Economy

Demonitisation: Task force set up for recalibration of ATMs

Demonitisation: Task force set up for recalibration of ATMs

New Delhi [India], Nov. 14 : Economic Affairs Secretary Shaktikanta Das has announced that a task force is being set up under the chairmanship of deputy governor of the Reserve Bank of India (RBI) for recalibration of ATMs to expedite the process of cash transactions.

"The ATMs which are being recalibrated to dispense 500 rupee notes and 2,000 rupee notes i.e. the new series of 500 rupee notes and the 2,000 rupee notes.to expedite this process as fast as possible a task force is being set up under the chairmanship of deputy governor of the Reserve Bank. It will have representatives of banks as its members," Das told ANI.

Central bank will in due course infuse notes of Rs. 1000: Shaktikanta Das

Economic Affairs Secretary Shaktikanta Das

New Delhi [India], Nov 10 : Backing the government's decision to demonetize Rs. 500 and 1,000 currency notes, Economic Affairs Secretary Shaktikanta Das on Thursday said that there was a need to revive the currency as the value of rupee has depreciated after 2001, adding notes of Rs. 1,000 will be introduced in due course.

Throwing light on the other logical reasons behind the government deciding to infuse the new currency, Das said: "Firstly, the logistical reason behind the very decision was to make it convenient for the citizens to exchange or deposit the old notes and get the value out of the new notes."

RBI appoints M Rajeshwar Rao as new Executive Director

RBI appoints M Rajeshwar Rao as new Executive Director

Mumbai [India], Nov.10 : The Reserve Bank has appointed M Rajeshwar Rao as Executive Director following G Mahalingam's decision to take voluntary retirement.

In a statement, the RBI said that as Executive Director, Rao will look after Department of Statistics and Information Management, Financial markets Operations Department and International Department.

Prior to taking over as the Executive Director, he was the Chief General Manager, Financial Markets Operations Department. He has previously held charge of the Risk Monitoring Department. He has also worked as the Banking Ombudsman, New Delhi. (ANI)

Deposits over Rs. 2.5 lakh to attract penalty on mismatch: Govt.

Deposits over Rs. 2.5 lakh to attract penalty on mismatch: Govt.

New Delhi [India], Nov. 10 : The government has warned that the cash deposits above Rs. 2.5 lakh threshold under the 50-day window could attract tax plus a 200 percent penalty if the cash deposited in bank accounts doesn't match with income declared.

"We would be getting reports of all cash deposited during November 10th to December 30th, 2016, above a threshold of Rs. 2.5 lakhs in every account. The Department would do matching of this with income returns filled by depositors and suitable action may follow," Revenue Secretary Hashmukh Adhia said.

"Penalty of 200 percent of the tax payable would be levied if the cash deposited in bank accounts don't match with income declared," he added.

19 states raise Rs. 26,390 crore through bonds auction

19 states raise Rs. 26,390 crore through bonds auction

New Delhi [India], Nov 9 : While releasing the results of auctions of 4/5/6/10 years state development loans (SDLs) of the state governments, the Reserve Bank of India in its statement has announced that nineteen states including Andhra Pradesh, Assam and Gujarat will raise Rs. 26,390 crore through bond auction.

The notified amount for the auction by the 19 states was Rs. 25,190 crore, but Andhra Pradesh, Tamil Nadu and Uttar Pradesh retained an additional Rs. 300 crore, Rs. 500 crore and Rs. 400 crore, respectively.

In the non-competitive bid segment, 147 bids worth Rs. 1,034.45 crore were received and all were accepted.

The states which auctioned the bonds are Haryana, Himachal Pradesh, Jharkhand Karnataka and Kerala, among others.

Replacement of high-value currency notes to provide major boost to electronic payments: NASSCOM

Replacement of high-value currency notes to provide major boost to electronic

New Delhi [India], Nov 9 : NASSCOM welcomes the announcement earlier this evening by Prime Minister Narendra Modi scrapping the current high-value currency notes of Rs. 500 and Rs. 1,000 denomination, and replacing the Rs. 500 notes with a new design.

This move is a masterstroke that will make a major dent on unaccounted or 'black money', rendering it valueless unless it is taken to a bank to be exchanged, potentially bringing it into the tax net.

NASSCOM believes this move will also accelerate the push toward electronic payment, which presently has relatively little penetration in India, where cash accounts for 78 percent of all transactions by value according to the Reserve Bank of India.

