Thursday, April 15

Month: November 2020

Delhi High Court stays RBI’s show cause notice to UVARCL

Delhi High Court stays RBI’s show cause notice to UVARCL

Finance
Mumbai: The Delhi High Court on Friday stayed a Reserve Bank of India notice warning of possible cancellation of UV Asset Reconstruction Company Ltd’s (UVARCL) registration, over what the central bank termed an illegal bankruptcy resolution proposal moved by the ARC for telecom firm Aircel. Mere submission of a resolution plan cannot be held illegal, Justice Navin Chawla held on a petition filed by UVARCL, while seeking response from the RBI, Ministry of Corporate Affairs, Insolvency and Bankruptcy Board of India (IBBI) and the union government within 15 days. The RBI had in a notice last week warned UVARCL that its certificate of registration could be cancelled unless it explained by this weekend why it did not inform the bankruptcy court that the regulator had rejected its resolution pl
Square and PayPal emerge as whales in the crypto market

Square and PayPal emerge as whales in the crypto market

investment
The PayPal application can be seen on a mobile phone.Felix Kästle | picture alliance | Getty ImagesFintech companies are helping fuel demand for bitcoin as they open the floodgates for millions of people to trade it.By one firm's analysis, PayPal and Square clients have been buying the majority of the new bitcoin supply entering the market each day. Hedge Fund Pantera Capital estimates that Square clients have accounted for 40% of bitcoin that enters the market in the two years since the product launched.PayPal may be responsible for even more demand since launching just a few weeks ago. The payment company partnered with crypto firm Paxos for custody and trading. Volume on Paxos' exchange, itBit, had been consistently in the same range since September. But as PayPal went live recently, v
A millennial crypto victory bigger than the price of Bitcoin

A millennial crypto victory bigger than the price of Bitcoin

Finance
With the speed cryptocurrency is emerging as the Millennial generation’s alternative asset of choice in India, it’s hard to imagine that just two years ago a couple of blockchain pioneers were briefly in police custody. Sathvik Vishwanath and Harish BV, cofounders of a then five-year-old startup, were arrested in late 2018. No, they hadn’t pulled off a shady initial coin offering. Their “crime” was that they put up a kiosk in a mall in Bangalore where customers could swap Bitcoin, Ether or Ripple for cash or vice versa. That was the whole point of Unocoin, their crypto token exchange. But the police were suspicious of the new-fangled “ATM.” A lot has changed since then. Unocoin, which just raised financing from Tesla Inc.-backer Tim Draper’s Draper Associates, is flourishing, together wit
SpaceX plans for Starship test flight next week, which Elon Musk gives 1-in-3 odds of landing intact

SpaceX plans for Starship test flight next week, which Elon Musk gives 1-in-3 odds of landing intact

investment
SpaceX prototype rocket Starship SN8 stands on the company's launchpad in Boca Chica, Texas before an engine test.@LabPadreSpaceX is aiming to launch its latest Starship rocket prototype as early as "next week," CEO Elon Musk said on Tuesday, in what would be the company's most ambitious flight test of the rocket to date.Musk confirmed that Starship prototype Serial Number 8, or SN8, successfully completed a test firing of its three engines ahead of the flight attempt. This next launch is aiming to reach about 50,000 feet altitude – well above the 500 foot flights of the prototype's predecessors SN5 and SN6, which completed flight tests on Aug. 5 and Sept. 3, respectively. The prototypes are built of stainless steel and represent the first versions of the rocket that Musk unveiled last ye
Court rejects ED intervention plea against closure report in MSC Bank case

Court rejects ED intervention plea against closure report in MSC Bank case

Finance
A court here on Thursday rejected the Enforcement Directorate's plea seeking to intervene in the hearing on a closure report of Mumbai Police in the alleged Rs 25,000 crore Maharashtra State Co-operative Bank scam. Maharashtra Deputy Chief Minister Ajit Pawar had been named as an accused in the case. The Economic Offences Wing (EOW) of city police filed a closure report in September before the special Anti- Corruption Bureau (ACB) court. The EOW claimed that its special investigation team found no criminal aspect to the case. The ED contended that the probe was flawed, and sought to intervene in the hearing, demanding that the closure report be rejected. Special ACB judge Ajay Champaklal Daga, however, rejected the central probe agency's intervention plea. Hearing on the closure report ...
Goldman Sachs bankers using drones to help clinch M&A deals

