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IDEA

Aditya Birla Group May Raise $1 Bn To Repay Regulatory Dues

AB Group To Sell Stake & Promoter Entities Of Co

In Talks With Large PE Funds

Deal Will Let AB Group Maintain Current Shareholding

PE Investors To Get Indirect Stake In Idea

Mint Reports

BAJAJ ELECTRICALS

Bags Orders For Rural-Urban Electrification Project

Project worth Rs 3577.93 Cr

Projects under Saubhagya Yojna

Projects to be completed within 15 months

FORTIS HEALTHCARE

Board Meeting On April 19 To Consider Various Bids Received

FEDERAL-MOGUL GOETZE

CKP Financial Open Offer To Acquire 1.39 Cr Shares Of Co

Offer Represents 25.02% Stake, With Price Of Rs 400/Sh

SOBHA

To make an investment of rs 500 cr in GIFT City

Will develop about 1,000 housing units in GIFT City

Residential footprint rises to 10 cities with investment

  • SENSEX

    34,415.58 11.71   (-0.03 %)
  • NIFTY

    10,564.05 1.25   (-0.01 %)
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Power sector in need of quality steel: Steel Secretary

News In Brief

 

    Takeda weighs raising Shire bid to more than 47 stg/share: Sources

    London: Japan’s Takeda Pharmaceutical Co Ltd is considering raising its cash-and-stock bid for London-listed drug maker Shire Plc to approximately 47 pounds ($66) per share or more, people familiar with the matter said on Friday. 

    Takeda is still finalizing its latest offer, the sources said, asking not to be identified because the deliberations are confidential. On Thursday, the companies disclosed that Shire had rejected Takeda’s third indicative bid of 46.50 pounds per share. Takeda and Shire did not immediately respond to requests for comment.

    (Reuters)

    Fed's Evans repeats earlier speech, sees low inflation risk

    Chicago: Chicago Federal Reserve Bank President Charles Evans on Friday said he does not foresee “an outsized risk of a breakout in inflation,” repeating comments from earlier in the week. 

    “As long as this picture continues, the FOMC can increase rates gradually while monitoring any rising inflationary pressures,” Evans said in remarks prepared for delivery to the Graaskamp Center Spring Board Conference that were nearly identical to those he made on Tuesday in Chicago.

    (Reuters)

    International vehicle seen near Syria suspected gas attack site

    Beirut: A vehicle that appeared to have a licence plate of the kind used by international organisations was in the area close to the site of the suspected chemical weapons attack in Syria’s Douma on Friday under Russian escort, a Reuters witness said. 

    The arrival of the vehicle comes three days after a U.N. security team turned back while doing reconnaissance in Douma for the visit of a team of international inspectors from the Organisation for the Prohibition of Chemical Weapons. Journalists were not allowed to approach the convoy that included the vehicle by Syrian security forces. The identity of the car’s occupants or which organisation they belonged to was not clear.

    (Reuters)

    OPEC's Barkindo says OPEC, non-OPEC agreement rescued oil industry

    Jeddah, Saudi Arabia: OPEC Secretary-General Mohammad Barkindo said on Friday members of the oil producers group were friends of the United States and have a vested interest in its growth and prosperity. Barkindo made his remarks after U.S. President Donald Trump earlier sent a tweet criticising OPEC over high oil prices. 

    “The Declaration of Cooperation entered into by 24 producing countries in Dec. 2016 and implemented faithfully since 2017 has not only arrested the decline but rescued the oil industry from imminent collapse,” Barkindo said.

    (Reuters)

    Russia says oil may hit $80 in April but price not justified: RIA

    Moscow: Russian Energy Minister Alexander Novak said on Friday oil prices could reach $80 per barrel in April but said it would not be justified by underlying fundamentals, the RIA news agency reported.

    (Reuters)

    Nissan to cut hundreds of jobs at UK plant as diesel demand slides: Source

    London: Nissan (7201.T) will cut hundreds of jobs at its Sunderland plant, Britain’s biggest automotive factory, as it tackles declining demand for diesel models across Europe, a source told Reuters on Friday.

    Nissan builds its Qashqai and Juke models at the northeastern English site but sales in Britain, Europe’s second-largest car market, have fallen 35 percent so far this year, far worse than overall demand in the sector, which is down 12 percent. Jaguar Land Rover (TAMO.NS) is cutting around 1,000 jobs and production at two of its English factories after a fall in sales which the industry has partly blamed on confusion over government diesel policy, with a tax hike having come into force this month.

