QBiz: PM Bats for Responsible Oil Pricing; ArcelorMittal Slams JSW
Here are the top business stories of the day.
1. PM Modi Bats for Responsible Energy Pricing by Oil-Producing Countries
At a time when global oil prices have been on the boil, Prime Minister Narendra Modi has asked oil-producing countries to adopt “responsible pricing”.
On Wednesday, the benchmark Brent crude prices hit $73.09 a barrel, the highest level since December 2014.
2. ArcelorMittal Hits out at JSW, Calls Ispat Monnet Decision 'Mockery'
In the battle for Essar Steel, Monnet Ispat & Energy, bagged by the JSW-AION combine under the Insolvency and Bankruptcy Code (IBC), has been caught in the crossfire.
On Tuesday, the resolution plan put forward by JSW-AION for Monnet Ispat & Energy, which, like Essar Steel, is one of the 12 cases mandated by the Reserve Bank of India (RBI) for debt resolution under the IBC, was approved by the committee of creditors by a 98.97 percent vote.
By Wednesday evening a tweet surfaced on ArcelorMittal India’s Twitter handle tagging JSW Group Chairman Sajjan Jindal:
3. Office Space Leasing at All-Time High in India's Top Cities
Office leasing rose to a record in India’s top cities in the three months ended March that is usually a muted quarter, driven by demand from technology, banking-financial services and e-commerce companies.
Nearly 11 million square feet of space was taken up by companies in the top eight markets, according to a report by CBRE South Asia. That’s a 25 percent jump from the same period last year.
4. Tata Sons to Consolidate Aerospace, Defence Companies Across the Group
Tata Sons today said it is in the process of consolidating its various businesses across aerospace and defence sectors under a single entity – Tata Aerospace & Defence.
“The necessary statutory and regulatory approvals are in the process of being obtained,” the Tata Sons said in statement.
“The formation of Tata A&D, a single unified entity, will allow us to better target emerging opportunities in Aerospace and Defence, and engage holistically with customers both in India and globally,” N Chandrasekaran, chairman of Tata Sons, said in the statement.
5. Defence Expo 2018: Mahindra Defence Strikes Pact to Make Seaplanes, Marine UAVs for Navy
The Mahindra Group has tied up with Japan’s ShinMaywa Industries Ltd to make seaplanes for naval use in India.
There are initial discussions to understand how many seaplanes would be required for the Indian Navy, SP Shukla, group president, aerospace and defence at Mahindra Group, said at the Defence Expo 2018 in Chennai today.
6. 'Nifty Move by SGX': Singapore Exchange to Continue Futures Trading Under New Name
Singapore Exchange Ltd (SGX) said on Wednesday it will list new India equity derivative products in June, providing market participants continuity with their India risk management exposures.
It will simultaneously delist all derivatives contracts, including Nifty futures, which were based on a partnership with the National Stock Exchange of India Ltd. What it did not spell out, but is apparent from a circular it sent to its trading members, is that SGX will continue to offer trading in Nifty futures and options, but only by a different name.
7. Flipkart Said to Choose Walmart Over Amazon for Acquisition Deal
Walmart Inc looks likely to take the next round in the battle for India’s retail market over rival Amazon.com Inc.
Flipkart Online Services Pvt Ltd, the country’s leading e-commerce company, is leaning toward selling a controlling stake to the Bentonville, Arkansas-based company, rather than Amazon, because of the greater certainty in such a deal, according to people familiar with the matter.
8. Salary Hike Unlikely for 30-40% Telecom Staff, Bonus May Drop up to 50%
The telecom industry, which completed one of its most turbulent fiscal years, may see 30-40% of employees go without a raise.
This would be compounded by a sharp drop in bonus payouts – even up to 50 percent – as operators and tower firms under severe revenue and margin pressure cut costs and the mass layoffs in a shrinking industry leave little bargaining power in the hands of two lakh still employed in the sector.
(Source: The Economic Times)
9. Saudi Aramco Partners Indian Oil, Others to Set up World's Largest Refinery in Ratnagiri
The world’s biggest oil producer, Saudi Arabian Oil Co, or Saudi Aramco, will partner with a consortium of Indian state-run companies to set up the largest global refinery and petrochemical complex at Ratnagiri in Maharashtra at an investment of $44 billion.
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