PSU bank recapitalisation in 3 to 6 months: FM Jaitley

The government will infuse capital in public sector banks in the next three to six months, Finance Minister Arun Jaitley said at Citi event. Jaitley has earmarked Rs 7,940 crore in the Budget for recapitalisation of PSU banks during the current fiscal. Citi had hosted Jaitley at an investor event where he spoke on the government’s direction, approach to policy ... Read More »

Capital infusion of $9 bn enough for all PSU bks: Religare

  The confirmation that the government would recapitalize public sector banks with USD 9 billion (about Rs 57,000 crore) over the next two fiscal is a big positive for the sector, says Parag Jariwala of Religare Capital Markets. “Capital infusion of this size would be more than enough for all the PSU banks,” says Jariwala. It is a positive step ... Read More »

L&T Infotech’s IPO to Hit Markets by this December

Domestic engineering company Larsen & Toubro (L&T) will issue an initial public offering (IPO) for its software arm L&T Infotech by December this year. As part of its plans to monetise non-core businesses, India’s biggest engineering and construction company will sell 10% stake in IT services unit, L&T chairman AM Naik toldCNBC-TV18. “It looks like we will be coming up ... Read More »

Government will infus $3 billion in fiscal year 2015-16 to revive public sector banks: Finance Secretary

The Finance Minister’s visit to the United States is coming to an end soon. The visit, an attempt to shore up confidence among foreign institutional investors (FIIs), was also an effort on the government’s part to express it is open to criticism as well as new ideas to strengthen the economy, says Finance Secretary Rajiv Mehrishi. In an exclusive interview ... Read More »

Greece faces banking crisis after eurozone meeting breaks down

Emergency summit of leaders called for Monday as fears rise for Greek financial system if a deal cannot be reached  Greece is facing a full-blown banking crisis after a meeting of eurozone finance ministers broke down in acrimony and recrimination on Thursday evening, bringing the prospect of Greek exit from the eurozone a step nearer. Eurozone talks end without deal ... Read More »

In numbers: How Nestle India will destroy 27,000 tonnes of Maggi

  Nestle India has begun the process to destroy Maggi noodles Nestle will destroy 400 million packets of its hugely popular Maggi noodles, following a ban imposed by India’s food safety regulator. The company says it will take at least 40 days to destroy all the noodles. India’s food safety regulator says tests have found Maggi “unsafe and hazardous” and ... Read More »

Uber dealt blow in California over ’employee’ driver

  An Uber driver in California has been deemed an employee, not a contractor, in a ruling that could mean higher costs for the app-based taxi service. The decision by the California Labor Commission means the driver must be awarded more than $4,000 (£2,544) of expenses for the period she worked. If applied more widely it could mean extra costs ... Read More »

Earlier end to subsidies for new UK onshore wind farms

  New onshore wind farms will be excluded from a subsidy scheme from 1 April 2016, a year earlier than expected. There will be a grace period for projects which already have planning permission, the Department of Energy and Climate Change said. But it is estimated that almost 3,000 wind turbines are awaiting planning permission and this announcement could jeopardise ... Read More »

Tata Starbucks says it’s pulling out rejected ingredients

The move comes six days after The Indian Express reported that products used by a number of top brands, including Tata Starbucks figured on a list of around 500 rejected products prepared by the national food safety regulator. TATA Starbucks announced on Monday that it was “suspending” the use of ingredients whose product approvals were rejected by the Food Safety ... Read More »

The Federal Reserve moves towards a rate rise this year

The US Federal Reserve is moving towards an interest rate rise later this year. It would be the first increase since the rate was cut to near zero during the 2008 financial crisis. However, the bank said conditions in the labour market and inflation did not yet warrant an increase. In a press conference the Fed chair Janet Yellen said ... Read More »