Page 3455 - Business Finance
AIIB to invest USD 200 million in NIIF
The Asian Infrastructure Investment Bank (AIIB) will invest USD 200 million in India's National Investment and Infrastructure Fund (NIIF).The AIIB, in a statement, said the proposal as a "concept" has been approved by the bank and the memorandum of approving the first tranche of USD 100 million is being presented for the Board of Directors' approval at the 3rd annual meeting going to be held on June 25-June 26 in Mumbai.The meeting will be inaugurated by Prime Minister Narendra Modi.The two-day event will be held at the Hotel Trident/Oberoi and NCPA. In the past, AIIB annual meetings have been held in Beijing, China, in 2016 and in Jeju, South Korea, in 2017.The theme for this year's meeting is "Mobilising Finance for Infrastructure: Innovation and Collaboration" that will see leaders from varied organisations and levels of government to share ideas and experiences for creating a sustainable future through sound infrastructure investment.Industries Department, Government of ...
India is second largest shareholder of AIIB: Piyush Goyal
Union Minister of Railways and Coal Piyush Goyal on Sunday revealed that India was the second largest shareholder of the Asian Infrastructure Investment Bank (AIIB) and that almost a quarter of all funds committed by AIIB have been for Indian projects.Speaking to the press at the inauguration of the India Infrastructure Expo ahead of the third annual meeting of the AIIB, he said, "India is the second largest shareholder of the AIIB. We are also the largest recipient of concessional finance for various infrastructure projects.""Nearly 25% of the total funds committed by AIIB have been committed for projects in India, both in the government sector and the private sector, which is a matter of great satisfaction," he added.Goyal also said that the AIIB had sanctioned an investment into the National Infrastructure Investment Fund (NIIF)."I was also given the good news that today the AIIB Board has approved an investment in the NIIF, the first tranche of $100mn has got approved today, which
Goods train derails as Maoists remove tracks in Chhattisgarh
The engines and 24 wagons of a goods train derailed as suspected Maoists uprooted the tracks in the Kirandul-Visakhapatnam railway section, officials said on Sunday.
AIIB funds for OBOR projects:Govt refuses to spell out stance
New Delhi today declined to spell out its stance on a possible funding of a project linked to Beijing's ambitious One Belt One Road (OBOR) initiative by the Asian Infrastructure Investment Bank (AIIB). "These things (loan proposals) are discussed at the board level and the final decision is taken keeping all interests and viewpoints in mind. We don't make our stand outside the boardroom," interim Finance Minister Piyush Goyal told reporters here. The minister was replying to a specific question on the government stance if a proposal for funding to a project linked to the OBOR initiative comes up before the AIIB. So far, no project lending proposal linked to the OBOR has come up for funding before the AIIB, where China is the biggest owner with 31 per cent stake, economic affairs secretary SC Garg added. India, the second largest shareholder of AIIB with an 8 per cent stake, has been opposed to the OBOR, which is building transcontinental roads, railways and ...
Ministry brings 16 more steel products under Quality Control
In a move to ensure a total quality regime in the steel sector, the Steel Ministry has brought 16 additional steel products under the purview of the Quality Control Order (QCO), according to an official announcement on Sunday.
China's central bank to cut reserve requirements
China's central bank announced Sunday it would reduce the reserve requirement ratio (RRR) for most banks by 50 basis points to free up funding for small firms as a trade war with the US looms. The move to cut the amount of cash banks must hold in reserve will free up a combined 700 billion yuan (USD 108 billion) in funding at commercial banks and the largest state-owned banks, the People's Bank of China said in a statement. The policy is set to come into effect on July 5, one day before new US tariffs are due to be imposed on Chinese imports worth $34 billion. Another $16 billion is targeted for future duties. The prospect of tariffs combined with lacklustre economic data last month prompted China's central bank to respond, analysts say. "It sends a strong signal of policy easing on the part of the State Council (cabinet) and the PBoC," said Ting Lu, chief China economist at Nomura investment bank, in a note. "We believe the Chinese economy is yet to bottom out and the situation ...
Etihad to loan pilots to competing UAE airline Emirates
Long-haul airline Etihad Airways will loan pilots to competing Dubai-based carrier Emirates under a new program, officials acknowledged today, marking a rare cooperation between the two state-owned carriers who operate only 115 kilometers apart. There's always been competition between Emirates, founded by Dubai's rulers in 1985, and Etihad, begun by Abu Dhabi's rulers in 2003. But the secondment program between the two comes as Emirates faces a pilot shortage and Etihad still struggles with its business after last week posting a loss of $1.52 billion in the last fiscal year. In a statement, Emirates described the move as "a common practice in our industry which gives airlines more flexibility in managing their pilot resources." The Dubai-based airline did not offer specifics on the program, nor say how many pilots from Etihad would be flying with the carrier. Etihad did not immediately respond to a request for comment. A letter sent to pilots from Etihad described the program as ...
