Iconic Brazilian striker Neymar skipped training session with Barcelona in light of his decision to inform the club about moving to French Club Saint-Germain in a blockbuster deal of $263 million. Just eight months back, Neymar had signed a deal with the Spanish Club in which the terms of his buy out deal was raised to more than double which itself was a historical act. He was also signed to retain contract with Barcelona till 2021 as per the deal. Barcelona also confirmed Neymar’s actions by an official statement referring to the same.
The Brazilian who had joined the club in 2013 had scored 105 goals for the club and had helped them retain a string of trophies including a coveted Champions league crown along with two league titles. While Barcelona had already been looking for replacement for the striker by zooming on star players like Ousmane Dombale (Dortmund), Coutinho (Liverpool) and Paulo Dybala (Juventus).However, Javier Trebas, president of National Football League has stated that the move would violate Financial Fair Play rules of UEFA and the league will not accept payment from Saint-German Club. Interestingly, UEFA had stated that no such complaint had been received so far and they, at the moment, are not planning to block the deal, and are willing to look into details of the issue.
News Sources- ANI, LiveMint
Gujarat High court has dismissed the petition of Essar Steel filed against RBI challenging the initiation of banking proceedings against itself. This clears the deck for key lenders like SBI and Standard Chartered Bank to move against the company in NCLT under Insolvency and Bankruptcy (IBC) act in the move towards resolving the bad loans issue clogging banks.
Essar Steel, in its petition before Gujarat high court, challenged the missive by RBI in which the central bank directed banks to refer a dozen cases directly to NCLT. Essar contested a line in the RBI statement which said NCLT will accord priority to these cases. It also objected to being clubbed with the 11 other defaulters and said it had been in inconclusive discussion with banks to restructure debt when the directive was issued. Essar Steel claimed it had paid over three thousand crores to creditors between April 2016 and June 2017 and that there had been a substantial improvement in all operating parameters. The company said it should have been given more time to complete its debt restructuring. Essar Steel said it should have been included in a second category of defaulters that had been given six months to restructure debt, failing which they would be taken to the NCLT for the start of bankruptcy proceedings. This Claim was however turned down by the court. This judgement is likely to push the resolution of bad loans to a fast track process.
News Sources- LiveMint, Reuters
The supreme court of Pakistan resumed the hearing of graft case against Nawaz Sharif and his family after the Joint Investigations Team (JIT) found significant discrepancies between the assets and Income of Sharif and family. The probe began after the link of Panama Papers-which had exposed offshore accounts of Sharif to buy property abroad. It accuses Sharif of concealing assets, providing false wealth statements along with an unexplained steep hike in his family wealth. The JIT also accuses Maryam Sharif, the heir-apparent of the prime minister to be the main beneficiary of the offshore firms.
Sharif however has called the JIT report as baseless and has decided to stay in power which was endorsed by his cabinet recently. He has stated that the properties were brought in a clean manner after divesting their family steel business in UK and Gulf region and reinvesting them in another business in Qatar. But JIT has refuted the facts stated by Mr. Sharif and dismissed about evidence of any money trail for the deals. The nation has been divided over the JIT report.
There have also been doubts over the composition of JIT in which two members from military intelligence services –MI and ISI were drawn by Supreme Court instead of financial experts. With the hearing of cases to be drawn soon, Sharif will have a tough time ahead especially now the Supreme Court and ISI working together.
A defiant North Korea claims to have tested its first Intercontinental Ballistic Missile (ICBM)- code named Hwasong 14 which it claims has the ability to hit targets across the globe.The referred missile was claimed to cover an altitude of 2802 kms and covered a distance of 933 kms in 39 minutes before landing close to the sea of Japan during it”s testing.An ICBM missile operates within the range of 5000-10000 kilometers and has the capability to carry a nuclear warhead.Although many skeptics will doubt about the nuclear warhead, re-entry vehicle and other proofs of working guidance of the missile, the fact that North Korea has actually managed to showcase its technological ability in launching an ICBM adds credibility to the nation.
Expectedly the close neighbours along with U.S.and Russia have strongly condemned the test. While South Korea has called for action by UN Security Council, Japan has stressed for an alliance with South Korea and U.S. to put pressure on Pyongyang. Russia and China have asked North Korea to suspend its tests and also asked the alliance of U.S and South Korea to stop it’s military exercise plans.The launch which took place on 4th July, which incidentally is American Independence Day gives North Korea a chance to hit peripheral areas of U.S. Although a full front coverage of U.S is still far away the launch proves that.
North Korea had made progress despite a hard call on itself by global superpowers.
