Page 914 - Business Finance
OBOPAY wins prestigious "Financial Institution of the Year" accolade
OBOPAY, the global financial technology company providing enterprise solutions for Telcos, BFSIs and companies with a dominant supply chain focus, has been awarded with the "Financial Institution of the Year" accolade at the eighth edition of Small and Emerging Business Awards 2019 held on 13th February, 2019 in New Delhi.The organisation has been honored with the prestigious award for its innovative solutions in promoting digitization across all the industry segments and further promoting financial inclusion within the country, especially in tier 2 and 3 markets. The winners were chosen from a strong list of contenders.Commenting on the esteemed awards win, Shailendra Naidu, CEO, OBOPAY, said, "OBOPAY has been working relentlessly to raise the bar of the financial technology industry through its innovative solutions in mobile payment and technology, distribution management system, consulting services and many other such solutions."Naidu added, "The "Financial Institution of the Year"
Brent crude hits 2019 high above $65, buoyed by output cuts
LONDON (Reuters) - Brent crude oil climbed above $65 a barrel to its highest this year as OPEC-led supply cuts and this week's announcement of a higher than expected cut by Saudi Arabia encouraged investors.
Xiaomi sales slump in Q4 2018 in China
Despite ending 2018 with a dominant position in the growing India smartphone market, Xiaomi's sales declined in its home market in the fourth quarter of 2018, according to a report from the International Data Corp (IDC).
LIC may infuse up to Rs 12,000 crore in IDBI Bank to help it meet provisioning for NPAs in Q4
IDBI Bank has sounded out its new owner LIC seeking another tranche of up to Rs 12,000 crore to meet its huge provisioning requirements amid mounting losses.
Centre garners Rs 12,000 crore GST from Bengal till Dec
The Centre has raked in some Rs 12,000 crore from West Bengal during the current fiscal till December as its share from the Goods and Services Tax from the state and expects to exceed the target of Rs 18,000 crore by March 2019, a revenue official said Friday. "The CGST share target for the FY19 was Rs 18,000 crore and till December we have already collected Rs 12,000 crore. We hope the target may get exceeded by March," assistant commissioner of CGST, Pandiyaraj G V said on the sidelines of The Bengal Chamber organised seminar on contentious issues related to GST. He said the filing of refund which is still semi-online would get streamlined soon. Tax expert T B Chatterjee said GST is a great step but was introduced without training of officials. "The GST officials at the local office level, be it from the state or the Centre are incompetent to guide the traders causing disruptions despite being a good tax system," he said.
Europeans USD 100 billion short of NATO spending pledge: Study
Europe would need to boost defence spending by more than USD 100 billion to hit the NATO spending pledge that has stirred much anger by US President Donald Trump, a study showed Friday. The failure of many European allies to get even close to the NATO target of spending two percent of their national output on defence by 2024 has infuriated Trump, who accuses them of freeloading. Figures from the International Institute for Strategic Studies (IISS) showed that NATO's 27 European countries fell short of the two percent target by USD 102 billion in 2018. The IISS's annual "Military Balance" report said European NATO members would "collectively have had to increase their spending by 38 per cent" to hit the two per cent target in 2018. Trump's anger over spending has fuelled concern about his commitment to the transatlantic alliance, culminating in an explosive summit last year where he launched a blistering attack public attack on Berlin in a televised meeting with Chancellor Angela ...
Raigarh municipal corporation wins "Swachhata Excellence awards 2019"
Chhattisgarh's Raigarh municipal corporation on Friday won the "Swachhata Excellence awards 2019", according to a statement issued Friday. The municipal corporations of Ambikapur and Kumbakonam bagged the second and third prizes respectively. According to the statement issued by the Union Housing and Urban Affairs Ministry, Nagar Palika Parishad of Jashpur Nagar, Malappuram Municipality, and Nagar Palika Parishad Surajpur have claimed the prizes in the "Statutory Towns" category. It said that for million-plus cities, the Greater Hyderabad Municipal Corporation has won the award. For aspirational districts, Chas Municipal Corporation has been awarded with a consolation prize. Giving away the awards here, ministry secretary Durga Shanker Mishra said "each and every family needs to contribute towards making a New India including making swachhata as a matter of habit. "Once success stories on swachhata come from the common families, it will attain the shape of a Jan Aandolon," Mishra
Nvidia forecasts demand rebound, Wall Street not so sure
(Reuters) - Nvidia Corp's forecast of a demand rebound by the end of the year calmed investor nerves and pushed its shares up 5 percent on Friday, but several Wall Street analysts said the outlook was "aggressive" given weak demand and the ongoing U.S.-China trade war.
Wall Stret gains as U.S.-China trade talks advance
(Reuters) - U.S. stocks gained on Friday, led by a bounce in shares of financials, as investors were optimistic about the ongoing trade talks to resolve a bruising tariff dispute between the United States and China.
Wall Street gains as U.S.-China trade talks advance
(Reuters) - U.S. stocks gained on Friday, led by a bounce in shares of financials, as investors were optimistic about the ongoing trade talks to resolve a bruising tariff dispute between the United States and China.