11 PSB chiefs to appear before Parliamentary panel
Senior officials of 11 public sector banks (PSBs) will appear before the Parliamentary Standing Committee on Finance on Tuesday on the issue of the banks' massive non-performing assets (NPAs), or bad loans, and increasing number of fraud cases, according to official sources here.
16 more steel products brought under Quality Control order
Sixteen additional steel products have been brought under the ambit of quality control order, a move that will bring around 90 per cent of the steel and steel products consumed in the country under QCO. Ministry of Steel has issued two Quality Control orders, namely Steel and Steel Products (Quality Control) Order, 2018 and Stainless Steel Products (Quality Control) Order, 2018 as part of its commitment to ensure 100 per cent quality regime in the sector, an official statement said today. "As a result, 16 more steel products have been brought under the ambit of quality control order," it added. Prior to this, 34 carbon steel products and 3 stainless steel products were notified by Ministry of Steel, the statement said. "In effect, these quality control orders now cover 50 carbon steel and 3 stainless steel products, which have direct bearing on human health and are critical to safety & security of infrastructure, housing, engineering application and public at large," the statement
China launches $200 mn mining venture with largest Tajik smelter
China and Tajikistan embarked on a new $200 million gold and antimony mining venture today, the Tajik presidential press service said, as Beijing expands its hold over the impoverished Central Asian country's mineral resources. Today a groundbreaking ceremony was held for a mine that is expected to produce its first gold and antimony in 2020. The venture between Tajikistan's state-owned aluminium smelter Talco and Chinese company Tibet Huayu Mining Co., Ltd is expected to produce 1.5 tons of gold annually and 16,000 tons of antimony. China has acquired rights to a number of mineral concessions in Tajikistan in recent years, some in exchange for Chinese loans and investment in other areas of the economy. Total deposits at the mine that will be operated by the newly created and jointly owned company Talco Gold are estimated to be 50 tons of gold and 265,000 tons of antimony, according to the presidential press service. This year another Chinese company TBEA acquired the rights to ...
Plastic ban: Ind stares at loss of Rs 15,000 cr & 3 lakh jobs
The state-wide plastic ban, including carry-bags and thermocol by the Devendra Fadanvis government, will result in loss of up to Rs 15,000 crore and nearly 3 lakh job, says the plastic manufacturing industry. "The ban imposed by Maharashtra from Saturday has hit the industry very hard and the plastic industry is staring at a loss of Rs 15,000 crore, leaving nearly 3 lakh people jobless overnight," Plastic Bags Manufacturers Association of India general secretary Neemit Punamiya told PTI today. Nearly 2,500 members of the association have left with the no option but to shut shop following the ban, he added and termed the ban as "discriminatory". On March 23, the state announced a ban on manufacture, use, sale, distribution and storage of plastic materials such as one-time-use bags, spoons, plates, PET and PETE bottles and thermocol items. The government had given three months time to dispose of the existing stocks, which ended on June 23. Industry insiders have said the ..
China cuts some banks' reserve requirement ratios to steady liquidity
BEIJING (Reuters) - China's central bank said on Sunday it would cut the amount of cash that some banks must hold as reserves by 50 basis points (bps) to accelerate the pace of debt-for-equity swaps and stimulate lending to smaller businesses.
India's tea exports volume likely to grow by 5% despite challenges'
India's tea exports are expected to clock a 5 per cent growth this year in terms of volume, provided shipments to Iran do not get disturbed, said Tea Board Chairman P.K Bezboruah.
Around 1.66 lakh homes scheduled to be delivered in NCR during 2018: Anarock
Around 1.66 lakh apartments are scheduled to be delivered to buyers during 2018 in the national capital region, nearly four times the actual number of flats handed over by the real estate developers last year, property consultant Anarock said. Out of the total planned delivery in 2018, the possession of nearly 80,000 flats are delayed. "In NCR, out of the total 1.9 lakh units expected to be delivered in 2017, only 42,500 units were given for possession as promised," said Prashant Thakur, Head Research, Anarock Property Consultants. About 49 per cent (about 73,000 units) of the undelivered residential units were in Greater Noida, followed by 17 per cent (25,300 units) in Ghaziabad, 13 per cent (19,400 units) in Gurgaon and 11 per cent (16,000 units) in Noida, he added. "Besides the delayed 79,400 units whose revised possession timelines are now December 2018, there are actually planned deliveries of around 86,600 units for this year. Altogether, NCR developers are expected to deliver .
