1) Billionaire Ambani's Reliance Is Gaining From $30 Oil Price
(Bloomberg) -- Oil's plunge and the impact on the global economy is hurting many a billionaire. Indian tycoon Mukesh Ambani isn't one of them. Reliance Industries Ltd., controlled by Ambani, is benefiting from low crude prices as margins swell at the company's refining complex, the world's largest. Ambani's net worth increased $620 million as of Friday, the most in the world in 2016, according to the Bloomberg Billionaires Index. ...
2) Mukesh Ambani's Reliance Jio to Raise $2.2 Billion in Share Sale
(Bloomberg) -- Reliance Jio Infocomm Ltd. plans to sell 150 billion rupees ($2.2 billion) in shares to existing stockholders as billionaire Mukesh Ambani's wireless carrier prepares to take on Bharti Airtel Ltd. in the world's second-largest mobile phone market. Jio's rights offering will involve issuing 15 billion shares and selling them at 10 rupees each, the India-based company said in exchange filing late Monday, without saying how it would spend the money. ...
3) Not Another Pesky Drone! Can Nations Control the Spy in the Sky?
(Bloomberg) -- In India, it's illegal for a civilian to use a drone. You wouldn't know that if you went to a Bollywood-style wedding. A remote-control flying camera is the latest must-have addition at the country's opulent three-day ceremonies, said photographer Vijay Tonk, whose drone recently buzzed above the colorful throng of 300 guests at a wedding in the 18th century walled city of Jaipur. "They want that whizzing camera flying over the venue at a height ...
4) INDIA DAYBOOK: Reliance Industries Earnings, Term Repo, Tax Law
(Bloomberg) -- RBI to hold term repo auctions. Earnings include Reliance Industries, HCL Technologies, Reliance Power, BASF India. Home Minister Rajnath Singh, Chemicals Minister Ananth Kumar to speak. (Please click here to subscribe to India Daybook) WHAT TO WATCH: * India seeks comments on rules to simplify tax law by Jan. 23 * Banks to adopt India accounting standards from April 2018 * India Dec. coal imports decline y/y to ~18.9m mt: ...
5) IN INDIAN MEDIA: Sagar Cements, Amazon, Goldman PE, Piramal Fund
(Bloomberg) -- Sagar Cements in Talks to Buy Jaypee Group's Andhra Cements: Economic Times * Goldman Buys 50% of Electronics Maker Amber For 4.2b Rupees: Economic Times * Billionaire Piramal to Float 60b Rupee Distressed Asset Fund: Economic Times * India Seeks to Tighten Rules on Chile Trade Deal: Economic Times * FabIndia Sales Rise Past 10b Rupees: Economic Times * Paytm Targeting Summer Rollout of India Payments Bank: Business Standard * ...
6) Asian Stocks Fluctuate as Traders Weigh China GDP; Yen Weakens
(Bloomberg) -- Asian equities fluctuated near a three-year low as traders weighed weaker-than-expected Chinese economic data against prospects for increased stimulus. The yen declined, while oil traded near a 12-year low. The MSCI Asia Pacific Index slipped 0.1 percent at 10:20 a.m. in Hong Kong. The yuan fell 0.1 percent in offshore trading, while Japan's currency dropped 0.3 percent. Oil traded around $29 a barrel in New York as Iran issued an order to ...
7) Indian Companies' ADRs/GDRs Premiums, Discounts for January 19
(Bloomberg) -- The following table of American and global depositary receipts of Indian companies compares their closing prices with the most recent closes in local trading. Price adjustments are based on a currency value of 67.75 rupee per dollar, along with the number of shares per ADR or GDR. *T ADR/GDR Local Local ADR/GDR Shrs/ Company Ticker Close % Chg Equiv. Close % Prem ADR/GDR Aditya ...
8) IN FOCUS: China GDP & Factory Output; EU Stocks Slip With Oil
(Bloomberg) -- What you need to know from overnight and in the Asian day ahead: * China's Premier Li said his economy is under pressure ahead of today's GDP release; he called global situation "complicated" * China's 4Q growth is forecast at 6.9% y/y; here are main points to watch; Dec. factory output and retail sales due * Other eco data today include Japan's machine-tool orders for Dec. (final); South Korea's PPI deflation moderated in Dec. ...
9) India GST—the Home Stretch?
By Vivek Mishra and Nandita Nawalakha, PwC India Vivek Mishra is Partner and Indirect Tax Leader and Nandita Nawalakha is Manager, PwC India I. Introduction The current indirect tax regime in India is extremely complex due to multiple taxes, convoluted compliance obligations and tax cascading. To address such problems, it is proposed that a goods and services tax ("GST") replace most indirect taxes in India. GST would effectively be a comprehensive ...
10) China GDP Slows to Weakest Since 2009 on Manufacturing Slide
(Bloomberg) -- China's economy slowed in December, capping the weakest quarter of growth since the 2009 global recession, as the Communist leadership struggles to manage a transition to consumer-led expansion. Industrial production, retail sales and fixed-asset investment all slowed at the end of the year, while gross domestic product rose 6.8 percent in the fourth quarter from the same period of 2014. GDP increased 6.9 percent -- the least since 1990 -- for the full year, ...
