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Showing posts from October, 2020

‘Malls to get back to pre-Covid levels in a year; hotels to take more time’

Brigade Enterprise COO (commercial) Subrata KC Sharma in an interview with Rishi Ranjan Kala said malls could take up to 12 months to get back to pre-Covid footfalls level, while the hotel businesses could take up to two years. Excerpts: from The Financial Express https://ift.tt/2TDnJrU https://ift.tt/eA8V8J Rishi Ranjan Kala

Indian consumer recovery grabs eyeballs

KOLKATA|MUMBAI: India’s strong recovery has found mention in the quarterly earnings calls and statements of global chiefs of nearly half a dozen consumer multinational corporations (MNCs), including Apple, Amazon, Samsung, Unilever, Whirlpool and Kimberly-Clark.Most companies indicated that the market has bounced back sharply in the July-September quarter.On Friday, Apple chief executive Tim Cook said the iPhone maker had set a September quarter sales record in India, while Amazon chief financial officer Brian Olsavsky said it had a strong Prime Day in August and that Diwali season sales were off to a good start.“Geographically, we set September quarter records in the Americas, Europe and the rest of Asia Pacific,” Cook said in Apple’s earnings call. “We also set a September quarter record in India, thanks in part to a very strong reception to… launch of our online store in the country.”Demand for smartphone and consumer electronics has surged in India, with consumers buying the latest...

Singapore order won't impact assessment of Future-RIL deal: CCI official

NEW DELHI: The interim judgement of a Singapore arbitration court barring the Future Group from going ahead with the deal with Reliance Retail will not have a bearing on the Competition Commission of India’s regulatory assessment, an official said.The competition watchdog’s limited concern is towards the two parties involved and the deal’s impact on competition, said a CCI official.“I don’t think the arbitration in the Singapore court would have any bearing on CCI’s progress. For CCI, the picture is just the two parties involved in the deal and its impact on competition,” the official said.On September 23, RIL had sought CCI’s approval for its Rs 24,713 crore acquisition of the online and offline businesses of the Future Group in August.In an interim order on October 25, the Singapore International Arbitration Centre (SIAC) restrained the two concerned parties from going ahead with the deal.The order was based on a plea filed by Amazon claiming the deal violates the terms of its agreem...

Mapping Infections: Google has released a hotspot feature for its US users; other countries need to do the same

For instance, while in the US, Google is looking to give a county-by-county update, in Europe, it can only provide country-wise data as there are limitations to what the national governments allow it to report. from The Financial Express https://ift.tt/3edcArB https://ift.tt/eA8V8J The Financial Express

Close the digital gaps: Govt must provide devices & internet to poor students

The ASER report shows access to smartphones has almost doubled since its 2018 survey—against 36.5% households having a smartphone then, now 62% household have access; what is encouraging is that 11% purchased a new phone to support children’s education. from The Financial Express https://ift.tt/2HP4sSc https://ift.tt/eA8V8J The Financial Express

FOX BIZ NEWS: Twitter censors top CBP official's tweet promoting border security

Twitter censors top CBP official's tweet promoting border security Former Immigration and Customs Enforcement Acting Director Ronald Vitiello sounds off on 'The Evening Edit' via FOX BUSINESS NEWS https://ift.tt/37XUiti

FOX BIZ NEWS: Bedford: Twitter's censorship of New York Post was 'baldly political'

Bedford: Twitter's censorship of New York Post was 'baldly political' The Federalist editor Christopher Bedford sounds off on 'The Evening Edit' after paper's account unlocked via FOX BUSINESS NEWS https://ift.tt/3edTIIS

FOX BIZ NEWS: Twitter unlocks New York Post's account amid Hunter Biden controversy

Twitter unlocks New York Post's account amid Hunter Biden controversy Former Utah US Attorney Brett Tolman reacts on 'The Evening Edit' via FOX BUSINESS NEWS https://ift.tt/35Nihsd

