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New research suggests&nbsp;that Persians stumbled upon a version of chromium steel, commonly called as stainless steel, approximately 1000 years ago, surprising scientists.

According to the latest study published in the Journal of Archeology, Persians came across an alloy of chromium steel in 11th Century AD. It was used to produce swords, daggers, armor, and other items.

Rahil Alipour, the lead author of the new study and an archaeologist at University College London, said&nbsp;“This particular crucible steel made in Chahak contains around 1 per cent&nbsp;to 2&nbsp;per cent&nbsp;chromium and 2&nbsp;per cent&nbsp;phosphorus.”

Until quite recently archeologists and historians believed that the discovery of&nbsp;chromium steel was a recent phenomenon.

Persians found&nbsp;stainless steel in&nbsp;Chahak, an archaeological site in southern Iran.&nbsp;Radiocarbon dating of this charcoal yielded a date range between the 10th and 12th centuries CE.

<img alt="F" data-entity-type="file" data-entity-uuid="da5ae844-4537-4abb-84c2-49580d1d5cec" src="//cdn.wionews.com/sites/default/files/inline-images/Surprising-archaeologists-find-1000-year-old-stainless-steel-in-Iran.jpg" />

In picture:&nbsp;Crucible remnant containing an embedded chunk of slag/Image:&nbsp;Rahil Alipour/UCL Archaeology

In the past, Chahak&nbsp;used to be an important hub for the production of steel, and it is the only archaeological site in Iran with evidence of crucible steel-making. In it&nbsp;iron is added to long tubular crucibles, along with other minerals and organic matter, which is then sealed and warmed in a furnace.

After cooling down, an ingot is removed by breaking the crucible. This technique was vitally important among many cultures, including the Vikings.

''The new paper provides the earliest evidence for the consistent and intentional addition of a chromium mineral, most likely chromite, to the crucible steel charge, resulting in the intentional production of a low-chromium steel,”&nbsp;said Rachel Alipore, another author of the new study and an archaeologist at University College London.

“Crucible steel in general is a very high-quality steel,” Alipour said. “It does not contain impurities and is very ideal for production of arms and armour and other tools.”

New research suggests that Persians stumbled upon a version of chromium steel, commonly called as stainless steel, approximately 1000 years ago, surprising scientists.

New research suggests that Persians stumbled upon a version of chromium steel, commonly called as stainless steel, approximately 1000 years ago, surprising scientists. According to the latest study published in the Journal of Archeology, Persians came across an alloy of chromium steel in 11th Century AD. It was used to produce swords, daggers, armor, and other items. Rahil Alipour, the lead author of the new study and an archaeologist at University College London, said “This particular crucible steel made in Chahak contains around 1 per cent to 2 per cent chromium and 2 per cent phosphorus.” Until quite recently archeologists and historians believed that the discovery of chromium steel was a recent phenomenon. Persians found stainless steel in Chahak, an archaeological site in southern Iran. Radiocarbon dating of this charcoal yielded a date range between the 10th and 12th centuries CE. In picture: Crucible remnant containing an embedded chunk of slag/Image: Rahil Alipour/UCL Archaeology In the past, Chahak used to be an important hub for the production of steel, and it is the only archaeological site in Iran with evidence of crucible steel-making. In it iron is added to long tubular crucibles, along with other minerals and organic matter, which is then sealed and warmed in a furnace. After cooling down, an ingot is removed by breaking the crucible. This technique was vitally important among many cultures, including the Vikings. ''The new paper provides the earliest evidence for the consistent and intentional addition of a chromium mineral, most likely chromite, to the crucible steel charge, resulting in the intentional production of a low-chromium steel,” said Rachel Alipore, another author of the new study and an archaeologist at University College London. “Crucible steel in general is a very high-quality steel,” Alipour said. “It does not contain impurities and is very ideal for production of arms and armour and other tools.”

Steel has been in circulation longer than you think

Domestic stock market indices ended lower on Tuesday following weakness in global peers. Asian shares were weaker on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks.&nbsp;

The S&amp;P BSE Sensex slipped 300 points or 0.79 per cent to settle at 37,734 levels. The broader Nifty50 index fell below the 11,200-mark to 11,154, down 97 points, or 0.86 per cent. India VIX slipped nearly 5 per cent to 21 levels.&nbsp;

Global markets

Asian shares were broadly weaker Tuesday as possible delays in expanded US stimulus and concerns about fresh pandemic lockdowns in Europe dented the recent positive sentiment towards global equity markets. At the close of trade, the Hang Seng index was down 233.84 points or 0.98 per cent at 23,716.85.&nbsp;

The Hang Seng China Enterprises index fell 0.66 per cent to 9,576.81. Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.26 per cent, while Japan’s Nikkei index closed up 0.18 per cent.

In Europe, stock markets clawed back some ground, a day after rising second waves of the coronavirus epidemic caused the region’s biggest wipeout since June and drover investors back to government bonds.

In commodities, oil futures were little changed after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength.&nbsp;

(With inputs from Reuters)

Domestic stock market indices ended lower on Tuesday following weakness in global peers. Asian shares were weaker on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks.

Domestic stock market indices ended lower on Tuesday following weakness in global peers. Asian shares were weaker on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks. The S&P BSE Sensex slipped 300 points or 0.79 per cent to settle at 37,734 levels. The broader Nifty50 index fell below the 11,200-mark to 11,154, down 97 points, or 0.86 per cent. India VIX slipped nearly 5 per cent to 21 levels. Global markets Asian shares were broadly weaker Tuesday as possible delays in expanded US stimulus and concerns about fresh pandemic lockdowns in Europe dented the recent positive sentiment towards global equity markets. At the close of trade, the Hang Seng index was down 233.84 points or 0.98 per cent at 23,716.85. The Hang Seng China Enterprises index fell 0.66 per cent to 9,576.81. Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.26 per cent, while Japan’s Nikkei index closed up 0.18 per cent. In Europe, stock markets clawed back some ground, a day after rising second waves of the coronavirus epidemic caused the region’s biggest wipeout since June and drover investors back to government bonds. In commodities, oil futures were little changed after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength. (With inputs from Reuters)

Sensex slips 300 points; Nifty ends at 11,154

In a big corporate development, Shapoorji Pallonji Group, the largest minority shareholder in Tata sons and the holding family of Tata Sons former chairman Cyrus Mistry will exit from Indian salt-to-software conglomerate, after a relationship spanning 70 years turned sour due to Tata-Mistry fight in the last few years. 
 
The SP group that holds over 18.4 percent stake in Tata sons worth over one lakh crore rupees will now possibly sell their stake and move out of the holding company of Tata group firms.&nbsp;

In a statement issued during late evening today, SP group said, "The past oppressive actions, and the latest vindictive move by Tata sons that impact the livelihoods of the wider SP group community leads to the inexplicable conclusion that the mutual co-existence of both groups at Tata sons would be infeasible. The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship".

