Export-led growth very critical for good jobs in India: Arvind Panagariya

26/06/2019
United Nations, Jun 25: India needs to grow at 8-10 per cent annually if good jobs have to be provided to those joining the workforce, eminent economist Arvind Panagariya has said, emphasising that the country must return to an export-led economy to generate employment with higher salaries. Panagariya, who served as the first Vice Chairman of the NITI Aayog from January 2015 to August 2017, underscored that for trade to grow, the country has to be open. As tariffs are going up on many differen...

Trump to meet Modi, Xi on sidelines of G-20 summit in Japan

26/06/2019
Washington, Jun 25: US President Donald Trump will hold a number of meetings with world leaders, including Prime Minister Narendra Modi and Chinese President Xi Jinping, on the sidelines of G-20 meeting in Japan this week and is expected to discuss several issues, including trade. Trump is scheduled to leave for Japan on June 27 to attend the two-day summit meeting of G-20 leaders in Osaka on June 28 and 29. "We anticipate that he will conduct a number of meetings with world leaders, a senior ...

Stocks resume upward momentum, Sensex gains 300 points

26/06/2019
Mumbai, Jun 25: Equities showed resilience on Tuesday and benchmark indices zoomed in the afternoon trading with metal, PSU banks, energy and auto stocks leading the rally. The BSE S&P Sensex closed 312 points higher at 39,435 while the Nifty 50 was up 97 points at 11,796. At the National Stock Exchange (NSE), all sectoral indices were in the green. Shares of oil marketing companies traded higher after crude oil prices fell over concerns of weakening global demand in oil markets. At the sam...

Rupee rises 13 paise to 69.22 vs US dollar in early trade

26/06/2019
Mumbai, Jun 25: The rupee appreciated by 13 paise to 69.22 against the US dollar in opening trade Tuesday, driven by easing crude oil prices and weakening of the US dollar in the overseas market. The rupee opened strong at 69.32 at the interbank forex market then gained further ground to touch 69.22 per dollar, displaying gains of 13 paise against the greenback. On Monday, the rupee had settled at 69.35 against the US dollar. Forex dealers said foreign fund inflows and selling of the American...

Subex joins GLF’s communications blockchain network

26/06/2019
Bengaluru, Jun 25: Digital technology provider Subex said on Tuesday that it will be a part of the ITW Global Leaders' Forum's Comm-unications Blockchain Network (CBN), a blockchain-based consortium which aims to revolutionise the ICT service provider industry's commercial settlement infrastructure. Through its mission to accelerate the adoption of automated settlement applications, CBN represents an opportunity worth billions of dollars to the global industry in terms of costs savings and reve...

Govt approves Motor Bill; steep penalties for traffic offences proposed

26/06/2019
New Delhi, Jun 25: The government has approved the Motor Vehicles (Amendment) Bill that proposes hefty penalties for violating traffic norms including Rs 10,000 fine for not giving way to emergency vehicles and an equal penalty for driving despite disqualification, an official source said. The Bill, which was pending for approval in the Rajya Sabha, lapsed after the term of the 16th Lok Sabha ended. "The Cabinet, chaired by Prime Minister Narendra Modi has approved the Motor Vehicles (Amendmen...

Mehul Choksi could be extradited to India: Antigua PM

26/06/2019
Antigua/New Delhi, Jun 25: Bank fraud fugitive Mehul Choksi may be extradited to India after he exhausts all legal options available with him, Antigua Prime Minister Gaston Browne was quoted as saying by a media report. Choksi, 60 and his nephew Nirav Modi, who is currently in a London jail, are wanted by the Enforcement Directorate (ED) and the CBI for allegedly defrauding the Punjab National Bank (PNB) to the tune of Rs 13,400 crore. Prime Minister Browne said the citizenship of the billio...

How to select a Personal Loan that meets your needs

26/06/2019
Pune, Jun 25: A personal loan is one of the most versatile forms of credit as it allows you to finance any goal without any restriction. Since it is collateral-free, you don't need to risk any assets, and since you can choose your tenor as per pocket, you can repay it hassle-free. That being said, there is a loan specialised for your requirements and being smart about your goals will help you choose the most cost-effective and feature-rich option. Apart from taking stock of your finances and lo...

Urban transformation making giant strides, says Govt

26/06/2019
New Delhi, Jun 25: Urban transformation has made giant strides in the past four years due to flagship missions and programmes of the Ministry of Housing and Urban Affairs, the government said on Tuesday. The Pradhan Mantri Awas Yojana (Urban), Atal Mission for Rejuvenation and Urban Trans-formation (AMRUT) and Smart Cities Mission are not only transforming the urban landscape of the country but also ensuring ease of living for the citizens, it said in a statement. The investment in urban reju...

