Page 774 - Business Finance
Tata Communications recognised as Leader in Gartner's Magic Quadrant for Network Services
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Shares may slide at opening bell on weak global cues
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 15.50 points at the opening bell on weak global cues.
Trump plans to scrap preferential trade status for India, Turkey
US President Donald Trump has said he intends to end the preferential trade status granted to India and Turkey, asserting that New Delhi has failed to assure America of "equitable and reasonable" access to its markets, an announcement that could be seen as a major setback to bilateral trade ties. President Trump, who has vowed to reduce US trade deficits, has repeatedly called out India for its high tariffs. Addressing a four-day annual Conservative Political Action Conference (CPAC) in Maryland on Saturday, Trump accused India of being a "high tariff nation" and threatened to impose "a reciprocal tax" to match the heavy duties that New Delhi imposes on goods imported from the United States. In a letter to Speaker of the US House of Representatives Nancy Pelosi, Trump said he was determined that New Delhi had "not assured" the US that it would "provide equitable and reasonable access" to the markets of India. "I am taking this step because, after intensive engagement between the ...
India nominates NITI Aayog's Ramesh Chand to head FA0
India has nominated NITI Aayog member Ramesh Chand for the post of the new Food and Agriculture Organisation's (FAO) Director-General and he will be facing candidates from China and three other countries.
Trump informs Congress about intent to terminate GSP designation of India, Turkey
Arguing that New Delhi had failed to assure America that it would provide equitable and reasonable access to its markets in numerous sectors, US President Donald Trump on Monday informed the US Congress about his intent to terminate the designation of India and Turkey as a beneficiary developing country under the Generalised System of Preferences (GSP) programme. In a letter to the Speaker of the US House of Representatives, Nancy Pelosi, Trump said he was determined that New Delhi had "not assured" the United States that it would "provide equitable and reasonable access" to the markets of India. "I will continue to assess whether the Government of India is providing equitable and reasonable access to its markets, in accordance with the GSP eligibility criteria," Trump said in his letter, a copy of which was released to the press. In a separate letter, Trump also informed the Congress of his intent to terminate the GSP beneficiary designation of Turkey. This was primarily because the .
US stocks close lower as construction data disappoints market
US stocks ended lower as investors digested weaker-than-expected US construction spending data in December last year and a batch of healthcare stocks extended losses.
US stocks trade lower amid weak construction data
US stocks traded lower on Monday, as investor sentiment was dented by unexpectedly disappointing economic data on US construction spending in December last year, which raised concerns over slowing economic growth.
ED questions Chanda Kochhar for fourth consecutive day
The Enforcement Directorate (ED) on Monday questioned former ICICI Bank CEO Chanda Kochhar for the fourth consecutive day in the ongoing probe into the alleged irregularities and corrupt practices in sanctioning a Rs 1,875 crore loan by the bank to the Videocon Group.
MSTC gets SEBI approval for IPO
E-commerce company MSTC Ltd, a mini-Ratna under the Ministry of Steel, on Monday said it has got approval for its IPO from the Securities and Exchange Board of India.
Modi launches 'One Nation, One Card'
Prime Minister Narendra Modi, here on Monday, launched the "One Nation, One Card" programme to ensure seamless travel across the country. The card can be used for payments across different segments, including Metro, bus, suburban railways, toll, parking and retail purchases.
HRD plans decree to revive university-wise faculty recruitment
The government may introduce an ordinance soon to revive the university-wise recruitment system for faculty, an official from the Ministry of Human Resource Development (HRD) said on Monday.
Tesla Model Y crossover SUV is arriving on March 14
The USD 35,000-worth Tesla Model 3 is passe. Now, make way for the Model Y crossover SUV which is set to be revealed on March 14.Tesla CEO Elon Musk took to Twitter to make the announcement, indicating the brand-new electric car will be unveiled at the company's design studio in Los Angeles.As Musk revealed in his series of tweets, the Model Y will be 10 percent bigger than Model 3 and thus, will evidently cost 10 percent more. It will have a less range for the same battery. The remaining specs and pricing will be announced at the event.Tesla will also be offering test rides of the Model Y. The Tesla Model Y crossover SUV will be the company's fifth vehicle since 2003.In addition to the Model Y, the first public Tesla V3.0 Supercharger Station will also go live on March 6th. The supercharger electric car charging stations will be able to charge cars at a rate of 350kW or more.
LIC Housing Finance partners with India Mortgage Guarantee Corp
LIC Housing Finance (LICHFL) said on Monday that it has partnered with India Mortgage Guarantee Corporation (IMGC) to offer home buyers enhanced loan eligibility and easy loans.
