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U.P. Govt cancels Purvanchal Expressway bids

Co's Rs 1,740 Cr bid for expressway section cancelled

U.P. Govt to re-invite bids for expressway project


Settles Abraxane patent dispute with Celgene Corp

Partner Apotex may sell generic of Abraxane in U.S.


Telecom Department may clear Vodafone-Idea merger today



Dr. Reddys new drug hits legal hurdle

U.S. court issues restraint order following patent litigation over Suboxone

Company remains confident in its legal positions on this patent Court order does not include a prohibition on commercial manufacturing of the product

The court has scheduled an expedited hearing of the preliminary injunction for June 28 Ruling is expected soon thereafter


Board mulls reshuffle of top management

ICICI Prudential Life Chief Bakshi may be named ICICI bank interim


    35,548.26 73.88   (-0.21 %)

    10,799.85 17.85   (-0.17 %)
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News In Brief


    Turkey's Erdogan says Kurdish groups leaving Manbij area

    Istanbul: Turkish President Tayyip Erdogan said on Monday that Syrian Kurdish militia fighters were leaving northern Syria’s Manbij area. 

    Turkey’s armed forces announced earlier that Turkish and U.S. soldiers had started independent patrols along the line separating Turkish-controlled areas from the town of Manbij where Ankara says Kurdish YPG militia fighters are based. Turkey considers the YPG a terrorist group. Erdogan made the comments in a campaign rally in the northern province of Ordu.


    Capita awarded UK defence ministry contract, beating Serco, union says

    Edinburgh: British outsourcer Capita (CPI.L) has been awarded a British Ministry of Defence contract to provide defence workers and firefighters, beating rival Serco (SRP.L), union Unite said on Monday. 

    Capita, which is undergoing a large scale restructuring, was not immediately available to comment. The union described the government’s decision in the wake of the collapse of rival Carillion earlier this year as “wrong-headed and alarming”.


    Havells India appoints Mukul Saxena as executive vice president, CTO

    New Delhi: Consumer electric goods maker Havells India Ltd has appointed Mukul Saxena as executive vice president and chief technology officer (CTO) of the company.

    Saxena will head Havells' Centre for Research and Innovation (CRI) function, and will further augment company's customer centric innovative approach, the company said in a statement.


    Tapp Me to expand into 6 new cities, hire 500 technicians

    New Delhi: Gurgaon-based Tapp Me today said it plans to expand its operations to six new cities including Indore, Chandigarh and Lucknow and will hire about 500 technicians over the next one year.

    The company, which allows consumers to find technicians through its platform, currently has around 200 people on its payroll and on contract basis. "The company plans to launch in Indore, Chandigarh, Lucknow, Bhopal, Raipur and Surat in two phases," Tapp Me said in a statement.



    ICICI Bank chief financial officer N S Kannan to replace Bakhshi

    New Delhi: ICICI Bank chief financial officer N S Kannan to replace Bakhshi as ICICI Prudential Life as MD & CEO.


    Chanda Kochhar to continue as MD and CEO: ICICI bank

    New Delhi: Chanda Kochhar to continue as MD and CEO, to go on leave till completion of internal enquiry, says ICICI Bank.


    ICICI Bank appoints Sandeep Bakhshi as COO

    New Delhi: ICICI Bank appoints Sandeep Bakhshi as wholetime director and Chief Operating Officer, says Statement.


    Fujifilm sues Xerox over aborted merger

    Fujifilm Holdings Corp (4901.T) sued Xerox Corp (XRX.N) on Monday for well over $1 billion plus punitive damages, accusing it of succumbing to pressure to activist investors Carl Icahn and Darwin Deason in abandoning a proposed $6.1 billion merger. 

    The lawsuit was filed with the U.S. District Court in Manhattan.


    German conservative allies want to cut number of migrants: Merkel

    Berlin: German Chancellor Angela Merkel said on Monday that both parties in her conservative CDU/CSU bloc have the common goal of better organising immigration and significantly reducing the number of people entering Germany.

    Merkel said German authorities would not let in migrants who had already registered in other European countries, but also stressed that there would not be an “automatic mechanism” to reject refugees at the border.


