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LATEST BUSINESS, FINANCE AND MARKET NEWS

  • Indian economy to grow 7.5 percent in 2015-16: World Bank

    Chennai, April 28 (IANS) With decline in oil and commodity prices, the Indian economy is expected to grow by 7.5 percent in 2015-16, 7.9 percent the next fiscal and 8 percent in 2017-18, the World Bank said in its India Development Update report on Tuesday. "Aided by a supportive external … More »

    IANS - 12 minutes ago
  • Ford 1st-qtr profit misses expectations, 2015 profit outlook affirmed

    Ford 1st-qtr profit misses expectations, 2015 profit outlook affirmed

    Ford Motor Co reported a first-quarter profit that was less than analysts expected, selling fewer vehicles in North America as it worked to increase production of the redesigned F-150 pickup truck, and losing money in South America. The company raised its forecast for North American operating … More »

    Reuters - 39 minutes ago
  • Wockhardt to recall some drugs made in India after U.S. FDA concerns

    Generic drugmaker Wockhardt Ltd said on Tuesday it would recall some drugs manufactured at its two plants in India before the U.S. Food and Drug Administration (FDA) banned those sites due to quality concerns. The FDA banned U.S. exports from Wockhardt's Waluj and Chikalthana plants in western … More »

    Reuters - 41 minutes ago
  • 'Foreign investors apprehensive about retrospective tax demands'

    New Delhi, April 28 (IANS) With the Delhi High Court to resume hearing on Wednesday on the Rs.20.495 crore tax case slapped on Cairn India, experts voiced the apprehensions of foreign investors about an adversarial tax regime. "Foreign investors expect stability and clarity in tax policy, which … More »

    IANS - 48 minutes ago
  • US asks India to resolve land acquisition, FDI issues

    New Delhi, April 28 (IANS) The US on Tuesday asked India to resolve land acquisition and foreign direct investment issues so as to attract funds for infrastructure and smart city projects. "Land acquisition, foreign direct investment and other questions still remain unresolved," US ambassador … More »

    IANS - 50 minutes ago
  • Rs.4.85 lakh crore tax due from corporates

    New Delhi, April 28 (IANS) Corporates owed over Rs.4.85 lakh crore to the government as outstanding dues under direct and indirect taxes towards the end of the last fiscal, parliament was told on Tuesday. "The total outstanding tax demand pending collection under the head corporate tax under the … More »

    IANS - 52 minutes ago
  • BSNL asked to improve services, regain public confidence

    New Delhi, April 28 (IANS) Communications and IT Minister Ravi Shankar Prasad has asked state-run Bharat Sanchar Nigam Ltd (BSNL) to improve services and ensure that better quality of signals is maintained, specially in the border and extremism-affected areas, and regain confidence of people. He … More »

    IANS - 1 hour 12 minutes ago
  • Bharti Airtel's Q4 net surges 30 percent

    New Delhi, April 28 (IANS) Bharti Airtel has posted 30.5 percent growth in its net profit at Rs.1,255 crore for the quarter ended March 2015 against Rs.962 crore posted in the corresponding quarter last year, a company statement said here on Tuesday. "The year has ended on a healthy note, with … More »

    IANS - 1 hour 28 minutes ago
  • Shell to raise Hazira LNG plant capacity by 50 percent in 2016/17

    Hazira LNG Ltd will expand the capacity of its liquefied natural gas (LNG) terminal on the west coast by 50 percent to 7.5 million tonnes per annum (mtpa) in the fiscal year to March 2017, a government panel report said. Royal Dutch Shell owns through its unit Shell Gas a 74 percent stake in … More »

    Reuters - 1 hour 38 minutes ago
  • 'Slight tweaking of business model for pension business to succeed'

    Chennai, April 28 (IANS) The pension sector would see more new players and higher sales if the business model is slightly changed, increasing the fee for fund managers and allowing even the insurance agents to sell the schemes, say industry officials. Industry experts categorically told IANS … More »

    IANS - 1 hour 55 minutes ago
  • Sale of preferential quota sugar to EU, US liberalised

    New Delhi, April 28 (IANS) India's commerce ministry on Tuesday liberalised the sales of preferential quota sugar to the European Union (CXL quota) and the US (TRQ quota), thus allowing all exporters and not just state trading enterprises (STEs) avail of the quota benefits. This will however be … More »

    IANS - 2 hours 4 minutes ago
  • Bharti Airtel Q4 profit up 30.5 percent, lags forecast

