Connect with us

Economy

Sequoia India asks court to dismiss lawsuit by its former counsel -filing

Published

on


© Reuters. FILE PHOTO: Sequoia logo is seen in this illustration taken, June 13, 2022. Illustration picture taken June 13, 2022. REUTERS/Dado Ruvic/Illustration

By Aditya Kalra and M. Sriram

NEW DELHI (Reuters) -Sequoia Capital India has asked a local court to dismiss a defamation lawsuit filed by one of its former general counsels, saying it was an attempt to curb its free speech rights and harm its interests, the venture capital firm’s court filing shows.

Sequoia has been locked in a legal battle with Sandeep Kapoor, after he included the company in a defamation lawsuit against media companies that reported on a leaked Sequoia email of June 2. Kapoor was Sequoia’s in-house general counsel for nearly nine years until 2019.

The lawsuit is the latest in a series of troubles for Sequoia that have the company grappling with complaints from startups about damaged trust following high-profile governance scandals at some of its portfolio companies in India and Southeast Asia.

Kapoor’s firm, Algo Legal, has said in a press statement and its lawsuit that Sequoia sent an email to its portfolio companies this month making baseless references to “concerning details” about the law firm that hurt its business and reputation.

Sequoia denied the allegations in a 19-page court filing in India’s tech hub of Bengaluru on June 18, calling the lawsuit “frivolous and vexatious” and saying it was duty bound to inform its portfolio companies when it detected certain irregularities.

An independent probe at Sequoia Capital-backed fashion startup in Singapore, Zilingo, found certain payments made to Algo and its related entities “were not in consonance with the engagement terms/contracts”, forcing Sequoia to caution its portfolio companies from dealing with the law firm, the court filing states.

Sequoia’s filing, which has been seen by Reuters, has not been made public.

A spokesperson for Algo and Kapoor said on Sunday they told the court on Saturday the investigation into Zilingo’s affairs is ongoing and there was no final finding, and that Sequoia’s allegations in the filing were without merit.

Detailing the Zilingo probe’s findings for the first time, Sequoia said it found the fashion startup paid Algo and its related entities more than $6 million between 2020 and 2022.

In such circumstances, Sequoia said, its “right to freedom of speech prevails over the plaintiff’s right of reputation since the statement was issued without any malice and without any intention to defame.”

Sequoia was Algo’s top client in billings, but the U.S. venture capital firm ended its engagement with Algo in January. Sequoia on Sunday declined to comment on its court filing.

The Bengaluru court will next hear the matter on June 29.

Zilingo in April suspended its 30-year-old CEO and cofounder Ankiti Bose, a former Sequoia analyst, over suspected financial irregularities. Bose was later dismissed in what she has said was a wrongful termination.

Zilingo and Bose did not immediately respond to a request for comment on Sunday.

Bose’s removal, Zilingo has previously said, followed an independent investigation into complaints about what the startup described as “serious financial irregularities”.

Economy

Asia stocks edge down after Wall Street falls; oil rises

Published

on


© Reuters. FILE PHOTO: A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic board displaying graphs (top) of Nikkei index outside a brokerage in Tokyo, Japan, March 10, 2022. REUTERS/Kim Kyung-Hoon

By Julie Zhu

HONG KONG (Reuters) – Asian shares edge down in early trade on Tuesday with investors taking their cue from a volatile Wall Street session overnight, while oil prices climbed following last week’s rout.

Oil continued to rise with investors still weighing worries over an economic slowdown against concern over lost Russian supply amid sanctions related to the conflict in Ukraine.

“A seam of tight supply news bolstered the (oil) market,” analysts at Commonwealth Bank of Australia (OTC:CMWAY) said in a research note. “Political unrest might curtail supply from a couple of second-tier producers, Ecuador and Libya. And then there’s the G7’s proposed price cap on Russian oil.”

Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.7%. The index is down 3.8% so far this month. U.S. stock futures, the S&P 500 e-minis, were up 0.27%.

Australian shares were up 0.25%, while Japan’s Nikkei stock index rose 0.5%.

