Month: February 2020

Wells Fargo close to settlements with DOJ, SEC over sales scandal

(Reuters) – Wells Fargo & Co is nearing a settlement with the U.S. Securities and Exchange Commission and the Justice Department (DOJ) over previously disclosed probes into its sales practices, the New York Times reported on Thursday.

The settlements could be announced as soon as Friday, the report said, citing people who spoke on the condition of anonymity, wrapping up one of the last major probes looming over the bank.

Wells Fargo declined to comment on the report.

The San Francisco-based lender had set aside $3.9 billion for the quarter ended June 30 last year to deal with “a variety

This week in Trumponomics: Imploding Democrats

President Trump doesn’t know who to dig up dirt on next. His original target, Joe Biden, has bumbled into fourth place in the Democratic presidential race, and the other Dems are doing Trump’s work for him by destroying each other.

With the Democratic primary elections entering a decisive phase, intraparty warfare is turning Trump’s opposition into a circus. Former New York City Mayor Mike Bloomberg claims to be the only candidate able to run a big enterprise, yet he withered under cross-examination by Elizabeth Warren during a two-hour debate on February 19. A Bloomberg surge in the polls is now

RBI MPC minutes: Economic activity remains weak

RBI Governor Shaktikanta Das, who heads the six-member panel, said “some green shoots are, however, visible”.

Economic activity remains weak and high frequency indicators do not point to “bottoming out” of the downturn, the RBI Monetary Policy Committee noted while keeping the key interest rate unchanged earlier this month.

According to the minutes of the MPC released by the central bank on Thursday, member and RBI Deputy Governor Michael Debabrata Patra observed that economic activity remains weak.

“… there are indications of the momentum of growth stabilising, with sector-specific upticks underlying this guarded optimism, but they are far from gaining

RBI minutes: MPC members sparred on policy space, fiscal line — Full details

On his part, governor Shaktikanta Das said at the latest MPC meeting that, considering the overall evolving growth-inflation situation, it would be prudent to continue the focus on growth in the context of the expected moderation in inflation.

While agreeing that inflation outlook remained ‘highly uncertain’, the members of the Monetary Policy Committee (MPC) sparred at its 21st meeting here between February 4-6, on whether policy space was available for further rate action in the current cycle and if the budget toed the right fiscal line.

Calling the Centre’s fiscal stance for FY20 and FY21, as unveiled in the recent

Address GST ambiguity in new policy: Gujarat textile units to ask Centre

Suggestion for one-nation one-power tariff for the sector was also welcomed during the meeting.

In view of upcoming Textile Policy-2020, Gujarat-based textile industry has decided to make presentation before the Union ministry of textile to address the issue of different slabs of good and services tax (GST) on textile value chain.

Currently, different slabs are applicable on raw material, yarn and grey fabric, says Ketan Desai, president of South Gujarat Chamber of Commerce (SGCCI), adding that on raw material, GST is as high as 18%, GST on yarn is 12% and on fabric, it has been kept at 5%.


Tit-for-tat: Govt to bar telecom vendors of countries that disallow purchase from Indian firms

The Department for Promotion of Industry and Internal Trade identifies DoT as the nodal department for implementing the provisions related to procurement of goods, services or works related to the telecommunication sector.

The Department of Telecom will bar telecom vendors of those countries that would disallow or exclude Indian suppliers from providing network gears used for wifi, fixed line and cellular networks, including 5G services, in their respective local markets, according to an official order.

The order is part of government’s Public Procurement (Preference to Make in India) order 2017 which envisages to source domestically manufactured products to encourage

RBI clears Sunil Gurbaxani appointment as Dhanlaxmi Bank MD

During the third quarter ended December, the bank reported a 26 per cent rise in net profit to Rs 21.28 crore for the third quarter ended December.

Reserve Bank of India (RBI) on Thursday approved appointment of Sunil Gurbaxani as managing director and CEO of Dhanlaxmi Bank.

Gurbaxani is working with Axis Bank at present.

“RBI has approved the appointment of Sunil Gurbaxani as Managing Director and CEO of the Bank for a period of three years from the date of taking charge,” Dhanlaxmi Bank said in a regulatory filing.

Dhanlaxmi Bank was removed from the RBI

Coronavirus impact: Durables, drugs, electronics to run out of steam with 70% import dependence, warns Crisil

Coronavirus epidemic that has stalled large parts of China will jeopardise many domestic sectors that are heavily dependent on Chinese inputs. (Reuters)

The coronavirus epidemic that has stalled large parts of China, if not contained quickly will jeopardise many domestic sectors that are heavily dependent on Chinese inputs warn analysts at Crisil. In terms of shipments from China, imports of solar panels stand at 75 per cent, bulk drugs ingredients 69 per cent, electronics 67 per cent and consumer durables 45 per cent being the worst hit. The epidemic has already killed over 2,110 in China alone and infected close

Tesla’s Secret Weapon In The EV Revolution

The future of electric vehicles around the world depends on China. While Europe has long been at the forefront of the electric car industry, with Tesla leading the charge, almost all of those European EV companies have to go through China at some point in the production process, as Chinese industry has a veritable chokehold on one of the essential components of the standard electric car. 

As Oilprice reported back in 2018, “China Indirectly Controls EV Markets” through the nearly monopolized production of electric car batteries. “The European market should start contending with the likely outcome that European

Icahn Suggested HP Buy Xerox With Offer About to Go Public

(Bloomberg) — Xerox Holdings Corp.’s largest shareholder made a suggestion as the printer maker was preparing to go public with its takeover offer for HP Inc. in November: buy us instead.

Activist investor Carl Icahn raised the idea of HP acquiring Xerox for $45 a share in a phone call with HP Chief Executive Officer Enrique Lores in November, according to people familiar with the matter. HP executives viewed the proposal as over-valuing Xerox and decided not to pursue it, said the people, who asked to not be identified because the matter isn’t public.

Icahn, who owns about 11% of