    Russia's Lavrov, US Pompeo discuss Syria, Koreas by phone: Russian ministry

    Moscow: Russian Foreign Minister Sergei Lavrov and U.S. Secretary of State Mike Pompeo spoke by telephone on Monday and discussed Syria and problems of the Korean peninsula, the Russia’s foreign ministry said. 

    They also spoke about the schedule of political contacts between Moscow and Washington in the nearest future and bilateral relations, the ministry said in a statement.


    Square obtains NY State cryptocurrency license

    New York: Square Inc (SQ.N), the payments company founded by Twitter Inc (TWTR.N) CEO Jack Dorsey, has obtained a license to offer New York state residents the ability to buy and sell bitcoin through its Cash App, the company said on Monday. 

    This makes Square the ninth firm to have obtained a so-called “Bitlicense” by the New York State Department of Financial Services.


    Taxi driver says drove into people in Moscow after mixing up pedals

    Moscow: A Kyrgyz taxi driver who drove his car into pedestrians near the Kremlin told a Moscow court on Monday he had mixed up the accelerator and brake pedals because he had not slept for two days before the accident on Saturday. 

    The driver, Chingiz Anarbek, said he understood his guilt and apologized for injuring people. According to Russian officials, up to seven people were hurt, including two Mexicans who came to Moscow for the soccer World Cup which Russia is hosting.


    WDM witnesses trade worth Rs 1,386.57 cr on NSE

    Mumbai: Wholesale debt market segment of the National Stock Exchange today witnessed a total turnover of Rs 1,386.57 crore in 33 trades.

    Top securities (nn-repo) traded at the WDM were: The 7.17 per cent Government security maturing in CG2028 traded value of Rs 105.00 crore at weighted yield of 7.84 per cent, and the 364-days Treasury Bills (Issue No.130619) traded at Rs 161.57 at weighted yield of 7.07 per cent,NSE re;ease said.


    US dollar ends cheaper against rupee

    Mumbai: The US dollar ended cheaper against the rupee at Rs 67.99/68.01 per dollar and the pound sterling also finished lower at Rs 90.09/11 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 67.99/68.01 US Dollar Rs 68.0248 Pound Sterling 90.09/11 EURO Rs 78.8543 Euro 78.96/98 Japanese yen (100) 61.55/57.


    Essel Mutual Fund launches equity multicap fund

    New Delhi: Essel Mutual Fund today launched 'Essel multi-cap fund', which is an open ended equity scheme investing across large cap, mid cap, small cap stocks. NFO opens on June 18 and will close for subscription on July 2.

    "We have almost tripled our assets under management after the change of our name to Essel Mutual Fund. Our aim is to have an AUM of around Rs 10,000 crore in the next 12 months. The new fund is the second one this year," the company said.


    US Supreme Court to review scope of investor protection laws

    Washington: The U.S. Supreme Court on Monday agreed to hear an appeal by a New York investment banker banned from the industry by the Securities and Exchange Commission in a case that could limit the scope of those who can be held liable under laws protecting investors from securities fraud. 

    The justices will review a lower court ruling that upheld most of the SEC’s liability findings against Francis Lorenzo, who served as the investment banking director at a broker-dealer called Charles Vista that was expelled from the securities industry in 2014. The case involved misleading emails he sent to investors about a financially struggling clean-energy company.


    RBI sets rupee reference rate at 68.0248 against dollar

    Mumbai: The Reserve Bank of India today fixed the reference rate of the rupee at 68.0248 against the US dollar and 78.8543 for the euro. 

    The corresponding rates were 67.9739 and 78.6050, as on June 15, 2018. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 90.2485 and 61.55 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.



    Wall Street falls as US-China trade spat intensifies

    U.S. stocks fell at the open on Monday as a trade dispute between the United States and China intensified following Beijing’s retaliation to tariffs imposed by President Donald Trump. 

    The Dow Jones Industrial Average fell 208.44 points, or 0.83 percent, at the open to 24,882.04. The S&P 500 opened lower by 18.55 points, or 0.68 percent, at 2,761.11. The Nasdaq Composite dropped 53.82 points, or 0.69 percent, to 7,692.55 at the opening bell.


