1. Samsung Note 7 Delayed Again, Apple Set to Gain
Samsung will further delay the launch of its latest flagship Galaxy Note 7 smartphone in India, giving its biggest competitor Apple a free run in the first few weeks of the festive season, three senior industry executives said.
Samsung wants to first ensure that the devices already sold globally, which have been plagued with overheating battery problems, are recalled. The company then plans to relaunch the devices in the key markets of South Korea, Australia, Singapore and the US.
Samsung India planned to launch the Note 7 in the last week of September and then delayed it to around the same date as the iPhone7. “But now it is hoping to launch just before Diwali,” said a person aware of the development.
Another executive said the launch may be delayed further, possibly beyond Diwali, if Samsung fails to relaunch the device elsewhere as planned.
(Source: The Economic Times)
2. Oil Climbs Most in Five Months as OPEC Agrees on Framework for Production Cut
OPEC agreed to the outline of a deal that will cut production for the first time in eight years, surprising traders who had expected a continuation of the pump-at-will policy the group adopted in 2014 at the instigation of Saudi Arabia.
Oil jumped more than 5 percent in New York after ministers said the group agreed to limit production to a range of 32.5 to 33 million barrels a day.
“The cut is clearly bullish,” Mike Wittner, head of oil-market research at Societe Generale SA in New York, said by phone. “The number of actual barrels that will be taken off the market is unclear. What’s much more important is that the Saudis appear to be returning to a period of market management.”
(Source: BloombergQuint)
3. Enterprise Tech Startups Pad up for Primary Market Debut
A handful of domestic enterprise software companies including Druva Software and Manthan Software Services are exploring plans to list their shares on stock exchanges, signalling the rapid maturing of at least some sections of India's startup industry.
Business process management company Newgen Software Technologies and consumer analytics firm Capillary Technologies are considering public market debuts in 18-24 months, according to multiple sources aware of the companies' plans.
Enterprise software firms, unlike several larger and more popular consumer internet companies, are able to weigh public share listings as a viable option both because of their long focus on profitability and the buoyancy in domestic and global equity markets.
(Source: The Economic Times)
4. Deposit Rs 200 Crore With SEBI to Stay Out of Jail, SC Tells Subrata Roy
The Supreme Court on Wednesday further extended Sahara Chief Subrata Roy’s parole till 24 October but with a rider. The court ordered him to deposit Rs 200 crore with market regulator Securities and Exchange Board of India within that period.
Roy and two company directors will be sent back to custody if the Sahara group fails to pay this amount by the specified date, the court said.
The apex court thereby modified its 23 September order that denied extension of parole and sent Roy and two other Sahara group directors back to custody in Tihar Jail.
The apex court also asked the Sahara group to give a concrete roadmap and scheme for repayment of remaining amount with SEBI.
(Source: BloombergQuint)
5. Did SEBI Just Ask NSE to Investigate Itself?
The Securities and Exchange Board of India (SEBI) has asked the National Stock Exchange (NSE) to appoint a third-party auditor to examine allegations that some trading firms had unfair access to its market data and trading systems. “SEBI has asked the board of NSE to get all the concerns expressed by its expert committee examined and take necessary action within three months and give a report,” NSE chairman Ashok Chawla said in an interview with The Economic Times.
For perspective, SEBI’s expert committee had earlier found evidence that some trading firms had unfair access to NSE’s data and systems. So far, NSE has vehemently denied this, both in its interactions with the regulator and with the media.
(Source: Livemint)
6. Sexual Harassment Cases Rise in Nifty 50 Companies
Sexual harassment cases have risen among Nifty 50 companies with two-thirds of them disclosing a total 525 complaints in the year ended March, an increase of 26% over the previous year. Wipro tops the list with 111 cases, followed by ICICI Bank with 87 and Infosys with 62. Information technology and banking companies, which typically employ more women than others, constitute over 80% of the total.
This is the second year that companies have disclosed the data in their annual reports to comply with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
(Source: The Economic Times)
7. Modi Govt's First Strategic Sale Gets Cabinet Nod
The Union government formally started strategic sales on Wednesday with the Allahabad-based Bharat Pumps and Compressors (BPCL) getting the Cabinet Committee on Economic Affairs (CCEA)'s in-principle approval for privatisation. The government has budgeted Rs 20,500 crore to come from strategic sales this financial year.
In a separate decision, the Cabinet also cleared closure of Hindustan Cables (HCL). For this purpose, it also cleared a Rs 4,777.05 crore package for paying wages, offering early retirement schemes and converting government loan into equity in the company.
(Source: Business Standard)
8. Govt Eyes Big Jump in World Bank's Doing Business Index
Encouraged by its 16-rank jump in the Global Competitiveness Index released by the World Economic Forum (WEF) on Tuesday, India believes its ranking will move up at least 10 spots in the Doing Business index to be released in October by the World Bank.
“We have carried out many reform measures in the last two years. If the World Bank doesn’t change its methodology, India’s ranking will go up by 20 places.” an official at the Department of Industrial Policy and Promotion, which is coordinating with the World Bank on the matter.
If indeed this does happen, India will be viewed as a more attractive destination for foreign direct investment and global businesses.
(Source: Livemint)
9. Reliance Jio Terms COAI’s Back Door Comment Defamatory; Lobby Hits Back
Reliance Jio Infocomm Ltd on Wednesday lashed out at cellular operators' body COAI for calling it a "back door operator" and warned that levelling such allegations was contempt of court and defamatory.
The industry lobby, however, said Reliance Jio's statement was intended to bring disrepute to the organisation.
COAI on 25 September had dubbed Reliance Jio as a Back Door Operator or BDO in the telecom sector, after the new player demanded an overhaul of the industry body's voting rules alleging they only served vested interests of three incumbent dominant operators or IDOs.
(Source: BloombergQuint)
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