Page 3907 - Business Finance
Mumbai-bound Oman Air flight diverted to Hyderabad
An Oman Air Muscat-Mumbai flight was diverted to Hyderabad due to air traffic congestion over Mumbai airport on Sunday.According to officials, "Oman Air WY 203 flight departed Hyderabad at 09:56 (UTC) and it reached Mumbai airport at 11:35 Coordinated Universal Time (UTC)."The flight was diverted to Hyderabad due to air traffic congestion over Mumbai airport, the official added.Meanwhile, the pilot of the flight said, "the wait time due to congestion is not acceptable"According to media reports, there have been flight delays at Mumbai lately as the airport has upgraded its Instrument Landing System (ILS).
Global Markets: Stocks rally after Mnuchin says Sino-U.S. trade war 'on hold'
TOKYO (Reuters) - Stocks rose on Monday as U.S. Treasury Secretary Steven Mnuchin declared the U.S. trade war with China "on hold" following an agreement to drop their tariff threats that had roiled global markets this year.
Chinese yuan weakens to against US dollar
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 89 basis points to 6.3852 against the US dollar on Monday, according to the China Foreign Exchange Trade System.
'US, China reach important framework deal on trade'
US Treasury Secretary Steven Mnuchin has said the US and China have reached a deal on a "very important" framework concerning their economic and trade ties, and the two sides have agreed to put a possible trade war on hold.
UAE to loosen visa rules for investors and innovators
The United Arab Emirates, home to financial hubs Abu Dhabi and Dubai, is loosening its residency laws and will grant long-term visas for up to 10 years to investors and highly-skilled professionals. The 10-year residency visas will be granted to specialists in science, medicine and research, and to "exceptional students." The state-run WAM news agency says the plan aims to attract global investment and innovators. The UAE Cabinet approved the new rules on Sunday, saying plans are also on track to allow foreign investors 100 percent ownership of their UAE-based companies this year. Under current laws, foreign companies must have an Emirati owning 51 per cent of the shares, unless the company operates in a free zone. Major brands Apple and Tesla are believed to be exceptions to the rule.
Average price of US gas jumps 10 cents, to USD 3 a gallon
The average price of regular-grade gasoline in the US jumped 10 cents a gallon over the past two weeks to USD 3.00. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the price has spiked 41 cents over the past three months. Lundberg says the increase is largely driven by higher crude oil costs and the phasing-in of summer-grade gasoline, which is used to prevent smog. The highest average price in the contiguous 48 states was USD 3.79 in the San Francisco Bay Area. The lowest was USD 2.54 in Baton Rouge, Louisiana. The average price for diesel fuel rose 9 cents, to USD 3.23.
Exclusive: GE nears deal to merge transportation unit with Wabtec - sources
(Reuters) - General Electric Co is nearing a deal to merge its transportation business, which manufactures train engines, with Wabtec Corp, a U.S. maker of equipment for the rail industry, two people familiar with the matter said on Sunday.
Nippon Steel says solid demand mutes impact of U.S. duties
TOKYO (Reuters) - Strong global demand has helped cushion the impact on Nippon Steel & Sumitomo Metal Corp of new U.S. import duties, but Japan's top steelmaker remains worried Washington's trade barriers could lead to a glut in Asia, its much bigger market.
Solution to combat surging fuel prices soon: Pradhan
Union Petroleum Minister Dharmendra Pradhan today said the increase in fuel prices was due to reduced production of oil in Organisation of Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market. Petrol prices today touched a record high of Rs 76.24 per litre and diesel climbed to its highest-ever level of Rs 67.57 as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers. Noting that people, especially the middle-class, have to suffer due to price hike of oil, the minister said the government would try to work out a solution soon to deal with the situation. "It's not in our hand. There is less production of oil in OPEC countries. The government will soon come out with a solution," he told reporters here. Pradhan, however, did not spell out the details. Stressing the need for stable and moderate oil prices, he said the surging fuel prices have negative impact on consumers and the Indian economy. With global ...
Pakistan to hold expo on agricultural products in Lahore
The agriculture department of Pakistan's Punjab province will hold a two-day Agri Expo 2018 at the Expo Centre in the eastern city of Lahore on June 23.
Banks credit in personal loans too high compared to degrowth in infra sectors: ASSOCHAM
Banks are deploying credit over-enthusiastically in retail finance like personal loans, credit card overdrafts, vehicle loans, while witnessing negative growth in key infrastructure sectors like telecom, power and roads, an ASSOCHAM paper noted on Sunday.The personal loans portfolio has grown by close to 18 percent in the fiscal ended March 31, 2018, with housing and vehicle loans claiming the lion's share, as per the Reserve Bank of India (RBI) data.On the other hand, key infrastructures sectors have been witnessing degrowth, rather any uptick, showing a disconcerting scenario, marred by the twin balance sheet problems of the banks and the corporate firms.For instance, in the Financial Year 2017-18, the credit deployment growth in the power sector was minus 1.1 percent, telecom minus 0.6 percent, roads minus 7.5 percent, cement and cement products minus 3.1 percent.In the absence of any demand for credit and even the risk aversion by the lenders, the tendency on the part of the banks
Mamata concerned over rise in petrol, diesel prices
West Bengal Chief Minister Mamata Banerjee today expressed deep concern over the sharp rise in petrol and diesel prices, saying it will affect common people. "We are very concerned about the rising prices of petrol and diesel. This will certainly affect prices all around. Common people, farmers and many will suffer," Banerjee said on her official Twitter handle. Petrol price today increased by 33 paisa a litre in Delhi -- the highest since the daily price revision came into force in mid-June 2017, and diesel by 26 paisa, according to price notification issued by state-owned oil firms. Petrol costs Rs 78.91 per litre and diesel Rs 70.12 in Kolkata, the notification said. Rates vary from state to state depending on the incidence of local sales tax or VAT. Prices in Delhi are the cheapest among all metros and most state capitals.