SP group statement is also important in the light of a protracted legal battle that started after Cyrus Mistry was unceremoniously ousted as chairman of Tata sons in October 2016. What followed this was a legal battle fought from national company law tribunal to the Supreme Court. The Tata group had recently told Supreme Court it is open to buying out the stake held by the billionaire Mistry family as part of a proposal to help end a years-long legal dispute between the two parties. The Supreme Court has already barred the Mistry group from pledging or selling any Tata shares until October 28, when the final hearing in the high profile case will be heard.&nbsp;

SP group has also accused Tata sons of undertaking efforts to suppress and inflict irreparable harm on the SP group, in the midst of covid-19 crisis. SP group added, "The Mistry family were in the midst of raising funds against the security of their personal assets to meet the crisis arising from the global pandemic. This move was undertaken to protect the livelihoods of its 60,000 employees and over 100,000 migrant workers. The action by Tata sons to block this crucial fund raise, without any heed for the collateral consequences is the latest demonstration of their vindictive mind-set".

In a big corporate development, Shapoorji Pallonji Group, the largest minority shareholder in Tata sons and the holding family of Tata Sons former chairman Cyrus Mistry will exit from Indian salt-to-software conglomerate, after a relationship spanning 70 years turned sour due to Tata-Mistry fight in the last few years.

In a big corporate development, Shapoorji Pallonji Group, the largest minority shareholder in Tata sons and the holding family of Tata Sons former chairman Cyrus Mistry will exit from Indian salt-to-software conglomerate, after a relationship spanning 70 years turned sour due to Tata-Mistry fight in the last few years. The SP group that holds over 18.4 percent stake in Tata sons worth over one lakh crore rupees will now possibly sell their stake and move out of the holding company of Tata group firms. In a statement issued during late evening today, SP group said, "The past oppressive actions, and the latest vindictive move by Tata sons that impact the livelihoods of the wider SP group community leads to the inexplicable conclusion that the mutual co-existence of both groups at Tata sons would be infeasible. The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship". SP group statement is also important in the light of a protracted legal battle that started after Cyrus Mistry was unceremoniously ousted as chairman of Tata sons in October 2016. What followed this was a legal battle fought from national company law tribunal to the Supreme Court. The Tata group had recently told Supreme Court it is open to buying out the stake held by the billionaire Mistry family as part of a proposal to help end a years-long legal dispute between the two parties. The Supreme Court has already barred the Mistry group from pledging or selling any Tata shares until October 28, when the final hearing in the high profile case will be heard. SP group has also accused Tata sons of undertaking efforts to suppress and inflict irreparable harm on the SP group, in the midst of covid-19 crisis. SP group added, "The Mistry family were in the midst of raising funds against the security of their personal assets to meet the crisis arising from the global pandemic. This move was undertaken to protect the livelihoods of its 60,000 employees and over 100,000 migrant workers. The action by Tata sons to block this crucial fund raise, without any heed for the collateral consequences is the latest demonstration of their vindictive mind-set".

‘Time to separate’: Cyrus Mistry's family to exit Tata sons

The Monetary Authority of Singapore (MAS) is "closely studying" media reports that said the country's banks had informed US regulators of suspicious transactions.

The move came as global banks faced a fresh scandal about dirty money on Monday showing they transferred more than $2 trillion in suspect funds over nearly two decades.

Banks from many countries were named in the report by the International Consortium of Investigative Journalists and based on leaked documents obtained by a couple of media outlets.

The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN).

"MAS is aware that Singapore banks were mentioned in media reports on suspicious transaction reports filed with FinCEN," the city-state's central bank said in an email on Tuesday.

"Although suspicious transaction reports in and of themselves do not imply that the transactions are illicit, MAS takes such reports very seriously," it said.

It said it will take "appropriate action" based on the outcome of its review, adding that "Singapore's regulatory framework to combat money laundering meets international standards set by the Financial Action Task Force."

<a href="https://www.wionews.com/business-economy/fincen-documents-show-how-global-banks-moved-illicit-funds-despite-red-flags-329028">Also read | FinCEN documents show how global banks moved illicit funds despite red flags</a>

The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011.

The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions.

In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN.

(with inputs)

The Monetary Authority of Singapore (MAS) is "closely studying" media reports that said the country's banks had informed US regulators of suspicious transactions.

The Monetary Authority of Singapore (MAS) is "closely studying" media reports that said the country's banks had informed US regulators of suspicious transactions. The move came as global banks faced a fresh scandal about dirty money on Monday showing they transferred more than $2 trillion in suspect funds over nearly two decades. Banks from many countries were named in the report by the International Consortium of Investigative Journalists and based on leaked documents obtained by a couple of media outlets. The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN). "MAS is aware that Singapore banks were mentioned in media reports on suspicious transaction reports filed with FinCEN," the city-state's central bank said in an email on Tuesday. "Although suspicious transaction reports in and of themselves do not imply that the transactions are illicit, MAS takes such reports very seriously," it said. It said it will take "appropriate action" based on the outcome of its review, adding that "Singapore's regulatory framework to combat money laundering meets international standards set by the Financial Action Task Force." Also read | FinCEN documents show how global banks moved illicit funds despite red flags The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011. The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions. In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN. (with inputs)

Singapore central bank studying reports on suspicious bank transfers

Watch in 'World Business Watch': Germany plan reforms to avoid bankruptcy, relaxation in insolvency rules planned.

Germany plan reforms to avoid bankruptcy, relaxation in insolvency rules planned

Watch today in 'World Business Watch': Asian shares cling to tight range, attention shifts to US Election & stimulus.

Asian shares cling to tight range, attention shifts to US Election & stimulus

Several global banks moved large sums of allegedly illicit funds -- to the tune of&nbsp;$2tn -- over a period of nearly two decades, despite red flags about the origins of the money, several media reports&nbsp;said on Monday (IST).

The reports are&nbsp;based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCen).&nbsp;

Leaked documents&nbsp;also show how Russian oligarchs have used banks to avoid sanctions that were supposed to stop them getting their money into the West. They have&nbsp;exposed similar secret deals, money laundering and financial crime.

The SARs, which the reports said numbered more than 2,100, were shared with the International Consortium of Investigative Journalists (ICIJ) and other media organisations.

The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011.

The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions.

In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN.

Five global banks appeared most often in the documents — HSBC Holdings Plc, JPMorgan Chase &amp; Co, Deutsche Bank AG, Standard Chartered Plc and Bank of New York Mellon Corp, the ICIJ reported.

At least 44 Indian banks figure in the FinCEN Files primarily because they are “correspondent banks” to the foreign banks which have filed these SARs. Key in this list are Punjab National Bank, Kotak Mahindra, HDFC Bank, Canara Bank, IndusInd Bank and Bank of Baroda, among others.

The SARs provide key intelligence in global efforts to stop money laundering and other crimes. The media reports on Sunday painted a picture of a system that is both under-resourced and overwhelmed, allowing vast amounts of illicit funds to move through the banking system.

A bank has a maximum of 60 days to file SARs after the date of initial detection of a reportable transaction, according to the Treasury Department's Office of the Comptroller of the Currency. The ICIJ report said in some cases the banks failed to report suspect transactions until years after they had processed them.

The SARs also showed that banks often moved funds for companies that were registered in offshore havens, such as the British Virgin Islands, and did not know the ultimate owner of the account, the report said. Staff at major banks often used Google searches to learn who was behind large transactions, it said.

Among the types of transactions highlighted by the report: funds processed by JPMorgan for potentially corrupt individuals and companies in Venezuela, Ukraine and Malaysia; money from a Ponzi scheme moving through HSBC; and money linked to a Ukrainian billionaire processed by Deutsche Bank.

