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1Big 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.

2‘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.

3Essar 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.

4HC 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.

5RBI 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.

6Samsung 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.

7S&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.

8Closure 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.