Month: February 2022

Shell Plc to exit joint ventures with Russian gas giant Gazprom

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shell said on February 28 that it will exit its joint ventures with Gazprom and related entities in the aftermath of Moscow’s military operation of Ukraine. Shell said that it was pulling out of Russia as President Vladimir Putin’s invasion of Ukraine costs the country’s all-important energy industry foreign investment and expertise.

Shell said it was exiting its joint ventures with the Russian gas giant, including its 27.5 percent stake in the Sakhalin-II liquefied natural gas facility, its 50 percent stake in the Salym Petroleum Development and the Gydan energy venture.

Catch LIVE updates on the Russia-Ukraine war here

Shell also intends to end its involvement in the Nord Stream 2 pipeline project. We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security, said Shells chief executive officer, Ben van Beurden.

(With inputs from agencies)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Removing Russia from indexes natural next step, says MSCI

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Equity index provider Morgan Stanley Capital International (MSCI) on Monday said Russia’s stock market is “uninvestable” after stringent new Western sanctions and central bank restrictions on trading, making removal of Russian listings from indexes a natural next step, reported Reuters.

“It would not make a lot of sense for us to continue to include Russian securities if our clients and investors cannot transact in the market,” Dimitris Melas, MSCI’s head of index research and chair of the Index Policy Committee, told Reuters.

“It is obvious to all of us that the market is very difficult to trade and, in fact, it is uninvestable today.”

Also Read: BP to exit Russia oil giant Rosneft at cost of $25 billion over Ukraine invasion

Melas said the company could launch a consultation with investors immediately, the result of which could be announced within days along with the action which would be taken.

MSCI announced on Thursday that it had frozen the index and would not implement changes for Russian securities it had previously announced as part of its February review.

MSCI Global Standard Index is widely used by global fund houses for benchmarking global equities portfolios.

Also Read: Russia-Ukraine war: FM worried about trade hit on agri; talks likely on to raise Malaysia palm oil supply

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Russia-Ukraine war: Kremlin, Kyiv clash in rare UN General Assembly emergency session on escalating crisis

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Russia and Ukraine on Monday clashed in the UN General Assembly, which convened a rare emergency special session on the escalating crisis, with Kyiv calling on the UN body to demand that Moscow stop its offensive against it and Moscow asserting that it did not begin the hostilities but is seeking to end the war. The 193-member UN General Assembly convened the rare and unprecedented emergency special session on Russia’s military operation in eastern Ukraine after the 15-nation Security Council voted on a resolution to refer the crisis to the most representative body of the world organisation.

President of the 76th session of the General Assembly Abdulla Shahid presided over the meeting, only the 11th such emergency session of the General Assembly since 1950. With the adoption of the UNSC resolution on Sunday, it was for the first time in 40 years that the Council decided to call for an emergency special session in the General Assembly. Ukraine’s Ambassador to the UN Sergiy Kyslytsya began his impassioned statement to the General Assembly by reading out in Russian, messages exchanged between a Russian soldier and his mother moments the soldier was killed.

Catch LIVE Updates on the Ukraine-Russia war here

“We have been prompted to call for an emergency special session as the level of threat to the global security has been equated to that of the Second World War or even higher following Putin’s order to put an alert Russian nuclear forces. What Madness, he said. He said the General Assembly should be vocal” in demanding that Russia stop its offensive against Ukraine, in recognising Russian actions as an act of aggression against a sovereign and independent state and in demanding from Russia to immediately, completely and unconditionally withdraw its forces from the territory of Ukraine within its internationally recognised borders.

Kyslytsya said the General Assembly should demand that Russia also reverse the decision relating to the status of the Donetsk and Luhansk regions of Ukraine. The General Assembly should also be clear with regard to the treacherous role of Belarus and its involvement in aggression of the Russian Federation against Ukraine, he said. If Ukraine does not survive, the United Nations will not survive. Have no illusions. If Ukraine does not survive, we cannot be surprised if democracy fails next. Now we can save Ukraine, save the United Nations, save democracy and defend the values we believe in and that Ukrainians are fighting for and paying with their lives, Kyslytsya said.

He added that President Vladimir Putin has done everything to delegitimise the Russian presence in the United Nations. Russian Ambassador to the UN Vassily Nebenzia, speaking after the Ukrainian envoy, said that the root for the current crisis lies in the actions of Ukraine itself.

Also read: Ukrainian sailor tries to sink Russian boss’ yacht, then leaves to fight for country

For many years, it sabotaged and flouted its direct obligations under the Minsk package of measure, Nebenzia said. I wish to state that the Russian Federation did not begin these hostilities. The hostilities were unleashed by Ukraine against its own residents, the residents of Donbass and all of those who are dissenters. Russia is seeking to end this war, he said.

