Around the Globe

Around the Globe

Register details by Sept 30, Yogi govt asks madrassas

The Uttar Pradesh government on Sunday extended the deadline for all madrassas of the state to register themselves on the state government's website by 15 days.

The last date for registration is September 30, minority welfare minister Laxmi Narayan Chaudhary told PTI. He said there were some technical bottlenecks, which have been removed.

Chinese Fosun to buy smaller stake in Gland Pharma

Shanghai Fosun Pharmaceutical Group has agreed to cut the size of the stake it will buy in India’s Gland Pharma to 74 per cent, the Chinese drugmaker said on Sunday.

It said Gland Pharma’s founding family wanted to retain a higher stake in the Indian firm because of its good performance.

Fosun had previously been targeting an 86 per cent stake valued at about $1.26 billion. It said in a statement to the stock exchange that the board had approved the new plan, which would involve investment of no more than $1.09 billion.

Govt to monitor iron ore output

The government proposes to regulate output from iron ore mines to encourage its increased production in an effort to contain excessive volatility in ore prices.

This is in tandem with its attempt at regulating ore prices, which have adversely impacted the margins of steel companies.

Sources in the government said they were trying to replicate a model prevalent in several advanced western markets where a minimum output is desired from a miner and all statutory payments are linked to this level of production.

Air India giving Middle-East rivals a run for their money

As top Middle-East carriers Emirates, Etihad and Qatar Airways are fighting the downturn triggered by a slump in oil prices, state-owned Air India is expanding its international network with more direct flights, the latest being a non-stop flight to the Danish capital of Copenhagen.

Uncertainty ahead makes rate cuts doubtful

The Indian economy is “like a house under renovation” now as the structural changes started by the government may improve long-term prospects, but will disrupt in the short term.

According to a report by Credit Suisse authored by analysts Neelkanth Mishra and Prateek Singh, it was expected that 2017 would have significant uncertainty. “The economy is currently like a house under renovation, as several structural changes such as GST, RERA, are being undertaken that improve long-term prospects but disrupt the economy in the short term.”

India's external debt down 3% to $472 bn in FY17

India's external debt came down by USD 13.1 billion or 2.7 per cent to USD 471.9 billion at the end of March this year on annual basis mainly due to decrease in NRI deposits and commercial borrowings.