Page 85 - Business Finance
India calls to lower global trade tensions
Union Minister Piyush Goyal has called for de-escalating trade tensions and reviving confidence in the rules-based multilateral trading system.
IndiGo starts daily non-stop flights on Kolkata-Hong Kong route from August 20
Budget carrier IndiGo Monday announced daily non-stop flights on the Kolkata-Hong Kong route from August 20, providing both business and leisure travellers more options to choose from. The Kolkata-Hong Kong flight will depart from Kolkata at 10.40 pm (local time) and arrive at Hong Kong at 4.55 am (local time). The return flight will depart from Hong Kong at 5.50 am (local time) and land in Kolkata at 7.40 am (local time), said a statement by the airline. "Effective August 20, 2019, IndiGo will operate its daily flight on Kolkata Hong Kong route, providing both business and leisure travellers more options to choose from. Bookings on this route are open with immediate effect," the low-cost carrier said. William Boulter, Chief Commercial Officer, IndiGo said, "We are committed to strengthen and grow our international network, in line with our overall growth strategy to meet the requirement of both business and leisure travellers.
France to provide up to 7 lakh euros for railway station development in India
Indian Railway Station Development Corporation (IRSDC) on Monday entered into a tripartite agreement with French National Railways (SNCF) and French Development Agency (AFD), under which a grant of up to 7 lakh euros will be provided to boost capacity building for railway station development program in India. The agreement was signed in the presence of Suresh Angadi, Minister of State of Railways, and Jean Baptiste Lemoyne, Minister of State for Europe and Foreign Affairs of France, Alexandre Ziegler, Ambassador of France in India and other senior officers of French Embassy and Indian Railways. "Under this agreement, AFD, has agreed to provide in-kind grant financing up to 7,00,000 Euros, through SNCF-Hubs and Connexions as a Technical Partner to IRSDC to support capacity building for the Railway Station Development Program in India," said a statement released by the Indian Railways. This will impose no financial liability on IRSDC or Indian Railways, the statement said. "India and ...
Indiabulls Housing Finance terms siphoning charges as bizarre
Terming allegations of siphoning of Rs 98,000 crore as "bizarre", Indiabulls Housing Finance Ltd (IBHFL) on Monday said the writ petition filed in the Supreme Court is an attempt to "malign" the company's reputation and create hurdles in its merger with Laxmi Vilas Bank. A plea was filed in the Supreme Court Monday by Abhay Yadav seeking legal action against IBHFL, its Chairman and directors for alleged mis-appropriation of Rs 98,000 crore of public money. "The writ petition is filed only today and is not heard by the court....The total loans on the books of Indiabulls Housing is approx Rs 90,000 crore. The allegations of siphoning off of Rs 98,000 crore is bizarre," IBHFL said in a statement. The company said the filing of writ petition is a "desperate attempt to malign our reputation." IBHFL also mentioned that the petitioner had bought four shares in the company only a month back. The company also alleged that the writ petition has been filed at a time when it is in the process of .
Meghalaya cabinet approves startup policy
The state cabinet on Monday approved the Meghalaya Startup Policy 2018 to help budding entrepreneurs and create employment opportunities. "This startup policy shall act as a catalyst in the economic growth of Meghalaya, creating models for scalability and replicability across the state resulting in large-scale employment opportunities," an official release said. Meghalaya plans to create an enabling environment and supporting ecosystem that facilitates at least 500 startups in the next five years, it said, adding, the government will provide both fiscal and non-fiscal incentives. The cabinet has also approved the amendment of the Meghalaya Right of Children to Free and Compulsory Education 2011, in conformity to the amendment of central rules. Another decision taken at the cabinet meeting was to have one minister in every district for a year to have systematic departmental review meetings with the district heads.
IPS V.S. Kaumudi appointed new BPR&D DG
The Centre on Monday appointed senior Indian Police Service (IPS) officer V.S. Kaumudi as Director General of Bureau of Police Research and Development (BPR&D) by downgrading the post to the level of Additional Director General.
Salesforce acquires analytics platform Tableau for $15.7 billion
US-based Cloud computing firm Salesforce on Monday announced acquisition of leading analytics platform Tableau Software for $15.7 billion in an all-stock deal.
Growth in home loans higher in non-metros: JLL
The share of four metro cities -- Delhi, Mumbai, Kolkata and Chennai -- in outstanding home loans dropped to 16 per cent in 2017-18 from 22 per cent in 2012-13 as growth in loan book was higher in small towns, according to property consultant JLL India. In its latest report, JLL said that Tier II & III cities across 50 districts of the country exhibited higher Compounded Annual Growth Rate (CAGR) of outstanding home loans, ranging from 15-36 per cent during the period between 2012-13 and 2017-18 as against 8-12 per cent observed across districts comprising leading four metros. India's home loan market grew from Rs 4.6 trillion to Rs 9.7 trillion, exhibiting a CAGR of 16 per cent during the period under review, the consultant said based on analysis of RBI home loan data. "The home loan data demystifies the common perception that districts comprising the top leading cities, Mumbai, Delhi, Chennai and Kolkata, drive residential real estate growth," JLL India CEO and Country Head ...
