Page 640 - Business Finance
Unpaid Jet pilots threaten strike from April 1
Disappointed over non-clearance of pending dues, Jet Airways pilots on Friday reiterated that they will stop flying from April 1."A part of the expected interim funding from State Bank of India (SBI) was supposed to be actioned on March 29. Unfortunately, the fund transfer has not taken place, hence no update on salary payment from the management. The collective decision of pilots taken at Mumbai and Delhi open house effective April 1, 2019, IST prevails," the National Aviators Guild, the Registered pilots' union of Jet Airways said in a statement."If there is no proper clarity on resolution process for salary payment by March 31, then Jet Airways pilots will stop flying from April 1," the pilot's union had previously said.A consortium of lenders led by SBI had agreed last week to infuse Rs 1,500 crore into the beleaguered airline as an interim arrangement till they find a suitable investor for Jet Airways by the end of June quarter.Naresh Goyal-led Jet Airways is facing the worst ...
Have enough pilots, operations won't be impacted: Jet
Even as it tries to stave-off a proposed mass leave by a section of pilots, Jet Airways on Saturday said it has the requisite number of aviators to man its fleet currently under operation.
Software engineer jumps to death in Noida
A 30-year-old software engineer living in Sector 121 here on Saturday jumped to his death from a high-rise residential building where he lived with friends, police said.
Aggregating small cement businesses can push India's growth (Column: Behind Infra Lines)
The slowdown in real estate over the last few years and the constraints that India's infrastructure sector have faced due to non-performing assets (NPAs) have had a significant impact on allied industries, none more than on the cement sector itself.
'Modinomics' flopped: Cong on 134% fiscal deficit
The Congress on Saturday said the Modi government was set to borrow Rs 7.1 lakh crore and cited that the fiscal deficit had risen to 134 per cent in the first 11 months of the current financial year. Congress chief spokesperson Randeep Surjewala said the "Modinomics" had flopped in the election year and asked Union Finance Minister Arun Jaitley to introspect. "Modi Government to borrow Rs 7.1 Lakh Crore this fiscal," Surjewala tweeted. He also cited a media report that claimed that the Centre plans to borrow Rs 4.41 lakh crore in the first half of the financial year 2019-2020 amid rising demands for repayments. "Fiscal Deficit rises to a whopping 134%! Election Year= Modinomics Flop, Modiji Tiptop! Let 'Bogus Blog Min' introspect," he said, in an apparent reference to Jailtey.
ICRA downgrades Reliance Capital to A2 rating
ICRA Limited has revised its rating for Anil Ambani-led Reliance Capital and its subsidiaries to A2 with negative implications for its short-term debt programme.The action is primarily due to refinancing risk of short-term maturities and delay in monetising the non-core investments.However, Reliance Capital called the rating action completely unjustified and inappropriate."The company places on record the fact that the rating agency arbitrarily refused to provide the company an opportunity to meet the members of the Review Committee and address any concerns, thereby turning the entire review process prescribed by SEBI into a futile, pointless and unfair exercise," it said.Reliance Capital had earlier announced plans to monetise its entire 42.88 per cent stake in Reliance Nippon Life Asset Management, which at current market price is valued at over Rs 5,000 crore. It expects to realise a significant premium to market price on this monetisation.The company has also announced plans to ...
Inter-Creditor pact a non-starter: Debtors to SC
Corporates opposing the RBI's February 12 circular on loans resolutions have submitted to the Supreme Court that the Inter-Creditor Agreement (ICA) among banks as a possible debt resolution framework has failed to take off as the relevant institutions like LIC, HUDCO, IFCI, IIFCL, NIACL, SIDBI, GIC are not signatory to it.
Sony to slash smartphone workforce by half by 2020
Once an iconic brand, Sony is now going to slash its mobile division workforce by half by 2020 in the wake of stiff competition and poor sales.
Economy has been destroyed in five years: Yechury
CPI-M General Secretary Sitaram Yechury on Saturday accused the Modi government of mismanaging and destroying the economy in the last five years.
India offers USD 100 million credit to Bolivia for development projects
India has offered USD 100 million credit to Bolivia after President Ram Nath Kovind held productive and extensive talks with his Bolivian counterpart Evo Morales here. Kovind is on a three-day visit to Bolivia, the first high-level visit from India to the Latin American country since the establishment of diplomatic ties. President Kovind held wide-ranging talks with his Bolivian counterpart Morales on a number of bilateral issues such as economy, space and IT. The two leaders also reaffirmed their commitment to strengthen political and economic engagement. "India offered 100 million US Dollar Line of Credit to Bolivia for financing development projects," according to an official statement. Both countries also agreed on the need for reform of the UN Security Council to make it reflective of contemporary realities, the statement said. The two sides also signed eight MoUs in various fields, including academics, space and medicine . "We are happy to have Bolivia as a partner in the ...
