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Stocks In News

 

HDFC BANK Q4 REVIEW

PAT at Rs 4799 Cr vs Rs 3990 Cr, up 20.2%

NII at Rs 10,658 Cr vs Rs 9,055 Cr, up 17.7%

Net Interest Margin at 4.3%

Other Income at Rs 4229 Cr vs Rs 3446 Cr, Up 22.7%

Operating Profit at Rs 8835 Cr vs Rs 7279 Cr, up 21.3%

LUPIN

Gets USFDA Approval For Generic Xenazine

ICICI BANK

Rejects Claims Of Denying An External Audit

SEBI May Seek Forensic Probe Of ICICI Bank Books, Disclosures

Mulling A Forensic Examination Of Financial Statements & Disclosures

Bank's Chairman MK Sharma Conducted A Secret Inquiry 2 Yrs Ago

Found No Wrongdoing By CEO Chanda Kochhar Over Loans To Videocon

Reports

UNICHEM LAB

Manufacturing Facility At Ghaziabad Inspected By USFDA From April 16-20

Inspection Concluded With Zero Observations

TCS

Enters $ 100 Bn Club

  • SENSEX

    34,450.77 35.19   (0.10 %)
  • NIFTY

    10,584.70 20.65   (0.20 %)
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It’s challenging to build steel assets in India: Sanjeev Gupta

News In Brief

 

    SS&C set May 4 deadline to gatecrash 1.5 billion-pound Fidessa deal

    London: U.S. financial software company SS&C Technologies (SSNC.O) has been given until May 4 to gatecrash a 1.5 billion-pound takeover of Fidessa (FDSA.L) or walk away from the British firm, the UK’s Takeover Panel said on Monday. 

    Fidessa, a provider of trading systems to financial companies, said on April 5 that it had received bid approaches from both SS&C and Ion. It then agreed to a takeover by Ion on April 20, ditching a Feb. 21 deal to sell itself to Swiss banking software firm Temenos (TEMN.S) in the process. SS&C now has until 5pm (1600 GMT) on May 4 to make firm offer for Fidessa, the Panel said. Temenos has already ruled itself out of making a new offer for the London-listed business.

    (Reuters)

    Offshore rig operator Borr Drilling cuts jobs in Texas

    Houston: Offshore rig operator Borr Drilling (BDRILL.OL) cut 66 jobs in Texas at the end of March, according to a state regulatory notice, as the company prepared to close on its purchase of Paragon Offshore. 

    The filing with the Texas Workforce Commission did not provide a reason for the layoffs.  A Borr representative was not immediately available for comment. Borr, based in Oslo, Norway, offered to buy rival Paragon Offshore for $232.5 million in February and Paragon shareholders approved the deal on March 27. Borr’s chief executive officer left the company last month, citing the acquisition of Paragon.

    (Reuters)

    ECB could provide cash to failing banks if conditions met: Coeure

    Frankfurt: The European Central Bank could provide liquidity to failing banks while they are being resolved as long as they are not set for liquidation, have enough collateral and that doing so would not interfere with ECB policy, an ECB director said on Monday. 

    “It should be possible (but) it comes with important conditions that they have to be financially sound so if we know that the outcome of the resolution will be liquidation then of course we shouldn’t provide central bank liquidity,” Benoit Coeure told an event.

    (Reuters)

    BPER investor Unipol says would support potential cash call

    San lazzero di Savena, Bologna: Italian insurer Unipol, which owns nearly 10 percent of BPER Banca (EMII.MI), would support a new share issue at the Italian bank if it used the cash for a radical bad loan clean-up, Unipol CEO Carlo Cimbri said. 

    “We believe in the bank ... we could support such a plan,” Cimbri on Monday said in answer to a question over an hypothetical capital increase at BPER.

    (Reuters)

    Ally of resigning Armenian PM to become acting PM: RIA

    Moscow: Karen Karapetyan, Armenia’s first deputy prime minister, will become acting prime minister after incumbent Serzh Sarksyan said earlier on Monday he would resign, the RIA news agency cited the government press service as saying. 

    Karapetyan, an ally of Sarksyan’s, previously served as prime minister from September 2016 to April 2018.

    (Reuters)

    Trump: may tie Mexican immigration control to NAFTA

    Washington: President Donald Trump threatened to make Mexican immigration control a condition of a new NAFTA agreement on Monday, saying the southern U.S. neighbor must stop illegal immigrants from getting into the United States. 

