Reliance Industries hits market valuation of INR9L cr ahead of Q2 results. BHEL share price rises on the back of disinvestment news. China GDP growth slows to 26-yr low. Scotch whisky, French wine, Spanish olives and Italian Parmesan face Trump's tariffs.
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Disgraceful!: As per Compritech's global survey, India is among the world’s three worst country for data privacy. Only China and Russia fared worse.
The survey ranked countries based on constitutional protection, statutory protection, privacy enforcement, biometrics, data sharing and the government’s access to citizen data among other things. Inc42
Crime and Punishment: Union Minister of Commerce Piyush Goyal has said that flouting FDI norms set for ecommerce companies, either in the letter or in spirit, is bound to attract severe actions.
Goyal said that some complaints have been brought to his attention regarding violations by e-commerce companies and details are being sought from the concerned parties. Requisite action will follow. HT
For the Greater Good: Share price of power equipment producer Bharat Heavy Electricals (BHEL) surged 27.5% in trade today before closing at INR54.35 (+21.86%) on the back of news that the government is likely to cut its stake in the company.
Govt’s stake in BHEL may be pared in tranches to 26% from 63.17% currently.
The government may also look to sell the state-run power player's non-manufacturing units to private players.
Earlier in October, the government cleared disinvestment in five PSUs, a move which is expected to cover nearly 60% of its disinvestment target of INR1.05L cr for FY20. Livemint
Aim for the Summit: Market cap of Reliance Industries today surged to INR9L cr as shares jumped - touching a fresh record high ahead of the announcement of Q2 results. Reliance Industries share price jumped by more than 2% to hit the day’s high at INR1,428. Financial Express
Mom-and-Pop to Rock: As per the latest report by research firm Bank of America-Merrill Lynch (BofA-ML), Reliance Retail’s market value will skyrocket to a whopping $200bn in two years, and a massive chunk of this growth will come from unorganised retail market or kirana stores.
The segment, if it takes, can contribute as much as $25bn to the enterprise value, increasing the total retail business value to $70bn. Business Insider
Beijing Blues: In the quarter ending in September, China grew by 6%. This represents the weakest growth since the country began reporting quarterly numbers in 1993. The trade war with the US has taken a devastating toll on China’s economy, which is now the world’s second largest. Coupled with rising inflation, weak consumer demand and a dangerous bout of African swine fever that has decimated the country’s pig population, these factors have slowed growth to a 26-year low.
These doleful numbers could spur the Communist Party to cut interest rates and pursue aggressive stimulus to boost the economy. But it will be tricky since the country’s debt is already so sky-high that its credit rating has been slashed. AP
Rewind: Since 1949, China has come a long way. Once an economic backwater, it became the world’s factory to today becoming a viable competitor to the US for the title of world’s largest economy. You can visualise and read about China’s eventful transformation here.
Trump is Coming for Your Wine: European producers of specialty agricultural products are facing the heat of America’s clash against Europe over the EU’s subsidies to Airbus. Washington is taxing European aircraft 10% more but agricultural products an extra 25%. This has hit products that have “protected name status” – goods sold under a certain name because they come from a particular region or have unique production methods. These include the likes of Scotch whisky, French wine, Spanish olives and Italian Parmesan.
Needless to say, producers of these products are more than irked by these punitive taxes, which they feel could seriously hurt their US sales. Their main complaint is that their products have nothing to do with the Boeing vs Airbus conflict: they are a different group of products altogether and are suffering because of politics. USA Today
Never Underestimate a British Man’s Optimism: Now that Boris Johnson has finalised a deal with the European Union, he faces the daunting task of convincing the UK Parliament to pass the deal. And in case you haven’t been following the unending drama that is British politics, Westminster is now a stunningly fragmented along countless lines and ever-shifting opinions. When Johnson’s predecessor Theresa May tried to pass her Brexit deal, it was defeated by a crushing 430-202 margin.
But the Prime Minister is confident about his prospects, despite having already faced derision from his coalition partner and the Opposition Labour Party. Whether he faces defeat or success will be seen when the chamber votes on Saturday. Guardian
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