BQuick On Nov. 17: Top 10 Stories In Under 10 Minutes
Here is a roundup of the day’s top stories in brief.
1. Lakshmi Vilas Bank: Moratorium And A Merger
The Reserve Bank of India has placed private sector lender Lakshmi Vilas Bank Ltd. under moratorium for 30 days and announced that it will be merged with DBS Bank India Ltd.
As part of this, the regulator has capped deposit withdrawals by customers to Rs 25,000.
According to the banking regulator, the private sector lender has seen a steady decline in its financials with it incurring losses over the last three years.
The outlined merger, according to RBI, will bring additional capital and support credit growth.
Here are the details of the moratorium and the merger.
2. Modi's Smart Cities Pitch To Foreign Investors
Prime Minister Narendra Modi is keen to attract foreign investment to modernise India’s urban centers as the world’s second-most-populous nation rebuilds its economy after the coronavirus pandemic halted activity.
Covid-19 has given governments the chance to accelerate the “process of making cities more livable for people,” Modi said in his speech at the Bloomberg New Economy Forum on Tuesday.
“We are looking at a future where a major chunk of education, healthcare, shopping, may happen online. Our cities need to be ready for the convergence of the physical and digital worlds,” he said.
India plans to continue raising funds in areas including urban technology and transport.
3. Nifty Extends Winning Streak; U.S. Stocks Pull Back
Indian equities opened the truncated trading week on a positive note, and extended the winning streak to three sessions.
The S&P BSE Sensex ended 0.7% or 315 points higher at 43,952.
The NSE Nifty 50 gained 0.8% or 94 points to end at 12,874.
Broader markets had a mixed day.
Follow the day’s trading action here.
8. AirAsia Reviews India Investment
Malaysian low-cost carrier AirAsia Group Bhd. is reviewing investment in its cash-starved Indian affiliate, hours after its Japan unit filed for bankruptcy.
“Our businesses in Japan and India have been draining cash, causing the Group much financial stress,” Bo Lingam, president of airlines at AirAsia Group, said in a statement on its website.
“Cost containment and reducing cash burns remain key priorities evident by the recent closure of AirAsia Japan and an ongoing review of our investment in AirAsia India.”
AirAsia also stopped funding AirAsia India Ltd., Bloomberg News reported last month.
9. India’s New Covid Cases Lowest In Four Months
India’s coronavirus outbreak showed signs of slowing down as new cases in a day fell below the 30,000-mark for the first time in four months.
India added 29,163 fresh cases in a matter of 24 hours -- lowest since July 14 -- taking the total tally to over 88.7 lakh.
That includes nearly 83 lakh recoveries and 1.3 lakh deaths.
Track all Covid-19 related news around the outbreak in India, here.
Moderna Vs Pfizer: How Their Vaccines Stack
The first two Covid-19 vaccines out of the gate have now delivered positive news in the quest to end the pandemic. The encouraging late-stage trial results from Pfizer Inc. and Moderna Inc. set a high bar for rivals such as AstraZeneca Plc that are expected to follow soon with their own pivotal reports.
Moderna said Monday its vaccine was 94.5% effective in a preliminary analysis.
The shot created by Pfizer was found to be more than 90% effective.
Both shots rely on a technology called messenger RNA that has never been used before to develop an approved vaccine.
But there are some major differences. Find out here.
10. Flexible Work May Boost Women’s Applications For Top Jobs
Flexible working could be the solution for businesses struggling to recruit women into senior roles, according to a new study by Zurich Insurance Group AG.
Applications for management roles by women jumped 20% after the insurer advertised all possible positions with part-time, job share or flexible working options as part of research with the U.K. government’s Behavioural Insight Team.
The number of women hired for senior jobs jumped by one third as a direct result, it said Tuesday.
The initiative doesn’t just benefit women though.