Scrapping of Rs. 500, 1000 notes will deal body blow to terror financing: FICCI

Scrapping of Rs. 500, 1000 notes will deal body blow to terror financing: FICCI

New Delhi [India], Nov. 9 : Welcoming the government's decision to declare that all Rs. 1000/500 currency notes will cease to be legal tender from Tuesday midnight, FICCI president Harshavardhan Neotia said the move will have debilitating impact on the parallel economy in the country as well as deal a body blow to terror financing.

"This is an extremely bold move by the Prime Minister and will have a debilitating impact on the parallel economy in the country as well as deal a body blow to terror financing. FICCI completely supports this move of the government and complements it for its continuous and comprehensive measures to deal with the issue of black money in the country," Neotia said.

Currency Update by Kedia Commodity

Currency Update by Kedia Commodity

USDINR trading range for the day is 66.87-67.17.

Rupee remained in the range tracking overseas funds outflow from local stocks.

Indian factory activity expanded at its fastest pace in almost two years in October, boosted by a surge in output and new orders.

India's wholesale prices rose at a slower-than-expected pace, gaining 3.57 percent from a year earlier, government data showed.



EURINR trading range for the day is 74.01-74.56.

Euro gained as dollar dropped as the U.S. presidential election increasingly looked too close to call, jangling investors' nerves and fuelling demand.

Spain's manufacturing sector growth improved more-than-expected in October, as output and new orders rose at faster rates.

Economy set to perform better in second half of FY 16, says ASSOCHAM Bizcon survey

New Delhi [India], Nov 1 : Indian economy would be performing better in the second half of the current fiscal and the trend appears to have begun from the quarter beginning October, 2016 with 66.7 per cent of the latest ASSOCHAM Bizcon Survey respondents expecting uptick in sales, capacity utilization, though positivity on fresh investment is tentative.

Increased spend on infrastructure development, largely in the government is seen as the most important driver for a turnaround in the economic outlook for the current quarter and the last quarter of the financial year 2016-17.

Indian banks' loans rose 10.4 pct in two weeks to Sept. 30, says RBI

New Delhi [India], Oct 15 : The Reserve Bank of India (RBI) in its weekly statistical supplement released on Friday noted that Indian banks' loans rose 10.4 percent in two weeks to September 30 from a year earlier.

The report also stated that deposits rose 11.3 percent. Outstanding loans rose 2.11 trillion rupees (USD31.56 billion) to 75.21 trillion rupees in the two weeks to September 30.

Non-food credit rose 2.21 trillion rupees to 74.35 trillion rupees, while food credit fell 105.30 billion rupees to 854.60 billion rupees. Bank deposits rose 3.52 trillion rupees to 101.43 trillion rupees in the two weeks to September 30.

Inflation below RBI's 2017 target, room for rate cut, says HSBC

New Delhi [India], Oct 4 : The inflation is likely to remain below the RBI's early 2017 target of five percent for the next 12 months, as per the latest HSBC report.

As per the global financial services major, the declining trend in inflation is expected to continue as new crop streams into the market and CPI inflation could fall to under 4.5 percent in January-March 2017.

However, the vegetable prices are expected to completely reverse their summer ascent and higher pulse production may reduce inflation by another 40 bps.

"RBI has two objectives to reach its five percent inflation target in early 2017 and keep real rates at the 1.5-2 percent range. Marrying the two would open up space for easing by 50 bps," states the report.

NYC's Bus Terminal to Get Replacement

NYC's Bus Terminal to Get Replacement

The 65 year old New York City’s Bus Terminal is all set to be replaced and revamped though the alternate plan has not yet been made public. The decision has been given in-principle approval.

The Board of Commissioners of the Port Authority of New York and New Jersey gave a go ahead for the proposal of replacing the Terminal in the Times Square neighborhood. The final layout plan for the new terminal will be made public during the international design competition in 2016.

However, the project will take at least 10 years to take off and will involve an expense ranging from $7.5 billion to $10.5 billion.

"This is a giant step forward for one of the most important transportation projects in the country, and certainly in our region," Commissioner Ken Lipper said.

Amazon to Hire 100,000 Employees for Meting Out Shortage of Staff in Holiday Season

Amazon to Hire 100,000 Employees for Meting Out Shortage of Staff in Holiday

In view of the increased requirement of additional staff amid the approaching holiday season, Amazon today announced its plans to hire nearly 100,000 employees.

The new employees will be given roles across the company's shipping warehouses and sorting centers in the U.S. Among these, about 25,000 will be later absorbed for permanent jobs.

"We've hired more than 25,000 full-time associates across the U.S. in recent months and we're looking forward to adding 100,000 seasonal employees for the upcoming holiday season," Mike Roth, Amazon's vice president of North America operation, said.

