Page 931 - Business Finance
Pramod Chandra Mody new CBDT chief
Senior bureaucrat Pramod Chandra Mody was on Thursday appointed as chairman of Central Board of Direct Taxes (CBDT), a top policy making body for income tax department, according to a Personnel Ministry order. Mody, a 1982 batch Indian Revenue Service (Income Tax cadre), has been appointed in place of Sushil Chandra, who earlier Thursday appointed as an Election Commissioner ahead of the Lok Sabha polls due this summer. Mody is at present member CBDT.
Oil prices edge higher as financial markets pare some losses
NEW YORK (Reuters) - Oil prices edged higher on Thursday and Brent hit the highest level this year, but gains were capped after the steepest decline in U.S. retail spending since 2009 heightened investor fears of a global economic slowdown.
Strong dollar dents Coca-Cola forecast, shares slide
(Reuters) - Coca-Cola Co shares were set for their worst day in more than 10 years after the company forecast slowing sales in 2019, hit by a stronger dollar in the face of rising global economic uncertainty and lower demand for its fizzy sodas in some markets.
RBI imposes monetary penalty on three banks
The Reserve Bank of India (RBI) has imposed separate monetary penalties on three lenders -- Bank of India, Oriental Bank of Commerce and Punjab National Bank -- over deficiencies in complying with regulatory norms.
India, US CEOs to set up working groups on financial services, healthcare, defence
The India-US CEOs Forum on Thursday decided to set up working groups on financial services, healthcare and defence to suggest measures to accelerate trade and investment between the two countries.
GSK Consumer Healthcare's Q3 net profit up 35%
GlaxoSmithKline (GSK) Consumer Healthcare on Thursday reported a 35.07 per cent rise in net profit for the October-December quarter.
DSK fraud case: ED attaches properties worth Rs 904 crore
The Directorate of Enforcement (ED) Thursday said it has attached properties worth Rs 904 crore in connection with DSK Group money laundering case. Deepak Kulkarni, the chairman and managing director of the group, his wife Hemanti and son Shirish are accused of cheating 35,000 depositors and investors of Rs 1,129 crore. The immovable properties attached include land, buildings, flats, insurance policies and cash deposits in bank accounts, an official statement from the directorate said. The action has been undertaken under the Prevention of Money Laundering Act, 2002, it added. ED said its investigations had revealed that the trio had conspired to defraud general public and formed eight companies to collect funds from people in Mumbai, Pune, Kolhapur and other cities of Maharashtra for nine years till 2017, when the scam was busted. The statement said the "money trail" has established that after raising money, the trio laundered the money into 40 other group companies and
Jan WPI eases to 10-month low on lower food, fuel prices (Roundup)
Lower food and fuel prices eased India's wholesale inflation to 10-month low of 2.76 per cent in January 2019 from 3.02 per cent reported for the corresponding month of 2018, official data showed on Thursday.
SDMC commissioner directs all depts not to create additional financial commitments
The BJP-led South Delhi Municipal Corporation (SDMC) has directed all departments not to create any additional financial commitments except in unavoidable circumstances, officials said. The move comes a month after the AAP government had decided to accept most of the recommendations of the Fifth Delhi Finance Commission (DFC), providing 12.5 per cent of its total tax collection to municipal corporations in the city. According to the devolution formula, 12.5 per cent of tax collection that will be transferred to the local bodies will be divided into two parts. The East and North Delhi corporations will receive 65 per cent and 35 per cent, respectively of the first part of the six per cent. The other three per cent will be meant for all other local bodies. The remaining 6.5 per cent will be devolved to the local bodies through budgetary provisions of different departments, Urban Development Minister Satyendar Jain had said while presenting the Delhi government's action taken report on ..
Wall Street skids as bleak retail sales data clouds trade optimism
(Reuters) - U.S. stocks fell on Thursday, led by declines in consumer and bank shares, after bleak retail data fanned concerns about retailer earnings and led to increased bets of interest rate cuts, with losses capped by optimism over Sino-U.S. trade talks.
HCL, IBM collaborate to accelerate clients' hybrid cloud journey
HCL Technologies Thursday announced new re-platforming and re-factoring services to enable enterprises to build and migrate applications to IBM Cloud Private from within the company's HCL Cloud Native Labs. "The services will be orchestrated and available from HCL's Cloud Native Labs in London, New York, and Noida, later this year," the company said in a statement. The company said this while announcing collaboration with IBM designed to help advance the hybrid cloud journeys of organisations worldwide. According to the release, HCL offerings include cloud strategy planning, application transformation, cloud-native cultural transformation, proof of concept building, and next-generation cloud native software development services all of which are being extended to include the IBM Cloud offerings. Additionally, HCL will offer services to help migrate ISV solutions to IBM Cloud. Finally, HCL and IBM plan to collaborate to assist clients in building joint solutions that include IBM Al ...
