Page 3910 - Business Finance
Aadhaar, PAN mandatory for customs broker licence: tax dept
The revenue department has made unique identity number Aadhaar and PAN mandatory for persons seeking a customs broker licence, according to a notification. 'Customs broker' is a person licensed to act as an agent on behalf of importer/exporter for transaction of business relating to entry or departure of conveyances or goods at any customs station, including audit. According to the Customs Brokers Licensing Regulations, 2018, notified by the Central Board of Excise and Customs (CBEC) recently, an applicant seeking to get a licence for customs broker should hold Aadhaar as well as PAN card. The Directorate General of Performance Management, as per the regulations, in the month of April of every year invites applications for conducting examination and subsequent grant of licence to act as customs broker. The licence issued under the regulations is valid for 10 years. A broker is obliged to verify identity of the client and functioning at the declared address by using "reliable, ...
SKorea's LG Group chairman dies
The chairman of South Korean conglomerate LG Group has died, company officials said today. He was 73. Koo Bon-moo is credited with expanding the business empire -- centred around consumer electronics, displays and chemicals -- founded by his grandfather in 1947. During Koo's more than 20 years as top executive, sales increased dramatically, with LG Group posting 160 trillion won (US$148 billion) in sales last year, up from around 30 trillion won in 1994. The entrepreneur was hospitalised last week after earlier undergoing brain surgery, but rejected life-prolonging treatments, Yonhap news agency cited company officials as saying. Koo reportedly requested his adopted son, Koo Kwang-mo, succeed him to lead the family-controlled conglomerate. The 40-year-old is the eldest son of Koo's younger brother but was adopted by the entrepreneur in 2004 after he lost his own son in a car accident in the 1990s.
App to fix parking pangs in northeast
Two young engineers of Assam are set to address the parking woes of car owners in and around Guwahati and other cities of the northeastern region with their mobile application. The app, 'ParkingRhino', plans to manage both on-street and off-street parking in the state capital and other towns of Assam such as Jorhat, Dibrugarh, Tinsukia and Tezpur, by providing real-time information to drivers, its co-founder Tridib Konwar said. "We have started our market research and lead generation for other northeastern states and plan to digitize more than 400 parking locations in the region through this platform," Konwar, who is also the CEO of the start-up, explained. Bogged by inefficient system of parking vehicles in their work city Bengaluru, Konwar and his fellow Assam Engineering College alumini, Mriganka Deka, launched the app in 2016, but the focus shifted towards the North East after it secured seed funds from the 'Ideation' programme last year. Assam-based Numaligarh ...
South Korea's LG Group chairman dies at 73
SEOUL (Reuters) - South Korea's fourth-largest conglomerate LG Group said its Chairman Koo Bon-moo passed away on Sunday due to illness.
China agrees to import more from U.S., no sign of $200 billion figure
WASHINGTON (Reuters) - China has agreed to significantly increase its purchases of U.S. goods and services, the two countries said on Saturday, but made no mention of a $200 billion target the White House had touted earlier.
South Korea's LG Group chairman Koo Bon-moo dies - Yonhap
SEOUL (Reuters) - Koo Bon-moo, the chairman of South Korea's fourth-largest conglomerate LG Group, passed away on Sunday due to illness, the Yonhap news agency said.
China, US issue joint statement on economic, trade consultations
China and the US have issued a joint statement on economic and trade consultations, vowing not to launch a trade war against each other.
U.S., China agree to increased trade cooperation
WASHINGTON (Reuters) - The United States and China agreed to take measures to reduce the U.S. trade deficit in goods by having China purchase more American goods - particularly agriculture and energy products, according to a joint statement the two nations released on Saturday.
FinTech firms assisting banks with customer acquisition
In the recent past, FinTech firms have seen an enormous transformation, backed by the current age of digitisation and a boom in digital data. These firms have provided a plausible option to ditch the long waits at banks for financial needs.Under the spectrum of financial services, banks are increasingly collaborating with Fintech companies to reach out to a wider audience by leveraging their tech-driven processes.In this context, here are four FinTech startups that are helping banks acquire more customers:MoneyTapIt is a smartphone app that provides salaried individuals and self-employed professionals with a line of credit. People earning more than Rs. 20,000 per month can utilise this app to borrow anywhere between Rs.3,000 to Rs.500,000. Offering flexible payback options, MoneyTap allows borrowers to select their own EMI plans.CoinTribeEndeavoring to fill the gaps in SME unsecured loan segment, CoinTribe as a loan marketplace makes it easier for banks to confidently enter the ...
