Page 856 - Business Finance
RBI Governor to meet bank CEOs on Thursday on rate transmission
Reserve Bank of India Governor Shaktikanta Das will meet PSU and private sector banks CEOs and MDs on Thursday to discuss rate transmission and persuade them to pass on the advantages after taking note of the non-passing of the benefits of lower interest rates to the consumers following a key policy rate cut by it recently.
Israel's Wix.com fourth-quarter profit up, sees 25 percent revenue growth in 2019
TEL AVIV (Reuters) - Wix.com, which helps small businesses build and operate websites, posted higher-than-expected fourth-quarter profit and forecast a 25 percent rise in revenue in 2019.
UK regulator worried over Sainsbury-Asda merger impact
The planned mega-merger of British supermarket giant Sainsbury's and Walmart-owned Asda raises "extensive competition concerns" and could spark higher prices and less choice, regulators warned Wednesday. The Competition and Markets Authority (CMA) watchdog, revealing the provisional findings of an in-depth probe, added it could potentially block the deal -- or require both companies to sell a "significant" number of stores and other assets including one of the two brands. The regulator cautioned it would be "difficult for the companies to address the concerns it has identified", as its remedies seek to "recreate the competitive rivalry lost through the merger". "The CMA has provisionally found extensive competition concerns as part of its in-depth investigation of the proposed merger," the watchdog said in a statement that sparked immediate criticism from the two retail giants. Sainsbury's and Asda, the nation's second and third biggest supermarket chains respectively, unveiled merger
GST Council to meet on Feb 24 to review rate on under-construction houses
The Goods and Services Tax (GST) Council on Wednesday deferred its decision on revising rates for under-construction real estate.The next meeting will be held on February 24.Finance Minister Arun Jaitley said few ministers expressed their opinions during the meeting through video conferencing. "The rest will express their opinions on Sunday, and we will try and arrive at a decision," he said. "I have always followed an approach of moving forward on consensus."In its final recommendations on real estate submitted on Monday, a Group of Ministers headed by Gujarat Deputy Chief Minister Nitin Patel had favoured lowering GST rates on under-construction houses from 12 per cent with input tax credit to 5 per cent without input tax credit.Similarly, it had suggested reducing the rate for under-construction affordable houses to 3 per cent without input tax credit from 8 per cent.
China Stocks extend gains for third day; eyes on US-China talks
The two countries (US-China) started a new round of talks to resolve their trade war on Tuesday, and sessions at a higher level are planned later this week. US President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a "magical" date. Tariffs on $US200 billion worth of Chinese imports are currently scheduled to rise to 25 per cent from 10 per cent if no trade deal is reached by March 1.
HCL Tech gains after winning contract from EDF Luminus
HCL Technologies rose 1.61% to Rs 1,056 at 10:53 IST on BSE after the company announced it has won a five year IT infrastructure and application services contract with EDF Luminus.
Nifty ends above 10,700 mark
Market ended with strong gains, mirroring strength in other global stocks amid signs that US-China trade relations could be improving. The barometer index, the S&P BSE Sensex, rose 403.65 points or 1.14% to 35,756.26, as per the provisional closing data. The Nifty 50 index rose 131.10 points or 1.24% to 10,735.45, as per the provisional closing data. The Nifty crossed 10,700 mark in late trade.
Dr Soumitro Chakraborty wins 'CEO of the year' award
Dr Soumitro Chakraborty, Chief Executive Officer of Innovative Financial Advisors Pvt. Ltd. (Fiinovation), was conferred with 'CEO of the year' award at the 8th World CSR Congress held in Mumbai on February 18. The World CSR Congress this year focussed on the integration of Sustainable Development Goals (SDGs) in corporate strategies, innovation, and strategic alliances. The award recognises Fiinovation's exemplary work in the social development sector and noteworthy CSR and sustainability programmes.Driven by the need to inspire innovative thinking and action leading to sustainable social change, Dr Chakraborty meticulously strategised several sustainability programmes across India in partnership with diverse corporations and civil society organizations. He left the role of an active aviator in 2006 and with an aim to build an institution that may consistently bridge the gap between the private sector and civil bodies, founded Fiinovation in 2009.Over the years, he has proved his ...
Tencent to maintain aggressive investment stance in face of challenging 2019
HONG KONG (Reuters) - Tencent Holdings Ltd said investment is central to its overall strategy and so it will maintain its scale of investment after an aggressive 2018, brushing aside near-term risks such as the bursting of China's tech bubble as economic growth slows.
