OPINION, P8 COMPANIES, P6 EDITORIAL Moral and political reason to ban bids from promoters TARGETING HYUNDAI BIZ ONLINE SHOPPING With ONGC unable to produce at current gas prices, there is a case for revising norms SANDEEP PAREKH INTERNATIONAL, P16 Mahindra auto component arm eyes Korea acquisition Doug McMillon-led Walmart narrows gap with Amazon MUMBAI, TUESDAY, NOVEMBER 28, 2017 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOLUME XXXXXV NO. 216, 22 PAGES, `6.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 33,724.44 ▲ 45.20 NIFTY: 10,399.55 ▲ 9.85 NIKKEI 225: 22,495.99 ▼ 54.86 HANG SENG: 29,686.19 ▼ 180.13 `/$: 64.5 ▲ 0.20 `/€: 77 ▼ 0.24 BRENT: $63.62 ▼ $0.24 GOLD: `29,469.00 ▼ `22.00 IN THE NEWS Insolvency suit filed against RCom: REDD CHINA DEVELOPMENT Bank, the largest overseas creditor to Reliance Communications (RCom), has filed an insolvency lawsuit against the wireless operator in India, news website Risk, Event Driven and Distressed Intelligence (REDD) said on November 26 citing people familiar, reports Bloomberg. RCom borrowed $1.78 billion in syndicated loans organised by China Development Bank in 2011, the report said. RCom didn’t immediately respond to an email seeking comment on the report. A press officer at China Development Bank didn’t immediately respond to two phone calls. CBDT eases norms for MAP, APAs THE INCOME tax department will continue to receive applications for bilateral advance pricing agreement (APA) and mutual agreement procedures (MAPs) from companies despite the absence of a particular clause — corresponding adjustment — in the double taxation avoidance agreement (DTAA) with the countries concerned, the Central Board of Direct Taxes (CBDT) said on Monday, reports fe Bureau in New Delhi. Govt sets up 15th Fin Commission THE GOVERNMENT on Monday constituted the 15th Finance Commission under the chairmanship of former expenditure and revenue secretary NK Singh with a task to recommend principles of devolution of central tax revenues and grants-in-aid to states and local bodies, reports fe Bureau in New Delhi. Bitcoin is at touching distance of $10,000 Bitcoin’s wild ride $10k Moots protection of sensitive personal data or information be brought under the law RISHI RANJAN KALA New Delhi, November 27 Currency surges past $8,000 $8K SOCIAL MEDIA SITES, telecom operators,government agencies and every such body that gets to collate data on individuals by way of the nature of their operationswould soon be governed by a set of laws that would protect an individual's sensitive personal data orinformation (SPDI). The justice BN Srikrishna committee mandated by the government to draft a data protection lawhas come outwith its white paperwhich has laid down that sensitive personal data or information bywhich a person is CME Group unveils plan for bitcoin futures Goldman looks at a bitcoin trading venture $6K $4K Global hackers demand ransom paid in bitcoin $2K 0 Data privacy to get a big boost One-day leap takes bitcoin past $9,000 Highlights from a busy year for the cryptocurrency Bitcoin splits into two variants Bitcoin plunges 29% after tech upgrade cancellation China announces crackdown on digital currencies Jan Feb Mar Apr Source: Bloomberg BLOOMBERG New York, November 27 BITCOIN IS SHOWING no signs of slowing down, blowing past $9,500 a week after topping $8,000 and approaching its closest ever to five figures. The price of the largest cryptocurrency by market value is soaring as it gains greater mainstream attention despite warnings of a bubble in what not everyone agrees is an asset. From Wall Street executives to venture capitalists, observers have been weighing in, with some more sceptical than others. Bitcoin has risen about 45% over the past two weeks. By comparison, it took the S&P 500 Index since February 2014 to achieve a similar increase. “The weekend’s bitcoin price hike is just the continuation of a long-term bull run on the cryptocurrency, fuelled by the tsunami of speculative trading on Japanese exchanges and the entrance of institutional in- May June July 2007 Aug This year’s almost 10-fold surge adds to 120% gain in 2016 as it gains greater mainstream attention vestors across the world,” said Thomas Glucksmann, Hong Kong-based head of marketing at cryptocurrency exchange Gatecoin. “It is more likely that the $10,000 psychological stratosphere will push more institutional investors into the mix,” Glucksmann added. The surge has swept along individual investors. The number of accounts at Coinbase,one of the largest platforms for trading bitcoin and rival ethereum,has almost tripled to 13 million in the past year, according to Bespoke Investment Group. Bitcoin reached an intra-day Sept Oct Nov Dec record high of $9,747.49 on Monday, and was at $9,350.33 as of 9.40 am in London, up 13% from Friday. The rapid appreciation has made it difficult for bullish analysts and investors to keep their predictions up to date. Hedge fund manager Mike Novogratz, who is starting a $500 million fund to invest in cryptocurrencies, said last week that bitcoin would end the year at $10,000. A day later, Fundstrat head of research Thomas Lee doubled his price