Mon, Oct 26, 2020

  • After a Singapore arbitration court ordered a temporary stay on Reliance Retail's acquisition of the debt laden Future Group's retail business, the latter has said that the deal with Reliance Retail...
    Deal with RIL in line with Indian laws, not party to agreement with Amazon: Future
    It further said that it is not a party to the agreement under which Amazon has invoked arbitration proceedings.The company said that it will take all appropriate steps to ensure that the proposed transaction proceeds unhindered without any delay. As per the advice received by FRL, all relevant agreements are governed by Indian Law and provisions of Indian Arbitration Act for all intents and purposes and this matter raises several fundamental jurisdictional issues which go to the root of the matter, Future Retail said in a regulatory filing.It added that the order will have to be tested under the provisions of Indian Arbitration Act in an appropriate forum. In any enforcement proceedings, FRL would take appropriate steps to ensure that the proposed transaction will proceed unhindered without any delay, it said.It further said that Future...
  • Rupee falls 16 paise to 73.77 against US dollar in early trade Rupee falls 16 paise to 73.77 against US dollar in early trade

    The rupee depreciated 16 paise to 73.77 against the US dollar in opening trade on Monday as muted domestic equities and strong American currency weighed on investor sentiment.

  • Key Samsung shares surge as succession issue looms Key Samsung shares surge as succession issue looms

    Shares in Samsung Group's key affiliates traded higher on Monday on expectations that they may increase dividend payouts to help the late Samsung chief's scions secure funds to pay record high...

  • Sensex sheds over 150 pts in early trade, Nifty below 11,900 Sensex sheds over 150 pts in early trade, Nifty below 11,900

    Equity benchmark Sensex dropped over 150 points in early trade on Monday, tracking losses in index majors Reliance Industries, ICICI Bank and Tata Steel amid negative cues from global markets.

  • Apple supplier Luxshare unnerves Foxconn as U.S.-China feud speeds supply chain shift Apple supplier Luxshare unnerves Foxconn as U.S.-China feud speeds supply chain shift

    Apple’s top iPhone assembler, Taiwan-based Foxconn, has set up a task force to fend off the growing clout of Chinese electronics manufacturer Luxshare, which it believes poses a serious threat to its...

  • Centre to seek Parliament's nod for additional Rs 37k cr infra push Centre to seek Parliament's nod for additional Rs 37k cr infra push

    According to people in the know, the approval for these additional expenditure for infrastructure push will be sought from the Parliament through the second batch of supplementary demands for grants.

  • Favourable orders for Amazon, arbitration court stalls Future-RIL deal Favourable orders for Amazon, arbitration court stalls Future-RIL deal

    The arbitration panel, in an interim order, has directed the Kishore Biyani-led Future Group not to proceed with the deal with Reliance Retail for now.

  • Domestic airlines to fly 12,983 flights per week this winter Domestic airlines to fly 12,983 flights per week this winter

    Currently, airlines in India are allowed to operate a maximum 60 per cent of pre-Covid weekly domestic flights.

  • Amazon gets interim relief, arbitration panel says Future cannot sell biz to RIL Amazon gets interim relief, arbitration panel says Future cannot sell biz to RIL

    Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single judge arbitration panel put...

  • 'Digitisation utmost requirement for Indian logistics sector' 'Digitisation utmost requirement for Indian logistics sector'

    As the Indian logistics sector returns to normal operations after being severely impacted by the pandemic and the lockdowns, sector players feel that digitisation is the need of the hour for the...