Warren Buffett says immigrants help ‘miraculous’ story of America
Billionaire investor Warren Buffett, wading into the national debate over immigration, said the “miraculous” achievements of the U.S. economy since its founding can be attributed in part to people who had the courage to leave their home countries for America. “From a standing start 240 years ago — a span of time less than triple my days on earth — Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any dreams of our forefathers,” Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., wrote in his annual letter to shareholders posted online on Saturday.
CSO set to lay bare note ban bruises on economy, may peg GDP growth below 7%
The second official estimate of GDP growth due on Tuesday is likely to show the economy expanded below 7% in FY17, tripped by the November 8 demonetisation that dented the consumption demand. The Central Statistics Office’s first estimate released on January 6 pegged growth at 7.1% in FY17, but it did not include the impact of demonetisation. OnNovember 8, the government had demonetised Rs 500 and Rs 1,000 notes, withdrawing about 86% of the currency. The resultant lack of cash dampened demand, decelerating the Indian economy that was pegged to climb to near 8% growth in the year.
Mumbai richest Indian city with $820 bn wealth: Report
Mumbai is the richest Indian city with a total wealth of $820 billion, a report has said. According to the latest New World Wealth report, India’s financial capital here is home to 46,000 millionaires and 28 billionaires, and is followed in terms of wealth by Delhi in second place and Bengaluru in third place. Delhi is home to 23,000 millionaires and 18 billionaires with a total wealth of $450 billion, while Bengaluru has 7,700 millionaires and 8 billionaires and an aggregate wealth of $320 billion. Home to 9,000 millionaires and 6 billionaires, Hyderabad comes next with a total wealth of $310 billion.
JSW consortium submits bid for Italian plant Ilva
Sajjan Jindal’s JSW Steel, along with three consortium partners, including the owner of the Luxottica Group, has submitted a final bid for Italy’s loss-making 10-million-tonne steel plant, Ilva. The JSW consortium will be pitted against the one led by ArcelorMittal and Italian steel-processing major Marcegaglia. The bid value is not known but is likely to be around $1 billion. The deadline, as of now, for submitting bids is March 4, which is when the Italian government is expected to take a decision.
Source: Business Standard
States free to supply coal to power plants
The power ministry has finally framed new rules to get electricity supply from independent power producers in lieu of dry fuel, which is aimed at offering more freedom to states to use their allocated coal. The new arrangement will replace the rigid practice of allocation of coal to state-owned generation plants. The decision to give more freedom to states to use coal assigned to them was taken in a Union Cabinet meeting last year in May.
Source: Business Standard
Anil Ambani to spell out defence business plans
Pitching defence business as the main growth driver, industrialist Anil Ambaniwill brief the sectoral and market analysts here on Monday about future plans of his Reliance Group in this segment. This is the first time ever that Ambani or his group firm Reliance infrastructure is hosting an analyst meet for defence business. In a brief notification to the stock exchanges, Reliance Infra said the meet is being held to give an update on the group’s defence business.
Source: Times of India
Ola raises $330 mn at $3.5-bn valuation
Ola, India’s largest taxi aggregator, has raised $330 million in fresh funding, at a valuation of about $3.5 billion, from Japanese investor SoftBank and two other existing ones. The round saw Ola’s valuation dropping 30 per cent from a peak of $5 billion, as global rival Uber significantly stepped up its challenge to the Indian firm. Apart from this, with increased regulatory hurdles, investor confidence in Ola is seen to be eroding. Ola did not respond to Business Standard’s queries about the funding round.
Source: Business Standard
L&T Infra Debt to raise Rs 2,500 cr to refinance projects
With refinancing of infrastructure projects gathering steam, L&T Infra Debt Fund (L&T IDF), a refinancing unit, is raising about Rs 2,500 crore through debentures to provide liquidity for road and renewable energy projects. As on September 30, 2016, its net worth was Rs 660 crore (excluding preference shares), debt was Rs 2,455 crore, and outstanding loan book was Rs 2,942 crore (for 25 projects). The company’s overall capital adequacy ratio stood at 45.87 per cent as on September 30, 2016. Rating agency CRISIL has assigned “AAA” rating for the proposed bond offering, giving refinance support to operational projects like roads, power, renewable energy, ports and airports segment.
