News highlights for the day: Centre to table triple talaq bill in Parliament tomorrow

21:58 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.

21:56 Railways target 80,000 bio-toilets in 2018, vacuum bio-toilets next in line

The railways would not only install 80,000 bio-toilets in trains in 2018, but would go one step further and install vacuum bio-toilets, like those in aeroplanes -- odour-free and choke-free, it said today.

A day after a Comptroller and Auditor General (CAG) report revealed that there were over two lakh complaints about choking, foul-smelling and non-functional bio-toilets in trains from the passengers in 2016-2017 alone, the national transporter said its target was to achieve a complete shift to bio-toilets in all the train coaches by December, 2018.

Ravindra Gupta, a member of the Railway Board, refused to comment on the CAG report, but said the ministry was planning to roll out the first 100 coaches with bio-vacuum toilets.

21:34 Maharashtra considering proposal to hold monsoon session in Nagpur

The Maharashtra government is considering a proposal requesting it to hold the monsoon session of the legislature in Nagpur, the second capital of the state, instead of Mumbai which is the norm.

As per a convention, the winter session of the state legislature is held in Nagpur, located over 800 kms away from the state Capital.

Maharashtra Parliamentary Affairs Minister Girish Bapat said the government has received a proposal requesting shifting the monsoon session to Nagpur and is "keen on implementing it".

21:27 Hindustan Aeronautics Limited (HAL) received 'Request for Proposal' from the Indian Air Force for the supply of 83 Light Combat Aircraft, tweets ANI.

21:14 DGCA issues show-cause notice to IndiGo in manhandling case

Aviation regulator DGCA has issued a show-cause notice to IndiGo seeking an explanation on the incident of airline staff manhandling a passenger at the airport here, sources said.

Besides, the airport entry passes of two IndiGo employees who were involved in the scuffle have been cancelled by the Bureau of Civil Aviation Security (BCAS).

The incident came to the notice of the Directorate General of Civil Aviation (DGCA) through social media last month even though it happened on October 15.

Sources said the DGCA has submitted the probe report to the civil aviation ministry.

20:38 Hyundai Motors to increase car prices by 2% next year

Hyundai Motor India Limited (HMIL) today said it will increase prices of its vehicles by up to 2 percent from January in order to offset the impact of rising input costs.

The company joins the likes of other automobile companies, including Nissan, Mahindra & Mahindra, Volkswagen, Maruti Suzuki India, Tata Motors, Ford, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu, which have already announced price hikes from early next year.

"We have been absorbing the increase in input and material costs but now are constrained to increase the prices up to 2 percent," HMIL Director Sales and Marketing Rakesh Srivastava said in a statement. The revised prices will be implemented from the beginning of next year, he added.

20:29 Pakistan issues visa to Kulbhushan Jadhav's wife, mother

Pakistan today issued visas to Kulbhushan Jadhav's wife and mother to visit him in Islamabad, the Foreign Office said

Jadhav, 47, was sentenced to death by a Pakistani military court on charges of espionage and terrorism in April, following which India moved the ICJ in May. The ICJ halted his execution on India's appeal pending the final verdict by it.

"Pakistan High Commission in New Delhi issued the visas to the mother and wife of Commander Jadhav to visit Islamabad to meet him, today," Foreign Office spokesman Mohammad Faisal tweeted.

Pakistan had agreed to facilitate a meeting of Jadhav with his mother and wife in Islamabad on December 25. It also agreed to India's demand that they be accompanied by an official of the Indian High Commission here.

20:20 DGCA issues show-cause notice to IndiGo in manhandling case

Aviation regulator DGCA has issued a show-cause notice to IndiGo seeking an explanation on the incident of airline staff manhandling a passenger at the airport here, sources said.

Besides, the airport entry passes of two IndiGo employees who were involved in the scuffle have been cancelled by the Bureau of Civil Aviation Security (BCAS).

The incident came to the notice of the Directorate General of Civil Aviation (DGCA) through social media last month even though it happened on October 15.

20:11 Cabinet approves setting up of the first ever National Rail and Transport University in Gujarat's Vadodara, to skill human resources and build the capability of Indian Railways, tweets ANI

19:20 World Bank approves USD 825 million loan for Pakistan infrastructure

The World Bank has granted Pakistan a USD 825 million loan to upgrade the energy and public finance sectors in a country which has long struggled with chronic power shortages and poor fiscal management.

