Page 36 - Business Finance
Capsave Finance Pvt Ltd. posts net profits in second year of operations
/ -- Capsave Finance Pvt Ltd, a non-banking finance company (NBFC) providing leasing and financing solutions, posted 130 percent revenue and profit growth for fiscal year 2018-19 in its second year of operations. "Capsave's success was achieved despite an environment where the liquidity crisis is crippling similar Indian companies and affecting sectors with a higher dependence on NBFC funding," said Jinesh Jain, Capsave chief executive officer, of the India-based company. "To be sure, while this crisis of confidence has paralyzed most small to mid-sized NBFCs, Capsave has swum against the tide to achieve revenue and net profit growth as well as 55 percent growth in cumulative assets funded between 2018 and 2019." Capsave is a 100 percent subsidiary of Rent Alpha, which was founded in 2014 by a team of leasing professionals with a cumulative operating lease origination experience of US $1.5 billion, a portfolio of US $252 million, and more than 150 clients. Rent Alpha has partnered ...
NMDC Ltd Spikes 3.47%, S&P BSE Metal index Rises 1.66%
NMDC Ltd has added 13.15% over last one month compared to 0.45% gain in S&P BSE Metal index and 0.12% drop in the SENSEX
Indices may open on positive note
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 41 points at the opening bell.
NMDC in focus after monthly sales
NMDC said that total production of iron ore on a provisional basis rose to 3.04 MT in May 2019 from 2.12 MT in May 2018. Total sales of iron ore on a provisional basis rose to 3.37 MT in May 2019 from 2.31 MT in May 2018. The announcement was made after market hours yesterday, 18 June 2019.
US stocks close higher amid trade hopes, Fed meeting
US stocks ended higher as hopes of easing trade tensions cheered on Wall Street ahead of the upcoming G20 Summit in Japan.
US dollar edges up amid Federal Reserve meeting
The US dollar strengthened modestly against its major rivals in late trading on Tuesday amid the Federal Reserve's monetary policy meeting.
Canada reapproves contentious Pacific coast pipeline
Canadian Prime Minister Justin Trudeau has once again approved the contentious Trans Mountain pipeline expansion that would nearly triple the flow of oil from the Alberta oil sands to the Pacific Coast. The approval Tuesday comes 10 months after the Federal Court of Appeal halted the project and ordered Canada's National Energy Board to redo its review of the pipeline, saying the original study was flawed and lacked adequate consultations with First Nations peoples. Trudeau's government first approved it in 2016 and he was so determined to see it built the government bought the pipeline. The pipeline expansion would triple the capacity of an existing line to ship oil extracted from the oil sands in Alberta across the snow-capped peaks of the Canadian Rockies. It would end at a terminal outside Vancouver, resulting in a seven-fold increase in the number of tankers in the shared waters between Canada and Washington state. It is projected to lead to a tanker traffic balloon from about 60
Biden teases a USD 19.8M fundraising haul for this quarter
Joe Biden touted fundraising figures on Monday that suggest he has taken in at least USD 19 million this quarter, a sum that if true would top what all of his leading rivals raised during the last period. With nearly two weeks to go before the end of the second quarter, the former vice president told attendees at a New York fundraiser that he's accepted contributions from 360,000 donors, who gave an average of USD 55 apiece. The math suggests Biden collected about USD 19.8 million. Multiple people in Biden's campaign declined to confirm on Tuesday how much he has raised since entering the race in April. But the figure is sure to draw notice from rival campaigns, who are preparing for next week's debates while furiously trying to raise money before the pivotal second quarter draws to a close. Those numbers, which will be made public July 15, will be an indicator of which candidates in the crowded 2020 primary will have the resources to last. They will also reveal who is on track to ..
Pak, China cooperation factor of peace and stability in region: Imran Khan
Prime Minister Imran Khan said Tuesday that close cooperation between Pakistan and China was a factor of peace and stability in the region. He was talking to General Han Weiguo, Commander People's Liberation Army (PLA) Ground Forces, who called on him. His office said in a statement that the Prime Minister underlined the importance of mutual support by China and Pakistan to each other on their respective issues of core interest. He also underlined that close Pakistan-China cooperation was a factor of peace and stability in the region and expressed appreciation for China's support for Pakistan's role on international and regional issues, according to the statement. Khan recalled his wide-ranging exchange of views with President Xi Jinping in their two recent meetings in Beijing in April 2019 and Bishkek in June 2019. He underscored that the China Pakistan Economic Corridor CPEC was a flagship project of President Xi's visionary Belt and Road Initiative, adding that Pakistan looked ...
ECB's Draghi brushes off Trump charge of currency manipulation
European Central Bank chief Mario Draghi said Tuesday that the institution "doesn't target the exchange rate", shrugging off an allegation of currency manipulation from US President Donald Trump. "We have our remit. We have our mandate. Our mandate is price stability" or inflation just below two percent, Draghi told a central banking conference in Sintra, Portugal. "We are ready to use all the instruments that are ready to fulfil this mandate, and we don't target the exchange rate," he added. Draghi's statement that weak economic growth and sluggish inflation could prompt the ECB to slash further rates already at historic lows had earlier sparked Trump's ire. "Mario Draghi just announced more stimulus could come, which immediately dropped the Euro against the Dollar, making it unfairly easier for them to compete against the USA," Trump said via Twitter. "They have been getting away with this for years, along with China and others," he added. Draghi said in a speech that "further cuts .
