Top 10 Business, Markets News In Under 5 Minutes: BQuick On Feb. 25
Here’s a roundup of the day’s top stories in brief.
1. India Tightens Online Media Rules
Social media companies such as Twitter, Facebook, WhatsApp and OTT players like Netflix, Amazon Prime, Hotstar, Zee5, among others, will soon have to adhere to higher accountability standards in India. The new intermediary guidelines cover publishers of news on digital media as well.
2. Not Worried About Rating Agencies: Finance Minister
Nirmala Sitharaman said that the government isn't worried about rating agencies as the higher borrowing number is in order to stimulate growth, followed by an articulated path of fiscal consolidation.
This even as Moody's Investors Services said that wide fiscal deficits combined with lower real and nominal GDP growth over the medium term will constrain the Indian government’s ability to reduce its debt burden.
3. RIL's Rally Lifts Nifty
Indian equities rose for the second straight day but ended off the day’s highs. Gains were mostly supported by heavyweight Reliance Industries Ltd.’s 4% rise.
4. Global Reflation Fears: Should India Worry?
With governments and central banks continuing to add stimulus, markets have started to price in reflation. Commodity prices are rising and so are bond yields in anticipation that inflation could make a stronger comeback. Does India have cause to worry? Yes and no.
5. Rupee Forward Premiums Crash
Reserve Bank of India’s move allowing lenders to deploy more dollars abroad led to a sharp drop in rupee forward premiums from a four-year high, making hedging cheaper.
6. RBI Governor Says New ‘Bad Bank’ Won’t Hurt Existing ARCs
“The so-called bad bank is not really a bad bank but a new ARC to take over stressed assets from these banks and resolve them. It is targeting a specific set of bad assets held by public sector lenders. It will in no way jeopardise the activities of existing ARCs,” Governor Shaktikanta Das said.
7. New Labour Codes: Review Meeting
Prime Minister Narendra Modi’s office will soon hold a meeting to review progress on the new labour rules and hammer out issues raised by employers and the labour unions.
8. Nirav Modi Loses Extradition Fight
The diamond merchant, wanted in India for fraud involving Punjab National Bank, lost his legal battle against extradition with a U.K. judge ruling that he has a case to answer before Indian courts. Now it is up to U.K.’s Home Secretary to sign-off an extradition within two months.
9. It’s Gates Vs Musk On Bitcoin
Elon Musk has been an avid supporter of Bitcoin -- so much so that he’s influenced the token’s price. Yet, his fellow billionaire Bill Gates thinks it is not a bet you should be making unless you are the world's richest person.
10. Charlie Munger Calls Out Robinhood, Other Brokers For ‘Dirty Money’
The long-time business partner of Warren Buffett has said that these low-cost trading platforms to attract inexperienced retail investors are essentially offering “gambling services” and have found a “dirty way” to make money.