Reaping carbon credits from agriculture

Setting benchmarks for carbon sequestered or abated through farming and roping in companies to commercialise carbon credits can create a carbon market for the farm sector, helping agricultural income grow from The Financial Express https://ift.tt/2TBlbdV https://ift.tt/eA8V8J Vivian Fernandes

FOX BIZ NEWS: Starbucks sees hotter-than-expected earnings for 2021

Starbucks sees hotter-than-expected earnings for 2021 Starbucks Corp forecast 2021 earnings largely above estimates on Thursday, helped by strong online orders and a recovery in demand following the initial hit from the COVID-19 pandemic. via FOX BUSINESS NEWS https://ift.tt/35JSHnX

FOX BIZ NEWS: Amazon scores record sales for any three-month period ever

Amazon scores record sales for any three-month period ever The online retail giant total net sales for the quarter reached $96.1 billion compared to $70 billion a year ago, beating Wall Street expectations of $92.7 billion, according to analysts surveyed by Refinitiv.  via FOX BUSINESS NEWS https://ift.tt/2G9YY3y

Why gun sales are surging ahead of the 2020 presidential election: CNBC After Hours

CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Josh Lipton breaks down the reasons why gun sales have been surging across the United States ahead of the presidential election between President Donald Trump and Democratic nominee Joe Biden. from US Top News and Analysis https://ift.tt/34BOAeq https://ift.tt/eA8V8J

FOX BIZ NEWS: Estimated $14B 2020 election cost sets record

Estimated $14B 2020 election cost sets record The total cost of the 2020 election will nearly reach an unprecedented $14 billion, making it the most expensive election in history and twice as expensive as the 2016 presidential cycle, according to a new estimate from the nonpartisan Center for Responsive Politics. via FOX BUSINESS NEWS https://ift.tt/3oDSw6v

FOX BIZ NEWS: Trump’s Tax Revolution: Maria Bartiromo, James Freeman 'The Cost'

Trump’s Tax Revolution: Maria Bartiromo, James Freeman 'The Cost' When Trump lowered the U.S. corporate tax rate, CEOs celebrated. via FOX BUSINESS NEWS https://ift.tt/2TvYtUH

Dr. Fauci warns of a ‘whole lot of pain’ due to coronavirus pandemic in the coming months

White House coronavirus advisor Dr. Anthony Fauci told CNBC in an interview Wednesday that the United States is "going in the wrong direction" as coronavirus cases rise in 47 states and infected patients overwhelm hospitals across the country. from US Top News and Analysis https://ift.tt/37XkCn0 https://ift.tt/eA8V8J

FOX BIZ NEWS: Amazon argues Prime Video customers don't own purchased content

Amazon argues Prime Video customers don't own purchased content The tech giant is arguing in a new court filing that Prime Video customers are actually paying for a limited license for “on-demand viewing over an indefinite period of time.” via FOX BUSINESS NEWS https://ift.tt/3mwLXki

FOX BIZ NEWS: Big Tech hearing ‘positioned to make noise’ before the election: Michael Pachter

Big Tech hearing ‘positioned to make noise’ before the election: Michael Pachter Wedbush Securities Managing Director Michael Pachter and Global X Funds SVP Jay Jacobs weigh in on the Big Tech hearing. via FOX BUSINESS NEWS https://ift.tt/37Qb5hC

FOX BIZ NEWS: Iran's Khamenei tweets about questioning the Holocaust; Congress asks Twitter about censorship bias

Iran's Khamenei tweets about questioning the Holocaust; Congress asks Twitter about censorship bias Iran Supreme Leader Ayatollah Ali Khamenei on Wednesday tweeted about questioning the Holocaust as members the Senate Commerce Committee asked Twitter CEO Jack Dorsey about censorship bias. via FOX BUSINESS NEWS https://ift.tt/37Or3c8

FOX BIZ NEWS: Mattel CEO: Our supply chain has made us well-positioned for holiday season

