India's Crude Oil Imports From U.S. Jump 51% Since Donald Trump's Return To White House
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Indian Express
17 minutes ago
- Indian Express
Company advised by Trump sons said it hoped to benefit from fed money, then took it back
A public document filed by a company that just hired President Donald Trump's two oldest sons as advisers included a sentence early Monday that said it hoped to benefit from grants and other incentives from the federal government, which their father happens to lead. But when The Associated Press asked the Trump family business about the apparent conflict of interest, the document was revised and the line taken out. Eric Trump and Donald Trump Jr. are getting 'founder shares' worth millions of dollars in New America Acquisition 1 Corp., a company with no operating business that hopes to fill that hole by purchasing an American company that can play 'a meaningful role in revitalizing domestic manufacturing,' according to the filing. The president has geared his trade policy toward boosting manufacturing in the U.S. The original version of the securities filing said the target company should be 'well positioned' to tap federal or state government incentives. That reference was taken out of the revised version. The Trump Organization didn't reply to a question about whether New America still planned to benefit from government programs or why the line was cut. But the outside law firm Paul Hastings that helped prepare the document sent an email to AP saying it was 'mistake' made by 'scriveners,' an old term for transcribers of legal papers. Kathleen Clark, an expert in government ethics, said any excuses are too late because the Trumps had already tipped their hand. 'They just deleted the language. They haven't committed not to do what they said earlier today they were planning to do,' said the Washington University law professor and Trump critic. 'It's an attempt to exploit public office for private profit.' New America is what's know as a special purpose acquisition company, or SPAC. It's a publicly traded company that exists solely to use its funds to acquire another company and take the target public. New America plans to raise money by selling new stock on the New York Stock Exchange at $10 a share. That will hand the two Trump sons a potential total of $50 million in paper wealth the moment the stock begins trading on the first day. The company hopes to sell enough shares to raise $300 million, which it then plans to use buying a yet unidentified manufacturer. A press release issued by New America saying it was focused on 'American values and priorities.' It made no mention of the aim to get government incentives. The filing to New America's potential new investors to the Securities and Exchange Commission was explicit about what it was looking for in a target company. It said, among other things, it wanted a company that can ride 'public policy tailwinds' by benefiting from federal or state 'grants, tax credits, government contracts or preferential procurement programs.'
Economic Times
17 minutes ago
- Economic Times
Paytm shares in focus as Antfin plans 5.4% equity stake sale via block deal
Shares of One 97 Communications (Paytm) will be in focus on Tuesday, August 5, as Antfin (Netherlands) Holding B.V. plans to sell 5.4% of its stake in the company through a block deal on Indian stock exchanges. ADVERTISEMENT According to the term sheet, the transaction is valued at Rs 3,803.3 crore (approximately USD 434 million) at the offer floor price. The offer floor price has been set at Rs 1,020 per share, representing a 5.4% discount to Paytm's closing price of Rs 1,078.20 on the National Stock Exchange (NSE) as of August 4. The sale involves up to 3.7 million shares, accounting for 5.84% of the company's total outstanding proposed sale will be executed as a bulk sale via one or more share sales on the screen-based trading platform of Indian stock exchanges. The entire offering is secondary in nature, implying that the company will not receive any proceeds from the deal is being managed by Citigroup Global Markets India and Goldman Sachs (India) Securities, who are acting as the placement agents for the transaction. ADVERTISEMENT Books Open: Around 7:00 AM IST on August 5, with the option to close earlier. Around 7:00 AM IST on August 5, with the option to close earlier. Expected Trade Date: August 5, 2025 (T) August 5, 2025 (T) Expected Settlement Date: August 6, 2025 (T+1) August 6, 2025 (T+1) Lock -up: Not applicable; classified as a clean-up trade Not applicable; classified as a clean-up trade Brokerage & Charges: Buyer to bear 25 basis points, with additional market charges as applicable Buyer to bear 25 basis points, with additional market charges as applicable USD/INR Reference Rate: 87.6525 (Bloomberg rate as of August 4, 2025, 4:00 PM IST) According to the term sheet, no official pricing guidance will be provided until the shares are crossed on the exchanges on August 5. ADVERTISEMENT On Monday, the shares of Paytm closed flat at Rs 1,078.30 on the BSE. Also read: Tata Investment announces first-ever stock split in 1:10 ratio; check details on record date (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
18 minutes ago
- Economic Times
Tata Motors elevates PB Balaji to JLR CEO role in strategic global shift, a first for an Indian
Mumbai: Tata Motors group finance chief PB Balaji will take over as the chief executive of the company's crown jewel, Jaguar Land Rover, on November 17, becoming the first Indian to lead the iconic British automotive brand. At JLR, Balaji will replace Adrian Mardell, who retires after a 35-year tenure at the maker of the Defender and F-Pace SUVs, the last three years of that as its CEO, Tata Motors said Monday. Handpicked by Tata Sons chairman N Chandrasekaran from Hindustan Unilever, Balaji has become an integral figure in the group's transformation efforts since joining Tata Motors in 2017. His appointment reflects the leadership's confidence in his vision and execution capabilities. His move to JLR comes at a pivotal moment for Tata Motors, which is undergoing a major restructuring with plans to demerge its passenger vehicle and commercial vehicle businesses into two separately listed entities. After this transition, the company may no longer require a group chief financial officer, the role that Balaji has been holding since joining the company. His appointment at JLR is seen as a broader corporate realignment at Tata Motors aimed at granting individual businesses greater operational autonomy. "It is my privilege to lead this iconic company," Balaji said. "Over the past eight years, I've come to deeply admire JLR and its exceptional brands. I look forward to the road ahead with optimism and purpose." Financial Architect with Global Acumen Balaji has been associated with Tata Motors for the past many years and is familiar with the company, its strategy and has been working with the JLR leadership team, Chandrasekaran said, adding: "This move will ensure that we continue to accelerate our journey to Reimagine JLR." Under Balaji's financial leadership, Tata Motors reported its highest-ever consolidated revenue of ₹4.39 lakh crore in FY25, with a profit of ₹34,330 crore before tax and 28,149 crore after tax. The company's Indian operations turned net cash positive, with a surplus of 1,018 has been closely associated with Tata Motors' improved capital discipline, cost focus and its growing leadership in electric vehicles-factors that have contributed to a more resilient and efficient began his career as a management trainee at Hindustan Unilever in May 1993, working in supply chain roles for the first decade, followed by finance leadership assignments across the Unilever group. He was vice president - finance for the Americas Supply Chain based in Switzerland, group chief accountant at Unilever's headquarters and chief financial officer at Hindustan Unilever. At the Indian unit of the consumer goods company, he was mentored by D Sundaram, who was then the company's CFO. An alumnus of IIT-Chennai and IIM-Kolkata, Balaji currently serves on the boards of Air India, Titan, Tata Technologies, and Tata Consumer Products. He was the highest-paid executive in the Tata Group in FY25, drawing ₹21.09 crore, reflecting his growing leadership stature within the conglomerate.
