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Tag: business

Business groups urge MPs to avoid no-deal after PM's Brexit defeat

Business groups urge MPs to avoid no-deal after PM's Brexit defeat

Business
By John-Paul Ford Rojas, business reporter Business groups have urged MPs to avoid a no-deal Brexit after the prime minister suffered a further Commons defeat.The CBI called for politicians on all sides to "stop this circus" while the City of London Corporation said the country was now "staring down the precipice". Opponents of Theresa May's Brexit deal defeated it by 149 votes a day after she claimed victory as she hailed legally binding new changes to backstop arrangements with the European Union.The pound, which had initially rallied sharply following Mrs May's last-ditch Strasbourg talks, fell sharply on Tuesday as it became clear she had not done enough to secure a Commons victory.But it later partly recovered as speculation turned to the prospect of...
Postal department to spin off life insurance business into separate unit

Postal department to spin off life insurance business into separate unit

Finance
The postal department plans to spin off the postal life insurance and rural postal life insurance operations into a separate business unit (SBU) for which it has moved a Cabinet note, Communications Minister Manoj Sinha said Wednesday. "For postal Life Insurance and rural postal life insurance we have moved a Cabinet note. In the first phase it will involve creation of an SBU and in second phase a full fledged insurance company," Sinha told reporters on the sidelines of an event to mark the second anniversary celebration of India Post Payments Bank (IPPB). The Minister hoped that the Cabinet approval would be received in next fortnight or so. Sinha said IPPB has rolled out 1.26 lakh access points over the last five months and over the next week or 10 days the number is expected to rise t...
Huawei charges are an attempt to 'strangle' Chinese business, Beijing says

Huawei charges are an attempt to 'strangle' Chinese business, Beijing says

World
Jan. 29 (UPI) -- China condemned the U.S. charges against Huawei Tuesday as political manipulation to obstruct the legitimate business operations of its company. "The US has been using national power to tarnish and crack down on specific Chinese companies in an attempt to strangle their lawful and legitimate operations," Chinese foreign ministry spokesman Geng Shuang said in a statement. "Behind such practices are deep political intentions and manipulations." He said China "strongly" urges the U.S. to stop its "unreasonable bashing on Chinese companies including Huawei, and treat them objectively and fairly." China will defend the legitimate rights and interests of its companies, he said. China's ministry of industry and information technology also called the indictments "unfair and immor...
The trading business on Wall Street is struggling and that could mean bad news for these banks

The trading business on Wall Street is struggling and that could mean bad news for these banks

Finance
One of Wall Street's big money-makers has been disappointing for major banks lately. Trading stocks and bonds on behalf of clients has historically been a cash-cow, especially in choppy markets. But as the top U.S. banks report results from the last quarter of 2018, it's becoming clear that trading wasn't a boost to banks' bottom lines. Citigroup and J. P. Morgan both unveiled lower-than-expected fourth quarter trading revenue, especially for fixed income. While it could be a one-off for what was a dismal December in the markets, analysts say it's lik...
Andhra Bank to deploy over 1,600 business correspondents to boost financial inclusion programme

Andhra Bank to deploy over 1,600 business correspondents to boost financial inclusion programme

Finance
NEW DELHI: State-owned Andhra Bank will deploy over 1,600 business correspondents to provide a host of services like account opening, door-step banking, ATM deployment and NPA recovery under its financial inclusion project. The bank will deploy these business correspondents mainly in Andhra Pradesh and Telangana. The lender has been implementing the financial inclusion project since 2010 through the business correspondent model with micro ATMs/kiosk banking technology. Among others, the business correspondents (BCs) may also be assigned with other financial and non-financial transactions like recovery of loans, enrolment of social security schemes as well as mobilisation of new business for the bank. They may also be required to carry on with all government schemes including Aadhaar, mobil...