Author: Finance Khabar
Kuala Lumpur : The number of flights operated by Asia Pacific airlines in April first week declined by 93 per cent compared to normal levels of traffic established at the beginning of 2020 amid border closures, shutdowns and lockdowns, the Association of Asia Pacific Airlines (AAPA) said on Monday. It appealed to governments for support by granting the necessary flexibility on relaxing slot constraints, curfews on operating hours as well as by expediting approvals and exempting crew from quarantine requirements where necessary. AAPA Director General Subhas Menon said the current COVID-19 crisis is taking an enormous toll on Asian economies…
Mumbai: Equity benchmark indices closed nearly 1.5 per cent lower on Monday amid fall in global markets due to rise in crude oil prices and worries over the likely extension of COVID-19 lockdown. Prime Minister Narendra Modi will address the nation on Tuesday at 10 am. The 21-day nationwide lockdown to curb the spread of coronavirus ends tomorrow and Modi is likely to talk about its possible extension. At the closing bell, the BSE S&P Sensex was down by 470 points or 1.51 per cent at 30,690 while the Nifty 50 edged lower by 118 points or 1.3 per cent…
Ahmedabad: Phoenix Business Advisory has provided a detailed understanding of the plethora of advantages for India’s business community in Australia. According to their recent study on business migration, 12,000 millionaires have migrated to Australia since 2018 compared to the USA which registered 10,000 and Canada at 4,000. Another important point to be considered is the fact that an average Australian has become significantly wealthier compared to an average US citizen. The total wealth in Australia has grown by 83 per cent compared to 20 per cent growth in the US in the last decade. As many as 10,000 high-net-worth individuals,…
New Delhi: Max Life Insurance and Yes Bank on Monday announced a five-year extension of their strategic bancassurance relationship, reaffirming their commitment to invest in building a digitally-enabled ecosystem that will provide a seamless experience for customers in their financial planning and protection journey. Building on the 15-year partnership, both companies said they remain committed to offering customers a broad range of need-based products and services, deploying technology across the customer value chain to further enhance efficiencies and leveraging existing ecosystems to facilitate superior experiences for their customers. Over the years, Max Life-Yes Bank relationship has sold about 2.8 lakh…
Mumbai: The water and effluent treatment business of L&T Construction has secured three engineering procurement construction (EPC) water management orders from the Karnataka Urban Infrastructure Development and Finance Corporation. The contracts are for design, build, operate, maintain and transfer of water supply systems in Hubballi-Dharwada, Kalaburagi and Belagavi cities for cost-effective and sustainable up-scaling to a continuous pressurised water supply. The projects are largely funded by the World Bank, the company said in a statement on Monday. The projects aim to achieve target non-revenue water by reducing losses through the development of suitable water infrastructure and utility improvements. The projects…
Kolkata: Bandhan Bank said on Monday its loans and advances grew by 60 per cent to Rs 71,825 crore in the financial year ended March 31 from Rs 44,776 crore in the year-ago period. The growth was aided as Ahmedabad-based Gruh Finance — the affordable housing finance arm of HDFC Ltd with a loan portfolio of Rs 17,700 crore — merged with the Kolkata-based lender. Total deposits of Bandhan Bank increased by 32 per cent to Rs 57,073 crore in FY 20 from Rs 43,232 crore in FY 19. Of these, retail deposits grew by 34 per cent to Rs…
Bhogapuram (Andhra Pradesh): GMR Airports Ltd said on Monday it has received a letter of award for development and operations of a greenfield international airport at Bhogapuram in Andhra Pradesh. In February 2019, the company had emerged as the highest bidder for the project on a public-private partnership basis. The project involves the design, build, finance, construction, development, up-gradation, modernisation, operation and maintenance of greenfield international airport at Bhogapuram for a period of 40 years, extendable by additional 20 years through an international competitive bidding process, with GMR airports limited having the right of first refusal of 10 per cent.…
OPEC and its oil producing allies will hold an emergency virtual meeting Sunday evening to finalize previously held-up negotiations over production cuts, Azerbaijan’s energy minister said on Sunday, adding that the meeting would be chaired by the energy ministers of Russia and Saudi Arabia. High-stakes talks were underway on Thursday and Friday among OPEC and OPEC+ members to come to an agreement on the cuts, meant to stabilize crude prices amid falling prices and demand battered by the coronavirus pandemic. OPEC along with OPEC+, the latter of which is led by Russia, agreed to a historic 10 million barrel per…
Hyderabad: Former NASSCOM chairman R Chandrasekhar believes that if the lockdown goes on longer because of the Covid-19 epidemic, there could be job cuts in the information technology industry. Chandrasekhar said that work from home (work from home) can be a positive aspect in the long run. This will open up new avenues for IT companies and save their investment. The former bureaucrat said that if the current situation worsens then startups may face problems. Startups are running with funds from venture capitalists. He said that big companies will not cut jobs for two reasons. One, she does not want…
New Delhi: Public sector gas company GAIL India Limited has shut down its Pata petrochemical plant in Uttar Pradesh. The main reason for this nationwide lockdown is the falling demand and the difficulties in movement of goods. GAIL had earlier cut the annual production capacity of its PATA plant by half in 400,000 tonnes. Sources associated with the development said that after the public ban, the company has stopped using two-thirds of the trucks used for movement of its finished products. The source said that Gayle closed its plant last week. However, to meet the demand of LPG in the…
