Business

Saudi Aramco in talks with Reliance to ramp up oil sector investments

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi ArabiaREUTERS/Ahmed Jadallah Saudi Arabia's petrochemical giant Aramco, the world's largest oil exporter, is in talks with several companies including Mukesh Ambani-led Reliance Industries Limited (RIL) to invest in India's petrochemical sector, media reports say. Top executives of RIL, which owns the world's largest refinery in Jamnagar in Gujarat state, met members of the delegation accompanying Saudi Crown Prince Mohammed bin Salman on his India visit on Tuesday, according to the reports.
Aramco has clarified that the proposed investment is in addition to the $44-billion petrochemical complex planned in Maharashtra state's Ratnagiri district along with United Arab Emirates (UAE) state-owned Abu Dhabi-based oil producer Adnoc. The Gulf giants are partnering with India's state-owned oil marketing companies Indian Oil Corporation (IOC), Bharat Petroleum ..

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In a major boost for startups, centre eases tax and funding rules

Commerce Minister Suresh PrabhuTwitter/TERI In a major policy tweak, the central government has changed the definition of startups which is going to boost the entire ecosystem. The Ministry of Commerce and Industry has said that an entity will now be considered as a startup till a period of 10 years from the date of incorporation/ registration as against the current period of 7 years. Further giving relief to the startups, the government has raised the limit of funding that would be exempt from Rs 10 crore to Rs 25 crore.
The Commerce Minister, Suresh Prabhu said that a round table was organized on February 4 which was attended by a number of startups, angel investors and other stakeholders. Major issues pertaining to angel tax were discussed in the meeting. The proposals made by the commerce ministry aims at simplifying the process of exemptions for startups under section 56 (2) (viib) of the Income Tax Act which is commonly referred to as angel tax.
Suresh Prabhu further added, “An..

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Sachin Bansal heads to Ola board with Rs 650 crore investment

Former Flipkart CEO Sachin Bansal (Right) and OLA CEO Bhavish AggarwalIBTimesFlipkart co-founder Sachin Bansal may reportedly sit on the board of taxi-hailing app company Ola Cabs after announcing the completion of Rs 650 crore investment. Ola has confirmed the $92-million investment, which is by far the largest in the company by an individual investor.
Bansal, who left Flipkart last year along with co-founder Binny Bansal following a $16 billion buyout by global retail giant Walmart, had invested the first tranche of Rs 150 crore in Ola Cabs last month.
The investment forms part of Ola's Series J funding round that values the Bengaluru firm at around $6.5 billion, the report on the Business Standard website says citing unidentified sources. They confirmed that with this investment, Bansal would be given a board seat in Ola.
The investment, the report says, will boost the Bhavish Aggarwal-co-founded firm's battle against global giant Uber, which is increasing market share..

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Banks may resist RBI pressure to cut lending rate despite repo rate reduction

RBI governor Shaktikanta Das.Photo: ReutersEven though Reserve Bank of India (RBI) is putting pressure on banks to transfer the recent repo rate cut benefit to customers, banking circles believe the general liquidity crunch is making it difficult to ensure full transmission.
RBI) governor Shaktikanta Das will be meeting bankers on Thursday in an attempt to ensure conversion of the recent rate cut into cheaper loans, media reports say.
The RBI slashed repo rate, the rate at which the central bank lends money to banks, by 25 basis point, to 6.25 percent, earlier this month responding to the subdued inflation figures and the need to add liquidity to push growth in a slowing global economy.
However, industry experts believe the current liquidity situation of the economy does not favour a viable reduction in the lending rate by banks. They point out the marked mismatch between credit growth and deposit growth. Credit growth has taken off to 9.3 percent, bank deposits have growth only by ..

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Reliance battles Comcast, Sony for a substantial stake in Zee

Star Maa, Gemini TV, Zee TeluguCollage of photos taken from Twitter and FacebookMukesh Ambani's Reliance Industries, the only Indian company in the fray to buy a stake in Subhash Chandra's Zee Entertainment Enterprises that owns the Zee group of television channels, is vying with global giants Comcast, Atairos, Apple, and Sony Corp after they have been shortlisted, reports say.
Comcast is a US cable giant that owns the broadcaster NBC Universal while Atairos is a $4-billion investment company of Michael Angelakis, a former CFO of Comcast. Sony Corp owns the Sony group of television channels and is on a rapid expansion spree.
The shortlist was made after these companies submitted non-binding bids amid the prospect of Comcast and Atairos teaming up to push their bid. Binding offers from all shortlisted bidders are due by April, sources say.
Though there were earlier reports of Chinese giants Tencent and Alibaba were interested in taking a substantial stake in Zee to enter th..

