July 17, 2019

Ursula von der Leyen approved as new EU Commission President with 383 votes

17 July 2019 Ursula von der Leyen approved as new EU Commission President with 383 votes MEPs yesterday approved the nomination of Ursula von der Leyen as European Commission President, with 383 voting in favour, 327 against, and 22 abstaining. She needed to secure a majority of 374 in order to be approved. She will take over the role on 1 November. Prior to the vote, von der Leyen made a speech to MEPs in which she outlined her commitments for her presidency. They included a European Unemployment Benefit Scheme, an EU-wide rule of law mechanism, a new pact on migration and asylum as well as improving the Spitzenkandidaten system for the next European elections. On Brexit, she said, “The Withdrawal Agreement concluded with the Government of the United Kingdom provides certainty where Brexit created uncertainty,” adding, “I stand ready for a further extension of the withdrawal date, should more time be required for a good reason. In any case, the United Kingdom will remain our al..
July 16, 2019

Sebi provides new format for compliance report on corporate governance

Markets regulator Sebi Tuesday came out with a new format for compliance report on corporate governance to be submitted by listed companies to stock exchanges. In a circular, the regulator prescribed new format for disclosures to be made on quarterly basis, annual basis for the whole of financial year and within six months from end of financial year that can be submitted along with second quarter report. "In view of the revised timelines under the amended regulations, the circular shall come into force with effect from the quarter ended September 30, 2019," Sebi said. The regulator, in September 2015, had asked listed companies to submit compliance report on corporate governance in a prescribed format with disclosures pertaining to composition of board of directors as well as the committees and their respective meetings, among others. However, requisite amendments were made in Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 to implement the recommendations o..
July 16, 2019

IL&FS Engineering’s joint statutory auditor resigns

Mumbai: IL&FS Engineering and Construction on Tuesday said one of its joint statutory auditors BSR Associates resigned on Sunday with immediate effect. The debt-laden company said the auditor cited reasons such as non-payment of fees for the year ended March 31, 2018 and non-receipt of certain pending information and responses to the audit matters as requested for the audit for the year ended March, 2019, limited reviews for the quarter ended 30,2018 and December, 2018 and responses to queries raised by it. Ahead of the announcement, the company’s shares closed 0.4 per cent lower at Rs 5.13 a share on BSE.
July 16, 2019

Premji envisions Wipro’s 4 big future bets in his last letter to shareholders

Azim Premji, Founder and Chairman, Wipro, says the IT major would increase focus on four big bets -- Digital, Cloud, Engineering Services and Cyber Security -- and subject to the board's approval Wipro would step up investments significantly in these bets. In his final letter to Wipro shareholders, Premji recalled the seven-decades journey of Wipro, which transformed from a vegetable oil company into a leading information technology player. He also talked about development plans for employees and his own philanthropic activities. Below are the key highlights from his letter: Philanthropy: Premji said he has renounced more personal assets to support his philanthropic efforts. He said the total value of his philanthropic endowment corpus contributed over time is around $21 billion, which includes 67 per cent of economic ownership of Wipro. Succession planning: Premji said Rishad Premji, Chief Strategy Officer and member of the board, will take over as the Executive Chairman of W..
July 16, 2019

Wait for results, don’t stick your neck out in midcaps just now: Vivek Mavani

Within the FMCG sector, there will be slowdown but there will be certain pockets which may stand out and one needs to look out for those, says Vivek Mavani, Independent Investment Advisor. Excerpts from an interview with ETNOW. First a view on the markets especially on the midcap side. You have seen a pickup as far as Nifty goes in the last three-four days. Do you think in broader markets, the investors will wait for results and management commentary before anticipating anything? Yes, of course. As far as broad markets are concerned, the result season is already on and companies which are going to deliver numbers will probably be on the investors’ radar maybe in the next couple of weeks. Otherwise, there is no point venturing out and sticking our neck out as far as midcaps are concerned. What kind of commentary do you expect from the FMCG companies?Are we bracing ourselves for a slowdown in FMCG companies? One can generalise about a slowdown in FMCG companies, but it may not apply to..
July 16, 2019

F&O: Nifty tops crucial hurdle at 11,650; trading range shifts higher

By Chandan Taparia The Nifty50 index managed to hold above 11,600 on Tuesday and gradually extended its gains towards the 11,670 level in the later part of the session. It formed a Bullish Candle on daily scale, as buying interest emerged at lower levels, and managed to close above the crucial hurdle at 11,650. As long as it holds above 11,600, Nifty could extend the gains towards 11,720 and then 11,750 levels, while on the downside supports were seen at 11,550 and then 11,500 levels. On the options front, maximum Put open interest was at 11,300 followed by 11,500 levels while maximum Call OI was at 12,000 followed by 11,800 levels. There was Put writing at 11,600 and 11,500 while minor Call unwinding was seen at immediate strike prices. Options data suggested a trading range between 11,500 and 11,800 levels. India VIX fell 3.24 per cent to 11.63 level. Bank Nifty formed an Inside Bar on the daily scale, as it traded in the range of the previous session and managed to hold above 3..
July 16, 2019

Will Ursula von der Leyen’s nomination be approved by the European Parliament?

Will Ursula von der Leyen’s nomination be approved by the European Parliament?Open Europe's Pieter Cleppe assesses what happens during the European Parliament's vote on Ursula von der Leyen's nomination as Commission President on Al Jazeera English on 16 July. The post Will Ursula von der Leyen’s nomination be approved by the European Parliament? appeared first on Open Europe.
July 16, 2019

Ursula von der Leyen wins tight vote to become the next EU Commission president

Ursula von der Leyen.Popow/ullstein bild via Getty ImagesUrsula von der Leyen will be the next president of the European Commission, the EU's executive arm, after lawmakers approved her nomination on Tuesday. 383 European lawmakers voted in favor of the appointment, surpassing the 374 votes needed to confirm her. The incoming president told the parliament that trust placed in her by lawmakers reflected a "confidence placed in Europe" Von der leyen added that her endeavour was a "united and strong Europe." Moments earlier, the incoming president took to Twitter to say thank you in several languages. In a snap note, Chief Economist at Berenberg Bank, Holger Schmieding said the EU had "averted a major institutional crisis" by securing the appointment, although noted her vote number fell far short of existing president Jean-Claude Juncker who secured 422 votes, 5 years ago. Schmieding added that the appointment of von der leyen removed any doubt that Christine Lagarde will be the next..
July 16, 2019

Here are the biggest analyst calls of the day: Fiat Chrysler, Slack, Micron & more

Here are the biggest calls on Wall Street on Tuesday: Goldman said FCA has a limited opportunity for North American earnings growth and that other segments of the company's business face challenges. "We initiate with a Sell and price target of €11.5 (ADR US$13.5), giving 7% downside. We see limited scope for further earnings growth from North America, while other segments of the business face challenges. We do not believe consensus fully reflects this: our 2019E EBIT/EPS are 8%/5% below." Evercore downgraded the insurer and said it sees "potential pressure" from free cash flow in 2020 amongst other things. "While MET produced a strong underwriting quarter in 1Q19 and the stock has responded favorably, and now trades at a premium to most peers on a price to free cash flow basis, we see the accumulation of a broad list of moderate risk factors as reasons for why the stock is unlikely to materially outperform peers over the next 12 to 18 months, including: 1) Potential 3Q balance s..

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