New Delhi: Union Micro, Small and Medium Enterprises Minister Nitin Gadkari is hopeful that the blow to the MSME sector due to the lockdown will be recovered soon. Gadkari said in the video conferencing that this sector will reduce dependence on imports from China and accelerate domestic manufacturing with the support of the government. “The government is working on a war footing to address issues in the sector such as lack of working capital and access to cheap loans,” Gadkari said, adding that lakhs of units are expected to suffer huge losses in existing conditions. The MSME Minister said that…
New Delhi: The Confederation of Indian Industry and Commerce Organization of India (CII) on Sunday suggested that various areas should be opened gradually in a phased manner depending on the intensity of corona virus infection in their area. The organization said that based on the number of cases of infection in an area, it can be classified into red, yellow or green areas. According to a CII report, besides e-commerce, vehicles and chemicals, textile and apparel, medicine, food processing, minerals and metals are the major sectors in which there is a need to start operations gradually. In a statement, the…
Mumbai: The People’s Bank of China (PBOC) has bought 1.01 per cent stake in the Housing Development Finance Corporation (HDFC). PBOC held 1.75 crore shares of HDFC during the quarter that ended in March, according to the data submitted by the company to the BSE. HDFC Vice Chairman and CEO Keki Mistry said the PBOC has been an existing shareholder and had owned 0.8 per cent in the company as of March 2019. “The disclosure has been made now since the stake has hit the 1 per cent regulatory threshold. They have been accumulating the shares over a year and…
MacKenzie Bezos, the ex-wife of Jeff Bezos, the founder of the world’s leading e-commerce company Amazon, has also joined Forbes’ list of billionaires. The shocking thing is that the money with which McKenzie got rich, she got from her husband Bezos in the divorce. According to the magazine, McKenzie has a net worth of Rs 2.70 lakh crore and is the 22nd richest person in the world. By the way, according to Forbes’ wealthiest list, Bezos has been the richest person in the world for the third time in a row with a net worth of Rs 8.47 lakh crore.…
Entire is World is facing the worst crisis situation due to COVID 19 Pandemic. During these challenging times Vedanta Sesa Iron Ore is relentlessly working to extend support to battle against COVID 19 Pandemic through all possible means. In endeavour to combat this COVID 19 Pandemic Vedanta Sesa Goa Iron Ore in association with Hansa Pest Control Services carried out sanitation and fumigation drives at public places such as bus stops, temples, mantaps and shops etc. at Amona and Navelim villages. Besides this, the market areas of Dodamarg region also fumigated by the company. Fumigation helps in killing of pests,…
India Ratings and Research (Ind-Ra) has downgraded HPL Electric & Power Limited’s (HPL) Long-Term Issuer Rating to ‘IND BBB+’ from ‘IND A-‘. The Outlook is Stable. Ind-Ra continues to take a consolidated view of HPL and its subsidiary, Himachal Energy Private Limited (‘IND BBB+’/Stable), to arrive at the ratings, due to the strong operational, legal and strategic linkages between the two companies. The downgrade reflects HPL’s sustained elongated working capital cycle and continued spending on capex leading to higher-than-expected net leverage (net debt/EBITDA) on trailing 12-month (TTM) basis of 4.1x for 9MFY20 (FY19: 3.7x, FY18: 4.4x) and gross interest coverage…
SoftBank Group CEO Masayoshi Son said he has secured a monthly supply of 300 million face masks for Japan from May after reaching a deal with Chinese electric vehicle maker BYD Co, which has also started producing masks. SoftBank will supply two different kinds of mask, initially for medical staff, in cooperation with the Japanese government’s “mask team,” set up to tackle shortages due to the coronavirus outbreak, Son said on Twitter. Addressing the supply crunch is a priority for the Japanese government, which will begin delivering two washable masks to households next week — a move that has been…
Rishabh Srivastava Financial Inclusion is the process ensuring financial access to vunerable farmers and avail them with credit facilities to carry out thier activities. Census 2011 shows that India is having only 58.6% of population getting access to formal banking sectors. Financial services includes bank saving account, insurance and credit availability. Financial access to lower strata of society will not only boost and robust oureconomy but also prevent vulnerability of our farmers to exploitative money lenders and mediators. Thus cheaper loans and insurance via various government programmes like PMFBY and MUDRa yojana. Once account when linked to thier aadhar cards…
New Delhi: Innovative Financial Advisors Pvt Ltd (Fiinovation) and SMS India Pvt Ltd, Gurugram (SMS group Germany subsidiary), a leading plant supplier to the metallurgical industry, have joined hands and designed a community level CSR project for fostering awareness for COVID-19 and aiding the marginalized section of the society. The project will be implemented in Ward Slum No 38 in Kolkata which include areas such as, Gas Street, Nakibulla Lane, Antony Bagan Lane, Ramnath Biswas Lane, Kali Shome Street, Patwar Bagan Lane, Harshee Street, Canal East Road, Canal West Road, Chamru Singh Lane, Harinath Dey Road and Ward Institution Street.…
Praj recognizes the extraordinary courage and efforts of all those who put themselves in harm’s way to combat the pandemic. This includes medical and health care professionals, sanitation workers, the police force and personnel in essential services such as utilities, food and agriculture, telecommunications, etc. As a corporate citizen, Praj understands the need of the hour to show its solidarity to the major initiative undertaken by the government by way of setting up PM CARES Fund to help combat Covid 19. The company is honoured to respond positively to PM’s appeal by contributing Rs. 1.01 cr. to the fund. “While…