target to $11,500 by the middle of 2018. In a move towards mainstream investing, CME Group has said it plans to start offering futures contracts for bitcoin, which could begin trading in December.JPMorgan Chase,the largest US bank, was weighing last week whether to help clients bet on bitcoin via the proposed futures contracts, according to a person with knowledge of the situation. Continued on Page 2 ● LACK OF PROGRESS Special Feature Rise of the shared economy: Renting trumps Buying Goldman freezes Essel highway financing ROUHAN SHARMA Mumbai, November 27 A mobile demographic, disposable income and a willingness to leave the comfort zone of wholly owning something act as propellers for the sharing/rental products business in India QuickPicks GST collections in October: Revenue takes a `10-k-cr hit THE GOODS and services tax (GST) revenue collected in October stood at `83,346 crore as on Monday, nearly `10,000 crore lower than the average collection in the three preceding months, reports fe Bureau in New Delhi. The government attributed the decline to greater utilisation of integrated GST credit instead of cash for paying taxes. The October revenue suffered also from overall lower tax incidence on most commodities under GST. PAGE 2 GOLDMAN SACHS IS withholding the second tranche of the $220-million financing it had committed to Essel Highways,an armofEsselInfraprojects,abouta year ago. According to people awareofthedevelopmentthatFE spoke to, the investment bank is unhappywiththeprogressonthe ground. In August 2016, Essel Highways received the first tranche of $85 million as mezzanine finance as part of the deal. The remaining money was to be provided on achievement of certain milestones,which the companyhas been unable to meet. The problem arose when the National Highways Authority of India published a list in October naming Essel Infraprojects among a clutch of developers it ROAD BLOCKED ■ Goldman Sachs delays second tranche of $220-million financing ■ Essel Highways received $85 million in August 2016 ■ Financing delayed as Essel unable to meet specific milestones ■ Essel has a portfolio of 14 road projects, 10 operational and four under construction debarred from bidding forfuture projects,citing breach and/ordefault in previous contracts. Continued on Page 2 ENTREPRENEURSHIP SUMMIT At Ivanka Trump event, global focus on women FE BUREAU Hyderabad, November 27 THE EIGHTH EDITION of the Global Entrepreneurship Summit (GES) being held here for three days starting Tuesday will be marked byits theme“Women First, Prosperity for All” and the joint hosting of the summit by Washington and New Delhi. During a preview of her India visit to attend the summit as the head of a high-profile US delegation, Ivanka Trump, the adviser and daughter of US President DonaldTrump,said inWashington on Monday that the event would be “a testament to the strong friendship between our two people and the growing eco- SRIKRISHNA PANEL REPORT CRYPTOCURRENCY MANIA ILLUSTRATION: ROHNIT PHORE nomic and security partnership between our two nations”. To be inaugurated by Prime Minister Narendra Modi, more than 1,200 young entrepreneurs, a majority of them women, from 127 countries would attend the summit.In addition, some 300 investors and ecosystem supporters are also attending the mega event. This edition of GES will pri- marily focus on four thematic sectors — energyand infrastructure; healthcare and life sciences; financial technology and digital economy; and media and entertainment sectors. Union ministers Sushma Swaraj, Nirmala Sitharaman and Suresh Prabhu will be attending the summit, NITI Aayog CEO Amitabh Kant told reporters here onMondayatajointpressconferencewithUSambassadortoIndia Kenneth Juster.After the inauguration,TrumpandIndia'sdefence minister Sitharaman will be participatinginapaneldiscussionon opening up of opportunities for women entrepreneurs,Kant said. Continued on Page 2 What data protection law is all about: Quickest to Club 300 Indian spinmaster R Ashwin on Monday became the quickest bowler to take 300 wickets in Test history What is specific personal data? identifiable would need to be protected and would be brought under an ambit of law that would prescribe punishments in case of violations. Whatthisessentiallymeansis that any social media site, search engine, telecom operator or governmentagencycannotsellordisclose SPDI of individuals. The Srikrishna panel has identified healthinformation,geneticinformation,religiousbeliefsandaffiliation, sexual orientation, and racial and ethnic origin as SPDI.It hasalsoplacedcasteandfinancial information too in this category. Continued on Page 2 It seeks to put in place a legal structure by which no organisation can disclose specific personal data about individuals ■ Data by which individuals can be identified ■ Caste, health, finances, race, ethnicity are some such categories By when will the law be formalised? ■ The committee has released its white paper inviting stakeholders' response ■ Once responses are in by December 31, final recommendations will be made ■ The govt will then take the final call
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