Page 864 - Business Finance
Fed's Mester says she favors slower balance sheet trimming
NEWARK, Del. (Reuters) - Cleveland Federal Reserve President Loretta Mester on Tuesday said she favored slowing down the U.S. central bank's unwinding of its bond holdings this year although she thinks the economy might need higher interest rates.
Khadi and Gramodyog Vikas Yojana to continue till 2019-20: CCEA
The Cabinet Committee on Economic Affairs (CCEA) on Tuesday approved the continuation of Khadi and Gramodyog Vikas Yojanas at a total cost of Rs 2,800 crore for the period 2017-18 to 2019-20.
Strong U.S. economy boosts Walmart holiday-quarter sales, shares gain
(Reuters) - A strong U.S. economy boosted Walmart Inc's holiday-quarter sales growth to the best in a decade, lifted by consumer spending in key categories like groceries and increased e-commerce purchases.
Bertelsmann's relaunched call-centre business plans global expansion
MUNICH (Reuters) - Germany's Bertelsmann relaunched its customer services business, which provides call centres for companies and also monitors extremist content for Facebook, on Tuesday and said it is investing in global expansion as automation upends the industry.
Government relaxes captive coal policy norms to attract bidders
In a bid to make the auction of coal mines attractive for power, cement and steel producers, the Union Cabinet on Tuesday allowed captive coal block allottee the flexibility to sell 25 per cent of the output in the open market on payment of additional premium.
Cabinet approves continuation of Khadi Gramodyog Vikas Yojana till FY20
The Union Cabinet Tuesday approved continuation of Khadi Gramodyog Vikas Yojana until 2019-20, an official statement said. The Cabinet Committee on Economic Affairs (CCEA) has given approval to continue the existing schemes of MPDA, Khadi Grant, ISEC and Village Industry Grant, all subsumed under 'Khadi and Gramodyog Vikas Yojana' at the total cost of Rs 2,800 crore for the period 2017-18 to 2019-20. It further said the nod has also been given to bring in a new component of 'Rozciar Yukt Gaon' to introduce enterprise-based operation in the Khadi sector and to create employment opportunities for thousands of new artisans in the current and next financial year (2018-19 and 2019-20). Rozgar Yukta Gaon (RYG) aims at introducing an 'Enterprise-led Business Model' in place of 'Subsidy-led model' through partnership among three stakeholders- KRDP-assisted Khadi Institution, Artisans and Business Partner. "It will be rolled out in 50 Villages by providing 10,000 Charkhas, 2000 looms & 100
Govt eyes Rs 26-lakh cr electronics manufacturing ecosystem, 1 cr jobs by 2025 under new policy
The Union Cabinet Tuesday approved a new national electronics policy with an aim to create a Rs 26-lakh crore electronics manufacturing ecosystem and generate 1 crore jobs in the country by 2025. "National Electronics Policy came in 2012. Now, we are revising it completely as National Electronics Policy 2019. We are targeting USD 400 billion (ecosystem) by 2025. It will give jobs to 1 crore people," Law and Information Technology Minister Ravi Shankar Prasad said after the Cabinet meeting. The overall target will include production of 100 crore mobile handsets by 2025, valued at about Rs 13 lakh crore, including 60 crore mobile handsets valued at nearly Rs 7 lakh crore for export. Our government came in May 26, 2014. in 2014-15, electronic production growth in country was 5.5 per cent. In 2017-18, electronic production growth increased to 26.7 per cent as compared with 5.5 per cent in 2014-15, when the current government came into power, Prasad said. "Now, we want to take it to 32-33 .
Wall Street flat as Walmart offsets bank losses; trade talks eyed
(Reuters) - U.S. stocks struggled for direction on Tuesday as gains in Walmart offset losses in financials, with trade talks between the United States and China in focus.
Angel tax exemption cap hiked, definition of startup widened
In a two-pronged move to improve the fledgling startup eco-system, India on Tuesday raised the limit of angel tax exemption for startups, while revising the definition of such an enterprise.
Delhi, Kerala demand no major decision in Wed GST meet, seek deferment
Kerala and AAP-ruled Delhi on Tuesday demanded deferment the GST Council meeting scheduled for February 20, saying a decision on "crucial issues" of GST rates on real estate sector and lottery should not be taken through a video conference meet. The Finance Ministry, however, issued a media advisory stating that the 33rd GST Council meeting would be held on February 20. In a letter to Union Finance Minister Arun Jaitley, Delhi Deputy Chief Minister Manish Sisodia said that such "crucial issues" cannot be discussed through a video conference and convening a physical meeting is important to take a consolidated decision. Kerala Finance Minister Thomas Isaac too said that decision on important issue of GST on lottery cannot taken without a fair discussion and the lottery being included in Council agenda only a day before the meeting is unfair. "I will walk out of the Council meeting if any decision is taken on lottery. Also I will henceforth not attend any Council meetings till the ...
Cabinet okays cadre review of group 'A' services in railways
The Union Cabinet on Tuesday approved the proposal for review of cadre of eight organised group 'A' services in railways, which was pending since 2012.
