Page 3724 - Business Finance
ABB Technology Ventures invests in food startup Stellapps Tech
ABB venture capital unit ABB Technology Ventures today announced its investment in Bangalore-based food startup Stellapps Technologies. However, the company did not disclose the quantum of investment in the startup. ABB has invested in Stellapps Technologies through its venture capital unit, ABB Technology Ventures (ATV), a company statement said. The series B investment round was led by IndusAge Partners and included new investors Qualcomm Ventures and the Bill & Melinda Gates Foundation (through its programme-related investment team in London), the statement said. Stellapps is the country's first end-to-end dairy supply chain solutions company, used by over 750,000 farmers daily. Founded in 2011, the Bangalore-based startup is building automated tools leveraging the Internet of Things (IoT) and advanced analytics to improve milk production and quality for the country's dairy farms. "Since meeting Stellapps, we've been impressed with their category-defining software and the ...
Cong takes dig at govt after no bid received for Air India stake sale
The Congress today took a dig at the BJP-led government after it announced that no initial bids were received for the proposed stake sale of Air India, saying the present dispensation should rather release earmarked funds to restructure the company. Senior party leader Manish Tewari, who has been quite critical of the disinvestment process right from the time the airline came out with the preliminary information memorandum for the stake sale in March this year, said the government should hand over the national carrier to the employees cooperative. "NDA/BJP's efforts to sell of a 5 lakh crore Air India for peanuts to their cronies collapsed. Cronies fled. Not one bid came despite depressing valuations & salami slicing company into bits. Why does not Govt hand it over to an Employees Cooperative rather than Babus?," he tweeted after the government's announcement about the initial failed bid process. Mumbai Congress chief Sanjay Nirupam, who has expressed his solidarity with the Air .
With no takers, Air India's divestment plan nosedives (Roundup)
The government's plan to divest a majority stake in the national passenger carrier Air India seems to have run into trouble, as no bids were received for the cash-strapped airline.
CCI dismisses complaint against BMW India
The Competition Commission has dismissed allegations of abuse of dominant position against BMW India with regard to non-renewal of a dealership agreement. Besides BMW India, the complaint -- filed by a Gujarat-based former car dealer of the German luxury carmaker -- was also against BMW India Financial Services. BMW India Financial Services is a group company of BMW India and financially supports the sales of the latter. The complainant was a dealer for BMW vehicles for the territory of the state of Gujarat under a dealership agreement with BMW India since 2007 which was being renewed from time to time. In December 2017, BMW India intimated the complainant through a letter about not renewing the dealership agreement which was to expire at the end of the month. Among others, it was alleged that BMW India abused its dominant position by not renewing the dealership agreement. In an order dated May 30, CCI said from the information available in the public domain, it appears that BMW India
FinMin hopes decline in crude prices to continue
Pinning hopes on further reduction in global crude oil prices, Economic Affairs Secretary Subhash Chandra Garg today indicated that the retail prices of petrol and diesel could see a further decline. Asked about a mere 1 paise reduction in petrol prices announced by oil companies yesterday, Garg termed it "formula driven", but added that the trend for reduction had begun. "It is not material that it is 'x' paisa today or 'y' paisa. The trend for reduction has started. Earlier since the (crude) prices were going up, the trend was building up the prices. Maybe going forward, you might see some more reduction...," he told reporters here. Yesterday, local petrol and diesel prices were cut by 1 paisa a litre each. Today again the fuel prices were reduced-- petrol by 7 paise a litre and diesel by 5 paise. Garg said the government is working on a long-term solution to deal with any spurt in crude oil prices, and including petroleum under GST is one of the options being discussed. "Last 3 ...
SoftBank joins GM in self-driving car push; GM shares soar
(Reuters) - Japan's SoftBank Group Corp will invest $2.25 billion in General Motors Co's autonomous vehicle unit Cruise, the companies said on Thursday, a deal that validates the venerable Detroit automaker's leadership in self-driving cars and sent GM shares up more than 10 percent.
