Barcelona's president says club's debt now at $1.6 billion
Barcelona’s president presented a grim picture of the club’s financial situation on Monday, saying its debt has risen to 1.35 billion euros ($1.6 billion), AP reported.
Joan Laporta blamed the previous administration of Josep Bartomeu for the club’s “dramatic” situation that ultimately led to Lionel Messi’s departure. Laporta accused Bartomeu of countless “lies” and said he and his board of directors must be held accountable.
Laporta said the club was left with a negative net worth of 451 million euros ($532 million), and in a difficult condition to negotiate with players.
Cashfree achieves key ISO certification, takes significant steps towards data security
Leading digital payments and banking technology company, Cashfree announced today that it has attained ISO/IEC 27001:2013 certification for its Information Security Management System (ISMS). ISO/IEC 27001:2013 (also known as ISO27001) is a highly regarded international standard that defines a management system for information security.
With over 50% market share among payment processors, Cashfree today leads the way in bulk disbursals in India with Cashfree Payouts. Recently, India’s largest lender, SBI invested in Cashfree underscoring the company’s role in building a robust payments ecosystem.
World’s Third-Busiest Port Remains Partially Shut in China
China’s Ningbo-Zhoushan container port, the world’s third-busiest, remained partially closed for a sixth day Monday, amid ongoing concern over whether the shutdown will disrupt trade from the region longer term, Bloomberg reported.
The port hasn’t published any updates on its operations since Wednesday, when it halted all inbound and outbound container services at its Meishan terminal after one employee tested positive for Covid-19.
HC seeks Centre's stand on plea concerning data leaks at Air India, BigBasket, Domino's, MobiKwik
The Delhi High Court has sought the Central government's stand on a plea concerning the alleged cyber security breaches and data leaks on the online platforms of BigBasket, Domino's, MobiKwik and Air India, PTI reported.
Justice Rekha Palli granted time to the counsel for the Centre to seek instructions and listed the petition by Yarlagadda Kiran Chandra, General Secretary of Free Software Movement of India, which claims to be a national coalition of various regional and sectoral free software movements, for hearing on September 23.
Sensex rises 145 pts to scale fresh peak, Nifty ends above 16,550
Equity benchmark Sensex jumped 145 points to end at a fresh high on Monday.
The 30-share index ended 145.29 points or 0.26% higher at a new peak of 55,582.58. Similarly, the broader NSE Nifty advanced 33.95 points or 0.21% to a fresh high of 16,563.05.
Tata Steel was the top gainer in the Sensex pack, rallying nearly 4%, followed by Bajaj Finance, M&M, Bajaj Finserv and Reliance Industries. On the other hand, Maruti, Bajaj Auto, PowerGrid ad UltraTech Cement were among the laggards, PTI reported.
Samsung to bring Fold3 5G, Flip3 5G smartphones in India from Sep 10; price starts at Rs 84,999
Tech giant Samsung on Monday said the sale of its ultra-premium Galaxy Z Fold3 5G and Galaxy Z Flip3 5G smartphones in India will start from September 10, with prices starting at Rs 84,999.
Galaxy Fold3 5G will be available in two variants – 12 GB RAM and 256 GB memory (Rs 1,49,999) and 12 GM RAM and 512 GB memory (Rs 1,57,999). The Galaxy Flip 3 5G 128 GB variant will be priced at Rs 84,999, while the 256 GB model will be available for Rs 88,999.
Simple Energy launches e-scooter at Rs 1.09 lakh
Bangalore-based EV maker Simple Energy has launched its flagship e-scooter Simple One, priced at Rs 1,09,999.
Simple One comes with a 4.8 kWh lithium-ion battery, offering a maximum claimed range of 236 km and 203 km in eco mode, the release added.
The 4G-enabled scooter has a top speed of 105 km per hour and will have four riding modes -- eco, ride, dash and sonic, which can be accessed through a 7-inch touchscreen panel, PTI reported.
Gold Stalls as UBS Tells Buyers ‘Get Out’ Before Losses Worsen
Gold slipped after finishing strongly last week, with UBS Group AG warning investors to rethink their bullion holdings as the global economy recovers and the greenback strengthens into next year, Bloomberg reported.
Prices could drop closer to $1,600 an ounce, while silver may fall to $22 an ounce or lower, said Dominic Schnider, head of commodities and Asia Pacific foreign exchange at UBS Global Wealth Management CIO Office, in a Bloomberg TV interview on Monday. Platinum may be a better investment in the precious metals space due to its greater industrial exposure, he added.
Global shares slip amid pandemic, Afghanistan worries
Global shares slipped Monday amid worries over surging coronavirus infections in Asia as well as concerns about the long-term impact from the Afghan government’s collapse.
France's CAC 40 fell 0.6% in early trading to 27,523.19, while Germany's DAX slipped 0.3% to 15,929.31. Britain's FTSE 100 declined 0.8% to 7,160.18. U.S. shares were set to drift lower with Dow futures slipping nearly 0.2% to 35,356.00. S&P 500 futures were down 0.2% at 4,455.25.
