Page 865 - Business Finance
'Apni Baat Rahul Ke Saath': Rahul suggests Kamal Nath to make Khadi uniform mandatory in schools
While meeting with seven businessmen from across the country as part of his 'Apni Baat Rahul Ke Saath' campaign, Congress president Rahul Gandhi on Tuesday made a surprise call to Madhya Pradesh Chief Minister Kamal Nath and suggested him to make Khadi uniform mandatory in schools in the state.Ahead of the Lok Sabha elections, Rahul Gandhi has started the 'Apni Baat Rahul Ke Saath' campaign to meet people from different fields. As part of the campaign, Rahul on Tuesday focused on the MSME sector and had lunch with seven businessmen from Bhopal, Faridabad, Kargil and Mumbai among others.Indore-based businessman Sanjay Patwardhan told ANI, "It was an astonishing moment when Rahul came. He asked about the problems and solutions to the business sector. When he was suggested to make Khadi uniform mandatory in schools to promote the Khadi industry, Rahul immediately called Kamal Nath, the Chief Minister of Madhya Pradesh, and asked me to talk to him. The future of the country is golden with
Danske Bank pulls out of Russia, Baltics after money-laundering backlash
TALLINN/COPENHAGEN (Reuters) - Danske Bank will pull out of Russia and the neighbouring Baltic states, the Danish lender said after Estonia ordered it to close the branch at the centre of one of the largest-ever money laundering scandals.
PF funds' investment in IL&FS bonds have no government guarantee: FinMin
The provident and pension fund trusts that invested in the IL&FS bonds now fear loss of money as the debt-ridden company's bonds are unsecured debt, and the Finance Ministry says superannuated bonds do not carry any government guarantee and all such instruments have to face all market-related risks.
DGFT provided resources to revamp IT infrastructure for boosting logistics sector: Prabhu
The government has allocated Rs 132 crore to the Directorate General of Foreign Trade (DGFT) to revamp IT infrastructure to upgrade logistics for promoting smooth movement of goods and services in the country, Union Minister Suresh Prabhu said Tuesday. Prabhu said an efficient and cost-effective logistics framework would provide huge business opportunities. "The government has allocated Rs 132 crore to the DGFT to revamp IT infrastructure for upgradation of logistics in a bid to provide paperless, faceless and transparent solutions to the problems faced by industry and trade in the movement of goods and services across the country," industry body FICCI said quoting the minister. He was speaking at a FICCI programme on logistics. Prabhu also launched the 'Safar' app on logistics that would access the ground-level feedback from transporters and iron out the delays at the state borders. Speaking at the function Binoy Kumar, secretary of the Ministry of Steel, urged the stakeholders to ...
Gail India offers new swap of U.S. LNG volumes - sources
LONDON (Reuters) - Gail India on Tuesday offered a cargo of liquefied natural gas (LNG) loading from the United States on June 27-29 this year, two traders said.
Japan's Honda to shut UK car plant, as Brexit looms
Honda will shut its UK plant with the loss of 3,500 jobs, the Japanese car maker announced Tuesday as the global auto industry faces "unprecedented changes" and the UK economy hits the skids on Brexit uncertainty. The factory in Swindon, southwest England, which is Honda's only EU plant, will shut in 2021 "at the end of the current model's production lifecycle", the company said as carmakers worldwide increasingly invest in greener electric vehicles over diesel cars. Business Secretary Greg Clark described Honda's decision as "devastating" and "a particularly bitter blow to the thousands of skilled and dedicated staff who work at the factory, their families and all of those employed in the supply chain". Prime Minister Theresa May spoke to Honda's president to "express her disappointment at the decision," according to her Downing Street office. Katsushi Inoue, Honda's chief officer for European regional operations, said the decision had "not been taken lightly". The firm blamed ...
