Page 647 - Business Finance
Japan's factory output rises, unemployment stays low
Japan's closely watched factory output rose modestly in February with unemployment staying at record low levels, official data showed Friday, underscoring the patchy recovery of the world's third largest economy. Factory output for February rose 1.4 percent month-on-month after a 3.4 percent dip in January, the trade and industry ministry said Friday. The reading compares with market expectations of a 1.0 percent rise. "The recovery in output is not strong, reflecting weak exports," Taro Saito, senior economist at NLI Research Institute, told AFP. Industrial production was particularly weak in electronic parts and devices, "because these products are for exports to China" and have been affected by a Chinese economic slowdown, he added. The ministry said Japan's factory output is "pausing" on the whole, but forecast a rise in March and April. But Saito said the pace of any rise "is likely to still be weak and can even be interpreted as flat, so we will be carefully watching more ...
US stocks close higher on trade optimism
US stocks closed higher as investors have been closely following updates on global trade and digested a batch of mixed economic data.
'Trump exaggerated his assets, hid his debts'
US President Donald Trump has exaggerated his assets and hid his debts in order to have a good impression over business partners, reports The Washington Post.During the business dealings, Trump used to send lenders official documents called 'Statements of Financial Condition' with false details about his properties, debts and multibillion-dollar net worth.Citing one such document, the website, stated that the documents "were deeply flawed" in which several properties were simply omitted.For instances, in 2011, Trump claimed that he has 55 home lots ready to sell for USD 3 million or more at his golf course in South California.However, when investigated, it was found Trump had only 31 lots zoned and ready for sale.The White House is yet to respond to the Post's report.Earlier this month, in a hearing, Trump's former lawyer Micheal Cohen also accused Trump of inflating or deflating his net worth for potentially improper purposes".
Rahul says no angel tax, no permissions for new business
Congress President Rahul Gandhi on Thursday promised incentives for entrepreneurs and start-ups to boost job creation in the country, saying there will be no permissions required for the first three years of any new business, no angel tax and sold incentives based on the number of jobs created.
JCB accelerates economic activity in Thailand
Economic growth in Thailand is gaining momentum every year, bringing along with it a plethora of choices in payment methods.Adding to this, 'Siam Commercial Bank' (SCB) and JCB International have announced the official launch of the 'SCB JCB Platinum Credit Card' in Thailand. The JCB card, which is issued in 23 countries and has more than 123 million card members, is accepted by merchants across the world."I am honoured to attend today's fabulous launch ceremony of the 'SCB and JCB platinum credit card'. JCB considers Thailand to be an extremely important market. We are confident that the issuance of the credit card will contribute to increasing its presence and make our businesses grow," Kimihisa Imada, the President and COO of JCB International said.SCB is JCB's first partner in Thailand and has been in the market ever since payment by cards replaced the use of cash.JCB entered the Thai market in 1989. With a strong presence of JCB merchants across the Asia Pacific, JCB cards are ...
Jet delays ECB repayment due to liquidity constraints
Financially troubled Jet Airways on Thursday said that the repayment of the External Commercial Borrowing (ECB) availed by the company for working capital purposes has been delayed.
Swedbank sacks CEO after money-laundering scandal
Swedish lender Swedbank, which is embattled over allegations of money-laundering in Baltic countries, fired its CEO and suspended trading of the company's shares on the Stockholm stock exchange Thursday. "The developments during the past days have created an enormous pressure for the bank. Therefore, the board has decided to dismiss Birgitte Bonnesen from her position," chairman Lars Idermark said in a statement. Chief financial officer Anders Karlsson will serve as acting CEO until a permanent replacement is appointed. "It's been a dramatic morning. As chairman (of the board of directors) of Swedbank, I regret this deeply," Idermark told shareholders as they gathered for their annual general meeting. At the same time, Swedbank's share was suspended from trade in Stockholm after losing a quarter of its value since February 18, the day before the money-laundering reports emerged. It has lost 30 per cent of its value since its peak this year in mid-January. When trading resumed more ...
Tata Steel acquires shares, warrants for Rs 403.79 cr in Tata Metaliks
Tata Steel Thursday said it has acquired shares and convertible warrants of Tata Metaliks for about Rs 403.79 crore. Tata Metaliks (TML) is one of India's leading producers of high-quality Pig Iron (PI) and Ductile Iron (DI) pipes. It operates a state-of-the-art manufacturing plant near Kharagpur, West Bengal. In a regulatory filing, the company said it has acquired 27.97 lakh (27,97,000) equity shares of TML, a subsidiary of Tata Steel, at a price of Rs 642 per share aggregating to Rs 179.57 crore. It also acquired "34,92,500 warrants at a price of Rs 642 per warrant, with a right exercisable by the warrant holder to subscribe for one equity share per Warrant of face value of Rs 10 each, aggregating to Rs 224,21,85,000 (25 per cent paid on application)". On objects and effects of acquisition, Tata Steel said it is to fund the expansion project and also strengthen the balance sheet of TML. Shares of Tata Steel closed at Rs 507 a piece on BSE, down 1.73 per cent over Wednesday.
