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PNB Responds to Nirav Modi, RBI Pushes Up G-sec Yields et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Feb 23, 2018 12:37 PM 1 min read

End of Day Wrap-up (Friday / February 23, 2018) #PNB #NiravModi #RBI #MPC #Uber #US #imports #Trump #Snapchat #China #insurance #Transfin

Editor's comment: PNB responds to Nirav Modi, asking for submission of a "concrete and implementable plan", citing violation of FEMA laws and accusing him of money laundering.


Minutes of RBI's MPC meeting reveal hawkish stance, push up G-sec yields to 7.75%. MPC member Michael Patra of view that time for rate hikes is upon the Central Bank. RBI Governor states "Inflation risks have increased in recent month."


Uber plans to increase number of engineers in India by 3-4x, pushes for true car sharing vs. the taxi hailing model prevalent in the country.


US businesses and diplomats pressing India to cut tariffs. Concerns flagged regarding higher import tax on mobile phones, television sets etc. USTR view "fairly negative".


Snap Inc share price drops 6% post negative user feedback on recent App update built to help monetize. Analysts forecast Snap Inc. to lose over $500m next year but with strong revenue growth.


Chinese govt takes control of Anbang Insurance Group as its chairman is prosecuted for economic crimes. This marks an unprecedented seizure of a major non-state company demonstrating the Communist Party's growing concerns and willingness to control big-spending conglomerates as it cracksdown on financial risks.