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Chanel Discloses Its Earnings for the First Time in 108 Years et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jun 23, 2018 9:58 AM 2 min read
Editorial

End of Day Wrap-up (Saturday / June 23, 2018) #SEBI #India #banks #GoI #oil #crudeoil #OPEC #Reliance #Iran #US #Chanel #Transfin

Editor's Comment: Indian Banks' industry body pushes back against "arbitrary arrests" and "harassment" of senior bankers by agencies. Recent arrests of senior executives at state-run Bank of Maharashtra considered as principal driver behind this organised push-back. Setup of independent committee to look into validity of allegations and provision of legal assistance to bankers among considered actions.

 

Alok Industries, counter-party to INR23,000cr of credit, likely to be acquired by Reliance Industries Limited. RIL's resolution proposal in final stages of approval by the Committee of Creditors as part of ongoing bankruptcy proceedings in the NCLT.

 

Govt of India to settle part of its payments for imported oil from Iran in the next few days to counter impact of US sanctions. Barter-type arrangement or routing payment through a third country like Turkey one of the possible options.

 

SEBI plans to integrate its surveillance and investigation departments to detect suspicious market activities. Information obtained to be passed to the government's investigative agencies for further action. Merged department to reduce overlapping activities and enhance efficiency.

 

Chanel discloses its earnings for the first time in 108 years. Discloses the privately-held company achieved $10bn in sales in 2017. Disclosure reportedly made to demonstrate the company is financially independent and not under the threat of being acquired.

 

Oil prices rose by the biggest amount in nearly two years as OPEC announces crude oil output boost less than what investors had feared. Output boost pegged loosely at 600,000 barrels a day, less than one million barrels predicted by many.