China’s blue-chip CSI300 index was 0.4% lower in early trade. Hong Kong’s Hang Seng index opened down 0.36%.

On Monday, U.S. stocks ended a volatile trading session slightly lower with few catalysts to sway investor sentiment as they approach the half-way point of a year in which the equity markets have been slammed by heightened inflation worries and tightening Fed policy.

The major U.S. stock indexes lost ground after oscillating earlier in the session, with weakness in interest rate sensitive megacaps such as Amazon.com Inc (NASDAQ:AMZN), Microsoft Corp (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) Inc providing the heaviest drag.

The Dow Jones Industrial Average fell 0.2%, the S&P 500 lost 0.30% and the Nasdaq Composite dropped 0.72%.

Oil prices rose as the Group of Seven nations promised to tighten the squeeze on Russia’s finances with new sanctions that include a plan to cap the price of Russian oil.

U.S. crude ticked up 0.99% to $110.65 a barrel. Brent crude rose to $116.22 per barrel.

Treasury yields climbed on Monday following capital and durable goods orders data and as pending home sales surprised to the upside from the previous month.

The yield on benchmark 10-year Treasury notes last reached 3.1847% on Tuesday, compared with its U.S. close of 3.194% on Monday. The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 3.0974% compared with a U.S. close of 3.123%.

Also, the U.S. dollar edged lower versus major rivals as investors weighed expectations on inflation and interest rate hikes. The dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was down at 103.91.

Gold was slightly higher. Spot gold was traded at $1,824.28 per ounce. [GOL/]

Continue Reading

Economy

Japan says hard to confirm impact from Russia’s debt default

Published

on


© Reuters. FILE PHOTO: Japan’s new Finance Minister Shunichi Suzuki wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, speaks at a news conference in Tokyo, Japan, October 5, 2021. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) -Japanese Finance Minister Shunichi Suzuki said on Tuesday that it was “a little difficult” at present to confirm the definite impact on Japan from Russia’s debt default.

Suzuki, who commented on the issue after being asked about it by reporters at a news conference following a regular cabinet meeting, added that any moves in Russian government bonds were likely to have a limited impact on Japanese investors.

“The ratio of investments in Russia as part of Japan’s overall foreign bond investments is limited,” Suzuki said.

“Moves in Russian government bonds are likely to result in limited direct losses for Japanese investors, including financial institutions,” he said.

The White House and Moody’s (NYSE:MCO) credit agency on Monday said Russia had defaulted on its international bonds for the first time in more than a century.

The Kremlin, which has the money to make payments thanks to oil and gas revenues, has rejected the claims that it has defaulted on its external debt.

Continue Reading

Economy

Euro gains traction ahead of inflation data, dollar steadies

Published

on


© Reuters. A shopper pays with a ten Euro bank note at a local market in Nice, France, June 7, 2022. REUTERS/Eric Gaillard

By Tom Westbrook

SINGAPORE (Reuters) – The euro won support on Tuesday as traders braced for European inflation figures to run hot this week and awaited a speech from central bank chief Christine Lagarde, while worries about a recession kept the U.S. dollar firm.

The euro rose 0.3% overnight and at one point poked above its 50-day moving average. It last sat at $1.0578.

The dollar held modest overnight gains on other currencies and traded at 135.37 yen and $0.6936 per Australian dollar early in the Asia session.

German inflation figures are due on Wednesday, French data on Thursday and euro zone numbers on Friday. European Central Bank President Lagarde is also due to speak at the ECB forum in Sintra, Portugal, at 0800 GMT on Tuesday.

“This set of inflation data will have a significant influence on the ECB’s monetary policy forward guidance, especially on the trajectory … of its interest rate hike cycle that is expected to kick start in July,” said CMC analyst Kelvin Wong.

Hike expectations have the euro trading firmly against the yen and it last bought 143.28 yen, close to last week’s seven-year high of 144.24. It also has momentum on sterling and has gained 1.2% this month to 86.15 pence.