    Israel says indicts ex-cabinet minister over alleged spying for Iran

    Jerusalem: Israel has indicted a former Israeli cabinet minister on suspicion of spying for Iran, Israel’s Shin Bet internal security service said on Monday. 

    In a statement, the Shin Bet said Gonen Segev, who served as energy minister in the mid-1990s and had been living in Nigeria, “was recruited by Iranian intelligence and served as an agent”. He was arrested during a visit to Equatorial Guinea in May and extradited to Israel, where he was indicted on Friday.


    Turkey and US forces begin patrols near Syria's Manbij, Turkish military says

    Istanbul: Turkish and U.S. soldiers began patrols in northern Syria on Monday along the line between the town of Manbij and a neighbouring region under Turkey’s control, as part of a deal reached by the two countries, the Turkish military said. 

    In a statement released on its Twitter account, the military said the patrols were being conducted independent of each other along the line between Manbij and the area of which Turkey seized control in its “Euphrates Shield” operation.


    Iraqi Shi'ite paramilitaries say US strike kills 22 of their fighters

    Baghdad: Iraq’s Popular Mobilisation Forces, a grouping of mostly Iran-backed Shi’ite paramilitaries, said on Monday a U.S. air strike on the Iraqi border with Syria killed 22 of its members and wounded 12 others. 

    “At 10 pm last night a U.S. plane hit a standing headquarters of the Popular Mobilisation Forces defending the border strip with Syria, using two guided missiles, which led to the martyrdom of 22 fighters,” it said in a statement. It demanded an explanation from the United States.


    Turkish PM says soldiers began duties in Syria's Manbij: NTV

    Istanbul: Turkish troops have begun carrying out duties in the northern Syrian town of Manbij, Turkish Prime Minister Binali Yildirim was reported as saying by NTV on Monday. 

    The broadcaster earlier cited local sources as saying Turkish soldiers had entered the outskirts of Manbij as part of a deal agreed with the United States.


    ECB rate hike decision likely around autumn of 2019: Vasiliauskas

    Vilnius: The wording of the European Central Bank’s interest rate guidance suggests a decision on a possible hike around the autumn of 2019, Governing Council member Vitas Vasiliauskas said on Monday. 

    The ECB last week said it expected its key interest rates to stay unchanged at least “through” the summer of 2019, leaving investors guessing whether it could mean a decision during the summer or only later. “We said “through the summer”, but as traditionally there is no meeting in August, it is obvious that we could talk about September-October,” Vasiliauskas told reporters. “I’d say it goes towards autumn.”


    General Electric to cut 1,200 jobs in Switzerland

    General Electric will cut 1,200 jobs in Switzerland at its troubled power generation business, about 200 fewer than its original proposal, the U.S. industrial conglomerate said on Monday.

    GE had announced plans in December to cut as many as 4,500 jobs in Europe - including 1,400 in Switzerland - as it aims to reduce its global footprint by 30 percent. The company has a workforce of about 4,200 in Switzerland. The cuts will affect 920 employees in Baden, 230 in Birr and 50 in Oberentfelden, Swiss labor union Unia said separately.


    British citizen detained in Russia after incident on World Cup train: Embassy

    Moscow: The British Embassy in Moscow said on Monday that a British citizen had been detained in Russia after an incident on a train travelling to the Russian city of Volgograd for the World Cup, Interfax news agency reported. 

    A source with knowledge of the matter previously told Reuters two British men were removed from the train.  The first British man got into an altercation with a police officer on board the train and was detained, the source said. The second man hurt his hand and has been discharged from hospital, according to the source.


    ItzEazy, Quikr tie up for passport, RTO services

    New Delhi:, a startup that works on easing government documentation, and online classified, have partnered to offer RTO and passport services.

    While Quikr will be focusing on marketing, ItzEazy will be looking after the service delivery for the same, ItzEazy said in a statement. ItzEazy operates across over 200 cities while Quikr has a footprint across 1,000 cities. 


