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Page 3866 - Business Finance

ATF price hike may lead to increase in air fares: Experts

The nearly 30 per cent increase in aviation turbine fuel (ATF) over the last one year could compel domestic airlines to go for a upward fare revision to offset the increased cost of operations, according to experts. Since the jet fuel accounts for 45 per cent of an airline's cost of operation, the carriers could think of hiking the prices by up to 15 per cent, the experts feel. While the airlines refused to come on record on the issue, executives of some private carriers said a call on how to offset the increase in the ATF was yet to be taken even though the situation demands hiking of the fares. The ATF price has witnessed an increase of nearly 30 per cent over the last one year and about 25 per cent in just last six months. "There is an increase of 25 per cent in the jet fuel prices from last November till date and this definitely calls for an increase in ticket prices to meet some of the increased costs. But the question is who will bell the cat," said a private ...

Updated On : 23 May 2018 | 3:20 PM IST

Outcome of board meeting of Wintac

Held on 23 May 2018

Updated On : 23 May 2018 | 3:16 PM IST

Hindustan Petroleum Corporation Ltd leads losers in 'A' group

Balrampur Chini Mills Ltd, Tata Steel Ltd, Bharat Petroleum Corporation Ltd and Century Textiles & Industries Ltd are among the other losers in the BSE's 'A' group today, 23 May 2018.

Updated On : 23 May 2018 | 3:16 PM IST

Ind-Ra: Subsidy for Urea Manufacturers Likely to Increase in Short to Medium Term

New urea plants: Five new gas-based urea manufacturing plants of a combined urea capacity of 6.42 million metric tonnes (mmt) with a combined natural gas requirement of 10 million metric standard cubic metres per day (mmscmd) and a new coal gasification-based urea manufacturing plant of urea capacity of 1.27 mmt are likely to commence operations during FY20-FY21. The cost of urea production from these plants would be significantly higher than the imported urea prices, as the reimbursement allowed under the policy has a floor price of USD285/t to USD305/t and increases by USD20/t for every USD1/mmbtu increase in gas prices above USD6.5/mmbtu. At a delivered gas price of USD10/mmbtu, the price to be paid to urea manufacturers would be USD355/t-375/t compared with imported urea price of USD250/t. This is likely to result in higher subsidy outgo for the government. Once all the plants are operational, the total subsidy burden from these plants is likely to be INR145 billion.

Updated On : 23 May 2018 | 3:16 PM IST

Euro zone business slowdown suggests best days may be over

LONDON (Reuters) - Euro zone economic growth slowed much more sharply than expected this month, a business survey showed, which along with weaker inflation has intensified concerns there will be no return to the bloc's recent boom times.

Updated On : 23 May 2018 | 3:15 PM IST

Petrol almost Rs 85 a litre in Mumbai, crosses Rs 80 in Chennai

The petrol price in India's financial capital Mumbai touched Rs 84.99 a litre on Wednesday.

Updated On : 23 May 2018 | 3:15 PM IST

M Venkatesh appointed MRPL MD

M Venkatesh has been appointed as the Managing Director of Mangalore Refineries and Petrochemicals Limited (MRPL), an order issued by the Personnel Ministry said today. Vekatesh is at present Director (Refineries) in the MRPL, a subsidiary of the Oil and Natural Gas Corporation Limited (ONGC) He has been appointed to the post for a period of five years with effect from the date of his assumption of charge of the post on or after June 1, 2018, or till the date of his superannuation, the order said.

Updated On : 23 May 2018 | 3:10 PM IST

Govt collaborating with Netherland, Sweden for research prog on HIV/AIDS: Bruins

The government has collaborated with Netherlands and Sweden for a research programme on HIV/AIDS, said Bruno Bruins, Minister of Medical Care, Netherlands. The announcement about the Collaborative Research Program on HIV/AIDS between India, The Netherlands and Sweden was made at an event held here today. The programme aims to harness complementary research strengths and diverse expertise across the three nations to catalyse the development of better tools in order to understand and address the burgeoning global epidemic of HIV, a statement said. The inspiring projects announced today, highlight the affordability and accessibility of healthcare. It is a theme where our countries have excellent opportunities for innovative partnerships," Bruins said at the event. "By partnering together, we can help address the global challenge of rapidly rising healthcare costs, address unmet needs and open new markets together, he said. The collaboration would involve various government and ...

Updated On : 23 May 2018 | 3:05 PM IST

Australia: Market finishes lower on soft offshore cues, Santos slump

Updated On : 23 May 2018 | 3:04 PM IST

Japan: Nikkei falls on yen firmness, jitters over US-North Korea talk

Updated On : 23 May 2018 | 3:04 PM IST

M&S says annual profits tumble on restructuring

British clothing-to-food retailer Marks & Spencer reported a collapse in annual net profits today, hit by a costly restructuring. Bottom-line net profit tumbled almost 80 per cent to 24.7 million pounds in the group's financial year to March 31, M&S said in a statement. That compared with profit after taxation of 117.1 million pounds a year earlier. Pre-tax profit meanwhile dived more than 62 per cent to 67 million pound, while total sales firmed 0.7 per cent to 10.7 billion pound. The performance was dented by 321.1 million pounds in costs linked to the retailer's ongoing store closure programme in Britain. "In November I outlined the need for accelerated change at M&S," said chief executive Steve Rowe. "The first phase of our transformation plan ... is now well under way and the actions taken have increased the velocity of change running through our business. "These changes come with short-term costs which are reflected in today's results." The company also warned that ..

Updated On : 23 May 2018 | 3:00 PM IST

Gold touches Rs 32,000 on jewellers' demand

Gold rallied by Rs 120 to Rs 32,000 per ten gram on increased buying by local jewellers amid strong overseas trend. Silver also strengthened by Rs 300 to Rs 41,400 per kg due to increased offtake by industrial units and coin makers. Traders said increased buying by local jewellers to meet retailers' demand at domestic spot market and a depreciating rupee against the dollar, making gold import costlier, supported the uptrend. Besides, the metal surged as its prices rose slightly in global markets amid a firm dollar and uncertainty over the outcome of US-China trade talks, while investors waited for minutes from the Federal Reserve's meet for clues on the outlook for US interest rates. Globally, gold rose 0.12 per cent to USD 1,292.20 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs 120 each to Rs 32,000 and Rs 31,850 per ten gram, respectively. It had edged up by Rs 5 in yesterday's trade. Sovereign however held steady at Rs ..