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YES bank board approves fundraising up to Rs 10K crore through debt securities

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At the end of the March quarter, the lender had a capital adequacy ratio of 17.5% compared to 19.6% as of December 31.

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YES Bank | Fundraising | Debt securities

The board of directors of the private sector lender YES Bank has approved seeking shareholder approval to raise up to Rs 10,000 crore in Indian or foreign currency through the issuance of debt securities, including but not limited to non-convertible bonds, bonds and promissory notes. in the medium term.

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At the end of the March quarter, the lender had a capital adequacy ratio of 17.5% compared to 19.6% as of December 31, with a Common Equity Tier 1 ratio of 11.2% at the end of the last fiscal year (FY21). compared to 13.1 percent in the third quarter of fiscal year 21.

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First post: Friday June 11, 2021. 00:34 IST

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EPFO adds more than 1.27 million subscribers in April, an increase of 13.73%

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Net new enrollments with pension fund agency EPFO ​​increased 13.73 percent to 12.76 lakh in April from 11.22 lakh in March this year, according to payroll data released Sunday.

Data released by the Labor Ministry provides insight into formal sector employment amid the coronavirus pandemic. During 2020-21, the Employee Provident Fund Organization (EPFO) added 77.08 lakh new members against 78.58 lakh in the prior year period.

According to interim payroll data, EPFO ​​added around 12.76 lakh of net subscribers during April 2021, an increase of 13.73 percent from the previous month despite the second wave of the COVID-pandemic. 19, according to a statement from the Ministry of Labor.

The data reflects that the number of departures in April 2021 has decreased by 87,821 and the number of reinstatements has increased by 92,864 compared to March 2021.

Based on EPFO ​​payroll data released in May this year, net new enrollments in April 2020 were in the negative zone at (-) 2.84.576. This means that the number of members who left the EPFO ​​subscription was greater than those who joined or rejoined the scheme. This has happened mainly due to the impact of a blockade imposed by the government as of March 25, 2020 to contain the spread of COVID-19.

Of the 12.76 lakhs of net subscribers added during April, about 6.89 lakhs of new members have availed themselves of EPFO’s social security coverage for the first time.

Around 5.86 lakh of net subscribers left and then rejoined EPFO ​​changing their jobs within EPFO ​​covered establishments and opting to maintain membership by transfer of funds rather than opting for final liquidation.

Comparison by age of the payroll data showed that the age group 22-25 has recorded the highest number of net enrollments with around 3.27 lakh additions during the month of April 2021. This is followed by the group. 29 years old. 35 with around 2.72 lakh of net enrollments.

Members of the 18-25 age groups, generally newcomers to the job market, have contributed about 43.35 percent of total net subscriber adds in April 2021.

The state comparison of payroll figures showed that registered establishments in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka stayed ahead by adding approximately 7.58 lakh subscribers during the month, representing around 59.41% of total net payroll addition across all age groups.

The Northeast (NE) states have shown above-average growth in terms of net subscriber addition compared to the previous month.

Analysis by gender indicates that the proportion of women enrolled is approximately 22% of total net subscribers for the month.

Month-over-month analysis reveals an increasing trend in net female subscribers adding 2.81 lakh of enrollments during April 2021 versus 2.42 lakh during March 2021.

In addition to this, the number of female subscribers who have been under the purview of EPFO ​​for the first time has also increased to 1.90 lakh in April 2021 from 1.84 lakh in March 2021.

Industry payroll data indicates that the expert services category (consisting of labor agencies, private security agencies, and small contractors, etc.) makes up 45 percent of total subscriber addition for the month.

In addition, industries dedicated to the manufacture of plastic products, beedi, schools, banks and establishments related to the steel sector have also registered an above-average growth in terms of net subscriber addition during the month of April 2021 compared to the previous month of March. , 2021.

The payroll figures are provisional as data generation is an ongoing exercise as updating employee records is an ongoing process.

Since April 2018, EPFO ​​has been publishing payroll data covering the period from September 2017 onwards. Data pertains to members who have joined a particular month and whose contribution has been received.

The EPFO ​​manages the social security funds of workers in the organized / semi-organized sectors.