    India's top mobile carrier Bharti Airtel reported a 30.5 percent rise in quarterly net profit, helped by strong subscriber growth for its mobile data services, although the rise was smaller than expected. ... … More »

    Reuters - 2 hours 14 minutes ago
  • Idea Cellular net profit up by 62.26 percent

    Mumbai/Kolkata, April 28 (IANS) Aditya Birla group-owned Idea Cellular on Tuesday said its consolidated net profit during 2014-15 soared by 62.26 percent at Rs.3,192.9 crore against Rs.1,967.8 crore for the previous year. The company, in a statement, however, said that on account of the changes in … More »

    IANS - 2 hours 16 minutes ago
  • "Flash crash" accused trader due back in court after failing to raise bail

    Navinder Sarao, the British trader accused of helping provoke the 2010 Wall Street "flash crash", is due to appear in a London court on Wednesday after failing to raise the bail needed to secure his release from custody, a court official said. Sarao, 36, who traded from his parents' modest home in … More »

    Reuters - 2 hours 53 minutes ago
  • Vedanta's Zambia unit halts copper production after power outage

    Vedanta Resources' Zambian unit, Konkola Copper Mines (KCM), halted production on Monday after a nationwide power outage, a company spokesman said on Tuesday. Operations at the tailings leach plant had also ceased and the impact on output and financial losses were across KCM, he said, but could … More »

    Reuters - 3 hours ago
  • SEBI to take six months time to study listing of stock exchanges

    Mumbai, April 28 (IANS) Indian securities market regulator, SEBI, is expected to take at least around six months to decide on the listing of stock exchanges but after the merger of Forward Markets Commission (FMC) with it, said its chief on Tuesday. Securities and Exchange Board of India (SEBI) … More »

    IANS - 3 hours ago
  • Deutsche Bank's co-CEO Fitschen goes on trial over Kirch case

    Deutsche Bank's co-chief executive Juergen Fitschen went on trial on Tuesday, accused of giving misleading evidence in connection with the collapse in 2002 of the Kirch media empire in a case that could prove a major distraction at a time when the bank is undergoing a strategic overhaul. In one … More »

    Reuters - 3 hours ago
  • "We're looking" at HQ issues, Standard Chartered says

    "We're looking" at HQ issues, Standard Chartered says

    Asia-focused bank Standard Chartered (STAN.L) said the location of its headquarters is under constant review and a big increase in a tax on banks in Britain meant it was watching the situation closely. "At the moment it's something we're watching, we're looking at, we're thinking about, but at … More »

    Reuters - 3 hours ago
  • Startup Rubix unveils wireless charging battery, case

    Washington, Apr. 28 (ANI): Tech startup Rubix has developed a slap a magnetized Qi wireless charging case called On Case on your phone and then let it snap onto a magnetized wireless charging battery called ... … More »

    ANI - 4 hours ago
  • Tencent unveils an operating system for smart-watches, TVs

    Washington, Apr. 28 (ANI): Tencent has introduced an operating system for smart-watches, TVs and other internet-connected devices. … More »

    ANI - 4 hours ago
  • Microsoft to launch new apps and add-ins for Outlook.com email service

    Washington, Apr. 28 (ANI): Microsoft is preparing for launch of new apps and add-ins for Outlook.com email service later this week. … More »

    ANI - 4 hours ago
  • Odisha to provide iron ore linkage to local industries

    Bhubaneswar, April 28 (IANS) With many small and large mineral-based industries facing a shortage of iron ore, the Odisha cabinet on Tuesday approved the supply of 70 percent of the ore mined in the state to local industries. Modifying the long-term ore linkage policy to state-based industries, … More »

    IANS - 4 hours ago
  • Idea Cellular Q4 profit jumps 60 percent

    Idea Cellular Ltd on Tuesday posted a better-than-expected 60 percent jump in quarterly profit, helped by higher data revenue and strong subscriber growth. Net profit was 9.42 billion rupees in the fourth ... … More »

    Reuters - 4 hours ago
  • Tsipras presses for May debt deal, says referendum possible

    Tsipras presses for May debt deal, says referendum possible

    Greek Prime Minister Alexis Tsipras said on Tuesday he was confident of an outline deal with international creditors within two weeks, after shaking up his negotiating team and sidelining his finance minister who has infuriated euro zone partners. Tsipras also said he would have to resort to a … More »

