Page 3334 - Business Finance
Ford India recalls 5,397 EcoSport compact SUVs
Automobile manufacturer Ford India on Friday said that it has voluntarily recalled 5,397 EcoSport compact SUVs to inspect and rectify certain faulty components.
Mercedes-Benz India's Jan-June sales up over 12%
Luxury car major Mercedes-Benz India on Friday reported a rise of 12.4 per cent in the January-June 2018 period.
Russia introduces additional taxes on US goods: Report
Russia is taxing $87.6 million worth of certain US imports for the coming year in response to Washington's steel and aluminium import tariffs, media reports said on Friday.
United Bank of India to raise equity capital of Rs 1,500 cr
Public-sector United Bank of India today said it will raise up to Rs 1,500 crore by issuing equity shares in one or more tranches. The bank's shareholders, at its annual general meeting today, approved the proposal to create, offer and allot equity shares not exceeding Rs 1,500 crore in one or more tranches. This capital raise will be in addition to the capital support granted by the government, the bank said in a regulatory filing. Stock of the bank closed at Rs 11.05 on BSE, down 0.36 per cent from the previous close.
Thyssenkrupp board to seek new CEO after Hiesinger quits
DUESSELDORF/FRANKFURT (Reuters) - Thyssenkrupp will take its time to replace Chief Executive Heinrich Hiesinger after his resignation, dampening hopes of a speedy restructuring or even a break-up of the German industrial group.
Wall St edges higher as strong jobs data offsets trade worries
(Reuters) - U.S. stocks edged higher on Friday on stronger-than-expected job growth in June, offsetting concerns from a trade war between the United States and China.
World aircraft market to get boost from low-cost: Airbus
Rising demand in emerging economies and the soaring success of low-cost airlines is set to raise the market's need for passenger jets over the next two decades, Airbus said today. In a revised market outlook, the European planemaker put the value of nearly 37,400 new aircraft required to meet global demand at USD 5.8 trillion. In 2017, Airbus had estimated the world would need 35,000 new planes by 2036, valued at USD 5.3 trillion. "The world's passenger fleet will more than double to 48,000 aircraft in 20 years ... driving a need for 37,390 new passenger and freighter aircraft" by 2037, Airbus said in a statement. The jetmaker said it expected global air traffic to rise 4.4 per cent per year. "Growth drivers include private consumption increasing 2.4 times in emerging economies, higher disposable incomes and a near doubling of the middle classes globally," the statement said. According to Airbus' chief commercial officer Eric Schulz, the main drivers of growth are the Chinese and ...
US-China trade battle kicks off; markets take it in stride
The United States and China launched what Beijing called the "biggest trade war in economic history" today, imposing tariffs on billions of dollars of each other's goods amid a spiralling dispute over technology. The Trump administration is confronting China over development tactics it says include stealing technology or pressuring foreign companies to hand it over. American officials worry US industrial leadership will be eroded by Chinese plans to create tech champions in fields including robotics, biotech and artificial intelligence. Washington imposed 25 per cent duties on USD 34 billion of imports from China, the first in a series of possible increases that President Donald Trump says could affect up to USD 550 billion of Chinese goods, more than the total amount China exported to the US last year. The first round targets Chinese industrial goods, not consumer products, in an attempt to limit the impact on US households, but companies that rely on Chinese-made machinery or ...
CBI arrests two retired BoI officials in Rs 2654 crore fraud case
The CBI today arrested two senior retired officers of Bank of India in connection with alleged loan fraud of Rs 2,654 crore by Vadodara-based Diamond Power Infrastructure Ltd. (DPIL). V V Agnihotri and P K Shrivastava, retired GM and DGM respectively, had allegedly granted undue favours to the company in granting credit limits, the officials said. They said both have been arrested today and will be produced before special court in Ahmedabad tomorrow. The promoters of the company were arrested in April this year. The agency in an FIR had said that the DPIL, which manufactures electric cables and equipment, is promoted by Suresh Narain Bhatnagar and his sons Amit and Sumit, who are also the directors of the firm The loan, it said, was declared a non-performing asset in 2016-17. "It is alleged that the DPIL, through its management, fraudulently availed credit facilities from a consortium of 11 banks (both public and private) since 2008, leaving behind an outstanding debit of Rs 2,654.40 .
Led by auto stocks equity indices rise; trade war concerns limit gains (Roundup)
Broadly positive global markets along with healthy buying in auto and consumer durable stocks lifted the key Indian equity indices on Friday.
Himachal traders resent restrictions on selling eatables
The Federation of Retailer Association of India (FRAI) on Friday expressed concerns over trade and product restrictions for outlets selling multiple products of daily use.
Forex reserves up by USD 24.34 bn to USD 424.55 bn in H2 FY18
India's foreign exchange reserves increased by USD 24.34 billion to USD 424.55 billion as of end March 2018 from USD 400.21 billion as of end September 2017, Reserve Bank said. During September 2017 and March 2018, reserves decreased to USD 399.23 billion as of end October 2017, increased to USD 401.94 billion as at end November 2017, USD 409.07 billion as of end December 2017, USD 422.37 billion as of end January 2018 and USD 420.96 billion as of end February 2018. "At the end of December 2017, the import cover decreased to 10.8 months from 11.3 months at end March 2017," RBI said in its half yearly report on management of foreign exchange reserves released today. The foreign exchange reserves, when reckoned on balance of payment (BoP) basis (excluding valuation effects), increased by USD 30.3 billion during April-December 2017 as compared with an increase of USD 14.2 billion during April-December 2016. The foreign exchange reserves in nominal terms (including ...
