Business

Punjab govt to give all help to youth in setting up business ventures: Mann

Punjab Chief Minister Bhagwant Mann on Wednesday said his government will provide full support to the youth in starting new business ventures, stressing that they should become job providers instead of job seekers. In a video message, the chief minister said his government will also hold 'naujawan sabha' (youth meeting) twice a month during which youths will be able to share their business ideas and seek necessary help. Mann also pointed out the low enrolment in technical institutes. "(I) don't know why we are going away from studies," he said. The enrolment in Punjab Technical University is just 34-35 per cent. There are over 40,000 students in Lovely Professional University in Jalandhar but only 5,200-5,500 of them are from Punjab, he said. "Today's time is for technical education and we are not taking admissions," he added. Mann said youths of Punjab have the talent and potential to excel in their lives but somehow they do not get enough opportunities. "The Punjab government

Bank survey shows Japan's businesses turning pessimistic in first quater

Business sentiment among big Japanese manufacturers worsened in the first quarter of this year in the fifth straight decline, according to a central bank survey released Monday. The headline measure in the Bank of Japan quarterly survey called tankan found such sentiments stood at plus 1, down from plus 7 in December. It's the worst quarterly result since December 2020. Sentiments among major non-manufacturers rose one point to plus 20, its the fourth straight quarter of improvement. The Japanese economy has tended to stagnate in recent years, with slow wage increases, and has recently been hit by inflationary pressures, even as some parts of the nation's economy continue to experience deflation, the opposite trend in which prices continually decrease. Uncertainty about global growth is weighing on the export-reliant country. The recent turmoil over the US banking sector is adding to such woes, just at a time when Russia's war in Ukraine has sent energy prices soaring. Japan import

Spandana Sphoorty Financial raises $20 mn via ECB to fund business growth

Micro finance firm Spandana Sphoorty Financial Limited on Thursday said it raised USD 20 million from External Commercial Borrowings (ECBs) to fund business growth. The company has raised External Commercial Borrowings of USD 20 million with a tenure of 36 months, Spandana Sphoorty Financial said in a regulatory filing. Last year, RBI had imposed a monetary penalty on Spandana Sphoorty for the company's failure to adhere to pricing of credit guidelines for Non-Banking Financial Company-Micro Finance Institutions. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the RBI directions, the RBI had said.

Small business NPAs decline in Q2FY23 despite high credit growth: Report

The Non-performing assets (NPAs) from the small businesses segment have witnessed a decline in the September quarter of this fiscal despite high credit growth, a report said on Thursday. The micro, small and medium enterprises' (MSME) NPAs declined to 12.5 per cent as of September 2022, as against 13.9 per cent in September 2021, after the devastating second wave of the Covid-19 pandemic, the report by Transunion Cibil said. The overall disbursements, which excludes loan renewals, grew 24 per cent during the quarter, led by an over 54 per cent in the micro industries segment which have a credit exposure of up to Rs 1 crore, the credit information company said. The average loan size for the micro segment increased by 34 per cent, and to the small segment by 4 per cent, Cibil said, adding that the same was down 1 per cent in the case of businesses classified as medium primarily because of the emergency credit-linked guarantee scheme loans made during the pandemic. When it comes to ..

Silicon Valley Bank conducting business as usual, says new CEO amid crisis

Earlier in the day, the US Federal Deposit Insurance Corporation had tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named Silicon Valley Bank N.A

Inflation and business pressure weigh on India Inc growth, says S&P

Along with Brazil and Japan, the S&P Global India business activity net balance slipped to 21 per cent in January

Business leaders must focus on sustainability, respect nature: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday urged business leaders to focus on sustainability and ensure all their actions respect nature. He said that India is committed to ensuring that sustainability and inclusive growth are going to be the defining features of its growth story. "I urge all business leaders to focus on sustainability and ensure all our actions respect nature," he said while addressing the CII's India Europe Business and Sustainability Conclave. The minister said that India's partnership with the UK and the European Union are two significant elements in the global effort to make the world a better place to live in. "Technology and finance are going to play an important role in a sustainable lifestyle. I urge the world leaders to recognise that we all have to contribute our fair share to energy efficiency to make the world a better place to live in," Goyal said. He added that developed and developing countries need to have different goals and ...

German Chancellor interacts with India's best business minds in Bengaluru

German Chancellor Olaf Scholz has interacted with "inspiring talents" of SAP India, German ambassador to India Philipp Ackermann stated in a tweet. Scholz witnessed "India's modern face" at Bengaluru and met with young Indians on their way to Germany.Philipp Ackermann tweeted, "Bangalore showed India's modern face to @Bundeskanzler Olaf Scholz & us! We changed batteries for scooters @Sun_Mobility & met inspiring talents @SAPIndia. Chancellor also talked to young Indians on their way to Germany & visited Royal Challengers - end of a successful visit!"Olaf Scholz was on an official visit to India from February 25-26. He was accompanied by senior officials and a high-powered business delegation.Meanwhile, IPL Cricket team Royal Challengers Banglore on Sunday tweeted, "We had the extreme honour and privilege of hosting the Hon'ble Chancellor Olaf Scholz of Germany at Namma Chinnaswamy Stadium. His Excellency called on RCB's WPL camp today."On Saturday, the German ...