Germany's Siemens says to cut 2,700 jobs worldwide
Industrial conglomerate Siemens said Tuesday it would slash 2,700 jobs worldwide at its gas and power unit, including 1,400 in its home country Germany, "over several years". The division -- set for an independent stock market flotation in 2020 -- will "require further savings of 500 million euros" ($560 million), Siemens said in a statement. "Measures are required in order to reduce costs (and) adjust to the declining numbers of major projects," the company added. Around 7,000 jobs cuts and site closures had already been announced at the unit. "Siemens will now begin consultations with the relevant employee representatives and then implement the planned measures... in a way that is socially responsible," the company said. Gas and power brings together Munich-based Siemens' oil and gas, conventional power generation, power transmission and related services businesses. With 64,000 employees in 80 countries, it booked sales of 12.4 billion euros in 2018 and 377 million euros in profit, .
No 'Italexit' from euro, says Italian PM
Rome, June 18 (IANS/AKI) Italy one of the staunchest believers in Europe and its exit from the single European currency is out of the question, Italy's populist Premier Giuseppe Conte said in an interview on Tuesday.
Europe wary as Facebook takes up cryptocurrency challenge
European financial leaders on Tuesday vowed vigilance after Facebook announced it was diving into the cryptocurrency market, as analysts warned the social media giant could face major regulatory questions. French Finance Minister Bruno Le Maire, whose government initiated a new tax on digital giants like Facebook that has angered the United States, said such digital money could never replace sovereign currencies of governments and insisted Facebook's plan required guarantees. Bank of England Governor Mark Carney said Facebook's new currency would have to withstand scrutiny of its operational resilience and not allow itself to be used for money laundering or terror financing. Facebook and some two dozen partners on Tuesday released a prototype of a cryptocurrency called Libra, whose rollout as global digital money is expected next year. "If Facebook wants to create an instrument for transactions, why not? But there is no question that this can become a sovereign currency," Le Maire ...
ED attaches moveable properties worth Rs. 1609.78 crore of Sidhi Vinayak Logistics Ltd
Enforcement Directorate (ED) has attached movable properties comprising 6170 Road vehicles worth Rs. 1609.78 crore of Sidhi Vinayak Logistics Ltd (SVLL), against proceeds of crime of Rs. 1590 Crores in a bank fraud case under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).Investigation under PMLA was initiated on the basis of FIR registered by CBI against Rupchand Baid along with other directors of SVLL in a criminal conspiracy to cheat the Banks."Investigation made so far revealed that the loans were availed on the basis of forged/fabricated documents and in the name of employees and drivers, who were kept in dark by SVLL," read a press release from ED.The investigation also revealed that Baid routed these loans through accounts of various related entities. Earlier, ED provisionally attached moveable and immovable assets of worth Rs. 19.6 Crores in June 2017, it read.Investigation under PMLA revealed that the funds were raised from banks in form of loans/credit
Ahead of Union Budget, PM meets key Secretaries
Prime Minister Narendra Modi on Tuesday met the Finance Ministry Secretaries along with Secretaries of few other ministries and Niti Aayog CEO on suggestions and roadmap for the economy and the upcoming Union Budget 2019-2020.
SAT stays SEBI's order barring NDTV promoters from key posts
The Securities Appellate Tribunal on Tuesday stayed the SEBI's order barring news channel NDTV's promoters - Prannoy Roy and Radhika Roy - from holding any key managerial positions in the board or the management of NDTV.
UP CM wants more CNG stations in state
Uttar Pradesh Chief Minister Yogi Adityanath met Union Petroleum Minister Dharmendra Pradhan here Tuesday and demanded setting up more compressed natural gas (CNG) and piped natural gas (PNG) stations in the state to help check air pollution. Adityanath also assured Pradhan that the state government would extend all cooperation in mixing ethnol with fuel so as to lessen the import of crude, a statement from the UP government said. The CM urged Pradhan to allot more petrol pumps on the Agra-Lucknow Expressway for the benefit of the people, it said. Earlier in the day, Adityanath had also attended the felicitation of J P Nadda at the BJP headquarters here after being made the party's working president.
Goyal holds high-level review meeting with railway officials
Railway Minister Piyush Goyal on Tuesday chaired a high-level meeting with senior railway officials and asked them to work as a team to achieve ambitious targets set by the Railway Board and to turn the national transporter into one of the best railways in the world.
Canara Bank revives plan to sell stake in Can Fin Homes
State-owned Canara Bank Tuesday said its board has approved plan to sell part or full stake in housing finance subsidiary Can Fin Homes Ltd (CFHL). Last year, Canara Bank had called off move to divest its entire shareholding in housing finance subsidiary Canfin Homes after receiving lower than expected price quotation. Can Fin Homes has a pan India network of 132 branches, 20 Affordable Housing Loan Centres (AHLCs) and 20 satellite offices with customer base of over 1.2 lakh. The said permission is subject to disinvest at appropriate time depending on the market conditions and available options, Canara Bank said in a regulatory filing.
Bajaj Allianz General Insurance partners with Citi for product distribution
Bajaj Allianz General Insurance and Citibank Tuesday signed a corporate agency agreement for distribution of the company's products. Under the agreement, Bajaj Allianz General Insurance will offer personal lines of insurance such as health, personal accident, motor, home, and travel, along with commercial line of insurance such as property, marine, engineering, etc to the bank's customers, the company said in a statement. "Our partnership with Citibank not only aims at providing relevant insurance products, but will also provide best-in-class services to their customers through our unique digital initiatives," Bajaj Allianz General Insurance CEO Tapan Singhel said. The partnership will strengthen distribution network of Bajaj Allianz General Insurance, he added.