FIVE Financial News

By Karl Plume

NEW DELHI : Hotel management company Hyatt Hotels, which operates brands like Hyatt Regency and Alila Diwa, is looking to expand its presence from the existing 43 properties to 50 by the end of the year, and up to 100 over the next five years, Sunjae Sharma, managing director, India and Southwest Asia, Hyatt India Consultancy Pvt. Ltd, said. Last year, the company opened nine hotel properties, and it will add 10 more to achieve its target of 10,000 rooms in India, he said.

A Delhi court began hearing an UAPA case filed against Umar Khalid, Sharjeel Imam and several others from Monday. It pertains to the North East Delhi Riots that took place in 2020 amid protests over the over the Citizenship Amendment Act and National Register of Citizens. The matter will be heard by Special Judge Amitabh Rawat at the city's Karkardooma court on a day-to-day basis.

real estate and professional services. While there can be mixed opinions on the projected trajectory of economic growth in the years ahead, the real issue is the reliability of official estimates. Questions have been raised on the reliability of national accounts data even earlier.

NEW DELHI : Equity mutual funds attracted net inflows of ₹20,133.3 crore in August, the highest in five months, up 168.25% over July, according to latest data from the Association of Mutual Funds in India (Amfi). The strong traction in equity funds was led by mid-cap and small-cap funds which continued to attract investor interest during August even though large cap funds saw continued outflows amidst profit booking. “In the month of August, the equity markets exhibited a risk-on sentiment, which is also reflected in the mutual fund flow.

MUMBAI—The financial capital of India has become a colossal construction site. The barriers that try to keep daily life on track in the metropolis on the country’s west coast proclaim: “Mumbai is upgrading." A new road being built along the Arabian Sea is aimed at easing congestion in a city where three-lane roads are frequently occupied by five lanes of honking traffic. A rapid-transit metro system is being extended to ease pressure on suburban trains overflowing with people.

Reserve Bank of India to file an affidavit indicating whether its circulars mandate banks to furnish/supply documents that are signed at the time of granting of loans and if the lenders are under obligation to inform the borrowers in writing about any interest rate fluctuations and also give yearly statement of their loan accounts to them. A Bench led by Justice Sanjiv Khanna while seeking RBI’s response in four weeks observed that “there has to be a complete transparency.” The apex court was hearing a Punjab National Bank’s appeal against the Punjab and Haryana High Court’s judgment that quashed the PNB’s demand notice issued to Guru Nanak Engineering Works under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi Act) and asked the lender to classify its NPA account as standard and also refund interest. The SC Bench while staying the HC order allowed Sarfaesi and DRT proceedings to continue in accordance with law. “The impugned judgment is wholly unjustified. It will paralyze the entire debt recovery system because such kinds of judgments lead to uncertainty in the entire banking industry,” the lender argued. The PNB argued that overcharging of interest was a pure question of fact.

Further, the Board has also approved to reduce the number of shares to be bought back from investors to 3.12 crore, which represents 2.22% of equity. The company had earlier proposed to buy back about 3.33 crore shares. L7T has fixed September 12 as the record date for its Rs 10,000 crore buyback, which will be done through the tender route. The record date will determine the number of shareholders who will be eligible to participate in the buyback.

RailTel, which was entrusted to provide uninterrupted telecom services and cyber security solutions for the G20 Summit, said more than 3,600 mandays were invested to come up with an information technology infrastructure of global standards for the two-day mega event. The IT solution provider under the railways ministry said the integrated telecom network at the 122-acre ITPO campus at Pragati Maidan, particularly at the newly inaugurated summit venue Bharat Mandapam, entailed a massive infrastructure with 1,675 indoor antennas, over 35 kms of radio frequency cable and 25 kms of fibre cables. The summit of the influential grouping was held on September 9 and 10. In a statement, RailTel said that «over 3,600 mandays were invested by RailTel and its partners to establish cutting-edge mobile network infrastructure and a neutral in-building telecom infrastructure...». It added that as part of the project, WiFi infrastructure was strategically placed in outdoor corridors, covering the various halls slated for G20 events, and the back-end IT infrastructure for WiFi access was seamlessly integrated with the indoor WiFi infrastructure.

