Page 997 - Business Finance
Italian economy to shrink by 0.3 percent this year: JPMorgan
MILAN (Reuters) - Italy's economy will shrink by 0.3 percent this year, JPMorgan analysts said, in the gloomiest forecast by a major U.S. bank for the euro zone's third-biggest economy.
Panel to look into Punjab's Rs 31,000 crore food account issue
Punjab Chief Minister Amarinder Singh on Monday welcomed the 15th Finance Commission's move to notify a committee to look into the Rs 31,000 crore food account issue between the Punjab government and the Centre.
Apple iPhone sales in China fell by a fifth in fourth quarter: IDC
(Reuters) - Apple Inc iPhone sales in China fell 20 percent year-on-year in the fourth quarter of 2018, while sales for smartphones made by home-grown rival Huawei soared by 23 percent, data from industry research firm IDC showed on Monday.
UK economy at weakest since 2012, as Brexit, global worries bite
LONDON (Reuters) - Britain's economy slowed sharply in late 2018, pushing annual growth to a six-year low as worries about Brexit hammered business investment and a weakening global economy weighed on trade, data showed on Monday.
Jaypee Infratech Q3 net loss narrows to Rs 326 cr
Debt ridden Jaypee Infratech Monday said its net loss narrowed to Rs 326.64 crore in the third quarter ended December 31. The company, which is undergoing Corporate Insolvency Resolution Process, had reported a net loss of Rs 361.28 crore in the October-December quarter of the previous fiscal. Last year, the National Company Law Tribunal (NCLT) had admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code. During the period under review, its total income rose sharply to Rs 338.85 crore, as against Rs 59.91 crore in the corresponding quarter last fiscal. Its total expenses also increased to Rs 665.49 crore from Rs 421.19 crore in the year-ago period. "The standalone results of the Company comprise of only one segment i e Yamuna Expressway Project, an integrated project which inter-alia includes construction, operation and maintenance of Yamuna Expressway and rights for land development of 25 million sq mtrs
Wall Street gains as U.S.-China trade talks resume
(Reuters) - U.S. stocks rose on Monday, led by industrial companies, as the United States and China began their latest round of trade talks to hammer out a deal before the looming March deadline.
Venezuela seeks to double oil exports to India
NEW DELHI (Reuters) - Venezuela wants to double its oil sales to India and is open to barter payment arrangements with the world's third biggest crude consumer, Venezuelan Oil Minister Manuel Quevedo said on Monday.
IT detects Rs 18,000 cr bogus billing scam
In a major crackdown on black money and hawala transactions, the Income Tax (IT) Department has detected Rs 18,000 crore bogus billings in the national capital, officials said on Monday.
Certain market operators responsible for share price crash: Apollo Hospitals
Healthcare major Apollo Hospitals Enterprise Monday blamed "certain market operators" for the crash of its share price and assured investors that there is no real long term cause for concern. Shares of the company shared tanked 10.64 per cent to close at Rs 1,124.95 on the BSE on Monday, amid reports of promoters' pledging more shares. "There is nothing to worry. The pledge has not been invoked. There is enough collateral that they have," Apollo Hospitals Enterprise CFO Krishnan Akhileswaran told PTI. According to him, the amount of pledged shares has increased to 78 per cent from 73 per cent. "There is significant elbow room and cushion. There is significant collateral and Apollo is a very strong growing company. So there is no real long term issue. There is no issue on (the) ground," he said. About the steep fall in share price on Monday, he said, "I don't know what was the trigger for the shares to come down. Some market operators were clearly at it". Additional shares were ...
Assam govt taking all steps to ensure farmers' well being : CM
Assam Chief Minister Sarbananda Sonowal Monday said that the state government is taking all steps to ensure the socio-economic wellbeing of farmers. Policies are being implemented to uplift the poor farmers and labourers so that all sections of the population can derive equal benefit from the development agenda of the government, he said inaugurating the Mukhyamantrir Krishi Sa-Sajuli Yojna scheme at Dhemaji. "Farmers are the backbone of Assams economy and therefore various steps are being taken to empower them," he said. Sonowal distributed approval letters of Rs 5,000 each to ten farmers of Dhemaji district under the chief minister's farmers welfare scheme. Under it 13,800 farmers of the district would receive Rs 5000 each through direct bank transfer to purchase farming equipment to increase their agricultural production. Sonowal said that agricultural produce of Assam have reached the markets in London, Dubai and Singapore among other cities through air cargo ...
India seeks German investments in food processing, infra, pharma
India Monday sought German investments in sectors like food processing, infrastructure, pharmaceuticals, automobile and engineering to boost economic relations. Ways to promote trade and investments were discussed during the meeting of Minister of State for Commerce and Industry C R Chaudhary with a German delegation led by Wolfgang Tiefensee, Minister of Economic Affairs, Science and Digital Society of the State of Thuringia, Germany. Chaudhary also sought all round support of the German government for investment, guidance and exchange of best practices for the startups in India. "Cooperation in the field of education as well as in Research and Development was also discussed during the meeting," the commerce ministry said in a statement.
Oil prices slide, slow progress in trade talks counters OPEC cuts
LONDON (Reuters) - Oil prices fell on Monday as an uptick in U.S. drilling, a shutdown caused by a fire at a major U.S. refinery and concerns about U.S.-Chinese trade talks all overshadowed support from OPEC-led supply restraint.
