Page 2254 - Business Finance
Uber eyes valuation topping USD 100 bn in share offering: sources
Uber is eyeing a valuation above USD 100 billion for its much-anticipated share offering due in 2019, which would be the biggest-ever in the tech sector, sources familiar with the plan said Tuesday. The sources told AFP the global ridesharing giant is considering speeding up its plans for an initial public offering (IPO) to the first half of 2019, rather than the second half of the year. Uber, which operates in over 60 countries, is already the largest of the venture-backed "unicorns" valued at more than $1 billion, which until recently was considered rare without tapping stock markets. Its most recent investment -- a USD 500 million injection from Japanese auto giant Toyota -- was made at a reported valuation of USD 72 billion. Earlier Tuesday, the Wall Street Journal reported that bankers were proposing a valuation as high as USD 120 billion for Uber, which has been a disruptive force in many cities where regulators and taxi operators have challenged its business model. Uber had no .
Infosys bets on digital growth, to invest more
Global software major Infosys bets on digital technologies and would invest more on its platform to spur growth, a top official said on Tuesday.
US announces sanctions on Iranian paramilitary force
The US Treasury on Tuesday slapped sanctions on businesses providing financial support to an Iranian paramilitary group as part of its so-called maximum pressure campaign against Tehran. In announcing the sanctions, the Treasury said a network of more than 20 businesses known as the Bonyad Taavon Basij was financing the Basij Resistance Force, a component of Iran's Islamic Revolutionary Guard Corps (IRGC). "The international community must understand that business entanglements with the Bonyad Taavon Basij network and IRGC front companies have real world humanitarian consequences," said Treasury Secretary Steven Mnuchin.
RBI approves Bakhshi's appointment as ICICI Bank MD&CEO
Reserve Bank of India (RBI) has approved the appointment of Sandeep Bakhshi as Managing Director and CEO of ICICI Bank.
Investment cycle rising since 2016-17, to last till 2022-23: RBI paper
Investment activity, which plays a major role in boosting the country's current and medium-term growth prospects, has seen an upturn since 2016-17 and is likely to last till 2022-23, a working paper by the Reserve Bank of India (RBI) said on Tuesday.
RBI releases norms for facilitating money transfer among e-wallets
The Reserve Bank Tuesday released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets, a move aimed at promoting money transfer between e-wallets and digital transactions. The guidelines elaborate on requirements for achieving inter-operability for mobile wallets, cards and norms for customer protection and grievance redressal. According to the guidelines, inter-operability between mobile wallets and between bank accounts and e-wallets would be enabled through the Unified Payments Interface (UPI) system. "The inter-operability shall be facilitated to all KYC-compliant PPI accounts and entire acceptance infrastructure," the RBI said in a notification. In case where PPIs are issued in the form of cards, the cards shall be affiliated to the authorised card networks. "PPI issuers operating exclusively in specific segments like Meal, Gift and MTS may also implement interoperability," the RBI said. The inter-operability would be achieved in a
2 decade stint at Infosys deeply satisfying; CFO Ranganath
Infosys CFO M D Ranganath Tuesday said his two decade stint at the company was deeply satisfying where he played a broad spectrum of leadership roles, from being a strategist and managing finance. However, the last three years as Chief Financial Officer was especially satisfying as it was a crucial period for Infosys, he said. Ranganath's tenure ends on November 16 this year. "The last two decade stint at Infosys was deeply satisfying, where I got the opportunity to play a broad spectrum of leadership roles, right from being a strategist, managing finance and looking at the matters of Mergers and Acquisitions," he said. The CFO said he had a resolute focus on resilient and strong financial performance, besides multiple transitions along with the largest share buyback. The company also entered into the US Advance Pricing Agreement and registered a record high cash flow of USD 2 billion and Return on Equity of 25 per cent, he said. Infosys achieved several significant ...
U.S. judge approves SEC settlement with Tesla, Musk; shares jump
(Reuters) - A U.S. judge on Tuesday approved a settlement between a federal regulator, Tesla Inc and its chief executive officer, Elon Musk, over his tweets promising to take the company private, signaling an end to a tumultuous period for investors.
Activist investor Icahn takes stake in Dollar Tree: NY Post
(Reuters) - Billionaire activist investor Carl Icahn is accumulating a significant stake in discount chain Dollar Tree Inc, the New York Post reported on Tuesday.
Uber IPO proposals value company at $120 billion: WSJ
(Reuters) - Ride-hailing company Uber Technologies Inc could be valued at $120 billion, when it finally goes public next year according to proposals made by U.S. banks bidding to run the offering, the Wall Street Journal reported on Tuesday.
Global Markets: Stocks rebound with earnings in focus; oil little changed
NEW YORK (Reuters) - Stocks bounced back on Tuesday across the world, supported by strong earnings expectations, while oil prices were wobbly as evidence of higher U.S. production was overshadowed by a tighter global supply outlook as Iran prepares for U.S. sanctions.
