Yahoo Finance - Business finance, stock market, quotes, newshttps://in.finance.yahoo.com/news/gst-huge-step-towards-federal-173011914.html -- GST A Huge Step Towards A Federal Tax Structure In India, Says Kenneth Rogoff Sat, 22 Jul 2017 12:30:11 -0500
U.S. Fed unwinding a non-event, as QE was “smoke and mirrors”, says Kenneth Rogoff.
https://in.finance.yahoo.com/news/delhi-government-tells-philip-morris-171311006.html -- Delhi government tells Philip Morris to remove all adsSat, 22 Jul 2017 12:13:11 -0500
The state government in Delhi told Philip Morris International Inc and other tobacco companies on Saturday to remove all advertisements from tobacco shops in the city, warning them of legal action if they do not comply. The order, sent by Delhi state's chief tobacco control officer S. K. Arora, comes days after Reuters reported that Philip Morris was promoting Marlboro cigarettes, the world's best-selling brand, by advertising them at tobacco shops and distributing free cigarette samples.
https://in.finance.yahoo.com/news/nsa-ajit-doval-beijing-visit-161812458.html -- NSA Ajit Doval’s Beijing Visit Key To Ease Doklam Standoff: Chinese AnalystSat, 22 Jul 2017 11:18:12 -0500
NSA Ajit Doval’s Beijing visit may would serve as an opportunity to ease India-China tensions.
https://in.finance.yahoo.com/news/china-insurance-regulator-urges-industry-160353184.html -- China insurance regulator urges industry to show more "self-discipline"Sat, 22 Jul 2017 11:03:53 -0500
China's insurance regulator has urged the industry to show greater "self-discipline" and "serve the real economy", in a nod to the central government's focus on fighting financial risk. In a speech published on the China Insurance Regulatory Commission's (CIRC) website on Saturday, vice-chairman Liang Tao said the insurance industry should "return to its origins" and work to "reduce tremors" in the economy and society. The comments follow a turbulent few months in the insurance sector and a call last week from President Xi Jinping for the banking, insurance and securities regulators to show more accountability.
https://in.finance.yahoo.com/news/vijaya-bank-net-57-per-154805109.html -- Vijaya Bank net up 57 per cent in Q1Sat, 22 Jul 2017 10:48:05 -0500
Bengaluru, July 22 (IANS) State-run Vijaya Bank Ltd on Saturday reported a Rs 255 crore net profit for the first quarter of fiscal 2017-18, registering a 57 per cent annual growth from Rs 162 crore in ...
https://in.finance.yahoo.com/news/exclusive-brazils-triunfo-clinches-673-135724336.html -- Brazil's Triunfo clinches $673 million restructuring with banksSat, 22 Jul 2017 10:02:31 -0500
TPI Triunfo Participações & Investimentos SA and a pool of about 20 banks have agreed on terms to restructure 2.113 billion real ($672.6 million) of debt, giving the Brazilian infrastructure firm a lifeline to finalize projects and downsize gradually. The process will take place as an out-of-court workout, in which companies seek a limit on the influence of some creditors in the upcoming rounds of their restructuring, said Andre Bucione, managing director at Alvarez & Marsal Holdings LLC, which advised Triunfo on the process. "Lenders were always satisfied with the company's willingness to discuss how to honor its debt, facilitating an accord that will be beneficial to all parties involved," said an executive at one of Triunfo's creditors, who requested anonymity in discussing terms of the workout.
https://in.finance.yahoo.com/news/low-sales-push-amtek-auto-142948998.html -- Low Sales Push Amtek Auto Deeper Into The Red; Loss Widens In Q1Sat, 22 Jul 2017 09:29:48 -0500
Net loss of the auto component maker widened to nearly Rs 809 crore.
https://in.finance.yahoo.com/news/eu-antitrust-regulators-probing-possible-135939960.html -- EU antitrust regulators say probing possible German car cartelSat, 22 Jul 2017 08:59:39 -0500
EU antitrust regulators are investigating allegations of a cartel among a group of German carmakers, the European Commission said on Saturday, a measure that could result in hefty fines for the companies. The Commission and its German counterpart were tipped off about the possible cartel, the EU competition authority said. "The European Commission and the Bundeskartellamt have received information on this matter, which is currently being assessed by the Commission.
