Page 3534 - Business Finance
Thyssenkrupp labour leaders see progress in Tata Steel JV talks
DUESSELDORF/FRANKFURT/LONDON (Reuters) - Labour representatives at Thyssenkrupp have moved closer to an agreement with management over a planned European steel joint venture with Tata Steel, a member of the group's supervisory board said on Thursday.
Star Cement says co's products not banned in Nagaland
Star Cement, a subsidiary of Kolkata-based Century Plyboards (India) Ltd, today said its products have not been banned in Nagaland, as claimed in a section of social media. Reports of Star Cement being banned in Nagaland, due to some anomalies that took place between the state government and the company's management, was "false" and is a case of "fake news", the cement maker said in a release. "The company wants to categorically clarify that all these news are fake, and Star Cement products are available in Nagaland as usual, and also to consumers across its distribution network," the release said.
'100% payments made to 6.11 lakh farmers for paddy
: The Telangana government has made 100 per cent payments to the farmers for the purchased paddy for this year's Rabi season, a senior official said today. The total value of the paddy is Rs 5,601.97 crore. Civil Supplies Corporation released the funds to all the districts. "With this cent percent payment is completed. All the payments were made directly to the farmers accounts online. In this Rabi season 35.25 lakh metric tons of paddy was purchased from 6.11 lakh farmers through 3,313 purchase centres," Commissioner for Civil Supplies Akun Sabharwal told reporters here. Minimum Support Price of Rs 1,590 per quintal has been paid to farmers for Grade 'A' paddy, he said adding without any involvement of middlemen all the payments were made to farmers (into their bank accounts) directly online at MSP. Sabharwal said sufficient funds are available with Civil Supplies Corporation. From 2016-17 Kharif season, paddy purchase is done through online by Online Procurement ...
Dassault Systemes to acquire majority stake in Centric Software
Global 3D Experience major Dassault Systemes on Thursday said it will acquire a majority stake in Centric Software, a privately-owned company that provides product lifecycle management software solutions.
Ex-head of China insurance regulator pleads guilty to bribes
The former head of China's insurance regulator pleaded guilty to accepting 19 million yuan (USD 3 million) in bribes at his trial in eastern Jiangsu province on Thursday, state media said. Xiang Junbo, 61, admitted to taking bribes directly and through an associate and "showed repentance" at Changzhou Intermediate People's Court, the state-run Xinhua news agency reported. The court has not yet issued its verdict. The most senior financial regulator to be targeted in President Xi Jinping's ongoing corruption crackdown, Xiang was accused of taking advantage of his official positions from 2005 to 2017. He allegedly provided assistance in project contracting, approvals, loan issuance, and other tasks in exchange for compensation. Xiang was appointed to the top job at the regulatory commission in 2011, following stints as deputy governor of the central bank and head of the state-owned Agricultural Bank of China. He was put under investigation in April last year by the Communist Party's ...
IRDAI probes suspected illegal ways in bancaassurance biz
Insurance regulator IRDAI is probing suspected illegal practices by some private sector insurers and their partner banks in bancassurance channels, a senior official said. Bancassurance refers to selling of insurance policies through banks, wherein these lenders earn revenue through such sales. It has come to the IRDAI's notice that some of the insurers are offering commission or remuneration to the bankers that is more than the maximum stipulated levels under the norms, a senior regulatory official said. Several large insurance companies and their parent companies are maintaining current account balances with various banks which also act as corporate agents. "The interest forgone on such large balance is counted towards the compensation banks are to receive for the sale of insurance products. Due to this practice, the interest of policy holders is at stake as these funds earn zero returns," the official said. Such practices are in gross violation of the IRDAI's norms for ...
Gold rises on fresh demand, silver firms up for 7th day
Gold prices rebounded smartly by Rs 215 to reclaim the Rs 31,000-mark at the bullion market here today following renewed demand from stockists and retailers amid bullish global cues. Silver prices firmed up further for the seventh straight session, rising by Rs 490 to close above the 41,000 level at Rs 41,070 per kg on persistent offtake by industrial units and coin makers. Standard gold (99.5 per cent purity) climbed by Rs 215 to finish at Rs 31,080 per 10 grams from Wednesday's closing level of Rs 30,865. Pure gold (99.9 per cent purity) also moved up by a similar margin to end at Rs 31,230 per 10 grams against Rs 31,015, earlier. Silver (.999 fineness) advanced by Rs 490 to conclude at Rs 41,070 per kg compared to Rs 40,580, yesterday. Globally, gold hit a two-week high as the dollar fell and investors fretted over weak Chinese data and US-China trade frictions. The precious metals' upside movement was capped due to hawkish Federal Reserve. Spot gold rose by 0.5 percent to USD ...
Change law for CSR money flow into CM Relief Fund, PM urged
Odisha Chief Minister Naveen Patnaik has sought some changes in the law so that companies could contribute to Chief Minister's Relief Fund from their Corporate Social Responsibility (CSR) funds, as they are able to do in the case of Prime Minister's National Relief Fund. In a letter to Prime Minister Narendra Modi, Patnaik suggested for bringing in certain amendments in the Companies Act, 2013, for donating CSR funds to the Chief Minister's Relief Fund (CMRF). "Looking into the gamut of its activities, it is felt that there is a need to augment the funds for CMRF," Patnaik said in his letter yesterday. A number of eligible poor are left unattended by the CMRF because of the lack of funds, and this shortage could be addressed, to some extent, through the CSR fund of the public or private companies, he said. As per rule, every company with either a net worth of Rs 500 crore or a turnover of Rs 1,000 crore or a net profit of Rs 5 crore, has to spend at least 2 per cent of ..
