Page 670 - Business Finance
55% Indians happy with things going in country, public satisfaction level dips 15 points: US survey
Fifty-five per cent of Indians are happy with the way things are going in the country even as the public satisfaction level has gone down by 15 points to 70 per cent in 2017, according to a Pew survey. Conducted among 2,521 respondents in India from May 23 to July 23, 2018, the Washington-based Pew Research Centre study said majority of the Indians voiced concern about terrorism and the threat posed to their country by Pakistan. According to the survey conducted much before the ghastly Pulwama terrorist attack, about 76 per cent of the Indians believe that Pakistan is a threat to the country. Only seven per cent do not see Pakistan as a danger to India. Roughly two-thirds (65 per cent) said the financial situation of average people in India is better today than it was 20 years ago. Only 15 per cent said things are worse. The survey said lack of employment opportunities is seen by the public as India's biggest challenge. Seventy-six per cent said employment is a very big problem and ...
Pension, PF dues not part of liquidation estate: NCLT
The National Company Law Tribunal's (NCLT) New Delhi bench has ruled that the dues of provident fund (PF), pension and gratuity do not form the part of liquidation estate of corporate debtors.
Rahul's Rs 3.6-lakh cr 'Nyay' may hit fiscal prudence
In an age when fiscal profligacy is out and fiscal prudence is the norm, Congress President Rahul Gandhi on Monday resorted to apparent populism and announced minimum income guarantee scheme 'Nyay' that is expected to cost the exchequer Rs 3.6 lakh crore annually.
Jet Airways board approves conversion of lenders' debt into equity
Finding a sustainable solution to the turnaround of Jet Airways has been receiving the attention of all stakeholders to enable the airline to restore normalcy to its level of operations, said Jet Airways in a statement on Monday evening.As part of the proposed solution, the Board of Directors of Jet Airways, which met on Monday, approved "the conversion of rupee one of lenders' debt into equity by the issuance of 11.4 crore equity shares, in accordance with the RBI Circular of 12th February 2018.""As part of the resolution plan, the lenders will provide immediate interim funding support of Rs 1,500 crore to Jet Airways. The company will also engage with payment intermediaries for the release of trapped cash. The airline will leverage the funding to partly clear pending dues towards lessors, vendors, creditors and employees in a phased manner," said the statement."The move will see Jet Airways re-deploy several of its grounded aircraft back into its network, helping renew many of the ..
EC asks Assam liquor vendors to report daily stocks
With the three-phase elections for the 14 Lok Sabha seats in Assam coming closer, the Election Commission (EC) has asked the retail and the wholesale liquor vendors to maintain daily stocks and sales records to prevent liquor's misuse in elections.
Chidambaram hails Rahul's income guarantee scheme
Congress leader and former Finance Minister P. Chidambaram on Monday hailed NYAY, the income guarantee scheme announced by Congress President Rahul Gandhi, and said every family in the poorest 20 per cent will get an income support of Rs 6,000 a month.
Mutual funds: Sebi modifies norms on commissions, disclosures
Markets regulator Sebi Monday announced changes in norms related to payment of commissions and disclosures for the mutual fund industry. Changes have been made to various circulars issued earlier, including the circular issued in October 2018 wherein Asset Management Companies (AMCs) were asked to adopt full trail model of commission in all schemes. Besides, upfronting of trail commission was allowed only in cases of inflows through Systematic Investment Plans (SIPs). "The upfronting of trail commission may be for SIP of up to Rs 3,000 per month, per scheme, for an investor who is investing for the first time in mutual fund schemes," Sebi said in a circular on Monday. The commission will be paid from an AMC's books and only the first SIP purchased by the new investor will be eligible for upfronting. In case multiple SIPs are purchased on different dates, those for which the instalment starts at the earliest date would be considered for upfronting. The commission will account for ...
KPTL acquires Linjemontage i Grastorp AB
The Kalpataru Power Transmission Limited (KPTL) on Monday said that it has signed an agreement to acquire 85 per cent equity stake in Linjemontage i Grastorp AB (LMG)for $24 million.