For us, Ukraine joining NATO is a red line first and foremost from the military strategic level. The deployment of NATO infrastructure in that country would compel us to adopt measures in response and this has placed us at the verge of conflict. While a UNSC resolution condemning Russian invasion of Ukraine would have been legally binding and General Assembly resolutions are not, vote in the 193-member UN body is symbolic of world opinion on the crisis.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

All India House Price Index rises 3.1% in Q3: RBI data

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The All India House Price Index (HPI) rose 3.1 percent in the third quarter of the fiscal on an annual basis, according to data released by the Reserve Bank of India (RBI).

The RBI releases its quarterly house price index (HPI) (base: 2010-11) based on transaction-level data received from housing registration authorities in ten major cities.

The cities are — Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.

Also Read: Russia-Ukraine crisis further complicates matters for RBI, its MPC

“All India HPI recorded an annual growth (y-o-y) of 3.1 percent in the third quarter of 2021-22 as compared with 2.4 percent in the previous quarter and 2.2 percent a year ago,” the central bank said in a statement.

HPI growth varied widely across the cities — ranging from an increase of 19.8 percent (Kochi) to a decline of 4.1 percent (Chennai). On a sequential (q-o-q) basis, all India HPI registered an increase of 3.1 percent in the October-December period of 2021-22.

While Chennai and Kanpur recorded a sequential decline in HPI during the current quarter, the index increased for the remaining cities, with Delhi recording the highest sequential growth of 9.5 percent.

Also Read: Wise to remain agile and calibrated: RBI governor on MPC’s accommodative stance

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ukrainian sailor tries to sink Russian boss’ yacht, then leaves to fight for country

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A Ukrainian sailor who tried to sink a superyacht allegedly belonging to a Russian arms tycoon was on his way to his native Kyiv Monday, determined to join the fight against invading forces there.

Taras Ostapchuk said he was hoping to join Ukrainian soldiers or civil militias trying to hold back Russian troops advancing towards the capital, Kyiv, and other parts of his homeland.

All Ukrainian citizens must be defenders of our fatherland because it is being subject to Russian aggression, he told the Associated Press from Barcelona hours after being released from detention in Mallorca where the yacht was docked and just before boarding a flight to the Polish capital, Warsaw.

We must stop this war, Ostapchuk said from the other side of the phone.

Also Read | Russia-Ukraine war: Indian student from Kharkiv says shelling on, bunkers jampacked

The 55-year-old engineer’s act of defiance happened Saturday at a luxurious marina in Mallorca. His target was the Lady Anastasia, a 48-meter-long (457-feet-long) superyacht whose owner, according to Ostapchuk, is Alexander Mikheev.

Mikheev, 61, is the CEO of Rosoboronexport, the weapons export arm of Russia’s state-owned defense conglomerate Rostec. According to the brief biography on the company’s website, Mikheev was formerly head of defense contractor JSC Russian Helicopters.

A local Civil Guard spokesman said that yacht’s other crew members alerted authorities of the attempted sinking. Officers who showed up at the marina on Saturday found two open hatches letting in water. The yacht was saved and Ostapchuk was arrested, the officer said.

The sailor offered no contrition when questioned by a local judge on Sunday: He regards the owner of the yacht as a criminal because he earns money selling arms that, according to him, kill Ukrainians, the judge wrote summarizing the interrogation according to the copy seen by AP.

Ostapchuk said that he had been well aware of his employer’s activities for much of the decade and that he was tasked with the yacht’s maintenance.

Also Read | Explained: What is SWIFT and what does shutting Russia out entail?

But he told AP that images carried on an online newscast of a Russian missile striking a house resembling his own in Kyiv flipped a switch in his brain. The missile partially destroyed five floors of the house, he said.

The arms produced by the yacht’s owner are now being used against my own people, Ostapchuk said.

The sailor considered what he would do for a couple of hours before deciding to take revenge. According to his court deposition, the sailor acted to avoid polluting or causing harm to others by closing the yacht’s fuel valves and alerting the other crew members, all of them Ukrainians.

A fight broke between Ostapchuk and his colleagues, who ended up calling the marina’s management.

The Civil Guard said they weren’t able to confirm yacht’s ownership.

These luxurious boats are usually registered in tax havens under front companies that are not necessarily their final owners, said a Civil Guard spokesman who isn’t authorized to provide his name.

Catch all the live updates on the Russia-Ukraine war here.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SEBI ordered forensic audit of Brightcom Group last year, company tells exchanges 5 months later

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hyderabad-based Brightcom Group Ltd (BGL) on Monday said the Securities and Exchange Board of India (Sebi) had ordered a forensic audit of books of accounts of the company on September 16, 2021.

