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18

RBS to pay $1.1 billion

  • Royal Bank of Scotland Group Plc (RBS.L) will pay $1.1 billion (845.18 million pounds) to resolve claims that it sold toxic mortgage-backed securities to credit unions that later failed.
  • The settlement with RBS brings the U.S. regulator’s recoveries against various banks to $4.3 billion in lawsuits over their sale of mortgage-backed securities before the 2008 financial crisis.
  • National Credit Union Administration (NCUA) Board Chairman Rick Metsger said the regulator was pleased with the settlement and plans to continue “to pursue recoveries against financial firms that we maintain contributed to the corporate crisis.”
17

Coal Ministry to go ‘totally digital’ from Nov 1

  • In line with the Centre’s ambitious ‘Digital India’ initiative, the Coal Ministry has decided to move all papers and documents into digital format from November 1 onwards, a move aimed at bringing efficiency and transparency.
  • Coal Secretary Anil Swarup said in a tweet, “For timely disposal of papers & transparency, Coal Ministry to go totally digital by November 1.”
  •  “All files & papers to move in digital format.” HRD Minister Prakash Javadekar had said the government wants to make the whole apparatus as digital.
16

Try to trim RCom debt by 75% in 12 mths: Anil Ambani

  • “The target is to reduce debt by 75 per cent within a year (from Rs 42,651 crore) and once the ongoing merger processes of MTS and Aircel with RCom are complete, it will help reduce debt by Rs 20,000 crore.”
  • This will create a formidable operator with the second largest holder of spectrum aggregating 448 MHz across the 850, 900, 1,800 and 2,100 MHz bands.
  • It will also make RCom one of the largest and valuable corporates with an asset base of over Rs 65,000 crore and networth of Rs 35,000 crore.
15

1.6 crore calls still failing everyday between Airtel and us: Reliance Jio

  • Hitting back at Airtel’s allegations of being “under-prepared”, new player Reliance Jio today said it had given projections of its required number of points of interconnection to the rival three months in advance.
  • Reliance Jio said it has been consistently following up with Airtel and other incumbent operators over the last several months for augmentation of interconnection capacity.
  • “In anticipation of such demand for services, Reliance Jio had given its projections for POI requirement to Airtel over three months ago. The massive deterioration in quality of service parameters would not have occurred had Airtel augmented POIs on a timely basis.”
14

Jim Yong Kim re-appointed as World Bank President

  • Jim Yong Kim has been re-appointed for a second five-year term as World Bank president, beginning July 1, next year, the bank announced.
  • Kim : “Humbled to have the honour of serving a second term as the head of this great institution. I would focus on building a more inclusive world free of poverty.”
  • He said the starting point for his work when he joined the Bank in 2012 was the setting of two ambitious new goals for the institution to end extreme poverty by 2030, and to promote shared prosperity by boosting the income growth of the bottom 40 per cent of the population in every developing country.
13

ICICI Pru Life set for stock market debut tomorrow

  • ICICI Prudential Life Insurance, which recently concluded its Rs 6,057-crore IPO, will make its stock market debut on Thursday becoming the first insurer to list.
  • The public offer comprises up to 18,13,41,058 shares of ICICI Prudential Life Insurance Company, including reservation of up to 1,81,34,105 (10 per cent of the offer) for shareholders of ICICI Bank.
  • The price band was fixed at Rs 300-334 per share. At the upper end of the price band, the offer is worth Rs 6,057 crore. The company’s public issue was oversubscribed 10 times.
12

Sensex starts with gains amid Asia overhang

  • The market got off to a positive start despite weak Asian cues as the benchmark Sensex rebounded over 68 points on Wednesday on value-buying in select blue-chip stocks.
  • The BSE 30-share barometer advanced 68.17 points, or 0.24 per cent, to 28,291.87. The gauge had lost almost 550 points in the previous three sessions.
  • Sectoral indices led by capital goods, healthcare and auto stocks were in the green, adding up to 0.55 per cent.The NSE Nifty recovered 21.60 points, or 0.24 per cent, to 8,728.
11

Google users to jump to 400 million by 2020

  • Of the 650 million users expected to be using Internet in India by 2020, a whopping over 61 per cent will be accessing it in local language, forming majority of the online population, according to technology giant Google.
  • At its “Google for India” event, the US-based firm said the number of internet users in India will jump 85 per cent from 350 million in 2016 to 650 million by 2020.
  • As the same time, people accessing the Internet in local language will more than double from 150 million at present to about 400 million by 2020.