    Reuters - 4 hours ago
  • India to continue with coal block auctions - official

    The government will continue the process of auctioning coal blocks after successfully putting 33 mines under the hammer earlier this year, a senior government official said on Tuesday. Speaking to reporters in Mumbai, R.N Choubey, special secretary of the ministry of power, said 18,000 to 19,000 … More »

    Reuters - 5 hours ago
  • Snapchat hires star CNN reporter as Head of News

    Washington, Apr. 28 (ANI): Peter Hamby, one of CNN's best political reporters, has joined Snapchat's news division. … More »

    ANI - 5 hours ago
  • Govt. asks BSNL to improve services

    New Delhi, Apr. 28 (ANI): The Bharat Sanchar Nigam Limited (BSNL) has been asked to improve services and ensure that better quality of signal is maintained specially in the border and extremism affected ... … More »

    ANI - 5 hours ago
  • LuvIt to take on chocolate biggies

    Chennai, April 28 (IANS) Global Consumer Products, the packaged foods start-up launching its LuvIT chocolate brand on Tuesday, is in talks with some foreign companies for technology to launch new varieties, a top official of the company said. Following an asset-light policy we have outsourced the … More »

    IANS - 5 hours ago
  • Bengal minister slams Centre for ignoring consumer protection

    Kolkata, April 28 (IANS) Slamming the Centre for ignoring consumer rights' protection, West Bengal Consumer Affairs Minister Sadhan Pande on Tuesday said it needs to allocate more funds to the states. He has not attended a single meeting with the (union) consumer (rights' protection) ministers," … More »

    IANS - 5 hours ago
  • UK unions give Tata Steel notice of industrial action ballot

    British steel unions have given official legal notice to Tata Steel UK (TISC.NS) about their intention to start balloting some 17,000 members for industrial action from May 6, one day before the country's general election. The unions are locked in a dispute with the company about its proposal to … More »

    Reuters - 5 hours ago
  • India confident on inflation even with sub-par monsoon - Sinha

    India confident on inflation even with sub-par monsoon - Sinha

    India will be able to manage potential inflationary pressures if forecasts of sub-par monsoon rains this summer are borne out, junior finance minister Jayant Sinha told Reuters in an interview. "Just like we have done in the past, we are very confident that this year as well we will be able to … More »

    Reuters - 5 hours ago
  • China's gold imports from Hong Kong hit 7-month low in March

    China's gold imports from Hong Kong hit 7-month low in March

    China's gold imports from Hong Kong dipped to their lowest level in seven months in March, data showed on Tuesday, as demand eased in the world's second-biggest consumer. Net gold imports from main conduit Hong Kong dropped to 66.363 tonnes from 67.575 tonnes in February, according to data emailed … More »

    Reuters - 6 hours ago
  • Refining helps BP and Total weather oil price storm

    Refining helps BP and Total weather oil price storm

    LONDON/PARIS (Reuters) - BP and Total reported higher than expected profits on Tuesday thanks to steep increases in profits from refining, showing the resilience of global oil firms in the face of slumping oil prices. Large oil companies have closed down dozens of refineries in the past few years … More »

    Reuters - 6 hours ago
  • World stocks cool ahead of Fed, pound skids on disappointing GDP

    World shares shuffled away from all-time highs on Tuesday as surging Chinese stocks took a breather and investors began to retreat to the sidelines ahead of the Federal Reserve's policy meeting. The figures were seen as loaded with significance coming just nine days before an election and its … More »

    Reuters - 6 hours ago
  • Oil falls as U.S. crude stockpiles set for another high

    Oil falls as U.S. crude stockpiles set for another high

    Oil prices fell on Tuesday ahead of weekly U.S. crude inventory data that is expected to hit another high, withdrawing further from a rally that saw Brent crude futures touch a 4 1/2 month high on Friday. "Crude oil has made a strong price recovery on the expectation that you would start to see … More »

    Reuters - 6 hours ago
  • Interview - RBI to retain powers to regulate government bonds - Sinha

    India will not take away the Reserve Bank of India's (RBI) power to regulate trade in government bonds even as it prepares to remove the central bank's responsibility for managing public debt, the junior finance minister told Reuters in an interview. Jayant Sinha's comments signal a compromise … More »

    Reuters - 6 hours ago
  • India, US negotiating high-quality bilateral investment treaty

    "We (with Indian officials) are working on a high standard bilateral investment treaty to make sure that any such treaty is very high quality," US ambassador Richard Verma said addressing the annual general meeting of the American Chamber of Commerce. "India signed such a high standard investment … More »

