Page 3427 - Business Finance
Jet Airways offers discounts on domestic, international flights
Airline major Jet Airways on Wednesday announced discounts up to 25 per cent on select domestic routes and up to 30 per cent on its international flights.
Department stores to take toll on John Lewis profit
LONDON (Reuters) - Britain's John Lewis Partnership warned that its 2018-19 profit would be substantially below the previous year's level, hurt by expected declines at its department stores, adding that it could close some shops.
Fujifilm threatens to compete against Xerox if partnership not renewed
(Reuters) - Fujifilm Holdings Corp on Wednesday threatened to compete against Xerox Corp in Asia-Pacific and challenge it in America and Europe if it failed to renew its technology agreement in 2021.
New digital lender '86400' launches in Australia amid poor big bank PR
MELBOURNE (Reuters) - A new digital lender led by a number of banking heavyweights and backed by Australia's largest independent payments provider Cuscal is set to launch by early next year, as non-bank lenders step up their presence in the country's scandal-ridden sector.
Corus Entertainment's quarterly revenue misses estimates
(Reuters) - Canada's Corus Entertainment Inc on Wednesday reported quarterly revenue that missed Wall Street estimates, hit by weakness in its television business.
Global cues pull equity indices lower; Nifty50 loses nearly 100 points
Negative global cues, including rise in crude oil prices and escalating trade war concerns, pulled the key Indian equity indices deep into the red on Wednesday, with the broad Nifty50 on the National Stock Exchange (NSE) losing nearly 100 points.
Aye Finance introduces android-based App to expedite MSME lending
Fintech lender Aye Finance on Wednesday announced the launch of an android-based loan application workflow for its fleet executives.A leap forward, the android-based loan application solution to expedite MSME lending will enable faster delivery at the door step of micro businesses.The fintech lender has equipped its 1000+ field staff with an android based loan application workflow, which works on the cloud infrastructure facilitating a low cost operations that helps the inclusion of a larger number of grassroots businesses into the folds of organized lending.This platform integrates the entire loan process from customer enrolment, underwriting, monitoring and disbursal, allowing improved accuracy and turnaround times."We have removed the friction in customer origination process by use of paperless- cloud CRM based origination process that performs digitally the KYC, credit bureau reporting with minimum fuss," said founder and MD Aye Finance, Sanjay Sharma.Earlier last month, Aye ...
OYO appoints Rakesh Prusti as General Counsel
Hotel Chain OYO on Wednesday announced appointment of Rakesh Prusti as its General Counsel.Rakesh joins OYO following company's journey into the next level of growth into the international market, and expansion with a much larger tapestry of its service offerings.A seasoned professional, Rakesh has spent over 22 years in reputed companies from diverse sectors including French retail giant - Carrefour, NIIT Technologies, Global Vantedge (now Aegis), Cottage Industries Exposition which has given him both macro and micro view of legal and corporate governance strategies in different business environments."We are pleased to welcome Rakesh partnering with us for this important role as the General Counsel. Rakesh's strong legal, corporate governance acumen coupled with high energy and deep understanding of businesses in both startup and highly structured environment will help us meet and advance in our objectives," said founder and CEO - OYO, Ritesh Agarwal."I look forward to play a bigger .
Cabinet approves new ex-mill ethanol prices
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a mechanism for procurement of ethanol by Oil Marketing Companies (OMCs) and hiked ex-mill price for ethanol derived out of C-heavy molasses to Rs 43.70 per litre.
Govt provides capital support to ECGC, NEIA to promote exports
The government today approved capital infusion of Rs 2,000 crore to Export Credit Guarantee Corporation (ECGC) to enhance insurance coverage to micro, small medium enterprises exports. It has also approved contribution of grant-in-aid (corpus) of Rs 1,040 crore to National Export Insurance Account Trust (NEIA) to promote project exports. The decision for both was taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi. Funds to ECGC would be infused in the three financial years -- Rs 50 crore in 2017-18, Rs 1,450 crore in 2018-19 and Rs 500 crore for 2019-20. "The infusion would enhance insurance coverage to MSME exports and strengthen India's exports to emerging and challenging markets like Africa, CIS (Commonwealth of Independent States) and Latin American countries," an official statement said. It said that with enhanced capital, ECGC's underwriting capacity and risk to capital ratio will improve considerably. "With a stronger underwriting ...
Sensex, Nifty fall to three-week closing low
(Reuters) - Indian shares fell on Wednesday to a three-week closing low, as investors turned cautious a day before the expiry of derivatives contracts, while rising oil prices also dampened sentiment.
WR records 220% rise in sale of mobile tickets after campaign
The Western Railway today said it has witnessed a 220 per cent rise in the sale of train tickets booked through UTS mobile ticketing application after a 10-day long awareness drive held recently to promote the use of this app. The WR had conducted the awareness drive at its 12 key stations- Churchagte, Dadar, Bandra, Vile Parle, Andheri, Malad, Kandivali, Borivali, Mira Road, Bhayandar, Nalasopara and Virar- between June 11 and 20, an official said. "In order to promote the sale of mobile tickets through our UTS mobile application, our staff conducted the awareness drive. We are happy to inform that the drive resulted in 220 per cent rise in daily users as compared to the average in April 2017-March 2018," Ravinder Bhakar, chief spokesperson of the WR said. As part of the drive, the railway staff convinced the commuters at the ticket window to switch over to the mobile ticketing app. Its main objective was to encourage more people to use the ticketing app, Bhakar said ..