Just over half the loan, USD 425 million, would be used to modernise the national grid, the World Bank said today.

The government has had some success in generating more electric power to ease a years-long energy crisis, but its distribution has been hampered by poor transmission.

19:14 Centre aims to finalise National Telecom Policy by March: Manoj Sinha

The government is looking to finalise the National Telecom Policy 2018 by March next year, Communications Minister Manoj Sinha informed Parliament today.

"The Department of Telecommunications envisages to formulate a new National Telecom Policy in view of rapid technological advancement in the sector. The work on the formulation of the National Telecom Policy 2018 has been initiated and is targeted to be finalised by March 2018," Sinha said in a written reply to the Lok Sabha.

He said that several working groups have been constituted on different themes for this purpose.

18:38 India vs Sri Lanka 1st T20I: Catch all the live updates here

18:21 RBI may be holding back Rs 2,000 notes, says SBI report

The Reserve Bank of India (RBI) may either be holding back Rs 2,000 notes or could have stopped printing high denomination currency, says a SBI Research report.

Juxtaposing the data presented in the Lok Sabha recently with the one provided by RBI in its Annual Report earlier, the SBI Ecoflash report said today, "we observe" that the value of small denomination currency in circulation up to March 2017 was Rs 3,501 billion.

18:09 Alternative assets industry in India worth $43 billion: Report

The alternative assets industry in India is worth USD 43 billion across private equity, venture capital, real estate, infrastructure, private debt and hedge funds, says a report.

With 221 private capital fund managers and 46 hedge fund managers based in the country, the alternative assets industry is a small but growing space in India, according to a Preqin report.

17:52 US takes India back to WTO in solar power dispute

India has failed to comply with a World Trade Organization ruling on solar power, the United States will tell the WTO's dispute settlement body (DSB) next month, triggering a fresh round of litigation, according to an agenda issued on Wednesday.

Renewable energy has become a hot area of trade friction as major economies compete to dominate a sector that is expected to thrive as reliance on coal and oil dwindles.

17:22  RBI Monetary Policy Meet Minutes

Inflation seen marginally up as rise in oil may sustain; Food inflation, led by vegetables, highly variable. See several risks to projected inflation trajectory: Urjit Patel

16:55  SEBI says bitcoins cannot be ignored

Observing that bitcoins cannot be ignored, regulator SEBI chairman Ajay Tyagi today said the virtual currency so far has not posed any systemic and a government panel is looking into it.

Currently, bitcoins and any such crypto currencies, are not an approved product by the Reserve Bank or any other regulator.

"On the issue of bitcoins, government is looking into it in consultation with the RBI and Sebi. The panel, also consisting of finance and information technology ministries, is looking into what to do about it," Tyagi said.

16:46 Uber says EU court ruling will not change things in most EU countries

16:39 EU says Brexit transition to end by December 31, 2020, reports BBC

15:44 350 infra projects show cost overrun of Rs 2.65 lakh cr
As many as 350 infrastructure projects, each worth Rs 150 crore or above, have shown cost overrun of Rs 2.65 lakh crore due to various reasons including delays, Parliament was informed today. "As on October 1, 2017, a total of 1,263 projects were on the monitor of this Ministry. Of these, 297 are showing time overruns, 350 are showing cost overruns and 103 are showing both time and cost overruns. These 350 projects are showing cost overrun of Rs 2.65 lakh crore," Statistics and Programme Implementation Minister Vijay Goel said in a written reply to the Lok Sabha.

15:41 Airtel Board okays 'scheme' for takeover of Tata's telco biz
The Board of Bharti Airtel, India's largest telecom firm, approved an arrangement for takeover of consumer mobile business of Tata Teleservices, in a deal involving issue of equity and preference shares. In October, the takeover of Tata Group's consumer mobile business by Airtel on a 'no-debt, no-cash basis' was announced by the two firms. "...the Board of Director in its meeting held on December 19, 2017 has approved...composite scheme of arrangement between Tata Teleservices, Bharti Airtel and Bharti Hexacom and their respective shareholders and creditors...," Airtel said in a regulatory filing.

The Board also approved another scheme of arrangement between the listed entity Tata Teleservices Maharashtra (TTML) and Airtel and their respective shareholders and creditors, the filing added. Outlining the details, Airtel said the deal would entail demerger of consumer wireless business of Tata Teleservices (TTSL) to Airtel except Rajasthan circle, which is being demerged to subsidiary company Bharti Hexacom.

