Page 3435 - Business Finance
JP Morgan consults on including Gulf states in key bond index
LONDON (Reuters) - JP Morgan has started a consultation on including Gulf states in its widely tracked emerging market government bond indexes, although a number of issues remain sticking points.
Maha govt not consulted on Aramco, ADNOC pact: Sena minister
A senior minister from the Shiv Sena today alleged that the state government was not taken into confidence about an MoU signed by Abu Dhabi National Oil Company (ADNOC) with Saudi Aramco to take a stake in the planned USD 44-billion refinery in Maharashtra. Saudi Aramco and ADNOC yesterday signed the memorandum of understanding (MoU) to jointly develop and build an integrated refinery and petrochemicals complex at Nanar in coastal Ratnagiri district. Sena leader and Maharashtra Industries Minister Subhash Desai today said the state government was not taken into confidence before the MoU was signed. "We have already written to the chief minister, asking him to cancel the land acquisition process. We are awaiting action from him. The project will not be allowed to materialise. We have nothing to do with the MoU, and they have not taken us into confidence," Desai told PTI. No representative from the Maharashtra government was present at the signing of the MoU, and Union Heavy Industries .
Haryana to reduce VAT on jet fuel to 1% under regional connectivity scheme
The Haryana government today decided to reduce value added tax rate on sale of aviation turbine fuel (ATF) to 1 per cent from 20 per cent at airports notified under the regional connectivity scheme (RCS). RCS-UDAN was launched by the Union Ministry of Civil Aviation with a view to facilitating regional connectivity by making it affordable. The scheme would support airline operators with concessions by the central government, state governments and airport operators to reduce the cost of airline operations on regional routes, or other support measures, the Cabinet meeting was informed. These measures have been planned to provide financial (Viability Gap Funding of VGF) support to meet the gap, if any, between the cost of airline operations and expected revenues on such routes, it was further informed in the Cabinet, according to an official release. An MoU was signed by the Haryana Government with the Ministry of Civil Aviation, Chairman, Airports Authority of India. Under the MoU, VAT .
AmCap Insurance live in 8 months on Majesco P&C Suite
American Capital Assurance Company (AmCap Insurance), owned by AmCap Holdings, LLC offers commercial residential property insurance on an admitted basis, headquartered in St. Petersburg, Florida. They provide coverage for condominium, homeowner associations, and townhome owner associations. Implementation of the Majesco P&C Core Suite will enable AmCap Insurance to manage their business self-sufficiently, rather than outsourced to an external provider.
Situation will improve from next year, bad-debt banks tell parliamentary panel
Representatives from the 11 public sector banks, which are under RBI scanner for mounting bad loans on Tuesday, assured a parliamentary panel that "things would start looking up from next year" and by 2020, they would be able to come out of the austerity regime imposed by the central bank on them, sources said.
Global stocks claw higher after China enters bear territory
LONDON (Reuters) - Gains on Wall Street and Europe's main stock exchanges relieved nervy investors on Tuesday, after the latest escalation in a global trade storm pummeled Wall Street and sent China into bear market territory.
Emergency sin of Cong; Constitution misused for one family: Modi
Prime Minister Narendra Modi today targeted the Congress and the Gandhi family over imposition of the Emergency 43 years ago, saying the "draconian measure" was a "sin" of that party and the Constitution was misused for one family. Speaking at an event organised by the BJP here on the 43rd anniversary of Emergency, a combative Modi launched a no-holds-barred attack on the Congress and the Gandhi family, though he refrained from naming either Sonia or Rahul Gandhi. Seeking to deflate the Opposition's charge that his government was imposing an "undeclared Emergency" in the country, Modi said the "psyche" of Congress remains as it was during the Emergency. "Isn't their (Congress) approach towards institutions a reflection of the psyche of Emergency? Can the country's democracy and Constitution remain safe under their watch," he said. "When a notice was served to the 'family', such was the arrogance, such was the ego, that even the Chief Justice of India was not spared. There was an
Visa Exemption to Foreign Designers in Handicrafts Sector
Export Promotion Council for Handicrafts (EPCH) had sought the intervention of Union Minister of Textiles for getting the exemption from the minimum salary condition for grant of employment visa to foreign designers. The Textiles Minister's prompt action to obtain the exemption for handicrafts sector will help the exporters to hire international designers as per their requirement.
During Q4 FY18, the Central Government issued Dated Securities worth Rs 67,000 crore as against Rs 164,000 crore in Q3 of FY18
During Q4 FY18, the Central Government issued Dated Securities worth ₹ 67,000 crore as against issuance of Dated Securities of ₹ 164,000 crore in Q3 of FY 18, thus leading to cumulative issuances of ₹ 5,88,000 crore (98.2% of 2017-18 RE). The Weighted Average Maturity (WAM) and Weighted Average Yield (WAY) of Dated Securities issued during Q4 FY18 was 10.93 years and 7.34 per cent, respectively. The liquidity position in the economy remained in deficit mode during Feb-March 2018. The cash position of the Central Government during Q4 of FY18 was, however, comfortable and the Government, therefore, did not resort to WMA from the RBI. In line with the Cash Management guidelines, the Central Government continued to time its expenditure as per pattern of receipts during the Quarter. Based on an assessment of prevailing and evolving liquidity conditions, the RBI conducted additional variable rate repo operations for longer tenors on a weekly basis aggregating to ₹ 100,000 crore to provide .
