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[ad_1] West stands by Ukraine and assails Russian 'barbarism' [ad_2] Source link

[ad_1] India’s merchandise trade deficit is set to breach the earlier record of $190 billion by a whisker in the current fiscal. But a close look at the data suggests the deficit, as a percentage of overall merchandise commerce, is still way below the earlier peak. Trade deficit already hit $188.2 billion as of March 21 this fiscal. At this rate, it’s expected to touch 19% of overall goods trade in FY22, compared with a record 24% in FY13, 23% in FY12 and 20.5% in the pre-pandemic year of FY20 (See chart). In the last fiscal, however, given a Covid-induced demand compression in the economy, imports shrank at a much faster pace than exports, leading to a drop in deficit to just 15% of overall merchandise trade. However, deficit in the second half of this fiscal grew dramatically, especially in the third quarter, as domestic demand had rebounded before the Omicron onslaught in January. This keeps up pressure on the current account deficit (CAD) at a time when foreign portfolio investors have turned net sellers in recent months. Pronab Sen, noted economist and former chairman of the National Statistical Commission, said while the export sector has performed well in FY22 the more important question is whether this growth in outbound shipments (37% year-on-year) will sustain. Moreover, imports went up sharply this fiscal, partly because an income distribution in favour of the richer segment of population in the wake of the Covid outbreak led to higher purchases of (imported) luxury goods, Sen added. Analysts also said if exports lose pace in the next fiscal and imports continue to rise, the pressure on the current account will only rise. Aditi Nayar, chief economist at Icra, expected the CAD to have crossed 3% in the October-December 2021 period for the first time since the June quarter of 2013. However, it may recede somewhat in the ongoing quarter. In absolute terms, she estimated the CAD at $25-28 billion in the third quarter, and a moderately lower $20-23 billion in Q4 FY2022. Bank of Baroda chief economist Madan Sabnavis estimated the CAD to be around 3% in the third quarter, which may ease to 2.5% in the March quarter. Merchandise exports exceeded an ambitious target of $400 billion for FY22 nine days before the fiscal is set to end, staging a smart rebound after a 7% drop last fiscal due to the pandemic. Exports jumped 37%, albeit on a contracted base, to $400.8 billion as of March 21, driven by a stellar performance by sectors like engineering, electronics, gems and jewellery, chemicals and petroleum products. Imports during this period, too, rose sharply to $589 billion, driven by a spike in oil prices and massive purchases of coal and gold. However, the Ukraine crisis has now posed fresh risks for exporters, as global supply chains remain tangled and shipping costs have skyrocketed across countries. Of course, it has also created some opportunities for Indian suppliers of wheat (Russia and Ukraine are large exporters of the grain) and some other farm commodities in the export market. [ad_2] Source link

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[ad_1] KKR still interested in TIM buyout, wants to discuss Open Fiber deal [ad_2] Source link

