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Is Enron back? If it's a joke, some former employees aren't laughingNew Delhi: German auto component supplier ZF Group on Wednesday divested a 4.32 per cent stake in its Indian subsidiary ZF Commercial Vehicles Control System (CVCS) India for Rs 1,022 crore, according to exchange data. According to the bulk deal data on the NSE, WABCO Asia Pvt Ltd , promoter and forming part of ZF Group sold a 4.3 per cent stake or 8.2 lakh shares of the company. The shares were offloaded at an average price of Rs 12,465.19 apiece, taking the transaction value to Rs 1,022.14 crore. Meanwhile, Aditya Birla Sun Life Mutual Fund acquired 1.60 lakh shares of ZF CVCS India at an average price of Rs 12,400 per piece, taking the deal value to Rs 199.24 crore. Wabco Asia's holding in ZF CVCS India has come down to 63.17 per cent from 67.49 per cent. ZF Group in a filing to stock exchanges stated that it sold a 4.32 per cent stake in the Indian arm to increase financial flexibility for its growth. The sale of shares has no effect on ZF's control of ZF CVCS India, as it is the long-term strategy of ZF to maintain its solid majority shareholding in the entity, the company said. 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The transaction will strengthen the financial flexibility of ZF, allowing it to invest in its further growth, and in the dynamically developing Indian market. ZF CVCS India is the market leader in the Indian CV supplier industry and remains a very important pillar in ZF's global growth strategy, the company added. The Friedrichshafen (Germany)-headquartered firm commenced the commercial vehicle control system business in January 2022 following the acquisition of WABCO in 2020. Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari on Friday reiterated his party's determination to foil all the foreign conspiracies against the country, including its nuclear and missiles programme, and urged the government to desist from unilateral decisions to create rifts with allies. Addressing a massive public gathering in Garhi Khuda Bux in Larkana district to commemorate the 17th death anniversary of former prime minister Benazir Bhutto, Bilawal warned that it was becoming difficult for him to convince his party's lawmakers to support every government legislation. Bilawal highlighted the achievements of the former PPP prime ministers, his grandfather late Zulfikar Ali Bhutto and his mother late Benazir Bhutto, including the country's nuclear programme and the missile technology programme. "The PPP will fail all conspiracies targeting the nuclear and missile programmes," the PPP chairman said while commenting on the recent US sanctions against companies involved in Pakistan's missile programme. He said both the projects were the gifts from late Zulfikar Ali Bhutto and Benazir Bhutto. "Imran Khan [Pakistan Tehreek-e-Insaf's (PTI) founder] is just an excuse, the real target is Pakistan's atomic programme and the missile technology," he added, while referring to the statements of support for the PTI founder by some officials of the incoming US administration of Donald Trump. He asked the PTI founder to clarify that the people who give statements in his favour "every other day are not the ones who are against Pakistan's atomic and missile technologies programme". He added that those who supported Imran happened to be staunch supporters of the Zionist Israeli regime. "This party [PTI] and Imran himself should condemn these people," Bilawal told the crowds. He contended that such support gave the impression that a lobby wanted to install a government in Pakistan which could compromise on everything for the sake of power. The PPP chairman said the powers that be had no concern whatsoever for democracy, human rights or prisoners in Pakistan, rather they wanted to target Pakistan's nuclear programme. He said that Shaheed Zulfikar Ali Bhutto's "biggest crime before the global powers was the Islamic atomic bomb". He also highlighted the three-decade-long political struggle of his mother, saying that those who plotted her assassination wanted to install puppets in Pakistan who could comprise on the manifesto, ideology and even rights of the people as well as on the country's national security and its atomic programme. Coalition ties Bilawal reminded the Pakistan Muslim League-Nawaz (PML-N) that the ruling party's electoral mandate restricted it from taking unilateral decisions. "The only mandate which the government has is one of taking collective decisions through parliament," he emphasised. Bilawal said the PPP neither asked for power nor the ministries when supporting the PML-N to form a government at the Centre. He added that its singular