Bacardi Ltd will buy premium tequila maker Patron Spirits International AG in a $5.1 billion deal, the family-owned liquor company said on Monday, as it seeks to expand in the United States. Bacardi, known for Grey Goose vodka and its namesake rum, has held a minority stake in Patron since 2008.
I don't think the BOJ is worried about current dollar/yen levels. The BOJ probably wants to spend more time looking at wage and price developments, so I doubt Kuroda will send any signals on the future policy path this time, he said. At the two-day meeting ending on Tuesday, the BOJ is seen maintaining a pledge to guide short-term interest rates at minus 0.1 percent and 10-year bond yields around zero percent.
Hedge fund managers Carl Icahn and Darwin Deason joined forces on Monday to push Xerox Corp (XRX.N) to explore strategic options, oust its old guard, including its CEO, and negotiate better terms for its decades-long deal with Japan's Fujifilm. Icahn and Deason - respectively the No1 and No3 Xerox shareholders with a combined stake of over 15 percent - plan to nominate four board members if their demands were not met, they said in a joint letter to Xerox shareholders.
The International Monetary Fund (IMF) on Monday kept its growth projection for India unchanged at 6.7 per cent for the current fiscal. India will again emerge as the world's fastest-growing major economy, at least for the next two years, the IMF said. The IMF has revised up the prediction for the US by 40 basis points to 2.7 per cent for 2018, against 2.3 per cent last year.
Axis Bank on Monday reported a 25 per cent year-on-year increase in its third quarter net profit to Rs 726 crore, helped by strong loan growth in both retail and corporate segments and a lower provision for bad loans. Our loan growth during the quarter was quite strong at 21 per cent, and that growth was across all segments. In SME, we saw a growth of 27 per cent and corporate credit grew 12 per cent, said Jairam Sridharan, chief financial officer, Axis Bank.
Union Minister of Railways and Coal Piyush Goyal on the first day of the World Economic Forum (WEF) said that Prime Minister Narendra Modi's presence in Davos will open up business opportunities for India. You are looking at the big Indian opportunity, the big Indian market, the new paradigm of doing business and easier environment to invest in, to flourish in. We are all giving out information about the 'New India 2022', he added.
An 80-strong economic delegation of Japan Chamber of Commerce and Industry (JCCI), which is headed by its chairman Akio Mimura, is visiting Delhi between January 21 and January 24. JCCI is the largest economic organisation in Japan and consists of 515 regional chambers of commerce and industry from across Japan. JCCI has total 1.25 million entities as members - it has one third of the Japan's private companies as its members. The last JCCI Chairman's mission to India came six years ago in September 2011.
I launched today the call for candidates for the upcoming ECB Vice President vacancy, to ensure a smooth succession of Vitor Constancio, whose term ends on 31 May, Centeno said. Euro zone governments can present their candidates until Feb 7 and euro zone finance ministers will vote on Feb 19. The candidate will then have a hearing in the European Parliament and finally be appointed by EU leaders.
The last set of macroeconomic data before the presentation of the Union Budget for 2018-19 came in this month. Consumer Price Index (CPI) based inflation has been rising while wholesale price index (WPI) based inflation has fallen. Economists, however, are being cautious of suggesting it as a broad-based recovery as only few sectors have contributed to the surge in industrial output.
Corporate debt restructuring (CDR) packages of loan accounts involving Rs 61,691 crore have failed and withdrawn from the CDR cell of the banks in the 12-month period ended September 2017. According to the CDR cell, corporate debt of 291 corporate loan accounts amounting to Rs 1,72,463 crore was withdrawn from the cell as of September 2017, compared with Rs 110,772 crore in September 2016 as banks and corporates were unable to come out with credible turnaround plans.
NITI Aayog CEO Amitabh Kant on the first day of the World Economic Forum said that India has maintained growth, along with structural reforms. We worked for financial inclusion, along with financial growth, Kant exclusively told ANI. Elated with Prime Minister Narendra Modi's visit to the Swiss town Davos, Kant said that PM Modi will tell India's unique story to the world. Our Foreign Direct Investment (FDI) grew by 62 percent, when across the world it fell by 16 percent, Kant added.
Euro zone finance ministers welcomed strong Greek progress in delivering reforms agreed with lenders, but agreed on Monday to wait with the next disbursement of loans for all of the agreed actions to be completed, they said in a statement. To pay out new loans, international lenders have asked Greece first to adopt 110 prior actions. The Eurogroup welcomes the implementation of almost all of the agreed prior actions, the statement said.
Prime Minister Shahid Khaqan Abbasi said on Monday that some of General Electric's flagship new gas turbines in Pakistan were still suffering from technical issues such as vibration but he was confident the American company will fix the problems. GE (GE.N) has described last year's problems as teething issues, but the troubles have frustrated Pakistani officials and concerned analysts. GE, undergoing a restructuring, saw its share price tumble below $16 on Monday for the first time since 2011.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP. Even that can be negated and the fiscal deficit be brought down to meet the Budget Estimates, if Rs 200 billion is not withdrawn from the National Small Savings Scheme, analysts say. This prompted Finance Secretary Hasmukh Adhia to say that even the indirect tax collection target would be met for the current fiscal year (FY18).
Benchmark indices Sensex and Nifty closed 919 points and 213 points higher at 35,512 and 10,895 respectively. Underperforming the benchmark indices, both the BSE mid- and smallcap indices closed lower by 2.1 per cent and 2.7 per cent respectively. Cut in GST rates on 29 goods and 54 services ahead of the Budget kept the sentiment positive. With market players anticipating a sea change in the earnings trend starting from Q3 results, stocks specific action may continue ahead of Budget.
The State Bank of India's (SBI) economic research wing has called for increasing the various income-tax exemptions limits in the forthcoming Budget to spur consumption and boost growth. In its Budget wish list, SBI said that the tax exemption limit enjoyed by salaried class should be increased to Rs 3 lakh from Rs 2.5 lakh. The government have periodically increased the income tax slabs from Rs 22,000 in 1990-91 to Rs 2.5 lakh in 2014-15.
Of the three pillars that make up the index, India ranks 72nd for inclusion, 66th for growth and development and 44th for inter-generational equity. The neighbouring countries ranked above India include Sri Lanka (40), Bangladesh (34) and Nepal (22). The countries ranked better than India also include Mali, Uganda, Rwanda, Burundi, Ghana, Ukraine, Serbia, Philippines, Indonesia, Iran, Macedonia, Mexico, Thailand and Malaysia.
Global icon Shah Rukh Khan received the 24th Crystal Award on Monday at the World Economic Forum (WEF), here in Davos for his leadership in championing children's and women's rights in India. The 52-year-old received the award for showing an exemplary commitment to uphold human dignity through his non-profitable Meer Foundation. Shah Rukh has also been responsible for creating specialised children's hospital wards and has supported childcare centres with free boarding for children undergoing cancer treatment.
Business leaders have criticised Britain's government for its failure to publish a long-delayed paper on the future of its financial services industry after Brexit. Financial services will be one of the most challenging elements of the Brexit negotiations. Britain's Department for Exiting the European Union declined to say if any services paper would ever be published. Prime Minister Theresa May's spokesman told reporters: We always let you know in the normal way if there is to be one.