Tag: Sale

  • FDIC, Wall Street scramble to pull together sale of First Republic Bank

    FDIC, Wall Street scramble to pull together sale of First Republic Bank

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    Formal bids for First Republic — which has seen heavy deposit outflows and suffered massive share price declines in recent weeks — are due to the FDIC by the middle of the day on Sunday, according to the people, who requested anonymity to provide details of the discussions.

    Federal regulators are hoping to put an end to turmoil in the banking industry following the stunning collapse of Silicon Valley Bank and Signature Bank last month. First Republic’s problems largely stemmed from the panic that engulfed those two banks amid a run on deposits.

    First Republic, until this year one of the more envied banking franchises in America with over $200 billion in assets at the end of the first quarter, would be the third-largest bank failure in U.S. history after SVB and Washington Mutual. First Republic issued a grim earnings report last week that showed just how fast deposits were racing away, replaced by more expensive loans, an unsustainable formula that helped spark the latest stock price collapse.

    While JPMorgan and PNC Financial expressed interest in a First Republic deal on Thursday, the bidding process was formally opened up on Friday, which could clear the way for another large bank to also make the winning offer, one person familiar with the process said.

    It also remains possible that the FDIC could decide that the bids they receive are insufficient and no deal could emerge. That would mean First Republic opening for business again on Monday and trying to survive at least until regulators agree to a subsequent bid.

    First Republic, a California-based institution with a strong track record and highly desirable customer base, has been foundering and bleeding deposits since the failure of SVB and Signature. Like those two, First Republic has a large number of customers with deposits that exceed the FDIC-guaranteed limit of $250,000 in their accounts.

    When the government rescued SVB and Signature, regulators hoped that their decision to backstop all deposits at both banks would send a message to depositors that they shouldn’t worry about the money in their bank accounts.

    That worked to a degree but it did not stop rapid deposit outflows from First Republic or end a share price rout that saw the bank’s stock slide another 40 percent on Friday to close at just $3.51, a nearly 98 percent drop from this time last year. The consensus among investors is that First Republic will continue to founder if not rescued by a combined public and private sector deal by the time markets open on Monday.

    A group of big banks including JPMorgan and PNC tried to shore up First Republic last month by injecting $30 billion in deposits. It did not work.

    JPMorgan, PNC and the FDIC all declined to comment on the talks.

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    ( With inputs from : www.politico.com )

  • AP CM requests Centre to allow sale of excess FCV Tobacco without penalties

    AP CM requests Centre to allow sale of excess FCV Tobacco without penalties

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    Hyderabad: Andhra Pradesh chief minister YS Jagan Mohan Reddy on Friday wrote to the Union Minister for Commerce and Industry, Piyush Goyal requesting to allow the sale of excess Flue Cure Virginia (FCV) tobacco produced in the state without any penalty for 2022 to 2023 crop season.

    Jagan requested the Central government to issue necessary orders to the Tobacco Board, Guntur to allow the sale of excess FCV tobacco produced by the registered growers of the state without any penalty in SBS, SLS and NLS regions.

    FCV tobacco Crop is grown under Southern Light Soils (SLS) and Southern Black Soils (SBS) regions in Prakasam, SPSR Nellore, Bapatla, Palnadu, Guntur and Northern Light Soils (NLS) West and East Godavari districts in the state.

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    He said that the crop was severely affected due to the Mandous cyclonic heavy rains and out of 53,000 hectares more than 50 per cent of the area was severely damaged.

    The cyclone caused the tobacco growers to incur additional costs on the production of the crop during this year, as there is no alternate crop for the region the farmers were forced to go for replanting.

    “As the FCV tobacco Farmers have already incurred heavy losses due to the mandous cyclone and also spent huge amounts for replanting and irrigating the crop, they are not in a position to pay the penalties to the Tobacco Board on excess tobacco produced beyond the authorised quantity,” said Jagan.