(Only the headline and image for this report may have been edited by Business Standard staff; other content is automatically generated from a syndicated feed.)

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Covid-19: a turning point for e-commerce

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Dhanendra kumar

By Dhanendra Kumar

E-commerce has grown rapidly in the world in recent years, progressively taking a larger share of the total retail pie in each country. It is facilitated by digital technology and driven by demand with ease and convenience for customers to transact from the comfort and safety of their homes. It also provided tremendous economic growth in several countries such as China, driven by exports, logistics, and global innovations. Covid-19, however, proved to be a turning point and gave it a huge boost with lockdowns, contact restrictions, and other containment measures, disrupting the status quo, sometimes creating tensions between affected stakeholders and instilling new preferences between. customers in the new normal.

CCI had conducted a market study on e-commerce in April 2019. After consultations with stakeholders for 9 months, including manufacturers, wholesalers, retailers, hotels, restaurants, payment systems, e-commerce platforms and conducting analysis market, published its report in January 2020 (https://rb.gy/qrwvnu). Several facets were highlighted and self-regulation was mainly recommended.

Looking at the preamble of the Competition Law of India that establishes, the main objective is the ‘economic development of the country’ with the other parameters: ‘prevention of practices that have adverse effects on competition, to promote and sustain competition in the market, to protect the interests of consumers and guarantee freedom of trade ”, all directed towards its achievement. The architecture of the Competition Law is designed for growth, static and dynamic efficiency in the economy and consumer welfare.

CCI, as a market regulator, has been aware of the impact of the coronavirus pandemic on consumers and was one of the first globally to issue a mature and nuanced advisory (https://bit.ly/3vtLL9n) to help companies with the necessary coordination during the pandemic to maintain supply lines and help consumers. The same spirit has been evidenced in his various other orders showing understanding and accommodation. India is considered the world’s fastest growing and most attractive e-commerce economy. According to an IBEF report (https://bit.ly/35unB3X), India’s retail sector is estimated at over US $ 883 billion, ranked 5th globally, and is expected to exceed US $ 1 , 3 trillion in 2024. Of this, e-commerce is expected to reach US $ 111 billion in 2024, with faster growth in Tier 2 and 3 cities, helped by an explosive boom in mobile devices and the Internet in the whole country. It is also providing new avenues of employment and innovation, thousands of startups are emerging in various segments, attracting a massive infusion of public companies and global venture capitalists, producing a record 14 unicorns (probably 15 soon) in India over 5 months in 2021., despite the pandemic. It is also opening up newer markets, in India and abroad, for small businesses, handicrafts and services. E-commerce in medicine, pharmacy and healthcare, food and retail, travel, hail, fintech, home service delivery (such as electricians, plumbers, barbers, etc.), OTT and home entertainment, are proving to be the savior during Covid. -19. In fact, growth is mainly driven by consumer preferences and the needs of the situation.

Given the global trend, there is a need for greater government efforts to accelerate digitization and e-commerce-related infrastructure across the country for inclusive digital commerce, as outlined in a UNCTAD report (https: // rb.gy/ix1bs8). He argues that “governments must prioritize national digital readiness so that more local businesses can become producers of the digital economy, not just consumers.” It also emphasizes taking a ‘holistic approach, not silo’, and policies to bridge the ‘digital divide’ intensively promote ‘digital empowerment’, ‘digital entrepreneurship’, ‘digital reconversion’ for companies. smaller and especially women, all to inclusively capture a more complete value of “digital commerce”. This has also been evidenced in marketing support to artisans and exports from within supported by e-commerce, and the biggest players have also undertaken various innovative initiatives, such as Flipkart’s’ samarth ‘for the underprivileged or’ Smbhav ‘from Amazon. among others.

