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kamala mills owner ramesh govani held in connection with mumbai pubs blaze

in a major breakthrough, the mumbai police on monday arrested the owner of kamala mills in connection with the december 29 fire in pubs that killed 14 persons. a police official confirmed the development and said mills owner ramesh govani was detained and placed under arrest late on monday evening. govani had been evading arrest after the fire at the kamala mills compound in lower parel. as many as 55 patrons were injured in the fire. the key arrest came a day after a mill director ravi s. bhandari was arrested on sunday evening. besides, police also nabbed on sunday fire officer rajendra patil and an owner of nirvana hookah parlour utkarsh pandey. the december 29 fire broke out in the mojo's bis...




oil edges lower as libyan output undermines 2018 rally

oil slipped on monday under pressure from rising libyan output and concerns that a rally that had sent prices to their highest since december 2014 had run out of steam. but losses were limited by comments from top exporter saudi arabia that organization of the petroleum exporting countries (opec) and other producers would continue to cooperate on their oil cuts beyond 2018 and prices also found some support from strong economic growth that underpinned demand. brent crude slipped 7 cents to $68.54 a barrel at 1215 gmt, reversing course after earlier modest gains. brent had hit $70.37 on jan. 15, the highest since december 2014. us crude slipped 3 cents to $63.34, having also hit its highest since december 2014 last week. pvm analyst tamas var...




industry body ficci appoints dilip chenoy as new director general

industry body federation of indian chambers of commerce and industry (ficci) on monday said it had appointed dilip chenoy as its director general. "chenoy had been the managing director and ceo of the national skill developme...




payrolls database ahoy! | business standard column

earlier this month, on january 2, i wrote in this column that the government could be employing about 23 million people. this was an estimate based on some simple projections of the number of people employed in state governments, quasi governments and local government bodies. last week, dr. ...




india's bull market has entered final lap, says ambit capital

the indian market has been adding to last year’s stellar gains but the frenzy may not last long, said ambit capital in a report titled here comes the final frenzy. the domestic brokerage has spotted three tell-tale signs that signal an end to the rally — the pause in the rally seen at the fag-end of 2016; further spike in financial stocks, the torch-bearers of the recent rally and a sharp shoot-up in market valuations above historical levels. “the current indian bull market is all set for a final frenzy given: post the “pause” in the closing months of 2016, the market has rallied strongly for a year and history shows that bull markets last for two years post the pause; (b) in the final stages of a bull run, the ‘champion’ secto...




havells q3 profit at rs 1.94 bn

consumer electrical goods maker havells india’s december-quarter standalone net profit stood at rs 1.94 billion. the ...




us government shutdown may end soon after senate leaders reach deal

us lawmakers struck a deal to reopen the federal government three days into a shutdown prompted by an impasse over immigration and border security, the senate democratic leader said on monday. "we will vote today to reopen the government," minority leader chuck schumer told the senate.democrats had insisted that any short-term spending legislation to keep the government running include protections for young undocumented immigrants known as "dreamers, in turn, republicans in turn said they would not negotiate on immigration until democrats gave them the votes needed to reopen the government. funding fo...




india has best growth prospects among 7 large economies, including china

the country has the best growth prospects among seven large economies of the world, including china and south korea, a study done by a global logistics major said on monday. this is due to "strong and sustained increases in both air and ocean freight in and out of the country", dhl and consultancy firm accenture said in the maiden 'global trade barometer' study released on monday. "more than any of the worlds largest economindia'sndias major industries have displayed levels of resilience and growth that will buoy business confidence in the short to medium turn," dhl global forwarding india's managing director george laswon said. he said the country's gdp has doubled since 2008 to over $2.44 trillion now and will continue its upward traj...




rallis india posts q3 consolidated net profit at rs 249.4 million

agriculture solutions firm rallis india on monday posted a marginal drop in consolidated net profit at rs 249.4 million for the december quarter. the tata group firm had clocked a net profit of rs 253.4 million in...




business booms for forensic auditors as firms head to bankruptcy court

forensic departments of large audit firms and independent investigation agencies have been inundated with requests for forensic work following the push to clean up the bad debt mess under the insolvency and bankruptcy code (ibc). according to some estimates, the forensic business linked ...




hits and misses for equity mutual funds

in december, mutual funds (mfs) deployed considerably larger amount in 10 stocks amid a gush of liquidity. it has been a mixed bag for fund managers as some of these stocks have done exceedingly well while some have unperformed the market. the stocks that gained the most among top picks include tcs and l&t. however, fund managers could not be such good sellers when it comes to top few sell calls. for instance, infosys — the mos...




