Around the Globe

Around the Globe

Britain will leave EU single market

Britain will leave the EU’s single market when it exits the European Union, prime minister Theresa May (in pic) said on Tuesday, putting an end to speculation that London might try to seek a “soft Brexit.”
In a long-awaited speech, in which she sought to define the country’s future as a global player that aims to trade freely far beyond Europe, May said the final exit deal would be put to the Parliament for a vote.

Xi red flags protectionism, pushes back against Trumpism

Chinese President Xi Jinping cautioned against protectionism as he pushed back against criticism of globalisation by Donald Trump and other Western populists. “Protectionism is like locking yourself in a dark room, which would seem to escape wind and rain, but also block out the sunshine,” Xi told the World Economic Forum on Tuesday, the first Chinese head of state to address the annual gathering in the Alpine resort town of Davos. “No one is a winner in a trade war.”

Akhilesh to lead SP, Cong tie-up in state

After clinching the election symbol “cycle” from his father, new Samajwadi Party chief Akhilesh Yadav has stitched together an alliance with the Congress to take on a resurgent Bharatiya Janata Party (BJP) and comeback hopeful Bahujan Samaj Party (BSP).
Senior Congress leader Ghulam Nabi Azad formally made public the alliance with the Samajwadi Party confirming what had been a foregone conclusion.

NBCC bags Rs 4,441 cr contract to re-develop AIIMS colonies

State-owned real estate major NBCC has bagged a Rs 4,441 crore-contract to redevelop AIIMS residential colonies in West Ansari Nagar and Ayur Vigyan Nagar here. Under the contract, NBCC will build 3,928 new houses comprising type II to type VI category flats in place of the existing 1,444 houses. Smart city features like solar lighting, heating and wastewater recycling will also be included in the redevelopment plan.

BAT clinches Reynolds with sweetened $49.4b buyout deal

British American Tobacco reached agreement to buy full control of Reynolds American with a sweetened $49.4 billion offer, bringing a successful end to almost three months of bartering with the maker of Camel cigarettes.
BAT increased the cash element of a cash-and-share bid for the 58 per cent of Reynolds that it doesn’t already own. The new offer values each Reynolds share at $59.64, the London-based company said on Tuesday, about 5.6 per cent more than the $56.50 it proposed on October 21 last year.

Change of guard at two behemoths imminent

A change of guard seems imminent at two leading India Inc. companies. While SN Subrahmanyan, deputy managing director and president, Larsen & Toubro (L&T), will take over as the chairman of the $16 billion engineering and construction powerhouse from AM Naik (74), on October 1, come February and Virginia House, headquarters of the cigarette-to-hotel-to-FMCG major ITC, will also have a new boss after two decades.

Hawala operators laundered Rs a1,600cr through shell firms

As it scans and analyses millions of banking transactions post-demonetisation, the income tax (I-T) department has found dozens of shell companies which have been used by hawala operators to launder black money to the tune of Rs 1,600 crore.

IDS disclosures valid if taxes realised by December 5: CBDT

In a minor relaxation to IDS tax payment rules, the Income Tax Department has said disclosures under the scheme will be considered valid even if the tax amount has been realised by December 5.

The first instalment of taxes was to be paid by November 30. The government had come out with a 4-month long Income Disclosure Scheme, which closed on September 30, 2016, to give an option to domestic black money holders to declare their unaccounted wealth and come clean by paying 45 per cent tax and penalty.

Rating agencies assign investment grade to SBI bond programme

Rating agencies have accorded investment grade to the proposed USD 500 million bond raising programme of the country's largest lender SBI.

Moody's has assigned a Baa3 rating to SBI's proposed dollar denominated senior unsecured notes, issued under its USD 10 billion Medium-Term Note (MTN) program.

The drawdown will be carried out from its London branch, and the bonds will be listed on the Singapore Stock Exchange, Moody's said in a statement.

Flipkart invests $2 mn in parenting social network Tinystep

Tinystep, a parenting social network platform, today said it has received USD 2 million (Rs 13.6 crore) in funding from e-commerce giant, Flipkart.

With the funding, the startup plans to advance its products, improve user experience and expand on services, Tinystep said in a statement.

"It has been a nail biting year. We've grown as a product, as a team and have learnt to now focus our energies on the new revenue model. Flipkart has been a great partner and supportive of us in all our endeavours," Tinystep founder Suhail Abidi said.

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