Mattel CEO: Our supply chain has made us well-positioned for holiday season Mattel CEO Ynon Kreiz on plans for stocking shelves with products for the holiday season amid the coronavirus pandemic. via FOX BUSINESS NEWS https://ift.tt/3ecdfcD

FOX BIZ NEWS: How Facebook, Twitter policies have changed since 2016 in the name of voter integrity

How Facebook, Twitter policies have changed since 2016 in the name of voter integrity Facebook, Twitter and Google have made a number of significant policy changes since the 2016 election in the name of voter integrity and news accuracy. via FOX BUSINESS NEWS https://ift.tt/2JcdKbb

FOX BIZ NEWS: Sen. Johnson presses Twitter CEO Dorsey for evidence Hunter Biden story is disinformation campaign

Sen. Johnson presses Twitter CEO Dorsey for evidence Hunter Biden story is disinformation campaign Sen. Ron Johnson pressed Twitter CEO Jack Dorsey on his company's decision to block the spread of a New York Post story that was highly critical of Democratic nominee Joe Biden's son Hunter Biden. via FOX BUSINESS NEWS https://ift.tt/3mwdhiC

FOX BIZ NEWS: Big Tech chiefs spend big on Democrats

Big Tech chiefs spend big on Democrats Fifteen Silicon Valley millionaires have spent a combined $120 million over two years to defeat President Trump and his bid for a second term. FOX Business Cheryl Casone with more. via FOX BUSINESS NEWS https://ift.tt/34B8J46

FOX BIZ NEWS: How Big Tech hearings will impact markets

How Big Tech hearings will impact markets Kaltbaum Capital Management President Gary Kaltbaum, Bulltick Capital Markets chief strategist Kathryn Rooney Vera and Payne Capital Management senior wealth adviser Courtney Dominguez on how important factors like earning reports, the election and Big Tech CEOs on Capitol Hill impact the markets. via FOX BUSINESS NEWS https://ift.tt/31NuZWD

FOX BIZ NEWS: Facebook, Twitter publisher conduct ‘outside’ Section 230 protections: FCC commissioner

Facebook, Twitter publisher conduct ‘outside’ Section 230 protections: FCC commissioner FCC Commissioner Brendan Carr told “Cavuto Coast to Coast” on Wednesday that Facebook, Twitter and other social media platforms “act like a publisher every single day” and reforms must be made to Section 230. via FOX BUSINESS NEWS https://ift.tt/37NWgMH

FOX BIZ NEWS: Sen. Johnson presses Twitter CEO for evidence of disinformation in Hunter Biden story

Sen. Johnson presses Twitter CEO for evidence of disinformation in Hunter Biden story Twitter CEO Jack Dorsey argues his company's policies ‘protect’ conversations about elections. via FOX BUSINESS NEWS https://ift.tt/37NG1iu

FOX BIZ NEWS: Tiffany and LVMH discuss price cut to settle deal dispute

Tiffany and LVMH discuss price cut to settle deal dispute U.S. jeweler Tiffany & Co and French luxury goods giant LVMH are in talks to settle their dispute over a $16 billion takeover at a price slightly lower than that initially agreed. via FOX BUSINESS NEWS https://ift.tt/2G7cMMk

FOX BIZ NEWS: Biden tax hike plans only a 'minor speedbump' for US stocks: Goldman Sachs

Biden tax hike plans only a 'minor speedbump' for US stocks: Goldman Sachs Democratic presidential nominee Joe Biden’s proposed capital gains tax hike would be a “minor speedbump” for a stock market poised to continue higher, according to Goldman Sachs Group. via FOX BUSINESS NEWS https://ift.tt/2Tyeedu

Coronavirus vaccines, World Trade Organisation and the global divide

As access to vaccines becomes a global public requirement, how such vaccines can be effectively traded across borders to reach people needs to be discussed. The problem will assume huge proportions if the flexibilities in the current WTO IP rules do not allow producers, particularly from developing countries, to bypass IP restrictions from The Financial Express https://ift.tt/2Jcsd78 https://ift.tt/eA8V8J

