Saturday, September 26, 2020

Business

Harley-Davidson plans to close India manufacturing facility

NEW DELHI: Cruiser bikes giant Harley-Davidson on Thursday said that it plans to close its manufacturing facility in Haryana's Bawal and significantly reduce the size of its sales office in Gurugram.

Imports fall leads to NZ's largest trade surplus in 6 yrs

WELLINGTON: New Zealand imports fell nearly NZ$1 billion ($650 million) in August, leading to the country's largest annual trade surplus since 2014, the Stats NZ said on Thursday.

Gold prices continue to fall, further decline likely

MUMBAI: The downtrend in the global prices continued on Thursday, with the futures of the yellow metal on the Multi-Commodity Exchange moving southwards towards the 49,000-mark.

Microsoft announces Azure Communication Services

SEATTLE:  In an effort to help customers connect better with businesses in the remote working times, Microsoft has announced Azure Communication Services which is the first fully managed communication platform offering from a major Cloud provider.

Post Covid-19, HUL's Shikhar app gets 2x order value, Big Basket 3x: JP Morgan report

NEW YORK: A new JP Morgan report has cited Sanjiv Mehta, chief of Hindustan Unilever and Hari Menon, co-founder & CEO, BigBasket, saying that Covid-19 has caused unparalleled disruption in the India story of online grocery penetration. Forced consumer trials, leading to a sustainable change in consumer behaviour, has triggered a three times uptick for Big Basket. New customers stand at two times for Big Basket.

Manali Petrochem to triple propylene glycol production

CHENNAI:Targeting the domestic market for imported propylene glycol, Manali Petrochemicals Ltd. has decided to more than triple its production capacity to 70,000 tonne per annum (tpa) at an outlay of Rs 150 crore, said a top group official.

India tops up strategic reserves with cheaper crude, saves over $685M

NEW DELHI:Taking advantage of low prices in major oil-producing centres in Saudi Arabia and UAE, India has filled up its strategic crude oil reserves to meet its energy needs in times of emergency and saved a neat $685.11 million in the process.

Stakeholder consultations being held for retail trade policy: Goyal

NEW DELHI:  Union Minister of Commerce and Industry Piyush Goyal on Wednesday said consultations with stakeholders are afoot for the formulation of a National Retail Trade Policy.

Affluent Indians lead food delivery market recovery: Zomato CEO

NEW DELHI: In a sign that Indians are now no more afraid of ordering food despite a surge in caseloads, Zomato on Wednesday revealed that the food delivery sector has recovered to (and even grown beyond) pre-Covid levels in a number of large pockets of the country, led by some of the most affluent residential areas in the country.

Markets open in green

MUMBAI:The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note.

KKR to invest Rs 5,500 cr in Reliance Retail ventures

MUMBAI:Reliance Industries Limited on Wednesday announced that global investment firm KKR will invest Rs 5,550 crore into its subsidiary Reliance Retail Ventures Limited to pick up 1.28 per cent equity in the company.

US stocks rebound on Fed reassurance

NEW YORK:US stocks climbed on Tuesday on policy reassurance from a top Fed official following losses in the previous three sessions.

Digital India bats for Amazon, JioMart, Paytm, Byju's: BofA-Survey Monkey

NEW YORK:A 16-page survey by Bank of America (BofA) identifies Amazon, Jio, Paytm and Byju's as the stars that Indian consumers prefer in these times of Covid-19.

SEBI may issue norms for minimum holding in liquid assets for MFs

NEW DELHI:The Securities and Exchange Board of India (SEBI) may soon come up with guidelines to mandate minimum asset allocation in liquid assets by debt mutual funds in their schemes.

Rate cuts have not spurred investment: SBI Chairman

NEW DELHI:State Bank of India chairman Rajnish Kumar on Tuesday said that interest rate cuts had not led to an increase in investment, despite the banks passing on the rate cuts to the customers.

With trade wars & conflicts, fabled China economy at risk

NEW DELHI:Chinese President Xi Jinping has been forced to acknowledge that his country's economic growth is facing a rising external risk and the export-driven model that established China as the factory for the world has run into rough weather.

US stocks fall on sour recovery outlook

NEW YORK:US stocks fell on Monday for the third consecutive session in a row due to the spike of coronavirus infection cases in Europe and rising uncertainty on negotiations with the next round of fiscal stimulus in the US, with the Dow losing as much as 942.27 points during the session before a narrowed end.

SpiceJet to start daily flights to Darbhanga from Delhi, Mumbai, Bengaluru

NEW DELHI: SpiceJet on Monday announced the launch of daily flight services connecting Darbhanga with key metros of Delhi, Mumbai and Bengaluru starting November 8.

Punjab govt receives encouraging response fron pharma industry for Bathinda Bulk drug park

CHANDIGARH: The Punjab Government led by  Finance Minister Manpreet Singh Badal, held strategic discussions with industry captains and academic leaders during a virtual stakeholder consultation session for upcoming Bulk Drug Park in Bathinda in Punjab.

ASUS enters commercial PC market in India with 11 products

MUMBAI:  ASUS India, the Indian arm of Taiwanese IT major, on Monday forayed into the commercial PC market in India with launching "Expert Series" brand with 11 devices across laptops, desktops and All-in-Ones, targeting the key enterprise segments in the country.