    He mentioned that similar measures were taken by the Centre to allow the sale of excess FCV tobacco produced by the registered growers as well as the unauthorized FCV tobacco produced by the unregistered growers in Karnataka without any penalty during the 2022 to 2023 crop season.

    The chief minister requested for the measures to be extended to provide to the AP farmers who suffered losses due to the cyclone.

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    ( With inputs from www.siasat.com )

  • White rhinos for sale, one careful owner: tycoon looks for a billionaire to buy his conservation ranch

    White rhinos for sale, one careful owner: tycoon looks for a billionaire to buy his conservation ranch

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    Wanted: an animal-loving billionaire who might consider buying 1,993 threatened white rhinos instead of a new superyacht or a Picasso, or a Picasso onboard a superyacht.

    John Hume, a South African multimillionaire who started a rhino breeding project with about 200 animals 30 years ago, is selling all the rhinos and the 8,500-hectare (21,000 acres) conservation ranch where they live in what must rank as one of the most unusual ever online auctions.

    Bids for the farm, 100 miles south-east of Johannesburg, start at $10m (£8m) and close at 5pm on Monday 1 May – international save the rhino day. Also included alongside the rhinos – which make up about 10% of the world’s total rhino population – are 213 buffaloes, five hippos, seven zebras and 11 giraffes.

    Hume, 81, who made his fortune building timeshare resorts, said he was selling up after spending $150m on the project and he could no longer continue to support the rhinos.

    John Hume, hotel magnate and owner of the Platinum Rhino Project.
    John Hume, hotel magnate and owner of the Platinum Rhino Project. Photograph: Bloomberg/Getty Images

    “I’ve used all my life savings spending on that population of rhinos for 30 years. And I finally ran out of money,” he said. “I’m hoping that there is a billionaire that would rather save the population of rhinos from extinction than own a superyacht.”

    His daughter-in-law Tammy Hume said Hume called an emergency family meeting last year when he realised he would soon no longer be able to meet the £8,000-a-day cost of securing and feeding the rhinos. The farm employs about 100 people, including vets, rangers and security guards to protect the animals from poachers. There is also a helicopter for air patrols.

    Hume said selling the Platinum Rhino Project was the only option, after failing to overturn a global ban on selling rhino horn to fund the farm. The horn, which is used as an ingredient in traditional Chinese medicine, is said to be more valuable, by weight, in the hidden economy than elephant ivory, cocaine or gold.

    Veterinarian Michelle Otto stands with a sedated and blindfolded white rhino after trimming it’s horn at the ranch of rhino breeder John Hume.
    Veterinarian Michelle Otto stands with a sedated and blindfolded rhino after trimming its horn at the ranch of the breeder John Hume. Photograph: Leon Neal/Getty Images

    The farm has a licence to trim rhino horns, which it claims helps protect them as it makes the animals less of a target for poachers. The Humes said the trimmed rhino horn is DNA-profiled, microchipped and kept in a secure location – and not sold.

    Hume said he fell in love with rhinos after retiring to a small ranch in the countryside with a small crash of rhinos. “I’m sympathetic and emotional. Rhinos are underdogs. They stand the least chance of surviving poaching,” he told the Daily Maverick. “It’s impossible to say what these 2,000 rhinos have cost me. Billions. I was rich then. And now I’m not.”

    Hume said his “ideal buyer is a person or foundation with a passion for conserving rhinos and the means to keep the breeding project going”.

    He added: “With 200 rhinos born a year, the project has the power to make a significant difference and bolster declining rhino populations on the African continent.”

    Tammy Hume said the family had spoken to several “high net worth individuals” who had expressed interest in buying the farm as a philanthropic gift to conservation efforts. They have also been in discussions with ecological foundations and zoos across the world.

    She had hoped to fund future conservation work by releasing 100 of the rhinos into the wild but could not find a charity or philanthropist to fund the effort. “Trimming [horns], we understand that there is enormous concern about but it was just one idea of how to generate an income,” she said. “Another was to create a nature market from rewilding rhinos … but no one was willing to pay for it.”