Make farming "viable" to stop exodus from agri sector: Naidu
Vice-President M Venkaiah Naidu Monday said in a country like India everybody can not be given employment notwithstanding promises by political parties and noted it is disturbing to see people leaving the agriculture sector in large numbers. He said it is the responsibility of all stakeholders to make agriculture a "viable" profession and maintained loan waivers and free power are not a permanent solution to farm distress. Naidu was speaking at the convocation ceremony of the Vaikunth Mehta National Institute of Cooperative Management here. "In the country, people are leaving agriculture and this is a very disturbing trend. In a country like India with a huge population, we cannot sustain on imported technologies and we can not import everything so we need to have homegrown food security," said Naidu. He called for boosting rural connectivity and infrastructure. "We need to focus on infrastructure such as good roads, connectivity in rural areas because unless there is
Jet Airways: Share sale to new investors by June
The lenders-intitiated resolution plan for Jet Airways will begin shortly and and is expected to be completed in the June quarter, the company said on Monday.
2 illegal loan service call centres raided, 62 held
: A total of 600 people has been cheated of about Rs 25 crore by allegedly two illegal loan service call centres here, police said Monday. Sixtytwo people have been arrested for promising offer loans at low interest rate and collected about Rs 25 crore from the 600. Among the arrested were two main accused, six team leaders and 54 tele-callers,. They would contact the gullible public in the name of providing loans at low interest, collect their debit card, PAN card and aadhar details for sanctioning loan and later would ask the customers to deposit two months EMI amount in their bank accounts as security deposit, city Police Commissioner Anjani Kumar told reporters. Then, the accused would transfer the money from the accounts of the customers to theirs, the commissioner said. The racket came to light when one of the victims found out that Rs 32,000 from his bank account had been fraudently transferred to the account of the accused, he said.
Goyals deboard, lenders to pilot Jet Airways; airline to get Rs 1,500 cr immediate funds
Giving up chairmanship after more than 26 years, embattled Jet Airways' founder Naresh Goyal Monday quit as a board member, with the lenders taking control of the cockpit and deciding to infuse Rs 1,500 crore immediately into the ailing airline. Struggling to stay afloat amid a debt burden of over Rs 8,000 crore, the board of the country's first private full service carrier also approved conversion of banks' debt into equity and induction of nominee directors of the lenders, who would become majority stakeholders. Expressing happiness over the lenders' decision, Finance Minister Arun Jaitley said India needs more aircraft and airlines, "otherwise air fares would rise". "Banks have kept self interest in mind by trying to keep it as a going entity so that they can recover their dues," he said in the national capital hours after the airline's board cleared the debt resolution plan. Bringing an end to weeks of uncertainty over the future of the cash-strapped carrier, the board has ...
Spotlight & suspense over Etihad in Jet recast
The turn of events for the cash-strapped Jet Airways has put the spotlight on the now 12 per cent partner Etihad's next move, and whether it wants to stay with the airline with an interim management now and later with new owners after four months.
How Jet remained afloat before final turbulence
The question that appeared before most of Corporate India on monday is: how has Jet Airways managed to remain afloat until turbulence hit it hard forcing its once formidable owner Naresh Goyal to be a minority shareholder in his erstwhile company?
'Rahul's minimum income plan's annual cost Rs 3.6 lakh cr'
Congress President Rahul Gandhi's latest announcement to provide to Rs 72,000 per annum to 5 crore households, if implemented, is likely to have a major impact on the country's exchequer, costing a huge Rs 3.6 lakh crore per annum, according to economists.
