, beating rival GMR group. The airport is a public-private partnership venture in which the GVK-led Mumbai International Airport Pvt Ltd has a 74 per cent stake with CIDCO, the Maharashtra government's nodal agency for the project, holding the remaining 26 per cent. GVK Mumbai International Airport was declared the
Paswan to attend UNCTAD meet on consumer issues in Geneva
Union Minister Ram Vilas Paswan will attend the UNCTAD meeting of third inter-governmental group of experts on consumer protection on July 9-10 in Geneva, an official statement said today. This group has been set up under the revised UN Guidelines on Consumer Protection. UNCTAD is the UN body looking after consumer issues and is headquartered in Geneva. Paswan is the Union minister for Consumer Affairs, Food and Public Distribution. The UN body is looking into the implementation of revised UN Guidelines across the different countries in the world, the statement said. The two-day session will focus on consumer protection in financial services, capacity building and technical assistance on consumer protection law, dispute resolution and redress, it said. Thesession will also deliberate on measures on protection of vulnerable and disadvantaged consumers.
NMDC iron ore output in June at 6.87 MT
State-owned NMDC today said it produced 6.87 million tonne (MT) iron ore in the month of June. While the output from Chhattisgarh mines stood at 4.78 MT, mines in Karnataka produced 2.09 MT iron ore, it said. The company sold 6.84 MT iron ore during the month. On June 26, NMDC had said the prices of its lump ore and fines will continue to be at Rs 3,050 a tonne and Rs 2,660 a tonne, respectively, for about a month. The state-run PSU had raised the price of lump ore by Rs 150 to Rs 3,050 per tonne on May 23. The rate of fines was also hiked by Rs 100 to Rs 2,660 per tonne. Iron ore is the main ingredient used in making steel. NMDC is India's single largest iron ore producer, presently producing about 30 MT of iron ore from three fully mechanised mines. The company is involved in the exploration of wide range of minerals, including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.
Mukesh Ambani re-appointed RIL Managing Director
Shareholders of Reliance Industries (RIL) have re-appointed Mukesh D. Ambani as the company's Managing Director for a period of five years commencing from April 19, 2019.
China says open for trade with east Europe as clash with U.S. ramps up
SOFIA (Reuters) - China remains open for trade with foreign partners and can only benefit from an economically strong Europe, its premier said on Saturday as he pressed for expanded ties with the continent's eastern wing while waging a tariff war with Washington.
Infosys foundation to contribute Rs. 200 Cr for metro work
Infosys Foundation would contribute Rs 200 crore to the Bengaluru Metro Rail Corporation Ltd for construction of Konappana Agrahara Metro Station and metro railway track and both parties would sign an MoU on July 19, Chief Minister H D Kumaraswamy said today. Dr Sudha Murthy, Chairperson, Infosys Foundation, called on the Chief Minister and held discussions on the matter, a government release said. Sudha Murthy said Infosys foundation would maintain the station for the next 30 years. The release said Kumaraswamy appreciated the initiatives of the Infosys Foundation for betterment of society. Ramana Reddy, Principal Secretary to Chief Minister, was present, the release said. A Bengaluru Metro Rail Corporation Ltd spokesperson told PTI that BMRCL has earmarked Rs 100 crore for construction of the Konappana Agrahara Railway Station. The total length of the stretch of Metro Rail from RV Road Metro Station to Electronic City as part of the second phase of building metro rail .
Chinese premier praises EU, says free trade must be upheld
Chinese Premier Li Keqiang today said free trade and international cooperation must be upheld to avoid slowing down the global economy. Li also praised the European Union, calling the 28-member bloc an "indispensable force" and very important for global peace, stability and prosperity. Li, China's No 2 leader behind President Xi Jinping, spoke in Sofia, the Bulgarian capital, during a meeting with 16 countries from central and eastern Europe, amid escalating trade battles between the US and China. The summit is part of China's "New Silk Road" bid to boost its influence in Europe through investments and closer economic links. Li said: "Unity between China and Europe and cooperation between us can ensure peace and stability in the whole world.
Srinagar girls attend bakery workshop first time
In its first, a group of girls in Kashmir Valley on Saturday participated in a workshop of bakery and confectionary to fulfill their dreams of becoming leading confectioners,The workshop was organised by the Institute of Hotel Management located in Rajbagh area.The participants in the workshop learnt the basics of bakery and confectionary. This programme was focused on providing the young minds a platform to become leading professionals in the field of bakery and confectionary in near future.Some private companies are making efforts to create jobs for the youths in the region.The demand for bakery and confectionary products are believed to be on the rise in the Valley. The tourism is also expected to rise in near future.
Zardari's close aide detained in money laundering case
A senior Pakistani banker, who is a close aide of former president Asif Ali Zardari, has been detained by the country's investigation agency in connection with a money laundering case. The Federal Investigation Agency detained Central Depository Company (CDC) chairman and Summit Bank vice chairman Hussain Lawai was detained from Karachi after being barred from travelling to Dubai. Lawai and his associates are accused of opening 29 fake accounts in the Summit Bank and United Bank of Pakistan Limited. According to the FIA sources, beneficiaries of the provincial Sindh government deposited Rupees 35 billion in these fake accounts and the amount was subsequently transferred to different accounts including one allegedly belonging to an Arab national, Nasser Abdulla Hussain Lootah, who is the chairman of the Summit Bank's board of directors. Twenty nine accounts were opened in the name of seven people, including a woman, the sources said, adding that 18 to 19 of the 'fake' accounts were ...
Manufacturing growth, MSP hike lift equity indices amid trade war concerns (Market Review)
Growth in the manufacturing sector and a hike in the minimum support prices of Kharif crops supported investor sentiments and lifted the key equity indices in the week ended Friday.
