Page 3758 - Business Finance
Bank strike : Banking work paralysed in Bengal
All bank branches and ATMs in the city remained closed and normal banking work was paralysed on the first day of the two-day nation-wide bank strike and bank unions have claimed total response across West Bengal to the agitation. A United Forum of Bank Unions (UFBU), which is an umbrella organisation of seven bank trade unions, claiming total response to the strike said all private and public sector bank branches remained closed across the state. It said a few ATMs were forced open by a political party in a few places in the districts. There are nearly 10,000 branches and 21,000 ATMs of all the public sector banks in the state involving 70,000 employees, leaders of bank unions said. UBFU West Bengal convenor Siddhartha Khan said there was a call from the Indian Bank Association (IBA) for dialogue but UFBU had asked for a formal letter on this. Khan said IBA has asked the six banks including SBI, Oriental Bank of Commerce, Union Bank and Bank of Baroda to reconsider their
Bank strike hits services in Punjab, Haryana, Chandigarh
Banking services in Punjab, Haryana as also in Chandigarh were hit today as employees went on two-day nationwide bank strike against a "meagre" 2 per cent salary hike offered by the Indian Banks Association (IBA), which represents management. All customers services including cash withdrawals as well as cheque clearance/deposits were hit. The industrial sector including MSME and large enterprises in Punjab and Haryana are likely to face problems for a couple of days as their business transactions may be hampered. However, major private sector banks continued to function in these states. Protesting employees, under the aegis United Forum of Bank Unions (UFBU), held rallies and demonstrations at several places including Ludhiana. "We do not want that customers should face any kind of inconvenience. But we were left with no option except to go on strike," UFBU (Ludhiana), Convener, Naresh Gaur said. Opposing the meagre salary hike offer, Gaur said, "Wage increase should be commensurate ...
Indian economy likely motored ahead in Q1 but now might coast: Reuters poll
(Reuters) - India's economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world's fastest growing major economy, a Reuters poll found.
ICICI Bank to hold 'independent' probe into allegations against Kochhar
Private sector lender ICICI Bank today said it instituted an independent enquiry into the allegations levelled by anonymous whistle-blower against MD and CEO Chanda Kochhar. Without detailing the allegations, the bank in a regulatory filing said the enquiry will be headed by an independent and credible person. "The scope of enquiry would be comprehensive and include all relevant matters arising out of and in the course of examination of the facts and wherever warranted, use of forensics/e-mail reviews and recordal of statements of relevant personnel etc," the filing said. The allegations are related to 'conflict of interest' over a time and 'quid pro quo' in course of Kochhar's work in dealing with certain borrowers.
Japan Nikkei falls on uncertainty in Italy, Wall Street's retreat
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Australia Market falls on Italian political turmoil, bank shares take hit
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Stocks drift lower in volatile trade
Key benchmark indices logged small losses in a highly volatile session of trade. The barometer index, the S&P BSE Sensex, fell 43.13 points or 0.12% at 34,906.11, as per the provisional closing data. The Nifty 50 index fell 18.95 points or 0.18% at 10,614.35, as per the provisional closing data. Markets across the globe were impacted by Italy's political crisis and fresh fears of a trade war between US and China.
Cong to start 'tweet morcha' on June 2 against fuel price hike
Condemning the reduction of fuel prices by just 1 paisa per litre after 16 days of relentless price hike, the Congress in Mumbai today said it would launch a social media campaign on June 2 to express its anguish. As a part of the online campaign, titled "Tweet Morcha", the opposition would mobilise people to post tweets to Prime Minister Narendra Modi and Chief Minister Devendra Fadnavis over the issue and suggest ways to reduce the fuel prices, Mumbai Congress chief Sanjay Nirupam told PTI today. The campaign is aimed at rallying the people who are active on social media to put pressure on the central and Maharashtra governments to reduce the fuel prices, he said. "The fuel prices are being increased for the last 16 days. Now, the petrol and diesel prices have been reduced by 1 paise. This is a cruel joke and we condemn it," he said. Nirupam along with prominent 'twitteratis', including author Sucheta Dalal, will gather at the Mumbai Marathi Patrakar Sangh office on ...
Markets end in red for 2nd day, Sensex sheds 43 pts
Benchmark Sensex slipped over 43 points in volatile trade to end at 34,906.11 today with no let-up in selling by investors ahead of May derivatives expiry amid weak global cues. The cut in India's 2018 GDP growth forecast by Moody's also affected sentiment, brokers said. The 30-share Sensex opened on a bearish note at 34,876.13 and slipped further to hit a low of 34,735.11 largely on sustained foreign fund outflows amid a global sell-off on political uncertainty in Italy and concerns of a possible China-US trade war. However, short-covering by speculators ahead of May derivatives expiry tomorrow and recovery in the rupee reversed the early losses, with the gauge scaling a high 35,017.45. It finally ended at 34,906.11, down 43.13 points, or 0.12 per cent. The Sensex swung over 280 points intra-day. The barometer had lost 216.24 points in the previous session. The 50-share NSE Nifty too settled 18.95 points, or 0.18 per cent, lower at 10,614.35. During the session, it moved between ...
Exports from SEZs rise 5% to Rs 20,548 cr in April: EPCES
Exports from the country's special economic zones (SEZs) grew 5.44 per cent in April to Rs 20,548 crore as against Rs 19,488 crore in the same month a year ago, EPCES today said. According to Export Promotion Council for EOUs & SEZs (EPCES), highest growth in outward shipments was recorded from the Cochin SEZ which witnessed a 704 per cent jump from Rs 461 crore in April last year to Rs 3,708 crore this year. "Total exports in April this year from SEZs amounted to Rs 20,548 crore as against Rs 19,488 crore in April 2017," said Vinay Sharma, Officiating Chairman of EPCES, adding that the government's policies have managed to register a healthy growth roadmap for manufacturing and service industry. EPCES said the major sectors recording healthy growth include biotech, chemicals, pharmaceuticals, computer, electronics, non-conventional energy, plastic, rubber, trading and services.