Pak, IMF to reach agreement soon on bailout package: Finance Minister
Pakistan, facing acute financial woes, will soon reach an agreement with the IMF on a bailout plan after the global lender revised its stand, Finance Minister Asad Umar on Monday. Cash-strapped Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. While speaking to journalists here, Umar said Pakistan had not changed its stance in talks with the IMF. He added that the IMF had revised their stance and "the gap" between the IMF and Pakistan had decreased. Pakistan will reach an agreement soon with the IMF, Dawn newspaper quoted Umar as saying. He said the new IMF mission chief is to arrive in Pakistan on Tuesday for an introductory visit. Earlier, media reports said the IMF has proposed tough conditions for a bailout package. With the generous Chinese assistance, Pakistan has so far received a total of USD 9.1 billion in financial aid packages from friendly
Areas falling under EDMC declared open defecation free
Areas falling under the East Delhi Municipal Corporation (EDMC) have been declared open defecation free in a survey conducted by the Quality Council of India. The QCI conducted surveys at 17 different places in the areas under the EDMC. The places which were surveyed include residential, slum and school areas, according to a statement issued by the EDMC on Monday. A senior EDMC official said a third-party had already done the inspection after the EDMC had sent its ODF application to the Union Housing and Urban Affairs Ministry. In the 'Swachh Survekshan-2019', the EDMC by better performance has improved its ranking to 240th from 341 last year. Reacting to it, EDMC Commissioner Dilraj Kaur said the corporation is making all efforts to improve cleanliness in its areas which have shown positive results. She said in order to make the area clean, green and free from open defecation, the EDMC organised intensive drives in its jurisdiction. RWAs, NGOs and other organizations also helped in ..
Grasim Ind challenges Rs 5,872 cr income-tax demand before HC, gets stay from recovery
Grasim Industries Monday said it has challenged the Rs 5,872.13 crore income-tax demand with respect to its merger with two Aditya Birla group firms before the Bombay High Court, which has granted stay against the recovery. The company has company has contended before the High Court that order was "wholly unsustainable in law" and the Income Tax department has sought time to file reply, Grasim Industries said in a BSE filing. "The Company has today received order dated March 22, 2019 from the Bombay High Court. The Bombay High Court, while granting time to the Department for filing reply, has granted stay against the recovery of demand," it said. Grasim Industries had on March 16 said it has received Rs 5,872.13 crore tax demand from the department over its merger with Aditya Birla Nuvo and Aditya Birla Financial Services. "The company has challenged order of Deputy Commissioner of Income Tax (DCIT) dated March 14 2019, raising demand of sum of Rs 5,872.13 crore on account of Dividend
China pumps-in USD 2.2 billion in Pakistan's dwindling forex reserves
China on Monday pumped-in USD 2.2 billion to cash-strapped Pakistan to shore up its close ally's foreign currency reserves and help avert a possible default on external debt payments. With the generous Chinese assistance, Pakistan has so far received a total of USD 9.1 billion in financial assistance packages from friendly countries during the current fiscal year, The Express Tribune reported. While China has pumped-in USD 4.1 billion, Pakistan has got USD 3 billion from Saudi Arabia and USD 2 billion from the United Arab Emirates (UAE), it said. "The State Bank of Pakistan has received RMB 15 billion value equivalent to USD 2.2 billion as proceeds of the loan obtained by the government of Pakistan from China," the central bank tweeted. Finance Ministry Spokesperson Khaqan Hassan Najeeb said the funds deposited in the State Bank of Pakistan would strengthen the stability of the country. The SBP's reserves stood at USD 8.84 billion as on March 15, 2019, according to the central bank's .
Amazon is first choice of drunk shoppers, finds survey
You may have risked your life with drunk driving, but have you ever shopped under the influence of alcohol? Well, it turns out a lot of people make at least one drunk purchase.The Hustle ran a survey of more than 2,000-alcohol-consuming American adults and found that drunk shopping is an estimated US $ 48 billion per industry.It discovered that 79 per cent of alcohol consumers have made at least one drunk purchase and Amazon is their favourite place to shop.The survey also revealed that USD 444 is the average amount spent per drunk shopper. In terms of the choice of platform for drunk shopping, 85 percent of respondents used Amazon, followed by eBay at 21 per cent, Etsy at 12 per cent, Target at 9 per cent and Walmart at 5 per cent.Clothing and shoes are the most common purchases while some also end up purchasing the software. However, the weirdest stuff people end up drunk purchasing include a full-size inflatable bouncy castle for a living room, a breast pump for a guy, tons of ...