Page 837 - Business Finance
Global Markets: Shares retain gains, Aussie felled by rates and coal woes
LONDON (Reuters) - Signs the United States and China were tackling some of the stickiest issues in their trade war kept world shares near a four-month high on Thursday, though it could not prevent a favourite Chinese proxy, the Aussie dollar, hitting the skids.
J-K: SAC approves Srinagar Master Plan-2035
Srinagar, the summer capital of Jammu and Kashmir, will soon have a new master plan on an expanded area of 766 square kilometers for a projected population of 3.5 million as the State Administrative Council (SAC) approved the master plan-2035 Thursday. The SAC under the chairmanship of Governor Satya Pal Malik has approved Srinagar Master Plan-2035 along with the recommendations by a committee constituted by the government for the scrutiny of objections and suggestions received from stakeholders, a spokesman said. Master Plan Srinagar-2035 is a comprehensive planning exercise for ensuring sustainable development of the Srinagar metropolitan area spread over 766 square kilometers, he said. He said this is the third statutory planning exercise carried out in the last forty-five years to achieve city's sustainable and sustained physical and economic growth. The master plan has been prepared for a population of around 3.5 million (35 Lakh) by 2035, the spokesman said. It has a planning ...
HPC closed units' staff get no salary for 2 years
The employees of closed Cachar and Nagaon paper mills under central PSU Hindustan Paper Corporations have not received their salaries for two years and 29 of them have died in this period, the Assam Assembly was informed Thursday. Commerce and Industry Minister Chandra Mohan Patowary said production at the Cachar unit in Panchgram was stopped on October 20, 2015, while the Nagaon mill in Jagiroad has not been functioning since March 31, 2017. In a written reply to a query by Congress member Kamalakhya Dey Purkayastha, Patowary said no salary was paid to the staff of Cachar and Nagaon units since January and March of 2017 respectively. "According to the Hindustan Paper Corporation, 16 employees of Nagaon paper mill have died from March 1, 2017 to February 12, 2019. In Cachar paper mill, 13 employees have died between January 1, 2017 and December 31, 2018," the minister said. They died "unfortunately" for various reasons, he said adding that one had committed suicide out .
Pradhan attacks Cong over leak of LPG data
Oil Minister Dharmendra Pradhan Thursday launched a blistering attack on the Congress over allegations of leakage of Aadhaar numbers of LPG users, saying the leaders of opposition party were creating doubts on "temples" of energy of Indian economy through fabricated claims. He denied any breach of privacy or leak of Aadhaar number of domestic cooking gas (LPG) users saying "all data is safe and secure." "There is no leak, no violation of privacy at all," he said at a function organised to give out first batch of 2,582 letters for allotment of petrol pumps out of the 78,493 that were advertised in November. Pradhan said he had got the claim of a security lapse and leak of Aadhaar numbers of LPG users of Indian Oil Corp (IOC), which were first made by a French hacker, examined by the company. "We found no breach in security and systems," he said charging the Congress of using the claim made by the French hacker to cast doubts on India's blue-chip oil companies which have during all ...
Ratan Tata at Aero India show
Veteran industrialist Ratan Tata, a keen aviator, Thursday was seen at the Aero India show here and he was closeted with his officials at the Tata Aerospace and Defence stall. "Tata arrived at the venue in the morning. He had a meeting with Tata Aerospace and Defence officials," a company spokesperson told PTI. This is not the first time Tata has visited the event. In 2007, he had taken off in a multi-role combat aircraft F-16 at the air show here for a 35-minute sortie. Ratan Tata, then aged 69, had undertaken the flight in the co-pilot's seat, which was commandeered by Paul Hattendorf, the test pilot of Lockheed Martin, the manufacturer of the aircraft. Ratan Tata, who holds a pilot's licence, also flew an F-18 during the aero show in 2011. JRD Tata, known as father of India's civil aviation, had launched Tata Airlines in 1932. It was nationalised in 1953 and rechristened as Air India.
Bharat Electronics signs MoU with Nagpur based start up - JSR Dynamics
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Tiger Logistics (India) wins accolades at BTVI Business Leadership awards
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GRP subscribes to rights issue of subsidiary - Grip Polymers
Post the aforesaid allotment of shares, GRP holds 31,00,000 Equity Shares of Rs.1O each of Grip Polymers (Wholly Owned Subsidiary of GRP).
Oil hovers near 2019 highs amid OPEC cuts
LONDON (Reuters) - Oil prices hovered around 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were capped by slowing growth in the global economy.
President approves changes in Stamp Act, to help curb tax evasion
President Ram Nath Kovind Thursday gave his assent to changes in the Indian Stamp Act, 1899, which will rationalise and harmonise the system of levying stamp duty and help curb tax evasion. The Amendments to the Indian Stamp Act, 1899, were introduced as part of the Finance Act 2019, and was approved by Parliament. The amendments propose to create the legal and institutional mechanism to enable states to collect stamp duty on securities market instruments at one place by one agency (through the Stock Exchanges or Clearing Corporations authorised by the stock exchange or by the Depositories), the Finance Ministry said in a statement. A mechanism for appropriately sharing the stamp duty with relevant state governments based on state of domicile of the buying client is also proposed, it added. "Subsequent to the enactment of the Act, it is proposed to create a Coordination Council under Article 263 of the Indian Constitution by a separate order/notification of the President of India," ...
