Business

RIL stock closes at 6-mth low after Kejriwal accuses Ambanis of money laundering

RILStock in Reliance Industries Ltd. (RIL) slipped to its lowest level in around six months on Friday after Arvind Kejriwal's Aam Admi Party (AAP) slapped the company with money laundering charges.

AAP leader Prashant Bhushan alleged that Rs 6,530 crore had been invested into four companies of Mukesh Ambani-led Reliance Industries group by Bio Metrix Marketing and Strasbourg Holdings in Singapore.

South Korea posts trade surplus

South Korea posts trade surplusSeoul, Mar 1 - South Korea posted a trade surplus for 25 straight months as exports managed to grow, though at a slow pace, a government report showed Saturday.

Trade surplus reached $926 million in February, up from $760 million surplus in the previous month, according to the ministry of trade, industry and energy.

Exports increased 1.6 percent from a year earlier to $42.99 billion in February after falling 0.2 percent in the previous month. Imports grew 4 percent to $42.06 billion last month after declining 1 percent in January, reported Xinhua. (IANS)

China's manufacturing PMI drops

China's manufacturing PMI dropsBeijing, Mar 1 - China's purchasing managers' index (PMI) for manufacturing sector dropped to 50.2 percent in February, down from 50.5 percent for January, official data showed Saturday.

February continued January's decline with most sub-indices shrinking, according to a statement jointly released by the National Bureau of Statistics (NBS) and China Federation of Logistics and Purchasing.

A reading below 50 indicates contraction, while that above 50 signals expansion, Xinhua reported.

Sensex up 80 points; capital goods stocks gain

Sensex-upMumbai, Feb 28 : A benchmark index of Indian equities markets was trading 80 points or 0.38 percent up in the late afternoon trade Friday, as capital goods, automobile and information technology (IT) stocks rose.

However, selling pressure was observed in the consumer durables, oil and gas and power sectors.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,995.39 points, was trading at 21,067.12 points in the pre-noon session, up 80.13 points or 0.38 percent around 2.00 pm from the previous day's close at 20,986.99 points.

Sensex trades flat; bank, healthcare stocks up

SensexMumbai, Feb 17 : A benchmark index of Indian equities markets was trading flat with a mere gain of 43 points at 11.30 a. m. Monday as Finance Minister P. Chidambaram began presenting the interim budget for 2014-15 in the Lok Sabha.

Good buying was observed in bank, healthcare and information technology (IT) stocks. However, metal, automobile and oil and gas scrips declined.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,438.87 points, was trading at 20,410.25 points in the late morning session, up 43.43 points or 0.21 percent from the previous day's close at 20,366.82 points.

Average couples would earn £44,000 extra if wage were higher

housing pricesAccording to a new report, if the wages had risen at the same page as the housing prices in the UK, an average couple would be earning £44,000 a year more today.

The report states that if the salaries had risen as fast as house prices since 1997, people would be earning tens of thousands of pounds more each year. It showed that in most expensive region, house price-earnings gap reached the £100,000 barrier. The average annual household's earnings would have to be £158,000 higher than actual today in Westminster in London if wages rose along with the housing prices.

India’s trade deficit narrows to US$9.92 billion in January

Sanjay BudhiaIndia's trade deficit in January narrowed to US$9.92 billion versus US$18.97 billion in the corresponding month of last year, thanks to steep fall in imports and a considerable increase in exports.

According to data released by the trade ministry, the country's imports slipped 18.07 per cent year-on-year to $36.57 billion in January, helped by a 77 per cent year-on-year decline in imports of gold and silver. Oil imports slipped
10.1 per cent to $13.19 billion. It was the steepest decline recorded since March last year.

Three Delhi discoms move larger high court bench against CAG audit

CAGThree private-sector power distribution companies (discoms) on Friday moved the Delhi High Court after a single judge bench refused to stay audit of their accounts by national auditor CAG.

On January 7, the Aam Aadmi Party (AAP)-led government had ordered CAG audit of Tata Power Delhi Distribution (TPDDL), Reliance Anil Dhirubhai Ambani Group firms BSES Rajdhani Power and BSES Yamuna Power. The discoms challenged the order in the high court. But, a single judge bench, on January 24, refused to stall the CAG audit of their accounts and asked them to co-operate with the auditor by furnishing the required details.

Sensex closes 49 points up

Sensex closes 49 points upMumbai, Feb 5 : A benchmark index of Indian equities markets Wednesday closed 49 points or 0.24 percent up, recouping earlier losses.

Good buying was seen in auto, metal and IT sectors, while selling pressure was observed in fast moving consumer goods (FMCG) scrips.

The 30-scrip S&P Sensex of the Bombay Stock Exchange (BSE), which opened at 20,241.12 points, closed at 20,261.03 points, up 49.10 points or 0.24 percent from its previous day close at 20,211.93 points.

The Sensex touched a high of 20,289.33 points and a low of 20,076.10 points intra-day.

