Page 438 - Business Finance

Rupee slips 24 paise to 69.46 vs USD in early trade

The rupee depreciated by 24 paise to 69.46 against the US dollar in early trade Monday on increased demand for the US currency from importers and weak opening in domestic equities. Forex traders said, the US President Donald Trump on Sunday threatened to raise tariffs on USD 200 billion worth of Chinese goods and this in turn impacted investor sentiment in the currency market. The rupee opened weak at 69.38 at the interbank forex market and then fell further to 69.46, down 24 paise over its last close. The local currency however pared the initial loss and was trading at 69.41 at 0926 hrs. The rupee had strengthened by 15 paise to close at 69.22 against the US dollar Friday. Besides, strength in dollar against major rival currencies, foreign fund outflows and heavy selling in domestic equities also kept pressure on the Indian rupee, dealers said. Meanwhile, foreign institutional investors (FIIs) pulled out Rs 400.68 crore on a net basis Friday, provisional data showed. Domestic bourses

China to cut reserve requirements for small banks

China's central bank said Monday it would cut the amount of cash that small and medium-sized banks hold in reserve in Beijing's latest move to boost the stuttering economy. Authorities will slash the reserve requirement ratio (RRR) on May 15, with the aim of lowering financing costs for small businesses, the People's Bank of China said in a statement. For county-level rural banks with limited scope, the RRR will be cut to eight per cent, in line with the rate at rural credit cooperatives. Roughly 1,000 banks will benefit from the action, unlocking 280 billion yuan ( USD 41.6 billion) for lending to small private companies, the central bank said. It is the second such move this year as China seeks to blunt the impact of a weakening economy and slowing global demand for its exports. The move comes as Donald Trump on Sunday threatened to raise tariffs on hundreds of billions worth of Chinese goods at the end of the week, throwing a spanner in trade talks that had appeared on track to ...

A weak opening on the cards

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 62 points at the opening bell. Investors will continue to monitor fourth-quarter corporate results. Bharti Airtel and ICICI Bank will announce January-March 2019 quarterly earnings today, 6 May 2019.

Hindustan Unilever in spotlight after Q4 results

Net profit of Hindustan Unilever (HUL) rose 13.84% to Rs 1538 crore on 8.95% rise in net sales to Rs 9809 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 3 May 2019.

Trump threatens China with fresh $200 bn tariffs

US President Donald Trump has threatened to impose fresh trade tariffs worth $200 billion on Chinese goods in an attempt to force additional concessions ahead of a critical week of final negotiations between Beijing and Washington to end a year-long tit-for-tat trade war.

Asian markets plunge as Trump threatens to hike China tariffs

President Donald Trump sent Asian markets plunging Monday after threatening to hike tariffs on USD 200 billion of Chinese goods at the end of the week in a bid to speed up stuttering trade talks between the economic superpowers. Shanghai and Hong Kong equities led big losses across the region, with the Chinese yuan also taking a battering after the president threw a spanner into the high-level negotiations, which many observers were expecting to wrap up imminently. "For 10 months, China has been paying Tariffs to the USA of 25 per cent on 50 Billion Dollars of High Tech, and 10 per cent on 200 Billion Dollars of other goods," Trump tweeted Sunday night. "The 10 per cent will go up to 25 per cent on Friday." The warning will throw a shadow over the next round of talks, with a delegation from Beijing due in Washington this week, with Bloomberg News reporting the Chinese side are considering their position. The two sides have imposed tariffs on USD 360 billion in two-way trade since last

Trump threatens to raise Chinese tariffs to 25% this week

President Donald Trump turned up the pressure on China on Sunday, threatening to hike tariffs on USD 200 billion worth of Chinese goods. Trump's comments, delivered on Twitter, came as a Chinese delegation was scheduled to resume talks in Washington on Wednesday aimed at resolving a trade war that has shaken financial markets and cast gloom over the world economy. Trump turned up the heat by saying he would raise import taxes on USD 200 billion in Chinese products to 25 per cent from 10 per cent on Friday. He's twice pushed back deadlines in January and March to raise the tariffs in a bid to buy more time for a negotiated settlement. But on Sunday, Trump, who has called himself a "tariff man," said he's losing patience. "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!" Trump tweeted . The two countries are locked in a high-stakes dispute over China's push to establish itself as a technological super power. The US charges that China is ...

