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VASCON ENGINEERS

Sells 85% of units in Project Forest Edge on day of launch

BSE

Board approves buyback of upto Rs 166 Cr At Rs 1,100/Sh

JUBILANT LIFE

Gets environment approval for pesticide plant in Gujarat

INDIAN HOTELS

Taj Mansingh Bidding may be delayed by a month

Business Standard Reports

BANK OF INDIA

Defers Rs 3,000 Cr QIP as Govt Infuses Rs 2,257 Cr

Business Line Reports

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    34,771.05 72.46   (-0.21 %)
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    10,700.45 41.10   (-0.38 %)
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News In Brief

 

    Qatar central bank chief: will consider issue of virtual currencies

    Doha: Qatar’s central bank will consider the issue of virtual currencies and there may be opportunity in future to introduce them in Qatar, central bank governor Sheikh Abdullah bin Saud al-Thani said on Tuesday.

    Sheikh Abdullah made the remark as he delivered a speech on Qatar’s plans to build a hub for financial technology, known as fintech.Asked about his stance towards bitcoin, Sheikh Abdullah said the central bank would not focus on a single virtual currency, but would look at how to set best practice for such currencies.

    (Reuters) 

    Ericsson books Q4 goodwill impairment in digial and media arms

    Stockholm: Swedish mobile network gear maker Ericsson booked an impairment of 14.2 billion crowns ($1.8 bn) in the fourth quarter, related primarily to goodwill in its digital and media operations, hitting operating income but not cashflow.

    It had flagged in December it may make a goodwill impairment at its struggling digital services and media businesses. “The majority of goodwill originates from investments made 10 years ago or more, and has limited relevance for Ericsson’s business going forward,” Ericsson said in a statement.

    (Reuters)

    Ukraine's PrivatBank used for shady deals and money-laundering: Central bank

    Kiev: Ukraine’s PrivatBank was used for money-laundering and shady deals where 95 percent of corporate loans went to companies related to the former owners, the central bank said on Tuesday, citing a probe it commissioned by the global agency Kroll.

    “The investigation has identified that PrivatBank was subjected to a large scale and coordinated fraud over at least a 10-year period ending December 2016, which resulted in the Bank suffering a loss of at least $5.5 billion,” the central bank said in a statement.

    (Reuters)

    India's imports of Iran oil in Dec scheduled to rise to most since March: source

    Tokyo: India was scheduled to lift its biggest volume of Iranian crude in nine months in December, helping to shore up the OPEC producer’s oil exports to Asia last month, said a person with knowledge of the country’s tanker loading schedule.

    Asian buyers were scheduled to lift 1.92 million barrels per day (bpd) of Iranian crude in December, down 7 percent from the actual loadings in the previous month, the source said.

    (Reuters)

    EU court upholds order for EDF to repay French state aid

    Brussels: An EU court ruled on Tuesday that the European Commission had been right to order France to recover 1.37 billion euros (1.22 billion pounds) in state aid from utility group EDF (EDF.PA).

    The Commission took the decision in 2015 after the court had annulled an earlier repayment order. The court said that EDF had repaid the amount in October 2015, although it then had brought a challenge to the General Court of the European Union, the EU’s second-highest court.

    (Reuters) 

    Romania's president nominates defence minister Fifor as interim PM

    Bucharest: Romania’s centrist President Klaus Iohannis named Social Democrat Defence Minister Mihai Fifor as interim prime minister on Tuesday, to replace outgoing Mihai Tudose who resigned after losing the support of his party on Monday.

    Iohannis told reporters he wanted a “swift procedure to form a new government to avert political uncertainty and harm to the economy”. Iohannis also said consultations with political parties to find a new premier are due to start on Wednesday.

    (Reuters)

    China's Yunnan Capital has repaid overdue trust loans: Xinhua

    Beijing: China’s Yunnan State-owned Capital Operation Co has repaid overdue trust loans in full to Zhongrong International Trust, state media Xinhua News Agency reported on Tuesday.