    IANS - 6 hours ago
  • Reliance Group ends accord for Jharkhand power project

    Mumbai, April 28 (IANS) In a move that will cut by Rs.36,000 crore the future capital expenditure of Reliance Power, a part of the Anil Ambani-led group, the company announced on Tuesday that it has terminated the power purchase agreement of its 3,960-MW ultra mega project at Tilaiya in Jharkhand. … More »

    IANS - 7 hours ago
  • Templeton fund ends reign in Asia as top picks falter

    Templeton fund ends reign in Asia as top picks falter

    Templeton Asian Growth fund, managed by star stock picker Mark Mobius, ended its six-year reign as the biggest equity fund in Asia ex-Japan after suffering a second straight quarter of investor withdrawals and underperforming its benchmark. In the case of Templeton Asian Growth fund, investors … More »

    Reuters - 7 hours ago
  • Twitter's latest trend feature insults feminists, call them ugly

    Washington, Apr. 28 (ANI): Twitter's new trend feature has backfired when they annotated the trending #FeministsAreUgly hashtag, a movement with a positive intention started last August by two feminists, ... … More »

    ANI - 7 hours ago
  • China iPhone sales boosts Apple; shares up modestly

    Apple Inc (AAPL.O) beat Wall Street's revenue and profit forecasts on Monday as it sold more iPhones in China than the United States for the first time, but the company gave no sales figures for its new Apple Watch. Apple's iPhone sales in China soared, increasing its revenue in the country 71 … More »

    Reuters - 7 hours ago
  • Google unveils online portal that allows it to buy patents from businesses, patent holders

    Washington, Apr. 28 (ANI): Google has announced an experimental program, 'Patent Purchase Promotion', that will allow it to buy patents from businesses and other patent holders who desire to sell. … More »

    ANI - 8 hours ago
  • Asian shares edge off seven-year highs as Fed awaited

    Asian shares edge off seven-year highs as Fed awaited

    Asian stocks pulled back from a seven-year peak scaled on Tuesday as sentiment gave way to caution ahead of the Federal Reserve's policy two-day meeting scheduled to start later in the session. MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.5 percent after earlier … More »

    Reuters - 8 hours ago
  • Facebook introduces video calling on Messenger to take on Skype, Google Hangouts

    Washington, April 28 (ANI): Facebook has introduced video calling on its messaging platform, allowing users to chat face-to-face with their friends by tapping a single button inside Messenger app. … More »

    ANI - 9 hours ago
  • Barclays raises crude oil price forecasts

    Barclays raised its 2015 and 2016 average crude price forecasts on Tuesday, citing geopolitical tensions, unplanned production outages and lower natural gas prices in the United States. It also raised its WTI price outlook by $8 to $54 a barrel this year and by $7 to $64 for 2016. Bank of America … More »

    Reuters - 9 hours ago
  • Nikkei rises on dividend optimism after Fanuc's announcement; Fed focused

    Japan's Nikkei share average rose on Tuesday helped by hopes of better shareholder returns after Fanuc Corp doubled its dividend payout ratio, but gains were limited ahead of a two-day U.S. Federal Reserve's ... … More »

    Reuters - 9 hours ago
  • Apple sold 61.1 billion iPhones in quarter one of 2015

    Washington, Apr. 28 (ANI): Apple has sold 61.1 million iPhones in the first quarter of 2015 and made revenue of 40.3 billion dollars, making it the second biggest quarter for iPhone sales. … More »

    ANI - 10 hours ago
  • New, tiny gecko-inspired robot can haul up to 2000 times its weight

    Washington, Apr 28 (ANI): A team of Stanford University scientists has developed a series of super-small, super strong robots that can haul up to 100 times their own weight. … More »

    ANI - 10 hours ago
  • Sun Pharma, not sated by Ranbaxy deal, may spend up to $7 billion on M&A - bankers

    Sun Pharmaceuticals Industries Ltd (SUN.NS), emboldened by its takeover of domestic rival Ranbaxy Laboratories, is willing to spend as much as $7 billion on further acquisitions, bankers familiar with the generic drugmaker's strategy said. The just completed Ranbaxy deal, its biggest to date at … More »

    Reuters - 10 hours ago
  • Cell phone-blocking tech lessens distracted driving among teens

    Washington, Apr 28 (ANI): A new study has revealed that "distracted" adolescent-drivers are less likely to use phones or drive erratically when cameras and blocking programs are in place. … More »

    ANI - 10 hours ago

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