News

[ad_1] Key bridge to U.S. remains closed as Canada police clear protesters [ad_2] Source link

[ad_1] Life Insurance Corporation of India (LIC) is looking to sell the government’s 316 million equity shares in the company in the upcoming IPO, the Draft Red Herring Prospectus (DRHP) filed with capital markets regulator SEBI showed today. LIC’s DRHP has set the wheels in motion for the country’s largest public issue. LIC IPO will be entirely an offer for sale (OFS) by the promoter — Government of India. The DRHP mentions the embedded value of LIC to have been calculated at Rs 5.39 lakh crore as of September 31, 2022.  The government is looking to sell 316,249,885 equity shares of face value Rs 10 each through the public issue, which is expected to hit the street before the end of the current financial year in March. The embedded value of LIC was finalised at more than Rs 5 lakh crore, a week ago. The proceeds of LIC share sale will go to the Government of India, and the insurance company will not receive any funds from the all-OFS IPO, as there will be no fresh issue of equity shares. The public issue may help the government reach its revised divestment target of Rs 78,000 crore, cut down from the initial target of Rs 1.75 lakh crore. So far this financial year the government has managed to raise Rs 12,000 crore from divestment receipts. The Government of India currently owns 100% stake in LIC. LIC is a state-owned insurance behemoth, controlling a large portion of the market share. LIC’s IPO will have a 50% reservation for Qualified Institutional Buyers (QIB), not less than 15% portion of the IPO will be reserved for Non-Institutional Investors (NII). This will leave 35% of the public issue reserved for retail investors. Policyholders of the state-run insurance company will also have a quota reserved in the LIC IPO along with employees of LIC. Both the policyholders and the eligible employees could get a discount in the IPO. The public issue has been in the works for years now. LIC’s IPO could become the largest ever seen by the domestic markets. Earlier last year, Paytm’s Rs 18,300 crore public issue had become the largest issue seen by D-Street. The record was earlier held by Coal India, which raised money from the primary market in 2010. The DRHP does not give out details on when the LIC IPO will reach Dalal Street, the pricing of the issue, the discount policyholders and employees will get, and the total issue size. Kotak Mahindra Capital, Goldman Sachs (India), Axis Capital, ICICI Securities, BofA Securities, JM Financial, Citigroup, JP Morgan India, and Nomura are the book running lead managers of the issue. Shares of LIC will list on the BSE and NSE upon successful completion of the IPO. [ad_2] Source link

[ad_1] Switch up the look for your Apple Watch with these Printed Apple Watch Bands! Jane has these 4-Packs of Printed Apple Watch Bands for just $19.99 shipped! There are over 80 styles to choose from, and you can mix & match to create your own 4-pack! These would be fun Easter basket ideas for teenagers! Psst! We love Jane! Looking for other great Jane deals? Check out our custom Jane page for more of our hand-picked favorite deals each day! [ad_2] Source link

[ad_1] China issues blizzard alert in first Beijing snowfall of Olympics [ad_2] Source link

[ad_1] India needs to adopt a multidimensional approach to take the country’s merchandise exports to USD 1 trillion by 2030, a report by industry body CII has suggested. The report recommends finalising free trade agreements with large markets, extending RoDTEP to all exports, attracting global firms and addressing domestic manufacturing issues to achieve the target. “With a holistic and aggressive approach, the aim to achieve USD 1 trillion in merchandise exports by 2030 is indeed achievable if India undertakes a strategic mission,” CII President T V Narendran said. In its report ‘Achieving $1 trillion in merchandise exports: A Roadmap’, released on Sunday, the CII has outlined products and destination markets that India should focus on and highlights a range of policy actions towards meeting the target. The need of the hour is for India to integrate closely with global value chains and to attract FDI inflows in its key sectors, according to the CII. Based on the potential to gain global share, 14 products have been identified in the CII report as those which can contribute the most to the increase in exports. These include vehicles, textiles, electrical machinery and equipment, machinery, apparel, chemical products, plastics, pharmaceuticals, etc. The report also identifies 41 countries that offer opportunities to expand exports which must be given special attention. “Currently, more than 20 trade deals are under negotiation including those with the UK, Canada, European Union (EU), Australia, United Arab Emirates, and the GCC countries which must be expedited”. Further, non-tariff barriers in existing trade agreements need to be resolved to open market access, says the CII report. It also highlights the need for investment agreements to be well linked to trade arrangements. As investment-led exports are a key feature of export capabilities, multinational companies must be encouraged to set up production base in India to enhance the country’s presence in global value chains, says the report. The rates under the scheme of Remission of Duties and Taxes on Exported Products (RoDTEP) need to be extended to all sectors and aligned to taxes and additional costs that are present in the manufacturing ecosystem, according to the report. Exports of SEZs and EOUs should be included in the scheme, it added. It outlines numerous recommendations to improve the efficiency and effectiveness of the Advance Pricing Agreement program and resolving transfer pricing issues, reducing litigation and providing tax certainty for MNCs Creating a special window ‘Accelerated APA’ similar to Vivad se Vishwas scheme would help address pending cases, said CII. The report also recommends that India should set up a dedicated internationally recognised marketing agency for export promotion in key markets. The agency should have offices in key markets and help with connecting buyers with Indian enterprises, especially small and medium enterprises (MSME). In January-December 2021, India’s merchandise exports crossed USD 292 billion, a growth rate of 43 per cent over the previous year. The top products adding to export growth include iron and steel, mineral fuels, cotton, aluminium, vehicles, textiles, electrical machinery and equipment and cereals, amongst others. With such growth and the government and industry working in tandem, the export endeavour can be strengthened to make India a global manufacturing powerhouse for the world, the CII said. [ad_2] Source link

