Month: August 2017

China has got to fix its debt problem: IMF

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

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China’s economy is looking good enough that the International Monetary Fund is raising its outlook, but the organization is doing so with a strong warning over growing debt in the world’s second-largest economy.

The IMF issued its annual review of China on Tuesday, and has revised its growth forecast to 6.7 percent for 2017, which was up from 6.2 percent. The organization also said it expects China to average 6.4 percent growth between now and 2021, versus its previous estimate of 6 percent.

Still, the organization warned that things were far from peachy.

“The growth outlook has been revised up reflecting strong momentum, a commitment to growth targets, and a recovering global economy,” the IMF said. “But this comes at the cost of further large and continuous increases in private and public debt, and thus increasing downside risks in the medium term.”

What Beijing needs to do is to seize its current strong growth momentum “to accelerate needed reforms and focus more on the quality and sustainability of growth,” said the report.

At the top of that list is working to tackle the debt issue: Going forward, the IMF sees China’s non-financial sector debt to hit nearly 300 percent of GDP by 2022, up from around 240 percent last year.

Debt-fueled growth, the IMF warned, is a short-term solution that isn’t sustainable in the long run unless China tackles deeper structural issues.

Experts have been sounding the alarm bell over this issue for years, urging China to rein in its old model of opening credit lines to fuel investment and spending and to find a better balance between supporting growth and controlling risks to the economy.

Chinese banks extended 825.5 billion yuan (about $123.44 billion) in new loans in July, down from 1.54 trillion yuan in June. Outstanding total social financing — a broad measure of credit and liquidity — came in at 1.22 trillion yuan last month versus 1.78 trillion yuan in June.

Part of the drop is seasonal, and it’s “masking an uptick in underlying credit growth,” wrote China economist Julian Evans-Pritchard at Capital Economics. A better way to look at credit creation is to gauge growth in outstanding bank loans and total social financing, both of which rose roughly 13 percent in July versus the same period last year.

Aside from dealing with debt, the IMF also said China needs to address overcapacity and increase productivity in inefficient sectors, including those featuring China’s “zombie” state-owned enterprises.

It’s not all red flags: The IMF applauded China’s efforts to boost oversight and regulation of financial sector risks, to control a run-up in corporate debt, to better manage capital outflows and to stabilize fluctuations in the yuan.

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

Asian shares mostly climb as investors digest regional earnings and a stronger dollar

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

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Asian shares were mostly higher in early Wednesday trade as investors digested earnings releases from regional corporates and a resurgent dollar.

Japan’s Nikkei 225 edged down 0.03 percent, with gains in most tech stocks offset by losses in auto names. South Korea’s Kospi rose 0.67 percent as markets returned from a public holiday.

Australia’s S&P/ASX 200 gained 0.07 percent, as steep gains in the energy sub-index, which was up by 3.26 percent, were offset by declines in the health care, information technology and financial sub-indexes.

US July retail sales rose 0.6 percent, which was stronger than the 0.4 percent forecast in a Reuters poll. Meanwhile, retail sales for the month of June were revised upwards to reflect a 0.3 percent gain from a previously recorded 0.2 percent decline.

The strong showing in retail sales led to an increase in expectations for another Federal Reserve rate hike by the end of the year. Market expectations for at least one new rate hike by the end of the year were at about 54 percent Tuesday, up from just 37 percent on Monday, according to the CME Group’s FedWatch tool.

The dollar jumped to its highest levels in around three weeks against a basket of currencies on the back of the strong retail sales released Monday. The dollar index stood at 93.820 at 8:01 a.m. HK/SIN after rising as high as 94.139 in the overnight session.

However, one reason gains in the dollar were capped despite the positive data release could be that markets were still keeping an eye on receding geopolitical tensions. “The market does not truly believe the US-North Korea showdown is over,” BK Asset Management Managing Director of FX Strategy Kathy Lien wrote in a note.

In currencies, the dollar edged up against the yen, with the greenback fetching 110.66 yen at 8:02 a.m. HK/SIN. That was above the 109 handle seen since the middle of last week when geopolitical tensions over the Korean peninsula ramped up.

Oil prices advanced after markets were pressured by signs of easing petroleum demand in China on Tuesday, according to Reuters. Brent crude rose 0.41 percent to trade at USD 51.01 a barrel and US West Texas Intermediate gained 0.34 percent to trade at USD 47.71.