15:38 NCP says Congress did not respond to its poll tie-up call in Gujarat
NCP leader Dhananjay Munde blamed the Congress for his party going solo in the just-concluded Gujarat polls, but did not rule out an alliance with it for the general elections in 2019, reports PTI. He said the NCP had demanded six seats in Gujarat, but the Congress did not agree to it.

"The NCP had demanded six seats in Gujarat. As per my information, (NCP chief) Sharad Pawar and (then Congress president) Sonia Gandhi had agreed on seat-sharing. But on the next day, the Congress announced its list of the seats, which we were going to contest," Munde said. "This is how the Congress treated us and the NCP decided to go ahead. Now they should not blame us," he said.

15:35 OYO says no IPO plan for now, eyes 1.80 lakh rooms by 2018-end
Online hotel aggregator OYO does not have immediate plans to come out with an IPO, its founder and CEO Ritesh Agarwal has hinted. "For the time-being, we are in an early stage of the company and early stage of the market, so for the time being we are not commenting on any specific public offering plans," he told PTI when asked if the company has IPO plans.

"We also recently raised $250 million in private capital. So, we have a healthy balance-sheet for the time being," said Agarwal. On whether going public is a possibility in the medium-term, he said, "From my perspective, I don't think so but again it's something that I cannot give a specific yes or no answer."

Founded in 2013, the Gurugram-based firm currently has 70,000 rooms on its platform. "Our target is to grow from 70,00O keys to 1,80,000 keys by December next year," Agarwal said.

15:23 RBI puts Bank of India under prompt corrective action
Bank of India said the Reserve Bank of India has initiated ‘prompt corrective action’ (PCA) against the lender over high bad loans. High net non-performing assets (NPAs), insufficient common equity Tier 1 capital and negative return on assets (RoA) for two consecutive years has prompted the action, the bank said in a statement. The RBI issues a PCA to spur lenders to deal with bad debts, as one of the measures intended to tackle the menace of bad debt that has plagued Indian banks. The bank had a net non-performing assets ratio of 6.47% as of end-September.

15:09 Lakshmi Mittal, Anil Agarwal in $26bn battle to remake Indian steel sector, says report
Surging steel prices and a new Insolvency & Bankruptcy Code have set the stage for an industry-defining battle between tycoons and producers for over $26 billion of the sector’s most-coveted assets, reports Bloomberg. Creditors are seeking the approval of the Insolvency and Bankruptcy Board of India to sell assets of as many as 40 firms, including steel producers. That’s spurred Lakshmi Mittal, head of the world’s largest maker of the alloy, and fellow billionaire Anil Agarwal to vie for control of Essar Steel India, sources said.

Debt-laden Bhushan Steel has drawn interest from Japan’s and India’s biggest producers, sources said. Insolvent producers including Monnet Ispat & Energy are attracting potential bidders as prices of the material soar and creditors embark on the first significant test of a bankruptcy law that’s intended to encourage asset sales. Several deep-pocketed suitors have made expressions of interest for the Indian mills and some have already submitted bids for a series of deals with deadlines around year-end, sources said.

14:55 China state think tank sees output slowing as investment cools
The world’s second-largest economy will dial back a notch next year as investment growth slows, according to a top state think tank. China’s gross domestic product will expand 6.7% in 2018, after growing 6.8% in 2017, the Chinese Academy of Social Sciences said. Growth of fixed-asset investment will decelerate to 6.3% next year, the academy said, versus 7.2% in the first 11 months of this year. 7.2% is also the median forecast for 2018 FAI growth from economists surveyed by Bloomberg.

"Property development investment will be restrained by the availability of capital, while tighter regulations to control local debt risks may damp growth of infrastructure investment," CASS said in its closely watched annual economic "Blue Book." The same series - with blue covers - accurately forecast the stock boom starting in 2014 and surging property prices in 2016.

14:45 Accused in Ryan case to be tried as adult: Juvenile board
A school student accused of killing a seven-year-old boy will be tried as an adult, the Juvenile Justice Board said today. The board passed the order on Wednesday morning responding to a plea that the teenager accused of the crime should not be treated as a juvenile. The board had earlier rejected the bail plea of the Class 11 student, accused of killing Pradhuman Thakur on the premises of the Ryan International School here on September 8.