May secures Cabinet agreement on Brexit plan
British Prime Minister Theresa May and her Cabinet have reached a "collective" agreement on a "business-friendly" plan for Brexit.
Fortum launches charging stations for electric vehicles in
: Finnish state-owned company Fortum today set up two electric vehicle charging stations at Indian Oil outlets for the general public here. Finland Ambassador to India, Nina Vasukunlahti, launched the facility by virtually charging an electric vehicle in real time located at Goldstrike Fuel and Services located at Raj Bhavan Road here. Another charging station was located at an outlet owned by Indian Oil at Begumpet. "Initially the charging stations are being set up at two retail outlets of Indian Oil on a pilot basis and thereafter it would be expanded to 50 outlets in a period of two years," Fortum India managing director, Sanjay Aggarwal said. Replying to a query, he said the companyhas plans to set up 150 to 200 charging points in the country in the near future. He, however, said the exact number would depend on number of electric vehicles sold in the country. A senior official of IOCL said the Finnish company has tied up with it to set up charging stations in ...
Gold sheds Rs 40 on global cues, muted demand
Gold prices went down by Rs 40 to Rs 31,650 per 10 grams at the bullion market today, driven by a weak trend overseas amid easing demand from local jewellers. However, silver held steady at Rs 40,500 per kg on scattered deals from industrial units and coin makers. Marketmen said besides weak global cues, a fall in demand from local jewellers and retailers at existing levels in the domestic spot market, mainly weighed on the gold prices. Globally, gold fell 0.22 per cent to USD 1,254.50 an ounce and silver by 0.12 per cent to USD 16.01 an ounce in New York yesterday. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 40 each to Rs 31,650 and Rs 31,500 per 10 grams, respectively. The precious metal had gained Rs 330 in the previous three days. Sovereign, however, remained flat at Rs 24,800 per piece of eight grams. On the other hand, silver ready was unchanged at Rs 40,500 per kg, while weekly-based delivery declined by Rs 90 to Rs 39,790 per kg. Silver ..
Board of Tinplate Company of India approves change in Managing Director
At meeting held on 06 July 2018
Maruti Suzuki India production figures for June 2018
Meanwhile, the company reported correction in production reported for May 2018 and May 2017. Total production for May 2017 is 151,262 (reported was 151,266) and for May 2018 is 184,612 (reported was 184,608) units.
Select edible oils strengthen on millers' buying, tight supply
Select edible oil prices rose for the second straight week at the wholesale oil and oilseeds market on increased buying by vanaspati millers, driven by a pick-up in demand from retailers against tight supplies. Castor and linseed oils in the non-edible section, also turned costlier on the back of increased offtake by consuming industries. Traders said persistent buying by vanaspati millers to meet rising demand from retailers against tight stocks position on fall in supplies from producing regions, mainly kept select edible oil prices higher. In the national capital, mustard expeller (Dadri) oil rose by Rs 150 to Rs 7,850 per quintal. Mustard pakki and kachi ghani oils followed suit and traded higher by Rs 10 each to Rs 1,275-1,320 and Rs 1,325-1,425 per tin, respectively. Sesame mill delivery and cottonseed mill delivery (Haryana) oils also moved up by Rs 100 each to Rs 9,700 and Rs 7,400 per quintal, respectively. Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) .
Migsun to invest Rs 500 cr on housing project at Greater Noida
Realty firm Migsun plans to invest about Rs 500 crore to develop an affordable housing project in Greater Noida. The company will develop 1250 flats in this 5-acre project. The apartments are priced in a range of Rs 16-26 lakh. "We have launched a project Migsun Vilaasa in Greater Noida recently at a very competitive price. We have already sold about 900 flats," Migsun MD Yash Miglani said. When asked about the investment, he said it would be around Rs 500 crore including land cost. The investment would be funded through internal accruals and advances from customers. The project would be completed in the next 2-3 years. Affordable housing has gained momentum on the back of infrastructure status and interest subsidy offered by the government. The GST rate has also been lowered at 8 per cent for affordable housing projects, leading to higher demand and supply in this segment. In April this year, Migsun had announced a low cost housing project at Ghaziabad with an investment of about Rs .
Naidu leaves for Singapore to attend WCS
Andhra Pradesh Chief Minister Chandrababu Naidu on Saturday left for Singapore on a three-day visit to participate in the World Cities Summit (WCS).Naidu will attend several bilateral meetings and hold discussions to develop Amravati as a world-class capital during his visit from July 8 - 10.The Andhra Pradesh government has set up a special pavilion in the summit to showcase Amravati.The Chief Minister will address a meeting on July 8 on the theme 'Liveable and Sustainable Cities: Embracing the future through Innovation and Collaboration'.On the following day, the Chief Minister will participate in the opening plenary session along with Sri Lankan Prime Minister Ranil Wickremesinghe.Later, Naidu will participate in a panel discussion along with World Bank CEO Kristalina Georgieva, UAE Environment Minister Thani Bin Ahmed Al Zeyoudi, Jacobs Chairman and CEO Steven Demetriou, Dassault Systemes vice-chairman Bernard Charles, on the topic 'Urbanisation - water, environment and transport .
Virgin Galactic aims to launch people into space in future
US space tourism venture Virgin Galactic has formed new partnerships with Italy's biggest aerospace companies, Altec and Sitael, to someday launch passengers into space.The plan is to build a new passenger spaceplane and launch it from a future Grottaglie Spaceport in Italy, making Virgin Galactic the first such group to do so, The Verge reported.The company already has a spaceplane called VSS Unity which does not have a set date for passenger flights. However, hundreds of enthusiasts have deposited USD 250,000 for a ticket.