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Economic Times: PTI: May 31, 2018 NEW DELHI: The closure of VedantaNSE 2.70 % Resources PLC's Indian copper smelter is marginally negative for the company and will not materially affect its cash flows, S&P Global Ratings said today.  The Tamil Nadu government this week ordered the state Pollution Control Board to seal and "permanently" close the Vedanta group's copper plant in Tuticorin following last week's violent protests over pollution concerns during which 13 people were killed in police firing.  "The cash flows from Vedanta's Indian copper smelting operations were marginal compared with gross cash flows, but they provided cash flow diversity," S&P credit analyst Vishal Kulkarni said in a statement.  At the same time, S&P said, the diversified natural resources company faces a number of operational headwinds in India, including domestic coal-supply constraints and potentially higher taxes on crude oil producers.  ...

The Indian Express: June 01, 2018 After failing to win concessions from the European Union, tariffs are likely to be imposed on European steel and aluminium imports by the Donald Trump administration, reported Reuters. The European Union is ready to retaliate immediately following the tariffs. European Commission President Jean-Claude Juncker told AP that “it’s totally unacceptable that a country is imposing unilateral measures when it comes to world trade.” He added that Europe will respond with “counterbalancing measures” soon. Imposition of tariffs on European steel and aluminium imports could provoke retaliatory tariffs and inflame trans-Atlantic trade tensions. US and European officials held talks in Paris Thursday in an attempt to reach a deal. “Global trade is not a gunfight at the OK Corral,” France’s finance minister quipped after meeting US Commerce Secretary Wilbur Ross, as reported by PTI. “It’s not about who attacks whom, and then wait and see who is still standi...

MoneyControl:  Tarun Sharma: May 30, 2018 The CBI on Wednesday registered a case against Sanjay Gupta, owner and promoter of OPG Securities Pvt Limited, Aman Kakrady (brother-in-law of Sanjay), Ajay Narottam Shah (who facilitated Gupta by developing and providing Algo software Chankaya) and against some officials of SEBI and National Stock Exchange whose names are unknown. CBI has registered cases under criminal conspiracy, PoC Act and section 66 of IT Act. The moves follows the agency's searches at about eight places in Mumbai, Bengaluru and Delhi. OPG Securities is the centre of the ‘co-location controversy’ on the NSE, in which some brokers who had availed of the server co-location facility, got preferential access to the exchange’s trading system. These brokers had somehow managed to connect to the exchange’s back-up server, and hence could access the price feed faster, giving them an advantage over other brokers. Modus Operandi Sanjay Gupta allegedly abus...

dailyhunt, May 31, 2018 The Modi government will purportedly engage a private agency to monitor and collect "digital media chatter" from all core social media platforms to give a positive slant to news and discussions for India and inculcate "nationalistic feelings in the masses." The agency, proposed to be engaged for the purpose, will also collect and analyse real-time data from various other digital platforms like news portals, blogs and forums, and e-mails, through the deployment of a high-powered 'Social Media Analytics Software and Tools.' The proposed platform will also be used to meet the crisis situations in the country. The Broadcast Engineering Consultants India Limited has recently floated a tender on behalf of the Information and Broadcasting (I&B) ministry, to power a real-time 'New Media Command Room' to be set up under the I&B ministry. The proposed deployment of analytics software and tools is not only e...

Live Mint: May 30, 2018 The Central Bureau of Investigation (CBI) on Wednesday registered a case against three persons for allegedly manipulating the server architecture of the National Stock Exchange (NSE), Mumbai, to glean out data before other brokers. The CBI registered a case against OPG Securities Pvt Ltd owner and promoter Sanjay Gupta, as well as his brother in-law Aman Kakrady, and Ajay Narottam Shah, who facilitated Gupta’s operations by developing and providing a software called Chanakya. A case was also registered against OPG Securities, OPG House and unknown officials of the Securities and Exchange Board of India (Sebi) and NSE. “The CBI registered a case under the Indian Penal Code (IPC), the Prevention of Corruption Act, and under section 66 of the Income Tax (IT) Act against the accused,” a senior CBI official said, on condition of anonymity. “It was alleged that Sanjay Gupta of OPG used the server architecture of NSE in collusion with unknown officials of...

Reuters: The Hindu: May 30, 2018 China lashed out on Wednesday at renewed threats from the U.S. on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross. In an unexpected change in tone, the U.S. said on Tuesday that it still held the threat of imposing tariffs on $50 billion of imports from China unless it addressed the issue of theft of American intellectual property. Tariff threats The trade escalation came after the two sides had agreed during talks in Washington this month to find steps to narrow China’s $375 billion trade surplus. Mr. Ross is expected to try to get China to agree to firm numbers to buy more U.S. goods during a June 2-4 visit. “We urge the United States to keep its promise, and meet China halfway in the spirit of the joint statement,” said Foreign Ministry spokeswoman Hua Chunying, adding that China would take “resolute and forceful” measu...

The Indian Express: May 31, 2018 The Securities and Exchange Board of India (Sebi) has sought information from Jet Airways following a complaint alleging fraudulent practices by the airlines. Jet Airways on Wednesday, in a stock exchange filing said last month the regulator sought views of the statutory auditors and the audit committee on certain allegations. However, it did not divulge the details of the complaint against the firm. The disclosure came in response to a clarification sought by the BSE on reports about alleged fraudulent practices by Jet Airways promoter Naresh Goyal and fall in its share prices. The airline in its clarification said similar allegations had earlier been communicated to it by Sebi in June 2016, based on a complaint received by the regulator. “The company had provided its response to Sebi in July 2016. No further communication was then received from Sebi in the matter,” the filing said. Jet airways said that in a communication on April 30, 20...

Indian Express: May 31, 2018 The Enforcement Directorate (ED) on Wednesday attached a Rs 58.80 crore wind farm owned by fugitive diamond jeweller Nirav Modi in connection with its investigation into the Rs 13,400 crore Punjab National Bank scam case. The agency has provisionally attached the 9.6 mega watt wind farm, located in Rajasthan’s Jaisalmer, the under Prevention of Money Laundering Act. A statement issued by the ED said the wind farm was owned by three firms owned Modi — Solar Exports, Stellar Diamonds and Diamond RUS — and the Neeshal Merchandising Private Limited, which is owned by his brother Neeshal. On May 21, the ED had attached Nirav Modi’s properties worth Rs 171.26 crore, including four commercial premises in Mumbai and Surat valued at Rs 72.87 crore, 106 bank accounts with balance of Rs 55.12 crore, 15 demat accounts worth Rs 35.86 crore, and 11 cars valued at Rs 4.01 crore. In February, the ED attached 21 immovable properties belonging to the diam...

 Indian Express: Aaditya Mattoo , Joshua Meltzer   May 31, 2018 The free flow of data across borders underpins today’s globalised economy. Such flows are growing exponentially and are estimated to have raised world GDP by about 10 per cent over the past decade. India is a major beneficiary. Data flows drive the country’s most dynamic exports of digitally-delivered data processing and other business services. But the international transfer of personal data also raises concerns about the protection of privacy. Earlier this week, the European Union (EU) introduced the world’s most legally comprehensive data protection regime, in keeping with its concept of privacy that stems from its own unique history and cultural trajectory. What does the new EU regulation mean for India? In 2016-17, nearly a quarter of India’s IT-enabled exports — ranging from financial accounts and analysis to health transcriptions and diagnostics — went to the EU. Provision of th...