Data, digital transformation to drive future customer experience: IATA

26/06/2019
Athens, Jun 25: The International Air Trans-port Association (IATA) on Tuesday urged aviation stakeholders to embrace data and digital transformation to help deliver a frictionless customer experience while enhancing safety and efficiency. "We must transform paper-based and legacy processes into digital ones and use data to drive decision-making in all facets of our business," said IATA's Director General and CEO Alexandre de Juniac. "Organisational silos will need to be shed to ensure a holi...

IIFT’s Centre for trade facilitation and logistics working to boost performance of 9 key trade sectors on global level

25/06/2019
New Delhi, Jun 24: The Centre for Trade Facilitation and Logistics (CTFL), under the aegis of the Indian Institute of Foreign Trade (IIFT), recently organised a round table meet at the IIFT, New Delhi campus. The meet was attended by heads and representatives from various key sectors along with academicians and logistics experts. The round table meet was chaired by N. Sivasailam, Special Secretary, Logistics Division, Ministry of Commerce and Industry and Prof Manoj Pant, Head CTFL and Director...

Boeing and HAL celebrate delivery of 150th gun bay door for F/A-18 Super Hornet, multirole combat jet

25/06/2019
New Delhi, June 24: Hindustan Aeronautics Limited (HAL) has delivered 150th gun bay door for the Boeing F/A-18 Super Hornet manufactured at its facility in Bengaluru. The aerospace major had awarded HAL the contract in 2007. The Boeing F/A-18 Super Hornet is a twin-engine supersonic all-weather, carrier-capable multirole combat jet delivering cutting-edge, next-generation multi-role strike fighter capability. HAL has been Boeing's long-term supplier in India for over 25 years. "This delivery o...

Stocks end lower in volatile trade, metal and realty scrips drag

25/06/2019
Mumbai, Jun 24: Equity benchmark indices closed with marginal cuts on Monday, dragged down by metal, realty and auto stocks. A delay in monsoon, weak global cues, and rise in oil prices dampened the market sentiment further. The BSE S&P Sensex closed 72 points lower at 39,123 while the Nifty 50 was down 24 points at 11,700. At the National Stock Exchange (NSE), most sectoral indices were in the negative zone. Nifty metal was down 1.3 per cent, realty by 0.9 per cent and auto by 0.46 per cent. ...

Embassy Group’s NRI Perception ranks first in the Industry

25/06/2019
Bengaluru, Jun 24: Embassy Group, India's leading real estate developer, has been ranked first in NRI Perception in the Annual Brand Perception Audit Report by Track2 Realty, an independent research venture recently. Embassy Group has been accredited as the brand performer of the year with its second position on the brand leadership index; it has made a giant leap as the 2nd best brand in the super luxury residential sector. Emba-ssy Comm-ercial improved its brand score to an all-time high ba...

Bank of Mongolia to drive digital transformation with Intellect Design Arena

25/06/2019
Chennai, Jun 24: Financial technologies major Intellect Design Arena on Monday announced an engagement with the Bank of Mongolia to implement its award-winning Quantum central banking solution. The product will accelerate Mongolia's central bank's digital transformation initiatives under the payment system modernisation project funded by the Asian Development Bank (ADB). According to ADB's Asian Development Outlook Report, Mongolia's economic growth is expected to remain solid in the next two y...

Government incentivising MSMEs with various schemes: Gadkari

25/06/2019
New Delhi, Jun 24: Various schemes have been launched in recent years to encourage micro, small and medium enterprises (MSMEs) which employ 11.1 crore people and are the largest provider of jobs after agriculture, the Rajya Sabha was informed on Monday. Schemes like Make in India, Skill India, Digital India, Startup India, and MUDRA (Micro Units Development and Re-finance Agency) Bank have been initiated to enhance the employment base and facilitate self-employment across the country, said Un...

Zago launches Cold Coffee and Cold Mocha in major cinemas, amusement parks

25/06/2019
Bengaluru, Jun 24: Zago is an urban lifestyle beverage brand with a wide range of craft coffees, chais and shakes designed keeping taste, health and convenience in mind. The company has recently introduced Zago Cold Coffee and Cold Mocha in PVR Cinemas and Carnival Cinemas across the country. The products have also been introduced in a number of theme parks including Imagica theme parks, WOW Water and Amusement Park in Noida, Kishkinta Water theme park in Chennai and Queensland Amuse-ment Park ...