CAs, advocates mustn't be arrested sans proof of role in business fraud: HC

Ruling was delivered in a case in which a CA and an advocate were arrested for rendering service to exporters who were alleged to have fraudulently claimed a refund of IGST

World is celebrating India's business today: Union minister Jitendra Singh

Union minister Jitendra Singh on Sunday said the world is celebrating India's business today and is acknowledging that this is the golden era of India under Prime Minister Narendra Modi. Speaking at Big Impact Awards 2023 Celebrating Businesses of Jammu' here, the minister of state in the Prime Minister's Office also said the per capita income has doubled under the Modi-led government over the last eight years. The pro-business reforms unleashed by PM Modi-led government in the last nine years is laying a strong foundation of new India, opening up new vistas for the business community, improving India's rank in ease of doing business from 142 in 2014 to 63 in 2022, the minister said. He said India has had a huge quantum jump in the global benchmarks with the country being the fastest growing economy in the world having overtaken the United Kingdom, jumping 40 steps up in the global innovation index and ranking third in the startup ecosystem having more than 90,000 startups from 250

Global sandwich chain Subway explores sale of business after 60 yrs: Report

A sale of the company could value it at more than $10bn, according to the Wall Street Journal, which first reported the story

Illegal subsidies by trade partners hurt Indian trade, business: Govt

The government on Monday said illegal subsidies by trade partners and other countries hurt Indian trade and business, and that corrective actions are taken in the form of invoking dispute settlement mechanisms. The Department of Commerce on February 9, 2023 had stated that illegal subsidies by trade partners and other countries hurt Indian trade and business, Minister of State for Corporate Affairs Rao Inderjit Singh told the Lok Sabha. "At a multilateral forum, the disciplines regulating the provision of subsidies and the use of countervailing measures to offset injury caused by subsidized imports are addressed in the Agreement on Subsidies and Countervailing Measures," he said in a written reply. According to him, the subsidies whether they are prohibited (illegal) or actionable are determined by three major steps within the Subsidies and Countervailing Measures agreement. Based on them, corrective actions are taken in the form of invoking dispute settlement mechanism, Singh said

Small businesses to common citizen: 5 key Budget proposals explained

Budget gives Rs 2.40 trillion to Railways: the highest-ever outlay for the national transporter

Indians' trust increases in govt and business, dips in media, NGOs: Survey

India is also among 11 countries where trust in government has increased

Instamart tests Swiggy's appetite for biz growth amid rising losses

With its rapid cash burn rate, early investors are questioning the food delivery platform's venture into quick commerce

Shriram Finance's business prospects remain healthy, pressure on NIM seen

Valuation targets, though, are close to current price; potential selling by large non-promoter shareholders also an overhang

Indian crypto exchanges stay put in business after 'a year to forget'

Tax burden, regulatory uncertainty and the shock of FTX collapse pulled down domestic companies

Most of RFL lenders approve Rs 2.3k-cr OTS plan, on track to restart biz

Debt-ridden Religare Finvest Ltd (RFL) is hopeful of restarting its business operation in the New Year following the company's proposal of Rs 2,300 crore One Time Settlement (OTS) finding favour from most of the lenders. Once the OTS process is completed, RFL will come out of the Corrective Action Plan (CAP) imposed by the Reserve Bank of India in January 2018 due to its weak financial health. According to sources, 14 out of 16 lenders have signed the OTS agreement and the remaining two are expected to sign in a day or two, sources said. Query to RFL did not elicit any response in this regard. RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by State Bank of India (SBI). As part of the proposed OTS, the company in June 2022 deposited Rs 220 crore earnest money with the lead lender demonstrating its commitment towards RFL revival. The company and its promoter are ready to make payment during this month itself even though they

Parliament panel moots digital competition law to curb unfair biz practices

To curb anti-competitive practices in digital markets, a Parliamentary panel on Thursday proposed ex-ante regulations, category of systemically important digital intermediaries and a new digital competition law. Besides, the committee has asked digital market entities to desist from "anti-steering", "deep discounting", "self preferencing", "search & ranking preferencing" and other practices that will impact competition in the market. The suggestions are part of the Standing Committee on Finance's report on 'Anti-Competitive Practices by Big Tech Companies' tabled in Parliament on Thursday and comes against the backdrop of rising concerns over unfair business practices in digital markets. In its report, the panel has mentioned about the peculiar challenge posed by the winner-take-all markets where winners emerge within 3-5 years after the market starts to develop and the market tips in one direction by the time policies are formulated. "Therefore, the committee recommends that ...

Towards transformative BFSI workplaces

The BFSI edition of Most Preferred Workplace 2022-23 lauded organisations creating a culture of work excellence worthy of emulation