    “Mexico, whose laws on immigration are very tough, must stop people from going through Mexico and into the U.S. We may make this a condition of the new NAFTA Agreement. Our Country cannot accept what is happening!” Trump wrote in a Twitter post.

    (Reuters)

    AS Roma, Qatar Airway multi-year shirt sponsorship worth 40 million euros: Source

    Milan: The multi-year shirt sponsorship agreement between Italy’s AS Roma (ASR.MI) soccer club and Qatar Airways is worth 40 million euros (35 million pounds) for three seasons, a source close to the matter said on Monday. 

    Earlier AS Roma, who face Liverpool in the Champions League semi-final first leg on Tuesday, said it had signed a deal with Qatar Airways, making the airline the team’s official shirt sponsor until 2021. AS Roma had said that it was the largest deal ever signed by the club and one of the biggest ever agreed by an Italian team.

    (Reuters)

    Wall Street opens higher on tech, industrial gains; US yields on radar

    New York: US stocks opened higher on Monday as gains in technology and industrial stocks led optimism about a strong earnings season and concerns on rising U.S. bond yields eased. 

    The Dow Jones Industrial Average .DJI rose 25.13 points, or 0.10 percent, at the open to 24,488.07. The S&P 500 .SPX opened higher by 5.26 points, or 0.20 percent, at 2,675.40. The Nasdaq Composite .IXIC gained 27.86 points, or 0.39 percent, to 7,173.99 at the opening bell.

    (Reuters)     

    Russian finance ministry may raise net domestic market borrowing in 2018: RIA

    Moscow: Russia’s finance ministry could increase net domestic market borrowing by 200 billion roubles (2.3 billion pounds) in 2018, the RIA news agency reported on Monday, citing Konstantin Vyshkovsky, head of the finance ministry’s debt department.

    The reason for a possible increase is a stronger rouble, Vyshkovsky said.

    (Reuters)

     

    Deutsche Telekom unit T-Systems to return to profit in 2020: CEO

    Hanover, Germany: Deutsche Telekom unit T-Systems should return to profitability in 2020 as the company undergoes a digital makeover, new Chief Executive Adel Al-Saleh said on Monday at the Hannover Trade Fair. 

    American Al-Saleh, who took over the loss-making IT services company in January, also said at a presentation that SAP had certified the Open Telekom Cloud for its suite of business software, offering an alternative to hyperscale services such as AWS, Microsoft Azure or Google.

    (Reuters)

    European leaders to urge Trump not to quit Iran deal: Germany

    Toronto: The leaders of Germany and France will urge U.S. President Donald Trump not to pull out of an Iran nuclear deal with major powers since doing so could cause major problems, German Foreign Minister Heiko Maas said on Monday.

    “We believe it is extremely important to uphold this agreement. Were it to fail or the U.S. to drop out, we would not have anything comparable to it and we fear that the situation would significantly deteriorate with everything that goes with it,” he told reporters.

    (Reuters)

    WDM witnesses trade worth Rs 744.40 cr on NSE

    Mumbai: Wholesale debt market segment of the National Stock Exchange today witnessed a total turnover of Rs 744.40 crore in 23 trades, an NSE release said.

    (PTI) 

    US grants more time to wind down business with Rusal

    Washington: Americans engaged with United Company Rusal PLC have until Oct. 23 to wind down their business with the aluminum giant amid U.S. sanctions, the U.S. Treasury Department said on Monday in a statement extending the time period. 

    U.S. Treasury Secretary Steven Mnuchin said the department was weighing RUSAL’s petition for delisting, adding: “Given the impact on our partners and allies, we are issuing a general license extending the maintenance and wind-down period while we consider RUSAL’s petition.” 

    (Reuters)

    May congratulates William and Kate on birth of baby boy

    London: British Prime Minister Theresa May on Monday congratulated Prince William and his wife Kate on the birth of a boy.

    Kensington Palace said the baby was born at 1001 GMT and weighs 8 lbs 7oz (3.8 kg). William was present for the birth at St Mary’s Hospital in west London where their other two children, George and Charlotte, were also born, it added. “My warmest congratulations to the Duke and Duchess of Cambridge on the birth of their baby boy,” May said. “I wish them great happiness for the future.”

