Page 3708 - Business Finance
Relief for MTC virtual currency holders
Money Trade Coin (MTC) and its promoter Amit Lakhanpal has announced that it is adopting a multi-pronged approach in addressing the concerns of its virtual currency holders.Lakhanpal said, "We have adopted a multi-pronged approach to address the concerns of our currency holders. In the wake of RBI order, the interest of our currency holders was jeopardised. This prompted us to explore various options, some of which have materialised and others will mature over the coming days."He was referring to the RBI's April 6 notification, which said, "Reserve Bank has repeatedly through its public notices on December 24, 2013, February 01, 2017 and December 05, 2017, cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies.In view of the associated risks, it has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating
Honda Motorcycle and Scooter sales up 3% in May at 551,601
Honda Motorcycle and Scooter today reported about 3 per cent increase in total sales to 551,601 units in May. The company had sold 537,035 units in May last year, a release said. Domestic sales stood at at 519,072 units in the previous month, compared with 510,381 units, while exports increased to 32,529 units, from 26,654 in the year-ago period. In May, the company sold 354,211 scooters, against 347,703 in May 2017, the release said. The Indian arm of Japanese two-wheeler firm also sold 208,625 motorcycles in May, compared with 189,332 units in the year-ago month.
Gold prices tumble Rs 250 on global cues, low demand
Gold prices went down by Rs 250 to Rs 30,820 per 10 grams at the bullion market here today, tracking a weak trend overseas amid slackened demand from local jewellers. Silver followed suit by plunging Rs 445 to Rs 39,390 per kg on poor off-take by industrial units and coin makers. Standard gold (99.5 per cent purity) fell by Rs 250 to finish at Rs 30,820 per 10 grams from Thursday's closing level of Rs 31,070. Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 30,970 per 10 grams as against Rs 31,220 yesterday. Silver (.999 fineness) prices declined by Rs 445 to conclude at Rs 39,390 per kg compared to Rs 39,835 previously. Globally, gold steadied below USD 1,300 an ounce ahead of the US payrolls data due later that will be closely watched for clues on outlook for the US interest rate policy. Spot gold price stood at USD 1,297.14 an ounce in early trade. Among other precious metals, silver was up by 0.5 per cent at USD 16.42 an ounce.
Kochhar on annual leave, not forced one: ICICI Bank
ICICI Bank CEO and MD Chanda Kochhar, who is facing an independent probe for her alleged involvement in a deal which benefited family members, has gone on planned annual leave and not on forced leave as has been reported in a section of media, the bank said today. In a regulatory filing, ICICI Bank also said that it has not appointed any search committee to find a successor of Kochhar. According to media reports, Kocchar was asked to go on leave pending an independent enquiry into her role in granting huge loan to Videocon group on quid pro quo basis. "The ICICI Bank Board denies having asked Ms Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the Board denies that it has appointed any search committee to find her successor," a bank said. Earlier this week, the bank board had decided to launch an enquiry to be headed by an "independent and credible person", to examine and enquire into an anonymous whistle blower complaint alleging that ..
ED attaches Sterling Biotech properties worth Rs 4,700 cr
The Enforcement Directorate (ED) on Friday said it has attached properties worth Rs 4,700 crore in a Rs 5,000-crore bank fraud case involving Gujarat-based pharmaceutical company Sterling Biotech.
Suzuki Motorcycle India sales up 37% in May
Suzuki Motorcycle India (SMIPL) today reported a 36.59 per cent rise in domestic sales in May at 53,167 units. The company had sold 38,923 units in the domestic market in May 2017, SMIPL said in a statement. Commenting on the performance, SMIPL Executive Vice-President Sajeev Rajasekharan said: "Continuing the positive growth momentum and recording highest-ever sale numbers for consecutive months is a reflection of customer's trust in our two-wheelers". Pursuing an aggressive target of 7 lakh units in 2018-19, the company is buoyed by this encouraging start, having surpassed the 1 lakh mark within the first two-months itself, he added.
Deutsche Bank gets ECB, key investor support as S&P questions strategy
FRANKFURT (Reuters) - Deutsche Bank, the ECB and its biggest investor sought to reassure shareholders and staff of its financial strength on Friday after S&P cut its rating and questioned its plan to return to profitability.
Two Indian startups get 7.25 lakh euros in grants from Booking.com
Two Indian startups - Global Himalayan Expedition and Sakha - have received 7.25 lakh euros in grants from travel e-commerce platform Booking.com's booster fund. The startups were part of Booking.com's 2018 accelerator programme in sustainable tourism. Besides, eight other startups working for sustainable tourism also received grants from the online travel platform. Global Himalayan Expedition, which organises impact expeditions to provide electricity through solar microgrids to the remote mountain communities of Himalaya, received a grant of four lakh euros, while Sakha, a social enterprise that offers safe transport solutions for women by women, received 3.25 lakh euros. Booking.com president and chief executive officer Gillian Tans said the company has earmarked four million euros this year to invest in sustainable travel through its booster and cares programmes. "We're all looking forward to seeing how their plans unfold over the coming weeks and months as we work together to ...
U.S. job growth accelerates, unemployment rate drops to 3.8 percent
U.S. job growth accelerated in May and the unemployment rate dropped to an 18-year low of 3.8 percent, pointing to rapidly tightening labor market conditions, which could stir concerns about inflation.
