Free Press Journal
  • ArcelorMittal rubbishes Numetal allegations

    New Delhi : ArcelorMittal said on Tuesday its offer for the debt-laden Essar Steel is the most compelling one and asserted that there is no connection between ArcelorMittal’s eligibility and the businesses of LN Mittal’s brothers. The company’s statement comes a day after Russia’s VTB Group-backed Numetal upped the ante against rival bidder ArcelorMittal, alleging that loan defaults by firms owned by Mittal’s brothers, disqualify him under the law.

  • Merged banks’ entity may be operational from April 1

    New Delhi : The new entity to be formed with the merger of Bank of Baroda, Vijaya Bank and Dena Bank will be operational in the beginning of the next financial year, sources said.

  • Government launches ‘e-Sahaj’ portal for giving security clearance to businesses

    New Delhi: A portal was launched Tuesday to facilitate individuals and private companies in seeking security clearance for setting up businesses in certain sensitive sectors. The online ‘e-Sahaj’ portal, launched by Union Home Secretary Rajiv Gauba, will strike a healthy balance between meeting the imperatives of national security and facilitating ease of doing business and promoting investment in the country, an official statement said.

  • Market rout continues as US-China trade war intensifies; Re woes worsen

    Mumbai: The BSE benchmark Sensex Tuesday tumbled by about 295 points to close at an over one-month low of 37,290.67 due to hectic selling in realty, PSU, power and banking counters amid flaring up of trade tariff tensions between the US and China and weakness in the rupee. The broader Nifty also cracked below the 11,300-mark.

  • Sensex, Nifty turn choppy on global rising trade war concerns

    Mumbai: Benchmark indices turned volatile in early trade Tuesday on escalating global trade concerns after US President Donald Trump announced new tariffs on an additional USD 200 billion worth of imports from China.

  • Rupee recovers 10 paise against US dollar in early trade

    Mumbai: After a weak start, the rupee Tuesday recovered 10 paise to 72.41 against the US dollar amid volatility in early trade on fresh selling of the US currency by exporters and banks. The rupee, after opening lower at 72.65 against the US dollar, quickly recovered to trade 10 paise higher at 72.41 at the Interbank Foreign Exchange.

  • IMF estimates ‘real’ depreciation of Indian rupee as 6 to 7 percent

    Washington: Compared to December 2017, the real effective depreciation of Indian rupee is between six and seven per cent, says an IMF estimate. Broadly since the beginning of the year, Indian rupee “has lost about 11 per cent of its value in nominal terms vis a vis the US dollar”, said IMF spokesperson Gerry Rice, responding to a question on the fall of the Indian currency in the last few months. He,

  • Centre set to merge BoB, Dena and Vijaya Bank

    New Delhi : The government on Monday said state-owned Bank of Baroda (BoB), Vijaya Bank and Dena Bank will be merged to create the country’s third-largest lender as part of efforts to revive credit and economic growth.

  • Deadline for imposing tariffs on US products likely to be extended

    New Delhi : The government will further extend the deadline for the imposition of higher customs duties on 29 products, including almond, walnut and pulses, imported from the US, a senior official said on Monday. In June, India decided to impose retaliatory tariffs from August 4. But it was extended by another 45 days till September 18.

  • ArcelorMittal backtracks after accusing Vedanta of eco lapses

    New Delhi : ArcelorMittal, which is locked in a three-way fight for the acquisition of Essar Steel, first wrote a letter targeting rival bidder Vedanta over its alleged violation of environmental law and human rights but shortly thereafter withdrew the letter. ArcelorMittal on September 15 wrote a letter on “facts” in relation to alleged “environmental law violations committed in India and Zambia, illegal mining, disregard for safety standards and human rights violations”