Record handling of crude oil by Chennai Port Trust
Chennai Port Trust (ChPT) Tuesday said it has for the first time handled 88,000 tonnes of crude oil as against the previous record of 84,000 tonnes. ChPT chairman P Raveendran said in a press release that this indicated the port's capability in handling large quantity of crude. The port set another landmark achievement by handling 88,000 tonnes of crude oil on February 18 from a vessel Nordic Moon, a press release said. Last year, the port had become the first in the country to handle a very large crude carrier by allowing it inside the port basin, the release said. Earlier, such large ships had to be anchored at a distance outside the port basin or make use of 'Single Buoy Mooring' considering the mammoth size and manoeuvring issues. A 333-metre-long M V Diamond became the first large vessel to be handled by the port last year that supplied oil by entering backwaters of the port with a depth of 20 metres. ''It was a historic occasion for the 137-year-old Chennai Port ...
Disclosure of Nil Divergence as per regulatory norms: Yes Bank
Private lender Yes Bank on Tuesday said the disclosure of 'nil divergence' was as per the regulatory guidelines, days after the RBI threatened to take action for making a confidential report public. The bank was of the view that the information received under Risk Assessment Report (RAR) regarding "Divergence" was an Unpublished Price Sensitive Information (UPSI) and which is likely to be misused or leaked, Yes Bank said in a clarification to National Stock Exchange. The exchange had sought clarification from the bank regarding Risk Assessment Report for the year ended March 31, 2018. "It was deemed expedient to share this information through the stock exchanges to all market participants and not to withhold the same till finalisation of the Annual Results," it said. Thus, it said, the bank has not indulged in any sort of misrepresentation or in providing any misleading information to the stock exchanges and the investors. "The bank has not made any undue advantage or benefit by ...
Oil slips from 2019 high as economy worries weigh
LONDON (Reuters) - Oil fell from its 2019 high of almost $67 a barrel on Tuesday as concerns about the progress of U.S.-China trade talks and slowing economic growth countered lower supplies.
Germany, with bumper current account surplus, frets about car tariffs
BERLIN (Reuters) - Germany recorded the world's largest current account surplus for the third year running in 2018 due to strong exports that are vexing U.S. President Donald Trump and raising the risk of U.S. tariffs on German cars.
Wall Street opens lower as U.S.-China trade talks resume
(Reuters) - U.S. stocks opened lower on Tuesday after rallying strongly last week, as investors focused on the latest round of trade talks between the United States and China.
Twitter policy on political ad transparency to begin in India from March 11
Twitter on Monday announced to expand its political ads policy and transparency approach to include India, all European Union member states and Australia that will be operational from March 11.
Govt relaxes norms for startups, raises investment limit for availing angel tax concession
In a major boost to budding entrepreneurs, the government Tuesday raised the investment limit for angel tax exemption to Rs 25 crore and extended the period of availing benefits to 10 years for startups. Earlier, the investment limit for a startup to seek exemption under section 56(2)(viib) of Income Tax Act, 1961 was Rs 10 crore and they were permitted to avail the benefits for seven years. According to the notification issued by the Department for Promotion of Industry and Internal Trade (DPIIT), an entity would be considered as a startup up to a turnover of Rs 100 crore as against the earlier limit of Rs 25 crore. "Today we have issued notification which will bring in lot of welcome changes. It is a great movement forward. Startups are innovators and job creators and we would like to support it fully. Taxation issues cropped up. We took up the issues with line ministries," Commerce and Industry Minister Suresh Prabhu told reporters here. In order to avail the exemption, a startup ..
Odisha CM lays foundation stone of Runaya Refining project
Odisha Chief Minister Naveen Patnaik Tuesday laid the foundation stone of the Runaya Refining project in the state. The unit is an end-to-end green solution for the recovery of aluminium and processing residual waste from aluminium smelters, Runaya Refining LLP said in a statement. Runaya Refining Chief Executive Officer Annanya Agarwal said: "Runaya's vision is to enable growth in the aluminium industry in a sustainable manner... It is an important strategic initiative as a specialty innovative solutions, which provides value-added products for regional and global markets." "We have worked passionately to bring a 'green' eco-friendly technology to India and we hope that this pioneering step would set a trend for developing similar sustainable projects in the country," Agarwal added. Runaya Refining is a sustainability solutions company with operations based on its licensed proprietary patented technology. Runaya uses a technology which is in line with its vision for green projects ...