    KPMG launches 'one M&A initiative'

    New Delhi: KPMG India today introduced a new service for deal making-- 'one M&A initiative--with an aim to tap and leverage the growing transactions space in the country.

    The new initiative will aim to provide clients a full suite of deal advisory related services. One M&A will include all components of a deal ecosystem right from inception of transaction to post-deal activities, all of which will come together and work as one seamless team under a common leadership and go to market strategy.



    Yes Bank gets Sebi nod for custodian services

    New Delhi: Private sector lender Yes Bank today received Sebi nod for acting as a custodian of securities, which will complement its capital market offerings and help it get domestic and foreign investments into the domestic markets.



    Pirmal Capital extends Rs 200 cr loan to Appaswamy Group

    Mumbai: The Ajay Piramal-led Piramal Enterprises today sanctioned a Rs 200-crore debt facility to the Appaswamy Group for acquiring 3.34 acres in Chennai.

    The disbursement has been carried out through the group subsidiary Piramal Capital & Housing Finance through a structured equity transaction, a release said. Appaswamy, which has completed over 10 million sqft of development till date, acquired this land parcel from the TVH Group and plans to develop a premium residential project with potential sales revenue totaling in excess of Rs 1,000 crore.



    Canada's Magna forms JVs to make electric cars in China

    Canadian auto parts supplier Magna International Inc (MG.TO) said on Monday it would set up two joint ventures with Beijing Electric Vehicle Co to build electric cars in China. 

    The JVs are expected to take over an existing manufacturing facility in Zhenjiang, Jiangsu, owned by the BAIC Group, the parent of Beijing Electric Vehicle Co. The first production vehicles are planned for 2020, the companies said.


    PM May's healthcare funding rise wins broad cabinet support: Spokesman

    London: British Prime Minister Theresa May’s pledge to increase healthcare funding by 20 billion pounds won broad approval from her cabinet of top ministers on Monday, her spokesman said.

    “There was broad support in cabinet for the plans which have been set out today by the prime minister and the health secretary,” the spokesman told reporters.  “They were all supportive both of the funding ... and the scale of the announcement ... The chancellor will be coming forward with further detail on the funding arrangements later in the year.”


    EU gives Britain's Wylfa nuclear project positive environmental opinion

    London: The European Commission issued a “positive” opinion on a British nuclear power plant project to be built by Hitachi’s Horizon, saying it would not have health or environmental impacts on other member states.

    Horizon said the positive opinion was a “crucial enabler” for British environmental permits that it was seeking before it could begin the Wylfa Newydd project in Wales, intended to join a new fleet of nuclear power plants in Britain. Earlier this month, the British government said it would consider investing directly into the plant prompting Horizon to move ahead with the project by submitting applications for a host of permits.


    Dutch prosecutor - Man who drove into concert-goers turned himself in

    Amsterdam: A 34-year-old Dutchman turned himself in to police hours after driving a delivery van into concert-goers, killing one and critically injuring three others, prosecutors said on Monday. 

    Prosecutor Daniela Weymar told journalists the man, who had driven away from the scene of the incident, had turned himself in to police in the capital, Amsterdam, and was taken into custody. Police said earlier that it was not clear whether the van driver had hit the group at the Pinkpop event intentionally or by accident.


    North, South Korea agree to joint sports events

    Seoul: North and South Korea agreed to hold a joint basketball match in Pyongyang and to form some combined teams at August’s Asian Games in Indonesia, the two countries announced on Monday, after a day of negotiations at their shared border. 

    The two countries also agreed that they would march together at the Asian Games as a sign of unity, they said in a joint statement. The agreement comes as the two Koreas are holding a number of talks to discuss deepening their ties, including opening military hotlines and arranging family reunions for Koreans divided by the 1950-1953 Korean War.


    Palestinian killed in border fence explosion: Israeli military

    Gaza: A Palestinian was killed on Monday when a part of Israel’s fortifications on the Gaza Strip border blew up as he tampered with it, the Israeli military said.

    The 24-year-old man’s death in northern Gaza followed a more than two-month surge in tensions along the frontier, where Israeli troops have killed at least 125 Palestinians during sometimes violent mass demonstrations.