14:43 SIAM proposes all new vehicle sales in India to be EVs by 2047
Automobile industry body SIAM has proposed all new vehicle sales in India to be pure electric by 2047 while the same for intra-city public transport fleet can be achieved by 2030, reports PTI. In a white paper submitted to the government, the Society of Indian Automobile Manufacturers (SIAM) said it is aiming at 40% of new vehicle sales in the country to be pure electric by 2030.

The paper has been brought out in line with the government's vision of 100% electric for public mobility and 40% electric for personal mobility by 2030, it said in a statement. Proposing 100% pure electric vehicles – battery electric and fuel cell -- by the 100th anniversary of India's Independence in 2047, SIAM outlined a road map that includes 60% of new vehicle sales in the country to employ greener technologies like hybrids and other alternative fuels by 2030.

14:23 Strides Shasun acquires controlling stake in South Africa's Trinity
Drug firm Strides Shasun said its subsidiary has entered into an agreement to acquire controlling stake in South Africa's Trinity. "Strides Pharma Asia, Singapore, a wholly-owned subsidiary of Strides Shasun has entered into definitive agreements with Trinity Pharma Proprietary, South Africa for acquisition of controlling stake in Trinity," Strides Shasun said in a BSE filing.

Strides Pharma Asia will acquire 55% stake in Trinity for a cash consideration of South African Rand 55 million (about Rs 27.5 crore). The company said the transaction allows Strides to establish presence in the high entry barrier market of South Africa, where product dossiers approval takes more than five years. This transaction will provide access to pipeline of more than 110 product dossiers already submitted.

14:18 EU rules that Uber is a transport service, not a digital company
Uber is a taxi company, according to a landmark ruling from Europe's highest court, reports CNBC. The European Court of Justice (ECJ) ruled on Wednesday that the US ride-hailing app is a transportation firm and not a digital company. The verdict is a long-awaited judgment expected to have major implications for how Uber is regulated throughout Europe.

Uber has long-considered itself an "information society service" which connects drivers and passengers through inter-mediation via their app. This subtle classification has helped to protect the multi-billion dollar start-up from national regulations and means it has been treated as a digital service operating across borders in the EU's single market.

14:08 Morepen Labs gets USFDA nod for asthma drug
Morepen Laboratories said the US health regulator has given approval to Montelukast Sodium, used in managing asthma symptoms and seasonal allergies, for sale in the US market. "The US Food and Drug Administration (USFDA) has cleared Montelukast Sodium, a bulk drug/API manufactured by Morepen Laboratories, for sale in the US market," the company said in a regulatory filing.

"This gives Morepen an entry into the Rs 2,000 crore US market for Montelukast. The first commercial orders for the bulk drug are expected in the second quarter of the next financial year," it added. Morepen said patent for Montelukast has expired in all markets worldwide. Morepen is the market leader for Montelukast in India with over 50% market share, supplying to almost all major finished dosage manufacturers in India, it added.

13:33 North Korea begins tests to load Anthrax onto ICBMs, says report
North Korea has begun tests to load anthrax onto intercontinental ballistic missiles (ICBMs), Japan’s Asahi newspaper reported, citing an unidentified person connected to South Korea’s intelligence services. The report said the testing involves ensuring the anthrax survives the immense temperatures generated during re-entry into the Earth’s atmosphere. North Korea has a stockpile of between 2,500 tons to 5,000 tonne of chemical weapons, and is capable of producing biological agents such as anthrax and smallpox, South Korea has previously said.

The Asahi report comes a day after the White House published its National Security Strategy, a document that said Pyongyang is "pursuing chemical and biological weapons which could also be delivered by missile." "North Korea - a country that starves its own people - has spent hundreds of millions of dollars on nuclear, chemical, and biological weapons that could threaten our homeland," the report said.

13:14 Bitcoin prices plunged about 15% in Asian trade today before recouping some of the losses as investors apparently took fright at news that a South Korean exchange had been hacked. The unit, which hit a record $19,500 at the start of the week, took a hit as it emerged that South Korean exchange Youbit had been hacked, leading the firm to say it will close and start bankruptcy proceedings, according to Bloomberg News.

12:06 The National Company Law Appellate Tribunal (NCLT) has adjourned Corporate Affairs Ministry's plea against Unitech.

