Page 715 - Business Finance
World Bank says US official lone candidate for presidency
The World Bank confirmed Thursday that senior US Treasury official David Malpass was the lone candidate nominated to take over the helm of the development aid institution. Nominations closed Thursday morning, and the World Bank board said it will conduct a formal interview and make a decision before the Spring meetings of the World Bank and International Monetary Fund, which are to be held April 12-14. The surprise early departure of World Bank President Jim Yong Kim on February 1, not even halfway through his second five-year term, gave US President Donald Trump the opportunity to put his stamp on the organization. Malpass, a 62-year-old Treasury official in charge of international affairs, has been a strident critic of the international financial institutions, calling their lending practices "corrupt" and complaining about aid to China and other relatively more well-off countries that he says should have graduated from the institutions. The World Bank has been led by American men ...
Air India combines two flights due to operational reasons
Air India will combine its Mumbai-New York-Mumbai flight with Mumbai-Newark-Mumbai with effect from March 16 to May 31 due to operational reasons.Mumbai (Maharashtra) [India], Mar 14 (ANI)In a statement on Thursday, the national carrier said, "Due to operational reasons, Air India flight AI-105/AI-106 for the sector Mumbai-New York-Mumbai are combined with AI-191/AI-144 Mumbai-Newark-Mumbai w.e.f. March 16 to May 31."Air India regretted the inconvenience caused to the passengers.
Indians strong in maths but need upskilling in other key areas: Coursera
Indians are strong in mathematics but need to be upskilled in other key areas such as business, technology and data science, online learning platform Coursera said in a report on Thursday. The company in its Global Skill Index (GSI) found that 90 per cent of developing economies are falling behind or are at risk of falling behind in critical skills. GSI measured skill levels across business, technology and data science across 60 countries based on various parameters and ranked them in four categories -- cutting edge for those scoring 76 percentile or above (rank 1-15), competitive between 51-75 percentile (rank 16-30), emerging 26-50 percentile (31-45) and lagging category for percentile below 25 (rank 46-60). "Globally, India ranks 50 in business, 44 in technology, and 51 in data science, which signal a great opportunity for more focused upskilling efforts on key competencies," the report said. It estimated that India also lags behind in the Asia-Pacific region. However, it is also ..
Coal production at 638 MT during Apr-Feb
The coal output grew 8 per cent year-on-year to 638.46 million tonne (MT) in the April-February period of the current financial year. The coal production was 591.42 MT during the corresponding period of the previous fiscal, the coal ministry said in a statement. Coal India Ltd (CIL), whose production target was fixed at 610 MT for the current financial year, produced 527.70 MT during April-February 2018-19. It was 6.6 per cent higher as compared with 495.08 MT during the corresponding period of the previous year, the ministry said in the statement. The coal production by state-owned Singareni Collieries Company Ltd during April-February 2018-19 was 57.94 MT as compared with 54.64 MT in the year-ago period, showing a growth of six per cent, the statement said. The company's coal production target was fixed at 65 MT for 2018-19. Coal production target of captive mines was fixed at 40 MT for the current fiscal. The coal production from captive mines during the period was 44.41 MT as ...
Jaypee Infratech lenders aks NBCC, Suraksha Group to sweeten bids
Lenders of debt-ridden Jaypee Infratech Thursday asked state-owned NBCC Ltd and Suraksha Group to sweeten their offers for acquiring the bankruptcy-bound realty firm, sources said. NBCC, which has the backing of the government to takeover Jaypee Infratech, is unlikely to increase the offer of Rs 500 crore capital infusion but is ready to help lenders in monetisation of the Yamuna Expressway and the land offered by the PSU in its resolution plan, they said. In a meeting with lenders, the state-owned firm even proposed that it was ready to work as project management consultant and charge fees for completing the stalled projects, while lenders could keep control of Jaypee Infratech, the sources said. A meeting of the Committee of Creditors (CoC) was held to discuss resolution plans submitted by NBCC and Suraksha Group. The CoC will soon formally write to both the bidders to submit revised bids based on the discussions held. In the meeting, NBCC submitted that the company would complete ..
