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Showing posts from August, 2018
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The China-based New Development Bank today received AA+ credit rating, a top investment-grade rating by S&P Global Ratings, boosting the standing of the financial institution headed by eminent India banker K V Kamath. The NDB was founded by the BRICS member countries -- Brazil, Russia, India, China and South Africa -- during the group's sixth summit in Fortaleza, Brazil in July 2014 and formally opened in Shanghai in July 2015. S&P Global Ratings (S&P), one of the three largest global credit ratings agencies, today announced it has assigned its AA+ long-term and A-1+ short-term issuer credvit ratings with a stable outlook to the NDB. The AA+ is the rating agency's second highest ranking, behind only a AAA rating. Earlier this month, Fitch Ratings (Fitch) announced that it had assigned NDB a long-term issuer default rating (IDR) of 'AA+' with a stable outlook and a short-term IDR of 'F1+'. Commenting on the ratings, Kamath said "today marks a mom...
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Life Insurance Corporation of India (LIC) is unlikely to offer any premium for shares of IDBI Bank, say sources.The bank's board of directors will seek shareholder approval for preferential allotment of a 14.9 per cent equity stake to LIC.The insurance behemoth is also expected to approach the Securities and Exchange Board of India (Sebi) and seek an exemption from making an open offer to minority shareholders after the said allotment. Both matters will be taken up by the insurer at its September 4 board meeting. Sources say LIC is in the final stage of price discovery, in line with the Sebi formula which considers 26 weeks' weighted average market price. LIC expects the deal to be closed in the next two months. "Shares of IDBI Bank have gained close to 25 per cent since the deal was announced, thanks to the excessive speculative trading on hope of a turnaround with a stronger promoter. The intention behind this acquisition is to revive the ailing lender. Hence, the questi...
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Thai authorities this week are expected to step up their investigation of a financial scam involving the alleged theft of about USD 25 million worth of bitcoins from a Finnish investor who police say was bilked with promises of high returns from investments in a casino in Macau and in another cryptocurrency. The case, which surfaced with the arrest in a shopping mall parking lot of a young soap opera actor suspected of colluding with his sister and brother, has prompted Thailand's central bank to warn investors against risks of bitcoin-related scams, underscoring the challenge for regulators trying to keep up with the fast-growing cryptocurrency markets. Police have issued arrest warrants for several other people, including actor Jiratpisit Jaravijit's elder brother, Parinya Jaravijit, who has left the country. Police have indicated they will question more suspects this week. Court documents say the siblings and others are suspected of conspiring to commit fraud and engage in m...
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HONG KONG (Reuters) - Three of the world's largest bitcoin mining equipment makers plan to raise billions of dollars with initial public offerings in Hong Kong, even as other companies report plunging demand for the chips needed to make bitcoin and a halving in the price of the cryptocurrency. from Markets https://ift.tt/2MXqNNO
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NMDC Limited, a state-controlled mineral producer, has increased the price by Rs 150 a tonne for lump ore and iron ore fines with effect from August 22. The company informed exchange that the price increased to Rs 3,350 from Rs 3,200 a tonne for lump ore and Rs 2,960 per tonne for iron ore fines from Rs 2,810 a tonne.Unlike in the past this price hike will also include Karnataka, said company officials adding that the price was to reduce the gap between iron ore sold from the NDMC mines at Chattisgarh and Karnatka as compared to the prices at Odhisa.Seshagiri Rao, JMD and group CFO, JSW Steel said that the price could be because of the Rupee depreciation. He added considering the quality of the iron ores in Karnataka, the prices should be competitive.Basant Poddar, former Chairman and member of Federation of Indian Mineral Industries (FIMI)- South said that the price revision is a welcome move to spur local consumption and revenue to the state of Karnataka.Beginning of this year, in .....
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Despite Twitter attempting to ban scammers and impersonators on its platform, one impersonator broke into Tesla Chairman and CEO Elon Musk's official account on Thursday with a fake lookalike verified account, promising his 22.5 million followers free Bitcoin and ethereum cryptocurrencies. from Markets https://ift.tt/2LlsnEC
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Has your smartphone suddenly slowed down, warmed up and the battery drained down for no apparent reason? If so, it may have been hijacked to mine cryptocurrencies. This new type of cyberattack is called "cryptojacking" by security experts. It "consists of entrapping an internet server, a personal computer or a smartphone to install malware to mine cryptocurrencies," said Gerome Billois, an expert at the IT service management company Wavestone. Mining is basically the process of helping verify and process transactions in a given virtual currency. In exchange miners are now and then rewarded with some of the currency themselves. Legitimate mining operations link thousands of processors together to increase the computing power available to earn cryptocurrencies. Mining bitcoin, ethereum, monero and other cryptocurrencies may be very profitable, but it does require considerable investments and generates huge electricity bills. But hackers have found a cheaper option: su...
