Page 3444 - Business Finance
Infosys denies investigation by US SEC; to file Form 20F in stipulated time
"Speculation that the Form 20F is not filed in time or there is an ongoing SEC investigation is baseless and incorrect," an Infosys official said.
 "Infosys denies investigation by US SEC; to file Form 20F in stipulated time")
Telangana registers highest growth rate in tax revenues
Telangana stands first among all states in the country in terms of growth rate in state's own tax revenues, an official statement said.
'Telangana on top among staters in average growth rate in tax
: The Telangana Government today claimed it stood in the top position among other states in terms ofaverage growth rate in it's tax revenues. An official release from Chief Minister K Chandrasekhar Raos office, citing data from the Comptroller and Auditor General's website, said that with 17.2 per cent average growth rate in the state own tax revenues, Telangana stood first compared to all other states. The CAG has given the details of the tax revenues of all the states from June 2014 to Maythis year, it said. "In all during the past four financial years while Telangana stands at 17.2per centaverage growth rate in the first position, Haryana with 14.2per cent, Maharashtra with 13.9per cent, Odisha with 12.4per cent, West Bengal with 10. 3per centstand next,"the release said. The rest of the states achieved below 10per centgrowth rate,it added. The State's growth rate in the 2015-16 fiscal was 13.7 per cent,21.1 per cent in2016-17 and16.8 per cent in 2017-18,the release ..
India ranks 19th among 73 nations with $2.6 bn cross-border capital inflow in realty
India is at the 19th position among 73 countries in terms of attracting cross-border capital into their respective property markets last year, with inflows touching USD 2.6 billion, says a report. The bulk of the inflows came from the US, Canada and Singapore, according to property consultant Knight Frank. "India ranks an impressive 19th position amongst the 73 countries that attracted cross-border capital into their property markets in 2017. "With USD 2.6 billion of cross-border capital inflows (excluding development sites), India ranks ahead of its Asia Pacific regional counterparts like Malaysia, Thailand, Indonesia, Vietnam and Philippines, which collectively attracted lesser capital flows compared to India," the consultant said in a statement. Knight Frank also said the capital flows into Indian property market have been 10 times higher than the outflows in 2017. Last year, the outflows stood at USD 0.26 billion. The huge inflow was mainly on account of reforms like new realty ...
Wall Street drops as trade fears keep investors on edge
(Reuters) - Wall Street fell on Monday, with technology and industrials bearing the brunt of an escalating trade dispute between the United States and other leading economies.
PolicyBazaar raises over $200 mn led by SoftBank Vision Fund
Insurance portal PolicyBazaar has raised over USD 200 million (around Rs 1,360 crore) through a fresh round of investment led by Japan's SoftBank, in a deal that is expected to secure the online insurance aggregator a place in the coveted Unicorn club. ETechAces and Consulting -- which operates PolicyBazaar.com -- said in a statement today that it has clinched over USD 200 million in an investment round led by SoftBank Vision Fund, with participation from existing investors, including InfoEdge (Naukri.com). According to sources, the current valuation of the company is pegged at over USD 1 billion with the latest transaction. When contacted, a company spokesperson declined to comment on the valuation but said part of the funds would be used to grow the lending, investment and insurance business along with new initiatives such as healthcare tech and services and international expansion. Generally, a unicorn is a privately-held online startup valued at over USD 1 billion. The celebrated .
EU watchdog tells banks to speed up 'inadequate' Brexit preparations
LONDON (Reuters) - Banks have failed to make enough progress in their Brexit preparations and should not expect "miracle" public intervention to help them, the European Union's banking watchdog said on Monday.
Heads of 11 state-run banks to appear before par panel tomorrow
Top officials of 11 state-owned banks will appear before a parliamentary committee tomorrow to apprise its members of the bad loan issues and rising fraud cases in the banks, sources said. These officials will be appearing before the Standing Committee on Finance headed by Congress leader M Veerappa Moily. Former Prime Minister Manmohan Singh is also a member of the panel. The committee is looking into the issues and challenges being faced by the banking sector. Top officials of IDBI Bank, UCO Bank, Central Bank of India, Bank of India, Indian Overseas Bank, Dena Bank, Oriental Bank of Commerce, Bank of Maharashtra, United Bank of India, Corporation Bank and Allahabad Bank will make presentations before the panel and respond to its queries on June 26, said sources. The banking sector is grappling with rising non-performing assets (NPAs), which touched Rs 8.99 lakh crore or 10.11 per cent of total advances at December-end 2017. Of the total gross NPAs, the public sector banks accounted
Beijing hopes US will treat Chinese investments fairly
China's foreign ministry has expressed concern over reports that US President Donald Trump plans to curb Chinese investments in the United States, and urged Washington to provide a "good, fair, and predictable" environment for Chinese companies. Foreign ministry spokesman Geng Shuang said today that China hopes the US would regard the business activities of Chinese companies in "an objective manner." The Wall Street Journal earlier reported the Trump administration plans to impose curbs on Chinese investment in American technology companies and high-tech exports to China. The newspaper, citing unidentified sources, said the initiatives were aimed at preventing Beijing from moving ahead with plans to develop global competitors in technologies including biotech and electric vehicles.