Fortis to consider four bid proposals
Fortis Healthcare (FHL) on Friday said that it will consider the bids of four suitors -- Hero Enterprise Investment Office and Burman Family Office, IHH Healthcare Berhand, Radiant Life Care and TPG Asia and Manipal Health Enterprises -- in the new transaction process.
95% of RE receipts received in FY18: Government
The government on Friday said it received 95.57 per cent of the total receipts in FY18 as per the revised estimates (RE) of the fiscal.
CAIT files complaint against Flipkart with ED for flouting norms
The Confederation of All India Traders (CAIT) on Friday filed a petition against Flipkart with Enforcement Directorate (ED) for violating Foreign Direct Investment (FDI) policy and circumventing law in its favour so as to grab the market."CAIT has urged ED to take action against Flipkart and other E-Commerce platforms," says Praveen Khandelwal, Secretary General, CAIT.CAIT in its petition to ED said that Flipkart in the guise of operating under a marketplace model is actively engaged in the inventory-based model of e-commerce.Their own admission before a tax authority shows that Flipkart is engaging in buying goods which are ultimately sold on their platform.Flipkart tried to circumvent the law by routing the sales via their preferred sellers, who are their affiliates. It is a clear case of what they cannot do directly, they are doing it indirectly and this goes against the teeth of any law, including FDI policy and as such, Flipkart should liable.The policy mandates in order to ...
Toyota sheds some manufacturing to focus on new car technology
TOKYO (Reuters) - Toyota Motor Corp on Friday said it was planning to transfer some its parts manufacturing operations to its main supplier Denso Corp to free up resources to compete more effectively on new vehicle technologies.
Hyundai sales up 11 pc in May at 56,016 units
Hyundai Motor India Ltd (HMIL) today reported 11.44 per cent increase in total sales at 56,016 units in May. The company had sold 50,265 units in May last year, HMIL said in a statement. Domestic sales rose 7.14 per cent to 45,008 units last month as compared with 42,007 units in May 2017. Exports grew 33.3 per cent in May to 11,008 units as against 8,258 units in the year-ago month.
Sebi slaps Rs 22 lakh fine on stock broker in SKS Logistics case
Markets regulator Sebi today slapped a fine of Rs 22 lakh on stock broker P J Chaudhary for indulging in fraudulent trading in the shares of SKS Logistics as well as violating broker norms. The regulator had conducted an investigation into the alleged irregularity in the trading in the shares of SKS Logistics and into the possible violations of Sebi norms. Sebi said it found that Chaudhary had indulged in circular or synchronized trading in connivance with certain clients and was instrumental in creating artificial volume in the scrip which distorted market equilibrium. It also said Chaudhary had failed to "exercise due skill, care and diligence and not maintained high standard of integrity, promptitude, fairness in the conduct of its business as a stock broker". By indulging in such activities, he violated PFTUP (Prohibition of Fraudulent and Unfair trade Practices) as well as stock broker norms and accordingly, Securities and Exchange Board of India (Sebi) has imposed a fine of Rs .
Global stocks rise, bond yields fall as political tensions ebb
LONDON (Reuters) - World stocks rose and bond yields fell on Friday as investors welcomed the apparent end to a political crisis in Italy and shrugged off a change in Spain's leadership, although prospects of a full-blown trade war curbed the gains.
Focus: Clash of the titans: Rosneft takes on Gazprom in gas markets
LONDON (Reuters) - Russian energy major Rosneft is increasingly challenging domestic rival Gazprom in international gas markets, from West Africa to Turkey and even Europe, according to five industry sources with knowledge of the matter.
Maruti Suzuki shares gain over 3 pc on May sales data
Shares of Maruti Suzuki India (MSI) today rose by over 3 per cent after the company reported a 26 per cent increase in total sales in May. The stock went up by 3.01 per cent to end at Rs 8,792.15 on the BSE. During the day, it soared 3.53 per cent to Rs 8,837.05. On NSE, shares of the company gained 3.18 per cent to close at Rs 8,808.85. In terms of equity volume, 1.54 lakh shares of the company were traded on the BSE and over 10 lakh shares changed hands on NSE during the day. The country's largest car maker Maruti Suzuki India today reported a 26 per cent increase in total sales at 1,72,512 units in May as against 1,36,962 units in the year-ago month. The firm's domestic sales stood at 1,63,200 units, up 24.9 per cent from 1,30,676 units in May last year, MSI said in a statement.
China signs deals worth USD 390 bn with 'Belt and Road' countries
China has inked trade deals worth USD 390 billion with the countries participating in its ambitious Belt and Road Initiative in the first four months of this year, the Chinese Ministry of Commerce has said. The Belt and Road Initiative (BRI), a pet initiative of Chinese President Xi Jinping was proposed in 2013, and five years on, over 100 countries and international organisations have supported and got involved in this initiative. The BRI aims to build trade and infrastructure networks connecting economies around the globe along the ancient Silk Route. "China and countries participating in the Belt and Road Initiative inked trade deals worth USD 389.1 billion in the first four months. It represented a growth of 19.2 per cent year on year," Commerce ministry spokesperson, Gao Feng was quoted as saying by state-run Xinhua in a Global Times report. China's non-financial investment in those countries increased 17.3 per cent from the same period a year ago to USD 4.67 billion, the ...
Where's the data? Angst for commods traders as China trade figures held in limbo
BEIJING (Reuters) - Commodities traders have been waiting more than a week for China to release overdue monthly import-export data, frustrating many market watchers and fuelling speculation about reasons for the delay.