When looking at the preference of customers in the new normal and repeated waves of pandemics with new variants, there is no doubt that e-commerce is here to stay, well beyond Covid-19. Customers are now turning to omnichannel or hybrid marketing, comparing prices and brands online and choosing to buy online or in physical stores, who are also developing online websites and home delivery, both competing with better prices and fast delivery, all good for competition and consumer choices. Both are shifting to newer methods of attracting customers, traditional stores are also turning to digitization, often with the help of e-commerce big boys (https://bit.ly/3q2xrnc) developing links in their own interest. . There are also innovations, such as artificial intelligence-backed consumer experiences to allow remote on-site comparisons, etc. Digitization and integration with the omnichannel e-commerce ecosystem can also have enormous supportive links with sustained economic growth, job creation, gender equality, better access to healthcare, medicine, food, education by the poor and marginalized, and even access to a wide range of government schemes and facilities, especially in rural and remote areas. It also supports agriculture and brings new avenues of marketing to our farming community.

Victor Hugo, the French poet and novelist said the famous phrase: “nothing is more powerful than an idea whose time has come”. It seems to be a perfect description of today’s e-commerce.

Dhanendra Kumar is Former Executive Director of India at the World Bank and First President of CCI

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Stock market: long and short markets: the value has returned. Also, can you make a losing bet in this market?

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Record low interest rate regimes in all economies and the push from global governments for infrastructure may not be enough to maintain the valuation gap going forward, says Dalal Street veteran Prashant Jain. This comes after a decade of underinvestment in core or capital-intensive businesses. Read more about Prashant Jain’s take on the stock rebound, the likelihood of a losing bet in this bull market, the outlook on the small cap space and finance in this week’s ‘Long & Short of Markets’ issue. .

Shouldn’t the Fed’s rate hike matter to stocks?
Despite the Fed’s decision to change rate policy much earlier than expected, markets took a little respite before continuing their upward journey. This means that global markets are viewing this widespread rally as a recovery in the fundamentals of the economy and not just as a market buoyant on central bank-induced liquidity. According to Ajay Tyagi, equity fund manager at UTI MF, any rate hike is an endorsement of the fact that the economy is on the right track. READ MORE

The path of finance is confusing
Despite being well capitalized and provisioned to deal with the pandemic, finances can be affected by growth, says Deepak Shenoy, founder of Capital Minds. In an interview, he said, despite the Supreme Court order regarding the removal of NPAs where they restricted stating that NPAs were good news, the lack of moratoriums for companies this time may create more stressed assets. for finances in the next 6 to 8 months. READ MORE

History may not repeat itself, but it rhymes!
In terms of small cap cycles in the last decade, the small cap index has recovered about 290% twice from their respective declines. This time, the index is up 182% so far. This corresponds to some of the small caps that posted their best quarterly and annual results in the recent results call. READ MORE

Courage is back! This time for a long time …
Prashant Jain, CIO, HDFC AMC, is of the opinion that stocks have experienced stretched underperformance in recent years, and from what you’ve seen, the longer the underperformance period, the more sustained and sharp the outperformance should be. Speaking about one of the important supporting factors for value resurgence in this interview, he says that the corporate NPA cycle is clearly over for India. READ MORE

What is the probability of losing a bet in this bull market?
This bull market rally has been one of the steepest and most broad-based rallies in history, with every two out of three stocks among the 2,346 listed stocks doubling their share price in the past 12 months. But what was your probability of losing your bet in this bull market? It’s only 4.6% or one in twenty stocks that didn’t get any return! READ MORE

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Simpler dilution rules for large IPOs where post-listing m-cap exceeds Rs 1 trillion

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Easier dilution rules have come into effect for mega initial public offerings (IPOs), under which companies with a post-market capitalization of more than Rs 1 trillion are not required to dilute a minimum of 10 percent. hundred. The move to ease the dilution rules is seen as a precursor to the Life Insurance Corporation (LIC) IPO.

The government has said that companies whose market capitalization exceeds one trillion rupees will have to dilute 5 billion rupees and at least 5 percent of the market capitalization.

Experts said previous companies discouraged large companies from listing as they held a large number of shares at the time of their IPO.

In addition, companies that go back to trading after insolvency proceedings must have at least a 5 percent public stake, which should be increased to 10 percent in one year and 25 percent in three years, according to the latest notification of finance. ministry. Previously, while there was no minimum threshold for public participation at the time of acquisition, it had to be increased to 10 percent within 18 months.

The amendments to the Securities Contract Rules (Regulation) notified by experts from the Department of Economic Affairs said they would ensure the discovery of fair prices.