Goldman Sachs bankers using drones to help clinch M&A deals

investment
Richard Newstead | Moment | Getty ImagesDrones have arrived on Wall Street.Goldman Sachs, the world's top mergers advisor, is among investment banks using drone technology to give its clients a bird's-eye view of the companies they are bidding on, according to Stephan Feldgoise, the firm's global co-head of mergers and acquisitions.After Covid-19 made the prospect of hosting in-person visits with groups of bidders unsafe, commercial-grade drones have been used to conduct virtual tours of everything from shipping ports and railroads to chemical factories, warehouses and big-box retail locations, he said."We have been selling asset-based businesses all over the world using drones for site visits and fly-overs," Feldgoise said in a phone interview. ``It gives buyers the confidence they need ...
Bank operations may be hit by unions’ strike on Thursday

Bank operations may be hit by unions’ strike on Thursday

Finance
NEW DELHI: Banking operations across the country may be impacted on Thursday as some bank unions would be joining the one-day nationwide strike called by central trade unions. Ten central trade unions, except Bharatiya Mazdoor Sangh, will observe the nationwide general strike to protest against various policies of the central government. Many lenders, including IDBI Bank and Bank of Maharashtra, in regulatory filings on Wednesday said their normal working could be affected at the branches and offices. The All India Bank Employees' Association (AIBEA), All India Bank Officers Association (AIBOA) and Bank Employees Federation of India (BEFI) are participating in the strike. "Lok Sabha in its recently held session has passed three new labour enactments by dismantling existing 27 enactment...
LVB DBS merger | Lakshmi Vilas Bank: Cabinet approves DBS takeover of Lakshmi Vilas Bank

LVB DBS merger | Lakshmi Vilas Bank: Cabinet approves DBS takeover of Lakshmi Vilas Bank

Finance
The RBI in a press note announced that Lakshmi Vilas Bank branches will open and operate as DBS Bank India from November 27. Subsequently, the freeze on withdrawals from Lakshmi Vilas Bank deposits will also cease to exist, the note read. Depositors of LVB will be able to operate their accounts as customers of DBS Bank India with effect from Friday. "Consequently the moratorium on the Lakshmi Vilas Bank Ltd. will cease to be operative from that date," the note added. The Central Bank has issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). DBS Bank India Ltd is making necessary arrangements to ensure that service, as usual, is provided to the customers of Lakshmi Vilas Bank, the RBI ad...
The market is looking for clues from the Fed on whether it will adjust bond buying

The market is looking for clues from the Fed on whether it will adjust bond buying

investment
U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell are seated to testify before a House Financial Services Committee hearing on oversight of the Treasury Department's and Federal Reserve's coronavirus disease (COVID-19) pandemic response on Capitol Hill in Washington, U.S., September 22, 2020.Joshua Roberts | ReutersThe Federal Reserve could provide clues about its bond buying program when it releases its minutes Wednesday, but the odds the central bank takes action at its December meeting have fallen slightly with the expected nomination of Janet Yellen as Treasury Secretary.Minutes from the Fed's last meeting are released Wednesday at 2 p.m. ET. The Fed talked about possible ways to adjust the program at that early November meeting, so it may reveal some aspe...
AIBEA to join trade unions in nationwide general strike on Nov 26

AIBEA to join trade unions in nationwide general strike on Nov 26

Finance
MUMBAI: The All India Bank Employees' Association ( AIBEA) on Tuesday said it would be joining the one-day nationwide strike on November 26 called by central trade unions to protest against the government's anti-labour policies. Ten central trade unions, except Bharatiya Mazdoor Sangh, will observe a nationwide general strike on November 26. "Lok Sabha in its recently held session has passed three new labour enactments by dismantling existing 27 enactments in the name of 'Ease of Business', which are purely in the interest of corporates. In the process, 75 per cent of workers are being pushed out of the orbits of labour laws since they will have no legal protection under the new enactment," the AIBEA said in a release. The association represents the majority of the ba...