Gas savings stay in consumers’ pockets378 viewsGas savings stay in consumers’ pockets378 views00:00 / 00:00- 00:00:0000:00Gas savings stay in consumers’ pockets378 viewsBusinessIt should have been a slam dunk for retailers – massive savings at the pump – gas prices are down almost 40 percent since June setting up what many thought would be a rebound after a weak December forVentuno Web Player 4.50It should have been a slam dunk for retailers – massive savings at the pump – gas prices are down almost 40 percent since June setting up what many thought would be a rebound after a weak December for
The European Union Competition Commissioner accused Google on 16 April of cheating consumers and competitors by distorting Web search results to favour its own shopping service, after a five-year investigation that could change the rules for business online.EU Competition Commissioner Margrethe Vestager said the US company, which dominates Internet search engine markets worldwide, had been sent a Statement of Objections – effectively a charge sheet – to which it has 10 weeks to respond.The preferential treatment by Google in its general search of one of Googles own products, the shopping comparison service, also known as Google Shopping – what we see is that this favourable treatment over its shopping services constitutes an abuse under EU competition law, Vestager told reporters in a high-profile visit to the United States.Her findings follow nearly five years of investigation and abortive efforts by her Spanish predecessor, Joaquin Almunia, to strike deals with Google.Either for Google to come forward with remedies, which can be turned into binding commitments, or it can go to the direction and end up with a fine for the abuse, if so proven, she warned, if the Commission proves its case that it has used its near monopoly in Europe to push Google Shopping ahead of rivals for the past seven years. Google rejected the charges.Meanwhile, Googles rivals are pushing US antitrust enforcers to investigate the use of Android, two people with knowledge of the matter said.The Mountain View, California-based company said in a blog post that it strongly disagreed with the EUs statement of objections and would make the case that its products have fostered competition and benefited consumers.If it finds that companies are abusing a dominant market position, the EU regulator can – as well as charge a fine – demand sweeping changes to their business practices, as it did with US software giant Microsoft in 2004 and chip-maker Intel in 2009. Close
E-commerce firm Flipkart has invested over Rs 338 crore into online fashion apparel firm Myntra. Earlier in January, Myntra received funding from FK Myntra Holdings Pvt Ltd, a Singapore-based unit of Flipkart Ltd.The funding â€” a boost to Myntra â€” comes at a time when rival company Jabong is struggling to remain afloat and recently received funding worth Rs 2 crore. The funding will help Jabong survive for another year.Myntra is reportedly aiming at sales worth $1 billion in the next financial year.Myntra was bought by Flipkart for $330 million in 2014. The e-commerce company is planning to achieve operating profit by March 2017. It also plans to start charging customers money for under-taking deliveries of certain items, in a bid to decrease losses, Mint reports.Online e-commerce firms such as Flipkart, Snapdeal and Amazon are reportedly focusing on their fashion segments to generate revenue.During the financial year 2014-2015, Myntra’s revenue increased to Rs 758 crore from Rs 427 crore from the previous year. On the flip side, the company reported a three-fold loss of Rs 1,126 crore. up from Rs 386 crore, during the same period, it said in a filing with the Registrar of Companies.Despite recording losses back home, last month Myntra announced it was planning to enter the $600-billion online apparel market in the United States. The company has reportedly set up a subsidiary called Myntra Inc, but it is yet to begin operations.
For those who hate to get tied in knots Nike has just unveiled self-lacing trainers for the consumer market, making another product featured in the Back to the Future films a reality.The Nike HyperAdapt 1.0 features a sensor inside the heel of the shoe and two buttons on the side to adjust the fit tighter or looser. After a couple of of wears, the shoe will automatically adjust to the users preferred setting, reports Wired.The shoes were presented by CEO Mark Parker at a New York media event along with the companys other innovations, part of Nikes drive to reap $50bn (Â£35bn) in revenue by 2020.Innovation at Nike is not about dreaming of tomorrow. Its about accelerating toward it, says designer Tinker Hatfield on the shoes webpage.The shoe is powered by an underfoot-lacing mechanism â€” think tiny motor â€” and it proposes a groundbreaking solution to individual idiosyncrasies in lacing, says Nike. The trainers are battery operated and will need a full three-hour recharge every two weeks or so.The sneakers are scheduled to hit the market before the holiday season. But theyll only be available to members of its loyalty Nike+ app. No word yet on pricing.The Oregon-based Nike company has been talking about releasing the trainers inspired by Back to The Future II for years.The company presented an early prototype of the shoe â€” a near-perfect replica of the high-top self-lacing Nike Air Mags from Back to the Future II â€” to the movies star Michael J Fox on Back to the Future Day â€” 21 October 2015. Thats date his character, Marty McFly, travelled to when he zoomed out of the present in the 1989 instalment of the three-movie series.Thats cool, Fox said in a video as he tries on the whirring trainers. Thats insane. Thats really great.