In a similar move, last year, the company had employed 80,000 seasonal staff. As per the estimated of Amazon, it currently employs more than 90,000 task force across its 70 centres in the country.

IBM records dip in Profits, Lowers Estimate for Full Year

IBM records dip in Profits, Lowers Estimate for Full Year

International Business Machines (IBM) Corp reported a dip of nearly 4% in the shares. The company suffered losses in the third fiscal quarter and also reduced its estimation for rest of the year.

During the quarter that ended September, IBM’s revenue went down by 14% on a year on year basis to $19.3 billion. This record was lower than the estimated $19.63 billion scale.

The Software revenue for IBM amounted to $5.1 billion showcasing a dip of about 10%. The revenue fall was noted in segments of Middleware products including WebSphere, Information Management, Tivoli, Workforce Solutions and Rational products

The company’s total revenue from Middleware products turned out to be $3.4 billion showing a decline of 7% on a year on year basis.

Oprah Winfrey to Go on Diet on Larger Scale This Time

Oprah Winfrey to Go on Diet on Larger Scale This Time

After years of struggle to shun those extra kilos, Oprah Winfrey has finally started a diet regimen on a larger scale, claiming she has a money spinning target.

The five-year deal with the former talk show host will bring in $43.2 million income to the company. Winfrey has bought 10% stake in the company for the purpose.

As the news broke, Weight Watchers shares reported an upsurge that touched almost double its core value. According to the deal, Winfrey will make use of an app designed by Weight Watchers and will be placed under a personal coach for the weight loss regimen.

The company officials said that Winfrey has given consent for her name being tagged on the advertisements, image and several promotional products.

Monsanto Co to Eliminate 2,600 Jobs

Monsanto Co to Eliminate 2,600 Jobs

Monsanto Co. said on Wednesday that it will be eliminating 2,600 jobs as part of a cost-saving plan designed to deal with falling sales of its biotech seeds and herbicides fall in which pushed its quarterly losses even deeper.

The job cuts will reduce the company’s 22,500-employee workforce by about 12% over the next two years. As per the prediction made by the agricultural giant the move will generate between $275 million and $300 million in annual savings by the end of fiscal 2017.

The cost of the reorganization, which streamlines sales, research and development and other departments, is estimated at $850 million to $900 million.

US consumer sentiment hits its lowest level

US consumer sentiment hits its lowest level

In early September, US consumer sentiment hit its lowest point in a year and producer prices were unchanged in August. It pointed to moderate economic growth and tame inflation that could affect the Federal Reserve's decision whether interest rates should be hiked next week.

On Friday, the fall in consumer sentiment and weak inflation were reported. And these are opposite to a tightening labor market. Sentiment was probably destabilized as a result of recent stock market volatility in the middle of concerns over slowing economy of China.

Alibaba shares could drop another 50%: Barron's

Alibaba shares could drop another 50%: Barron's

According to Barron’s, shares of Alibaba Group Holding Ltd that fell below their initial offering price after having climbed 75% in their first two months of trading are expected to lose another 50% of their value.

The reasons the weekly financial newspaper gave for the dour outlook: China's struggling economy, increasing competition in e-commerce and more scrutiny of the company's culture and governance.

According to Alibaba spokesman, Bob Christie, the article “contains factual inaccuracies and selective use of information, and the conclusions the reporter draws are misleading”. A letter has been posted by the company to Barron's editor in which it has complained about the story.

US Job Openings reached 5.8 Million in July

US Job Openings reached 5.8 Million in July

A recent report released by the US Labor department showed that there were nearly 5.8 million job openings in the country in July. The jobs were far higher than previous high of 5.4 million of last May.

According to the market experts, this hike in the US job openings represents a blend of good and bad news. On the upside, the employers are hiring more employees and helping to improve the US economy, which is a healthy sign amid concerns about the global economy potentially weighing down U. S. economic growth.

Economists also said that large number of job openings indicated that America's job market is improving. However, on the other hand, large number of job openings also means that some employers cannot find the right people to hire.

PayPal’s New Service makes it easier to Request Money

PayPal’s New Service makes it easier to Request Money

PayPal, the American company handling worldwide online payments system, has recently launched a new service called PayPal.Me, which will allow users to set up their own, individual accounts and collect payments.

To avail the service, users have to create a link. Once link is created, users can send the link to other individuals or groups and request for funds. After the link is received, the value of the transaction is entered and the funds are transferred to the original user's PayPal account.

The service will allow links to be sent through multiple platforms, for example, instant message, social media, e-mail, and more – and will work on both desktop and mobile.




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