https://in.finance.yahoo.com/news/data-protection-law-soon-nandan-134604471.html -- Need data protection law soon: Nandan NilekaniSat, 22 Jul 2017 08:46:04 -0500
New Delhi, July 22 (IANS) Former UIDAI Chairman Nandan Nilekani on Saturday said that India needed a data protection law "as soon as possible" as it is a "fundamental thing" so that the users can demand from the domestic or foreign companies to share their data when needed. "This is not a technology problem, but a policy problem," Nilekani said here at the Delhi Economics Conclave 2017. Former Attorney General Mukul Rohatgi had said earlier that the government was planning to come out with a data protection policy this year.
https://in.finance.yahoo.com/news/iabc-launches-india-national-chapter-131804104.html -- IABC launches India national chapterSat, 22 Jul 2017 08:18:04 -0500
New Delhi, July 22 (IANS) The Indian American Business Council (IABC) on Saturday launched its India-based "national chapter" to provide a platform for micro, small, and medium sized enterprises to expand their businesses. According to IABC, under its aegis three investment deals -- MoUs (memorandum of understandings) -- totalling over $35 million are currently under way. "IABC has been working with industries that include healthcare, manufacturing, energy and infrastructure products and services to provide them with access to collaborations, technical know-how and investors relations," it said in a statement.
https://in.finance.yahoo.com/news/d-mart-parent-avenue-supermarts-122443695.html -- D-Mart Parent Avenue Supermarts’ Q1 Net Profit Jumps 47% On Higher SalesSat, 22 Jul 2017 07:24:43 -0500
The net profit rose to Rs 174.8 crore, while net sales surged by 35.7 percent.
https://in.finance.yahoo.com/news/demonetisation-gst-reduce-cash-system-120804332.html -- Demonetisation, GST will reduce cash in system: JaitleySat, 22 Jul 2017 07:08:04 -0500
New Delhi, July 22 (IANS) Finance Minister Arun Jaitley on Saturday said that generation of cash will become difficult as a result of demonetisation coupled with the implementation of the Goods and Services Tax (GST). "Demonetisation coupled with the implementation of Goods and Services Tax (GST) regime will make generation of cash a lot more difficult, help towards the objective by creating greater compliance and increasing digitisation," he said at the "Delhi Economics Conclave 2017" here organised by the Finance Ministry.
https://in.finance.yahoo.com/news/money-flow-financial-savings-increased-110804811.html -- Money flow into financial savings increased post note ban: Viral AcharyaSat, 22 Jul 2017 06:08:04 -0500
New Delhi, July 22 (IANS) Post demonetisation, there has been a visible channelising of money towards financial assets like insurance and mutual funds, Reserve Bank of India (RBI) Deputy Governor Viral Acharya said on Saturday. "It will take us many years to understand the outcome of demonetisation.
https://in.finance.yahoo.com/news/farewell-pranab-mukherjee-president-spoke-110506616.html -- Farewell Pranab Mukherjee, the President Who Spoke His MindSat, 22 Jul 2017 06:05:06 -0500
Cautioning the govt against ordinances and lecturing the opposition – Pranab has left little unsaid.
https://in.finance.yahoo.com/news/vijaya-bank-net-profit-jumps-110315802.html -- Vijaya Bank Net Profit Jumps Over 57% Despite Rise In Bad LoansSat, 22 Jul 2017 06:03:15 -0500
Vijaya Bank’s CEO holds Videocon accountable for an increase in its NPAs.
https://in.finance.yahoo.com/news/uks-boots-truly-sorry-over-105525691.html -- UK's Boots "truly sorry" over morning-after pill campaign responseSat, 22 Jul 2017 05:55:25 -0500
British pharmacy chain Boots has apologised for its response to a campaign calling for it to cut the price of one of its morning-after pills and said it was looking for cheaper alternatives. Boots, part of U.S.-listed Walgreens Boots Alliance (WBA.O), was criticised by health campaigners and lawmakers after refusing to cut the cost of the emergency contraception pill, saying it could be accused of "incentivising inappropriate use". The British Pregnancy Advisory Service (BPAS) campaigned for Boots to cut the price for the Levonelle morning-after pill, saying it was more expensive in Britain than other parts of Europe.