2-year wait for states not opting for GST compensation formula

NEW DELHI:States which failed to submit their options before the GST Council meeting in October will have to wait for at least two years to get compensation on Goods and Services Tax collection shortfall expected during the transition period, Finance Ministry sources said on Monday.

IOC bets big on petrochemicals, forward integration into textile biz

NEW DELHI:Country's largest oil marketing company Indian Oil Corporation proposes to leverage its growing petrochemical operations to expand textile business as it looks to diversify operations and offset risks associated with oil operations.

New law to define agricultural products, trade areas

NEW DELHI:Aiming to double farmers' income by 2022, the Modi government has enacted a new law to provide an alternative channel for the sale of farm produce, apart from the agri markets operated under Agricultural Produce Marketing Committee (APMC) Acts of the respective states.

Diesel gets cheaper by over Rs 2/l this month

NEW DELHI:Diesel prices continued to decline for the fifth consecutive day on Monday even though globally crude prices remained steady.
In the national capital diesel was priced at Rs 71.43 per litre, down from Rs 71.58 on Sunday.

Visa, IfundWomen grant to empower Indian women entrepreneurs

MUMBAI:Visa along with its global partner IFundWomen on Monday announced a grant programme to empower women entrepreneurs in India.

Google Pay adds tap to pay feature for Axis, SBI card users

NEW DELHI:Google Pay in collaboration with Visa and banking partners on Monday rolled out tokenisation across its platform, enabling users to safely transact with their cards and use Tap-to-pay feature on near-field communication (NFC)-enabled point of sale (POS) terminals and online merchants.

Google Pay rolls out NFC-Based tokenised card payment in India

NEW DELHI:Google Pay in collaboration with Visa and banking partners on Monday rolled out tokenisation across its platform, enabling users to safely transact with their cards and use Tap-to-pay feature on near-field communication (NFC)-enabled point of sale (POS) terminals and online merchants.

GST compensation: 1st option set to get nod with 21 states on board

NEW DELHI:With 21 states expressing their preference for the Borrowing Option-1 proposed by the Centre to meet the GST compensation needs of states this year, decks have been cleared for the GST Council to approve the new compensation mechanism and make it universally applicable across all states and Union Territories at its next meeting on October 5.

Rs 9,538 cr collected via 'Vivad Se Vishwas' scheme: Govt

NEW DELHI:The Centre has so far collected a total revenue of Rs 9,538 crore through "Vivad Se Vishwas", the dispute resolution scheme for direct tax, Parliament was informed on Sunday.

Over 19,000 cases pending before NCLTs till July 31

NEW DELHI: A total of 19,844 cases were pending before the National Company Appellate Tribunal's (NCLT) various benches as of July 31, Parliament was informed on Sunday.

FinCEN files: Big banks let $2tn 'dirty money' move around world

NEW DELHI: The FinCEN files show that the world's biggest banks have allowed criminals to move "dirty money" around the globe. In total, these reports flagged more than $2 trillion in transactions, according to BuzzFeed News.

HSBC, StanChart's shares plunge on reports of illicit fund movement

MUMBAI:Shares of HSBC and Standard Chartered in Hong Kong plummeted nearly 3 per cent on Monday morning after reports suggested that they along with other banks allegedly moved large sums of illicit funds for nearly two decades.

Ericsson acquires Cradlepoint for $1.1bn to boost 5G presence

BENGALURU: Swedish telecommunication giant Ericsson has acquired Cradlepoint, the US-based market leader in Wireless Edge WAN 4G and 5G Enterprise solutions, for $1.1 billion.

US stocks drop on dampened market sentiment

NEW YORK:US stocks continued to drop as market sentiment was dampened by mixed economic data and geopolitical concerns.

Bank of Baroda launches initiatives to improve tractor financing

NEW DELHI: The Bank of Baroda on Friday announced three new initiatives towards improving credit penetration in farm mechanisation.

Angel Broking's IPO opens on Sep 22, price band set at Rs 305-306

MUMBAI:Retail broking house Angel Broking Limited will open its initial public offering (IPO) of equity shares on September 22, 2020.
The offer will close on September 24, 2020. The price band of the offer has been fixed at Rs 305 to Rs 306 per equity share.

Govt's ambitious rural broadband plan running behind schedule

NEW DELHI:Even as Prime Minister Narendra Modi announced in his Independence Day speech that every village in the country will be connected by optical fibre cable (OFC) in the next 1,000 days, things on the ground seem to be moving way behind schedule.

SEBI tells MFs to put in place policy for trade execution, allocation

MUMBAI: The Securities and Exchange Board of India (SEBI) has made it mandatory for mutual fund houses to put in place a policy specifying the specific roles and responsibilities of various teams engaged in activities dealing with order placement, execution of order, trade allocation amongst various schemes.

Google Play store removes Paytm app citing gambling policy

NEW DELHI:  Google has removed digital payments major Paytm's app from its Play Store for allegedly violating its gambling policies.

Govt's stake divestment to be credit negative for PSBs: ICRA

NEW DELHI;The proposed divestment of the Centre's majority stake in certain PSBs will be credit negative for these lenders, ratings agency ICRA said on Thursday.

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