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News Highlights of the Day: Chinese lenders may pursue RCom in insolvency court

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Dec 05, 07:56 PM (IST)

    More Chinese lenders plan to pursue Reliance Communications in insolvency court: sources

    Two major Chinese lenders plan to support a move by China Development Bank to put Indian wireless carrier Reliance Communications (RCom) into insolvency court as they seek to recover about $2 billion in debt, said three people with knowledge of the matter.

    Last month, CDB began insolvency proceedings against RCom, which has been trying for months to restructure its debt via a debt-for-equity swap. Now, Industrial and Commercial Bank of China (ICBC), the country's biggest-listed lender by assets, and Export-Import Bank of China, plan to back CDB, the sources said.

  • Dec 05, 09:57 PM (IST)

    That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

  • Dec 05, 09:34 PM (IST)

    Primary education should be given in mother tongue: M Vekaiah Naidu

    Vice President M Vekaiah Naidu on Tuesday said primary education should be given to children in their mother tongue to instil a sense of respect for it in young minds.

    We should never forget our motherland and our mother tongue, he said at the second convocation of Swami Rama Himalayan University here.

  • Dec 05, 09:25 PM (IST)

    Domestic airlines to trim losses by up to 90% this fiscal:ICRA

    The domestic airlines industry is expected to trim its aggregate net loss by up to 90 per cent to Rs 100 crore in FY18 from around Rs 1,000 crore a year-ago period aided by expected strong peak season demand in the remaining half of this fiscal, ratings agency Icra said in a note today.

    The projections, however, do not include the financials of full-service carrier Vistara and budget airline AirAsia India.

  • Dec 05, 08:48 PM (IST)
  • Dec 05, 08:46 PM (IST)

    Foreign Trade Policy: Govt gives Rs 8,500 crore additional benefit to exporters

    Foreign Trade Policy: Govt gives Rs 8,500 crore additional benefit to exporters

    At a time when the global economy is still recovering from a slowdown, the government on Tuesday announced fresh incentives worth Rs 8,450 crore to boost exports and support the MSME and labour-intensive industries.

  • Dec 05, 08:43 PM (IST)

    Agriculture minister launches soil health app

    Agriculture Minister Radha Mohan Singh launched a mobile app on soil health for benefit of field-level workers, on Tuesday. The government has distributed soil health cards to 10 crore farmers so far against the target of 12 crores.The mobile app on soil health was launched at Jajjar Krishi Vigyan Kendra in Haryana on the occasion of the World Soil day, an official statement said.

  • Dec 05, 08:26 PM (IST)

    Swiggy appoints Vishal Bhatia as CEO of ‘New Supply’ biz

    Food ordering and delivery platform Swiggy today said it has appointed Vishal Bhatia as its CEO for ‘New Supply’ vertical.

    The ‘New Supply’ business line will be focused on Swiggy’s strategy of giving consumers a greater assortment by addressing existing supply gaps in the marketplace, the company said in a statement.

  • Dec 05, 08:19 PM (IST)

    SC rejects pleas to hear Ayodhya title cases post 2019 polls

    The Supreme Court today rejected the vehement submission of Sunni Waqf Board and others that hearing of appeals in the sensitive Ram Janmabhoomi-Babri Masjid title dispute be conducted in July 2019 after the general elections and fixed February 8 to hear them.

    A special bench headed by Chief Justice Dipak Misra also “prima facie” declined the demand put by a battery of senior lawyers including Kapil Sibal and Rajeev Dhavan that the appeals be either referred to a five or seven-judge bench, keeping in mind the sensitive nature of the case and its ramifications on the country’s secular fabric and polity.

  • Dec 05, 08:08 PM (IST)

    Tillerson defends record at U.S. State Department

    US Secretary of State Rex Tillerson defended his handling of America’s foreign service on Tuesday during a visit to Brussels, seeking to reassure U.S. diplomats of American support under President Donald Trump.

    In his first substantive public comments since reports last week of a White House plan to oust him from his post, Tillerson said despite “a little criticism”, he was on top of his job.

  • Dec 05, 07:32 PM (IST)

    The fall of the Venezuelan bolivar and 6 other currencies worth just as little

    The fall of the Venezuelan bolivar and 6 other currencies worth just as little

    The fall of Venezuela's currency over the last four years has been one of the most sensational bear runs in recent times.

  • Dec 05, 07:09 PM (IST)
  • Dec 05, 06:52 PM (IST)

    Guj polls: 'Unhappy' caste groups, small bizmen may opt for NOTA
    With the NOTA option becoming available to voters in Gujarat assembly polls for the first time, political analysts feel that some caste groups and also sections of small and medium entrepreneurs, who seem to be unhappy with the BJP over the GST, may make use of that.