    Ex-Carrefour CEO Plassat joins Degroof Petercam

    Paris: Former Carrefour (CARR.PA) chief executive Georges Plassat has joined Belgian private bank Degroof Petercam as a senior advisor, a spokeswoman for the bank said on Monday. 

    “Georges Plassat will bring his in-depth knowledge of the retail sector. This nomination is in line with the strategy of Degroof Petercam to become an independent leader in investment banking in Europe,” the spokeswoman said. Carrefour said on Saturday that Plassat, who stepped down in July 2017, would give up part of his departure package after facing pressure from unions, employers’ bodies and the government over his payout.


    Three people killed by a train in south London

    London: Three people have died after they were hit by a train in south London on Monday, with police treating the deaths as unexplained. 

    British Transport Police said they were called to Loughborough Junction, a station on a busy commuter trainline near Brixton, at 0630 GMT, where three people were pronounced dead at the scene. “My team are now working hard to understand what happened and how these three people came to lose their life on the railway,” Gary Richardson from British Transport Police said in a statement.


    Georgia's likely next PM says will cut number of ministries to 11

    Tbilisi: Georgia plans to reduce the number of ministries in a new government to 11 from 14 to cut costs, its likely next prime minister Mamuka Bakhtadze said on Monday. 

    The ruling party has named Bakhtadze, a former finance minister, as its candidate to replace Giorgi Kvirikashvili, who quit last week after a disagreement with party leader, Bidzina Ivanishvili, Georgia’s richest man. Bakhtadze did not say which ministries would be cut.


    Sensex sheds 73.88 points to end at 35,548.26

    New Delhi: Sensex sheds 73.88 points to end at 35,548.26, while Nifty falls 17.85 points to 10,799.85.


    Arrested Audi CEO to be questioned by Wednesday: German prosecutor

    Mumnich: Audi Chief Executive Rupert Stadler will be questioned by Wednesday at the latest, once he has had a chance to confer with his lawyers, the Munich prosecutors’ office said, following his arrest earlier on Monday.

    Stadler was arrested on fears he would hinder an ongoing investigation into systematic diesel cheating, plunging parent company Volkswagen (VOWG_p.DE) into a leadership crisis.


    Two British men removed from World Cup train to Volgograd: Source

    Moscow: Two British men were removed from a train travelling to the Russian city of Volgograd for the World Cup, a source with knowledge of the matter told Reuters. 

    The first British man had an altercation with a Russian police officer on the train and was detained, the source said. The second man hurt his hand and has been discharged from hospital, according to the source. England face Tunisia in their opening World Cup match in Volgograd on Monday.


    UAE hopes UN can convince Yemen's Houthis to cede Hodeidah: Official

    Dubai: The United Arab Emirates hopes that the U.N. special envoy to Yemen can convince the Iran-aligned Houthi movement to cede control of the main port city of Hodeidah, a senior official said on Monday. 

    “We are still counting on the U.N. attempt to pull a rabbit out of a hat,” UAE Minister of State for Foreign Affairs Anwar Gargash told reporters in Dubai, warning the Houthis that their days in Hodeidah “are numbered”. U.N. enovy Martin Griffiths arrived in the Houthi-held Yemeni capital Sanaa on Saturday as a Saudi-led coalition battled to take over Hodeidah in an offensive the United Nations says could trigger a famine imperiling millions of life.


    Munich prosecutors say Audi CEO arrested on risk he may suppress evidence

    Frankfurt: Munich prosecutors said that Audi Chief Executive Rupert Stadler was arrested on Monday because investigators saw the risk that he might seek to suppress evidence in connection with a diesel emissions probe. 

    “The suspect has been seen by a judge, who has ordered him to be remanded in custody,” the prosecutors’ office said in a statement. The prosecutors’ office last week widened its emissions cheating probe into Volkswagen’s (VOWG_p.DE) luxury brand Audi to include Stadler among the suspects accused of fraud and false advertising.