Salesforce to acquire Tableau for USD 15.7 billion
Software giant Salesforce has announced that it is acquiring data analytics company Tableau in a USD 15.7 billion deal.The companies have entered into a definitive agreement under which Salesforce will acquire Tableau in an all-stock transaction including Class A and Class B common stock.The acquisition is expected to accelerate Salesforce's opportunity in the USD 1.8 trillion digital transformation space by helping customers unlock more value from their data for enhanced customer experiences.
BSE stock options: Sebi fines 2 entities Rs 18 lakh for non-genuine trades
Markets regulator Sebi Monday levied a total fine of Rs 18 lakh on two entities for executing non-genuine trades in illiquid stock options segment on the BSE. The two entities -- Shri Radha Krishna Ispat Pvt Ltd and Shiv Parvati Leasing Pvt Ltd -- were fined Rs 10.3 lakh and Rs 7.8 lakh, respectively, as per Sebi's separate orders. After observing large scale reversal of trades in BSE's stock options segment, the Securities and Exchange Board of India (Sebi) conducted an investigation into the trading activity in illiquid stock options on the exchange from April 2014 to September 2015. The probe found that the two companies were among the various entities that executed non-genuine trades in the stock options segment by reversing trades with same entities on the same day with wide variations in price. Considering the reversing of trades within minutes with wide variations in prices without any basis, the reversal trades executed by the two entities were 'non-genuine' in nature and ...
Aditya Birla Fashion and Retail Limited acquires 'Jaypore'
India's leading fashion company, Aditya Birla Fashion and Retail Limited begins a new chapter in its growth story with 100 per cent acquisition of 'Jaypore'; an Indian online and offline retailer, that offers curated collections of handmade, handwoven and handcrafted apparel, jewellery, home textiles and accents, based on craft forms, from all over India.The Board of Directors of Aditya Birla Fashion and Retail Limited ['ABFRL'] today approved the signing of Share Purchase agreement to acquire Jaypore. The business comprises online and offline operations. The proposed acquisition is subject to necessary statutory approvals and signing of definitive agreement(s)."Ethnic wear is the largest segment in the Indian fashion apparel market. While ABFRL has built a diversified portfolio of brands across different segments, ethnic wear space is currently under-represented in our bouquet of offerings to consumers. The proposed acquisition is, therefore, a great strategic addition to our ...
IL&FS board extends deadline for claims submission to Jun 20
The board of IL&FS has extended the deadline for submission of claims to June 20 following an order passed by the National Company Law Appellate Tribunal. The earlier deadline was June 5. In a release on Monday, IL&FS said the new board initiated a comprehensive claims management process for 70 group entities through the launch of pan-India public notices on May 22. "This extension is pursuant to the order passed by the NCLAT on May 29, 2019, wherein the court had extended the period for lenders to file their claims by June 20th, 2019," it added. According to the release, the claims process is being run in an effort to crystallise the financial and operational liabilities of IL&FS group to facilitate distribution of proceeds from the resolution process. Grant Thornton India LLP is claims management advisor. "Claims are being invited for an initial list of 70 identified companies which are currently part of an ongoing sale process or have been identified for sale in the ...
Decorpot - a home interior design giant in the making
Purchasing a dream home is never easy. Interior designing, is yet another example where most of the times people have to trust the samples, without knowing the output.To eliminate this problem, some big names, specifically in Bengaluru, are launching their own experience centres. One of the leading Bengaluru based Interior Design firms, Decorpot, is making waves across the industry - the company recently launched their flagship customer experience centre, extending over 10,000 sq ft claimed to be the largest interior design experience centre in South Bengaluru, the property is the latest addition to Decorpot's ever-growing portfolio.Decorpot, a completely self-funded organization, has been a pioneer in the industry since its inception.Launched in 2016, the company has its own production unit in the city - giving their clients an exclusive advantage - to view their respective designs while under manufacturing stage at the factory. Reportedly, the company employs the largest pool of ...
Mondelez looks to further expand rural presence
Confectionery and beverages maker Mondelez - which owns popular brand as Dairy Milk, 5 Star and Bournvita - has said at present its 20 per cent sales come from rural areas and it will further expand network in such markets. The company, which has a fair presence in around 50,000 villages, still finds enough headroom to grow in the rural markets and would expand its network further with a right mix of products. "Last year in January-December period, we grew in double digits. Even in the first quarter, we grew by double digits," said Mondelez India president Deepak Iyer. On being asked about slowdown in the rural market due to possibility of a slightly weaker monsoon this year as predicted, he said the company would continue its growth journey as it has not "reached saturation". "There could be a rural slowdown but for us we are only present in 50,000 villages. We had started small 12 per cent and has grown to 20 per cent we still have a large headroom to grow by making us available in .
