Page 821 - Business Finance
Buffett appears to fault Trump, laments M&A dearth in Berkshire shareholder letter
(Reuters) - Warren Buffett on Saturday appeared to fault U.S. President Donald Trump for taking too much credit for the nation's economic growth, while acknowledging that market conditions are making it tough for his Berkshire Hathaway Inc to find more big companies to buy.
Delhi's economy grows 8.61% in 2018-19: Economic Survey
The economy of Delhi is estimated to have grown at 8.61 per cent in 2018-19, according to the Economic Survey Report tabled in the Assembly, here on Saturday.
As trade deadline looms, U.S. and China sprint to seal a deal
WASHINGTON (Reuters) - U.S. and Chinese negotiators met for a fifth straight day on Saturday as the two sides race against a March 1 deadline to reach agreement and prevent a further escalation in their trade war.
Oppo unveils 5G smartphone, ready for trials in India from Q2 this year
Chinese smartphone maker Oppo Mobiles Saturday unveiled 5G smartphone which it plans to commercially launch in the second quarter of this year. The company said it will be ready for trial in India from the second quarter; however, telecom operators will have to decide on timeline for tests. "We will be ready with 5G smartphone in the second quarter for trials in India. We are in discussion with all the three operators - Reliance Jio, Airtel and Vodafone Idea. They will have to decide on trials, " Tasleem Arif, VP and R&D Head, Oppo India, said. Meanwhile, the company announced its partnership with four global telecom operators -- Swisscom, Optus, Telstra and SingTel. Henry Tang, Director of Standards for Oppo, said the company has started field trials with some of the operators. Oppo has partnered with Qualcomm for developing 5G smartphone on its chipset. "It (the partnership) will bring 5G to commercial reality in 2019. We are going to bring the first Oppo 5G smartphone to the ...
DTC's working losses jump to over Rs 1750 cr: Economic survey
The working losses of the Delhi Transport Corporation (DTC) have jumped to Rs 1750.37 crore, according to the Delhi's Economic Survey 2018-19 report tabled in the state Assembly Saturday. The DTC is incurring working losses and accordingly, the Delhi government is obliged to meet such losses by providing them financial assistance, the report said. The working loss of DTC was Rs 942.89 crore in 2013-14. Subsequently it rose to Rs 1019.36 (2014-15), Rs 1250.14 crore (2015-16), Rs 1381.79 (2016-17), Rs 1730.02 crore(2017-18) and finally Rs 1750.37 crore in budgetary estimates of 2018-19, it said. Till 2010-11, the Delhi government used to meet the working losses of the DTC by providing it loans. However, from 2011 onwards, the system was changed by providing them with grants, instead of loans. Further, the Delhi government also discontinued the practice of recovering the DTC's interest dues by converting the interest into a loan from the year 2011-12. Besides, the government provides a ..
Comprehensive policy on e-commerce a 'welcome move', say e-tail giants
E-commerce giants Amazon and Walmart-backed Flipkart Saturday said they are reviewing the draft national e-commerce policy and will share their inputs on the proposals in due course of time. The government, on Saturday, released the draft that proposes setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad. "We appreciate the government seeking consultation on the draft e-commerce policy. We are going through the draft, which has been just released for comments and will be sharing our inputs in due course. As India's homegrown e-commerce pioneer, Flipkart has always been at the forefront of growth of the industry. We look forward to working with the government and other stakeholders in developing this nascent sector..." a Flipkart spokesperson said. Amazon India, in an e-mailed statement, said the company is also currently ...
GVK to buy additional stake in Mumbai airport operator for Rs 1,247 cr
GVK Group on Saturday announced raising its stake in Mumbai airport operator MIAL to 64 per cent by acquiring additional shares for nearly Rs 1,247 crore. Exercising the "Right of First Refusal", GVK Airport Holdings Ltd would purchase 13.5 per cent stake from South Africa's Bidvest. Mumbai Airport International Ltd (MIAL) operates Mumbai aerodrome, which is the second busiest in the country. GVK Airport Holdings has exercised its 'Right of First Refusal' to increase its stake in MIAL, according to a regulatory filing. GVK Airport Holdings Ltd, has exercised its right under "Right of First Refusal" to acquire 16,20,00,000 equity shares of Mumbai International Airport Ltd, constituting 13.5 per cent of the total paid-up share capital of MIAL, from Bidvest at the rate of Rs 77 per share. The cost of acquiring additional stake is Rs 1,247.4 crore. "Upon completion of this acquisition, equity share-holding of the GVK Group will increase to 64 per cent from the existing 50.5 per cent of ...
Draft e-commerce policy has left out key areas which may create issues: CAIT
Traders' body CAIT Saturday said the draft national e-commerce policy released by the government has left out some areas which may create new problems for the sector. "The draft of e-commerce policy looks to be innovative and good but at the same time several things have been left out," CAIT Secretary General Praveen Khandelwal said. According to him, the e-commerce policy should provide substantial platform for business and the draft seems to be silent on domestic players in the sector which is undesirable, and they should also be brought under the policy. The government Saturday released the draft national e-commerce policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad. The draft policy said the framework would be created to provide the basis for imposing restrictions on cross-border data flow from ...
