Business – NP News24 https://npnews24.com Latest News Update realtime on the move Wed, 22 Jan 2020 06:54:56 +0000 en-GB hourly 1 161264391 Vodafone quits Facebook’s Libra cryptocurrency project https://npnews24.com/2020/01/22/vodafone-quits-facebooks-libra-cryptocurrency-project-lead/ Wed, 22 Jan 2020 06:30:06 +0000 https://npnews24.com/2020/01/22/vodafone-quits-facebooks-libra-cryptocurrency-project-lead/

San Francisco, Jan 22 (IANS) : Telecom major Vodafone has joined the list of top companies which have backed out from Facebook’s controversial Libra cryptocurrency project.Vodafone joins PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings in withdrawing from the controversial project — and is the first company to exit after the Libra Association […]

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San Francisco, Jan 22 (IANS) : Telecom major Vodafone has joined the list of top companies which have backed out from Facebook’s controversial Libra cryptocurrency project.Vodafone joins PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings in withdrawing from the controversial project — and is the first company to exit after the Libra Association was formed in October last year, Coindesk reported on Tuesday.

The companies have left owing to concerns about heightened regulatory scrutiny and users’ data privacy.”We can confirm that Vodafone is no longer a member of the Libra Association. Although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient,” the Libra Association said in a statement.”The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system.”Despite top-notch firms pulling out, Facebook and 20 partner organisations formally joined the digital currency Libra project in Geneva in October.

The Libra Association said that more than 1,500 entities have expressed an interest in joining the digital currency project.Several US senators have opposed Facebook’s digital coin, arguing that the social networking giant has been irresponsible with user data privacy. They have even called the digital cryptocurrency Libra “delusional” and “dangerous”.Facebook CEO Mark Zuckerberg testified before Congress in October about Libra, defending the idea, but acknowledging the struggles left to overcome.In a six-hour grilling at a House Financial Services Committee hearing, both Democrat and Republican lawmakers expressed dissatisfaction with Facebook’s cryptocurrency plans.

“As I have examined Facebook’s various problems, I have come to the conclusion that it would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project,” said California Representative Maxine Waters.”Facebook’s internal motto was for a long time ‘move fast and break things.’ Mr. Zuckerberg, we do not want to break the international monetary system,” added New York Democrat Nydia VelAizquez.Libra has failed in its current form, according to the President of Switzerland.

In a media interview, Swiss President and Finance Minister Ueli Maurer stated that Libra does not have a chance of being successful “because the basket of currencies that is deposited in this currency is not accepted by the national (central) banks”.”The project in this form has actually failed,” Maurer was quoted as saying.The Libra project, which is still in development, aims for the launch of its first version this year.

–IANSna/rt

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Sensex ends 205 pts lower after IMF cuts growth forecast https://npnews24.com/2020/01/21/sensex-ends-205-pts-lower-after-imf-cuts-growth-forecast/ Tue, 21 Jan 2020 13:00:11 +0000 https://npnews24.com/2020/01/21/sensex-ends-205-pts-lower-after-imf-cuts-growth-forecast/ sensex
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Mumbai, Jan 21 (IANS) : The benchmark Sensex on Tuesday closed 205 points lower after the International Monetary Fund (IMF) slashed India’s 2019 growth estimates from 4.8 per cent from 6.1 per cent for the current fiscal year.Auto and manufacturing sector stocks lost the most during the trade session. While the Nifty auto index closed […]

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Mumbai, Jan 21 (IANS) : The benchmark Sensex on Tuesday closed 205 points lower after the International Monetary Fund (IMF) slashed India’s 2019 growth estimates from 4.8 per cent from 6.1 per cent for the current fiscal year.Auto and manufacturing sector stocks lost the most during the trade session. While the Nifty auto index closed 1.28 per cent lower, the Nifty metal index lost 1.27 per cent.Globally, Asian markets, especially the Hang Seng index, fell sharply after Moody’s Investors Service downgraded the city’s rating.

The IMF has also lowered the growth estimate of India to 4.80% for 2019, which prompted investors to resort to profit-taking,” Shrikant Chouhan of Kotak Securities said.Sensex closed 205 points lower at 41,323.81 after hitting an intra-day high of 41,532.59 and a low of 41,294.30.

