‘Very wealthy people': Trump teases TikTok buyout, China fumes over possible takeover, ‘very soon' - The Economic Times Video
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
11 minutes ago
- Economic Times
RBL Bank shares rally 3% as Dubai-based Emirates NBD Bank eyes up to 20% stake
Shares of RBL Bank rose 2.7% to Rs 266.95 on Wednesday after reports said Dubai government-owned Emirates NBD Bank is in talks to acquire up to a 20% stake in the private lender through a significant capital infusion. ADVERTISEMENT The stock, which has rallied more than 21% in the past month and over 64% in the past six, rose for an eighth time in nine sessions. It closed Tuesday at Rs 259.95, up 4.6%, with a market value of Rs 15,831.21 crore. The Emirates NBD Bank PJSC is in advanced discussions to acquire a minority stake in RBL Bank through a preferential allotment. This would mark a primary capital infusion into RBL and help the Dubai-government-owned lender deepen its Asia strategy. The deal, still under negotiation, could be similar in structure to the recent SMBC-Yes Bank investment. Emirates NBD may end up holding around 15–20% of RBL's expanded capital base, just below the open offer threshold, pending regulatory approval. That would translate to an investment of approximately Rs 3,166.24 crore. 'However, the deal is likely to take place at a premium to the current price,' people familiar with the matter told The Economic Times. RBL Bank is entirely publicly owned, with several domestic institutions holding modest stakes. Quant Mutual Fund owns 6.65%, Nippon Life India 3.11%, ICICI Prudential Life 1.06% and LIC 1.19%. Mahindra and Mahindra acquired a 3.48% stake in 2023, while Zerodha holds 1.24%. British International Investment exited its 3.82% holding in April. ADVERTISEMENT The Reserve Bank of India in May granted in-principle approval to Emirates NBD to convert its existing Indian branches in Chennai, Gurugram and Mumbai into a wholly owned subsidiary. The Dubai-based bank also recently launched investment banking operations in India.'There is a deep connect between UAE and India, both diplomatic and commercial. The bank has been eyeing opportunities but has not been very keen to buy into NBFCs (non-banking finance companies) unlike some of their peers,' an industry executive told The Economic Times. 'There is also a lot of synergy in wealth and other product distribution.' ADVERTISEMENT RBL Bank, originally set up 70 years ago in Maharashtra, transformed itself into a national player beginning in 2010, focusing on credit cards and microfinance. However, its differentiated asset strategy is considered cyclical and exposed to stress in unsecured the March quarter, RBL Bank's net profit fell 80% sequentially to Rs 68.7 crore, despite a rise in other income to Rs 1,000 crore. Net interest income dropped 2.3% year-on-year to Rs 1,563 crore. ADVERTISEMENT 'Business growth is gaining traction and slippages are expected to normalise by 2QFY26,' Nitin Aggarwal, analyst at Motilal Oswal told The Economic Times. 'Margins will be flattish to lower before it will claw back up. The trajectory is expected to improve starting FY26. The cards business is expected to grow in the mid-single digits.' Despite the stock's recent rally, analysts say it still trades below book value and remains among the most affordable banking stocks in India, with a P/E ratio of over 21. However, sources caution that talks may not result in a deal. The lender is also exploring a capital raise from institutional investors as a fallback. ADVERTISEMENT If successful, Emirates NBD's move will mark the second major investment from West Asia into an Indian bank this quarter. In April, Abu Dhabi Investment Authority and Warburg Pincus committed Rs 7,500 crore to IDFC First Bank. Also read | Emirates NBD eyes RBL Bank stake for India, Asia play (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
United News of India
17 minutes ago
- United News of India
EAM Jaishankar meets US Secy of Defence Pete Hegseth, discusses advancing bilateral defence partnership
Washington/New Delhi, July 2 (UNI) External Affairs Minister S Jaishankar met with US Secretary of Defence Pete Hegseth during which they discussed advancing the bilateral defence partnership and building on growing convergences and capabilities. In a post on X, the EAM said: 'Great to meet @SecDef Pete Hegseth in Washington DC today. 'Had a productive conversation on advancing the India-US defence partnership, building on growing convergences of interests, capabilities and responsibilities.' A US Department of Defense readout, said the two met at the Pentagon, 'to discuss the close cooperation between the two countries, weapons sales and the upcoming signing of the framework for the new defense partnership." Almost right at the beginning of the administration, President [Donald J.] Trump and Prime Minister Shri [Narendra] Modi set a strong foundation for our relationship, which we're building on here today: productive, pragmatic and realistic," Hegseth said. "And our nations boast a rich and growing history of cooperation driven by a shared commitment to a free and open Indo-Pacific." The secretary said both the U.S. and India are mutually aware of the security concerns in the region, and both nations have the ability to counter that threat together. He also touched on U.S. efforts to provide India with the tools needed to counter threats in the Indo-Pacific region. "The United States is very pleased with the successful integration of many U.S. defense items into India's inventory," Hegseth said. "And building on this progress, we hope we can complete several major pending U.S. defense sales to India, expand our shared defense industrial cooperation and coproduction efforts, strengthen interoperability ... between our forces, and then formally sign a new 10-year Framework for the U.S.