    A three weeks old white rhino waits to be fed.
    A three-week-old rhino waits to be fed. Photograph: Luca Sola/AFP/Getty Images

    As of Friday no bids had been placed but Hume said several people had registered for the auction and paid a 90,000 rand (£4,000) registration fee.

    “We hope the auction has set off alarm bells around the world, that we can’t continue to look after the rhinos financially, and these animals need a new saviour.”

    Almost all (98.8%) of the southern white rhinos occur in only four countries: South Africa, Namibia, Zimbabwe, and Kenya. They were, according to the WWF, thought to be extinct in the late 19th century, but in 1895 a small population of fewer than 100 individuals was discovered in KwaZulu-Natal, South Africa. After more than a century of protection and management, they are now classified as “near threatened” and about 18,000 animals exist in protected areas and private game reserves. They are the only one of the five rhino species that are not endangered.

    A spokesperson for the WWF said: “[We] are working with rhino conservation experts to better understand the current and future potential conservation contribution of the white rhino at Platinum Rhino and the role of captive breeding operations in white rhino conservation. Although the numbers of rhinos that have been bred at Platinum Rhino represent a notable percentage of white rhinos left in the world, it is unfortunately increasingly the case in rhino conservation that our challenge is not a shortage of rhinos but a shortage of conservation areas with safe suitable rhino habitat.”

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    ( With inputs from : www.theguardian.com )

  • Don’t make sale, purchase or register any vehicle to minors: RTO

    Don’t make sale, purchase or register any vehicle to minors: RTO

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    Srinagar, Apr 28: Authorities in the Regional Transport office here on Friday asked all the registered dealers, officers, officials of the Motor Vehicle Department and insurance agencies not to make any sale, purchase or register any vehicle involving a minor.

    A circular, issued by the Office of the Regional Transport Officer (RTO), Kashmir, a copy of which lies with the news agency—Kashmir News Observer (KNO), reads that it has observed that motor vehicle dealers have sold and registered motor vehicles in the name of minors, which amounts to a violation of Section 10 of the Indian Contract Act, 1872.

    In the circular, it is underlined that under the Indian Contract Act, 1872, any sale agreement executed with a minor is deemed void abinitio, adding that a registered motor vehicle along with its registered owner is a legal person and in case of violation of provisos of motor vehicle laws and rules made thereunder, by any such vehicle invokes penal action against the owner.

    “Now, therefore, in the interest of law and justice, it is enjoined upon all the registered dealers, officers/officials of the motor vehicle department, the general public, insurance agencies, and other stakeholders, not to make any sale/purchase or to register any vehicle involving a minor,” the order reads—(KNO)

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    ( With inputs from : roshankashmir.net )

  • CBI searches 12 locations over illegal sale of reserved railway seats

    CBI searches 12 locations over illegal sale of reserved railway seats

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    New Delhi: The CBI has conducted searches at 12 locations in different states in connection with its ongoing probe in alleged illegal sale of reserved seats through IRCTC website, officials said Thursday.

    The operation was spread across Uttar Pradesh, Bihar, Gujarat, Madhya Pradesh, and Delhi, they said.

    “During searches, digital devices, mobile phones containing the illegal software, incriminating documents and other details including tickets of passengers booked earlier using illegal software were recovered, ” the CBI Spokesperson said.

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    The CBI had registered the case on March 2, 2021 against unidentified person who were claiming to provide confirmed ‘tatkal’ seats (emergency tickets) using a software and mobile application, they said.

    “It was found that the agents were allegedly using illegal software to bypass the manual entry process for purchasing tickets, which were sold to travellers at a premium. The CBI identified the agents involved in this illegal activity and conducted simultaneous searches. The person responsible for selling and distributing the illegal software to various agents was also identified,” the CBI Spokesperson said.