Sensex, Nifty end lower for second day; Italy worries weigh
(Reuters) - Indian shares ended lower for a second day, weighed down by jittery global stocks on fears of repeat elections in the euro zone's third-largest economy, Italy, with investors trimming exposure to riskier assets.
Govt seeks applications for NFRA chairperson, members posts
The government today sought applications for the posts of chairperson and three full-time members of the National Financial Reporting Authority (NFRA). In March, the Cabinet approved setting up of the NFRA, which would be an independent regulator for the auditing profession. The same month, the Corporate Affairs Ministry came out with the rules for appointment and other terms of service of chairperson and members. The jurisdiction of the NFRA -- which would be an oversight body for auditors -- would extend to all listed companies as well as large unlisted public companies. In a public notice, the government invited applications from Indian nationals for the posts of chairperson and three full-time members. According to the notice, the current criteria for appointment might be relaxed, if considered necessary, for meritorious applicants. "The NFRA is mandated to make recommendations to the central government on the formulation and laying down of accounting and auditing policies and ...
Sorrell plots comeback with new listed company after WPP exit
(Reuters) - Martin Sorrell is staging a comeback just six weeks after he was ousted from WPP, using the same formula as in the 1980s when he transformed a little-known shell company into the world's biggest advertising group.
Bayer wins U.S. nod for Monsanto deal to create agriculture giant
FRANKFURT/WASHINGTON (Reuters) - Bayer won U.S. approval for its planned takeover of Monsanto after agreeing to sell about $9 billion in assets, clearing a major hurdle for the $62.5 billion deal that will create by far the largest seeds and pesticides maker.
ICAI comes out with accounting standards for cash flow statements of local bodies
Chartered accountants' apex body ICAI today said it has issued accounting standards for local bodies with respect to cash flow statements. The Accounting Standards for Local Bodies (ASLBs) are aimed at ensuring that the financial reporting by local bodies reflects how efficiently and effectively local bodies have discharged their responsibilities in using public funds, according to ICAI. The Institute of Chartered Accountants of India (ICAI) has issued ASLB 2 'Cash Flow Statements'. "Application of ASLB 2 will be useful for the local bodies to identify their sources of cash inflows, cash outflows, and the cash balance as at the reporting date which will provide users of financial statements with information for both accountability and decision-making purposes," the institute said in a release. A cash flow statement, when used in conjunction with the other financial statements, provides information that enables users to evaluate the historical changes in cash and cash equivalents and ..
Rahul takes a jibe at PM over 1 paisa cut in fuel price
Congress president Rahul Gandhi on Wednesday took a swipe at Prime Minister Narendra Modi for one paisa drop in fuel prices.Gandhi termed the slashing of rates as a 'childish prank in poor taste'.The Congress party president tweeted, "Dear PM, You've cut the price of Petrol and Diesel today by 1 paisa. ONE paisa!?? If this is your idea of a prank, it's childish and in poor taste. P.S. A ONE paisa cut is not a suitable response to the #FuelChallenge I threw you last week."Last week, Gandhi dared Prime Minister Modi for, what he called a fuel challenge, after the latter accepted an online fitness challenge posed by Indian Cricket captain Virat Kohli.Rahul, in response, urged the Prime Minister to take up the 'fuel challenge' and reduce the skyrocketing fuel prices.After a continuous hike in the petrol and diesel price for 16 consecutive days, the rates saw 'a drop' of one paisa on Wednesday.The Indian Oil Corporation (IOCL) in a statement clarified that the petrol price in Delhi was ...
Maha CM asks crop insurers to settle farmers' claims by June 7
Maharashtra Chief Minister Devendra Fadnavis today directed insurance companies to expedite the process of settling farmers' claims and deposit the crop cover amount into their bank accounts by June 7. He gave the direction during a meeting called to review the impact of the Prime Minister's Crop Insurance Scheme. The chief minister expressed displeasure over the slow progress in settlement of farmers' claims by insurance companies for the kharif season 2017. Minister of State for Agriculture Sadabhau Khot was also present in the meeting. The weather forecast for this year is that the monsoon will arrive on time and there will be sufficient rainfall, Fadnavis mentioned. "Farmers will be immensely benefited if they get the money required to buy seeds and fertilisers. The insurance companies should try and ensure that farmers get the crop insurance money in their accounts before June 7," he said. A lot of information needs to be gathered about the beneficiary farmers for ..
Global Markets: Stocks fall for sixth day but Italy, euro in mini-bounce
LONDON (Reuters) - Italy's political crisis and renewed trade war fears sent world stocks lower for the sixth day in a row, though hopes that Italy could avoid a new election helped European markets stage a mini-bounce from one of their worst selloffs in years.
Oil edges towards $76, supported by tight supplies
LONDON (Reuters) - Oil climbed towards $76 a barrel on Wednesday, supported by tight supplies despite expectations OPEC and its allies will pump more in the second half of 2018 and helped by forecasts U.S. inventories fell.
Motorola smartphones now at Reliance Digital, MyJio stores
In a bid to strengethen its presence in India, Lenovo-owned Motorola on Tuesday partnered with Reliance Digital to showcase its complete product portfolio via "Moto Hubs" at over 150 Reliance and MyJio stores.