FOX BIZ NEWS: Here's how Facebook and Google plan to defend themselves during Wednesday's Big Tech hearing

Here's how Facebook and Google plan to defend themselves during Wednesday's Big Tech hearing Section 230 is a key provision under the Communications Decency Act, which shields online companies from being held liable for the content their users create.  via FOX BUSINESS NEWS https://ift.tt/31O19kO

FOX BIZ NEWS: T-Mobile CEO Sievert says new streaming service TVision is taking on ‘cable-opoloy’

T-Mobile CEO Sievert says new streaming service TVision is taking on ‘cable-opoloy’ T-Mobile's new streaming service TVision is ready to take on the competition in an already-congested market, CEO Mike Sievert told FOX Business Network's "The Claman Countdown" Tuesday. via FOX BUSINESS NEWS https://ift.tt/3e378qZ

FOX BIZ NEWS: Social media CEOs ‘liability shield’ under attack from Democrats and Republicans: Sen. Roger Wicker

Social media CEOs ‘liability shield’ under attack from Democrats and Republicans: Sen. Roger Wicker Senator Roger Wicker, R-Miss., gives his take on Big Tech hearings, arguing there was ‘bias on behalf of the liberal point of view’ and ‘restriction to conservative thought.’ via FOX BUSINESS NEWS https://ift.tt/3jyMqk6

FOX BIZ NEWS: T-Mobile CEO says new streaming service 'TV done right'

T-Mobile CEO says new streaming service 'TV done right' T-Mobile CEO Mike Sievert introduces new streaming platform 'TVision' and explains how it differs from other services. via FOX BUSINESS NEWS https://ift.tt/31J83rN

FOX BIZ NEWS: Twitter's Jack Dorsey to warn 'eroding' Section 230 could 'collapse' Internet communication

Twitter's Jack Dorsey to warn 'eroding' Section 230 could 'collapse' Internet communication Dorsey, Facebook CEO Mark Zuckerberg and Google CEO Sundar Pichai will virtually testify before the Senate Commerce Committee on Wednesday. via FOX BUSINESS NEWS https://ift.tt/35DKiCH

FOX BIZ NEWS: Coronavirus pandemic is changing the way people view higher education: Gerry Baker

Coronavirus pandemic is changing the way people view higher education: Gerry Baker FOX Business' Charles Payne and 'WSJ at Large' host Gerry Baker discuss the impact of remote learning on higher education and the student debt crisis. via FOX BUSINESS NEWS https://ift.tt/34yRqB2

FOX BIZ NEWS: Former astronaut on moon discovery: Water is the ‘goal’ of space exploration

Former astronaut on moon discovery: Water is the ‘goal’ of space exploration Former NASA astronaut Tom Jones provides insight into NASA confirming water molecules on the moon. via FOX BUSINESS NEWS https://ift.tt/2HGCkA8

FOX BIZ NEWS: Investment banking sources speculate Bezos is interested in buying CNN: Gasparino

Investment banking sources speculate Bezos is interested in buying CNN: Gasparino FOX Business’ Charlie Gasparino provides insight into potential buyers of CNN. via FOX BUSINESS NEWS https://ift.tt/3owrOMN

FOX BIZ NEWS: SpaceX slated to launch next group of American astronauts next month

SpaceX slated to launch next group of American astronauts next month Following May's historic launch, SpaceX is poised to ferry a second group of astronauts from U.S. soil next month, NASA announced. via FOX BUSINESS NEWS https://ift.tt/3e1Qjwx