10 benefits of Investing in Bajaj Finance Fixed Deposit
Fixed deposit (FD) is one of the most popular investment avenues that guarantee assured returns on investment. As compared to other investment options, the interest rates applicable on fixed deposits are reasonable too.This is why most people choose to invest their hard-earned money in fixed deposits over other investment options.Bajaj Finance Ltd the lending arm of Bajaj Finserv offers Fixed deposit with the highest interest of up to 9.10 per cent with flexible tenors ranging from 12 to 60 months. Bajaj Finance Fixed Deposit is one option that offers higher than market average returns on your investment with additional interest for senior citizens, along with other benefits.10 benefits of Bajaj Finance Fixed DepositsSafe investment option: The prime reason of investing in Bajaj Finance Fixed Deposit is that it is one of the safest investment as the returned are assured and not based on the market fluctuation.High stability and credibility: Bajaj Finance Fixed Deposit is also ...
India's goods, services export to touch about USD 540 bn this fiscal: Prabhu
India's merchandise and services export would touch USD 540-billion mark this fiscal, Commerce Minister Suresh Prabhu said Thursday. He said exports are growing at a healthy pace and shipments of goods would reach over USD 330 billion. Similarly, services exports would touch about USD 200 billion, according to Prabhu. In total, both "merchandise and services exports put together will reach about USD 540 billion" by the end of this fiscal, the minister said here at a function. During April-February 2018-19, the goods exports grew by 8.85 per cent to USD 298.47 billion. Talking about the stalled negotiations for a free trade agreement between India and European Union, the minister said India is keen to resume the talks. "We are really keen to have this FTA with EU. India will work to find a workable deal," he said. The negotiations for the pact, officially dubbed as the Bilateral Trade and Investment Agreement (BTIA), have been held up since May 2013 and have witnessed many hurdles. The
Adani Logistics Limited to acquire Innovative B2B Logistics Solutions Pvt Ltd
Adani Logistics Limited (ALL), a subsidiary of Adani Ports and SEZ Limited, on Thursday announced that it has signed definitive agreements to acquire up to 100 per cent stake in Innovative B2B Logistics Solutions Pvt. Ltd, an entity controlled by private equity firm True North.The acquisition is complementary to ALL adding meaningful size, scale and diversification. It enables ALL to expand its total addressable market, enhance network coverage and create a value chain to handle dry cargo segment, a statement read.The transaction implies an equity value of Rs 43.2 crore for 100 per cent of the InLogistics shares and 10x multiple on InLogistics expected EBITDA for Financial Year 2019. The transaction will be an all cash deal and is expected to be completed by quarter one of Financial Year 2019-2020.Talking about the deal, Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, "We are excited today to announce the acquisition of Innovative B2B Logistics Solutions ..
Commerce min launches blockchain-based coffee e-marketplace to help farmers get fair prices
The commerce ministry Thursday launched a blockchain-based coffee e-marketplace to help farmers integrate with markets so that they can realise fair prices for the commodity. The blockchain will also reduce the number of layers between coffee growers and buyers and help farmers double their income, the ministry said in a statement. "This pilot project will help integrate the farmers with markets in a transparent manner and lead to realisation of fair price for the coffee producer," Commerce Secretary Anup Wadhawan said in the statement. It said that India is the only country in the world where entire coffee is grown under shade, handpicked and sun dried. "Indian coffee is highly valued in the world market and sold as premium coffees. The share of farmers in the final returns from coffee is very meagre," it added. The blockchain-based marketplace app is intended to bring in transparency in coffee trade and maintain the traceability of Indian coffee from bean to cup so as the consumer ..
HDFC Bank opposes SBI's plea to liquidate 6.6 million USL shares
A day after the SBI-led bankers consortium raised Rs 1,008 crore by selling 7.4 million pledged shares of United Breweries, their bid to recover more money by liquidating shares of United Spirits faced opposition from HDFC Bank which moved the special PMLA court here against it. The special PMLA (Prevention of Money Laundering Act) court did not take up the petition and fixed April 2 for the next date of hearing. At Thursday's closing price of Rs 532.20 on the BSE, these 6.6 million shares could fetch the banks over Rs 350 crore. Banks are seeking court permission to liquidate 65.85 lakh shares of United Spirits which were pledged by two Vijay Mallya companies -- United Breweries Holdings (UBHL) and Kingfisher Finvest, the holding company of the defunct Kingfisher Airlines -- as collateral for loans from HDFC Bank. The banks are trying to part-recover the Rs 6,203.35 crore of dues along with annualized interest of 11.5 per cent payable since 2013, by liquidating the confiscated assets
Rs 18 cr in cash, bullion seized from private lockers in Kolkata
Income Tax (I-T) officials have unearthed about Rs 18.78 crore of unaccounted cash, jewellery and bullion from a privately-run vault housed in the basement of a bustling shopping complex in Kolkata after an almost two-month-long search operation, an official said on Thursday.
