Depository of News

US Justice Department probes Musk statement on taking Tesla private

The probe by the Justice Department, which can press criminal charges, comes on top of a civil probe by the Securities and Exchange Commission and shareholder lawsuits.

China will use trade war with US to replace imports: Chinese state media

The People#39;s Daily newspaper, which is published by the ruling Communist Party, made the comments in a front-page article in its overseas edition on Wednesday.

Why is Japan#39;s monetary policy so unpopular with banks?

The negative interest rate policy, however, cut margins in half, and it became more difficult for banks to make money.

Expert panel says firms failed to submit coherent data on safety, efficacy of fixed dose drugs

The report said the published literature provided by drug companies to justify their FDCs were not relevant and relied on a few biased studies

Amazon looking to launch up to 8 Alexa-powered devices: report

The new devices include an amplifier, microwave, subwoofer, receiver, and an in-car gadget

Indian police scrutinize major law firm in PNB fraud probe after documents moved

In what has been dubbed as India#39;s biggest bank fraud, PNB in January alleged that billionaire diamond jeweller Nirav Modi and his uncle had for years fraudulently raised billions of dollars in foreign credit by conspiring with staff at the bank.

SC asks Numetal to establish subterfuge charge against ArcelorMittal in divesting shares

The observation by the court came when NuMetal accused steel and mining major ArcelorMittal of cheating Indian banks of Rs 7,000 crore owed by Uttam Galva Steels and KSS Petron by selling its shares just before bidding for Essar Steel.

Vistara to offer tickets at steep discounts

The #39;Fly With The Best#39; sale would be from 0001 hours till 2359 hours on Wednesday. The bookings would be for travel between September 27, 2018 and April 10, 2019.

Global Markets: Stocks rise as no harm seen in trade row, dollar steady

MSCI#39;s gauge of stocks across the globe gained 0.43 percent and the pan-European FTSEurofirst 300 index rose 0.02 percent. Wall Street was higher.

Nestle, Unilever, Coke make bids in $4 billion-plus GSK India sale

Initial bids were due on September 17 and the three consumer goods giants are seen as frontrunners for a business that offers a significant footprint in a fast-growing emerging market.

Bank unions oppose proposed merger of three banks led by BoB

Opposing the central government#39;s decision to merge three banks AIBEA General Secretary C H Venkatachalam said there is no evidence that merger of banks would strengthen the banks or make them more efficient.

Suresh Prabhu woos Australian pension funds

The bilateral trade between India and Australia increased to $18 billion in 2017-18 from $14.11 billion in the previous fiscal. Trade balance is highly in favour of Australia.

Flipkart Internet gets over Rs 3462 cr infusion from Singapore entity

The fund infusion -- done in two tranches -- will provide more ammunition to Flipkart, which is locked in an intense battle with US-based Amazon for leadership in the burgeoning Indian e-commerce market.

India signs $74 million loan pact with World Bank for Uttarakhand

The project objective is to improve the quality and relevance of training at priority Industrial Training Institutes (ITIs) and to increase the number of labour-market-relevant workers through short term training

Blockchain startup Ripple set to launch new crypto-based product xRapid

The new product will allow banks and payment providers the ability to process cross-border transactions faster

Finance Minister to meet PSU banks chiefs next week; to review financial performance

The meeting scheduled for September 25 would discuss a host of issues, including progress made with regard to reduction in non-performing assets, sources said.

ILFS Transportation Network to get Rs 425 crore compensation from NHAI

NHAI and ILFS Transportation Networks have reached a settlement over various claims filed against NHAI in relation to the project, the company said in a BSE filing.

SEBI puts Pancard Clubs#39; properties with a reserve price of Rs 743 crore on sale

Besides, for the auction of five vehicles, SEBI has sought C1 India Pvt Ltd for sale of vehicles, regulator added.

Amazon India eyes more than 50 Fulfilment Centres in 13 states by year end

Amazon#39;s largest Fulfilment Centre in Karnataka was opened near Attibele on the Karnataka-Tamil Nadu border, close to Bengaluru on September 18, with a view to enhancing customer experience ahead of the festive season.

Reliance Capital to exit all non-financial business in 12-18 months

He said the company is looking to list it#39;s general insurance company, Reliance General Insurance, in the current financial year.

