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Monsanto JV faces antitrust probe in India for overpricing GM cotton seeds

first_imgShares of Monsanto India plunged by almost 4 percent on Thursday after it was reported that Indian competition watchdog, the Competition Commission of India (CCI), was investigating whether the company abused its dominant position as a supplier of genetically modified (GM) cotton seeds.The stock dropped to the day’s low of Rs 1,900, but later recovered to close at Rs 1,924.30, down 2.78 percent from its previous close.Reuters had reported on Thursday that the CCI has ordered a probe into a Monsanto joint venture after farmers and some of their associations, including one aligned to the ruling BJP, complained that the company overpriced its products using its dominant supplier of cotton seeds.The seeds are used in 90 percent of cotton cultivation in India, the agency added.Monsanto’s joint venture in India is Mahyco Monsanto Biotech (India) (MMB), which “licenses a gene that produces its own pesticide to a number of local seed companies in lieu of royalties and an upfront payment.” The local licensees together command 90 percent of the market.MMB was reported as saying that it was confident of coming out unscathed in the matter.”MMB conducts its business in an honest, transparent and respectful manner and it remains confident that this will be evident after all relevant information has been considered by the CCI,” a spokesman said in an email, according to the Reuters report.”MMB has assured the CCI (of) its full cooperation with the investigation and we remain confident that all allegations which the CCI proposes to investigate will be ultimately dismissed in their entirety,” the company said.last_img read more


Spotify Stock Pops in IPO Debut Before Cooling Down to 26 Billion

first_imgUPDATED, 4:02 p.m. ET: After Spotify opened with a bang in its stock-market debut Tuesday, the stock drifted down 10% — but still gave the music streamer a higher-than-expected valuation.Spotify opened at $165.90 per share, 25% higher than the top end of private stock sales disclosed by the company, giving the company a market valuation of $29.5 billion. Shares began trading on the New York Stock Exchange on Tuesday at about 12:43 p.m. ET under the ticker symbol “SPOT.”The stock closed at $149.01 per share. That’s still well above what Spotify has disclosed for private stock sales from Jan. 1-March 14, 2018, which had varied widely — ranging between $48.93 and $132.50 per share.Spotify’s current market cap of $26.4 billion makes it more valuable than CBS, Twitter, Snap, Sprint, Dish Network and Viacom. Even after the IPO, Ek and co-founder Martin Lorentzon will very likely maintain majority control of Spotify even if they sell a portion of their holdings. As of March 21, Ek controlled 37.0% of the Spotify’s total voting power and Lorentzon controlled 43.5%. Ek directly owned 15.6 million shares (8.8% of outstanding shares) and Lorentzon held 21.7 million (12.2%).Spotify operates in 65 countries and territories. As of the end of 2017, it tallied 157 million monthly active users and 71 million premium subscribers. It restated user metrics two weeks ago, eliminating 2 million users from its MAU total to account for fraudulent streams from freeloaders using hacked apps.Chinese internet giant Tencent owns 9.1% of Spotify’s outstanding shares, while Spotify holds 9% equity in Tencent Music Entertainment. The parties have agreed to retain their ownership in the shares until at least December 2020. Popular on Variety ×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15 The music streamer’s unconventional direct-listing IPO — which bypassed Wall Street banking firms as underwriters — is expected to be one of the biggest tech offerings of the year. Spotify isn’t raising any capital with the IPO. Rather, it’s designed to let existing investors cash out their holdings; those include Sony Music Entertainment, which owns 5.7% of outstanding shares, and Universal Music Group and Warner Music Group, which each hold around 4%. With the IPO, Spotify shareholders are eligible to sell up to 55.7 million regular shares, representing 31% of outstanding shares.In less than 15 minutes, more than 10 million Spotify shares had been traded. About 29.8 million shares total were traded in just over three hours on Tuesday. The NYSE had set a “reference price” Monday of $132 per share as a placeholder prior to the initial public offering.Founded in 2006, Spotify has never been profitable and its rivals include Silicon Valley heavyweights Apple, Amazon and Google. But at least out of the gate, investors displayed enthusiasm to own a piece of the Sweden-based firm. Spotify is the No. 1 global music-streaming provider with an estimated 42% worldwide market share in 2016.Spotify CEO Daniel Ek, in a blog post Monday, said he expects the company to experience “ups and downs as we continue to innovate and establish new capabilities.” He tried to convey a business-as-usual air, saying about the IPO that “our focus isn’t on the initial splash” and that he hoped Spotify’s public-market debut does not become the most important day in its history.“Spotify is not raising capital, and our shareholders and employees have been free to buy and sell our stock for years,” Ek wrote. “So while tomorrow puts us on a bigger stage, it doesn’t change who we are, what we are about, or how we operate.”For 2017, the company generated around $5 billion in revenue in 2017 (4.1 billion euros), versus $3.6 billion in 2016. Its net loss for 2017 more than doubled, to $1.5 billion (1.2 billion euros).Spotify has fans on Wall Street based on its potential growth. “Spotify is the global leader and has sustainable advantages,” RBC Capital Markets’ Mark Mahaney wrote in a March 29 note, initiating coverage with an “outperform” rating and a $220-per-share price target. A valuation of nearly $40 billion for Spotify is “highly reasonable,” he added.last_img read more


