Top business stories: More troubles for Naresh Goyal, gold reforms, & more

Jet Airways founder Naresh Goyal, wife stopped from flying abroad

Immigration officials at Mumbai airport called back a taxiing Emirates Boeing 777 aircraft to stop Jet Airways founder Naresh Goyal and his wife, Anita, from leaving the country.

Goyal and his wife, who are non-resident Indians, were travelling to Dubai on an Emirates flight to attend business meetings, a source said. They were deboarded and informed they could not leave the country. Read more 

Second phase of gold reforms on govt's priority list, revamped GMS on cards

The second phase of gold reforms is on the government’s priority list and an action plan, prepared by the economic affairs department and commerce ministry officials while the country was in election mode, will soon be announced. The measures include a revamped gold monetisation scheme (GMS), treating gold as an asset class, setting up the gold board as regulator, and forming a domestic gold council as the policy advisory body, said sources. Read more 

NTPC net profit jumps 48.7% in March quarter amid fall in expenses

State-run power giant NTPC Saturday posted a 48.7 per cent jump in its standalone net profit at Rs 4,350.32 crore for the March quarter compared to the year-ago period mainly on the back of lower expenses.

The company's standalone net profit in January-March 2018 was Rs 2,925.59 crore, an NTPC statement said. Read more 

Huawei's European customers on hold after Trump's move to ban telecom giant

Europe has been one of Huawei’s biggest success stories. Now it is on the front line of the trade and technology war between China and the United States.

The move by Google this week to cut off Android support to phones made by Huawei, the Chinese telecom giant, will hobble their European users and highlights how deeply the Continent relies on American and Chinese companies for gadgets, apps and internet services. Read more 

Volkswagen to step up talks with Northvolt on planned battery project

Volkswagen is intensifying talks with Swedish startup Northvolt on plans to jointly build up battery cell production in Salzgitter, near its headquarters in Lower Saxony, one of its board members told a German newspaper. Read more 

Novartis' $2-mn therapy for rare disorder is world's most expensive drug

Swiss drugmaker Novartis on Friday won US approval for its gene therapy Zolgensma for spinal muscular atrophy (SMA), the leading genetic cause of death in infants, and priced the one-time treatment at a record $2.125 million. Read more 

Hindustan Shipyard, two other PSUs to bid jointly for building 6 submarines

Hindustan Shipyard Limited (HSL) and two other public sector undertakings have come together to float a consortium for building submarines.

The two other PSUs are Bharat Heavy Electricals Limited (BHEL) and Mishra Dhatu Nigam Ltd (Midhani). Read more 

Already hit by swelling imports, copper producers dread body blow from RCEP
Even before India formally signs the Regional Comprehensive Economic Partnership (RCEP), the domestic copper producers have flagged concerns to the Union government on the plight likely to befall them.

The domestic copper players are bombarded with swelling imports that now account for 38 per cent of the country’s consumption. Read more 
Market set to turn highly selective next week

Markets are likely to see a steady start to the week ahead, and the coming week will continue to see the market digest the political outcome, reports the Economic Times.

Delhi may gain from US-China trade war 

In order to benefit from the US-China trade war, India should reduce overall tariffs, a high level advisory group set up by the commerce ministry has recommended, according to Livemint.

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