July 19, 2019

Debt-laden Anheuser-Busch InBev’s stock jumps after it agrees to sell its Australian unit

An employee adjusts bottles of Bud Light brand beer at an Anheuser-Busch InBev NV facility in Williamsburg, Virginia, U.S., on Wednesday, Aug. 8, 2018.Andrew Harrer | Bloomberg | Getty ImagesShares of Anheuser-Busch InBev jumped Friday morning after the company confirmed the sale of its Australian business and said it was still interested in an initial public offering of its Asian business. The Budweiser brewer's stock rose 4% in premarket trading. The stock, which has a market value of $151.3 billion, is down 10% over the last year. AB InBev is selling Carlton & United Breweries, its Australian unit, to Japan's Asahi Group Holdings for about $11.3 billion in enterprise value. The deal is expected to close by the first quarter of 2020, and the proceeds will be used to pay down the Belgian-based company's debt. The brewer has spent years focused on acquisitions, from craft beer brands that are stealing share to its biggest rival SABMiller, a deal that roughly doubled the ..
July 19, 2019

Mayor Sadiq Khan calls for new powers to impose rent controls in London

Photographer | Collection | Getty ImagesMayor of London Sadiq Khan has called for new powers designed to impose rent controls in the U.K.'s capital city. In a report released Friday, Khan said there needed to be a "fundamental overhaul" of the private rented sector in London. The mayor wants caps to be placed on existing rent levels, a "universal register of landlords" and a private rent commission which will set out how rents can be gradually reduced. Tenancy contracts could also be open-ended under the mayor's plan. The mayoral office has claimed that the cost of renting a one-bedroom flat is now more than the average of a three-bedroom house in every other area of England, also claiming that the case for rent control has become "overwhelming." The report also said that 40% of Londoners were now renting privately, compared to just 18% in 1990. Khan, a member of the opposition Labour party, admitted that unlike other mayors around the world he had "no powers over the private..
July 19, 2019

Government defeated by 41 as MPs pass amendment obstructing prorogation

19 July 2019 Government defeated by 41 as MPs pass amendment obstructing prorogation MPs yesterday supported an amendment to the Northern Ireland (Executive Formation) Bill, aimed at making it more difficult for the next Prime Minister to prorogue Parliament to force through a No Deal Brexit. The Government was defeated by 315 to 274, a majority of 41, after 17 Conservative MPs rebelled. The amendment to the Northern Ireland Bill, tabled by former Conservative minister Alastair Burt and Labour MP Hilary Benn, requires Parliament to be recalled if it is prorogued in October and meet for the five following days. This is ostensibly to ensure Government compliance with requirements under previous amendments to publish reports to the Commons on the restoration of devolution in Northern Ireland, and to table a neutral motion on the matter. Speaking after the vote, Hillary Benn said, “This is a very significant amendment because it sends a very significant message to the Prime Minister if..
July 18, 2019

HDFC m-cap tops Rs 4 lakh crore mark as shares hit record high

New Delhi: The market valuation of Housing Development Finance Corporation (HDFC) has crossed the Rs 4-lakh crore mark after a rally in its share price. At the close of trade on Thursday, the market capitalisation (m-cap) of mortgage lender HDFC was at Rs 4,04,384.68 crore on the BSE. Shares of HDFC rose by 2.52 per cent to close at Rs 2,343.85 apiece on the BSE. During the day, it gained 3 per cent to Rs 2,357 -- its record high. The company was the top gainer among 30 firms on the Sensex. HDFC is currently the fourth most-valued firm by market valuation on the BSE. RIL, with an m-cap of Rs 7,99,864.73 crore, is the country's most-valued firm, followed by Tata Consultancy Services with Rs 7,75,092.58 crore valuation and HDFC Bank Rs 6,56,940.74 crore. So far this year, shares of HDFC have zoomed nearly 19 per cent. The m-cap figure of companies changes daily with the stock price movement.
July 18, 2019