Additional RCom shares pledged with Axis Trustee
Axis Trustee Saturday said more shares of Reliance Communications have been pledged with it, taking the total shares with it to 9.18 per cent. In a regulatory filing, Axis Trustee said 17.25 crore or 6.24 per cent shares of RCom were previously pledged with it. Now, additional 12 crore or 4.34 per cent shares have been pledged with it. After accounting for the shares released (1.39 per cent), the total shares pledged with it now stand at 25.40 crore or 9.18 per cent, the filing said.
GVK Airport Holdings acquires 13.5 pc more stake in Mumbai airport
GVK Airport Holdings Ltd has acquired an additional 13.5 per cent stake in Mumbai International Airport Ltd (MIAL), for nearly Rs 1,250 crore, the company said in a regulatory filing. GVK Airport Holdings, a subsidiary of GVK Power and Infrastructure Ltd, has acquired 16.2 crore shares from Bid Services Division (Mauritius) Limited (Bidvest). On completion of this deal, its stake in MIAL will increase to 64 per cent from 50.5 per cent earlier. The company has exercised its "Right of First Refusal" to increase its stake in MIAL, according to a regulatory filing. GVK Airport Holdings Ltd, has exercised its right under "Right of First Refusal" to acquire 16,20,00,000 equity shares of MIAL, constituting 13.5 per cent of the total paid-up share capital of MIAL, from Bidvest at the rate of Rs 77 per share. The cost of acquiring additional stake is Rs 1,247.4 crore. "Upon completion of this acquisition, equity shareholding of the GVK Group will increase to 64 per cent from the existing 50.5 .
IIFL arm seeks legal advice against SEBI order
A day after its commodity broking arm was declared unfit for derivative trading by market regulator SEBI, Indian Infoline Commodities (IICL) on Saturday said it is seeking legal advice to appeal against the order.
Jet shareholders approve conversion of loan into shares
Shareholders of the beleaguered Jet Airways have approved a proposal to convert a part of company's loans into shares with an overwhelming majority.
Park Hotels MD Nijay Dewan new CII Bengal chairman
Vijay Dewan, Managing Director of Apeejay Surrendra Park Hotels Ltd, has been elected as Chairman of CII West Bengal State Council for 2019-20. Mehul Mohanka, Managing Director & Group Chief Executive Officer of Tega Industries Ltd was elected as the deputy chairman for the next fiscal, the Confederation of Indian Industry (CII) said in a statement here.
BJP delegation from AP meets Piyush Goyal, demands rly zone in Visakhapatnam
A delegation of BJP leaders from Andhra Pradesh met Railway Minister Piyush Goyal on Friday and demanded formation of a railway zone in Visakhapatnam. In a memorandum submitted to Goyal, they said the North Andhra region, which consists of Srikaulam, Vizianagaram and Visakhapatnam districts, is very backward and needs impetus for development. "This region has been eagerly looking at the Centre for granting the railway zone ever since our government was formed in 2014. Sanction of a railway zone to North Andhra would make the people of this region jubilant and this will also trigger faster socio-economic development in this region," it stated. It also stated that this was an important demand of the region, socially, economically, emotionally and politically. The Andhra Pradesh BJP leaders said during the 2014 general elections they had assured the public that a railway zone would come up Visakhapatnam. Sources said the railway minister responded positively to the demand and assured the
Delhi's debt problem well under control: Economic Survey
The Delhi government's debt burden was "well under control" and the projected fiscal deficit for 2018-19 was Rs 3,164.45 crore, according to the Economic Survey 2018-19 tabled in the Assembly on Saturday. Deputy Chief Minister Manish Sisodia tabled the report in the Assembly during the budget session. According to the report, the Delhi government had an outstanding debt of Rs 25,338.96 crore in 2007-08, which was equal to 16.79 per cent of its gross state domestic product (GSDP). In 2017-18, the outstanding debt has increased to Rs 33,569 crore. It says the debt-GSDP ratio had declined substantially to 4.86 per cent and the ratio of interest payment to revenue receipts also declined to 7.42 per cent in 2017-18 from the high ratio of 16.79 per cent in 2007-08. "This clearly indicates that the debt problem is well under control," says the report. The outstanding debt of the government was Rs 33,568.71 crore at the end of March 2018, including the power sector loan amounting to Rs ...
Egypt's top administrative court lifts ban on Uber, Careem services
CAIRO (Reuters) - Egypt's top administrative court on Saturday lifted a ban on operations by ride-hailing companies Uber and Careem, which have faced fierce opposition from traditional taxi drivers, a judicial source and lawyer said.
MPF Systems appoints CFO
With effect from 12 February 2019
Reliance Industries to acquire Reverie Language Technologies for Rs 190 cr
Reverie is a language technologies development company, incorporated on 12 November 2009. Reverie is engaged in the business of developing end-to-end voice technology stack for delivering a complete multilingual user experience. Reverie would work in collaboration with Reliance ecosystem for integrating its services in the various existing digital consumer platforms of the group.
Reliance Industries to investment up to Rs 200 cr in SankhyaSutra Labs
Reliance Industrial Investments & Holdings to acquire SankhyaSutra Labs for Rs 16 cr
RIL to acquire Easygov through subsidiary Reliance Industrial Investments & Holdings
Easygov is a software service and data solutions company incorporated on 19 May 2015. Easygov is focused on citizen centric software solutions and services that help in improving convenience to people in accessing and digitally applying for Government to Citizen (G2C) schemes and services.