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Jan Dhan Yojana Now An Open-ended Scheme, Your Favourite Coffee Now in Itay, Google Does Not Show Up et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Sep 6, 2018 1:51 PM 2 min read
Editorial

Good evening readers, the Rainbow Flag is flying high with the Supreme Court ruling against Section 377 of the Indian Penal Code, in effect decriminalizing Homosexuality.

 

“I am what I am. So take me as I am. No one can escape from their individuality", said Chief Justice Dipak Misra while giving this landmark judgement. 

 

We're glad India gives hope to millions that their "rights to sexuality, sexual autonomy, choice of sexual partner, life, privacy, dignity, and equality" will be maintained :)

 

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

 

INDIA

 

Aurobindo Pharma acquires US based Sandoz's generic business for $900m. Largest Indian overseas pharma deal

Deal gives Hyderabad-based company access to Sandoz's portfolio of oral solids and dermatology drugs along with manufacturing capabilities. Aurobindo to become second largest generic player in the US.

 

IL&FS defaults on short term loan repayment to Small Industries Development Bank of India (SIDBI)

Unsecured loan amount reportedly at INR1,000cr. IL&FS has requested its promoters, LIC, to infuse INR4,500cr via a rights issue by end of September.

 

Govt makes Jan Dhan Yojana an open-ended scheme, added incentives to encourage people to open bank accounts 

Over-draft limit for account holders doubled to INR10,000. Free accident insurance cover for people opening Jan Dhan accounts after August 28 also doubled to INR2L.

 

NCLT says status quo to be maintained on management of RHC Holdings post spat of Singh Brother, ex Fortis promoters

Shivinder Singh's counsel asked court to disallow any sale of shares in RHC Holdings by brother Malvinder. Delhi High Court pulled up Malvinder Singh on Wednesday for selling his shares in Religare Healthcare for $3.5m rather than paying up Daiichi Sankyo.

 

US / INTERNATIONAL

 

Starbucks opens its first store in the home of espresso Italy 

First Italian store of Seattle-based global giant to open on Friday in Milan. Company won't sell Frappuccinos or other blended drinks. Customers can sip alcohol in evening, eat Pizzas and pastries.

 

Top Execs from Facebook and Twitter testify in front of Senators on election interference. No representation from Google

Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey wrapped up testimony on Wednesday morning answering questions and explaining efforts to minimize election interference, deter foreign trolls and bots. Testimonies organised in run-up to US Mid-terms. US Tech stocks tumbled across the board, including social media platforms, chip makers, software development firms, online streaming services, and videogame makers.

 

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