Page 3457 - Business Finance
How a French solo trader made a $6.6 billion unauthorised bet
LONDON/PARIS (Reuters) - A self-employed trader in France accumulated stock futures worth $6.6 billion in a single day, trading records show, raising questions among investors about how he could build up such a large position despite having only 20,000 euros in his account.
EU to respond to any U.S. auto tariff move - report
PARIS (Reuters) - The European Union will respond to any U.S. move to raise tariffs on cars made in the bloc, a senior European Commission official said, the latest comments in an escalating trade row.
Infosys will deal with concerns over governance issues:
Infosys would deal with concerns raised by shareholders with regard to a whistleblower's letter complaining about governance issues, its Non-Executive Chairman Nandan Nilekani said today. "The shareholders keep on raising such issues from time to time and the company will deal with them. We are focused on our business and customers," he told reporters here on the sidelines of Infosys' 37th annual general meeting. "Our customers are undergoing enormous transformation and disruption, and we hope to build on this and we are very confident of our bright future ahead," he added. The whistleblower had written a letter to SEBI in May this year alleging that Nilekani had failed to uphold the highest standards of corporate governance practised earlier by it. The letter also had said Nilekani was a "huge disappointment" and that he had "failed to uphold the highest traditions of corporate governance" that were practised by the company earlier. It also had said Infosys had "quietly
Maha plastic ban: Rs 3.69 lakh in fines collected in Pune
The Pune Municipal Corporation collected fines worth Rs 3.69 lakh and seized over 8,000 kilograms of plastic items on the first day of the plastic ban that came into effect across Maharashtra today, a civic corporation official said. Suresh Jagtap, head of PMC's solid waste management cell said that municipal teams carried out action in 73 locations in the city against traders and vendors. "Our officials posed as customers and asked vendors for plastic bags. Vendors who were found using plastic bags were prosecuted. We collected Rs 3.69 lakh in fines and seized 8,000 kgs of plastic," he said. The civic action also saw some protests in suburbs like Satara Road, Sinhgad Road, Kothrud and Wadgaon Sherri where shopkeepers downed shutters, said an official. On March 23, the state government imposed a ban on manufacturing, use, sale, distribution and storage of plastic materials such as one-time-use bags, spoons, plates, PET and PETE bottles and thermocol items. As per the ...
Infosys investors cheer Nilekani's return as Chairman
Investors of global software major Infosys on Saturday cheered the return of co-founder Nandan M Nilekani as Chairman to steer their firm onward after a turbulent year over governance issues.
UAE, US discuss stronger economic cooperation
Washington, June 23 (IANS/WAM) Top US and UAE officials held a meeting here to discuss ways to enhance bilateral cooperation in the economic and trade fields.
Infosys Murthy, other co-founders skip AGM again
For the second consecutive year, Infosys co-founders, including N.R. Narayana Murthy, skipped its 37th Annual General Meeting (AGM) for 2017-18 fiscal here on Saturday.
Voltas JV begins work on its first India manufacturing unit
Voltbek Home, a joint venture between Voltas Ltd and Ardutch B V, a subsidiary of Turkish company Arcelik A S, today started construction of its first facility for home appliances in India at Sanand near here. The facility, spread over 60 acres in Sanand GIDC, will see an investment of Rs 240 crore in the first phase of development, Volta Ltd MD and CEO Pradeep Bakshi said. Production of home appliances from the unit is expected to commence within a year, he said. "The JV company (Voltbek Home Appliances Pvt Ltd) under the brand name of Voltas and Beko will manufacture refrigerators, washing machines, microwave ovens and dishwashers, among other appliances. "At this facilty, we will start initially with refrigerators and washing machines," said Bakshi, who was here for the ground-breaking ceremony of the facility. "To begin with, we plan to invest Rs 240 crore. The civil work for the facility will start immediately, and within a year's time we will start commercial ...
Narayana Murthy stays away from Infosys AGM for second
For the second straight year, Infosys co-founder N R Narayana Murthy stayed away from company's Annual General Meeting here. "He (Murthy) is out of country," his close aide told a section of the media here. Non-Executive Chairman Nandan Nilekani participated in the 37th AGM of Infosys. Last year too, Murthy and other co-founders including Nilekani, S Gopalakrishanan, S D Shibulal and K Dinesh had stayed away for the first time from the AGM on June 24, 2017. They remained absent amidst serious differences over governance issues with some of the Board's previous members and its first non-founder Chief Executive Officer Vishal Sikka. Infosys faced months of protracted standoff between its founders led by Narayana Murthy and the previous management over issues of corporate governance and compensation to former executives. The tussle had led to the sudden resignation of the then CEO Vishal Sikka in August last year, followed by Seshasayee and some other directors. Infosys ...
JSW steel to invest USD 500 million in US plant
India's steel company JSW Steel has announced plans to invest up to USD 500 million in acquiring, enhancing and upgrading the US-based integrated steel manufacturing unit Acero Junction Inc in Ohio.The JSW Steel, in a statement said the proposed investment will be made in two phases."In Phase 1, JSW will revamp and restart the electric arc furnace and the slab caster, and modernize the hot strip mill. The proposed investment including the cost of acquisition,is expected to be approximately US$250 million," the statement issued on Friday said."In Phase 2, depending upon the economic viability and prevailing market conditions, JSW will evaluate the possibility of adding another electric arc furnace as well as additional manufacturing equipment at the hot strip mill to make the Ohio facility a fully integrated unit with 3 MTPA capacity. The proposed investment in Phase 2 could be in the range of upto US$250 million, subject to feasibility studies and necessary approvals," the statement ..