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The deal sounded murky from the start: in exchange for bitcoin worth two million euros (USD 2.3 million), the wealthy buyer would hand over the equivalent sum in cash in a luxury hotel on the French riviera. The seller, a South Korean businessman with a company specialised in the crypto-currency in Singapore, accepted the proposition nevertheless and met the Serbian buyer in July. But once the transaction was completed in a hotel in the city of Nice, the South Korean realised the 500-euro notes he had been handed were crude, photocopied fakes, police sources told AFP. After the victim filed a criminal complaint at the end of July, the Serbian man was arrested at a top-end hotel in the glitzy town of Cannes in the south of France, apparently living the high-life with a luxury car and a 100,000-euro watch. After appearing in court, he was remanded in custody on charges of fraud and being part of a organised crime network, his lawyer Gerard Baudoux told AFP on Sunday. Police are still .. ...
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Chinese police have arrested three suspects alleged to have stolen assets worth 600 million yuan ($87 million) through hacking, state media reported today, as cyber criminals target holders of bitcoin and other virtual currencies. Police in the northern city of Xian began investigating in March when a victim surnamed Zhang complained that hackers had taken control of his computer to steal 100 million yuan ($15 million) worth of cryptocurrency, the Shaanxi Daily reported. The 100 million yuan haul was made up of the popular bitcoin and ether currencies, state news agency Xinhua reported. The transfer of the units provided police with a virtual trail, the Shaanxi Daily said, leading them to a suspect surnamed Zhou in the central province of Hunan. Zhou's communications led to two more alleged accomplices. Altogether, the three suspects are thought to have stolen 600 million yuan by hacking the computers of individuals and companies, according to the newspaper. The police investigatio...
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Blockchain technology is a virtual ledger which enables developers to record real-time transactions across borders. This possibility allows developers to use this game-changing technology across sectors innovatively.Below is the list of startups who have applied the technology in different sectors creatively.MinersINCA blockchain-powered P2P platform, MinersINC brings together the creators and consumers of entertainment media in the form of movies, music, and games. The blockchain solution puts creators back in control of their creation and builds a close-knit ecosystem which is direct, less intricate, and more rewarding.CoinsecureIndia's Bitcoin Exchange, is Blockchain startup in Delhi which works with the motto of "Connecting India to Bitcoin". Coinsecure intends to be the one stop shop for all Bitcoin and Blockchain related needs and accomplishes them through several partnerships across the globe.PrimeChain TechnologiesThe startup is based in Pune, and was founded by R...
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In a first move that will set the ball rolling for implementing comprehensive gold policy, government has set up working group for setting up of the domestic council for Gem and Jewellery sector. The group is headed by the joint secretary of ministry of commerce, Manoj Kumar Dwivedi. "The group has participation from all stake holders of the industry from mines to market and will work out composition and details of the council," Said Mohit Kamboj, president Indian Bullion and Jewellers Association.According to commerce ministry order issued yesterday, the working group has mandate to prepare data base of all association of Gem and Jewellery sector, product wise and region wise. Decide eligibility criteria for association to be part of it and work out other details.Interestingly the group doesn't have the representation of the erstwhile Gem and Jewellery Federation (GJF) which has recently changed its name to all India Gem and jewellery domestic council. The members of the...
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The Madras High Court today observed that mere granting of awards to honour persons for their contribution to an industry would not make sense, if no helping hand is extended to their kin. Justice R Mahadevan made the observation on a petition by Punniavathi, wife of late comedian Kumarimuthu, seeking to restrain the authorities from evicting her from the house allotted to her husband, who was a Kalaimamani awardee. The petitioner submitted that the Tamil Nadu government had allotted a house in Nandanam here to Kumarimuthu under discretionary quota in 2001, honoring his contribution as comedian, to the Tamil film industry. However, after he died in 2016, the petitioner claimed that on October 24, 2016 the housing and urban development department authorities had issued a notice to her seeking an explanation as to why the allotment should not be cancelled since the original allottee has died. Challenging the move, she moved the high court which had in March 3, 2017 ... from Markets htt...