"I hope these findings spur urgent action from policymakers to enact needed reforms," said Tim Adams, chief executive of the trade group Institute of International Finance, in a statement. "As noted in today's reports, the impacts of financial crime are felt beyond just the financial sector – it poses grave threats to society as a whole."

In a statement to Reuters, HSBC said "all of the information provided by the ICIJ is historical." The bank said as of 2012, "HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions."

Standard Chartered said in a statement to Reuters, "We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes."

BNY Mellon told Reuters it could not comment on specific SARs. "We fully comply with all applicable laws and regulations, and assist authorities in the important work they do," the bank said.

JPMorgan said it has "thousands of people and hundreds of millions of dollars dedicated to this important work." "We have played a leadership role in anti-money laundering reform," the bank said in a statement.

In a statement on Sunday, Deutsche Bank said the ICIJ had "reported on a number of historic issues." "We have devoted significant resources to strengthening our controls and we are very focused on meeting our responsibilities and obligations," the bank said.

FinCen said in a statement on its website on September 1 that it was aware that various media outlets intended to publish a series of articles based on unlawfully disclosed SARs, as well as other documents, and said that the "unauthorised disclosure of SARs is a crime that can impact the national security of the United States."

FinCEN&nbsp;has also uncovered a web of transactions of a flourishing money laundering network, purportedly run by Pakistani national Altaf Khanani who is also said to have been a key financier for fugitive terrorist Dawood Ibrahim.

These SARs also detail transactions of Khanani’s Money Laundering Organisation (MLO) and the Al Zarooni Exchange.

Khanani was arrested at the Panama airport -- on September 11, 2015 -- following a trans-continental undercover operation, and put behind bars in a Miami prison. His detention ended in July 2020.

He was to be handed over to US immigration authorities for deportation. But there has been no recent update on whether he has been deported to Pakistan or the UAE.

The arrest of Khanani was seen as a breakthrough by Indian intelligence agencies given the Dawood Ibrahim connection.

Also, Lashkar-e-Toiba and Jaish-e-Mohammed -- specifically mentioned by the OFAC as terror organisations -- have been being funded by him.

FinCEN’s intelligence report says Mazaka General Trading LLC received $49.78 million from five Moscow Mirror Network entities between March 2013 and October 2016.

This is also where Indian links emerged in the functioning of the Altaf Khanani laundering operation. A scrutiny of transactions of Mazaka General Trading show it traded with a New Delhi-based company, Rangoli International Pvt Limited. This company, dealing in wholesale trade and garment exports, was set up in 2009.

The FinCEN Files have around 70 transactions listed for Rangoli International, mostly with UAE-based entities with the remittances being routed through several Indian banks: the Punjab National Bank, Central Bank of India, Oriental Bank of Commerce, Corporation Bank, Vijaya Bank and Bank of Maharashtra.

Records of the Registrar of Companies (RoC) show that Rangoli International witnessed a sharp deterioration and decline in profitability in the year ending March 2014 and incurred a loss of Rs 74.87 crore over a sales revenue of Rs 339.19 crore. The company has not held an annual shareholders meeting since 2015, the year it also filed its last balance sheet.

(with inputs from agencies)

Several global banks moved large sums of allegedly illicit funds -- to the tune of $2tn -- over a period of nearly two decades, despite red flags about the origins of the money, several media reports said on Monday (IST).

Several global banks moved large sums of allegedly illicit funds -- to the tune of $2tn -- over a period of nearly two decades, despite red flags about the origins of the money, several media reports said on Monday (IST). The reports are based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCen). Leaked documents also show how Russian oligarchs have used banks to avoid sanctions that were supposed to stop them getting their money into the West. They have exposed similar secret deals, money laundering and financial crime. The SARs, which the reports said numbered more than 2,100, were shared with the International Consortium of Investigative Journalists (ICIJ) and other media organisations. The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011. The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions. In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN. Five global banks appeared most often in the documents — HSBC Holdings Plc, JPMorgan Chase & Co, Deutsche Bank AG, Standard Chartered Plc and Bank of New York Mellon Corp, the ICIJ reported. At least 44 Indian banks figure in the FinCEN Files primarily because they are “correspondent banks” to the foreign banks which have filed these SARs. Key in this list are Punjab National Bank, Kotak Mahindra, HDFC Bank, Canara Bank, IndusInd Bank and Bank of Baroda, among others. The SARs provide key intelligence in global efforts to stop money laundering and other crimes. The media reports on Sunday painted a picture of a system that is both under-resourced and overwhelmed, allowing vast amounts of illicit funds to move through the banking system. A bank has a maximum of 60 days to file SARs after the date of initial detection of a reportable transaction, according to the Treasury Department's Office of the Comptroller of the Currency. The ICIJ report said in some cases the banks failed to report suspect transactions until years after they had processed them. The SARs also showed that banks often moved funds for companies that were registered in offshore havens, such as the British Virgin Islands, and did not know the ultimate owner of the account, the report said. Staff at major banks often used Google searches to learn who was behind large transactions, it said. Among the types of transactions highlighted by the report: funds processed by JPMorgan for potentially corrupt individuals and companies in Venezuela, Ukraine and Malaysia; money from a Ponzi scheme moving through HSBC; and money linked to a Ukrainian billionaire processed by Deutsche Bank. "I hope these findings spur urgent action from policymakers to enact needed reforms," said Tim Adams, chief executive of the trade group Institute of International Finance, in a statement. "As noted in today's reports, the impacts of financial crime are felt beyond just the financial sector – it poses grave threats to society as a whole." In a statement to Reuters, HSBC said "all of the information provided by the ICIJ is historical." The bank said as of 2012, "HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions." Standard Chartered said in a statement to Reuters, "We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes." BNY Mellon told Reuters it could not comment on specific SARs. "We fully comply with all applicable laws and regulations, and assist authorities in the important work they do," the bank said. JPMorgan said it has "thousands of people and hundreds of millions of dollars dedicated to this important work." "We have played a leadership role in anti-money laundering reform," the bank said in a statement. In a statement on Sunday, Deutsche Bank said the ICIJ had "reported on a number of historic issues." "We have devoted significant resources to strengthening our controls and we are very focused on meeting our responsibilities and obligations," the bank said. FinCen said in a statement on its website on September 1 that it was aware that various media outlets intended to publish a series of articles based on unlawfully disclosed SARs, as well as other documents, and said that the "unauthorised disclosure of SARs is a crime that can impact the national security of the United States." FinCEN has also uncovered a web of transactions of a flourishing money laundering network, purportedly run by Pakistani national Altaf Khanani who is also said to have been a key financier for fugitive terrorist Dawood Ibrahim. These SARs also detail transactions of Khanani’s Money Laundering Organisation (MLO) and the Al Zarooni Exchange. Khanani was arrested at the Panama airport -- on September 11, 2015 -- following a trans-continental undercover operation, and put behind bars in a Miami prison. His detention ended in July 2020. He was to be handed over to US immigration authorities for deportation. But there has been no recent update on whether he has been deported to Pakistan or the UAE. The arrest of Khanani was seen as a breakthrough by Indian intelligence agencies given the Dawood Ibrahim connection. Also, Lashkar-e-Toiba and Jaish-e-Mohammed -- specifically mentioned by the OFAC as terror organisations -- have been being funded by him. FinCEN’s intelligence report says Mazaka General Trading LLC received $49.78 million from five Moscow Mirror Network entities between March 2013 and October 2016. This is also where Indian links emerged in the functioning of the Altaf Khanani laundering operation. A scrutiny of transactions of Mazaka General Trading show it traded with a New Delhi-based company, Rangoli International Pvt Limited. This company, dealing in wholesale trade and garment exports, was set up in 2009. The FinCEN Files have around 70 transactions listed for Rangoli International, mostly with UAE-based entities with the remittances being routed through several Indian banks: the Punjab National Bank, Central Bank of India, Oriental Bank of Commerce, Corporation Bank, Vijaya Bank and Bank of Maharashtra. Records of the Registrar of Companies (RoC) show that Rangoli International witnessed a sharp deterioration and decline in profitability in the year ending March 2014 and incurred a loss of Rs 74.87 crore over a sales revenue of Rs 339.19 crore. The company has not held an annual shareholders meeting since 2015, the year it also filed its last balance sheet. (with inputs from agencies)

