Page 3548 - Business Finance
Analysis: Bankers to ask Theresa May why they should stay after Brexit
LONDON (Reuters) - The bosses of some of Europe's biggest banks will ask Britain's Prime Minister Theresa May on Thursday to give them a reason to stay in the City of London after Brexit now that hopes are fading for a generous EU trade deal.
Mahagram to deploy 1 lakh Aadhaar-enabled ATMs across India
Fintech firm Mahagram will deploy over 1 lakh Aadhaar-enabled ATM machines across India to facilitate money withdrawals for people of far flung areas. This ATM will provide a variety of services like cash withdrawal, cash deposit, balance enquiry, mini statement, loan repayment, loan disbursement, domestic remittance services, customer enrolment, e-governance, pan card and eKYC of customers. Aadhaar Enabled Payment System or AEPS is a payment service developed by the National Payments Corporation of India (NPCI) allowing banks, financial institutions to use Aadhaar number and online UIDAI authentication for transactions through their respective business correspondent (BC) service centres. AEPS, a new age banking service, has been approved by the RBI. Vasudev Phadnis, Director Business Development, Mahagram said the launch of micro ATMs across network will enable every Indian to get the power of digital banking experience. "At Mahagram we have a vision to create about 500 million ...
Explainer: Why are grocery retailers teaming up with tech giants?
BERLIN (Reuters) - France's Carrefour announced a deal this week with Google to boost its online shopping business. It is the latest in a string of partnerships between traditional food retailers and tech companies as grocery ecommerce takes off.
All eyes on OPEC as Trump gripes over prices
Just nine days before a big OPEC meeting, US President Donald Trump had joined the oil-market fray, blaming the group for high prices. "Oil prices are too high, OPEC is at it again. Not good!" the US president said on Twitter yesterday. Trump's grousing follows reports suggesting the oil exporters group was already planning to open the spigots, an outcome the International Energy Agency hinted at in its monthly report released earlier today. "Statements by several parties suggest that action in terms of higher supply could be on the way," said the IEA, which represents the US and other oil-consuming nations. The IEA suggested the June 22 OPEC meeting in Vienna would need to boost output because of a political crisis in Venezuela that has pinched petroleum output and Trump's decision to exit the Iran nuclear pact, which is expected to result in lower production from the Middle Eastern country. Under one scenario weighed by the IEA, output from Venezuela and Iran by the end of 2019 ...
Mind the gap: Thyssenkrupp in value struggle with Tata Steel
FRANKFURT/DUESSELDORF (Reuters) - Germany's Thyssenkrupp and India's Tata Steel are struggling to get the planned merger of their European steel operations on track due to diverging values of their businesses, people familiar with the matter said.
NEP, Tata Communications collaborate for VIVO IPL 2018 for Star Sports
NEP Broadcast Solutions and digital infrastructure provider Tata Communications today said they have completed the remote production and broadcast of VIVO IPL for Star Sports. "To tackle the challenges stemming from the back-to-back schedule of events, the long distances between the match locations, and the need to localise content for different regions, Star Sports worked with Tata Communications and NEP to centralise many of its core operations and manage them remotely from its production hub in Mumbai," a Tata Communications statement said. Indian Premier League (IPL) consisted of 60 matches over 50 days across nine cities. This first-of-its-kind remote production initiative brought together NEP's expertise in the centralised broadcast of live events and Tata Communications' video distribution capabilities, the statement added. "With 60 matches taking place back-to-back across the country, you need a finely tuned, very reliable production operation. "In a high-pressure environment .
COAI objects to Trai recommendations on public WiFi model
Telecom industry body COAI is learnt to have opposed regulator Trai's recommendations on public Wi-Fi as it believes the proposed norms are in contravention to existing licence rules and would create non-level field for licensed service providers. Among various suggestions, the Cellular Operators Association of India (COAI) has objected to recommendation of the Telecom Regulatory Authority of India to create public data office aggregators (PDOA) and public data office (PDO) who should be allowed to provide internet access through Wi-Fi technology without taking a licence. "Any such service will be in conflict with the existing licensing framework. More importantly, establishing public Wi-Fi networks without licence, will be illegal being in violation of India Telegraph Act 1885," COAI Director General Rajan S Mathews said in a letter to telecom secretary Aruna Sundararajan. Trai's concept involves PDOs - much like PCOs of yesteryears that galvanised connectivity. The PDOs will be ...
White House seeks to block Congress from killing ZTE deal: report
WASHINGTON (Reuters) - The White House will try to derail an effort in the U.S. Congress to block the Trump administration's deal to allow ZTE Corp, China's No. 2 telecommunications equipment maker, to resume doing business with American suppliers, the Wall Street Journal reported on Wednesday.
U.S. automaker GM names Suryadevara CFO to succeed Stevens
(Reuters) - General Motors Co said on Wednesday Dhivya Suryadevara, currently vice president of corporate finance, will succeed Chuck Stevens on Sept. 1 as chief financial officer of the No. 1 U.S. automaker.
American Eagle Outfitters launched in India, plans 25-30 stores
Aditya Birla Fashion and Retail (ABFRL) on Wednesday said that it plans to open 25-30 stores of American Eagle Outfitters (AEO) brand in India.