India to invest $2 billion in Sri Lanka

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  • India will invest $2 billion in Sri Lanka in the next three-four years, Commerce and Industry Minister Nirmala Sitharaman said.
  • Ms. Sitharaman, who was here for talks on the Economic and Technological Cooperation Agreement (ETCA), called on Prime Minister Ranil Wickremesinghe and later met senior Ministers to discuss the terms of the agreement.
  • “Of course, there are issues that will have to be sorted out in good detail,” she said, adding that while opportunities exist, it was important to recognise that the negotiations had to be done in detail.
8

1st newly-constituted monetary policy panel will meet

  • The three other members from RBI are its governor Urjit Patel, deputy governor in-charge of monetary policy R Gandhi and M. D. Patra, the executive director who was nominated by the RBI board. In case of a tie, the governor will have the casting vote.
  • The three external members are Pami Dua, director, Delhi School of Economics, Chetan Ghate, professor, Indian Statistical Institute, New Delhi and R Dholakia, professor of Economics at the Indian Institute of Management, Ahmedabad.
  • Das: “It is our expectation, and I am quite sure…in fact, the MPC will of course meet before Oct 4. It will certainly meet, and the committee will give their recommendations based on which the RBI will take a decision.”
7

Time to create a BRICS bond market

  • The Securities and Exchange Board of India (SEBI) chairman U.K. Sinha has said that the BRICS countries  should come together and form a common bond market for the benefit of all participating nations.
  • Speaking at a seminar, the SEBI chairman said that after the creation of New Development Bank (NDB), the time is ripe to think of sharing the experiences in developing the bond markets and to create an exclusive BRICS Bond Market.
  • There are challenges since long term borrowers typically rely on banks that offer better options such as cash credit and overdraft facilities.
6

India now ranks 39 among most competitive economies

  • India has risen rapidly among all countries in the global competitive stakes by climbing 16 notches to the 39th position during the past year in the WEF’s Global Competitiveness Index.
  • According to the World Economic Forum’s (WEF) latest Global Competitiveness Report for 2016-17 this marks the biggest scale of improvement in competitiveness among all countries and is the second year in a row India has gone up 16 ranks in the WEF index.
  • It suggests that improvements in institutions and infrastructure have increased overall competitiveness along with recent reforms such as opening the economy to foreign investors and increasing transparency in the financial system.
5

Paris climate targets to cost Asia $300 billion a year

  • Developing economies in Asia will have to spend $300 billion a year until 2050 to meet targets set by the Paris climate deal, but can expect to save thousands of lives and avoid worsening poverty if they shift to low-carbon growth.
  • ADB’s deputy chief economist Juzhong Zhuang : “ADB estimates that the region can generate more than $2 in gains for each $1 of cost it bears to reach the Paris goal – if the right steps are taken.”
  • The extra cost for developing Asia is equivalent to the size of Denmark’s gross domestic product (GDP) or the GDPs of Portugal and Morocco put together, according to World Bank data.
4

Home-grown Trupay cuts intermediaries

  • An Indian company, Trupay, is creating a home-grown alternative to Visa and MasterCard, allowing banks to do away with the transaction surcharge and longer settlement periods implemented by such payments networks.
  • On the customer end, the company’s app does away with the need for a one-time password or the constant topping up of online wallets.
  • “Our idea is to work at the bottom layer, directly with banks, because with every additional layer in the payment process, there is a cost added to the transaction,” Vivek Lohcheb, co-founder of Trupay, said in an interview. “This cost is borne by the customer, even though he doesn’t realise it. It is integrated into the price of the product, for example, a credit card.”

Rupee climbs another  in early trade

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  • Extending its gains for the fifth straight day, the rupee inched up by another 6 paise to trade at a fresh two-week high of 66.44 against the dollar in early trade today on sustained selling of the American currency by exporters.
  • The rupee had gained 11 paise to close at a fresh two-week high of 66.50 per dollar yesterday on persistent selling of the greenback by banks and exporters despite a higher dollar overseas.
  • Meanwhile, the benchmark BSE Sensex was quoting higher by 68.17 points, or 0.24 per cent, to 28,291.87 in early trade.
1

IDFC Bank hits new high; m-cap crosses Rs 25,000 crore

  • IDFC Bank was trading higher by 5% to Rs 80, crossing a market capitalisation of Rs 25,000 crore mark to Rs 27,279 crore on the BSE.
  • The bank’s asset quality improved marginally as gross non-performing assets (NPA) declined to 6.1% in Q1FY17 from 6.2% in Q4F16. Net NPA ratios of the bank declined to 2.3% from 2.4% during the quarter.
  • “This acquisition has given IDFC bank a 20-fold surge in customer base. The acquisition would give an extraordinary reach in a very short period of time to a very large customer base and it creates a platform for growth for IDFC Bank’s retail banking business. Bank plans to raise the customer base from 60,000 now to 150,000 by Mar-17, including the recent acquisition of Grama Vidiyal (MFI) with 110,000 clients,” according to analysts at Ashika Stock Broking.