    The BJP, however, dismissed the suggestion that NOTA could prove to be a spoiler as the party is confident of the popular appeal of its policies as reflected by the outcome of the recent panchayat polls.

  • Dec 05, 06:10 PM (IST)

    Madras HC refuses to stay order banning sand mining
    The Madras High Court today declined to stay its single judge's order directing the Tamil Nadu government to stop all sand mining and quarrying activities in the state within six months.

    Justices Kalyanasundaram and Krishnavalli of the Madurai Bench gave time to the state government, which had appealed against the order, to file its arguments and posted the case for hearing on December 8.

  • Dec 05, 05:46 PM (IST)

    Modi talks about Cong as he has no future plans for Guj: Rahul
    Congress vice president Rahul Gandhi today lashed out at Prime Minister Narendra Modi, saying he mostly talked about the Congress in his speeches as he had no plans for poll-bound Gujarat's future.

    Gandhi also promised a "golden future" for the people of Gujarat, and said if the Congress forms government in the western state, it will not take decisions like the (GST) "Gabbar Singh Tax" and demonetisation.

  • Dec 05, 05:34 PM (IST)

    Modi's Twitter following grows by 52%, Virat Kohli's 61%
    Prime Minister Narendra Modi continues to be the most followed Indian on Twitter even as the growth in his follower base at 52 per cent was lower than that of Indian cricket captain Virat Kohli, according to the microblogging site.

    As per a Twitter report capturing trends in 2017, Modi saw his follower base increasing by 52 per cent to 37.5 million (as of December 4), from 24.6 million in 2016. However, Kohli saw his followers grow by 61 per cent during the same period although on a smaller base.

  • Dec 05, 05:30 PM (IST)

    Gujarat voters mature, BJP will win Gujarat polls: Jh'knd CM
    Jharkhand Chief Minister Raghubar Das today said Gujarat voters are mature and so the BJP is ruling there for 22 years and expressed hope that the party will also win the Assembly elections in the western state.

    The Congress, he said, would be swept away both in Gujarat and Himachal Pradesh.

  • Dec 05, 05:27 PM (IST)

    CCI approves Indus Towers' share transfer to Voda shareholders
    Fair trade regulator CCI has given its nod to the intra-group transfer of shares of Indus Towers to Vodafone India's shareholders from the telecom operator.

    According to the Competition Commission of India (CCI), the 12 equity shareholders of Vodafone India had jointly submitted a notice to the regulator for seeking approval.

  • Dec 05, 05:22 PM (IST)

    JSW Steel conducts series of raids against counterfeiters
    Steel major JSW Steel today said it has conducted a series of raids against counterfeiters in Maharashtra, NCR, Karnataka and Tamilnadu with support of local law enforcement officials.

    The officials confiscated and duly sealed more than 780 counterfeit steel sheets during these raids, a company statement said here.

  • Dec 05, 05:21 PM (IST)

    IOC evaluates Rs 20K-cr coke gasification project at Paradip
    Indian Oil Corp (IOC), the nation's biggest oil company, is evaluating setting up a Rs 20,000-crore coke gasification project at its Paradip refinery in Odisha to convert the lowest-cost fossil fuel into gas that can be used to generate power or make petrochemicals.

  • Dec 05, 04:56 PM (IST)

    The Directorate General of Foreign Trade has said that foreign trade policy will continue to have a dynamic character and that the import and export code has been simplified.

    The DGFT has also said that an assessment of the impact of GST on foreign trade can be made and remedial action could be taken.

  • Dec 05, 04:26 PM (IST)
  • Dec 05, 04:25 PM (IST)

    Kirloskar group is said to be in talks to sell generator unit stake

    The Kirloskar group is in talks to sell a controlling stake in Kirloskar Oil Engines, its diesel generator manufacturing business, sources told Mint. Kirloskar Oil Engines, one of the leading businesses of the Pune-based group, makes diesel generators ranging in power output from 5kVA to 3,000kVA. The Kirloskar group was founded in 1888 by Laxman Rao Kirloskar and currently clocks over $3.5 billion in revenue. “The company is currently engaged in talks with a few prospective buyers for the transaction,” sources said, adding, “a few large private equity funds and strategic buyers have shown initial interest and the talks are centered around valuation”.

