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Unemployment Rate hits 71wk High et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Feb 27, 2018 12:49 PM 1 min read
Editorial

 End of Day Wrap-up (Tuesday / February 27, 2018) #PNB #PNBFraud #NiravModi #RBI #KYC #Reliance #Jio #Samsung #Jio #Transfin

Editor's comment: PNB Fraud size may amount to $2bn vs. $1.8bn earlier, accused Nirav Modi and Mehul Choksi miss summons before the ED. Finance Ministry sets 15 day deadline for PSBs to identify gaps around operational and technology risks and take pre-emptive action. PNB Fraud pushes trade financing costs by upto 0.5%. Citigroup, DB, Standard Chartered, and HSBC reducing exposure to trade financing involving domestic borrowers.


Benchmark indices close marginally lower ahead of GDP data release on Wednesday. Unemployment rate hits 71wk high in w/e Feb 25th.

 

RBI refuses to extend tomorrow's deadline for mandatory KYC-compliance by prepaid wallet customers. Customers can however continue to use any outstanding balance in their mobile wallets.

 

Reliance Jio and Samsung to deploy a cellular internet of things (IoT) network across India. Multiple consumer and enterprise use cases for service including vehicle tracking, smart appliances, smart metering, security and surveillance envisaged.

 

US cable giant Comcast outbids Ruper Murdoch by offering £22bn to acquire Sky. The enhanced offer challenges Fox's initial offer in addition to jeopardizing the envisaged sale of Sky to Disney as a part of a $60bn asset sale by Fox.