Australia’s upcoming tour of Bangladesh, India and iconic Ashes Series with England seems to be uncertain as the players union and the Cricket Australia were unable to reach an amicable solution over revenue sharing agreement. While the existing pay deal known as MoU will expire on 30
While the existing pay deal known as MoU will expire on 30th June, James Sutherland –CEO of Cricket Australia (CA) has kept silent, Pat Howard High-Performance Executive has warned players of untold risks in case they sign with other sponsors or engage in disapproved cricket. The sore point between CA and ACA (Australian Cricketers Association) has been the revenue sharing model, drawn way back in 1997. While the ACA insists on a share of overall revenues, CA pledges on sharing International surpluses. The CA states that the current model does not fit into commercial realities and hence not keen for a new agreement. The ACA has a diverse membership and Captain Steve Smith has been pushing its causes, but a deal has still not been clinched so far. While some players will not be given contracts, some players will be given State level Contracts and are expected to train and tour in “A” side to South Africa. Also, senior players are expected to join the lucrative Twenty20 league. Apart from revenue losses to CA, there is a chance of rift within ACA if a deal is not clinched soon.
The sore point between CA and ACA (Australian Cricketers Association) has been the revenue sharing model, drawn way back in 1997. While the ACA insists on a share of overall revenues, CA pledges on sharing International surpluses. The CA states that the current model does not fit into commercial realities and hence not keen for a new agreement. The ACA has a diverse membership and Captain Steve Smith has been pushing its causes, but a deal has still not been clinched so far. While some players will not be given contracts, some players will be given State level Contracts and are expected to train and tour in “A” side to South Africa. Also, senior players are expected to join the lucrative Twenty20 league. Apart from revenue losses to CA, there is a chance of rift within ACA if a deal is not clinched soon.
While some players will not be given contracts, some players will be given State Level Contracts and are expected to train and tour in “A” side to South Africa. Also, senior players are expected to join the lucrative Twenty20 league. Apart from revenue losses to CA, there is a chance of rift within ACA if a deal is not clinched soon.
News Sources- Reuters, Rediff News
The three-year-old legal tussle between McDonald’s and it’s Indian partner-Connaught Plaza Restaurants(CPRL) took an ugly turn today when 43 out of 55 restaurants in Delhi were forced to close down as they failed to get the mandatory health and hygiene licensed renewed.
About 1700 people, mostly unskilled employees are expected to be given pink slips. The ongoing legal battle between McDonald’s and its Indian Partner had its genesis way back in 2013, when Vikram Bakshi, MD of CPRL was sacked unceremoniously by McDonald’s. Bakshi had alleged that McDonald’s wanted to buy his stake in the venture at a throwaway price and has been subsequently fighting the matter in Company Law Board (CLB).
While McDonald’s have denied the charges and has been fighting the case in London Court of International Arbitration. The final verdict is awaited in both the cases. With a current attrition rate of 30 percent form a rate of 12 percent in 2010-11 and revenue growth falling to six percent in 2014-15 from a peak of 29 percent in 2010-11, the 50:50 partnership seems to be approaching its doomsday.
As the CPRL board has two representatives Bakshi and his wife and two McDonald’s representatives, the acrimony does not seem to end soon. As a result of the ongoing feud, indecisiveness coupled with falling investments and uncertainty have hurt the efficiency and hygiene of the stores. It has been a couple of testing years for Brand McDonald since it was dethroned from pole position by Pizza Hut in 2013.
News Sources – The Economic Times, Business Standard
Nouaura, the online megastore for office supplies has got the contract for B2B (Business to Business) supplies to Amazon India for a period of three years. The amount, however, has not been disclosed. Nuoaura, founded by Sharad Jai Prakash in 2016 is a unique online megastore providing office supplies and all other merchandising needs for Indian business on a routine basis. Currently, Amazon India has offices across six locations in India and more than 30,000 employees with multiple vendors and contracts. The referred move will help Amazon India to streamline their entire procurement process and bringing more clarity in their sourcing system. The unique feature of Nouaura is their operations via Cloud Platform with an online sourcing platform which offers customised pricing along with online catalogue management and automated approval process. Amazon which uses similar platform plans to integrate itself with Nouaura to streamline the entire process, improve efficiencies and save resources on spent on vendor coordination and logistics.
Speaking for Nouaura, its founder stated that the firm had crossed half million dollar mark within a year of its operation and is currently seeking quarterly growth of over 52 percent.
On behalf of Amazon India, its official said that the firm plans to use a one window format all over India to consolidate its business buys, automate the process and bring more efficiency. Nuoaura was chosen as a partner for its large vendor base across India and advanced technologies which complement Amazon.
News Sources- Ashoka News, amazon.ciorviewindia.com