Email By Anna Henderson and Dan Conifer Updated April 11, 2016 13:00:34 Related Story: Labor takes aim at big banks, promising royal commission Map: Australia Federal Opposition Leader Bill Shorten says an incoming Labor government would hold a royal commission into misconduct in the banking industry.We look at the role of royal commissions and what would likely be involved.What's a royal commission?Royal commissions are public inquiries governed by an act of Parliament. They can be called on any matter "connected with the peace, order and good government of the Commonwealth or any public purpose or any power of the Commonwealth".Why does Labor want one?The financial and banking sectors have been rocked by controversies in recent years. CommInsure scandal: Who's who?Meet some of the key players involved in the scandal engulfing one of Australia's biggest life insurers, CommInsure. In 2014 a Senate committee recommended a royal commission into the Commonwealth Bank … [Read more...] about What is a royal commission and why does Labor want one into the banking industry?
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Oil Minister Dharmendra Pradhan on Thursday hinted that public sector firms such as Indian Oil Corporation (IOC) may not be allowed to bid for buying government stake in Bharat Petroleum Corporation Ltd (BPCL), for which a buyer may have to shell out as much as Rs 90,000 crore. The Cabinet Committee on Economic Affairs had on Wednesday decided to sell the government's entire stake in the country's second-largest state refiner BPCL and India's largest shipping company Shipping Corporation of India (SCI). It also approved privatisation of Container Corporation of India while also giving nod to paring stake below 51 per cent in select public sector undertakings but without losing control. "Since 2014, we have a clear vision that the government has no business to be in business," Pradhan told reporters here. "We have examples of 2-3 sectors such as telecom and aviation where ushering in private participation has led to customers benefiting from price cuts, efficiency, and better service. … [Read more...] about IOC, other PSUs not to bid for BPCL, hints Oil Minister Dharmendra Pradhan
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company US retailer Walmart's buying 77 per cent stake in Flipkart for $16 billion is the biggest acquisition by a company in India this year. This is also Walmart's biggest acquisition which will help it compete with its US-based rival Amazon. The biggest M&A deal in India however is the yet-to-be-completed merger of Vodafone India and Idea Cellular to create India's largest telecom operator, surpassing Bharti Airtel. That deal, worth $23 billion, was announced last year. In August last year, Rosneft and its partners completed a $12.9 billion acquisition of Essar Oil to gain control over a 20 million tonnes a year oil refinery and over 3,500 petrol pumps. This is the largest FDI into the country till that date and also the largest outbound investment from Russia. In case of Flipkart, Walmart is buying into the Singapore-based holding company. UK's BP Plc in 2011 bought 30 per cent stake in 23 oil … [Read more...] about Walmart’s $16 bn Flipkart buy is the biggest deal this year