Stakeholders, analysts hail mining reforms

Those with captive leases will be allowed to sell the minerals in the open market. Mining sector stakeholders hailed the reform proposals approved by the Cabinet, but said that these structural changes should have come much earlier. The Cabinet on Wednesday cleared a proposal to amend relevant law for re-allocations of partially or minimally explored blocks through competitive bidding & offers seamless prospecting licence-cum-mining-leases. The changes will be effected by amending the Mines and Minerals (Development and Regulation) Act passed in 2015. “There is not a single proposal for which the wait for six years is worth the while. All proposals […]

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Fannie, Freddie Taxpayer Stake Won’t Be Restructured Under Trump

WASHINGTON—The Treasury Department has decided not to restructure the taxpayers’ stake in Fannie Mae and Freddie Mac , effectively ending the Trump administration’s push to ensure that the mortgage giants are eventually returned to private hands. The announcement by the Treasury Department and the companies’ federal regulator leaves it to the incoming Biden administration to decide the future of the firms, which were put under government control during the 2008-09 financial crisis through a process known as conservatorship. Advisers close to President-elect Joe Biden have said he would be in no hurry to privatize the companies, which guarantee roughly half of […]

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Jumia Shares Notch Third Straight Day of Gains

Shares of Jumia Technologies AG rose for the third consecutive day Thursday, as some investors parsed a short seller’s comments that the stock for the e-commerce company has ample room to expand. American depository receipts for Jumia, which operates an e-commerce company focused on markets in Africa, ended the day priced at $46.86, up more than 8%. The shares gained about 7% yesterday and increased almost 11% Tuesday. What precisely drove the price for the stock higher this week isn’t clear. Jumia isn’t profitable, but some market participants have wondered if the company could grow over the longer term into a […]

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Centre wants states to review labour laws for harmony with new central codes

New rules under the labour codes will be implemented anytime after the current month. To bring uniformity in the labour laws across the country, the Centre is planning to ask the states to modify, if necessary, their laws to ensure that they are in consonance with the new central labour codes. Sources said the union labour ministry has decided to appoint legal advisors soon, mandating them to examine whether the state laws are in sync with the central codes. If the harmony is found to be lacking, then states will be asked to either amend them or take Presidential assent for […]

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GameStop Stock Soars and Social-Media Traders Claim Victory

Individual investors who recently piled into GameStop Corp. are taking a victory lap this week after shares of the struggling company surged more than 90% in the last two days, putting the stock on pace for its best weekly performance on record. For weeks, members of Reddit’s popular WallStreetBets forum have been touting GameStop, encouraging others to scoop up shares lof the videogame retailer and begin making bullish bets. Several posts on the forum had noted that short sellers’ bearish GameStop bets had been at elevated levels. Short interest, which indicates the interest of investors betting a stock will fall in value, has hovered around […]

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Carnival’s Wave Season Should Lift Its Shares

Carnival’s investors headed for the lifeboats, but this company is more buoyant than it looks. The cruise line released preliminary fourth quarter results on Monday that did little to resuscitate its tattered share price. The company said it expects to post a loss of more than $2 billion for the quarter as it burned through an average of $500 million in cash a month. Carnival Corp.’s shares are now down nearly 58% over the last 12 months, making it the worst performer of the three major cruise lines over that period. At this price, investors should play the long game. Carnival […]

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Oil Market Has Plenty of Wild Cards Remaining

Saudi Arabia’s decision to dramatically cut its oil output was a pleasant New Year’s surprise for energy investors. Developments in the world’s two largest economies could cut the party short. The kingdom’s move has helped send front-month Brent crude oil prices up by 7% in two weeks to above $55 a barrel. The cut erases a substantial 1 million barrels a day of supply—about 1% of world demand—in February and March, at a time when the market still faces uncertain oil demand with surging Covid-19 cases. The operating assumption is that any drag on demand will be short-lived and that other […]

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Poshmark’s Stock Price More Than Doubles in Market Debut

Poshmark Inc.’s stock more than doubled in its trading debut Thursday, reflecting a soaring market for public offerings and expectations that demand for secondhand goods sold online will grow after the economy returns to more normal conditions. Shares of the online marketplace focused on used merchandise opened at $97.50, according to FactSet, above the company’s initial public offering price of $42. That better-than-targeted IPO price valued the company at more than $3 billion, up from a $1.25 billion valuation in 2019. Private companies have been looking to cash in on robust demand from investors for new listings. Companies raised more than […]

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China Holdup Proves Costly for Cisco

China’s waiting game proved a profitable one for Acacia Communications . For Cisco , less so. The companies announced an amended merger agreement on Thursday. Cisco will now pay $115 per share to acquire Acacia—a 64% boost to the original price of $70 per share agreed to in July of 2019 when the two first struck the deal. That gives the transaction a value of about $4.5 billion net of cash, making it Cisco’s fifth-largest acquisition ever. It will also be by far the longest the company has had to wait to close a deal; Cisco’s previous acquisitions valued at $1 […]

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Banks Can’t Blacklist Entire Industries Under New OCC Rule

WASHINGTON—Banks would be prohibited from refusing to lend or provide other services to entire categories of lawful businesses under a rule a top bank regulator completed Thursday, his last day before stepping down. The regulator, Brian Brooks, was responding in part to complaints from the oil-and-gas industry that it had been unfairly denied financing by large lenders. Completed just 10 days after its formal comment period ended—unusually quickly in the slow world of federal rule writing—the measure from the Office of the Comptroller of the Currency may be challenged by banks, which say it micromanages credit decisions. Mr. Brooks, who is […]

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