Page 811 - Business Finance

Indra Nooyi joins Amazon Board of Directors

PepsiCo's India-born former CEO Indra Nooyi has joined Amazon's board of directors, the online retail giant has said. Nooyi, who stepped down as CEO of Pepsico in October last year, is the second women of colour to be added on the Amazon's board of Directors. Early this month, Starbucks executive Rosalind Brewer joined the Amazon Board. "We're thrilled to have elected two new members to our Board of Directors this month. Welcome, Roz Brewer and Indra Nooyi," Amazon said in its announcement. Nooyi would be a member of the audit committee. She was Pepsico CEO from October 2006 to October 2018, where she also served as the Chairman of its board of directors from May 2007 to February 2019. She was elected to PepsiCo's board of directors and became its President and Chief Financial Officer in 2001, and held leadership roles in finance, corporate strategy and development, and strategic planning after joining PepsiCo in 1994. Nooyi has served as a director of Schlumberger Limited since April

Wall Street advances on US-China trade optimism

US stocks ended higher as market sentiment was lifted by the latest progress on US-China trade talks.

Let's see what happens?: Trump on US-China trade deal

In a display of caution, US President Donald Trump tweeted "let's see what happens?" - indicating that something more definite was yet to be reached with China.Furthermore, Trump announced that the trade deal "and more" with China is in an "advanced stage"."China Trade Deal (and more) in advanced stages. Relationship between our two Countries is very strong. I have therefore agreed to delay U.S. tariff hikes. Let's see what happens?," he tweeted on Monday (local time).The US President's latest statement comes just a day after he announced that the United States would be delaying the increase on Chinese imports - which was originally scheduled to come into effect on March 1 - as a result of "productive talks" between Washington and Beijing during the 90-day truce period between the sides.China and the United States have temporarily halted the trade war between the sides in order to hold talks to alleviate the situation. A 90-day truce period was decided upon by Trump and Xi when they ..

'Jet Airways will re-emerge as viable, robust airline'

Debt-laden domestic airline Jet Airways and its principal shareholders, including Etihad Airways, have said that they are working towards finalisation and subsequent implementation of bank-led provisional resolution plan (BLPRP) to ensure that the carrier re-emerges as a "financially strong and resilient airline."The approval of the BLPRP by the Board of Directors of Jet Airways last week was an important step in this direction."As we move forward, we are confident that once the BLPRP is finalized and implemented, Jet Airways will re-emerge as a viable and robust airline to reclaim its rightful place as the airline of the first choice for its customers," read a joint statement issued on the matter by Jet Airways' Chairman Naresh Goyal and Etihad Airways' CEO Tony Douglas.Jet Airways has been struggling with financial issues and is looking to rejig debt as well as raise funds.It is worth to mention here that Jet Airways has been facing a financial crisis with debt to the tune of Rs ...

Solar rooftop installations to fall short of 2022 target: Developers

Faced with challenges in penetrating the residential and the SME market space, the solar rooftop sector would fall short of its target of installing 40,000 megawatt (mw) capacity by 2022, say developers and experts.

RBI proposes new compensation norms for top officials of private, foreign banks

The RBI Monday proposed that at least 50 per cent of compensation of senior officials of private and foreign banks, including whole time directors and chief executive officers, "should be variable". A discussion paper on proposed guidelines for compensation of whole time directors/chief executive officers/material risk takers and control function staff issued by the central bank also said ESOPs should be included as a component of variable pay. In January 2012, the Reserve Bank had issued the compensation guidelines for implementation by private sector and foreign banks from the financial year 2012-13. "These (2012) guidelines are being reviewed, with an objective to better align with FSB (Financial Stability Board) Principles and Implementation Standards, based on experience and evolving international best practices," the RBI said while inviting comments from stakeholders by March 31. The proposed guidelines, to be effective from the ensuing financial year (post issue of the final ...

Kerala CM alleges scam in airport tendering

Kerala Chief Minister Pinarayi Vijayan here on Monday launched a serious attack on the BJP-led central government and accused it of a scam in tendring five airports' operations to Adani Enterprises.

