Editor’s Comment: Draft “Personal Data Collection Bill 2018” requiring setup of Data Protection Authority, consent for collecting biometrics, sexual orientation, religious & political beliefs, submitted to government for consideration by Justice BN Srikrishna Committee. The bill has put in controls for cross-border transfer of personal data.
JSW Steel revises offer for Bhushan Power & Steel to INR18,000cr prompting committee of creditors to consider fresh offers. Liberty House and Tata Steel among other bidders with former having offered INR18,600cr and latter having offered INR17,500cr. Revised offers from other may come in soon.
ICICI Bank reports first ever loss amounting to INR1,200cr for Q1 with NPA provisions doubling. Loss includes one-off gain from sale of 2% stake in ICICI Prudential Life for INR1,100cr. Further headwinds expected in below investment grade, SME, and agriculture portfolio.
Paytm Payments Bank searching for new CEO after incumbent Renu Satti steps down, being re-assigned as COO of a retail initiative of the parent company.
US GDP grew by 4.1% in Q2, at fastest pace since 2014. Rise in consumer and business spending, increases in exports and government spending key drivers. Personal consumption expenditures rose 4% while business investment grew 7.3% and federal government outlays increased by 3.5%.
Exxon Mobil and Chevron follow diverging paths in Q2 earnings. Investors reward the latter’s $3bn stock buyback and penalises the former for reporting poor performance with no plans for a buyout. Shareholders not very optimistic regarding Exxon’s plans to spend more than $200bn to 2025, preferring stable earnings, cash flow performance, and buybacks instead.