-India Major Defense Partnership ... which we hope to do very soon." During a meeting in February between Trump and Modi, the two leaders announced plans to pursue new procurements and coproduction arrangements for Javelin antitank guided missiles and Stryker armored vehicles. Also discussed was procurement for six additional P-8I maritime patrol aircraft. India has already integrated into its own military weapons, such as the C‑130J Super Hercules, C‑17 Globemaster III and P‑8I Poseidon aircraft, as well as the CH‑47F Chinook, MH‑60R Sea Hawk and AH‑64E Apache. India also utilizes the Harpoon antiship missiles, M777 howitzers and MQ‑9B Sky Guardians. Also in February, President Trump and PM Modi pledged to increase military cooperation with enhanced training, exercises and operations. Hegseth and Jaishankar discussed participation in the next India-U.S. Defense Acceleration Ecosystem Summit, where the two nations will continue to build on U.S.-India defense industrial cooperation and produce new innovations in technology and manufacturing. "We're eager to work alongside you to realize our shared goals," Hegseth said. "They're deep and ongoing." Jaishankar said India's relationship with the U.S. is already strong, but more can be done. "We believe that our defense partnership is today truly one of the most consequential pillars of the relationship. It's not built merely on shared interests, but we believe really deepening convergence and of capabilities, of responsibilities," EAM Jaishankar was quoted as saying. "And what we do in the Indo-Pacific, we believe, is absolutely crucial to its strategic stability." UNI RN
Hans India
17 minutes ago
- Hans India
Dalai Lama Confirms Succession Will Continue Amid China Tensions
The exiled Tibetan spiritual leader has declared that the centuries-old Dalai Lama institution will persist beyond his death, delivering a statement with far-reaching implications for his global Buddhist following and the ongoing Tibet-China conflict. This momentous announcement carries significance not only for Tibetans but also for millions worldwide who regard the Dalai Lama as an embodiment of peaceful resistance, compassion, and the preservation of Tibetan cultural heritage under Chinese occupation. Recognized by Tibetans as the 14th incarnation in the lineage, the spiritual leader made his declaration just days before celebrating his 90th birthday on July 6, timing that underscores the urgency surrounding succession questions. Speaking from Dharamshala in Himachal Pradesh, where he has resided for decades, the Dalai Lama revealed he had received numerous appeals over the past 14 years from various Buddhist communities. These requests came from Tibetan exiles, Himalayan region Buddhists, and followers in Mongolia, Russia, and China, all urging the continuation of the institution. Particularly significant were messages he received through various channels from Tibetans still living within Tibet, demonstrating the enduring connection between the exiled leader and his homeland population. "Following all these requests, I am confirming that the Dalai Lama institution will persist," he stated during a video address to religious leaders gathered in Dharamshala, according to official translations. The announcement comes against the backdrop of his prolonged exile, which began when Chinese military forces suppressed a Tibetan uprising in Lhasa in 1959, forcing him and thousands of followers to seek refuge in India. His advancing years have intensified discussions about Tibetan leadership's future and the complex matter of his succession. While Beijing denounces him as a separatist rebel, the internationally recognized leader characterizes himself simply as a "Buddhist monk." Tibetan exile communities harbor deep concerns that China might attempt to install its own chosen successor to strengthen control over the territory it occupied militarily in 1950. Addressing these fears directly, the Dalai Lama emphasized that identifying the 15th Dalai Lama will be the "exclusive responsibility" of the Gaden Phodrang Trust, his official office. He reinforced this position by stating unequivocally that the Gaden Phodrang Trust possesses "sole authority to recognize the future reincarnation," firmly declaring that no other entity has permission to interfere in this sacred process. This definitive statement represents a direct challenge to any potential Chinese intervention in the succession, establishing clear religious and institutional boundaries around one of Buddhism's most significant leadership transitions.