    (Reuters)

    US dollar ends higher against rupee

    Mumbai: The US dollar ended higher against the rupee at Rs.66.12 per dollar but the pound sterling turned lower at Rs.92.98 per pound at the close of the Interbank Foreign Exchange (forex) market here today.

    Following are the Interbank forex and RBI rates : (In Rs per unit) Unit Interbank RBI Reference US Dollar 66.12 US Dollar Rs.66.0167 Pound Sterling 92.98/93.00 EURO Rs.81.4580 Euro 81.39/41 Japanese yen(100) 61.46/48.

    (PTI) 

    Iraq oil minister says oil prices are not very high

    Jeddah, Saudi Arabia: Iraqi Oil Minister Jabar al-Luaibi said on Friday oil prices are “not very high” following a tweet by U.S. President Donald Trump criticizing OPEC over artificially high oil prices. 

    “Everything is now fine and the market is stabilizing,” Luaibi who is meeting other ministers in Jeddah, Saudi Arabia. UAE Energy Minister Suhail Mohamad al-Mazrouei also said oil prices were not artificially high.

    (Reuters)

    Kremlin: US is making it hard for Aeroflot crews to get visas

    Moscow: The Kremlin said on Friday that the United States was deliberately making it difficult for Aeroflot crews to obtain U.S. visas and that it was concerned by the situation.

    “This is a deliberate creation of difficulties that lies fully and squarely on the consciences of our American colleagues,” Kremlin spokesman Dmitry Peskov told reporters on a conference call.

    (Reuters)

    Berlin: Merkel likely to discuss Russia during U.S. visit next week

    Berlin: German Chancellor Angela Merkel is likely to discuss Russia when she meets U.S. President Donald Trump in Washington next week, a government spokesman said on Friday. 

    The United States on April 6 imposed sanctions against Russian entities and individuals to punish Moscow for its alleged meddling in the 2016 U.S. election and what the U.S. Treasury Department dubbed other “malign activity.”

    (Reuters)

    Berlin: Journalists visiting Syrian sites inspectors couldn't raises questions

    Berlin: It raises questions that Russian journalists have been able to visit sites in Syria that U.N. chemical weapons inspectors have not, a spokesman for the German Foreign Ministry said on Friday. 

    The United States said on Thursday it had credible information that Russia and Syria are trying to “sanitize” the site of a suspected chemical weapons attack in Syria while also attempting to delay access by inspectors from the Organisation for the Prevention of Chemical Weapons.

    (Reuters)

    U.N.-marked vehicle seen near Syria suspected gas attack site

    Beirut: A U.N.-marked vehicle was in the area close to the site of the suspected chemical weapons attack in Syria’s Douma on Friday under escort from Russian military police, a Reuters witness said. 

    The arrival of the vehicle comes three days after a U.N. security team turned back while doing reconnaissance in Douma for the visit of a team of international inspectors from the Organisation for the Prohibition of Chemical Weapons.

    (Reuters)

    Steinhoff acting chairman: good progress made on the accounting irregularities

    Amsterdam: The acting chairman of Steinhoff (SNHJ.J), Heather Sonn, told shareholders on Friday the company had made “good progress on the accounting irregularities” which led the South African retail group to overstate income and asset values. 

    In a presentation to shareholders, Steinhoff also said an investigation into the company is expected to be completed by the end of the year. The inquiry had already “confirmed a pattern of transactions undertaken over a number of years across a variety of asset classes that led to the material overstatement of income and asset values at the group”, it said. Steinhoff’s accounting problems stretch back to at least the 2015 financial year, it has said. It has asked auditors PwC to get to the bottom of the problems.

    (Reuters)

    Irish firms becoming less spooked by Brexit: Bank of Ireland chairman

    Dublin: Irish firms who held back on investing due to the uncertainty caused by neighbouring Britain’s decision to leave the European Union are beginning to make investment decisions again, Bank of Ireland’s (BIRG.I) chairman said on Friday.

     “In the Republic of Ireland, we have seen a range of customers holding back on investment decisions. However we are seeing a releasing of that, people starting to make investment decisions,” Archie Kane told the bank’s annual shareholder meeting.

     (Reuters) 

    Leaders approve Prince Charles to succeed Queen as Commonwealth head: Sky news

    London: Prince Charles was approved as the successor to Queen Elizabeth as head of the Commonwealth at a meeting of the group’s heads of government in Windsor on Friday, Sky News reported citing unnamed sources.

    There had been calls for the role to be rotated around the 53 member-states, most of which are former British territories, but in recent days the queen, the British government and other leaders have backed Charles to take on the role.