SCIEX announces co-marketing agreement with Elucidata to break barriers for Metabolomics Researchers

25/06/2019
New Delhi, Jun 24: SCIEX, a global leader in life science analytical technologies, today announced a Co-marketing agreement with Elucidata, a disruptive integrated Omics platform company providing tools for metabolomics data processing. This relationship will uniquely position SCIEX to address the major challenges faced by scientific researchers and allow them to efficiently process all their metabolomics data from a diverse range of workflows. It also allows scientists to interpret these resul...

Prithviraj Kothari becomes National President of Indian Bullion and Jewellers Association Ltd

25/06/2019
Mumbai, Jun 24: Prithviraj Kothari has been appointed as National President of India's oldest and apex association i.e. India Bullion And Jewellers Association in place of outgoing President Mohit Bharatiya for the next five years, 2019 to 2024. CA Surendra Mehta has been appointed as National Secretary and Ketan Kothari as Joint Secretary. Sanjay Jain becomes Treasurer and Nimesh Choksi as Joint Treasurer. Prithviraj Kothari has been in the family business of gold trading for over 30 years. As...

Economists raise concern over infrastructure gaps in Karnataka

25/06/2019
New Delhi, Jun 24: Leading economists of Karnataka on Monday raised concerns over large infrastructure gaps and widening democratic deficit during a meeting with members and senior officials of the 15th Finance Commission. In the area of democratic decentralisation in which Karnataka is a pioneer, various recent studies and trends related to the third tier of the government were discussed with the commission headed by its Chairman N K Singh. With regards to urban local bodies, attention was d...

President Xi to attend G20 summit, set to meet Trump to end trade war

24/06/2019
Beijing, Jun 23: Chinese President Xi Jinping will attend the G-20 summit in Japan this week during which he would meet his US counterpart Donald Trump for key talks to clinch a deal to end the bruising trade war and to forestall moves by Washington to clamp tariffs on the remaining USD 300 billion of exports from China. Xi will attend the 14th Group of 20 (G-20) summit in Osaka, Japan from June 27 to 29, at the invitation of Japanese Prime Minister Shinzo Abe, Foreign Ministry spokesperson Lu ...

BSNL engineers to Modi: Take measures to revive firm, reward performers

24/06/2019
New Delhi, Jun 23: Citing lower debt and a continuous increase in market share, an association comprising engineers and account professionals at BSNL has sought Prime Minister Narendra Modi's intervention for the revival of the state-run firm and also said that non-performing employees should be held accountable. The All India Graduate Engineers and Telecom Officers Association (AIGETOA) in a letter dated June 18 urged the Prime Minister to provide a budgetary support to BSNL to help address li...

Huawei Mate X to launch in September, will run Android: Report

24/06/2019
New Delhi, Jun 23: Huawei has confirmed that it will be launching its first foldable smartphone Huawei Mate X in September. The smartphone was showcased in February at the MWC 2019 and it was originally scheduled to launch in the month of June. The company extended the launch date to make some changes to the screen of the Huawei Mate X after Samsung faced some trouble with its foldable screen. Speaking to Tech Radar, Vincent Pang, the President of Huawei’s Western Europe Region said, “The com...

Expert panel suggests ways to achieve USD 5-trillion economy target: Niti Aayog

24/06/2019
New Delhi, Jun 23: Think tank Niti Aayog Sunday said that expert panel for macroeconomics and employment came out with suggestions to achieve USD 5-trillion economy target during an interaction with Prime Minister Narendra Modi. Modi on Saturday had an interaction with economists and industry experts on India's current economic situation. "Expert committee for Macroeconomics & Employment presented their suggestions to PM @narendramodi for achieving the $5 Trillion economy target. Improve-ment...

Sanket Desarda’s Relationship Goals cross 9M followers on Social Media

24/06/2019
Mumbai, Jun 22: Relationship Goals a page owned by Sanket Desarda has a combine following of 9 million followers on Instagram and Facebook. He has over 6.4 million followers on Facebook and more 2.8 million followers on Instagram. The page is full of relationship meme, relationship goals, and binge worth content. The idea of true love has become an artefact worthy of its place in a museum. However, one guy who is relentlessly holding on to this crazy idea is Sanket Desarda. Sanket has always...

States should have the power to determine minimum wages: CII

24/06/2019
New Delhi, Jun 23: Industry body CII Sunday said states should have the power to determine minimum wages as the concept of a national minimum wage will affect job creation. According to sources, the labour ministry is likely to seek Cabinet approval for the Code on Wages Bill next week as it pushes for its passage in the ongoing Parliament session. CII says minimum wages fixed by states should be based on three criteria - geographic location, skill and occupation. However, it cannot be lower t...