    (Reuters)

    G7 foreign ministers say Russia has to help solve Syria crisis

    Toronto: Foreign ministers from the Group of Seven leading industrialized nations will on Monday formally call on Russia to contribute to solving the crisis in Syria, German Foreign Minister Heiko Maas said on Monday. 

    Asked what the final communique from the two-day meeting would say, Maas told reporters that “It establishes again that there will be no political solution in Syria without Russia ... and that Russia has to contribute its share to such a solution”.

    (Reuters)

    Bharti Infratel fourth-quarter profit misses on drop in tenancies

    Bengaluru: Indian telecom tower company Bharti Infratel Ltd on Monday posted a 1.6 percent rise in fourth-quarter profit, but missed analysts’ estimate, hurt by loss in tenancies as mobile carriers in the country either shut down or consolidated their operations. 

    The company’s profit came in at 6.06 billion rupees ($91.24 million) in the quarter ended March 31, compared with 5.97 billion rupees a year earlier, the company said. Analysts on average expected the company to post a profit of 6.87 billion rupees, Thomson Reuters data showed. The company lost 22,134 co-locations during the year, Bharti Infratel added.

    (Reuters)

    Prime Minister of Armenia says will resign after protests against him: Statement

    Yerevan: Serzh Sarksyan, the newly appointed prime minister of Armenia, said on Monday he would resign his post after protests against him. 

    The move follows days of large street protests against Sarksyan, whom protesters accuse of clinging to power.

    (Reuters)

    China's Didi Chuxing launches ride service in Mexico

    San Francisco: Chinese ride-hailing firm Didi Chuxing on Monday launched its service in Toluca, Mexico, the company said, setting up a likely costly battle with rival Uber Technologies Inc in a key market. 

    Didi said its service Didi Express would be available in the capital city of the State of Mexico, an urban hub nearly 40 miles from Mexico City, and that the company had added a number of safety features including an emergency response system for drivers and riders. Reuters was first to report Didi’s launch in Toluca earlier this month.

    (Reuters)

    Newell Brands ends proxy fight with Starboard

    Sharpie pen maker Newell Brands Inc (NWL.N) said on Monday it agreed to add three independent directors to its board, ending a months-long proxy fight with activist investor Starboard Value LP.  The company said it appointed two new independent directors, Gerardo Lopez and Robert Steele, effective immediately. 

    Newell said it also intends to nominate Bridget Ryan Berman from Starboard’s slate, who has been mutually-agreed upon by the fund and shareholder Carl Icahn for election to the board at its 2018 annual meeting.

    (Reuters) 

    Putin and Macron agree Iran nuclear deal should be continued: Kremlin

    Moscow: Russian President Vladimir Putin and French President Emmanuel Macron agreed during a phone call on Monday that the Iran nuclear deal should be continued, the Kremlin said in a statement.

    (Reuters)

    Netflix to raise $1.5 billion in debt

    Netflix Inc said on Monday it planned to raise $1.5 billion (1.07 billion pounds) in debt as the video streaming pioneer continues a rapid expansion in production of original shows.

    The company said it intends to use the net proceeds from the offering for general corporate purposes, which may include content acquisitions, production.

    (Reuters) 

    Unipol has no plans to shorten group's chain of control: CEO

    San Lazzaro Di Savena, Italy: Italy’s Unipol Group (UNPI.MI) has no plans to shorten the chain of command of the country’s second-biggest insurer, its Chief Executive said on Monday. “There’s no plan... because there’s no need to do it,” CEO Carlo Cimbri said at a shareholder meeting of the group’s main insurance unit UnipolSai (US.MI). 

    There has been press speculation Unipol might decide to merge its insurance unit. Unipol Group controls around 53 percent of UnipolSai.

    (Reuters)

    Police in Armenia release opposition protest leader Pashinyan: Live feed

    Yerevan: Police in Armenia on Monday released opposition leader Nikol Pashinyan a day after his detention, a live broadcast feed of the event on social media from Yerevan showed. 

    Police detained three opposition leaders, including Pashinyan, and nearly 200 protesters on Sunday, drawing a rebuke from the European Union after demonstrators demanded newly appointed Prime Minister Serzh Sarksyan quit.

    (Reuters)

    US dollar ends higher against rupee

    Mumbai: The US dollar ended higher against the rupee at Rs 66.48/49 per dollar but the pound sterling finished lower at Rs 92.72/74 per pound at the close of the Interbank Foreign Exchange (forex) market here today.

