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Indian Economy is an Elephant that is Starting to Run et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 8, 2018 2:00 PM 2 min read
Editorial

End of Day Wrap-up (Wednesday / Aug 8, 2018) #India #IMF #Indianeconomy #Flipkart #ecommerce #China #US #tradewars #ElonMusk #Tesla #Snapchat #Samsung #Transfin

Editor's Comment: India is still one of the fastest growing economies as reforms start to pay off, as per IMF. India, a $2.6tn economy, has been described as an elephant starting to run with a growth forecast of 7.3% through March 2019, and 7.5% in the following year.

 

National Anti-profiteering Authority recommends a pan-Indian audit of the e-commerce industry after profiteering complaint over a Flipkart order. A customer from Tamil Nadu complained of paying 28% GST on a product (Invoice raised - INR14,852), whose invoice at time of delivery showed 18% GST (Invoice raised - INR14,152) .

 

China responds with retaliatory tariffs on $16bn of US goods as US readies tariffs on Chinese goods of same value. US had earlier today announced that it is likely to impose 25% tariffs on $16bn of Chinese goods within the next two weeks. China has responded with counter-tariffs of same value.

 

Elon Musk ‘considering to take Tesla private at $420’, reveals in a public statement. Musk values Tesla at $70bn, a price that some analysts and bankers doubt the possibility of. However, this statement helped Tesla’s stock price rise 11% as it closed at $379.6.

 

Snapchat reports first fall in daily active users by 2% to 188mn; stock price falls 4.8% to close at $12.5. This was the first time Snapchat lost users since it was founded in 2011. Founder Evan Spiegel has stated the latest major change in User Interface is behind the fall.

 

Samsung to invest $22bn in AI, auto tech and 5G over the next 3 years. Samsung is looking for new growth drivers beyond phones and memory chips.