Page 93 - Business Finance
Raytheon and United Technologies announce merger
Raytheon and United Technologies announced that they will merge, creating a behemoth American aeronautics and defense company. The new company, Raytheon Technologies Corporation, will be created via an exchange of shares between the two firms, with the merger expected to conclude in the first half of 2020, they said in a joint statement. "The transaction will create a premier systems provider with advanced technologies to address rapidly growing segments within aerospace and defense," the statement said Sunday. Raytheon is best known for its Patriot air defense systems, which gained fame during the first Gulf War, and its Tomahawk cruise missiles, often the first weapons fired from US navy ships in recent conflicts. United Technologies (UTC) is a big player in the aeronautics industry with its Pratt and Whitney engines, which are used in civil and military aircraft, including the F-35 multi-role stealth fighter, considered one of the most advanced combat aircraft in the world. The ...
Raytheon and United Technologies announce merger
Raytheon and United Technologies announced that they will merge, creating a behemoth American aeronautics and defense company. The new company, Raytheon Technologies Corporation, will be created via an exchange of shares between the two firms, with the merger expected to conclude in the first half of 2020, they said in a joint statement. "The transaction will create a premier systems provider with advanced technologies to address rapidly growing segments within aerospace and defense," the statement said Sunday. Raytheon is best known for its Patriot air defense systems, which gained fame during the first Gulf War, and its Tomahawk cruise missiles, often the first weapons fired from US navy ships in recent conflicts. United Technologies (UTC) is a big player in the aeronautics industry with its Pratt and Whitney engines, which are used in civil and military aircraft, including the F-35 multi-role stealth fighter, considered one of the most advanced combat aircraft in the world. The ...
Raytheon and United Technologies announce merger
Raytheon and United Technologies announced that they will merge, creating a behemoth American aeronautics and defense company. The new company, Raytheon Technologies Corporation, will be created via an exchange of shares between the two firms, with the merger expected to conclude in the first half of 2020, they said in a joint statement. "The transaction will create a premier systems provider with advanced technologies to address rapidly growing segments within aerospace and defense," the statement said Sunday. Raytheon is best known for its Patriot air defense systems, which gained fame during the first Gulf War, and its Tomahawk cruise missiles, often the first weapons fired from US navy ships in recent conflicts. United Technologies (UTC) is a big player in the aeronautics industry with its Pratt and Whitney engines, which are used in civil and military aircraft, including the F-35 multi-role stealth fighter, considered one of the most advanced combat aircraft in the world. The ...
United Technologies and Raytheon poised for merger
Raytheon and United Technologies, two major American aeronautics and defense groups, are poised to announce as early this week plans for a massive merger, according to US media. The Wall Street Journal revealed on Saturday, citing an anonymous source, that talks have been under way between the two pillars of the aeronautics and defense industries worldwide. The merger, which would take place solely through an exchange of shares, would create an enterprise with a market value of $168 billion. Unless the negotiations break down, a deal is expected to be announced in the coming days, a source close to the matter told the Journal. Raytheon did not respond Sunday to queries from AFP. A spokeswoman for UTC, Michele Quintaglie, said she had no comment. Raytheon is best known for its Patriot air defense systems, which gained fame during the first Gulf War, and its Tomahawk cruise missiles, often the first weapons fired from US navy ships in recent conflicts. United Technologies is a big ...
26.17 per cent hike in revenue collection in Bihar
Bihar Deputy Chief Minister Sushil Kumar Modi on Sunday said the state government has made a collection of Rs 25,583 crore in revenue in 2018-19, which is 26.17 per cent more than that of the last fiscal. "The state government has increased revenue collection by 26.17 per cent in 2018-19, which is Rs 25,583 crore, in comparison to the figure of 2017-18, when GST was introduced," said Modi who also holds finance portfolio. Out of Rs 25,583 crore collections, the state received Rs 24,810.22 crore from GST while Rs 772.8 crore as came revenue from petroleum products which does not come under the purview of GST. Modi has been saying for quite sometime that Bihar was benefited by the introcution of Goods and Services Tax (GST). A total of 2,44,609 new tax-payers were enrolled in Bihar since GST was rolled out on July 1, 2017, Modi said. The number of registered tax-payers stood at 1,66,323 prior to GST regime.
Manner of J-K Bank chairman's dismissal 'disgraceful': Mehbooba
Former Jammu and Kashmir chief minister Mehbooba Mufti Sunday said the manner in which Jammu and Kashmir Bank chairman Parvez Ahmad was sacked was "quite disconcerting" and "disgraceful". "The manner in which Chairman,J&K bank was ousted is quite disconcerting. Was disgraceful to say the least. Discrediting an institution like J&K bank will erode whatever little financial autonomy the state enjoys. Surely there are better ways to stop corruption," Mehbooba wrote on Twitter. The governor's administration Saturday sacked Ahmad as the chairman of the bank and appointed its executive president R K Chibber as the interim chairman. Ahmad's dismissal was followed by raids by the Anti-Corruption Bureau (ACB) at the corporate headquarters of the bank. The ACB has registered a case under the Prevention of Corruption Act on a written complaint against alleged illegal/fraudulent appointments made in the bank.
