FRAMEWORK DEAL
Significant Changes in the Tech Industry will drive the high-value global M&A: Rupinder Malik, Partner, JSA Advocates
The global tech industry is poised for major transformations, with India playing a pivotal role in forthcoming high-value deals. Key sectors driving this activity include medical tech, health tech, electric vehicles (EVs), and renewable energy, according to Rupinder Malik of JSA Advocates & Partners. Despite mixed deal closures, robust interest in India's market and evolving due diligence practices highlight the potential for significant future transactions.
How one of the world's strongest car unions is dealing with EV job losses
Toyota in Japan and Hyundai or Kia in South Korea navigate challenges from technological transformation and electrification.
Boeing to buy Spirit Aero in $4.7 bln deal after months of talks
Boeing announced on Monday that it will acquire its struggling supplier Spirit AeroSystems in a $4.7 billion all-stock deal, concluding months of negotiations. The total value of the transaction, including Spirit's net debt, is approximately $8.3 billion. Spirit shareholders will receive Boeing shares at an exchange ratio between 0.18 and 0.25, valuing Spirit shares at about $37.25 each. As part of the deal, Airbus will take over certain commercial work packages from Spirit.
MNCs in India fret as US yet to ratify global tax deal
Tax experts say the international tax treaty, which Republicans strongly oppose and requires a two-thirds majority in the US Senate to pass, faces significant challenges. Without US ratification, meeting the OECD tax deal's implementation conditions to reshape the global tax system becomes extremely difficult. The international tax treaty's implementation needs acceptance by 30 jurisdictions and the inclusion of the headquarters jurisdictions of at least 60% of the most profitable multinationals; given that many of these businesses are located in the United States, US participation is critical to attaining this level.
India, US extend digital tax on e-commerce supplies till June 30
Officials said while this would take care of the taxation issue for the first quarter, a final guideline for the second quarter onwards will be given in the upcoming budget in July. Both the countries had reached a deal in November, 2021 that allowed New Delhi to impose the 2% levy until March 31, 2024, or till the implementation of Pillar 1 of the OECD agreement on taxing multinationals and cross-border digital transactions.
Sebi framework for finfluencers; Nazara's Freaks4U deal
The Security and Exchange Board of India (Sebi) has approved a regulatory framework for financial influencers. This and more today’s ETtech Top 5.
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Govt widens composition of drug, medical devices pricing reforms panel
The government has expanded a committee to look into pricing reforms for drugs and medical devices, including civil rights activists like All India Drug Action Network (AIDAN), Patient Safety and Access Initiative of India Foundation, and Medecins Sans Frontieres (MSF). The committee will evaluate availability and pricing of essential medicines, incentivize industry growth and exports, and consider a new Drug (Prices Control) Order (DPCO) as the current one is over a decade old.
Tata Communications closes maiden sustainability loan of $250 million from ANZ, DBS Bank and EDC
Tata's $250 million loan is linked to its progress on its carbon emission reduction, with the interest rate margin of the loan set to be adjusted based on these targets and the company's performance. "Such short-term targets, creating a link between the cost of banking facilities and progress achieved on key environmental milestones, are consistent with the company’s longer-term ambitions," a release from Tata Communications said
Ukraine summit opens in Switzerland, seeking path to peace
World leaders were joining Ukrainian President Volodymyr Zelensky in Switzerland on Saturday for a summit on peace in his country, but with Russia staying away it is seen as the first step in a long process. "Together, we are making the first step toward just peace based on the UN Charter and fundamental principles of international law," he said on X, formerly Twitter.
India, the US and 12 other nations sign Indo-Pacific region economic pact
The US and 13 nations in Asia signed agreements on the Indo-Pacific Economic Framework, part of Biden's strategy to counter China's influence. The pact includes major economies like Japan, India, and South Korea, focusing on renewable energy, climate change, taxation, corruption, and supply-chain management.
PM Netanyahu aide: Joe Biden's Gaza plan 'not a good deal' but Israel accepts it
In an interview with Britain's Sunday Times, Ophir Falk, chief foreign policy advisor to Netanyahu, said Biden's proposal was "a deal we agreed to — it's not a good deal but we dearly want the hostages released, all of them". "There are a lot of details to be worked out," he said, adding that Israeli conditions, including "the release of the hostages and the destruction of Hamas as a genocidal terrorist organisation" have not changed.
Stock gaming apps under Sebi scanner; ETtech Done Deals
The capital markets regulator is cracking down on illicit gaming apps that offer virtual trading services and fantasy games. This and more in today’s ETtech Top 5.
WHO chief urges countries to quickly seal pandemic deal
The WHO chief called for a global agreement on future pandemics after missing a deadline. He highlighted the need for prevention and preparedness. Tedros Adhanom Ghebreyesus expressed confidence in reaching an agreement, highlighting the dedication of negotiators amidst misinformation. Parallel talks on revising International Health Regulations are also underway during the assembly.
Microsoft's UAE deal could transfer key US chips and AI technology abroad
Microsoft President Brad Smith revealed details of a deal with UAE-backed AI firm G42, potentially transferring AI technology components like model weights, prompting national security concerns.