Considering low-cost EV for India in collaboration with Hyundai: Kia

24/06/2019
New Delhi, Jun 23: South Korean auto major Kia Motors Corporation is considering a low-cost electric vehicle (EV) for India in collaboration with group firm Hyundai Motors and wants personal usage for EVs to be included for government support under the FAME II scheme in India, according to a top company official. The company, which is a part of the Hyundai Motor Group, plans to launch four new models, including its upcoming SUV Seltos, in the next two years in India but said the low-cost EV wo...

Trade wars causing collateral damage to global economic outlook: Fitch

24/06/2019
New York, Jun 23: Threats to global growth outlook from protectionism have become much more significant in recent months which raise the possibility of disruptions to trade and investments, according to Fitch Ratings Inc. Breakdown of US-China trade negotiations, the US Section 232 investigation into auto imports, recent use of a US tariff threat to pressure Mexico to change migration policies and the rising chance of a no-deal Brexit could have a much bigger impact on the world economy than ...

Man on a mission to turn Udhana railway station into India's first Green Railway Station

24/06/2019
Surat, Jun 23: To propagate Mahatma Gandhi's mantra 'Cleanliness is Godliness' and achieve the objective of a 'Clean India-Green India', a young entrepreneur from Surat has launched a mission to turn railway station in Udhana town of Gujarat's Surat district into India's first green railway station. Viral Sudhirbhai Desai is attempting to turn Udahana Railway Station into a green and pollution free one like Mumbai's Chhatrapati Shivaji Terminus. For this noble initiative, Desai has received s...

Galaxy A90 to have 45W fast charging support, could be part of new Galaxy R-series: Report

24/06/2019
New Delhi, Jun 23: For a long time, renders and leaks of a Samsung device believed to be the Galaxy A90 were shared online. But the smartphone ended up being launched as the Galaxy A80. After that, new rumours started to unearthed for the Galaxy A80 but a well-known tipster claims that there is no “A90” but a Galaxy R series smartphone. The tipster Steve H McFly says that the device everyone is referring as the Galaxy A90 with the model number SM-A90X will be launched as the new Galaxy R serie...

Gas prices may rise in US as explosions, fire rock Philadelphia oil refinery

23/06/2019
Philadelphia: Explosions and a blaze at the largest oil refinery on the East Coast sent a fireball into the sky and shook homes before dawn Friday, though authorities reported only a few minor injuries and said the air was safe to breathe. The fire at the Philadelphia Energy Solutions Refining Complex was deemed contained and controlled but continued to burn late Friday afternoon, said Craig Murphy, deputy fire commissioner. The fire broke out around 4 a.m., PES spokeswoman Cherice Corley sai...

US lawmaker asks Pompeo to raises almond tariff issue with Modi

23/06/2019
Washington: Ahead of Secretary of State Mike Pompeo's visit to India next week, an influential American lawmaker has asked him to take up the issue of increased tariff on almonds during his meeting with Prime Minster Narendra Modi. India has announced a hike in customs duties on as many as 28 US products, including almond, apple, pulses and walnut, in response to higher tariffs imposed by Washington on Indian products like steel and aluminium. The commerce ministry last week made public India...

Unholy fall of Jet Airways, a parrot the bankers killed with kindness

23/06/2019
new delhi: Two months after India's oldest private-sector airline grounded its last plane, and with even a water-bottling firm threatening to drag the carrier into bankruptcy, a consortium of lenders led by State Bank of India can finally stop pretending that a white knight is coming. With the insolvency tribunal Jet Airways India Ltd. under its wing on Thursday, there may be one more abortive attempt to sell it whole. But now that lessors have taken most of the fleet, employees have all but g...

‘Drop win-at-all-costs trade stance’: Chinese media urges US

23/06/2019
Shanghai: Instead of waging a trade war with China, the United States should drop its win-at-all-costs mentality and consider the interests of its own people as well as the global community, the official People’s Daily said an editorial on Saturday. The Chinese Communist Party’s newspaper urged the United States to cancel all tariffs on Chinese goods, saying the only way to resolve trade issues was through “equal dialogue”. Hopes that the two sides can rekindle negotiations were raised in the...

US Fed says large banks prepared to withstand economic crisis

23/06/2019
Washington: Major banks operating in the United States would be able to withstand a severe global economic crisis with funds to spare, the Federal Reserve said. The Fed announced the results of its annual bank stress tests, showing the 18 largest financial institutions would suffer losses but still have enough of a capital buffer to continue operating. "The results confirm that our financial system remains resilient," Fed Vice Chairman Randal Quarles said. During the 2008 financial crisis, t...