ICRA upgrades outlook on PNB, BoI, 2 other lenders
Rating agency ICRA Thursday revised upwards its outlook on four banks, including Bank of India, Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) to stable from negative. However, the outlook of Punjab & Sind Bank was revised downwards to negative from stable. Outlook of four banks -- Bank of India, PNB, OBC and Bank of Maharashtra -- revised to stable from negative, ICRA said in a statement. Three of these banks -- Bank of India, OBC and Bank of Maharashtra -- recently came out from weak-bank watch list of Reserve Bank of India (RBI). Following infusion of capital in these banks, their financial health improved leading RBI to remove them from Prompt Corrective Action (PCA). The government's December 2018 capital infusion into the banks -- Rs 10,100 crore into Bank of India, Rs 4,500 crore into Bank of Maharashtra and Rs 5,500 crore into OBC -- was a key driver in the banks' improvement. With regard to PNB, ICRA said, the revision in the outlook factors in the ...
Bank credit growth eases slightly to 14.55% as on 01 March 2019
Deposits rises 9.82% as on 01 March 2019
India's February WPI up at nearly 3% on costlier food (Roundup)
Higher food prices accelerated India's annual rate of inflation based on wholesale prices, to 2.93 per cent in February from 2.74 per cent for the corresponding month in 2018, official data showed on Thursday.
Sebi directs JPL company secretary to disgorge gains in insider trading case
Markets regulator Sebi Thursday directed Jagran Prakashan's company secretary Amit Jaiswal and his wife to disgorge unlawful gains of Rs 10.41 lakh in an insider trading case. The regulator in an order held that Amit Jaiswal and his wife Mansi Jaiswal had traded in the shares of Jagran Prakashan Ltd while in possession of two unpublished price sensitive information (UPSI). "Noticees (Amit and Mansi) are liable to disgorge the entire amount of Rs 10.41 lakh impounded vide ad-interim ex-parte order dated November 20, 2015," the regulator said. The regulator in 2015 had ordered to impound unlawful gains of Rs 10.41 lakh after its probe found that Amit Jaiswal and Mansi Jaiswal traded in JPL shares while in the possession of UPSI. The regulator had conducted the investigation from August to October 2009 to examine any possible violations of Sebi norms. During the probe, Sebi found that both entities traded in the scrip of JPL during the declaration of interim dividend and announcement of .
NCLAT adjourns Essar Steel case till March 15
The National Company Law Apellate Tribunal (NCLAT) has adjourned hearing on the Essar Steel case till March 15, asking the promoters to clear all the group's dues as per the Supreme Court's order and then come back to it.
Rupee trade option to keep Venezuelan oil flowing
The government may initiate a barter trade arrangement with Venezuela to prevent disruption of oil supplies from the Latin American country following threats from the United States to extend Iran like sanctions there as well.
CIL board approves second interim dividend of Rs 5.85 per share
State-owned CIL Thursday said its board has approved second interim dividend of Rs 5.85 per equity share for the fiscal 2018-19. "The board of directors in its meeting on...March 14, 2019 approved payment of 2nd interim dividend for the financial year 2018-19 @ Rs 5.85 per share of the face value of Rs 10 as recommended by the audit committee of CIL in its meeting held on date," the PSU said in a filing to BSE. The date of payment of second interim dividend for 2018-19 is on and from March 29, the filing said. Coal India (CIL) accounts for over 80 per cent of the domestic coal output.
Corporation Bank cuts benchmark lending rate by 5bps
State-owned Corporation Bank Thursday announced a cut in its benchmark lending rate by 0.05 percentage points, a move that would make home, auto and other loans cheaper. The bank has reduced the lending rate by 5 basis points (0.05 percentage point) across all tenors up to one year. The new rates are effective from March 15, Corporation Bank said in a regulatory filing. The marginal cost of funds based lending rate (MCLR) for overnight and one-month tenors would be 8.05 per cent and 8.20 per cent, respectively, it said. The MCLR for one-year tenor was slashed to 8.90 per cent from 8.95 per cent. Most of the retail loans are benchmarked against one-year MCLR.
