Page 3433 - Business Finance
Iraq says will work with OPEC on output to keep oil prices stable
BAGHDAD (Reuters) - Iraqi Prime Minister Haider al-Abadi said on Wednesday that Iraq would cooperate with OPEC and non-OPEC states to maintain oil price stability and prevent further price hikes.
Trai insists on toll free number, digital sale for global calling cards; rejects DoT's contention
Brushing aside the telecom department's contentions, Trai has stuck to its recommendations pertaining to sale or rent of global calling cards in India. The regulator has suggested mandating toll free customer care number for helping users of such services, and permitting the sale of global SIM cards only via digital mode. The Trai has also reiterated its past suggestion that users be compensated in case of non-activation of such services, rejecting the telecom department's views that no provision of penalty payment exists even by other telecom service providers to their customers. The sector regulator has given a point-by-point reply on the DoT's contention over some of its recommendations submitted in May 2016 and June 2017 on the sale and rent of International Roaming SIM cards, and Global calling cards in India. Pushing aside the telecom department's objections on these issues, Trai has also reiterated its past suggestion that entities engaged in sale or rent of international SIM ..
Mallya offers to sell assets to repay bank loans (Third Lead)
Fugitive tycoon Vijay Mallya has petitioned the Karnataka High Court to permit him and his holding firm UBHL to sell their assets under its supervision to repay creditors, including state-run banks, while saying a civil law matter of loan recovery had been made a criminal matter in his case.
Sebi slaps Rs 30 lakh fine on Oasis Securities, officials for disclosure lapses
Markets watchdog Sebi has imposed Rs 30 lakh penalty on Mumbai-based Oasis Securities and its top officials for various disclosure lapses, including those related to sale of a business. The regulator has slapped a fine of Rs 20 lakh on the company and Rs 5 lakh each on senior officials Indra Kumar Bagri and Anil Kumar Bagri. It was alleged that the entities did not provide relevant information regarding discontinuance and transfer of stock broking and depository participant business. Besides, the company had allegedly failed to provide explanations to the stock exchanges regarding variation in net profit numbers in audited and unaudited quarterly reports for fiscal 2010-11. In an order dated June 25, Sebi General Manager and Adjudicating Officer K Saravanan said the allegations of non-compliance against the entities have been established. Consequently, a total fine of Rs 30 lakh has been imposed on them. "Disclosures are the lifeline for the investors of listed securities to decide on
'Mallya has enough assets to sell for repaying loans'
Fugitive Vijay Mallya has enough assets to sell and replay loans he raised from banks to fund his now defunct Kingfisher Airlines, an official said on Tuesday.
Nifty ends range bound session flat, up 6.70 pts
The NSE Nifty today closed marginally higher by 6.70 points at 10,769.15 after a volatile trade as investors remained cautious on escalating trade conflicts between the US and other major economies. Fresh buying in FMCG, IT and Infra sectors pushed the key benchmark indices to its day's high but selling in energy, realty, auto and pharma counters pared gains. Overseas, Asian markets closed mostly lower but recovered from day's lows, following weak trade on the Wall Street due to escalated trade dispute between the US and China. European stocks rebounded after a sell-off seen in the previous session due to trade concerns. The Nifty 50 index moved up by 6.70 points or 0.06 per cent to close at 10,769.15. It hovered between 10,805.25 and 10,735.55 during the session. Sector-wise, energy dropped by 1.42 per cent, realty 0.72 per cent, auto 0.53 per cent, pharma 0.42 per cent, metals 0.38 per cent, PSU banks 0.27 per cent and banks 0.03 per cent. On the other hand, FMCG rose by 1.04 per ...
U.S. consumer confidence dip; house price growth slows
WASHINGTON (Reuters) - U.S consumer confidence ebbed in June, with households a bit pessimistic about their short-term income prospects, potentially signaling a slowdown in economic activity later this year.
Air Asia case: Tata Sons Board repose faith in Venkataramanan
The board of Tata Sons on Tuesday reposed their faith in R. Venkataramanan, who is the non-executive director and a nominee of Tata Sons on the Board of Air Asia India.