SoftBank plans to invest $1 billion in Piramal group, talks in final stage

23/06/2019
Mumbai: Masayoshi Son-led SoftBank is in the final stages of due diligence for investing $1 billion in Piramal Enterprises, it is learnt. The cash will go to the Mumbai-based company’s financial services arm, which primarily deals in wholesale and corporate debt, a source in the know said. The deal would peg the value of the financial services arm of Piramal Group at over $4 billion, estimates suggest. The Japanese conglomerate is likely to route this investment through its $100-billion visi...

GST Council extends anti-profiteering authority’s tenure, sends rate cut on EVs to fitment panel

23/06/2019
new delhi: The GST Council extended the tenure of the anti-profiteering authority by two years till November 2021 and allowed use of Aadhaar as proof for obtaining GST registration while referring tax cut on electric vehicles and their chargers to an officers' committee. The Council's meeting, chaired by Finance Minister Nirmala Sitharaman, also approved imposing a penalty of up to 10 per cent of the profiteered amount on entities for not passing on benefits of GST rate cuts to consumers, as a...

Online retailer Amazon invests Rs 450 crore in India digital payments arm

23/06/2019
new delhi: Online retailer Amazon has invested Rs 450 crore in its digital payments arm Amazon Pay (India). The funding would help the Seattle-based company tap India's booming digital payments market and compete with Walmart-owned PhonePe, Alibaba-backed Paytm, and Google's mobile payment service Google Pay. The funding came from Singapore-based Amazon Corporate and Mauritius-based entity Amazon.com, according to regulatory documents filed by Amazon, which were sourced from business intellige...

Runwal Group to acquire Cable Corporation land in Mumbai for Rs 550 crore

23/06/2019
Mumbai: Mumbai-based property developer Runwal Group is in final stages of buying 8.8 acres of land in Borivali area of Mumbai from Cable Corporation of India (CCI) for Rs 550 crore or Rs 62.5 crore per acre, said sources in the know. This will be one of the biggest land sales in the country this year. The land was part of 22 acres mortgaged by CCI with Indiabulls Housing Finance, of which CCI has sold 8.8 acres. CCI owed around Rs 300 crore to Indiabulls. “CCI was in talks with many parties,...

Bitcoin climbs to $10,000 as memories of the crypto bubble fade

23/06/2019
new delhi: Bitcoin breached $10,000 for the first time in about 15 months, recouping more than half of the parabolic increase that introduced mainstream investors to the digital asset before the bursting of the cryptocurrency bubble. “The bounce back of Bitcoin has been fairly extraordinary,” said George McDonaugh, chief executive and co-founder of London-based blockchain and cryptocurrency investment firm KR1 Plc. “Money didn’t leave the asset behind, it just sat on the sidelines waiting to g...

India becomes investment darling for sovereign wealth and pension funds

22/06/2019
London: Sovereign wealth funds are piling into India, buying stakes in everything from airports to renewable energy, attracted by political stability, a growing middle class and reforms making it more enticing for foreigners to invest. Wealth and state pension funds are expanding their horizons to private markets, to complement an existing focus on stocks and bonds. "India is popular with sovereign wealth funds," said Tihir Sarkar, London-based partner at Cleary Gottlieb, which counts several...

Gold rises Rs 280 to Rs 34,300 on firm global cues

22/06/2019
new delhi: Continuing its rising streak for the fourth straight day, gold prices Friday surged Rs 280 to Rs 34,300 per 10 gram in the bullion market here on firm global trend and increased buying from jewellers, according to All India Sarafa Association. Silver too followed suit and advanced by Rs 40 to Rs 39,100 per kg on more offtake by industrial units and coin makers. The precious metal strengthened on the back of buying by local jewellers and strong trend overseas after gold surpassed US...

Oil prices dip, still set for weekly gains amid Middle East tensions, rate cut hopes

22/06/2019
Singapore: Oil prices reversed earlier gains on Friday but benchmark Brent crude was still set for its first weekly gain in five weeks amid rising tensions in the Middle East and on hopes for a drop in US interest rates that may stimulate global growth. Brent crude was down 10 cents, or 0.16%, at $64.35 a barrel by 0458 GMT. The global benchmark jumped 4.3% on Thursday, leaving it set for a weekly gain of nearly 4%. US West Texas Intermediate crude was down 20 cents, or 0.35%, at $56.87 a bar...

