Live now
IST | Source: Moneycontrol.com
Presented by
Days hours minutes
Presented by :
Co-Presenting Sponsor :
Powered by :
Associate Sponsors :
Presented by
Presented by
Co-Presenting Sponsor
Powered by
Associate Sponsors
highlights
SoftBank said to be eyeing 49% stake in PolicyBazaar
SoftBank Group Corporation is in talks to back leading online insurance aggregator PolicyBazaar at a valuation of at least $800 million, sources told Bloomberg. The two sides are examining how the Japanese company can take a stake without pushing foreign investment in PolicyBazaar above 49%, the limit under India’s regulatory policies, sources said. The discussions are still fluid and may not result in a final agreement.
The start-up’s existing foreign investors, including Tiger Global Management and Temasek Holdings, hold about 48% of the start-up. It was valued at $500 million in its last funding round, signed at the end of 2016 and finalised a year later. PolicyBazaar is part of a wave of upstarts seeking to challenge the dominance of banks and government insurers in India’s insurance market. E-commerce companies such as Flipkart Online Services Pvt are seeking to push their way in with their own insurance products. The government has kept tight control over the sector where local giants such as Tata Group and Aditya Birla Group exert wide influence.
Blackstone-backed Embassy is planning India's first REIT
Embassy Group, an Indian partner of Blackstone Group and a commercial real estate developer, is laying the groundwork for the nation’s first real estate investment trust, which would open a market that’s attracted billions overseas, reports Bloomberg. There will probably be some progress by June, Embassy Office Parks Chief Executive Officer Michael Holland said of its plan to issue the bond-like securities. A draft prospectus may be filed by mid-year with the listing to follow a few months after, sources said.
Detained Saudi billionaire Alwaleed says he expects to be released in days
Saudi Arabian billionaire Prince Alwaleed bin Talal, detained in the kingdom’s sweeping crackdown on corruption, said he expected to be cleared of any wrongdoing and be released from custody within days. Prince Alwaleed was speaking in an exclusive interview with Reuters at his suite in Riyadh’s opulent Ritz-Carlton hotel, where he has been confined for over two months along with dozens of other suspects. It was the first time the prince, one of the nation’s most prominent businessmen, has spoken publicly since his detention.
Prince Alwaleed said he was continuing to maintain his innocence of any corruption in talks with authorities. He said he expected to keep full control of his global investment firm Kingdom Holding Co without being required to give up assets to the government. “There are no charges. There are just some discussions between me and the government,” he said. “I believe we are on the verge of finishing everything within days.”
US to fine UBS, Deutsche Bank, HSBC for spoofing, manipulation, says sources
The US derivatives regulator is set to announce it has fined European lenders UBS, HSBC and Deutsche Bank millions of dollars each for so-called “spoofing” and manipulation in the US futures market, sources told Reuters. The enforcement action by the Commodity Futures Trading Commission (CFTC) is the result of a multi-agency investigation that also involves the Department of Justice (DoJ) and the Federal Bureau of Investigation (FBI) - the first of its kind for the CFTC, sources said. The fines for UBS and Deutsche Bank will be upward of ten million, while the fine for HSBC will be slightly less than that, sources added.
SoftBank said to be eyeing 49% stake in PolicyBazaar
SoftBank Group Corporation is in talks to back leading online insurance aggregator PolicyBazaar at a valuation of at least $800 million, sources told Bloomberg. The two sides are examining how the Japanese company can take a stake without pushing foreign investment in PolicyBazaar above 49%, the limit under India’s regulatory policies, sources said. The discussions are still fluid and may not result in a final agreement.
The start-up’s existing foreign investors, including Tiger Global Management and Temasek Holdings, hold about 48% of the start-up. It was valued at $500 million in its last funding round, signed at the end of 2016 and finalised a year later. PolicyBazaar is part of a wave of upstarts seeking to challenge the dominance of banks and government insurers in India’s insurance market. E-commerce companies such as Flipkart Online Services Pvt are seeking to push their way in with their own insurance products. The government has kept tight control over the sector where local giants such as Tata Group and Aditya Birla Group exert wide influence.
Blackstone-backed Embassy is planning India's first REIT
Embassy Group, an Indian partner of Blackstone Group and a commercial real estate developer, is laying the groundwork for the nation’s first real estate investment trust, which would open a market that’s attracted billions overseas, reports Bloomberg. There will probably be some progress by June, Embassy Office Parks Chief Executive Officer Michael Holland said of its plan to issue the bond-like securities. A draft prospectus may be filed by mid-year with the listing to follow a few months after, sources said.
Fire breaks out in commercial complex in Mumbai, no casualty
A fire broke out in a commercial complex in suburban Goregaon this morning, civic officials said. The blaze erupted at Cama Estate around 8 am, an official of the Disaster Control Cell of Brihanmumbai Municipal Corporation (BMC) told PTI. The fire brigade personnel rushed to the spot and the firefighting operation was launched with the help of seven water tankers and eight fire engines, he said.
Karnataka polls: Rahul asks party cadres to prepare 'people's manifesto'
Congress President Rahul Gandhi has asked party leaders from poll-bound Karnataka to prepare "people's manifesto" and undertake mass outreach programmes, taking a cue from similar exercise during the party's recent electoral outing in Gujarat, reports PTI. Karnataka goes to polls this year.
"The exercise has already been undertaken by a team headed by senior Congress leader Veerappa Moily and it is expected to come out with an 'all-encompassing manifesto' much ahead of polling in the state," a senior party leader said. "The party president has asked leaders to come out with a manifesto that truly reflects the expectations of the people of Karnataka. The Congress will seek feedback from all stakeholders," AICC secretary in-charge for Karnataka, Madhu Goud Yaskhi, said.
Track Moneycontrol's live blog that brings to you live updates from the mega Indian Premier League auction which is slated to start soon in Bengaluru. 578 players from 13 nationalities are vying for 182 slots.
Detained Saudi billionaire Alwaleed says he expects to be released in days
Saudi Arabian billionaire Prince Alwaleed bin Talal, detained in the kingdom’s sweeping crackdown on corruption, said he expected to be cleared of any wrongdoing and be released from custody within days. Prince Alwaleed was speaking in an exclusive interview with Reuters at his suite in Riyadh’s opulent Ritz-Carlton hotel, where he has been confined for over two months along with dozens of other suspects. It was the first time the prince, one of the nation’s most prominent businessmen, has spoken publicly since his detention.
Prince Alwaleed said he was continuing to maintain his innocence of any corruption in talks with authorities. He said he expected to keep full control of his global investment firm Kingdom Holding Co without being required to give up assets to the government. “There are no charges. There are just some discussions between me and the government,” he said. “I believe we are on the verge of finishing everything within days.”
US to fine UBS, Deutsche Bank, HSBC for spoofing, manipulation, says sources
The US derivatives regulator is set to announce it has fined European lenders UBS, HSBC and Deutsche Bank millions of dollars each for so-called “spoofing” and manipulation in the US futures market, sources told Reuters. The enforcement action by the Commodity Futures Trading Commission (CFTC) is the result of a multi-agency investigation that also involves the Department of Justice (DoJ) and the Federal Bureau of Investigation (FBI) - the first of its kind for the CFTC, sources said. The fines for UBS and Deutsche Bank will be upward of ten million, while the fine for HSBC will be slightly less than that, sources added.