Business

China stock regulator gives nod for 5 IPOs worth $1b: Media reports

China’s stock market regulator has approved five new initial public offerings (IPOs), which will aim to raise a total of no more than 6.7 billion yuan ($1.05 billion), the official news agency Xinhua reported on Saturday. Zoy Home Furnishing Co Ltd, Jiayou International Logistics Co Ltd and Hebei Yangyuan Zhihui Drinks Co Ltd will all list on the main board ... Read More »

Tata Steel announces successful $1.3 bn dual tranche bond offering

Tata Steel said on Friday its wholly own subsidiary incorporated in Singapore, Abja Investment Co Pte Ltd, has successfully issued dual tranche of $1.3 billion of unsecured bonds in the international markets. The issue comprises $300 million 4.45% unsecured bonds due on July 24, 2023 and $1 billion 5.45% unsecured bonds due on January 24, 2028. “The transaction was launched ... Read More »

Indian tribunal refuses to lift SEBI ban on Price Waterhouse

India’s Securities Appellate Tribunal (SAT) said on Friday that Price Waterhouse can continue to service existing clients whose financial year started on Jan. 1 2018, but it refused to grant a stay on a two-year audit ban ordered by the market regulator. The markets regulator, Securities and Exchange Board of India, last week barred Price Waterhouse from auditing listed companies ... Read More »

ITC Q3 profit rises 17% to Rs 3,090 crore; beats estimates

ITC Ltd, India’s biggest cigarette maker, posted a 16.8% rise in its third-quarter profit on Friday, helped by a one-time gain. The company, which also makes consumer goods ranging from biscuits to skincare products, said its profit rose to Rs 3,090 crore ($484.53 million) in the quarter ended December 31, from Rs 2,647 crore a year ago. Analysts on average ... Read More »

India will need at least $125 billion to fund renewables dream: Govt official

India will need at least $125 billion to fund its ambitious plan to increase the share of renewable power supply in the country’s grid by 2022, a top government official told Reuters, underlining the immense financing challenge ahead. The nation is one of the world’s most important growth markets for renewable energy. Millions of Indians are not yet linked up ... Read More »

Uber-SoftBank deal has closed, making SoftBank largest shareholder

A group of investors led by SoftBank Group Corp closed a deal with Uber Technologies Inc on Thursday, making SoftBank the largest stakeholder in the ride-services firm and providing a much-needed boost to controversy-ridden Uber. The deal includes a large purchase of shares from existing Uber investors and employees at a discounted valuation for the company of $48 billion, a ... Read More »

Probing windshield cracks on Air India Dreamliners, says Boeing

Aerospace manufacturer Boeing is examining the issue of windshield cracks on its 787 Dreamliners after Air India witnessed three such incidents in the recent past. Earlier this month, a Delhi-Kolkata plane was forced to return to the Indira Gandhi International airport here following a crack in the cockpit window. A similar issue was reported each in December and August. “Air ... Read More »

GST Council cuts tax rates on 29 items, discusses simpler return-filing process

The Goods and Services Tax Council (GST Council) on Thursday cut tax rates on 29 products and 54 services at its 25th meeting and agreed to make the process of filing tax returns simpler. At the meeting chaired by finance minister Arun Jaitley, the federal indirect tax body cut rates on products including pre-owned vehicles, household cooking gas cylinders from ... Read More »

Keeping a close watch on petrol and diesel prices, says Pradhan

Oil minister Dharmendra Pradhan remained non-committal on Thursday on cutting excise duty on petrol and diesel, which have touched record highs, saying the government was keeping a close watch on the situation. Petrol price rose to Rs 71.56 per litre in Delhi on Thursday, the highest since August 2014. Rates in Mumbai are almost touching Rs 80. Diesel prices soared ... Read More »

Eric Bensley of Salesforce: Small Businesses Want Practicality When it Comes to AI, Not Big Concepts

Last week at Dreamforce, I had the great pleasure of receiving a guided tour of the Small Business Lodge by Eric Bensley, Senior Product Director of Marketing for Salesforce, and Rekha Srivatsan, Senior Product Marketing Manager for Salesforce. There were several hundred people sitting in, doing one-on-one sessions with Salesforce engineers, and watching demos of different Salesforce applications. To get even ... Read More »