FDI inflow in April-Dec fall 7% to $33.5 billion

Foreign direct investment (FDI) into India in April-December 2018 declined by 7 per cent to $33.5 billion over $36 billion received during the same period of the last fiscal, according to latest official data.

Jet pilots to stick to roster hours from Mar 1; ops to be hit

Jet Airways' operations are likely to be hit from next month with its pilots' union NAG deciding to adhere to the duty roster from March 1 over non- payment of salaries, union sources said Monday. Members of the National Aviator's Guild will not fly over and above roster hours from March 1, they said. The Jet Airways management was not immediately available for a comment on the development. However, earlier in the day, Jet Airways, a listed entity, had told the stock exchanges it is working out a "mutually acceptable" arrangement to ensure that it becomes current on salary overdues. The airline has been delaying salaries to its pilots along with engineers and senior management since last August. "The union had a concall with the management today evening over our salary dues. Though it said it will pay the balance 25 per cent of our November salary and another 12.5 per cent from December salary, it did not give any commitment on when will it clear the rest dues. It was not acceptable ..

Swaminathan Commission recommendations should be thoroughly implemented: TDP manifesto committee

Ahead of the Lok Sabha elections, the manifesto committee of the Telugu Desam Party on Monday held its second meeting at Andhra Pradesh's secretariat here.The committee decided to give priority to agriculture and allied sectors. In particular, focus should be on milk dairy sector which can be highly useful in employment generation in rural areas. Most of the members suggested giving priority for agro-industries.Committee convenor Yanamala Ramakrishnudu said that Swaminathan Commission recommendations must be thoroughly implemented. Zero Budget Natural Farming (ZBNF) should be encouraged so that youth can focus on the agriculture sector.The manifesto committee's next meeting will be held on water resources on February 28.

Unregulated deposits ordinance overkill, may dry up funds for realtors: Experts

The Banning of Unregulated Deposit Schemes Bill, which has just been enacted through an ordinance with the objective of protecting small depositors from being duped by fraud schemes, has also raised eyebrows due to its content, manner and timing of issuing it -- on the eve of elections.

Britannia to replace Hindustan Petroleum in Nifty 50 from March 29

Britannia Industries will replace Hindustan Petroleum Corporation in the Nifty 50 index from March 29, the National Stock Exchange said Monday. Shares of HPCL dropped 1.54 per cent to Rs 227.40 on NSE. Britannia Industries on the other hand gained 1.43 per cent to settle at Rs 3,056 on the bourse. Six stocks, Bajaj Holdings & Investment, Divi's Laboratories, HDFC Asset Management Company Ltd, Hindustan Petroleum Corporation, Page Industries and United Breweries will be included in the Nifty Next 50 index, the NSE said in a release. Besides similar changes are made in Nifty500, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50 and Nifty Midcap 100, Nifty 200, Nifty Financial Services among others, the release added. In a separate release, the bourse said that it has decided to revise the methodology of sectoral and thematic indices. According to the revised method, all sectoral indices except for Nifty Tata Group, the weightage of each stock in the indices will be ...

Working out mutually acceptable arrangement on salary dues: Jet Airways

Crisis-hit Jet Airways Monday said it was working out a "mutually acceptable" arrangement regarding salary dues. Salary payments have been delayed for many employees, including pilots. The airline management had promised to clear salary dues of its pilots by March. "We wish to state that the company is in dialogue with its key stakeholders to enlist their full support and cooperation," the airline said in a filing to the stock exchanges. In doing so, the company is also apprising them of the challenges faced by the company, it added. Further, Jet Airways said it was "working out a mutually acceptable arrangement to ensure that the company becomes current on its salary overdues". Last week, a section of pilots had reportedly warned the airline of non-cooperation from March 1 if the management did not give a clarity on salary payment. More than 1,100 pilots of the airline are represented by the National Aviator's Guild (NAG). On December 7, the company had agreed to pay all dues by ...