Hong Kong-based Epic group interest in setting up of textile
The Hong Kong-based Epic Group, is interested in setting up of a textile factory in Jharkhand, a top company official said Tuesday. "The company is interested in starting manufacturing units in India. Jharkhand Textile Policy is the best. If Jharkhand government assists the company then it will start its factory in Jharkhand," Epic Groups Chairman Ranjan Mahtani told Chief Minister Raghubar Das here. The Epic Group is an apparel supplier and has manufacturing units in Bangladesh, Jordan and Ethiopia. During his meeting with the chief minister, Mahtani said that the Epic Group is a Hong Kong-based multi-national company, which works in textile, an official release said. Responding to Mahtanis request, Das said the textile policy of Jharkhand has attracted companies like Arvind Mills and Orient Craft, which have started manufacturing units in the state, and many more are in the pipe-line, the release quoted Das as saying. The chief minister said Jharkhand would be developed
'Apni Baat Rahul Ke Saath': Small business owners meet Rahul Gandhi
Congress President Rahul Gandhi on Tuesday held talks with small and micro business owners discussing the issues and problems faced by them and assured them of incorporating the issues in the party's manifesto.
Finance Commission seeks roadmap on fiscal status of Telangana
: Expressing concern over Telanganas fiscal and debt position appearing to be 'problematic' with respect to GSDP, the 15th Finance Commission Tuesday asked the state government to submit a medium-term roadmap on the issue so that it could be overcome by 2025-end. Addressing reporters, chairman of the commission N K Singh said the states performance was better in terms of growth in revenues when compared to those of some other states. Telangana revenue has the potential to grow at 20 per cent in the years to come, he said. ''Since the fiscal deficit and the debt to GSDP looked a little problematic, I have requested the state government to give me a medium-term roadmap...,'' he said The commission has visited 19 states and in most of them, there has been varied conformity both on the debt according to the fiscal responsibility and budget management, Singh said. He said the country's debt to GDP stood at 60 per cent - 40 per cent is from the Centre and 20 per cent from the
Norwegian Air's owners approve deep-discount share sale
OSLO (Reuters) - Norwegian Air's shareholders overwhelmingly endorsed on Tuesday the lossmaking airline's plan for a deeply discounted cash call to help bolster its finances, Chairman Bjoern Kise said.
Provident, pension funds exposed to IL@FS stare at losses
Provident and pension fund trusts, which have invested in the IL&FS bonds, are fearing big losses as the debt-ridden company's bonds are unsecured debt as the Finance Ministry says superannuated bonds don't carry any government guarantee and all such instruments face the market risks.
Govt allows part sale of coal from captive mines in open market
The government on Tuesday allowed sale of 25 per cent of coal production from captive mines in the open market, a move aimed at increasing competitiveness and making future auction of blocks attractive. The decision was taken during the meeting of the Cabinet Committee on Economic Affairs under the chairmanship of Prime Minister Narendra Modi, an official release said. The allottee of a coal mine for specified end use or own consumption was not permitted to sell coal in open market earlier. "The Cabinet Committee on Economic Affairs...has approved the methodology for allowing the allocatee of coal mines for specified end use or own consumption to sell 25 per cent of actual production on ROM (Run-of-mine) basis in open market with payment of additional premium on such sale under the Coal Mines (Special Provisions) Act, 2015 and the Mines and Minerals (Development and Regulation) Act, 1957," it said. This methodology attempts to address the issue of lack of response from bidders during .
Talk of growth without any jobs: Rahul
There is talk of growth without any jobs and the government is "funding big guys" when it is the small and medium business people that can create employment, Congress president Rahul Gandhi said Tuesday. Gandhi, during an interaction with small and medium business people as part of his outreach initiative 'Apni baat Rahul ke saath', also said the small and medium businesses were producing jobs, but not getting the funding they needed. During the discussion, the common problem that emerged was "poor GST implementation and the monthly reporting mandated by its implementation", a statement said. Gandhi has been attacking the government over the implementation of the GST, terming it "Gabbar Singh Tax". "When you listen to TV debates, everybody talks about growth, 'India is growing at 6%, 7%, 8%', but nobody talks about jobs. Where are the jobs? You can have growth with no jobs, which is what is happening right now," he said during the interaction over a south Indian thali lunch at Andhra .
SLSWCA approves investments worth Rs 1,197 crore in Odisha
Odisha government Tuesday approved eight proposals envisaging investment of Rs 1,197.41 crore which will create employment for about 5,000 people, officials said. The approval was given at the State Level Single Window Clearance Authority (SLSWCA) meeting chaired by Chief Secretary A P Padhi here. Stating that the projects approved were under downstream steel and aluminium, food processing, hospitality, iron & steel, plastic pipes and fittings, Industries secretary Sanjeev Chopra said the proposals will create employment opportunities for 5,162 people. The major investment proposals are from Mumbai-based Aditya Birla Fashion Retail Ltd which propose to set up an apparel manufacturing unit at Tikri in the industrially backward Rayagada district with a capacity of 36 lakh pieces per annum with a total investment of Rs 114 crore. The mega textiles project will create job opportunities for 2,750 people, most of whom will be women. The Hyderabad-based edible oil major ...
Stalls of GI products will be set up at all 103 airports: Prabhu
Commerce and Industry Minister Suresh Prabhu Tuesday said in the coming days, stalls of GI products, such as Darjeeling Tea, will be set up at all the 103 airports in the country. A geographical indication (GI) is primarily an agricultural, natural or a manufactured product (handicrafts and industrial goods) originating from a definite geographical territory. The famous items that carry this tag include Basmati rice, Darjeeling Tea, Chanderi Fabric, Mysore Silk, Kullu Shawl, Kangra Tea, Thanjavur Paintings, Allahabad Surkha, Farrukhabad Prints, Lucknow Zardozi and Kashmir Walnut Wood Carving. "At Goa airport, it has already been set up. All airports will have GI product stalls in the coming days," Prabhu said here at an event of Government eMarketplace (GeM), an online platform for public procurement. The minister also launched SWAYATT, an initiative to promote start-ups, women and youth advantage through e-transactions on GeM. He also dedicated GeM Start-up Runway, an initiative of ..