demand was an equitable Public Sector Development Programme (PSDP) for all provinces, particularly the less developed ones. He said that the PML-N had failed to implement the agreement with the PPP for supporting the Shehbaz Sharif-led government. "It's becoming difficult for me to compel my MNAs again and again to go to the [National] Assembly to complete the quorum and support every bill they [PML-N] tabled," he warned. The PPP's leader cautioned that the government could not function in the existing way of governance because it was incumbent upon it to find consensus-based solutions through parliament to the challenges confronting the country. He fleetingly touched upon the contentious issue of the proposed construction of six new canals from the Indus river and conveyed that the lower riparian province of Sindh had been strongly criticising the Centre's canals policy. He appealed to President Asif Zardari that he should help the government realise that the decisions taken with consensus happened to be powerful decisions. Bilawal believed that no individual party had the mandate or the power to deal with all internal and external problems alone. Making a laconic speech on the occasion, President Zardari tried to allay concerns of the smaller provinces, saying that they would not be deprived of their due share of water or gas. "I want to tell my friends that they don't need to worry about it," he said. "All the provinces will get what rightly belongs to them," the president declared. "Sindhu [river] will be given what is the right of Sindhu. There can be no other decision and nothing short of it," the president told the gathering. He said the world was progressing and 'modern things' were proving to be beneficial for humans, adding that he believed things which were good for human beings and the political parties would be good for Pakistan as well. COMMENTS Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our
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12 Health Care Stocks Moving In Friday's Pre-Market SessionHillsborough Sheriff Chad Chronister withdraws from President-elect Trump's DEA nominationInvestors say they know how to trade Trump 2.0 SINGAPORE: Investors dusted off their trade war playbooks on Tuesday, confident their portfolios were better-prepared for Donald Trump this time after the US President-elect took to social media and pledged new tariffs on Mexico, Canada and China. Muscle memory, formed over years of gyrating to Trump’s tweets and threats in his first term, sent the dollar surging and the peso, loonie and yuan sinking within moments of his posts on the Truth Social app about tariffs he would implement from day one of his presidency. Yet, as traders drew breath, they saw little in Trump’s announcements to shift expectations about either his policies or his bluster, including a negotiating style that investors feel better-placed to navigate than they were eight years ago. “The 25 per cent tariff headlines ... are not policies as yet but a good indication that under a Trump presidency they will no longer tolerate the relocation of export manufacturing from China to the US Nafta partners by Chinese companies,” said George Boubouras, head of research at K2 Asset Management. Trump, who takes office on Jan 20, said he would immediately impose 25 per cent tariffs on imports from Canada and Mexico until they clamped down on drugs and migrants crossing the border. He pledged an additional 10 per cent tariff on Chinese goods, which he also linked to drugs -- particularly fentanyl. The dollar jumped more than 2.0 per cent on the Mexican peso and about 1.4 per cent on the Canadian dollar, before settling around 1.0 per cent higher on each.The dollar hit a four-month high on China’s yuan although share indexes in Hong Kong and China were mostly steady, as investors took Trump’s linking of tariffs with drug traffic as reinforcing expectations he was opening a negotiation. “China already has a template to deal with tariffs in reference to Trump 1.0,” said Simon Yu, vice general manager at Panyao Asset Management in Shanghai.