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Indian Deposits in Swiss Bank Reduce, Idea Vodafone Merger, Barclays to Re-Enter Retail Banking Sector in India et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 24, 2018 12:35 PM 2 min read
Editorial

End of Day Wrap-up (Tuesday / July 24, 2018) #SNB #BIS #SwissBank #IdeaCellular #Vodafone #DoT #blackmoney #ebay #Iran #SaudiArabia #oil #Alphabet #Google #Barclays #Transfin

Editor's Comment: Quoting a report published by SNB & BIS, Swiss Ambassador Andreas Baum in a letter said that Indian deposits in Swiss Banks had reduced 34.5% in 2017. According to same report, Indian deposits in Swiss Banks have reduced by 80% since 2014.

 

Idea Cellular and Vodafone have made a payment of INR7,248.78cr to DoT as a part of the merger deal. This amount was asked by DoT as a one-time cost for the spectrum, as a condition for the proposed merger to be approved by DoT.

 

Flipkart to shut down eBay India operations and launch its own platform to sell refurbished goods. EBay looks to re-launch itself into the Indian market, focusing on cross-border trade. In May, eBay had decided to terminate its strategic partnership with Flipkart.

 

Iran displaces Saudi Arabia as 2nd largest supplier of oil to India during the months between April and June, as Indian petro companies took advantage of reduced prices offered by Iran. India shipped in 457,000 barrels/day during the first quarter of this fiscal year.

 

Alphabet Inc, Google’s parent company, Q2 revenue increases 26% YoY to $32.7bn as net income drops 9.3% YoY to $3.2bn. The drop in net income is due to the recent fine of $5bn charged by EU. Google’s advertising business brought in most of its revenue at $28bn, rising 24% YoY.

 

Barclays considers return to retail banking sector in India. Barclays exited its retail banking operations in India back in 2011 due to Europe’s debt crisis and administrative issues. Barclays already has $1bn invested in India, and looks to utilize this capital for its re-entry.