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Social media marketing is the latest buzzword : Rohan Singh

Rohan SinghPR Handout Rohan Singh, who is a successful name in the world of social media management, shared how social media is becoming a famous business for many.
Rohan helps celebrities to use their social media accounts in a more responsible way and also helps them to solve their problems in using social media. He is not just famous in India but also internationally.
“Social Media Marketing is the latest buzzword for marketers who wish to optimize their online presence and increase their sales. It is quickly becoming the most significant part of successful internet marketing strategies owing to the benefits of Social Media Marketing. Businesses around the globe are discovering methods through which social media can contribute to their success and help them grow their online business. Incorporating social media marketing strategy in DM campaigns is must in today's time to ensure effective brand recognition, loyalty and awareness,” Rohan said in a statement.
Rohan, who is als..

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Honda ‘to shut down UK plant,’ over 3,500 jobs on the line

Honda to shut down UK plantChristopher Jue/Getty Images Japanese carmaker Honda Motor Co. is set to shut down its plant in Swindon, England, in 2022, according to multiple media reports. The automaker is known to make its popular Civic model at this plant and the move will put over 3,500 jobs at risk.
Sky News journalist Mark Kleinman broke the news on Twitter and said that the company would make the announcement on Tuesday, February 19. While the company is likely to shutter the plant, its European HQ will remain in the UK.
Honda hasn't specifically spoken of its decision saying that it would not make a comment “at this stage,” but lawmaker Justin Tomlinson confirmed the news through a series of tweets. “We take our responsibilities to our associates very seriously and will always communicate any significant news with them first,” Honda said in a statement.
Tomlinson shed light on the reports and said that Honda had decided to shut down the Swindon plant due to global business..

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Johnson & Johnson implant patients question compensation package

While J&J has dominated the talc powder market for more than 100 years the products contributed to a mere 0.5% of its revenue of $76.5bn last yearPhotograph: Mike Blake/Reuters The controversy pertaining to the Johnson & Johnson faulty Articular Surface Replacement (ASR) is far from over. In the latest development, more than 50 patients, who received faulty ASR manufactured by J&J, have objected to the compensation package determined by the central government.
The patients have submitted a letter before the expert committee – headed by Dr RK Arya, the director of Sports Injury Centre at Safdarjung Hospital – that's examining the compensation to Indian patients. The patients have raised apprehensions on at least 10 counts.
“”In a clinical trial, there is a certain presumption of risk because the drug is under study for safety and efficacy. However, in the case of ASR hip implants, the device was approved for commercial sale by the regulatory authority based on which consumers ass..

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Pulwama terror attack: Widespread anger could lead to a surge in support for PM Modi, BJP

Indian Prime Minister Narendra Modi (R) and Bharatiya Janata Party (BJP) National President Amit Shah speak at a BJP National Executive committee meeting in Bangalore on April 3, 2015.MANJUNATH KIRAN/AFP/Getty Images Prime Minister Narendra Modi has suffered a series of political reverses in recent months but widespread anger after 40 CRPF personnel were killed in the Pulwama terror attack last week could lead to a surge in support for BJP.
As emotions run high following the deadliest attack on security forces in decades, PM Modi, who faces a general election by May, said he had given a free hand to security forces to avenge the killings.
Tensions between the nuclear-armed rivals have ratcheted up and shouts of “down with Pakistan” and “blood for blood” have reverberated at funerals of the victims. Many people have held candle-lit marches across the country demanding the government “not forget, not forgive”.
The attack has been claimed by Pakistan-based Jaish-e-Mohammad militant gro..

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Major boost to govt exchequer as RBI approves Rs 28,000 crore interim dividend

RBI governor Shaktikanta Das.Photo: Reuters The central government has received a much needed financial boost from the Reserve Bank of India (RBI) as the apex bank has approved an early transfer of part of its profit. The transfer of dividend of Rs 28,000 crore is expected to help the centre meet its revised fiscal deficit target of 3.4 per cent of GDP for the fiscal year 2018-19. Notably, the RBI has already transferred Rs 40,000 crore in the current financial year.
After its board meeting on Monday evening, the RBI announced the dividend for the half year ended December 31, 2008. In total the centre has budgeted for Rs 74,140 crore in dividends from RBI and state-owned banks in the fiscal year ending 31 March.
For the next year, it has planned Rs 82,910 crore from the dividend. In an official statement, the RBI said: “Based on a limited audit review and after applying the extant economic capital framework, the board decided to transfer an interim surplus of Rs 28,000 crore to the c..

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