L&T Finance Group net up 15% on retail & wholesale advances

Leading non-banking lender L&T Finance Holdings on Monday reported a 15 per cent rise in consolidated net profit at Rs 237 crore for the March quarter, driven by retail and wholesale advances. Income from operations grew 19.77 per cent to Rs 1,957.96 crore in the fourth quarter ended March 31, while total disbursements jumped 20 per cent to Rs 10,688 ... Read More »

Rupee firms up 13 paise against dollar in early trade

Rupee strengthened by 13 paise to 66.31 against the US dollar in early trade at the Interbank Foreign Exchange market on selling of the American currency by exporters amid foreign fund inflows. Weakness in dollar against some other currencies overseas and a higher opening in the domestic equity market supported the rupee, forex traders said. The rupee had lost 11 ... Read More »

Halliburton and Baker Hughes scrap $28 billion merger

Oilfield services provider Halliburton Co (HAL.N) and smaller rival Baker Hughes Inc (BHI.N) announced the termination of their $28 billion merger deal on Sunday after opposition from U.S. and European antitrust regulators. The tie-up would have brought together the world’s No. 2 and No. 3 oil services companies, raising concerns it would result in higher prices in the sector. It ... Read More »

IndiGo’s profit zooms 53% in FY16

IndiGo is India’s largest airline (by domestic carriage) with a market share of 38.4% in March, 2016. NEW DELHI: Low-cost carrier IndiGo reported a net profit of Rs 1,990 crore in FY 2015-16, up 53% from previous fiscal’s profit of Rs 1,304 crore. Net profit in the January-March period was at Rs 579 crore, marginally (0.3%) higher than Rs 577 ... Read More »

DA Case: Virbhadra Singh’s son accuses Finance Ministry of misusing ED

Himachal Youth Congress president Vikramaditya Singh, on Friday termed as ‘false’ the allegation of corruption and disproportionate assets against his father and chief minister Virbhadra Singh saying the Finance Ministry is ‘using’ Enforcement Directorate in the matter. The Finance Ministry, headed by Arun Jaitley, is using the ED to institute a false investigation against the Himachal Pradesh Chief Minister, he ... Read More »

If it ain’t broke, don’t Brexit

ON JUNE 23rd Britons will vote on whether their country should stay in the European Union. They face a bewildering range of estimates of the potential economic effects of a Brexit. By 2030 Britain’s GDP could be as little as a fraction of a percentage point below the level it would otherwise reach, or as much as 9.5 percentage points ... Read More »

Former Goldman Sachs president says our economic situation ‘will end in tears’

Taking the long view is one of those easier-said-than-done propositions, right? For instance, while you might think that the economy has pretty much recovered from the Great Recession of 2008, one prominent financier thinks the problems that caused that big meltdown have been papered over and will come back to hurt us again. And then there’s the little issue of ... Read More »

Yen posts biggest weekly gain since 2008, stocks slip

The yen hit an 18-month high on Friday as investors bet the Bank of Japan might be done adding stimulus to the economy, while stocks in Europe and on Wall Street headed lower as earnings disappointed. Major European stock indexes closed down more than 2 percent, but U.S. equities pared some losses by the close after being down as much ... Read More »

Charity calls for ‘vacancy tax’ on empty houses in Victoria to improve affordability

Taxing Victorian homes left vacant for 12 months or more would make housing more affordable and raise money for social housing programs, a charity group says. Prosper Australia’s 2015 Speculative Vacancies report, which looked at water usage, suggested that almost 25,000 dwellings were demonstrably unoccupied across Melbourne in 2014. Launch Housing chief executive Tony Keenan said there was a housing ... Read More »

IMF countries vow to boost slowing world growth

Key countries in the International Monetary Fund (IMF) have pledged to pursue “growth-friendly” policies to kickstart the slowing world economy. The IMF’s steering committee, made up of 25 of the world’s largest economies, said the global outlook was fraught because of weak trade and a series of risks including a UK exit from the EU. It urged countries to boost ... Read More »