https://in.finance.yahoo.com/news/roches-tecentriq-receives-positive-opinion-105351545.html -- Roche's Tecentriq receives positive opinion from EU medicines agencySat, 22 Jul 2017 05:53:51 -0500
A European Medicines Agency (EMA) panel said on Friday it has recommended Roche's immunotherapy Tecentriq as a treatment for advanced bladder and lung cancer, setting the stage for European Commission approval this year. Roche received a positive opinion for the treatment from the EMA's Committee for Medicinal Products for Human Use (CHMP). Tecentriq, which Roche has designed to help the immune system find and kill tumours that otherwise may avoid detection, won approval in the United States this year as an initial treatment for bladder cancer.
https://in.finance.yahoo.com/news/pakistan-central-bank-keeps-main-094401948.html -- Pakistan central bank holds rates at 5.75 pct, cites low inflationSat, 22 Jul 2017 05:40:52 -0500
Pakistan's central bank held its main policy interest rate steady at 5.75 percent on Saturday, the bank's new governor said, citing low inflation expectations and the gathering pace of economic activity. Tariq Bajwa, who was appointed earlier this month, predicted consumer inflation to track around 4.5 to 5.5 percent for fiscal year ending in June 2018. "This projection is explained by lower than anticipated increase in international oil prices," Bajwa said in a press conference in the city of Karachi.
https://in.finance.yahoo.com/news/bingo-technologies-unveils-two-fitness-103004139.html -- Bingo Technologies unveils two new fitness bandsSat, 22 Jul 2017 05:30:04 -0500
New Delhi, July 22 (IANS) Consumer electronics accessories player Bingo Technologies on Saturday launched 'F1' and 'F2' waterproof fitness bands that are compatible with all devices featuring Android and ...
https://in.finance.yahoo.com/news/why-ambani-mittal-squabbling-over-102245671.html -- Why Ambani, Mittal Are Squabbling Over IUC And MTR: BQ ExplainsSat, 22 Jul 2017 05:22:45 -0500
At the heart of row over telecom interconnect charges are revenues.
https://in.finance.yahoo.com/news/demonetisation-gst-widen-tax-cash-091628888.html -- Demonetisation, GST To Widen Tax Base, Make Cash Dealing Difficult, Finance Minister SaysSat, 22 Jul 2017 04:16:28 -0500
The government has come out with laws to contain overseas as well as domestic black money.
https://in.finance.yahoo.com/news/chinese-bike-share-start-hit-083513415.html -- Chinese bike-share start-up hit with lawsuit after death of minorSat, 22 Jul 2017 03:35:13 -0500
The parents of a child who died in a traffic accident while riding an Ofo share bike in Shanghai have sued the fast-growing start-up for financial compensation. In the first Chinese case of its kind, the lawsuit tests the legal responsibility of China's booming share-bike companies when underage children access their bicycles, which have become ubiquitous across the country's major cities. The victim, a fourth-grade primary school student aged under 12, managed to unlock an Ofo bike on March 26 and was riding along with friends before being struck and run over by a bus, according to Chinese media reports.
https://in.finance.yahoo.com/news/households-choosing-non-linear-methods-082301176.html -- Household Savings Moving To Financial Assets Post Cash Ban, Says Viral AcharyaSat, 22 Jul 2017 03:23:01 -0500
Arun Jaitley said collapse of shell companies benefits India’s formal economy.
https://in.finance.yahoo.com/photos/photos-mercedez-amg-glc-43-slideshow-wp-074518942/ -- Photos: Mercedez-AMG GLC 43 CoupeSat, 22 Jul 2017 02:45:18 -0500
The new Mercedes-AMG GLC 43 4MATIC Coupé has been launched in India.
https://in.finance.yahoo.com/news/only-third-individual-pans-linked-071336079.html -- Only A Third Of Individual PANs Linked To Aadhaar So FarSat, 22 Jul 2017 02:13:36 -0500
Out of 31.50 crore PANs issued to individuals, 8.19 crore have been linked with Aadhaar.
https://in.finance.yahoo.com/news/toyota-eyes-mass-ev-output-064221568.html -- Toyota eyes mass EV output in China as early as 2019 - reportSat, 22 Jul 2017 01:42:21 -0500
Toyota Motor Corp is likely to begin mass production of electric vehicles (EVs) in China as early as 2019, the Asahi daily reported on Saturday. The model will be based on the C-HR sport utility vehicle and manufactured for Chinese market only, the report said without citing sources. Toyota spokesman Ryo Sakai said: "We are going to introduce EVs in China with a few years.