With reporting season underway in Australia, market movers included biopharmaceuticals company CSL, which saw its stock fall 5.65 percent in early trade. The company reported full-year underlying net profit after tax rose 24 percent compared to the year before.

Origin Energy saw its shares tack on 5.11 percent after the company reported that full-year results for the year ending on June 30 rose to AUSD 550 million (USD 430.38 million) compared to the A$365 million seen one year ago. The company chose not to pay a dividend for the second half of the year as it continued to focus on “reducing debt,” according to a release on the Australian Securities Exchange.

Meanwhile, Westfield Corporation shares were up 2.51 percent after the retailer, which operates shopping malls in the US and UK, announced half-year net profit for the first six months of the year came in at USD 589 million.

On the earnings front, notable companies in the region reporting results on Wednesday include Tencent, Cathay Pacific and Geely Auto.

In economics news, the IMF on Monday revised upward its growth forecast for China. The IMF said growth would average 6.4 percent for the period between 2017 and 2021. However, the rosier outlook came with the additional risk of higher debt, the IMF added. It also pushed China to intensify its deleveraging efforts.

Ahead, investors are anticipating the release of the Federal Open Market Committee minutes during US hours.

Major indexes on Wall Street closed mostly flat after retail stocks recorded sharp losses.

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

Asian shares gain as risk aversion takes a backseat; Nikkei rises 1.3%

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

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Equities in Asia gained in Tuesday trade, markets benefiting from Wall Street’s strong lead and subsiding risk aversion.

Japan’s Nikkei 225 rose 1.34 percent as the greenback strengthened against the yen, after the index finished lower by close to 1 percent in the previous session.

Down Under, the S&P/ASX 200 tacked on 0.62 percent, with the index driven by gains in the health care and Australian real estate investment trusts sub-indexes. The heavily-weighted financials sub-index gained 0.82 percent.

Greater China markets also trended higher, with Hong Kong’s Hang Seng Index up 0.45 percent and mainland markets holding onto gains made in the previous session. The Shanghai Composite climbed 0.30 percent while the Shenzhen Composite edged higher by 0.125 percent.

The gains in Asia came after major indexes stateside closed the Monday session significantly higher as investors looked past geopolitical tensions that had clouded markets for most of last week. The Dow Jones industrial average gained 0.62 percent, or 135.39 points, to end at 21,993.71. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 12.3, down about 20 percent.

The dollar was mostly stable against a basket of currencies following overnight gains, with the dollar index at 93.471 at 9:44 a.m. HK/SIN. The greenback also firmed against the yen, with the US currency last fetching 110.17 yen. That was above levels around 109.15 seen last Friday.

“Traders cited the easing of tensions with North Korea as the war of words appears to have abated, but the move appeared to be a classic short covering rally as the dollar rebounded after several days of heavy selling,” said BK Asset Management Managing Director of FX Strategy Boris Schlossberg in a Monday evening note.

Tensions appeared to de-escalate further, as North Korean leader Kim Jong Un told state media Tuesday that he would observe actions taken by the US before making further decisions, Reuters reported. North Korea had said last week it was considering plans to strike Guam.

In corporate news, Melco International Development proposed a spin-off for its Macau resort Studio City, with plans to list the unit in the US, the company said in a filing to the Hong Kong Exchange Monday evening. Melco’s stock was up 3.72 percent on the news, outperforming other Hong Kong-listed gaming plays: Wynn Macau was up 2.10 percent and Galaxy Entertainment rose 1.40 percent.

Also of note, the Commonwealth Bank of Australia may claw back bonuses from executives if required, the Australian Financial Review reported Monday, citing the bank’s chairman Catherine Livingstone. CBA Chief Executive Ian Narev’s bonus was scrapped last week as the lender deals with a money-laundering scandal.

CBA stock was up 0.44 percent, in line with broader gains in Australian financials: ANZ rose 1.39 percent after reporting a 5.3 percent rise in third-quarter cash profit while National Australia Bank advanced 1.14 percent.

Meanwhile, the Australian dollar spiked inched up 0.3 percent against the dollar after the Reserve Bank of Australia warned of the currency’s strength and household debt levels in minutes of the central bank’s latest policy meeting.

