Page 3356 - Business Finance
Amazon India launches 3rd fulfilment centre in Bengal
In a bid to serve customers better with one and two-day delivery options, Amazon India on Wednesday announced launch of its third fulfilment centre in West Bengal.
Tata Steel workers endorse merger with Thyssenkrupp
LONDON (Reuters) - The union representing workers at Tata Steel's European operations on Wednesday endorsed the company's joint venture with Germany's Thyssenkrupp following agreements on jobs, investment and production.
Emirates to continue 'Hindu meal' option on its flights
Airline major Emirates on Wednesday said that it will continue to provide a "Hindu meal" option on its flights.
Saudi plans first change in Asia crude oil price formula in decades, to use DME Oman
SINGAPORE (Reuters) - Saudi Aramco plans to change the formula used to price its long-term crude oil sales to Asia starting from October, marking the first change in benchmarks for its official selling prices (OSP) since the mid-1980s, the company said on Wednesday.
FM-led panel to decide on fund allocation from CRIF for infra projects
The government has constituted a ministerial panel headed by the finance minister to decide about fund allocation for infrastructure projects from the Central Road and Infrastructure Fund (CRIF) announced in the budget. The four-member committee would approve recommendations made by the sub-committee headed by the Economic Affairs Secretary on list of infrastructure projects to be financed from the CIRF, a government notification said. Other members of the committee include Minister of Road Transport and Highways; Shipping; Water Resources, River Development and Ganga Rejuvenation, Railways Minister and Human Resource Development Minister, it said. The 15-member sub-committee has secretaries from different ministries who will examine and evaluate proposals received from ministries on infrastructure projects to be financed by the CRIF. Besides, it will prioritise the list of infrastructure projects each year for being financed by the fund. The budget 2018 has amended the Central Road ..
WTO sees signs of trade tensions starting to affect global economy
GENEVA (Reuters) - Trade barriers being erected by major economies could jeopardise the global economic recovery and their effects are already starting to show, the World Trade Organization said on Wednesday in a report on trade restrictions among G20 nations.
Amway India aims to be a billion dollar company by 2025
Amway India is expecting to touch nearly one billion dollar sales (Rs 6,000 crore) by growing over three fold by 2025, driven by new launches and expansion of sales network including e-commerce, the top company official said. The company expects India to be among top three markets for Amway by 2025 as it looks to enter new categories such as consumer durables and launch products in the beauty segment. The direct selling firm has invested Rs 600 crore in a manufacturing facility in Tamil Nadu as part of the Rs 1,000 crore investment plan in India. The company plans to cater to the European and African markets from the facility. "The company is bullish about the growth story of India and aims to rank it among top 3 markets for Amway globally with the target revenue of Rs 6,000 crore by 2025," Amway India CEO Anshu Budhraja said. Presently, India is the seventh largest market for Amway and is growing with a CAGR of 20 per cent. In 2017, Amway India, which follows January-December fiscal,
Separate bidding for connecting iconic tourist places under UDAN scheme: Aviation Ministry
To provide air connectivity to popular tourist sites in the country, a separate bidding would be conducted under the UDAN scheme, the Civil Aviation Ministry said today. The template for the bidding has been prepared and the process will be initiated once the viability gap funding (VGF) from the Tourism Ministry is finalised, a Civil Aviation Ministry official, Usha Padhee, said at a tourism investors meet here. She, however, did not elaborate on the separate bidding process. UDAN (Ude Desh Ka Aam Nagrik) scheme seeks to connect unserved and under-served airports as well as make flying more affordable. Under the scheme, the Centre along with the respective state governments provides VGF. Airlines are awarded sectors through a bidding process. The Civil Aviation Ministry had earlier indicated that the 12 sites identified for development under the "iconic tourist sites project" by the Tourism ministry could be considered for providing air connectivity. They include the most visited ...