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NEW YORK (Reuters) - U.S. entrepreneur and cryptocurrency investor Michael Terpin filed a $224 million lawsuit on Wednesday against telecommunications company AT&T, accusing it of fraud and gross negligence in connection with the theft of digital currency tokens from his personal account. from Markets https://ift.tt/2nG4X3n
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NEW YORK (Reuters) - Bitcoin dropped to an eight-week low on Tuesday, while Ethereum, the second-largest cryptocurrency in terms of market value, sank to a more than one-year trough as they continued their bearish trend, undermined by a strong U.S. dollar and global tensions related to Turkey. from Markets https://ift.tt/2MLplLo
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Feared with devastating impact threatening food security of millions, the Food and Agricultural Organisation (FAO) of the United Nations has threatened growing risk of fall armyworm (spodoptera frigeperda), an invasive agricultural pest, spread across South East Asia.Detected first in Shivamogga district of Karnataka in May this year, fall armyworm devoured entire maize crop sown in the demonstration field of the University of Agricultural and Horticultural Sciences (UAHS). Native to the Americas, fall armyworm has already spread across Africa where it was first detected in early 2016. By early 2018, all but 10 (mostly in the north of the continent) African states and territories have reported infestations and the pest has affected millions of hectares of maize and sorghum.Its impact can be ascertained from the fact that this insect has the capacity to fly over long distances (100 km per night) and ravage crops all year round given the region's favourable tropical and sub-tropical ...
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Leo Puri defended his performance as managing director of UTI Mutual Fund while presenting the report card of his five-year tenure to the board of directors last week, said sources in the know.In what may well be the last board meeting of his term, Puri told the board that a key mandate after taking over was to resolve UTI's governance structure and get the shareholders, trustees and the government on the same page with regard to the AMC's future. This, however, was no easy task and the work put in towards achieving this goal had come at a considerable professional and personal cost, Puri told the board.Explaining his predicament, Puri said that the leadership vacuum prior to his appointment had dented employee morale and one of his achievements was to hire fresh talent and stabilise the senior management team soon after he took over. To achieve this end, he had even taken steps to change the compensation structure and engaged with workmen's union to resolve differences.Pur...
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Bengaluru-based CreditAccess Grameen's initial public offering (IPO) got a lukewarm response from investors with the offering garnering just 2.2 times subscription. The institutional investor portion of the IPO was subscribed five times, while the wealthy and retail investor remained unsubscribed. CreditAccess's IPO comprises of fresh equity issuance worth Rs 6.3 billion and secondary share sale worth Rs 5 billion. The price band for the IPO was Rs 418 to Rs 422 per share. At the top-end of the price band, CreditAccess will have post-issue market capitaliation of Rs 60.5 billion. The IPO was priced at nearly three times its 2017-18 book value (post-issue basis) and nearly 35 times its 2017-18 earnings. The IPO closes on Friday. "The near term looks great for Grameen, thanks to huge capital infusion and strong growth. However, the long term needs hard thinking - demonetisation has illustrated that even well run MFIs can lose 5 per cent to 10 per cent of assets in crisis,...
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Computer hackers have struck PGA of America servers at this week's 100th PGA Championship, demanding a Bitcoin ransom to unlock files without risking data not easily replaced, Golfweek's website reported. The files, Golfweek said, contained digital promotional banners and logos used on signs around Bellerive as well as materials for next month's Ryder Cup in France. The PGA of America does not intend to meet extortion demands, unnamed sources told the magazine, and the organization has retained outside information technology experts to ensure the year's final major tournament remains unaffected, according to the report. The PGA had no comment on the matter. PGA play began today at Bellerive Country Club. The Ryder Cup is set for September 28-30 at Le Golf National in Paris. Tournament staff discovered Tuesday their files had been compromised when a message told them their network had been hacked and information files encrypted, with any attempt to unlock the files riski...