https://in.finance.yahoo.com/news/japans-bazaar-app-mercari-applies-060001361.html -- Japan's bazaar app Mercari applies for IPO - NikkeiSat, 22 Jul 2017 01:00:01 -0500
Japanese peer-to-peer marketplace app operator Mercari has applied to list its shares with the Tokyo Stock Exchange, which could be the biggest initial public offering (IPO) this year, the Nikkei business daily said on Saturday. The IPO is expected as early as by the end of the year and could raise more than 100 billion yen ($901 million), the report said. Mercari, founded in 2013, is likely to list either on the bourse's first section or the Mothers market for startups, it added.
https://in.finance.yahoo.com/news/india-generation-z-defines-privacy-054241271.html -- How India’s Generation Z Defines PrivacySat, 22 Jul 2017 00:42:41 -0500
Does India’s Gen Z want a right to privacy?
https://in.finance.yahoo.com/news/actively-working-towards-clean-political-054005523.html -- Actively working towards clean political funding: JaitleySat, 22 Jul 2017 00:40:05 -0500
New Delhi, July 22 (IANS) Finance Minister Arun Jaitley on Saturday said that the government was actively working towards providing a system of clean political funding. "When we deal with the subject of how the political system will be funded, we hope through cleaner money in future. Demonetisations coupled with the implementation of Goods and Services Tax (GST) regime will help towards the objective by creating greater compliance and increasing digitisation, the Finance Minister said.
https://in.finance.yahoo.com/news/consolidation-coming-time-district-cooperative-045231280.html -- Consolidation Coming? This Time In District Cooperative Banks...Fri, 21 Jul 2017 23:52:31 -0500
Three states, including Kerala and Chhattisgarh, have chosen to consolidate their district cooperative banks.
https://in.finance.yahoo.com/news/sanjay-kothari-appointed-secretary-president-044554737.html -- Sanjay Kothari Appointed Secretary To New PresidentFri, 21 Jul 2017 23:45:54 -0500
Kothari, a 1978-batch IAS officer of Haryana cadre, retired in June last year as DoPT secretary.
https://in.finance.yahoo.com/news/india-quiz-philip-morris-marketing-040259254.html -- India to quiz Philip Morris on marketing of MarlboroFri, 21 Jul 2017 23:02:59 -0500
India plans to seek an explanation from Philip Morris International Inc about its marketing practices after Reuters reported that the tobacco giant used tactics that government officials say flout the country's law, a health ministry official said on Friday. Philip Morris advertises Marlboro cigarettes, the world’s best-selling brand, at tobacco shops in India and distributes free smokes at nightclubs and bars frequented by young people to promote the brand, Reuters reported earlier this week. The government now plans to write letters to Philip Morris' India unit as well as other tobacco companies and take "action as per law", said Arun Kumar Jha, a federal health ministry official who oversees tobacco control in the country.
https://in.finance.yahoo.com/news/deutsche-bank-jpmorgan-pay-148-000345175.html -- Deutsche Bank, JPMorgan to pay $148 million to end yen Libor cases in U.S.Fri, 21 Jul 2017 19:03:45 -0500
Deutsche Bank AG and JPMorgan Chase & Co have agreed to pay a combined $148 million to end private U.S. antitrust litigation claiming they conspired with other banks to manipulate the yen Libor and Euroyen ...
https://in.finance.yahoo.com/news/big-week-brazil-ipos-leaves-230719300.html -- Big week for Brazil IPOs leaves sweet taste for Carrefour, BiotoscanaFri, 21 Jul 2017 18:07:19 -0500
SAO PAULO/BOGOTA (Reuters) - The busiest week for initial public offerings in Brazil in four years ended on Friday on an upbeat note for issuers, as a nascent economic recovery and the passage of key economic reforms helped to lure global investors. Grupo Biotoscana SA, a Colombia-based pharmaceutical firm, and shareholders raised 1.34 billion reais ($426.7 million) in a Friday IPO. Three days earlier, the IPO of Brazil's biggest diversified retailer Grupo Carrefour Brasil SA fetched 5.12 billion reais.
