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Rupee Continues Free Fall Against Dollar, Silicon Valley Blood Testing Firm to Wind-up Business et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Sep 5, 2018 1:33 PM 3 min read
Editorial

Good evening readers, today being Teacher's Day we thought its not a bad idea to wear our pedagogical hats and share a fun fact. Exactly 41 years ago the Voyager 1 space probe was launched and it is still up there, operational and everything...having crossed our solar system to become the most distant man-made object from Earth. Gives a sense of how we should once in a while step back and think beyond terrestrial issues we obsess over for most of our lives. On that note, let's head back to planet Earth and revisit today's top 6 business stories in our End Of Day Wrap Up ;)

 

INDIA

 

Rupee almost reaches 72 vs Dollar on back on Emerging Markets woes

Rupee was trading as high as INR71.97/$ as the market opened today. Reportedly, the RBI also intervened and is said to have sold dollars at INR71.80 at a local forex spot market to stabilize the Indian Rupee. Emerging Markets have been struggling lately, as Turkey reported a surge in inflation on Monday, South Africa declared a recession in the country yesterday and even Philippines reported inflation above 6% for the first time since 2009.

 

60% of money deposited in Jan-Dhan accounts post demonetization to come under scanner

The Government has put under lens, a little over 37 million Jan-Dhan accounts accounting for INR42,200cr, with suspicious money transactions post the note ban in 2016. 

 

Shivinder Singh, ex-promoter of Fortis Healthcare moves to NCLT accusing elder brother Malvinder Singh of oppression and mismanagement of RHC Holding, Religare and Fortis

Shivinder Singh, ex-promoter of Fortis Healthcare moves to NCLT accusing elder brother Malvinder Singh and former head of Religare, Sunil Godhwani of oppression and mismanagement of RHC Holding, Religare and Fortis. Shivinder Singh has also disassociated with his elder brother as a business partner, to pursue his own independent path. Fortis has been facing a lot of financial and legal pressure since the beginning of 2018.

 

India’s August services PMI falls from 21 week high in July on back of  weak growth

The service sector growth of India, quantified by Nikkei India Services Business Activity Index, fell from 54.2 in July to 51.5 in August, on back of low growth of new work orders, increased staffing levels and increasing input cost inflation. A level above 50 implies expansion and below 50 means contraction.

 

US / INTERNATIONAL

 

Silicon Valley blood testing firm, Theranos is winding up its business

Theranos, the Silicon Valley bio tech firm, will close down its business soon as per a recent email by CEO David Taylor to shareholders. Founder and former CEO, Elizabeth Holmes was indicted of wire fraud in June this year. She also schemed with COO, Ramesh “Sunny” Balwani to dupe investors, doctors, patients in a multimillion dollar fraud.

 

Bank of England Governor Mark Carney open to extend tenure beyond 2019

Mark Carney, Governor of Bank of England, is open to extend his tenure as governor beyond June 2019 when his tenure is scheduled to end. He sees this as a measure of maintaining stability as the UK prepares its exit from the European Union next year. He is expected to get an extension till 2020.

 

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