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A rising number of shrimp shipments from India are being refusd entry in the United States, due to the presence of salmonella, a harmful bacteria. That country's sector regulator, the Food and Drug Adminstration (FDA) refused 10 'entry lines' last month for this reason -- eight were from India."FDA has reported refusing 60 entry lines of shrimp for salmonella this year, of which the vast majority originate from India," said the Southern Shrimp Alliance (SSA), a US-based body of shrimp fishers and processors.Salmonella poisoning is often linked to contaminated water or foods and can cause food-borne infection, called salmonellosis."The rejection speaks about the unhygienic condition of shrimp farming in India. Nevertheless, the number of rejections by the FDA is on the rise because India sends the highest number of containers to the US," said an exporter, seeking anonymity.The FDA was recently allocated an additional $3.1 million in the coming financial y...
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The rising share of vegetable oil import from neighbouring countries which are not known to produce any has irked edible oil producers.Over the past two months, soft oil (soybean, sunflower and rapeseed/mustard) is being imported in large quantity from Bangladesh, Sri Lanka, Nepal and Bhutan at zero duty under the South Asian Free Trade Area (Ssfta). This is in contrast to the traditional import of palm oil (crude palm oil or CPO and refined oil or RBD) directly from Indonesia and Malaysia.Domestic producers say this is a breach of the rules on origin which mandates 30 per cent of value addition under the Safta agreement. They have met officials in the Union finance ministry with a request to put edible oil and vanaspati in the negative or barred list of such import."Cheap import of refined oils and vanaspati from Ssfta member countries are resulting in distorted domestic refined oil prices, leading to pressure on crop prices and in turn hurting farmers' income. The government...
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In a retreat from its earlier stance, the Securities and Exchange Board of India (Sebi) has asked the custodians to draw up their own lists of high-risk jurisdictions in lieu of a single, common list as envisaged earlier.In a meeting with custodians last week, the regulator told the custodians that they could follow their own processes to identify the high-risk jurisdictions, provided the list is reviewed periodically and the regulator is kept in the loop regarding the same.This could imply that high-risk jurisdictions such as Mauritius - a major source for FPI funds and which was included in the common list of 25 high-risk regions prepared a few weeks ago - may now be excluded by some custodians. Other high-risk jurisdictions that were part of the earlier list include British Virgin Islands, China, Cayman Islands, Cyprus, and the UAE."Sebi told the custodians that not having a common list is okay as long as all custodians prepared a list and apprised the regulator about the same,...
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A rising dollar is set to limit the return on gold investment in the near term, despite geopolitical tension rising abroad.With the US Federal Reserve expected to raise interest rates again next month, the dollar might continue to fetch better returns than other asset classes, including gold and silver, in the near term. In India, with the southwest monsoon expected to turn weaker than previously estimated for the current season, resulting in a decline in kharif crop output, India's gold demand is likely to remain slow this year.As a consequence, investors are betting for gold as a long-term investment avenue, without looking to make money in the near term. Gold's price was near its recent bottom last week but got momentous support after the US announced its monthly non-farm employment data rise at 157,000 for July, against the expectation of 190,000."Safe-haven demand which generally moves gold prices higher is not clearly visible this time, despite bigger US-China tensio...
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Bombay Dyeing & Manufacturing Co Ltd today said its net loss widened to Rs 93.74 crore for the quarter ended June 30 as against a net loss of Rs 32.71 crore in the same period a year ago. Total income during the period under review stood at Rs 410.31 crore. It was Rs 638.33 crore in the year-ago quarter, Bombay Dyeing said in a BSE filing. The company said the results are not comparable with the figures for the previous year's period due to change in accounting method. Reacting to the quarterly results, shares of Bombay Dyeing & Manufacturing Co Ltd today hit the lower circuit to settle 4.99 per cent down at Rs 260.70 apiece on the BSE. from Markets https://ift.tt/2AWfYam
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The Telangana State Information Technology, Electronics and Communication department (ITE&C) has signed an MoU (Memorandum of Understanding) with the global digital transformation provider Tech Mahindra to launch India's first Blockchain District in the state of Telangana.The Blockchain District will be a Center of Excellence for Blockchain, an incubator for technology and process development with innovative infrastructure and facilities to foster growth of Indian blockchain start-ups and companies.Tech Mahindra as a founding member of the Blockchain district will provide platform and technology assistance to all the incubators in the Blockchain District.Tech Mahindra will also empower accelerators to develop and solve market problems across its global customer ecosystem. Further, The Telengana ITE&C Department will provide regulatory and policy support to enable and promote Blockchain growth both in India and globally."Telangana government is proud to pioneer the firs...