HP investors' meet: 159 MoUs with Rs 17,000-cr investment commitment signed, says CM

As many as 159 memorandum of understandings (MoUs) were signed on Monday at the HP Global Investors Meet here, Chief Minister Jai Ram Thakur said. Presiding over the MoU-signing ceremony at the Meet, Thakur said the MoUs would ensure a total investment of over Rs 17,000 crore and employment opportunities to over 40,000 people. Among the major pacts, Thakur said three MoUs were signed with public sector undertakings for an investment amount of Rs 1,115 crore, 88 with the Department of Industries for Rs 5,243 crore investment; 36 with the Department of Tourism and Civil Aviation for Rs 2,810 crore funding; 17 with the Department of Urban Development (Rs 4,332 crore). The state government is coming up with new policies for industry, tourism, warehouse and logistics, among others, to provide incentives to the entrepreneurs interested to invest in the state, he added. Stating that such initiatives were never taken before in the state, he said efforts would be made to ensure clearances for .

Nagaland CM present tax-free, deficit budget, stressses on start-ups

Nagaland Chief Minister Neiphiu Rio on Monday presented a Rs 1,661.68 crore deficit, tax-free budget for 2019-20 fiscal with a focus on encouraging start-ups and skill development to generate jobs.

Bus commuters in Kolkata can now purchase tickets on mobile phone

Commuters in Kolkata can now buy tickets for the state-run Calcutta State Transport Corporation (CSTC) buses on their mobile phone, the West Bengal Transport Corporation said on Monday.

ArcelorMittal says facing 'risks' like excess capex on proposed Essar acquisition

ArcelorMittal Monday said it is staring at various risks including excess capex and delays in achieving commercial objectives in view of its proposed acquisition of debt-laden Essar Steel India. The world's largest steelmaker ArcelorMittal's takeover proposal of the Essar Steel India Ltd (ESIL), via a joint venture with Nippon Steel & Sumitomo Metal Corporation (NSSMC), in a bankruptcy resolution process has been approved by the committee of creditors (CoC) and is pending before the National Company Law Tribunal (NCLT). "Should the Resolution Plan be implemented, as is currently expected, it would subject ArcelorMittal to various risks. On the operational front, the industrial project to turnaround ESIL and further improve operational profitability is large-scale and ambitious," ArcelorMittal said in its annual report released today. It said while the company has "substantial experience in turnaround situations", the scale of this one is particularly large and it is the company's

Power failure hits service on Noida-Greater Noida Metro

Service on the Noida-Greater Noida metro was hit due to a technical glitch on Monday night, exactly a month after its inauguration, according to its operator the Noida Metro Rail Corporation (NMRC). The breakdown on the Aqua Line was caused due to electricity failure in the over head equipment between Sector 144 and Pari Chowk metro station, resulting in the services being halted, a senior official said. The breakdown was caused around 9 pm and services were still to be resumed at the time this report was filed. NMRC Executive Director P D Upadhyay said feeder bus services were immediately deployed for passengers. "No fare has been charged from those having the QR ticket or smart card on the feeder bus for drop at stations between Sector 144 and Pari Chowk station," he said. He said 57 passengers boarded the NMRC bus at Metro 144 for Pari Chowk. A team of officials of the Noida Metro Rail Corporation and the Delhi Metro Rail Corporation (DMRC) were at the spot to resolve the problem, .

LOGOS acquires two logistics parks in Chennai for Rs 700 cr

Global logistics firm LOGOS Monday said it has acquired pre-leased warehousing assets of 2.2 million sq ft in Chennai from Casagrand Group for Rs 700 crore. This is the first acquisition of the company in India following the launch of its Indian business. "Mappedu Logistics Park and Mahindra World City are located within the established industrial corridors of Chennai, benefiting from prominent access to the government approved Chennai Bangalore Industrial Corridor and the Chennai Port," the company said in a statement. The properties comprise a total gross leasable area (GLA) of 2.2 million square feet, across a combined area of about 85 acres of land. Both parks are fully leased and provide further development opportunities within the sites. LOGOS' Managing Director Trent Iliffe said: "India has one of the fastest-growing economies in the world and with a high-growth real estate sector, this market is an important part of our Asia Pacific strategy as we continue to support our ...

RIL, TCG front-runners to take over iconic Garden Vareli brand: Sources

Oil-to-telecom conglomerate Reliance Industries (RIL) and Purnendu Chatterjee-promoted The Chatterjee Group (TCG) have emerged front-runners to take control of the financially struggling Garden Silk Mills Ltd, people in knowledge of the development said.