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QBiz: India Eyes Guyana For Oil; Pepsi Drops Cases Against Farmers

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1. India Eyes Guyana as Iran Oil Supplies End

Faced with US sanctions on one of its top suppliers Iran, India is charting new geographies to meet its energy needs. The world’s third-largest oil importer is looking to secure an interest in Guyana’s oilfields that are being hailed as one of the world’s largest oil finds in recent times.

A six-month sanctions waiver for India and seven other countries to continue importing oil from Iran expired on Thursday, 2 May, effectively shutting out Iranian crude beginning 3 May.

There is a growing interest in Guyana after ExxonMobil, one of the world’s largest publicly-traded energy firms, announced an estimated reserve of more than five billion oil-equivalent barrels in the offshore Stabroek block in the South American country.

(Source: Livemint)

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2. PepsiCo Backs off in Row with Potato Farmers

The local unit of PepsiCo on Thursday, 2 May, agreed to withdraw lawsuits against potato farmers it had sued for infringing its patents, backtracking from its position amid government pressure and calls for boycott of its products on social media.

The Gujarat government intervened in the matter after the dispute over farming a patented potato variety, FC5, escalated into a conflict between the multinational beverage and snack maker and local farmers.

“After discussions with the government, the company has agreed to withdraw cases against farmers. We are relying on the said discussions to find a long-term and an amicable resolution of all issues around seed protection," a PepsiCo India spokesperson said in a statement on Thursday.

(Source: Livemint)

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3. Economy Slowed Down Slightly in FY19: Finance Ministry Report

The Finance Ministry has admitted that the economy ‘appears to have slowed down slightly in 2018-19’. Until now the government has been maintaining that there has been no economic slowdown. In fact, various agencies have also lowered the growth projection for the current fiscal (2019-20).

The Department of Economic Affairs’ monthly economic report for March, published on 1 May, has listed reasons for the slowdown.

“The proximate factors responsible for this slowdown include declining growth of private consumption, tepid increase in fixed investment, and muted exports,” it said. On the supply side, it said, the challenge is to reverse the slowdown in growth of agriculture sector and sustain the growth in industry.

(Source: The Hindu Business Line)

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4. As US Delays Withdrawing GSP Benefits, India Postpones Retaliatory Tariffs

India on Thursday, 2 May, further delayed implementation of its June 2018 order to impose retaliatory tariffs on 29 US products by 14 days till 16 May as it awaits a final word from the US on its decision to withdraw duty-free benefits to Indian exporters.

On 20 June, India notified that it will hike tariffs on imports of 29 US products worth $10.6 billion in retaliation to the steel and aluminium tariff hikes by the US in March 2018.

The US also announced in April last year to review the eligibility criteria of India currently accessing generalised system of preferences (GSP) benefits of zero duty on $6.3 billion worth of India exports.

(Source: Livemint)

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5. Google to Allow Users Auto-Delete Location History, Web Activity

In a major milestone for internet privacy, search giant Google is rolling out a new feature that will allow users auto-delete their location history and web and app activity permanently from Google’s records.

“We work to keep your data private and secure, and we’ve heard your feedback that we need to provide simpler ways for you to manage or delete it,” the search firm said in a blogpost on Wednesday.

Google will introduce a bunch of settings in the coming weeks, allowing users to delete all data older than either 3 months of 18 months.

Once the feature is turned on, data that is older than 3 months or 18 months, depending on the choice of the user, will get deleted automatically.

(Source: Business Standard)

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6. NCLAT Allows Banks to Declare Defaulting IL&FS, Group Companies as NPAs

The National Company Law Appellate Tribunal (NCLAT) allowed on Thursday, 2 May, banks to declare as non-performing assets (NPA) the accounts of debt-laden IL&FS and its group companies that have defaulted on payments.

The tribunal, however, said that the banks would not be able to initiate recovery process against these accounts or debit money from 300 IL&FS group companies. Lenders must not withdraw their support from IL&FS until a final resolution for the company and its subsidiaries was found.

The tribunal gave the order on a plea moved by the Reserve Bank of India (RBI), which had said that banks had an obligation to mark bad loans as NPA in cases of non-payment, after the default of 90 days.

(Source: Business Standard)

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7. Interact with Media Only After CMD's Authorisation, Air India Tells Staff

Air India has cautioned its employees of "appropriate action" if they interact with the media without prior authorisation in writing from the airline chief, according to a communication.

In the communication dated 30 April, the airline said there have been instances where employees have interacted with the media or posted videos in uniform in Air India aircraft, aired their views on electronic or social media portraying the company in bad light despite instructions against doing so.

"This is to reiterate that no employee(s) in individual capacity or on behalf of a group or union or association of employees shall issue statements in print, electronic or social media or post videos on any matter related to the company without prior authorisation in writing by the CMD," it said.

(Source: PTI)

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8. Rs 7 Trillion of Corporate Papers Downgraded Since Start Of IL&FS Fiasco

Mutual funds and other lenders with an exposure to debt papers are feeling the heat as nearly Rs 7.5 trillion worth of corporate papers have been downgraded between September 2018 — when a series of defaults by IL&FS group companies began — and March 2019, according to data collated from the Securities and Exchange Board of India (Sebi).

This is four times the value of the downgraded papers in the previous seven months. However, it could not be ascertained whether the Sebi data adjusted multiple downgrades of the same security.

(Source: Business Standard)

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9. SBI To Consider Jet Staff’s Billion-Dollar Bid After 10 May

State Bank of India will consider the Rs 7,000-crore investment proposal made by employees of Jet Airways only if it does not receive an acceptable offer from any of the four entities that have been short-listed to place binding bids.

In a meeting with employee representatives on Thursday, 2 May, the bank took the view that the proposal to allow the airline’s management to take over the company can be considered after 10 May, the last date for the short-listed players to place a binding bid.

“It was a preliminary discussion. The employees have been told to discuss with the management and come up with a comprehensive plan because currently the bid process is going on and we cannot be unfair to the bidders who have qualified,” said a source aware of the development.

(Source: The Hindu Business Line)

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