Page 68 - Business Finance

Negative market breadth

Key benchmark indices hovered in negative zone in afternoon trade. At 13:08 IST, the barometer index, the S&P BSE Sensex, was down 202.28 points or 0.51%at 39,748.18. The Nifty 50 index was down 63.10 points or 0.53% at 11,902.50. Power stocks saw mixed trend. Market sentiment was impacted by negative global stocks.

IL&FS case: Rating agencies faked IFIN ratings to dupe investors

Credit rating agencies played major villain in the IL&FS crisis as they adjudged positive and impressive ratings on a regular basis to commercial papers and non-convertible debentures (NCDs) of IL&FS Financial Services (IFIN) despite unhealthy financial condition of the company, revealed an investigation report submitted by the Serious Fraud Investigation Office (SFIO) to the Ministry of Corporate Affairs.

Modi govt pursuing bold strategies for universal Internet access by 2022: Ajit Pai

India is pursuing bold strategies to achieve the ambitious goal of universal Internet access by 2022, a top American official has said, highlighting the challenges in building broadband networks in rural areas. "I commend Prime Minister Modi and the Indian government for their ambitious goals of universal Internet access by 2022 and fixed broadband access to 50 per cent of households by 2022," Federal Communications Commission Chairman Ajit Pai said at the India Ideas summit of US-India Business Council here on Wednesday. "To meet these targets, they're pursuing bold strategies such as installing two million public Wi-Fi hotspots in rural areas and redesigning and expanding the Universal Service Obligation Fund, he said. Pai said despite the good news, millions of Indians and Americans still live in rural areas where there is currently no case for the private sector alone to build broadband networks. "As is the case in parts of Assam, Uttarakhand, and Karnataka, we have communities in

US ambassador to India to highlight bilateral strategic ties at Houston event

US Ambassador to India Kenneth Juster is set to highlight the strategic relationship between the two countries and the bilateral trade at an event organised by Indo-American Chamber of Commerce of Greater Houston on Saturday, IACCGH said. Juster was invited to the 20th gala celebrations of the chamber to deliver a keynote address by Houston Mayor Sylvester Turner and IACCGH president Swapan Dhairyawan and its founder & executive director Jagdip Ahluwalia in November last year. IACCGH Gala is the annual fundraiser for the chamber and attracts over 800 attendees. CEOs of Fortune 500 companies in the energy, healthcare, education and technology, space as well as Indian and US ambassadors, senators have been speakers at the high-caliber chamber events. Ahluwalia said the chamber has come a long way since its inception in 1999. "Now after two decades it is instrumental in building bridges between India and Houston, boosting trade and major investments and is cited among the upper ...

Pompeo pushes India for access to local markets, says US 'open' to discuss trade issues

US Secretary of State Mike Pompeo has pushed for India to further open its economy and also "diversify" its energy portfolio, saying countries that have provided American companies access to their local markets have seen "real opportunity". Speaking at the India Ideas Summit of US-India Business Council here Wednesday, ahead of his visit to New Delhi later this month, he also said America is "open" to dialogue on trade issues. He added countries that have allowed US firms to have a "fair and reciprocal trade", have seen America open up to them. "And I think they've seen real opportunity." The top American diplomat's remarks have come amid trade-related frictions between the US and several other countries, including Mexico, India and China. US President Donald Trump has been pursuing his trade policies aggressively and imposed tariffs on China, hitting billions of dollars of import of Chinese products. The US media Friday reported that India could be his next target. On Monday in a TV .

BCIM calls for upholding multilateralism, free trade

Yuxi city [China], June 13 (ANI): Bangladesh, China, India and Myanmar (BCIM) on Thursday called for upholding multilateralism and free trade."The parties called for upholding multilateralism and free trade and further strengthening regional economic and trade exchanges, promoting investment cooperation and cross border logistics. The parties agreed to support enterprises especially SMEs of four countries to utilise e-commerce and other new models for developing cross border trade," according to the statement.The joint statement also mentioned that the parties emphasised that efforts should be made to improve the overall competitiveness of the regional economy by building a more efficient and transparent business environment and by creating a more favourable condition to attract foreign direct investment.The parties asserted that comprehensive connectivity in rail, roads, waterways, aviation, energy and the digital sector will greatly enhance competitiveness. "It is necessary to ...

US stocks end lower as tech, financial shares fall

US equities closed lower, pressured by the losses in tech and banks shares.

NDDB urges finance minister to rationalize taxes on dairy items

The National Dairy Development Board (NDDB) has called upon the Union Finance Minister Nirmala Sitharaman to rationalize direct and indirect taxes on dairy items and reduce the Goods and Services Tax (GST) on 'ghee' and flavoured milk, among other things.

APL families in Chhattisgarh to get subsidised rice

In a move benefiting 7 lakh families belonging to the above poverty line (APL) category in Chhattisgarh, the Congress government Wednesday decided to provide them rice at subsidised rates and also announced sops for farmers and students. A decision in this regard was taken at a state cabinet meeting chaired by Chief Minister Bhupesh Baghel here at Mantralaya (state secretariat). The cabinet, which met for the first time after the conclusion of the Lok Sabha polls, approved a slew of important proposals, including waiving agriculture loans of farmers having non-performing accounts in banks under one- time settlement process and expanding facility of free education till Class XII which was up to Class VIII so far. Briefing the media after the meeting, Agriculture Minister Ravindra Choubey said the cabinet approved a proposal to prepare new ration cards for all below poverty line (BPL) and APL categories people, covering 65 lakh families. However, till these new cards are ..

