Page 3874 - Business Finance
US, China near deal to save ZTE: report
The United States and China have a tentative deal to save embattled Chinese telecom company ZTE, days after the two nations announced a truce in their trade standoff, The Wall Street Journal reported today. Details remain to be hammered out, but according to the general outlines of the agreement, Washington would lift a crippling ban on selling US components to the company, which in turn would make major changes in its management, executive board and possibly pay additional fines, according to the report. The company had faced collapse due to the US ban, which resulted from its violations of US sanctions against Iran and North Korea. Washington and Beijing on Saturday called a halt to a spiraling trade dispute and Washington's accusations of unfair trade practices and the alleged theft of US technology, suspending US plans to impose tariffs on as much as USD 150 billion in Chinese imports. China, the world's largest auto market, also announced today it would cut duties on auto imports
Gold prices recover on scattered buying, global cues
Gold prices recovered by Rs 190 to Rs 31,100 per 10 grams at the bullion market here today on scattered buying by local jewellers and retailers, amid firm global cues. Silver, however, strengthened by Rs 460 to Rs 40,175 per kg on the back of increased offtake from industrial units. Standard gold (99.5 purity) hardened by Rs 190 to finish at Rs 31,100 per 10 grams from its overnight closing level of Rs 30,910. Pure gold (99.9 purity) also moved up by a similar margin to end at Rs 31,250 per 10 grams against Rs 31,060 previously. Silver (.999 fineness) spurted by Rs 460 per kg to finish at Rs 40,175 compared to Rs 39,715 earlier. Globally, gold edged up from a 2018 low, adding traction as the dollar fell off its five-month high, though risk appetite in the broader financial markets kept the precious metals gains in check. Spot gold had edged up 0.2 per cent to USD 1,294.81 per ounce at early trade. Silver rose 0.7 per cent to USD 16.60 an ounce.
RCom moves NCLAT challenging order allowing insolvency plea
Reliance Communications today said it has moved appellate tribunal NCLAT challenging the National Company Law Tribunal (NCLT) decision on beginning insolvency proceedings against it on a plea filed by Swedish telecom equipment major Ericsson. Anil Ambani-run RCom's plea is expected to be heard by the National Company Law Appellate Tribunal (NCLAT) in the coming week. The move, confirmed by Reliance Communications in a regulatory filing today, comes even as RCom is in "advanced stages of discussions" with Ericsson for settling issues related to unpaid dues (estimated at over Rs 1,000 crore) outside of the insolvency and bankruptcy proceedings. RCom informed the stock exchanges today that it has approached NCLAT along with its two subsidiaries - Reliance Telecom and Reliance Infratel - to stay the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 15. "The directors of RCom and two of its subsidiaries Reliance Telecom and Reliance Infratel today filed ...
Indian Oil Q4 net at Rs 5,218 cr up 40% on inventory gain
State-run oil marketer Indian Oil Corp (IOC) on Tuesday posted a 40.25 per cent rise in profit at Rs 5,218.10 crore for the fourth quarter ended March, mainly on the back of inventory gains, as per a company announcement.
CBI records Rabri Devi's statement in money laundering case
The Central Bureau of Investigation (CBI) on Tuesday recorded the statement of Rashtriya Janata Dal (RJD) Chief Lalu Prasad's wife, Rabri Devi, in connection with a money laundering case worth Rs 10 lakh, involving a corporate bank.For those unversed, an RJD MLA had allegedly deposited around Rs 10 lakh-worth demonetised currency on November 15, 2016, on behalf of Rabri, days after the Centre's demonetisation drive was announced.In April last year, a case was reportedly registered against the aforementioned cooperative bank following a probe by the Income Tax Department, while a notice was issued to the former Bihar chief minister.The concerned cooperative bank has also come under the investigative agency's scanner for not following the norms laid down by the Reserve Bank of India (RBI) during demonetisation.
China Shanghai Composite closes flat
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PNB retirees urges confidence building measures by government
The Pensioners and Retirees Association of the multi-crore fraud-hit Punjab National Bank (PNB) has called upon the central government to initiate "confidence building exercise" as recent developments have "demoralised bankers" and underminned the importance of state-owned lenders in the country's economy.
Centre unveils model contract farming law
To ensure better price to farmers, the Centre today unveiled a model law on contract farming and services not only in agriculture crops but also in livestock, dairy and poultry products. The draft Agricultural Produce and Livestock Contract Farming and Services (promotion and facilitation) Act 2018 seeks to keep the contract farming/services contracts outside the ambit of respective Agricultural Produce Marketing Committee (APMC) Act of the states, which will help buyers save 5-10 per cent on their transaction cost. It also provides for setting up of a dispute settlement authority and imposition of penalties for breach of contract. "Now, the ball is in the court of states, who have to adopt the model law and implement it at the earliest for the benefit of farmers," Agriculture Minister Radha Mohan Singh said after releasing the model law here. The government's aim is to double farmers income by 2022. The reforms in the marketing and other areas are being taken, keeping this objective .