https://in.finance.yahoo.com/news/bitcoin-averts-split-miners-back-224231968.html -- Bitcoin averts split as miners back new software upgradeFri, 21 Jul 2017 17:42:31 -0500
Digital currency bitcoin on Friday averted a split into two currencies after its network supported an upgrade to its software that would enhance its ability to process an increasing number of transactions. Bitcoin's miners have signalled their support for the so-called Bitcoin Improvement Proposal (BIP) 91, avoiding a split of bitcoin into two blockchains.
https://in.finance.yahoo.com/news/trump-orders-review-strengthen-u-223600913.html -- Trump orders review to strengthen U.S. defence industryFri, 21 Jul 2017 17:36:00 -0500
President Donald Trump signed an executive order on Friday initiating a government-wide review of the U.S. defence industry and suggest changes to strengthen it. The review is intended to identify and address potential weak points in the defence manufacturing base including companies that could go out of business and leave gaps in the supply chain for U.S. weapons systems, said Peter Navarro, the White House National Trade Council director. The executive order asked for recommendations on possible legislative, regulatory and policy changes that would improve and support the defence industry, calling it a "significant national priority".
https://in.finance.yahoo.com/news/lemonheads-owner-ferrara-eyes-nestles-220848575.html -- Lemonheads owner Ferrara eyes Nestle's candy business - sourcesFri, 21 Jul 2017 17:08:48 -0500
A potential deal would add chocolate brands such as Butterfinger and Baby Ruth to Ferrara's array of gum and soft-candy offerings. Nestle said in June it would explore strategic options, including a possible sale, for its U.S. candy business, whose brands also include Nips, SweeTarts and Raisinets. The business for sale has annual sales of 900 million Swiss francs ($923 million).
https://in.finance.yahoo.com/news/opposition-weak-prez-polls-unite-210355147.html -- Opposition Weak After Prez Polls, But Will Have to Unite by 2019Fri, 21 Jul 2017 16:03:55 -0500
The Opposition might be a divided house for now but will come together to fight against Modi in 2019.
https://in.finance.yahoo.com/news/six-telecom-operators-understated-revenue-205539116.html -- Six Telecom Operators Understated Revenue By Rs 61,000 Crore: CAGFri, 21 Jul 2017 15:55:39 -0500
Another Rs 4,531.62 crore due as interest on the short paid revenue share, CAG says.
https://in.finance.yahoo.com/news/wall-street-retreats-record-levels-151149697.html -- Wall Street dips as GE, energy shares weighFri, 21 Jul 2017 15:26:17 -0500
U.S. stocks ticked lower on Friday as weak earnings from industrial giant General Electric weighed, while tech shares retreated from record highs and energy tracked the price of oil lower. GE shares fell ...
https://in.finance.yahoo.com/news/exclusive-ford-petition-avoid-u-163633013.html -- Ford to petition to avoid U.S. recall of 2.5 million vehiclesFri, 21 Jul 2017 15:25:21 -0500
Ford Motor Co (F.N) will petition to avoid a U.S. recall of about 2.5 million vehicles with Takata (7312.T) air-bag inflators that the Japanese auto supplier declared defective last week, U.S. regulators and the automaker said on Friday. Separately, the National Highway Traffic Safety Administration said Nissan Motor Co <7201.T> agreed to recall 515,394 2007-2011 Versa cars after Takata declared 2.7 million vehicles to have potentially defective inflators.
https://in.finance.yahoo.com/news/writing-off-kingfisher-dues-bangalore-201642911.html -- Writing Off Kingfisher Dues To Bangalore Airport ‘Untenable’: CAGFri, 21 Jul 2017 15:16:42 -0500
Kingfisher owes the Bangalore airport operator a little over Rs 9 crore.
https://in.finance.yahoo.com/news/oil-falls-report-showing-opec-133400188.html -- Oil dives about 2.5 percent; OPEC crude output rise forecastFri, 21 Jul 2017 15:00:08 -0500
Oil prices slid on Friday, settling about 2.5 percent lower after a consultancy forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the global market will stay awash with crude. Benchmark Brent crude futures (LCOc1) settled down $1.24 or 2.52 percent at $48.06 a barrel. U.S. West Texas Intermediate (WTI) crude futures (CLc1) settled down $1.15 or 2.45 percent, at $45.77 a barrel.