Previously, the shares of companies such as Ruchi Soya or Orchid Pharma had seen an astronomical rise, which experts believed was due to negligible free float.

“If the resolution plan foresees the continuity of trading, there should be liquidity so that the price remains close to fair value. There is also a reasonable time to achieve 25 percent public participation, in two tranches, ”said Manoj Kumar, partner at Corporate Professionals.

According to previous regulations, at the time of the acquisition, when the resolution plan of a listed company was approved, there was no minimum limit for the public participation of a listed company. These companies were required to have a 10% public stake within 18 months. The new rules establish a minimum public participation requirement of 5 percent, which allows the acquirer to take over a maximum participation of 95 percent.

Experts say that in the event of insolvency, the general principle is that there is no value left in the shares and therefore it is possible for an acquirer to squeeze shareholders through IBC acquisitions. “But the acquirer cannot be the sole shareholder of a company and also keep the company listed. If they want it to appear on the list, they can buy a maximum of up to 95 percent and have to leave the 5 percent in public float, ”said Anshul Jain, Partner at PwC India.

While the government has filled the loophole that allowed companies acquired through insolvency proceedings to go back to trading without virtual public participation, some gaps remain, experts said.

“This notification is applicable to listed companies acquired through CIRP, but if a similar acquisition occurs through liquidation, there is no clear rule that applies. One needs to see how the stock exchanges or SEBI would deal with such acquisitions and what would be the impact on public participation in such cases, ”Jain added.

Dear reader,

Business Standard has always strived to provide up-to-date information and feedback on developments that are of interest to you and that have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our determination and commitment to these ideals. Even during these difficult times arising from Covid-19, we remain committed to keeping you informed and up-to-date with credible news, authoritative opinions, and incisive commentary on relevant current affairs.
However, we have a request.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to bring you more quality content. Our subscription model has received an encouraging response from many of you, who have subscribed to our content online. Increased subscription to our online content can only help us achieve our goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

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Emerging Paradigms of Corporate Social Responsibility

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Dr. Devesh Prakash

By Dr. Devesh Prakash

The Ministry of Corporate Affairs (MCA) has modified the Corporate Social Responsibility Rules, 2021 with the aim of strengthening compliance, promoting the fight against abuse, strengthening governance and improving transparency and flexibility. In 2014, India became the second country in the world (after Mauritius) to introduce CSR by including specific provisions through Section 135 in the Companies Act 2013. The law required companies to assume corporate social responsibility by complying with certain qualification conditions every year. According to the previous rules, the Board of Directors was only obliged to explain the reasons for the underutilization, if any, in the company’s Annual Report.

The amended rules now oblige companies to necessarily spend at least two percent of their average net earnings made during the previous three financial years. The amended rules reinforce that any unspent CSR amounts will roll over to the specified CSR funds. If a company provides funds to an NGO for a specific project, then it needs to monitor spending to ensure that the NGO spent the fund for a specific project within the financial year. In case the NGO does not spend the money, it would be considered as an unspent fund in the hands of said donor company. The unspent amount related to an ongoing project will be transferred to a separate bank account created with scheduled banks and used for the next three financial years for ongoing projects. Ongoing projects are three-year projects approved by the board. The recognition of CSR expenses in the financial statement and the period in which they must be recorded has become a tenuous topic of discussion in the industry and among accounting professionals.

The definition of CSR has been provided that includes a negative list, that is, a list of prohibited items to be considered for spending on CSR. This list includes activities in the normal course of business or activities that benefit only employees or that comply with legal obligations. In addition, sponsorship expenses to obtain marketing benefits or sponsorship of sports personnel outside India, except training of sports personnel representing any state or territory of the Union at the national level or India at the international level or political donations have been included in this negative list. Recent changes allow CSR funds to be spent on creating makeshift hospitals and temporary COVID care facilities. The objective of spending on CSR should be to provide benefits to society. The additional benefit is not prohibited for CSR. For example, the purchase of goods and services from social enterprises that directly benefit the company’s employees (such as gifts purchased from a local NGO for employees, the creation of a school for the benefit employees’ children, etc.) or the company should not be treated as a CSR expense.

