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Nirav Modi Confirmed to be in UK, Reliance Retail and Alibaba to join hands et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 20, 2018 12:35 PM 2 min read

End of Day Wrap-up (Monday / Aug 20, 2018) #Transfin #Airtel #NiravModi #UK #Zee #OTT #Government #PSBs #Alibaba #Reliance #PepsiCo #SodaStream #Greece #Eurozone #PNB #Diamond #PNBScam #RBI #China

Editor's Comment: Nirav Modi, fugitive diamantaire wanted in the INR13,500cr PNB scam, confirmed to be in the UK. Home Ministry to move extradition request via MEA to the UK authorities. Interpol issued a red corner notice against Nirav Modi on July 2nd under money laundering charges leveled by the Enforcement Directorate.


Airtel and Zee Entertainment enter strategic alliance to grow OTT video content in India. Airtel customers to gain exclusive access to Zee's premium content. 


Government turns down RBI's demand to remove the regulator's nominees from PSB Boards. Demand rejected based on notion that RBI nominees should continue while banks are in midst of a bad loan crisis. Move against RBI Governor Urjit Patel's view that central bank nominees on PSBs amount to a 'conflict of interest.


China's Alibaba Group initiates talks with Reliance Retail to create retail JV via a $5bn investment. Resulting venture to challenge domination of Flipkart and Amazon  


Pepsi agrees to acquire Israeli home carbonation company SodaStream for $3.2bn. SodaStream is the leading maker of countertop water-carbonation machines. Deal indicates Pepsi's diversification away from sugary sodas and salty snacks.


Greece's international financial bailout ends today marking symbolic end of the Eurozone debt crisis. The $331bn bailout came with an eight year austerity drive pushing down Greece's budget deficit from 15% of GDP to a small surplus now. Austerity measures totalled c.40% GDP and is said to have accelerated the country's economic slump.