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Mar 07, 2018 11:53 AM IST | Source: Moneycontrol.com
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highlights
Cabinet may consider relief package for telecom today
PNB fraud: Nirav Modi's firm moves Delhi HC against ED case
Minimum lock-in could deter PE investments in insurance
NPPA finds 1,000% mark up in retail prices of syringe, needles
Bank frauds worth Rs 54k cr took place under BJP govt's watch: Congress
PNB fraud may swell beyond $2bn mark
'Periyar' statue vandalised in Tamil Nadu, 2 arrested
Trump threatens to impose 25% duty on EU cars
Gary Cohn resigns as Trump's top economic advisor
Cabinet may consider relief package for telecom today
The Cabinet is likely to consider a relief package for the financially-stressed telecom sector, a senior government official told PTI. The proposal is based on the recommendations of the inter-ministerial group (IMG) on the revival of the sector, and includes extending the duration of spectrum payment for telcos.
The market has extended its losses with the Sensex down more than 200 points and the Nifty trading below 10,200. PSU Bank is the biggest loser among sectoral indices, falling 4% as investigations into the PNB fraud case deepen. The PNB counter is down nearly 4% after its MD and CEO Sunil Mehta appeared before the Serious Fraud Investigation Office after being summoned in the Rs 12,700cr bank fraud case
North Korea assassinated Kim Jong-nam with chemical weapon: US
North Korea used a chemical warfare agent to assassinate the half-brother of its leader Kim Jong Un in Malaysia last year, the US has concluded and imposed new sanctions against the reclusive nation, reports PTI. Kim Jong-nam, the estranged half-brother of North Korean leader Kim Jong-un, died after two women approached him and smeared a deadly nerve agent on his face in Malaysia on February 13 last year.
The US determined on February 22 that the North Korean government used the chemical warfare agent VX to assassinate Kim Jong Nam, State Department Spokesperson Heather Nauert said. VX is an extremely toxic synthetic chemical compound. On exposure, it severely disrupts the body's signalling between the nervous and muscular systems, leading to a prolonged neuromuscular blockade, flaccid paralysis of all the muscles in the body including the diaphragm, and death by asphyxiation.
Punjab National Bank Managing Director and CEO Sunil Mehta appears before the Serious Fraud Investigation Office after being summoned in the Rs 12,636cr bank fraud case.
Syama Prasad Mookerjee's statue vandalised in Kolkata
A statue of Jan Sangh founder Syama Prasad Mookerjee was vandalised by unidentified men in south Kolkata, reports PTI. The statue was found partially damaged and its face blackened. A poster was also found from the spot with the word "radicals" written on it, they said.
The incident comes after two statues of communist icon Vladimir Lenin was pulled down in Tripura and one of Dravidian leader EV Ramaswamy, popularly known as Periyar, in Tamil Nadu. Mookerjee's statue was vandalised in Keoratala crematorium area near Chief Minister Mamata Banerjee's residence.
American porn star Stephanie Clifford sues Trump
Stephanie Clifford, who is known as Stormy Daniels in the adult film industry, has sued US President Donald Trump, claiming that his lawyer forced her to sign a statement in 2016 to stop her from going public about her alleged relationship with the then Republican-presidential candidate, reports PTI. Running into 28 pages, the lawsuit alleges that she was paid $130,000 by Michael Cohen, personal lawyer of Trump, to not go public.
Pak Army claims it shot down Indian drone
The Pakistan Army has claimed that it shot down an Indian ‘spy drone’ in Chirikot sector along the Line of Control (LoC) in Kashmir after it entered its airspace, reports PTI. The Pakistan military in a statement said its troops retrieved the wreckage. "This is 4th drone which has been shot down by Pakistan Army troops in last one year," it claimed.
Here are the top headlines at 11 am from Moneycontrol News' Sakshi Batra
FinMin asks banks to collect passport details of big borrowers in 45 days
The Finance Ministry has directed state-owned banks to obtain passport details of all borrowers, who have taken loans in excess of Rs 50 crore, within 45 days, with a view to preventing alleged fraudsters like Nirav Modi and Vijay Mallya from fleeing the country, sources told PTI. In case the borrower does not have a passport, the bank should obtain a certificate in the form of declaration that the person does not have the passport, sources said quoting the Finance Ministry's advisory to banks. It further said that the loan application form should be suitably modified to incorporate passport details of borrowers.