Provisions that could significantly alter the way CSR was carried out are a mandatory requirement for all CSR vehicles. For example, a section 8 company that intends to undertake a CSR activity must register with the Central Government. The board of directors of a company must ensure that the CSR vehicles through which CSR activities are carried out are registered throughout the period with the appropriate authorities.

The new rules emphasize the improved role of a CSR committee in the CSR activities of a company. The rules require that a CSR committee formulate the list of CSR projects or programs, areas or themes, the manner of execution, the modalities of use of funds, the details of the needs and impact assessment and supervise the policy of CSR of the company from time to time. The new rules emphasize the obligation of the Board and the CFO to monitor, evaluate and report CSR activities by providing specific roles and responsibilities. These roles and responsibilities may include the Board to ensure that CSR activities are performed by registered CSR vehicles. In addition, they also involve the Board to ensure that the funds thus disbursed have been used for CSR activities. Similarly, the 2021 CSR Rules impose obligations on the CFO or equivalent to certify that funds disbursed under CSR have been used for approved purposes.

The rules on a company’s CSR activities have become strict. There are now both general and specific sanctions that can be imposed for non-compliance with CSR provisions. Companies will need to consider these changes holistically from a systems, processes, compliance, and reporting perspective, and may need to re-review their existing policies and procedures to ensure that their CSR policies, procedures, and systems are compliant. these changes at all times.

A stepping stone to adapting to the changing paradigms of CSR regulations includes regular monitoring and ensuring that checks and balances are in place for certain more prescriptive provisions, such as last-mile monitoring of funds spent by companies. Key steps toward preparedness by companies should include ensuring that implementing agencies are properly registered and perform due diligence including reputational checks. Companies must also update the functions of the Board, the CSR Committee, the CFO and establish new standard operating procedures that include a defined process for the use of funds, determine the applicability of the impact assessment, prepare a checklist detailed processes with the owners and deadlines and formulate an annual action plan. . They should also evaluate and finalize additional disclosures in the annual report / website. In short, companies must reconfigure their policy and governance structure around spent CSR to comply with the new set of rules.

The author is a partner, Financial Accounting Advisory Services, EY India. The opinions expressed are personal

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Gold drops exaggeratedly; Ducks fed reality

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gold

Having settled the week with an excessive 6.2% drop in 1764, gold now has a market price of only 46% of its currency debasement value (measured by StateSide’s “M2” money supply) of 3870, even when adjusted for the increase in gold supply (which is today of 201,480 tons). Gold is also not a discarded heirloom, nor will it ever be supplanted by cryptocurrencies. Gold remains humanity’s only de facto true currency, and it will be even after we are gone.

dollar

His index (by descending weight = € uro, ¥ en, Sterling, CanDollar, SweKrona and SwissFranc) gained 2.0% during the week, which of the 1,068 millennium weeks to date is ranked 44th best (at the 96th percentile) . Contextually, it was the strongest dollar period since a series of weeks during the COVID depths of March 2020, prior to which it was the + 2.3% week ending November 14, 2016. But as a valued member of our Investor Roundtable would say, “At the moment, the dollar is leading the ugly dog ​​contest.” It will not last; it never does.

Gold and dollar

Readers of The gold Update knows that Gold does not play any forex favorites. As mentioned a week ago, in 2014 on September 4, the gold so far this year was + 4.7% and the dollar + 4.4% … “How can that be?” … Just because gold tends to have a price Dollars It doesn’t mean squatting as to the price of the Doggie Dollar itself. Fleetwood Mac cue from back in ’77: “You can go your own way …” And clearly for Gold, there’s a long way to go, to hell with the dollar.

Sp

The powerful S&P 500 it just lost 2.1% of its value in four days. Millennium to date that is classified as “noise” at best; It is not even in the bottom 10th percentile of the four-day price changes. The “live” price / earnings ratio is currently at a shocking and appalling 53.5x, the yield a negligible 1,359% and the risk of ownership 100%. As we wrote in our Investor Roundtable on Thursday: “My fear of the stock market has turned into sheer terror. I used to take The Rud’s “50% correction” with a grain of salt. That now can actually be modest. It’s just about “The When.” “The stock market is still a losing game (which is why most people on Wall $ treet never make real money).