The weak spot is against the Swiss franc which has rocketed to test parity on the common currency following a surprise rate hike by the Swiss National Bank earlier in June.

Moves elsewhere were modest as traders try and navigate between relief that signs of weakness in recent global economic data can moderate rate hikes, and worry that it could be a harbinger of the onset of a difficult period of stagflation.

Some of the heat has come out of bets on U.S. interest rate rises, with the peak in the Federal Reserve’s benchmark funds rate now seen hovering around 3.5% next year rather than 4% or above, but the dollar has not yet fallen far from lofty peaks.

The U.S. dollar index struck a two-decade high of 105.79 this month and was last steady at 103.93.

The risk-sensitive Australian and New Zealand dollars have been left behind in last week’s stock market bounce. The kiwi was steady at $0.6306 on Tuesday.

Sterling was similarly becalmed at $1.2274.

“Stay long the dollar until some of the uncertainty has reduced,” said Societe Generale (OTC:SCGLY) strategist Kit Juckes.

“The dollar will fall likely only when the global economy is on a more sustainable growth path … markets are forward-looking, but all we can see ahead today is danger.”

========================================================

Currency bid prices at 0130 GMT

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar

$1.0579 $1.0583 +0.00% -6.91% +1.0586 +1.0571

Dollar/Yen

135.3050 135.4600 -0.12% +17.63% +135.5850 +135.3000

Euro/Yen

143.15 143.35 -0.14% +9.84% +143.4500 +143.1300

Dollar/Swiss

0.9558 0.9562 -0.07% +4.75% +0.9567 +0.9555

Sterling/Dollar

1.2274 1.2265 +0.07% -9.24% +1.2283 +1.2263

Dollar/Canadian

1.2866 1.2872 -0.05% +1.76% +1.2878 +1.2858

Aussie/Dollar

0.6929 0.6925 +0.09% -4.65% +0.6938 +0.6918

NZ

Dollar/Dollar 0.6300 0.6302 -0.02% -7.96% +0.6307 +0.6293

All spots

Tokyo spots

Europe spots

Volatilities

Tokyo Forex market info from BOJ

Continue Reading

News

Commodities26 mins ago

U.S. hostage envoy visits Venezuela in bid to free jailed Americans-sources

© Reuters. FILE PHOTO: Venezuelan President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi (not pictured) after...

Stock Markets26 mins ago

China Evergrande says winding-up lawsuit won’t impact restructuring

© Reuters. The Evergrande Center of China Evergrande Group is seen amid other buildings in Shanghai, China, September 24, 2021....

Stock Markets26 mins ago

Toshiba board gains two directors from activist hedge funds

© Reuters. FILE PHOTO: Toshiba logos are pictured at Toshiba Corp’s annual general meeting with its shareholders in Tokyo, Japan,...

Sports & General56 mins ago

More than 40 migrants die in truck in San Antonio, others hospitalized

2/2 © Reuters. Law enforcement officers work at the scene where people were found dead inside a trailer truck in...

Cryptocurrency56 mins ago

Institutional crypto asset products saw record weekly outflows of $423M

Institutional crypto asset products saw record weekly outflows of $423M Digital asset investment products saw record outflows totaling $423 million...

Economy1 hour ago

Asia stocks edge down after Wall Street falls; oil rises

© Reuters. FILE PHOTO: A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic...

World1 hour ago

Rescuers dig for survivors of Russian missile strike on Ukrainian shopping mall

5/5 © Reuters. Rescuers work at a site of a shopping mall hit by a Russian missile strike, as Russia’s...

Sports & General1 hour ago

Dozens of migrants found dead in truck in San Antonio

2/2 © Reuters. Law enforcement officers work at the scene where people were found dead inside a trailer truck in...

Economy1 hour ago

Japan says hard to confirm impact from Russia’s debt default

© Reuters. FILE PHOTO: Japan’s new Finance Minister Shunichi Suzuki wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak,...

World1 hour ago

Russian missile strike kills 16 in shopping mall, Ukraine says

2/2 © Reuters. Ukraine’s President Volodymyr Zelenskiy attends a working session of G7 leaders via video link, as Russia’s attack...

