Around the Globe

Around the Globe

Vedanta to buy $2.4b Anglo American stake

As global commodity prices witness a rebound, Indian mining billionaire Anil Agarwal has moved to buy $2.4 billion worth shares of mining giant Anglo American Plc. If the deal goes through, it could pave the way for subsequent takeover of Anglo by Agarwal, analysts said.
Anil Agarwal-promoted Vedanta Resources has interests in businesses ranging from oil and gas to iron ore to zinc in India.

UP BJP MLAs to meet on March 18, may elect leader

Appointing a chief minister for UP is nearly as difficult as winning elections. Newly elected UP BJP MLAs will meet here on March 18 and are likely to elect their legislature party leader, a week after the party won the assembly elections securing a three-fourth majority.
“Party’s central observers — Union minister M Venkaiah Naidu and national general secretary Bhupendra Yadav — will be present at the meeting on Saturday at 5 pm,” UP BJP general secretary Vijay Bahadur Pathak said here.

CBI, ED slap fresh corruption charges on Hasan Ali Khan

Pune-based businessman Hasan Ali Khan has been slapped with fresh criminal charges of corruption and money laundering by the CBI and the ED, a decade after he first came under the scanner for huge tax evasion. CBI sources said the agency has registered a case against Khan and unknown officials for alleged criminal conspiracy and corruption. The action has been taken on the basis of a complaint received from tax authorities, they said. The sources refused to give any further details stating it may affect their probe.

RBI's policy unlikely to be impacted by Fed rate hike

The US Fed rate hike is no surprise and may not impact RBI's policy next month as it had already factored in the global development and will be guided by local factors, said experts.

The US Fed hike is as per the expected lines, which raised its benchmark interest rate for the second time in three months and there is forecast of two additional hikes this year, experts said.

"RBI will not cut interest rate... Rate cut cycle is over as far as RBI is concerned," Crisil Chief Economist D K Joshi said.

TIES to create modern infra; cut transaction costs: FIEO

The newly launched Trade Infrastructure for Export Scheme (TIES) will go a long way in creating modern infrastructure and cut down transaction cost, exporters' body FIEO today said.

TIES will help create modern infrastructure like last mile connectivity to ports, besides testing labs and certification centres, FIEO President S C Ralhan said.

"It will address various other challenges and export bottlenecks, thereby helping in reduction of overall transaction and logistics costs," he said in a statement.

Applications for H1-B to be accepted from April 3

The US will start accepting applications for H-1B work visas for the fiscal 2018 from April 3 amid the uncertainties surrounding the visa programme, the most sought after by Indian IT firms and professionals.

Unlike previous years, the official announcement by US Citizenship and Immigration Services (USCIS) did not say till when it would continue accepting the H-1B petitions.

The department normally has been accepting the application for the first five business days.

No stay on Jio free offer; TDSAT asks Trai to re-examine issue

The telecom tribunal today did not stay Reliance Jio's free promotional offer, but asked regulator Trai to "re-examine" issues relating to the approval granted to the operator to continue with the freebies.

The Telecom Disputes Settlement and Appellate Tribunal (TDSAT), in its order today, asked Trai to apprise it of the "outcome and findings of the examination" within two weeks.

Rise in bad loans slowed in Q4: FM

Finance minister Arun Jaitley (in pic) on Wednesday said the rate of increase in bad loans has slowed down in the current quarter. His deputy Santosh Gangwar on the other hand informed the Parliament that bad loans of public sector banks rose by over Rs 1 lakh crore during April-December 2016 to reach Rs 6.06 lakh crore. The finance minister’s observation came in his reply to queries raised in a meeting of his ministry’s consultative committee.

Farm loan: SBI raises hackles over waiver plan

Amid widespread expectations that the government would soon write off farm credit in UP, the chief of country’s largest lender SBI has warned against loan waivers, saying such incentives would disrupt credit discipline of borrowers. Hopes of waiver have soared after BJP’s landslide victory in Uttar Pradesh. BJP in its poll manifesto for the state had promised to write off loans availed of by small and marginal farmers.

Judgment day for Trump’s travel ban

President Donald Trump faces a day of legal reckoning Wednesday on the fate of his revised travel ban, with three federal courts from Maryland to Hawaii to mull the measure on the eve of its implementation.
Several states along with refugee assistance programs and rights groups have brought suits over the Republican leader’s executive order -- a revamped version of the order he issued on January 27, which was suspended by the federal courts.