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    #CBI #searches #locations #illegal #sale #reserved #railway #seats

    ( With inputs from www.siasat.com )

  • ED summons Jharkhand IAS officer for questioning in forged land sale case

    ED summons Jharkhand IAS officer for questioning in forged land sale case

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    New Delhi: The Enforcement Directorate (ED) has summoned Jharkhand IAS officer Chhavi Ranjan for questioning later this week in connection with a money laundering investigation linked to alleged illegal land sale, official sources said Monday.

    The 2011-batch officer has been asked to depose on April 21 at the federal agency’s office in state capital Ranchi. He was questioned briefly by the agency last week when searches were carried out in this case at his premises and those of some others in Jharkhand, Bihar and West Bengal.

    An assistant registrar of assurances of West Bengal government based in Kolkata has also been asked to depose on May 2, the sources said.

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    The agency had arrested a total of seven people, including a Jharkhand government officer, after these raids. The searches in this case were launched on April 14.

    The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA) and the agency is looking at more than a dozen land deals, including one pertaining to defence land, wherein a group including land mafia, middlemen and bureaucrats allegedly “connived” in forging land deeds and documents from as early as 1932.

    Lands of the poor and the downtrodden were “usurped” as part of this fraud, ED sources had said. To launch its investigation under the PMLA, the federal agency took cognisance of a police FIR of forgery of some personal identification documents registered by the civic authorities concerned.

    The agency, according to the sources, has recovered a number of fake seals, land deeds and registry documents during the searches.

    This is the second case in which a Jharkhand-cadre IAS officer has come under the scanner of the ED. Last year, the ED had raided and arrested IAS officer Pooja Singhal in a money laundering case.

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    ( With inputs from www.siasat.com )

  • SIT To Investigate Illegal Leasing And Sale Of Temple Properties In Kashmir

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    SRINAGAR: A Special Investigation Team (SIT) has been directed by the Government of Jammu and Kashmir to investigate the unauthorized leasing and usage of temple properties in the Kashmir region.

    Aadil Fareed, Assistant Commissioner under the Divisional Commissioner, has written to all deputy commissioners in Kashmir, quoting a communication received from the LG’s office.

    The letter requests the deputy commissioners to “identify any cases of illegal leasing of temple properties in your district and take appropriate action under the rules, while keeping this office informed. Additionally, please provide an updated inventory of Religious Minority Properties (such as temples, Gurdwaras, and others) to this office within one week.”

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    #SIT #Investigate #Illegal #Leasing #Sale #Temple #Properties #Kashmir

    ( With inputs from : kashmirlife.net )

  • Hyderabad: Uncle-nephew duo booked for illegal injection sale

    Hyderabad: Uncle-nephew duo booked for illegal injection sale

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    Hyderabad: Rachakonda police on Friday arrested a hospital compounder and another hospital security guard for illegally selling anaesthetic and hormonal injections, and seized 30 injections.

    36-year-old Maharashtra native, Balaji Darmaji Punduge, a compounder in Srinivasa Hospital, Hayath nagar has been working in hospitals for the last two decades. According to the police, he started selling anaesthetic and hormonal injections which are used as steroids to promote muscle building to earn extra cash.

    Also Read

    Hyderabad: Gajwel man booked under PD Act for robbery

    Over the course of time his nephew, Prasad Gulabrao Pundage, 23, who lives with him joined Balaji in selling the injections. He was working as a security guard in MaxCure Hospital, Hayath Nagar, according to a press note by the police on Saturday.

    According to the police the cost of the drug, with a doctor’s prescription, is Rs 268 and the two were selling it to people without a prescription at a hiked price as per demand.


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    #Hyderabad #Unclenephew #duo #booked #illegal #injection #sale

    ( With inputs from www.siasat.com )

  • FDIC taps investment bank to lead Silicon Valley Bank sale

    FDIC taps investment bank to lead Silicon Valley Bank sale

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    “I think it’s deeply concerning,” Sen. Bill Hagerty (R-Tenn.) said in an interview late Tuesday. “The notion that they’re going to do better as this asset turns into a carcass? … It’s hard for me to understand how that’s the best answer.”

    The FDIC declined comment. Piper Sandler did not immediately respond to a request for comment.