UAE FM to visit six Indian cities; focus on energy, trade ties
UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan will visit six Indian cities and hold talks with External Affairs Minister Sushma Swaraj during his week-long India tour that will focus on boosting energy and trade cooperation. Abdullah, during his trip, starting today, will visit New Delhi, Ahmedabad, Mumbai, Hyderabad, Chennai and Bengaluru. The United Arab Emirates (UAE) foreign minister will hold delegation-level talks with Swaraj here tomorrow after which agreements in various sectors are expected to be signed. During the visit, a trilateral agreement between Abu Dhabi National Oil Company (ADNOC), Saudi Arabian Oil Company, and India's Ministry of Petroleum and Natural Gas is also expected to be inked. He will call on Prime Minister Narendra Modi tomorrow. Abdullah will also attend an interactive session at the International Council of World Affairs and visit the Akshardham Temple here. The UAE foreign minister will leave on Wednesday for Ahmedabad where he will visit ...
Lupin to launch nearly 30 products in US market this fiscal
With rapid approvals from US health regulator anticipated, homegrown drug major Lupin sees opportunity to launch around 30 generic products in the world's largest pharmaceuticals market this year, according to a top company official. The Mumbai-based company currently has 162 abbreviated new drug applications (ANDAs) pending approval with the US Food and Drug Administration (USFDA). The drug firm is banking on introduction of complex generics and biosimilars in the US besides continuing focus on exclusive and semi-exclusive products in oral and injectable space to maintain its top five position in the market. "We launched 23 products in the US last fiscal (2017-18), with 10 in the last quarter (January-March) alone. We expect to launch 25-30 products in US this year," Lupin Managing Director Nilesh Gupta told PTI. Lupin, which is the fourth largest generics player in the US market by prescriptions, is looking to maintain its position in the market. According to industry estimates, the
Aadhar Housing Fin expects loan portfolio to grow by 65% this fiscal
World Bank backed Aadhar Housing Finance expects its loan portfolio to grow around 65 per cent this fiscal as the government is giving a strong push to affordable housing. People like street vendors, small shop owners, plumbers, electricians and others like them are important for the economy and want to have a decent way of living. The government's subsidy scheme for affordable housing is helpful for them to avail small ticket loans of up to Rs 8 lakh, Aadhar Housing Finance MD and CEO Deo Shankar Tripathi said in an interaction. They are the individuals who need to have a decent way of living, he added. "Their repaying capacity has improved. By getting subsidy of Rs 2-2.5 lakh, they can get Rs 7-8 lakh loan and these houses are available at the periphery of metros or bigger cities or the tier II, III and IV cities. There is enough opportunity for every housing finance company to grow for next 5-6years. "We grew by 65 per cent in terms of disbursements and 50 per cent in terms of loan
Notices served to shops, hotels in Karimnagar on use of
With a ban on plastic bags coming into effect from tomorrow, the Karimnagar Municipal Corporation has served notices to all commercial establishments to stop using them within its limits. "The Corporation is planning to impose penalty ranging between Rs 2000 to 20,000 on those who are found using banned plastic bags," Mayor Sardar Ravinder Singh told reporters here yesterday. The civic body has decided to distribute two cloth bags to each household in this town to prevent use of plastic carry bags, he said. Municipal staff would make surprise inspections at all business establishments, he added. Karimnagar Municipal Corporation was included in the Smart City programme, and has secured 73rd rank in All-India Swach Sarvekshan. A campaign would soon be launched to create awareness among public on the use of plastic bags and containers, the Mayor said adding the Municipal Corporation hopes to become "plastic free" soon.
UK euroskeptics urge PM May to prepare for 'no deal' Brexit
Pro-Brexit politicians and business figures are urging British Prime Minister Theresa May to be ready to walk away from the European Union without a trade agreement, despite warnings from major manufacturers that a "no deal" Brexit would be an economic disaster. In an open letter, 60 lawmakers, economists and business chiefs say Britain should threaten to withhold the 39 billion pound ($52 billion) divorce bill it has already agreed to pay. The letter released Sunday by Economists for Free Trade urges U.K. authorities "to accelerate their preparations for 'no deal' and a move to a World Trade Deal under WTO rules." That would mean trade barriers between Britain and the EU. Still, Airbus, Siemens and BMW have all warned that leaving the EU without a free-trade deal would hurt British businesses and jobs.
Waiting for Peter Thiel: big tech directors miss shareholder meetings
BOSTON (Reuters) - Some small investors who want to give a piece of their minds to big tech company directors are losing their only chance: many board members are skipping annual shareholder meetings. Companies that hold meetings online have some of the worst records for attendance.