To bolster the rupee, the RBI offered to swap these funds for a minimum of three years at a fixed rate of 3.5%, leading to inflows of $ 34 billion, and helping stabilise the currency. (Link)
That cow urine is in demand not just in India, but around the world, became evident recently when health authorities in London raised objections to shopkeepers placing cow urine concentrate on shelves next to food items. The supplier, it this case, turned out to be an ISKON temple in Watford, which runs a dairy. (Link)
China’s bad loans are many times worse than what the official data are claiming, and the Chinese authorities do not have a strategy to tackle the problem, according to the latest research from CLSA.
“Nonperforming loans will worsen with the slowing economy, but the government does not have a comprehensive plan,” Francis Cheung, head of CLSA’s China and Hong Kong strategy, said during a presentation Friday. (Link)
Goa government is in the process of issuing rules for the Gaming Commission, that is proposed to be set up to regulate the state casino industry, and one the rules would be to ban local citizens from entering casinos.
“The rules have been framed and the file will now move to state Chief Secretary and then to the Chief Minister. These rules will be notified within 20 days,” Additional Secretary (Home) Sanjiv Gadkar told PTI. (Link)
As OPEC officials gathered this week to formulate a long-term strategy, few in the room expected the discussions would end without a clash. But even the most jaded delegates got more than they had bargained with.
“OPEC is dead,” declared one frustrated official, according to two sources who were present or briefed about the Vienna meeting. (Link)
The steel ministry will pitch for a dedicated fund for the capital-starved steel sector under the National Investment and Infrastructure Fund. (Link)
The owner of the world’s biggest shipping line says negative interest rates are hurting the industry by delaying the consolidation wave so badly needed.
The monetary policy environment “means that consolidation will be much slower because it’s easy for banks to keep weak shipping companies above water,” Nils Smedegaard Andersen, chief executive officer of A.P. Moeller-Maersk A/S, said in an interview. (Link)
For all the hyperbole that exists around the idea of India, step into the real India, and all notions implode. Ours is a nation of young people with no idea of what to do with them. (Link)
Latest sign of weakness as export sector posts year-on-year declines for nine of last 10 months. (Link)
Custodian of the Two Holy Mosques King Salman announced sweeping changes and named new ministers as well as chiefs of local government bodies in a series of royal decrees issued here Saturday. (Link1) (Link2)
Crony wealth in India has come down sharply from 18 per cent of GDP in 2008 to just 3 per cent of GDP today, according to The Economist’s index of crony capitalism.
The magazine attributed the government’s tough line on corruption and the Reserve Bank’s clamp down on “sweetheart deals to moguls” for the sharp decline in crony capitalism in India.(Link)
Unitech promoters had 41.13 per cent stake at the end of the 2014-15 fiscal. (Link)
Loss-making Air India expects to make an operating profit in 2015-16 thanks to cheaper fuel and greater efficiencies. (Link)
More than 1 billion pounds ($1.4 billion) of the U.K.’s scotch whisky exports could be at risk if voters choose to leave the European Union.
Britain may face “bureaucratic barriers” to trade with the EU if it leaves, the Department for Environment, Food and Rural Affairs said in a statement on Monday. Whisky is the U.K.’s biggest food and drink export and the bloc is the single-largest destination, accounting for about 37 percent of sales volume, according to the Scotch Whisky Association, which backs remaining in the EU. (Link)
About Rs 43,000 crore is lying in inoperative Employees’ Provident Fund accounts and interest would be credited to such accounts, government said on Monday.
Minister of State for Labour and Employment Bandaru Dattatreya told Lok Sabha that 118.66 lakh claims were settled by the Employees’ Provident Fund Organisation (EPFO) in 2015-16, adding that 98 per cent of them were settled within 20 days. (Link)
We are seeing what is effectively India Inc.’s biggest ever fire sale. It’s even bigger than the government’s planned divestment target.
The Reserve Bank of India’s (RBI) has decided to clean up the balance sheets of Indian banks, which are collectively saddled with Rs five lakh crore of bad loans, by the end of this fiscal. So, the banks have started cracking the whip on Indian companies for repayment of loans. For most affected firms and groups, this will mean they will be forced to sell prized assets to repay their ballooning debts. (Link)
IT industry employs over 10 lakh people and the concentration of these companies in certain parts of the city has opened up a lucrative industry for property owners. (Link)
However, the government has not taken a final call and is yet to inform Rajan. (Link)
After struggling for most parts of financial year 2016, cement stocks have quickly become favourite picks for investors and analysts alike. (Link)
The Bank of Japan has begun selling equities it bought from commercial banks in the previous decade to ease anxiety over the financial sector, offsetting these divestments with extra purchases of exchange-traded funds.
The book value of these BOJ-owned shares fell 16.2 billion yen ($149 million) last month, account balances published every 10 days show. The central bank plans over the next 10 years to divest the entire lot, which had a book value of slightly more than 1.3 trillion yen at the end of April. (Link)
No one will invest in India and the country’s image as an investment destination will be completely thrown out of gear if an environment cess to the tune of 30 per cent were to be imposed on diesel cars and SUVs, according to auto industry body SIAM. (Link)
British Chambers of Commerce poll of voting intentions shows gap between Brexit and remain supporters has narrowed. (Link)
The maximum number of tax filers who could have reported any short-term capital gains or losses is 20.15 lakh, which is only a tenth of the total number of demat accounts. (Link)
Iran has set its June official selling prices (OSPs) for heavier crude grades it sells to Asia at the biggest discounts to Saudi and Iraqi oil since 2007-2008, raising the stakes in its fight to regain market share.
This is third time Iran has changed price formulas since January, underscoring its need for competitive pricing to push more exports into Asia after international sanctions against it were lifted early in the year. (Link)
PGT was one of 12 companies that responded to the UP govt’s invitation in supplying battery-run rickshaws in October 2012. (Link)
As incomes rise, people will upgrade to cars and higher-end bikes, and volumes will not grow at the bottom end as they do now.
Lifestyle bikes will grow faster than utilitarian bikes. (Link)
JSW Steel, one of India’s largest steel groups, has emerged as a last-minute bidder for Tata Steel’s ailing UK steel operations. JSW is one of seven bidders which Tata Steel has taken forward to the next stage of the sales process. (Link)
Introduction to Candlesticks – Link