“Regarding other clampdowns such as tech-related sanctions, China may accelerate the process of self-reliance and import substitution.” China said it had told the US of progress in anti-narcotics enforcement and that “no one will win a trade war or tariff war”. TIME WARP Mexico’s tariff hit seemed to catch markets most off guard and was behind selling in automakers and other manufacturers across Asia that have plants in the United States’ southern neighbour. Trump’s proposal appears to violate the terms of the US-Mexico-Canada Agreement on trade.Shares in Honda, which sends 80 per cent of its Mexico production to the US, fell more than 2.0 per cent to a 4-1/2 month low, while other car and component makers’ stocks fell. The world’s biggest electronics contract manufacturer, Foxconn, which is building a server factory in Mexico with Nvidia, saw the biggest one-day drop in its share price in two months, although expectations of negotiations limited the selling. “Any finalised package could be quite different from starting positions,” said Robert St Clair, head of investment strategy at Fullerton Fund Management in Singapore, which is positive on both US and Chinese equity markets. “President Trump is anti-inflation and seeks to improve the competitiveness and growth of US manufacturing. These objectives dictate that tariffs on US imports cannot be too widespread nor too extreme.” To be sure, the reminders of Trump’s unpredictability and his negotiation-by-media style added a new source of background volatility and unease to the financial markets -- although investors may feel there is not much they can do about that beyond hedging currencies. “There are no obvious trades but a lot of headline risk in the coming months in the lead-up to Trump taking office,” said Jon Withaar, who manages an Asia special situations hedge fund at Pictet Asset Management. “These social media comments create a lot of nervousness as to what is next.”To some degree, that is already in the price as currency volatility and options-implied volatility have been rising for a few months and traders only need to draw on memories from a few years ago to remember the plays. “It feels like we’ve just had a time warp back to 2016,” said Jason Wong, strategist at BNZ in Wellington, New Zealand.“The market is going to be twitchy ... but this is how he operates.”With a stirring performance by one of the Arab world’s leading singers and musicians, Hamza Namira, and the resonant sound of Arabic Fusha songs, Qatar Foundation’s (QF) Al Ghorrah for Literature and Arts concluded after five days of celebrating creativity and cultural heritage. “Al Ghorrah is an attempt to seek refuge in the cultural constant against the various existential calamities of our time,” said HE Sheikha Hind bint Hamad al-Thani, Vice-Chairperson and CEO, QF. Al Ghorrah was sponsored by the Social & Sport Contribution Fund (Daam). Abdulrahman bin Abdullatif al-Mannai, Chief Executive Officer of Daam, said: “Al Ghorrah for Literature and Arts served as an important platform for celebrating Arab-Islamic heritage and fostering cultural understanding among diverse communities. Supporting initiatives like these aligns with Daam’s ongoing commitment to enhancing cultural exchange and preserving cultural identity for future generations in line with Qatar National Vision 2030.” The event highlighted the vital role of culture in providing a sense of grounding amid challenges, with creativity and heritage seen not as relics of the past but as enduring beacons of identity and resilience. Building on this theme, Al Ghorrah offered an array of theatre and musical performances, educational workshops, and activities for everyone to experience and enjoy. The Education City event showcased a vast spectrum of creative talents and richness of Arab-Islamic culture with approximately 8,000 tickets bought by those wanting to immerse themselves in the vibrant offerings and atmosphere of Al Ghorrah. The closing night saw a performance by singer-songwriter Namira, while Qatar Philharmonic Orchestra and QF’s Qatar Music Academy performed Fusha Tunes – a medley of Arabic Fusha songs, daily parade with its combination of traditional music and colourful costumes, and cultural experiences from the Levant, Iraq, and Morocco. “This year, we were thrilled to witness an exceptional turnout, with attendees from diverse backgrounds joining us to explore the richness of Arab-Islamic civilisations alongside other cultures,” Hend M al-Thawadi, engagement and activation lead, QF, said. During Al Ghorrah, highlights for the thousands of people who flocked to Education City’s Oxygen Park included Al Feel Ya Malik Al Zaman, which saw the creative vision of director and producer Maher Salibi, and a cast including renowned actor Jamal Sulieman, bring legendary playwright Saadallah Wannous’ acclaimed play to life. Performances by Mustafa Said and the Asil Ensemble, and Yemeni orchestra Sada Alebda, as well as a Qatari-Moroccan medley featuring Asmaa Mnor were all part of the musical flavour of Al Ghorrah, while visitors also had the opportunity to watch plays performed by schools, listen to poetry readings, and participate in a range of workshops – including enabling them to try their hand at Arabic calligraphy and creating geometric patterns. Related Story QF’s Al Ghorrah for Literature and Arts presents beauty with purpose