Other market movers included Toshiba. The stock jumped 4.88 percent as Citi analysts upgraded the Japanese firm to “buy/high risk” from “neutral” in an Aug. 14 note. Toshiba shares were still a “risky investment,” but the possibility of delisting has decreased, the note said.

Also in Japan, Fujifilm shares jumped 7.58 percent after the company reported record profit in the quarter ending in June on Monday, according to Reuters.

On the energy front, oil prices climbed slightly after falling more than 2.5 percent overnight. Brent crude edged up 0.18 percent to trade at USD 50.82 a barrel and US West Texas Intermediate crude was up 0.15 percent at USD 47.66. Oil fell on Monday as the dollar recovered and soft China demand data revived investor worries about oversupply in oil markets, according to Reuters.

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

Elon Musk calls Artificial Intelligence a bigger threat than North Korea

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

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Javier E David
CNBC

Tesla CEO Elon Musk fired off a new and ominous warning on Friday about artificial intelligence, suggesting the emerging technology poses an even greater risk to the world than a nuclear conflagration with North Korea.

If you’re not concerned about AI safety, you should be. Vastly more risk than North Korea. pic.twitter.com/2z0tiid0lc

— Elon Musk (@elonmusk) August 12, 2017

Reacting to the news that autonomous tech had bested competitive players in an electronic sports competition, Musk posted what appeared to be a photo of a poster bearing the chilling words “In the end, the machines will win.”

Musk, who is spearheading commercial space travel with his venture SpaceX, is also the founder of OpenAI, a nonprofit that promotes the “safe” development of AI. His stance puts him at odds with much of the tech industry, but echoes remarks of prominent voices like Stephen Hawking—who has also issued dire warnings about machine learning.

Ironically enough, it was OpenAI’s own technology that managed to beat two professional eSports players at a major tournament, after only two weeks of practice. The Dota 2 contest is known to be extremely complex, pitting two teams against one another in a virtual battle arena.

Nobody likes being regulated, but everything (cars, planes, food, drugs, etc) that’s a danger to the public is regulated. AI should be too.

— Elon Musk (@elonmusk) August 12, 2017

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

Asian shares mixed after Japan GDP beats expectations as investors await China data

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

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The Nikkei 225 was down more than 1 percent despite second-quarter Japan GDP surprising to the upside as investors in Asia geared up for the release of a barrage of China data on Monday.

Japan’s benchmark Nikkei 225 index fell 1.05 percent in early trade as markets re-opened after a public holiday last week. Markets appeared to shrug off headlines that the Japanese economy grew at an annualized rate of 4 percent in the second quarter of the year ending in June compared to the previous year. That easily topped the 2.5 percent rise forecast in a Reuters poll.

The yen softened slightly against the dollar following the GDP beat, with the greenback fetching 109.25 yen at 8:13 a.m. compared to levels around 109.14 yen before the data release.

South Korea’s Kospi rose 0.56 percent after being pressured by geopolitical tensions for most of the last week.

In Australia, the S&P/ASX 200 climbed 0.32 percent, with the broader index driven by gains in the information technology, industrials and consumer discretionary sub-indexes.

Thailand markets were closed for a public holiday.

Over in the US, July consumer prices were weaker than expected, rising just 0.1 percent compared to the month before, Reuters reported on Friday. That was below the 0.2 percent forecast in a Reuters poll. The CPI rose 1.7 percent compared to the previous year, which was a tad below the 1.8 percent expected.

The dollar tumbled on the inflation numbers last Friday. The US currency fell against a basket of rivals, trading as low as 92.934 on Friday compared to the 93 handle seen for most of last week. The dollar index stood at 93.088 at 8:02 a.m. HK/SIN.

Markets also kept an eye on developments in the Korean peninsula after tensions flared up between the US and North Korea last week. Over the weekend, the hermit state claimed that more than 3 million volunteers had offered to join its army, Reuters said. A US intelligence official said on Sunday that it would not be unexpected for North Korea to test another missile.

In corporate news, Commonwealth Bank of Australia CEO and Managing Director Ian Narev is expected to retire by the end of the 2018 financial year, the bank said on Monday. CBA has recently been dogged by allegations that it potentially ignored breaches in money-laundering regulations in Australia.

