Livemint, November 4, 2019 Rakesh Jhunjunwala buys Yes Bank shares worth ₹ 87 crore Ace stock market investor Rakesh Jhunjunwala on Monday bought Yes Bank shares worth ₹ 87 crore, according to data from stock exchanges. Jhunjunwala bought 12.95 million shares of the lender at a price of ₹ 67.1 apiece, data shows. The investment in Yes shares by Jhunjhunwala comes after the lender announced last week that it has received offers of $3 billion from potential investors, including the recently-announced $1.2 billion from a North American family office. On Friday evening, Yes Bank chief executive Ravneet Gill said that the bank has non-binding offers from two domestic mutual funds, six global private equity firms, two Indian financial investors and two Indian family offices. While the two domestic MFs and global PE firms have made an offer of $1.5 billion, the offer from four Indian investors is about $350 million. The bank hopes to close the fund-raise before December, h
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The Indian Express, November 5, 2019 Onion prices skyrocket as arrivals dip in producing states For the third consecutive week, onion prices have shown a steady rise as reports of crop damage from the main onion growing zone of Maharashtra started to pour in. On Monday, the average traded price of the bulb at Lasalgoan’s wholesale market was recorded at Rs 5,551 per quintal, the highest this year. Traders have hinted at a further spike in onion prices as arrival of the kharif crop is likely to be delayed. Advertising As unseasonal rain battered the state over the last fortnight or so, onion growing tracts in Nashik, Ahmednagar and Pune have reported extensive damage to the kharif crop, which was about to be harvested. Farmers in these areas also suffered loss to harvested onion crop kept on the fields. In Maharashtra, farmers normally take three crops of onions, which feed the market round the year. The kharif crop is transplanted from June to July and is h
The Indian Express, November 5, 2019 Kartarpur: 2,500 Indian pilgrims to attend corridor inauguration ceremony, says Pak govt The Evacuee Trust Property Board (ETPB) of Pakistan Monday released the itinerary for jatha of pilgrims who will be visiting Pakistan for Guru Nanak’s 550th birth anniversary celebrations from November 5 to 14 and said that 2,500 of them will also attend the inauguration ceremony of Kartarpur Corridor on Pakistani side scheduled for November 9. Advertising A jatha of around 5,000 pilgrims from Punjab and other states will be entering Pakistan through Wagah on November 5 and 6 (via train). This includes 1,900 pilgrims being sent by the SGPC from Punjab, which is done annually on Guru Nanak’s birth anniversary, and rest of the pilgrims are from other states. Amir Hashmi, spokesperson, Evacuee Trust Property Board (ETPB), a government body in Pakistan which looks after properties abandoned by Hindus and Sikhs after the Partition, told
The Business Line, November 4, 2019 India refuses to sign up for RCEP; says its core concerns remain unresolved India has decided not to join the Regional Comprehensive Economic Partnership (RCEP) pact saying it will not “compromise” on its core issues. But other RCEP members, including the ASEAN bloc, China, Japan, South Korea, Australia and New Zealand, are keeping the door open for New Delhi if it decides to join at a later date once its concerns are addressed. “India has conveyed its decision not to join the RCEP agreement... India had significant issues of core interest that remained unresolved. The country has participated in good faith in the RCEP discussions and had negotiated hard with a clear eyed view of our interests. In the given circumstances, we believe not joining the agreement is the right decision,” said Vijay Thakur Singh, Secretary (East), Ministry of External Affairs, addressing a press conference in Bangkok after the RCEP Summit. Other RCEP membe
The Print, November 4, 2019 Yes Bank should stop talking and focus on raising money Yes Bank Ltd. has changed. In the past, the troubled Indian lender kept quiet rather than tell shareholders the truth about its bad loans. Now, under new management, it can’t stop talking about an impending rescue. If the former approach nearly destroyed the bank, this latest strategy isn’t going to help fix it. In early September, CEO Ravneet Gill told Reuters that Yes was in “fairly advanced level of talks” with a top global technology company for a stake sale. In an interview with Press Trust of India earlier this month, Gill said the white knight would be a tech firm, a deep-pocketed family office, a financial investor, or any two out of the three. “In future banks will become technology companies with a banking licence,” he said. On Friday night, after reporting a September quarter loss of almost $85 million, 50% more than expected by analysts, Gill said the bank has $3 billion in re
Business Line, November 4, 2019 Infosys: No prima facie evidence to support allegations of whistleblower group Infosys has said there is no prima facie evidence to corroborate any of the allegations made in the whistleblower group's complaint. In a statement to the NSE, Infosys said the Audit Committee had retained the services of the law firm Shardul Amarchand Mangaldas & Co. to investigate the matter. Moreover, even before the appointment of the independent investigator, the Audit Committee began consultations with independent internal auditors Ernst & Young. The independent internal auditors were given the mandate to review certain processes on the basis of the allegations in the Anonymous Complaints. The company has not received any supporting evidence to substantiate the allegations. Two of the Anonymous Complaints were received on September 30, 2019. On October 16, 2019, the company was made aware of a letter that referred to a September 30, 2019 compl
Hindustan Times, November 5, 2019 Government proposes move to secure regional waters India on Monday proposed an “Indo-Pacific oceans initiative” at the East Asia Summit in Bangkok to ensure security in regional waters and boost the conservation and sustainable use of marine resources. Thailand, the current chair of the Association of Southeast Asian Nations (Asean), said it would discuss the initiative proposed by Prime Minister Narendra Modi, while Australia too expressed interest, secretary (East) Vijay Thakur Singh of the external affairs ministry said. The focus areas of the initiative are creating partnerships among states in areas such as maritime security, sustainable use of marine resources, capacity-building, disaster prevention and management, and cooperation in trade and maritime transport, she said. The East Asia Summit includes the 10 Asean member states, Australia, China, India, Japan, New Zealand, Russia, South Korea and the US. The Indo-Pacific als
Hindustran Times, November 4, 2019 Cybercriminals using enterprise-based strategies for phishing Cybercriminals are using enterprise-based development and deployment strategies, such as phishing as a service (PaaS), to leverage some of the worlds largest tech brands, with 42.63 per cent of domains observed targeting Microsoft, PayPal, DHL, and Dropbox, a report from Cloud delivery network provider Akamai Technologies said on Monday. The report also revealed that phishing is no longer just an email-based threat, but has expanded to include social media and mobile devices, creating a wide-reaching problem that touches all industries. This evolving method continues to morph into different techniques, one of which being business email compromise (BEC) attacks. According to the FBI, BEC attacks resulted in worldwide losses of more than $12 billion between October 2013 and May 2018. “Phishing is a long-term problem that we expect will have adversaries continuously go
The Print, November 4, 2019 Saudi Aramco ready with $35 bn for India’s refinery project, weeks after oilfield attacks Saudi Aramco, the state-owned oil company of Saudi Arabia, has said supply of crude oil to international clients, including India, will not be impacted despite attacks on its two processing facilities in September this year. The firm also remains committed to investing $35 billion in India’s west coast refinery that is set to be constructed in Maharashtra’s Raigad district. Two of Saudi Aramco’s facilities — at Abqaiq and Khurais — were attacked on 14 September by missiles and drones. While the Kingdom had blamed Iran for the attacks, Tehran has denied any involvement in them. “Despite the attacks in September, Aramco demonstrated its resilience with our rapid recovery and ability to maintain reliable supplies to our global customers. The company has been able to ensure that not a single shipment to its international customers was cancelled as a res