Lady Gaga’s ex-fiance Christian Carino might have sparked a new controversy after liking Bradley Cooper’s ex-girlfriend Irina Shayk’s sultry pictures on Instagram! For those who have been living under a rock, Russian supermodel Irina Shayk and Bradley Cooper have called off their four-year-long relationship. It has been less than a week since news of the same has been dropped. However, it looks like the two are already living their individual lives with Cooper being spotted hanging out with Lady Gaga while Shayk took a trip. And now, it seems like Gaga’s ex has been found ‘liking’ Irina’s posts on Instagram.Coincidence? Well, we’ll let you guys decide that. Basically, Irina took to Instagram to share some really gorgeous pictures of herself being surrounded by scenic greenery and a stunning waterfall. As she donned a lovely Intimissimi black bodysuit, we are not the only ones she managed to woo with her panache. Turns out even Lady Gaga’s ex Christian Carino has expressed his ‘like’ for Shayk’s pictures. Right post Irina and Bradley’s breakup, Carino liked Irina’s two pictures. Now we give Carino the benefit of the doubt. Perhaps he just admired the scenic wonderment or maybe he actually does like the scenic picture. Whatever might the case be, he seems to have gotten everyone’s attention. Irina Shayk’s post on Instagram InstagramThe fact that he was engaged to Lady Gaga, who split from him earlier this year and with Bradley and Irina calling it quits, we can’t help but wonder. Despite being together for four years, the couple couldn’t work it out as a source told E! News, “They tried to work things out for a while, but it just became clear that the relationship was over. As much as they tried to rekindle what they once had, they couldn’t find that spark. They both want what’s best for their daughter and so far things are amicable. They’re working out custody details and putting everything in writing so there’s no confusion.” Lady Gaga’s post on Instagram InstagramPeople also reported the breakup and a source told them that news of Bradley’s proximity with his A Star is Born co-star Lady Gaga didn’t help. “The rumours about Bradley and Gaga having a love affair didn’t help especially with his constant travels [promoting the film]. He has a huge and overwhelming connection to Gaga, but whether it becomes a real love story in their lives for all the world to see is premature, and it’s difficult to speculate at this sensitive time.” Another source has told The Sun that, “There’s no way Gaga and Bradley will get together. Not now—they’re really good friends and still speak all the time, but it’s not his style to jump into another relationship straight away. Especially after all the rumours about them during A Star Is Born. He wouldn’t do that.”