    Banking regulators and Biden officials ultimately determined that emergency measures to backstop the bank’s uninsured depositors — which included roughly half of all Silicon Valley-backed businesses — would provide more clarity and calm amid fears of a possible financial contagion.

    Signature Bank, a New York institution that had been a key banking partner to major crypto businesses, was also shuttered by regulators on Sunday.

    The credit ratings agency Fitch Ratings on Wednesday downgraded First Republic, another lender whose shares have been battered in the days since SVB went under. The ratings agency also warned that the regional banking crisis could spill over into the broader market, including insurance businesses and investment funds.

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    ( With inputs from : www.politico.com )

  • SC quashes criminal proceedings against doctor accused of stocking medicines for sale

    SC quashes criminal proceedings against doctor accused of stocking medicines for sale

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    New Delhi: The Supreme Court on Wednesday quashed criminal proceedings against a doctor accused of stocking medicines for sale, saying the “extremely small” quantity of medicines which was seized can easily be found in the house or consultation room of a medical practitioner.

    The apex court observed that considering the small quantity of medicines, most of which were in the category of lotions and ointments, it cannot be said by any stretch of imagination that they could be stocked for sale.

    It noted that the appellant is a senior doctor who is engaged as an associate professor and head of the dermatology department in a government medical college in Chennai.

    “When small quantity of medicine has been found in the premises of a registered medical practitioner, it would not amount to selling their medicines across the counter in an open shop,” a bench of Justices Krishna Murari and Sudhanshu Dhulia said.

    The bench delivered its verdict on a plea filed by the doctor against a June 2022 order of the Madras High Court which had dismissed her petition seeking quashing of criminal proceedings.

    The top court observed it is permissible for her under the law to practise medicine when she is not performing her official duties.

    It noted that the doctor, in her individual and independent capacity, was carrying on her medical practice at a premises in Chennai and an inspection was made there by the drugs inspector in March 2016.

    The bench further noted that as per the inspection report, the drugs inspector found some medicines like lotions and ointment in the inner room of her premises and he had also referred to certain sale bills of medicines.

    The bench noted the drugs inspector thereafter moved an application for obtaining sanction from the office of the Director of Drugs Control, Tamil Nadu, which was given in January 2018 and consequently, a complaint was filed before a court for prosecuting her under section 18(c) of the Drugs and Cosmetics Act, 1940.

    It said the prohibition under section 18(c) of the Act is on the manufacturing, distribution, stocking or exhibition of medicines for the purpose of sale.

    “The charge in the present case is that the appellant (doctor) had ‘stocked’ medicines for ‘sale’. The entire emphasis is on ‘sale’ of these medicines,” the bench noted.

    It said what the director of drugs control and the high court lost sight of is the fact that she is a registered medical practitioner and her area of specialisation being dermatology.

    “It is not a case that she had opened a shop in her premises from where she was selling drugs and cosmetics across the counter! It is possible that she was distributing these drugs to her patients for emergency uses and thus she is protected by the Act itself,” the apex court said.

    The bench observed it is not the case of the prosecution that she was selling drugs from an open shop across the counter.

    “But given the facts and circumstances of the case and considering that the appellant is a registered medical practitioner, along with the fact that the quantity of medicines which have been seized is extremely small, a quantity which can be easily found in the house or a consultation room of a doctor, in our considered view no offence is made out in the present case,” it said.

    The bench noted that the search was carried out in March 2016 and the sanction for prosecution was sought in September 2016.

    It said the sanction was given in January 2018 and there is no explanation given for this delay in getting the approval.

    “The sanction for prosecution given in the present case appears, prima facie, to suffer from the vice of non -application of mind. There is no reference to any of the documents, evidence or the submissions submitted by either of the parties, no reasons assigned or even an explanation pertaining to the delay which indicates it has been passed in a mechanical manner,” the bench said.

    While allowing the appeal, it set aside the order of the high court and quashed the criminal proceedings in the case.

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    ( With inputs from www.siasat.com )