Raymond James Financial Raises Quarterly Dividends on Common Stock; Increases Common Stock Repurchase AuthorizationSaturday, November 23, 2024 Facebook Instagram Twitter WhatsApp Youtube Personal Finance Education Entertainment Jobs Alert Sports Hindi Technology Complaint Redressal. Fact-Checking Policy Correction policy Authors and Team DNPA Code of Ethics Onwership and Funding Cookie Policy Terms of Service Disclaimer Contact US About Us More Search Home Personal Finance Ration Card Canceled: Government canceled 5.8 crore ration cards, check your card Personal Finance Ration Card Canceled: Government canceled 5.8 crore ration cards, check your card By Shyamu Maurya November 23, 2024 0 6 Share Facebook Twitter Pinterest WhatsApp Telegram Ration Card Canceled: Government canceled 5.8 crore ration cards, check your card Ration Card PDS System: The government has taken major action against fake ration card holders. Information given by the ministry said that a total of 5.8 crore fake ration cards have been removed from the system. This number may increase further because all ration cards have not been matched with Aadhaar cards yet. Fake Ration Card Update: Whether it is about the Kovid epidemic or after that, people have got a lot of benefit of free ration provided by the government on ration card. But some people have also misused it. Now the government has taken major action against all those fake ration card holders. According to the information given by the Union Food Ministry, 5.8 crore ration cards have been found fake across the country through verification of the card. According to the information received from the ministry, many changes have been made in the Public Distribution System (PDS). All Ration Cards have been digitized. At the same time, the ministry said that for the verification of ration cards, along with matching them with Aadhaar card, the process of KYC i.e. identification of the customer has also been followed. Benefit from digitization of public distribution system The government has said that by digitizing the Public Distribution System (PDS), fake card holders could be removed. In a statement given by the ministry, it was told that under the reform of the PDS system providing service to 80.6 crore beneficiaries, 5.8 crore fake ration cards could be removed through verification through Aadhaar and electronic e-KYC system. The ministry statement said that due to these efforts, the irregularities in the distribution system have been reduced to a great extent. According to the information, almost all 20.4 crore ration cards have been digitized. Of these, 99.8 percent are linked to Aadhaar and the identity of 98.7 percent beneficiaries has been verified through biometrics. 98 percent of the grain is being distributed through Aadhaar According to the information given by the Union Food Ministry, E-POS equipment has been installed at Public Distribution System (PDS) shops across the country, through which beneficiaries are being verified at the time of grain distribution. This system has been started so that the right person gets ration. The ministry said, ‘Today, about 98 percent of the total grain is being distributed through Aadhaar verification.’ The government believes that this has helped a lot in removing fake people from the system. Only 64 percent ration cards have been verified The process of removing fake ration card holders through Aadhar card in the ration system is not complete. Only 64 percent cards have been verified through e-KYC. The work of verification of the cards of the remaining beneficiaries is still going on. It is feared that there may be some more fake ration cards. The number of fake ration cards may increase further till the verification is completed. On the other hand, the government ministry has said about the timely supply of food grains that the Food Corporation of India (FCI) has implemented a supply management system to send food grains to the right place, including an integrated vehicle monitoring system with the railways for real-time monitoring of food supply. The ‘One Nation One Ration Card’ scheme has made ‘portability’ of ration cards possible across the country. Join Informal Newz Tags Ration Card Canceled Share Facebook Twitter Pinterest WhatsApp Telegram Previous article Flipkart Black Friday sale starts from this date; Up to 75% discount on mobiles, laptops, TVs Shyamu Maurya Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. 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Is Enron back? If it's a joke, some former employees aren't laughing
Stock market today: Wall Street hits more records following a just-right jobs report
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