Cong to give 3-year blanket pass to new ventures, abolish angel tax: Rahul Gandhi
Unveiling his economic agenda, Congress President Rahul Gandhi Thursday said if voted to power his party will cut red tape for businesses, exempt new enterprises from seeking any permission in first three years, make it easier to get bank loans and scrap angel tax on start-ups. In an exclusive interview to PTI a fortnight ahead of the first phase of the Lok Sabha polls starting April 11, Gandhi said his government's focus will be on job creation and that entrepreneurs will get fiscal and tax incentives based on their ability to create jobs. These will form part of Congress party's election manifesto that will be released next month, he said. "For the first three years of setting up a new business, we are going to free you up from red tape. You will not need to ask for permission for anything," Gandhi said. "Don't bother about anything, there is no permission you need. Start your business, get to work." Prime Minister Narendra Modi has often been accused of giving a jobless economic ...
Adani Logistics to acquire Innovative B2B Logistics Solutions for Rs 331.5 cr
Adani Logistics Limited (ALL) Thursday said it would acquire up to 100 per cent stake in Innovative B2B Logistics Solutions, an entity controlled by private equity firm True North, for Rs 331.5 crore. The transaction will be an all-cash deal and is expected to be completed by first quarter of the next fiscal, said ALL -- a wholly owned subsidiary of Adani Ports and SEZ Limited (APSEZ) -- in a release. "The acquisition is complementary to ALL adding meaningful Size, Scale and Diversification. It enables ALL to expand its total addressable market, enhance network coverage and create a value chain to handle dry cargo segment," it said. Karan Adani, CEO and Whole Time Director of APSEZ said with this acquisition, ALL will become the largest private rail and logistics park operator in India. ALL operates six facilities with three Logistics Parks, two EXIM yards and one container yard. Founded in 2006, Innovative B2B Logistics Solutions provides integrated logistics services for domestic ...
Fin Comm chief makes case for institutional mechanism to check fiscal deficit
Finance Commission Chairman N K Singh Thursday made a case for setting up a "fiscal council" as an institutional mechanism to monitor fiscal consolidation roadmap of the Centre and state governments. He also said fiscal federalism is a dynamic process and 'a Work in Motion'. Singh was speaking at the launch of the book 'Indian Fiscal Federalism' written by Y V Reddy, who had served as RBI Governor as well as Finance Commission Chairman. Referring to a suggestion in the book, Singh said he too agrees that there should be some mechanism to ensure that basic spirit of devolution process is not undercut by clever financial engineering or taking recourse to traditions that makes it technical and legally tenable but perhaps morally not so. Emphasising that rules of the game should be same for both the Centre as well as the states with regard to borrowings, Singh said, "for state government liabilities, Article 293 (3) provides a constitutional check over borrowings. But there are no such ...
Niti Aayog vice-chairman seeks more time to respond to EC notice
Niti Aayog vice-chairman Rajiv Kumar has sought time till April 5 from the Election Commission to respond to a show-cause notice issued to him for his remarks against the Congress over its minimum income guarantee promise. Kumar was to respond by Thursday evening. Kumar had accused the Congress of promising "moon to win elections". He had also tweeted, saying "the proposed income guarantee scheme fails the economics test, fiscal discipline test and execution test". In another tweet, Kumar had claimed that "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 during an interview as well. At a press conference here on Monday, Rahul Gandhi announced that 20 per cent families belonging to the poorest category will be given Rs 72,000 each annually as minimum income if Congress comes to ..
Direct taxes heading for at least Rs 70,000 cr shortfall
The Finance Ministry is making a last-ditch effort to get close to the direct tax target of Rs 12 lakh crore, asking field officials to step up efforts to get as much collections as they can and also asking banks to credit TDS (Tax deducted at source) amount to be credited in the March ledger instead of April.
Mindtree board evaluating 'several options' to stave off L&T bid, says Natarajan
Mindtree board is evaluating "several options" to find way out of the L&T's hostile bid, the IT firm's Executive Chairman Krishnakumar Natarajan said Thursday as he made it clear the diversified group is yet to come up with any proposal to address the concerns. Asserting that "independence" of Mindtree is important, Natarajan, one of the company's promoters who had opposed L&T offer, said there is nothing about individuals. "As a company we don't bother about what has gone in the past. We will be optimistic and practical, and hopefully we will arrive at a middle ground. Right now there is nothing on offer," Natarajan told PTI in an interview. He also noted that they have not sought any meeting with L&T officials regarding the offer. L&T has acquired Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in Mindtree and has also placed an order with brokers to pick up another 15 per cent shares from the open market. Besides, an open offer has been made to buy over .