    Reuters reported on Monday citing sources that Yunnan Capital, fully owned by the provincial government’s state asset regulator, missed payments of more than 900 million yuan that it had borrowed through two trust products issued by the Harbin-based Zhongrong.  Those missed payments came amid growing fears that financing vehicles used by local governments throughout China, often for vanity projects that ran up large amounts of debt, may start to default this year.

    (Reuters)

    Turkish army chief says will not allow support for Syrian Kurdish militia: Media

    Istanbul: Turkish armed forces chief General Hulusi Akar said on Tuesday Turkey will not allow the Syrian Kurdish YPG militia to receive support and said NATO should not differentiate between terrorist groups, state-run Anadolu agency reported. 

    He was speaking at a NATO meeting in Brussels. NATO-member Turkey was angered after the U.S.-led coalition said on Sunday it was working with the mainly Kurdish YPG-led Syrian Democratic Forces (SDF) to set up a new 30,000-strong border force in Syria.

    (Reuters)

    UAE to lodge aviation complaint against Qatar at UN agency

    Dubai: The United Arab Emirates will lodge a complaint against Qatar at the United Nations aviation agency on Tuesday after Qatari fighter jets twice intercepted UAE civilian aircraft during routine flights to Bahrain, a UAE official said. 

    The UAE will accuse Qatar of violating the Chicago Convention in its complaint to the International Civil Aviation Organization (ICAO), UAE General Civil Aviation Authority Director-General Saif Mohammed al-Suwaidi told Reuters.

    (Reuters)

    US report detailing new Russia sanctions to be issued on Jan.29: TASS

    Moscow: A U.S. report detailing new sanctions against Russia will be published on Jan. 29, the TASS news agency cited U.S. Ambassador to Russia Jon Huntsman as saying on Tuesday. 

    Washington is expected to impose fresh penalties against Russia for its alleged meddling in the 2016 U.S. presidential vote, an allegation Russia has repeatedly denied.

    (Reuters)

    Norway's sovereign fund excludes nine more firms on ethics grounds

    Oslo: Norway’s $1.07 trillion sovereign wealth fund has excluded nine more companies from its portfolio based on breaches of its ethical investment criteria, the Norwegian central bank, which manages the fund, said in a statement on Tuesday.

    Evergreen Marine Corp (Taiwan) Ltd, Korea Line Corp, Precious Shipping PCL, Atal SA and Thoresen Thai Agencies PCL were among those that were excluded. AECOM, BAE Systems, Fluor Corp and Huntington Ingalls Industries Inc were also removed from the portfolio, while the earlier exclusion of Honeywell International Inc was maintained. Pan Ocean Co. Ltd was placed under observation, the central bank added.

    (Reuters)

    V-Guard board to meet next week to consider fund raising

    New Delhi: Consumer electrical and electronics appliances maker V-Guard Industries today said its board will meet next week to consider a proposal of raising funds.

    "A meeting of the the board of Directors of V-Guard Industries scheduled on January 22 will ... consider the proposal of raising funds," V-Guard Industries said in a regulatory filing. The company, however, did not elaborate on the quantum of funds it plans to raise. Shares of V-Guard settled 0.02 per cent lower at Rs 232.50 per scrip on BSE today.

    (PTI) 

    Erdogan says Turkish operation in Syria's Afrin to be supported by rebels

    Ankara: President Tayyip Erdogan said on Tuesday that Turkey’s planned military operation against Kurdish militia forces in Syria’s Afrin region will be supported by Syrian rebel fighters.

    His comment to reporters in parliament was the latest in a series of warnings about an imminent operation targeting Afrin after the U.S.-led coalition said it was working with Kurdish-led forces to set up a new 30,000-strong border force in Syria.

    (Reuters)

    RBI sets rupee reference rate at 63.7602 against US dollar

    Mumbai: The Reserve Bank of India today fixed the reference rate of the rupee at 63.7602 against the US dollar and 78.2019 for the euro.

    The corresponding rates were 63.4125 and 77.4457, yesterday. The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 87.9126 and 57.50 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.

    (PTI) 

    Premier Foods Q3 sales up on non-branded products

    London: Premier Foods, owner of Mr Kipling cakes and Oxo stock cubes, reported higher third-quarter sales on Tuesday, helped by strength in its non-branded products.