Stock Markets1 hour ago

Asian Stocks Down as Oil Rises on Tight Supply Concerns

© Reuters By Zhang Mengying Investing.com – Asia Pacific stocks were mostly down on Tuesday morning after Wall Street fell...

Commodities2 hours ago

U.S. hostage envoy visits Venezuela for talks about jailed Americans-official

© Reuters. FILE PHOTO: Venezuelan President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi (not pictured) after...

Sports & General2 hours ago

Mexican consul en route to Texas site where migrants found dead in trailer

© Reuters. Law enforcement officers work at the scene where people were found dead inside a trailer truck in San...

Economy2 hours ago

Euro gains traction ahead of inflation data, dollar steadies

© Reuters. A shopper pays with a ten Euro bank note at a local market in Nice, France, June 7,...

Sports & General2 hours ago

At least 40 people found dead in truck in San Antonio – source

2/2 © Reuters. Law enforcement officers work at the scene where people were found dead inside a trailer truck in...

Commodities3 hours ago

Venezuelan officials meet US delegation, Maduro says

© Reuters. FILE PHOTO: Venezuelan President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi (not pictured) after...

Sports & General3 hours ago

Twenty people found dead in truck in San Antonio, local media report

© Reuters (Reuters) – At least 20 people were found dead inside a trailer truck in San Antonio, Texas, local...

Stock Markets3 hours ago

China Evergrande faces winding-up lawsuit for $110 million deal obligation

© Reuters. The Evergrande Center of China Evergrande Group is seen amid other buildings in Shanghai, China, September 24, 2021....

Stock Markets3 hours ago

Heineken to expand Mexico operations with $90 million plant

© Reuters. FILE PHOTO: Heineken beer bottles are seen at a bar in Monterrey, Mexico June 20, 2017. REUTERS/Daniel Becerril/File...

Cryptocurrency4 hours ago

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau For Maurice...

Stock Markets4 hours ago

U.S. commerce secretary presses lawmakers to greenlight $52 billion for chipmaking

© Reuters. FILE PHOTO: Commerce Secretary Gina Raimondo testifies on Capitol Hill in Washington, D.C., U.S., February 1, 2022. Andrew...

Stock Markets4 hours ago

JetBlue refuses to give up its quest for Spirit Airlines

© Reuters. Airplane model is placed on displayed Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21,...

World4 hours ago

Biden pick for immigration enforcement withdraws after long delay

© Reuters. FILE PHOTO: Ed Gonzalez testifies on his nomination as director of the U.S. Immigration and Customs Enforcement (ICE)...

Stock Markets4 hours ago

Four big U.S. banks raise dividends after stress tests

2/2 © Reuters. A person walks past a Bank of America sign in the Manhattan borough of New York City,...

Stock Markets5 hours ago

Blackstone, Carlyle, Apollo to cover U.S. abortion-related travel costs

2/2 © Reuters. Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew...

Stock Markets5 hours ago

Nike forecasts downbeat quarterly revenue on lingering China worries

© Reuters. FILE PHOTO: People walk past a store of the sporting goods retailer Nike Inc at a shopping complex...

World5 hours ago

Trump’s election attorney John Eastman says FBI seized his phone

© Reuters. FILE PHOTO: John Eastman, former attorney for former U.S. President Donald Trump, is seen speaking in a video...

Sports & General5 hours ago

Three dead in Amtrak train crash and derailment in Missouri

(Reuters) -An Amtrak train carrying hundreds of passengers derailed in northern Missouri on Monday after hitting a dump truck at...

Stock Markets5 hours ago

Dow Futures Move Higher Following Negative Session

© Reuters. By Oliver Gray  Investing.com – U.S. stock futures were trading slightly higher in Monday’s evening deals after major...

Sports & General5 hours ago

New Mexico shields abortion clinics ahead of expected patient surge

© Reuters. FILE PHOTO: Democratic candidate for governor Michelle Lujan Grisham sits down for a meal at Barelas Coffee House...

Trending