Page 850 - Business Finance
Deutsche Bank to rebuild in South Africa, months after cuts
JOHANNESBURG (Reuters) - Deutsche Bank is hiring 26 people in South Africa, a spokesman said on Wednesday, less than a year after scaling back the operation in a broad restructuring of its investment bank.
Former Barclays chairman 'not aware' of Qatar fee document, court told
LONDON (Reuters) - Barclays' former chairman, giving evidence in a landmark London fraud trial, said he first saw a document detailing agreed fees for Qatari investors in the British bank four years after the payment was agreed.
CVS Health's forecast points to more pain at long-term care business
(Reuters) - CVS Health Corp blamed weakness in its long-term healthcare business for a shortfall in its full-year profit forecast, indicating more troubles at the unit it bought about four years ago.
Air France-KLM to battle fuel costs with deeper integration
PARIS (Reuters) - Air France-KLM pledged new efficiency gains to offset higher fuel costs this year, as the Franco-Dutch airline group deepens cooperation between its two main carriers.
Volkswagen South Africa targets record output despite headwinds
JOHANNESBURG (Reuters) - German carmaker Volkswagen's South African unit expects to produce a record number of vehicles this year despite a sluggish domestic economy, power outages and looming talks with unions, its managing director said.
UK regulator casts doubt on Sainsbury's-Asda merger
British regulators say the proposed supermarkets merger between Sainsbury's and Walmart's Asda unit would push up prices and reduce quality for shoppers, casting doubt on a deal that would create the country's biggest grocery chain. It also serves as yet another regulatory blow to Walmart at a time when it's trying to overhaul its international business and focus on big growth opportunities overseas. Walmart, which last year bought a $16 billion controlling stake in India's online retailer Flipkart, is now facing tighter rules by the Indian government as it curbs how foreign e-commerce companies operate. Britain's Competition and Markets Authority, in a preliminary report, said Wednesday it would be "difficult for the companies to address the concerns it has identified" and that a significant number of stores would probably need to be sold before it gains approval. Stuart McIntosh, chairman of the independent inquiry, says "shoppers could face higher prices, reduced quality and ...
Jio adds 85 lakh subscribers in December; Airtel, Vodafone Idea lose users
Reliance Jio continued to increase its subscriber base in December as other major telecom operators Vodafone Idea and Bharti Airtel lost users during the period, data released by the Telecom Regulatory Authority of India (TRAI) showed on Wednesday.
Steel Ministry extends till Apr 17 deadline for non BIS-certified high grade steel
The Ministry of Steel Wednesday extended till April 17 the deadline for mandatory use of Bureau of Indian Standards (BIS) certified high-grade steel in automobile manufacturing. Automobile manufacturers in India have been importing high-grade steel and had pressed the government to extend the deadline for using Bureau of Indian Standards (BIS) certified high-grade steel beyond February 17. According to auto manufacturers, they are facing difficulty in sourcing high-grade steel from domestic companies while foreign suppliers have expressed reluctance to seek BIS certification due to very low volumes. In a notification on Wednesday, the steel ministry said, "in pursuance to the enforcement of steel and steel products quality control order dated August 13, 2018, the Ministry of Steel informs that all grades available in Indian standards IS 4454 (Part-1): 2001, IS 4454 (Part II): 2001, IS 11169 (Part-I): 1984 and IS 6603: 2001, IS 6527: 1995 and IS 6528: 1995 shall remain outside the ...
EU medicines agency loses Brexit court case on London lease
The European Medicines Agency, which is moving from Britain to Amsterdam because of Brexit, on Wednesday lost a court battle to cancel the lease on its London headquarters. The EMA's lease on offices in the Canary Wharf business district runs until 2039 and is worth an estimated 500 million pounds ($650 million, 575 million euros). The EMA evaluates and supervises medicines for human and animal use and has been based in Canary Wharf since 1995. But the European Union said the agency and its 900 staff had to move to a member country following Britain's seismic June 2016 vote to leave the bloc. The EMA argued that its lease has been "frustrated" by Britain's impending departure from the EU -- a legal term meaning that due to an unforeseen event, the original basis on which it was signed has changed and makes it impossible to fulfil. But the Canary Wharf Group landlords took the agency to the English High Court to enforce the contract. Judge Marcus Smith ruled that the lease "will not .