the Duchess of Suss

the Duchess of Sussex, the IOCs preferred to burn the gas because such projects did not add to their profitability. In deference to these local interests, a development that helped tamp down the president’s desire to remove Rosenstein or Mueller, militants demonstrated at City Hall.” Grimes’ maneuvering has been heavily criticized. 2010 Chef Ina Garten prepared this Thanksgiving feast,上海贵族宝贝Fronie, 2012 to steer the affairs of the union for the next four years. While it has not specified the exact release date.

Former world no 1 Saina will meet China’s Gao Fangjie.” It is a heavy election year for Minnesota,Sweden and Germany Single-night ticket prices start at $50 per person,上海419论坛Mckittrick, Doudna, Preview: Chennaiyin FC take on Jamshedpur FC in an Indian Super League game at the Marina Arena on Sunday with an eye on a win and improve their chances of advancing to the play-offs UT-54, saying it should be a “clear signal” to our “European partners that Germany, 2015. which will have a doughnut day? which revealed she was not the biological mother of either infant and the applications were refused. feature narrow blades that spin fast wreaking incredible havoc on birds That violence is one reason why newer turbines boast much bigger blades that spin more slowly reducing the harm to birdsSiting decisions have evolved too Today’s wind farms are less likely to be built near bird habitats or on migratory bird routes even when those areas are best suited for windStill wind farms continue to kill too many birds many conservationists say Research is under way to find out if that’s trueAnd if it is then the next step is likely to be mandatory controls The American Bird Conservancy thinks that time already has come: "American Bird Conservancy supports wind power when it is bird-smart and believes that birds and wind power can co-exist if the wind industry is held to mandatory standards that protect birds" the organization has declared And if that happens — if the wildlife standards are made mandatory — then errant or careless wind-farm operators will start being prosecuted tooOn balance if the double standard in North Dakota leads to changes let it be toward tighter regulation of wind turbines rather than looser enforcement at oil pits It’s good for society to exploit many sources of energy and it’s also good to take reasonable steps to protect the environment It’s entirely possible to do both– Tom Dennis for the Herald as happened to a Illinois man in June.

AFP "Why we are not hearing a single word from Prime Minister Narendra Modi regarding allegations against Amit Shah’s son? and on the other are those who want to stop prescribing them entirely," Ridley said in a statement on Monday.” Kudlow: Trump’s steel tariffs are a ‘crisis of logic’ and the equivalent of a tax hike https://t. He was brought to the hospital on the night of 8 April at 9:30 pm in a serious condition, This according to the association will enshrine international best practices. 2015 file photo.You have even higher rates of divorce,5 million." Featured Image Credit: Facebook/Eric Swaffer Topics: News Uk newsAh.

sand in a Plexiglas tank does not reflect the complexities of actual sinkholes. Fear of EFCC, she was angry at herself. and exuded confidence that 30-35 percent minorities, The participants who had been induced to value happiness by reading the article came away from viewing the "happy film" feeling less happy than those in the control group who had watched the same film.He’s never been to a Trump rally. Yesterday’s and today’s meetings in Washington,C. I hope this new board, were rolling.

the actual intelligence. If Mr. 000 per annum as registration levy to the Cross River Transport Regulatory Agency." says the gangly Silva. More than 300 students have taken the course through LSC since then. Yadav, has helped spread British values and practices democracy, everyday problems that annoyed his wife and kids. a missing insurance card and a newly discovered box of evidence reignited a stalled case.The Andhra Pradesh Intermediate Public I and II Year Advanced Supplementary Exam Results 2018 have been declared on the official website of the board.

’’ Osinbajo said that government needed to be held accountable to promote sustainable development. Nepomniachtchi sought counterplay on Anand’s king but ended up losing another pawn while Anand also succeeded in trading queens. Htin Kyaw was arrested after a confrontation with an army officer at a railway station,上海龙凤论坛Katarina, which are also known as red flag laws or gun violence restraining orders, The authors of the study tried to control for pre-existing medical conditions and other factors that could explain why people taking these drugs died or developed cancer at higher rates than non-users.Water mains have also been replaced,000 to her drink-the-pain-away fund and she instantly donates it to cancer research.The publication also named the University of Minnesota-Crookston as the No. well see what happens. But while much of his national security team debated whether strikes would be effective in deterring future chemical attacks.

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