FinCEN documents show how global banks moved illicit funds despite red flags

The Tamil Nadu state Economy may revert to pre-Covid levels in about two months, an expert committee has said based on the revenue from GST collections, petrol and power consumption. 
 
They also pegged the state’s economic growth at 1.71% for the year 2021, while expressing caution about a possible further dip. The committee submitted its report to Tamil Nadu chief Minister Edappadi K Palaniswami at the Secretariat on Monday.&nbsp;

Led by Former RBI Governor C. Rangarajan, the committee was appointed by the Tamil Nadu government, in May, to suggest measures for economic recovery after the pandemic-induced slump and the period of inactivity during the lockdown. The 24-member committee sought views from industry bodies, trade associations, stakeholders, and experts in economics from India and abroad.&nbsp;

The major recommendations of the committee include the rolling out of an Urban employment guarantee scheme (similar to rural employment guarantee scheme), hiking the capital expenditure by Rs.10, 000 crore and also expeditiously spending the Rs.3, 200 crore in the construction workers welfare fund to generate employment opportunities.&nbsp;

Speaking to reporters, Rangarajan pointed out that the state’s debt would only increase this year, owing to the higher expenditure on the healthcare front and lower income to the state’s coffers. However, he suggested that the government must ramp up its spending amid times of low demand.&nbsp;

Also mentioned was the recommendation to increase the healthcare spend by Rs.5000 Crore. The committee recommended the extension of free distribution of rice to cardholders via the Public distribution system (PDS or ration shops) beyond November.&nbsp;

 
In terms of the industrial sector, the committee has recommended increasing the capital of Tamil Nadu Industrial Investment Corporation to Rs.1, 000 crore so that the organization can lend long term. “Setting up of industrial parks and industrial townships and bringing in the credit guarantee scheme for small scale industries are other recommendations,” Rangarajan said.

Tamil Nadu, known as the automobile hub of India is among the states that are worst hit by the Covid-19 pandemic. The state has recorded a total of 5.36 lakh positive cases, of which 4.81 lakh have recovered. Over 46,453 cases are active in the state and over 8700 individuals have lost their battle to the deadly virus.

The Tamil Nadu state Economy may revert to pre-Covid levels in about two months, an expert committee has said based on the revenue from GST collections, petrol and power consumption.

The Tamil Nadu state Economy may revert to pre-Covid levels in about two months, an expert committee has said based on the revenue from GST collections, petrol and power consumption. They also pegged the state’s economic growth at 1.71% for the year 2021, while expressing caution about a possible further dip. The committee submitted its report to Tamil Nadu chief Minister Edappadi K Palaniswami at the Secretariat on Monday. Led by Former RBI Governor C. Rangarajan, the committee was appointed by the Tamil Nadu government, in May, to suggest measures for economic recovery after the pandemic-induced slump and the period of inactivity during the lockdown. The 24-member committee sought views from industry bodies, trade associations, stakeholders, and experts in economics from India and abroad. The major recommendations of the committee include the rolling out of an Urban employment guarantee scheme (similar to rural employment guarantee scheme), hiking the capital expenditure by Rs.10, 000 crore and also expeditiously spending the Rs.3, 200 crore in the construction workers welfare fund to generate employment opportunities. Speaking to reporters, Rangarajan pointed out that the state’s debt would only increase this year, owing to the higher expenditure on the healthcare front and lower income to the state’s coffers. However, he suggested that the government must ramp up its spending amid times of low demand. Also mentioned was the recommendation to increase the healthcare spend by Rs.5000 Crore. The committee recommended the extension of free distribution of rice to cardholders via the Public distribution system (PDS or ration shops) beyond November. In terms of the industrial sector, the committee has recommended increasing the capital of Tamil Nadu Industrial Investment Corporation to Rs.1, 000 crore so that the organization can lend long term. “Setting up of industrial parks and industrial townships and bringing in the credit guarantee scheme for small scale industries are other recommendations,” Rangarajan said. Tamil Nadu, known as the automobile hub of India is among the states that are worst hit by the Covid-19 pandemic. The state has recorded a total of 5.36 lakh positive cases, of which 4.81 lakh have recovered. Over 46,453 cases are active in the state and over 8700 individuals have lost their battle to the deadly virus.

Tamil Nadu’s economy may revert to pre-Covid levels in two months says expert committee

Domestic benchmark share indices succumbed to fag-end selloff to close in the red, amid weak cues from global peers.

The S&amp;P BSE Sensex tumbled 812 points, or 2.09 per cent to settle at 38,034 levels. Of 30 constituents, 27 declined and just 3 advanced. IndusInd Bank (down 8.7 per cent) ended as the biggest loser on the index.&nbsp;

On the NSE, the benchmark Nifty50 ended at 11,251, down 254 points, or over 2 per cent. India VIX -- markets' volatility index -- jumped 13 per cent to 22.6 levels.

Asian shares slipped on Monday on fears the global economy may sputter for a while due to a resurgence of coronavirus infections in Europe while fading hopes for US fiscal stimulus hopes also weighed. In Europe, shares fell to two-week lows. S&amp;P 500 e-minis declined 0.6 per cent, also pointing to a weak start for Wall Street on Monday. Most major Asian indexes were in the red and MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.6 per cent weaker at 565.75 levels.

In commodities, oil prices fell on the potential return of output from Libya as rising coronavirus cases also added to worries about global demand, although a tropical storm heading for the US Gulf of Mexico limited losses.

(With inputs from Reuters)&nbsp;

Domestic benchmark share indices succumbed to fag-end selloff to close in the red, amid weak cues from global peers. The S&P BSE Sensex tumbled 812 points, or 2.