Nasscom sees economic uncertainties ahead, stops forecasting
Industry body Nasscom on Wednesday released the findings of a survey of 100 Chief Executive Officers (CEOs) of information technology companies showcasing "cautious optimism" due to global economic uncertainties like trade wars, Brexit and currency fluctuations.
Moody's upgrades outlook on Yes Bank to stable
Moody's Investors Service Wednesday affirmed Ba1 rating to Yes Bank but changed the outlook to stable from negative. The rating action takes into account recent developments including the results of the Reserve Bank of India's (RBI) risk assessment report (the so-called divergence report); and stable financial performance, Moody's said in a statement. As a result, Moody's has assessed that the downside risks to the bank's credit profile have diminished and changed the bank's ratings outlook to stable from negative, because such risks form the key driver for the change in the outlook. On February 13, 2019, Yes Bank announced that the RBI observed no divergence in the bank's asset classification and provisioning, it said. Last week, RBI warned Yes Bank of regulatory action for disclosure of nil divergence report in violation of norms.
EPFO likely to announce 8.55pc interest on EPF for FY19
Retirement fund body EPFO is likely to announce an interest rate of 8.55 per cent on PF deposits for 2018-19, same as provided in 2017-18, to its 6 crore subscribers, a highly placed source said. "The proposal to declare interest rate for this fiscal is on the agenda of the Employees' Provident Fund Organisation (EPFO) trustees meeting on February 21, 2019," a source said. The source further said, "The interest rate is likely to be retained at 8.55 per cent for this fiscal as provided in 2017-18 as Lok Sabha elections are around the corner. However the EPFO's income estimates for 2018-19 has not been circulated among the trustees and will be tabled in the meeting." Earlier the sources had not dismissed completely speculations that interest rate on EPF deposits for this fiscal can be more than 8.55 per cent in view of impending general elections. The Central Board of Trustees (CBT) headed by Labour Minister is the apex decision making body of the EPFO which finalises rate of interest ..
Supreme Court finds Anil Ambani guilty of contempt in RCom-Ericsson case
NEW DELHI/MUMBAI (Reuters) - India's Supreme Court on Wednesday found Anil Ambani, chairman of debt-laden Reliance Communications (RCom), guilty of contempt of court for wilfully failing to pay 5.5 billion rupees ($77.29 million) to telecom equipment maker Ericsson.
15 Indian cos sign pact to invest in Saudi Arabia
Tata Consultancy Services (TCS), Wipro, Carnival Cinemas and Glenmark were among the Indian companies that signed 15 agreements on Wednesday to invest in Saudi Arabia. The Saudi Arabian General Investment Authority (SAGIA) in a statement said while 11 MoUs were signed to forge partnerships, four new licences worth more than USD 28 million were handed out to Indian firms at the Saudi-India Forum here. "The announcements cover a range of partnerships across strategic growth sectors, including energy and water, technology, arts and entertainment, healthcare, trade and investment," it said. "This reflects the strength and diversification of the Saudi economy, as well as the opportunities being unlocked for private sector businesses by widespread economic and social reforms as part of Vision 2030." The MoUs that were signed include agreements that will boost the collaboration in strategic growth sectors between several Saudi government entities with leading Indian firms including TCS, ...
IL&FS group stocks drop up to 5%
Shares of IL&FS group companies dropped up to 5 per cent Wednesday, on a day when the Enforcement Directorate (ED) conducted raids in connection with the multi-crore IL&FS payment default crisis. IL&FS Transportation Networks dropped 4.94 per cent, IL&FS Engineering and Construction Company declined 4.93 per cent and IL&FS Investment Managers Limited 2.28 per cent on BSE. The ED Wednesday conducted raids in Mumbai and Delhi-NCR region in connection with the multi-crore IL&FS payment default crisis, officials said. They said the action by the central probe agency came after it registered a criminal complaint under the Prevention of Money Laundering Act (PMLA) in the alleged payment default case and, searches were being conducted at the residential locations of executives linked to the Infrastructure Leasing and Financial Services (ILFS) including its former Chairman Ravi Parthasarathy and few others. The debt crisis at the infrastructure lender came to light ...