    Audi CEO arrested: Volkswagen

    Frankfurt: Audi Chief Executive Rupert Stadler was arrested on Monday, a spokesman for parent company Volkswagen (VOWG_p.DE) said. 

    “We confirm that Mr Stadler was arrested this morning. The hearing to determine whether he will be remanded is ongoing,” the spokesman said, adding that the presumption of innocence applied to Stadler’s case. Audi had no immediate comment. Munich prosecutors and Stadler himself were not immediately available for comment.


    Saudi-led coalition taking 'gradual' approach to Yemen's Hodeidah fight, says UAE

    Dubai: A Saudi-led coalition fighting Iran-aligned Houthis for control of Yemen’s main port city of Hodeidah will take a “calculated and gradual” approach to the battle, a senior United Arab Emirates official said on Monday. 

    Minister of State for Foreign Affairs Anwar Gargash said the military alliance led by Saudi Arabia and the UAE was taking into consideration a “fragile humanitarian situation”, avoiding civilian casualties in addition to military calculations. Gargash, speaking to reporters in Dubai, estimated the number of Houthi fighters in Hodeidah at between 2,000 to 3,000. He declined to reveal the size of coalition forces but said they had “numerical superiority”.


    Bavarian premier promises 'strong signal' on migration

    Berlin: Bavaria’s Christian Social Union (CSU) will decide on Monday whether to insist on a policy of turning back some refugees at Germany’s border, state premier Markus Soeder said.

    But he added that it would be for his party ally, federal Interior Minister Horst Seehofer, to decide whether and how to implement a policy that could rupture the CSU’s decades-old alliance with Chancellor Angela Merkel’s Christian Democrats. “Today, we are sending a signal of resolve,” Soeder told reporters as he arrived for a party presidency meeting in Munich. “Today, we will decide whether to do this, and then it will be for the interior minister to decide on implementation.”


    UN rights boss takes aim at US migration policy, China, Myanmar in final speech

    Geneva: The top U.N. human rights official called on the United States on Monday to halt its “unconscionable” policy of forcibly separating children from migrant parents irregularly entering the country via Mexico.

    Zeid Ra’ad al-Hussein, U.N. High Commissioner for Human Rights, in his final speech to the U.N. Human Rights Council, also said that widespread violations continued in North Korea and against Rohingya in Myanmar. He accused China of preventing independent activists from testifying before U.N. rights bodies. He urged the 47-member Geneva forum to set up international commissions on alleged violations in Venezuela and Nicaragua, receiving a standing ovation at the end of his lengthy remarks.


    Spanish king's brother-in-law turns himself in to serve prison sentence

    Madrid: The brother-in-law of Spain’s king has turned himself in to authorities to serve a five-year, 10-month prison sentence for crimes including tax fraud and embezzlement, a prison system spokesman said on Monday.

    Inaki Urdangarin signed himself into the Brieva prison in Avila at around 8:00 am (0600 GMT). He had been given five-day deadline last Tuesday to appear at a penal institution of his choosing.


    Tokyo's Nikkei share average closes down 0.75 percent

    Japan's benchmark Nikkei average .N225 closed down 0.75 percent at 22,680.33 on Monday, while the broader Topix .TOPX shed 0.98 percent to 1,771.43.


    Foodgrain prices ruled steady

    Chennai: Prices of all commodities in   the wholesale foodgrain market here today.

    Following are the wholesale rates of various   agri-commodities (rates in rupees per quintal, unless stated   otherwise): Thoor Dal Rs 6,700, Urad Dal Rs 6,700, Moong Dal   Rs 6,900, Gram Dal Rs 4,500, Sugar Rs 3,600, Wheat Rs 2,900,   Maida (90 kg) Rs 2,500 and Sooji (90 kg) Rs 3,000. 


    Bus strikes Dutch concert-goers, kills one, wounds three: Police

    Amsterdam: A bus struck four people at a Dutch concert in the early hours of Monday morning, killing one and wounding three, police said on Tuesday.

    A police statement said the bus drove away from the scene and is being sought. Other media reports described the vehicle as a small white bus.  The incident took place at the “Pink Pop” concert, a popular festival being held in Limberg province in the south of the Netherlands.



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