Month: August 2020

Wirecard Inquiry Probes Why Germany Missed Fraud of Century

(Bloomberg) — Germany’s blame game over Wirecard AG’s collapse is focusing in on the question of why authorities failed to take a harder look at the payments company before it became the country’s biggest accounting scandal in living memory.Lawmakers will question a top adviser to Chancellor Angela Merkel on Monday in Berlin before grilling financial industry watchdogs the following day as the fraud that burned investors engulfs the country’s political establishment. If the hearings go badly, parliament may start a deeper investigation as the country prepares for the post-Merkel era with an election due next year.Wirecard’s crash from rising star …

All eyes on agriculture: August rainfalls hit 4-decade high; Kharif crop sowing tops last year mark

This year, agriculture is in focus because of the otherwise bleak economic outlook.

India has recorded August rainfalls at four decade high this year with the monsoon season remaining robust in 2020 despite occasional hiccups a few weeks before. “Monsoon rains continued a strong run, with rainfall in August now the strongest it has been in 44 years, according to IMD,” a report by Barclays said on Monday. The Kharif crop sowing has also crossed the average area sown mark and has also surpassed last year’s area sown. Crop sowing remains robust, and 100% of the total area normally sown

Flipkart’s B2B marketplace for kiranas, small sellers now operational; begins serving these cities

Flipkart Wholesale has started operations in Delhi, Gurugram and Bengaluru as of now. Image: Reuters

Technology for MSMEs: Walmart-owned Flipkart has launched operations of its business-to-business (B2B) marketplace for kiranas and small sellers – Flipkart Wholesale. The launch comes over a month after Flipkart had announced the new marketplace while notifying the acquisition of Walmart India’s wholesale business that operates 28 Best Price cash and carry wholesale stores offering nearly 5,000 items. Flipkart Wholesale is “now serving Delhi, Gurugram and Bengaluru,” the website read. While Flipkart had said that it will begin with the pilot service for the grocery

Is Big Oil Still a Big Deal?

(Bloomberg Opinion) — From Monday there will be just one oil company in the Dow Jones Industrial Average — Chevron Corp. The removal of Exxon Mobil Corp. from the index after an uninterrupted presence since 1928 shouldn’t come as a surprise. It’s not the end of Big Oil, but it may signal the start of the beginning of the end.It may seem odd to remove one of only two oil companies in the index at a time when the shale boom has transformed America's role in the global market. After all, the U.S. now produces more oil and more natural …

Fiscal deficit likely to touch 7% in FY21 against 3.5% budget estimate

Brickwork Ratings expects the economy to gradually pick up from the third quarter of this fiscal.

India’s fiscal deficit is expected to touch 7 per cent of GDP in 2020-21 fiscal as against budget estimate of 3.5 per cent, with revenue collections being hit amid disruptions in economic activities due to lockdowns, according to Brickwork Ratings.

“The impact of the lockdown on economic activity shows up starkly in the trends in the central government revenue collection during the first three months of fiscal 2020-21,” the agency said in a report.

As per data released by the Controller General of Accounts

Telecom industry revenue expected to rise 14-15% in current fiscal: COAI

The newly appointed Director General of Cellular Operators’ Association of India (COAI) S P Kochhar told PTI that any duopoly situation in the current three-player private telcos market can “never be a good thing”.

Telecom industry’s revenues are expected to rise 14-15 per cent in the current financial year led by some uptick in average revenue per user, though the subscriber base may remain flat with rural growth offsetting SIM consolidation in urban locations, apex association COAI estimates.

The newly appointed Director General of Cellular Operators’ Association of India (COAI) S P Kochhar told PTI that any duopoly situation in

BlackBerry Announces Redemption of Existing Convertible Debentures and Provides Update on Issuance of New Convertible Debentures

WATERLOO, Canada, Aug. 28, 2020 /CNW/ — BlackBerry Limited (NYSE: BB; TSX: BB) today announced the amendment of the indenture governing its outstanding 3.75% unsecured convertible debentures (TSX: BB.DB.V) (the “3.75% Debentures”) to permit the optional redemption of the 3.75% Debentures prior to November 13, 2020.  Additionally, a notice of redemption has been issued to holders of the 3.75% Debentures pursuant to which BlackBerry will redeem the entire outstanding principal amount of the 3.75% Debentures on September 1, 2020 (the “Redemption Date”).  The outstanding principal amount of the 3.75% Debentures is US$605 million.

BlackBerry Logo Black (PRNewsfoto/Blackberry

PSU capital spending, funds leverage may boost India’s GDP by 2-3%: PESB chief Rajiv Kumar

Central public sector enterprises, which have a combined net worth of close to Rs 12 lakh crore, can boost India’s GDP by 2-3 per cent by leveraging funds and stepping up capital expenditure, Public Enterprises Selection Board (PESB) chairman Rajiv Kumar has said. He also exhorted public sector firms to “rise to the occasion” and play their part in building an ‘Aatamanirbhar Bharat’.

Besides, with an aim to address the talent shortage and promote transparency in board-level appointments of central public sector enterprises (CPSEs), the PESB chairman has suggested numerous measures including creating wider talent pool, allowing lateral entry for

BSNL amends Permanent Disconnection Schedule for Landline, Broadband, FTTH Subscribers

BSNL currently has a pay-by-date limit of 21 days from the invoice date for all of its landline, wireless and FTTH subscribers.

Bharat Sanchar Nigam Limited (BSNL) has updated the pay-by-date and fiber-to-the-home ( FTTH) connections threshold for non-payment of duties. The state-owned operator has also updated the disconnection plan in the event of non-payment. The reforms, which are in effect across all BSNL channels, are aimed at “maximizing the efficiency of cash flow and collection as well as reducing the number of unpaid bills” by landline, broadband and FTTH subscribers. The latest move is coming just weeks after BSNL

Apple and Tesla split their shares, but does it matter?

By John McCrank

NEW YORK (Reuters) – Shares of Apple Inc <AAPL.O> and Tesla Inc <TSLA.O> will be less costly on Monday as pre-announced stock splits take effect, in theory making them more accessible to retail investors, but as more brokers offer fractional shares, some in the market question the need.

Investors cheered the Apple and Tesla announcements, helping extend a rally in the companies’ shares, which along with many other technology firms, have soared in value as the market emerged from its pandemic-induced depths in March.

That made owning a piece of these companies seem out of reach of