Flipkart’s storefront and cheque just the tailwind ABFRL needs

Mumbai: The Upper Crust is all set to rule the Web.Louis Philippe, Van Heusen, Peter England and Allen Solly — collectively the biggest brands in men’s executive wear in the country — will now have a wider online play after Flipkart announced a partnership with Aditya Birla Fashion and Retail (ABFRL).Flipkart’s ownership of about 8 per cent in the company that leads in India’s formal wear can strengthen its balance sheet and accelerate growth, besides reducing leverage. Hence, a re-rating is on the cards.For the record, Flipkart will invest Rs 1,500 crore through the preferential allotment of shares by ABFRL. The promoters will now own 55.1 per cent. The stock climbed more than 4 per cent Monday to a high of Rs 171.9 on the NSE before ending 2.3 per cent lower at Rs 161.2, mirroring the late-afternoon selloff amid concerns of a second pandemic wave in Europe and the US.ABFRL’s net debt rose to Rs 3,250 crore in the June quarter. With a total capital infusion Rs 2,245 crore — the rights...

The V-band conundrum

Unlicense 57-64 GHz for both indoor and outdoor usage and modify NFAP 2020 to allow release of 64-71 GHz band under light-touch regulation to be assigned on a link-by-link basis for backhaul from The Financial Express https://ift.tt/35z766A https://ift.tt/eA8V8J

FOX BIZ NEWS: Pelosi 'remains optimistic' about COVID-19 relief package before Election Day

Pelosi 'remains optimistic' about COVID-19 relief package before Election Day Pelosi's deputy cheif of staff, Drew Hammill, said the Speaker continues to "eagerly await" the Trump administration’s acceptance of Democrats' health language, including a national strategic plan on testing and contact tracing.  via FOX BUSINESS NEWS https://ift.tt/3oxzu1i

FOX BIZ NEWS: Biden's energy plan would return US to 'state of dependence' on foreign nations: Brouillette

Biden's energy plan would return US to 'state of dependence' on foreign nations: Brouillette Democratic presidential nominee Joe Biden’s energy plan would force the U.S. back into dependence on oil from the Middle East, Energy Secretary Dan Brouillette argued Monday. via FOX BUSINESS NEWS https://ift.tt/35AQFGL

FOX BIZ NEWS: Biden's a 'stone-cold liar' as it pertains to fracking: Navarro

Biden's a 'stone-cold liar' as it pertains to fracking: Navarro White House trade adviser Peter Navarro blasted Democratic presidential nominee Joe Biden’s stance on fracking, calling him a “stone-cold liar.” via FOX BUSINESS NEWS https://ift.tt/35AF9en

FOX BIZ NEWS: Election 2020: Third-party candidates in uphill battle for recognition, votes look to sow seeds for future

Election 2020: Third-party candidates in uphill battle for recognition, votes look to sow seeds for future A cast of characters pushed for a viable third-party option not aligned with the red or blue for U.S. voters when they hit the stage for the first-ever Independent National Convention this weekend. via FOX BUSINESS NEWS https://ift.tt/2TraR8m

Policy focus on e-mobility, clean fuels: PM Modi

NEW DELHI: India’s energy policy will focus on greater efforts to move towards a gas-based economy, cleaner fuels, electric mobility and renewable energy, Prime Minister Narendra Modi said on Monday.The policy will be industry friendly and growth oriented but energy should be affordable and reliable so it empowers people and improves their lives, Modi said.“India's Energy Plan aims to ensure energy justice. That too while fully following our global commitments for sustainable growth,” he said at the India Energy Forum by CERAWeek, where petroleum minister Dharmendra Pradhan, US secretary of energy Dan Brouillette, and Saudi oil minister Prince Abdulaziz bin Salman also spoke.Modi supported the use of domestic, clean fuels, including biofuels and natural gas. "Increasing domestic gas production has been a key government priority. We plan to achieve 'one nation, one gas grid', and shift towards a gas-based economy," Modi said.The Prime Minister called for better mar...

