BGS
Sebi tweaks framework for clearing corps on liquid assets; issues prudential norms for exposure
May 30 (PTI) Capital markets regulator Sebi has tweaked guidelines for accepting liquid assets as collateral by clearing corporations (CCs) and put in place prudential norms for exposure of such entities in a bid to strengthen the risk management framework.
Vodafone Idea cash Ebitda seen growing 32% CAGR during FY24-28
Analysts predict Vodafone Idea's cash EBITDA to grow at a 32% compounded annual rate from FY24-28, aided by customer additions and average revenue per user (ARPU) growth driven by potential tariff increases. Following a targeted fundraise of Rs 45,000 crore, Vi is expected to achieve around 3.3% and 10% compounded annual growth in customer additions and ARPU respectively over FY24-28. However, caution is advised as Vi may need to provide about Rs 22,000 crore in bank guarantees to the government post the completion of the payment moratorium on regulatory payouts in September 2025.
From DPS Dwarka to Amity, multiple Delhi-NCR schools get bomb threats. Check full list here
Bomb threats led to panic in Delhi and Noida schools. Evacuation and search operations ongoing with bomb detection teams, disposal squads, and fire brigade. Various schools affected by the threats.
Rs 48.06 cr alleged fraud in Union Bank: CBI searches premises of Swastic Coppers Pvt Ltd
The CBI conducted searches at five locations in Jaipur related to Swastic Coppers Pvt Ltd and its directors, in connection with an alleged fraud of over Rs 48.06 crore in Union Bank of India. The company and its directors are accused of cheating the bank by submitting false documents to avail cash credit limits and defaulting on inland LCs and BGs.
Nokia restructuring its India operations, names Tarun Chhabra as new country head
The rejigs and job cuts - in line with global restructuring at the telecom equipment maker - come amid a weak India business environment in the face of reducing 5G capex spends by top telcos Bharti Airtel and Reliance Jio as well as major customer Vodafone Idea's continuing financial struggles.
Nikhil Joshi appointed new managing director of Boeing Defence India
Boeing has appointed Nikhil Joshi as the managing director of Boeing Defence India (BDI) to strengthen operations and accelerate growth in India's aerospace and defence industry. Joshi, with over 25 years of industry experience, will focus on enhancing mission readiness and modernization of India's defence forces. Reporting to Salil Gupte, president of Boeing India and South Asia, Joshi will collaborate with Boeing Defense, Space & Security (BDS) and Boeing Global Services (BGS). Boeing has a longstanding presence in India and sees it as a key market, offering comprehensive lifecycle solutions for government and defence customers.
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Interim Budget 2024: MSMEs demand FM’s attention to resolve bank loan ratings system issues
Industry body FISME has urged a revision of the Banking Ombudsman Scheme and removal of BLR ratings for MSMEs.
Sterling & Wilson's promoters infuse Rs 418 crore to pare debt
Promoters of Sterling and Wilson Renewable Energy (SWREL) have injected ₹418 crore into the company to prevent being labeled as defaulters by lenders, according to sources familiar with the matter. The company failed to make payments of ₹135 crore by September 30, and if it had not cleared these dues by December 30, lenders would have been required to categorize it as a non-performing loan (NPA) as per the Reserve Bank of India's guidelines. The ₹418 crore funds, injected on November 30, will be used to settle all outstanding payments.
Cornwall rattled by 2.7-magnitude earthquake, residents report juggernaut-like impact
The British Geological Survey (BGS) reported the tremor at a depth of 13km, with numerous descriptions from locals, including mentions of a "low deep rumble" and the sensation of a "juggernaut hitting the house." While relatively small globally, seismic activity in the UK is not uncommon due to its complex geology, and the BGS encourages those who felt the quake to contribute to their Earthquake Report for further analysis by seismologists.
Lenders to Gayatri Projects get lone resolution bid offering 10 per cent recovery
The bankers had received two expressions of interest (EOIs) earlier this year but the other joint bid from two individuals did not result in a serious offer, people familiar with the process said. Mark AB's offer includes a small upfront payment, with the remaining payment differed after two years.
Telcos may seek DoT’s help as Trai refuses to discontinue bank guarantees
Senior executives at the top carriers said that bank guarantees (BGs) serve no purpose and block a lot of capital, which can otherwise be used for network infrastructure, especially with 5G rollouts well on their way. As per estimates, around Rs 2,600 crore worth of BGs are lying with the government currently.
