Business

UK property market not heading towards a bubble, research

RightmoveProperty website, Rightmove has said in a new research that the concerns that the government stimulus package for the housing sector are pushing up prices and would result in a property bubble are over stated.

The UK government is offering two schemes to revive the property market in the UK but some suggest that the schemes could result in a property market and affect Britain's financial stability. Economists in the UK have dismissed concerns that the country is headed for a property bubble.

Mauritius bank selects Infosys product for treasury

Bank-One-Infosys-FinacleBangalore, Nov 15 : Bank One, a leading bank in the island nation of Mauritius off the southern African coast, selected the financial software product Finacle of Indian IT firm Infosys for its treasury operations, the software major said Friday.

"The bank's treasury operations have been automated with our Finacle product to enhance efficiency and reduce manual effort. The software empowers its users to diversify their investments in treasury products and maximise returns," the company said in a statement here.

Footwear label Heel and Buckle goes online

Heel-and-BuckleNew Delhi, Nov 12 : Heel and Buckle, a multi-brand concept footwear label from London, Tuesday announced the launch of its e-commerce website. It offers customers a chance to shop online for varied styles of footwear and accessories from leading international brands.

Men can pick from brands like Rad Russel, Alessandro and Magnanni, while for women the choices include brands like Paco Gil and Pazzion.

The e-commerce site allows visitors to search within each category by type, size, style and colour, and there is also an easy return free-of-charge policy if one is unhappy with the product.

Merlin Entertainments raises £957m on LSE

Merlin EntertainmentsMerlin Entertainments, which runs popular attractions including Alton Towers, Madame Tussauds, the London Eye and the Edinburgh Dungeon, has been able to raise £957 million at its debut on the London Stock Exchange.

Uninor CEO Yogesh Malik resigns

Uninor CEO Yogesh Malik resignsNew Delhi, Nov 7 : Telecom service provider Uninor Thursday announced that its chief executive officer (CEO) Yogesh Malik has resigned his post owing to personal reasons.

The company has already started the process of selecting a new CEO to take up the position. In the interim period Sigve Brekke, who is currently the head of Telenor Group's Asia operations, will take up the position of acting CEO, a company statement here said.

Uninor is a majority-owned subsidiary of Norwegian telecom service provider Telenor Group.

BHEL Q2 net profit dips 64 percent

BHEL Q2 net profit dips 64 percentNew Delhi, Nov 6 : State-run Bharat Heavy Electricals Ltd (BHEL) Wednesday declared a 64.2 percent fall in net profits for the quarter ended September 2013 on the back of lower revenues.

"The Company has posted a net profit of Rs. 4,559.50 million for the quarter ended September 30,2013 whereas the same was at Rs. 12,744.50 million for the quarter ended September 30, 2012," BHEL said in a filing to the Bombay Stock exchange.

Scania opens manufacturing facility

Scania-LogoBangalore, Oct 29 : Swedish automobile major Scania Commercial Vehicles Tuesday opened its maiden manufacturing facility in Narsapura, near here. The plant has come up with an initial investment of Rs. 250 crore.

The company's new plant, inaugurated by Karnataka Chief Minister S. Siddaramaiah, will manufacture about 2,500 heavy haulage trucks, besides 1,000 inter-city buses and coaches annually.

"Today marks the beginning of a new era for us in India, and it is our largest industrial footprint in Asia so far," said Martin Lundstedt, president and chief executive, Scania Global.

House prices rise £2,500 in September

House pricesAccording to the latest data released by the Land Registry, the housing prices rose almost £2,500 during the month of September in the UK.

The data showed that the house prices in England and Wales rose 1.5 per cent over the month indicating that the buyers are increasing coming forward to acquire homes in the UK. Amid concerns of a property bubble, the total property transactions are still a third lower than that in 2007 before the financial crisis and prices are higher by 3.4 per cent annually.

Maruti Suzuki's second quarter net profit up 194 percent

Maruti-SuzukiMumbai, Oct 28 : Passenger car manufacturer Maruti Suzuki Monday reported a 194.7 percent rise in net profit for the second quarter of the current fiscal at Rs. 670.2 crore, up from Rs. 227.45 crore in the corresponding period of 2012-13.

"The company's performance during the quarter has to be viewed in the context of unusually low levels of profit in the second quarter of last year (July-September 2012) owing to labour problems in Manesar," the automobile manufacturer said in a statement.

NYSE runs Twitter IPO test to avoid Facebook chaos

twitterA test run was carried out by the New York Stock Exchange on Saturday of Twitter's profoundly expected market making a big appearance, as it looks to evade the sorts of issues that tormented Facebook's (FB. O) first sale of stock on opponent Nasdaq.