Trump threatens to raise Chinese tariffs to 25% this week

President Donald Trump turned up the pressure on China on Sunday, threatening to hike tariffs on USD 200 billion worth of Chinese goods. Trump's comments, delivered on Twitter, came as a Chinese delegation was scheduled to resume talks in Washington on Wednesday aimed at resolving a trade war that has shaken financial markets and cast gloom over the world economy. Trump turned up the heat by saying he would raise import taxes on USD 200 billion in Chinese products to 25 per cent from 10 per cent on Friday. He's twice pushed back deadlines in January and March to raise the tariffs in a bid to buy more time for a negotiated settlement. But on Sunday, Trump, who has called himself a "tariff man," said he's losing patience. "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!" Trump tweeted . The two countries are locked in a high-stakes dispute over China's push to establish itself as a technological super power. The US charges that China is ...

Trump threatens to raise Chinese tariffs to 25% this week

President Donald Trump turned up the pressure on China on Sunday, threatening to hike tariffs on USD 200 billion worth of Chinese goods. Trump's comments, delivered on Twitter, came as a Chinese delegation was scheduled to resume talks in Washington on Wednesday aimed at resolving a trade war that has shaken financial markets and cast gloom over the world economy. Trump turned up the heat by saying he would raise import taxes on USD 200 billion in Chinese products to 25 per cent from 10 per cent on Friday. He's twice pushed back deadlines in January and March to raise the tariffs in a bid to buy more time for a negotiated settlement. But on Sunday, Trump, who has called himself a "tariff man," said he's losing patience. "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!" Trump tweeted . The two countries are locked in a high-stakes dispute over China's push to establish itself as a technological super power. The US charges that China is ...

Trump threatens to lift tariffs on Chinese goods ahead of trade talks

Days after reiterating that trade talks with Beijing were going well, US President Donald Trump on Sunday renewed threats to increase tariffs on $200 billion of Chinese goods.The announcement by the US President comes ahead of a critical week of negotiations between the two countries to end a longstanding trade war, reported CNN.Suggesting that he was not satisfied with the pace of negotiations, Trump warned that he would lift tariffs on Friday on $200 billion of Chinese goods to 25 per cent from the current threshold at 10 per cent, as well as tax nearly all of the Chinese exports to the United States.In a pair of tweets on Sunday, Trump wrote, "For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday."" 325 Billion dollars of additional goods sent to us by China remain untaxed but will be

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Tariffs on USD 200 bn of Chinese goods to go up on May 10, says Trump

Asserting that trade negotiations with the Chinese are moving "too slowly", US President Donald Trump on Sunday said America would increase tariffs on USD 200 billion of Chinese products to 25 per cent on May 10. The move came at a time when a high-powered Chinese delegation is expected to come to Washington on Wednesday for the next round of talks to negotiate a comprehensive trade deal with the US. "For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods," Trump tweeted. These payments, he said, are partially responsible for the US' great economic results. "The 10% will go up to 25% on Friday," he said, adding, "325 Billions Dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%." Trump said that the tariffs paid to the US have had little impact on product cost, mostly borne by China. "The Trade Deal with China continues, but too slowly, as they ...

Trump to hike tariffs on USD 200 bn of China goods

President Donald Trump announced on Sunday that the United States would raise tariffs on USD 200 billion of Chinese goods from 10 to 25 percent, complaining of a lack of progress in trade talks. "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!" tweeted Trump. "For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods," Turmp tweeted. "The 10% will go up to 25% on Friday," he said. The two sides have imposed tariffs on $360 billion in two-way trade since last year but Trump and Chinese leader Xi Jinping agreed to a truce in December to refrain from further escalation.

Scoreboard of the IPL match between Kolkata Knight Riders and Mumbai Indians here on ...

Scoreboard of the IPL match between Kolkata Knight Riders and Mumbai Indians here on Sunday. Kolkata Knight Riders Innings Shubman Gill lbw b Hardik 9 Chris Lynn c de Kock b Hardik 41 Robin Uthappa c Rohit b Bumrah 40 Dinesh Karthik c Krunal b Malinga 3 Andre Russell c de Kock b Malinga 0 Nitish Rana c Pollard b Malinga 26 Rinku Singh c Hardik b Bumrah 4 Sunil Narine not out 0 Extras: (LB-2 W-7 NB-1) 10 Total: (For 7 wkts in 20 overs) 133 Fall of Wickets: 1/49 2/56 3/72 4/73 5/120 6/133 7/133 Bowling: Mitchell McClenaghan 4-1-19-0, Krunal Pandya 4-0-14-0, Lasith Malinga 4-0-35-3, Jasprit Bumrah 4-0-31-2, Rahul Chahar 1-0-12-0, Hardik Pandya 3-0-20-2.

