Page 443 - Business Finance

Now's an excellent learning opportunity for Indian credit markets (Column: Behind Infra Lines)

News on Indian credit markets over the last few weeks provide us with pointers that should help shape policy and business strategy. The struggle to get bidders for Jet Airways and the tepid response from investors towards Indias fledgeling municipal bond market point towards the need for a better-structured credit market, especially as the nature of businesses evolve even as the demand for credit rises to finance consumption and infrastructure needs.

With Rahul Gandhi's Midas Touch, no deal is too much: Amit Shah

BJP national president Amit Shah on Saturday slammed Congress president Rahul Gandhi on Twitter after a news report alleged that the Gandhi scion's former business partner Ulrik McKnight got defence offset contracts during the UPA regime."With Rahul Gandhi's Midas Touch, no deal is too much! When he has a say, his business partners make hay. Doesn't matter if India suffers on the way! #StealLikeRaga," tweeted Shah.According to the report, McKnight was the 35 per cent owner of Backops UK, in which Gandhi owned a 65 per cent equity between 2003 and 2009 before the firm was wound up.McKnight was later director in a company that acquired offset contracts from French defence supplier Naval Group against Scorpene submarines in 2011, the report stated.This news came to light just days after Ministry of Home Affairs issued a notice to the Congress president over his citizenship after receiving a complaint from Rajya Sabha MP Subramanian Swamy."Ministry has received a representation from MP Dr

Report: Uber barring its ex CEO from NYSE balcony during IPO

Uber's CEO is barring his predecessor from taking part in the opening-bell ceremony at the New York Stock Exchange next week, when the ride-hailing company is expected to make its hotly anticipated stock market debut. In a report published Friday, The New York Times cites unnamed sources who say Uber CEO Dara Khosrowshahi (kahs-row-SHAH'-hee) has decided that Travis Kalanick is not welcome to share the exchange's balcony when Uber begins trading as a public company next Friday. Kalanick co-founded Uber and was CEO until his ouster in 2017 following a series of damaging revelations that sullied the company's reputation among consumers. Those included reports of rampant internal sexual harassment and allegations Uber stole self-driving car technology. The blowback from the problems helped Uber rival Lyft pick up ground in the US something Uber acknowledged in its IPO filing and led Kalanick's ouster as CEO. The Times' report says Kalanick, who remains member of the company's board of .

Kohinoor's Consumer Electronics Show 2019 launched in Mumbai

Fast-growing electronics retail chain Kohinoor announces the third edition and India's biggest electronics festival Consumer Electronics Show 2019, in partnership with the Mumbai International Consumer Fair.Supported with campaign #SeeingIsBelieving, Consumer Electronics Show is a platform to experience and buy premium and diverse range of appliances and gadgets under a single roof. The event will also showcase 20+ India first product launches over the next 11 days. Visitors can be sure of availing the best deals on products across the kitchen and home appliances including televisions, refrigerators, air conditioners; electronics and gadgets across laptops, tablets and mobile phones, etc. The Consumer Electronics Show, 2019 will be held from May 3 to May 13, 2019, at MMRDA Grounds, BKC in Mumbai.Amazon, Blue Star, Mi, Lenovo, HP, Sony, LG, TCL, Philips, Vivo, Nokia, Samsung, Siemens, Lloyd, IFB, Hitachi, Unilever, Havells are a few of the brands participating in the 2019 edition of ...

Media outlets amplify false Trump claims 19 times daily

Major media outlets fail to debunk US President Donald Trump's false or misleading statements in their tweets 65 per cent of the time, amplifying his misinformation an average of 19 times per day, a new study has stressed.

US dollar falls amid weaker manufacturing data

The US dollar decreased in late trading on Friday, as investors digested a mixed batch of US economic data, amid worries over slowing activities in the manufacturing sector.

US stocks rally amid robust jobs data

US stocks rallied on Friday as market sentiment was fuelled by the better-than-expected jobs data.

Ex-BSL CFO Nittin Johri remanded to two-day SFIO custody

A Delhi court on Friday remanded Nittin Johri, the former CFO and Whole Time Director of Bhushan Steel Limited (BSL), to two-day custody of Serious Fraud Investigation Office (SFIO) in connection with the ongoing investigations against the company.Johri, who was granted SFIO custody by Patiala House Court, was arrested on Thursday, official sources said.According to the sources, Johri, as ex-CFO of BSL, was managing the affairs of the firm and looking after inter alia the affair of raising of funds from various banks/financial institutions. He was one of the signatories to the financial statements of BSL till FY 2016-17 and was also a member of the "Committee of Board of Directors on Borrowing, Investment and Loans" of BSL along with Brij Bhushan Singal and Neeraj Singal.Investigation has revealed that there were several fraudulent practices carried out in BSL, including manipulations in the accounts and financial statements of the company during Johri's term as CFO and Whole Time ...