Nifty up 22.90 points, ends below 10,800-mark
The NSE Nifty rose 22.90 points to end at 10,772.65 today on bouts of buying in realty, auto, energy and infra sectors amid a rebound in global equity markets. Selling was seen in pharma, media and FMCG stocks. Overseas, Asian shares rose, unfazed by the imposition of tariffs by the US and China on billions of dollars of trade, while concerns about its escalation capped gains. The NSE Nifty rose by 22.90 points or 0.21 per cent to close at Rs 10,772.65 -- its highest closing level since June 22, 2018. It saw an intra-day movement of about 81.30 points. NSE MidCap and SmallCap indices rose by 0.52 and 0.86 percent, respectively. Among the sectoral indices, Auto climbed by 1.30 per cent, followed by Realty 1.00 per cent, Energy 0.86 per cent, PSU bank 0.74 per cent, Infra 0.49 per cent and IT 0.32 per cent. On the other hand, losers included Pharma 0.90 per cent, Media 0.45 per cent, FMCG 0.19 per cent, Finance Service 0.17 per cent, Bank 0.04 per cent and Private Bank 0.02 per ...
Gold steady, but on track for gains this week on softer dollar
LONDON (Reuters) - Gold steadied on Friday as traders weighed a weaker dollar versus steadier equities, though the precious metal was on course for slight gains for the week as the dollar rally looks to be losing steam amid escalating U.S.-Sino trade tensions.
Ford slides deeper into China rut after worst ever first-half vehicle sales
BEIJING (Reuters) - Ford Motor's China slump intensified, with vehicle sales tumbling 38 percent in June and the automaker recording its worst-ever first half, as buyers shunned its aging models that are awaiting overhauls and flocked to rivals.
Thyssenkrupp board accepts CEO resignation, backs Tata Steel JV
The Supervisory Board of German steel major Thyssenkrupp today accepted the resignation of its CEO Heinrich Hiesinger in "mutual agreement" and reiterated its backing for a merger with Tata Steel. Hiesinger made the shock announcement about his exit as Chief Executive Officer of the company yesterday. It came just days after he joined Tata Steel Chairman N Chandrasekaran at a joint press conference in Brussels to welcome a "new steel champion in Europe" following an agreement on a joint venture with the Indian steel major. In a statement after a board meeting today, Chairman of the Supervisory Board of Thyssenkrupp Ulrich Lehner said the company remained committed to the Indian joint venture, which is set to create Europe's second-largest steel-maker after Lakshmi N Mittal's Arcelor Mittal. "In this tough situation for the company it is now initially about staying on course... This includes the realisation of the steel joint venture. For this we reached an important milestone with the
Wall St opens flat after strong U.S. jobs data
(Reuters) - Stronger-than-expected U.S. job growth data in June helped Wall Street open flat on Friday, providing some relief to investors concerned about trade wars after the United States and China slapped tariffs on each other's goods worth $34 billion.
CBI arrests two retired BoI officials in Rs 2654 crore loan fraud case
The CBI today arrested two senior retired officers of Bank of India in connection with alleged loan fraud of Rs 2,654 crore by Vadodara-based Diamond Power Infrastructure Ltd. (DPIL) in the bank. V V Agnihotri and P K Shrivastava, retired GM and DGM respectively, had allegedly granted undue favours to the company in granting credit limits, the officials said. They said both have been arrested today and will be produced before special court in Ahmedabad tomorrow. The promoters of the company were arrested in April this year. The agency in an FIR had said that the DPIL, which manufactures electric cables and equipment, is promoted by Suresh Narain Bhatnagar and his sons Amit and Sumit, who are also the directors of the firm The loan, it said, was declared a non-performing asset in 2016-17. "It is alleged that the DPIL, through its management, fraudulently availed credit facilities from a consortium of 11 banks (both public and private) since 2008, leaving behind an outstanding debit of .
Maestria Paints launches eco-friendly paints in India
Maestria Paints is one of Europe's leading paint companies that originated more than 60 years ago in the small town of Pamiers in France. The company continuously innovated on the composition of paints, and soon developed the first Alkyd paints (glycerophtalic paints) in the world.The artistic and innovative spirit of Maestria soon pushed it beyond the borders of France. Today, Maestria Peintures & Systemes has a presence in more than 25 countries and is operational in all five continents.The company has had decades of expertise in decorative, industrial, floor coating and road-marking paints. With 5-lakh square feet manufacturing facility and an R&D Centre at Toulouse, Maestria has developed unique surface coating technologies across different applications."Foreign countries have a DIY concept where they cover their furniture themselves, and also paint their walls themselves. Once that's done, they also clean the leftovers themselves. In India, the concept is entirely ...
Strong U.S. jobs data lifts stock futures from trade-related dip
(Reuters) - A stronger-than-expected U.S. job growth in June helped stock index futures on Friday pull back from slight declines that were triggered by United States and China slapping tit-for-tat duties on $34 billion worth of each other's imports.