Business news

'Attractiveness of a company is determined not by what is the stock price today or next week''An economy as large as India cannot grow with a huge natural resources deficit' 'It is important to have a company that competes at world-scale, with world-class technology' As Cairn India gets ready to merge with its parent entity, Vedanta, it is grappling with issues that range from tax notices to expiry of the production sharing contract with government-owned Oil and Natural Gas Corporationfor its flagship asset in Barmer. Mayank Ashar, below, managing director and chief executive officer, talks on these issues with Business Standard. Edited excerpts: How would the merger with Vedanta, when completed, affect the larger business strategy of Cairn India? The merger requires the approval of minority shareholders. Until that time, it is the normal way of doing business. Once they decide, there will be a process (to carry the merger forward). I do not see any material change after the merger, … [Read more...] about ‘No free lunch for the government; businesses need returns to invest’

The billionaire founder of eBay is to donate $100 million to fund investigative journalism and to combat the spread of misinformation online. Pierre Omidyar, one of the world’s richest men, aims to tackle the “global trust deficit” by giving money to projects around the world. The funds will be dispersed over the next three years through the Omidyar Network, the philanthropic investment firm which he and his wife founded in 2004 and which has committed more than $1 billion to good causes. The first recipients include the International Consortium of Investigative Journalists, the group behind last year’s release of the Panama Papers, which will receive $4.5 million. The Anti-Defamation League will also receive a grant towards the building of a new centre in Silicon Valley to fight the growing threat posed by online trolls. “What we’ve seen over the last 12 months particularly has been an increase in distrust - distrust in government institutions, in … [Read more...] about eBay founder Pierre Omidyar commits $100m to fight ‘fake news’ and hate speech

Australian shares closed higher on Friday as news of a potential "phase one" U.S.-China trade deal and a resounding election win for Britain's Conservative Party spurred risk appetite. While trade tensions eased, investor nerves were also calmed by UK Prime Minister Boris Johnson's victory as it was likely to help him take Britain out of the European Union. The S&P/ASX 200 index closed 0.5% higher, or 30.9 points, at 6,739.7. Reuters reported the United States has agreed to reduce some tariffs on Chinese goods and delay a tranche of tariffs as part of a phase one deal. Neither Washington nor Beijing have released any official statements. Damian Rooney, director of equity sales at Argonaut, said he "would love to see more detail" on the deal, though the "feel-good factor" of the news might be enough to buoy domestic equities into a Santa Claus rally. Commodity stocks such as iron ore miners and energy producers dominated gains on the benchmark. Australia's resource-reliant … [Read more...] about Aussie shares close higher on upbeat trade news, fading Brexit worries

Malcolm Turnbull, Australia’s prime minister and a self-made multi-millionaire, has been named in the Panama Papers as director of an offshore gold prospecting company in a damaging revelation that emerged in the midst of a tight election campaign.  A front-page story in the Australian Financial Review on Thursday revealed that Mr Turnbull, a former investment banker, was a former director of a British Virgin Islands company set up in the 1990s by the Panamanian law firm Mossack Fonseca as part of a plan to develop a £10 billion gold mine in Siberia.  The mining venture reportedly made donations to Russian politicians while seeking a stake in the mine. The opposition pounced on the claims, insisting that the prime minister had “questions to answer”. “This is a man who is the prime minister of the country … and he should provide a full and frank explanation of his involvement in this company which was established in a tax haven,” said … [Read more...] about Australian prime minister Malcolm Turnbull named in Panama papers

Three employees of major banks have been arrested as part of a investigation of insider dealing sparked by intelligence from the leak of the Panama Papers, it has been claimed. More arrests are planned in the joint-investigation by the Financial Conduct Authority (FCA) and the National Crime Agency (NCA), Bloomberg News reported. The existence of the investigation was revealed in Parliament earlier in the week. The Chancellor told the Commons that HMRC’s Panama Papers Taskforce had “identified a number of leads relevant to a major insider trading operation”. A team of HMRC officials has been combing through the millions of ­documents leaked earlier this year from the Panamanian law firm Mossack... … [Read more...] about Three arrested amid Panama Papers insider trade inquiry