Nepal to start construction of railways linking Kathmandu with India, China

President Bidhya Devi Bhandari on Friday said that Nepal is planning to start construction of railways linking Kathmandu with India and China within two years."The Detailed Project Reports of Birgunj-Kathmandu and Rasuwagadhi-Kathmandu railways, connecting Kathmandu to both India and China by railways, will be prepared and construction works will be started within two years," said Bhandari, while reading out the government's priorities for coming years on Friday at the Parliament.The President also informed the Parliament that the first trans-border railway between Nepal and India will be planned in the upcoming fiscal year."Railway service will be made operational within the next fiscal year at Jayanagar- Bijalpura and from Bathnaha, India to Biratnagar. The construction of the railway at Bijalpura-Bardibas segment will be completed," she added.The Nepal government said that the completion of technical studies for the construction of railways linking both the neighbouring countries ..

India's forex reserve rises over $4 billion

India's foreign exchange (forex) reserves increased by $4.368 billion during the week ended April 26, official data showed on Friday.

Gujarat potato growers want compensation from PepsiCo

Even though PepsiCo India has announced it is withdrawing lawsuits against Gujarat's potato growers, the affected farmers on Friday demanded compensation for the harassment they were subjected to, while a newly-formed entity Bij Adhikar Manch (forum for rights over seeds) called for boycott of PepsiCo products.

Walmart senior executive lauds Flipkart team

World's retail giant Walmart International Chief Executive Judith McKenna on Friday lauded its Indian e-tail subsidiary Flipkart team for getting more customers to shop online and make their lives better.

Jaypee Infra CoC to discuss NBCC bid on May 9

The Committee of Creditors (CoC) of Jaypee Infratech will meet on May 9 to discuss the revised bid by the NBCC for the insolvent realty company, sources told IANS.

Vodafone Idea, IBM sign $800m IT deal

Information Technology major IBM on Friday announced a multi-million dollar deal with Vodafone Idea for engagement in the telecom, cloud and artificial intelligence (AI) segments.

Retail inflation forecast for April 2015-Sept 2018 erroneous: RBI Research

A RBI Research Report has found errors in the inflation projections of the apex bank's monetary policy committee (MPC), especially for the period between April 2015 and September 2018.

Walmart head visits Flipkart

President andCEO Walmart International Judith McKenna visited Flipkart to celebrate first anniversary of partnership between the two companies, the city headquartered e-commerce firm said Friday. Judithvisited India for an internal business trip from April 30 to May 3, which was a chance for her to interact with Flipkart Group leadership and employees in celebrating the one-year anniversary of the partnership with Walmart, Flipkart said in a release. She was accompanied by Richard Mayfield, CFO Walmart International and Leigh Hopkins, International Strategy & Business Development Head, it said. Walmart Inc in May last year had announced that it is buying 77 per cent stake in Flipkart for about USD 16 billion (Rs 1.05 lakh crore), its biggest deal which will give the US retailer access to Indian e-commerce market that is estimated to grow to USD 200 billion within a decade. The company said Judith praised the "creativity and passion" of the team and commended the ...

IDBI Federal Life net profit grows by 31% in FY19

Leading Indian life insurance company, IDBI Federal Life Insurance, on Friday reported a net profit of Rs 133 crore during FY19, a growth of 31 per cent over FY18.

Reliance Home Fin Ind Director resigns citing payment default, rating cut

Reliance Home Finance Friday said one of its Independent Directors Padmanabh Vora has resigned from the board citing default in payment of dues and rating downgrade as reasons. In a BSE filing, Reliance Home Finance said Vora has ceased to be a director on the board of the company from April 29, 2019, and the reason given by him for resignation is "default in payment of dues and rating downgraded to default rating". In a separate BSE filing, the company said Rashna Hoshang Khan has been appointed as an Independent Director on the board of the company for 5 years with effect from May 2, 2019. Khan, 53, is a law graduate and specialises in the field of civil litigation. She is also on the board of Reliance Power, Sasan Power, Supreme Industries and Vidarbha Industries Power. Reliance Home Finance further said that to ensure that the board comprises of 50 per cent Independent Directors, non-executive director Gautam Doshi has ceased to be a director of the company with effect from May ...

Not shipped abroad gold since 2014: RBI

While agreeing that keeping gold abroad was a routine practice, the Reserve Bank of India on Friday clarified that it has not shipped out the precious metal since 2014.

L&T Infotech net up quarterly, yearly

Infrastructure behemoth L&T's IT services arm Larson & Toubro Infotech (LTI) on Friday reported a 31 per cent consolidated quarterly and 36 per cent yearly net profit in the 2018-19 fiscal.