Chennai

TN seeks closure of Vendanta smelter

The Tamil Nadu government on Thursday said it was seeking a permanent closure of a big copper smelter run by London-listed Vedanta Resources after 13 people died in protests demanding the shutting of the plant on environmental grounds.

 

“The government’s position is very clear, it doesn’t want the plant to run,” said a top official of the district where the plant is located.

 

Crude oil may touch $85 by July

With the US-Iran issue remaining unresolved, Brent crude touched $80 a barrel last week. Further escalation of prices towards $85 a barrel cannot be dismissed in the first half of 2018.

Brent crude hit $80.85 on Thursday, a level seen earlier in November 2014. Earlier on May 9 when US president Donald Trump announced his decision to withdraw from the Iran nuclear deal and re-impose sanctions, Brent crude had moved up to $77 a barrel. The Trump administration has given companies 90-180 days to wind down current business with Iran subject to sanctions.

Entry of branded players helps growth of cloud kitchens

Cloud kitchen is the next big thing in the food service industry as several well-known brands are entering the space. Higher margins and a growing network of food delivery aggregators to help delivery are supporting the concept.

Cloud kitchen is a new concept in the food service industry. It works with a centralised kitchen delivering food to customers at their doorstep by either using an in-house delivery mechanism or by taking the help of third-party aggregators.

Overheads

Quick service chains back to double digit growth

After a gap of three years, double-digit growth has made a comeback in the restaurant business. While consumer sentiments improved, the low-base effect of post-demonetisation months also boosted growth. Quick Service Restaurant (QSR) chains were quick to make most of the positive sentiment by rationalising stores and becoming attractive in terms of pricing and products.

Fortis EGM to vote on removal of four directors

An extraordinary general meeting (EGM) of Fortis Healthcare will vote on the removal of four directors. The EGM will be held on May 22.

Minority shareholders East Bridge Capital and Jupiter India Fund have sought the removal of four members from the board alleging that they have not exercised their duties in evaluating the bids. The investors have sought the removal of Brian W Tempest, Harpal Singh, Lt Gen Tejinder Shergill and Sabina Vaisoha from the board.

Insurance cover to gems and jewellery export credit cut

Finding the gems and jewellery industry risky post the PNB scam, the Export Credit Guarantee Corporation (ECGC) has brought down the insurance cover on the exports by the industry to 50 per cent. For the past five years, the sector has been registering the highest claims ratio.

Prior to 2013-14, ECGC has been providing over 75 per cent credit cover to gems and jewellery exports as any other industry. In the past five years, ECGC has been finding that the sector has been making the highest claims ratio.

GJEPC decides to help find bad apples in gems & jewellery industry

Seeking to resolve the difficulties in securing bank finance, the gems and jewellery trade body has proposed to help banks in finding out the bad apples in the industry. It has proposed to prepare monthly/quarterly reports on key data points, observations and major developments in the industry and make it available for all stakeholders, especially the banks.

NHPS rollout set to fail May date

The central government has set its premium contribution of Rs 1,500 per family towards the national health protection scheme (NHPS) that envisages Rs 5 lakh cover for 10 crore families.

The Centre has asked st­a­tes to start the tendering pr­ocess for the insurance firms this month, though industry experts are doubtful about meeting the deadline.

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