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Govt approves phasing out of 25-year-old Foreign Investment Promotion Board

FDI applications needing govt approval to be handled by the concerned Ministries/Depts The Union Cabinet on Wednesday approved phasing out of the 25-year-old Foreign Investment Promotion Board (FIPB). The FIPB is the inter-ministerial body — or a single window clearance mechanism for applications on foreign direct investment (FDI) in India in sectors under the government approval route. The move to phase out the FIPB is aimed at making India a more attractive FDI destination and increasing FDI inflows by providing greater ease of doing business and promoting the ‘Maximum Governance and Minimum…

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Should You Invest in the Snapchat IPO? Read This First

Whether you’re obsessed with keeping your Snapstreaks going or have no idea what that means, you may be itching to invest in this week’s initial public offering of Snap Inc., parent company of the popular Snapchat app. The appeal is understandable. For users of the app, owning shares of a company you use every day (or hour) can seem like a good investment. For nonusers, the urban legends of get-rich-quick IPOs are exciting enough on their own. Of course, not every IPO is a success. And even if Snap gets off…

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SoftBank loses $1.4B investment in Snapdeal, Ola

SoftBank cannot possibly need more reasons to push Snapdeal off its portfolio. According to its consolidated financial report for FY 2017, the company has faced a combined loss of $1.4 billion in investments in the online marketplace as well as in cab hailing platform Ola. In February this year, SoftBank had written off $475 million from the same two players – its biggest investments in India. Image credit: Anisha Despite the backing from the likes of Kalaari Capital, Nexus Ventures, Alibaba, and Foxconn, Gurgaon-based Snapdeal has been unable to raise funding…

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Why British women are less likely to seek investment advice than US, Canadian peers

David Shopper | Getty Images Women in the U.K. are less likely to reach out for help with their investments than their counterparts on the other side of the Atlantic, according to new research which points to a continued lack of provision in the U.K. advice market. Just over two-fifths (41 percent) of British women say they would ask for financial advice from knowledgeable individuals compared to more than half of women in Canada (57 percent) and the U.S. (53 percent), a study by RBC Wealth Management has suggested. While…

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Strong Rupee May Help Ease India Outbound Investment Rules

A surging rupee, rising currency reserves and a comfortable current-account gap could see India’s central bank consider relaxing rules on outward investments, paving the way for domestic companies to step up their shopping abroad, especially in Latin America and Africa. An uptick in overseas acquisitions would help keep a lid on the rupee, which is among the top performers this year. While the strengthening currency is helping the central bank keep inflation in check, additional gains are threatening to snuff out a nascent recovery in exports. Analysts like Santosh Pai, a…

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LICs investment in ITC makes govt party to tobacco promotion PIL

The Bombay High Court on Thursday heard a petition alleging that PSU insurers such as LIC are going against the government’s anti-tobacco stand by investing in cigarette manufacturing company ITC. The World Health Organization tobacco treaty bars the government from investing in tobacco companies, they said. The petitioners also said that the investments make the government party to tobacco’s promotion. The six petitioners include the Managing Trustee of the Tata Trusts, Lakshman Sethuraman, Ashish Deshmukh, Member of Maharashtra Legislative Assembly, Sumitra Hooda Pednekar, widow of a Maharashtra Minister who died of throat cancer, Pankaj Chaturvedi, a Surgeon…

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