12:04 HDFC Bank board approves raising up to Rs 24,000cr
HDFC Bank, India's second-biggest lender by assets, said it would raise up to Rs 240 billion ($3.75 billion) to fund growth by selling shares to investors, including a preferential issue to its parent HDFC. HDFC Bank, the most valuable in the sector with a market capitalisation of more than $76 billion, said in a statement its board had approved the fundraising plan on Wednesday. Shareholders will be asked to vote on the plan on January 19, the lender added. As part of the planned fundraising, HDFC Bank will issue up to Rs 85 billion worth of shares to mortgage lender HDFC on a preferential basis, while the remainder will be raised via modes including American Depositary Receipts and a share sale in India to institutional investors.

12:00 Retired Air Marshal JS Gujral granted bail in Agusta VVIP chopper case

Retired Air Marshal JS Gujral was today granted bail by a Delhi court in the VVIP chopper scam case filed against him, former IAF Chief SP Tyagi and others, reports PTI. Special CBI Judge Arvind Kumar granted the relief to Gujral on a personal bond of Rs 2 lakh and a surety of the same amount when he appeared before the court after a summons was issued to him. Tyagi, who was earlier granted bail in the case along with others, also appeared before the court following summons issued in September. The CBI had on September 1 charge-sheeted former IAF Chief SP Tyagi in a Delhi Court along with Gujral and eight others in connection with a bribery case in the Rs 3,500 crore-AgustaWestland VVIP chopper deal.

11:54 Day before RK Nagar bypoll, TTV Dinakaran faction releases video of Jayalalithaa in hospital
P Vetrivel, close aide of TTV Dinakaran and one of the disqualified MLAs supporting VK Sasikala faction, released a video of late Tamil Nadu Chief Minister and AIADMK supremo J Jayalalithaa, which was reportedly shot at the Apollo Hospitals in Chennai where she was hospitalised in September 2016 until her death in December last year, reports The Indian Express.

Vetrivel said the video was shot by Sasikala after Jayalalithaa was shifted from critical care unit to her room in Apollo Hospital. He refused to answer the motive behind releasing the video now. The release of the video, a day before the bypoll at late Jayalalithaa’s RK Nagar constituency, is being seen as an attempt to counter allegations and rumours that held VK Sasikala and her family responsible for the AIADMK supremo’s death. Sasikala’s nephew Dinakaran is one of the powerful candidates in the bypoll.

11:46 Regulatory changes critical to create 1cr formal jobs: TeamLease
Regulatory changes are critical to raising labour force participation in the formal sector and a few key reforms can raise the share of formal employment to nearly 40% while creating 1 crore jobs, says a report by TeamLease Services. The top 10 regulatory changes that can bring about a shift in labour participation include consolidation of 44 central labour laws into 4 labour codes and a unique Enterprise Number (UEN) - creating a unique identifier at the company/legal entity level is a crucial infrastructure for digital economy and ease-of-doing business, it said.

Other reforms include salary choice for employees. Under this, employees should have a choice of whether or not to contribute the 12% employee contribution to Provident Fund, and should have an option between ESIC or Private Insurance. It further noted that the Shram Suvidha Portal must adopt the PPC - Paperless-Presenceless-Cashless framework in the interactions between employers and government, and employees and government. Other reforms include the Factories Amendment Bill 2016; Small Factories Act; Amendments in Contract Labour and Regulation Act 1970; Amendments in Industrial Disputes Act 1947; Amendments in Trade Union Act 1926 and Adoption of the Model Shops and Establishment Act.

11:41 Bombay High Court in Goa dismisses former Tehelka editor Tarun Tejpal's plea to quash rape and other charges against him.

11:38 The condition of Union Minister Krishna Raj who was admitted to a hospital after she fell ill during the BJP parliamentary party meeting here is stable. Raj, 51, has been admitted to the Ram Manohar Lohia hospital where she was attended to by a team of doctors.

11:34 Prime Minister Narendra Modi has called for strengthening the Bharatiya Janata Party (BJP) at booth levels across India for victory in the 2019 Lok Sabha polls, Union Minister Ananth Kumar said. Modi was speaking at the BJP parliamentary party meet. Modi at the meet called for promotion of youth in and outside party, he added.

11:29 Both houses of Parliament has been adjourned till noon following Congress uproar over Prime Minister Narendra Modi's remarks against former Prime Minister Manmohan Singh during Gujarat Assembly poll campaign.