The biofuel alternative to farm fires

There appears to be a definite anomaly in OMCs’ offtake price for bio-CNG (for which crop residue can be a feedstock) as compared to that offered for 1G bioethanol or biodiesel. This matter requires serious consideration by the MoP&NG and the earliest revision of bio-CNG offtake rates as well as issuing ‘bankable’ offtake agreement for 15 years, to facilitate low-cost project financing. from The Financial Express https://ift.tt/3mo1NgX https://ift.tt/eA8V8J

FOX BIZ NEWS: Judge sets first hearing in U.S. Google antitrust lawsuit

Judge sets first hearing in U.S. Google antitrust lawsuit U.S. District Judge Amit Mehta on Monday set a status hearing on the Justice Department’s antitrust lawsuit against Alphabet Inc’s Google for Friday. via FOX BUSINESS NEWS https://ift.tt/3oxy8nh

FOX BIZ NEWS: Zuckerberg says Facebook has helped roughly 4.4M people register to vote

Zuckerberg says Facebook has helped roughly 4.4M people register to vote Facebook's Voting Information Center surpassed its goal to register at least 4 million people before Election Day. via FOX BUSINESS NEWS https://ift.tt/3ouLlxd

What is the difference between a mutual fund scheme and Portfolio Management Service?

Financial planners say that Portfolio Management Schemes (PMS) are ideal for large investments and also carry a higher degree of risk, whereas mutual funds are simpler investment tools. Investors should keep in mind these distinguishing points. from Wealth-Economic Times https://ift.tt/3kxwY9c https://ift.tt/37KrzrB

How to open a Senior Citizens’ Savings Scheme

For senior citizen investors, safety and returns play an important role while choosing an investment vehicle. The Senior Citizens’ Savings Scheme (SCSS) can be availed from a post office or a bank by anyone above 60, i.e., a senior citizen. from Wealth-Economic Times https://ift.tt/2J2yHFr https://ift.tt/2FXl6ht

Active vs passive mutual fund schemes: What should you invest in?

Fund selection is a very important aspect of active investing. Select your funds only after evaluating their performance history and portfolio strategy. You do not need to worry about markets or cycles for passive investing. from Wealth-Economic Times https://ift.tt/35Bhsm6 https://ift.tt/37FnpBf

If you want to learn how to manage money, begin with your bank account: Here's why

Your bank account is your core financial record. Take the time to understand and operate your account. Do not be the person who hands over the debit card PIN and Internet passwords to others, or be the gullible signatory of blank cheques. from Wealth-Economic Times https://ift.tt/3oqtJme https://ift.tt/2Tt3SeU

Market gave 8-10% return over 4-5 yrs. Expect such return going forward: Chandresh Nigam, Axis MF

After some initial worry, investors are coming back to investing in mutual funds like before. However, the steady redemptions remain a concern, Chandresh Nigam, MD and CEO, Axis Mutual Fund, tells ET Wealth. Here are other takes from the wealth expert. from Wealth-Economic Times https://ift.tt/31ESJMA https://ift.tt/3mk1tji

Money tasks after death in family: How to close accounts, transfer investments, make claims and more

Sort the paperwork and complete financial tasks without leaving any loose ends after the death of a family member. ET Wealth tells you about the documents needed to close accounts, transfer investments and make claims and the processes to complete these tasks. from Wealth-Economic Times https://ift.tt/3dUS92p https://ift.tt/37EOTH8

Health insurer not paying you? Here are 6 reasons why your insurance claim is not being admitted

Insurers may only settle claims based on predefined rates recommended by the General Insurance Council, resulting in significant cuts in the claim amount. ET Wealth explores the reasons why your claim is not being admitted or you are bearing a large chunk of the medical bill. from Wealth-Economic Times https://ift.tt/3mhiVoo https://ift.tt/35xfyTR

How gold, silver performed during the week ending October 22, 2020

Here's a weekly tracker of returns to keep you updated on how the stock market index, gold prices and silver have performed. This will give investors an idea of how their investments performed over a long period. from Wealth-Economic Times https://ift.tt/2TnCy1E https://ift.tt/3mmdqov

This is the best time to get an MBA degree: Here’s how to guarantee selection in a B-school