ILFS Eng gets Rs 150 cr settlement award from NHAI
IL&FS Engineering and Construction Company Monday said it has received Rs 150 crore from the NHAI as full and final settlement amount for two projects. Both the projects fall in Assam under National Highways Development Project (NHDP). "IL&FS Engineering Services has entered into a settlement agreement with NHAI against the arbitration award in relation to ... projects through conciliation," the company said in a regulatory filing. The company said it has received a claim amount to the tune of Rs 150.15 crore for the both the projects, which include widening of Daboka to Nagaon section of NH-36 and Dharamtul to Sonapur Section of 108 33 NH-37 in Assam on East-West Corridor under NHDP. The final settlement amount after necessary adjustments has been duly received by the company, it said.
Trump says Federal Reserve is 'very, very destructive' to economy
President Donald Trump said Monday the US central bank has been "very, very destructive" to the economy by raising interest rates too quickly. Trump has repeatedly criticised the Federal Reserve and called on the independent policymakers to lower the benchmark interest rate but he said in an interview with CNBC "they certainly didn't listen to me because they made a big mistake. They raised interest rates far too fast." He said the Fed has put him at a disadvantage in the trade conflict with China, where President Xi Jinping can direct the central bank and offset the impact of the tariffs Trump imposed on $250 billion in Chinese goods. "We should be entitled to have a fair playing field, but even without a fair playing field -- because our Fed is very, very destructive to us -- even without a fair playing field, we're winning, because the tariffs are putting us at a tremendous competitive advantage," he said. Fed Chairman Jerome Powell has consistently said the independent central ...
Digi Communications Commission to take up 5G trials, other key matters in meet on June 13
The Digital Communications Commission (DCC), the apex decision making body at the telecom department, is expected to discuss 5G trials and relief for BSNL and MTNL during its meeting on June 13, according to sources. India expects to roll out commercial 5G services at par with leading markets of the world by 2020. "DoT committee on 5G is ready to agree on allotment of spectrum for trials across all bands at nominal cost of Rs 5,000 to 10,000 in a band for 1 to 1.5 years. There should be no shortage of spectrum during trials," an official said. The DCC is also likely to discuss a relief package for BSNL and MTNL before sending the proposal to the Cabinet, according to a source. Both companies have also sought spectrum for 4G services through equity infusion from the government. BSNL, which has the lowest debt of Rs 14,000 crore among all telecom operators, has sought 4G spectrum across India through equity infusion of Rs 7,000 crore. The total spectrum will cost the firm Rs 14,000 ...
Former Corp Affairs Secretary Tapan Ray appointed MD of Gift City
Gujarat International Finance Tec-City (Gift City) Monday said it has appointed former Corporate Affairs Secretary Tapan Ray as its Managing Director. With a career spanning more than three decades, Ray has held several key positions in the ministries of defence, textiles, power, science and technology, and planning in the Government of India. He has also served as Principal Secretary, Finance Department, Government of Gujarat. "GIFT City, India's first international financial services centre, has appointed former Corporate Affairs Secretary and Gujarat cadre IAS Officer Mr Tapan Ray as its next Managing Director," it said in a statement. GIFT City is a Gujarat government project in partnership with IL&FS for developing India's first global financial hub.
Vietnam: China companies using fake 'Made in Vietnam' labels
Vietnam's government says it is taking more steps to prevent Chinese companies from using illegal "Made in Vietnam" labels to avoid high tariffs that have been imposed by the United States on Chinese goods. The customs department says textiles, fisheries, farm products, tiles, honey, iron, steel and plywood are among the Chinese products that are most often being relabeled and then exported to a third country. Vietnam's government portal said the customs department has ordered its offices to be more aggressive in checking the certificates of origin of products. In one case, US customs officials found a shipment of Chinese plywood had been relabeled to make it appear that it originated in Vietnam. Speaking at the national assembly last week, Foreign Minister Pham Binh Minh warned of serious consequences if such subterfuges cannot be controlled. "It will sabotage Vietnamese brands and products and it will also affect consumers. We could even get tariff retribution from other countries, .
Pradhan speaks to US Energy Secretary, raises issues of volatility in oil prices
Oil Minister Dharmendra Pradhan Monday had a telephonic conversation with US Secretary of Energy Rick Perry to discuss ways to enhance energy security and impact of crude oil price volatility on consuming nations. "Discussed ways to work together to enhance energy security, further develop a gas-based economy in India & expand energy and innovation linkages to bolster the India-US Strategic Energy Partnership that was launched in April last year," Pradhan tweeted after the call. India has time and again warned oil producers that higher crude prices are hurting global economic growth and they should do more to bring down rates to reasonable levels. "Also discussed about crude oil price volatility and its impact on the Indian consumer. I also pointed to the important role that the US plays in bringing global price stability," Pradhan said in another tweet. Volatility in oil prices has resulted in a seesaw in retail petrol and diesel prices with rates rising on some days and falling .