Pros and Cons of Having Multiple Credit Cards, Yes Bank to Raise $2bn Through Preferential Share Allotment

Pros and cons of having multiple credit cards. Yes Bank to raise $2bn through preferential share allotment. Govt extends mandatory implementation of FASTag to December 15. Zurich Airport wins bid for Jewar Airport. Huawei to fight back against latest FCC restrictions. China factory activity returns to growth after 6-months of decline.

 

MONEY MATTERS

Some pros and cons of having multiple credit cards.

While a credit card can very well come handy during situations of financial emergency, lot many customers still consider them as debt-traps. Even those who already possess a credit card are often wary of applying for another one, overcome by the fear of accumulating unmanageable debt.

 

Here is a useful list of the pros and cons of having multiple credit cards. 

 

While banks, on their part, keep tightening the security measures, fraudsters and online hackers are always on the look out for some loophole in the security systems. 

 

Here's a list of 5 major kinds of frauds and how one can protect one's bank accounts from them. 

 

Zurich Airport wins bid for Jewar Airport.

 

TRANSPORTATION

Zurich Airport wins bid for Jewar Airport.

Fly High: Switzerland’s Zurich Airport International AG has emerged as the highest bidder for the proposed international airport at Jewar, Uttar Pradesh and 

is expected to invest INR4,663.731cr for the first phase, which will take four years to be completed. 

 

Zurich Airport agreed to pay Noida International Airport Limited (NIAL) INR400.97 per passenger using the new greenfield airport - highest by any of the four bidders in the fray. GMR Group-led DIAL, which had the right of first refusal, had offered INR351. Adani Group and Anchorage’s bids stood at INR360 and INR205 per passenger, respectively. Jewar marks Zurich Airports re-entry into India’s airport infrastructure segment after it exited the Bengaluru airport project in 2017.

 

Good to Know: The Jewar airport will be NCR's third, after the Indira Gandhi International Airport (IGIA) and Ghaziabad’s Hindon. Hindu BusinessLine

Govt extends mandatory implementation of FASTag to December 15.

Fast and Furious?: The Central governement has extended the roll-out of mandatory implementation of FASTag to 15 December from 1 December. The govt said that it will now charge double user fee from vehicles entering FASTag lane without FASTag from December 15.

 

Over 70 lakh FASTags had been issued till Wednesday, with the highest per-day issuance of 1,35,583 tags on November 26, 2019, whereas 1.03 lakh tags were issued on the day before. ToI

 

FASTag is a prepaid tag, affixed on vehicle's windscreen that enables automatic deduction of toll charges, and lets the vehicle pass through the toll plaza without stopping for payments. Click here to know all you need to about FASTags. 

 

FINANCIAL INSTITUTIONS

Yes Bank to raise $2bn through preferential share allotment.

Swipe Right: Private-lender Yes Bank in a regulatory filing has said it has increased the size of its preferential share allotment to $2bn from the earlier guidance of $1.2bn on the back of “strong interest” shown by NRI investors, including a $1.2bn offer by Erwin Singh Braich and SPGP Holdings, and $500mn by Citax Holdings and Citax Investment Group.

 

Other prominent suitors include the Aditya Birla Family Office ($25mn), GMR Group and Associates ($50mn), and Rekha Jhunjhunwala ($25mn). Business Today

RBI files insolvency proceedings against DHFL.

In Bad Books: The Central Bank has filed for insolvency proceedings against Dewan Housing Finance Corp. Ltd (DHFL). Under the new norms, an interim moratorium will apply on the housing financier until the case is either admitted or rejected by the National Company Law Tribunal (NCLT).

 

DHFL has an outstanding debt of INR83,873cr. 

 

The RBI had first announced on Nov. 20 that it has superseded DHFL’s board and appointed an administrator to run the company. It has also appointed a three-member advisory committee to help the administrator it appointed to manage the company. Bloomberg Quint

 

COMPANIES

Airtel Board to meet on December 4 to review $3bn fundraiser plan.

What's the Plan?: Telecom operator Bharti Airtel's Board is set to meet on December 4 to consider its fundraising plan worth $3bn to pay the adjusted gross revenue liability following the SC verdict and partially invest in the network.

 

“A meeting of the board of directors is scheduled to be held on December 4 to, inter-alia, consider and evaluate any and all proposals for raising of funds, either by issuance of equity shares, and or bonds, including foreign currency convertible bonds,” the company said in a filing. The board will also evaluate raising of funds through debentures, non-convertible debt instruments along with warrants, convertible debentures , securities or any other equity based instruments including through qualified institutions placement or rights issue, or through any other permissible mode, the filing said.

 

According to government data, the liabilities in the case of Bharti Airtel add up to nearly INR35,586cr, of which INR21,682cr is licence fee and another INR13,904.01 crore is the SUC dues. BS

SEBI refuses any interim relief to Karvy.

Meanwhile...: The Securities and Exchange Board of India (SEBI) has rejected an interim relief for Karvy after Securities Appellate Tribunal (SAT) directed the markets regulator to examine Karvy's request on limited use of Power of Attorney, which would enable it to settle client trades.

 

Previously: SEBI had on November 22 banned stock broker Karvy from taking new clients and from executing trades for existing clients due to client defaults to the tune of INR2,000cr. Livemint

 

CHINA

Huawei to fight back against latest FCC restrictions.

Resist and Revolt: Chinese telecommunications giant Huawei has reportedly decided to fight a Federal Communications Commission (FCC) order approved last week that further curtails its business with some of its few remaining customers in the US.

 

The FCC last week approved an order that would ban carriers receiving Universal Service Fund subsidies from using that money to buy equipment from companies considered "a national security threat" - referring to Chinese companies Huawei and ZTE. Huawei slammed this action as "unlawful" in a statement released last week, and is preparing a lawsuit that would challenge the decision - part of a broad recent effort by Huawei of more forcefully challenging attempts by the US to restrict its business. Engadget

China factory activity returns to growth after 6-months of decline.

Back in the Race: Factory activity in China rather unexpectedly returned to growth in November after 6 months of slump, as domestic demand picked up on Beijing’s accelerated stimulus measures to steady growth.

 

China's Purchasing Managers' Index (PMI) rose to 50.2 in November, up from 49.3 last month, the National Bureau of Statistics said. South China Morning Post

 

It is rather interesting to note that the news comes despite the looming threat of fresh US tariffs within weeks if Beijing and Washington fail to sign a partial trade deal.

FIN.

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