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Trade War Worsens, 21st Century Fox Increases Bid For Sky, SEBI Launches Proceedings Against ICICI Prudential MF et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 11, 2018 1:06 PM 2 min read
Editorial

End of Day Wrap-up (Wednesday / July 11, 2018) #Vistara #Boeing #Airbus #LIC #SEBI #ICICIPrudential #Telecom #Fox #Sky #Comcast #China #TradeWar #US #Transfin

Editorial Comment: Vistara to buy 19 Boeing, Airbus aircrafts for INR21,000cr; seeks to expand more in the near future. Vistara plans to expand operations overseas as well. They plan to add another 50 planes to their current fleet of 21 planes.

 

LIC to make open offer to IDBI Bank shareholders as SEBI refuses to intervene in takeover proceedings. SEBI regulations say that any acquisition for more than 25%, there has to be an open offer. LIC was seeking some relaxation to this regulation.

 

SEBI launches proceedings against ICICI Prudential MF and its officials. SEBI says the compensation paid to investors by ICICI Prudential MF is not enough. The proceedings initiated are to probe misuse of investor’s money.

 

Telecom Commission approves new telecom policy; upholds net neutrality issue also. The new telecom policy includes creating jobs and getting investments more than $100bn into India by 2022. The new policy comes in time when the telecom sector is facing financial difficulties with a debt nearly INR 8 lakh crores.

 

21st Century Fox increases bid for to British broadcaster Sky in response to Comcast’s bid. Fox already owns 39% of Sky. The bid placed by Fox is £14/share, an increase in £10.75/share. Comcast’s bid was £12.50/share.

 

China plans more retaliatory tariffs against US as trade war worsens. This comes after Trump released an additional list of goods with additional tariffs of 10% on goods worth $200bn. China has urged other countries to join hands to protect free trade.