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The sugar mills in Tamil Nadu have approached to the central government to announce a three year moratorium for the Sugar Development Fund (SDF) and soft loans given in the past, with a timeframe of seven years to repay the loans after the moratorium period, as the industry in the State is facing a decrease in processing in the last several years. The State has been undergoing various challenges and the capacity utilisation of sugar mills in the State has come down from 84 per cent in 2011-12 to 21.66 per cent in 2017-18, says the South Indian Sugar Mills Association (Tamil Nadu).While the centre has been taking various initiatives to stabilise the sugar prices at the national level, improving the sugar prices, Tamil Nadu sugar mills have been facing an additional challenge in the form of low cane availability due to vagaries of monsoon resulting in much higher cost of production, they said. The industry in the State may need additional support, considering the crisis it is ... from ...
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Indian markets snapped the two-day losing streak on Friday as positive weather forecast provided boost to consumer and financial services stocks. The benchmark Sensex climbed 391 points, or one per cent, to close at 37,556, while broader Nifty closed 116 points, or one per cent, higher at 11,361. The positive sentiment also echoed in the broader markets as the BSE mid- and small-cap indices gaining 0.9 per cent and 1.1 per cent respectively. All the 19 sectoral indices trading in the BSE closed in the green. Foreign portfolio investors (FPIs) net sold shares worth Rs 58.7 million while domestic institutions bought shares worth Rs 870 million.This relief rally in the markets comes after India Meteorological Department (IMD) predicted a normal monsoon at 95 per cent of the long-term averages. Banking stocks led the charge during Friday's rally with shares of Axis Bank jumping 5.2 per cent - the most by any Sensex company. Shares of Yes Bank, ICICI Bank, Kotak Mahindra Bank and HDFC t...
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Stock brokers are approaching the Bombay High Court (HC) to seek a resolution on the impasse surrounding the levy of securities transaction tax (STT) on physically-settled derivative contracts.Brokers lobby Association of National Exchanges Members of India (Anmi) had recently moved the Securities Appellate Tribunal (SAT) to provide clarity on the issue.Currently, there is no provision in the Finance Act to tax derivative trades on physical delivery and Anmi believes that any attempt to collect the same by the National Stock Exchange of India (NSE) upfront shall become an illegal act. In a letter to the Securities and Exchange Board of India (Sebi) dated July 17, Anmi had said that the exchange should not commence physical delivery in the F&O segment unless it issues a legal indemnity to its members from any future claims made by the government of India for non-collection of STT on F&O delivery. It also noted that there is currently no law to deal with gains/losses resulting .....
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The Reserve Bank of India has added some gold to its reserves. According to the World Gold Council's trend report for the June quarter, the central bank bought 2.5 tonnes in March, following a fractional 0.3-tonne addition in December. These increases are the first since November 2009, when it bougght 200t from the International Monetary Fund, said the WGC.In April and May, there were additions by RBI of 600 kg and 900 kg. RBI's total gold holding is now 561.9t. Somasundaram P R, managing director for India at the WGC, said: "There is currently little to suggest a strategic move but it is noteworthy, given how long the level of gold reserves have been unchanged." Globally, central bank net purchases in the June quarter, the second one (Q2) of this calendar year, were seven per cent lower from the year before, at 89.4 tonnes. Net purchases over the first half (H1) of the calendar year were eight per cent more than last year, at 193.3 tonnes, said the WGC report. While ...
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Gold demand in India declined by 8 per cent during the second quarter of the current calendar year due to a slowdown in consumer off-take following a extra-month- "adhik mass", considered to be inauspicious period, coupled with a range bound price in local currency due to rupee depreciation.The apex global gold miners' body the World Gold Council (WGC) estimated overall gold demand in India at 187.2 tonnes for the April - June quarter 2018 compared to 202.6 tonnes in the corresponding quarter last year. While gold demand from jewellery sector slumped by 8 per cent to 147.9 tonnes for Q2, '18 from 161 tonnes in the comparable period last year, its investment demand fell by 5 per cent to 39.3 tonnes from 41.6 tonnes in the period under review.For the first half between January - June 2018 period, however, India's gold demand reported a decline of 6 per cent to 338.7 tonnes for the current year from 363.3 tonnes in the corresponding period last year."India's...