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Vijay Mallya Fraud Case, Trade Deficit Widens et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jun 16, 2018 11:46 AM 1 min read
Editorial

 End of Day Wrap-up (Saturday / June 16, 2018) #VijayMallya #JSWEnergy #AdaniPower #Monnet #WTO #trade #tariff #tax #US #China #Transfin

Editor's comment: Vijay Mallya asked by London court to pay a minimum of £200,000 to Indian banks to compensate for their legal costs. Court also order Mallya to pay cost of registration of the worldwide asset freezing order against him.

 

JSW Energy, Adani Power submit expressions of interest to acquire Monnet Power, currently undergoing resolution in the NCLT. Company in financial turmoil partly driven by Supreme Court’s cancellation of coal mine licenses in 2014.

 

Department of Telecom says digital wallets should not get unrestricted access to Aadhaar data, instead opt for Virtual IDs. Virtual IDs are temporary tokens linked to your Aadhar number which can be generated during verification thereby not requiring citizen to actually share one’s Aadhaar number.

 

Indian exports hit 6 month high, driven by petroleum, engineering and pharmaceutical products. However trade deficit widens due to higher crude oil bill.

 

India submits revised list of 30 items imported from the United States, incl. motorcycles, iron ore etc. to the WTO to propose retaliatory tariffs of 50%

 

China announces levy of penalties of equivalent value on US imports after the latter’s tariff announcement. 659 types of goods to be hit.