7th January 2017
The Weekly Business Digest
Markets Weekly
EQUITIES NIFTY 8,243.8 + 0.7 % SENSEX 26,759.2 + 0.5 % S & P 500 2,269.0 + 1.4 % NASDAQ 4,965.0 + 2.1 % FTSE 7,185.6 + 0.6 % DAX 11,566 + 0.7 % NIKKEI 225 19,454 + 1.8 % HANG SENG 22,503 + 2.3 % KOSPI 200 263.2 + 1.2 %
FX USD 67.96 + 0.1 % EUR 71.99 + 0.4 % GBP 84.04 + 0.7 % JPY 0.59 + 0.9 % COMMODITIES
BRENT CRUDE ($)
57.23 + 0.7 %
GOLD MCX 28,302 + 1.7 % SILVER MCX 40,032 + 1.5 %
INTEREST RATES
INDIA 10-YR BOND
US 10-YR BOND
6.150 % -6 bps
2.366 % -7 bps
ANSWER TO THE PREVIOUS QUIZ — Previous instances of demonetization in India are :
STORY OF THE WEEK
Bitcoin - new safe haven replacing Gold ? Becomes best performing currency of 2016 , however fell 14 % in this week Amidst global economic and geopolitical uncertainty , Bitcoin , the cryptocurrency , is being seen as a hedge against currency devaluations . It has risen + 122 % YoY in value , also driven by high demand and falling supply while falling 14 % this week . To read more , click here : CNBC | Mint | Fortune
SBI starts new year with rate cut war SBI , country ’ s largest lender , has reduced its MCLR by a whopping 90 basis points . Its one year MCLR is now 8 % compared to earlier 8.9 %. Necessitated by surplus liquidity , this move also aims at boosting credit growth which has hit multi-decade low due to demonetisation . The new MCLR will apply to new loans and to old loans only when they are renewed or repriced . Other banks like UBI , IDBI , HDFC , PNB , etc . have also cut MCLR or reduced interest rates .
To read more , click here : The Hindu
Paytm gets RBI approval for payment bank On 3rd January , RBI gave permission to Paytm to launch its payment bank . Paytm is expecting to launch its payment bank in the next 30 to 60 days with the first branch coming up in Noida , Uttar Pradesh . To read more , click here : Economic Times | Mint
Relief to all foodies : Service Charge not mandatory at restaurants and hotels Department of Consumer Affairs has stated that payment of service charge is not mandatory and can be waived if a consumer is dissatisfied with the services , based on a clarification received from the Hotel Associations of India . The department has asked state government to sensitise customers while the Federation of Hotel & Restaurant Associations of India denies any such clarification given by them and will present a legal case to the department . To read more , click here : Economic Times
Tata Sons Calls Shareholders Meet to Oust Mistry From Board Tata Sons Ltd ., the holding company of India ’ s largest conglomerate , has called for an extraordinary general meeting on Feb . 6 to oust former Chairman Cyrus Mistry from the board of the closely held firm . This is the final step that Tata Trusts can take to oust Cyrus Mistry . To read more , click here : Bloomberg | Business Today
In 1946 , Rs 1,000 and Rs 10,000 banknotes were withdrawn . In 1954 , Rs 1,000 , Rs 5,000 , Rs 10,000 notes were reintroduced but again demonetized in January 1978 .
1 1