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Who Keeps The Gold Toilet, Uber's Food Delivery Drone Service et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Oct 22, 2018 1:02 PM 3 min read
Editorial

Good evening reader,

 

Vijay Mallya, the self-described "poster child" for India's bad loan debacle rose up from his slumber this weekend to invigorate business newswires.

 

The Scoop? His bankers (now ex) reportedly evicting him et familia from their Greco-Roman Townhouse facing London's Regent's Park. Ohh the horror.

 

Part of a Grade I listed building (i.e. a building of exceptional interest as per UK's municipal classification rules) with surprise, surprise, its own Wikipedia page, the Townhouse is the underlying asset behind a GBP20.4m mortgage taken by Mr. Mallya from UBS.

 

Reports add that though the mortgage expired in March 2017, the occupants have refused to vacate since. The bank is thereby exercising its right to evict.

 

Two things come to mind. One: what better indicator of capitalism's skewed balance than to see a Swiss Bank wait for more than an year before striking eviction? Feel UBS's tolerance would have been much thinner on a smaller ticket size, no? Two: who will get to keep the gold toilet? (Now this is way too cryptic. Click here to unveil.)

 

On this rather amusing note, here are Today's Top 6 Business Stories through our End Of Day Wrap Up:

 

INDIA

 

Jio expected to surpass Airtel, Vodafone Idea to become India's biggest telcom company by end of this year, as per Kotak Research.

Analysts from Kotak Research say Reliance Jio could become the country's largest telecom company by end of 2018 if it is able to sustain its strong subscriber growth.

Airtel’s India wireless net revenues are expected to be c. INR8,800cr for Q2 FY19. If the firm's actuals don't significantly beat estimates this quarter, Jio would soon be on its way to cross Airtel and become the country's largest telecom company.

 

TCS reorganizes business to allow top management to focus on long-term strategy.

Tata Consultancy Services sub-divides its Industry Solutions Units, freeing up its senior management to ‘step back’ and focus on formulation of long-term strategy post announcement of its Q2 results.

The company had initially restructured its business in 2008 to help boost growth.

 

Trader Advocacy Body seeks deadline extension to file GST returns till December 31.

Confederation of All India Traders (CAIT) wrote to Finance Minister, Arun Jaitely to extend the deadline for filing of GSTR 3B returns to December 31, citing technical glitches on the GST gateway.

In response, the Finance Ministry has extended the deadline by five days to October 25.

 

RBI may bring UPI under its regulatory purview.

As per a report published by Factor Daily, the Unified Payments Interface (UPI), currently regulated by the National Payments Corporation of India (NPCI), might soon come under the purview of the RBI.

The Central Bank has recently released a dissent note stating that, “There is no case of having a regulator for payment systems outside the RBI."

 

US/INTERNATIONAL

 

Facebook may buy a major cyber-security company on back of recent security breaches.

Facebook is looking to buy a cyber-security company to strengthen its defences against hacks, after the incident that breached data of 29mn users.

The company is likely to buy software with tools that can signal hacking attempts or secure specific accounts. A deal may be closed by end of 2018.

 

Uber plans to launch UberExpress, its food-delivery drone service by 2021.

A WSJ report alleges US-based Uber is seeking to hire an operations executive, who can roll out commercially operational delivery drones within three years.

The Federal Aviation Administration is still to develop rules for night flights, drone identification and operation of vehicles beyond the sight of ground operators, which could be mandated by 2020.

 

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