Trai proposes over 50% cut in entry fee for licenses, rejects telcos call to scrap BGs
The Telecom Regulatory Authority of India (TRAI) has proposed to reduce entry fees for various licenses by over 50% in order to encourage new players to enter the sector. However, TRAI has rejected calls from telecom operators to scrap bank guarantees (BGs) for these licenses, stating that they serve as a mechanism to protect against market uncertainties.
Nokia royalty case: SC gives Oppo 3 weeks to comply with Delhi HC directions
The Supreme Court on Friday refused to interfere with the Delhi High Court’s judgment that had asked the Chinese manufacturer to deposit 23 per cent of the amount paid under its 2018 License Agreement towards "royalty" for alleged infringement of Nokia's three standard essential patents in cellular technology.
Oppo contests HC order in Nokia royalty case in SC
In their appeal, Oppo Guangdong Oppo Mobile Telecommunications Corp, Oppo Mobiles India, Realme Mobile Telecommunication (India), Oneplus Technology and others have told the Supreme Court that the HC judgment of July 3 "altered the level playing field" and further caused significant hardship to them as it overlooked the fact that the Nokia Technologies' interest was secured by its bank guarantees (BGs).
Vodafone Idea fails to renew bank guarantees amid financial constraints, seeks time
The telco said that it has been unable to renew additional BGs as this requires 100% cash margin to be provided to the banks. According to a banker, the decision to ask for a 100% cash margin reflects that banks are extremely averse to lending to Vi, even if the BG sums are tiny.
Mild earthquake hits UK with epicenter at Tean, no casualty
Confirming the earthquake, the British Geological Survey said that tremors with a magnitude of 3.3 on the Richter’s scale were recorded. The epicenter was 7.3 kilometers or 4.5 miles below Tean.
Cornwall earthquake: Locals wake up to ‘rumble’ as 1.5 magnitude quake hits country
The recorded magnitude of the Cornwall earthquake is said to be 1.5 on the Richter scale, as per reports.
Trai extends submission deadlines for rationalisation of telecom entry fees/BGs paper
In its late-July discussion paper, the Telecom Regulatory Authority of India (Trai) had sought views on whether entry fees for telecom permits must be cut and whether the performance and financial guarantees should be merged for all telecom permits.
Telecom department returns ₹9,000 crore worth of BGs to ease telcos' burden
The bank guarantees are submitted to the Department of Telecommunications (DoT) and in case statutory dues like licence fees and spectrum usage charges (SUCs) are not paid on time, then the government has the option of invoking them.
DoT amends voicemail, audio text and UMS license agreement for rationalisation of BGs
Dot has also sharply reduced the bank guarantees (BGs) operators need to furnish to the DoT during licensing agreements to 20% of the amount payable, bringing relief to telcos like cash-strapped Vi.
Hurricane Delta strengthens to Category 4, headed towards Mexico's Yucatan Peninsula
Hurricane Delta intensified rapidly into a Category 4 storm on Tuesday and is set to slam into Mexico's Yucatan Peninsula early on Wednesday, the US National Hurricane Center said.
United States judge halts ban on WeChat downloads, hours before it was due to take effect
The Trump administration had ordered the ban on downloads of video-sharing app TikTok as well as messaging platform WeChat, both owned by Chinese companies. A California court ruling said it granted the "motion for a nationwide injunction against the implementation" of the government order, with the judge citing concerns over free speech.
Our policies are clear and our fundamentals are strong: PM Narendra Modi
At The Economic Times Global Business Summit, Prime Minister Narendra Modi emphasised a vision of ‘Collaborate to Create’ and sought a global effort to end poverty, terrorism and handle climate change.
Accelerate start-up growth, learn real-time life & business skills from experts at BGS 2020
Learn how to scale up your business with the help of expert tips at the Business Growth Summit.
Want to learn how to accelerate startup growth? Attend BGS 2020 to learn real-time business & life skills
Time to learn the tricks of the trade from experts.
Scale your business with simple strategies
At the one-day Business Growth Summit, experts will give entrepreneurs a sense of clarity and purpose to catapult their ventures.
Inter-ministerial group to meet next week to review BGs of 61 coal blocks
The Coal Ministry had in February decided to deallocate around 30 coal blocks of companies like JSPL, AreclorMittal and Sterlite Energy
Inter Ministerial Group to meet next week to review BGs of 61 coal blocks
The panel also reviewed 10 coal blocks of companies including JSPL, Tata Steel and JSW Steel and gave them 8-9 months to obtain stage II forest clearances.
IT raids on educational & religious institutions in Karnataka
Income Tax department officials today conducted raids on several educational institutions in Bangalore and Gulbarga.
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