11) India's Nifty Futures Rise After Sensex Declines to 20-Month Low
(Bloomberg) -- Indian equity-index futures climbed after the benchmark gauge slid to a 20-month low on Monday, approaching a bear market. SGX Nifty Index futures for January delivery rose 0.4 percent to 7,389 at 10:15 a.m. in Singapore. The underlying Nifty 50 Index lost 1.2 percent to 7,351 on Monday. The S&P BSE Sensex sank 1.1 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares fell 3.9 percent. The Sensex's loss sent valuations to the ...
12) APAC Sovereign Rtg Trends Expected to Stay Mostly Stable: S&P
(Bloomberg) -- S&P expects sovereign credit trends in Asia- Pacific to remain largely stable over the next year or two, according to statement from rating co. * Economic growth unlikely to boost support for most Asia-Pac sovereign credit ratings this year * Sovereigns in emerging economies that rely on external funding could see higher financing cost amid "less- welcoming international funding environment" * Energy prices likely to remain low * China ...
13) Oil Prices Stopped Falling at $40 a Barrel for Chinese Consumers
(Bloomberg) -- For consumers in China, the benefit of oil's crash stops at $40 a barrel. That's because the retail price of fuels such as gasoline won't be cut in line with crude as long as it trades below that level, according to the country's top economic planner. The policy is aimed at curbing consumption, cutting pollution and securing supply, the National Development and Reform Commission said when it unveiled the plan last week. Retail fuel prices across ...
14) Son's SoftBank Plan at Risk as Sprint Goes From Bad to Worse
(Bloomberg) -- The acquisition of Sprint Corp. was supposed to help Masayoshi Son realize his vision of transforming SoftBank Group Corp. into the world's most-valuable company. Instead, the 2013 deal has become his biggest setback so far, dragging down SoftBank shares and cutting into the billionaire's wealth. SoftBank tumbled yesterday to its lowest level since the Sprint deal closed 2 1/2 years ago. Son's fortune has shrunk by $3.2 billion over the ...
15) Economists Can Tell You What You Should Want: Mark Buchanan
(Bloomberg View) -- At its best, economics is the study of what makes people better off, and how they can have more of it. To be effective, though, economists may have to tackle a tougher question: what "better off"' really means. For much of the past several decades, mainstream economics operated on the ambitious assumption that humans as a whole were perfectly rational, and would hence always do what was in their aggregate best interest. More recently, behavioral economists ...
16) Race to Build Mosques Abroad Is a Waste of Money: Noah Feldman
(Bloomberg View) -- For most of the last thousand years, building mosques was a way of consolidating an Islamic empire's prestige and spreading its beliefs. In recent decades, Saudi Arabia has been the leading global mosque builder, erecting sanctuaries and paying imams to spread its Wahhabi brand of fundamentalist state religion. Now Turkey and Iran have entered the mosque race, sponsoring new structures in their distinctive architectural styles. But they're late to the ...
17) Asia Islamic Bonds Find New Life in '16 After Worst Year in Five
(Bloomberg) -- Asian issuers are leading a promising start to the year for global Islamicbonds after the poorest annual showing since 2010. Malaysia's sovereign wealth fund Khazanah Nasional Bhd. started investor meetings in the Middle East, Asia and Europe on Jan. 17. Indonesia's government is due to pick banks for an offering by the end of January, the sixth consecutive year it's issued international sukuk. Kazakhstan and Bangladesh are also both ...
18) Tata Motors Names Ex-Airbus COO Butschek as Chief Executive
(Bloomberg) -- Tata Motors Ltd. appointed Guenter Butschek as the chief executive officer of its India business, two years after the death of previous chief Karl Slym. Butschek, 55, who was previously chief operating officer at Airbus Group SE, is expected to join by Feb. 15, Tata Motors said in a statement Monday. He will lead all operations of Tata Motors in India and in international markets. The Mumbai-based company's luxury unit Jaguar Land Rover will continue to ...
19) Oil Trades Near 12-Year Low as Iran Gives Order to Boost Output
(Bloomberg) -- Oil traded near a 12-year low in New York as Iran issued an order to boost production in an already oversupplied market. Futures were down 1.3 percent from the Friday settlement. Monday's transactions will be booked with Tuesday's because of the Martin Luther King Jr. holiday. Iran's oil ministry gave directions to increase output by 500,000 barrels a day after international sanctions were lifted, according to the ministry's news agency Shana. OPEC ...
20) Trump Says He'll Get Apple to Manufacture Products in the U.S.
(Bloomberg) -- Republican presidential candidate Donald Trump said he will push for companies including Apple Inc. to bring manufacturing back to the United States. "Make America great again," Trump said in a speech at Liberty University in Virginia. "We're going to get things coming. We're gonna get Apple to start building their damn computers and things in this country instead of in other countries." Apple does research and design at its headquarters in Cupertino, ...
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