In individual stocks, Australia’s Bendigo and Adelaide Bank rose 1.95 percent in early trade after the bank reported full-year net profit after tax attributable to owners rose 3.4 percent.

Meanwhile, shares of Ansell tumbled 2.88 percent after the rubber products manufacturer announced full-year profit fell 7.2 percent and missed estimates, Reuters reported. The company attributed the fall in profit to increasing raw material prices and acquisition charges.

Oil prices were stable after making gains on Friday as markets digested a mix of slowing US oil rig additions and instability in Nigeria after protesters occupied a Royal Dutch Shell plant, Reuters reported. Brent crude was off 0.06 percent at USD 52.07 a barrel and US crude rose 0.02 percent to trade at USD 48.83.

Ahead, investors will focus on a barrage of China data due during trading day (all times HK/SIN):

10:00 a.m.: China July industrial output, retail sales, fixed asset investment
8:00 p.m.: India July inflation rate

In the US, stocks closed slightly higher in the Friday session after being rattled earlier in the week by US-North Korea tensions.

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

Jamie Dimon: US ‘should acknowledge our problems and fix them’

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

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JPMorgan Chase CEO Jamie Dimon told CNBC on Tuesday that Congress must implement tax reform to make the country more competitive.

“America is the best country on the planet. I’m a complete patriot,” Dimon said in a live interview from Chicago. “It is the shining city on a hill. But we should acknowledge our problems and fix them.”

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

Disney will pull its movies from Netflix and start its own streaming services

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

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Disney wants to own a bigger piece of the streaming pie.

The company announced during its latest earnings report on Tuesday it intends to remove its movies from Netflix.

Instead, Disney plans to launch a branded direct-to-consumer streaming service in 2019 starting in the US and expanding globally.

CEO Bob Iger told CNBC’s Julia Boorstin Disney had a “good relationship” with Netflix, but decided to exercise an option to move its content off the platform. Movies to be removed include Disney as well as Pixar’s titles, according to Iger. Netflix said Disney movies will be available through the end of 2018 on its platform. Marvel TV shows will remain.

The new platform will be the home for all Disney movies going forward, starting with the 2019 theatrical slate which includes “Toy Story 4,” “Frozen 2,” and the upcoming live-action “The Lion King.” It will also be making a “significant investment” in exclusive movies and television series for the new platform.

The company will also launch its own ESPN video streaming service in early 2018. The platform, which will feature about 10,000 sporting events each year, will have content from the MLB, NHL, MLS, collegiate sports and tennis’ Grand Slam events.

To power the services, Disney is buying a majority ownership of BAM Tech for $1.58 billion. Disney bought a 33 percent stake in the company, which was spun off from digital media company MLB Advanced Media, in August 2016.

“This represents a big strategic shift for the company,” Iger said to CNBC. “We felt that having control of a platform we’ve been very impressed with after buying 33 percent of it a year ago would give us control of our destiny.”

Netflix stock dropped more than 5 percent upon announcement of the news.

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

Choose to stay with winning stocks! Demand revival important ahead of Diwali

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

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The Indian market has already rallied above 20 percent so far in the year 2017 led by a surge in liquidity.

But, there is one pattern which seems to common in equity market not just in India but across the globe and that is a handful of stocks are pushing indices higher, Ajay Srivastava, CEO, Dimensions Corporate Finance Services said in an interview with CNBC-TV18.

“Indian market is reacting to a global phenomenon is that global indices are driven by lesser and lesser number of stocks. Even if we look at the Indian market, the investors should pare their holding from losers and concentrate only on winning bets,” he said.

Over the last 12 months, midcaps have delivered 25 percent returns, as against 17 percent by the Nifty. Also, over the last five years, midcaps have outperformed the Nifty by 65 percent. Midcaps now trade at a 14 percent premium to the Nifty on a P/E basis.

Srivastava further added that the market breadth will slowly narrow going forward. That should perhaps party explain some bit of cooling in midcaps. So general buying is over and people will concentrate more on specific buying. We will see thinning out of midcap buying to some select stocks.

Consumer Discretionary:

Commenting on consumer discretionary space, Srivastava is of the view that who MSME sector is going to face virtual endangerment if not extinction in the next 3-5 years.