Patanjali gets time till Jun 16 to submit revised bid for Ruchi Soya
Baba Ramdev's Patanjali Ayurved, which is in race to acquire bankruptcy-bound Ruchi Soya, has been given time till June 16 to match or better the highest bid of about Rs 6,000 crore offered by Adani Wilmar. Yesterday, a Committee of Creditors (CoC) met to open the bids submitted by Adani Wilmar and Patanjali group in the fresh round of auction under the Swiss Challenge method. Ruchi Soya in a regulatory filing today confirmed that the CoC declared Adani Wilmar as H1 (highest) bidder and Patanjali stood as H2 (second highest). "We have been informed by the CoC that as per our bid, we are H2 and they will update us about the bid value of H1. We have to submit the revised and improved bid by June 16," Patanjali spokesperson S K Tijarawala told PTI. Billionaire Gautam Adani's group company Adani Wilmar, which sells edible oil under Fortune brand, offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of Ruchi Soya while Patanjali Ayurved bid for around Rs 5,700 ...
Zara owner Inditex boosts profitability despite strong euro
MADRID (Reuters) - Inditex, the world's biggest clothing retailer and owner of fashion brand Zara, reported improved profitability on Wednesday for the first three months of its financial year despite the dampening impact of a strong euro.
ICICI Bank offer for sale of shares of ICICI Prudential Life Insurance Company
Floor price fixed at Rs 390 per share
Trump, Iran trade sharp words over oil prices ahead of OPEC meeting
WASHINGTON/LONDON (Reuters) - Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Tehran accusing the U.S. president of contributing to volatile prices after he withdraw from a global nuclear arms deal last month.
WoW Momo valued at Rs 300cr after Fabindia investment
Quick service restaurant chain Wow Momo today said Fabindia Managing Director William Bissell has invested a minority stake in the company, which is now valued at over Rs 300 crore. The Kolkata-based restaurant chain did not disclose the quantum of stake picked up by Bissell. The current investment has estimated the company to be valued at over Rs 300 crore, a statement by Wow Momo, founded in 2008, said. "... William Bissell has also turned into an angel and strategic investor over the years and has made several investments in his personal capacity, Wow Momo being the latest one," the statement said.
Nifty marginally up by 13.85 points to end at 10,856.70
NSE Nifty rose marginally by 13.85 points to 10,856.70 led by gains in IT, PSU banks, pharma and energy stocks, while robust monthly industrial growth data also lifted the sentiment. However, gains were limited as investors were cautious ahead of the US Federal Reserve policy decision later in the day for clues on future rate hikes. Moreover, India's retail inflation in May rose to a four-month high of 4.87 per cent, marginally higher than the RBI's revised inflation projection, raising prospects of more rate hikes in the year. Overseas, most European stocks were trading higher while Asian stocks fell. The Nifty 50 index rose 13.85 points, or 0.13 per cent, to end at 10,856.70, its highest closing level since February 1. The index moved between a high of 10,893.25 and a low of 10,842.65. On the sectoral front, IT rose by 1.26 per cent followed by PSU banks 1.48 per cent, pharma 0.88 per cent, energy 0.34 per cent, bank 0.13 per cent and private banks 0.09 per cent. On other hand, ...
Fitch lowers viability rating of SBI, BoB on poor asset quality
US agency Fitch Ratings on Wednesday downgraded the Viability Rating (VR) of both state-run State Bank of India (SBI) and Bank of Baroda (BoB) by one notch, while affirming the 'BBB' Long-Term Issuer Default Ratings (IDRs) of SBI, BoB, Canara Bank and Bank of India with a stable outlook.
Religare Enterprises says LVB action on RFL deposits illegal
Religare Enterprises today said its subsidiary Religare Finvest never created any security over its deposits of Rs 794 crore with Lakshmi Vilas Bank, which the lender has held against loan defaults by third parties RHC Holding and Ranchem Pvt Ltd. The disclosure made by Lakshmi Vilas Bank (LVB) referred the deposits amounting to Rs 794 crore placed by Religare Finvest (RFL), a subsidiary of Religare Enterprises (REL), is "factually incorrect" in relation to the statement made by the bank that the "said deposits relates to Religare Finvest and the same were held as security for the loans extended to RHC Holding Pvt Ltd and Ranchem Pvt Ltd", Religare Enterprises said in a regulatory filing today. Yesterday, LVB had said the adjustment of Rs 794 crore deposits of Religare Finvest, held as security for loans taken by other two firms, is legal and it is fighting a case in the court appropriately. RFL further clarified that it never created any security over the deposits which have been ...
Wall Street flat, media stocks jump after AT&T ruling
(Reuters) - U.S. stocks were flat on Wednesday ahead of the Federal Reserve's policy announcement, while media shares got a boost from a court approval for AT&T's $85 billion takeover of Time Warner.
White House seeks to block Senate bid to kill ZTE Deal: WSJ
(Reuters) - The White House will aim to block legislative language before Congress that would block a Trump administration agreement allowing China's No. 2 telecommunications equipment maker, ZTE Corp, to resume business with U.S. suppliers, the Wall Street Journal reported on Wednesday.