Financial Chronicle

07/12/2018

5G rollout expected by 2022: Trai secy https://bit.ly/2G5mWw5

The telecom sector will move to 5G by 2022 and access to digital platform will become highly advanced in the next five years, Trai secretary S K Gupta said on Thursday. He also said the use of art­i­ficial intelligence and big da­ta analytics is going to mo­d­i­fy the consumer behavio­ur. Gup...

07/12/2018

Jet Airways seeks $350m soft loan from Etihad https://bit.ly/2EhkErZ

Cash-strapped Jet Airways has sought a soft financing of $350 million from its investment partner Etihad Airways, as it continues to hold discussions with the latter to offload additional stake in the carrier, revealed an airline source on Thursday.

07/12/2018

tanks 572 points on global equity meltdown https://bit.ly/2ro2Pit

The Indian market tanked over one-and-a-half per cent as a wave of sell-offs wafted through the global equities on rising geopolitical tensions. The BSE Sensex plunged 572.28 points (1.59 per cent) to close at 35,312.13. Similarly, the broader NSE Nifty fell 181.75 points (1.69 per cent) to settle a...

07/12/2018

UPA ministers under ED lens over Airbus deal https://bit.ly/2zHvfsk

Some of the ministers in the UPA government could be in trouble. The Enforcement Directorate (ED) is expected to summon them in connection with an alleged scam involving a purchase contract of Airbus aircraft for Air India. The names of the ministers, however, have not been disclosed by the investig...

07/12/2018

Financial constraints force NHAI to crawl https://bit.ly/2Ulx86O

Highway construction has started losing the initial momentum with risk-averse PSU banks limiting lending to the sector. This threatens ex*****on of dozens of road projects besides the government missing its FY19 target.

06/12/2018

Mobile calls, internet on flights may start next month https://bit.ly/2RDe41W

Air passengers may be allowed to make mobile calls and surf the internet during flights in the Indian airspace, possibly from next month, once the law ministry gives its views and approval to the proposal, telecom minister Manoj Sinha said on Wednesday. The telecom ministry is awaiting the views of....

06/12/2018

Coal scam: Ex-coal secretary HC Gupta gets 3 years in jail https://bit.ly/2AQq2y0

A Delhi court on Wednesday sentenced former coal secretary HC Gupta to 3-year imprisonment in a coal block allocation scam case, which happened during the previous UPA regime at the Centre. Two other bureaucrats — KS Kropha and KC Samria — were also awarded 3-year of jail term. The three bureauc...

06/12/2018

Patel parries queries on spat with govt https://bit.ly/2KZMvgT

RBI governor Urjit Patel on Wednesday refused to comment on the tension with the government, including the invocation of Section 7 or the proposed economic capital framework for the central bank.

06/12/2018

Etihad in talks with banks for Jet Airways rescue https://bit.ly/2SqW0YW

Partner Etihad could come to the rescue of ailing Jet Airways. The two have jointly begun talks with creditors to get easier terms on loan repayment. The Abu Dhabi-based carrier, Jet Airways’ second-largest shareholder with 24 per cent stake, may raise its current equity holding, taking it to up t...

06/12/2018

IL&FS bosses used loans & advances to bleed company white https://bit.ly/2zDOwej

In a shocking revelation, the ministry of corporate affairs (MCA) has stated that in two years — between FY17 and FY18 — infrastructure giant Infrastructure Leasing & Financial Services (IL&FS) had siphoned massive funds through loans and advances to its group entities. The ministry also observe...

06/12/2018

keeps key rates on hold as growth slows https://bit.ly/2Rx2Ls1

The Reserve Bank of India (RBI) in its fifth bi-monthly monetary policy review on Wednesday maintained status quo on rates and continued with its stance of calibrated tightening, but hinted at future policy easing.

05/12/2018

Barclays to transfer Lithuania operations staff to HCL Tech
https://bit.ly/2RydKSf

International financial services major Barclays has decided to transfer some 460 employees in its operations centre in Lithuania to the technology centre of its tech partner in the Baltic country — HCL Technologies. The announcement comes after Barclays decided to conclude its operations in Lithua...

05/12/2018

I-T Act redrafting panel may not change tax slabs https://bit.ly/2AVsKCq

The task force set up to redraft income tax (I-T) law will focus on removing the ambiguities, rather than suggesting dramatic policy changes and tweaking of tax rates, the panel’s convenor Akhilesh Ranjan said on Tuesday. Ranjan said the six-member task force formed to redraft the over 50-year old...

05/12/2018

NBFC stocks make gains for second successive day
https://bit.ly/2U9IpH8

Non-banking finance companies (NBFCs) stocks made further gains on Tuesday, expecting more liquidity improvement measures from the Reserve Bank of India at its December monetary policy review that will conclude on Wednesday. NBFC stocks had rallied on Monday too after Reserve Bank of India last week...

05/12/2018

State elections: It’s too close to call https://bit.ly/2QxS0sj

05/12/2018

Bond yields soften on hopes of status quo from RBI policy https://bit.ly/2RGs62M

Ahead of the monetary policy, India’s bond market rallied on expectations that the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) may hold interest rates on Wednesday. The 10-year benchmark yield softened by 5 basis points to close at 7.574 on Tuesday. The 10-year yield had clo...

05/12/2018

Special audit of pvt telcos to start in Jan after 6 years
https://bit.ly/2QaZceP

After six years, the department of telecom (DoT) will restart special audit of private telecom operators, including those that shut operations over the last six years (FY12 to FY18) like Aircel and RCom, to ascertain any under-reporting of revenues causing losses to the exchequer. “The audit will ...

05/12/2018

IL&FS to slash 65% jobs for survival https://bit.ly/2EeAJ1F

The Uday Kotak-headed board of Infrastructure Leasing & Financial Services (IL&FS) is mulling to make over 65 per cent employees redundant in order to tackle the severe operational cash flow crisis being faced by the debt-laden infra conglomerate. The company is lurching under Rs 91,000 crore debt.....