One of the best ways to understand what is going on in the world is to able to read and hear Kyle Bass who runs the hedge fund Hayman Capital Management. Here is his latest letter to his investors
Kyle Bass, a strong advocate of gold, was one of the earliest to have spotted the big problem in the US housing market and made huge money for his clients. Bass founded hedge fund after saving $10million from his Wall Street stint. He has now bet against European countries including Greece. Bass keeps huge gold bars in his desk drawer and owns 20 million nickel coins. In his latest letter to his limited partners, Bass offers his crystal clear views on what lies ahead for Europe and Japan.
The increase comes on back of a 2% (Rs1,195 per kl) hike effected from 16th November. Prior to that rates had been raised by a massive 3.8% or Rs2,845 per kl from 1st November
New Delhi: State-owned oil companies on Wednesday hiked jet fuel price by a steep 3.7%, the third increase in rates in a month, reports PTI.
The price of aviation turbine fuel (ATF), or jet fuel, at Delhi was raised by Rs2,312 per kilolitre (kl), or 3.7%, to Rs64,622 per kl with effect from Wednesday midnight, an official of Indian Oil Corporation (IOC), the nation’s largest fuel retailer said.
The increase comes on back of a 2% (Rs1,195 per kl) hike effected from 16th November. Prior to that rates had been raised by a massive 3.8% or Rs2,845 per kl from 1st November.
But for a one-off marginal reduction in mid-October, ATF prices have been on the climb since September as falling rupee made imports costlier.
The official said the rupee has averaged closer to 52 per dollar this fortnight, 4% weaker than the 49.72 in the preceding two weeks.
Jet fuel was priced at Rs56,260 kl in September.
ATF in Mumbai will cost Rs65,650 per kl from Thursday as against earlier rate of Rs63,228.40 per kl, an increase of Rs2,422 per kl.
Jet fuel makes up for 40% of an airlines' operating cost and the steep hike in prices will raise burden on the cash-strapped airlines. No immediate comment was available from airlines on the impact of the price hike on passenger fares.
The three fuel retailers revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.
The move is part of the government’s efforts to raise Rs40,000 crore through disinvestment in state-owned companies, as envisaged in the Budget
New Delhi: The finance ministry is likely to ask country’s largest insurer LIC (Life Insurance Corporation of India) to buy 5%-10% of government stake in public sector undertakings (PSUs) as part of the exercise to raise Rs40,000 crore through disinvestment, reports PTI.
“LIC would be asked to pick only small portion (5%-10%) in some PSUs,” finance ministry sources told PTI.
The cash-rich LIC had earlier said that it has earmarked over Rs40,000 crore for investment in equities in public and private sector companies in the current fiscal.
LIC is the largest domestic institutional investor in the Indian market.
The government has fixed a mammoth Rs40,000 crore disinvestment target for the current fiscal. However, with eight months over, it has only been able to mop up Rs1,145 crore.
In order to meet the target, the government is mulling innovative measures, like buyback and cross-holding. Under the buyback mode, the government can raise money by selling its equity in the company to the concerned PSU itself.
The Department of Disinvestment (DoD) has already floated a Cabinet note which seeks to ask cash rich companies to buy back shares in PSU peers.
The government has been thinking of raising funds through the buyback route as it has not been able to raise money through sale of equity in public sector units on account of uncertainty in the stock markets.
Such companies may be asked to buy back about 5% equity from the shareholders. Under the current regulations, market regulator Securities and Exchange Board of India (SEBI) allows companies to buy back their own equity from shareholders.