Factbox: SoftBank backing more than a dozen mobility startups
(Reuters) - Japanese investment group SoftBank, through a variety of affiliated companies such as its $100-billion SoftBank Vision Fund, holds stakes in more than a dozen startup companies involved in some aspect of future transportation.
UK government picks sole man in shortlist for top bank job
On a day that a UK government-backed review exposed companies' "pitiful" excuses for the lack of women in boardrooms, Britain's Treasury appointed the only man in a shortlist of five to a top job at the central bank. In a statement Thursday, Treasury chief Philip Hammond said he was appointing Jonathan Haskell to the Bank of England's nine-person Monetary Policy Committee. Haskell will replace Ian McCafferty from Sept. 1 for a three-year term. The appointment of Haskell, an economics professor, means the committee will still have eight men and only one woman. The decision led to criticism of Hammond as the other four candidates on the shortlist were all women. Rachel Reeves, an opposition Labour lawmaker who chairs the Business, Energy and Industrial Strategy Select Committee, said in a tweet: "Are we really saying only one woman should be at the top table for these crucial decisions?" The Treasury insisted the appointment was based on merit. "We are committed to diversity and ...
Indian economy grows 7.7% in Q4, remains ahead of China as fastest growing
India's GDP grew at the fastest pace in seven quarters at 7.7 per cent in January-March, retaining the fastest growing major economy tag on robust performance by manufacturing and service sectors as well as good farm output. India's economic expansion at 7.7 per cent was significantly higher than China's 6.8 per cent in the January-March period. However, the Indian economy on yearly basis grew at a four-year low of 6.7 per cent in 2017-18, down from 7.1 per cent in the previous fiscal. The previous low was recorded in 2013-14 at 6.4 per cent. "GDP at 2011-12 prices in the fourth quarter of 2017-18 registered growth rate of 7.7 per cent as against 5.6 per cent , 6.3 per cent and 7 per cent, respectively, in the first three quarters, Q1, Q2 and Q3 of 2017-18. Rapid growth in agriculture (4.5 per cent), manufacturing (9.1 per cent) and construction (11.5 per cent) contributed to the overall growth," the Central Statistics Office (CSO) said in its national accounts data released ...
Wipro's infra engineering arm to offer automation solutions
Wipro Infrastructure Engineering (WIN) on Thursday forayed into industrial automation space to offer solutions as a new business.
TN records dip in revenue from liquor sales in FY18
Liquor sales revenue in Tamil Nadu dipped by nearly Rs 200 crore for the year ending March 31, 2018, Minister for Electricity, Prohibition and Excise, P Thangamani said today. The total revenue from sales of Indian Made Foreign Liquor through outlets of state-run Tasmac stood at Rs 26,794.11 crore as against the Rs 26,995.25 crore in 2016-17, according to a policy note tabled by the minister in the state assembly. The reduction in revenue was due to certain amendments made in the tax structure, the note said. The revenue numbers in 2017-'18 include the reduction in excise and increase in VAT due to certain amendments made in the tax structure. Of the total earnings, excise revenue generated for 2017-18 was Rs 6,009.25 crore, Sales Tax was at Rs 20,784.86 crore, the policy note said. The excise revenue (Rs 6,009.25 crore) was before deduction of Rs 193.96 crore which was received as refund of special privilege fee and Vend fee paid in excess by TASMAC during 2012-13. The
U.S. consumer spending accelerates; job market strengthening
WASHINGTON (Reuters) - U.S. consumer spending posted its biggest gain in five months in April, a further sign that economic growth was regaining momentum early in the second quarter, while inflation continued to rise steadily.
