Page 3586 - Business Finance
ICICI Bank says no communication from SEC on Chanda Kochhar matter
ICICI Bank today said it has not received any "specific communication" from the US markets regulator SEC with regard to allegations involving the lender's chief Chanda Kochhar and her family members. The bank's response was sought by stock exchanges regarding a report that matter of alleged lapses involving Kochhar has come under the scanner of the US Securities and Exchange Commission (SEC). "...the Bank has so far not received any specific communication from the US SEC in relation to the allegations in respect of the Managing Director & CEO of the Bank.," it said in a late evening filing. As a large and internationally active bank with operations and listing of its equity and debt instruments in multiple jurisdictions, the bank is regularly engaged with regulators, including the US SEC, on a range of matters, it added. According to sources, the SEC has received complaints from institutional investors in the US to look into the matter related to corporate governance and ...
Global Markets: Stocks shake off G7 row as investors await US-North Korea summit
(Reuters) - Stocks in the U.S. and Europe edged up on Monday as investors shook off the weekend's chaotic G7 summit ahead of a week packed with diplomatic events, while the euro neared a two-week high on reassuring news from Italy.
BJP hits out at Congress for calling wheels of economy 'punctured'
The BJP on Monday hit back at Congress for calling "wheels" of the Indian economy "punctured" and accused it of making "baseless and irresponsible" allegations against the government.
Karna govt scraps Bengaluru Vision Group
The Karnataka government has disbanded the Bengaluru Vision Group which included top corporate heads such as Infosys founder N R Narayanamurthy and Wipro chairman Azim Premji. It issued an order dated June 8 disbanding the group, set up in April 2016 by the previous Congress government, with immediate effect. The order noted that the Bengaluru Vision Group, headed by the Chief Minister, was only an advisory committee, in which businessmen, experts and those who have concern for the city were nominated. It added that the Bengaluru Metropolitan Planning Committee was a constitutionally recognised body comprising 70 to 80 members with maximum public representatives. "This committee has the responsibility to prepare the development plan of this city, the government order said.
Wall Street edges higher ahead of Trump-Kim meet
(Reuters) - U.S. stocks edged higher on Monday, helped by gains in Facebook and a handful of healthcare stocks ahead of a highly anticipated meeting between President Donald Trump and North Korean leader Kim Jong Un.
Usha Martin's board to explore sale of its steel business
Speciality steel maker Usha Martin on Monday said its board has decided to explore the sale of its steel business to help deleverage the company.
Centre keen to develop Kalinganagar as steel hub: minister
Union Steel Minister Chaudhary Birender Singh today said the Centre is keen to develop Odisha's Kalinganagar as a steel hub, as part of its plan to raise the country's steel production to 300 mt by 2030. "Our plan is to enhance the country's steel production to 300 million tons by 2030 as per the national steel policy. As part of the strategy to achieve the goal, we are keen to develop Kalinganagar as a major steel hub," Singh told reporters during a visit to this steel city. India is now the second largest steel producer in the world after China and this is a big achievement, he said. The per capita steel consumption is very low and "during the last four years we have achieved a 12 per cent increase in that and today it stands at 65 kg per head," the Minister said. "However, this is also very low and our aim is to raise it to 160 kg by 2030," he said. Presently India is producing 102 mt of steel of which the SAIL and the Raashtriya Ispat Nigam Limited contribute over ..
Stock markets rise before Trump-Kim summit
Global equity markets rose today as traders brushed off a chaotic G7 meeting to focus instead on US President Donald Trump's upcoming summit with North Korean leader Kim Jong Un. Investors were also on tenterhooks ahead of this week's European Central Bank and Federal Reserve interest rate decisions. Stock prices mostly rose despite a contentious Group of Seven (G7) summit of leading economic powers in Canada which failed to end concerns of a global trade war, dealers said. "The weekend G7 meeting in Canada didn't disappoint those expecting a dysfunctional atmosphere," said analysts at Charles Schwab. "But any market impact over the fall-out appears muted in regards to the magnitude of the Singapore summit, as well as looming central bank decisions from the Big Three: the Fed, the European Central Bank and the Bank of Japan". Trump pulled out of endorsing a joint communique after the G7 meet finished on Saturday, accusing Canadian Prime Minister and summit chairman Justin Trudeau of ..
Fortis Board defers approval of earning results for Q4, FY18
Fortis Healthcare's Board has deferred the approval of the quarterly and annual financial results for the period ended March 31, 2018 till June 25, 2018.
MOSPI says it follows best international practices to compute macro data
The statistics ministry today said it is following best international practices and standards while computing macroeconomic aggregates and indicators. The Ministry of Statistics and Programme Implementation (MoSPI) was responding to a media report alleging that the revised GDP series has made it impossible to compare the new growth data with the progress made during the UPA years. "The statistical processes involved in producing such estimates are open, transparent and in line with the best international practices and standards. "The processes and estimates are evolved after detailed deliberations in various technical committees and the recommendations placed in the public domain," the ministry said in a release. However, the statement said recently certain sections of media have reported on the revision in base years of various statistical products and estimates brought out by the government. The MoSPI has revised the base years of the GDP and the Index of Industrial Production (IIP)
Private sector investments needed for UN development goals: Lajcak
UN General Assembly President Miroslav Lajcak has called for mobilising investments from the private sector to finance the world organisation's development goals because government aid from developed countries alone cannot be expected to fund them.
CBI asks Interpol to issue arrest notice for billionaire jeweller Nirav Modi: police source
NEW DELHI (Reuters) - The Central Bureau of Investigation has asked Interpol to help locate and arrest billionaire jeweller Nirav Modi, who is at the heart of a $2-billion-plus bank fraud case, a CBI source said on Monday.