CVC analyses top 100 bank frauds
The Central Vigilance Commission (CVC) during an analysis of 100 top bank frauds identified several loop holes and modus operandi of the companies involved in such frauds. The analysis was conducted of top 100 bank frauds that took place in India up to March 31, 2017.The analysis focused mainly on the modus- operandi, amount involved, type of lending viz. Consortium/ Multiple/Individual, anomalies observed, loopholes that facilitated perpetration of concerned fraud and systemic improvements required to plug the loopholes in the system and procedures, etc. The CVC has sent its analysis to Department of Financial Services (DFS) and Reserve Bank of India, in order to plug the loopholes observed by it.Sharing the details Dr. T.M. Bhasin, Vigilance Commissioner, CVC said that the Commission had sub divided the study into 13 sectors comprising of Gems and Jewellery, Manufacturing, Agro sector, Media, Aviation, Service Sector, Discounting of cheques and bills, Trading sector, IT Sector, ...
Congress accuses Centre of compromising ONGC's interests
Congress spokesperson Manish Tiwari on Tuesday made serious allegations against the Central government for interfering in the working of Oil and Natural Gas Corporation (ONGC) and converting it into a debt-ridden entity.Quoting a letter written by the trade union body of ONGC, Tiwari said, "On 4th September 2018, the trade union body of Oil and Natural Gas Corporation, Employees Mazdoor Sabha (EMS) wrote a letter to the Prime Minister, listing out in great details as to how a cash-rich company, in a span of 52 months, has been converted into a completely debt-ridden entity. The ONGC is intrinsically connected with India's energy security and it has played a sterling role, ever since its inception in ensuring that upstream drilling and exploration of oil and natural gas is optimised for the benefit of people of India."Congress further claimed that the reason behind ONGC finances toppling in 52 months, has also to do with the then Gujarat government's decision taken in the year 2005."On
Uber eyes valuation topping $100 bn in share offering: sources
Uber is eyeing a valuation above USD 100 billion for its much-anticipated share offering due in 2019, which would be the biggest-ever in the tech sector, sources familiar with the plan said Tuesday. The sources told AFP the global ridesharing giant is considering speeding up its plans for an initial public offering (IPO) to the first half of 2019, rather than the second half of the year. Uber, which operates in over 60 countries, is already the largest of the venture-backed "unicorns" valued at more than USD 1 billion, which until recently was considered rare without tapping stock markets. Its most recent investment -- a USD 500 million injection from Japanese auto giant Toyota -- was made at a reported valuation of USD 72 billion.
Walmart warns it will 'test a lot, fail a lot;' cuts profit forecast
(Reuters) - Walmart Inc's chief executive officer on Tuesday urged investors to rethink the company's business, touting its various tech investments to grow online sales at a time it is battling Amazon.com for market share.
Congress returns Jaitley's 'clown prince' jibe with 'blabber blogger'
Hitting back at Finance Minister Arun Jaitley for his 'clown prince jibe at Congress President Rahul Gandhi, the Congress on Tuesday called the BJP veteran 'blabber blogger and demanded him to coherently answer politically-relevant issues instead of "hiding behind the cloak of expletives for the opposition".
RBI norms to facilitate payments between mobile wallets
The Reserve Bank Tuesday released guidelines to facilitate payments among different mobile wallets, a move aimed at promoting digital transactions. As per the road-map laid down in 2017, interoperability of all KYC-compliant Prepaid Payment Instruments (PPIs) was to be enabled in three phases - interoperability of PPIs issued in the form of wallets through Unified Payments Interface (UPI), interoperability between wallets and bank accounts through UPI, and interoperability for PPIs issued in the form of cards through card networks. The Reserve Bank of India (RBI) issued consolidated guidelines for enabling all phases "in order to prepare better for implementation of interoperability". Interoperability is the technical compatibility that enables a payment system to be used in conjunction with other payment systems. Interoperability allows PPI issuers, system providers and system participants in different systems to undertake, clear and settle payment transactions across systems ...
Italian bond yields fall as Tria backs expansionary budget
LONDON (Reuters) - Italian government bond yields dropped across the board on Tuesday, narrowing the spread over German peers, after comments from Economy Minister Giovanni Tria defending the 2019 budget boosted hopes he would remain in the turbulent government.
Oil steady as growth in U.S. supplies faces lower Iran exports
NEW YORK (Reuters) - Oil prices were little changed on Tuesday as concerns about tightening global supplies ahead of U.S. sanctions on Iran faced higher U.S. shale production and inventories.
CVC reviews 'top 100 bank frauds' till 2017
The Central Vigilance Commission (CVC) has reviewed "100 top bank frauds" committed till 2017 and has submitted a report to the Reserve Bank of India (RBI), complete with information on how the frauds were executed and counter-measures the banks can employ to avoid them.