Govt aims to fetch Rs 5,316 cr through part-sale of Axis Bank stake
The government will sell part of its stake in Axis Bank held through SUUTI to raise up to Rs 5,316 crore starting Tuesday, according to a filing. The offer for sale of up to three per cent would be for two days from February 12 and is part of the government's disinvestment programme through which it aims to raise Rs 80,000 crore in the current fiscal. "The Specified Undertaking of the United Trust of India (seller) proposes to sell up to 50,759,949 (1.98 per cent) equity shares of Axis Bank (base offer size) on February 12, 2019," Axis Bank said. The floor price for the offer has been fixed at Rs 689.52 per share. It is lower than the Monday closing price of Rs 710.35 apiece on the BSE. Shares held by SUUTI, a promoter entity of Axis Bank, would be offloaded through the sale. The sale would be open for non-retail investors on Tuesday and retail investors can put in their bids on Wednesday. As per the filing, the government would also have the option to sell an additional 26,337,187 ...
Global stocks rise as US-China trade talks loom
World stock markets rallied Monday as US and Chinese officials in Beijing geared up for crunch trade talks aimed at averting fresh tariff escalations that have triggered fears of a global economic slowdown. European equities shrugged off last week's losses to chase Asia higher and Wall Street followed their lead as a new round of high-stakes talks gets under way to resolve the festering trade row. US negotiators met with their Chinese counterparts for preliminary discussions in Beijing on Monday, buoying hopes of deal. "European stocks have rallied... as traders are hopeful about the next round of trade talks between the US and China," said CMC Markets analyst David Madden. "Given that both sides are still far apart, there is no guarantee that the discussions will be successful, and dealers' optimism might be wishful thinking." London's benchmark FTSE 100 rose after an announcement that UK economic growth has slowed weighed on the pound, lifting stocks in multinationals that have ...
Japanese Toray Industries looks to expand presence in India
Japan-based advanced materials manufacturer Toray Industries looks to expand its footprint in the country, a top company official said. As part of its expansion strategy, the company on Monday organised its first forum in India, showcasing its sustainability vision with innovative technology-enabled products, company Executive Vice President Yuukichi Deguchi said. Leaders from central and state governments, industry, academia, Toray's customers, suppliers, distributors and agents participated in the event held in New Delhi. PTI Automation Anywhere gets investment from Workday Ventures * Automation Anywhere, a provider of robotic process automation (RPA), Monday said it has received a strategic investment from Workday Ventures. In addition to the undisclosed investment, Automation Anywhere has joined the Workday Software Partner Program, a statement said. "The investment from Workday Ventures and our partnership with Workday cements our ability to help more organizations accelerate ...
UAE looks to invest in refining, petrochemicals, oil storage in India
The United Arab Emirates (UAE) said on Monday that it is looking at investing more in refining and petrochemical projects in India, as well as pumping more crude oil into the latter's strategic petroleum reserves.
Odisha seeks inclusion of landless labourers, sharecroppers in PM-KISAN scheme
Odisha Chief Minister Naveen Patnaik on Monday requested Prime Minister Narendra Modi to include landless labourers, sharecroppers and vulnerable agricultural households under the PM-KISAN scheme.
Vodafone Idea appoints Suresh Vaswani as independent director
India's largest telecom operator Vodafone Idea Ltd Monday said its board has appointed Suresh Vaswani as an independent director for three years. "...based on the recommendation of the nomination & remuneration committee, the board of directors of the company have appointed Suresh Choithram Vaswani as an additional director, qualifying as an independent director on the board of the company for a period of 3 years with effect from 8 February, 2019," the company said in a regulatory filing. Vaswani, 59, is an engineer from Indian Institute of Technology (IIT) Kharagpur and holds a management degree from Indian Institute of Management (IIM) Ahmedabad. He is currently acting as an external global advisor to Bain Consulting, and is also a board member of technology company Servion Inc. Vaswani also serves as a senior director on Everstone Capital where he has the role of an operating advisor in their IT and BPO portfolios. In the past, he has held key positions in organisations such as
NCLAT allows 22 IL&FS firms to pay debt; approves Justice DK Jain for resolution process
The National Company Law Appellate Tribunal (NCLAT) Monday allowed 22 companies of crisis-hit IL&FS group, which were classified in green category based on their financial health, to service their debt obligations. Besides, a two-member bench headed by Justice S J Mukhopadhaya approved appointment of former Supreme Court judge Justice D K Jain to supervise resolution process of crisis-hit IL&FS and its group companies. The appellate tribunal also lifted moratorium and allowed 133 IL&FS firms incorporated outside India to continue with the resolution process. "We allow the boards (of the green companies) to permit them to service debt obligations as per schedule," said NCLAT. The NCLAT's direction came during the hearing over government's plan for the resolution of IL&FS group companies. IL&FS group companies are classified into three groups -- Green, Amber and Red, based on their respective financial positions. The companies falling under green categories will ...
Govt may exempt DPIIT-certified startups from angel tax
The government is considering giving complete exemption to startups from angel tax once they are certified by the Commerce and Industry Ministry, a move aimed at helping budding entrepreneurs, official sources said. The consideration assumes significance as several startups have claimed to receive angel tax notices, impacting their businesses. Various startups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them. Officials of the department for promotion of industry and internal trade (DPIIT) and Central Board of Direct Taxes (CBDT) are holding series of meetings to address the angel tax issue, the sources said. "One of the consideration being though about actively is to give complete exemption to startups from Section 56(2)(viib) of the Income Tax Act, once they are certified by the DPIIT," they added. This move may be gelled with capping the investment to a much higher level of angel funds so that a good ...