August 7, 2019

NATO is carefully monitoring the ‘security implications’ of China’s increased presence in the Arctic

VIDEO3:4803:48NATO's Stoltenberg: We must address the rise of China's military powerSquawk Box EuropeNATO Secretary General Jens Stoltenberg told CNBC Wednesday that the defense alliance is carefully monitoring China's increased presence in the Arctic, amid growing divisions in the polar region. His comments come at a time when countries are scrambling to claim territory or boost their presence in the high north, as thawing ice raises the possibility of exploiting much of the world's remaining undiscovered reserves of oil and gas and mineral deposits. "We need to assess the security consequences, for all of us, of the rising military power of China," Stoltenberg told CNBC's "Squawk Box Europe." NATO's secretary general said it appeared China was "coming closer" to Europe, citing the Asian giant's increased physical presence in the Arctic as well as Africa. "And, of course, we need to carefully analyze and understand the security implications of that..
August 7, 2019

The UK food industry wants a pause in antitrust law to tackle Brexit food shortages

Shoppers queue to pay for their shopping in the Tesco Extra superstore on April 20, 2009 in New Malden, Surrey, England.Oli Scarff | Getty Images News | Getty ImagesA leading voice in the UK food industry has called for a temporary pause of competition law to allow firms to work with each other in order to ensure supplies in the event of a "no-deal" Brexit. Food and Drinks Federation boss Tim Rycroft told the BBC Wednesday that leaving the European Union (EU) without a plan could cause months of disruption in the British food supply chain. Fycroft told the "Today" program that in the event of a no-deal, there would be "selective shortages" of food that could go on for "weeks or months." The chief operating officer added that he expected food suppliers to be told by the government to coordinate with each other to ensure continuous supply but warned that any such direction would be against rules set down by the Competition and Markets Authority (CMA). "We're happy to help, but the ..
August 6, 2019

J&K bond cut-off yields surge over political uncertainties

MUMBAI: Yields on Jammu and Kashmir bonds surged well past forecast at an auction on Tuesday, suggesting that investors are concerned about possible political uncertainties after New Delhi scrapped special powers that the state hitherto enjoyed. The cut-off mark for J&K bonds with 10-year maturity was 7.39% versus the 7.10% average expectation of market participants. No bidder can bid above the cut-off yield. The state raised Rs 400 crore, compared with Rs 500 crore last month. Bond yields and prices move in opposite directions. Higher yield indicates lower demand and increases the borrowing cost for the issuer. “The cut-off yield sprang a surprise as we expected lower yields,” said a senior executive at a large bond house. “Investors caste doubt over the formation of the new J&K as the revocation (of the special status) has triggered geopolitical tensions.” On July 16, J&K bonds yielded 6.90%, on par with the paper sold by Bihar. The difference between the two states swelled in T..
August 6, 2019

Analysts see 25 basis points rate cut by RBI

New Delhi: With inflation under control, experts are expecting another 25 basis points rate cut by the RBI for a fourth time in a row to boost economic activities. The Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, is deliberating on the macro-economic situation, and is scheduled to announce its third bi-monthly policy of the ongoing fiscal on Wednesday. The MPC meeting began on Monday. Speculations are rife about another rate cut with inflation well under RBI's comfort zone, slowing automobile sales, muted growth in infrastructure industries, concerns over spread of monsoon and slump in stock market. Finance Minister Nirmala Sitharaman held reviewed credit bursal by banks at a meeting on Monday and asked banks to pass on 75 basis points (bps) rate cut by RBI since February to borrowers. Talking to reporters after the meeting, SBI chairman Rajnish Kumar had said he was hopeful of another rate cut by MPC. "I hope so, everybody is expecting a rate cut..
August 6, 2019

Sebi mulls tighter norms to ensure full disclosure on loan defaults with rating agencies

New Delhi: Amid concerns over banks citing 'client confidentiality' to resist sharing of information on delayed loan repayments and possible defaults by their borrowers, capital market regulator Sebi is planning to tighten its norms to make it mandatory for companies to provide these details to credit rating agencies. Amid numerous cases of huge loan defaults by corporates, including in cases like Infrastructure Leasing and Financial Services Ltd (IL&FS), credit rating agencies have also come under the scanner for failing to flag potential credit risks of the securities and entities rated by them. However, the rating agencies have often sought to shift the blame to the companies and lenders by claiming that they find it difficult to get information about delay in meeting bank obligations and payment failures which are considered early indicators of a default. Officials said there have been occasions when some entities have sought to take the benefit of certain regulatory g..
August 6, 2019

NCLT approves Britannia’s Rs 720 cr bonus debenture issue

Kolkata: The National Company law Tribunal (NCLT) has approved issuance of bonus debentures by the Britannia Industries Ltd to its shareholders, which was announced in 2018 in the company's centenary year. The company had last year announced issuance of secured redeemable non-convertible debentures as bonus debentures of Rs 60 in the ratio of one such debenture for every equity share at an interest rate not exceeding 8 per cent to be paid annually for a period of three years. The Kolkata bench of the NCLT in its August 2 order had approved the scheme of arrangement for issuance of the debenture bonus to its shareholders. According to the company, it had proposed issuing 12,01,59,147 bonus debentures and the same would be listed on BSE and NSE. The company had total free reserves and securities premium of Rs 3,196 crore as on March 2018. Bonus debentures have some benefits like it does not entail an immediate large cash outgo. That means the money, until the maturity of the i..
August 6, 2019

GIC to invest up to Rs 4,400 crore in IRB Infra

New Delhi: Singapore's sovereign wealth fund GIC will invest up to Rs 4,400 crore in the road assets of IRB Infrastructure Developers, according to a company statement. As part of the transaction, IRB will transfer 9 of its BOT (build, operate and transfer) assets into a private infrastructure investment trust in which IRB will hold controlling stake of 51 per cent, IRB said Tuesday. The deal was approved by the board following which IRB has signed binding definitive agreements with GIC for a total investment of up to Rs 4,400 crore, including funding of future construction costs. "IRB Infrastructure Developers today announced investment by affiliates of GIC, Singapore's sovereign wealth fund, in its road platform...The portfolio spans across 1,200 km in Haryana, Uttar Pradesh, Rajasthan and Gujarat, Maharashtra and Karnataka," IRB said in a statement. Three of these projects have recently become operational and another six are under various stages of construction. Five ..
August 6, 2019

Wayne Rooney is leaving his $2.7 million a year salary in the US to play soccer in England’s second tier

Wayne Rooney will leave Major League Soccer (MLS) team D.C. United in January after 18-months in the U.S.
August 6, 2019

Walgreens to close 200 US stores

VIDEO1:0001:00Walgreens plans to close 200 US storesThe Bottom LineWalgreens plans to shutter 200 stores in the U.S. as the company pares back its locations in the U.K., the company said Tuesday. Parent company Walgreens Boots Alliance earlier this year announced plans to shutter 200 stores in the U.K. and review its U.S. footprint. The new store closures represent less than 3% of its 10,000 locations in the U.S., Walgreens said in a statement, adding that it anticipates "minimal disruption to customers and patients." It said it anticipates retaining "the majority" of employees in other nearby locations. Walgreens said it hopes to save $1.5 billion in annual expenses by fiscal 2022 in what it's calling the "transformational cost management program." Walgreens expects to record a $1.9 billion to $2.4 billion earnings hit related to real estate, severance and other costs, it said in a regulatory filing. "As previously announced, we are undertaking a transformational cost management..

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