Vigilance sleuths arrests DFO
Vigilance sleuths today arrested a Divisional Forest Officer (DFO) in Odisha for allegedly amassing assets disporportionate to his known sources of income, a vigilance officer said. The assets in the possession of DFO of Ghumusar South Division, B K Acharya were calculated at Rs 3.22 crore, which was around 200 per cent of his known income, said Vigilance SP (Berhampur), Mrutyunjay Swain. Vigilance sleuths had raided five places including Acharya's houses at Bhubaneswar and Cuttack on Sunday and detected the properties over Rs 3 crore, the SP said. Acharya's two lockers were searched today and around Rs 16.86 lakh in cash and gold ornaments weighing over one kilogram were found, he said. His total assets were calculated at Rs 3.51 crore. Acharya, however, could not explain the proper earning of the assets worth Rs 3.22-crore, the SP said.
Andhra, Singapore sign MoU to upgrade construction methods
Andhra Pradesh entered into a Memorandum of Understanding (MoU) with Singapore on Tuesday to accelerate the construction work of its new capital, Amratvati.The MoU was signed between AP Real Estate Regulatory Authority and Building (APRERA) and Construction Authority of Singapore in the presence of Chief Minister N. Chandrababu Naidu and Singapore's Minister for Social and Family Development Desmond Lee here.According to an official release, the MoU aims to empower APRERA which in turn will promote and create a safe, high quality, environment-friendly built environment in Andhra Pradesh with the help of expertise relating to the set-up, operation, experience and best practices in construction.The Singapore minister was accompanied by a delegation of 50 members to the AP Secretariat."The business delegation, the Singapore Business Federation and the Joint Implementation Steering Committee, all have a sense of confidence when it comes to investing in Singapore", Lee said.From Lee's ...
Judge recuses himself from hearing Rs 2800 Cr Cognizant tax dispute case
Justice T S Sivagnanam of the Madras High Court today recused himself from hearing the tax dispute case involving Cognizant Technology Solutions and the Income Tax Department. When the Cognizant's plea challenging the tax demand by the Income Tax Department came up, the judge excused himself from the case, without assigning any reason. Justice Sivagnanam referred the plea to Chief Justice Indira Banerjee to assign it to another judge. The issue pertains to Rs 2,800-crore demand by the ITD from Cognizant towards dividend distribution tax (DDT) for remitting Rs 19,415 crore to its non-resident shareholders in the US and Mauritius towards buy back of 94,00,543 of equity shares in May 2016. After the demand, the department has freezed the entire bank accounts of the company, prompting it to approach the high court. In April last, as an interim measure, the court had ordered the firm to pay 15 per cent of the demanded amount in two days. To facilitate the payment, the court had ...
Ajay Chitkara appointed CEO of Airtel Business
Telecom major Bharti Airtel today said it has appointed Ajay Chitkara as director and CEO of its business-to-business arm - Airtel Business. The company also moved Bharti Infratel chief financial officer Pankaj Miglani as CEO of Global Business. "Ajay Chitkara has been appointed as Director and CEO - Airtel Business. In his new role, Ajay will spearhead Airtel Business as an integrated unit that will include both domestic enterprise and global enterprise operations of the company," Airtel said in a statement. Chitkara has been with Airtel since 2001 and is credited with building brand Airtel in the global wholesale segment. "In his previous role as Director & CEO - Global Business and Nxtra, Ajay was responsible for creating business strategies for carriers, global enterprise and OTT segments, and implementing them globally through the regional teams," the statement said. The company said that Global Business arm of Airtel grew in topline to become a billion dollar business, while
Flextronics to set up manufacturing facility in Andhra
Global electronics major Flextronics will set up a facility in Andhra Pradesh to manufacture a range of intelligent products, it was announced on Tuesday.
