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Finance Ministry Turns Down Funds for Air India, Uber Hires New CFO, US Stocks Hit Record High et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 22, 2018 12:28 PM 2 min read
Editorial

End of Day Wrap-up (Wednesday / Aug 22, 2018) #AirIndia #IKEA #WhatsApp #FinanceMinistry #Sequoia #India #Uber #IPO

Editor's Comment: Finance Ministry turns down an infusion proposal of INR30,000cr for Air India. Asks for a clear turnaround plan incl. transfer of non-core assets and subsidiaries to a Special Purpose Vehicle. Suggests monetisation of said assets to reduce the company's 'unsustainable' portion of debt, equaling INR22,000cr.

 

Sequoia announces close of newest $695m fund for India and Southeast Asia. This is the fifth India fund of Sequoia in the last 12 years. Firm in final stages of raising a $8bn global fund and a $6bn China fund.

 

IKEA planning to make West Bengal one of its procurement hubs for worldwide operations. The Swedish furniture giant to procure upto INR2,000cr of materials from Indian MSMEs in near future.

 

WhatsApp CEO Chris Daniels promises a technological solution to trace origin of fake messages. The messaging platform, which has 200m active subscribers in India, also committed to comply with latest RBI rules on local storage of financial data by setting up servers in India.

 

US stocks on verge of crossing their longest-running rally. Today to mark 3,453 days since S&P 500 hit its low of 666 on March 9, 2009, closing at 2,863 points on Tuesday.

 

Uber hires new CFO to position itself well before its IPO. Hires Nelson Chai, ex CFO of Merrill Lynch & NYSE Euronext to take the ride hailing company public. Mr Chai was connected to Uber through TPG, an investor in the latter.