Moscow bets on visa-free deal to attract more Indians
The new visa free group travel agreement being worked out between India and Russia should boost the tourist numbers to Moscow from India by at least 30%, said Evgeny Kozlov, first deputy head of the office of the mayor and the government of Moscow in an interview to ET. Kozlov, who is also the chairman of Moscow City Tourism Committee, said Russian federal officials are also working on a project to enable virtual cards for Indian travellers while they are in India before coming to Russia.
Capital markets and dispute resolution will keep law firms busy in coming years: Harry Chawla, Luthra and Luthra Law Offices
Technology integration drives legal sector growth, with rising demand for regulations, advisory services, and increased M&A activity. Focus on AI, blockchain, data privacy, cybersecurity, and geographical expansion to enhance client service and efficiency.
Iranian Foreign Minister Hossein Amir-Abdollahian, who died in chopper crash, was Iran's anti-Western top diplomat
Iran Helicopter Crash: Iranian Foreign Minister Hossein Amir-Abdollahian, known for his anti-Israel stance and ties to the Revolutionary Guards, tragically died in a helicopter crash with President Ebrahim Raisi. Amir-Abdollahian sought to end Iran's isolation, restore ties with Saudi Arabia, and navigate US sanctions. His diplomatic career was marked by efforts to revive negotiations on Iran's nuclear program, with strong links to the IRGC. He was born in 1964 in Damghan and held degrees from the University of Tehran.
Sebi to provide flexibility to Venture Capital Funds to deal with unliquidated investments
Markets regulator Sebi on Tuesday decided to provide flexibility to Venture Capital Funds (VCFs) to deal with unliquidated investments of their schemes beyond the expiry of tenure.
Exclusive: Flipkart-Zepto deal talks drop out of cart
Happy Friday! Ecommerce major Flipkart held talks with Zepto for a potential deal. More on that in today’s ETtech Morning Dispatch.
US, Japan, Philippines strike deals on defense, investment at leaders' summit
Japanese Prime Minister Fumio Kishida, U.S. President Joe Biden, and Philippines President Ferdinand Marcos Jr. unveiled agreements to boost security and economic ties at the White House. Highlights include military upgrades, potential Japanese involvement in the AUKUS pact, Microsoft's $2.9 billion investment in Japan, joint AI research, Japan's participation in the Artemis moon project, and a partnership on nuclear fusion. Plans for a high-speed rail in the U.S. using Japanese bullet trains and new investments in the Philippines were also announced.
RBI to revisit LCR framework in bid to shield banks from run
The central bank will issue a draft circular in this regard for comments of all stakeholders. Under the liquidity coverage ratio (LCR) introduced post the global financial crisis, banks are currently required to maintain a stock of high quality liquid assets (HQLA) to cover the expected net cash outflows in the next 30 calendar days.
Parliamentary approval process for TEPA to be initiated immediately: Swiss govt
A trade deal between the European Free Trade Association (EFTA) and India is expected to boost Swiss businesses' access to the Indian market. The agreement, after 16 years of negotiations, includes provisions for significant investment in India by the EFTA countries. It will also provide Indian exporters access to European and global markets. The deal aims to improve the legal framework and predictability for businesses, with Switzerland initiating its parliamentary approval process immediately for ratification by 2025.
US says Israel has agreed to the framework for a Gaza cease-fire. Hamas must now decide
After the U.S. outlined a proposed Gaza cease-fire and hostage release deal, Israel has reportedly accepted the framework, leaving the decision to Hamas. The deal includes a six-week cease-fire and the release of vulnerable hostages. Talks are set to resume in Egypt, with hopes to halt fighting before Ramadan. Criticism mounts over the humanitarian crisis in Gaza, prompting U.S. military food airdrops and calls for a cease-fire. Israel faces accusations of attacking an aid convoy, further exacerbating the dire situation in Gaza.
Sebi mulls framework for FPIs to sell securities
Further, there are no regulatory prescriptions for dealing with securities that remain in the demat accounts of FPIs, post expiry of registration and for securities written- off by FPIs.
Sebi mulls framework for FPIs to dispose securities post-expiry of registration
To facilitate ease of doing business for Foreign Portfolio Investors, markets regulator Sebi has proposed allowing such investors to dispose of securities lying in their demat accounts after the expiry of their registration.
Global trade ministers unite in the US for deal to cut China dependence
The trade pillar is perceived as the most challenging aspect, as it necessitates commitments from participating countries to ease rules in various areas, including labor, environment, agriculture, and inclusivity—areas that have traditionally been considered "no-go areas." India's approach is cautious, with negotiators participating in discussions but refraining from making commitments at this stage.
Congress asks Maharashtra govt to prepare legal, regulatory framework to deal with deepfakes
"Celebrities like Rashmika Mandana and some international politicians have borne the brunt of deepfake attacks, and such a situation can also malign the common man and destroy him for life," the Congress leader said. These kinds of attacks can create chaos in the field of politics, where the discourse has already hit a low, he said, adding that there is also a threat to the law and order situation due to rumours and fake news.
G20 ministerial for swift implementation of roadmap to deal with crypto assets
The ministers appreciated the work undertaken by the G20 Independent Expert Group (IEG) in preparing Volume 2 of their report.
About 140 nations close to reaching pact on global tax deal for MNCs
The US, India and about 140 other nations are close to reaching a consensus agreement on the overhauling of global tax norms to ensure that multinationals pay taxes wherever they operate, including a minimum of 15% rate. However, the deal's unresolved issues, including a shift of profit allocation, and scope of subject to tax rules still pose concerns.
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