    (Reuters) 

    Kyrgyzstan's parliament names new prime minister

    Bishek: Kyrgyzstan’s parliament named Mukhammedkaliy Abylgaziyev prime minister on Friday after his nomination by the Social Democratic party which leads the ruling coalition.

    Abylgaziyev, previously chief of staff in President Sooronbai Jeenbekov’s office, replaced Sapar Isakov whose cabinet lost a no-confidence vote this week.

    (Reuters) 

    Russian, Austrian FMs discuss peacekeeping mission in Ukraine: RIA

    Moscow: Russian Foreign Minister Sergei Lavrov said on Friday after meeting his Austrian counterpart Karin Kneissl that they had discussed the possibility of the deployment of a peacekeeping mission in east Ukraine, the RIA news agency reported. 

    Lavrov was quoted as saying “we examined the role played by the OSCE in carrying out the Minsk accords, and the possibility of strengthening this role through the adoption of a United Nations Security Council resolution to guard the OSCE special monitoring mission.”

    (Reuters)

    Turkey says enemies see Greece as 'safe haven'

    Ankara: Turkey’s enemies have been seeing Greece as a “safe haven” and the Greek attitude regarding individuals Ankara sees as supporters of a 2016 failed coup damages ties, Turkish Prime Minister Binali Yildirim said on Friday. 

    Speaking to reporters after Friday prayers, Yildirim said it was unacceptable for people who took part in the abortive putsch to be protected by Greece, as ties between Ankara and Athens, neighbours and NATO allies, have soured in recent months.

    (Reuters)

    Trump slams OPEC, says will not accept high oil prices

    Washington: U.S. President Donald Trump on Friday criticized OPEC for rising oil prices that he said were being artificially raised and would not be accepted, as oil prices appeared set for a second consecutive week of gains.

    “Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!” Trump wrote in a post on Twitter.

    (Reuters) 

    TransUnion to buy UK-based Callcredit for $1.4 billion

    Credit reporting agency TransUnion (TRU.N) on Friday said it will buy consumer data provider Callcredit for $1.4 billion to boost its presence in the UK. 

    The deal is expected to close late in the second quarter or early in the third quarter pending regulatory approval, TransUnion said reut.rs/2qLlnt4.

    (Reuters) 

    Hungary PM aide says will not seek job in new government: Media

    Budapest: Hungarian Prime Minister Viktor Orban’s chief of staff Janos Lazar will not seek a role in the new government to be formed by May, news website index.hu cited Lazar as saying on Friday in an interview with a regional radio station. 

    Lazar, a top aide to Orban, who was in charge of European Union development funds as well as the expansion of Hungary’s Paks nuclear power plant, said he was planning to return to his native Hodmezovasarhely in southern Hungary. Orban told public radio earlier that he was planning to reshuffle some positions in the upper echelons of his cabinet, although the government structure would remain largely intact.

    (Reuters)

    RBI sets rupee reference rate at 66.0167 against US dollar

    Mumbai: The Reserve Bank of India today fixed the reference rate of the rupee at 66.0167 against the US dollar and 81.4580 for the euro.

    The corresponding rates were 65.7837 and 81.3876, yesterday. The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 92.7271 and 61.40 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.

    (PTI) 

    GE's profit from continuing operations surges

    Bengaluru: General Electric Co’s (GE.N) quarterly profit from continuing operations more than tripled on Friday, helped by strength in its aviation and healthcare businesses. 

    Earnings from continuing operations attributable to GE shareholders rose to $369 million in the first quarter ended March 31, from $122 million a year earlier. Earnings per share from continuing operations rose to 4 cents from 1 cent, the company said. Total revenue rose 6.6 percent to $28.7 billion.

    (Reuters)

    GM Korea, union will continue talks until Monday afternoon: Union official

    Seoul: General Motors’ (GM.N) South Korean unit and its labor union plan to continue talks until 5 p.m. Seoul time on Monday, a union official said in a text message, amid the move by the U.S. automaker to seek bankruptcy for the loss-making unit.

    GM Korea and its labor union failed to reach a wage deal by the Friday deadline. GM Korea had said it would likely file for court receivership if the deadline passes without a deal. The two sides plan to hold another round of talks on Saturday, the union official said.

    (Reuters)

    Britain says will protect Northern Ireland's place in UK internal market

    London: Britain said on Friday it would protect Northern Ireland’s place in the UK internal market, following a newspaper report that the European Union had rejected Prime Minister Theresa May’s proposals for avoiding a hard border in the province. 

    “We have been clear that we will protect Northern Ireland’s place in the UK internal market,” said a spokesman for the Department for Exiting the EU.  The spokesman was responding to a report in The Telegraph which, citing EU diplomatic sources, said the EU had comprehensively rejected British proposals for Northern Ireland, casting doubt on the UK’s ability to leave the customs union.