Zomato to sell UAE food delivery biz for USD 172 mn
Online restaurant guide and food ordering firm Zomato will sell its UAE food delivery business to Germany-headquartered Delivery Hero Group for about USD 172 million (nearly Rs 1,220 crore), one of the company's largest shareholders Info Edge said Monday. The Gurugram-based firm has also raised around USD 105 million in the ongoing round of funding, Info Edge said in a filing on the BSE. "As a result, upon closing, our shareholding in Zomato will be 26.38 per cent on a fully converted and diluted basis," it added. As part of the transaction, Zomato Media Pvt Ltd has entered into an agreement to sell its UAE food delivery business to Delivery Hero Group through its fully owned subsidiary Talabat Middle East Services Company LLC. The consideration for the transaction is about USD 172 million, it added. "Zomato and Delivery Hero will enter into services agreements (on the) basis (of) which Zomato will continue to run the said business on its own platform," it added. Zomato continues to ..
LIC Housing ties up with IMGC with extended tenure, mortgage guarantee
LIC Housing Finance Monday said it has partnered with India Mortgage Guarantee Corporation (IMGC) to offer special loan scheme, under which borrowers can repay the amount till the age of 75 years. Under the new partnership, IMGC will provide LICHFL with mortgage guarantee which is a kind of financial product that compensates financial institutions for losses that may arise from a default on a mortgage loan, LICHFL said in a release. This strategic tie-up will help the LICHFL to accommodate more home loan borrowers, increase market penetration besides combating NPAs, it said. "It will also help LICHFL accommodate more home loan buyers, improve eligibility criteria, extend repayment period and ease restrictions on profile of applicants, who face rejection related to work profile, work place, credit history amongst other reasons which may be unspecified by lending institutions," it said. Speaking about the tie-up, Vinay Sah, MD & CEO, LICHFL said the partnership with IMGC will help ..
RBI imposes Rs 8 crore fine on 3 banks for non-compliance in Swift operations
The Reserve Bank of India has imposed a total monetary fine of Rs 8 crore on three banks - Karnataka Bank, United Bank of India and Karur Vysya Bank - for non-compliance of directions on Swift messaging software. While the RBI imposed a Rs 4 crore fine on Karnataka Bank, United Bank is facing a penalty of Rs 3 crore. The regulator has levied Rs one crore fine on Karur Vysya Bank. The RBI has levied an aggregate penalty of Rs 40 million on the bank for delayed implementation of four of the Swift related operational controls, Karnataka Bank said in a regulatory filing. "The exchanges are hereby informed that Reserve Bank of India..., has imposed an aggregate penalty of Rs 30 million on the Bank to be deposited within 14 days, for non-compliance with, and contraventions of, directions contained in the RBI circular on time-bound implementation and strengthening of SWIFT-related operational controls," United Bank said in a separate filing. Karur Vysya said that the RBI has imposed a ...
ICICI Bank buys 9.9% in NBFC Kisan Finance for Rs 18cr
ICICI Bank Monday said it has acquired 9.9 per cent stake in non-banking finance company Kisan Finance for cash consideration of Rs 17.82 crore. The bank said it will buy 1.49 crore shares to acquire 9.9 per cent stake in Kisan Finance for Rs 17.82 crore. The acquisition is expected to be over by the end of March 2019, the bank said in a regulatory filing. "This transaction does not constitute a related party transaction. ICICI Bank has no promoters. None of the group companies of ICICI Bank (including ICICI Bank) have any interest in the entity being acquired," it added. Kisan Rural Finance Ltd (Kisan Finance), was incorporated in December 2017. The company had registered a net loss of Rs 48 lakh in 2017-18 at a revenue of Rs 4 lakh.
Not an inch of Odisha railway lines given to other division: Sinha
Union Minister of State for Railway Manoj Sinha on Monday said not an inch of railway lines in Odisha has been given to any other division.
AI begins reading news, creates job loss scare for journalists (IANS Special)
As China's Two Sessions - the country's biggest political meetings of the year - kicked off on Sunday, state-run news agency Xinhua chose "Xin Xiaomeng" to make a one-minute video presentation, debuting the agency's first Artificial Intelligence (AI)-powered news anchor and triggering renewed concerns among journalists.
MSTC gets SEBI nod for IPO
E-commerce company MSTC Ltd on Monday said it has got approval from the Securities and Exchange Board of India (SEBI) for the state-run firm's proposed IPO. The IPO would be by way of offer for sale by the Union government of 17,600,000 shares, equivalent to 25 per cent of the post-offer, paid-up equity share capital. The divestment would bring down government holding in MSTC to 64.85 per cent from the existing 89.85 per cent stake, the company said. Equirus Capital Pvt Ltd is the sole book running lead manager to this offer and Alankit Assignments Ltd is the registrar. The mini-Ratna company, under the Ministry of Steel, has three main business verticals -- e-commerce, trading and recycling.