india to grow at 7.4% in 2018 as against china's 6.8%: imf at wef in davos

india is projected to grow at 7.4 per cent in 2018 as against china's 6.8 per cent, the imf said on tuesday, making it the fastest growing country among emerging economies following last year's slowdown due to demonetisation and the implementation of the gst. in its latest world economic outlook (weo) update released today in davos, switzerland on the sidelines of the world economic forum, the international monetary fund has projected a 7.8 per cent growth rate for india in 2019. growth rate projections for both 2018 and 2019 remains unchanged since its october 2017 weo projections.also read: india to overtake china as fastest growing large economy in 2018: report china, during the same period, is expected to grow at 6.6 per cent and 6.4 p...




world bank, india ink $120 mn pact for improved water supply in uttarakhand

multilateral lending agency world bank and india on monday inked $ 120 million loan agreement which will help increase access to improved water supply services in peri-urban areas in uttarakhand. according to an official statement, while uttarakhand has made significant strides in piloting and implementing innovative approaches in water supply and sanitation services, the peri-urban areas have not been a focus. from 2001 to 2011, the state's urban population grew by nearly 42 per cent, which is substantially higher than the...




sanofi sa set to buy us drug maker bioverativ for more than $11.5 bn: wsj

bioverativ, a hemophilia drug maker, was ...




1.4 mn jobs vulnerable to disruption from tech by 2026 in us: wef report

as many as 1.4 million jobs in the united states will be vulnerable to disruption from technology and other factors by 2026, a world economic forum (wef) report said on monday. the report, 'towards a reskilling revolution: a future of jobs for all', is based on an analysis of nearly 1,000 job types across the us economy that encompass 96 per cent of employment in that country. "...1.4 million us jobs alone expected to disrupted by technology and other factors between now and 2026, of which 57 per cent belong to women," the wef said in a release. on the positive side, the report said that with adequate reskilling, 95 per cent of the most immediately at-risk workers would find good...




jabong's big brand sale: get more than 50% off on mango, forever 21, adidas

online fashion marketplace jabong targets 80 per cent sales growth and seven-fold revenue growth over average daily sales with its big brand sale, scheduled from january 25 to 28. "in line with jabong's affluent target audience with the highest share of sec a1 consumers, this sale focuses more on premium global and indian brands with exclusive lines and discounts. we expect 80 per cent growth and 20 million sessions during the sale. the big brand sale offers our customers an opportunity to acquire premium global brands at less t...




mondelez strings a new tune for an old brand, refreshes cadbury silk range

with a new look and sound, mondelez india is looking to create a new experience around its premium set of chocolate brands under the dairy milk silk label. its first brand refresh in a decade, the company hopes, will not just keep old fans in the family but bring in the new, calorie consciou...




us govt shutdown enters third day as senate fails to clinch the deal

a us government shutdown enterered its third day on monday as senate negotiators failed to reach agreement late on sunday to restore federal spending authority and deal with demands from democrats that young “dreamers” be protected from deportation. the senate set a vote for 12 pm (1700 gmt) on monday on advancing a measure to provide temporary government funding through february 8, end the shutdown and allow hundreds of thousands of federal employees to return to work. senate majority leader mitch mcconnell offered an olive branch to democrats late on sunday, pledging on the senate floor to bring immigration legislation up for debate in february if the issue is still unresolved by then. at the core of democrats’ demands is the fate of...




ipl to run from april 7-may 27 with new timings; opening & final in mumbai

the 11th edition of the indian premier league (ipl) will be held from april 7 to may 27 with the tournament opener and final to be played in mumbai, the ipl governing council (gc) announced on monday. the opening ceremony will take place in mumbai on april 6. accepting broadcaster star sports' request, the ipl gc has also allowed a shift in timings of the matches. the 8 pm game will now begin at 7 pm while the 4 pm start has now been pushed to 5.30pm. "the broadcaster has requested for a change in timings. by and large, the gc has accepted it. it gets too late in the night if the game starts at 8 pm," said ipl chairman rajeev shukla after the gc meeting here. former india captain sourav ganguly, also a gc member, could not attend the mee...




bsf responds to pakistan's heavy firing with 9000 mortar shells across ib

the bsf has fired over 9,000 rounds of mortar shells across the international border (ib) in jammu in the past four days as part of "pinpointed" retaliatory action against pakistan's unprovoked firing, destroying firing positions and fuel dumps of the pakistan rangers at multiple places, officials said on monday. senior officials of the border security force (bsf) and in the home ministry said the situation along the 190-km ib in the jammu area was "very tense" as pakistan had "opened" heavy fire in the entire stretch since last evening. they said the bsf had fired over 9,000 rounds of mortar shells since january 19, after "pakistan first breached the peace and hit bsf posts and civilian areas". the mortar shelling is in addition to a...