    Following are the Interbank forex and RBI rates : (In Rs per unit) Unit  Interbank  RBI Reference US Dollar  66.48/49  US Dollar Rs 66.2177 Pound Sterling  92.72/74  EURO  Rs 81.2690 Euro  81.30/32 Japanese yen(100)   61.43/45

    (PTI)

    Germany's Merkel calls for strengthened WTO

    Hanover, Germany: German Chancellor Angela Merkel called on Monday for a new trade pact between the European Union and Mexico to be implemented quickly, adding that the World Trade Organisation should be strengthened in parallel with bilateral agreements. 

    “We know that with all the bilateral agreements, we also need to strengthen the WTO as such,” she told reporters at the Hanover trade fair, adding that an abundance of bilateral deals reflected a lack of progress between WTO members since 1994. “We need a multilateral agreement again. Because you can see that something has faltered,” she said.

    (Reuters)

    Elliott stops proxy solicitation for T. Italia AGM given uncertainty caused by legal action

    Milan: Elliott said it had stopped soliciting proxies for Telecom Italia’s (TIM)April 24 shareholder meeting due to the uncertainty that arose after the phone group asked a judge to rule on additions to the AGM proposed by the activist investor.

    Elliott, now TIM’s second-largest investor with a 9% stake, is pushing for a shake-up of the way Vivendi has been running the Italian phone incumbent. It is seeking to replace six of Vivendi-nominated board members at a shareholder meeting on Tuesday to improve governance, valuation and strategy. TIM’s statutory auditors included Elliott’s proposal in the agenda for the April meeting - a decision TIM’s board is now challenging in court.

    (Reuters)

    Elliott proposes 'accelerate Hyundai' changes

    Bengaluru: Activist investor Elliott Management Corp on Monday proposed the addition of three independent members to the board of Hyundai Motor Group in a document laying out its agenda after taking a more than $1 billion stake in the carmaker. 

    Elliott also urged Hyundai’s board to reduce excess cash on the balance sheets at Mobis and Hyundai Motor Co to minimize drag on returns.

    (Reuters)

    Group of soldiers joins anti-government protests in Armenia

    Yerevan: A group of Armenian soldiers joined an illegal anti-government protest in the capital Yerevan on Monday, the Armenian Defense Ministry said, promising they would be harshly punished according to the law. 

    Images of hundreds of men wearing military uniforms marching with protesters had earlier appeared on a live stream of the demonstrations being broadcast on the Internet.

    (Reuters)

    Humana, PE firms to buy hospice operator Curo Health for $1.4 bn

    Humana Inc and a group of private equity firms will buy privately held hospice operator Curo Health Services for about $1.4 billion (1 billion pounds), the companies said on Monday.

    The deal, which will give Humana a 40 percent interest in Curo, is anticipated to close in summer. PE firms TPG Capital and Welsh, Carson, Anderson & Stowe are part of the consortium.

    (Reuters)

    Iran hints at possibility of discounts on oil to preserve market share: TV

    Ankara: Iran might offer discounts on oil sales as the OPEC member is keen to preserve its market share amid mounting concerns about whether U.S. President Donald Trump will refuse to extend U.S. sanctions relief on Iran next month, state TV reported.

    “Iran will take all the necessary measures to keep its oil market share because of the political atmosphere and the American president’s decision on the deal,” Oil Minister Bijan Zanganeh said when asked about rumours on offering discounts to India on oil sales.  “We have not given a special discount to India but it is possible to make changes in our prices.”

    (Reuters) 

    UK government moving forward as one on Brexit plans: PM May's spokesman

    London: The British government is moving forward as one on its plans to leave the European Union, Prime Minister Theresa May’s spokesman said on Monday.

     He added the government believed its options for future trade with the EU could address the issue of avoiding a hard border with Ireland and provide for smooth trade with the bloc.  Last week, Britain’s upper house of parliament inflicted an embarrassing defeat the government, challenging her refusal to remain in a customs union with the EU after Brexit. 

    (Reuters)

    Iran says 'either all or nothing' on nuclear deal: Zarif tweets

    Ankara: The European signatories of Iran’s nuclear deal with major powers should convince U.S. President Donald Trump not to exit the accord as there is no “plan B” for the agreement, Iranian Foreign Minister Mohammad Javad Zarif Tweeted on Monday. 