Domestic benchmark share indices succumbed to fag-end selloff to close in the red, amid weak cues from global peers. The S&P BSE Sensex tumbled 812 points, or 2.09 per cent to settle at 38,034 levels. Of 30 constituents, 27 declined and just 3 advanced. IndusInd Bank (down 8.7 per cent) ended as the biggest loser on the index. On the NSE, the benchmark Nifty50 ended at 11,251, down 254 points, or over 2 per cent. India VIX -- markets' volatility index -- jumped 13 per cent to 22.6 levels. Asian shares slipped on Monday on fears the global economy may sputter for a while due to a resurgence of coronavirus infections in Europe while fading hopes for US fiscal stimulus hopes also weighed. In Europe, shares fell to two-week lows. S&P 500 e-minis declined 0.6 per cent, also pointing to a weak start for Wall Street on Monday. Most major Asian indexes were in the red and MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.6 per cent weaker at 565.75 levels. In commodities, oil prices fell on the potential return of output from Libya as rising coronavirus cases also added to worries about global demand, although a tropical storm heading for the US Gulf of Mexico limited losses. (With inputs from Reuters)

Sensex ends 812 points lower, Nifty below 11,250 amid weak global cues

Japan’s new premier Yoshihide Suga on Wednesday pledged to contain COVID-19 and retain his former boss’s “Abenomics” growth policies.

Japan consumer prices down at fastest pace in 4 years

Google Playstore has removed the payments app 'Paytm' for alleged "unregulated gambling”. Paytm said its users' money is "completely safe". Watch report.

Google removes Paytm app from Playstore due to guidelines violation

Britain’s unemployment rate rose for the first time since the coronavirus lockdown began in March, prompting fresh calls for finance minister Rishi Sunak to extend a job subsidy programme which is due to expire next month.

Dramatic increase in UK's unemployment could worsen

The resurgence in coronavirus cases is the biggest threat to the recovering eurozone economy. Growth and inflation are more likely to create negative surprises over the coming year than positive ones.

Resurging cases of COVID-19 pose big challenge to Euro Zone economy

Volkswagen is in talks to sell its high-end Bugatti brand to electric supercar maker Rimac, a new report says.

VW said to be in talks to sell Bugatti to Rimac

The Federal funds rate remained unchanged at zero to a quarter percentage point, and will stay there until America's labor market has recovered

Fed vows to keep interest rates near zero

The report on the 18-month investigation, published Wednesday by the House Transportation Committee

US House report blames Boeing, FAA for 737 Max failures

New Zealand plunged into recession for the first time in a decade Thursday, as data confirmed a record-breaking economic collapse that forced Prime Minister Jacinda Ardern to defend her pandemic response ahead of next month's general election.

The 12.2 per cent contraction in April-June was "by far the largest" since records began, national data agency Stats NZ said, with the country put into a strict lockdown for almost two months and the country's borders closed.

Also read |&nbsp;<a href="https://www.wionews.com/world/new-zealand-scores-f-for-failure-as-unicef-report-on-obesity-youth-suicide-reveal-dismal-results-325176">New Zealand scores 'F for failure' as Unicef report on obesity, youth suicide reveal dismal results</a>

Ardern rejected opposition accusations that the tough measures had pushed the economy "off a cliff", saying the restrictions helped contain the virus, which allowed business to resume far earlier than in many other countries.

The centre-left leader, who will go to the polls re-election on October 17, also pointed out that New Zealand had recorded just 25 Covid-19 deaths, out of a population of five million.

"Success for me is saving people's lives, supporting and saving people's businesses, coming out the other side (of the crisis) faster, quicker and with more activity," she told reporters.

"I back our results."

She said the economic pain of lockdown in the June quarter would be followed by a rebound in July-September, when virus-related restrictions were eased significantly.

Ardern retains a strong lead in opinion polls and is expected to retain office, despite the ugly pre-election economic figures.

Finance Minister Grant Robertson said it could have been much worse, with budget papers in May predicting a 23.5 quarterly decline and Treasury forecasting a 16 per cent drop just this week.

"There is no way that any political party could claim that there would not have been a recession in New Zealand during this period," he said.

"This is a one-in-100-year global economic shock."

'This was traumatic'&nbsp;

The opposition National Party said the figures showed a change of government was needed because Ardern's administration could not properly manage the economy or the pandemic response.&nbsp;

"It is now official that we are in the deepest recession in living memory and it's proof that New Zealand needs a National-led government now that has a very clear plan," National leader Judith Collins said.

She said New Zealand "compares very unfavourably" with neighbouring Australia, which recorded an economic contraction of seven percent in the June quarter after adopting a more flexible approach to lockdowns and border controls.

New Zealand's most recent recession was in 2008-09 and until the first three months of this year it had recorded non-stop quarterly growth since 2010.

The second-quarter decline follows a 1.6 per cent contraction in the first three months of 2020, confirming widespread expectations that New Zealand is in recession.

Kiwibank chief economist Jarrod Kerr said the figures were unprecedented.

"We've never seen anything like this. It was traumatic," he said.

"Service exports were stonewalled, and down 40 per cent in the quarter, consumption was down 12 per cent, and investment was slashed by 20 per cent."

But he said the figure was a one-off that was set to be followed by a growth surge of 10 per cent in the September quarter, which would also be a record.

"Businesses and households have clearly adapted to trading in a world with limited face-to-face contract," he said.

New Zealand plunged into recession for the first time in a decade Thursday, as data confirmed a record-breaking economic collapse that forced Prime Minister Jacinda Ardern to defend her pandemic response ahead of next month's general election.

New Zealand plunged into recession for the first time in a decade Thursday, as data confirmed a record-breaking economic collapse that forced Prime Minister Jacinda Ardern to defend her pandemic response ahead of next month's general election. The 12.2 per cent contraction in April-June was "by far the largest" since records began, national data agency Stats NZ said, with the country put into a strict lockdown for almost two months and the country's borders closed. Also read | New Zealand scores 'F for failure' as Unicef report on obesity, youth suicide reveal dismal results Ardern rejected opposition accusations that the tough measures had pushed the economy "off a cliff", saying the restrictions helped contain the virus, which allowed business to resume far earlier than in many other countries. The centre-left leader, who will go to the polls re-election on October 17, also pointed out that New Zealand had recorded just 25 Covid-19 deaths, out of a population of five million. "Success for me is saving people's lives, supporting and saving people's businesses, coming out the other side (of the crisis) faster, quicker and with more activity," she told reporters. "I back our results." She said the economic pain of lockdown in the June quarter would be followed by a rebound in July-September, when virus-related restrictions were eased significantly. Ardern retains a strong lead in opinion polls and is expected to retain office, despite the ugly pre-election economic figures. Finance Minister Grant Robertson said it could have been much worse, with budget papers in May predicting a 23.5 quarterly decline and Treasury forecasting a 16 per cent drop just this week. "There is no way that any political party could claim that there would not have been a recession in New Zealand during this period," he said. "This is a one-in-100-year global economic shock." 'This was traumatic' The opposition National Party said the figures showed a change of government was needed because Ardern's administration could not properly manage the economy or the pandemic response. "It is now official that we are in the deepest recession in living memory and it's proof that New Zealand needs a National-led government now that has a very clear plan," National leader Judith Collins said. She said New Zealand "compares very unfavourably" with neighbouring Australia, which recorded an economic contraction of seven percent in the June quarter after adopting a more flexible approach to lockdowns and border controls. New Zealand's most recent recession was in 2008-09 and until the first three months of this year it had recorded non-stop quarterly growth since 2010. The second-quarter decline follows a 1.6 per cent contraction in the first three months of 2020, confirming widespread expectations that New Zealand is in recession. Kiwibank chief economist Jarrod Kerr said the figures were unprecedented. "We've never seen anything like this. It was traumatic," he said. "Service exports were stonewalled, and down 40 per cent in the quarter, consumption was down 12 per cent, and investment was slashed by 20 per cent." But he said the figure was a one-off that was set to be followed by a growth surge of 10 per cent in the September quarter, which would also be a record. "Businesses and households have clearly adapted to trading in a world with limited face-to-face contract," he said.