The Nifty closed at 12,169.85, lower by 54.70 points.However, the broader market continued to outperform benchmarks with Nifty Midcap 100 down 0.1 per cent while Nifty Smallcap 100 closing higher by 0.1 per cent.Vinod Nair of Geojit Financial Services said that some subdued results in Q3 compared to the solid expectation has triggered a consolidation in the market.”We believe this is a rational reaction of the market which will hold in the short-term and can reverse as per the final outcome of Budget & Q3FY20 results,” Nair added.

–IANSravi/prs

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Vodafone Idea stocks jumps 20% over SC relief https://npnews24.com/2020/01/21/vodafone-idea-stocks-jumps-20-over-sc-relief/ Tue, 21 Jan 2020 10:30:07 +0000 https://npnews24.com/2020/01/21/vodafone-idea-stocks-jumps-20-over-sc-relief/

Mumbai, Jan 21 (IANS) : Shares of Vodafone Idea on Tuesday jumped over 20 per cent on the BSE after the Supreme Court agreed to hear the modification plea filed by telecom operators on giving them more time to pay off Adjusted Gross Revenue (AGR) related dues.Shares of Bharti Airtel, Tata Tele Service, however, traded […]

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Mumbai, Jan 21 (IANS) : Shares of Vodafone Idea on Tuesday jumped over 20 per cent on the BSE after the Supreme Court agreed to hear the modification plea filed by telecom operators on giving them more time to pay off Adjusted Gross Revenue (AGR) related dues.Shares of Bharti Airtel, Tata Tele Service, however, traded on a mixed note after the apex court agreed on the modification plea.

The deadline to pay off AGR dues is January 23.The Supreme Court said that a bench headed by Justice Arun Mishra will hear next week plea of telecom companies seeking a fresh schedule on the payment of dues nearly Rs 1.47 lakh crore to the Department of Telecommunications.A battery of senior advocates, including A.M. Singhvi and C.A. Sundaram, were present in the court.

A bench headed by Chief Justice S.A. Bobde and comprising Justices S.A. Nazeer and Sanjiv Khanna, said it will list the fresh plea next week before the same bench, which had heard the earlier petition at length and then passed a verdict on the matter.On January 16, a bench headed by Justice Arun Mishra had dismissed review petitions of telecom companies seeking review of the earlier order passed by the bench headed by Justice Mishra ordering them to pay Rs 92,000 crore in statutory dues by January 23.

–IANSravi/adr/

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Sensex down 90 pts, Nifty below 12,200 https://npnews24.com/2020/01/21/sensex-down-90-pts-nifty-below-12200/ Tue, 21 Jan 2020 04:45:06 +0000 https://npnews24.com/2020/01/21/sensex-down-90-pts-nifty-below-12200/ Sensex
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Mumbai, Jan 21 (IANS) The benchmark Sensex opened lower on Tuesday after the International Monetary Fund (IMF) slashed India’s 2019 growth estimates to 4.8 per cent from 6.1 per cent.IMF cited a sharper-than-expected slowdown in local demand and stress in the non-bank financial sector.Sensex opened at 41,487.57, lower from its Monday’s close of 41,528.91. At […]

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Sensex
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Mumbai, Jan 21 (IANS) The benchmark Sensex opened lower on Tuesday after the International Monetary Fund (IMF) slashed India’s 2019 growth estimates to 4.8 per cent from 6.1 per cent.IMF cited a sharper-than-expected slowdown in local demand and stress in the non-bank financial sector.Sensex opened at 41,487.57, lower from its Monday’s close of 41,528.91.

At 9.37 a.m., Sensex was down 91.54 points at 41,437.37 while the broader Nifty was trading 25.90 points lower at 12,198.65.Kotak Mahindra Bank was down 1 per cent after it declared its corporate results. The private lender reported weak set of results with loan growth continuing to be subdued and rising NPAs

.–IANSravi/skp/

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Sensex slips 120 points in early trade https://npnews24.com/2020/01/20/sensex-slips-120-points-in-early-trade/ Mon, 20 Jan 2020 05:45:05 +0000 https://npnews24.com/2020/01/20/sensex-slips-120-points-in-early-trade/ Sensex
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Mumbai, Jan 20 (IANS) The benchmark Sensex declined 120 points during the early trade on Monday owing to the selling in heavyweights.Reliance Industries, HDFC Bank and TCS fell over 1 per cent on the NSE. Besides, the market breath was also negative as 39 out of the 50 Nifty stocks traded in the red.At 10.22 […]