Industry must not to violate the spirit of law: Piyush Goyal

22/06/2019
Mumbai: The government will take the "strictest of action" against businesses violating the law, said Commerce and Industry Minister Piyush Goyal on Friday, referring to controversies involving e-commerce and audit companies. Goyal, in an interaction with members of Confederation of Indian Industry in Mumbai, said companies should respect the law and not try to circumvent it through loopholes. "I can assure you that nobody at all who has not done any wrong will have any problem. But at the sa...

Flipkart ties up with banks, NBFCs to offer quick loans

22/06/2019
Mumbai: Walmart-owned e-commerce major Flipkart has roped in a few banks and NBFCs to offer its seller-partners working capital loans within two days at pricing of 9.5 percent. It has revamped its seller financing programme called 'Growth Capital' which allows over 1 lakh sellers to avail of credit from 10 banks and NBFCs with one-day approval and disbursal in the next two days, the company said in a statement Thursday. The company has tied up with financial partners, namely State Bank of Ind...

Economic activity clearly losing traction: Das said at MPC meet

22/06/2019
Mumbai: The Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth, said Reserve Bank of India Governor Shaktikanta Das while voting for a 25 basis points (bps) rate cut along with other five members at the MPC meet earlier this month. Das, as per the minutes of the June 3-6 Monetary Policy Committee, said that since the last meeting of the rate-setting panel in April 2019, greater clarity has emerged about the evolving macroeconomic situation. ...

India to Mexico, Walmart accused of paying bribes for profits worldwide

22/06/2019
new delhi: Inside Walmart’s corporate offices in Brazil, one local contact was known as the “sorceress” for the ability to obtain government permits quickly. In India, concerns about bribery were met with a “wink and a nod” by Walmart’s local business partner. In China, money was funneled to a local landlord for “government relationship consulting services.” And in Mexico, cars and computers were donated to governments in communities where Walmart was planning to build new stores. For more th...

Aurobindo Pharma gets warning letter from USFDA for Andhra facility

22/06/2019
Hyderabad: Aurobindo Pharma has received a warning letter dated June 20, 2019, from the US Food and Drug Administration(USFDA) relating to Unit XI, the active pharmaceutical ingredient (API) unit at Pydibhimavaram in north coastal Andhra's Srikakulam district. The latest warning letter comes as a major setback. Last month, the company's two other API and formulation facilities had also received Form 483 with critical observations, which the company said would have no bearing on its business. ...

Tech Mahindra inks deal with Airbus for cabin, cargo design engineering

22/06/2019
new delhi: Information technology firm Tech Mahindra said it has signed a multi-year contract with Airbus for cabin and cargo design engineering. "Tech Mahindra aims to capitalise on the specialised skills and competencies in growing cabin engineering business over the next few years. As air travel continues to surge worldwide, airlines are looking to deliver integrated comfortable and memorable, digital travel experiences through path-breaking 'Cabin Innovations'," the company said in a sta...

Sensex plunges 407 pts; Yes Bank cracks 4 pc

22/06/2019
Mumbai: The BSE Sensex plunged 407 points Friday, dragged by heavy losses in index heavyweights HDFC and Reliance Industries amid rising geopolitical tensions in the Middle East. The BSE gauge settled 407.14 points, or 1.03 per cent, lower at 39,194.49. The index hit an intra-day low of 39,121.30 and a high of 39,617.95. Similarly, the broader NSE Nifty tumbled 107.65 points, or 0.91 per cent, to 11,724.10. During the day, the index touched a low of 11,705.10 and a high of 11,827.95. Yes Bank...

New industrial policy to be announced soon: President Kovind

20/06/2019
new delhi: The government will soon announce a new industrial policy aimed at promoting growth of industries and creation of jobs, President Ram Nath Kovind said Thursday. Addressing the joint sitting of both Houses of Parliament, the President said work is underway in full earnest to transform India into a global manufacturing hub. "Keeping in view Industry 4.0, a new industrial policy will be announced shortly," he said. The new policy will replace the industrial policy of 1991 which was p...

Gold prices zoom Rs 280, crosses Rs 34,000 mark

20/06/2019
new delhi: Gold prices Thursday surged by Rs 280 to cross Rs 34,000-mark in the national capital on strong global sentiment and fresh buying from local jewellers, according to All India Sarafa Association. The prices of yellow metal rose to Rs 34,020 per ten gram. Tracking gold, silver too increased by Rs 710 to Rs 39,060 per kg on increased offtake by industrial units and coin makers. Traders said apart from increased buying from jewellers, robust global trends where the precious metal surg...