Sebi tweaks disclosure norms for listed banks

New Delhi: Markets regulator Sebi has revised the disclosure requirements for listed banks regarding divergence in provisioning of assets. The changes made in the disclosure norms are "in line with the revised RBI requirements," the regulator said in a circular dated July 17. As per the circular, listed banks will have to disclose to the stock exchanges divergences in the asset classification and provisioning if "the additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and contingencies for the reference period." Earlier, this threshold was 15 per cent. Besides, the disclosure will be mandatory in case "the additional gross NPAs identified by RBI exceed 15 per cent of the published incremental gross NPAs for the reference period," Sebi said. The Reserve Bank of India (RBI) in a notification in April asked banks to disclose bad loan divergences in their financial statements if the additional provisioning exceeds 10 per cent o..
July 18, 2019

BSE, Haryana govt sign pact to facilitate MSMEs raise capital

New Delhi: Leading stock exchange BSE Thursday said it has inked a pact with Haryana government to encourage and support state's micro, small and medium enterprises (MSMEs) to raise capital. "The Government of Haryana and BSE intend to facilitate SMEs in raising funds through BSE's dedicated platform for SME's -- BSE SME -- where small companies can list and raise productive capital, gain visibility and credibility vis-a-vis large corporates," the bourse said in a release. By getting listed on the BSE's SME platform, the enterprises will get equity financing opportunities to grow their business from expansion to acquisition, it said. Besides, listing expands the investor base, which in turn helps in getting secondary equity financing, including private placement, among others, the release added. "With more than 1,00,000 operational MSMEs, it is also one of the major employment providing sectors in the state. One of the various challenges MSMEs face is limited ac..
July 18, 2019

ACC posts 39% rises in profit for June quarter

ACC has reported a rise in net profit for the April-June quarter on the back of strong operating performance and higher net sales in a period that was marked with low cement offtake as construction activity slowed due to elections, the company announced on Thursday, Consolidated net profit for the period increased by 38.6% at Rs 455.70 crore while operating profit increased increased by 25% at Rs 783 crore on account of better realisations and operational efficiencies. Net sales showed an improvement of 7.8% at Rs 4149.8 crore. The company's concrete business sales grew by almost twice the sales of its cement business at 14%. Total expenses increased by 4% as an increase in fuel cost was partly mitigated by lower cost of raw materials, improvement in operating efficiency and lower fixed cost, the company said in a release. ACC follows a January-December financial calender. "ACC made significant progress on its goals in the quarter with strong operating performance including go..
July 18, 2019

Nirmala Sitharaman seeks to allay fears on surcharge on super rich

Indicating no roll back of the income tax surcharge on the super-rich imposed in the budget, Finance Minister Nirmala Sitharaman on Thursday ruled out any adverse impact of it on investor confidence and said the fears of flight of capital are unfounded. "The super-rich should contribute more to society and nation-building. FPIs should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Budget 2019," she said replying to the debate on the Finance Bill in Lok Sabha. The Finance Bill has raised the surcharge on the super rich the top-end of the income brackets -- for incomes between Rs 2 crore and Rs 5 crore, the new surcharge 3 [er cent and for incomes above Rs 5 crore, it is 7 per cent. The move has spooked the capital markets and delayed plans of several corporates for buy-back of shares. in her 20-minute reply, Sitharaman said the Budget contains a proposal to amend the Reserve Bank of India (RBI) Act wh..
July 18, 2019

New ‘rhino bonds’ to allow investors to help with wildlife conservation

12 October 2018, Berlin: A young black rhino looking at the outside enclosure of the zoo for the first time since birth.Paul Zinken | picture alliance | Getty ImagesInvestors will soon be able to buy bonds that aim to increase the population of the endangered black rhino, and reward investors only when the numbers of these animals rise. The $50 million Rhino Impact Bonds (RIB) will be the world's first financial instrument working toward the conservation of a species at the risk of extinction. CNBC takes a look at the concept behind an RIB. Why rhinos? Black rhino numbers have fallen from 65,000 in the 1970s to about 5,500 presently. The species is said to be extremely vulnerable to extinction in the wild. According to the Zoological Society of London (ZSL), the most critical threat to rhino populations is poaching for the illegal trade in rhino horn products. Lack of available funding has created barriers to successful attempts of rhino conservation. "The reality is that biodive..

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