The gloomy atmosphere prevailing in the construction sector of India has led the government to take monetary steps to aid the ailing sector. Shivshahi Punarvasan Prakalp will provide monetary assistance for the construction activities in India.
People
Haim Saban, Launches $100 Million Venture Fund For Israeli Startups
Saban Ventures Fund is a newly launched fund aiming to offer investment to the selective business startups in Israel. The venture fund has been launched by Israeli-American media magnate Haim Saban. He is also familiar as one of the major financial contributors to the Hilary Clinton’s election campaign fund.
John Tsang To Deliver Hong Kong Annual Budget
Hong Kong Financial Secretary John Tsang to deliver annual fiscal budget. Hong Kong is predicted to announce surplus while still holding on to conventional approach.
Audi To Feature Fuel Efficient A4 Allroad quattro
Audi is going to hit the market with an ultra version of the quattro, A4 Allroad quattro, during the middle of this year. The new quattro is capable of cutting friction losses and is believed to improve emissions and efficiency. It will be the first ever Audi to feature the ultra version of the quattro system.
Virgin Galactic unveils new space tourism rocket plane
Richard Branson's Virgin Galactic venture unveiled a new passenger spacecraft on Friday, nearly 16 months after a fatal accident destroyed its sister ship during a test flight over California's Mojave Desert.
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This year’s African economic summit was ended with calls to boost trade and investment on the continent. The conference aims to strengthen Africa’s place in the world economy through investment and to establish Egypt as a gateway for foreign investments.
Eskom, a South African state owned power producer has attracted a probe over its deals for developing new power plants. Country’s finance minister has ordered the probe and cancelled post budget breakfast briefing scheduled to be broadcast by New Age newspaper. The move has been analyzed as a revolt within the government against Gupta family, intimate with President Jacob Zuma.
American International Group, Inc. Reported Larger Than Expected Net Loss of $1.8 Billion in Q4 2015
American International Group, Inc. reported a bigger quarterly loss than expected. The company was hurt by weak underwriting and investment return. The big loss in Q4 made its full year income dropped by more than 70%
The finance minister of Canada, Bill Morneau, is expected to disclose the principal terms of Liberal's first budget on Monday. Morneau's revised budget figures will highlight the problems facing Canada's economy.
Victoria’s Secret CEO Sharen Turney announced her resignation on Friday, concerning investors and briefly crash the parent company’s shares after the news. However, the company had assured investors that the company will retain its success with the parent company’s founder and CEO Les Wexner assuming the role and Turney remaining as the lingerie brand’s advisor.
Industrial overcapacity in China may have adverse impact on the domestic market and global economy. A number of new units came up owing to easily available loans and government subsidies in the world's second largest economy. A latest report calls for more radical measures including greater privatization to streamline the Chinese domestic industry.
Canadian company GuestLogix Inc has received court approval for implementing sale and investment solicitation process (SISP). Canaccord Gunuity Corp will be financial advisor to the company under the SISP. The bidding process is being executed in a phased manner.
HSBC Holdings Plc is not thinking it's time to deepen cuts at its securities unit. The bank's investment unit is suffering from drop in trading revenues amid sluggish financial markets. HSBC Holdings is aiming to reduce costs by $5 billion by 2017.
Investment inflows into oil and gas projects are dropping significantly. The investments in oil projects in 2016 is forecast to fall below £1 billion from the five-year annual average of £8 billion.
