Privatisation buzz lifts Indian Overseas Bank, Central Bank stocks by 20%

 The stock of the Mumbai-based Central Bank was locked in the upper circuit at Rs 24.30 on the back of an over 2x jump in trading volumes. A combined 88.5 million shares changed hands

Shares of Central Bank of India and Indian Overseas Bank were locked in the 20 per cent upper circuit on Monday, on the back of heavy volumes amid reports that the Centre might privatize the two financial institutions by selling a 51 per cent stake in the lenders.

The stock of the Mumbai-based Central Bank was locked in the upper circuit at Rs 24.30 on the back of an over 2x jump in trading volumes. A combined 88.5 million shares changed hands.

IOB shares hit a 52-week high of Rs 23.60 on the NSE. Volumes more than doubled with a combined 76.7 million shares changing hands on the NSE and BSE.

The privatization plan was announced in the Budget, as part of the government’s broader divestment goals for FY22.

Meanwhile, the Nifty PSU Bank index surged over 4 percent to 2,477.25, as compared to a 0.4 per cent rise in the Nifty50.

Jammu & Kashmir (J&K) Bank and Punjab & Sind Bank from the index rallied 20 per cent and 12.6 percent, respectively.

Bank of Maharashtra, Union Bank of India, Bank of India and UCO Bank were up in the range of 4 percent to 5 per cent.

MSCI India crosses 55% premium over emerging markets peers: Report

 We expect the valuation premium to remain at elevated levels, as it offers one of the fastest growth in the region, Credit Suisse Wealth Management India said

Continuing foreign inflows $8.1 billion YTD — has driven up the valuation premium of MSCI India past 55 percent against MSCI Emerging Markets and 12 percent over the MSCI World indices, by mid-June, according to a brokerage report.

The domestic market has been the best performer globally YTD, with the Sensex rallying 56.2 percent in the past 12 months, and 5.5 percent in the past one month, and 5.1 percent in the last three months; while the same for Nifty has been 58.8 percent, 5.1 percent, and 6.6 percent, respectively, Credit Suisse Wealth Management India report said on Monday. We expect the valuation premium to remain at elevated levels, as it offers one of the fastest growth in the region, Credit Suisse Wealth Management India said.

It attributed the same to the robust FPI inflows of $8.1 billion so far this year and $ 2.3 billion since May, and improving corporate fundamentals like balance sheet health and higher return on equities.

It is extremely critical that the country avoids a harsh third wave by accelerating its vaccination drive in the coming months.

Google is at its peak, but employees see cracks and question CEO Pichai

 Employees say Google is rocked by workplace culture fights, and Pichai's attempts to lower the temperature had the opposite effect.

The seeds of a company’s downfall, it is often said in the business world, are sown when everything is going great.

It is hard to argue that things aren’t going great for Google. Revenue and profits are charting new highs every three months. Google’s parent company, Alphabet, is worth $1.6 trillion. Google has rooted itself deeper and deeper into the lives of everyday Americans.

But a restive class of Google executives worries that the company is showing cracks. They say Google’s workforce is increasingly outspoken. Personnel problems are spilling into the public. Decisive leadership and big ideas have given way to risk aversion and incrementalism. And some of those executives are leaving and letting everyone know exactly why.

“I keep getting asked why did I leave now? I think the better question is why did I stay for so long?” Noam Bardin, who joined Google in 2013 when the company acquired mapping service Waze, wrote in a blog post two weeks after leaving the company in February.

“The innovation challenges,” he wrote, “will only get worse as the risk tolerance will go down.”

Many of Google’s problems, current and recently departed executives said, stem from the leadership style of Sundar Pichai, the company’s affable, low-key chief executive.

Fifteen current and former Google executives, speaking on the condition of anonymity for fear of angering Google and Mr. Pichai, told The New York Times that Google was suffering from many of the pitfalls of a large, maturing company — a paralyzing bureaucracy, a bias toward inaction and a fixation on public perception.

The executives, some of whom regularly interacted with Mr. Pichai, said Google did not move quickly on key business and personnel moves because he chewed over decisions and delayed action. They said that Google continued to be rocked by workplace culture fights and that Mr. Pichai’s attempts to lower the temperature had the opposite effect — allowing problems to fester while avoiding tough and sometimes unpopular positions.

Explainer: 'Death cross' chart formation adds more worry to bitcoin outlook

 For technical analysts watching bitcoin, an important and potentially bearish chart formation just happened in the cryptocurrency: A "death cross"

(Reuters) - For technical analysts watching bitcoin, an important and potentially bearish chart formation just happened in the cryptocurrency: A "death cross."

The formation could signal further losses ahead. Here are some details about what this is:

What is a death cross?

Technical analysts use the term "death cross" to describe when a short-term average trendline crosses below a long-term average trendline -- signaling a change in price momentum. The 50-and 200-day combination often attracts the most attention.

Over the weekend, bitcoin's 50-day moving average fell below its 200-day moving average.

What has happened to bitcoin?

Bitcoin, the world's biggest cryptocurrency, has long experienced volatility. It has lost over 20% in the last six days and is down by half from its April peak of almost $65,000. Market players are citing jitters over China's expanding crackdown on bitcoin mining in thin liquidity for the losses.

What should investors be watching?

Crucial for bitcoin will be its ability to hold above its May 19 low of $30,066, which is an initial target for bears. Breaking below that level would reinforce the negative signal of the death cross.

