Page 836 - Business Finance
Oil off 2019 highs as U.S. crude stocks build, output hits record
NEW YORK (Reuters) - Oil prices fell below 2019 highs on Thursday after U.S. government data showed a fifth weekly build in crude inventories and record production, while concerns about slowing global economic growth weighed.
Punjab to reimpose 3 pc social security fund from April
The Punjab government will reimpose 3 per cent social security fund on registration of properties in urban areas from April this year, state revenue minister Sukhbinder Singh Sarkaria informed the Assembly Thursday. Replying to a question of former finance minister and SAD MLA Parminder Singh Dhindsa during Question Hour, Sarkaria attributed waiving of 3per cent social security fund for two years to non-achievement of stamp duty and registration charges as one of the reasons. The government had waived 3 per cent social security fund on registration of properties in the urban areas on July 28, 2017. This relief would expire on March 31, 2019. "This three per cent social security fund will again be imposed with effect from April 2019," said Sarkaria. The minister informed the House that the state government had not been able to achieve the target of stamp duty and registration charges for 2016-17, 2017-18 and 2018-19 (till January, 2019). The government's collections have been Rs ...
Weak economic data, healthcare shares pull Wall Street lower
(Reuters) - U.S. stocks fell on Thursday, following a recent run of gains, pressured by weak economic data and a drop in healthcare shares, while investors kept a close watch on U.S.-China trade talks.
Gold falls off 10-month peak after Fed minutes release; palladium retreats
(Reuters) - Gold slipped off a 10-month peak on Thursday, pressured by signals the U.S. Federal Reserve would not adopt as dovish a stance on monetary policy as previously thought and as investors booked profits, while palladium retreated from a record high.
Domino's sales growth, profit disappoint, shares fall 8 percent
(Reuters) - Domino's Pizza Inc missed Wall Street estimates for quarterly same-store sales growth on Thursday as it battled competition from food delivery companies and rival pizza chains, sending its shares down 8 percent.
New petrol pumps to create lakhs of jobs: Pradhan
Petroleum Minister Dharmendra Pradhan on Thursday said his ministry has provided 13 crore LPG connections in less than 5 years, which is equivalent to the number of connections in the first 60 years since Independence.
India uniquely positioned to polevault in age of technological disruption: Nilekani
India is in a unique position to leverage its talent pool, progressive mindset of industry leaders, and its ability to innovate, to polevault in the age of technology-fuelled disruption, Infosys co founder and Chairman Nandan Nilekani said Thursday. He said riding the wave of disruption will require businesses to reinvent themselves and even trade the existing revenue streams for future revenue streams that are technology-ready. "Technology as barrier has come down...it's more about the talent that you have to take that technology and apply it to a particularly situation, say, where you have data," Nilekani said while addressing an event organised by the All India Management Association (AIMA). Speaking on the topic 'Innovation in the age of disruption', Nilekani said the ongoing technological disruption would nudge businesses and people to reinvent themselves and also require them to adopt a bold mindset. "It will finally boil down to mindset of all of us...that we are willing to ...
Maersk shares plummet on bleak outlook as trade war looms
COPENHAGEN (Reuters) - The world's largest container shipping company, A.P. Moller-Maersk, warned trade headwinds would slow growth this year, sending its shares down 10 percent on Thursday.
Zimbabwe's currency reality check puts plaster on deep wound
HARARE (Reuters) - Zimbabwe's decision to scrap a peg between its quasi-currency bond notes and the U.S. dollar brings a welcome end to a failing monetary policy, but it is not the solution to a deeper crisis, economists said on Thursday.
EPF rate hiked to 8.65% for 2018-19 by EPFO board
The Employees' Provident Fund Organisation (EPFO) board here on Thursday raised the interest rate on Employees' Provident Fund (EPF) by 10 basis points to 8.65 per cent for 2018-19. It will benefit around 5 crore people of the salaried class.
J.P. Morgan pares U.S. first-quarter GDP growth view to 1.5 percent
NEW YORK (Reuters) - J.P. Morgan on Thursday lowered its tracking estimate on U.S. economic growth in the first quarter as durable goods orders rose less than forecast in December with core capital orders posting a surprise drop.
President gives assent to Stamp Act amendments
The budget proposal to streamline the collection of stamp duty levied on securities has become operational with President Ram Nath Kovind on Thursday giving his assent to the amendments to the Indian Stamp Act, 1899, introduced as part of the Finance Act, 2019.