ECB to end bond buys, keep rates steady through next summer
FRANKFURT (Reuters) - The European Central Bank said on Thursday it will end its unprecedented bond purchase scheme by the close of the year, taking its biggest step in dismantling crisis-era stimulus a decade after the start of the euro zone's economic downturn.
Gold hits 2-week high on dollar weakness, weak China data, trade worries
LONDON (Reuters) - Gold hit a two-week high on Thursday as the dollar fell and investors fretted over weak Chinese data and U.S.-China trade frictions, though the precious metal's upside was capped by a slightly more hawkish Federal Reserve.
Global cues, macro-data subdue equity indices (Roundup)
Disappointing macro-economic inflation data, along with weak global cues pulled the key Indian equity indices in to the red on Thursday.
Blue Star eyes 10% market share in water purifier biz
Air-conditioning and refrigeration major Blue Star Ltd is eyeing to garner 10 per cent market share in the water purifier business over the next three years, a top company official said here today. Besides mulling to consolidate its presence in residential water purifier business, the company was also testing commercial water purifiers, company Joint Managing Director, B Thiagarajan said. After unveiling a range of water purifiers, he said, the residential water purifier market was valued at Rs 4,200 crore with a Compounded Annual Growth Rate (CAGR) of 15-20 per cent. About 2.6 million units sold every year are electric RO, UV, RO+UV and its variants. The company which forayed into the water purifier business in 2016 has expanded the range by adding 35 models in the electric devices category, with select models offering Immuno Boost technology. "Since the entry into the residential water purifier business, Blue Star has made good progress in this segment. Blue Star is ..
LATAM Cargo awards a Cargo Management contract to Wipro
Once implemented, CROAMIS will offer LATAM Cargo's customers the convenience of a new tracking system, next generation self-service tools such as e-booking, e-claims, e-rates and a system in line with the highest industry standards. Besides providing customers with advanced tools, the new system will enhance efficiency by standardizing processes across different regions and reducing costs.
Wipro wins National Intellectual Property Award 2018
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India raises import tax on crude edible oils to 35 percent
MUMBAI (Reuters) - India, the world's biggest importer of edible oil, has raised its import tax on some crude edible oils to 35 percent, and to 45 percent for refined edible oils, the government said in a notification on Thursday.
Women leaders see tech disruptions as an opportunity: Study
Women business leaders are prepared to take on the challenges of the tech-driven world, with more than 77 per cent seeing technological disruptions as more of an opportunity than a threat, according to a study. They are well-equipped with the necessary skills for successfully driving transformation processes, benefiting from their strong networking and communication skills, openness to innovation and a straightforward, customer-centric attitude, KPMG's first global female leaders (GFLs) study said. "In our digital, technological and VUCA (volatility, uncertainty, complexity and ambiguity) driven world, new capabilities are required to survive. Companies cannot afford to ignore the power of the women workforce," it added. The survey, which covered 699 GFLs from 42 countries, including India, and from 14 industry sectors, revealed half of GFLs (51 per cent) believing their company to be the disruptor of their sector, rather than being disrupted by competitors. Thirty-seven
NSE head says bourse could get listed in FY19
Amid a controversy of co-location server issues for the country's leading bourse, the National Stock Exchange, its MD and CEO Vikram Limaye today expressed hope that it would get listed in the 2018-19 fiscal. "We will get the co-location issues resolved and it will be behind us. My hope is we will be able to get listed in this fiscal," Limaye said here on the sidelines of an interactive session with Indian Chamber of Commerce president Shashwat Goenka. The timeline of the proposed IPO, which could be worth Rs 10,000 crore, got delayed due to ongoing investigations by the SEBI and the CBI into the server issue. The IPO was likely to hit the market in February-March 2018. Limaye said three forensic reports have been submitted by Deloitte, E&Y and ISB in the co-location server case. The controversy was exposed by a whistle-blower, who alleged that certain brokers availing of NSE's co-location facility got preferential access to price feeds, conniving with exchange ...
RInfra, Adani may close Reliance Energy Mumbai sale by July
The Maharashtra Electricity Regulatory Commission (MERC) on Thursday completed its hearing in the proposed 100 per cent stake sale of Reliance Infrastructure Ltd (RInfra)'s integrated Mumbai power business to Adani Transmission Ltd (ATL), an official spokesperson said.
Fine Organic Ind to raise Rs 600 cr, fixes IPO price band at
Fine Organic Industries, a chemicals firm today said it has fixed a price band of Rs 780 to Rs 783 per equity share to raise around Rs 600 crore through an initial public offering (IPO). The offer for sale will see divestment of 25 per cent of stake of 76,64,994 equity shares by the existing shareholders. The issue will open on June 20 and closes on June 22. The 48-year old company held entirely by the promoters family had filed draft papers with markets regulator Sebi to float the IPO in February. It has three manufacturing facilities in the suburbs of the megapolis, including Ambernath, Dombivli and Badlapur, with a total installed capacity of about 64,300 tonnes per annum (tpa). "The company has drawn up capital expenditure of Rs 270 crore to expand capacities over the next 2 years and has already invested Rs 70 crore towards equity portion," Fine Organics CFO and director Tushar Shah told reporters at the IPO roadshow here. The company is expanding its Ambernath ...
Nokia selects Wipro to accelerate its supply chain digital transformation
Wipro will help design, digitalize and run Nokia's sales order management operations from multiple centers, globally. Wipro will be applying robotics process automation (RPA) to enable a hyper-automated supply chain, which will be lean, agile and have the flexibility to meet the customer's current business challenges as well as keep pace with their future requirements. Wipro will be leveraging cognitive algorithms and bots to automate the sales order management processes, reduce cycle time, handle the sales volume fluctuations and monitor operations in real time, thereby increasing accuracy and compliance in all transactions.