The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
Ajit Balakrishnan on keeping an eye on democratising finance in India.
These human interventions in nature, along with climate change, are responsible for the disaster faced by the pilgrim town of Joshimath in Uttarakhand, which is sinking, he said.
Public sector lender Bank of India has moved to the National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Future Retail Ltd and a moratorium over the assets of the Kishore Biyani-led debt-ridden firm. Besides, Bank of India (BOI), the lead banker of a consortium of banks that lent money to Future Retail Ltd (FRL), also suggested the insolvency tribunal appoint Vijay Kumar V Iyer as the interim professional of the company. Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the "process of taking legal advice".
Other London properties, aircraft & offshore accounts are yet to catch the attention of regulators.
At the recently concluded Dubai airshow, Akasa, Rakesh Radheyshyam Jhunjhunwala's new airline, signed a $9 billion deal with American aircraft maker Boeing to buy its 737 MAX planes and a $4 billion one for engines with CFM, a joint venture between GE of the US and Safran of France. Unlike his financial doppelganger Warren Buffett, who divested billions from his airline stock portfolio at the start of the pandemic, Jhunjhunwala is wagering his billions in a brand new airline. The legendary investor bought a roughly 40 per cent stake in SNV Aviation in September, Akasa's holding company, started in March by three former Jet Airways colleagues. With aviation still to recover from its pandemic slump, the big question around his foray into domestic aviation, due to take off in summer 2022, is whether it is another pie in the sky.
It is alleged that the company floated 32 subsidiaries in several tax haven countries to bring foreign funds to India through sham transactions.
The last date to submit bids is March 17 but the deadline could be extended if there are requests from potential bidders.
A French court has ordered freezing of an Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a USD 1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy.
The number of serious incidents has more than doubled in the last seven years.
Alphabet Inc's Google has paid Rs 33,737 crore for a 7.73 per cent stake in Reliance Industries Ltd's (RIL) digital subsidiary, Jio Platforms Ltd, joining the list of global investors such as Facebook, billionaire Mukesh Ambani's firm said. The transaction also marks the US technology giant's biggest-ever investment in an Indian company. With this, Jio Platforms has raised a total of Rs 1.52 lakh crore by selling nearly 33 per cent stake to 13 financial and strategic investors in just 11 weeks.
IRCTC used to charge Rs 40 per ticket for bookings in AC classes, Rs 20 per ticket in sleeper class
In Tokyo, hundreds of Japanese citizens came out on the streets to express solidarity with the oppressed people of Tibet, Xinjiang, Mongolia, Hong Kong and Taiwan.
Trident International Holdings has awarded a $400 million contract to Arabian Construct ion Company (ACC) to build the world's tallest residential tower the 'Pentominium' in Dubai Marina.
Privatisation of BPCL, which was dubbed India's biggest ever, has been stalled with just one bidder left in the fray after two others walked out over issues such as lack of clarity in fuel pricing, a top source said. The government had planned to sell its entire 52.98 per cent stake in Bharat Petroleum Corporation Ltd (BPCL) and invited Expression of Interest from bidders in March 2020. At least three bids came in by November 2020 but only one remains now after the others withdrew from the race.
China's debt is dangerously high at close to three times its GDP, with the ratio having nearly doubled in recent years, observes T N Ninan.
'I'm very proud of what family I come from, but I feel it must always be an afterthought... 10 years of my work will get nullified when people say "Yeh toh genes main hai".'
Two years ago, the number was 4,000, according to Indian businessmen.
As a global partner, BYJU's will have extensive in-venue, broadcast, and digital rights across all ICC events.
The government is keeping a "close watch" on the developments relating to the Tata-Mistry case, but does not want to "interfere" at present as it was an "internal matter" of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal has said.
'The company's transition from an individuals-driven private firm to a board-driven listed public one will be carried out in a well-thought-through and well-executed manner.'
Operating margins for some companies dipped in Q3, 2021-22 but this sector could be nearing the bottom of the cycle in terms of profits.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
China represents the "largest threat" to Britain and the world's security and prosperity this century and there is evidence to suggest it has targeted countries from the US to India, UK prime ministerial candidate Rishi Sunak said on Monday.
Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
'Nobody wants him to gain power.' 'But saying that all these players together conspired against Imran Khan and had him arrested would be in the realm of conjecture but possibilities cannot be ruled out.'
Rajesh Gopinathan, who took charge as chief executive of TCS on Tuesday, said he and his newly appointed team will ensure sustenance of the company's growth momentum and continuous evolution of its strategy.
Tata Group-owned Air India has informed the Centre that aircraft lessors wish to set up their special purpose vehicles (SPVs) outside India since they aren't enthused about the Indian 'legal structure' and are loath to take risks. Indian airlines have a combined fleet of about 700 planes; over 85 per cent are on lease. A majority of lessors are based in Ireland due to its attractive tax policy, light-touch regulations, and swift legal system.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Group Chairman S P Hinduja told a meeting of shareholders of IndusInd International Holdings Ltd in Dubai that the network would be set up by IndusInd Media and Communications Ltd, which is among the largest Cable TV companies in India with a customer base of 5.5 million households. IIHL has an indirect investment of about $385,000 in IMCL.
'We will take tough calls where needed in the interest of doing what is right.'
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. "The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf," the Iranian oil ministry's official news service Shana reported. "The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran." The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable.
NCLT allows Shivinder to withdraw petition against his brother Malvinder. Final decision to be taken by family members in their presence.
The court also restrained RHC Holdings from operating its bank accounts except for payment of salaries and statutory dues till March 23, the next date of hearing.
The decision marks first successful policy intervention.
In a Sri Lankan House of 225 members, the cut-off figure comes to 113. With Wickremesinghe side touching 102 and Rajapaksa's team at 101, the three-party Tamil National Alliance with 16 members and the left-leaning Sinhala-Buddhist nationalist Janatha Vimukthi Peramuna with 6 members hold the key. But with the latter declaring that they will not support either formation in a vote count,that leaves the TNA as the deciding factor, says N Sathiya Moorthy.
Shyam Metalics and Energy (SMEL) will end the over two-month drought in the initial public offering (IPO) market. The steelmaker will launch its Rs 909-crore offering soon. SMEL has pruned its IPO size from Rs 1,107 crore, with the promoters deciding to offload shares worth Rs 252 crore as against Rs 452 crore planned earlier. The company has priced its IPO between Rs 303 to 306 per share.
Recruitment and import of aircraft still to get going
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