Jalan panel report on RBI’s capital size to be finalised by June-end: Das

20/06/2019
new delhi: The Bimal Jalan committee, which is looking into the size of capital reserves that the RBI should hold, will have one more meeting before finalising its report to be submitted to the apex bank this month-end. The six-member panel, under former RBI Governor Jalan, was appointed on December 26, 2018, to review the economic capital framework (ECF) for the Reserve Bank after the Finance Ministry wanted it to follow the global best practices and transfer more surplus to the government. ...

All genuine exporters will get their IGST refunds in timely manner, clarifies CBIC

20/06/2019
new delhi: The Central Board of Indirect Taxes and Customs (CBIC) on Thursday clarified that new verification exercise with the introduction of manual checks in IGST refunds is aimed at preventing unscrupulous exporters. It has assured all genuine exporters that they would continue to get their IGST refunds in a timely manner in a fully automated environment. “Some newspapers have today highlighted a perceived set-back to the automated process of refunds for exporters under GST on account of...

FM Sitharaman reviews issues concerning Banking, NBFCs during 20th meeting of FSDC

20/06/2019
new delhi: The 20th Meeting of the Financial Stability and Development Council (FSDC) was held under the chairmanship of the Finance Minister Nirmala Sitharaman during which the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs were reviewed. The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analy...

Tax body seeks extension of GST return filing by four months

20/06/2019
Guwahati: Tax and legal consultants complained about the time-limit of three months given to file the GST returns for 2017-18 as hundreds of amendments, notifications and circulars have made the Act very complex. Officials of the Tax Bar Association, a body of over 400 members of chartered accountants, company secretaries, cost advocates and tax consultants, said that the government has made the entire GST procedure and filing of returns very "confusing with hundreds of changes in the rules an...

Govt will not allow multi-brand retail by foreign firms, predatory pricing: Piyush Goyal

20/06/2019
new delhi: Commerce and Industry Minister Piyush Goyal said that government will not allow multi-brand retail by foreign companies and on the pretext of B2B no entry will be allowed for multi-brand retail. He asserted that predatory pricing will not be allowed He said that necessary action will be taken against defaulters, adding that government will give all support and assistance to small traders and retailers to grow their business. During a meeting with representatives of associations of ...

Mango Hotels launches 46 Key Boutique Hotel in Haridwar

20/06/2019
HARIDWAR: On track for 40 Operating Hotels by March 2020 IntelliStay Hotels Pvt. Ltd. (IHPL), which owns the brand Mango Hotels, launched Mango Hotels - Haridwar, in Haridwar, Uttarakhand. The 46 key hotel in Haridwar is located just four minutes away from the famous ghat on the banks of the Ganges, Har Ki Pauri. Mango Hotels - Haridwar features Kalpavrixa Vegetarian, which is a pure vegetarian restaurant, two aesthetic banquet halls suited for gatherings, meetings and corporate events, a co...

Indian Pharma industry aspiring to grow to $120-130 billion by 2030: IPA

20/06/2019
new delhi: The Indian pharmaceutical industry is aspiring to touch USD 120-130 billion by 2030 from the current USD 38 billion, industry body Indian Pharmaceutical Alliance (IPA) said on Wednesday. The report, titled 'Indian Pharmaceutical Industry: The Way Forward - Vision 2030', is based on a research collaboration with McKinsey & Co and inputs from the IPA members and industry leaders, IPA said in a statement. To achieve the goals of Vision 2030, the stakeholders need to work on accelerati...

OYO to invest $300 mn in US over next few years

20/06/2019
new delhi: Hospitality firm OYO Thursday said it plans to invest USD 300 million (approximately Rs 2,085 crore) over the next few years in the US for growth, talent acquisition, competency building and infrastructure development. The company currently manages over 50 hotels in more than 35 cities in the US including Dallas, Houston, Augusta, Atlanta and Miami; and is looking to soon expand presence to cities like New York, Los Angeles and San Francisco, OYO Hotels and Homes said in a statement...

RBI panel on MSMEs suggests Rs 20 lakh collateral-free loan under Mudra

20/06/2019
new delhi: A Reserve Bank of India (RBI) expert committee on micro, small and medium enterprises (MSMEs) has recommended doubling the cap on collateral-free loans to Rs 20 lakh from the current Rs 10 lakh. This will be extended to borrowers falling under the Mudra scheme, self-help groups, and MSMEs, said a person privy to the development. If the central bank approves the recommendation, the banking regulator will have to amend its July 1, 2010 circular that prescribes a maximum Rs 10 lakh f...