Gold steadies off 10-month peak as Fed minutes support dollar
(Reuters) - Gold was trading below the previous session's 10-month peak on Thursday as the dollar gained after minutes from the last U.S. Federal Reserve meeting rekindled expectations of another rate hike this year.
EPFO hikes EPF interest rate to 8.65pc for 2018-19 ahead of polls
Ahead of general elections, retirement fund body EPFO Thursday raised the interest rate on EPF to 8.65 per cent for 2018-19, the first increase in three years. The interest on Employees Provident Fund (EPF) was hiked to 8.65 per cent for this fiscal from 8.55 per cent provided in 2017-18. The EPFO had earlier reduced the interest rate in 2016-17 to 8.65 per cent from 8.8 per cent in 2015-16. The Employees' Provident Fund Organisation's (EPFO) apex decision making body Central Board of Trustees deferred a decision on doubling the minimum monthly pension to Rs 2,000 to its next meeting to be held in March. "We have decided to provide 8.65 per cent rate of interest on employees' provident fund (EPF) for 2018-19. The decision was taken with the consent of all members (trustees)," Labour Minister Santosh Gangwar said after the CBT meeting here. Gangwar who also chaired the meeting said, "All members of the CBT at the meeting here agreed to give a higher interest for subscribers for the ...
India needs to spur growth amid low inflation outlook: minutes
MUMBAI (Reuters) - India needs to take steps to boost economic growth as the inflation outlook remains low, the Reserve Bank of India's monetary policy committee (MPC) said in minutes released on Thursday.
Apple, Goldman Sachs to jointly launch credit card paired with iPhone: WSJ
(Reuters) - Goldman Sachs Group Inc has teamed up with Apple Inc to issue credit cards that will be paired with iPhones and will help users manage their money, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Huawei to open first flagship store outside China in Vienna
VIENNA (Reuters) - Huawei is to open a smartphone flagship store in Vienna, its first such outlet outside China, as part of a charm offensive in Europe where its future hangs in the balance.
Digital panel approves moentisation of BharatNet assets through lease, auction
The Digital Communications Commission, the inter-ministerial panel of DoT, has given in-principle nod for monetisation of fibre assets of the Pan India broadband connectivity project, BharatNet, so that these can be offered to private telcos through auction, lease or by outright sale.
Reliance Nippon Life, RCap zoom up to 20%; other group stocks also gain
Shares of Reliance Nippon Life Asset Management and Reliance Capital Thursday zoomed up to 20 per cent after the latter said it has invited Nippon Life Insurance to acquire its entire 42.88 per cent stake in the former. Reliance Nippon Life Asset Management (RNAM) rallied 19.98 per cent to close at Rs 187.05 on the BSE. Shares of Reliance Capital also zoomed 11.13 per cent to Rs 161.20 apiece on the BSE. During the day, it jumped 12.89 per cent to Rs 163.75. Japan's Nippon Life Insurance already holds 42.88 per cent stake in RNAM. "Reliance Capital has invited its partner, Nippon Life Insurance, to make an offer to acquire up to 42.88 per cent stake held by Reliance Capital in Reliance Nippon Life Asset Management," Reliance Capital said in a regulatory filing. According to data from the BSE, as on December 31, 2018, Reliance Capital held 42.9 per cent stake in Reliance Nippon Life Asset Management. Sources said the transaction could help clear around 40 per cent of Reliance Capital's
Jet Airways holds shareholders' meeting
Crisis-hit Jet Airways Thursday convened a meeting of its shareholders where various proposals, including conversion of loans into shares, were discussed. The cash-strapped full service airline is looking for funds and restructuring of debt. Jet Airways founder promoter and Chairman Naresh Goyal did not attend the extraordinary general meeting, which was chaired by Whole-Time Director Gaurang Shetty. During the meeting, which lasted for around 40 minutes, Deputy Chief Executive Officer Amit Agarwal told shareholders that the airline has been talking to various investors for capital infusion. Jet Airways has been consistently working on cost-reduction initiatives and is also looking to rationalise its fleet to improve cost efficiency. The outcome of the meeting could not be ascertained immediately. According to the notice that was sent out to shareholders, one of the proposals was for seeking approval for conversion loan into shares or convertible instruments or other ...
EPFO hikes interest rate on provident fund to 8.65 pc for 2018-19
The Employees' Provident Fund Organisation (EPFO) on Thursday recommended increasing interest rate for 2018-19 to 8.65 per cent as compared to 8.55 per cent in the previous year.The decision was taken at the 224th meeting of the Central Board of Trustees (CBT). More than six crore subscribers will benefit from the move.The decision before impending the General Elections is in line with several populist announcements by the NDA government, including the Budget announcement of income tax relief for the salaried class.Labour Minister Santosh Gangwar said all CBT members agreed to give a higher interest for subscribers. The proposal will now go to the Finance Ministry for approval, he said after the CBT meeting.EPFO has an active subscriber base of more than six crore and manages retirement savings of over Rs 11 lakh crore.It will have a surplus of more than Rs 150 crore after doling out higher interest rates, said Gangwar.The Central Board of Trustees (CBT) headed by Labour Minister is ..
Govt hikes EPF interest rate to 8.65% for 2018-19
Provisions extension to Standard Chartered Bank as custodian of the EPFO securities