RBI Guv-headed panel of regulators discuss issues concerning economy
Financial sector regulators Thursday discussed ways to address challenges pertaining to the quality of credit ratings and other issues concerning the economy, the Reserve Bank of India said in a statement. Markets regulator Sebi, insurance regulator Irdai, and pension fund regulator PFRDA, along with senior officials of the finance ministry, brainstormed key issues facing the economy at the meeting of the sub-committee of the Financial Stability and Development Council (FSDC) chaired by RBI Governor Shaktikanta Das. "The sub-committee reviewed the major developments on the global and domestic fronts that impinge on the financial stability of the country," the central bank said after the meeting. The panel discussed ways to address challenges pertaining to the quality of credit ratings; and inter-linkages between housing finance companies and housing developers. It also deliberated on the interlinking of various regulatory databases and the National Strategy for Financial ...
Governor to meet heads of small finance banks on Friday
Reserve Bank of India (RBI) Governor Shaktikanta Das will meet heads of small finance banks on Friday to discuss various issues related to them. There are 10 small finance banks operating in the country. "Small finance banks have an important role in promoting financial inclusion and priority sector lending. Will hold meeting with MD/CEOs of small finance banks tomorrow," he said in a tweet on Thursday. The small finance banks are entities that provide basic banking services like accepting deposits and lending to the unbanked sections such as small farmers, micro business enterprises, micro and small industries and unorganised sector entities. The central bank had received 72 applications to set up small finance bank licences. After scrutiny, the RBI decided to grant in-principle approval to 10 applicants to set up small finance banks.
Sterling Biotech: Chinks in bankruptcy law exposed
The vulnerability of the bankruptcy law has been exposed once again, this time from the banker's side, in the Sterling Biotech resolution plan.
Jaypee Infratech lenders seek revised bids from NBCC, Suraksha Group
Lenders of debt-ridden Jaypee Infratech met Thursday here to discuss bids of state-owned NBCC Ltd and Suraksha Group for the bankruptcy-bound realty firm and asked them to sweeten their offers, sources said. NBCC, which has the backing of the government, is unlikely to increase the offer of Rs 500 crore capital infusion but is ready to help lenders in monetisation of the Yamuna Expressway and the land offered by the PSU in its resolution plan, they said. A meeting of the committee of creditors (CoC) was held to discuss resolution plans submitted by NBCC and Suraksha Group. The CoC will soon formally write to both the bidders to submit revised bids based on the discussions held. In the meeting, NBCC suggested that the company would complete and deliver stalled projects to homebuyers in three years instead of the earlier promise of four-five years, they said. NBCC also said it was ready to work as project management consultant and charge fees for completing the stalled projects, while ..
Now, Air India cancels several international flights
National carrier Air India has cancelled several international flights on account of low passenger yields on the sectors which include Delhi-Madrid.
ONGC's Mumbai High, Vasai East came close to being sold, stopped after opposition
State-owned ONGC's nine biggest oil and gas fields, including Mumbai High and Vasai East, came tantalisingly close to being sold to private and foreign companies but the plan was nixed after strong opposition from within the government, sources said. A high-level committee headed by Niti Aayog Vice Chairman Rajiv Kumar late last year considered "transferring" western offshore oil and gas fields of Mumbai High, Heera, D-1, Vasai East and Panna as well as Greater Jorajan and Geleki field in Assam, Baghewala in Rajasthan and Kalol oilfield in Gujarat to private/foreign companies. Multiple sources in Niti Aayog and government said, the plan to give away fields producing 95 per cent of India's current oil and gas could not go through because of very strong opposition from Oil and Natural Gas Corp (ONGC) as well as some quarters within the government who found something amiss in the proposal. Besides the 9 fields, 149 marginal fields, that contribute about 5 per cent of the domestic ...
Shell CEO's annual pay doubles to 20 mn euros
Energy giant Royal Dutch Shell revealed on Thursday that chief executive Ben Van Beurden's annual earnings more than doubled for his work last year to over 20.1 million euros (USD 22.7 million). The total -- including base salary, annual bonus and a massive hike in long-term incentives -- was calculated after the Anglo-Dutch group in January said group net profits surged 80 per cent to USD 23.4 billion in 2018 on higher oil prices and heavy cost-cutting. Van Beurden's latest annual earnings are 143 times higher than the amount handed to the average Shell employee in the UK, the company revealed in its annual report. The disclosure comes as top British companies increasingly come under fire from shareholders and members of the public for the hefty salaries paid to executives. Shell said in its report that while it is "sensitive to the wider societal discussions regarding the level of executive pay" compared to the average employee salary, the company's pay ratio "is consistent with ...