AWS makes strongest pitch for $10bn Pentagon project

With the US Department of Defense (DoD) $10 billion Joint Enterprise Defense Infrastructure (JEDI) cloud contract to be announced soon, Amazon Web Services (AWS) CEO Andy Jassy on Wednesday made a strong pitch for the intelligence agencies to adopt a secure, agile and faster Cloud.

Global FDI flow fell 13% in 2018: UN Report

Global foreign direct investment (FDI) flows declined by 13 per cent in 2018 to $1.3 trillion from $1.5 trillion in 2017, the UNCTAD's World Investment Report 2019 said on Wednesday.

AdiGroup still interested in Jet; but will wait only 48 hrs

In a final push to revive the now grounded Jet Airways, London-based AdiGroup has again evinced interest in Jet Airways.

Bankers-FM pre-Budget meet on June 13, ease of credit flow to top agenda

Bankers, including RBI officials and financial institutions, will meet the Finance Minister on their turn to hold pre-Budget meeting with the Finance Minister Nirmala Sitharaman on June 13 where the government is expected to tell the lenders on the need to ease credit flow to the MSMEs and small borrowers and with a revised RBI circular in place to make cases for loan recoveries.

PepsiCo executive Laxman Narasimhan named new CEO of Reckitt Benckiser

British consumer goods major Reckitt Benckiser (RB) on Wednesday announced the appointment of PepsiCo executive Laxman Narasimhan as its Chief Executive Officer (CEO).

Arvind Subramanian's growth estimates omit productivity, quality, says CII

'The growth estimates shown by former CEA omits productivity and quality and takes only volume into account,' said CII's Chandrajit Banerjee

April factory production grows; so does May's retail inflation (Roundup)

India's economic health showed signs of recovery as factory production expanded in April, while the country's May retail inflation remained largely subdued with a marginal rise.

India gets USD 42-bn FDI inflows in 2018: UN report

India received foreign direct investments worth USD 42 billion in 2018, helped by robust inflows in manufacturing, communication and financial services, a United Nations trade report said Wednesday. In South Asia, FDI inflows increased by 3.5 per cent to USD 54 billion, said the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2019. So, India attracted over 77 per cent of the total foreign direct investments that came to the South Asian region. "Investment in India the subregion's largest recipient rose by 6 per cent to USD 42 billion with strong inflows in manufacturing, communication, financial services and cross-border merger and acquisition activities," said the report. The UN trade report said the prospects for FDI inflows into South Asia are largely determined by expectations of growing investment into India. In India, the growth in cross-border merger and acquisitions (M&As) grew to USD 33 billion in 2018 from USD 23 billion a year ago, .

Cabinet apprised of Letter of Intent with Costa Rica in field of biotechnology

The Cabinet Wednesday was apprised of signing of a Letter of Intent (LOI) between India and Costa Rica in the field of biotechnology. The LOI was signed in March to work out the agenda for the collaboration for Innovation in Science and Technology Diplomacy to evolve a concrete strategic plan in the area of biotechnology education, training and research, a statement said. The Cabinet was also apprised of a memorandum of understanding (MoU) on the cooperation between India and Thailand in the field of astronomy, astrophysics and atmospheric science. The MoU, signed in November last year, will lead to new scientific results, human resource development through increased scientific interaction and training, joint use of scientific infrastructure, the statement said. The Cabinet was also apprised of a MoU on the cooperation between India and Bolivia on cooperation regarding the Bioceanic Railway Integration Corridor Project. The MoU will facilitate exchange of information, expert meetings,

Punjab govt official suspended on charge of financial bungling

A senior officer of the Cooperation Department in Punjab was Wednesday suspended on the charge of financial bungling, officials said here. Cooperation Minister Sukhjinder Singh Randhawa Wednessay suspended Additional Registrar of the department Harinder Singh Sidhu with immediate effect, an official spokesperson said. Sidhu has been charged with spending Rs 45 lakh on renovation of the building of Punjab state agricultural development bank "without following proper procedure." The repair work was carried out when he was the managing director of the bank in 2017-18, the spokesperson said. By spending Rs 45 lakh, Sidhu allegedly caused financial loss to the state exchequer, he added. The then general manager of the bank has already been suspended in this case.

'India, Aus can do more to strengthen economic order in Indo-Pacific'

India and Australia can do more together to strengthen the economic order in the Indo-Pacific and successfully concluding Regional Comprehensive Economic Partnership (RCEP) will help shape the regional rules and norms governing trade, investment and the broader economy, said Australian High Commissioner Harinder Sidhu. The Australian envoy, while delivering a talk organised by the Indian Association of Foreign Affairs Correspondents Tuesday, said Australia and India can do more over the next terms of their respective governments to strengthen the bilateral partnership. "We have built a strong bilateral relationship over the past decade. We have the basis now to work together in other forums," she said. Sidhu stressed that it was important to strengthen the economic order in the Indo-Pacific. "There is more India and Australia can do together to strengthen the economic order in the Indo-Pacific. This has two dimensions. The first is trade and second is investment in the region, and ...