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Personal Data Collection Bill Submitted to Govt, Banks Enter Inter-Creditor Agreement, Idea-Vodafone Merger Approved et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 29, 2018 12:54 PM 2 min read

End of Week Wrap-up (July 23, 2018 - July 29, 2018) #privacy #dataprotection #banks #NPA #Vodafone #Idea #GST #Facebook #BP #BHPBilliton #oil #crudeoil #shale #Transfin

Editor's Comment: Draft "Personal Data Collection Bill 2018" requiring setup of Data Protection Authority, consent for collecting biometrics, sexual orientation, religious & political beliefs, submitted to government for consideration by Justice BN Srikrishna Committee. The bill has put in controls for cross-border transfer of personal data.


Banks, FIs incl. SBI, PNB, LIC enter inter-creditor agreement (ICA) to fast track resolution of stressed assets greater than INR50cr. 22 PSBs, 19 private sector banks, and 32 foreign banks sign ICA where the lead lender with highest exposure will be authorized to formulate the resolution plan, which shall be presented to other lenders for approval.  


Vodafone-Idea gets final Government approval to create India’s largest telecom operator. The final approval was given after Vodafone and Idea paid INR7,249cr to DoT.


GST rate cut on more than 50 items estimated to lower govt’s tax revenue by INR15,000cr every year. A panel of central and state finance ministers on Saturday cut GST on more than 50 items including washing machines, lithium-ion batteries and sanitary napkins.


Facebook stock dropped by more than 23% in after-hours trading on account of Q2 revenue miss and sluggish growth outlook. Revenues still up 42% y-o-y to $13.23bn (vs $13.36bn estimates). Tougher privacy laws, a shift towards less lucrative ad products, and currency headwinds cited. Margins expected to shrink to mid-30% over the next several years due to higher infrastructure and product spends.


BP Plc will buy BHP Billiton’s US onshore shale assets for $10.5bn. BP looks to rebuild its business in US. The transaction is said to be earnings and cash flow accretive for BP.