  • Dec 05, 04:21 PM (IST)

    India 'dream' plan may cut freight times to 14 hours from 14 days

    A $7.1 billion rail corridor in Rajasthan that’s set to cut freight times between India’s capital New Delhi and the business hub of Mumbai to 14 hours from 14 days is finally showing signs of progress, reports Bloomberg. About 800 km away in Gujarat, a 920-sq km industrial area is taking shape near the village of Dholera, with hundreds of workers fusing concrete sections of a sewerage system on a recent visit. Summing up the massive project’s ambition, a sign for a yet-to-be-built housing development reads: "Dream City."

    Plagued by delays, red tape and disputes over land acquisition, for years it seemed the $100 billion Delhi-Mumbai Industrial Corridor would remain just that - a dream. First proposed more than a decade ago, the sprawling assortment of smart cities and industrial parks on both sides of the freight railway could cut logistics charges that amount to roughly 14% of total costs by bypassing the country’s infamously chaotic major cities.

  • Dec 05, 04:17 PM (IST)

    Tokyo Financial Exchange is seen taking first step toward bitcoin futures

    One of Japan’s leading financial exchanges is starting preparations to launch bitcoin derivatives, echoing US rivals that plan to list contracts tracking the cryptocurrency as soon as this month, reports Bloomberg. Tokyo Financial Exchange, which counts JPMorgan Chase & Co and Barclays Bank among its trading participants, plans to create a working group to study cryptocurrencies in January, Chief Executive Officer Shozo Ohta said. The listing would require changes to the nation’s securities law, he said. In Japan, the start of a working group is typically the first step toward drafting legislation.

  • Dec 05, 04:12 PM (IST)
  • Dec 05, 04:10 PM (IST)
  • Dec 05, 04:09 PM (IST)

    India is said to plan electronic tax scrutiny for top 500 firms

    India plans to overhaul its tax assessment and investigation process for the nation’s top 500 companies as part of Prime Minister Narendra Modi’s endeavour to improve ease of doing business and curb corruption in Asia’s third-largest economy, sources told Bloomberg. The measure, likely to be introduced in the federal budget in February, will eliminate the need for all human interactions in scrutiny of tax returns and replaced with an online system, sources said.

    In case more information is sought, the company’s response will not end with the same set of officials as it will be determined by an algorithm, eliminating discretion, they added. India is ranked 119 out 190 countries when it comes to ease of paying taxes, according to the World Bank’s latest doing business survey. Modi, who won the 2014 elections on a pledge to improve the nation’s investment climate, wants India among the top 50 in the World Bank’s rankings from the current 100th position and has been spearheading efforts to boost foreign direct investment. 

  • Dec 05, 04:03 PM (IST)

    India vs Sri Lanka 3rd Test: Sri Lanka need 410 to win after India declare

    India declared their second innings on 246 for five, setting Sri Lanka 410 to win the third and final test at the Feroz Shah Kotla Stadium on Tuesday. Shikhar Dhawan (67) and Virat Kohli (50) and Rohit Sharma (50 not out) hit half-centuries for the hosts who are 1-0 up in the three-test series.

    New Delhi: Sri Lanka's Dinesh Chandimal celebrates 150 runs against India during the fourth day of third test cricket match in New Delhi on Tuesday. PTI

      India vs Sri Lanka 3 rd  Test: Sri Lanka need 410 to win after India declare  

 India declared their second innings on 246 for five, setting Sri Lanka 410 to win the third and final test at the Feroz Shah Kotla Stadium on Tuesday. Shikhar Dhawan (67) and Virat Kohli (50) and Rohit Sharma (50 not out) hit half-centuries for the hosts who are 1-0 up in the three-test series. 

  New Delhi:  Sri Lanka's Dinesh Chandimal celebrates 150 runs against India during the fourth day of third test cricket match in New Delhi on Tuesday. PTI
  • Dec 05, 03:58 PM (IST)

    'Delinquencies in CV loans, home loans to stay stable in 2018'

    The delinquency rate in commercial vehicle loans and home loans are likely to remain stable in 2018 aided by healthy economic growth, says a report. The country's auto asset- backed securities (ABS) backed by commercial vehicle loans issued in 2018 will have positive credit characteristics that, along with healthy economic growth, will support the performance of these deals," Moody's said in a report today.

    "We expect delinquency rates for commercial vehicle loans backing outstanding auto ABS will remain stable at around 5.4% for loans on new vehicles and 6.8% for loans on used vehicles in 2018, supported by healthy economic growth," the agency said.

    Auto ABS backed by commercial vehicle loans account for around 45% of the total volume of outstanding ABS in the country, and the agency expects such deals will continue to account for a significant proportion of issuance in 2018. In the residential mortgage-backed securities (RMBS) sector, it expects delinquencies to remain around low levels of 1% in 2018, with stable interest rates and home prices supporting performance.

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