HCL Tech signs multi-year deal with Cricket Australia

20/06/2019
new delhi: IT services major HCL Technologies Wednesday said it has signed a multi-year deal with Cricket Australia (CA) to deliver digital experiences to fans, players and employees. The financial details of the deal were not disclosed. HCL Tech will help the Australian cricket's governing body provide an elevated and immersive digital experience to cricket fans, players, partners, employees, and volunteers across the country and around the world, through CA's digital offerings, HCL Technolo...

Railways plans to invite private players to run trains, ensure better passenger amenities

20/06/2019
new delhi: In a bid to provide better amenities and facilities to passengers, the government is planning to invite private players to run trains, sources told. The Ministry of Railways is planning to invite the private players through ticketing arm Indian Railways Catering and Tourism Corporation (IRCTC), to run the trains. As per the plan, Railways will give some trains to the IRCTC to run, which in turn will return some portion of earnings or revenue to the Railways, sources said. IRCTC wil...

Snapdeal unlikely to acquire ShopClues: Sources

20/06/2019
new delhi: The acquisition of ShopClues by larger rival Snapdeal is unlikely to materialise, sources said. The two players were in talks for the acquisition in an all-stock deal. The companies have engaged in such discussions in the past as well, but this is the first time that it has made it to the due diligence phase. According to sources close to the development, there are concerns regarding some of the findings emerging from the due diligence conducted by advisory firm, Ernst & Young. Whe...

Sensex soars over 350 points, Nifty near 11,800

20/06/2019
Mumbai: Domestic equity benchmark BSE Sensex rallied over 350 points Wednesday driven by gains in banking and IT stocks, amid positive cues from global markets ahead of US Fed policy outcome. The 30-share index was trading 367.24 points, or 0.94 per cent, higher at 39,413.58 at 0930 hours. Similarly, the broader NSE Nifty was quoting 104.75 points, or 0.90 per cent, up at 11,796.25. In the previous session Tuesday, the BSE gauge settled 85.55 points, or 0.22 per cent, higher at 39,046.34, whi...

Adidas stumped; iconic three-stripe trademark ruled invalid by EU court

20/06/2019
Luxembourg: Adidas's three-stripes have been ruled invalid as a trademark by a European Union court which said they lacked a distinctive character recognisable throughout the 28-country bloc. But the German sporting goods company, whose shares were down 1.3% in a broadly weaker market, said the court's ruling on Wednesday only affects a particular use of the symbol. The sporting goods industry has seen a rise in trademark and patent disputes as the biggest players try to differentiate their p...

‘India to generate over 2 million outbound tourists annually by 2020’

20/06/2019
Dubai: India is estimated to generate over 2 million outbound luxury and MICE tourists annually by 2020, reinforcing the country's influence as a key source market for MICE and luxury travel, according to a new report by the organisers. According to figures published ahead of the 7th Annual MICE (meetings, incentives, conferences and exhibitions) India and Luxury Travel Congress (MILT), the tourism market is expected to reach USD 9 billion by 2025. The MILT Congress will be held from July 17-...

Square Yards to license tech solution to real estate developers for sales, marketing

20/06/2019
new delhi: Property brokerage firm Square Yards, backed by Anil Ambani led Reliance group, Wednesday said the company will license its tech solution to real estate developers for managing their sales and marketing activities. The move will help Square Yards earn an additional revenue apart from its brokerage income from sale of properties and facilitating home loans. The enterprise technology solution 'Edge', enabled with artificial intelligence, will empower the sales and distribution func...

India may gain as Apple explores moving production capacity from China

20/06/2019
new delhi: Apple Inc has asked its major suppliers to assess the cost implications of moving 15%-30% of their production capacity from China to Southeast Asia as it prepares for a restructuring of its supply chain, according to a Nikkei Asian Review report on Wednesday. Apple's request was a result of the extended Sino-US trade dispute, but a trade resolution will not lead to a change in the company's decision, Nikkei said The iPhone maker has decided the risks of depending heavily on manufac...

Gold, silver prices rise on increased offtake

20/06/2019
new delhi: Gold prices rose marginally by Rs 20 to Rs 33,740 per 10 gm at the bullion market in the national capital on Wednesday, while silver surged by Rs 130 to Rs 38,350 per kg, according to the All India Sarafa Association. Traders said increased offtake by industrial units and coin makers mainly pushed up silver prices. Globally, spot gold was trading lower at USD 1,343 an ounce, while silver was down at USD 15.01 an ounce in New York. In the national capital, gold of 99.9 per cent and...