Indian industry body joins US, Canada, Japan in Brexit plea
The Europe-India Chamber of Commerce (EICC) today joined hands with industry bodies representing the US, Canada and Japan to issue a Brexit plea to the UK government to make urgent progress on the issue. The groups, also including the American Chamber of Commerce to the EU, Canada Europe Roundtable for Business and Japan Business Council in Europe, said they represent the interests of an array of international businesses who are heavily invested in both the European Union (EU) and the UK and warned that the clock was ticking towards the October deadline for Britain to strike a final "Withdrawal Agreement" with the EU. In the lead up to the European Council summit in Brussels on Thursday and Friday, they urged policymakers to address issues around governance, regulatory cooperation and post-Brexit preparedness. Reaching agreement on these issues will provide businesses with more confidence that a Withdrawal Agreement can be agreed and ratified, thereby providing legal certainty for the
India, Australia agreed for balanced free trade agreement: Commerce Min
India and Australia today agreed on a high quality and balanced free trade agreement between the two nations, the commerce ministry said. The negotiation for the pact, officially dubbed as Comprehensive Economic Cooperation Agreement (CECA) between India and Australia, was started in 2011 to provide fillip to trade and investments between the countries. Commerce and Industry Minister Suresh Prabhu, who is in Australia, met Australian Minister for Trade, Tourism and Investment Steven Ciobo in Canberra and discussed ways to further promote economic ties. "The Ministers reaffirmed their commitment to a high quality and balanced CECA between the two countries," the ministry said. Several rounds of negotiations have been completed for liberalising trade and services regime, besides removing non-tariff barriers and encouraging investments. But, both the sides have yet to resolve issues pertaining to goods and services. Further, both the ministers discussed the importance of Australian and ..
Govt projects safest bet for financial institutions: Fadnavis
Maharashtra chief minister Devendra Fadnavis today urged financial institutions and other funding agencies to invest in government projects, claiming them to be the safest bet. Fadnavis also said that sustainability is the key to high growth rate and high infrastructure development that the country is looking at. "I would like all funding agencies, sovereign funds, banks and multilateral funding agencies to look towards government projects because that is the safest place to invest," he said while addressing a session at the third annual meeting of the Asian Infrastructure Investment Bank (AIIB), which kick started here today. He said the "best people" to finance in the country are the governments, while adding that, "unfortunately the financing agencies mostly are looking at the private sector to invest in." The chief minister said that Maharashtra is in "final" talks with the AIIB for funding the Metro projects, and the process is likely to be concluded ...
Bedi warns power bill defaulters of name and shame
Taking a serious view of Rs 120 crore accumulated power bill dues, Puducherry Lt Governor Kiran Bedi today warned that the electricity department would publish the names of defaulters in newspapers and also announce them on FM radio channels. "Excellent futuristic measures would be put in place immediately, which include publishing names of defaulters in newspapers and also announcement through the FM radio," Bedi said in her WhatsApp message to mediapersons. Cracking the whip on defaulters after finding out that as much as Rs 120 crore had been due for months together from various categories of power consumers, she held discussions with officials on ways to collect arrears. The defaulters belonged to commercial, industrial and domestic categories of the power consumers, she added. The Lt Governor also asked consumers to settle dues by remitting the amount online immediately to avoid disconnection. She said a "special enforcement team" had been formed to recover the ...
Hry govt to recover long-pending dues of developers
The Haryana Town and Country Planning Department has decided to recover long-pending dues from developers and colonizers in the state for provision of various city infrastructure by the government. The Department has started referring all such cases for the recovery of arrears of land revenue from developers to the revenue authorities, Town and Country Planning Department's Director K M Pandurang said here today. He said 15 cases so far have been referred for the recovery. Apart from this, 19 licenses have been cancelled, wherein, notices under arrears of revenue would be issued after following the due procedure, he said. Pandurang said the decision to refer such cases to the revenue authorities has been taken because despite providing relief from time to time, some developers and colonizers have failed to pay the External Development Charges (EDC) and Infrastructure Development Charges (IDC) to the government. He said the Town and Country Planning Department grants license for ...
