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Shaktikanta Das Appointed New RBI Chief, Internet-based Apps and Websites Can Reduce Depression, China bans sale of older iPhones et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Dec 11, 2018 1:11 PM 3 min read

Good evening reader,


Governor of RBI unceremoniously steps down, so does another member of the Prime Minister's Economic council (though not in that order); Courts at home may finally get hold of Mr. Mallya; Election counting done and dusted across 5 Indian States. 


And it is only Tuesday. What a start?!  


The market, for obvious reasons, is as confused as the time it is living in, struggling to digest these implosions/triumphs within India. 


But what about the rest of the world? 


Yes, there is a world outside. We may forget like any big country, but wouldn't be forgiven for such a rookie oversight :) The super-volatility of oil, never mind OPEC+. Theresa May calling off the Brexit vote. Let's not even start on Huawei.


May be a good time to zoom out. At least before what unravels tomorrow. Here you go:  


Sensex and NIFTY rebound, closing at 35,150 and 10,549-mark respectively. Rupee sees significant slump of 1.5%.


Zoom Out: Sensex had opened over 500 points lower, NIFTY too fell over 134 points, before recovering to 35,150 (+0.54%) and 10,549-mark (+0.58%) respectively.


Meanwhile: Rupee in early trading at 72.46 against the US dollar witnessed a significant slump of 1.5% in early trade as domestic equities saw heavy sell-off on back of RBI Governor’s resignation and election noise.


Former Economic Affairs Secretary Shaktikanta Das appointed new RBI chief. Economist Surjit Bhalla announces resignation from PM's Economic Advisory Council


Up Close: According to a Livemint report, former Economic Affairs Secretary Shaktikanta Das has been appointed the new RBI governor after Urjit Patel resigned yesterday.

Also, this: Economist Surjit Bhalla announced his resignation from PM's Economic Advisory Council citing other work commitments - consultancy with CNN IBN and work on a book about Indian elections since 1952.


Online meat and seafood seller, Licious raises $25m investment in Series-D from Japan’s Nichirei Corp.


Up Close: The funding round was led by one of Japan’s largest public listed conglomerates, Nichirei Corp, along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, UCLA and Sistema Asia Fund.


Zoom Out: The Bengaluru-based startup had recently raised a similar amount led by Bertelsmann India. With the fresh round, the total funding raised by the company since its inception in 2015 is estimated at $64m.


The Bigger Picture: The funds will be used for expansion of operations in seven cities including Mumbai, Pune and Chennai, and strengthen its product portfolio and supply chain.


Internet-based apps and websites can reduce depression, reveals a study by Indiana University. 


What You Need to Know: Lorenzo-Luaces, a clinical professor who led the study which reviewed 21 pre-existing studies admitted that internet-based cognitive behavioral therapy apps, or iCBT, which focus on changing thought patterns and behavior to alleviate symptoms of depression and other mental disorders can be used to effectively alleviate depression.


Amazon fires employees involved in seller scam.


The What: As part of its ongoing investigation, Amazon has dismissed several workers in US and India, for allegedly inappropriately accessing internal data that was being misused by sellers to sabotage rivals.


What else: Amazon also has deleted thousands of suspect reviews, restricted sellers’ access to customer data on its website and curbed some techniques that trick the site into surfacing products higher in search results.


Chinese court bans sale of older iPhones in China, alleging violation of 2 Qualcomm patents.


What You Need to Know: As per a Chinese court, Apple had violated 2 patents of chipmaker Qualcomm – one related to photo editing and another to swiping on a touch-screen device. The court orders affect iPhone X, 8, 7 and 6 models.


Zoom Out: China, Hong Kong and Taiwan are Apple's third-largest market, accounting for about one-fifth of Apple's $265bn in sales in its most recent fiscal year.


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