    “It is either all or nothing. European leaders should encourage Trump not just to stay in the nuclear deal, but more important to begin implementing his part of the bargain in good faith,” Zarif wrote on his Twitter account.

    (Reuters) 

    Hasbro blames Toys 'R' Us as sales sink

    Hasbro Inc (HAS.O) reported a 15.7 percent fall in quarterly revenue on Monday, blaming the liquidation of Toys ‘R’ Us and unsold inventory in Europe.

    Net loss attributable to Hasbro was $112.5 million, or 90 cents per share, in the first quarter ended April 1, compared with a profit of $68.6 million, or 54 cents per share, a year earlier.  The company’s revenue fell to $716.3 million from $849.7 million.

    (Reuters) 

    EU regulators to investigate 900 million euro state aid for Alitalia

    Brussels: EU antitrust regulators will investigate whether Italy’s decision to grant 900 million euros (788.2 million pounds) in aid to troubled airline Alitalia breached the bloc’s state aid rules.

    Alitalia, in which Etihad Airways holds a 49 percent stake, was placed under extraordinary administration in May 2017. Italian authorities gave a total of 900 million euros to the carrier to ensure its financing during this period while also opening a tender aimed at finding a buyer for its assets. The European Commission can order Italy to recover the money if it finds that the aid is illegal.

    (Reuters)

    Siemens CEO says rail business performed well in Q2

    Hanover, Germany: Siemens Mobility (SIEGn.DE), which is being merged with Alstom’s (ALSO.PA) rail business, is performing well, the German industrial conglomerate’s chief executive said.   

    “I am not revealing any secrets when I say that I was very happy when I saw the mobility figures for the second quarter,” Joe Kaeser told Reuters on the sidelines of the Hannover Messe trade fair on Monday. PA Siemens is due to publish second-quarter financial results on May 9.

    (Reuters)

    CenterPoint Energy to buy Vectren in $6 billion deal

    Bengaluru: U.S. gas and electric utility CenterPoint Energy (CNP.N) said on Monday it would buy rival Vectren Corp (VVC.N) in a deal valued at about $6 billion (4.3 billion pounds). 

    Under the terms of the deal, Vectren shareholders will receive $72.00 in cash for each share held.

    (Reuters)

    Mexico's Nieto hopes for reworked NAFTA deal soon

    Hanover, Germany: Mexican President Enrique Pena Nieto said on Monday he hoped for agreement soon on a reworked North American Free Trade Agreement (NAFTA), which includes Mexico, the United States and Canada. 

    Speaking at the Hanover trade fair in Germany, Nieto said he believed differences between the parties could be overcome to revamp the 24-year-old accord, which underpins some $1.2 trillion in annual trilateral trade.

    (Reuters)

    36 killed in N.Korea accident

    Beijing: At least 36 people, including 32 Chinese tourists, were killed in a bus accident in North Korea, China's Foreign Ministry said on Monday. 

    Besides the 32 Chinese, the victims also comprised four North Korean workers while two other Chinese citizens were seriously injured, Efe news reported. China's National Health Commission said on its website it had sent a team of four medical experts with equipment and medicine to North Korea.

    (IANS) 

    Opposition to move SC against impeachment rejection

    New Delhi: Opposition members will move the Supreme Court against the rejection by Rajya Sabha Chairman M. Venkaiah Naidu of the impeachment motion against the Chief Justice of India, Congress leader Kapil Sibal announced on Monday.

    (IANS) 

    Question of Azerbaijan joining OPEC not on the agenda: Minister

    Baku: The question of Azerbaijan joining the Organization of the Petroleum Exporting Countries (OPEC) is not on the agenda and is not being discussed by the government, Azeri Energy Minister Parviz Shakhbazov told Reuters on Monday. 

    Reuters reported earlier OPEC and Azerbaijan were discussing deepening cooperation, including possible Azeri membership of OPEC.

    (Reuters)

    Russia, China to obstruct US attempt to sabotage Iran nuclear deal: TASS

    Moscow: Russian Foreign Minister Sergei Lavrov said on Monday he had agreed with his Chinese counterpart that Moscow and Beijing would try to block any U.S. attempt to sabotage the Iran nuclear deal, Russian state news agency TASS reported. 