New Zealand plunges into recession as economy shrinks record 12%

Wealthy nations that have just 13 per cent of the global population have already bought half of the potential drugs that are leading the Covid-19 vaccines race, a report by Oxfam claimed.&nbsp;

The study analysed agreements signed by five leading vaccine candidates and pharmaceuticals based on data shared by the analytics organisation Airfinity.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-election-2020-donald-trump-says-top-health-expert-was-confused-about-vaccine-but-not-him-328048">Trump says top health expert was 'confused' about vaccine, but not him</a>

"Access to a life-saving vaccine shouldn't depend on where you live or how much money you have," said Robert Silverman from Oxfam America, as quoted by news agency AFP.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/dcgi-gives-go-ahead-to-serum-institute-for-covid-19-vaccine-trials-in-india-327931">DCGI gives go-ahead to Serum Institute for Covid-19 vaccine trials in India</a>

"The development and approval of a safe and effective vaccine is crucial, but equally important is making sure the vaccines are available and affordable to everyone. Covid-19 anywhere is Covid-19 everywhere."

The study found that the production capacity of the vaccines developed by AstraZeneca, Gamaleya/Sputnik, Moderna, Pfizer and Sinovac is 5.9 billion doses, which it said is enough for the global population of about 3 million, considering two shots to one individual will be enough.&nbsp;

It said, developed countries and regions, including the US, the UK, European Union, Australia, Hong Kong and Macau, Japan, Switzerland and Israel have notched deals for 2.7 billion (51 per cent) &nbsp;doses out of the total 5.3 billion doses so far.

The remaining 2.6 billion doses have been signed by developing countries, which include India, Bangladesh, China, Brazil, Indonesia and Mexico.&nbsp;

 
&nbsp;

Wealthy nations that have just 13 per cent of the global population have already bought half of the potential drugs that are leading the Covid-19 vaccines race, a report by Oxfam claimed.

Wealthy nations that have just 13 per cent of the global population have already bought half of the potential drugs that are leading the Covid-19 vaccines race, a report by Oxfam claimed. The study analysed agreements signed by five leading vaccine candidates and pharmaceuticals based on data shared by the analytics organisation Airfinity. Also read | Trump says top health expert was 'confused' about vaccine, but not him "Access to a life-saving vaccine shouldn't depend on where you live or how much money you have," said Robert Silverman from Oxfam America, as quoted by news agency AFP. Also read | DCGI gives go-ahead to Serum Institute for Covid-19 vaccine trials in India "The development and approval of a safe and effective vaccine is crucial, but equally important is making sure the vaccines are available and affordable to everyone. Covid-19 anywhere is Covid-19 everywhere." The study found that the production capacity of the vaccines developed by AstraZeneca, Gamaleya/Sputnik, Moderna, Pfizer and Sinovac is 5.9 billion doses, which it said is enough for the global population of about 3 million, considering two shots to one individual will be enough. It said, developed countries and regions, including the US, the UK, European Union, Australia, Hong Kong and Macau, Japan, Switzerland and Israel have notched deals for 2.7 billion (51 per cent) doses out of the total 5.3 billion doses so far. The remaining 2.6 billion doses have been signed by developing countries, which include India, Bangladesh, China, Brazil, Indonesia and Mexico.

Rich nations with 13% population signed deals for getting over half of Covid-19 vaccines: Study

The government on Wednesday informed Parliament that introduction of 5G services in the country will depend on equipment, device ecosystem and economic considerations by telecom operators.

The government also said that state-owned BSNL and MTNL have not planned introducing 5G services yet on their networks.

Minister of State for Telecommunications Sanjay Dhotre, in a written reply to a question on the 5G rollout, said, "5G services depends on 5G equipment and device ecosystem, and economic considerations by the telecom service providers.

" In response to a question on the warning over data theft and national security, Dhotre said the US has intimated about the use of 5G clean path to protect the data and networks of US diplomatic facilities.

The 5G clean path is an end-to-end communication path that does not use any equipment from untrusted vendors.

"To address security concerns of telecom network, security conditions are incorporated in the licence conditions of telecom service providers.

The National Centre for Communication Security (NCCS), Bengaluru has also been established and has been entrusted with the task of preparation of Indian telecom security assurance requirements," Dhotre said.

Responding to a separate query with regard to 5G rollout, the minister said that 5G services have not been rolled out in the country as yet and the state-run telecom firms BSNL and MTNL have informed the government that they have not yet planned introduction of 5G services on their networks.

Globally, over 100 telecom networks have adopted 5G technology.

In India, telecom operators applied for spectrum to start 5G trials in August 2019 but the Department of Telecom (DoT) is yet to allocate radiowaves.

Dhotre said that the DoT had in March 2018 approved a multi-institute collaborative project to set up indigenous 5G test bed at a total cost of Rs 224 crore.

The collaborating institutes include IIT Madras, IIT Delhi, IIT Hyderabad, IIT Bombay, IIT Kanpur, IISc Bangalore, Society for Applied Microwave Electronics Engineering &amp; Research (SAMEER) and Centre of Excellence in Wireless Technology (CEWiT).

The project envisages setting up of an end to-end open 5G test bed in a distributed architecture model, and it will enable Indian academia and industry to validate their products, prototypes and algorithms, Dhotre said.

It will also provide facilities for experimenting and demonstrating 5G applications, he said.

Recently, Reliance Jio also announced development of indigenous 5G technology products, Dhotre said.

Reliance Jio Infocomm and Bharti Airtel submitted fresh applications for field trials in July but they are yet to get the spectrum.

The government on Wednesday informed Parliament that introduction of 5G services in the country will depend on equipment, device ecosystem and economic considerations by telecom operators.