India pitches for 'significant eco presence' concept to tax digital cos at G-20 meet
India has made a strong case for adoption of "significant economic presence" concept for taxing global digital companies and close cooperation among the G-20 member nations to deal with fugitive economic offenders who flee their countries to escape consequences of law. During her interactions at the two-day G-20 meeting of Finance Ministers and Central Bank Governors at Fukuoka in Japan, Finance Minister Nirmala Sitharaman also pitched for development of a common defensive toolkit of measures to deal with non-compliant tax jurisdictions or nations which refuse to share tax related information. Besides Sitharaman, Finance Secretary Subhash Chandra Garg and Reserve Bank Deputy Governor Viral Acharya participated at the ministerial and central bank governors meeting of the G-20, which is a grouping of developed and developing nations. A Finance Ministry statement said that during the G-20 meeting, Sitharaman noted the urgency to fix the issue of determining right nexus and profit ...
ACB sleuths conclude raids at J&K Bank headquarters
The Anti-Corruption Bureau (ACB) Sunday concluded its search and seizure operations at Jammu and Kashmir Bank's corporate office here, undertaken Saturday as part of its probe into the alleged fraudulent appointments in the bank, officials said. "The searches of the premises of J&K Bank which started yesterday after registration of FIR by Anti Corruption Bureau has been concluded today (Sunday)," a spokesman of the ACB said. He said further investigation in the case is going on. Earlier, Sunday morning, the sleuthsof ACB along with police reached the corporate headquarters of the bank situated at M A Road here in the summer capital of the state and continued the searches at the premises for the second day, officials said. They said the ACB officials were checking the files and documents related to appointments made in the bank in the recent years. The ACB raided the corporate headquarters of the bank on Saturday within minutes of the sacking of its chairman Parvez Ahmad by the ...
India calls on G-20 nations for early solution on taxing digital cos
India Sunday called on G-20 countries to adopt principle of 'significant economic presence' while addressing challenges to tax profits made by the digital companies. Addressing the two-day meeting of the G-20 finance ministers and central bank governors in Fukuoka, Japan, Finance Minister Nirmala Sitharaman noted the urgency to fix the issue of determining right nexus and profit allocation solution for taxing the profits made by digital economy companies. "FM (Finance Minister) noted that the work on tax challenges arising from the digitalisation of economy is entering a critical phase with an update to the G20, due next year. "In this respect, the FM strongly supported the potential solution based on the concept of 'significant economic presence' of businesses taking into account the evidence of their purposeful and sustained interaction with the economy of a country," a finance ministry statement said. Sitharaman expressed confidence that a consensus-based global solution, which ...
Reliance Power posts Rs 3,558 cr net loss in Q4
Anil Ambani Group firm Reliance Power Sunday reported a net loss of Rs 3,558.51 crore for the quarter ended March 31, as against a net profit of Rs 189.21 crore in the year-ago period. In a filing to the BSE, Reliance Power said the board in its meeting on June 8 approved the audited financial results for the quarter and financial year ended March 2018, and also approved raising resources by issuing debt securities by way of privately placed debentures, subject to approvals. For full fiscal, Reliance Power reported net loss of Rs 2,951.82 crore as against net profit Rs 840.46 crore. "The figures for the quarter ended March 31, 2019 and March 31, 2018 are the balancing figures between the audited figures in respect of full financial year and the restated year to date figures up to the third quarter of the respective financial year," Reliance Power said.
Need practical approach for EV adoption targets: SIAM
Cautioning the government over the draft electric vehicle (EV)policy, the Society of Indian Automobile Manufacturers (SIAM) on Sunday said the government should adopt a practical approach towards adoption of EVs, without disrupting the automotive industry.
ONGC, Vedanta set to win 9 oil, gas blocks each; Reliance-BP one, OIL 12
State-owned Oil and Natural Gas Corp (ONGC) and mining billionaire Anil Agarwal-led Vedanta Ltd are set to win nine oil and gas blocks each in the latest auction, while Reliance Industries and its British partner BP Plc is set to win KG basin gas block. Sources said the Directorate General of Hydrocarbons (DGH) has completed the evaluation of the bids received for 32 oil and gas exploration blocks that were auctioned in the latest licensing round. As per the bid evaluation, ONGC and Vedanta Ltd are top bidders in nine blocks each and state-owned Oil India Ltd (OIL) in 12 areas. Reliance-BP combine outbid ONGC in one Krishna Godavari basin block in the Bay of Bengal. The winners of the auction will be announced after the approval of the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi, sources added. Bidding for 14 blocks on offer in the Open Acreage Licensing Policy (OALP) round-II and another 18 oil and gas blocks and 5 coal-bed methane (CBM) blocks
Saving Renault, Nissan ties priority: French Minister
The auto industry needs further consolidation, but Renault SA and Nissan Motor Co should strengthen their alliance before being involved in any new merger moves, the French Finance Minister Bruno Le Maire said here on Sunday, according to a report from Dow Jones Newswires supplied to Efe news.
