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Facebook to Pay The Price, Bandhan Bank Hit Hard et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Oct 1, 2018 12:42 PM 3 min read
Editorial

Good evening reader,

 

Today is International Coffee Day. Don't have much to say on that. Frankly, the world can do better with a lot less awareness of Coffee :) 

 

Yesterday however was The World Heart Day. Now that makes more sense. Cardiovascular disease is the leading cause of death globally, expecting to kill over 23.6m people by 2030. So having a "day" to remind us how important it is to take a heart-healthy diet, regularly exercise, quit smoking, limit alcohol consumption, lose weight, manage your blood pressure, blood sugar, and reduce stress, is not such a bad idea!

 

One of our valued contributing Writers (a Senior Cardiologist himself) has been a regular proponent of how diet and exercise can help. Do check his articles for actionable insights on this subject. May be an interesting distraction to counter Monday blues for all.

 

Unless you're working in IL&FS that is ;)

 

For this and more, check today's Top 6 Business stories through our End Of Day Wrap Up:

 

INDIA

 

Government to take over management of debt-laden IL&FS.

The government moved the National Company Law Tribunal to seek a change in IL&FS’ management. Concerns over effects of the crisis on the mutual funds industry and ‘mismanagement’ were reportedly cited in the government’s petition to the NCLT. Ministry of Corporate Affairs (MCA) has now been allowed to take control of the company. A six-member board led by Uday Kotak has been appointed.

 

Assets worth INR637cr (including diamonds, bank accounts, and properties in New York and London) belonging to PNB fraud primary accused Nirav Modi have been seized.

In a notable development in the PNB Fraud case, the Enforcement Directorate (ED) has seized INR637cr worth of assets found in four countries, belonging to Nirav Modi and his family, the primary accused in the case. Five overseas bank accounts, holding over INR278cr have also been seized.

 

RBI decides to ease liquidity in the market, to buy INR36,000cr worth government bonds.

As a part of its Open Market Operations, the Reserve Bank of India has decided to buy government bonds worth INR36,000cr to infuse liquidity into the banking sector. The auctions are to be held in the later half of October.

 

Bandhan Bank hits record low as shares fall 20% after RBI imposes restrictions.

Shares of the private lender hit its lowest since listing, in a single day decline after RBI forbade the bank from opening any new branches and ordered holding of the CEO’s salary due to the bank’s failure to meet shareholding rules and banking license guidelines.

 

US/INTERNATIONAL

 

US, Canada, and Mexico reach trade deal to keep NAFTA alive.

Following an year of intense negotiations, US, Canada and Mexico have finally reached an agreement to update the North American Free Trade Agreement. The new deal to be known as the United States-Mexico-Canada Agreement or “USMCA” will govern more than $1.2tr worth of trade among the three nations.

 

Facebook may be fined $1.63bn for violation of EU privacy laws after huge data breach.

A EU privacy watchdog may fine the social networking giant for the violation of the General Data Protection Regulation, for the recent data breach which compromised personal information of over 50 million users. According to GDPR, companies that do not protect user data can be fined up to $23mn or 4% of their annual revenue from prior year, depending on the larger sum.

 

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