Mehbooba for bridging lab-field gap to attain optimum results in agriculture
Jammu and Kashmir Chief Minister Mehbooba Mufti today stressed on the need to bridge the gap between research laboratories and agriculture fields to attain optimum results in the farming sector. Addressing the sixth convocation of Sher-e-Kashmir University of Agricultural Sciences and Technology in Jammu, Mufti said agricultural in the state is comparatively better compared to other states, but there is a need to look into the reasons for the sector not performing up to the expectation. She asked scientists and policy-planners to find why agriculture has not picked up as an enterprising sector despite several schemes and technological interventions. Mufti called for close coordination between research labs and farming fields, where the research are implemented. She asked students to bridge the gap by bringing latest equipment and technology to fields so that the yield is improved. "Though the sector in our state is performing considerably well as compared to other states, still we ...
Two arrested for alleged GST fraud, tax evasion
The Goods and Services Tax (GST) department today arrested two persons here for allegedly duping the exchequer of Rs 127 crore by issuing fake GST invoices and not paying the service tax. Amit Upadhyay (40) and Asad Anwar Sayed (42) were sent in judicial custody for 15 days by a local court, a GST official said here. During April 2016 to June 2017, Upadhyay, a city-based businessman, collected service tax of Rs 47 crore but did not deposit the amount with the Service Tax department, the official said. Further, he allegedly received Rs 79.38 crore through fake GST invoices with the help of Sayed, who owns a computer solutions company, with the intention of evading tax, the official said. Further probe was on, the official added.
NYSE listed nVent Electric launches in India
New York stock exchange listed electrical solutions provider nVent Electric on Saturday announced the launch of its India operations as an independent, publicly traded company.
U.S. gun lobby takes aim at 'gun-hating' banks Citi, BofA
WASHINGTON (Reuters) - The U.S. gun lobby is taking aim at "gun-hating" banks after Citigroup Inc and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists.
Exclusive: Sanctions-hit Vekselberg repays 1 billion Sfr credits to Western banks
ZURICH/MOSCOW (Reuters) - Sanctions-hit Russian oligarch Viktor Vekselberg and his Renova Group have repaid loans amounting to over one billion Swiss francs ($1 billion) to banks including JPMorgan, Credit Suisse and UBS, Renova and a source familiar with the matter told Reuters on Saturday.
Kenya oil production on course after agreement on revenue share
NAIROBI (Reuters) - Kenya will start the small scale export of crude oil from its fields in the far northern county of Turkana in June after an agreement on how to share the revenue, averting delays, the presidency said on Saturday.
BOI expects 8-10% business growth this fiscal
State-run lender Bank of India (BOI) is expecting its business to grow 8-10 per cent in the current fiscal, an official said here on Saturday.
Sterlite Power plans $4 bn investment in Brazil by 2022
Sterlite Power is planning an investment of $4 billion by 2022 in power projects in Brazil where it has won orders last year to build transmission lines, the company said on Saturday.
Linseeds oil recover on renewed demand
Linseeds oil recovered modestly at the Vashi oils and oilseeds wholesale market here today following renewed demand from paints and allied industries. Elsewhere, refined palmolein gained marginally owing to good demand from retail buyers. While castor seeds bold and castor oil commercial slipped owing to subdued demand from soaps and shippers industries. On the other hand, groundnut oil held stable in the absence of any worthwhile buying activity. In the non-edible segment, linseeds oil rebounded by Rs 5 per 10 kg to Rs 785 from Friday's closing level of Rs 780. However, castor seeds bold eased by Rs 5 per 100 kg to Rs 4,015 as against Rs 4,020 yesterday and castor oil commercial softened by a rupee per 10 kg to Rs 833. Moving to edible section, refined palmolein inched up per 10 kg to Rs 722 and groundnut oil closed unchanged at Rs 845 per 10 kg.
Bhushan Steel takeover: Jindal congratulates Ratan Tata, Tata Group officials
Steel tycoon Sajjan Jindal today congratulated Tata Group Chairman Emeritus Rata Tata and Senior officials on the successful acquisition of bankrupt Bhushan Steel. He also exuded confidence that the Tata Group will "nurture" the good quality asset. Tata Steel Ltd has won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets the RBI had referred to NCLT proceedings last year. "Congratulations to #TVNarendran #NChandra @RNTata2000 and @TataCompanies for the successful acquisition of #BhushanSteel. It's always gratifying when a good quality asset goes into the hands of an institution which will nurture it and build it further," Jindal said in a tweet. Yesterday Tata Steel said it has successfully completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL) through its wholly-owner subsidiary Bamnipal Steel Ltd (BNPL). "BNPL has successfully completed the acquisition of controlling .
IMG Reliance, British Council sign agreement to support female textile artisans
IMG Reliance and the British Council have signed an agreement to bring global 'Crafting Futures' programme to India to support the country's female textile artisans.