Wall Street opens higher helped by tech stocks
(Reuters) - U.S. stocks opened higher on Tuesday, with tech stocks leading a turnaround, a day after the S&P 500 posted its steepest one-day loss since early April on fears of a spiraling trade dispute between the United States and other major economies.
Oil rises as outages balance trade dispute, OPEC
LONDON (Reuters) - Oil prices rose on Tuesday, supported by production losses in Canada, Libya and from the Neutral Zone between Saudi Arabia and Kuwait, but under pressure from higher supply from elsewhere in OPEC and escalating trade conflicts.
AIIB's 4th Annual Meeting 2019 in Luxembourg
Moving out of Asia first time, the Asian Infrastructure Investment Bank (AIIB)'s Fourth Annual Meeting will be held in Luxembourg in July 2019, an official said here on Tuesday.
Connect2India launches global trade helpline for SMEs
World trade information provider Connect2India today said it has launched a platform for small and medium enterprises (SMEs) to provide relevant knowledge related to global commerce and barriers. SMEs can reach out to experts on global trade through an interactive voice response number as well as using email id -- helpline@connect2india.com, the company said in a release. "This will help them by answering their queries about global business and guiding them on issues and barriers related to global trade," Pawan Gupta, Founder, Connect2india, said. Gupta said that India is home to about 65 million SMEs but less than 1 per cent of these are in to global trade. Global trade barriers are difficult to overcome with limited knowledge, information and resources available to these enterprises, he said, adding the helpline would go a long way in solving their problems.
If Mallya wanted to repay loans, could have done that before: MJ Akbar
Reacting to fugitive Vijay Mallya's letter, claiming that he wanted to pay back the bank loans, Minister of State for External Affairs MJ Akbar on Tuesday said he could have done so in the years that have gone by."If Vijay Mallya wanted to pay the banks he had many many years to do so," Akbar told ANI.Earlier today, Mallya broke his silence over the controversy surrounding him of defaulting on bank loans to the tune of Rs 9000 crores, and claimed that he had been falsely framed as the "poster boy of Bank default and a lightning rod of public anger".He also claimed in his letter that even though he wanted to settle the bank loans, his offer was rejected twice.He said, "I made two settlement offers to the Banks when proceedings were filed by them in the Honourable Supreme Court of India on 29th March 2016 and 6th April 2016. Both offers were rejected by the Banks - the second revised offer was rejected outright by a junior SBI officer present in Court without reference to any of the ...
Flextronics to start its operation in Andhra Pradesh
Flextronics, the world's third largest electronic company, will start its operation in Andhra Pradesh.The company will invest approximately Rs. 585 crores, which will create almost 6600 jobs in the state.The representatives of the company met with Andhra Pradesh Chief Minister Chandrababu Naidu and Information Technology Minister Nara Lokesh at CM's office in the secretariat, following which a Memorandum of Understanding (MoU) is signed between the Government of Andhra Pradesh (GoAP) and Flextronics representatives.The IT minister said, " Flex will set up a greenfield manufacturing facility in the state to build a diverse range of intelligent products and generate thousands of jobs while building a strong supplier network."World's biggest electronics manufacturing company 'Foxcon' has set up its unit in Andhra Pradesh, along with companies like celkon, carbon, dixon. As many as 14,000 women have employment.As of now, 18,000 jobs have been created in electronics manufacturing segment ..
IBC, new stress recognition norms bode well for system: RBI Dy Guv
RBI Deputy Governor Viral Acharya today said initiatives like Insolvency and Bankruptcy Code and norms for prompt recognition of bad loans bode well for financial stability despite short-term pain. In the foreword of the RBI's Financial Stability Report, Acharya also regretted that amid ongoing churning in the financial sector, governance reforms in the beleaguered public sector banks (PSBs) have taken a backseat. Domestically, he said the economy appears to be gathering strength although global commodity price swings and turbulent capital flows are a constant reminder to our fast-growing economy that there can be little scope for complacence, if at all any. Some of the structural vulnerabilities of the banking sector in the form of legacy impairments are finally being tackled headlong, Acharya said. "The revised framework of February 12th for dealing with stressed assets issued by the RBI should incentivise early identification and resolution of credit risk. "The IBC, 2016 is ...
Board of PNB Housing Finance approves raising funds up to Rs 10000 crore
At meeting held on 26 June 2018
Board of Lakshmi Vilas Bank approves fund raising up to Rs 250 crore
At meeting held on 26 June 2018
PM explains policy reforms to India Inc in Mumbai
Prime Minster Narendra Modi on Tuesday interacted with Indian business leaders representing a wide spectrum of the economy and discussed various policy reforms and initiatives of the government in the past four years.
PNB Housing Finance plans to raise Rs 10,000 cr via bonds
PNB Housing Finance today said it plans to raise up to Rs 10,000 crore by issuing bonds through public issue. The board of directors of the company in a meeting held today approved the proposal of raising of funds by way of public issue of secured and /or unsecured non-convertible debentures for an amount up to Rs 10,000 crore, PNB Housing Finance said in a regulatory filing. The company said the money will be raised in one or more tranches. It is promoted by state-owned Punjab National Bank, which holds 32.96 per cent in the housing finance subsidiary. The rest of 67.04 per cent is owned by institutional investors, including mutual funds, venture capital funds, foreign portfolio investors; financial institutions and banks; individuals and foreign companies. The company had registered a rise of 58 per cent in its net profit at Rs 829.41 crore in fiscal ended March 2018. Total income during the year stood at Rs 5,516.96 crore. PNB Housing had disbursed Rs 33,195 crore loans during ...