    “We are against revising these agreements, we consider it very counter productive to try to reduce to zero years of international work carried out via talks between the six major powers and Iran,” TASS quoted Lavrov as saying after talks with Wang Yi, China’s top diplomat, in Beijing. “We will obstruct attempts to sabotage these agreements which were enshrined in a U.N. Security Council resolution,” Lavrov was cited as saying.

    (Reuters)

    PM Modi to visit Madhya Pradesh on Tuesday

    Bhopal: Prime Minister Narendra Modi will visit Madhya Pradesh's Mandla district on Tuesday to address Panchayat bodies and indigenous communities.

    During his day-long visit, he will inaugurate a programme on National Panchayati Raj Day and address a rally on Adivasi Diwas.

    (IANS)

    Thuringia ready to help Opel, but won't be blackmailed: Premier

    Berlin: The German state of Thuringia is ready to offer assistance to carmaker Opel in order to keep open the region’s Eisenach plant, state premier Bodo Ramelow told Reuters on Monday. 

    The state could help with energy costs and property, he said, but added that it would only lend assistance if wage bargaining parties returned to the negotiating table. “We cannot accept that,” Ramelow said. Of the three states in which Opel produces in Germany, he added: “The three states won’t allow themselves to be divided.”

    (Reuters)

    RBI sets rupee reference rate at 66.2177 against US dollar

    Mumbai: The Reserve Bank of India today fixed the reference rate of the rupee at 66.2177 against the US dollar and 81.2690 for the euro.

    The corresponding rates were 66.0167 and 81.4580, as on friday, April 20. The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 92.8438 and 61.40 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.

    (PTI) 

    U.N. says calls for preservation of Iran nuclear deal

    Geneva: The top U.N. disarmament official urged parties to the Iran nuclear deal on Monday not to abandon it, just weeks before U.S. President Donald Trump’s May 12 deadline for his European allies to agree to toughen up the terms of the agreement. 

    “We hope that all of its participants remain fully committed to its implementation and long-term preservation,” U.N. High representative for Disarmament Affairs Izumi Nakamitsu told a U.N. nuclear non-proliferation conference, hours before Trump and French President Emmanuel Macron hold talks in Washington.

    (Reuters)

    EU willing to provide some financial market access for Britain: John Glen

    London: The European Union has indicated that it is willing to provide some form of access for Britain’s vast financial services industry after Brexit, the City minister John Glen said on Monday. 

    Glen said the transition deal agreed by Britain and the EU last month allows financial firms to move forward and plan for the future with confidence. “The fog is clearing ... We are already seeing progress,” Glen told the CityWeek conference in the Square Mile’s Guildhall. “The EU have now recognised that there will be some of market access in financial services having previously dismissed the idea.”

    (Reuters)

    Paris attacks suspect gets 20-year sentence in Brussels trial

    Brussels: A Belgian judge on Monday sentenced Salah Abdeslam, the prime surviving suspect in the 2015 Islamic State attacks on Paris, to 20 years in prison over a shootout with police in Brussels in 2016. 

    Abdeslam’s co-defendant Sofien Ayari also received a 20-year term for attempted terrorist murder. While his lawyer argued Abdeslam, 28, should be acquitted because of a procedural error, prosecutors had charged him with attempted murder over the Brussels shootout in March 2016, days before his arrest, and called for a jail term of 20 years.

    (Reuters)

    Elliott stops proxy solicitation for Telecom Italia AGM given uncertainty caused by legal action

    Milan: Elliott said it had stopped soliciting proxies for Telecom Italia’s (TIM) April 24 shareholder meeting due to the uncertainty that arose after the phone group asked a judge to rule on additions to the AGM proposed by the activist investor.

    Elliott, now TIM’s second-largest investor with a 9% stake, is pushing for a shake-up of the way Vivendi has been running the Italian phone incumbent. It is seeking to replace six of Vivendi-nominated board members at a shareholder meeting on Tuesday to improve governance, valuation and strategy. TIM’s statutory auditors included Elliott’s proposal in the agenda for the April meeting - a decision TIM’s board is now challenging in court.

    (Reuters)

    Adequate stocks drag wheat futures down by 0.41%

    New Delhi: Wheat prices weakened by 0.41 per cent to Rs 1,705 per quintal in futures trade today as speculators reduced their holdings, triggered by sufficient stocks position at the spot market.

