The global death toll from coronavirus has eclipsed one million people but Australia’s new case numbers remain low.…
The Reserve Bank on Thursday deferred the implementation of the capital conservation buffer (CCB) requiring banks to set aside additional reserves of 0.625 per cent by a further six months due to the COVID-19 pandemic.
The implementation of the regulations was to happen by September 30, and the same has been now deferred to April 1, 2021, the RBI said in a notification.
“In view of the continuing stress on account of COVID-19, it has been decided to defer the implementation of the last tranche of 0.625 per cent of the CCB from September 30, 2020 to April 1, 2021,” it said.
Accordingly, the minimum capital conservation ratios shall continue to apply till the CCB attains the level of 2.5 per cent on April 1, 2021, the RBI said.
The pre-specified trigger for loss absorption through conversion/ write-down of additional tier 1 instruments (perpetual non-convertible preference shares and perpetual debt instruments), shall remain at 5.5 per cent of risk weighted assets (RWAs) and will rise to 6.125 per cent of RWAs from April 1, 2021, it added.
Meanwhile, the central bank also deferred the implementation
Franklin Templeton Asset Management India has assured unitholders that there was no misutilisation of funds as the books of six shut schemes were regularly audited.
The fund house also said that markets regulator Sebi should handle any issues related to mutual funds rather than Economic Offence Wing (EOW).
“We have the utmost respect for all statutory authorities including EOW, however we believe that Securities and Exchange Board of India (Sebi), the specialised regulator for the securities market, is best placed to handle any issues related to mutual fund investments,” the fund house President Sanjay Sapre said in a letter to investors.
He, further, said the books of the six impacted schemes are regularly audited by internal auditors, statutory auditors, auditors appointed by the regulators among others and “none of them have ever made any observation regarding misutilization of funds by the schemes”.
Earlier, Economic Offence Wing (EOW) of the Chennai Police registered a first information report (FIR) against the fund house
Kuwait’s emir Sheikh Sabah al-Ahmad Al-Sabah, architect of the nation’s modern foreign policy and mediator in some of the worst crises to grip the Gulf, died on Tuesday at the age of 91.
The government quickly named his half-brother, 83-year-old Crown Prince Sheikh Nawaf al-Ahmad Al-Sabah, as his successor.
Sheikh Sabah had earned a reputation as a shrewd, unshakeable leader who helped steer his country through the 1990 Iraqi invasion, crashes in global oil markets and upheavals in parliament and on the streets.
“With great sadness and sorrow, we mourn… the death of Sheikh Sabah al-Ahmad al-Jaber Al-Sabah,” Sheikh Ali Jarrah Al-Sabah, minister in charge of royal affairs, announced in a televised statement.
The government declared a 40-day period of national mourning.
The United Nations described the late emir as a “distinguished statesman and an outstanding humanitarian” as it led tributes which came from across the Middle East’s political divides.
“Sheikh Sabah al-Ahmed earned international recognition for his wisdom, generosity and achievements in state-building and preventive diplomacy,” UN Secretary-General Antonio Guterres’s spokesman said in a statement.
He had made “a personal contribution to regional stability and humanitarian assistance which will long be remembered”, British Prime Minister Boris Johnson said.
Traditional owners of the Juukan Gorge rock shelters destroyed by Rio Tinto have accused the mining giant of ignoring their significance so it could maximise its profits.…
The management of Bharat Petroleum Corporation (BPCL) on Monday said that 2 per cent of its treasury stock will be transferred to a separate trust, while the remaining 7.33 per cent is likely to be sold in a bulk deal.
“We have 9.33 per cent treasury stock and 2 per cent of it will be transferred to an ESPS (employee stock purchase scheme) trust. A decision on the remaining 7.33 per cent is yet to be taken. The decision will be part of the RFP (request for proposal) that will be out within 15 days after the expressions of interest (EoIs) are received for disinvestment,” said N Vijayagopal, director (finance) of the company.
As of now, the last date to submit EoIs is September 30, and hence, RFP is expected to be ready by October 15.
The company added that since the total stake is below 10 per cent, an offer for sale (OFS) is not possible. So, it is expected to be a block or bulk deal. Going by the current market cap of Rs 83,451.15 crore, 7.33 per cent stake in BPCL is expected to be valued around Rs 6,117 crore.