GreenSignal Bio Pharma (GSBP), a Chennai-based vaccine manufacturing company, will hit the primary market with its initial public offering (IPO) of up to 1,45,79,560 equity shares comprising offer for sale by promoters and existing shareholders. The price band has been fixed at Rs 76-80 per equity share of Rs 10 face value and the three-day issue opens on November 9, 2016.The minimum bid (market) lot for the IPO is 175 shares and multiples of 175 thereafter.GSBP is one of the four companies in the world pre-qualified by the World Health Organisation (WHO) for UNICEF supply of BCG Vaccine for immunisation against tuberculosis.The company earned net profit of Rs 5 crore on turnover of Rs 20.3 crore for the financial year 2015-16, as against a loss of Rs 17.30 lakh in the preceding fiscal when the turnover was Rs 6.56 crore.During 2015-16, the company issued 17,73,450 equity shares of Rs 10 each at a premium of Rs 70 per share and bonus shares to the existing shareholders of the company in the proportion of three equity shares for every two equity shares (3:2).Currently, the company produces two vaccines — BCG Vaccine and BCG ONCO for immunotherapy, an immunotherapy drug for urinary bladder cancer.Risk factors and other details according to the company’s prospectus:In India, the price is regulated for the BCG vaccine and hence it is imperative for to solicit markets overseas. Though in the process of procuring contracts from various governments and countries there is a high risk that the eventual business may not materialize…In such an event, it will materially adversely affect business.There is an outstanding litigation involving the company, involving trademark; adverse decision in said case may affect the company. In the past also, the company had been involved in criminal litigations initiated by the Central Bureau of Investigation.The company has made net loss for the preceding four out of five financial years and has made profits only in the year ended March 31, 2016 (out of the past five years). For the immunotherapy drug, BCG –ONCO, in India the company had a tie-up with Cadila Healthcare Ltd. that expired on June 29, 2016; there is no assurance that the company will be able to distribute this vaccine effectively under any new arrangement on its own. India is one of the largest manufacturers and exporters of vaccines world-wide, with 12 major vaccine manufacturing facilities. These vaccines are used for the national and international markets (150 countries), which makes India a major vaccine supplier across the globe.The global vaccines market is expected to reach $57 billion by 2019 from $33 billion in 2014, growing at a CAGR of 11.8 percent from 2014 to 2019.More than 70 percent of all measles vaccines used globally are produced in India. Nearly a third of prequalified vaccines, and over two thirds of medicines purchased through these international organizations are produced in India.
Representational imageIBT Raghavendra NThe central government-backed General Insurance Corporation of India’s (GIC Re) initial public offer (IPO) opens today for subscription at the primary market and different brokerages already gave positive recommendations.Through the IPO of the company, at the upper end of the price band, the government is likely to raise around Rs 11,370 crore. The company has set a price range of Rs 855 to Rs 912 per share for its IPO.In terms of valuation, the IPO would be the country’s third biggest after Coal India’s 15,200 crore and Reliance Power’s Rs 11,700 crore issues.The IPO consist of an offer for sale (OFS) where the reinsurance company will dilute 10.75 crore share and also a fresh issue of 1.72 crore shares.The company earlier said that the amount raised from the fresh issue will be used to increase the firm’s capital base and to maintain current solvency levels. At the upper price band, the company will garner worth around Rs 1,569 crore from the fresh issue offer.GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in financial year 2017.Here are some of the brokerages views of the issue:Angel Broking The brokerage has given a subscribe recommendation citing well-managed investment book, robust balance sheet, but cautioned the investors that the firm’s financials may get affected adversely if India witnesses bad monsoon.CENTRUM BROKINGThe brokerage believes that issue is fairly priced considering a return ratio of 16 percent RoE and gives buy recommendations, Business Standard reported. In the light of the company’s full valuation and size of the issue, the stock is expected to give returns only in the long term, it added.Reliance SecuritiesReliance Securities expects company’s business to grow further owing to policies like Fasal Bima Yojana. The brokerage gives buy recommendation as it thinks that the firm is fairly valued at 4 times price to book based.
A trader reacts as he watches screens on the floor of the New York Stock Exchange in New York on Feb 5, 2018.ReutersAsian shares started the week on a positive note, even as markets in Hong Kong and China are closed for the Lunar New Year holiday and in the U.S. for Presidents’ Day.On Wall Street, the S&P 500 rose marginally on Friday to mark its biggest weekly increase in five years.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 percent. Japan’s Nikkei gained 1.2 percent. Hong Kong markets reopen on Tuesday while Chinese mainland markets open to trading on Thursday.Back home, SGX Nifty, an early indicator of the Nifty 50’s trend in India, signals a positive start for the domestic markets after the benchmark Sensex declined 286 points or 0.84 percent to close at 34,010 on Friday.India currency and debt markets are closed on Monday for a public holiday.The partially convertible rupee ended at 64.22 per dollar on Friday from its previous close of 63.91 per dollar.So far this year, the rupee has fallen 0.54 percent against the U.S. dollar, while overseas investors have bought $1 billion from local equity and $1.9 billion in debt markets.F&O Expiry: Trading is likely to be volatile this week as traders will roll over positions in the futures and options segment from the February 2018 series to March 2018 series.Crude check: Brent crude gained 0.8 percent for the second day at $65.34 per barrel while the West Texas Intermediate crude rose 0.2 percent to $61.81 a barrel.Fed minutes: On Wednesday, the U.S. Federal Reserve will release the minutes from its January meeting at which the central bank opted to leave interest rates unchanged but upgraded its inflation outlook.