    (Reuters)

    Scottish Power becomes third UK firm to raise energy prices

    London: Scottish Power will raise its standard variable domestic gas and electricity prices in Britain by an average of 5.5 percent from June 1, becoming the third firm to announce an increase this month. The move will affect around a third of homes supplied by Scottish Power (around 960,000), Iberdrola-owned Scottish Power said. 

    “The price change follows rising wholesale energy costs and compulsory non-energy costs, such as delivering low-carbon electricity and upgrading meters,” the firm said in a statement. The move follows similar announcements by Centrica-owned British Gas and EDF Energy.

    (Reuters)

    Roadside bomb kills 5 in Afghanistan

    Kabul: Five civilians were killed after a roadside bomb planted by militants struck a vehicle in Afghanistan's Nangarhar province on Friday, an official said. 

    Nine others, including two women and four children, were injured, Xinhua news agency reported. No one has claimed responsibility for the bombing.

    (IANS) 

    Daimler recalls 24,763 Mercedes-Benz cars in Russia: Russian watchdog

    Moscow: Russia’s standards agency said on Friday it had been informed about the voluntary recall by German carmaker Daimler (DAIGn.DE) of 24,763 Mercedes-Benz cars sold from 2014 to 2017.

    The agency said the recall of the cars from a range of models was due to a possible problem with the driver’s airbag.

    (Reuters)

    Ireland's Ion Investment approaches UK's Fidessa for potential deal

    Irish software firm Ion Investment Group Ltd said on Friday it had approached Fidessa Group (FDSA.L) with a proposal to buy the British software firm for 38.703 pounds per share, potentially countering a 1.4 billion pound ($1.96 billion) deal by Switzerland’s Temenos (TEMN.S). 

    Ion said it approached Fidessa’s board and certain shareholders with the proposal, under which Fidessa shareholders would also get a special and final dividend totaling 79.7 pence per share.

    (Reuters)

    China will urge banks to withdraw loans to sectors with excess capacity: Planner

    Beijing: China will encourage financial institutions to withdraw loans from sectors with excess capacity, in a market-based way, the state planner said on Friday. 

    In a statement jointly issued by the industry ministry, finance ministry and other regulators on major tasks of overcapacity cut in 2018, the National Development and Reform Commission also said China will promote mixed-ownership reform of state-owned firms among steel, coal and coal-fired power sectors to speed up the integrated development of those industries. China will also guide local regions and firms to orderly promote coal-fire power projects, the NDRC added.

    (Reuters)

    China will curb financial irregularities from the root: Regulator

    Beijing: China’s banking and insurance regulator said in a statement on Friday it will curb financial irregularities from the root.

    (Reuters)

    North Korean official to hold talks in Russia on labour migrants: RIA

    Moscow: North Korean Deputy Economy Minister Hwang Kun-il travelled to Russia on Friday with a delegation to hold talks on labour migrants, the Russian embassy in Pyongyang said.

    The embassy said on Facebook the talks would be held in Moscow and Vladivostok.

    (Reuters)

    Bayer says Russia grants antitrust clearance for Monsanto takeover

    Frankfurt: Russia’s antitrust regulator FAS has approved Bayer’s BAYGN.DE planned $62.5 billion takeover of Monsanto (MON.N), a Bayer spokesman said on Friday.

    (Reuters)

    South Sudan's army chief General James Ajongo has died: government spokesman

    Juba: South Sudan’s army chief General James Ajongo died in Cairo on Friday following a short illness, government spokesman Michael Makuei Lueth said. 

    “It is with a heavy heart that I announce the untimely death of Gen. James Ajongo Madut, SPLA army’s chief of defense force,” Lueth said. Ajongo joined the Sudan People’s Liberation Army, the formal name of the South Sudanese military, in 1983, when the SPLA was still a rebel group fighting for independence from Sudan.

    (Reuters)

    UK Government Investments appoints new head to manage Britain's RBS stake

    London: UK Government Investments, the body which manages the government’s student loan book and stake in bailed out bank Royal Bank of Scotland (RBS.L), said on Friday it had appointed Charles Donald as head of its financial institutions group.

    Donald, who joins UKGI from Credit Suisse (CSGN.S) where he was vice chairman of UK advisory and corporate broking, will be responsible for managing and selling down the government’s 71 percent stake in RBS. The government has said the stake sale is expected to commence by March 2019. Donald will take up the role in May 2018, replacing Oliver Holbourn, who announced his departure in March.