The government on Wednesday informed Parliament that introduction of 5G services in the country will depend on equipment, device ecosystem and economic considerations by telecom operators. The government also said that state-owned BSNL and MTNL have not planned introducing 5G services yet on their networks. Minister of State for Telecommunications Sanjay Dhotre, in a written reply to a question on the 5G rollout, said, "5G services depends on 5G equipment and device ecosystem, and economic considerations by the telecom service providers. " In response to a question on the warning over data theft and national security, Dhotre said the US has intimated about the use of 5G clean path to protect the data and networks of US diplomatic facilities. The 5G clean path is an end-to-end communication path that does not use any equipment from untrusted vendors. "To address security concerns of telecom network, security conditions are incorporated in the licence conditions of telecom service providers. The National Centre for Communication Security (NCCS), Bengaluru has also been established and has been entrusted with the task of preparation of Indian telecom security assurance requirements," Dhotre said. Responding to a separate query with regard to 5G rollout, the minister said that 5G services have not been rolled out in the country as yet and the state-run telecom firms BSNL and MTNL have informed the government that they have not yet planned introduction of 5G services on their networks. Globally, over 100 telecom networks have adopted 5G technology. In India, telecom operators applied for spectrum to start 5G trials in August 2019 but the Department of Telecom (DoT) is yet to allocate radiowaves. Dhotre said that the DoT had in March 2018 approved a multi-institute collaborative project to set up indigenous 5G test bed at a total cost of Rs 224 crore. The collaborating institutes include IIT Madras, IIT Delhi, IIT Hyderabad, IIT Bombay, IIT Kanpur, IISc Bangalore, Society for Applied Microwave Electronics Engineering & Research (SAMEER) and Centre of Excellence in Wireless Technology (CEWiT). The project envisages setting up of an end to-end open 5G test bed in a distributed architecture model, and it will enable Indian academia and industry to validate their products, prototypes and algorithms, Dhotre said. It will also provide facilities for experimenting and demonstrating 5G applications, he said. Recently, Reliance Jio also announced development of indigenous 5G technology products, Dhotre said. Reliance Jio Infocomm and Bharti Airtel submitted fresh applications for field trials in July but they are yet to get the spectrum.

5G introduction depends on equipment, ecosystem, telcos' economic consideration: Govt

Domestic stock markets slipped on Thursday following losses in global markets after the US Federal Reserve’s policy-making committee indicated the overnight rate could stay close to zero for years to reach its 2 percent inflation target.&nbsp;

The S&amp;P BSE Sensex dipped 250 points to 38,988 levels and the Nifty50 index fell below the 11,550-mark.&nbsp;

The trend among Nifty sectoral indices was largely negative, with Nifty Metal index, down 1.8 per cent, leading the list of losers.

In the broader market, the S&amp;P BSE MidCap and SmallCap indexes were trading flat.

(With inputs from agencies)

Domestic stock markets slipped on Thursday following losses in global markets after the US Federal Reserve’s policy-making committee indicated the overnight rate could stay close to zero for years to reach its 2 percent inflation target.

Domestic stock markets slipped on Thursday following losses in global markets after the US Federal Reserve’s policy-making committee indicated the overnight rate could stay close to zero for years to reach its 2 percent inflation target. The S&P BSE Sensex dipped 250 points to 38,988 levels and the Nifty50 index fell below the 11,550-mark. The trend among Nifty sectoral indices was largely negative, with Nifty Metal index, down 1.8 per cent, leading the list of losers. In the broader market, the S&P BSE MidCap and SmallCap indexes were trading flat. (With inputs from agencies)

Sensex slips over 250 points, Nifty below 11,550

German airline Lufthansa could cut its fleet by 130 planes in response to the Coronavirus crisis.

Lufthansa could reduce more planes, jobs

Walmart Inc-controlled Indian e-commerce firm Flipkart is preparing for an initial public offering overseas as early as 2021, which could value the firm up to $50 billion, sources familiar with the company's plans told Reuters.

Bengaluru-based Flipkart, which vies with players such as Amazon.com's local unit in India and India's Reliance Industries, will be aiming for a valuation in the $45-$50 billion range, according to one source with knowledge of the matter.

If achieved, that would mean Walmart would have more than doubled its investment.

Also read:&nbsp;<a href="http://13.235.153.162/india-news/flipkart-launches-wholesale-e-commerce-service-in-india-324713" hreflang="en">Flipkart launches wholesale e-commerce service in India</a>

Flipkart is likely to choose between Singapore, or the United States for the initial public offering (IPO), said two other sources, who asked not to be named as discussions are private.

"Flipkart is incorporated in Singapore, but listing in the United States, where parent Walmart is headquartered, could give it access to a deeper pool of funds," one of the sources said.

Flipkart and Walmart did not respond to Reuters requests for comment.

The sources said the preparations and discussions have been largely internal for now, but the company is preparing to tap external advisers on the process soon.

The discussions come as India drafts new regulations that could pave the way for domestic companies to directly list overseas.

Two other sources familiar with the plans said that work has begun to ensure compliance, legal and finance functions will meet regulatory standards ahead of a potential listing.

"Right now, the IPO target is more or less considered to be late 2021, or early 2022, but the current crisis has made things a little blurry," said one of these two sources.

The second person added that being "IPO ready" has become a constant refrain in top level meetings internally.

BUMPER VALUATION EYED

Walmart acquired a roughly 77% stake in Flipkart for about $16 billion back in 2018. That deal remains the single largest foreign direct investment in India.

It turned Flipkart's founders Sachin Bansal and Binny Bansal into billionaires, and confirmed Flipkart's status as the country's most successful start-up at the time.

Later that year, Bentonville, Arkansas-headquartered Walmart in a regulatory filing said it could take Flipkart public in four years.

In July this year, Flipkart raised $1.2 billion in fresh funding with Walmart as its lead investor. That round valued Flipkart, which counts China's Tencent, U.S. hedge fund Tiger Global, and Microsoft among its investors, at $24.9 billion.

Flipkart said it would use the funds, to be received in two tranches this fiscal year, to support the development of its e-commerce marketplace as India emerges from the COVID-19 crisis.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/flipkart-buys-parent-walmarts-indian-wholesale-business-315351" hreflang="en">Flipkart buys parent Walmart's Indian wholesale business</a>

Like its rival Amazon, Flipkart began by selling books, but diversified rapidly into sell selling smartphones, clothing and other items. It now competes with Amazon in most categories.

India's e-commerce sector is expected to be worth $99 billion by 2024, according to Goldman Sachs, as more Indians switch to online shopping.

That expanding market has attracted not only global giants such as Walmart and Amazon, but also India's oil-to-telecoms conglomerate Reliance, which has jumped into the fray.

Mumbai-based Reliance this year launched an online grocery service, JioMart, with its billionaire boss Mukesh Ambani telling shareholders in July that deliveries will expand into electronics and fashion products.

Walmart Inc-controlled Indian e-commerce firm Flipkart is preparing for an initial public offering overseas as early as 2021, which could value the firm up to $50 billion, sources familiar with the company's plans told Reuters.