BSE stock options: Sebi fines 2 firms Rs 13 lakh for fraudulent trade
Markets regulator Sebi Thursday slapped a total penalty of Rs 13 lakh on two entities for non-genuine trades in illiquid stock options on the BSE. The two entities are Bhiragacha Finance Company and Blue Bird Mercantiles Pvt Ltd, according to Sebi's two separate but similarly worded orders. The Securities and Exchange Board of India (Sebi) conducted an investigation into the trading activity in illiquid stock options on the BSE from April 2014 to September 2015 after observing large-scale reversal of trades in the bourse's stock options segment. The regulator observed that the entities deliberately adopted strategy to enter into reversal trades with same counterparties and that too at price incurring losses to them. "Facts shows that these trades were executed with precision to match with the same counterparty to create artificial volume in these contracts, and create misleading appearance of trading," Securities and Exchange Board of India (Sebi) said. The act of creating artificial .
U.S. business spending on equipment weakening
WASHINGTON (Reuters) - New orders for key U.S.-made capital goods unexpectedly fell in December amid declining demand for machinery and primary metals, pointing to a further slowdown in business spending on equipment that could crimp economic growth.
Pema Khandu made historic, transformational changes: Arunachal Governor
Arunachal Pradesh Governor Brigadier (Retired) B.D. Mishra on Thursday said that Pema Khandu-led government has made historic, transformational, systemic, and structural changes during the past two-and-a-half years' period in the State.
Tech Mahindra to buyback shares worth Rs 1,956 crore
Tech Mahindra Thursday announced a Rs 1,956-crore worth share buyback programme as the IT major looks to reward its shareholders. The company would be using a combination of buybacks and dividends to return capital to the shareholders, a senior official said. Cash-laden Indian IT firms have been returning surplus cash to shareholders by way of dividends and buybacks. The board of Tech Mahindra has approved a proposal for buyback of up to 2.05 crore equity shares from shareholders at a price of Rs 950 apiece. The total buyback size would Rs 1,956 crore, according to a regulatory filing. The offer price is 15.7 per cent higher than Thursday's closing level of Rs 820.40 per share. The record date for the purpose of ascertaining the eligibility of shareholders to participate in the buyback has been fixed as March 6. "We evaluate the cash needs of the business from time to time and intend to return excess cash to shareholders. In terms of the method adopted, we will be using a combination .
India overhauls oil and gas exploration rules to lift output
NEW DELHI (Reuters) - India on Thursday revamped rules for future exploration and production of oil and gas blocks in its efforts to attract private investment and increase domestic production.
Sebi fines Rs 6 lakh on Taneja Aerospace, 2 others for disclosure lapses
Markets regulator Sebi Thursday imposed a total fine of Rs 6 lakh on Taneja Aerospace and Aviation Ltd (TAAL) and two senior company officials for disclosure lapses regarding acquisition of a wholly-owned subsidiary. The two officials are Salil Taneja and B R Taneja who were the company's chairman and non-executive director, respectively, at the time of violation, Sebi said. Sebi initiated investigation after it received complaint alleging irregularities in the amalgamation of TAAL with its wholly owned subsidiary TAAL Technologies Pvt Ltd (TTPL). During the investigation, the regulator observed that with respect to investment in TTPL, Taneja Aerospace only disclosed on July 30, 2009 that TTPL has become its wholly owned subsidiary even when it had acquired 50 per cent shares on two occasions, March 19 and July 15, 2009. Besides, it also did not disclosed about its advancement of Rs 9.7 crore in installments to TTPL. "The allegation that TAAL and its board of directors had failed to .
Boeing holds talks with HAL and MDS on F/A-18 Super Hornet
Aerospace company Boeing Thursday held discussions with its partners, Mahindra Defence Systems (MDS) and Hindustan Aeronautics Limited (HAL), on the proposed F/A-18 Super Hornet 'Make in India' plan. The partners are developing comprehensive plans to set-up a new 'factory of the future' to manufacture Super Hornet locally, Boeing said after the discussions at the Aero India air show at the Yelahanka air base here. The program is expected to work with several Indian suppliers to grow a thriving defense aerospace base which could accelerate other programs, a company statement said. The facility will create a world-class, highly trained aerospace workforce, it said. The public-private partnership is intended to bring Boeing, HAL and MDS' global scale and supply chain, its best-in-industry precision manufacturing processes, as well as experience in designing and optimising aerospace production facilities to expand India's aerospace ecosystem and help realise the 'Make in ...
India, Russia working to address issues to facilitate pvt sector cooperation: Prabhu
India and Russia are working to address and resolve trade and investment issues to facilitate and increase private sector cooperation between the countries, Commerce and Industry Minister Suresh Prabhu said Thursday. India has already announced setting up of a fast track, single-window mechanism for Russian companies which would be chaired by Department for Promotion of Industry and Internal Trade (DPIIT) Secretary, he was quoted as saying in a statement. This mechanism would be in addition to the Russia Desk that had been set up to promote Russian investment in India, Prabhu said. "The two governments are working to address and resolve trade and investment barriers with a view to facilitating and advancing private sector cooperation," he said. The India-Russia bilateral investment treaty discussions have commenced, he said. Prabhu was addressing an interactive forum between small and medium enterprises (SMEs) of India and Russia in Bengaluru. As SMEs are often less informed about the