11:26 What's the cost of a banking complaint? Nearly Rs 4,000, says RBI
Bank consumer complaints at the Banking Ombudsman increased 27.4% to 1.3 lakh in FY17, with the highest coming from New Delhi and Mumbai, said the Reserve Bank of India’s annual report of the Banking Ombudsman Scheme (BOS). In the total 20 offices of Banking Ombudsman (OBO) of RBI in the country, “In FY17, the OBOs handled 136,511 complaints (5,524 from the previous year) of which 92% were disposed within the year. The complaints received by OBOs increased by 27% in FY17 as compared to a rise of 21% in the previous year.” The average cost of handling a complaint was Rs 3,780 during FY17 which was lower than the average cost of Rs 4,396 during FY16 on account of increase in complaints.

11:16 Amitabh Bachchan rode the bitcoin wave and is now a cryptocurrency crorepati
Amitabh Bachchan has been a showbiz trendsetter for decades, and now he seems to be extending that tag to investing as well. Last week, Ziddu.com – an asset owned by Singapore-based Meridian Tech, in which Amitabh and his son Abhishek had invested $250,000 back in 2015 – was acquired by LongFin Corp, according to a report by The Economic Times. The deal went through just two days after the LongFin stock got listed on NASDAQ. Between Wednesday and Monday, the stock rose 1,000% after surging over 2,500% on Friday, when the company announced its decision to acquire Ziddu.

When the Bachchans invested in Meridian, Ziddu was described as a "cloud storage and e-distribution startup". However, this month, the description changed to "a Blockchain technology empowered solutions provider" that offers microfinance using "crypto currencies across continents." So when LongFin announced the Ziddu acquisition, the Bachchans, who had received 250,000 shares of LongFin in lieu of their holding in Meridian Tech, saw their $250,000 investment skyrocket to $17.5 million in value.

11:00 Taxi or app? Uber faces big EU court decision
The EU's top court will decide today if ride-hailing app Uber is an ordinary taxi company and should be regulated as such, in a decision that will be closely watched around the world, reports AFP. The case is yet another thorn in the side for scandal-rocked Uber, which has drawn the fury of local taxi drivers and officials for flouting local regulations. It also comes the same week as one of its drivers admitted to the attempted rape and murder of a British embassy worker coming home from a night out in Beirut, Lebanon.

Uber, the biggest name in the exploding gig economy, claims it is a mere service provider, connecting consumers with drivers in more than 600 cities. But it has run into huge opposition from taxi companies and other competitors who say this allows it to dodge costly regulations such as training and licensing requirements for drivers and vehicles. The case was brought by a taxi drivers' association in the Spanish city of Barcelona, where belief runs high that Uber is a taxi company that should be subject to rules governing such vehicles.

10:52 Asia firms' sentiment rises to highest in almost seven years, reveals poll
Business confidence among Asian companies rose in October-December to the highest in almost seven years due to robust consumption and global trade, a Thomson Reuters/INSEAD survey showed. The Thomson Reuters/INSEAD Asian Business Sentiment Index, representing the six-month outlook of 94 firms, rose to 78 for the December quarter from 69 three months before. The index reached its highest since January-March 2011. Improvement in sentiment in Australia, China and South Korea drove gains in the overall index. Sentiment in Indonesia and Thailand was also strong, showing that many countries in Asia continue to benefit from accelerating global growth.

10:39 US says Facebook, Microsoft disabled North Korean cyber threats
Facebook and Microsoft Corporation disabled a number of North Korean cyber threats last week, a White House official told Reuters, as the United States publicly blamed Pyongyang for a May cyber-attack that crippled hospitals, banks and other companies. “Facebook took down accounts that stopped the operational execution of ongoing cyber-attacks and Microsoft acted to patch existing attacks, not just the WannaCry attack initially,” White House homeland security adviser Tom Bossert said. Bossert did not provide details on the actions by the two American tech heavyweights but said the US government was calling on other companies to co-operate in cyber security defence.

10:25 Govt banks, NPCI to change process of mapping Aadhaar-linked accounts for subsidies
After suspending the licence of Airtel Payments Bank for violating account opening norms, the government issued a notification directing banks and the National Payment Corporation of India (NPCI) to change the process of mapping Aadhaar-linked bank accounts for government subsidies.

In a notification, the Unique Identification Authority of India (UIDAI) said, "NPCI shall allow override request pertaining to an Aadhaar holder only if it is accompanied by the name of his current bank on the APB (Aadhaar Payment Bridge) mapper and confirmation from the requesting bank that it has obtained the requisite consent of the Aadhaar holder for switching to the requesting bank on the mapper."