Bharat Road to sell 39pc in GAEPL, to pare Rs 600cr debt

Bharat Road Network Ltd (BRNL) has entered into an agreement with Singapore's venture capital Cube Highways and Infrastructure Pte Ltd for sale of its 39 per cent stake in road project company, Ghaziabad Aligarh Expressway Private Ltd (GAEPL). City-based infrastructure company Srei has a stake of close to 20 per cent in BRNL. "The enterprise valuation for GAEPL is Rs 1,830 crore based on valuation in December 2018. The actual valuation cannot be ascertained at present, as it would depend on adjustments at the time of handover," sources aware of the deal told PTI. GAEPL has a debt of about Rs 1,500 crore in its books, they said. The transaction, subject to applicable regulatory and other approvals, is expected to result in a net income of about Rs 150 crore for BRNL. BRNL will also be able to pare about Rs 600 crore debt burden, which had swelled to Rs 1,400 crore, accumulated out of its investment in various companies. This would be a major relief to the city-based road

SBI restores operations in most branches in 3 districts of Odisha post cyclone

State Bank of India said Sunday it has restored operations in most of its branches in the districts of Balasore, Bhadrak and Keonjhor in Odisha in the aftermath of Cyclone Fani. "The Bank expects to restore remaining branches specially in the most cyclone hit regions like Bhubaneswar and Puri in the next two days," SBI said in a statement. It further said that the Bank and its employees are working on forefront to streamline functioning of its network of branches in the state to ensure customer convenience. "All SBI customers will be able to do banking transactions like deposit, withdrawal and other services through all operational branches with immediate effect," SBI added. Additionally, the Bank has also opened Chief Ministers Relief Fund account for citizens to donate funds for the effected individuals in the state. Individuals can donate under the account name: Odisha C M Relief Fund using UPI ID: odishacmrf@SBI. Cyclonic storm 'Fani' has ravaged parts of Odisha, killing at least .

Vodafone Idea promoters pay Rs 17,920 cr to rights issue

The promoters of telecom major Vodafone Idea contributed Rs 17,920 crore to its Rs 25,000 crore rights issue against their initial commitment of Rs 18,250 crore due oversubscription by public shareholders, the company said on Sunday.

Khadi demand surges due to elections, sales up 29 pc in FY 2018-19

Reflecting a surge in the demand this poll season, the sale of khadi apparels has registered a record high of Rs 3,215 crore, up 29 per cent in the financial year ended March, 2019 compared to the previous fiscal. The chairman of Khadi and Village Industries Commission (KVIC), Vinay Kumar Saxena, told PTI that after 2013-14, the khadi business registered a four times growth in the last five years. He said the sale grew to Rs 3,215 crore in the fiscal ended March 31, 2019 from Rs 811 crore in financial year 2013-14. Saxena said, during summers, politicians and their supporters have to spend a lot of time under the sun due to which they prefer to wear khadi which is suitable for hot weather. He said the demand for khadi is growing across the country, especially in Delhi NCR, Uttar Pradesh and Bihar. Out of the total sale in the previous financial year, 40 per cent was of raw cloth, while the rest 60 per cent was of ready-made apparels, Saxena said. He added that there is a sustained ...

Infibeam terminates auditor services for sharing price-sensitive info

E-commerce company Infibeam Avenues said Sunday it has terminated services of chartered accountancy firm S.R.B.C & Co. LLP as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information. SRBC & Co LLP, in a statement issued later in the day, however refuted charges and said it is open to a regulatory inspection and will respond to the regulators, as required. In a regulatory filing, Infibeam Avenues said that the board Sunday recommended, subject to approval of regulatory authorities and shareholders, "to terminate company's joint statutory auditor S.R.B.C & CO. LLP (Auditor), on the grounds of sharing company's unpublished price-sensitive information with personal e-mail accounts of their team and third-party on multiple occasions leading to breach of trust and loss of faith". The company, on receipt of anonymous third-party information shared its preliminary findings to the Auditor, which has been verified and confirmed by

Reliance Group hits back at Rahul's cavalier attitude while spreading falsehoods

In a stinging response to Congress President Rahul Gandhi who in his typical cavalier fashion has continued his campaign of calumny, disinformation, distortion and malicious lies in his recent interviews against Reliance Group Chairman Anil D. Ambani, Reliance has hit back.