Omar welcomes steps for improving J-K Bank functioning, warns against playing politics with it
National Conference vice-president Omar Abdullah Sunday said steps taken to improve functioning of the Jammu and Kashmir Bank would be welcomed, but the administration must guard against playing politics with the financial institution. The Jammu and Kashmir Governor's administration Saturday removed Parvez Ahmad as the chairman of the bank and appointed its executive president R K Chibber as the interim chairman. Ahmad's dismissal was followed by Anti-Corruption Bureau (ACB) raids at the Corporate Headquarters of the bank. "Any step taken to improve the functioning of J&K bank will be welcomed but the administration of the day must guard against playing politics with the bank. It's called J AND K Bank for a reason. It's not meant to be a trophy for regionalist politics," Abdullah said in a tweet. The ACB has registered a case under Prevention of Corruption Act after receiving a complaint to look into the allegations related to illegal and fraudulent appointments made in the bank.
WTO reform process should not undermine its basic principles: Goyal
India Sunday said that WTO's reform process should not dilute the basic principles of providing special and differential treatment to developing countries as well as consensus-based decision making. Speaking at a meeting of G20 trade ministers in Japan, Commerce and Industry Minister Piyush Goyal said in the reform process of the World Trade Organization (WTO), concerns of all member countries must be accommodated. "India believes that the reform process should not undermine the WTO's fundamental principles, namely, 'Special and Differential Treatment' (S&DT), consensus based decision making and objective of development," he said. Goyal said the reform process should begin with reviving the dispute settlement mechanism of the Geneva-based body, which frames rules for global trade, by allowing re-nomination of appellate body members at the earliest. The statement assumes significance as the US has called for reforming WTO. The US wants formulation of some guidelines that countries .
CBI unravels wrongdoing over licensing in atomic minerals mining
The Central Bureau of Investigation (CBI) has uncovered large-scale irregularities in the ownership pattern, financial resources and technical ability of five companies granted mining licences for offshore blocks bearing rare and atomic minerals.
Divided G20 admits worsening trade wars pose risk to world economy
The world's top financial policymakers admitted Sunday that trade tensions had worsened and posed a risk for the global economy, after a G20 meeting that laid bare differences between the United States and other nations. Following 30 hours of wrangling in what one official described as a "tense" atmosphere, G20 finance minister and central bank chiefs produced a hard-fought final statement acknowledging that "growth remains low and risks remain tilted to the downside." "Most importantly, trade and geopolitical tensions have intensified," the G20 said, adding they "stood ready to take further action" if required. As a compromise pushed by Washington, the statement omitted language from a previous draft that mentioned a "pressing need to resolve trade tensions." The statement capped two days of talks in the western Japanese port city of Fukuoka that also tackled the thorny issue of taxing internet giants and, for the first time, the economic challenges posed by ageing. "In our view, ...
G20 Ministers issue joint statement on digital economy
Finance Ministers and Central Bank Governors from the Group of 20 economies on Sunday issued a joint statement in the Japanese city of Fukuoka after a two-day meeting on trade and digital economy.
France's Le Maire hopes to fortify Renault-Nissan alliance
France's finance minister, Bruno Le Maire, says the French government's priority as a shareholder in automaker Renault SA is to fortify its alliance with Nissan. Le Maire told reporters during a news conference Sunday after a meeting in Japan of the Group of 20 major economies that protecting jobs and Renault's factories and technology was his pre-eminent concern. He said that consolidating the alliance with other automakers such as Fiat-Chrysler is a secondary issue, but decisions on that should be made by the companies themselves. When asked, Le Maire said he had no plans to meet with Nissan's CEO, Hiroto Saikawa. Fiat Chrysler suddenly withdrew an offer to merge with Renault this past week after the French automaker asked for more time to persuade Nissan to agree to the plan.
Rourkela Steel Plant eyes higher share of value added products
Rourkela Steel Plant (RSP) is aiming to raise the share of value added products to 40 per cent of total production in order to improve its competitiveness in the market, a top company official said. Currently, value added products comprise around 27 per cent of the total output of RSP, an integrated steel plant of the Maharatna company SAIL. "Increasing the volume of our value added products to 40 per cent of total saleable steel production is one of our key focus areas," RSP CEO Dipak Chattaraj told PTI in an interview. Buoyed by its best-ever performance in 2018-19, RSP has set a target of producing 4 million tonnes (MT) of hot metal, 3.9 MT crude steel and 3.57 MT saleable steel in the current fiscal. "I am sure we will be able to surpass these targets," said Chattaraj, who took over as CEO on March 1 this year. In 2018-19, RSP produced 3.84 MT of hot metal, 3.67 MT crude steel and 3.34 MT of saleable steel, which were not only its highest-ever output but also a growth of 15.6 per