- Wealth PMS (50L+)
The Slack group at Capital Mind Premium has been extremely active and if you haven’t been there (Premium subscribers only), pop us a note by replying to this email.
A brief summary of some of the interesting things discussed there in the last few days:
Economic growth in the first quarter of the current fiscal may have decelerated and is unlikely to pick up for rest of the year due to slowing private capex and restricted bank credit, a report said.
As per an analysis by financial services and investment research firm Ambit, the first quarter data for 2016-17 suggests that “economic growth in all probability decelerated over April-May 2016” (Link).
In many cases, the valuation of start-ups is far in excess of market value as it is based on the promise of the idea and not the immediate worth. (Link)
Over 400 budding entrepreneurs have filed applications with the Department of Industrial Policy and Promotion (DIPP) for recognition as innovative start-ups to avail tax breaks and other benefits. (Link)
Here are some of the questions that young adults frequently ask about insurance. (Link)
The RBI Governor said in a staff letter that he would like to return to academia. (Link)
There are seven candidates on a long list to replace Reserve Bank of India Governor Raghuram Rajan, a senior government official told Reuters on Saturday.
The candidates are Vijay Kelkar, Rakesh Mohan, Ashok Lahiri, Urjit Patel, Arundhati Bhattacharya, Subir Gokarn and Ashok Chawla, the official said, speaking on condition of anonymity due to the sensitivity of the matter. (Link)
Raghuram Rajan will exit India’s central bank after unnerving political leaders with calls for free speech and religious expression. The focus now shifts to whether Prime Minister Narendra Modi can find a successor able to command credibility both with investors and his Hindu-based party. (Link)
With Reserve Bank of India (RBI) Governor Raghuram Rajan unwilling to head the central bank for the second term, senior government officials say that State Bank of India (SBI) Chairperson Arundhati Bhattacharya is the frontrunner among the six contenders for the post.
The long list to replace Rajan includes RBI Deputy Governor Urjit Patel, former deputy governor Subir Gokarn, economists Rakesh Mohan and Parthasarathi Shome. (Link)
The final responsibility for not standing by Rajan should rest with Prime Minister Narendra Modi and finance Minister Arun Jaitley. (Link)
The RBI governor has at times challenged the mainstream economics consensus, and at times bowed to it. (Link)
While eminent experts are divided in their opinion on whether Raghuram Rajan ought to have been offered a second term or not as RBI Governor, all are unanimous that NAMO handled the issue in a clumsy manner and has suffered a “self goal”. (Link)
Regulator Sebi and stock exchanges have beefed up their surveillance and risk management mechanism to ring-fence capital markets from any excessive volatility tomorrow on account of RBI Governor Raghuram Rajan’s surprise decision against a second term. (Link)
“He felt it would belittle the position of the RBI governor if he had to appear before the committee,” said one senior commercial banker who knows Rajan personally but had not spoken to him since his decision. (Link)
Nobel laureate Amartya Sen on Saturday said India is losing one of the most skillful economic thinkers in the world. (Link)
While fortuitous factors like a drop in commodity prices have helped steady the fundamentals of the economy, so have sound macroeconomic policies. (Link)
State-run banking behemoth SBI has been named in a ‘Hall of Shame’ list of 158 banking and financial institutions globally that have invested billions of dollars in companies making cluster bombs. (Link)
It is difficult to imagine that Wipro’s Azim Premji, one of the richest men in India, living a frugal life. But all evidence indicates that it is the path to happiness. (Link)
The Mail on Sunday and The Observer backed Remain while The Sunday Times and The Sunday Telegraph backed Leave. (Link)
A vote to leave the EU may lead to a gear change on the road to another Scottish independence referendum. (Link)
A merger of National Bank of Abu Dhabi (NBAD) and its competitor FGB would create the Middle East’s biggest lender and one that is strong in corporate and retail banking in the emirate, analysts said.
It’s a combination that would also help improve profitability in a crowded industry, especially at a time when lower oil prices are hampering growth prospects. The two state-run banks yesterday confirmed that while they were in talks, a deal is not a sure thing. However, analysts said it makes sense. (Link)
A senior British politician on Monday accused those campaigning for Britain to leave the European Union of spreading lies, hate and xenophobia, saying she was switching to the “Remain” camp. (Link)
Nigeria’s naira NGN=D1 slumped 30 percent against the dollar on Monday after the central bank removed its currency peg in an effort to alleviate the chronic foreign currency shortages choking growth in Africa’s biggest economy.
The central bank sold $530 million for 280 naira per dollar at a special auction and later sold a further $86.5 million directly on the interbank market at 281 to 285 naira, traders said. (Link)
Zerodha will launch a thematic investing product platform and a separate venture through its in house incubator Rainmatter. (Link)
Want to follow the British Brexit referendum? Here’s everything you need to know to get through results night. (Link)
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