MSP hike to boost agri sector share in GDP, farmers' income: Birender Singh
Terming the rise in MSP for kharif crops a 'revolutionary step', Union Minister Chaudhary Birender Singh today said the move will help increase the share of agriculture to the GDP and boost farmers' income. Seeking to address farm distress ahead of general elections, the Centre today hiked price paid to farmers for paddy by a record Rs 200 per quintal and by up to 52 per cent in other summer-sown crops, a move that may push food subsidy beyond Rs 2 lakh crore and possibly stoke inflation. "The impact of this revolutionary move will be that it will increase the share of agriculture to the GDP," Steel Minister Singh said at a press conference here. However, he did not elaborate on this. At present, the contribution of agriculture and allied sectors to the GDP is about 15 per cent. Today's decision of increasing the MSP will also help in fulfilling the Prime Minister's vision of doubling farmers' income by 2022, he added. The minister further said the move will make farmers realise that .
Brazil judge orders Monsanto to deposit royalties related to GMO seed
SAO PAULO (Reuters) - A Brazilian judge has ordered local units of Monsanto Co to put royalties related to a GMO soy seed technology in an escrow account, in a decision likely to hinder the U.S. seed company's ability to collect royalties from the business.
Large accounts to be concentrated in specially designated branches: PNB
State-run Punjab National Bank (PNB) on Wednesday said that it has embarked on a credit restructuring exercise under which large accounts as well as lending operations will be concentrated in a "few specially designated" branches.
Future Lifestyle to buy 29.9% stake in Koovs for GBP 15.3 mln
Future Lifestyle Fashions, part of Kishore Biyani-led Future group, today said it will acquire 29.9 per cent stake in London-listed e-commerce fashion firm Koovs for GBP 15.3 million or approximately Rs 140 crore. "The board of directors of the company in its meeting held today has approved the proposal to invest an amount up to GBP 15.3 millions in one or more tranches by way of acquiring of or subscribing to the equity shares of Koovs plc," it said in a BSE filing after the market close today. Koovs will first issue Future Lifestyle Fashions with 57.8 million shares, representing 24.8 per cent stake, raising GBP 5,787,660 of cash, it said in seperate filing. Koovs also announced the formal opening of a bookbuild to raise up to GBP 10 million of fresh funding at a price of 15 pence per share. "Assuming the full GBP 10 million is raised, Future Lifestyle Fashions will make additional investments through direct/indirect mode (in addition to the 57.8 million shares ...
Higher MSP not to impact fiscal deficit target: Arun Jaitley
Union Minister Arun Jaitley today said the government's fiscal deficit target would not be breached on account of higher MSP for 14 crops as large provisioning for food subsidy has already been made in the Budget for current fiscal. Seeking to address farm distress ahead of general elections, the government has hiked Minimum Support Price (MSP) paid to farmers for paddy by a record Rs 200 per quintal and by up to 52 per cent in other Kharif or summer-sown crops. Announcing the decision after a meeting of the Cabinet Committee on Economic Affairs (CCEA), Home Minister Rajnath Singh said it would cost an additional Rs 15,000 crore to the exchequer. In the 2018-19 Budget, the government has provided Rs 1.7 lakh crore towards food subsidy. "Considering the large provisioning made in the Budget for food subsidy, the government will be able to absorb the additional expenditure without breaching the fiscal deficit target," Jaitley said in a tweet. Jaitley had presented the Budget as Finance .
Global Markets: Stocks tread water on trade worries, yuan steadies
LONDON (Reuters) - World stocks were flat on Wednesday amid growing anxiety ahead of Washington's end of week deadline to impose tariffs on Chinese imports, while the yuan steadied after China's central bank acted to calm investors.
'Cussedness' of state, local authorities single roadblock in housing sector: Parekh
Advocating a 'carrot-and-stick' approach, eminent banker Deepak Parekh has said the "cussedness" of state and local authorities is the single roadblock in the housing sector and the Centre should incentivise the states granting fast-track approvals and penalise those not falling in line. Parekh has also favoured housing finance companies being permitted to fund developers to purchase land for affordable housing. In his annual letter to investors, the chairman of housing finance firm HDFC Ltd said there is a need for greater transparency in building approvals as the home buyer is hurt the most on all counts. "Price escalations due to delays and payment of speed money for building approvals are ultimately costs borne by the home buyer," he said. "The single roadblock in the housing sector today is the cussedness of state governments and local level authorities in embracing a transparent and streamlined process for building approvals," he said. In so many ways, he said, the government ...
