Business News

SBI becomes first domestic bank to open branch in Yangon
MUMBAI: The State Bank of India on Monday announced its entry into Myanmar by opening a branch in the capital city of Yangon, becoming the first domestic lender to do so.The Yangon branch is the 54th foreign branch of the nation’s largest lender, chairperson Arundhati Bhattacharya, who opened the office, said in a statement here today.This branch extends the global presence of SBI in 37 countries through 198 offices, she said.Bhattacharya, who became the first chairman to get a second term at SBI last Saturday, said: “SBI has been associated with Myanmar since 1861, when the erstwhile Bank of Bengal operated its branch in the then Rangoon. Later, as part of bank nationalisation, the operations of the Rangoon branch of SBI were taken over by the Peoples’ Bank of Burma in February 1963.”The Myanmarese central bank earlier this year allowed SBI to open a branch with the primary objective of extending wholesale banking services to foreign corporates.

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AirAsia announces discount on domestic, foreign travel

NEW DELHI: Malaysian no-frills airline group AirAsia on Monday announced discounted fares across its flight, including those operated by its subsidiary AirAsia India, for a period that goes up to April next year.The bookings for availing the discounts can be made between today and October 16, 2016, AirAsia said in a release.The airline’s year-end sale has fares starting from Rs 999 inclusive of all taxes for a one-way journey to domestic destinations such as Bengaluru, Kochi, Hyderabad, New Delhi, Guwahati, Jaipur, Pune, Imphal among other destinations connected by AirAsia India, it said.Passengers can also book tickets to international destinations such as Kuala Lumpur, Bangkok, Singapore, Bali, Phuket, Melbourne, Sydney, among others, for fares as low as low as Rs 3,599, it added.According to the airline, the booking period stands from October 3 to October 16 for travel between October 4, 2016 and April 27, 2017.The Benagaluru-based budget airline AirAsia India is run jointly by AirAsia and Tata Sons.

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PMI: Manufacturing in Sep moderates, room for lower rate

NEW DELHI: Manufacturing growth in India eased slightly amid a slower increase in new business orders while subdued inflationary pressure may prompt RBI to reduce key policy rate, a monthly survey said.The Nikkei Markit India Manufacturing Purchasing Managers’ Index (PMI)- a gauge of manufacturing performance- fell to 52.1 in September from 52.6 in August, indicating that growth in the sector lost some momentum.”The Indian manufacturing industry lost momentum in September as growth of new orders eased from August’s 20-month high,” said Pollyanna De Lima, Economist at IHS Markit that compiles the data and author of the report.Despite the fall in manufacturing growth rate, business conditions improved for the ninth straight month as the index held above the crucial 50 threshold. However, the rate of expansion eased since August and was relatively modest. A reading above 50 points to expansion while one below means contraction.
“Output is still rising at a decent clip and the sector looks likely to have delivered a stronger contribution to GDP growth in Q2 of 2016/17, with the quarterly reading for the PMI output index up from 51.4 during April-June to 53.6,” Lima added.Meanwhile, foreign new orders for India-manufactured goods expanded markedly in September — and at the quickest rate in 14 months.Greater workplace activity led companies to scale up their buying activity and hire additional workers in September, but only marginally.

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