Govt relaxation in startup norms to encourage investments:CII
Industry on Tuesday said measures announced by the government to promote startups will encourage investments and boost morale of angel investors. "By raising the period for eligibility of startups up to a period of 10 years from the date of incorporation or registration in place of the earlier duration of seven years, the government has signalled its intention to promote startups and angel investment in the country," CII Director General Chandrajit Banerjee said. The relaxation in recognition of an entity as a startup by increasing the turnover limit to Rs 100 crore from Rs 25 crore would go a long way in encouraging new-age entrepreneurship and innovation, he added. "We welcome the government's focussed attention to the startups which have been looking towards the government for relief from so-called 'angel tax'," Banerjee said. IT industry body Nasscom said the move not only acknowledges India to be the world's fastest growing start up ecosystem, but will also encourage more ...
In letter to Jaitley, Sisodia seeks postponement of Wednesday's GST Council meet
Delhi Deputy Chief Minister Manish Sisodia Tuesday wrote to Union Finance Minister Arun Jaitley, demanding postponement of GST Council meeting to be held through video-conference on Wednesday. In his letter to Jaitley, Sisodia said that both the agenda items - special scheme for real estate sector and single rate of tax on lottery -- are of crucial nature and requires detailed discussion before arriving at a considered decision on the matters. Sisodia, who also holds the finance portfolio, said that "crucial issues" cannot be discussed through a video conference and conveying of a physical meeting is important to take a consolidated decision. "I would, therefore, request to kindly postpone the proposed 33rd meeting through video-conference and call for a physical meeting at an appropriate date," he said. A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 per cent or 28 per cent -- a final call on which would be taken by the .
TTD unveils Rs 3,116-crore budget for 2019-2020
: Tirumala Tirupati Devasthanams (TTD) that manages the richest hill shrine of Lord Venkateswara presented Tuesday its budget proposals for 2019-20, expecting an overall revenue of about Rs 3,116 crore during the year, a top TTD official said. Of the overall income, the cash offerings were projected at Rs 1,231 crore, TTD chairman Putta Sudhakar Yadav told reporters on the Tirumala hills, near here. The revenue from the interest on deposits in nationalised and private banks was estimated to be about Rs 846 crore, he said. The sale of tickets for various forms of worship, including rituals in the temple, special entry tickets of VIPs and the online tickets priced at Rs 300 could get Rs 292 crore while the laddu prasadam might bring in about Rs 270 crore, he said. The proceeds from the auction on human hair to be offered by millions of devotees, including the aged, women and infants, as fulfilment of their vow were projected to be Rs 10 crore, he said. The revenue from ...
Gujarat government presents a Rs 12,000 cr surplus Vote-on-Account
Gujarat's Vijay Rupani government on Tuesday presented a Vote-on-Account for the year 2019-20, showing an estimated surplus of Rs 12,241.40 crore and having no new tax proposals.
Fed's Mester says rates likely will need to rise a bit
NEWARK, Del. (Reuters) - The Federal Reserve may need to raise interest rates further but it has time to assess how the economy is doing before tightening borrowing conditions, Cleveland Federal Reserve President Loretta Mester said on Tuesday.
DoT asks telcos to crack down on subscriber sending offensive messages
The Department of Telecom has asked operators to crack down on subscribers sending offensive or obscene messages to people and set up a helpline to receive complaints against such customers. The DoT issued the order in the wake of some TV journalists filing complaints against receipt of abusive messages on their cellphones from some mobile subscribers. The DoT said licence conditions bar carriage of objectionable obscene, unauthorised or any other content, messages or communications in any form in the network. "You are hereby directed to take immediate action against the customers/subscribers of your network for sending messages as it is also a violation of customer declaration in customer application form," the order marked to all telecom operators dated February 19 said. Telecom operators have been asked to report compliance within 15 days. The order also suggested that telecom operators may open a dedicated call centre or helpline for receiving complaints against customers sending .