COST Financial News

Thousands of protesters on cars and motorbikes have taken to the streets of Colombia’s main cities to reject recent hikes in gasoline prices that have drastically increased the price of fuel in the South American country

Toyota has halted operations at most of its assembly plants in Japan due to a malfunction in the company's production system. Operations were halted on Tuesday morning and a company spokesman said it wasn't clear whether they would resume in the afternoon shift.

India tries to boost domestic supplies of food grains and onions by restricting exports through levying customs duty and other steps, exporters and government officials are divided on what is the correct market price of the commodities on which the tax is calculated. The lack of a proper system to calculate the tax, say both sides, is being misused by some traders for under-invoicing to nullify the impact of customs duty and illegal shipment of banned commodities. At present, customs duty is calculated on the value of the commodity shown by the exporter in the invoice. “The value of onions shown by some exporters at Kolkata is $150/tonne, while the transport cost of onions from Nashik to Kolkata is $140/tonne. This implies that the exporter purchased onions at Re 0.80-1.00/kg, while the current price of the export quality onion is Rs 23-24/kg,” said an exporter of onion from Maharashtra, who requested not to be identified. Meanwhile, sensing the misuse of the system in the export of non-basmati parboiled rice, the government said on Sunday that only the export contracts having a minimum price of $1,200/tonne will be cleared for shipments under the basmati rice category. India has imposed a 20% customs duty on parboiled rice and banned the export of non-basmati white rice.

₹470.25 crore in Fiscal 2022 to ₹569.54 crore in Fiscal 2023, primarily driven by increase in revenue from sale of goods and from sale of services, whereas profit grew to ₹49.69 crore in Fiscal 2023, as compared to ₹49.65 crore in Fiscal 2022. Also Read: Mono Pharmacare IPO opens today. GMP, price, review, other details in 10 points There are no comparable listed firms in India or overseas that conduct business in a manner similar to that of the company, according to the RHP of the company.

Reliance Industries Ltd (RIL) chairman Mukesh Ambani said his three children — daughter Isha and sons Akash and Anant — will be inducted on the board as non-executive directors. He will continue as chairman and managing director for another five years, he announced at the RIL annual general meeting (AGM) on Monday. Additionally, wife Nita Ambani resigned from the RIL board, making way for her children and to focus on the Reliance Foundation philanthropic arm, of which she's chairperson. She will continue to attend all the RIL board meetings as a permanent invitee. The announcement comes a year after the billionaire chairman said his children would have significant roles in the businesses of India's most valuable private sector company. «I am happy to report to you that earlier today, the board met and recommended the induction of Isha Ambani, Akash Ambani and Anant Ambani into the board of directors of RIL,» Mukesh Ambani said in his address to shareholders at the 46th AGM held virtually. «I can proudly say that they have earned their stripes through dedication, commitment, and hard work.»'Will mentor Akash, Isha and Anant'

Japan may be at an inflection point in its 25-year battle with deflation as price and wage rises show signs of broadening, the government said on Tuesday, signalling its conviction the economy was nearing an end to prolonged stagnation. The optimistic view echoes that of the Bank of Japan (BOJ), which has said corporate price- and wage-setting behaviour was changing, and could pave the way for phasing out the country's massive fiscal and monetary support. «Japan has seen price and wage rises broaden since the spring of 2022.

By Leika Kihara

(Reuters) — Australia's Star Entertainment Group swung to an annual profit on Tuesday as operating conditions continued to stabilise and revenues improved across segments, also helping the cash-strapped casino operator significantly reduce its debt levels.

Rishabh Instruments, a maker of a wide range of electrical measurement instruments and process optimisation equipment, plans to raise ₹491 crore from an initial public offer. It comprises a fresh issue of ₹75 crore that would be used for capacity expansion at its Nashik facility and an offer of sale of ₹415 crore from promoters and investors. The promoter holding would drop to 70.6% post-IPO from 80.67%.

Investor appetite for shares of firms supplying equipment to the Railways has picked up in the past two weeks after Prime Minister Narendra Modi announced plans for the redevelopment of 508 railway stations across the country. On Monday, shares of these companies soared as much as 15%. While shares of Railtel Corp of India gained 15% on Monday, Texmaco Rail & Engineering surged 13%.

Star Entertainment has blown out to a $2.4 billion loss after the embattled operator wiped more than $2 billion from the value of its Sydney, Gold Coast and Brisbane casinos.

The Mexican government says it has sent 1,200 more troops to the cartel-dominated western state of Michoacan after a weekend of violence

By Jonathan Stempel and Mike Scarcella

A digital platform where college athletes can alert their administrations anonymously to improper or illegal conduct by coaches, teammates or others is expanding to allow them to report suspected gambling activity

Rising trade barriers

Farmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability

Amazon has been quietly raising the amount some customers must spend on its site to get free shipping

Artificial intelligence has been the buzzword of 2023 ever since ChatGPT made its public debut earlier this year, with businesses, schools, universities and even non-profits looking for ways to integrate AI in their operations

FMCG major Hindustan Unilever Ltd (HUL), for instance, wants to achieve net zero emissions from all its products by 2039. The company is nearly 100% renewable energy based for its electricity needs, with a 40% reduction in energy consumption, said its South Asia sustainability director, Kanika Pal.

Mint Sustainability Summit 2023 in New Delhi on 23 August, the minister said the government has been pushing for sustainable construction of roads and highways in a bid to protect the ecology, and not just for the transition to green mobility. Outlining the achievements of the NDA government, he said that the country has added around 86,000 km to its national highway network since 2014. The minister added that currently the national highway network of India is the second largest in the world at over 1.46 lakh km, after the US.

MUMBAI : Mukesh Ambani-led Reliance Industries Ltd (RIL) is looking to collaborate with large international wind equipment manufacturers to set up its ambitious wind energy business. On Monday, while addressing the 46th annual general meeting, Ambani unveiled the group’s renewable energy roadmap. As part of its strategy to transition from fossil fuels to new energy, RIL will expedite the development of its green energy giga manufacturing complex in Jamnagar, Gujarat.