Traders work on the floor of the New York Stock Exchange January 15, 2016.Reuters fileAsian shares declined on Wednesday as the resignation of White House economic adviser Gary Cohn fanned global trade-war concerns.The exit of Cohn, seen as a key advocate for free trade within the Trump administration, said on Tuesday he was leaving.Soon after his resgination, the White House said it’s considering clamping down on Chinese investments in the U.S. and imposing tariffs on a broad range of its imports, Bloomberg reported.Republicans, including House of Representatives Speaker Paul Ryan and Representative Kevin Brady had urged Trump to reconsider the planned tarriffs on imported steel and aluminum.Mirroring the concerns, benchmarks declined in Japan and Australia and S&P 500 Index futures dropped over 1 percent.Back home, SGX Nifty, an early indicator of the Nifty 50’s trend in India, signals a weak start for the domestic markets after the benchmark Sensex declined 429 points or 1.27 percent to close at 33,317 on Tuesday.The partially convertible rupee closed at 64.96 on Tuesday, up 0.24 percent from its previous close of 65.11.So far this year, the rupee weakened 1.8 percent, while foreign investors have bought $173 million and $877 million in equity and debt markets, respectively.Policy decisions: European Central Bank monetary policy decision on Thursday followed by Bank of Japan policy decision and briefing on Friday.China GDP: China on Monday kept its 2018 economic growth target of around 6.5 percent. The outlook was released ahead of Premier Li Keqiang’s report to the National People’s Congress gathering in Beijing.Crude check: Brent crude declined 0.59 percent at $65.40 per barrel while the West Texas Intermediate crude lost 0.6 percent at $62.22 a barrel.
The crisis in the Dewan Housing Finance Corporation Limited (DHFL) is threatening to draw in the whole mutual fund industry as about 160 MFs have exposure to the tainted DHFL papers, reports say.The non-banking finance companies (NBFC) crisis is threatening to draw in mutual funds (MF) into the vortex as plunging public confidence is threatening to worsen liquidity issues following Dewan Housing Finance Limited (DHFL) default, media reports say. Asset management companies (AMC) that face imminent payout on fixed maturity plans (FMP) are in trouble as finance costs soar throwing up a fresh challenge for new Finance Minister Nirmala Sitharaman, who is busy preparing for the Union Budget 2019 presentation next month.Reserve Bank of India (RBI) governor Shaktikanta Das said on Thursday after announcing the repo rate cut that the central bank would do whatever it takes to ensure financial stability in the wake of the DHFL default. However, his failure to mention any special liquidity measures or backstop facility for stressed finance companies as the industry had requested has failed to raise public confidence.The RBI’s statement came after three major rating agencies — Crisil, ICRA, and CARE — cut DHFL to default grade. The downgrades have hit the MF industry hard as some estimates say as many as 160 MFs have exposure to DHFL, some of them with more than the Securities and Exchange Board of India (Sebi)-mandated single scheme exposure limit of 10 per cent. The DHFL default and downgrade have come as a nasty jolt to the NBFCs and MFs that have been reeling under the liquidity issues set off by the defaults of Infrastructure Leasing and Financial Services Ltd (IL&FS). CobrapostThe State Bank of India has clarified that the overall quality of the NBFC asset portfolio in its books continues to be good. “Challenges faced by accounts like DHFL have already been factored in when we have given our estimate for the stress that the bank would have to deal with in FY20 and included in our estimates for slippage and loan loss-provisioning for the current financial year,” the bank said, according to media reports.Although housing finance companies (HFCs) like DHFL are regulated by the National Housing Bank, Das said the RBI was monitoring the situation closely as lenders have significant exposure to HFCs. Some AMCs with exposure to DHFL papers have stopped fresh intakes and begun the process of insulating their accounts from toxic assets, a report says.Industry observers fear that the tightening liquidity will offset any benefits from the RBI’s third successive repo rate cut of the year bringing interest rates to the lowest in nine years. Clouds started gathering over NBFCs and MFs from late last year after the shock defaults at shadow lender IL&FS group. Debt concerns at conglomerate Essel Group and troubles at mortgage lender DHFL have pushed financing costs higher.