Chinese protest in Madrid against mass bank account freeze
Hundreds of Chinese citizens staged a rare protest Friday at an office of Spain's BBVA bank in Madrid, angrily denouncing that their personal accounts had been frozen without prior warning. Waving Chinese and Spanish flags, the protesters shouted "racist BBVA" and "we want justice," carrying banners reading "stop banking racism." Contacted by AFP, BBVA, the second biggest bank in Spain, was not able to detail how many clients had been affected. In a statement, it said it had frozen accounts to comply with measures to fight money-laundering, adding it was working to resolve the problem. Protesters said other banks had also frozen accounts of citizens of Chinese origin recently, but to a lesser extent than BBVA. All banks are asking the customers documents detailing their tax situation and income before they re-open the accounts. "BBVA bank is blocking all the accounts of Chinese citizens, and even Spanish citizens of Chinese origin," Ding Li, a Marid-based lawyer, told AFP. He said the
Wall Street opens higher as U.S.-China trade talks progress
(Reuters) - U.S. stocks opened higher on Friday as trade talks between the United States and China advanced, although worries of a cooling domestic economy kept a lid on gains.
BSNL starts survey for installation of mobile towers along India-China border
Bharat Sanchar Nigam Limited (BSNL) has started a survey for installing mobile towers along the highly sensitive India-China border in Arunachal Pradesh.
Exports grow marginally by 3.74 pc in Jan; trade deficit narrows
The country's exports grew marginally by 3.74 per cent in January due to subdued performance of key sectors including engineering, leather, and gems & jewellery, even as the trade deficit narrowed to USD 14.73 billion. According to data from the commerce ministry, exports during the month increased to USD 26.36 billion, compared with USD 25.41 billion in January 2018. Exports growth remained almost flat in November and December 2018. In January, engineering exports grew by only one per cent, while leather, and gems & jewellery recorded a growth of 0.33 per cent and 6.67 per cent, respectively. Petroleum exports contracted by 19 per cent. Imports also remained almost flat at USD 41 billion during the last month. The trade deficit stood at USD 15.67 billion in January 2018. However, the deficit in January 2019 widened as compared to December 2018 when it stood at USD 13 billion. Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said the nominal ...
Centre encouraging ryots to adopt mechanisation: ICAR official
: The Centre has been encouraging farmers to buy farm implements and machines at a subsidy of upto 80 per cent, deputy director general of Indian Council of Agricultural Research (ICAR) Dr K Alagusundaram said Friday. In his address at the farm machinery mela organised at the Tamil Nadu Agricultural University here, Alagusundaram said the encouragement was given through the department of agricultural cooperative centres and customer hiring centres. There were around 3,000 such hiring centres set up in Punjab and Haryana alone, he said. Agriculture in the country was 48 per cent mechanised and it would take another 20 years to increase mechanisation to 70 per cent, he said while asking farmers to knock at the door of scientific institutions for technological knowhow on farm technologies. In his address at the one-day mela, TNAU vice-chancellor Dr N Kumar highlighted the growing importance of agricultural equipment for achieving higher work efficiency. He suggested a ...
Weak U.S. import prices support tame inflation picture
WASHINGTON (Reuters) - U.S. import prices fell for a third straight month in January, leading to the largest annual drop in nearly 2-1/2 years, the latest indication of tame inflation pressures.
Wall Street set for higher open as U.S.-China trade talks advance
(Reuters) - Wall Street was set to open higher on Friday as trade talks between the United States and China advanced, although worries of a cooling domestic economy kept a lid on gains.
Board of Trade meet: Industry raises concern over dip in credit flow, delays in ITC refund
Exporters and industry Friday raised several concerns including dip in bank lending, delay in refund of input tax credit and withdrawal of GSP benefits by the US, during a meeting of the Board of Trade, chaired by Commerce Minister Suresh Prabhu. "The representatives of industry expressed concerns about decreasing flow of credit to export sector, retrospective effect of pre-import conditions, delays in refund of ITC, withdrawal of GSP benefits by US, exports to Iran and availability of incentives for exports to neighbouring countries," the commerce ministry said in a statement. It said the issues were addressed by the senior officials and will be taken up in the forthcoming meeting of the Committee of Exports and the GST Council. The US has decided to review India's eligibility to enjoy duty-free access for certain products in the American market under a tax benefit scheme -- Generalised System of Preferences (GSP). Exporters are worried over this move as it would decrease their price
Withdrawal of MFN status to hit Pak economy, says Niti Aayog VC
India's decision to withdraw the 'most favoured nation' (MFN) status to Pakistan will adversely impact the neighbouring country's economy which is already in "deep trouble", Niti Aayog Vice Chairman Rajiv Kumar said Friday. India on Friday revoked the MFN status to Pakistan in the aftermath of the Pulwama terror attack. "The impact of India's decision to withdraw MFN status on Pakistan economy, which is already in deep trouble, could be significant. "On the other hand, India's exports are marginally dependent on Pakistan's market and these can be successively diverted to markets in the Middle East," Kumar told PTI. He further said India's large market will now be closed for Pakistani exports. Noting that India has always refrained from taking any trade and commerce related measures despite repeated provocations from Pakistan, Kumar said, "India has been forced to take the step of withdrawing MFN status for Pakistan after the latest extreme provocation in Kashmir." In a media briefing .
Global Economy: Factories to test world's 'delicate equilibrium'
LONDON (Reuters) - The world economy is caught in a "delicate equilibrium" between stabilisation and a further downturn, according to Bank of England Governor Mark Carney, and that balance could look even shakier over the next few days.