https://in.finance.yahoo.com/news/dollar-falls-perceived-ecb-path-194124882.html -- Dollar falls on perceived ECB path, U.S. political roadblocksFri, 21 Jul 2017 14:41:24 -0500
The U.S. dollar hit its lowest level in more than a year against a basket of major rivals on Friday a day after the European Central Bank's chief abstained from talking down the euro, while obstacles to U.S. President Donald Trump's policy agenda also weighed. ECB President Mario Draghi said on Thursday that financing conditions remained broadly supportive, and noted that the euro's appreciation had "received some attention." However, he did not cite that strength as a problem nor did he directly try to talk the currency down. The dollar index touched 93.854 (.DXY), its lowest level since June of last year, and was last down about 0.5 percent at 93.885.
https://in.finance.yahoo.com/news/siemens-retreats-russian-energy-crimean-131346587.html -- Crimean scandal prompts Siemens to retreat from Russian energyFri, 21 Jul 2017 14:39:57 -0500
FRANKFURT/MOSCOW (Reuters) - Germany's Siemens (SIEGn.DE) tried to distance itself from a Crimean sanctions scandal on Friday, halting deliveries of power equipment to Russian state-controlled customers and reviewing supply deals. The industrial group said it now had credible evidence that all four gas turbines it delivered a year ago for a project in southern Russia had been illegally moved to Crimea, confirming a series of Reuters reports. The move is embarrassing for Russia, which stands accused of disregarding EU sanctions, flouting its original agreement with Siemens and going back on assurances made to Berlin.
https://in.finance.yahoo.com/news/democrats-congress-urge-review-amazons-181355311.html -- Democrats in U.S. Congress urge review of Amazon's Whole Foods dealFri, 21 Jul 2017 14:23:00 -0500
A group of Democrats in Congress urged the U.S. Department of Justice and Federal Trade Commission in a letter this week to conduct a more in-depth review of online retailer Amazon.com Inc's (AMZN.O) plan to buy grocer Whole Foods Market Inc (WFM.O). The letter was signed by U.S. Representative Marcia Fudge and 11 other Democrats, including Senator Cory Booker. Amazon and Whole Foods hope to expand access to fresh food, said Brian Huseman, Amazon's vice president of policy, in a letter to Fudge, also on Thursday.
https://in.finance.yahoo.com/news/u-lawyers-suing-volkswagen-300-192217651.html -- U.S. lawyers suing Volkswagen get $300 million in fees, costsFri, 21 Jul 2017 14:22:17 -0500
A federal judge on Friday approved $125 million in fees and costs for lawyers who sued Volkswagen AG (VOWG_p.DE) on behalf of U.S. owners of 88,000 3.0 litre diesel vehicles over excess emissions. In the 3.0-liter settlement approved on Friday, Breyer said lawyers were billing an average of $462 an hour for all work performed and expected during the settlement. Breyer said lawyers for the owners "achieved extraordinary results" and cited the generous buyback and compensation offers as well as separate funds to offset excess emissions.
https://in.finance.yahoo.com/news/chandrasekaran-prune-portfolio-tata-group-191655146.html -- Chandrasekaran To ‘Prune The Portfolio’ Of Tata Group Companies Fri, 21 Jul 2017 14:16:55 -0500
Chandrasekaran says you can’t perform if you are not fit.
https://in.finance.yahoo.com/news/dollar-slide-sets-gold-biggest-134419628.html -- Dollar slide sets gold up for best week in two monthsFri, 21 Jul 2017 14:16:51 -0500
NEW YORK/LONDON (Reuters) - Gold was set for its biggest weekly gain in two months on Friday as a surging euro dragged down the U.S. dollar to its weakest since June 2016, making bullion cheaper for holders of other currencies. Bond yields fell after European Central Bank President Mario Draghi said on Thursday the ECB was in no rush to scale back its asset purchase programme. Central banks have "taken a more dovish tone and the dollar is working in gold's favour," said Josh Graves, a senior market strategist with RJO Futures in Chicago.
https://in.finance.yahoo.com/news/india-first-wind-power-auction-185852653.html -- India’s First Wind Power Auction: Producers Sign Supply Pacts Fri, 21 Jul 2017 13:58:52 -0500
Successful bidders of wind power auction ink supply pacts.