Big Central Bank Assets Jump Fastest in 5 Years to $21 Trillion
- World Central banks are bulking up their balance sheets this year at the fastest pace since 2011’s European debt crisis to boost lackluster economic recoverie.
The 10 largest lenders now own assets totaling $21.4 trillion, a 10 percent increase from the end of last year.
‘GST must absorb green cess on diesel cars
- Mercedes-Benz India MD and CEO Roland Folger is hopeful of the Goods and Services Tax (GST) structure subsuming the green cess levied on registration of diesel cars above 2000 cc.
- He expected the new structure to address levies linked to environment protection and CO2 standards, Mr. Folger said.
Essar Oil deal may give breather to bank NPAs
- Essar Oil, to the tune of Rs.28,000 crore, are still seen as standard in bank books, loans to Essar Steel, amounting to about Rs.35,700 crore, have been classified as non-performing by most banks.
- It 49 per cent of their stake to Rosneft Russian investment fund United Capital Partners split 49 per cent equally.
- The value of this all-cash deal, which includes Vadinar Port assets, was $1.3 billion or about Rs.85,000 crore.
HC orders removal of ATM on government land
- ATM centres of various banks on government land based on agreements between banks and “land-grabbers”.
- So, the Madras High Court has ordered the removal of such ATM centres in Chennai and Kancheepuram districts.
RBI to cut rates in early 2017, aided by weak inflation
- The Reserve Bank of India is expected to take advantage of expectations that inflation will remain low in the near-term and cut interest rates again early next year with an aim to boost already-solid growth a little bit more.
- Urjit Patel and his six-member Monetary Policy Committee used the same rationale for their surprise 25 basis point (bps) cut to 6.25% earlier this month.
Samsung to invest Rs 1,970 crore in UP to boost Make in India
- India Electronics on Monday announced expansion of its Noida plant with an investment of INR 1,970 crore.
- A memorandum of understanding (MoU) was signed between the company and the state government for setting up a manufacturing unit in Uttar Pradesh.
S&P warns China, reduce debt or we will downgrade your sovereign ratings
- China has been issued another yellow card.
- Standard and Poors Global Ratings warned China’s risk at losing its AA-status.
- The country’s slower-than-expected economic rebalancing and the growing financial risks.
Closure of Russia Today bank accounts nothing to do with us
- Russia has angrily accused Britain of trampling on freedom of speech after NatWest said it was closing down the bank accounts of the Kremlin TV channel Russia Today (RT).
- The foreign ministry and human rights officials all condemned the move.
- The UK government was guilty of violating press freedom and of double standards.