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Infosys Expands Presence in Southeast Asia, Falling Rupee Increases Woes et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Sep 7, 2018 1:09 PM 2 min read
Editorial

Good evening readers, its Friday. The rhythm of work has hopefully slowed down in the run-up to the weekend. Fridays are usually when I read more than write, listen more than talk, and watch more than see. 

 

It brings a light feeling with light moments. 

 

In that spirit, would love to share this jewel I discovered on YouTube titled "Exclusive: Listen to Trump’s conversation with Bob Woodward" - the audio recording of Washington Post legend Bob Woodward (from "Woodward and Bernstein" who uncovered the Watergate scandal) breaking to President Donald Trump the news of his new book on the present White House, titled "Fear: Trump in the White House".

 

Found it a thoroughly interesting audio, very reflective of the present US Presidency.

 

Now, let's review today's top 6 business stories in our End Of Day Wrap Up: 

 

INDIA

 

Infosys forms JV with Singapore state fund Temasek to expand its presence in Southeast Asia

Temasek to enhance its IT services through JV in which Infosys will hold 60%. Company to be headquartered in Singapore with 200 employees and contractors from Trusted Source Pte Ltd, a unit of Temasek with Infosys staff to join over time.

 

NCLAT says Numetal and ArcelorMittal are eligible to bid for Essar Steel

ArcelorMittal to clear its dues in 3 days to become eligible to bid. Committee of Creditors to negotiate to get the highest value. Numetal to revise bid to acquire, willing to offer INR37,000cr in round 2.

 

Robotics start-up GreyOrange raises $140m in series C funding from Peter Thiel-led Mithril Capital

This marks the largest fundraise for an Indian hardware start-up. New investors include Binny Bansal. GreyOrange, based in Singapore and Gurgaon is a warehouse automation company and has manufacturing units in India, China, and US, with R&D in India and Singapore.

 

Weakening Rupee pushes up India's short-term debt liabilities

11% loss to the Dollar leading to extra INR68,500cr in short term debt, as per SBI.  

 

US / INTERNATIONAL

 

Mattel Inc launches film division to develop movies based on popular characters and brands

Toy Maker to develop movies based on Barbie, Hot Wheels, and other popular brands. Hired Robbie Brenner, producer of films such as the Oscar nominated "Dallas Buyers Club"

 

S&P is developing a custom credit-rating scale for China that may lead to more AAA ratings

The credit rating company to use a set of special rating standards and methodology customized for China. S&P's approach implies China's AAA will not be equivalent to US AAAs, thereby concerning investors worried about inflated ratings.

 

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