The Federal Reserve

Here’s a simple equation: Late Fed + Silly Means = Comprehensive Misconception. A time-honored and specific truth of the Federal Reverse is that it “is always behind the curve.” However, we wonder if this time the Fed, in negotiating the curve, has gone beyond the edge of adherence and skyrocketed. Last Wednesday, the Federal Open Market Committee voted unanimously not to reduce asset purchases, let alone increase its bank’s rate, to maintain the current target range of 0.00% -0.25% FedFunds.

But more incredulously (this “Common Sense Challenge Department” thing), the FOMC “decided” to raise interest rates by the end of 2023 (earlier than initially considered). Consequently, the sycophantic FinMedia, specifically FinTimes, posted: “The Fed nailed it.” Nailed what? What do you see two FedFunds rate hikes by the end of 2023? How about the end of this year? The Fed has not nailed anything: rather, avoiding reality, it is the Fed that is about to be nailed. Will the two expected rate increases therefore be 10% each? Just to catch up on inflation (er, uh, stagflation) you get; (see 1976-1980). Honestly with Pete and vice versa: if one is still in stock and not gold, there isn’t much else we can do. In fact, facts.

As for your valued readers who understand and take the History of Gold seriously, the following view of the weekly bars from a year ago to date currently doesn’t look so good. Or is it really a buying opportunity? Remember the late great Richard Russell: “This is never a bad time to buy gold”:

That being said, the parabolic long trend certainly appears poised to flip short in the following week, as the price has completely breached our 1846-1808 structural support zone. And yes, our highest forecast for this year of 2401 may be in jeopardy. OR (French word for gold): Can it seem like the hindsight forecast for the end of the year has been modest? Let’s remember 1977, 1978, 1979, 1980, 1982, 1983, 2006 and 2008. On verra, mes amis …

Looking at the short term, today’s 1764 gold is within a 1799-1755 structural support area; if that bust, the next such area (with a bit of overlap) is 1760-1677 (let’s not even go there …)

Rather, let’s take a look at the Economic Barometer. It has the beginning of that “Game Over” look good for gold:

We read last week that aggregate nonfinancial state debt is now almost half the size of the US economy (Again, let’s not even go there …) And as for our current notion that the subsequent economic boom to COVID “has already happened” as people abandon COVID time activities and replace them with more appropriate ones from “normal” times Spending data now indicates large item purchases are “out” … and that eating out is now “in fashion”.

To be sure, while May home starts, industrial production and capital utilization improved, building permits slowed as did retail sales. And for June, the New York Empire State Index, the Philadelphia Fed Index, and the National Association of Home Builders Index fell short of their May readings. Up with inflation, down with the Economic Barometer / S&P 500, and hello stagflation. (“Check … check … check …”)

Meanwhile, on this side of the pond, companies are said to have taken on so much COVID debt that “life support loans” are all the rage to combat bad debts. Of course this (and particularly after the Fed) has knocked the euro off the podium at the ongoing Ugly Dog Contest, the Zone currency suffered its biggest three-week drop since COVID actually took effect in April. a year ago. (And for those of you scoring at home with those European vacations in mind, the current level of € 1,189 seems to erode in our range to 1,173, even 1,161.) “Come on Mabel, we’re going to Rome!”

Now, two weeks ago, when we could “see” some gold pullback, even just seasonally and much less technically, maybe we should have titled that piece (instead of “Gold’s June Swoon”) instead of “Gold’s June Doom.” In fact, since the recent high for gold in 1913 on May 26, the current price is -7.8%, roughly its net change so far this year (-7.2%). And according to the chart below to the left, when Gold’s “Baby Blues” broke + 80% of the ice on June 7, it was without a doubt the true beginning of this swoon.