[ad_1] Stock up on Gevalia K-Cups with this hot deal! RUN! This hugely popular deal is BACK! Amazon has this Gevalia K-Cup Variety Pack for just $15.74 shipped when you clip the 50% off e-coupon and checkout through Subscribe & Save! That’s just $0.22 per k-cup shipped which is a great deal for this brand. Note: Once your order ships, you can go into your Amazon account and cancel your subscription if you don’t want recurring orders. [ad_2] Source link

[ad_1] Deal on Stellantis battery plant will be signed in days, Italian minister says [ad_2] Source link

[ad_1] Led by the general government debt, the country’s non-financial sector debt grew 11.9 per cent year-on-year to Rs 371 lakh crore, or 170.2 per cent of GDP, in the September 2021 quarter, even as the indebtedness of the households declined marginally, according to a report. However, this is lower than the previous fiscal, when it had touched 180.2 per cent of GDP after a three per cent contraction in the nominal GDP during FY21, according to the report by Motilal Oswal Financial Services At 180.2 per cent of GDP in FY21, this was the peak as against 155 per cent in FY20. Also, the debt-to-gross domestic product (GDP) ratio contracted to 170.2 per cent of GDP in the June 2021 quarter, with the normalisation of nominal GDP, which grew at 14.7 per cent. The general government debt (Centre and states combined) has grown strongly by 16.1 per cent in the September 2021 quarter; while non-government, non-financial debt rose at a much slower pace of 7.7 per cent, according to the report. The total non-financial sector (NFS) debt stood at Rs 371 lakh crore in the September 2021 quarter, up from Rs 356 lakh crore in the March 2021 quarter and Rs 361 lakh crore in the June 2021 quarter. As much as two-thirds of the rise in debt in the second quarter over the previous quarter was due to the government sector, as household debt growth ebbed, corporate debt growth spiked leading to an overall rise of 11.9 per cent in the second quarter, similar to the 12.2 per cent average growth over the previous two quarters. Government borrowing has been the key driver of higher debt growth over the past few quarters. General government debt continued to rise at 16.1 per cent in the September 2021 quarter, though the Centre and states debt rose 15.1 per cent and 13.6 per cent, respectively. However, both fell to 57.6 per cent and 29.1 per cent of GDP in Q2FY22, from the 15-year peak of 58.9 per cent and 30.5 per cent in the March 2021 quarter, respectively. In contrast, non-government non-financial debt rose 7.7 per cent or 83.5 per cent of GDP in Q2FY22, lower than the peak of 90.9 per cent of GDP in FY21, which is the highest growth in nine quarters, but still modest. Within this, household debt growth softened to a five-quarter low of 9.1 per cent. Household debt fell to 34.9 per cent of GDP in Q2FY22, from its peak of 38.1 per cent in Q4FY21. Non-financial corporate debt stood at 48.6 per cent of GDP, lower than the peak of 52.8 per cent in Q1FY21, thus marking the lowest level in seven years. While housing and non-housing debt grew slower, non-housing debt continued to outpace housing debt. Non-housing debt grew 9.7 per cent, which is the slowest in five quarters and accounted for 71.2 per cent of total household debt. Housing debt rose a modest 7.7 per cent, which is the slowest in three quarters. But, this is modest given that the average growth of this debt was 15 per cent in the pre-pandemic decade. An analysis of non-government non-financial debt suggests that growth by banks, NBFCs (non-banking financial companies) and bonds stood at two-three quarters high, while growth was at a five-quarter high through external commercial borrowings. [ad_2] Source link

[ad_1] This is a great deal on the popular ChuckIt Fetch Balls! Amazon has this two-pack of ChuckIt Max Glow Fetch Balls for just $4.98 shipped when you check out through Subscribe & Save right now! This is a GREAT price for the ChuckIt Balls, especially for the glow-in-the-dark ones! Note: Once your order ships, you can go into your Amazon account and cancel your subscription if you don’t want recurring orders. [ad_2] Source link

[ad_1] Biden tells Putin Ukraine invasion would bring decisive response  Reuters Biden warns Putin of ‘severe costs’ of Ukraine invasion  WTVR CBS 6 Russia-Ukraine: Biden warns Putin in hour-long phone call: LIVE UPDATES  Fox News Biden warns Putin US will react ‘decisively and impose swift and severe costs’ if Russia invades Ukraine  CNN Larry Kudlow: These are the crises that could bring down the Biden administration  Fox Business View Full Coverage on Google News [ad_2]