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An Elephant that is Starting to Run, Turkish Lira Crashes, Musk To Take Tesla Private et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 12, 2018 11:14 AM 2 min read
Editorial

End of Week Wrap-up (August 06, 2018 - August 12, 2018) #India #IMF #RBI #Turkey #Lira #NYC #Uber #Lyft #ElonMusk #Musk #Tesla #US #Dollar #Transfin

Editor's Comment: India is still one of the fastest growing economies as reforms start to pay off, as per the IMF; forecasted to grow at 7.3% through March 2019 and 7.5% in the year after that. Key risks flagged incl. higher oil prices, tightening global financial conditions and tax revenue shortfalls.

 

RBI to pay INR50,000cr as dividend to the government for FY ending June to help manage the fiscal deficit. It is not clear whether this amount includes the interim dividend of INR10,000cr paid to the government in March 2018.

 

SBI reports loss for three consecutive quarters at INR4,876cr on back of lower trading income and significant mark-to-market losses due to hardening of bond yields. PNB reports INR940cr loss in Q1 FY19 vs. profits of INR343cr in the same period last year.

 

Turkish Lira falls 12% against the US Dollar due to rampant inflation and volatile economy. Donald Trump reportedly sanctioned additional tariffs on steel and aluminum with respect to Turkey, adding to its currency woes.

 

New York City Council to limit issuance of licences to ride-hailing services like Uber and Lyft for 12 months. The council wishes to study the effects on the city, mainly congestion and earnings of yellow medallion taxi drivers. However, the council also made sure rideshare drivers also earn atleast $17.22/hour.

 

Elon Musk ‘considering to take Tesla private at $420’, as per his tweet. SEC probing the factual credibility of Musk’s statement as he may have violated rules which state publicly traded companies cannot announce plans to buy/sell securities if executives don’t follow through, or have the required means or capital to complete the deal.