Cong seeks complete ban on liquor in C'garh, stages walkout
Opposition Congress staged a walkout from the Chhattisgarh Assembly today seeking complete ban on the sale of liquor in the state. During the Question Hour, state Congress chief and senior MLA Bhupesh Baghel raised the issue of sale of beer in the state and accused the Raman Singh-led government of promoting specific brands instead of giving multiple options to the consumers. "Consumers are not being given other brands of beer except Simba and Sumo to give undue advantage to a particular manufacturer," he said. "The sale of Simba and Sumo beer brands was 80-90 per cent this year in the absence of other brands in most of the shops," he claimed. The Congress legislator also asked whether any BJP leader have shares in these two beer manufacturing companies. State Commerce, Industry and Excise Minister Amar Agrawal, however, rejected the charges and said if the Congress names those ruling party leaders who have shares in these two companies, he would take action against ...
Yes Bank receives SEBI's approval to launch mutual fund
Private sector lender Yes Bank on Wednesday said that it has received the final regulatory approval from the Securities and Exchange Board of India (SEBI) to commence its mutual fund business.
FIEO suggests steps to boost exports by $100 bn in nxt few years
Exporters body FIEO today suggested several steps, including support for R&D, line of credit and interest subsidy benefits for increasing exports by USD 100 billion in the next few years. Recommending a four-pronged strategy, the Federation of Indian Export Organisations (FIEO) said there is a need to focus on 124 champion products, product diversification and market retention for identified goods with a view to boost exports. It also suggested efficient, integrated logistics; complete paperless online transactions; focus on handmade, organic products; interest subsidy benefits to services sector; smooth movement of professionals; and online refund of GST. Talking about challenges in front of global trade, it said rapid rise in trade restrictive measures; volatility in currencies; political development in Iran, Russia and Middle East; duty advantage to competitors; and rigid approach of banks affecting availability of credit. These issues could hamper the country's exports ...
Shriram Transport Finance shares tumble 12%; m-cap tanks Rs 3,482 cr
Shares of Shriram Transport Finance came under huge selling pressure today, plunging nearly 12 per cent, amid concerns over the group's ability to repay holders of certain debentures. The stock tanked 11.83 per cent to settle at Rs 1,144.85 on BSE. During the day, it tumbled 19.34 per cent to Rs 1,047.20. At NSE, shares of the company slumped 11.70 per cent to close at Rs 1,145.25. The company's market valuation also declined Rs 3,482.18 crore to Rs 25,976.82 crore. In terms of equity volume, 10.27 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day. In a clarification to BSE today, the company said, Shriram Transport Finance Co had given corporate guarantee in connection with issue of non-convertible redeemable debentures issued by SVL in June 2015. Apart from this corporate guarantee, STFC has not extended any fresh guarantee for SVL, it said. The corporate guarantee is secured by pledge of shares of SVL, the filing added. "The
Emirates to continue with 'Hindu meal' option
After receiving negative feedback from its customers, especially Hindus, Emirates Airlines on Wednesday stated that it will not remove 'Hindu meal' from its in-flight menu."Based on feedback from customers, Emirates confirms we'll continue to provide Hindu meal option, to make it easier for our Hindu customers to identify and request this option," read a statement.Earlier in the day, the Dubai-based airline had announced that the decision to withdraw the above-mentioned option from its in-flight menu was taken following a review of the onboard products and services."As part of our continuous review of the products and services available to customers, Emirates can confirm that it will discontinue the Hindu meal option. We constantly review our offering, taking into consideration customer uptake and feedback. This helps us improve service efficiencies," a statement from Emirates Airlines read.However, the airline said that Hindu passengers would still be able to choose from a variety of