Note that right at Gold’s Profile for the past fortnight there has been a low volume of trading for much of the mid-19th century, which for fans of “All Gaps Are Filled” is encouraging for Gold to be retrieve (and what common sense of course says’ twill):

Silver as + 80% of the ice was broken even earlier, on May 25, as we see below left. If you don’t hold the price here, your next area of ​​structural support is a full dollar range from 25.68 to 24.68. Sister Silver’s profile at the bottom right matches well enough with that of gold, the gold / silver ratio is now 68.2 times, slightly above the millennium average to date of 66.3 times:

Phew! After a week like that (our perspective / review), we can only end up with something even more cheesy. In her testimony last week before the Senate Finance Committee, former Fed Chair Janet “Old Yeller” Yellen, in selling the Biden Administration’s $ 6 trillion budget, presented it as a step toward solving the ” climate change “and” inequality “. We can’t wait – we’re all equally poor under clear skies. “You have gold ???”

Health!

www.deMeadville.com

This Article was originally published on FX Empire

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Insolvency law changes the way society perceives business failures, says MS Sahoo

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Filled with a huge unsatisfied appetite for freedom of exit, insolvency law is changing the way society perceives business failures as it becomes a reform of, for and by stakeholders, according to IBBI president. , MS Sahoo.

Just over five years after its enactment, the Insolvency and Bankruptcy Code (IBC), which provides a limited, market-linked time frame for the resolution of stressed assets, has passed the constitutional test.

In Sahoo’s words, with each Supreme Court ruling, the Code has developed deeper and stronger roots, and probably boasts the largest body of legal cases.

In terms of value, the code has rescued 70% of distressed assets through insolvency resolution plans and released the remaining 30% of those assets through liquidations.

Sahoo, who has been at the helm of the Bankruptcy and Insolvency Board of India (IBBI) since its inception in October 2016, said the code is changing the way society perceives business failures.

IBBI is a key institution in the implementation of the Code.

According to the IBBI chief, by salvaging viable businesses through the insolvency process, closing unviable ones through liquidation, and facilitating voluntary liquidations, he is freeing entrepreneurs from honest business failures.

“Companies, which may not withstand market pressures, would have to use the code to reorganize business or for a clean and dignified exit. ‘Not succeeding’ will soon be the new mantra for budding entrepreneurs in the country. No There are days far away when we will celebrate failure, “Sahoo told PTI in an email interview.

Since the provisions of the Bankruptcy Resolution Process (CIRP) came into force on December 1, 2016, a total of 4,376 CIRPs have been initiated until the end of March of this year.

Of the total, 2,653 have been closed, including 348 CIRPs that ended with the approval of resolution plans. Up to 617 CIRPs were closed on appeal or review or resolved, while 411 were withdrawn and 1,277 ended up in liquidation orders, according to IBBI’s latest quarterly bulletin.

Citing the findings, Sahoo said a huge unsatisfied appetite for freedom of exit “made the Code a reform by, for and by stakeholders, and the ban on undesirables to seize control of a stressed company ushered in a fair relationship between debtor and creditor.

Significant improvements in the insolvency resolution score made it easier to conduct business in India and the emergence of new markets for resolution plans, interim finances and liquidation assets, among others.

While noting that six amendments and dozens of subordinate laws have kept the code relevant with changing needs and addressed implementation difficulties, Sahoo said that most importantly, “the rule of law was institutionalized in an anarchic and stressful situation when the claims of all creditors together is incompatible with the company’s available assets. ”

All that said, there are also flaws but not many.

Aside from the few missing elements, such as cross-border and group insolvency to supplement corporate insolvency, Sahoo said that while work has begun, an institutional framework is sometimes lacking to prepare a cadre of appraisers.

“Compared to the previous regime that took almost five years to complete, the process under the code that produces a resolution plan takes an average of 400 days. However, if it does not reach the expected 180/270 days,” he said.

He also noted that economic legislation is typically a skeletal structure and “judicial pronouncements give it flesh and blood” and resolve gray areas.

“While granting the legislature the freedom to experiment, the supreme court proactively resolved jurisprudence, explained various conceptual issues, resolved contentious issues, and resolved gray areas, at an unprecedented rate, providing clarity on what is permissible and what is not. It is, “he emphasized.

The Code has also helped create a cadre of 3,500 insolvency professionals, three professional insolvency agencies, 80 professional insolvency entities, 4,000 registered appraisers, 16 registered appraiser organizations, and one information company.

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