Board of Dishman Carbogen Amcis appoints director
At meeting held on 30 March 2019
Trump signs order to start delayed construction of Keystone XL pipeline
Washington [US], Mar 30 (ANI): US President Donald Trump on Friday (local time) signed a presidential order to initiate construction of the controversial Keystone XL oil pipeline with a facility in Montana.The 1,179-mile Keystone XL pipelines will provide pipeline facilities between the US and Canada.Trump's recent order supersedes a March 2017 order. That order was nullified by a Montana federal judge. The White House then challenged the federal court in 9th Circut in December. However, that appeal has stopped further construction.Trump' 2017 order evoked protest by locals and eminent personalities including Hollywood stars."For the avoidance of doubt, I hereby revoke that March 23, 2017, permit," Trump wrote in Friday's order."Specifically, this permit reinforces, as should have been clear all along, that the Presidential Permit is indeed an exercise of Presidential authority - that is not subject to judicial review under the Administrative Procedure Act," the White House ...
US, China to hold talks on trade dispute next week
The United States and China are expected to meet next week in Washington to further discuss the trade deal, announced US Treasury SecretaryMnuchin Steven on Friday (local time).Mnuchin made the announcement after concluding a full day of "constructive" talks in Beijing."I concluded constructive trade talks in Beijing. I look forward to welcoming China's Vice Premier Liu He to continue these important discussions in Washington next week," tweeted Mnuchin..
US stocks end week on high note
US stocks ended higher as investors continued to keep a close eye on global trade updates and digested a batch of encouraging economic data.
Unpaid Jet pilots threaten strike from April 1
Disappointed over non-clearance of pending dues, Jet Airways pilots on Friday reiterated that they will stop flying from April 1."A part of the expected interim funding from State Bank of India (SBI) was supposed to be actioned on March 29. Unfortunately, the fund transfer has not taken place, hence no update on salary payment from the management. The collective decision of pilots taken at Mumbai and Delhi open house effective April 1, 2019, IST prevails," the National Aviators Guild, the Registered pilots' union of Jet Airways said in a statement."If there is no proper clarity on resolution process for salary payment by March 31, then Jet Airways pilots will stop flying from April 1," the pilot's union had previously said.A consortium of lenders led by SBI had agreed last week to infuse Rs 1,500 crore into the beleaguered airline as an interim arrangement till they find a suitable investor for Jet Airways by the end of June quarter.Naresh Goyal-led Jet Airways is facing the worst ...
Nissan India to raise Datsun GO and GO+ prices
Automobile manufacturer Nissan India on Friday said it will increase price of "Datsun GO and GO+" models by up to 4 per cent effective April 1.
India's forex reserves up $1.02 bn to $406.66 bn
India's foreign exchange (forex) reserves increased by $1.02 billion during the week ended March 22, official data showed on Friday.
KIIFB raises Rs 2,150 cr via masala bonds
Kerala Infrastructure Investment Fund Board (KIIFB), a state government agency, Friday said it has raised Rs 2,150 crore through its debut masala bond issue. This is not just the first offshore capital market issuance from a state-level entity from India ever, but also the largest dual currency issue by a sub-sovereign backed entity from entire emerging markets and Asia, KIIF said in a statement. The transaction was priced on March 26, 2019 and saw strong participation from a wide spectrum of investors which included asset managers, insurance companies, pension funds, banks as well as private wealth managers, it said. The masala bond market till date had seen issuance only from large Indian corporates and public institutions like NHAI and NTPC which are all rated AAA in the domestic market. "The successful closing of this deal is significant from this point of view and opens up new avenues for KIIFB. The deal is also significant for the state as the international investors have shown .
IT dept conducts searches in J-K; detects undeclared investment of Rs 19 cr
The Income Tax Department Friday said it has unearthed undeclared investment in immoveable property of more than Rs 19 crore in search actions carried out in and around Srinagar. The department has also detected unaccounted financial transactions of more than Rs 11 crore, an official statement said. The tax department carried out search actions at five premises located in and around Srinagar Thursday. Two groups who have connived with local officials in facilitation of absorption of undisclosed income of undesirable elements in shops, buildings and land in Srinagar were searched, it said. Similar search operation was carried out earlier this month as part of efforts to curb terror financing. The search actions of March 28, 2019 have unearthed unaccounted financial transactions of more than Rs 11 crore and undeclared investment in immoveable property of more than Rs 19 crore, it said. None of the persons covered in the search actions has filed an income tax return, it said, adding ...
EC asks Niti Aayog vice-chairman to respond to notice by April 2
Niti Aayog vice-chairman Rajiv Kumar has been asked to furnish his reply to an Election Commission notice, issued for his remarks against the Congress over its minimum income guarantee promise, by April 2. Official sources said Kumar had sought time till April 5 from the Election Commission to respond to the show cause notice as he was abroad. The poll body, however, Friday decided that he be asked to respond by April 2 evening. Earlier, Kumar was to respond by Thursday evening. The Niti Aayog vice-chairman had accused the Congress of promising "moon to win elections". He had also tweeted, "The proposed income guarantee scheme fails the economics test, fiscal discipline test and execution test." In another tweet, Kumar claimed, "True to its past record of promising the moon to win elections, Congress President announces a scheme that will bust fiscal discipline, create strong incentives against work and which will never be implemented." Kumar is reported to have made similar remarks ..