Page 3333 - Business Finance
Strong U.S. jobs growth helps Wall Street overlook trade worries
(Reuters) - The S&P 500 and the Nasdaq rose to two-week highs on Friday as strong U.S. jobs growth and a surge in Biogen's shares helped ease fears of an escalating U.S.-China trade dispute.
Case registered against chief engineer in irrigation dept
: The Telangana Anti Corruption Bureau today said it has registered a case against a chief engineer in irrigation department for allegedly possessing assets disproportionate to his known sources of income. A ACB statement said K Suresh Kumar possessed assets both movable and immovable worth Rs 2.70 crore,whose market value was estimated to be approximately Rs five crore. Simultanious searches were carried out today at the residences of Suresh Kumar and his relatives in the city and other places, the release said. The ACB will open three bank lockers in Karimnagar belonging to the Chief engineer tomorrow, it added.
Philippines to be fastest growing economy in the next 2 yrs: Ambassador
Philippines Ambassador to India Maria Teresita C Daza today said that her country could emerge as the fastest growing economy in Southeast Asia over the next two years. The sectors driving the economic growth in the Philippines are BPO, financial services, trade, construction, private consumption and manufacturing, she said. "Philippines is expected to be the fastest growing economy in Southeast Asia and second fastest in the world over the next two years," the ambassador said at an interactive session at the Merchants Chamber of India here. Referring to India, she said it is one of the fastest growing economies in the world now. Daza said the major factor driving her country's growth is its young and educated workforce which has an average age of around 24 years. The Philippines Foreign Direct Investment inflows had hit an all-time high of USD 10.05 billion in 2017, up by 21.4 per cent compared to 2016 levels, she said. The country's government has embarked on major reform ...
RBI cancels licence of Alwar Urban Co-operative Bank
The RBI today said the licence of Alwar Urban Co-operative Bank in Alwar, Rajasthan has been cancelled as it is not in a position to pay its depositors in full as and when their claims accrue, among other reasons. The present financial position of the bank leaves no scope for its revival, the RBI said, adding that the cancellation of the licence is effective from the close of business on July 5. "The Registrar of Co-operative Societies, Rajasthan has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank," the RBI said in a statement. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of Alwar Urban Co-operative Bank as per the DICGC Act will be set in motion. "On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs 1,00,000 from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions,"
Tax raids: TN official,firm nexus suspected in PDS procurement
Income Tax authorities today said they were conducting searches in 70 plus premises across Tamil Nadu, including in the city and Namakkal, for alleged tax evasion by two companies and a senior IAS official, suspected of colluding with one of them. The searches that began yesterday have been completed in some of the premises and was continuing in others, tax investigation department sources told PTI. The tax raids on the two firms and their associates are for alleged tax evasion by floating more than 100 shell companies and through benami transactions. The firms have suspected financial and real estate dealings between them and alleged unaccounted money was used for acquisition of properties, the sources said. One of the two firm supplies essential commodities to the Tamil Nadu Civil Supplies Corporation for distribution through Public Distribution System and eggs under the Integrated Child Development Scheme. The top IAS official is under the scanner for alleged ...
Tata Steel production up 7.82%, sales grow 8% in Q1
Tata Steel on Friday reported an 8 per cent growth in sales to 2.97 million tonnes (mt) in India during the first quarter of the current fiscal while its production grew by 7.82 per cent to 3.17 mt.
Info Edge invests Rs 3 cr in Ideaclicks Infolabs
Info Edge, which runs Naukri.com, today said it has invested about Rs 3 crore in Ideaclicks Infolabs (Zippserv) through its wholly-owned subsidiary. Zippserv is an online platform which provides data-driven real estate intelligence to enable smart property purchase. "As part of company's strategic investments, the acquisition would help the company to consolidate its presence into a new line of business within the Internet services industry," Info Edge said in a BSE filing. The aggregate shareholding of Info Edge, post this initial investment, in the said entity would be 45.31 per cent, it added.