However, the company released the letter to exchanges today (February 28) only. Also, the Sebi had appointed Deloitte Touche Tohmatsu India LLP as the forensic auditor, Brightcom said in a filing to BSE in September 2021.

The Sebi letter said, “Disclosure of financial information and business transactions dealt in a manner which may be detrimental to the interest of investors.”

According to Sebi, the auditors will look into the financial statements of Brightcom for the period of FY15-FY20.

Also, the auditor will verify the manipulation of books of accounts of the company and its subsidiaries, misrepresentation, including of consolidated financials and business operations, wrongful diversion or siphoning of company funds by promoters, directors and key managerial persons.

Brightcom Group is an Ad-Tech and software development company, actively engaged in providing technical and economical solutions to digital advertisement, marketing, and information management sectors through tech, new media, and IoT-based businesses across the globe, primarily in the digital ecosystem.

Brightcom Group is a leading global provider of comprehensive Ad-Tech online marketing services to direct marketers, brand advertisers, and marketing agencies. Brightcom has 25 office locations and has about 1700 employees and consultants worldwide.

Shares of Brightcom Group ended at Rs 119.05, up by Rs 0.80, or 0.68 percent on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

JK Files & Engineering, Elin Electronics get Sebi’s go ahead to float IPOs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Raymond-promoted JK Files & Engineering and Elin Electronics have received capital markets regulator Sebi’s go-ahead to raise funds through their initial public offerings (IPOs). JK Files & Engineering and Elin Electronics are looking to raise Rs 800 crore and Rs 760 crore, respectively, through initial share sales.

The companies, which filed their IPO preliminary papers with Sebi between November and December 2021, obtained the regulator’s observation letter on February 23, the latest update with Sebi showed on Monday. In Sebi’s parlance, its observation implies a green signal to launch an IPO.

Going by the draft papers, JK Files & Engineering’s public issue is entirely an offer of sale (OFS) of equity shares of Rs 800 crore by promoter Raymond Ltd. At present, Raymond, the country’s leading player in suiting and shirting, holds 100 percent stake in the company.

Also Read | Ratan Tata-backed BlueStone Jewellery to raise over Rs 1500 crore via IPO

JK Files & Engineering is engaged in the manufacturing of precision engineered components for tools and hardware (files and drills) and marketing of hand tools, power tool accessories and power tool machines and manufacturing of auto components and engineering products — ring gears, flexplates and water pump bearings.

As per the draft papers, the public issue of Elin Electronics consists of fresh issue of shares aggregating up to Rs 175 crore, and an offer for sale of up to Rs 585 crore by promoters.

Also Read | LIC IPO: Last day to link PAN, Aadhaar with your policy today; here’s how to do it

As part of the OFS, existing shareholders will sell shares of Rs 345.60 crore and promoters will divest shares worth Rs 239.4 crore. Proceeds from the fresh issue will be used to the extent of Rs 80 crore to repay/prepay debt, Rs 48.97 crore for funding capital expenditure for upgrading and expansion of existing plants in Ghaziabad, Uttar Pradesh and Verna, Goa besides general corporate purposes.

The Delhi-based Elin is a leading electronics manufacturing services (EMS) manufacturer of end-to end product solutions for major brands of lighting, fans, and small/ kitchen appliances in India, and leading fractional horsepower motors manufacturers in India.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IT jobs: Tech major Nagarro to hire additional 4,500 people; workforce crosses 15,000 mark

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IT service management company Nagarro on Monday said it is planning to add 4,500 people to its workforce globally in the coming months, which will also include freshers. In a statement, the company announced that the size of its workforce has crossed the 15,000 mark.

“From 8,700 at the end of 2020 to 15,000 Nagarrians 14 months later – this shows how the global demand for digital engineering has translated into intense growth for Nagarro. Some of this growth has come through acquisitions but we have also hired in record numbers, especially in India,” Nagarro CEO Manas Fuloria said. He said the hiring spree of the company continues, even as finding great talent continues to be challenging.

Also Read | 90% Indian tech CEOs predict double-digit growth in hiring in 2022: Survey

“We plan to expand our global workforce by 4,500 in the coming months. We are confident that Nagarro’s global nature as a Germany-listed company, the high quality of our technology work, the learning opportunities here and our great workplace culture will help us make our hiring numbers, he added. Nagarro had recently announced the opening of four new offices in Mumbai, Chennai, Kolkata and Patna, increasing its presence to 14 cities in India.

While the company has a permanent work from anywhere policy, it continues to provide the opportunity to staffers to work from their hometowns. Nagarro now has a presence in 28 countries.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow