Page 851 - Business Finance
Wall Street set to open slightly lower with focus on trade talks
(Reuters) - U.S. stock index futures were slightly lower on Wednesday after a handful of downbeat earnings reports, while investors weighed the latest developments in trade talks between the United States and China.
French court fines UBS 4.5 billion euros in tax fraud case
PARIS (Reuters) - A French court on Wednesday found Swiss bank UBS AG guilty of illegally soliciting clients in France and laundering the proceeds of tax evasion, and ordered it to pay 4.5 billion euros ($5.1 billion) in penalties.
Exclusive: Kinder Morgan to expand Chicago ethanol hub to calm price manipulation concerns - sources
ORLANDO, Fla. (Reuters) - Kinder Morgan Inc will expand loading capacity at its ethanol terminal in Chicago to address producer concerns that trade at the terminal - a benchmark for global ethanol prices - is vulnerable to manipulation, three people briefed on the company's plans told Reuters.
Influencers manipulating social media, Indian IT Act silent (IANS Special)
If the Cobrapost investigation which exposed that several Bollywood celebrities were willing to pass views of political parties as personal opinion for money shook your conscience, there is not much you can do to restrict them from doing so because the relevant Indian law is silent on this matter.
Elgi launches direct drive reciprocating air compressor
City-based Elgi Equipments, one of the world's leading air-compressor manufacturers has launched its direct drive reciprocating air compressor. The third and new generation direct drive piston compressor is the outcome of ELGi's passion towards continuous innovation and the vision to be the industry leader, a company release said Wednesday. The Direct Drive Piston compressors offer superior performance through unique integrated design of motor and top block, each component designed for reliability and ease of maintenance which makes it a great investment for any user, it said. Various benefits included longer life of piston and piston rings owing to lower piston speed and precise tolerance and effective transmission, the release said as always, this product was designed keeping in mind the customers' needs. Unlike the conventional belt-driven compressors, these compressors are compact, silent and run for longer duty and is best suited for applications in various ...
Swiss bank UBS fined 3.7 bn euros in French tax fraud case
A Paris court on Wednesday fined Swiss banking giant UBS 3.7 billion euros (USD 4.2 billion) in a tax fraud case, a record for such a case in France. The bank was convicted of illegally helping French clients to hide billions of euros from French tax authorities. The trial opened last autumn after seven years of investigations, launched when former employees came forward with claims of unlawful conduct. This came as authorities across Europe cracked down on tax evasion and dubious banking practices in the wake of the 2008 global financial crisis. In the UBS case, French authorities determined that more than 10 billion euros had been kept from the eyes of their tax officials between 2004 and 2012. The fine was in keeping with that demanded by the National Financial Prosecutor's office. UBS's French subsidiary was also fined 15 million euros for complicity.
Garmin forecasts full-year revenue, profit above estimates, shares rise
(Reuters) - Garmin Ltd on Wednesday forecast full-year revenue and profit above expectations after reporting strong fourth-quarter results on the back of higher demand for its smartwatches and navigation systems.
Palladium breaks $1,500 barrier for first time; gold also rises
(Reuters) - Palladium hit a record high on Wednesday after breaking the $1,500 barrier for the first time due to tight supplies, while gold topped a 10-month peak on hopes of a U.S.-China trade truce.
Govt to infuse Rs 48,239 crore in 12 public sector banks
The Central government on Wednesday approved recapitalisation of 12 public sector banks with an infusion of Rs 48,239 crore.Rajeev Kumar, Secretary, Department of Financial Services (DFS) in Finance Ministry of Finance, said in a tweet that recapitalisation totalling Rs 1 lakh crore in fiscal 2018-19 will equip two better-performing public sector banks (PSBs) to be above the regulatory Prompt Corrective Action (PCA) triggers, ensure PSBs brought out remain above PCA triggers, avoid PCA for PSBs in breach, and minimum regulatory capital for all PSBs in PCA."Banks need to be more responsible, adopt high underwriting and risk management, standards to avoid recurrence," said Kumar.Corporation Bank gets the highest infusion of Rs 9,086 crore while Bank of Maharashtra gets the lowest at Rs 205 crore.Allahabad Bank will get Rs 6,896 crore, Punjab National Bank Rs 5,908 crore, Bank of India Rs 4,638 crore, Union Bank Rs 4,112 crore, Indian Overseas Bank Rs 3,806 crore, UCO Bank Rs 3,330 ...
Oil falls after record U.S. shale output forecast
LONDON (Reuters) - Oil fell on Wednesday after the U.S. government said shale output would rise to a record next month, denting a rally that sent prices to their highest this year.
Govt to upgrade MCA21 system; seeks applications from service providers
The government has sought applications from service providers to develop as well as operate the upgraded version of MCA21 system, which is used mainly for submitting filings under the companies law. The MCA21 system, which comes under the corporate affairs ministry, was started in 2006 and currently, the second version is operational. The ministry is the regulator for all companies and LLPs (Limited Liability Partnerships) registered and operating in the country. Besides, it is responsible for administration of a wide range of statutes concerning insolvency and liquidation of corporates and promoting fair competition, among others. In a communication, the ministry said it intends to select an IT service provider to "design, develop, implement, operate and maintain the next version of MCA21 system ie MCA21 v3". MCA21 is not only working as a service delivery platform but is also assisting the ministry in undertaking its regulatory and enforcement functions, effectively maintaining ...
Vistara to operate two daily flights on Delhi-Raipur route from March 31
Full-service carrier Vistara announced Wednesday it will operate two daily flights between Delhi and Raipur from March 31. The departing time of the Delhi-Raipur flights would be 6.40 am and 6 pm, the airline said in a statement. From Raipur to Delhi the departing time would be 8.55 am and 8.35 pm. "Bookings are now open on all direct and indirect channels at an introductory all-inclusive one way fare in Economy Class starting Rs 2698," the airline said. The Chhattisgarh capital would be Vistara's 23rd destination in the country. "Vistara aims to serve the burgeoning industries and businesses based in Chhattisgarh by providing better connectivity and more travel options including the choice of three classes of travel, to customers travelling to and from Raipur," the airline said. "With the city's stature as the state capital and its growing importance as a centre for major national and international investments, Raipur is a perfect fit into Vistara's growing network," it added.
M&A deal activity witnesses sluggish start in Jan; value deflates by 85pc: Report
The overall merger and acquisition value deflated by 85 per cent to USD 2.3 billion across 36 transactions in January this year in absence of big-ticket deals, says a report. "The overall fall in deal activity can also be attributed to the recent uncertainty around trade and Brexit, current fiscal conditions due to exchange rate volatility and rising crude oil prices that have resulted in the absence of big-ticket transactions as compared to January 2018," says Grant Thornton's monthly Dealtracker January 2019 report. Total merger and acquisition (M&A) volume stood at 47 in January 2018, while the value was at USD 15,137 million, the findings of the report said. "The overall M&A value deflated by 85 per cent, recording USD 2.3 billion across 36 transactions which is 23 per cent lower than deal volumes recorded in January 2018," it said. January 2018 recorded four transactions in the billion-dollar category aggregating to USD 13.9 billion as compared to only one such deal in ...
Govt to infuse Rs 48,239 cr in 12 PSU banks
The Finance Ministry on Wednesday announced to pump in Rs 48,239 crore in 12 public sector banks (PSBs) in this fiscal to help them maintain regulatory capital requirements and finance growth plans. With this funding, the total amount of capital infusion would increase to Rs 1,00,958 crore of the planned recapitalisation of Rs 1.06 lakh crore for PSBs for the current fiscal, according to Financial Services Secretary Rajiv Kumar. The remaining Rs 5,000 crore capital infusion would be used as buffer for any contingency or growth capital for Bank of Baroda which is in the process of merging Dena Bank and Vijaya Bank with itself. "It (pending Rs 5000 crore) may be used for any contingency or for growth capital wherever it is necessary including amalgamated entity of Bank of Baroda," Kumar said. Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs 9,086 crore of funding, followed by Allahabad Bank with Rs 6,896 crore. Explaining the rationale for giving ...
Russian Helicopters identifies potential partners in
Russian Helicopters Holding Company, a part of State Corporation Rostec, and five Indian firms signed Memorandums of Understanding at Aero India 2019 air show here. The parties agreed to explore the production of a number of assemblies and components for Ka-226T helicopter in India, the company said. The MOUs were signed with Elcom, Valdel Advanced Technologies, Dynamatic Technologies, Integrated Helicopter Services and Bharat Forge, covering assemblies such as fuselage, blades, radiostation and landing gear. "We have launched a new stage of Ka-226T project: identifying the chain of manufacturers among the Indian companies. I am positive that the agreements reached today will result in a long-term mutually beneficial cooperation at a later stage when the production of Ka-226T is transferred to the customers territory," Andrey Boginskiy, Director General of Russian Helicopters Holding Company, said. The programme of localisation of production of Ka-226T helicopter in ...
GST Council on Sunday may consider relief for housing sector
The GST Council, which met briefly through video-conference on Wednesday extended the deadline for filing of 3B returns by two days, will meet again on Sunday to take up issues related to the real estate sector.
Tata Motors betting big on electric buses
After bagging 255 e-buses' orders from six state transport undertakings (STUs) under the first phase of incentive scheme for electric vehicles in public transport, Tata Motors is betting big on the segment, said an official here on Wednesday.
Zuari Agro files Letter of Offer with Sebi for Rs 500 cr rights issue
Zuari Agro Chemicals Wednesday said it has filed a document with the market regulator SEBI to raise Rs 500 crore through rights issue of debentures. In a filing to the BSE, Zuari said the company has filed "Draft Letter of Offer for rights issue with the Securities and Exchange Board of India." In June last year, the company's board had approved raising of funds by way of issue of compulsory convertible debentures to the existing shareholders on a rights basis (Rights Issue) up to Rs 500 crore. The company, which is into fertiliser business, plans to reduce debt with the proceeds of rights issue.
Government to infuse Rs 48,239 crore into 12 PSBs to help them avoid PCA
The government has approved a Rs 48,239 crore recapitalisation plan for 12 public sector banks (PSBs), including the fraud-hit Punjab National Bank (PNB), to help them avoid and come out of the prompt corrective action (PCA) framework.
French court fines Swiss bank UBS 3.7 billion euros for tax fraud
PARIS (Reuters) - A French court on Wednesday found Swiss bank UBS AG guilty of laundering the proceeds of tax evasion and fined it 3.7 billion euros ($4.20 billion).