Sebi fines 2 entities Rs 10 lakh for fraudulent trade in BSE stock options
Market watchdog Sebi Wednesday imposed a total penalty of Rs 10 lakh on two companies for carrying out fraudulent trade in the illiquid stock options segment of BSE. The regulator imposed a fine of Rs 5 lakh each on Teji Mandi Securities and Vikrant International Pvt Ltd, as per an order. Securities and Exchange Board of India (Sebi), during an investigation between April 2014 to September 2015, found that 81.38 per cent of all the trades executed in stock options of the exchange were non-genuine and led to creation of artificial volume. The two companies are among the entities that executed reversal trades by reversing their buy or sell positions in a contract with the same counter party during the same day, Sebi said. The entities have violated provisions of Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) by indulging in such trade practices. "The trades executed by the noticee were not genuine trades and being non-genuine, created an appearance of artificial trading ...
States, Centre should work together as Team India: Venkaiah Naidu
Vice President M. Venkaiah Naidu on Wednesday said that state governments and the Centre should work together to develop the country, keeping aside politics.
Zebi acquires blockchain start-up Element42
: Zebi, a leading blockchain company, Wednesday said it had acquired Element42, a Bengaluru-based blockchain start-up for an undisclosed sum. According to a press release issued by the company, Zebi has made the acquisition to bolster the strength of its in-house blockchain engineering talent while adding new products and customers. Element42 was founded by Pruthvi Rao, an IIT Kharagpur alumnus, to provide its customers anti-fraud and transparency solutions. The platform uses blockchain, IoT and analytics to provide protection against fraud and counterfeiting. Zebi co-founder and CEO, Sudheer Kuppam, said "this endeavour gives fantastic momentum to Zebi. With the combined resources, we are looking forward to developing and launching many more innovative products targeting Telecommunications, BFSI and logistics industries in the coming months. "Our goal is to firmly establish Zebi as the preeminent leader in real world applications leveraging blockchain technology," he ...
Moody's revises JSW Steel's outlook to positive
Moody's Investors Service Wednesday said it has revised the outlook on JSW Steel to positive from stable, citing improving credit situation. Moody's also affirmed JSW Steel's Ba2 corporate family rating (CFR) and the Ba2 rating on the company's senior unsecured notes, it said in a statement. The corporate family ratings (CFRs) are opinions of a corporate group's ability to honour all of its financial obligations, according to Moody's. "Moody's has changed the outlook on JSW Steel's ratings to positive from stable. It has also affirmed Ba2 CFR and the Ba2 rating on the company's senior unsecured notes," it said. Kaustubh Chaubal, a Moody's Vice President, said the positive outlook reflects the improving trajectory of the company's credit metrics mainly due to its competitive and efficient production costs, solid domestic demand conditions and Moody's expectation for a supportive ongoing price environment. "The positive outlook also incorporates our expectation that the company will ...
India No.1 investment destination for Saudi Arabia: Oil Min
Oil-rich Saudi Arabia Wednesday said India is its No.1 priority foreign investment destination and its companies are looking at becoming household names in the country with projects in oil refining, petrochemicals and fertilisers. Speaking at Saudi India Forum, Saudi Oil Minister Khalid Al-Falih said the oil-rich Kingdom was excited about reforms and the opening up of the market in the country and is keen to partner in the growth. "India is an economy that is on its way to becoming the second largest economy in the next 2-3 decades," he said offering Saudi Arabia as a platform for further growth into markets in the Middle East and Africa. Saudi Arabia has been India's main crude oil supplier and LPG. "Energy, of course, is a major bridge for Saudi Arabia and India," he said. "(But) We are not just about trade. We are not marketers or sellers. We are investors. We want (Saudi national oil company) Saudi Aramco and (petrochemical giant) SABIC become household names in India." Aramco has