Emma

Shaktikanta Das asks banks to reorient post-pandemic; suggests to look at these ‘sunrise’ sectors

Shaktikanta Das suggested that banks need to look out for ‘sunrise’ sectors while supporting those which have the potential to bounce back. 

RBI Governor Shaktikanta Das said that the banks should look deeply within and reorient banking after the coronavirus pandemic. Shaktikanta Das added that the core of resilient banks is made up of good governance, effective risk management, and robust internal controls, according to the RBI’s September bulletin. He further said that as boosting the immunity of the population is the key to tackle pandemic, the key to long term financial stability would be to foster tangible improvement in

TikTok Owner to Spend Billions in Singapore After U.S. Ban

(Bloomberg) — ByteDance Ltd., the Chinese owner of video-sharing app TikTok, is planning to make Singapore its beachhead for the rest of Asia as part of its global expansion, according to people familiar with the matter.

The Beijing-based company is looking to spend several billion dollars and add hundreds of jobs over the next three years in the city-state, where it has applied for a license to operate a digital bank, said the people, who asked not to be identified because of confidentiality. The investment would come at a crucial time as the technology firm is forced to sell TikTok

States’ fiscal deficit doubles in Q1: Tax, stamp duties collections in free fall; these states hit most

The fiscal deficit was around 70 per cent of BE in Kerala and Andhra Pradesh in the first quarter and more than 50 per cent of BE in Telangana.

The fiscal deficit of states soared to more than double in the first quarter of the current fiscal amid the coronavirus-led revenue loss. While the states spent 18.4 per cent of the budget estimates, similar to that in the previous years, the fiscal deficit was 36.5 per cent of BE in Q1, which was more than double of that in the previous years, said the Ecoscope report by Motilal Oswal Institutional

Samsung Galaxy Z Fold 2 launched in India for Rs 1,49,999; pre-orders start September 14

Galaxy Z Fold 2 is a successor to the original Galaxy Fold.

Samsung has launched the Galaxy Z Fold 2 in India at an aggressive price of Rs 1,49,999. The reason why we say it is aggressive is because India price of the Galaxy Z Fold 2 is same as its US price which is $1,999. The Galaxy Z Fold 2 India price is also aggressive considering its predecessor’s launch price. The original Galaxy Fold was launched in India at Rs 1,65,000.

The Galaxy Z Fold 2 pre-orders will start in India from September 14 across Samsung.com and leading retail

Ambani’s Reliance to Offer $20 Billion Stake in Retail Arm to Amazon

(Bloomberg) — Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is offering to sell a roughly $20 billion stake in its retail business to Amazon.com Inc., according to a person with knowledge of the matter.

Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd. unit and has expressed interest in negotiating a potential transaction, the person said. Mumbai-based Reliance Industries is willing to sell as much as a 40% stake in the subsidiary to Amazon, the person said, asking not to be identified because the information is private.

A deal, if successful, would not only create a

Urban unemployment rate falls to lowest level in first week of September, since lockdown began.

The urban unemployment rate fell to 8.32 per cent in the week ending 6 September. (Bloomberg image)

The high unemployment rate in urban India subsided in the week ending 6 September 2020, falling to the lowest level since the lockdown began. The urban unemployment rate fell to 8.32 per cent in the week, according to the Centre for Monitoring Indian Economy. Interestingly, the employment situation in urban India has improved despite a severe loss of salaried jobs. An estimated 21 million salaried employees have lost their jobs by the end of August. There were 86 million salaried jobs in India

WhatsApp for Android may soon get new call button, catalogue shortcuts and more

Catalogue shortcut is expected to enable quick access for product portfolio, thus making it easier for businesses to communicate.

WhatsApp is apparently working on several improvements for the Android version of its app. The company is expected to bring a new catalogue shortcut for business accounts, a new call button and ‘Doodle’ option. According to a report by WABetaInfo, the company has been working on these features and they have been spotted in the beta version for Android. Catalogue shortcut is expected to enable quick access for product portfolio, thus making it easier for businesses to communicate.

The feature tracker

LVMH Says It Won’t Move Ahead With Tiffany Acquisition

PARIS — The engagement between Tiffany and LVMH Moët Hennessy Louis Vuitton seems to be off.

The French luxury giant said it likely won’t be able to complete its planned $16.2 billion acquisition of the American jeweler after France’s Minister for Europe and Foreign Affairs asked LVMH to defer the transaction beyond Jan. 6, 2021. The request was made in the wake of a U.S. threat to slap taxes on a range of French products.

More from WWD

LVMH noted that its original acquisition agreement called for a deadline of Nov. 24 to complete the transaction.

“As it stands, the

Finmin clarification: ‘We haven’t delayed payments of Rs 7 lakh crore’

The power ministry proactively conceptualised Rs 90,000 cr worth of liquidity infusion scheme to ease the liquidity position of the above -mentioned generators in two equal tranches.

In response to the news report ‘Forget the stimulus, just clear your dues’, written by Prasanta Sahu which appeared in the edition dated September 8, the finance ministry has responded with the following:

169 arbitration cases involving claims of contractors of Rs 74,227 crore as on Dec 2019
Comments: Out of Rs 74,227 crore, majority of the claims (Rs 52,945 crore) pertain to 4 contractors, who are not participating now in the highways

Xbox Series S arrives on November 10 with ray tracing, 512GB SSD and 120fps playback

Hours after revealing its first look and price, Microsoft has shared the launch date and some key hardware details of its second upcoming console, aka Xbox Series S. The Xbox Series S arrives on November 10 with ray tracing, 512GB SSD, 120fps playback, and more. The higher-end Xbox Series X is also expected to launch on the same date.

With the Xbox Series S, Microsoft is promising next-generation performance packed inside a smaller package. While we do not know exactly what that entails, we now know that the Xbox Series S is 60% smaller than the Xbox Series X. Microsoft