Govt banks wrote off Rs 81,683cr loans in FY17
Loans worth Rs 81,683 crore were written-off by public sector banks (PSBs) in FY17, Finance Minister Arun Jaitley said in the Rajya Sabha. The amount written off (including through compromise) by PSBs was Rs 81,683 crore in FY17, including Rs 20,339 crore by the State Bank of India (as per RBI data on global operations), he said. The amount written off by nationalised banks was Rs 28,781 crore up to September, 2017.
PNB head Sunil Mehta likely to appear before SFIO today
The Serious Fraud Investigation Office (SFIO) has summoned PNB Managing Director and CEO Sunil Mehta for recording of his statement in connection with the Rs 12,700-crore fraud at the bank. He is expected to appear before the investigating arm of the Ministry of Corporate Affairs today, officials told PTI.
PNB fraud: Nirav Modi's firm moves Delhi HC against ED case
Nirav Modi's firm Firestar Diamond has on Tuesday moved the Delhi High Court against a money laundering case lodged by the Enforcement Directorate (ED) in connection with the Rs 12,700 crore Punjab National Bank (PNB) fraud case, reports PTI. Firestar Diamond International Private Ltd, which is named as one of the accused in the case, has sought a direction to the Ministry of Finance and the Directorate of Enforcement to supply it several documents, including a copy of the search warrants.
Here are the top headlines at 10 am from Moneycontrol News' Anchal Pathak
Prime Minister Narendra Modi today ‘strongly disapproved’ incidents of vandalism of statues in certain parts of the country and spoke to Home Minister Rajnath Singh on the matter, reports PTI. The Home Ministry said it has taken serious note of such incidents of vandalism and has directed state governments to take strong action.
Market under pressure; Midcap underperforms
The market is witnessing selling pressure, tracking a sharp fall in Dow Jones futures, which slipped 2% post Gary Cohn’s resignation. The Sensex is currently down around 100 points and the Nifty is hovering around the 10,200 mark. The Nifty Midcap and Bank indices are down a percent each.
Minimum lock-in could deter PE investments in insurance
The minimum lock-in of five years for private equity players to enter the insurance space as promoters of companies could be a deterrent for players wanting to make a quick buck, reports Moneycontrol News’ M Saraswathy.
A senior official said the new regulations by the Insurance Development Authority of India (Irda) will allow private equity firms to promote insurance companies provided they commit to long-term investments.
However, PE firms are weary as their investments have a shorter life-cycle while insurance is a long-gestation business. Further clarity on the same is set to emerge once a new chairman comes on board at the insurance regulator.
NPPA finds 1,000% mark up in retail prices of syringe, needles
The National Pharmaceutical Pricing Authority analysed the trade margins of commonly used syringes and needles and found maximum retail prices inflated in certain cases by a shocking 1,000%, reports Moneycontrol News’ Viswanath Pilla. Depending on the type of syringe, MRPs are marked up on an average between 214% and 664%. The MRP on needles ranged from 57% to 356%.
Bank frauds worth Rs 54k cr took place under BJP govt's watch: Congress
The Congress alleged that bank frauds to the tune of Rs 54,317 crore had taken place under the BJP government’s watch and asked when Prime Minister Narendra Modi would speak up on the issue, reports PTI. Party communications in-charge Randeep Surjewala claimed that information available through RTI on February 9, reflected that under the BJP government's watch, frauds and scams of Rs 19,317 crore were reported in India's economic capital- Mumbai - alone in the last three years. The RTI reply stated that in 2015, scams worth Rs 5,560.66 crore were reported, in 2016, scams worth Rs 4,273.87 crore and in 2017, scams worth Rs 9,838.66 crore, he said.
PNB fraud may swell beyond $2bn mark
The extent of the unravelling fraud at state-run Punjab National Bank could rise beyond the nearly $2 billion mark so far outlined by the lender, a source told Reuters. The source said investigators had not yet recovered all the papers and loan guarantees allegedly issued by rogue employees of the bank, and consequently believed the bank’s exposure could be greater than revealed so far.
CBI questions Simbhaoli Sugars MD in bank fraud case
The CBI on Tuesday questioned Simbhaoli Sugars’ Managing Director Gursimran Kaur Mann in connection with the alleged bank fraud of Rs 97.85 crore, officials told PTI. The agency had called Mann, who was the Executive Director during the period when the alleged fraud was committed, to its headquarters in New Delhi where she was grilled on various aspects of the bank loan and alleged default causing a loss of Rs 110 crore to Oriental Bank of Commerce, they said.