RBI releases June '18 issue of monthly bulletin
The Reserve Bank of India on Monday released the June 2018 issue of its monthly Bulletin.The Bulletin includes Second Bi-monthly Monetary Policy Statement for the Year 2018-19, a speech by the Top management, an Article and Current Statistics.The article is on 'Performance of Private Corporate Business Sector: 2016-17 to Q3:2017-18'.According to a press release, this article reviews the performance of the private (non-financial) business sector on the basis of financial statements furnished by the listed non-government non-financial companies.Major highlights:- A turnaround in sales growth of the corporate sector took hold in 2016-17 and has extended into the current year so far.- The cost of raw materials of the manufacturing sector continued to rise at a fast pace and showed no sign of easing till Q3:2017-18.- Low capacity utilisation in the manufacturing sector led to significant deleveraging as well as lower investments in fixed assets, with companies preferring investments in ...
IBC changes will cut timelines, improve realisations: Report
The recent amendments in the bankruptcy resolution framework will help reduce timelines, enhance transparency and improve realisations, a report said today. "The amendments will help safeguard the interest of lenders by maintaining the residual value of assets and also spur the pace of resolutions under the Insolvency and Bankruptcy Code (IBC)," domestic rating agency Crisil's senior director Krishnan Sitaraman said in the report. The fine-tuning of the contentious Section 29(A) of the IBC will open opportunities for resolution applicants to bid once their eligibility is proven, and exempts financial entities from being disqualified from bidding, he said. The reduction in minimum voting threshold for the Committee of Creditors (CoC) to 66 per cent from 75 per cent for key decisions, and to 51 per cent from 75 per cent for routine decisions can reduce resolution timelines, it said. The move to allow promoters of Micro, Small and Medium Enterprises (MSMEs) not categorised .
Arvind Internet eyes expansion to newer geographies
Arvind Internet, omni-channel enablement company owned by textiles major Arvind Ltd, is looking to expand its services to new geographies like South East Asia, West Asia and the US, said a top company official. Besides, Arvind Internet is also expanding its domestic business by associating with around 2 to 3 brands every month, he added. We are in advanced talks with several large brands and will be expanding our omni-channel services to customers in South East Asia, West Asia and the US. Our expansion plans include foraying into countries such as Malaysia, Hong Kong, UAE, and Saudi Arabia, amongst others," Arvind Internet Co-Founder & CEO Mukul Bafana told PTI. He added: "Our focus is ensuring retail productivity and seamless end-to-end services for brands while delivering an integrated journey across multiple channels for consumers." Presently, it is working with 43 brands in India -- both Arvind and non-Arvind brands. "We basically enable omni-channel retail for them. We do ...
Tata Steel Europe workers question rationale of Thyssenkrupp tie-up
LONDON/FRANKFURT/DUESSELDORF (Reuters) - Tata Steel's European works council said it is unconvinced by a planned joint venture with Thyssenkrupp, raising the chances that the deal will be delayed or even fail in its current form.
Jaguar Land Rover to switch some UK output to Slovakia
Jaguar Land Rover is to switch some UK car production to Slovakia, the group owned by India's Tata Motors said today. JLR said it would move production of the Land Rover Discovery model early in 2019, potentially reducing the number of temporary workers employed by the group. "The decision to move the Land Rover Discovery to Slovakia and the potential losses of some agency employed staff in the UK is a tough one but forms part of our long-term manufacturing strategy as we transform our business globally," JLR said in a statement. The group meanwhile stressed its commitment to the UK amid deep concern across the country's car sector regarding Brexit uncertainty. JLR today noted also plans for a "significant investment and technology upgrade" at its Solihull plant, central England, and refit of its Halewood factory in the north.
Gold steady ahead of Fed meeting and U.S.-N.Korea summit
LONDON (Reuters) - Gold was barely changed on Monday, as investors were uncertain whether the U.S. central bank would signal a tighter future monetary policy at a meeting this week that is expected to boost interest rates.
Indian IT cos to grab larger share of digital services pie globally: ICRA
Large Indian IT companies are expected to clinch a "higher share of the digital services space" in the coming three years, rating agency ICRA today said. It further said that Indian IT services companies are expected to register compounded annual growth rate (CAGR) in "mid-to-high single digits" between FY2018-2021. "The growth of Indian IT Services companies is impacted by lower demand led by uncertain macro-economic environment, lower deal sizes in digital technologies, cloud adoption and high competitive intensity from local as well as international players," ICRA Vice President Gaurav Jain said. He added that future growth will be supported by higher spend on digital technologies with larger deals spanning enterprise wise digital transformation, improving discretionary spends, continued cost benefit offered through outsourcing model and market share gains. The share of Indian players in global IT sourcing market stood at 67 per cent in 2017 (60 per cent in 2012). "Indian IT ...
Tyres of Indian economy punctured: Chidambaram
Former finance minister P Chidambaram today said the state of the economy was bad due to wrong policies of the NDA government and that the tyres of three of the four wheels on which the economy rides were punctured. Addressing a press conference here, he said a "flawed road" to Goods and Services Tax (GST) continued to haunt trade and business, and that the adverse effect of demonetisation had been established "beyond doubt". He also advocated bringing petrol and diesel under GST and asked why the central government was passing the buck to states. If the BJP was committed to bringing petrol and diesel under GST, it should go ahead and do it, he said. "Why are you blaming a few finance ministers from non-BJP (state) governments? If you bring petroleum products under GST, the prices will decline immediately. I am not saying cut it by Rs 25...Cut it by Rs 5, Rs 6 or Rs 7. Why you are cutting it by one paisa?" Chidambaram alleged that there was distress in various sections of the society,