A two-year MBA from a great brand brings you back with greater value into a changed market. A good first job then increases your wealth manifold through compounding effects on your salary each year. from Wealth-Economic Times https://ift.tt/31KlNTc https://ift.tt/2J6SS5h

MF portfolio doctor: Why Agarwal needs to increase retirement corpus to achieve financial goals

The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. from Wealth-Economic Times https://ift.tt/3dVOMIt https://ift.tt/2HBmbMk

Coal imports rise 12% to 19 million tonnes in September on improved consumption

New Delhi: India's coal import rose 11.6 per cent to 19.04 million tonnes in September on account of a recovery in consumption by thermal power plants and other industries as also helped by competitive prices in international markets. The country imported 17.06 million tonnes (MT) of coal in September 2019, showed data available with mjunction services limited. mjunction -- a joint venture between Tata Steel and SAIL -- is a B2B e-commerce company and also publishes research reports on coal and steel verticals. "The steady recovery in consumption by thermal power plants and other industries coupled with competitive prices in the international markets led to a resurgence of demand for imports ahead of the festive season," mjunction Managing Director and Chief Executive Officer Vinaya Varma said. The outlook for imports remains uncertain as it depends on the sustainability of operations and growth in consuming sectors in the coming months" Varma noted. Of total imports...

Farooq Abdullah to lead Gupkar alliance, says it isn't anti-national; Mehbooba to be vice-chairperson

After a meeting held at Mehbooba's house, Abdullah, who turned 84 earlier this week, said the alliance is fighting for the restoration of special status to Jammu and Kashmir and is an "anti-BJP platform" and not an anti-national amalgam from Business Today| LATEST HEADLINES https://ift.tt/31CBawY https://ift.tt/eA8V8J

Samsung group chairman Lee Kun-hee died

SEOUL: Lee Kun-hee, who built Samsung Electronics into a global powerhouse in smartphones, semiconductors and televisions, died on Sunday after spending more than six years in hospital following a heart attack, the company said.The charismatic leader of Samsung Group and the country's richest person, grew it into South Korea’s biggest conglomerate. But he and the empire he built have also been vilified by critics for wielding huge economic clout, and for opaque governance and dubious transfers of the family wealth."Lee is such a symbolic figure in South Korea's spectacular rise and how South Korea embraced globalisation, that his death will be remembered by so many Koreans," said Chung Sun-sup, chief executive of corporate researcher firm Chaebul.com.Lee, who was 78, is the latest second-generation leader of a South Korean family-controlled conglomerate, or chaebol, to die, leaving potentially thorny succession issues for the third generation.Lee's "innovativ...

China reconsiders global strategy for Yuan

China is reconsidering its strategy for the internationalization of yuan after completing a comprehensive review recently, according to a senior central bank official.“As everybody knows in the past, the internationalization of the RMB sticks to the market principles,” Zhu Jun, director general of the People’s Bank of China’s international division, said at the Bund Summit in Shanghai on Saturday. “The role of the authorities was mainly focused on removing the policy obstacles for the free use of the currency. At this moment, we think there are some kinds of complications in the domestic and overseas situations.”The yuan rallied to the strongest in more than two years earlier this week, aided by dollar weakness and China’s economic recovery from the virus pandemic. The prospects of a victory by Joe Biden over President Donald Trump in the upcoming U.S. election are also supporting the currency. Trump’s trade war with China last year sent the currency to its lowest since 2008.78853734Zh...

View: Big tech needs regulation but government action no solution

I am among those favouring regulation of the internet giants — Google, Facebook, Amazon, Apple, and Microsoft — because of their humungous control of viewers’ data (raising issues of privacy and national security) and unintended role in spreading falsehoods and hate speech. But I am sceptical of the US government’s move to prosecute and break up Google, claiming advertisers and viewers are harmed by its being “the unchallenged gateway to the internet for billions of users worldwide”.Google gets only 29% of digital advertising, followed by Facebook, Amazon, Netflix, and new internet stars like TikTok. Google is simply not an “unchallenged gateway”, though it is the dominant search engine. The historical argument against monopoly is price gouging. But the internet giants typically offer free news, entertainment, and knowledge. This can create problems of privacy and hate speech but is the opposite of price gouging.A brilliant policy paper by Ryan Bourne of the Cato Institute, ‘Is This Ti...