Simbhaoli Sugars is one of the largest sugar mills in the country. The probe focuses on two loans - Rs 97.85 crore which was declared fraud in 2015 and another corporate loan of Rs 110 crore which was used to repay the previous loan.
Sebi tells Tata Motors to investigate results leak
Markets watchdog Sebi ordered Tata Motors to launch an inquiry into the past leak of price-sensitive financial information. The order from the Securities and Exchange Board of India (Sebi) widens an investigation the agency began last year, after a Reuters report showed prescient messages about financial results of companies were shared in private WhatsApp chatrooms before their official release. Sebi said its initial examination showed certain details about Tata Motors shared through messages on WhatsApp closely matched financial results for the quarter ended December 31, 2015, that were disclosed by the company later.
Trump says will pick new chief economic adviser soon
US President Donald Trump said he would make a decision soon on appointing a new chief economic adviser after Gary Cohn said he was resigning from the post, reports Reuters. “Will be making a decision soon on the appointment of new Chief Economic Advisor. Many people wanting the job - will choose wisely!” Trump wrote on Twitter.
Kusal Perera powers Sri Lanka to win over India in T20 opener
Kusal Perera struck a belligerent 66 off 37 balls to set up a five-wicket victory for hosts Sri Lanka against India in the Twenty20 Tri-Series opener at the R Premadasa Stadium in Colombo. Chasing 175 for a win in the first match of the tournament, which also features Bangladesh, Sri Lanka lost their way in the middle overs but ultimately reached their target with nine balls to spare.
Put in to bat first, India got off to a wobbly start but recovered through a fine 90 from opening batsman Shikhar Dhawan to post a challenging 174 for five in their 20 overs. Sri Lanka lost Kusal Mendis for 11 in the second over of their chase but Perera and Danushka Gunathilaka put the Indian bowlers to the sword during a 58-run second-wicket stand in just 3.3 overs.
India seamer Shardul Thakur conceded 27 runs in the third over of the innings with Perera smashing five fours and a six in that over to wrest momentum for his side. The second match of the tournament will be played between Bangladesh and India at the same venue on Thursday.
US stock futures point to sharply lower opening after Cohn resigns
US stock index futures pointed to a sharply lower open after news late on Tuesday that White House chief economic advisor Gary Cohn has resigned, reports CNBC. Dow Jones Industrial Average futures indicated an open of 300 points lower, while the S&P 500 futures implied a decline of more than a percent. Cohn, former Goldman Sachs president and COO, was seen as supporting more business-friendly policies, especially in the wake of President Donald Trump's surprise announcement of tariffs on steel and aluminium imports on Thursday.
Goa Chief Minister Parrikar leaves for US for treatment
Ailing Goa Chief Minister Manohar Parrikar left for the US on Wednesday morning for further treatment by a special flight from Mumbai airport, reports PTI. The chief minister left for the US in Air India flight at around 1.30 am. He is accompanied by a doctor and his elder son, Utpal, a senior official from CMO said.
Remains of the five-feet-tall statue of Lenin which was allegedly demolished by a pay-loader at Belonia in South Tripura district on Monday afternoon and was thrown at the nearby jungle. The statue, made of fiber glass, was inaugurated at College Square at Belonia a few months back by CPM politburo member Prakash Karat. PTI
'Periyar' statue vandalised in Tamil Nadu, 2 arrested
A statue of social reformer and founder of Dravidian movement EV Ramasamy ‘Periyar’ was allegedly vandalised in Tamil Nadu's Vellore district on Tuesday night, police told PTI. The incident, which the police claimed was perpetrated by two drunk men, assumed political significance as it came after a BJP leader indicated that statues of the rationalist leader could be the next to be pulled down after a statute of Communist icon Lenin was razed by suspected BJP workers in Tripura.
A senior district police officer said that two people, identified as Muthuraman and Francis, damaged the bust at Tirupattur in an inebriated state. The duo have been arrested, the police said, adding that while Muthuraman was suspected to be a BJP worker, Francis is believed to be a CPI activist.
Tata Group's Chairperson Emeritus Ratan N Tata and Tata Sons Chairperson N Chandrasekaran unveil Tata Motors' electric concept vehicle at Geneva Motor show in Geneva on Tuesday. PTI
The new Ferrari 488 Pista is unveiled during the press day at the 88th Geneva International Motor Show in Geneva on Tuesday. The Motor Show will open its gates to the public from March 8 to 18. AP