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Sensex
Sensex

Mumbai, Jan 20 (IANS) The benchmark Sensex declined 120 points during the early trade on Monday owing to the selling in heavyweights.Reliance Industries, HDFC Bank and TCS fell over 1 per cent on the NSE. Besides, the market breath was also negative as 39 out of the 50 Nifty stocks traded in the red.At 10.22 a.m., the Sensex was down 118.45 points at 41,826.92. It opened at 42,263, higher from its previous close of 41,945.37.

It touched an intra-day high of 42,273.87 and a low of 41,796.23.The broader Nifty also slipped 78.15 points to 12,430.50.This week, companies like Kotak Mahindra Bank, Zee Entertainment Enterprises, Axis Bank, Larsen & Toubro, Biocon, Bank of Baroda and ICICI Bank, among others, are expected to announce their Q3 earning results.Reliance Industries (RIL) quarterly results had missed street estimates due to weak petrochemical segment which was impacted by weak product prices and higher feedstock prices, JM Financials said.”Revenue growth continues to be a struggle for TCS; 0.3 per cent QoQ constant currency (CC)growth in 3QFY20 was below our 0.9 per cent estimates. While part of the miss appears to be from higher impact of the seasonal furloughs,” it added.

–IANSravi/ksk/

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Constro 2020 – The biggest construction exhibition in Pune  https://npnews24.com/2020/01/14/constro-2020-the-biggest-construction-exhibition-in-pune/ https://npnews24.com/2020/01/14/constro-2020-the-biggest-construction-exhibition-in-pune/#respond Tue, 14 Jan 2020 05:42:08 +0000 https://npnews24.com/?p=168465 construction
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Members of PCERF announce the details of Constro 2020. (L-R) Neelkanth Joshi, Vishwas Lokare, Sanjay Vaichal and Naren Kothari  PCERF to hold its biggest construction exhibition- Constro 2020 from January 16 to January 19 Pune: npnews24 Online –  January 10, 2020: In order to cater to industrial needs and spread awareness about modern building materials, […]

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Members of PCERF announce the details of Constro 2020. (L-R) Neelkanth Joshi, Vishwas Lokare, Sanjay Vaichal and Naren Kothari
 PCERF to hold its biggest construction exhibition- Constro 2020 from January 16 to January 19
Pune: npnews24 Online –  January 10, 2020: In order to cater to industrial needs and spread awareness about modern building materials, machinery and construction methods, the Pune Construction Engineering Research Foundation (PCERF) will hold its International Expo- ‘Constro 2020’ from January 16 to January 19, 2020 at New Agriculture College Ground, Sinchan Nagar, Pune.
Being the biggest construction exhibition in western India, Constro 2020 in its 16th edition will be inaugurated at the hands of D.K. Sen, Director and Sr. Executive Vice President (Infrastructure) Larsen & Toubro. A Souvenir giving the advanced technological information about this field will also be unveiled during the festival.
This information was given by Vishwas Lokare, President, PCERF today at a press conference held in the city in presence of PCERF members including Sanjay Vaichal, Chairman, Constro 2020, Naren Kothari, Managing Committee Member, Constro, Neelkanth Joshi, Hon. Secretary, PCERF.
Members of PCERF announce the details of Constro 2020. (L-R) Neelkanth Joshi, Vishwas Lokare, Sanjay Vaichal and Naren Kothari
Considering the increasing demand in the construction sector that requires accurate superior production in short time, the theme for this year’s exhibition will be- ‘Mechanized and Intelligent Construction’. The exhibition will also focus on subjects including Building Construction Codes, Green Sustainable Buildings, Construction Skill Development and Safety on Construction Site.
“More than 1 lakh professionals from this field are expected to visit the expo, which will offer a unique platform to visitors to meet other professionals including architects, designers, structural engineers, manufacturers and Government authorities among others. PCERF will also present its indigenously manufactured maturity meter device called ‘Intelligent Concrete Maturity Meter’ during this exhibition. This device can be used to measure and determine the strength of concrete used in construction with accuracy and is considerably less expensive,” said Lokare.
The Builder Association of India (BAI) will conduct its Maharashtra state-level meeting during Constro 2020, which will be focused on RERA Act and skill development in construction sector.
As a part of the exhibition, PCERF will organize its prestigious ‘PCERF- Padmashri B. G. Shirke Vidyarthi Awards- 2020’ on January 17, 2020 to boost the talent and creativity among the students of Civil Engineering and Architecture. The awards in its 5th year will be presented by Chief Guest, Kishore Chaukar, Former MD, Tata industries Ltd.  The foundation will also organize ‘PCERF- Kumar Beharay Construction Safety Awards- 2020’ on January 17, 2020. The awards in its 7th year aims to spread awareness on safety measures in the construction sector and will be presented by Suhas Merchant, President, CREDAI- Pune Metro.
”To encourage women, who want to become entrepreneurs in the construction sector, PCERF will also present its ‘Women Entrepreneurs in Construction’ awards, which will be given in 4 categories including Construction Contractor, Structural Consultant, Real Estate Developer and Project Management Consultant,” said Vaichal.
About PCERF
For over 36 years, PCERF, an association of civil engineers, architects, designers and builders, is working to improve quality, knowledge, technology, research and development in the construction sector by organizing workshops, seminars and courses for the professionals in the construction sector.

