Daily Briefing Dec 12, 2016

Corruption in India, Political Controversy in US

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Helicopter manufacturer AgustaWestland becomes the center of Sentifi financial crowd as the investigation of the $534 million AgustaWestland scam heats up again. The scam consists of allegations of bribery and corruption involving several senior officials in the Indian government and the company surrounding the purchase of a new fleet of helicopters. Stay with Sentifi to discover all the latest developments, including how the stock price of AgustaWestland will be impacted.

sentifi top attentions december 12

AgustaWestland: Former air chief is arrested

Former Air Chief S P Tyagi was arrested in connection with the scam, marking the first time a military chief, let alone a retired one, has been arrested in connection with a case of alleged corruption. He was reportedly one of the Indian officials and journalists who received a bribery sum of $53.66 million. Tata Group is also involved as former Defence Secretary Vijay Singh denied ousted Tata Group Chairman Cyrus Mistry’s allegations of having a role in the scam, but the investigation is still ongoing.

Exxon Mobil: CEO takes the spotlight

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The Sentifi financial crowd and the Twitterverse are feeling unease as it’s reported that President-elect Donald Trump is targeting the company’s CEO Rex Tillerson. But, the problem here is Tillerson appears to have deep connection with Russia and its President Vladimir Putin. Sanctions imposed on Russia by the U.S. following its annexation of Crimea has been undermining an important growth prospect for Exxon. The crowd is speculating we could see a change in the U.S. foreign policy with Russia, which could boost the performance of the company and have an effect on oil price.

Boeing: Signs a $16.6 billion deal with Iran

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The $16.6 billion deal is now official. Boeing will be working to deliver 80 passenger jets to Iran Air, marking the deal as Iran’s biggest package of firm contracts with Western companies since Iran’s 1979 Islamic revolution. But, the deal may have a bumpy ride as political opposition could threaten the deal. Congressional Republicans and the U.S. House of Representatives are trying to pass a bill that would restrict financial transactions by U.S. banks in an attempt to block the sale of Western passengers jets to Iran. If they succeed, it would damage Boeing financially as the deal is a welcome boost to Boeing’s order book after a year of trailing behind its rival Airbus.

Delivery Hero: Buys Foodpanda from Rocket Internet

German startup juggernaut Rocket Internet has sold the entire global operations of Foodpanda to rival firm Delivery Hero in exchange for Delivery Hero stock. Rocket Internet now owns 37.7 percent stake in the company. Foodpanda has operations in 22 countries and a strong footprint in Asia.

HDFC Limited: Two officials are arrested for money laundering

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As money laundering continues to rampage India following a ban on 500-rupee notes and 1,000-rupee notes, two officials of HDFC Bank have been arrested for allegedly illegally exchanging old notes for the new ones. A total of 50 bank branches in India are suspected to convert black money.

Telefónica DE: Appoints Markus Haas as the new CEO

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The supervisory board has appointed Markus Haas to be the new CEO of the group, effective as of January 1, 2017. The board will agree to extend Haas’s term of office until December 1, 2019. Haas has been with the company since 1998.

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