[ad_1] The defence ministry on Thursday announced a fresh list of 107 sub-systems and components that will not be allowed to import under a staggered timeline of six years beginning December with a primary aim to promote indigenisation. The list comprises components required in the production of helicopters, submarines, warships, tanks, missiles, radars and communication systems many of which are currently procured from Russia. In December last year, the defence ministry released a list of 2851 sub-systems and components which will come under import embargo under a specific timeline. Some of the components and sub-systems identified for import embargo in the fresh list are used for construction of indigenously developed Advanced Light Helicopter (ALH), Light Combat Helicopter (LCH), Light Utility Helicopter (LUH), electronic warfare system, Astra missile, T-90 tanks and infantry combat vehicles. The list released by the Defence Ministry comprised 22 items that will be taken up for indigenisation by the state-run aerospace major Hindustan Aeronautics Ltd (HAL) while Bharat Electronics Ltd will indigenise 21 sub-systems. The Mazagon Dock Shipbuilders will take up indigenisation of six components and subsystems used for construction of ships and submarines, Bharat Dynamics Ltd has been entrusted with indigenisation of four items for Astra missiles, while BEML Ltd got 12. Other defence public sector undertakings (DPSU) being involved in the process are Garden Reach Shipbuilders and Engineers, Goa Shipyard Ltd, Hindustan Shipyard Ltd, Armoured Vehicles Nigam Ltd and Munitions India Limited (MIL). “In continuous pursuit of self-reliance in defence manufacturing and to minimise imports by DPSUs under ‘Aatmanirbhar Bharat’, Ministry of Defence has approved another list of 107 strategically important Line Replacement Units (LRUs)/sub-systems with a timeline beyond which there will be an embargo on their import,” the ministry said. It said the identified items will be indigenised and will only be procured from the Indian industry after the timelines indicated against each of them in the list. The ministry said the indigenisation of these items will be taken up by the DPSUs under the ‘Make’ category. The ‘Make’ Category aims to achieve self-reliance by involving greater participation in Indian industry. The DPSUs will offer these identified LRUs/Sub-systems for industry-led design and development. “This will be a great opportunity for the Indian industry to get integrated in the supply chains of manufacturing major defence platforms, the defence ministry said in a statement. It said the indigenous development of these LRUs/Sub-systems projects will bolster the economy and reduce the import dependence of DPSUs. “In addition, it will help harness the design capabilities of the domestic defence industry and position India as a design leader in these technologies,” the ministry said. “This list is in continuation to the positive indigenisation list of 2,851 sub-systems/assemblies/sub-assemblies/components which had been earlier notified by Department of Defence Production, Ministry of Defence on December 27, 2021,” it said. In August 2020, the ministry announced that India will stop the import of 101 weapons and military platforms like transport aircraft, light combat helicopters, conventional submarines, cruise missiles and sonar systems by 2024. A second list, putting import restrictions on 108 military weapons and systems such as next-generation corvettes, airborne early warning systems, tank engines and radars, was issued in May last year. In the last few years, the government has taken a series of measures to boost domestic defence manufacturing. In May 2020, the government announced increasing the FDI limit from 49 per cent to 74 per cent under the automatic route in the defence sector. India is one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around USD 130 billion (one billion is equal to 100 crores) in capital procurement in the next five years. The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing. The defence ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years that included an export target of USD 5 billion (Rs 35,000 crore) worth of military [ad_2] Source link