Source: Business Standard
Arcelor Mittal plans to set up 600-MW solar farm in Karnataka
The world’s largest steelmaker ArcelorMittal may set up a solar farm on the land alloted to it for the proposed 6-million-tonne Karnataka project in view of excess global steel capacity and delays in securing raw materials. The company had entered into a pact with the Karnataka Government for setting up a 6 million tonnes (MT) steel plant with a captive 750-MW power plant at an estimated investment of $6.5 billion. “In view of excess capacity of steel worldwide and uncertainty in iron ore availability locally, the company is also exploring the possibility of utilising the land in Karnataka for the establishment of a solar farm for generating solar energy,” the global steel giant has said in its latest report.
Source: The Hindu Business Line
UK keen to promote issuance of masala bonds
With more and more masala bond issuers choosing the London bourse to trade their instruments, the UK government is keen to facilitate more such rupee-debt raising plans of domestic corporates as well as global institutions. As many as 14 masala bonds are listed on the London Stock Exchange (LSE) with a combined outstanding value of Rs. 12,976 crore. Last year, six such rupee-denominated bonds sold overseas issued by the European Bank of Reconstruction & Development, IFC, HDFC, NTPC etc were listed on LSE. Moreover, the Britain is ready to help India internationalise rupee. “We are keen to promote further issuance of masala bonds. Britain is ready to help India internationalise the rupee and mobilise the rupee funds from foreign markets,” British deputy high commissioner in Mumbai Kumar Iyer told PTI here in an interaction.
Source: The Hindu business Line
Max Ventures seeks shareholders nod for stake sale
Max Ventures and Industries Ltd has sought shareholders’ approval for the sale of 35.93 per cent stake of its speciality film business to Japan’s Toppan Printing. Max Ventures and Industries in a notice of postal ballot said: “Consent be accorded to the board for sale, disposal and alienation of approximately 35.93 per cent… of Max Speciality Films Ltd (MSF), a material unlisted subsidiary of the company… to Toppan Printing Co Ltd”. ”… Such shares proposed to be sold by the company, together with the shares proposed to be issued by MSF to Toppan, will constitute 49 per cent of the paid-up equity share capital of MSF.”
Source: The Hindu Business Line
RBI to frame standard procedure for FDI approvals post FIPB
The Reserve Bank is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out FIPB. The proposal for setting up norms for foreign direct investment (FDI) approvals in sensitive sectors, which are currently under government approval of the FDI policy, was discussed at a recent inter-ministerial meeting. According to sources, several options came up for discussions at the meeting. In order to further improve ease of doing business, the government has decided to abolish Foreign Investment Promotion Board and form a new mechanism for expeditious clearance of foreign investment proposals.
Source: Money Control
Well-positioned to continue leading India market: TCS
India’s largest software services exporter TCSBSE 0.21 % says it is confident of maintaining leadership position in the domestic market that is witnessing strong technology adoption in private as well as public sectors. The company is quite “enthused” by the commentary and discussions on expanding digital infrastructure in the country, Tata Consultancy ServicesBSE 0.21 % CEO Rajesh Gopinathan said in an interview with PTI. “We have always been the leaders in India and have been very proud of the fact that practically every single large national level IT transformation project has been executed by TCS,” he said.
Source: Economic Times
Demonetisation fraud: Court takes cognisance on charge sheet against bank officials for conversion of old currency and supply of new notes
A Delhi court today took cognisance of the Enforcement Directorate’s charge sheet filed against two bank officials and another person in a case of alleged irregularities related to conversion of old currency and supply of new notes. Additional Sessions Judge Prashant Kumar took cognisance of the charge sheet and directed the agency to supply copies of the documents to the accused who were present at the hearing. The charge sheet filed through Special Public Prosecutor Vikas Garg, who appeared for ED, named as accused 32-year-old Vineet Gupta, then branch manager in Axis Bank’s Kashmere Gate branch here, 33-year-old Shobit Sinha, then manager (operations) in the bank, and Rajeev Kumar Kushwaha, suspected to be the mastermind behind floating of shell companies.
Source: Financial Express
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