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Fuel prices cut for second straight day on Monday https://npnews24.com/2020/01/13/fuel-prices-cut-for-second-straight-day-on-monday/ Mon, 13 Jan 2020 05:15:07 +0000 https://npnews24.com/2020/01/13/fuel-prices-cut-for-second-straight-day-on-monday/ food
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New Delhi, Jan 13 (IANS) Good news for consumers as fuel prices fell again on Monday, the second consecutive day after easing of tensions between the US and Iran. Price of petrol fell by 10 paise and that of diesel by 5 paise a litre across all major cities on Monday.In Delhi, petrol now costs […]

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New Delhi, Jan 13 (IANS) Good news for consumers as fuel prices fell again on Monday, the second consecutive day after easing of tensions between the US and Iran. Price of petrol fell by 10 paise and that of diesel by 5 paise a litre across all major cities on Monday.In Delhi, petrol now costs Rs 75.80 a litre, Rs 81.39 a litre in Mumbai, Rs 78.38 a litre in Kolkata and Rs 78.76 a litre in Chennai after the decrease in price.

Similarly, diesel costs Rs 69.06 a litre in Delhi, Rs 72.42 a litre in Mumbai, Rs 71.43 per litre in Kolkata and Rs 72.99 a litre in Chennai, according to Indian Oil Corporation website.The retail prices of fuel are dependent on the global crude prices and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements.Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.

–IANS skp/

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Sensex, Nifty rise to fresh record high https://npnews24.com/2020/01/13/sensex-nifty-rise-to-fresh-record-high/ Mon, 13 Jan 2020 04:30:07 +0000 https://npnews24.com/2020/01/13/sensex-nifty-rise-to-fresh-record-high/ Sensex
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Mumbai, Jan 13 (IANS) The key Indian equity indices opened on a positive note on Monday with the NIfty50 on the National Stock Exchange and the BSE touching new record levels.The NIfty50 touched a fresh high of 12,333.45, while the Sensex reached a record level of 41,893.41 points.At 9.27 a.m, the Nifty traded at 12,333.45, […]

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Sensex
Sensex

Mumbai, Jan 13 (IANS) The key Indian equity indices opened on a positive note on Monday with the NIfty50 on the National Stock Exchange and the BSE touching new record levels.The NIfty50 touched a fresh high of 12,333.45, while the Sensex reached a record level of 41,893.41 points.At 9.27 a.m, the Nifty traded at 12,333.45, higher by 76.65 points or 0.63 per cent from the previous close of 12,256.80 points.

The BSE Sensex was trading at 41,848.76, higher by 249.04, points, or 0.60 per cent from the previous close of 41,599.72 points.It had opened at 41,788.21 and so far the intra-day low has been 41,720.76 points.The rise in domestic stock markets came on the back of the gains in the Asian markets, analysts said.

