Page 874 - Business Finance

Corrected: Asian prices drop to 17-month low on tepid demand

(Corrects paragraph 16 to say Kuwait Petroleum seeks LNG cargo, not offers)

Ambuja Cements may advance after strong Q4 outcome

Ambuja Cements' consolidated net profit rose 188.02% to Rs 1377.88 crore on 9.32% rise in total income to Rs 6855.22 crore in Q4 December 2018 over Q4 December 2017. The announcement was made after market hours yesterday, 18 February 2019.

Stocks may recover on positive Asian cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 24 points at the opening bell amid positive Asian cues.

Global Markets: Asian shares near four-month high, buoyed by trade optimism

TOKYO/SYDNEY (Reuters) - Asian shares hovered near four-month highs on Tuesday, supported by hopes that Sino-U.S. trade talks were making progress and expectations of policy stimulus from central banks.

ArcelorMittal looks to snag another piece of Essar empire

MUMBAI (Reuters) - ArcelorMittal SA, the world's biggest steelmaker, has bid 48 billion rupees ($673 million) to acquire Essar's 1200 megawatt power plant in central India, one of the most prized assets in the debt-ridden group's power portfolio.

Honda to close UK car plant with the loss of 3,500 jobs

LONDON (Reuters) - Japanese carmaker Honda is set to announce the closure of its only British car plant in 2022 with the loss of 3,500 jobs, a lawmaker told Reuters, in the latest blow to the UK car industry as Brexit approaches.

Germany bans Wirecard 'shorting' as prosecutors probe FT journalist

FRANKFURT (Reuters) - Germany's financial watchdog has banned "short" selling of Wirecard shares due to volatility in the payments firm's stock following reports in the Financial Times which are now the subject of an investigation by German authorities.

Uber agrees to pay VAT in Egypt -tax chief

CAIRO (Reuters) - Uber has agreed to pay value-added tax on its services in Egypt, Egyptian officials said on Monday, a move that may help resolve a long-simmering feud with traditional taxi drivers.

UK car production: Who builds what and where?

LONDON (Reuters) - Britain's overwhelmingly foreign-owned car industry built 1.52 million cars last year, a decline of 9 percent on the year before, with output forecast to drop further in 2019.

Euro zone banks in Britain must be ready for Brexit by March

FRANKFURT (Reuters) - Euro zone banks operating in Britain must be prepared for Brexit by March as any remaining supervisory concerns should have been address in the coming weeks, European Central Bank supervisory chief Anrea Enria said on Monday.

Plan to acquire government's shareholding in REC by March 31: PFC

The Power Finance Corporation (PFC) on Monday said that it plans to acquire government's shareholding and management control of Rural Electrification Corporation (REC) by March 31, 2019.

West Bengal planning to expand eNAM network

West Bengal is planning to expand the electronic National Agriculture Market (eNAM) network in the state, a senior official said on Monday. "So far, we have eNAMs in 17 regulated markets of the state, and we are planning to expand it to another 13 markets," West Bengal Agriculture Marketing Secretary Rajesh Sinha said at a seminar organised by the Merchants' Chamber of Commerce here. Sinha said that in the last one year, cumulative produce worth Rs 1.2 crore was transacted on the eNAM system in the 17 connected markets. He, however, said there is a tendency among farmers to use eNAM only for price discovery and transact outside the network. The national cumulative value of transactions has touched Rs 61,000 crore so far in all the 585 eNAMs, since it was launched in 2016 across 16 states, eNAM Technical Head Arvind Sharma said. He added that there is no plan to augment the eNAM network for now.

Emami promoters sell 10% stake for Rs 1,600 crore

Emami Groups promoters on Monday sold their 10 per cent stake in its flagship Emami Limited, raising about Rs 1,600 crore to reduce debts. After the sale, the promoter holding in the company stands at 62.74 per cent.

Mamata writes to PM to initiate probe into IL&FS crisis

West Bengal Chief Minister Mamata Banerjee on Monday wrote to Prime Minister Narendra Modi urging him to initiate an independent probe into the IL&FS financial debacle.

Govt should provide financial support to facilitate major 5G trials in India: COAI

Industry body COAI has written to the Telecom Department saying financial support and subsidies should be provided to facilitate major 5G trials in India, and that permissions and fee on network equipment purchases need to be waived for the entire trial period. The Telecom Department, it said, must give instructions for allocation of spectrum for trials to telecom service providers and Original Equipment Manufacturers (OEM) partners free of cost for the duration of the trial, the Cellular Operators' Association of India (COAI) said in the recent letter. COAI noted that in line with the 5G trials being conducted and planned across the globe, the report released by the 5G high Level forum in August 2018 had also emphasised the need for technology demonstration and major trials pertaining to 5G in India. This, it said, would help in raising awareness of 5G applications, stimulate the local R&D ecosystem to develop innovative applications tailored to Indian needs and help local ...

Exclusive: Saad Group seeks debt resolution under Saudi bankruptcy law - sources

RIYADH/DUBAI (Reuters) - The company of indebted Saudi Arabian billionaire Maan al-Sanea has filed for bankruptcy under a new Saudi law that makes it easier for creditors to recover payments, three sources familiar with the matter said, a move that could provide a breakthrough in the kingdom's longest-running debt dispute.

Russia's Rusal is in talks to resume reinsurance with Western companies

MOSCOW (Reuters) - Russia's Rusal, the world's second-largest aluminium producer, is in talks to resume reinsuring its risks with Western companies after Washington lifted sanctions on it, officials with Russian National Reinsurance Co (RNRC) said.

Chinese companies to compete for Brazilian bridge project

BRASILIA (Reuters) - China Communications Construction Co (CCCC) is preparing to bid on a 5.3-billion-reais ($1.42 billion) bridge project in Brazil, a source with direct knowledge of the matter told Reuters on Monday.

Promoters sell 10pc stake in Emami Ltd for Rs 1,600cr

The Emami Group on Monday said its promoters have sold 10 per cent stake in the flagship firm Emami Ltd for around Rs 1,600 crore. The transaction was executed on stock exchanges and the purchasers include SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund and others, the group said in a statement. The stake sale proceeds will be used to pare promoter debt, which was used in creation of assets like cement and solar power, among others, it added. "The promoter debt is to the tune of about Rs 4,000 crore in the group's unlisted companies. The sale will ease the liquidity position and also reduce promoter pledge of Emami shares from nearly 48 per cent now," Emami Director Mohan Goenka told PTI. Reduction of promoter pledge could be between 4 and 5 per cent. Following the stake sale, the promoter holding in Emami Ltd will come down to 62.74 per cent from around 72.5 per cent, company officials said. "SBI MF bought about 5 per cent stake, while PremjiInvest ...

NLC India, NHPC ink pact for power trading

State-run NLC India Monday said it has inked an agreement with state-run hydro power giant NHPC for power trading. "MoU between NLC India and NHPC Ltd, in the area of Power Trading, was signed by A Ganesan, executive director/commercial, NLC India, and D Chakraborty, CGM/finance, NHPC, on February 18, 2019 in Chennai," a statement said. According to the statement, through this MoU, NHPC and NLC India will offer surplus power available in the northern and northeast region to the bulk consumers in southern region at an affordable tariff. This MoU will create a win-win situation for the generators and bulk consumers.