Page 999 - Business Finance
Nepal govt officials continue their training in India
The second group of 20 officials of Nepal's Ministry of Finance joined the training course on 'Global Perspectives on Public Financial Management' at the Institute of Government Accounts and Finance (INGAF) here on Monday.The training is being held under the Indian Technical and Economic Cooperation (ITEC) programme of the Ministry of External Affairs, Government of India.It is a special tailor-made training course on Public Finance Management designed at the request and as per the requirement of the Ministry of Finance of Nepal for a total of 62 officials, read an official statement.It will enhance the capabilities of these officials in global practices dealing with e-payment system, accounting and cash management, public borrowing system, accounting of foreign loans/grants and repayments, pension payment system, internal audit, fiscal responsibility and budget management, etc.The first group of 20 Nepali officials had successfully completed their 10-day long training on January ...
UK Food and drink businesses looking past Brexit and out to India
As Brexit inches ever closer, UK food and drinks companies are looking past the uncertainty and out to new and growing international markets.This prompted seven leading and innovative food and drink companies to head out to Delhi and Mumbai last week on a UK India Business Council (UKIBC) Trade Mission lead by the Chief Executive of the UK's Food and Drink Federation, Ian Wright.Why India? To put it one way, the food and drink industry in India was estimated to be worth £193 billion in 2017. By 2020, this industry will be worth £325 billion. Putting this into context, the UK food and drink manufacturing industry has a turnover of £97.3 billion accounting for 19% of total UK manufacturing.With strong domestic demand attributed to a burgeoning young middle class with growing disposable income and a willingness to spend it on higher-cost preferences, India's potential market is quite simply enormous.All the while, UK brands carry more weight in India than almost anywhere else. As the UK .
Rahul Khosla to transition to Group Advisor Role, Analjit Singh to become Chairman of Max Life and Max India and Mohit Talwar to become Group Vice Chairman
India's leading multi-business conglomerate, the Max Group, today announced that Rahul Khosla, currently Group President, will move to a non-executive role as Group Advisor effective 1 April, 2019. The move is in line with the transition plan announced last year.As a part of the transition, Analjit Singh will take on the position of Chairman of Max India and Max Life currently held by Rahul. Rahul will also demit his role as Chairman, Max Healthcare once regulatory approvals for the transaction with KKR-Radiant are received. This position will then be filled by KKR Radiant.Commenting on Rahul's contribution, Analjit Singh, Founder and Chairman Emeritus, Max Group, said, "Rahul joined the Max Group in August 2011, which was at the cusp of my shift to a non-executive role and allowed me to pursue other initiatives. That journey could not have been possible without Rahul taking on the mantle of Managing Director and subsequently as Group President. Together, Rahul and the team have ...
Producers guild of India, US join hands
Producers Guild of India (PGI) and Producers Guild of America (PGA) have signed a memorandum of understanding (MoU) to commit to building a "strong collaborative system" to help better the growth of entertainment production in India and the US. According to the agreement, PGI and PGA will share best practices in production, shooting and promotion, initiate exchange of visits between delegations of both guilds "to evolve opportunities for better dialogue and understanding." "It is a landmark initiative with the long-term vision to create a strong and mutually beneficial relationship between the two most prolific entertainment industries in the world," PGI President Siddharth Roy Kapur said in a statement. The producer said the MoU will provide for the production and creative fraternities on both sides, to create new avenues for creative collaboration between some of the most talented and experienced minds "from both these industries.
Vijaya Bank GM Manimekhalai A appointed executive director of Canara Bank
Senior banker Manimekhalai A was appointed the executive director of Canara Bank on Monday, according to an order issued by the Personnel Ministry. Manimekhalai is at present the general manager of Vijaya Bank. She has been appointed the ED, Canara Bank, initially for a period of three years, the order said.
Exclusive: German trade surplus with U.S. declined in 2018 but was still almost 49 billion euros
BERLIN (Reuters) - Germany's trade surplus with the United States, a frequent source of tension with U.S. President Donald Trump, declined last year but nonetheless remained at around 49 billion euros ($55.37 billion), data seen by Reuters showed on Monday.
