BQuick On Jan. 18: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. Like It Or Not, The ‘Bad Bank’ Idea Is Back On The Table
The Indian government has revived discussions on setting up a bad bank, to house non-performing assets, a senior Indian Banks' Association executive said on the condition of anonymity. Despite discussions, reservations against setting up a bad bank remain.
2. Adani Raises $2.5 Billion From Green Energy Stake Sale
Frech oil firm Total SE will buy 20% stake in Adani Green Energy Ltd. and half the ownership in solar assets for $2.5 billion. Total and the Adani Group had earlier entered into a partnership in 2018 when the French company acquired a 37.4% stake in Adani Gas Ltd. and a 50% stake in the Dhamra LNG project.
3. Nifty Falls 1% As Tata Stocks Drag
NSE Nifty 50 index closed at the day’s low dragged down by Tata Motors Ltd. and Tata Steel Ltd. The S&P BSE Sensex ended 1% lower at 48,564.
4. Where LIC Parked Your Money In September Quarter
Life Insurance Corporation of India invested around Rs 50,000 crore of policyholders’ money in the September quarter. More than 70% of that went into government bonds.
5. The Long Wait To Get Your Dream Car
Auto demand is recovering but Indian automakers have failed to keep up the supply. A global shortage of microprocessors, that fuel everything electric in a car, have made ramp up difficult. Waiting periods for new cars can take as long as eight months due to such issues.
6. RBI’s Cash-Drain Signal Worries Bond Traders
Bond traders are bracing for more turmoil, as the central bank signals intentions to keep lifting money-market rates by draining excess liquidity. Worried investors will push the RBI into a delicate balancing act.
7. India’s Fuel Demand Subdued In 2021
Energy demand in India got off to a shaky start in the new year as sales of transport and cooking fuels declined from December 2020. Sales of diesel, gasoline, jet fuel and LPG all declined month-on-month.
8. High Court Says Don’t Join WhatsApp If You Don’t Want To Accept New Policy
9. Budget 2021: India’s Pivot Point
The decisions taken in Union Budget 2021 will have long-term implications, a lot longer than policymakers believe or understand. If the right ones are made, India's economic destiny can be changed. Else, the morass continues, writes Krishna Memani.
10. China’s Growth Beats Estimates
China’s economy roared back to pre-pandemic growth rates in the fourth quarter as its industrial engines fired up to meet surging demand for exports. Gross domestic product climbed 6.5% in the final quarter from a year earlier, pushing growth to 2.3% for the full year.