It added that the NPCI shall disable the override feature on the APB mapper immediately till the new process is implemented. "Banks shall send request for mapping of a new account or overriding an existing bank account to NPCI only after taking explicit informed consent of their customers," the notification said.

10:10 Govt may provide relief for disqualified directors of shell cos, says report
The Ministry of Corporate Affairs (MCA) will soon notify a scheme to provide relief to over 300,000 directors disqualified for associating with companies that failed to file their financial results, sources told Mint. Non-compliant companies can apply for a pardon (or condonation of delay) for three months starting January; for this period, the disqualification of their directors will be lifted temporarily to allow them to file these documents. The window for filing all pending documents will be open till 30 June.

09:52 Modi govt goes into reforms overdrive, clears Companies Amendment & IIM bills
A day after the Bharatiya Janata Party (BJP)secured an electoral victory in two more states, the Narendra Modi-led government got down to business. It received Parliament’s backing for two key reform bills: 1) The Companies (Amendment) Bill, 2017, aimed at improving corporate governance; and 2) The Indian Institute of Management Bill, 2017, which grants autonomy to elite B-schools, ridding them of government interference. Both bills received the Rajya Sabha’s approval, having been passed earlier by the Lok Sabha, and now need the President’s signature to become law.

09:34 US gives China draft proposal for tougher North Korea sanctions, says report
The United States has given China a draft resolution for tougher UN sanctions on North Korea and is hoping for a quick vote on it by the UN Security Council, a Western diplomat told Reuters. A senior official of the Trump administration confirmed efforts were under way to negotiate a new UN resolution, but added that there had been no agreement. “We’re trying to get another one,” said the official. “They’re not there yet.”

Details of the draft given to China last week were not immediately available, but the United States is keen to step up global sanctions to pressure North Korea to give up a weapons programme aimed developing nuclear-tipped missiles capable of hitting the United States. Among the steps it wants is a tightening of restrictions on North Korea’s supply of refined petroleum, which is capped by previous UN sanctions at 2 million barrels a year. China, which supplies most of North Korea’s oil, has backed successive rounds of UN sanctions but has resisted past US calls to cut off supplies to its neighbour.

09:24 HDFC to raise up to Rs 13,000cr via QIP, to invest Rs 8,500cr in HDFC Bank
Housing Development Finance Corporation (HDFC) is planning to raise up to Rs 13,000 crore via a qualified institutional placement (QIP) as it seeks to maintain its shareholding in its subsidiary HDFC Bank and bolster its capital base to meet the growing demand for home loans. The fundraising will be either through fresh equity issue or convertible debentures or both, HDFC said in a stock exchange notice. The last time it raised funds through an equity issue was in 2007. India’s largest and oldest mortgage lender will infuse Rs 8,500 crore in HDFC Bank, which is launching a preferential sales of shares. Participating in this share sale will allow HDFC to maintain its 21% shareholding in the banking unit.

08:55 Tata Steel board approves rights issue to raise Rs 12,800cr
Tata Steel said its board had approved a Rs 23,500 crore capital expenditure plan to expand the capacity of its Kalinganagar facility by 5mtpa to 8mtpa. The board also approved a rights issue of Rs 12,800 crore, parts of which would fund this expansion. The company said that the Kalinganagar plant’s expansion will be completed in four years and is expected to meet demand in automotive, general engineering and other valued-added segments. It said that the project will be funded through a mix of both debt and equity. Tata Steel had a debt of Rs 90,259 crore at the end of September. Its debt-to-equity ratio stood at 2.8.

08:50 Edelweiss Financial Services arm acquires Religare Securities
Mumbai-based Edelweiss Financial Services arm has acquired the retail broking arm of Religare Enterprises. The deal will involve acquisition of Religare Securities' 13 lakh clients and 2,300 employees across its equity, commodities, distribution and depository businesses. After the acquisition, Edelweiss's client base in the retail broking business will expand to 18 lakh. Edelweiss Wealth Management will also take on Religare Enterprises’ pan-India distribution of around 1,250 points of presence including over 90 branches.

Did you know? Foreign debt raised by India Inc surges 10-fold to $41 billion in 2017. This is the highest ever infusion of foreign funds in the domestic debt markets in the last 15 years. Foreign investments in government securities and corporate paper surged to $23 billion. This was followed by dollar denominated bonds that attracted around $16 billion of foreign investments, whereas funds of $2 billion were mopped up by masala bonds. Masala Bonds are rupee-denominated borrowings by Indian entities in the overseas markets.