Visa, Mastercard reach $6.2 billion settlement over card-swipe fees

Visa and Mastercard previously reached a $7.25 billion settlement with the merchants in the case, but that deal was thrown out by a federal appeals court in 2016 and the US Supreme Court last year refused to revive it.

Can Alok Sonig bring the mojo back to Lupin#39;s US generics business?

The company said Sonig will lead and have overall responsibility for the US generics business including Research amp; Development in India and the US and the Commercial side of the business in the US.

Almirall gets European Commission approval for psoriasis drug : Sun Pharma

In July 2016, Sun Pharma out-licensed Ilumetri (tildrakizumab) to Almirall, for the development and commercialisation of the product in Europe.

Nasscom launches next phase of 10,000 Startups programme

Building on the momentum of the first phase of the 10,000 Startups, Accelerate 10X is a six-month programme divided in phases of 45 days each, and will focus on three key aspects - product, technology and access to patient capital.

Government may take steps to increase import duty to cut current account deficit

India’s current account deficit widened to a four-quarter high at 2.4 percent of gross domestic product (GDP) in the April-June period from 1.9 percent in the January-March quarter of 2017-18.

Morgan Stanley says India growth on recovery path; stocks to move higher over next 2 years

In an interview to CNBC-TV18, Ridham Desai, India equity strategist, said that over the next two years, Indian stocks would move higher.

Podcast | Editor#39;s pick of the day – All you need to know about Bank of Baroda, Vijaya Bank, Dena Bank merger

The proposed merger of Bank of Baroda, Dena Bank, and Vijaya Bank; what the merger does to the NPA problem; the wisdom (or the lack thereof) of a move like this; and immediate history has taught us about mergers like this – these will be among the many t

Godrej Consumer Products eyes Rs 100-crore revenue from male grooming segment

The company would be focusing on tier I, II and III markets for male grooming products and is also looking at e-commerce to drive sales.

Adidas calls for stable import duty rates in India

The company, which sells both locally-sourced and imported products, also said making it «too difficult to import» could prevent bringing the best products to India.

Bank of Baroda, Vijaya Bank, Dena Bank merger: New entity to be operational from April 1

These three state-run banks would work on strict timeline and necessary regulatory process is expected to be over by the end of 2018-19, they said adding that the merged entity should be operational from April 1, 2019.

Bengal planning to help tech firms in upcoming Silicon Valley Hub

Last month, West Bengal Chief Minister Mamata Banerjee had laid foundation for the setting up of the Silicon Valley Hub on 200 acres of land.

Punjab National Bank shareholders approve ESPS scheme; Rs 2,816 crore capital infusion by government

The shareholders at the annual general meeting of the PNB held here gave permission to offer, issue and allot up to 10 crore of equity shares of face value of Rs 2 to employees under Employee Stock Purchase Scheme (ESPS).

Podcast | Digging deeper - How a celebrity and doctor’s portfolio compares to a common man’s

How are the portfolios of celebrities different from the rest of ours and is there a leaf we can pick out of their books for our own portfolio? Listen in to find out.

Ferrari says most of its cars will be hybrid by 2022

The company known for its low-slung aerodynamic sports cars will also launch its first SUV Purosangue after the end of the current business plan in 2022.

Comment | Who’s the next LIC or BoB of the beleaguered PSU banks?

Since there are many problematic banks and few with strong balance sheets, it wouldn’t be a surprise to see banks like Canara Bank and State Bank of India being dragged to the altar to take responsibility of distressed banks.

SEBI lowers IPO listing timeline to T 3 from current T 6

The new regulation is expected to further bring down investors exposure to market volatility.

Louvre Hotels to add 32 new properties in India, set up 10 Kyriad hotels every year

Mid-market brand, Kyriad will open seven more properties in addition to the eight hotels already operational in India. Sarovar Hotels will have 15 more properties whereas Golden Tulip will have 10 more properties.

Indian Hotels Company inks pact for new Taj hotel in Dubai

The new Taj hotel is a greenfield project slated to open in early 2022 and would be part of Deira Waterfront Development.

See great value in omni-channel retail with Flipkart acquisition: Walmart India

Walmart India President and CEO Krish Iyer said demonetisation played an extremely important role in the formalisation of economy and it, along with GST implementation, helped the retail sector grow.
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