Business

New Delhi, Nov 8 (PTI) Indian Overseas Bank (IOB) has sought a capital support of about Rs 1,000 crore from the government in order to create buffer for any exigency, a top official of the bank said.

The state-owned lender, which has posted profit for the last three consecutive quarters, expects to continue the trend in the remaining part of the current fiscal year with increased focus on recovery and business pick up.

Chandigarh, Nov 7 (PTI) Former Haryana Chief Minister Bhupinder Singh Hooda on Saturday asserted that the right to recall must be first applicable on MLAs and MPs and only then it should be allowed for members of panchayati raj institutions.

"The right to recall should be implemented for MLAs and MPs first. After that it should be taken to the lower level," Hooda, who is the Leader of Opposition in the Haryana Assembly, said.

06 Nov 2020; MEMO: Saudi Arabia has signed Memorandums of Understanding (MoU) with international tech companies, including IBM, Huawei and Alibaba covering artificial intelligence (AI).

06 Nov 2020; MEMO: Turkey is ready to work with whoever wins the US election, two top Turkish officials said on Friday, despite a friendship with President Donald Trump that has helped the two countries through turbulent times, Reuters reports.

“Regardless of which candidate takes office in the US, we will pursue a sincere approach to improve our relations,” Foreign Minister Mevlut Cavusoglu said.

06 Nov 2020; MEMO: Moroccan and British military officials yesterday discussed the security situation in the Mediterranean and Sahel regions during a meeting in the capital Rabat amid plans to strengthen defence ties.

Moroccan Foreign Affairs Minister Nasser Bourita received the British Minister of the Armed Forces James Heappey who was accompanied by the British Ambassador to Morocco Simon Martin and the UK’s Defence Senior Adviser for the Middle East, Lieutenant General John Lorimer.

Mumbai, Nov 7 (PTI) Hinduja group-owned lubes maker Gulf Oil reported a 4.59 per cent decline in net profit at Rs 59.13 crore for the September quarter of this fiscal.

The company had posted a net profit of Rs 61.98 crore in Q2FY20, according to a Gulf Oil release on Saturday.

The net sales declined 2 per cent to Rs 411.74 crore in the September quarter, as compared to Rs 421.28 crore in the July-September period of the previous fiscal.

Ankara, Nov 7 (AP/PTI) Turkish President Recep Tayyip Erdogan on Saturday dismissed the head of the country's central bank following a period of high inflation and record lows for the lira.

Former Finance Minister Naci Agbal was brought in to replace Murat Uysal, according to a presidential decree announced in the Official Gazette.

Washington, Nov 7 (PTI) Confident of their victory in the US presidential election, Democratic candidate Joe Biden and his running mate Senator Kamala Harris have begun working on the task ahead by focusing on two critical areas of public health and economy, both battered by the raging COVID-19 pandemic.

According to latest projections, Biden had 264 of the 538 electoral college votes up for grabs. He only requires another six electoral college votes to reach the magical number of 270, to be declared elected as the next US president.

Chandigarh, Nov 6 (PTI) The Haryana Assembly on Friday witnessed unruly scenes over the Centre's farm laws as soon as Chief Minister Manohar Lal Khattar brought a resolution thanking the Union government for introducing reforms in the agriculture sector.

Congress MLAs led by Leader of Opposition Bhupinder Singh Hooda insisted on voting on the resolution before a discussion.

Hooda said the new laws were not in the interest of the farming community, which is opposing them.

06 Nov 2020; MEMO: Governor of the Central Bank of Tunisia Marwan Al-Abbasi anticipates a seven to eight per cent decline in gross domestic product (GDP) this year, after recording a two per cent contraction in the first quarter of 2020 and 20 per cent during the second quarter.

This came during a parliamentary session on Thursday on the economic situation and the policies and role of the Central Bank during the coronavirus crisis.