Bhushan Steel gets new management post Tata Steel takeover
Rajeev Singhal has become the new Managing Director of debt-laden Bhushan Steel Ltd which has been acquired by Tata Steel through the insolvency process. According to the information on Bhushan Steel's website, its new Board comprises a Managing Director, one Independent Director and three Non-Executive Directors. While Krishnava Dutt has been appointed as an Independent Director, Anand Sen, Shuva Mandal and Dibyendu Dutta are company's new Non-Executive Directors. Sanjib Nanda is the Chief Financial Officer (CFO) of the recently acquired entity and Ujjal Chakraborti is its Chief Operating Officer (COO). O P Davra is the Company Secretary. "All appointments are with effect from May 18, 2018," a company official said. The person also said that no on-roll employee of Bhushan Steel has been asked to leave the company after the acquisition. On May 18, Tata Steel -- which had won the bid for Bhushan Steel in a insolvency process -- completed the acquisition of controlling stake of 72.65 ...
Japan Nikkei end softer on profit taking
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Wall Street gains as U.S.-China trade talks gather pace
(Reuters) - U.S. stocks rose on Tuesday, adding to gains from a day earlier, as the United States and China made progress on reducing trade tensions after agreeing to put their differences on hold.
Bring petrol, diesel under GST ambit: Congress
Making a scathing attack on the BJP-led Central government, the Congress on Tuesday questioned the constant rise in petrol and diesel prices, and demanded they be brought under the Goods and Services Tax (GST) ambit.
Australia Market falls to three-week low
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Oil rises back to $80 as supply concerns mount
LONDON (Reuters) - Oil rose to around $80 a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.
BP to cut 3 percent of jobs in upstream business: FT
(Reuters) - British oil giant BP Plc plans to cut 3 percent of jobs in its exploration and production as part of a restructuring of its upstream operations to make the division more efficient and flexible, The Financial Times reported https://on.ft.com/2x3bCMr on Tuesday.
Civil Aviation Ministry to urge Finance Ministry to bring ATF under GST
To contain the rise in jet fuel prices and its cascading impact on air ticket prices, Civil Aviation Ministry will urge the Finance Ministry to bring the particular fuel type under the ambit of GST.
New India Assurance mulls 1:1 bonus issue
State-owned New India Assurance Co Ltd today said it plans to issue bonus shares to shareholders in 1:1 ratio, meaning one additional share for each share held by a member. In a postal ballot notice to shareholders for passing a resolution to the same, the company has sought approval for the issue of bonus shares by increasing the issued, subscribed and paid up share capital of the company. Also, the company will increase the authorised share capital from Rs 600 crore to Rs 1,000 crore, it said in a regulatory filing. The board of directors on May 11 had approved the bonus share issue subject to approval of shareholders. Stock of New India Assurance closed 1.03 per cent up at Rs 670.80 on BSE.
SBI reports loss of Rs 7,718 cr in Q4 on higher provisioning
Country's largest lender State Bank of India today reported a standalone net loss at Rs 7,718 crore in the March quarter, due to higher provisions for bad loans and gratuity, and lower trading income. The lender, which last year merged six banks into it, had reported a net loss of Rs 3,442 crore in the same quarter last year. However, excluding the results of the six banks, the bank had reported a net profit Rs 2,814.2 crore in the March 2017 quarter. This is the second consecutive quarterly loss for the bank, which had reported a loss of Rs 2,416 crore in the December quarter. For financial year 2017-18, the bank reported a net loss of Rs 6,547 crore, compared with a net loss of Rs 1,805 crore in the previous year. "Last year, we completed merger of six banks into SBI and this was the first year after merger. So, in a way, the performance was not of the SBI alone, but of the seven banks," the bank's chairman, Rajnish Kumar, told reporters here today. The bank merged ...
Railways invites applications for over 9,000 posts in RPF
The railways today invited online applications from candidates for recruitment to 8,619 posts of constables and 1,120 posts of sub-inspectorsin the Railway Protection Force and the Railway Protection Special Force, a statement issued by the railway ministry said. The vacancies were announced for the recruitment of4,403 male candidates and 4,216 female candidates for the posts of constables and 819 male candidates and 301 female candidates for the posts of sub-inspectors. "Candidates are requested to see the employment news edition of 19-25 May, 2018 or visit the official website of Indian Railways for details," the statement said. Earlier, Railway Minister Piyush Goyal had tweeted about these recruitments. "Indian Railways releases more than 9,000 jobs for Constable and Sub Inspector posts in Railway Protection Force and Railway Protection Special Force, opening up new opportunities for youth (sic)," he had tweeted.
NCLAT issues notices to Bhushan Steel RP, CoC on L&T's plea; makes Tata Steel party
The National Company Law Appellate Tribunal today issued notices to the resolution professional (RP) and Committee of Creditors (CoC) of Bhushan Steel over the plea filed by its operational creditor L&T seeking to recover Rs 961.56 crore from the debt ridden company. NCLAT also impleaded Tata Steel, whose Rs 32,500 crore bid along with 12.27 per cent equity for Bhushan Steel has been approved, as party over L&T plea. "Let notices be issued to CoC and RP. File their replies by May 28," said the NCLAT bench headed by Chairman Justice S J Mukhopadhaya. The bench has directed that the matter be listed on May 30 for next hearing. It has also directed the engineering and construction major to file certified copy of NCLT order, which had dismissed L&T plea seeking higher priority in settling of Bhushan Steel debt and imposed Rs 1 lakh cost on it. On May 15, the the Principal bench of the National Company Law Tribunal (NCLT) had approved the plan submitted by the RP of Bhushan ...