House panel again summons Twitter Global CEO, won't hear 'juniors'
The Parliamentary Committee on Information Technology (IT) on Monday yet again summoned Twitter's Global CEO to appear before it on February 25 over allegations of the social media site discriminating against "nationalist" posts on its platform.
ICAI Accounting Research Foundation to oversee reopening of IL&FS books
The ICAI Accounting Research Foundation (ICAI ARF) will oversee the process of reopening the books of crisis-hit IL&FS. The board of debt-laden Infrastructure Leasing and Financial Services (IL&FS) was taken over by the corporate affairs ministry last year after many group entities defaulted on their debt obligations. In a release, the Institute of Chartered Accountants of India (ICAI) Monday said ICAI ARF has been assigned the task of "reopening" of the books of IL&FS. An official said ICAI ARF, a not-for-profit entity, would oversee the process of reopening the books of IL&FS along with the ministry. The ICAI ARF can outsource the assignment, so that it is over within a reasonable period of time, the release said. "It has been agreed to assign the task of reopening of the books and recasting of the financial statements of IL&FS, IFIN and ITNL from financial year 2012-13 to financial year 2017-18 to ICAI ARF," it added. This has been done in view of the ...
TCI Express Q3 net profit surges 21 pc to Rs 19 cr
Logistic service provider TCI Express Monday said its net profit grew 21 per cent to 18.72 crore during the third quarter ended december 31, helped by higher income. The company had posted Rs 15.43 crore net profit during the year-ago period, TCI Express said in a BSE filing. During October-December 2018, the company said its income increased to Rs 263.81 crore from Rs 229.61 crore in the same quarter of 2017-18. Its total expenses stood at Rs 234.90 crore as against Rs 207.60 crore in the corresponding period previous fiscal. Shares of the company Monday ended 1.45 per cent down at Rs 611 apiece on the BSE.
HAL's Q3 net profit declines 17 pc to Rs 455 cr
State-owned Hindustan Aeronautics Ltd Monday reported a 17.02 per cent decline in net profit to Rs 455.19 crore in the third quarter ended December 2018. It had reported a net profit of Rs 548.59 crore in the October-December quarter of the previous fiscal. In a filing on the exchanges, HAL said a fraud involving misappropriation of funds by a company official in collusion with six contractors has been noticed by the management and referred to the vigilance department for further investigations. "The vigilance department based on the investigations has lodged FIR with Central Bureau of Investigation (CBI), Bhubaneshwar. An amount of Rs 1,876 lakh has been provisionally assessed as fraudulent payments made to contractors during the period from December 2013 to September 2018, and reported in the FIR with CBI," the company said. It said the matter is under investigation by CBI. HAL's total income from operations stood at Rs 4,482.83 crore during the period, compared with Rs 4,462.92 ...
Young Indian formed to take over Herald House: Centre
The Central government on Monday told the Delhi High Court that Young Indian company, in which Congress President Rahul Gandhi and his mother Sonia Gandhi are shareholders, was formed with an intention to take over Herald House.
Dr Reddy's Labs shares plunge nearly 6 pc
Shares of Dr Reddy's Laboratories dropped nearly six per cent Monday after the audit of the company's formulations manufacturing plant in Hyderabad was completed by USFDA with 11 observations. The company's shares tumbled 5.60 per cent to close at Rs 2,616.95 on BSE. During the day, it tanked 7.81 per cent to Rs 2,555.55. At NSE, shares dropped 5.57 per cent to close at Rs 2,615.35. On the volume front, 1.13 lakh shares of the company were traded on BSE and over 18 lakh shares on NSE. "This is to inform you that the audit of our formulations manufacturing plant- 3 at Bachupally, Hyderabad by USFDA, has been completed. We have been issued a Form 483 with 11 observations," Dr Reddy's Labs said in a filing to BSE on Friday. We will address them comprehensively within the stipulated timeline, the filing added.
