Search Result for : Finance

Merkel backs the idea of a European Monetary Fund

The Dollar Business Bureau The German Chancellor Angela Merkel warmed to the idea of creating a combined European finance and the forming of a European Monetary Fund. This signalled a willingness on the part of the Chancellor to deepen the euro zone integration. On the idea floated by her finance minister Wolfgang Schaeuble, Merkel said she supported “the very good idea” to turn the euro zone’s rescue fund, the European Stability Mechanism (ESM), into a European Monetary Fund. In May 2010, the European Financial Stability Facility was formed which was later called the ESM. The ESM works alongside the IMF in assisting Europe’s financial programmes. The creation of ESM was a powerful step offering a powerful means to backstop sovereign debt markets and ...

Indias services PMI drops to 4-year low due to GST

The Dollar Business Bureau  India’s services sector activities declined in July to a four-year low due to the disruptions caused by the implementation of Goods and Services Tax (GST), according to a private survey. However, the sector is confident of a speedy revival as the new indirect tax regime settle down.   The Nikkei India Services PMI Business Activity Index dropped from the eight-month high of 53.1 in June to 45.9 in July, the lowest since September 2013.  A reading over the level of 50 on the index indicates expansion whereas a reading below the halfway level shows contraction.   “PMI data for July highlight a reversal in fortunes across India, with the economy going into reverse mode after seeing a pickup in ...

Chinas services sector growth slows down in July: Survey

The Dollar Business Bureau  The growth of China’s services sector was marginally low in the month of July as the expansion of new businesses eased, said a private business survey on Thursday.  The latest findings were in sync with an official estimate of non-manufacturing sector released on Monday that showed cooling down of growth in services sector, adding to the speculations that the world’s second largest economy could grow slightly slower in upcoming months.  The Caixin/Markit services purchasing managers' index (PMI) declined a little to 51.5 in July compared to 51.6 in the previous month.  Though the decline was marginal, the figures matched with the level of reading in April this year that was lowest since May last year.  New businesses continued to grow at ...

Verizon concludes the $4.5 bn takeover deal of Yahoo

The Dollar Business Bureau  Telecommunication conglomerate Verizon concluded the $4.5 billion deal of Yahoo’s takeover on Tuesday, ending the web company’s 21-year history as an independent entity. The deal also brings to an end the  5-year rule of Yahoo’s CEO Marissa Mayer, who is not joining the new company. She will take a compensation package presently worth around $127 million that includes severance pay and stock awards which will be fully conferred with the completion of deal. The properties of Yahoo including its email, finance and Tumblr will be joined with AOL, which Verizon purchased in 2015. The joint corporate entity covering over 50 media, advertising and technology brands will now be called Oath. The new entity will be led by Tim Armstrong, the former ...

Aditya Birla Nuvo to merge with Grasim Industries

PTI After consolidating its garments business into a single entity last year, the USD 41-billion Aditya Birla Group today finalised plans to merge Aditya Birla Nuvo with flagship Grasim Industries and hive off financial services business into a separate entity. The merger is scheduled to be completed by the first quarter of next fiscal, while the financial services business will be listed by June 2017. The merged Grasim will create a behemoth with an aggregate turnover of Rs 59,766 crore and an EBITDA of around Rs 11,961 crore (as per March 2016 closing). This will also make Grasim the top cement company with the largest selling brand (UltraTech), among the top 10 diversified NBFCs, among the top four private life insurers and ...

Blue Star expects a growth of 30% in FY 2017

The Dollar Business Bureau   Blue Star, the largest air conditioning (AC) and commercial refrigeration company in India, has expected a total growth of 30 percent during the financial year 2016-17.  During a press meet on Tuesday, B Thiagarajan, Joint Managing Director, Blue Star said, "As a brand, Blue Star continues to be a major player in the commercial and corporate segment which consists of a 25 percent of the total market size.” In the last financial year, the company grew at a rate of 20 percent which is more than the growth of industry and had a market share of 10 percent, Thiagarajan said. He further said that we wish to continue to grow at the same pace ...

Conservation of Foreign Exchange Prevention of Smuggling Activities Act, 1974

Dated  24th November, 2015 | Copy of | Notification No. Sl.252 |  In exercise of the powers conferred by sub-section (1) of Section 3 of the Conservation of Foreign Exchange Prevention of Smuggling Activities Act, 1974 (52 of 1974), and in super session of the Notification dated 12th May, 2010 issued vide S.O.No.1058(E) the Central Government hereby specially empowers Shri L. Satya Srinivas, Joint Secretary (Customs) to the Government of India, for the purpose of the said Section. Sd/ (M.L. Sharma) Under Secy. S.O.3214(E) F.No.671/18/2001-Cus.-VIII Issued by: Ministry of Finance (Department of Revenue) (Central Economic Intelligence Bureau) New Delhi 

Finance Notification - No. G.S.R. 827(E) dated October 30, 2015 amended

Dated 24th November, 2015 | Copy of | Notification No.sl250 | In exercise of the power conferred by clause (iii) of Section 3 of the Government SecuritiesAct, 2006 (38 of 2006), the Central Government hereby makes the following amendments in theNotification of the Government of India, Ministry of Finance (Department of Economic Affairs)No. G.S.R. 827 (E) dated October 30, 2015. 1. In Section 6. (1), the word 26th day of November, 2015 shall be substituted with theword 30th day of November, 2015. Sd/- (Prashant Goyal) Jt. Secy. G.S.R. 898(E) F. No. 4(19)-W&M/2014 Issued by: Ministry of Finance (Department of Economic Affairs) New Delhi