Two-day bank strike ends leaving 80 lakh cheques uncleared
The two-day nation-wide bank strike ended today with nearly 80 lakh cheques in various public sector, old generation private sector, foreign and regional rural banks remaining uncleared, bank unions claimed. Around 10 lakh employees of 21 public sector banks, 13 old generation private sector banks 6 foreign banks and 56 regional rural banks were on a two-day strike, since May 30, to protest a meagre two per cent pay hike proposed to them by Indian Banks Association (IBA). In Maharashtra alone, 60,000 employees and officers from around 12,000 branches were on strike. "The protest was mainly for adequate wage revision. It was completely successful. Close to 80 lakh cheques were not cleared in these two days," United Forum of Bank Unions (UFBU) Convenor (Maharashtra) Devidas Tuljapurkar claimed. It will take another week to clear these pending cheques, he added. Industry body Assocham pegged that the the two-day strike might impact Rs 20,000 crore worth of customer transactions. IBA in
Wall Street lower as fresh tariffs rekindle trade war fears
(Reuters) - U.S. stocks fell on Thursday after the United States decided to impose tariffs on aluminium and steel imports from Canada, Mexico and the European Union, sparking fresh worries over a trade war with its top allies.
Eight infra sectors record 4.7 pc growth in Apr
Eight infrastructure industries recorded 4.7 per cent growth in April helped by healthy performance in segments like coal, natural gas and cement. The growth rate of eight core sectors, which also include fertilisers and steel, was 2.6 per cent in April 2017, according to the data released by the commerce and industry ministry today. Coal, natural gas, refinery products and cement grew by 16 per cent, 7 .4 per cent, 2.7 per cent, and 16 .6 per cent in April this year, respectively. As per the data, growth in the fertiliser production was 4.6 per cent and in steel sector it was 3.5 per cent in April on yearly basis. Electricity generation increased by 2.2 per cent in April this year, over the same month of 2017. However, crude oil production declined by 0.8 per cent on yearly basis. Commenting on the numbers, Commerce and Industry Minister Suresh Prabhu said that the figures reinforce India's growth story and robust macroeconomic fundamentals. "This growth momentum is reflective of ...
Diversify export basket, focus on new mkts to boost engineering shipments: Commerce Secy
Engineering exporters should work on diversifying their export basket and explore new markets to boost shipments, a top government official today said. Commerce Secretary Rita Teaotia said that the commerce ministry is working to resolve issues being faced by engineering exporters and they should work on increasing their share in the global trade. Engineering Export Promotion Council (EEPC) has raised issues related with delay in GST (Goods and Services Tax) refund, increasing raw material prices and increasing protectionism. The share of India's engineering exports in the global engineering trade is 1.2 per cent and "it is fairly steady over the years" and increasing this share is an aspiration that "we need to work towards," she said here at EEPC India awards function. She suggested the exporters to aim at doubling the share in the coming years. Teaotia also emphasised on the need to focus on 4-5 categories of the sector to boost the exports. "We should try to become world leader in
UIDAI gives breather to banks; relaxes daily Aadhaar target for bank branches
In a major breather to banks, the Unique Identification Authority of India (UIDAI) has reduced by half, the daily minimum Aadhaar enrolment or updation target for stipulated bank branches to eight from July 1, 2018. It has also said that banks which achieve the fresh target for July will not have to face "financial disincentives" up to that month, according to a circular issued by the UIDAI. The banks - which are required to ensure that 10 per cent of their overall branches have Aadhaar enrolment centres - were so far facing a target of logging 16 daily enrolments or updations in each of these branches. This target has now been relaxed and has to be met by banks in three phases. As per the circular, which has been seen by PTI, the stipulated bank branches with Aadhaar facility will have to ensure at least eight enrolments or updations in each branch daily, from July 1, 2018. These targets will then be raised to minimum of 12 per day per branch from October 1, and to 16 from January 1,
With no takers, Air India's divestment plan nosedives
The central government's plan to divest a majority stake in the national passenger carrier Air India seems to have run into trouble, as no bids were received for the cash-strapped airline.
UK names academic Haskel as new Bank of England rate-setter
LONDON (Reuters) - Academic Jonathan Haskel was named as a new Bank of England interest-rate setter on Thursday, bringing his expertise in productivity to the central bank as it tries to work out the underlying growth potential of Britain's economy.
GDP numbers reflect continuing trajectory of growth: Bibek Debroy
Prime Minister's Economic Advisory Council Chairman Bibek Debroy on Friday said the GDP estimates for the fourth quarter of FY18 reflected continuity in the momentum of the growth trajectory.