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The board of IT services company Wipro today approved a buyback proposal worth 9,500 crore. Wipro plans to purchase of 23.75 crore shares at ₹400 per equity share for an aggregate amount not exceeding .9,500 crore, in accordance with the provisions contained in the Securities and Exchange Board of lndia regulations. This represents 4.16% of total paid-up equity share capital of the company as on September 30.
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A coalition of gold investors, including firms backed by billionaires John Paulson and Naguib Sawiris, is urging changes at miners as performance 'continues to fall short' in some areas even as prices rise.A coalition of gold investors, including firms backed by billionaires John Paulson and Naguib Sawiris, is urging changes at miners as performance “continues to fall short" in some areas even as prices rise.
In an open letter to the mining industry, prominent gold investors including money managers at Franklin Templeton, VanEck Funds and members of the Shareholders’ Gold Council are targeting issues including executive compensation and directors who don’t have enough skin in the game because they don’t hold a meaningful amount of shares in the firms they represent. The signatories offered 16 suggestions to better align the interest of managers, boards and shareholders.
Gold has been on a record-setting tear as the pandemic threatens to derail global economic growth, sending investors on a flight to safe havens. That comes at a time when real yields are falling as governments unleash massive stimulus programs. Precious-metal miners have seen their shares skyrocket with a gauge of senior gold producers climbing almost 80% in the past year.
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HSBC has tried to stay in Beijing's good graces, vocally backing Hong Kong's national security law, sparking criticism in Washington and London.Shares in banking giant HSBC plunged to a 25-year low Monday on fears it could be added to a Chinese list of firms deemed a threat to national security and following news it had been accused of allowing fraudulent activity to go unpunished.
The troubled lender tanked more than four percent to HK$29.60 at one point -- a level not seen since mid-1995 -- as investors fret over its ability to continue doing business in China and Hong Kong, which make up a crucial portion of its growth.
The sell-off came after the Global Times, a state-run English tabloid in China, reported the bank could be one of the first firms to be named on Beijing's "unreliable entity list" as part of a tit-for-tat stand-off with several western countries.The report pointed to HSBC's participation in Washington's investigation of Huawei and the arrest of its chief financial officer Meng Wanzhou in Canada.
Among penalties that can be meted out include restrictions on trade, investment and visas.
"If the company is listed as an unreliable company by China, which looks certain since it's a Global Times article, the bank will be facing lots of difficulties to do business in China," Banny Lam, at CEB International Investment Corp., told Bloomberg News.
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With global equity markets rising and global economic growth steeping falling – forming two forks of a ‘K’ – recently, consensus seems to be building of a ‘K-shaped’ recovery.As the coronavirus crisis unfolded, economists and market participants have been debating about the shape of the global economy. The options that had largely been considered included a U, V, W recovery. Now, with global equity markets rising and global economic growth steeping falling – forming two forks of a ‘K’ – recently, consensus seems to be building of a ‘K-shaped’ recovery.
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