    (Reuters)

    Hamburg data protection officer opens non-compliance procedure against Facebook

    Berlin: Hamburg’s data protection ombudsman has opened non-compliance procedures against Facebook, which has been accused of abusing its users’ data, a spokesman for the representative said.

    The spokesman for the city’s data protection representative Johannes Caspar - who also coordinates privacy issues relating to Facebook nationwide - said the first step would be to hold a hearing on the accusations. That comes after revelations that the personal information of millions of Facebook users wrongly ended up in the hands of political consultancy Cambridge Analytica. The 87 million Facebook users affected included nearly three million Europeans.

    (Reuters)

    Russia says hard to know if Syria's borders will remain as they are: Ifax

    Moscow: Deputy Foreign Minister Sergei Ryabkov said on Friday Russia did not know how the situation in Syria would evolve in terms of the country maintaining its territorial integrity, the Interfax news agency reported. 

    “We don’t know how the situation is going to develop on the question of whether it is possible to keep Syria as a single country,” the agency quoted Ryabkov as telling Germany’s Deutsche Welle broadcaster.

     (Reuters) 

    Foodgrain prices rule steady

     Chennai: Prices of all commodities ruled steady in the wholesale foodgrains market here today.

    Following are the wholesale rates of various agri-commodities (rates in rupees per quintal, unless stated otherwise): Thoor Dal Rs 6,900, Urad Dal Rs 6,700, Moong Dal Rs 7,000, Gram Dal Rs 4,800, Sugar Rs 3,150, Wheat Rs 2,600, Maida (90 kg) Rs 2,400 and Sooji (90 kg) Rs 3,000. 

    (PTI) 

    Russia says Trump invited Putin to U.S. during phone call

    Moscow: U.S. President Donald Trump invited his Russian counterpart Vladimir Putin to the United States during a phone call, and said he would be glad to see Putin in the White House, RIA Novosti reported on Friday, citing the Russian Foreign Ministry.

    The news agency quoted Foreign Minister Sergei Lavrov as saying Trump returned to the subject of an invitation a couple of times during a phone call with Putin. Trump told Putin he would be happy to make a reciprocal visit to Russia, the RIA news agency quoted Lavrov as saying.

    (Reuters)

    Russia says will not offer to host Trump meeting with North Korea's Kim: RIA

    Moscow: Russian will not offer to host a meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un, Foreign Minister Sergei Lavrov said on Friday, according to the RIA news agency.

    Trump has said he is trying to set up a meeting with Kim to defuse tensions on the Korean peninsula. Lavrov was quoted as saying by RIA that the meeting would be a step away from a military resolution of the situation.

    (Reuters) 

    Naroda Patiya massacre: Gujarat HC acquits Kodnani, convicts Babu Bajrangi

    Gandhinagar: A division bench of the Gujarat High Court on Friday acquitted former Bharatiya Janata Party Minister Maya Kodnani while upholding the conviction of Bajrangi Dal activist Babu Bajrangi in the Naroda Patiya massacre case of 2002. 

    Kodnani was convicted and sentenced to life imprisonment by a trial court for inciting a mob post the Godhra train carnage in 2002. The court found Babubhai Patel alias Babu Bajrangi guilty and upheld his conviction. 

    (IANS) 

    Royal Mail CEO Moya Greene to retire; Rico Back to take over

    Royal Mail plc (RMG.L) said its Chief Executive Officer, Moya Greene, would retire in September, after more than eight years in the top job.

    The postal and parcel delivery company said Rico Back, who is CEO of Royal Mail’s European unit General Logistics Systems, will assume the role of CEO and join the board on June 1..

    (Reuters) 

    Ericsson posts smaller first-quarter loss than expected

    Stockholm: Mobile telecom equipment maker Ericsson (ERICb.ST) reported a lower-than-expected first-quarter operating loss on Friday and said it saw positive momentum in North America.

    Sweden’s Ericsson posted an operating loss of 300 million crowns (£25.3 million), compared to a 11.3 billion loss a year earlier and a mean forecast for a 2.4 billion loss seen in a Reuters poll of analysts.

    (Reuters) 

    Aso-Mnuchin talks to be based on focus on multilateral framework: Japan MOF

    Washington: Talks between Japanese Finance Minister Taro Aso and U.S. Treasury Secretary Steve Mnuchin will be based on the view, shared among the international community, that global imbalances should be dealt with multilaterally, not bilaterally, a senior Japanese finance ministry official said on Thursday.

    Aso and Mnuchin will meet for bilateral talks on Friday on the sidelines of the G20 finance leaders’ gathering, according to the Japanese Ministry of Finance.

    (Reuters) 

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