Cisco bets big on BFSI segment in India
US-based tech giant Cisco today said its business from the Indian banking and financial services market is expected to continue growing at a strong pace as banks and financial institutions in the country embrace new-age technologies like artificial intelligence. The networking gear company counts names like National Stock Exchange, State Bank of India, HDFC Bank and Bandhan Bank among its clients in the Indian BFSI segment. "Financial institutions today are experiencing an unrelenting need to be flexible, secure and scalable across increasingly complex data centres... We are leading the disruption in the industry with our technological innovations in systems, software and security, and expertise in mass-scale networking, automation, analytics, video, wireless and mobility," Cisco India and SAARC President Sameer Garde told PTI. He added that combining these capabilities with Cisco's portfolio of security and collaboration capabilities is enabling financial services companies in India .
Idea shareholders approve new name 'Vodafone Idea Ltd', Rs 15k cr fund raise plan
Shareholders of telecom operator Idea Cellular approved the new name 'Vodafone Idea Limited' for the company and plans to raise Rs 15,000 crore fund in the extraordinary general meeting held today. The change in the name will be effective post completion of merger of Vodafone India in the company, as per the agenda placed before shareholders at the EGM. The summary of EGM proceedings filed at the BSE said that the agenda "change in name of the company" and "issue of non-convertible securities on private placement basis" were "passed with requisite majority" by the members. Idea and Vodafone India are in process of merging their businesses. According to official sources, the approval for merger by the Department of Telecom (DoT) is in final stages. The closure of this transaction, however, is likely to miss expected time line of June 30 as the DoT is looking to raise demand of around Rs 4,700 crore from Vodafone India before clearing the deal. Idea's Chairman of the board Kumar ...
Mallya offers to sell assets to repay bank loans
Fugitive tycoon Vijaya Mallya has petitioned the Karnataka High Court to permit him and his holding firm UBHL to sell their assets under its supervision and repay creditors, including state-run banks.
India, US hold consultations on bilateral trade issues
Senior officials of India and the US today held consultations on issues related to bilateral trade and investments. "A meeting on trade issues between India and US was held today in New Delhi. The foreign nation was the second highest trading partner of India in 2017-18, registering the total trade of more than Rs 4,80,000 crore," the department of commerce said in a tweet. The two-day meeting, starting from today, assumes a greater significance as India last week announced the decision to raise customs duties on as many as 29 products, including pulses as well as iron and steel products imported from the US as a retaliatory action against the tariff hikes by Washington. These duties on US goods will take effect from August 4. Issues pertaining to duty hike by America on steel and aluminium, review of export benefits to certain domestic products and visa tightening norms were on agenda for the meeting. India's exports to the US in 2016-17 stood at USD 42.21 billion, while imports were
Oil mixed on reports of Saudi output boost, losses elsewhere
NEW YORK (Reuters) - Oil was mixed on Tuesday, pressured by reports of increased Saudi production and escalating trade conflicts, but receiving support from production losses in Canada and Libya.
Exclusive: Chevron, Exxon CEOs worry global trade conflict could harm economy
WASHINGTON (Reuters) - The leaders of two of the world's largest energy companies said on Tuesday they worry a global trade conflict between the United States and other nations could destabilize the world's economy.
Infosys says no SEC probe, has sufficient time to file papers
Infosys Ltd, India's second-largest IT services firm, today said the US Securities and Exchange Commission is not investigating it and it has sufficient time to file a key regulatory document. Responding to reports of an anonymous whistleblower questioning delay in filing of Form 20F with US SEC, Infosys said speculation that the Form 20F is not filed in time is "baseless and incorrect". The US SEC mandates all foreign-based companies with listed equity shares on exchanges in the United States to submit a Form 20F containing the firm's annual report with financials within a stipulated timeframe from the end of the financial year. Infosys follows April 1 to March 31 fiscal year, and is also listed on the NYSE. "This is to clarify that the company will file the form 20F within the stipulated time and has sufficient time to do so," Infosys said in a regulatory filing. Infosys added that the "Speculation that the Form 20F is not filed in time or there is an ongoing SEC investigation is ...