Modi govt has brought financial anarchy, economic mismanagement: Cong
The Congress today accused the Narendra Modi government of bringing "financial anarchy" and said "fleecing and flying" had become buzzwords with people such as Nirav Modi escaping the country after indulging in multi-crore scams. The party also alleged that deposits of 38 crore policy holders had been jeopardised after the government "forced" the Life Insurance Corporation (LIC) to buy IDBI Bank, which has non-performing assets (NPA) of about Rs 56,000 crore and its last quarter losses touched Rs 5,700 crore. Congress chief spokesperson Randeep Surjewala claimed that banking scams under this government had crossed Rs 70,000 crore with promoters of a Faridabad-based group escaping the country after owing banks Rs 7,000 crore. "How will Prime Minister Narendra Modi recover this money from the fraudsters? Why did the banks not refer the matter of huge default by this group to the CBI, ED, RBI or other agencies, despite all the loans becoming NPA by the end of FY (financial year) ...
Sebi comes out with list of 1,690 defaulters
As many as 1,690 entities, including individuals, failed to pay penalties imposed by Sebi till the end of May, according to the regulator. The list of defaulters as on May 31, 2018 "for non-payment of penalty imposed by Sebi through orders passed up to December 31, 2017" has been published today by the regulator on its website. The defaulters include individuals as well as companies that failed to pay fines for various offences related to the securities market. While certain dues are as small as Rs 15,000, other penalties run into a few lakhs and even crores of rupees. These violations pertained to providing unregistered portfolio management services, failure to redress investors' complaints and unauthorised collection of money from investors, among others. Some dues are pending since 1998 and many cases are also in courts and at other forums. The Securities and Exchange Board of India (Sebi) is also exercising its powers to attach bank as well as demat accounts and other assets for ..
Global stocks sink on trade disputes, safer investments steady
NEW YORK (Reuters) - Wall Street opened lower and global stock markets sank on Monday as a trade dispute between the United States and other leading economies worsened, while U.S. Treasuries and other safer investments gained.
Jet Airways plans to buy 75 more Boeing 737 MAX planes
Jet Airways today said it has entered into an agreement with Boeing to purchase 75 more 737 MAX aircraft. With the latest move, the full service carrier could buy up to 225 Boeing 737 MAX planes as it eyes expansion in the fast growing Indian aviation market. These single-aisle fuel efficient aeroplanes will be a critical element for the future growth strategy of the airline. "... the company has entered into another agreement with the Boeing Company for purchase of an additional 75 Boeing 737 MAX aircraft," the airline said in a regulatory filing. The announcement comes less than a week after Jet Airways took the delivery of its maiden 737 Max aircraft. In 2015, the airline had ordered 75 such planes. Earlier this year, it decided to buy 75 more aircraft of the same model. "The new 737 MAX is a critical element to our future growth strategy and we are proud to become the first domestic airline to induct this brand new airplane," Jet Airways Chairman Naresh Goyal had said in a ...
Govt-appointed panel to suggest employment-based sops for SEZ
A group set up by the commerce ministry to study SEZ policy will make suggestions for shifting from fiscal support to employment-based incentives and introducing grandfathering clause for existing provisions, according to an official release. The matter was discussed in the group's fist meeting, headed by Bharat Forge chairman Baba Kalyani, held last week here. Kalyani stressed that the biggest challenge today is creation of jobs and said the focus of the group would be addressing this issue. "The group will make suggestion to shift from fiscal incentives to employment-based incentives, reframe the boundaries and introduce grandfathering clause for existing provisions," the commerce ministry said quoting Kalyani. Commerce and Industry Minister Suresh Prabhu has requested the members of the group to review the entire ecosystem of special economic zones (SEZs) to suggest policy changes to make it simple and transparent. The group has decided to meet in the middle of July again and will .
KRBL shares nosedive 20%
Shares of basmati rice-exporting firm KRBL tanked 20 per cent today amid concerns over its alleged involvement in the Agusta Westland helicopter scam. The stock slumped 19.93 per cent to close at Rs 373.75 on BSE. During the day, it tumbled 19.99 per cent to Rs 373.45. At NSE, shares of the company nose-dived 19.98 per cent to settle at Rs 375. KRBL today clarified that it has nothing to do with the Agusta Westland helicopter scam. Amid reports of arrest of its former director, the company in a regulatory filing said it is not in any way connected with Gautam Khaitan since 2013. Khaitan was an independent director from July 30, 2007 to April 18, 2013 and was associated with KRBL in his professional capacity, it added. The company sells basmati rice under the brand name India Gate and has a strong presence both in India and the markets abroad.