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Insurance Regulator Approves LIC's Investment in Distressed IDBI Bank et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jun 30, 2018 12:45 PM 2 min read
Editorial

End of Day Wrap-up (Saturday / June 30, 2018) #IRDAI #LIC #IDBI #tax #GST #MSP #kharif #GeneralMotors #California #dataprivacy #GDPR #US #Transfin

Editor's Comment: Insurance Regulator approves LIC's investment in distressed IDBI Bank. LIC can own upto 51% of IDBI injecting INR10,000-INR13,000cr. RBI and SEBI approvals are still outstanding. LIC plans to reduce stake to 15% in 5-7 years. 

 

Indirect tax department issues notices to 200 companies for evading GST. Findings show these companies may be under-invoicing based on inconsistencies in their tax filings.

 

Minimum Support Prices (MSP) for kharif crops for 2018-19 season to be fixed at >1.5x production cost next week. Effect not expected to be particularly inflationary as per experts of the International Food Policy Research Institute.

 

Government's fiscal deficit for first 2 months of FY18-19 at 55% of full year target due to a higher capex. Pace of spending however slower with the same figure last year hitting 68.3%. Fiscal deficit target for FY18-19 set at 3.3%.

 

General Motors warns tariffs on vehicle imports would hurt its competitiveness and cost US jobs. Toyota also joins GM, says tariffs on foreign sourced parts and foreign car imports will hurt the sector. 36% of GM sales are imported. 

 

California passes the most stringent data privacy law in the US. Law requires citizens to have access to and ability to delete data held by tech companies. Requirement for opt-out clauses to prevent sharing and sale of data to third parties also included. Law expected to set a precedent for future Federal law in addition to the GDPR rules recently passed by the European Union.