The bright side, companies like Bata, Arvind and Titan have shown what shape the corporate sector will look like in the next few years. “Don’t look at this today, I think the wheels have been set in motion for the decimation of MSME sector or small companies,” he said.

Even if the economy grows at 5-6 percent, these companies might grow at much larger rate because market share will move. Investors can safely bet on the stocks in this sector either at current levels or on dips.

The caution is demand revival in the next three months. “This is a festive season – Diwali is early and if we can’t get the demand revival in these three months, it won’t happen in the next 6 months either,” explains Srivastava.

Metals:

Metal stocks emerged as clear outperformers amid sharp selling seen in other sectoral indices, led by gains in Hindalco, Vedanta, Tata Steel, Nalco, SAIL, and Hindustan Zinc.

The metal story is building up purely because it was under owned to a large extent, the deleveraging process is now stabalised and people are able to make enough EBITDA to repay the debt, the yields have now started to inch higher because of dividends and lastly, the global refinancing window for metal companies have opened up.

A lot of money is not getting raised abroad at good rates which can help these companies to refinance existing debt, explains Srivastava.

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

One cafe apparently charges men more than women to address gender pay gap

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

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A vegan cafe in Melbourne, Australia is taking the wage disparity between men and women into its own hands, UK’s The Daily Mail reported, by charging male patrons more than females.

The Handsom Her, located in Brunswick, addresses the gender pay gap by charging men more, and granting women priority seats, according to the publication.

Men are asked to pay 18 percent more than women, but owner Alex O’Brien told the Mail the tax is optional. Thus far, O’Brien said nobody has refused to pay.

O’Brien tells the newspaper the proceeds of the 18 percent premium will go to a non-profit women service’s group.

The report is just the latest spin on how some businesses are trying to tackle wage disparities. State lawmakers have introduced bills across the U.S. aimed at the shrinking pay gap, but it remains a hot topic in workplaces across the country.

Read the full report from The Daily Mail 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

Asia opens higher; Nikkei up 0.5%, Kospi adds 0.4%

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

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Asia markets opened higher on Monday, with investors’ risk sentiment likely improving from Friday’s better-than-expected US jobs number as they await to hear Pyongyang’s response to UN sanctions over the weekend.

The United Nations Security Council unanimously imposed new sanctions on North Korea on Saturday over its intercontinental ballistic missile tests in July. Reuters said the sanctions could slash the reclusive regime’s USD 3 billion annual export revenue by a third.

Some analysts, however, said it is unlikely that the sanctions could deter leader Kim Jong Un from pursuing his nuclear weapons ambitions.

In Australia, the ASX 200 climbed 0.76 percent in early trade. Shares of Commonwealth Bank declined 0.48 percent, after it said a “coding error” on the software was responsible for the “vast majority” of anti-money laundering law breaches it was accused of last week by the Australian Transaction Reports and Analysis Centre.

Commonwealth Bank said it will file a statement of defense and that it does not “intend to litigate this matter publicly.”

Shares of other major banks Down Under rose: ANZ shares climbed 1.05 percent, Westpac was up 0.95 percent and the National Australia Bank added 1.04 percent.

Major Australian miners also advanced, with Rio Tinto shares up 1.7 percent, Fortescue adding 1.84 percent and BHP Billiton climbing 1.87 percent.

Japan’s Nikkei 225 rose 0.48 percent, and the Topix index was up 0.49 percent. Across the Korean Strait, the Kospi was up 0.35 percent.

Elsewhere, the dollar index, which measures the greenback against a basket of currencies, traded at 93.452, rising from levels below 92.800 late last week. The dollar also received a small boost on Friday, following the jobs report — the US economy added 209,000 jobs in July, according to the Labor Department. That was well above the expected gain of 183,000.

Among other currency majors, the Japanese yen traded at 110.80 to the dollar at 8:16 a.m. HK/SIN, weakening a touch from levels near 110.00 in the last week. Major export stocks were higher in early trade: Toyota was up 1.69 percent, Nissan added 0.55 percent and Mitsubishi Electric gained 0.78 percent.

A weaker yen is seen as a positive for exporters because it increases the value of overseas earnings when they are translated back into their home currency.

Elsewhere, the Australian dollar traded at USD 0.7932 and the euro was at USD 1.1783.

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