Election Commission would conclude its visits to five poll-bound states by early October following which it is likely to announce schedule of assembly polls in these states, sources said on Monday. While the Commission, comprising Chief Election Commissioner Rajiv Kumar and Election Commissioners Anup Chandra Pandey and Arun Goel, has already been to Chhattisgarh, Madhya Pradesh and Mizoram to assess poll preparedness, it would visit Rajasthan and Telangana in September-end and early October. Following the visits, the poll panel is likely to announce the schedule of polls in these states. It is usual for the Commission to visit states where polls are due before announcing elections.

“International" car shows have a more national flavor these days, but that doesn’t mean the format is dying. The North American International Auto Show launches this week in Detroit, hot on the heels of IAA Mobility in Germany last week. These were traditionally among the “big five" global car shows alongside those in Paris, Geneva and Tokyo, before the pandemic broke a tradition already under strain.

(Reuters) — U.S. shale oil producer Diamondback (NASDAQ:FANG) Energy has formed a new joint venture with private equity firm Five Point Energy LLC to create a water infrastructure network in the Midland Basin that is part of the oil-rich Permian in Texas.

After Ontario’s Progressive Conservatives were swept into office in June 2018, ending 15 years of Liberal rule, newly minted Premier Doug Ford provided his cabinet ministers a new north star. He would run a government defined by ethics, accountability and a province that was strictly “for the people.”

MNREGA funds due to the eastern state. The Trinamool Congress had sought permission to protest against non-release of NREGA dues at three venues in Delhi next month. Banerjee also announced a cabinet reshuffle on Monday, shifting Babul Supriyo from the tourism department to IT and renewable energy.

The US stock market, via the S&P 500, has returned an average of 7.2% adjusted by inflation and dividends over the last 30 years, which is pretty much in line with the 100-year 7.3% real average.

Published in the scientific journal Cell Stem Cell, the study details the creation of human-pig chimeric embryos, consisting of both human and pig cells. These specially engineered embryos were then implanted in surrogate pig mothers and allowed to develop. After 28 days of growth, the resulting kidneys displayed a predominantly human cell composition, maintaining a normal structure. Remarkably, human cells made up approximately 60 to 70% of the total cells within these humanized kidneys.

ET has gathered that the India-US Global Challenges Institute will soon take off as a virtual platform with a ten-member Governing Council co-chaired by the two countries and a physical secretariat/program office expected to be housed in New Delhi. While IIT Kanpur will lead the initiative from India with Director Abhay Karandikar representing Indian institutes as India’s co-chair, the US side is expected to bring in Association of American Universities President Barbara R Snyder as co-chair. The Institute will start off with a $10mln seed funding- jointly pitched by the US and India- to fund collaborative R&D in five-six key areas across partner institutes in the two countries. The first set of areas identified for collaboration are- sustainable energy and agriculture, health and pandemic preparedness, semiconductor technology and manufacturing, advanced materials, telecommunications, artificial intelligence, and quantum science. ET gathers that the Institute will start off with five joint research projects- funded with $2million each. The idea is have two lead institutes from both countries for each project and these in turn will be linked to several other project specific institutes- like a hub and spoke model. A Memorandum of Understanding (MoU) has already been inked between Indian universities, represented by the Council of Indian Institutes of Technology (IIT Council), and the Association of American Universities (AAU) to establish the India-U.S.

Commodity trading juggernaut Vitol may be poised to jettison a chunk of its 40.85 per cent stake in ASX-listed fuel retailer and refiner Viva Energy.

By Robert Harvey and Natalie Grover

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US LBM Coaches Poll reveals some significant changes within the top five rankings for the second consecutive week, as per a USA Today report. Georgia continues to dominate the chart, maintaining its hold on the number 1 position, securing nearly all of the 65 first-place votes cast this week. Michigan remains firmly in the number 2 spot, receiving the sole remaining first-place vote. The landscape begins to shift at number 3, attributed to Alabama's recent defeat at home against Texas. Florida State swiftly climbs to the third position, surpassing Ohio State in the process. Meanwhile, Southern California advances to number 5, narrowly fending off Texas by a single point in the polls. The Longhorns' ascent of four places is noteworthy, driven by their impressive victory in Tuscaloosa. Penn State, Washington, and Tennessee maintain their respective positions, while the Crimson Tide experiences a substantial setback, plummeting seven places to number 10. They are merely 12 points ahead of Notre Dame. Duke and Colorado also make notable gains, securing the number 20 and number 21 spots, respectively. This marks a significant achievement for the Blue Devils, as they haven't held such a high ranking since October 25, 2015, and the Buffs achieve their highest rating since October 7, 2018.