Flipkart, Amazon not violating competition norms: CCI
NEW DELHI: Fair trade watchdog CCI has concluded that the business practices of Flipkart and Amazon are not in violation of competition norms and rejected allegations of abuse of market dominance made by a grouping of online vendors. Amid concerns expressed in various quarters about alleged unfair business ways in the fast-growing online market place, […]
India’s economic growth to slow to 7.3 per cent in 2019: Moody’s
NEW DELHI: Indian economy will expand 7.4 per cent in 2018, but the growth will slow down to 7.3 per cent in the next year as domestic demand tapers on higher borrowing cost due to rising interest rates, Moody’s Investors Service said on Thursday. In its report titled Global Macro Outlook 2019-20′, Moody’s said the […]
Toshiba to shed troubled assets, cut 7,000 jobs
TOKYO: Toshiba Corp is liquidating its British nuclear power unit and selling its US liquefied natural gas (LNG) business, as the once-mighty industrial conglomerate seeks to unload troubled assets and regain investors’ confidence. The plans are part of a new five-year business strategy Toshiba announced on Thursday, which also included 7,000 job cuts, or 5% […]
OPEC considers 2019 oil production cuts in yet another U-turn
The wind changed again in a stormy oil market as Organization of Petroleum Exporting Countries (OPEC) signaled it will consider a return to cutting output next year, potentially making the second production U-turn this year. Amid a summer of rising prices and unprecedented political pressure from President Donald Trump, Saudi Arabia, Russia and other producers […]
India’s 200 miles-per-hour bullet train has starting trouble
NEW DELHI: India’s bullet train project is moving at the pace of a commuter train instead. A year after the project was kicked off, only 0.9 hectares of land have been acquired out of the 1,400 hectares needed, according to the Indian government company leading the project. The $15 billion facility, the highlight of Prime […]
SBI net profit slips 69% to Rs 576 crore in Q2
NEW DELHI: India’s largest lender State Bank of India (SBI) reported 69 per cent decline in consolidated net profit to Rs 576.46 crore in the second quarter ended September 30. The bank’s net profit was Rs 1,840.43 crore in the July-September quarter of previous fiscal. The bank had reported a net loss of Rs 4,875.85 […]
Indian Bank raises Rs 110 crore through bonds
NEW DELHI: Indian Bank said Wednesday that it has raised Rs 110 crore through bonds.The Basel III Compliant Tier 2 bonds, with a coupon rate of 8.85 per cent per annum, were raised on Tuesday. The bonds have tenor at 10 years and call option after completion of 5 years on private placement basis, an […]
India seeks greater market access in China
NEW DELHI: India has sought greater market access for areas like agriculture products, pharmaceuticals, IT services and tourism in China, with a view to bridge the widening trade deficit with the neighbouring country, the commerce ministry said on Tuesday. The issues were discussed during the meeting between Commerce Secretary Anup Wadhawan and Wang Shouwen, Vice […]
Asian Corporate Consultancy settles case with SEBI
NEW DELHI: Asian Corporate Consultancy along with one Dilip Anantrai Desai has settled a probe by markets regulator Sebi into alleged violation of portfolio managers norms on payment of Rs 7.4 lakh towards settlement charges. The Securities and Exchange Board of India (Sebi) agreed to settle proposed adjudication proceedings in the case after it was […]
Israel to provide $777 million worth of Barak 8 LRSAM Air and Missile Defense Systems to India
NEW DELHI: Israel Aerospace Industries (IAI) announced it has been awarded an additional, $777-million mega- contract for supply of LRSAM Air & Missile Defense systems (the marine version of the AMD system Barak 8) for seven ships of the Indian navy. The contract was entered with Indian state-owned company Bharat Electronics Limited (BEL) which serves […]
Facebook blocks 115 accounts ahead of USA midterm elections
LONDON: Facebook said it blocked 115 accounts for suspected “coordinated inauthentic behaviour” linked to foreign groups attempting to interfere in Tuesday’s United States of America (USA) midterm elections. 2018 elections in the United States are being held on Tuesday, November 6, 2018, except for certain special elections. All these races, whether for a federal, state, […]
Punjab attracted Rs 10,000 crore investment since Congress came to power
CHANDIGARG: Punjab has attracted industrial investment of over Rs 10,000 crore since the Congress came to power in the state last year, Chief Minister Amarinder Singh said on Tuesday. “Various initiatives taken by the government has already boosted investment sentiment,” Amarinder said in a statement here. “As is evident from the fact that investment of […]
HSBC, Reliance Industries execute blockchain trade finance transaction
NEW DELHI: HSBC India and ING Bank Brussels have successfully executed a blockchain enabled, live trade finance transaction jointly with Reliance Industries and Tricon Energy. This is an industry first as the Blockchain platform integrated with Bolero’s electronic Bill of Lading (eBL) platform to issue and manage an electronic Bill of Lading. This allowed a […]
PNB Housing Finance raises Rs 2,450 crore through commercial papers
NEW DELHI: PNB Housing Finance it has raised Rs 2,450 crore through commercial papers (CP) amidst reports of tight liquidity situation in the market. This is in addition to Rs 1,775 crore raised earlier in October totalling to Rs 4,225 crore of CPs raised in October 2018, the mortgage firm said in a statement. The […]
India promulgates ordinance to amend Companies law
NEW DELHI: The government of India promulgated an ordinance to amend the companies law, a senior official said. While details about the ordinance could not be immediately ascertained, it is believed that amendments mainly pertain to restructuring of corporate offences under the Companies Act, 2013. The proposal to issue an ordinance to amend the Act […]
LIC Housing Finance to realise Rs 100 crore from old loan account
CHENNAI: Home mortgage lender LIC Housing Finance Limited is hoping to realise about Rs 100 crore out of a project loan that turned a non-performing asset (NPA), a top company official said here on Friday. He also said the company is targeting a business growth of 15 per cent over last year’s figures and plans […]