Japan's benchmark Nikkei 225 sagged 1.6% to finish at 27,523.19, while Australia's S&P/ASX 200 slipped 0.6% to 7,582.50. Hong Kong's Hang Seng dipped 0.8% to 26,181.46, AP reported.
India's July palm oil imports dip over 43 pc to 4.65 lakh tonne
India's palm oil imports fell 43.55 % 4.65 lakh tonne in July, this year due to higher domestic stocks, industry body Solvent Extractors Association (SEA) said on Monday.
India, the world's leading vegetable oil buyer, had imported 8.24 lakh tonne palm oils in July 2020, PTI reported.
As on August 1, there was a total edible oil stock of 16.95 lakh tonne, out of which 11.10 lakh tonne is estimated to be in the pipeline.
HSBC to acquire Axa's Singapore insurance assets for $575 mln
HSBC said on Monday it had agreed to acquire Axa's insurance assets in Singapore for $575 million as it scales up its insurance and wealth business.
Axa Singapore had net assets of $474 million, annualized new premiums of $85 million and gross written premiums of $739 million, Reuters reported.
HSBC said the combined business would be the seventh-largest life insurer and the fourth-largest retail health insurer, with over 600,000 policies in-force covering life, health and property and casualty insurance.
Biz activity last week higher than pre-COVID level for first time
Business activity rose for the second consecutive week, crossing the pre-pandemic level for the first time since the onset of the COVID-19 disruption in March 2020, a Japanese brokerage said on Monday.
The Nomura India Business Resumption Index (NIBRI), which measures the activity on a weekly basis with the pre-pandemic levels being the base, rose to 101.2 for the week ended August 15, from 99.6 last week, PTI reported.
This is the first time that the activity has breached the pre-pandemic base.
Facebook to Expand Planned Undersea Cable Network in Africa
Facebook Inc. and some of the world’s largest telecommunications carriers, China Mobile Ltd. and MTN Group Ltd., are set to build a wider-than-earlier planned giant sub-sea cable in Africa, Bloomberg reported.
2Africa, set to be one of the largest subsea cable project in the world, will cost just under $1 billion, Bloomberg reported last May.
The marine surveys for the new sections of the cable will probably be completed by the end of the year, according to the companies. The 37,000-kilometer (23,000 miles) long cable will connect Africa, Europe and the Middle East.
Aramco Is in Advanced Talks on Up to $25 Billion Reliance Deal
Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd.’s oil refining and chemicals business, Bloomberg reported.
The Saudi Arabian firm is discussing the purchase of a roughly 20% stake in the Reliance unit for about $20 billion to $25 billion-worth of Aramco shares. A deal would forge closer ties between the world’s biggest oil exporter and one of the fastest-growing energy consumers.
Shares in Reliance extended gains to as much as 2.6% in Mumbai after the Bloomberg News report.
India's Wholesale inflation eases to 11.16% in July
India's wholesale price-based inflation across the country eased to 11.16% in July, lower than June's 12.07% , PTI reported.
The WPI inflation remained in double digit for the third consecutive month in July, mainly on account of a low base of last year. WPI inflation was (-) 0.25%, in July 2020.
"The high rate of inflation in July 2021 is primarily due to low base effect and rise in prices of crude petroleum and natural gas; mineral oils; manufactured products like basic metals; food products; textiles; chemicals and chemical products etc as compared the corresponding month of the previous year," the Commerce and Industry Ministry said in a statement.
Inflation in food articles was 0% in July, while inflation in crude petroleum and natural gas was 40.28%. For manufactured products, inflation stood at 11.20% in July, against 10.88% the previous month.
HDFC Bank to raise $1 billion via additional tier bonds in overseas market
HDFC Bank on Monday said it plans to raise $1 billion capital through additional tier- I (AT1) bonds in the overseas market, PTI reported.
The bank is expected to raise funds in dollar denominated bonds to fund its business growth.
"We hereby inform you that the bank had approved the issuing of debt instruments in the form of the notes, subject to market conditions," HDFC Bank said in a regulatory filing.
An offering memorandum (OM) shall be made available to the prospective investors in relation to the contemplated issue of notes, it said.
Finance Minister to meet heads of public sector banks to review financial performance
Finance Minister Nirmala Sitharaman will meet heads of public sector banks (PSBs) on August 25 to review financial performance of the lenders, PTI reported.
She will discuss banks' progress to support the economy battered due to the COVID-19 pandemic. Sitharaman had previously said the government will do everything to revive and support the economic growth.
The meeting will be the first physical review since the pandemic outbreak last year.
State Bank of India unveils offers on retail loans, deposits
State Bank of India on Monday announced offers for its retail customers including a 100% waiver on processing fees for its car loan customers across all channels, PTI reported. Customers can also get the facility of up to 90% on-road financing for their car loans.
