Apr 11, 2018 09:29 AM IST | Source: Moneycontrol.com
News Live: India to grow 7.3% in FY19, 7.6% in next, says ADB
This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.
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highlights
CWG 2018: Mitharval wins his 2nd bronze, earns podium in 50m pistol
EPFO says pension can't be denied for want of Aadhaar
Now, Jet Airways opts out of Air India disinvestment process
Dalmia Bharat group seeks RBI intervention in Binani Cement settlement
India to grow 7.3% in FY19, 7.6% in next: ADB
FinMin mulls making GSTN 100% state-run entity, GST Council to take final call
Bhushan Steel RP rejects employees' claim over Tata Steel eligibility
Federal Reserve proposes new capital rules for Wall Street
Mark Zuckerberg resists effort by US senators to commit him to regulation
Manipal-TPG sweetens bid to buy Fortis Healthcare, to pacify latter's shareholders
Lenders reject Uttam Galva's offer to pay 51% debt
Singapore Exchange to list Indian equity derivative products in June
CWG 2018: Mitharval wins his 2nd bronze, earns podium in 50m pistol
Indian shooter Om Prakash Mitharval settled for the bronze medal in the men's 50m pistol event at the Commonwealth Games. He had won a bronze medal in the 10m air pistol event two days ago. For more updates from the Commonwealth Games, click here...
EPFO says pension can't be denied for want of Aadhaar
The Employee Provident Fund Organisation (EPFO) has asked banks not to deny monthly pension to people for want of Aadhaar and said that alternate means for identification should be used if needed, reports PTI.
Scam-hit PNB refused CVC's advice against its corrupt staff
Scam-hit Punjab National Bank is among some government organisations which ignored the Central Vigilance Commission (CVC) advice to act against its allegedly corrupt staff. The non-compliance of the advice has been mentioned in the CVC's annual report for 2017 tabled in Parliament recently.
Now, Jet Airways opts out of Air India disinvestment process
Jet Airways said it would not be participating in the Air India disinvestment process, becoming the second domestic airline after IndiGo to make such a decision in less than a week, reports PTI.
Dalmia Bharat group seeks RBI intervention in Binani Cement settlement
Dalmia Bharat Group firm Rajputana Properties sought the Reserve Bank's intervention to ensure lenders to Binani Cements follow the IBC process and honour its Rs 6,350 crore winning bid to acquire the debt-ridden firm, reports PTI.
India to grow 7.3% in FY19, 7.6% in next, says ADB
Asian Development Bank expects India's economic growth to rebound to 7.3% in FY19 and further to 7.6% in FY20 with increased productivity post GST and investment revival due to banking reform, reports PTI. The ADB's growth projection of 7.3% this fiscal is in line with that of rating agency Fitch, but a tad lower than RBI's forecast of 7.4%.
FinMin mulls making GSTN 100% state-run entity, GST Council to take final call
The government is looking at the possibility of converting GST Network, the company that handles IT infrastructure for the Goods and Services Tax regime, into a state-owned company with a majority or 100% stake, reports PTI. A final call on the same would be taken by the GST Council in its next meeting, a source said. Currently, five private financial institutions - HDFC, HDFC Bank, ICICI Bank, NSE Strategic Investment Co and LIC Housing Finance - hold 51% stake in GSTN, which was incorporated on March 28, 2013.
Bhushan Steel RP rejects employees' claim over Tata Steel eligibility
The resolution professionals (RP) of Bhushan Steel rejected arguments of employees of the debt ridden firm before the National Company Law Tribunal that Tata Steel, which has been selected as highest bidder, was not eligible to bid under the provisions of the Insolvency & Bankruptcy Code.
Parliament panel discusses NPA issue with RBI Guv, bankers
A Parliamentary panel on Tuesday met RBI Governor Urjit Patel, top public sector bankers and government officials to discuss about mounting bad loans and ways to resolve the problem. According to sources, bankers told the panel that the 'one-day' default provision for NPA classification as per the latest RBI circular was too harsh and that it should be made more practical.
Japan's Feb machinery orders beat expectations, wholesale prices slow
Japan’s core machinery orders rose unexpectedly to 2.1 in February for a second consecutive month thanks to increased orders from manufacturers, a positive sign of corporate investment supporting economic growth, reports Reuters.
Federal Reserve proposes new capital rules for Wall Street
The Federal Reserve proposed new rules that could allow some large banks to reduce the amount of capital they must hold as a cushion against a future economic shock, reports Reuters. The proposal may clear the way for some large banks to reduce their capital levels in the future but the largest firms on Wall Street are not likely to get such relief, the Fed said. The proposal is also expected to reduce bank paperwork and also make it easier for regulators to monitor the health of banks.
China March consumer inflation slows to 2.1% YoY
China’s annual consumer inflation slowed to 2.1% in March, weakening from a 2.9% gain in February, reports Reuters. The producer price index (PPI) rose 3.1% from a year earlier, cooling to a 17-month low, also easing from the previous month’s rise of 3.7%.
Mark Zuckerberg resists effort by US senators to commit him to regulation
Facebook Chief Executive Mark Zuckerberg navigated through the first of two US congressional hearings without making any further promises to support new legislation or change how the social network does business, reports Reuters. During nearly five hours of questioning by 44 US senators, Zuckerberg repeated apologies he previously made for a range of problems that have beset Facebook, from a lack of data protection to Russian agents using Facebook to influence US elections. But the 33-year-old internet mogul managed to deflect any specific promises to support any congressional regulation of its network and other US internet companies.
Manipal-TPG sweetens bid to buy Fortis Healthcare, to pacify latter's shareholders
Manipal Hospital Enterprises Pvt has submitted a revised offer to buy Fortis Healthcare after consulting with the latter’s shareholders who expressed their dissatisfaction with the earlier offer, reports Moneycontrol News’ Viswanath Pilla. As part of the revised offer, Fortis’ hospital business is valued at equity valuation of Rs 6,061 crore (Rs 116 per share) which represents an upward revision of around 21% on the equity valuation of the previous offer of Rs 5,003 crore (Rs 96.5 per share). In addition, existing Fortis shareholders will now hold 50% stake in Manipal Hospital post demerger of Fortis Healthcare’s hospital business. Earlier, Fortis shareholders were being offered 41.4% stake in the merged entity.
Lenders reject Uttam Galva's offer to pay 51% debt
Lenders of Uttam Galva Steels have turned down an offer from the company to pay 51% of its outstanding debt, citing an ongoing forensic audit, and expressed unwillingness to take a large haircut, reports Moneycontrol News Beena Parmar & Prince Mathews Thomas. At a hearing at the Mumbai bench of the National Company Law Tribunal on Tuesday, the company's lenders, led by State Bank of India, have also indicated that Uttam Galva will need to pay the entire loan amount of Rs 5,654 crore.
A doctor has accused IndiGo staff of manhandling and de-boarding him from a Lucknow-Bengaluru flight after he complained of mosquitoes onboard. But are complaints of staff behavior really so rare? Here’s what the numbers say.
Singapore Exchange to list Indian equity derivative products in June
The Singapore Exchange said it would list Indian equity derivative products in June, nearly two months after India’s three main bourses announced they would stop licensing their indexes to overseas exchanges, reports Reuters. The exchange said it is continuing to evaluate a joint trading and clearing model in Gujarat International Finance Tech city between the NSE and SGX.