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    Chinese Telecom Giant ZTE Pays $1bn Fine in Settlement With US et al.

    Professor of Financial Economics and Part-time Value Investor, Transfin.
    Jun 7, 2018 1:54 PM 2 min read

    End of Day Wrap-up (Thursday / June 07, 2018) #NCLT #Videocon #sugar #AirIndia #FDI #UN #ZTE #US #NorthKorea #Iran #Twitter #Transfin

    Editor's comment: The National Company Law Tribunal (NCLT) admitted the insolvency petition filed by lenders against Videocon Industries after the company failed to repay its INR210,000 crore debt. The lenders initiated action against the company after the Reserve Bank of India (RBI) identified it in its second list of companies for debt resolution under the Insolvency and Bankruptcy Code (IBC) in December last year.

     

    Govt. approves INR8,500cr bailout package for sugar industry. The bailout is an attempt to ensure that cash-starved mills clear dues of INR22,000 crore. The sugarcane industry has been witnessing a steep fall in prices following a record sugar production of over 31.6 million tonnes in the 2017-18. To relieve farm distress, the government also decided to increase Minimum Support Price (MSP) of sugarcane crop to INR29 a kg.

     

    Government to pursue Air India stake sale this fiscal, likely to revise bidding norms soon. After no bidders put in their Expression of Interest (EoI) for the strategic disinvestment of Air India and its two subsidiaries last month, the civil aviation ministry is now gathering inputs from transaction advisor to understand the reasons on the failure to attract bidders.

     

    Chinese telecom giant ZTE pays $1bn fine in settlement with US. The penalty was assessed following an investigation showing that ZTE had violated U.S. sanctions and had provided technology to Iran and North Korea

     

    Twitter plans to sell $1 billion convertible debt as shares rally. The news comes one day after the news that the technology giant would be included in the S&P 500 index sent its shares up 5% to a more than three-year high.