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Feb 21, 2018 08:53 AM IST | Source: Moneycontrol.com
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highlights
ArcelorMittal, Numetal bids for Essar Steel recommended for rejection
Pak given 3-month reprieve over terrorist financing watch-list
ArcelorMittal, Numetal bids for Essar Steel recommended for rejection
Bids by ArcelorMittal and a consortium led by Russia's VTB Group for acquiring debt-laden Essar Steel are said to have been recommended for rejection by the adviser evaluating the offers, sources told PTI. They said legal and financial consultants, advising the interim resolution professional overseeing sale of Essar Steel, have recommended rejection of ArcelorMittal's bid on the grounds that it held stake in Uttam Galva Steel - a delinquent borrower. The bid by VTB-led special purpose investment vehicle, Numetal has been proposed to be considered ineligible due to it being 25% owned by Rewant Ruia, the son of Essar Steel founder Ravi Ruia.
Pak given 3-month reprieve over terrorist financing watch-list
Pakistan has been given a three-month reprieve by a global watchdog over a US-led motion to put the South Asian country on a terrorist financing watch-list, Pakistan’s Foreign Minister Khawaja Asif said late on Tuesday. Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the Financial Action Task Force (FATF), a measure that officials fear could hurt its economy.
FATF member states have been meeting this week in Paris, where it was expected that they would decide on a US motion, backed by Britain, France and Germany, to have Pakistan added to the so-called “grey list” of countries which are not doing enough to comply with terrorist-funding regulations. Asif tweeted late on Tuesday that Pakistan’s “efforts have paid (off)” during a February 20 meeting on the US-led motion, suggesting there was “no consensus for nominating Pakistan”. He also suggested the meeting proposed a “three months pause” and asked for the Asia Pacific Group, which is part of FATF, to consider “another report in June”.
COAI attacks Trai, says regulations distorted competitive market
Cellular operators' body COAI launched a scathing attack on sector regulator Trai, alleging that its regulations have distorted the market and placed at a "serious disadvantage" all but one operator, reports PTI. The Cellular Operators Association of India (COAI), which is a body of various mobile operators including newcomer Reliance Jio, alleged in a statement that Trai's orders and regulations "seem to be strengthening the ambitions of one particular operator with deep pockets and monopolistic designs at the expense of other operators".
COAI, however, did not name Jio. The association said that a majority of its members agreed with the assessment of Trai's regulations, except Reliance Jio which had a divergent view on the matter. "Over the past 12-18 months, regulation after regulation put out by Trai (Telecom Regulatory Authority of India) has ended up in distorting the competitive landscape in favour of one operator, while putting all other operators at a serious disadvantage," the COAI statement said. This had "destroyed" the financials of the industry with tens of thousands of jobs and tens of billions of dollars of investment at stake, it added.