Infosys bets on digital strategy to spur growth
Riding on strong financial performance and disruptive technologies, global software major Infosys is betting on digital strategy to spur growth in the exciting times, its co-founder and Chairman Nandan M. Nilekani said on Saturday.
CII IIM, Trichy to work on district development plan
Trade body Confederation of Indian Industry and Indian Institute of Management, Tiruchirapalli have agreed to work towards development of Tiruchirapalli city. This decision to take up the Tiruchirapalli District Development plan was taken jointly at a recent workshop, a CII press release said here today. "Tiruchirapalli has a strength in five areas -- education, connectivity, cultural heritage, SME industrial belt and strong talent", IIM Trichy, Director, professor Bhimaraya Metri said. Tiruchirapalli can also become an innovation hub and an attractive destination in India, he said. More than 40 members of CII Tiruchirappalli zone participated in the workshop, which also witnessed discussions on making the city a hub for industrial investment.
OPEC meets Russia, other allies to agree oil output boost
VIENNA (Reuters) - OPEC is meeting Russia and other oil-producing allies on Saturday to clinch a new deal raising output, a day after agreeing a production hike within the group itself but confusing the market as to how much more oil it will pump.
Palaniswami asks Centre to speed up air connectivity to TN towns
Tamil Nadu Chief Minister K Palaniswami today urged the Centre to speed up air connectivity to the towns of the state, including the industrial hub of Hosur under the Regional Air Connectivity Scheme (RACS). In a letter to Civil Aviation Minister Suresh Prabhu, he said the Hosur airport should be made operational immediately. The chief minister said the move would serve as an "engine of growth" to the industrial hub of Krishnagiri and neighbouring districts. He said the flight operations were yet to start from Hosur "for want of No Objection Certificate from the Bengaluru International Airport, though the town was selected under the Centre's RACS in the first phase". Also, the Hosur airport will help develop the Chennai-Bengalore industrial corridor, Palaniswami said. "I, therefore, request you to kindly instruct the civil aviation authorities to make Hosur airport operational immediately," the AIADMK leader said. He said the bidding process with airline operators has been completed .
Patanjali objects to Adani's eligibility to bid for Ruchi Soya
Adani's bid for Ruchi Soya, which is facing insolvency and bankruptcy proceedings, appears to have run into rough weather as Yoga guru Ramdev promoted Patanjali Ayurved has written to the Committee of Creditors (CoC) raising concerns about Adani Wilmar's eligibility to bid for it.
Wheat edges up on flour mills demand
Wheat prices rose by Rs 10 per quintal at the wholesale grains market today due to increased offtake by flour mills amid pause in arrivals from producing belts. However, other grains remained flat in thin trade. Traders said besides increased offtake by flour mills, fall in supplies from producing regions attributed the rise in wheat prices. In the national capital, wheat dara (for mills) inched up by Rs 10 to Rs 1,750-1,755 per quintal. Atta chakki delivery followed suit and traded higher by a similar margin to Rs 1,760-1,765 per 90 kg. Following are today's quotations (in Rs per quintal): Wheat MP (desi) Rs 2,100-2,200, Wheat dara (for mills) Rs 1,750-1,755 Chakki atta (delivery) Rs 1,760-1,765, Atta Rajdhani (10 kg) Rs 230-260, Shakti Bhog (10 kg) Rs 255-290,Roller flour mill Rs 950-960 (50 kg), Maida Rs 970-980 (50 kg) and Sooji Rs 1,040-1,050 (50 kg). Basmati rice (Lal Quila) Rs 10,700, Shri Lal Mahal Rs 11,300, Super Basmati Rice Rs 9,900, Basmati common new Rs 7,300-7,400, ...
Corrected: Xiaomi puts indefinite delay on CDRs in blow to China's plans for tech listings
(Corrects Xiaomi's scheduled listing date is July 9, not July 7, in par 2)
TN CM wants Ramanathapuram, Hosur, Neyveli on UDAN air map soon
Tamil Nadu Chief Minister K. Palaniswami on Saturday requested Civil Aviation Minister Suresh Prabhu to connect Ramanathapuram, Hosur and Neyveli under the UDAN regional connectivity programme.
Panel suggests 100% foodgrain packaging in jute bags
The Standing Advisory Committee (SAC) has recommended that 100 per cent of foodgrain produced should be packaged in jute for the current year, allowing a dilution of up to 10 per cent at a time and 30 per cent in the year, if jute mills fail to supply the bags within the permissible 30 days, an official said on Saturday.
Sandeep Sultania to take over as CFO of Srei Infra Finance from July 5
Srei Infrastructure Finance today said it has appointed Sandeep Kumar Sultania as its Chief Financial Officer (CFO), who will take over the role with effect from July 5. "Sandeep Kumar Sultania has been appointed as the CFO of the company wef July 5, 2018, based on the assessment of the Nomination & Remuneration Committee and recommendation and approval of the Audit Committee of the company," SREI said in a BSE filing. Prior to joining SREI, Sultania was the CFO of BKM Industries and has also worked with Ideal Financing Corporation. Sultania has over two decades of rich experience in several fields including financial management, auditing, taxation and budgeting, the filing said.