NSE to conduct mock trading session in currency derivatives on July 14
The National Stock Exchange will conduct a mock trading session for currency derivatives on July 14 ahead of implementing the self trade prevention check. A mock trading (contingency) session in the currency derivatives segment would be conducted on July 14, the exchange said in a circular. The bourse said the announcement is in continuation of its circular issued on June 15 regarding self trade prevention check, which is to be implemented on July 16. In a separate circular, NSE said it would conduct mock trading session in futures and options on July 14.
EchoStar drops $3.2 billion bid for British rival Inmarsat
LONDON (Reuters) - U.S. satellite group EchoStar dropped a $3.2 billion takeover approach for Inmarsat on Friday after failing with a late attempt to persuade the British company into talks.
Oil mixed as investors short-cover and Saudi boosts output
NEW YORK (Reuters) - Oil was mixed on Friday, with short-covering pushing up U.S. crude futures while Brent slipped on global trade tensions and increased Saudi production.
Airbus predicts demand for 37,390 new aircraft globally
Aircraft manufacturer Airbus on Friday predicted a global demand of 37,390 new passenger and freighter planes valued at $5.8 trillion over the next 20-years.
Wall St takes some knocks but still standing as trade war escalates
SAN FRANCISCO (Reuters) - Fears of a global trade war have left Wall Street bruised but not beaten, even after the United States and China imposed tit-for-tat duties on $34 billion worth of each other's imports on Friday.
Wall St rises as strong jobs data offsets trade worries
(Reuters) - U.S. stocks rose on Friday as stronger-than-expected jobs growth in June and a surge in Biogen's shares eased concerns about an escalating U.S.-China trade dispute after the two economies slapped tariffs on each other's imports worth $34 billion.
US, China trade war begins
A trade war between China and the US -- the world's largest economies -- began on Friday as the two sides started slapping additional tariffs on each other's goods, worth nearly $70 billion, a development that could impede global economic recovery.
Ernst & Young keen on another centre in Thiruvananthapuram
: Managing partner of Ernst & Young (Global), Joseluis Garcia Fernandez today held discussions with chief executive officer of Kerala IT Parks, Hrishikesh Nair on setting up its global management services centre here. Fernandez was accompanied by director for strategic initiativesJane Collete, India Location Head Richard Antony and assistant director Binu Shankar, a press release said. A team from Ernst & Young led by its global vice-chair Srinivasa Rao had met Kerala Chief Minister Pinarayin Vijayan and expressed keenness to start the global management services centre, the release said. The State government had assured the team of all support, it added. EY currently has around 5,000 employees in its global services delivery centre here and in Kochi. Ernst & Young, a multinational professional services firm, headquartered in London, is one of the largest professional services firms in the world, the release said.
Expert Views: U.S. triggers China tariffs, fuels fears of escalating trade war
SINGAPORE/NEW YORK (Reuters) - The United States and China slapped tit-for-tat duties on $34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict.
China blames U.S. for 'largest-scale trade war' as tariffs kick in
BEIJING/WASHINGTON (Reuters) - The United States and China slapped tit-for-tat duties on $34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict.
Rising fuel prices might impact commercial vehicle operators: Fitch Ratings
Fitch Ratings on Friday said that rising fuel prices could strain India's commercial vehicle operators and lead to a rise in auto-loan delinquencies.
Exclusive: Italy aims to lift 2019 deficit/GDP target to around 1.4 percent - sources
ROME (Reuters) - Italy's new government plans to raise its deficit target for 2019 to around 1.4 percent of economic output against a goal of 0.8 percent drawn up by the previous administration, two sources said on Friday.
Bengal Chemicals seek Centre's approval for employees' pay revision
State-run Bengal Chemicals and Pharmaceuticals has sought the Central government's approval for a revision in pay scale of its employees after posting profit in the last two financial years, an official said here on Friday.