    The company said sales for the quarter rose 4 percent to 261.4 million pounds ($360.3 million), with branded sales up 0.7 percent and non-branded rising 17 percent. The company said its expectations for the current year were unchanged and that net debt at the end of 2018 will be lower than the prior year. 

    (Reuters)

    Dunelm second quarter comparable sales rise 3.4 percent

    British homewares retailer Dunelm Group Plc (DNLM.L) said on Tuesday its comparable sales rose 3.4 percent in the second quarter, helped by higher online sales. 

    The company said revenue rose 13.6 percent to 297.5 million pounds in its second quarter ended Dec. 30. Dunelm, which sells cushions, bedding and kitchen equipment, said it expects margin improvement in the second half.

    (Reuters)

    Carillion collapse hits banks and investors, boosts short sellers

    London: Leading British lenders including Barclays (BARC.L), the Royal Bank of Scotland (RBS.L) and Lloyds Banking Group (LLOY.L) face the prospect of hundreds of millions of pounds in outstanding loans going unpaid from Carillion’s collapse on Monday. 

    Along with 10 other banks, they arranged a 790 million pound ($1.1 billion) revolving credit facility for Carillion in 2015, which made up the bulk of 835 million pounds worth of syndicated bank loans owed by Carillion that mature in 2020.

    (Reuters)

    Provident Financial sees FY loss of 120 mn pounds at consumer credit unit

    Provident Financial (PFG.L), which is battling unresolved problems at its door-to-door lending business, said it expected to report a pre-exceptional loss of about 120 million pounds at the consumer credit division, at the upper end of its guidance.

    “This reflects a lower than expected rate of reconnection through the fourth quarter with those home credit customers whose relationship had been adversely impacted following the poorly executed migration to the new operating model in July 2017,” the company said on Tuesday.

    (Reuters)

     

    Britain scrambles two Typhoon jets to intercept Russian planes

    London: Britain scrambled two Royal Air Force Typhoon jets on Monday from Scotland to intercept Russian planes near the United Kingdom’s airspace, a defense ministry spokesman said.

    The Typhoons were scrambled from RAF Lossiemouth in Moray, Scotland.  “This is a live operation and therefore we will not be providing any additional information until the mission is complete,” the spokesman said.

    (Reuters)

    China December FDI falls 9.2 percent year-on-year: commerce ministry

    Beijing: Foreign direct investment (FDI) into China in December fell 9.2 percent year-on-year to 73.94 billion yuan ($11.49 billion), the commerce ministry said on Tuesday. 

    For 2017, FDI rose 7.9 percent to 877.56 billion yuan.China faces relatively large external pressures to attract foreign investment in 2018, the ministry said in a statement on its website.

    (Reuters) 

    Czech PM Babis to ask lawmakers to lift his parliamentary immunity

    Prague: Czech Prime Minister Andrej Babis said on Tuesday he would ask lawmakers lift his parliamentary immunity to face allegations of EU subsidy fraud.

    Police are investigating whether he illegally received a 2 million euro EU subsidy a decade ago by hiding ownership of a farm and conference centre. Babis denies wrongdoing.  Babis was speaking before a parliamentary committee meets on Tuesday to make a recommendation on whether to lift Babis’s immunity from prosecution that he is granted as an elected member of the chamber.

     (Reuters) 

    Foodgrains, Oilseeds markets closed on 'Uzhavar Day'

    Chennai: Foodgrains, Oilseeds, and vegetable markets are closed today on account of 'Uzhavar Day' (Pongal Holidays).

    (PTI)

    Thailand welcomed a record 35.38 million tourists in 2017: ministry

    Bangkok: Thailand welcomed a record 35.38 million foreign tourists in 2017, up 8.8 percent from the previous year, the tourism ministry said on Tuesday

    Thailand’s December tourist arrivals were seen at 3.5 million, the ministry said in a press release, up 15.1 percent from a year earlier.The ministry attributed growth in 2017 to increase numbers of tourists from China and East Asia.

    (Reuters) 

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