Walmart Inc-controlled Indian e-commerce firm Flipkart is preparing for an initial public offering overseas as early as 2021, which could value the firm up to $50 billion, sources familiar with the company's plans told Reuters. Bengaluru-based Flipkart, which vies with players such as Amazon.com's local unit in India and India's Reliance Industries, will be aiming for a valuation in the $45-$50 billion range, according to one source with knowledge of the matter. If achieved, that would mean Walmart would have more than doubled its investment. Also read: Flipkart launches wholesale e-commerce service in India Flipkart is likely to choose between Singapore, or the United States for the initial public offering (IPO), said two other sources, who asked not to be named as discussions are private. "Flipkart is incorporated in Singapore, but listing in the United States, where parent Walmart is headquartered, could give it access to a deeper pool of funds," one of the sources said. Flipkart and Walmart did not respond to Reuters requests for comment. The sources said the preparations and discussions have been largely internal for now, but the company is preparing to tap external advisers on the process soon. The discussions come as India drafts new regulations that could pave the way for domestic companies to directly list overseas. Two other sources familiar with the plans said that work has begun to ensure compliance, legal and finance functions will meet regulatory standards ahead of a potential listing. "Right now, the IPO target is more or less considered to be late 2021, or early 2022, but the current crisis has made things a little blurry," said one of these two sources. The second person added that being "IPO ready" has become a constant refrain in top level meetings internally. BUMPER VALUATION EYED Walmart acquired a roughly 77% stake in Flipkart for about $16 billion back in 2018. That deal remains the single largest foreign direct investment in India. It turned Flipkart's founders Sachin Bansal and Binny Bansal into billionaires, and confirmed Flipkart's status as the country's most successful start-up at the time. Later that year, Bentonville, Arkansas-headquartered Walmart in a regulatory filing said it could take Flipkart public in four years. In July this year, Flipkart raised $1.2 billion in fresh funding with Walmart as its lead investor. That round valued Flipkart, which counts China's Tencent, U.S. hedge fund Tiger Global, and Microsoft among its investors, at $24.9 billion. Flipkart said it would use the funds, to be received in two tranches this fiscal year, to support the development of its e-commerce marketplace as India emerges from the COVID-19 crisis. Also read: Flipkart buys parent Walmart's Indian wholesale business Like its rival Amazon, Flipkart began by selling books, but diversified rapidly into sell selling smartphones, clothing and other items. It now competes with Amazon in most categories. India's e-commerce sector is expected to be worth $99 billion by 2024, according to Goldman Sachs, as more Indians switch to online shopping. That expanding market has attracted not only global giants such as Walmart and Amazon, but also India's oil-to-telecoms conglomerate Reliance, which has jumped into the fray. Mumbai-based Reliance this year launched an online grocery service, JioMart, with its billionaire boss Mukesh Ambani telling shareholders in July that deliveries will expand into electronics and fashion products.

Flipkart eyes overseas listing as early as 2021: Report

The domestic stock market indices moved higher in Wednesday's noon deals after spending majority of the session range-bound.

Sensex gained 200 points at 39,250 levels and the Nifty50 index was surpassed the 11,550-mark. Mahindra &amp; Mahindra (up 5%) was the top Sensex gainer, followed by Bajaj Auto (up 3%). Besides, HDFC Bank, Sun Pharma, and Reliance Industries also climbed 1 per cent each.

Meanwhile, total cases of the novel coronavirus in India surged past 5 million on Wednesday, with a single-day jump of 90,123 infections, according to health ministry data.

Separately, government data on Tuesday showed India posted a trade deficit of $6.77 billion in goods in August, higher than the $4.83 billion deficit posted in July.

"Trade deficit data is slightly disappointing... investors are now waiting for some clear-cut signals so that the next wave of buying can emerge," Gandhi added. 
Conglomerate Reliance Industries Ltd was the top boost to the Nifty, rising as much as 2.2% to a record high.

The Nifty Auto index rose 1.95%. Mahindra and Mahindra Ltd jumped as much as 5.9% and was among the top boosts to the Nifty 50.

The Nifty Bank Index fell 0.20%, with ICICI Bank Ltd and Axis Bank Ltd being among the top drags on the Nifty 50.&nbsp;

(With inputs from Reuters)

The domestic stock market indices moved higher in Wednesday's noon deals after spending majority of the session range-bound. Sensex gained 200 points at 39,250 levels and the Nifty50 index was surpassed the 11,550-mark.

The domestic stock market indices moved higher in Wednesday's noon deals after spending majority of the session range-bound. Sensex gained 200 points at 39,250 levels and the Nifty50 index was surpassed the 11,550-mark. Mahindra & Mahindra (up 5%) was the top Sensex gainer, followed by Bajaj Auto (up 3%). Besides, HDFC Bank, Sun Pharma, and Reliance Industries also climbed 1 per cent each. Meanwhile, total cases of the novel coronavirus in India surged past 5 million on Wednesday, with a single-day jump of 90,123 infections, according to health ministry data. Separately, government data on Tuesday showed India posted a trade deficit of $6.77 billion in goods in August, higher than the $4.83 billion deficit posted in July. "Trade deficit data is slightly disappointing... investors are now waiting for some clear-cut signals so that the next wave of buying can emerge," Gandhi added. Conglomerate Reliance Industries Ltd was the top boost to the Nifty, rising as much as 2.2% to a record high. The Nifty Auto index rose 1.95%. Mahindra and Mahindra Ltd jumped as much as 5.9% and was among the top boosts to the Nifty 50. The Nifty Bank Index fell 0.20%, with ICICI Bank Ltd and Axis Bank Ltd being among the top drags on the Nifty 50. (With inputs from Reuters)

Stock market at day's high with Nifty around 11,600; auto, realty stocks gain

The domestic stock market indices climbed off the day's top to trade flat with a positive bias on Tuesday.

Sensex hovered around 38,820 levels, after rising as high as 39,013 levels intra-day. The Nifty50 index was, meanwhile, holding the 11,450-mark. Sun Pharma and Bajaj Finance (both up 2%) were the top Sensex gainers, followed by NTPC, ICICI Bank, and Tata Steel (all up 1%).

Rupee opened 10 paise higher at 73.38 per dollar on September 15 after the greenback remained soft against its global peers as investors focus on the US Fed monetary policy meeting.

In the previous session, Sensex ended 97.92 points or 0.25 per cent lower at 38,756.63, while the Nifty slipped 24.40 points or 0.21 per cent to close at 11,440.05.

Exchange data showed that foreign institutional investors bought equities worth Rs 298.22 crore on a net basis on Monday.

Domestic equities opened on a positive note tracking firm cues from global markets and sustained foreign fund inflow, traders said.

Bourses in Shanghai, Hong Kong and Seoul were trading with gains in mid-day deals.

Stock exchanges on Wall Street ended significantly higher in overnight trade.

Meanwhile, global oil benchmark Brent crude was trading 0.10 per cent lower at USD 39.57 per barrel.

(With inputs from PTI)

The domestic stock market indices climbed off the day's top to trade flat with a positive bias on Tuesday. Sensex hovered around 38,820 levels, after rising as high as 39,013 levels intra-day.

The domestic stock market indices climbed off the day's top to trade flat with a positive bias on Tuesday. Sensex hovered around 38,820 levels, after rising as high as 39,013 levels intra-day. The Nifty50 index was, meanwhile, holding the 11,450-mark. Sun Pharma and Bajaj Finance (both up 2%) were the top Sensex gainers, followed by NTPC, ICICI Bank, and Tata Steel (all up 1%). Rupee opened 10 paise higher at 73.38 per dollar on September 15 after the greenback remained soft against its global peers as investors focus on the US Fed monetary policy meeting. In the previous session, Sensex ended 97.92 points or 0.25 per cent lower at 38,756.63, while the Nifty slipped 24.40 points or 0.21 per cent to close at 11,440.05. Exchange data showed that foreign institutional investors bought equities worth Rs 298.22 crore on a net basis on Monday. Domestic equities opened on a positive note tracking firm cues from global markets and sustained foreign fund inflow, traders said. Bourses in Shanghai, Hong Kong and Seoul were trading with gains in mid-day deals. Stock exchanges on Wall Street ended significantly higher in overnight trade. Meanwhile, global oil benchmark Brent crude was trading 0.10 per cent lower at USD 39.57 per barrel. (With inputs from PTI)

Stock Market indices trade flat with Nifty around 11,450; pharma stocks gain

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