[ad_1] Compass CEO Robert Reffkin Back in 2018, Robert Reffkin exuded that Compass agents were literally invested in the brokerage’s success. Reffkin, the CEO and co-founder of Compass, told The Real Deal then that 1,149 of the company’s about 7,000 agents, or around 16%, returned to Compass some revenue from sales commissions in exchange for company stakes.   “To be clear, with $900 million, it’s not something we need to do to raise capital,” Reffkin said in reference to the company’s fundraising numbers at the time, which eventually swelled to $1.6 billion. “It’s purely an offering to respond to an agent’s desire to have ownership in Compass’s future success.” A self-described tech company, New York-based Compass has followed the path of many 21st Century start-ups, offering agents equity in lieu of their full commission splits, or restricted stock units for some agents. The approach contrasts Compass with other full-service brokerages, including Realogy, who do not have an agent equity program. “While offering agents the opportunity to trade commissions for equity options has never been done,” according to Compass’s website, “We at Compass believe this is an important precedent to set – and the response has been overwhelming,” But agents tethering their success to Compass’s is today a small part of the brokerage. In 2021, Compass reported $84.8 million in stock-based compensation expense and associated liability as part of its agent equity program, according to the company’s 2021 report. The figure is a sliver of the brokerage’s overall revenue of $6.4 billion, or the company’s 2021 net loss of $494 million. The $84 million in agent equity does not include equity compensation for employees, or the restricted stock units given to some agents in addition to their sales commission splits. Overall, Compass recorded $386 million in stock-based compensation expenses for 2021, with the company reporting $149 million as a one-time expense related to becoming a public traded company last April. That pencils out to $237 million in non-initial public offering stock compensation expense. Reffkin acknowledged on Compass’s most recent earnings call that the company is “winding down the use of equity to recruit agents.” “In January, for example, less than 9% of the agent’s recruited received equity,” Reffkin said on the call. Subsequent to the call, Compass revised the vesting schedule for employee’s stock compensation but did not do the same for agents. As The Real Deal reported, Compass will grant a quarter of employee’s stock award each year instead of waiting four years for the stock to fully vest. Compass is, in fact, not the only publicly traded brokerage to offer agent equity. Another fast-growing brokerage, eXp World Holdings, paid out $144.4 million in 2021 agent equity stock, according to a public filing. HomeSmart, which filed a prospectus to go public in January, is also mulling an agent equity program. Paying workers at least partly in stock equity helps companies to conserve capital and make their balance sheet look better, said Lloyd Greif, an investment banker at Greif & Co. in Los Angeles. “It’s a golden handcuff where the company’s performance is supposed align with its talent,” Greif said. However, at Compass, the banker noted, agents get the choice of eschewing income for the stock. “It is at the behest of the agent, and unless you reprice the option, they’re not going to take it,” Greif said, pointing out that Compass’s stock price has sank from $20.15 when it debuted on the New York Stock Exchange in April to $7.19 on Wednesday. “This is not exactly a high-flying stock.” Compass declined to comment or provide numbers for how many agents participate today in the agent equity program. Compass agents declined to go on the record for this story. A few spoke on the condition of anonymity, stating that they received modest stock options as part of their compensation package but have not partaken in agent equity. “I am just getting business off the ground, I want the cash,” said one agent who joined Compass within the past year. The agent, though, wanted to make clear that he is not concerned about Compass’s net losses or declining stock price. “I do not care,” the agent said. “I am very bullish on all things Compass, and constantly astounded by the resources available to us. I’m exuberant about the company’s future.” The post Compass agents eschew company stock appeared first on HousingWire. [ad_2] Source link

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[ad_1] Current Account Balance (4Q) -$217.9B vs -$218B Expected [ad_2] Source link

[ad_1] A total of 10,60,707 electric vehicles were registered in India till last week, while 1,742 public charging stations (PCS) were operational in the country, Parliament was informed on Wednesday. In a written reply in the Rajya Sabha, Road Transport and Highways Minister Nitin Gadkari said electric charging stations are to be provided by the developer on national highways as part of the wayside amenities (WSAs). “The number of electric vehicles in the country, as per Vahan 4 data as on March 19, is 10,60,707, and a total of 1,742 Public Charging Stations (PCS), as per Bureau of Energy Efficiency (BEE), are operational in the country as on March 21, 2022,” Gadkari said. He said the National Highways Authority of India (NHAI) has already awarded 39 such facilities for development. Replying to a separate question, Gadkari said 816 fee toll plazas are operational on national highways across the country as on March 21, 2022. On the policy regarding winding up of a toll plaza, he explained that as per National Highways Fee (Determination of Rates and Collection) Rules, 2008, incase of Public Private Partnership (PPP) projects, after completion of the concession period, the user fee is to be collected by the central government at reduced rates of 40 per cent. In case of public-funded projects, the user fee rates are to be reduced to 40 per cent after recovery of capital cost of the project, the minister said. According to Gadkari, Rajasthan (122), Uttar Pradesh (90) and Madhya Pradesh (77) have maximum number of fee plazas.Replying to another question, he said about Rs. 20,268.45 crore and an amount of Rs. 1,189.94 crore has been released/spent on projects sanctioned under the Central Road & Infrastructure Fund (CRIF) and Economic Importance & Interstate Connectivity (EI&ISC) scheme respectively during the last three years. [ad_2] Source link