The country's largest lender is offering interest concession of 25 basis points (bps) to customers applying for a car loan through its mobile banking app, YONO (You Only Need One App).
Besides, SBI is offering a reduction of 75 bps in the interest rates for customers availing gold loans and waived off the processing fee for those who apply via YONO. For personal and pension loan customers, the lender has announced a 100% waiver in processing fees across all channels.
Devyani International makes a strong debut, shares list at nearly 57% premium
Pizza Hut, KFC and Costa Coffee's largest franchisee Devyani International made a strong debut on Monday with a premium of nearly 57% against its issue price of ₹90, PTI reported.
The stock listed at ₹141, a jump of 56.66% from the issue price on BSE and opened at ₹140.90, a gain of 56.55% on NSE. The company's market valuation stood at ₹15,482.49 crore on BSE.
Devyani International launched its ₹1838 crore IPO in a price range of ₹86-90 per share earlier this month. It saw a stellar subscription of 116.71 times.
The company currently operates 297 Pizza Hut stores, 264 KFC stores, and 44 Costa Coffee as of March 2021 in India.
J-K expecting investment proposals worth ₹50,000 cr, LG says
Jammu and Kashmir Lieutenant Governor Manoj Sinha on Sunday said J-K is expecting investment proposals worth ₹50,000 crore which can provide employment opportunities to 10 lakh people, PTI reported.
"So far, proposals worth ₹23,500 crores have been received. Investment proposals of ₹35,000 crore by December 2021 and ₹50,000 crore by March 2022 are expected to follow, which shall provide employment opportunities to at least 10 lakh young boys and girls," Sinha said in his Independence Day speech at Sher-e-Kashmir Cricket Stadium.
“The recently announced New Industrial Scheme of ₹28,400 crore by the government is already attracting huge investments," he added.
Sinha said with single window clearance industries shall be established at the block level that will help transform the backward areas. The administration has a policy framework for private industrial estate development, which will lead to rapid industrialisation in the private sector, he said.
Coal India raises FY22 capex target to ₹17,000cr
Coal India has raised its capital expenditure target to ₹17,000 crore for the 2021-22 fiscal, ₹4,000 crore more as compared with last year, PTI reported.
An official told PTI that Coal India is expecting an up tick in cash flow due to greater coal demand and higher realisation from e-auction sales.
“The total capex for this year is Rs 17,000 crore. This investment includes infusing of Rs 3,000 crore in Hindustan Urvarak and Rasayan Ltd (HURL) and Talcher Fertilisers Ltd and spending of Rs 1,000-1,500 crore for railway line construction through a joint venture company,” the CIL official told PTI.
The miner had increased its capex for 2020-21 fiscal to ₹13,115 crore from ₹10,000 crore as the government directed all PSUs to raise their capital expenditure to spur growth after COVID-19 battered indian economy.
Ola launches electric scooter at a starting price of ₹99,999
Ola Electric on Sunday launched its much awaited electric scooter, Ola S1 at a starting price of ₹ 99,999.
The Ola S1 electric scooter will come in two variants at different prices. The S1 model will be priced at ₹99,999 and S1 Pro will carry a price tag of ₹1,29,999.
The purchase for Ola S1 will officially start from September 8 and the company will start deliveries across 1000 cities and towns in October. Till September 8, Ola will allow bookings at ₹499.
The Ola S1 offers a 181 km range with top speed of 115 km per hour. It can be charged within 40 minutes with a fast charger, and takes about six hours to be fully charged with a portable charger that comes with the scooter.
Sensex, Nifty open flat
The Indian benchmark indices, Sensex and Nifty open flat on Monday amid mixed global cues.
Sensex opened 0.08% higher at 55,479.74 while Nifty opened 0.06% lower at 16.518.40 points. In the early trade, Tata Steel was the top gainer on the Nifty50 index.
Oil plunges as Delta variant raises concern over fuel demand recovery
Oil prices fell over 1% on Monday as restrictions imposed by the government to counter the spread of Delta variant of coronavirus raised concerns about recovery in fuel demand, Reuters reported.
Brent crude was down 1.1% at $69.79 a barrel while U.S. crude future fell 1.2% to $67.73 a barrel.
"Crude oil remained under pressure as the fast spreading Delta variant of the coronavirus casts a cloud over the outlook for demand," ANZ Research said in a note.
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Asia stocks fall as China's economic data disappoints
Asian stocks market fell on Monday after China released its economic data for July that showed a sharp slowdown in economic growth, Reuters reported.
The data on July retail sales, industrial production and urban investment missed forecasts and the tightening in coronavirus restrictions is expected to make thing worse.
Japan's Nikkei fell 1.8% and Nasdaq futures and S&P 500 futures also slipped 0.2%. However, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2% and Chinese blue chips held gains of 0.3% on aggressive policy easing from Beijing.
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