Tata-Mistry feud: Costs involved are high

On September 22, after nearly four years of all-out acrimony, an opportunity to cease hostilities presented itself to Tata Sons and Shapoorji Pallonji (SP) Group. During court proceedings to prevent the SP Group from pledging or selling Tata Sons shares, the latter offered to buy out the former’s equity holding. By late evening, SP Group put out a statement, saying a separation of the long-standing relationship was perhaps in the best interest of everyone, including “livelihoods and the economy”. This opened up a path to end the bloodletting, although it is as yet unclear if the two sides can find common ground on the valuation of the shares in question. There is a gap of about one lakh crore rupees between what the two sides think the holding is worth. At Bombay House, the headquarters of Tata Sons, strategies are being drawn up to find the money to fund the buyback. 78849765Options, restructuring plans and routes to raise funds are all being weighed. A reconciliation is not on the ca...

The Shape Of You: These celebs are making bulge very beautiful and how

In a world where ‘fit’ sells more than ‘fat’, a clutch of individuals and brands are celebrating the plus size, something they hope will inspire people and help them survive a fatphobic society’s everlasting obsession with body weight and appearance from The Financial Express https://ift.tt/35wolFp https://ift.tt/eA8V8J Vaishali Dar

FinMin issues guidelines for interest waiver

In a festival gift to borrowers, the Finance Ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months of loans up to Rs 2 crore. The guidelines came after the Supreme Court directed the Centre to implement "as soon as possible" interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme in view of the COVID-19 pandemic. As per the operational guidelines issued by Department of Financial Services, the scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020. "Borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs 2 crore (aggregate of all facilities with lending institutions) as on February 29 shall be eligible for the scheme," it said. Housing loan, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loa...

CPPIB edges ahead in race for SoftBank stake in SB Energy

Mumbai: The Canada Pension Plan Investment Board (CPPIB) is closing in on SoftBank’s majority stake in SB Energy Holdings, said several people with knowledge of the matter. The five-year-old renewable energy company is a joint venture between SoftBank and Bharti Enterprises.CPPIB, one of the world’s biggest retirement funds, has entered into exclusive negotiations with SoftBank Group International to acquire its 80% stake in SB Energy, said the people cited above. CPPIB’s offer, submitted earlier this month, values the company at $720-750 million and SoftBank’s stake at $585-600 million, excluding debt, and is the most aggressive among the three final bids, the others in the race having been Actis and Brookfield. The bids are all below the $800-820 million book value (equity invested) and a far cry from the original ask of $1.2 billion, said the people cited above.“We confirm that we have identified an investment partner to accelerate growth of our leading renewable energy platform, SB...

Jet Airways insolvency: A look at torturous negotiations, threats, claims that led to resolution

Five days after Ashish Chhawchharia took over as the resolution professional of Jet Airways in June 2019, he found himself and the airline’s employees locked out of its office by the property's owners due to non-payment of dues.When he got in, he found the IT access, including that to the airline’s digitally maintained accounts, cut off as the service provider hadn’t been paid.It took three months of initial legal negotiations for Chhawchharia and his 40-member team to get into and steer what would be a long, gruelling insolvency process of India’s oldest surviving private airline.Sixteen months after its case was admitted by India’s bankruptcy court, Jet’s committee of creditors last Saturday approved a revival plan submitted by a consortium of businessman Murari Lal Jalan and London’s Kalrock Capital."We were blind when we went in," Chhawchharia, head of restructuring services and a 10-year veteran at Grant Thornton told ET in a recent interview.There was almost no one ...