The NYSE was trying essentially for two things: To check whether its frameworks could handle the measure of message activity that could be created by the IPO; and to determine that once the IPO occurred any firms that put requests would speedily gain the reports letting them know that their requests had been executed.

George Osborne says UK is on the path to prosperity

George OsborneUK's Chancellor George Osborne has said that the UK is on the path to prosperity as the economy grew at its fastest rate in three years during the third quarter of the year.

The UK economy recorded a growth of 0.8 per cent during the quarter from July through to September, which is its highest since the second quarter of 2010. The construction sector recorded a strong growth at 2.5 per cent during the quarter as the government's polices helped boost growth and demand in the country.

Tata-SIA hopes to start operation by May

Tata-SIA hopes to start operation by MayNew Delhi, Oct 25 : The new passenger carrier of Tata Sons and Singapore Airlines should be operational by May next year, a top official of the joint venture said Friday.

"We hope that we will be able to launch by May-June (2014)," Prasad Menon, the proposed airline's chairman, told reporters after meeting Civil Aviation Minister Ajit Singh here.

His comments came a day after the government approved setting up the joint venture airline.

Emirates expects to fly 70 mn passengers in 2020

Emirates-airlineDubai, Oct 24 : Emirates airline expects to fly 70 million passengers in 2020, and the airline and its partners in Dubai are already progressing on plans to ensure that the right infrastructure is in place to support and capitalise on this growth.

The carrier, in a press release Wednesday, said these plans were unveiled by Tim Clark, president of Emirates airline, at a presentation to delegates of Bureau International des Expositions (BIE), who are visiting the United Arab Emirates (UAE) to make their final decision on the host city for the World Expo 2020. Dubai is a candidate city.

Jignesh Shah refuses to quit MCX board

Jignesh ShahJignesh Shah, the promoter of Financial Technologies India Ltd (FTIL), on Tuesday refused to quit the board of the Multi Commodity Exchange of India Ltd (MCX).

Shah's FTIL is the holding company of the National Spot Exchange (NSEL), which is under the market regulators' scrutiny for the alleged Rs 5,600-crore scam. Many members of the MCX board have been demanding Shah to resign as part of their efforts to insulate MCX from the ongoing crisis at the NSEL.

Rekoo opens new office in London

rekooRekoo, a leading mobile gaming company in China, has opened a new office in eth British capital, London aiming to offer its games to the European games and to offer European game in the Chinese market.

Foreign banks must meet certain conditions to enter India: Raghuram Rajan

Raghuram RajanBy setting up wholly-owned subsidiaries in India, foreign banks will get more opportunities and freedom to expand, but with some conditions, Reserve bank of India (RBI) Governor Raghuram Rajan said.

Mr. Rajan said that the central bank would soon announce new rules for allowing foreign banks entry into domestic banking market. He noted that foreign bank might later take over some Indian banks.

However, he added that for getting near national treatment in India, foreign banks would have to meet a couple of conditions.

World Bank warns US of 'dangerous moment' ahead

world bankWashington, Oct 13 : As talks broke down between President Barack Obama and House Republicans on ending a standoff over federal shutdown and debt ceiling, World Bank President Jim Yong Kim warned of the disaster ahead.

"We are now five days away from a very dangerous moment," Kim said Saturday referring to the looming Oct 17 deadline when the US Treasury says it would hit the country's $16.7 trillion borrowing limit and run out of cash to pay its bills.

NSEL misrepresented facts to Forward Markets Commission: Mumbai EOW

NSEL misrepresented facts to Forward Markets Commission: Mumbai EOW The management of crisis-hit National Spot Exchange Ltd (NSEL) misrepresented facts to commodity market watchdog Forward Markets Commission (FMC), the Economic Offences Wing (EOW) of the Mumbai Police said.

EOW of the Mumbai Police has been probing alleged wrongdoing at NSEL over its failure to return investors nearly Rs 5,600 crore.

Regional Growth Fund to continue for several years, Clegg

Nick CleggThe Government's Regional Growth Fund is likely to continue for several years to come as the government aims to boost business expansion in the UK.

Deputy Prime Minister, Nick Clegg launched the fifth round of the flagship scheme for supporting the business growth. He said that the fund is an important part of the Government's strategy to support business growth across the UK outside the South East.

UK construction output rises 4% in August

UK constructionAccording to the latest figures released, the total UK construction output rose 4 per cent during the month of August compared to the same month of the previous year.

The UK's Office for National Statistics (ONS) said that the construction output rose at the rate of 1.9 per cent during the second quarter of 2013 compared to a fall of 1.3 per cent during the first quarter. The official data showed that sector has been volatile during the first two months of the third quarter as July recorded a growth of 2.8 per cent while August recorded a fall of 0.1 per cent.




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