    At the National Commodity and Derivatives Exchange, wheat to be delivered in May was trading lower by Rs 7, or 0.41 per cent, at Rs 1,705 per quintal with an open interest of 2,320 lots.

    (PTI)

    ECB should support banks during wind-down: SRB's Koenig

    Frankfurt: The European Central Bank has a role to play in providing liquidity to banks while they’re being wound down, the head of the European Union’s bank resolution authority said on Monday.

    “Our fund will never be sufficient to be the sole answer and this means an important role for central banks, in particular for the European Central Bank,” Elke Koenig, chair of the Single Resolution Board, told an event in Frankfurt.

     (Reuters) 

    Paris attacks suspect guilty of attempted murder in Belgium

    Brussels:  A Belgian court has found Paris attacks suspect Salah Abdeslam guilty of attempted terrorist murder of police during a shootout with police in Brussels in March 2016, Belgian news agency Belga said on Monday.

    Neither Abdeslam nor co-accused Sofien Ayari, who Belga said was also found guilty, were in court to hear the ruling on Monday. The judge was continuing to read the verdict. Abdeslam is in a French prison awaiting trial for his role in the Islamic State attack on Paris in November 2015. Prosecutors say he is lone survivor of the IS suicide squad.

    (Reuters)

    China says 32 Chinese nationals killed in North Korea bus accident

    Beijing: China’s Foreign Ministry said on Monday that 32 Chinese nationals died in a major bus accident in North Korea. 

    Ministry spokesman Lu Kang said four North Koreans also died in the accident, which occurred in North Hwanghae province.

     (Reuters) 

    Russian finance ministry may raise net domestic market borrowing in 2018: RIA

    Moscow: Russia’s finance ministry could increase net domestic market borrowing by 200 billion roubles (2.3 billion pounds) in 2018, the RIA news agency reported on Monday, citing Konstantin Vyshkovsky, head of the finance ministry’s debt department.

    The reason for a possible increase is a stronger rouble, Vyshkovsky said.

    (Reuters) 

    Toshiba still aiming to complete sale of memory chip unit soon

    Tokyo: Toshiba Corp (6502.T) said on Monday it is still aiming to complete the sale of its memory chip business soon, following media reports it had decided to cancel the $18.6 billion sale if it did not get approval from Chinese regulators by May.

    (Reuters) 

    Subsea 7 offers $2 billion for peer McDermott, says CB&I deal should be scrapped

    Oslo: Offshore oil services firm Subsea 7 (SUBC.OL) has offered to buy U.S. peer McDermott (MDR.N) for about $2 billion (1.4 billion pounds), it said on Monday, adding that its approach had so far been rejected. 

    McDermott, which last year agreed to buy onshore-based engineering company Chicago Bridge & Iron (CB&I), could receive an even higher bid if it agrees to enter talks, Subsea 7 added. “The proposal is subject to the termination of McDermott’s pending transaction with CB&I,” Oslo-listed Subsea 7 said in a statement.

    (Reuters) 

    No change in foodgrain prices

    Chennai: Prices of all commodities remained unchanged on the opening day in the wholesale foodgrain market here today.

    Following are the wholesale rates of various agri-commodities (rates in rupees per quintal, unless stated otherwise):Thoor Dal Rs 6,900, Urad Dal Rs 6,700, Moong Dal Rs 7,000, Gram Dal Rs 4,800, Sugar Rs 3,150, Wheat Rs 2,600, Maida (90 kg) Rs 2,400 and Sooji (90 kg) Rs 3,000. 

    (PTI)

    China first-quarter imports from North Korea fall 87 percent year-on-year in yuan terms

    Beijing: China’s imports from North Korea fell 87 percent in the first quarter from a year earlier to 448.8 million yuan ($71.31 million), customs data showed on Monday, while exports to North Korea were down 46.1 percent to 2.68 billion yuan.

    For March, China’s exports to North Korea were 907.54 million yuan while imports from North Korea were 78.5 million yuan.  China’s March total trade with North Korea was 986.07 million yuan, customs data showed.

     (Reuters) 

    Naidu rejects impeachment motion against Chief Justice Misra

    New Delhi: Vice President and Rajya Sabha Chairman M. Venkaiah Naidu on Monday rejected the Congress-led opposition's notice for impeachment of Chief Justice Dipak Misra.

    (IANS) 

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