Lloyds bank 2018 profit jumps by more than a quarter
Britain's Lloyds Banking Group announced surging 2018 profits on Wednesday on lower mis-selling costs and the "resilient" UK economy -- despite looming uncertainty over Brexit. Earnings after taxation, or net profit, soared 27 per cent to 3.87 billion pound (USD 5.02 billion) last year, compared with 3.04 billion pounds in 2017, LBG said in a results statement. Lloyds, which returned to full private ownership in 2017 following its financial rescue by the UK government a decade earlier, added that pre-tax profit rebounded 13 per cent to 5.96 billion pound. "Given our UK focus, our performance is inextricably linked to the health of the UK economy," added chief executive Antonio Horta-Osorio. "Over 2018, economic performance has remained resilient with record employment and continued GDP growth." In a nod to uncertainty over Britain's looming departure from the European Union, he added: "Whilst the near-term outlook remains unclear, particularly given the ongoing EU withdrawal ...
Dubai's ENOC partners with IOC to expand abroad
Dubai (Reuters) - United Arab Emirates' National Oil Company (ENOC) Group said on Wednesday it had formed an alliance with state-run Indian Oil Company (IOC) as part of the Dubai-based firm's global expansion strategy.
NHPC enters into MoU with NLCIL for offer of surplus power to northern and north-east region
As per MoU, NHPC and NLCIL will offer surplus power available with northern and north-eastern region to the bulk consumer in the southern region of the Country at affordable price. Both, NHPC and NLCIL are having category-I trading licence from CERC to trade power in whole of India.
Seeking partnerships to make aircrafts in India: Suresh Prabhu
The aviation market in India has begun to "explode" and the country is looking forward to partnerships to locally manufacture aircrafts, Union Civil Aviation Minister Suresh Prabhu said on Wednesday. Wooing investors at the inaugural session of the biennial Aero India Show here, Prabhu said, "India's aviation market is now beginning to explode..." "So far, we have had limited airports, very limited connectivity. But now, we have added more airports, taking the number to 103," he added. "In the next 15 years we will add another 100 airports with an investment of 65 billion USD," he said further. Highlighting the ministry's comprehensive strategy in the aviation sector, Prabhu said it has come out with 'Vision 2040' and to realise it, India would require 2,300 new aeroplanes. "We look forward to partnerships to make aircrafts in India. To make that (possible), we are coming out with an action plan, vision and roadmap," he said. The civil aviation minister also noted that the government .
Orient Bell Limited Launches 'Chote Bathrooms ke Bade Solutions' Campaign to Make Small Bathrooms Look Bigger
/ -- Orient Bell Limited, a respected and trusted player in the tile industry, has launched a bold new marketing campaign, that breaks industry norms by addressing consumer needs. The new campaign, 'Chote bathrooms ke bade solutions', i.e., big solutions for small bathrooms promises Orient Bell's expertise in making even small spaces look bigger by choosing the right colors of tiles and laying them in a recommended way. The bathroom is typically the smallest room in most homes. This situation becomes even more acute with increasingly compact and convenient homes driven by rapid urbanization and nuclear families. Add to it a real estate environment of increasing prices, new homeowners often end up compromising on their aspirations. Consumers are constantly trying to make their home, their rooms and bathrooms look and feel more spacious. Building on this universal truth, Orient Bell and their tile experts will make even the smallest room, the bathroom, look bigger by helping choose the
Reliance Communications Ltd leads losers in 'A' group
Reliance Capital Ltd, IL&FS Transportation Networks Ltd, Reliance Naval & Engineering Ltd and Reliance Infrastructure Ltd are among the other losers in the BSE's 'A' group today, 20 February 2019.
Sainsbury's-Asda deal in doubt as UK regulator raises big objections
LONDON (Reuters) - Britain's competition regulator has dealt a potentially fatal blow to Sainsbury's planned $9.5 billion takeover of Walmart's Asda, saying it was unlikely the companies would be able to address its "extensive" concerns about the deal.
Lloyds Bank brushes off Brexit fears with $5 billion investor payout
LONDON (Reuters) - Lloyds Banking Group shrugged off mounting concerns over Brexit to unveil a 4 billion pound ($5.2 billion) dividend and share buyback bonanza for investors on Wednesday, despite weaker than expected growth in profits for 2018.
Cathay Pacific sees 2018 profit blowing past consensus as revamp pays off
(Reuters) - Hong Kong's Cathay Pacific Airways Ltd projected its annual profit at more than double analyst estimates as its turnaround plan designed to cut costs and boost revenue pays off, sending its shares surging nearly 9 percent on Wednesday.
Airbnb wants to encourage home sharing
Airbnb, a privately-held global company that operates hospitality facilities, has plans to encourage more people in India to know the benefits of home sharing and make them opt for the home-sharing platform.
Aramco positive about Maharashtra refinery project: CEO
Saudi Arabia's national oil company Aramco is positive about the $44 billion refinery it is setting up in Maharashtra and looks to further expand its footprint in India in partnership with the country's private sector.