Federal Reserve cut stimulus by another $10 billion

US Federal ReserveThe US Federal Reserve has said that it will cut its fiscal stimulus programme by another $10 billion as the US economy shows signs of a strong economic revival.

SC refuses to allow Subrata Roy to leave country

Subrata RoyThe Supreme Court on India once again refused to allow Sahara Group chief Subrata Roy to go abroad, declaring that it would grant permission only after the group furnishes all details relating to refunding Rs 20,000 crore of investors money.

When Roy's lawyer C. A. Sundaram argued in the court that his client wasn't personally liable to refunding the investor money and that he was being needlessly held up in India, the court said the delay in furnishing the required details had been by Saharas.

A bench of Justice KS Radhakrishnan and Justice JS Khehar also said that Roy could give the details and leave immediately.

Half of UK residents facing problems in paying bills

PaingCitizens Advice has said that about half of the people in the UK are finding it difficult to pay bills and will have to cut spending in order to pay bills over the next year.

According to a study by the consumer group, about 58 per cent of the people said that they are concerned over higher bills and said that it will affect their finances. About 53 per cent or 27 million people said that they will have to cut spending to cope with the higher bills. The study showed that 20 per cent of British households are struggling or falling behind with their bills and 32 per cent said that they are paying the bills but are struggling to meet expenses.

Mortgage approvals reach six year high in December

British Bankers AssociationAccording to the latest figures released, the total number of mortgage approvals granted to home buyers in the UK reached its highest level in six years during the month of December.

The British Bankers' Association (BBA) said that the mortgage borrowing reached its highest level since 2008 in 2013. The country's housing sector has recorded growth due to supportive schemes from the government. Demand for housing units remained much higher than availability and this pushed up prices across the UK including in southern England.

Ennore Port signs car export pact with Ford

Ennore Port LtdEnnore Port Ltd (EPL) has signed an agreement with the Indian division of U. S.-based auto giant Ford for export of cars through the port.

The agreement was signed by Ennore Port Chairman & Managing Director M A Baskarachar and Ford India Executive Director Tom Chackalackal in the presence of Union Shipping Minister G K Vasan on Tuesday.

Under the terms of the agreement, which is for a period of 10 years, Ennore Port will provide various volume-based discounts to the car maker to encourage more exports via its facility.

Sensex gains 162 points during pre-noon session

Bombay-Stock-ExchangeMumbai, Jan 10 : A benchmark index of Indian equities markets gained 161.55 points or 0.78 percent in the pre-noon trade Friday.

Good buying was observed in IT, oil and gas and technology, media and entertainment (TECK) sectors while selling pressure was seen in auto sector.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,760.72 points, was trading at 20,874.92 points in the pre-noon session, up 161.55 points or 0.78 percent from the previous day's close at 20,713.37 points.

Bolland faces pressure over festive business figures

Marc BollandMarc Bolland, the chief executive of Marks & Spencer's is expecting encouraging figures following this winter shopping season as analysts raised doubts over the company's strategy to focus on younger shoppers instead of its older target group.

Textron to acquire aircraft maker Beechcraft Corp

TextronTextron Inc has said that it has agreed to acquire fellow plane maker Beechcraft Corp in a deal valued at $1.4 billion.

Textron, which is the manufacturer of Cessna planes and the Bell helicopter, will expand its per cent in the aviation market with the acquisition. Beechcraft has emerged from bankruptcy protection in February and has been looking for a buyer of its jet businesses as the company has been losing money on the division.

Toshiba to acquire 50 percent stake in the NuGen project

ToshibaToshiba has said that it is planning to acquire a 50 per cent stake in in a venture that is planning to develop a new generator at Sellafield.

Japanese giant has indicated that it is planning to acquire a majority of the £8.5billion project that will significantly boost the UK's Nuclear energy sector. The project is currently owned by French firm GDF Suez and Scottish Power's Spanish owner Iberdrola. Iberdrola has said that it will sell its 50 percent holding to Toshiba for £85million.

RCL, RTL allowed to exit USOF project without penalty

Reliance Communications LtdReliance Communications Ltd (RCL) and its wholly-owned subsidiary Reliance Telecom Ltd (RTL) have finally been allowed by the government to exit from all non-implemented Universal Services Obligation Fund (USOF) sites across the country.

Under the USOF project, mobile phone operators receive subsidy to share infrastructure and offer telephony services in specified rural and remote areas.

RBI not changing interest rates prudent: IOB chairman

M-NarendraChennai, Dec 18 : The RBI's decision to leave interest rates unchanged in its mid-quarter monetary policy review was a "prudent move", Indian Overseas Bank (IOB) chairman M. Narendra said Wednesday.

"The RBI's action to pause on policy rates is a welcome and prudent move at the present juncture," Narendra said in a statement.

"Money market conditions are likely to continue at the present level for the time being. The bond yields are likely to soften with an eye on future data," he added.

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