5354151112_f2bec5597e_b-2

In The Making: The Largest Ever Tech Takeover

 

Broadcom has offered to acquire smartphone chipmaker Qualcomm. The average surface temperature is above that of pre-industrial era’s now. Telangana government has decided to supply electricity to the farm sector for the whole day for 4-5 days.

 

$105 billion

What is it? The value of the offer in cash and stock by Broadcom to acquire smartphone chipmaker Qualcomm.

Why is it important? If it goes through, it would be the largest-ever takeover in the technology sector, and Broadcom would become the third-largest chipmaker after Intel and Samsung. However, Qualcomm, which is in the midst of a $38.5 billion takeover of NXP Semiconductor, is likely to reject the bid on the argument that it undervalues the company. Further, this deal would face tough anti-trust scrutiny.

Tell me more: Including debt, the total transaction value would be $130 billion. Qualcomm is currently fighting a legal battle with Apple and facing an anti-trust investigation in Europe.

 

1.1° Celsius

What is it? The amount which the average surface temperature was above the pre-industrial era from January to September 2017, according to the United Nations’ World Meteorological Organization.

Why is it important? This has set 2017 to be on course to be among the three hottest years on record, which means many high-impact events such as floods, catastrophic hurricanes, heatwaves and droughts. The warning signs for governments to act couldn’t be more compelling as long-term indicators of climate change worsen, including a rise in sea levels, and increasing carbon dioxide concentrations and ocean acidification.

Tell me more: As many as 200 countries began discussions in Germany on Monday to strengthen a global climate accord even as the United States plans to quit.

 

714

What is it? The number of Indians whose names figure in the ‘Paradise Papers’, a global investigation that reveals financial dealings in tax havens of some of the world’s most powerful people and companies.

Why is it important? The income tax department and the capital market regulator said on Monday they would investigate if any of these people were involved in illegal transactions. The Central Board of Direct Taxes has asked its investigation arm to re-check tax returns filed by individuals and companies named in the Paradise Papers. And the Securities and Exchange Board of India (Sebi) will seek information from stock exchanges on listed companies’ offshore entities, which will be matched with statutory disclosures.

Tell me more: Of the 180 countries featured in Paradise Papers, India ranks 19th in terms of number of names.

 

24 hours

What is it? The number of hours a day the Telangana government is aiming to provide power supply to the farm sector for “five to six days” this week, beginning Monday.

Why is it important? This dry run of sorts is a precursor to its goal of 24×7 power being available to all 31 districts from March-April 2018. Usually, state governments have focused on subsidising power to the farm sector, whereas Telangana, on the face of it, is strengthening delivery.

Tell me more: In the April to September 2017 period, Telangana registered a 25% increase in power generated on a year-on-year basis, which was next only to the much-smaller states of Sikkim and Meghalaya.

 

$9.75 million

What is it? The interest payment on a dollar-denominated debt instrument that Reliance Communications missed on Monday.

Why is it important? This is the first debt-related default in a foreign currency by the Anil Ambani-owned company, whose telecom business lies in shambles, and which is now dependent on asset sales and lender restructuring to salvage an exit.

Tell me more: Elsewhere, it was a red-letter day for a part of Ambani’s financial services business: the company that manages his group’s mutual fund business listed yesterday and closed at a 13% premium to its issue price.

 

Read More

pexels-photo-399636

‘Paradise’ Lost, Yet Again

 

Yet another cache of several million corporate records reveal where the rich and famous hide their money. A welfare fund meant for construction workers is allegedly being misused. Several companies struck-off by the Registrar played the system. Quite well. 

 

10%

What is it? The share of the Rs 29,000 crore fund meant for welfare of construction workers spent for the said purpose.

Why is it important? Much of the funds have been used to buy laptops and washing machines for construction workers, which the Supreme Court said were being frittered away. The top court was hearing a public interest litigation by an NGO that alleged that the statutory cess levied on real estate firms for the welfare of construction workers was being misused as there was no proper mechanism to identify beneficiaries. About 21.5 million workers were registered with various welfare boards, as of December 2015.

Tell me more: In response to these details given by the Comptroller and Auditor General of India, the Supreme Court has asked the Union Labour Secretary to appear before it on November 10 to explain how the fund was being implemented.

 

66,000

What is it? Number of India-related records in the cache of 13.4 million corporate records in the Paradise Papers, which started making headlines yesterday.

Why is it important? The Paradise Papers is the fourth largest data leak of hidden and veiled, sometimes illegal, financial dealings of the rich and the powerful routed through tax havens. The Indian names featuring in the Paradise Papers leaks include electrical appliances firm Havells, corporate lobbyist Niira Radia and Dr Ashok Seth of Fortis Escort, among others.

Tell me more: The Paradise Papers comprise leaks from two offshore service providers, Bermuda’s Appleby and Singapore’s Asiaciti, and company registries of 19 tax havens.

 

Rs 17,000 crore

What is it? The amount deposited and withdrawn by 35,000 companies after demonetisation (announced on November 8), according to preliminary data collected by the government from 56 banks.

Why is it important? These companies, which together held 58,000 bank accounts, have been struck off the Registrar of Companies for suspect transactions. They have also been debarred from selling and transferring movable and immovable properties till their status is restored. The government, which has come under criticism for demonetisation, has said this exercise should be seen as a part of its drive against black money.

Tell me more: In all, 224,000 companies were struck off after demonetisation. And 309,000 directors were disqualified as their companies did not file financial statements and/or annual reports for three straight years between 2013-14 and 2015-16.

 

16

What is it? The number of years for which anti-corruption watchdog Central Vigilance Commission (CVC) has sought details related to all frauds involving Rs 3 crore or more reported to the Central Bureau of Investigation (CBI) by public sector banks.

Why is it important? The CVC intends to analyse the modus operandi followed by defrauders with the aim of making changes to prevent fraudulent cases, at a time when the Indian government is promoting the Digital India programme. The CVC plans to list the ways in which frauds are committed on a portal for bankers.

Tell me more: As many as 3,870 fraud cases involving Rs 17,750 crore were reported between April and December 2016. Around 450 employees were involved in these cases.

 

8

What is it? The number of points by which Manchester City lead the English Premier League title race.

Why is it important? The Pep Guardiola-led club increased its lead by three points after this weekend’s matches. City is off to its best start ever and is looking good to win its first title since the 2013-14 season.

Tell me more: Four of the top six teams in top-flight English club football squared off on Sunday. City beat Arsenal 3-1 at home and Chelsea beat Manchester United, which is currently second in the standings, 1-0.

 

Read More