Page 679 - Business Finance
Jet Airways suspends 13 international services till April-end
Cash-strapped Jet Airways on Saturday suspended services on thirteen international routes till April end.The routes where services have been temporarily withdrawn include Bangalore- Singapore, Delhi-Abu Dhabi, Delhi-Dammam, Delhi-Dhaka, Delhi-Hong, Kong Delhi-Riyadh, Kolkata-Dhaka, Mumbai-Abu Dhabi, Mumbai-Bahrain, Mumbai-Dammam, Mumbai - Hong Kong, Pune-Abu Dhabi and Pune-Singapore.Gasping for funds the airline has also reduced services on the Delhi - Bangkok route from 3 to 1 daily, Delhi - Kathmandu (4 to 2 daily), Delhi - Singapore (3 to 1 daily), Mumbai - Bangkok (3 to 1 daily), Mumbai - Doha (2 to 1 daily), Mumbai - Kuwait City (2 to 1 daily) and Mumbai - Singapore (3 to 1 daily).According to media reports, Jet has a total debt of Rs 8,000 crore in addition to payables such as vendors' dues worth Rs 15,000 crore. Not only that, the airline has also lost ground in terms of market shares recently.
Convergence of views between India and US on international issues, economy: Indian envoy
There is convergence of views between India and the US not only on international issues but also in their economic vision as the two countries are natural allies and partners in progress, according to India's envoy here. Noting that the relationship between the two countries has evolved into a truly comprehensive partnership of mutual trust and confidence over the years, Indian Ambassador to the US Harsh Vardhan Shringla on Friday told a business audience that the visits by Indian Prime Minister Narendra Modi to Washington in 2016 and 2017 highlighted the huge bipartisan support for this relationship. He received an overwhelming welcome from the US Congress and the business community and during his meeting with President Donald Trump, both leaders spoke about convergence in values, priorities, concerns, and interests, Shringla said in his address to the Business Seminar in the London House in Chicago. Both leaders committed to further expand the trade relationship with focus on job ...
Samsung US marketing head quits post internal probe
Samsung's Chief Marketing Officer Marc Mathieu has abruptly resigned after the tech major launched an investigation into kickbacks between its employees and marketing partners.
Federal Reserve signals for Indian investments (Column: Behind Infra Lines)
The signalling at the Federal Reserve of the US meeting last week that no more interest rate hikes should be expected during 2019 has ramifications across the globe given the scale of the US economy and the importance of Federal Reserve policy to global investments. From the perspective of the Indian investment community, there are some crucial takeaways and the reiteration of a few existing trends.
Voters in Jharkhand, Rajasthan, Goa most satisfied with PM's performance: IANS-CVOTER Tracker poll
Voters in Jharkhand, Rajasthan and Goa are most satisfied with the performance of Prime Minister Narendra Modi while people in Puducherry, Kerala and Tamil Nadu are the least impressed with his work.
Trump offers Fed board seat to Stephen Moore
US President Donald Trump on Friday said he would nominate his former campaign adviser Stephen Moore to serve on the Federal Reserve's Board of Governors.
With just one-fourth of operational fleet, Jet suspends services to 13 int'l routes till end-April
Jet Airways, on the verge of going belly-up, has suspended operations on as many as 13 more international routes till end-April even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54. Besides, the airline has also reduced frequencies on seven other overseas routes, mostly from Delhi and Mumbai, according to airline sources. "... an additional seven aircraft including two planes of JetLite, have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges late evening Friday. The company said that as mentioned earlier, it is actively engaged with all its aircraft lessors and is regularly providing them with updates on the efforts taken to improve the liquidity. Earlier, sources said routes where services have been temporarily withdrawn include Pune-Singapore (seven a week), which was launched with much fanfare late last December, ...
Trump says nominating fierce Fed critic to Fed board
President Donald Trump said Friday he intends to nominate a fierce critic of the Federal Reserve -- who has frequently been proven wrong in his dire predictions -- to serve on the central bank's board. Controversial economist Stephen Moore, who in December called on Trump to fire Fed Chairman Jerome Powell for "wrecking the economy," served as an economic adviser during Trump's presidential campaign. "It is my pleasure to announce that @StephenMoore, a very respected economist, will be nominated to serve on the Fed Board," Trump tweeted. "I have known Steve for a long time -- and have no doubt he will be an outstanding choice!" Moore will first have to be vetted and then confirmed by the US Senate before joining the Fed's seven-seat board. He would fill one of two openings. Fed governors serve a single 14-year term but the terms run independent of the individual, so nominees often have the opportunity to serve longer if they also fill out an unexpired term. The nomination of a critic .
Jaganmohan Reddy declares assets worth Rs 375
YSR Congress president Y. S. Jagamohan Reddy owns assets of more than Rs 375 crore but does not own a vehicle.
Jet suspends 12 international services till April-end
Jet Airways has suspended 12 international flights even as it grapples with a reduced fleet strength, industry insiders said on Friday.
India's forex reserves up $3.60 bn to over $405.63 bn
India's foreign exchange (forex) reserves increased by $3.60 billion during the week ended March 15, official data showed on Friday.