Skipper Net slips 78pc over execution challenges
Structural engineering major Skipper Ltd Monday reported a 78 per cent decline in net profit to Rs 6.4 crore during the third quarter ended December 2018 over execution challenges. The net profit during the corresponding period of the previous fiscal was at Rs 29.2 crore. The company said its net revenue was also down to Rs 434.82 crore during the quarter over the corresponding period revenue of Rs 566.42 crore. "Our results for Q3 201819, were indicative of the general execution challenges in the domestic T&D industry and also some liquidity challenges being faced in the infrastructure sector," Skipper director Sharan Bansal said. The company, however, secured new orders worth Rs 506 crore.
Oil prices slip, slow progress in trade talks counters OPEC cuts
LONDON (Reuters) - Oil prices fell on Monday as an uptick in U.S. drilling and concerns about demand due to the slow progress in U.S.-Chinese trade talks overshadowed support from OPEC-led supply restraint.
Venezuela seeks raising oil supplies to India to counter US sanctions
Battling crippling US sanctions, Venezuela Monday said it wants to sell more crude oil to India as it looked at the world's third-biggest oil consumer to boost revenues. Venezuelan Oil Minister and President of the Latin American state-run oil company PDVSA Manuel Quevedo hinted at being open for an alternative payment mechanism to circumvent US sanctions. "We have a good relationship with India and we want to continue this relationship," he told reporters on sidelines of the Petrotech conference here. He said US sanctions have cost the Latin American country's economy USD 20 billion and wants to sell more crude oil to India. The US has slapped sweeping sanctions on PDVSA with a view to curbing the OPEC member's crude exports in an attempt to pressure socialist President Nicolas Maduro to step down. "The relationships with India will continue, the trade will continue and we will simply expand all the trade and relationship," Quevedo said. Venezuela produces around 1.57 million barrels
Sanctions, OPEC cuts push Asia's heavy crude oil prices above Brent
SINGAPORE (Reuters) - Middle East oil benchmarks Dubai and DME Oman have nudged above prices for Brent crude, an unusual move as U.S. sanctions on Venezuela and Iran along with output cuts by OPEC tighten supply of medium to heavy oil, traders and analysts said.
Gold slips as U.S.-China trade row supports dollar
(Reuters) - Gold fell on Monday as investors looked to the safety of the dollar to stave off risks from the U.S.- China trade spat, as concerns mounted over a slowdown in global growth.
Sebi comes out with framework for utilisation of security deposits with clearing corp
Capital markets watchdog Sebi Monday came out with a new framework for utilisation of financial security deposits available with clearing corporations, warehouse development and regulatory authority in order to rationalise such deposits. At present, on the same goods, security deposits are required to be maintained with both WDRA (warehouse development and regulatory authority) and clearing corporations, putting additional financial burden on warehouse operators. In order to rationalise financial security deposit (FSD) and, after consultation with WDRA and clearing corporations, Sebi in a circular said clearing corporations having commodity derivatives segment would need to adhere to the new norms laid by the regulator for utilisation of such deposits. The new framework will be effective from 30 days. Under the framework, the clearing corporations after the accreditation will immediately provide the details of WDRA registered warehouses accredited by them with full details of ...
Caravan defamation case: Doval's friend, biz partner tell court article alarmed investors
Two witnesses, who gave court statements in support of the defamation complaint filed by NSA Ajit Doval's son Vivek against 'The Caravan' alleged that the published article, and subsequent use of its content by Congress leader Jairam Ramesh, resulted in huge unrest among investors of Vivek's firm. Nikhil Kapur, Vivek's friend and his business partner Amit Sharma recorded their statements before Additional Chief Metropolitan Magistrate Samar Vishal, who has posted the matter for further hearing on February 22. They said allegations levelled in the article were false, including the one which said that Vivek's business was linked to his elder brother Shaurya Doval. Sharma said there was no financial interest between Vivek's and Shaurya's companies and that the magazine's allegations of Vivek's overseas ventures being linked to that of his elder brother was "absolutely incorrect" and "mala fide". "Even Vivek's brother Shaurya runs his business of investment but there is no financial ...
SpiceJet's Q3 profit dips 77%
Frill-free passenger carrier SpiceJet on Monday reported 77 per cent decline in net profit at Rs 55.1 crore for the quarter ended on December 31, 2018. The standalone net profit for the same period last fiscal was Rs 240 crore.