UST Global onboards Temasek
Singaporean sovereign wealth fund Temasek Holdings today agreed to pick a minority stake in UST Global for an undisclosed sum, making it the first institu- tional investor in the digital technology solutions player. "The partnership with Temasek will allow us to further our reach so that we can partner our clients in designing their digital impact strategies," Sajan Pillai, UST chief executive said in a statement. He further said the investment marks a milestone for the company as it Temasek is the first institutional investor. UST Global was founded in 1999 and offers digital technology solutions to over 50 Fortune 500 companies across various geographies. The company has regional headquarters in California, Singapore and London, and over 35 offices across the world. The company did not disclose the size of the deal, which was advised by Avendus Capital, or the quantum of stake being picked by Temasek.
Sensex tanks 273 pts on macro concerns
The BSE Sensex plunged nearly 273 points to close at a three-week low of 35,217.11 today while the Nifty finished below the 10,700-mark on widespread selling by investors rattled by higher crude prices and a weakening rupee. The Indian currency hit one-and-a-half year lows against the US dollar intra-day amid persistent foreign capital outflows from emerging markets. The 30-share Sensex opened in the green and hit a high of 35,618.85, but soon turned weaker on heavy selling. It finally ended at 35,217.11, down 272.93 points, or 0.77 per cent. This is its lowest closing since June 6, when it had settled at 35,178.88. The wider NSE Nifty touched a low of 10,652.40 before finishing lower by 97.75 points, or 0.91 per cent at 10,671.40. Sentiment took another hit after the Reserve Bank of India, in its Financial Stability Report (FSR) yesterday, said stress in the banking sector continues as gross non-performing assets (GNPA) ratio rises further. State-run lenders came under heavy selling .
China's Baidu to buy back up to $1 billion shares
(Reuters) - China's Baidu Inc said on Wednesday its board approved a plan to buy back up to $1 billion of its shares, with repurchases taking place over the next 12 months.
Govt provides funds to ECGC, NEIA to boost exports
The government today approved capital infusion of Rs 2,000 crore in Export Credit Guarantee Corporation (ECGC) and Rs 1,040 cr to National Export Insurance Account Trust (NEIA) to give a fillip to the country's exports. The decision was taken in the meeting of cabinet committee on economic affairs (CCEA), headed by Prime Minister Narendra Modi here. Briefing media, Finance Minister Piyush Goyal said, during the current year Rs 1,450 crore and another additional capital of Rs 500 crore will be given to the ECGC next year. "CCEA approves capital infusion of Rs 2,000 crore in ECGC covers exports to around 200 countries in the world. More than 85 per cent of customers benefitted by ECGC's covers are MSMEs," Goyal said. This will provide support to the government policies to give a thrust to exports, Goyal said. Further to promote project exports from the country, the government has approved additional grant to NEIA. While Rs 440 crore was given to the trust last year, another Rs 300 crore
Zomato launches operations in 25 new cities in India
Food ordering app Zomato has announced the launch of its platform across 25 new cities in India, including Trivandrum, Vijayawada, Raipur, Madurai, Jodhpur, Thrissur, Ajmer amongst others.With this move, Zomato is now present across 63 cities in India, with further plans to launch in multiple new cities every month.As a leading global restaurant discovery, food ordering and table reservations platform, Zomato has been strengthening its core offering to accelerate the growth of its business.The company is focused on experimenting with products that solve for affordability, accessibility, assortment and quality of food for the users. These initiatives will not only benefit the users but are also aimed at supporting and growing the restaurant industry at a faster pace than before."India continues to be our highest priority market and we will continue to expand and build further depth within the country. We are doing everything to take Zomato to more cities - to enable the growth of the ..
Strategy for Revitalizing India's Exports
The Minister reviewed development of USD 100 Billion Additional Export Strategy focussing on Champion & Promising products and market retention. This is envisaged as a multipronged sector wise strategy focussing on traditional and new products & markets. Commodity Specific Strategy includes products like Gems & Jewellery, Leather, Textile& Apparel, Pharmaceuticals, Electronics, Engineering Sector, Chemical & Petrochemicals, Marine Products and Agriculture & Allied Products. Territory Specific Strategy include regions like NAFTA, Europe, North East Asia, ASEAN, South Asia, Latin America, Africa& WANA, CIS, Australia and New Zealand.
Sensex, Nifty drop on weak global stocks
Key benchmark indices dropped sharply on weak global stocks. The barometer index, the S&P BSE Sensex, lost 298.77 points or 0.84% at 35,191.27, as per the provisional closing data. The Nifty 50 index lost 97.75 points or 0.91% at 10,671.40, as per the provisional closing data. Today's slide was led by index heavyweights ICICI Bank, L&T and Reliance Industries. Domestic stocks were weighed down by escalating global trade tension between the world's biggest economic powers.
Eggoz secures Rs. 1.2 crores funding from clutch of Angel Investors
Egg producer and agri-tech startup Eggoz has raised Rs. 1.2 crores from clutch of angel investors including Narendra Sankar, Sunil Mishra, Vishal Sharma, Anurag Jhanwar and Mohini Jhanwar.Eggoz is a full-stack egg producer using cutting-edge technology to produce high quality and nutrition-rich eggs. Eggoz farms are run with higher efficiency with smart technology and processes. Eggoz runs network of multiple farms at various locations; producing predictable quality eggs. The company has total bird capacity of 1,00,000 hen with 65,000 hen operational farms and remainder under construction.The company intends to use the capital to expand their business in states Madhya Pradesh and Bihar. The funds will also be used to build a company-owned farm in Nalanda, Bihar which will act as a model farm to attract clients, and for research and development. The company aims to scale operations to 5,00,000 hen capacity by 2020 with focus on Northern states.Commenting on the development, Mr. Pankaj .