Is the death cross infallible?

No technical analysis indicator is perfect, including the death cross, in isolation. Most chartists use a combination of studies to derive directional signals.

Don't take coercive action against Newsclick founder in PMLA case: HC to ED

 The Delhi High Court on Monday directed the Enforcement Directorate (ED) not to take coercive action against news portal Newsclick and its editor-in-chief in connection with a money laundering case

The Delhi High Court on Monday directed the Enforcement Directorate (ED) not to take coercive action against news portal Newsclick and its editor-in-chief in connection with a money laundering case.

The high court issued notice to the ED on the portal's plea seeking a copy of the Enforcement Case Information Report (ECIR) lodged by it in the case. Justice Jasmeet Singh, who started hearing the vacation bench matters at 10:30 am first in division bench and thereafter in single bench, conducted the court till 11:30 pm, in a rare occurrence.

The court said till July 5, no coercive action be taken against Newsclick and its founder and editor-in-chief Prabir Purkayastha.

It is directed that till the next date of hearing, no coercive action be taken against the petitioners, the judge said and listed the case relating to ED for further hearing on July 5.

Besides, the company also sought quashing of the FIR lodged by Delhi Police on the allegations of foreign funding on the ground that it does not disclose any cognizable offenses as alleged.

The allegations in the FIR are that the petitioner company PPK Newsclick Studio Pvt Ltd received Foreign Direct Investment (FDI) to the tune of Rs 9.59 crores from one M/s Worldwide Media Holdings LLC USA during the financial year 2018-19.

It was alleged that the investment was made by greatly overvaluing the shares of the petitioner company to avoid the alleged cap of 26 per cent of FDI in a digital news website.

It was further alleged that over 45 per cent of this investment was diverted/siphoned off for the payment of salary/consultancy, rent, and other expenses, which payments are alleged to have been made for ulterior motives.

Amazon may lose its logistics business under US antitrust legislation

 Democrat Pramila Jayapal proposes company be barred from luring sellers to use its logistics services in exchange for preferential treatment on it web store.

Amazon.com Inc. could be forced to sell its valuable logistics services division -- the network of warehouses and delivery hubs around the country that power quick delivery of online orders -- under antitrust legislation proposed by a congresswoman from Amazon’s hometown of Seattle, according to a spokesman for the lawmaker.

Washington Democrat Pramila Jayapal has proposed a bill with bipartisan support that would prevent Amazon from luring sellers to use its logistics services in exchange for preferential treatment on its busy web store. Nearly 85% of Amazon’s biggest sellers use its Fulfillment by Amazon service, paying the online retailer fees for warehouse storage, packing and shipping of their products, according to a report last October from Democratic staff on the House Judiciary Committee’s antitrust panel.

Jayapal’s bill was introduced on June 11 and will be considered on Wednesday by the Judiciary Committee along with five other bipartisan antitrust reform bills, with votes to advance the measures to the House floor expected this week. There’s no Senate companion for the legislation, and support in that chamber is unclear, clouding its prospects.

While the bill may never become law, it’s the clearest indication yet how lawmakers are gunning to rein in the market power of Amazon, where U.S. shoppers will spend $386 billion this year and which captures 41 cents of every dollar spent online, according to EMarketer Inc. Amazon’s promise of fast delivery helped it become the dominant online retailer in the U.S.

Amazon’s logistics business will be worth as much as $230 billion in 2025, more than Coca-Cola Co., according to a research note last year from Bank of America Corp.

The bipartisan Ending Platform Monopolies Act requires dominant platforms including Amazon to divest lines of business -- such as Fulfillment by Amazon -- where the platform’s gatekeeper power allows it to favor its own services,” said Jayapal spokesman Chris Evans. “Numerous third-party sellers reported feeling that they had no choice but to pay for Fulfillment by Amazon in order to sell their products,” said Evans, referring to the House Democrats’ investigation and report.

UK scientists warn of 'miserable winter' due to new respiratory viruses

 British scientists on Sunday warned of "pretty miserable winter" ahead for the country due to likely emergence of new respiratory viruses, with further lockdowns a possibility

British scientists on Sunday warned of a "pretty miserable winter" ahead for the country due to the likely emergence of new respiratory viruses, with further lockdowns a possibility.

Professor Calum Semple, member of the Scientific Advisory Group for Emergencies (SAGE), a British government advisory body, said that children and elderly people will be especially vulnerable to endemic viruses at the end of the year, Xinhua reported.

Describing it as the "fourth wave winter," he told Times Radio "there's a sting in the tail after every pandemic" because social distancing will have reduced people's exposure to usual endemic respiratory viruses such as pneumonia and bronchiolitis.

"I suspect we'll have a pretty miserable winter because the other respiratory viruses are going to come back and bite us quite hard," he said. "But after that, I think we'll be seeing business as normal next year."

Meanwhile, Susan Hopkins, Public Health England's director for COVID-19, warned "we may have to do further lockdowns this winter" depending on whether hospitals start to become overwhelmed.

"I think we will have alternative ways to manage this, through vaccination, through anti-virals, through drugs, through testing that we didn't have last winter," she told the BBC.

Scientists have warned that the third wave of coronavirus infections is "definitely underway" in England due to the fast spread of the Delta variant first identified in India, even though hospital admissions will hopefully not be on the same scale as in January.