Venezuela has reportedly suspended its oil exports to India and views Russia and China as its main export destinations. The Indian market has been crucial for Venezuela's economy because it has been the second-largest cash-paying customer for the OPEC member’s crude shipments, behind the United States. Earlier this year, the US imposed heavy sanctions on Venezuela's oil industry and has pressed India to stop buying Venezuelan oil.
In its first ever attempt to tap e-commerce, Emami Ltd will offer its entire range of products online besides launching online exclusive products. Emami has roped in Rishi Agarwal to lead a new team for e-commerce, who was in senior roles in Snapdeal, Arvind, and IBM. Emami wasn’t to raise the share of sales from online and modern retail to 12-15% from the present 7-8%.
Kotak Investment Advisors Limited (KIAL) has launched a new fund in partnership with DivyaSree Developers to develop and acquire commercial office assets across India. The $400-million India Office Assets Fund I is anchored by a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and is one of the largest dedicated commercial office development platforms announced in India. While ADIA will invest $200 million, the balance will be put in by KIAL and DivyaSree Developers.
The country's largest lender SBI on Tuesday said it has signed a memorandum of understanding (MoU) with the Bank of China to boost business opportunities. Bank of China is the third-largest bank in the world by capital size and one of the major players in the Chinese banking sector. Through this agreement, both SBI and BoC will gain direct access to their respective markets of operation. Clients of both the banks will be able to use the vast combined network to expand their businesses abroad. SBI has a branch in Shanghai and BOC is opening its branch in Mumbai.
The British unemployment rate has struck a 44-year low, official data showed on Tuesday. The jobless rate -- or proportion of the workforce that is unemployed -- hit 3.9% in the three months ended January, the lowest level since 1975. The total number of unemployed people stood at 1.34 million in the year ending January.
India has proposed to host an informal gathering of ministers of the members of World Trade Organization (WTO) in May to discuss the interests of least developed countries and developing countries in global trade rules. India had hosted a similar meeting last year. WTO allows special provisions for developing countries called Special and Differential Treatment (S&DT), such as longer time periods to implement agreements and commitments, measures to increase trading opportunities, provisions to safeguard their trade interests and support help developing countries build the infrastructure for WTO work, handle disputes, and implement technical standards.
The RBI has moved the NCLAT against its order which barred financial institutions from classifying their debt exposure to group companies of IL&FS as non-performing assets (NPAs). The NCLAT had in February ordered that no financial institution will declare any account of IL&FS group entities as NPA without its prior permission. The total debt of the IL&FS group is around Rs 91,000 crore. The counsel for RBI argued that the circular on recognition of assets applies across the board and had been upheld by the Supreme Court.
India’s total consumption of oil products (auto and cooking fuel) increased 3.8% year-on-year to 17.4 million tonnes in February. India’s oil demand in January grew at the fastest pace in six months. Hectic campaigning during the election, set to kick off next month, will boost the use of transportation fuel as leaders and cadres of political parties will move around the country.
The initial public offering (IPO) by Embassy Office Parks REIT got subscribed by 47% on the second day of the bidding on Tuesday. The offer received bids for over 3.31 crore units against the total issue size of 7.12 crore units. The category reserved for institutional investors was subscribed 59%, while for other investors the subscription stood at 32%. The issue offers a price band of Rs 299-300 per unit and will close on March 20.
Lenders of Jet Airways are reportedly considering invoking Naresh Goyal’s entire 51% stake as the last resort. Goyal had earlier pledged his entire 51% stake with Punjab National Bank. PNB may invoke pledged shares and transfer them to other lenders in proportion to their debt exposure to Jet. Bankers may also discuss Etihad’s proposal to sell its 24% stake in Jet at Rs 150 per share. Meanwhile, the government has asked state-run banks to rescue Jet Airways without pushing it into bankruptcy to avoid job losses ahead of elections.
The Insolvency and Bankruptcy Board of India (IBBI) signed a memorandum of understanding (MoU) on Tuesday with SEBI for effective implementation of the Insolvency and Bankruptcy Code (IBC). The agreement provides for sharing information and resources. There will be periodic meetings to discuss matters of mutual interest, including regulatory requirements, enforcement cases, research, data analysis, information technology and data sharing. Joint efforts will be made towards enhancing the level of awareness among financial creditors about the importance and necessity of swift insolvency resolution process under the provisions of IBC.
Market regulator SEBI has barred brothers Malvinder and Shivinder Singh, former promoters of Fortis Healthcare, from selling any of their assets till the duo, along with their other associated companies return Rs 403 crore along with interest that was diverted from the hospital chain. The funds had reportedly moved from Fortis Hospital to three unrelated borrower entities and in turn to two promoter related entities, viz. RHC Holding and Religare Finvest Limited, whose ultimate beneficiaries were Shivinder Singh and Malvinder Singh. SEBI has also directed the former promoters to keep away from the affairs of Fortis Healthcare and Fortis Hospitals.
Banks are likely to infuse fresh funds into cash strapped Jet Airways provided major shareholders of the airline, including Gulf carrier Etihad Airways, pledge their shares as collateral security. While founder chairman Naresh Goyal and his family owns around 52% stake in Jet Airways, Etihad has 24% shareholding. Jet Airways has a debt burden of more than Rs 8,200 crore.
The RBI has moved the National Company Law Appellate Tribunal (NCLAT) seeking modification of the latter's order regarding classification of debt of IL&FS group companies as non-performing assets (NPAs). The tribunal had provided a moratorium on repayment of loans regarding the accounts of IL&FS and its over 300 group companies. During the proceedings, RBI's counsel said there was a overlap of power on the issue.
Norsk Hydro, one of the world's largest producers of aluminium, was hit by a cyber attack which affected parts of its production, sending its shares down and aluminium prices higher. The company has closed several metal extrusion plants, which transform aluminium ingots into components for car makers, builders and other industries, while its big smelter plants in countries including Norway, Qatar and Brazil were being operated manually. The attack affected the company's IT systems for most of its activities.