Government increases MSP for sugar to Rs 31 per kg
Union Food Minister Ram Vilas Paswan on Thursday said Minimum Selling Price (MSP) of sugar has been increased by Rs 2 to Rs 31 per kg in order to help millers clear pending dues of sugarcane farmers that now amount to Rs 20,167 crore.
Oil prices turn lower on demand concerns after weak U.S. retail sales
NEW YORK (Reuters) - Oil prices reversed direction and eased on Thursday after the steepest decline in U.S. retail spending since 2009 heightened investor fears of a global slowdown.
Din in C'garh Assembly on non-issuance of no dues certificates
Opposition BJP created an uproar in the Chhattisgarh Legislative Assembly on Thursday on the issue of alleged non-issuance of 'no dues certificates' to farmers, which is necessary for availing fresh loans. BJP MLAs staged a walkout from the House after their demand for the discussion on the issue was not admitted by the Chair. Raking up the issue after the Question Hour, BJP MLA Shivratan Sharma said primary cooperative societies throughout the state were not issuing no dues certificate to farmers against their loan clearances. "In the absence of no dues certificate, farmers were unable to apply for fresh loans which they require for the ongoing Rabi crops," he said. The state government has been claiming that it has waived all short-term agriculture loans of farmers. "But it has been two months since the government was formed, but farmers have not yet been issued no dues certificates," he said. Supporting him on the issue, BJP MLA Ajay Chandrakar questioned why the ...
Yes Bank soars 30% after RBI report
The Yes Bank stock rose sharply 30.73 per cent to close at Rs 221 apiece on Thursday, a day after the Reserve Bank of India (RBI) found no inconsistency, or "divergence", in the bank's disclosures on its non-performing assets (NPAs).
Fed's Brainard says balance sheet trimming should end this year
(Reuters) - The U.S. Federal Reserve should stop paring its balance sheet by the end of this year, Governor Lael Brainard said on Thursday, suggesting the Fed could wind up with a permanently bigger balance sheet than had been expected even a few months ago.
HFL to invest Rs 550 cr in Ludhiana
Auto components maker Happy Forgings Limited (HFL) will set up a manufacturing facility in Punjab with a proposed investment of Rs 550 crore in Ludhiana. The company announced the decision at a meeting between HFL Chairman Paritosh Kumar Garg and Chief Minister Amarinder Singh here, according to an official release. The company has already acquired about 20 acre of land and has initiated the process of seeking statutory clearance from 'Invest Punjab' for the project. It is expected to generate direct employment for at least 1,000 persons and indirect job opportunities for minimum 5,000 persons in the state. During the meeting, Garg told the CM that the first phase of the facility would be up and running by the end of the next financial year. The project is expected to strengthen the ecosystem and value chain in the state and is likely to spur more such investments in the automobile and auto-component sector, an official spokesperson said after the meeting. Following the installation ..
Centre to bring 13 pc of large dams under DRIP, up from 4 pc
The Centre will bring 13 per cent of large dams in the country under the World Bank aided Dam Rehabilitation and Improvement Project (DRIP), up from 4 per cent now, Union Minister Arjun Ram Meghwal said Thursday. Stating that the World Bank has accepted India's proposal for funding Rs 11,000 crore to rehabilitate around 700 dams, the minister of state for water resources said, "We will also take 18 states on board in place of six during the ongoing DRIP." Addressing the valedictory session of the International Dam Safety Conference here, Meghwal said, "Due to impressive achievement so far, it has been decided to extend the percentage of large dams under DRIP from the current 4 per cent to 13 per cent." He said technical institutes are being encouraged across the country to offer dam safety courses to increase the number of professionals in this area. Jumaid Hussain, Country Director-India, World Bank, spoke about how developments in India influences global trends. He ...
Bharat ETF 1-day issue oversubscribed 10 times, government to retain Rs 10k crore
The Bharat 22 ETF issue has been subscribed over 10 times and the government will retain about Rs 10,000 crore as divestment proceeds from the additional offering period of the exchange traded fund.
Global Markets: Fall in U.S. retail sales erases world stock market rally
NEW YORK (Reuters) - The steepest decline in U.S. retail sales since 2009 in December erased broad gains in world stock markets on Thursday and pushed investors into the safety of government bonds.