China to give USD 989 million to build new highway in Sri Lanka
China has agreed to provide a loan of $989 million to Sri Lanka to build an expressway that will connect the island nation's tea-growing central region to a China-run seaport on the southern coast. A finance ministry statement said Friday that the Export-Import Bank of China has agreed to provide a concessional loan covering 85 percent of the contract prices for the expressway, whose total estimated cost is USD 1.16 billion. The loan comes as Sri Lanka struggles to repay USD 5.9 billion in foreign loans this year, of which 40 per cent must be serviced by the end of this month. Much of Sri Lanka's foreign debt is from China.
RIL denies sidestepping US sanctions on Venezuela
Reliance Industries Limited (RIL) on Friday denied any suggestion that it ever sidestepped US sanctions in supplying products to Venezuela.
GDR manipulation: Sebi bars Bhoruka Aluminium, 4 others for five years from securities market
Markets regulator Sebi Friday barred Bhoruka Aluminium Ltd and its four senior officials from securities market for five years in a matter related to alleged manipulation in issuance of global depository receipts (GDR). Pandurang Setty, Rajkumar Aggarwal and Rajat Aggarwal were directors, while Ajay Kumar Dalmia was chief financial officer of the firm at the time of violation, according to Sebi's order. The regulator conducted a probe regarding the firm's allotment of 1.21 million GDR amounting to USD 10.38 million on the Luxembourg Stock Exchange in December 2010. During the probe, Sebi observed that the entire 1.21 million GDR was subscribed by only one entity, Vintage FZE (now known as Alta Vista International FZE). The subscription amount for GDR was paid by Vintage after obtaining loan from European American Investment Bank (EURAM). However, the loan paid by Vintage was secured by pledge agreement between Bhoruka and EURAM Bank, the regulator said. Bhoruka had facilitated ...
Mutual funds: Sebi issues norms for valuation of below investment grade debt securities
Sebi Friday came out with norms for valuation of money market and debt securities that are rated below investment grade, a move aimed at ensuring uniformity and consistency in valuation across the mutual fund industry. In a circular, the regulator said all money market and debt securities which are rated below investment grade shall be valued at the price provided by valuation agencies. Till the agencies compute the valuations, such securities would be valued on the basis of indicative haircuts provided by the agencies. "AMCs (asset management companies) may deviate from the indicative haircuts and/ or the valuation price for money market and debt securities rated below investment grade provided by the valuation agencies" subject to certain conditions, the circular said. The detailed rationale for deviation from the price post haircuts or the price provided by the valuation agencies should be recorded by the AMC. Further, AMCs should immediately disclose instances of deviations under .
CPSE ETF may rise over Rs 20,000 crore
The fifth tranche of the Central Public Sector Enterprises Exchange Traded Fund (CPSE ETF) has raised more than Rs 20,000 crore over the base issue size of Rs 3,500 crore, and the government may exercise the entire Greenshoe option of Rs 10,000 crore in this current round, sources said.
Infosys to invest USD 10 mn in California-based The House Fund II
IT company Infosys Friday said it would invest USD 10 million (nearly Rs 70 crore) in California-based artificial intelligence-focussed The House Fund II. "The company announced today that it will be entering into an agreement with The House Fund II, LP, an AI-focused fund targeting start-ups from the University of California, Berkeley, committing to invest USD 10 million," the company said in a note. The transaction is expected to be completed before the first quarter of the financial year 2019-20. Minority holding in the proposed transaction will not exceed 20 per cent of the total fund size, the not said.
RBI again defers Ind AS implementation by banks
The Reserve Bank on Friday again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration. Earlier in April 2018, the central bank had postponed the implementation of the Indian Accounting Standards (Ind AS) by the banks by one year. "The legislative amendments recommended by the Reserve Bank are under consideration of the government of India. Accordingly, it has been decided to defer the implementation of Ind AS till further notice," the RBI said in a notification. The RBI in February 2016 had proposed implementation of new accounting standards for banks for both standalone financial statements and consolidated financial statements with effect from April 1, 2018.
SpiceJet gains 26% in 4 days as Jet struggles
As problems in cash strapped Jet Airways deepens, investors are favouring stocks of its competitors -- SpiceJet and IndiGo -- betting that they will have a larger market share.
Govt exceeds disinvestment target, proceeds touch Rs 85,000 cr in FY19
The government has exceeded its disinvestment target for the current fiscal by Rs 5,000 crore, taking the total proceeds to Rs 85,000 crore, Finance Minister Arun Jaitley said Friday. This is the second highest disinvestment proceeds in a financial year after the government last fiscal mopped up a little over Rs 1 lakh crore in 2017-18, helped by ONGC acquiring government's entire 51.11 per cent stake in oil refiner HPCL for Rs 36,915 crore. In the current fiscal, the government is eyeing Rs 14,500 crore by way of sell of its 52.63 per cent stake in REC to state-owned Power Finance Corporation (PFC). Besides, the fifth tranche of the CPSE ETF, which ended Friday, has garnered Rs 10,000 crore to the exchequer. Through the issuance of two tranches of the CPSE ETF in the current fiscal, the government has raised Rs 27,000 crore. In a tweet, Jaitley said, "As against a target of Rs 80,000 crore for disinvestment for the current year, the divestment receipts have touched Rs 85,000 crores ..