Cairn Energy to begin process to end tax dispute
London-listed Cairn said it would start filing the necessary documents and work with New Delhi
Cairn Energy has entered into certain undertakings with India which would allow for the refund of taxes under a long-running, billion-dollar dispute, sending the British company’s shares almost 3% higher on Wednesday.
The news comes after the oil and gas producer said in September it was considering undertakings with the Indian government after changes were made to a retrospective tax law at the heart of the row.
London-listed Cairn said it would start filing the necessary documents and work with New Delhi to expedite the refund of roughly ₹79 billion ($1.06 billion).
“Cairn will commence the filing of the necessary documentation … intimating the withdrawal, termination and/or discontinuance of various enforcement actions,” the company said in a statement.
The 18 Biggest Battles of World War II
More than 75 years after the final shot was fired, the human cost of World War II still defies human comprehension. Estimates range from 60 million to 80 million people killed, most of them civilians. The Soviet Union suffered the most, losing as many as 27 million people by some estimates. To place the carnage in context, these staggering losses occurred over just a six-year period, 1939 to 1945, nowhere close to the longest wars fought by mankind. These are the longest wars in history.
Many of the battles on the list are conflicts between the Soviet Union, one of the Allied powers, and Nazi Germany, the main Axis power. These battles were characterized by the size of military resources involved and the significant civilian population loss.
The fog of war always complicates exact casualty totals. The estimates are the result of historians patching together primary documents over many years.
In time for Veterans Day on November 11, 24/7 Wall St. has compiled a list of the largest battles of World War II based on the number of casualties, which includes deaths and wounded. When available, we included civilian casualties. To create our list, we reviewed material from sources such as the Imperial War Museum in London, World War II battle database, and more.
Click here to see the biggest battles of World War II
RBI issues revised PCA framework for banks
‘Asset quality, capital key areas of watch’
The RBI on Tuesday issued a revised Prompt Corrective Action (PCA) framework for banks to enable supervisory intervention at “appropriate time” and also act as a tool for effective market discipline.
Capital, asset quality and leverage will be the key areas for monitoring in the revised framework, the banking regulator said.
The revised PCA framework will be effective from January 1, 2022.
“The objective of the PCA framework is to enable supervisory intervention at an appropriate time and require the supervised entity to initiate and implement remedial measures in a timely manner, so as to restore its financial health,” the central bank said.
The central bank also stressed that the PCA framework does not preclude the RBI from taking any other action as it deems fit at any time, in addition to the corrective actions prescribed.
“Indicators to be tracked for capital, asset quality and leverage would be CRAR/Common Equity Tier I Ratio, Net NPA Ratio and Tier I Leverage Ratio, respectively,” according to the revised framework.
TP ICAP Group Q3 Revenue Up 15% – Quick Facts
While issuing a trading update for the three months ended 30 September 2021, TP ICAP Group PLC (IAPLF.PK,IAPLY.PK,IAP.L) said it recorded revenue growth across all its divisions, with particular strength in Energy & Commodities. The Group noted that the favourable trends continued through October 2021 and it continues to expect full-year revenue, excluding Liquidnet, to be broadly in line with 2020 on a constant currency basis.
On a reported basis, third quarter Group total revenue was 447 million pounds, compared to 388 million pounds, last year, up 15%. On a constant currency basis, revenue growth was 20%, for the quarter. Agency Execution revenue were up 353% largely due to the inclusion of Liquidnet.
For the nine months to 30 September 2021, revenue was 1.38 billion pounds, up 5% from prior year in constant currency, and in line on a reported basis. Excluding Liquidnet post acquisition revenue of 106 million pounds, revenue was 3% lower than the prior year in constant currency, and 7% lower on a reported basis.
The Group noted that it now expects Liquidnet post-acquisition revenue for 2021 to be at the lower end of previously guided range of 160 million pounds to 180 million pounds due to lower equity market volumes globally during October.
Myriad Genetics Inc. Q3 adjusted earnings Inline With Estimates
Below are the earnings highlights for Myriad Genetics Inc. (MYGN):
-Earnings: $24.6 million in Q3 vs. -$15.2 million in the same period last year.
-EPS: $0.30 in Q3 vs. -$0.20 in the same period last year.
-Excluding items, Myriad Genetics Inc. reported adjusted earnings of -$1.7 million or -$0.02 per share for the period.
-Analysts projected -$0.02 per share
-Revenue: $167.3 million in Q3 vs. $145.2 million in the same period last year.
Petros Pharmaceuticals Stock Doubles On Stendra Sales Growth
Shares of nano-cap company Petros Pharmaceuticals, Inc. (PTPI) more than doubled on Wednesday morning after the pharma company announced a 476% growth year-over-year of STENDRA tablet sales as part of an exclusive digital health marketing agreement with Hims & Hers Health, Inc.
The companies also announce the availability of additional dosages of STENDRA through the Hims & Hers platform, further expanding the partnership.
PTPI is currently trading at $3.5199, up $1.7699 or 101.1371%, on the Nasdaq, on a heavy volume of 134 million compared to average volume of 94 thousand shares.
Stendra (avanafil), originally launched by Auxilium Pharmaceuticals prior to that company’s sale to Endo Pharmaceuticals, is an oral phosphodiesterase 5 (PDE5) inhibitor for the treatment of erectile dysfunction.