Market trivia: India's share in the MSCI Emerging Markets Index till date is less than 10%. But the fact that it grew from 0.9% in 2007 to 8.7% in 2017, shows the extent to which foreign money has influenced Indian markets.

08:07 Certain North Korea is amassing bitcoin, likely to fund cyberattacks, cybersecurity CEO
North Korea is amassing an ever-growing pile of bitcoin, likely to fund future cyberattacks, a cybersecurity CEO said. As cyberattacks take aim at larger targets and higher ransoms, and with the price of bitcoin spiking, CrowdStrike CEO George Kurtz said there's "absolutely" reason to believe North Korea has an appreciating pile of bitcoin to fund future attacks. "They're building a cache of bitcoin, if you think about it. It's an anonymous currency, it can easily bypass any sort of sanctions because there are none on bitcoin, and the value has increased dramatically," Kurtz told CNBC." "It's the perfect currency for North Korea to be hoarding."

07:55 US current a/c trade deficit drops 19.2% in Q3
The deficit in the broadest measure of US trade fell in the July-September quarter to $100.6 billion, the smallest imbalance in three years, reports AP. The current account trade imbalance declined by 19.2% from a second quarter deficit of $124.4 billion, the Commerce Department reported Tuesday. The improvement reflected a smaller deficit in goods trade, a bigger surplus in services such as financial services and a bigger surplus in income from overseas investments.

07:42 Asian shares slip as investors await US tax reforms
Asian shares fell on Wednesday, taking their cues from Wall Street with investor enthusiasm toward US tax changes ebbing as the long-awaited reform bill wound its way through Congress, while higher US Treasury yields underpinned the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2% in early trading, while Japan's Nikkei stock index also edged down 0.2%. The SGX Nifty is trading mildly higher at 10,451. Bitcoin was down 9% on the Bitstamp exchange at $16,102.06.

07:39 Wall Street eases as investors look past tax revamp
US stocks fell on Tuesday as excitement over the likelihood of a tax code revamp was offset by concern over its effect on years of monetary policy stimulus and the future of interest rates. The S&P 500 has climbed about 5% since mid-November when the House passed its tax overhaul bill. The Dow Jones Industrial Average fell 37.45 points, or 0.15%, to 24,754.75, the S&P 500 lost 8.69 points, or 0.32%, to 2,681.47 and the Nasdaq Composite dropped 30.91 points, or 0.44%, to 6,963.85.

07:30 Bitcoin drops more than 12% as Coinbase starts supporting rival bitcoin cashCoinbase, the leading platform for buying and selling bitcoin in the United States, said Tuesday that customers can now buy and sell bitcoin cash, reports CNBC. "Sends and receives are available immediately. Buys and sells will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will take a few hours," Coinbase said in a blog post on Tuesday.

Bitcoin cash split off from the original bitcoin on August 1 after a group of developers decided to try to improve bitcoin transaction speeds and costs. Roger Ver, an outspoken and early bitcoin investor, is a major supporter of bitcoin cash. The majority of developers who supported the original bitcoin failed to reach an agreement this fall on their own upgrade proposal, SegWit2x.

The offshoot currency soared more than 60% on Tuesday evening ET to all-time highs near $3,540, according to CoinMarketCap. The original bitcoin fell more than 12% to near $16,484, according to Coinbase.

07:09 House of Representatives OKs US tax overhaul, but procedural snag forces new vote
Congressional Republicans hit a last-minute snag on Tuesday in their drive to pass the biggest US tax overhaul in 30 years, requiring them to hold another vote on Wednesday and delaying what was still likely to be their first major legislative win under President Donald Trump, reports Reuters. The Republican-controlled House of Representatives passed the tax package on Tuesday afternoon and sent it to the Republican-led Senate. But a staff official there ruled that three provisions of the House bill did not comply with the Senate’s complex rules, said Independent Senator Bernie Sanders.

As of early Tuesday evening, the plan was for the Senate to delete the three offending provisions and vote on the bill. If approved, as widely expected, the altered bill would be sent back to the House for another vote on Wednesday. Final approval there would send the bill to Trump to sign into law. Democrats seized on the embarrassing stumble as evidence of the Republicans’ rushed, secretive development of the bill.