News Brief
Swarajya Staff
Sep 11, 2024, 09:12 AM | Updated 09:12 AM IST
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Dear Reader, start your day informed with our quick roundup of key news and updates.
First Time In 12 Years, IPO Funding Overtakes Offer Sales
For the first time in 12 years, new capital raised through IPOs has surpassed the amount raised through offers for sale in 2024, according to the Hindu Businessline.
Key contributors include Ola Electric Mobility, which raised Rs 5,500 crore, Bajaj Housing Finance with Rs 3,560 crore, and Brainbees Solutions with Rs 1,666 crore. Companies like Juniper Hotels, Jyoti CNC Automation, and Bansal Wire Industries opted exclusively for fresh capital raises, totaling Rs 1,800 crore, Rs 1,000 crore, and Rs 745 crore, respectively.
This shift marks a significant change from previous years when firms primarily used the market for promoter and private equity exits. The current trend reflects a dynamic market with enthusiastic investors eager to participate in IPOs.
US Finally Steps Out Of The Shadows In Bangladesh
The US, which some believe aided and abetted the ouster of democratically elected Prime Minister Sheikh Hasina in Bangladesh, is finally coming out of the shadows. It will begin economic talks this week with Bangladesh's interim government, led by Nobel Peace laureate Muhammad Yunus. This interim administration, formed last month, aims to conduct elections after the removal of Hasina amid protests over job quotas.
Bangladesh’s finance ministry and Yunus’ office have not yet confirmed the talks. Report say US Assistant Secretary of State for South and Central Asia Donald Lu will be in Bangladesh this month. Bangladesh’s $450-billion economy has slowed significantly, exacerbated by rising fuel and food prices, prompting a $4.7-billion IMF bailout last year.
'I'm Talking Now," Trump Tells Off Kamala Harris In Debate
During a presidential debate on Tuesday, Donald Trump scolded Kamala Harris for interrupting him by echoing her own technique. “I’m talking now, if you don’t mind,” Trump said mid-sentence while Harris, who was using a muted microphone, tried to speak. He added, “Please. Does that sound familiar?”
This was a reference to a 2020 debate where Harris had used a similar phrase, “Mr Vice President, I’m speaking,” to address interruptions from Mike Pence. The phrase became popular among her supporters and was widely shared online.
Last month, Harris used the same line to silence hecklers at a Detroit rally while discussing the Project 2025 conservative policy initiative.
Other Developments
Israel To Recruit 10,000 Workers From India
Israel is launching a recruitment drive in India to hire 10,000 construction workers and 5,000 caregivers. This move follows a similar request from earlier this year. The drive is notable in light of a recent media report highlighting issues with a bilateral jobs scheme. The report claims that faulty selection processes occurred after Israel banned over 100,000 Palestinian workers following a Hamas attack on October 7 last year.
Data from the Israeli Embassy indicates that approximately 5,000 workers were recruited through both Government-to-Government and Business-to-Business channels. The NSDC and the Ministry of External Affairs oversee these recruitment pathways.
Coal India To Invest $8 Billion In New Coal-Fired Plants
Coal India plans to invest $8 billion to develop coal-fired power plants near its mines. The state-owned company has secured approval to build 4.7 gigawatts of power generation capacity over the next six to seven years, primarily in Odisha. An additional 2 gigawatts are under discussion and may take longer to complete.
This initiative complements a previous plan to add 88 gigawatts of thermal generation capacity by 2032. With electricity demand expected to surge, India’s reliance on coal, which constitutes about 75 per cent of its power mix, remains strong. The development underscores the country’s commitment to maintaining its coal-based energy infrastructure amidst growing energy needs.
NPCI Sparks Revolution In Pre-Approved UPI Loans
The National Payments Corporation has introduced a new 1.2 per cent fee for interest-free credit on UPI transactions, which experts believe could significantly change the loan market. NPCI stated that payment service providers and UPI apps will receive small fees for handling these interest-free loans, with the remaining amount going to the bank that provides the credit. Transactions under Rs 2,000 will not incur any fees. This fee is paid by the merchant, not the consumer, and covers the risk and interest for the credit provided. UPI credit lines, which function like credit cards, will now have lower fees compared to the 1.8 per cent charged by credit cards. This reduction makes UPI credit more appealing for merchants.
From The States
Doctors Reject Bengal Government's Talk Offer
Junior doctors protesting the RG Kar Hospital rape-murder case have rejected the West Bengal government's invitation to discuss their issues at the state secretariat. They chose to continue their strike, defying the Supreme Court's 5 p.m. deadline to return to work.
Minister Chandrima Bhattacharya revealed that Chief Minister Mamata Banerjee waited at Nabanna until 7:30 p.m. for the doctors' representatives to arrive. The junior doctors criticized the invitation's language and the sender, the health secretary, whom they are demanding resignation from. They also objected to the limit of only 10 delegates, arguing that representatives from all medical colleges should be included.
BJP's Second Haryana List Sparks More Discontent
The BJP released its second list of 21 candidates for the Haryana Assembly elections on Tuesday, dropping seven sitting MLAs, including two ministers and the state party president. Among those dropped were school education minister Seema Trikha and health minister Banwari Lal. Trikha, the only woman minister in the BJP Cabinet, was replaced by Dhanesh Adlakha, while Banwari Lal was replaced by Krishna Kumar. The new list also saw the replacement of state party president Mohan Lal Badoli with Krishna Gehlawat. The announcement of the second list followed widespread discontent triggered by the first list of candidates.
Karnataka: Congress MLAs Resist Cutting Caste-Based Corporations
Congress MLAs are opposing their own government's proposal to reduce the number of caste-based development corporations in Karnataka, following reports of funds being misused in the Valmiki ST Development Corporation. Currently, there are around 25 such corporations, with 21 more proposed, but the finance department has advised Chief Minister Siddaramaiah to halt expansion due to financial constraints.
Some senior Congress members support the idea of merging smaller corporations or closing them altogether. The government argues that the previous BJP administration created these corporations without properly considering resource availability. Home Minister G Parameshwara, who leads the Congress committee for appointments to these bodies, confirmed the plan.
Stay tuned for more insights through the day.