Congress accuses Modi of using petrol price as political tool, demands cut
The Congress on Sunday alleged that prices of petroleum products were being used by Prime Minister Narendra Modi "as a tool" to benefit BJP during elections and demanded that the prices should stay at least at the level that prevailed during the Karnataka assembly elections.
UDF hits out at Centre over frequent hike in fuel prices
The Congress-led UDF in Kerala today said frequent hike in prices of petroleum products was because the BJP-led government at the Centre was allegedly colluding with oil companies to 'help' them make 'unfair' profits. The price of petrol and diesel had reached a record high in the country, Congress leader Ramesh Chennithala said here. The price of petrol in the state capital was Rs 80 per litre and diesel Rs 73 per litre, he added. The Leader of the Opposition in the assembly criticised the CPI(M)-led LDF government in the state, saying it was not doing anything to alleviate the sufferings of the people due to the frequent hike in the prices of fuel. When the UDF was in power, it kept a check on price of petroleum products by doing away with additional tax, he added.
Sri Lanka warns of looming foreign debt crisis
Sri Lanka is headed for a debt crisis, the finance ministry warned today, blaming a series of costly projects commissioned by the previous government for record-high repayments. Finance Minister Mangala Samaraweera said payments of capital and interest would reach USD 2.84 billion this year, mostly to repay loans for extravagant projects under former president Mahinda Rajapakse. "The crisis will further worsen next year," Samaraweera said in a statement, adding repayments are expected to soar to USD 4.28 in 2019. "Repayments will go to pay the debts that were obtained during the Rajapakse regime for the waste, fraud and corruption committed by the oligarchies of the Rajapakses," he added. Foreign reserves totalled USD 9.9 billion at the end of April, the central bank says. Samaraweera said Rajapakse's administration secured two high-interest loans worth USD 1.5 billion in the final year of its decade-long rule. Officials say Rajapakse relied heavily on China to finance his grand ...
Less oil production in OPEC affects fuel price: Pradhan
Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday said the hike in the fuel prices is due to the less production of oil in the Organization of the Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market.However, the Union Minister also assured the citizens that the Indian government will soon take out a solution to tackle the situation.Talking to media, Pradhan said, "I accept that citizen of India and especially the middle-class family have to suffer a lot due to price hike of oil. It's not in our hand. There is less production of oil in OPEC countries. The Indian government will soon come out with a solution."He further said that ever since the US pulled out of the Iran nuclear deal, the price of crude oil has been increased in the International market."The fight between America and Iran is the most effective thing which leads to price hike of crude oil in the International market," he added.The prices of petrol and diesel ...
India 6th wealthiest country, says report
India is the sixth wealthiest country in the world with a total wealth of USD 8,230 billion, according to the AfrAsia Bank Global Wealth Migration Review.The report further stated that the United States is the wealthiest country in the world with a total wealth of USD 62,584 billion.China stood at the second place with USD 24,803 billion, while Japan was at the third place with USD 19,522 billion.Other countries in the top 10 wealthiest list include the United Kingdom, Germany, Australia, Canada, France and Italy.The total wealth, in the report, refers to the private wealth held by all the individuals living in each country.It includes all their assets less any liabilities. Government funds are excluded from it.Therefore, larger countries have an advantage due to a higher population.Further, the report stated factors that will help in wealth creation in India. They include a large number of entrepreneurs, good educational system, a robust outlook for IT, business process outsourcing, .
Odisha invites Bengal cos to explore investment opportunities
The Odisha government has recently organised an investors meet and participated in a roadshow in Kolkata to showcase the inherent advantages of investing in the mineral-rich state, a top official today said. A state government delegation briefed Bengal-based companies about the enormous growth opportunities that Odisha offers during the meet held on May 18, the senior official said. During the meetings with investors, strategic advantages of Odisha such as low cost of doing business, incentives for investors, dedicated sector-specific clusters and over 1,21,000 acres of land bank available for industrial development were highlighted. The meet elicited encouraging response with over 30 leading Kolkata-based industrialists meeting the delegation and exploring attractive growth opportunities across Odisha's focus sectors, he said. "We are pleased to receive an encouraging response from the business community of Kolkata. We are positive about attracting significant ...
South Korea's LG Group chairman dies from illness at 73
SEOUL (Reuters) - The chairman of LG Group, Koo Bon-moo, who helped transform South Korea's fourth-largest conglomerate into a global brand, passed away on Sunday after a battle with a brain disease.
Chhindwara kids save Rs 1 crore in piggy bank savings accounts
The Madhya Pradesh government's small savings scheme for children in Chhindwara district has become a hit with around 6,000 children having deposited Rs one crore in their piggy bank savings accounts over last 11 years. "Since the launch of Arunodaya Gullak Yojana in 2007, around 6,000 children deposited Rs one crore in the gullaks (piggy banks) that were given to them by 26 cooperative banks at various branches," said Chhindwara District Cooperative Bank Chief Executive Officer (CEO) Krishnakumar Soni. He said banks are also giving loans on these deposits for purposes like pursuing higher study, setting up businesses, for marriage and other goals in life. Under the scheme, the piggy bank savings account can be opened by parents of a child since his birth with just Rs one. "After opening the account, a 'gullak' with two keys is given to the child. While one of the keys is kept by the account-holder the other key is kept with the bank concerned," Soni said. As per ...