–IANSrrb/skp/

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US stocks decline amid soft jobs data https://npnews24.com/2020/01/11/us-stocks-decline-amid-soft-jobs-data/ Sat, 11 Jan 2020 00:00:06 +0000 https://npnews24.com/2020/01/11/us-stocks-decline-amid-soft-jobs-data/ US dollar
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New York, Jan 11 (IANS) US stocks finished lower, giving up earlier gains, as investors digested the weaker-than-expected jobs data.On Friday, the Dow Jones Industrial Average shed 133.13 points, or 0.46 per cent, to 28,823.77. The S&P 500 decreased 9.35 points, or 0.29 per cent, to 3,265.35. The Nasdaq Composite Index fell 24.57 points, or […]

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US dollar
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New York, Jan 11 (IANS) US stocks finished lower, giving up earlier gains, as investors digested the weaker-than-expected jobs data.On Friday, the Dow Jones Industrial Average shed 133.13 points, or 0.46 per cent, to 28,823.77. The S&P 500 decreased 9.35 points, or 0.29 per cent, to 3,265.35. The Nasdaq Composite Index fell 24.57 points, or 0.27 per cent, to 9,178.86, Xinhua news agency reported.All the three major indexes swung between gains and losses throughout the session.

The blue-chip index had briefly traded above the 29,000 milestone for the first time to reach an all-time high at 29,009.07 in the morning session. The S&P 500 and the Nasdaq also hit record highs in intraday trading before turning negative.Nine of the 11 primary S&P 500 sectors dropped at market closing, with financials down 0.78 per cent, leading the laggards.

Real estate rose 0.95 percent, the best-performing group.US employers added 145,000 jobs in December, down from revised 256,000 in November, and the unemployment rate remained at 3.5 per cent, the US Bureau of Labor Statistics reported Friday.Notable job gains occurred in retail trade and health care, while mining lost jobs, according to the report. The increase in new jobs fell short of the 165,000 MarketWatch forecast.The US equities market was volatile this week as Wall Street weighed geopolitical risks stemming from tensions between Washington and Tehran.

–IANSrt/

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US stocks rally amid eased concerns over Mideast tensions https://npnews24.com/2020/01/10/us-stocks-rally-amid-eased-concerns-over-mideast-tensions/ Fri, 10 Jan 2020 00:00:05 +0000 https://npnews24.com/2020/01/10/us-stocks-rally-amid-eased-concerns-over-mideast-tensions/ US dollar
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New York, Jan 10 (IANS) US stocks finished higher as market mood was lifted after President Donald Trump downplayed Iran’s missile attack against US forces in Iraq.On Thursday, the Dow Jones Industrial Average was up 211.81 points, or 0.74 per cent, to 28,956.90. The S&P 500 increased 21.65 points, or 0.67 per cent, to 3,274.70. […]

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US dollar
US dollar

New York, Jan 10 (IANS) US stocks finished higher as market mood was lifted after President Donald Trump downplayed Iran’s missile attack against US forces in Iraq.On Thursday, the Dow Jones Industrial Average was up 211.81 points, or 0.74 per cent, to 28,956.90.

The S&P 500 increased 21.65 points, or 0.67 per cent, to 3,274.70. The Nasdaq Composite Index rose 74.18 points, or 0.81 per cent, to 9,203.43, Xinhua news agency reported.Shares of major US tech giants, including Facebook, Apple, Amazon and Google-parent Alphabet, closed higher, contributing the market gains.All the 11 primary S&P 500 sectors rose at market closing, with technology up 1.13 per cent, outperforming the rest.Trump said on Wednesday that no casualties resulted from Iran’s missiles strikes in Iraq on Tuesday, sending signals of de-escalation while threatening Tehran with fresh sanctions.”No Americans were harmed in last night’s attack by the Iranian regime.

We suffered no casualties,” Trump said in a televised address after Iran launched more than a dozen ballistic missiles at Iraqi bases housing US troops.The president also showed his restraint in his remarks, saying that “Iran appears to be standing down,” which is “a good thing” for all parties concerned.A US drone struck a convoy at Baghdad International Airport last Friday, killing Iranian Major General Qassem Soleimani, sparking outrage and revenge threats from Tehran.On the data front, in the week ending January 4, US initial jobless claims, a rough way to measure layoffs, came in at 214,000, a decrease of 9,000 from the previous week’s revised level, the Labor Department said on Thursday.

–IANSrt/

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