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US Fed Raises Interest Rates, Facebook CEO Admits To Mistakes et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Mar 22, 2018 1:01 PM 2 min read
Editorial

End of Day Wrap-up (Thursday / March 22, 2018) #SC #Modicare #NHPS #Aadhaar #Flipkart #US #Fed #Facebook #MarkZukerberg #Transfin

Editor's Comment: Consortium of banks appealed to the apex court against Reliance Jio and RCom deal. RCom owes Indian lenders INR42,000 crore. The top court will hear pleas from the consortium of banks and RCom against stay of assets sale by HC on April 5.

 

Cabinet approves National Health Protection Scheme also known as Modicare with budget of INR16k crore for 2018-20. The scheme is intended to provide health care for 107.4 million households (500 million people). Each family will be entitled to health cover up to INR500,000 a year.

 

SC declares Aadhaar not mandatory for pension, differentiates pension and subsidy. It added that pension is not a subsidy but an entitlement for the years of service one has rendered to the government in discharge of official duties. A five judge constitution bench is hearing petitions challenging the constitutional validity of Aadhaar Act on the touchstone of the fundamental right to privacy.

 

Flipkart accumulated losses increases to $3.6 bn from $1.5 bn a year previously. Flipkart’s revenue growth slowed down in the year ending March 2017 to 29% (to INR19,855 crore), against 50% growth in the previous year.

 

US Fed raises interest rate from 1.50% to 1.75%. More such hikes forecasted under the new chairman Jerome Powell, signaling growing confidence in U. S. tax cuts. Increased government spending likely to boost economy and inflation and lead to more aggressive future tightening.

 

Facebook CEO Mark Zuckerberg admits to committing mistakes and assuring an investigation over user data abuse. Among measures to be taken, Facebook to investigate and look for any potential abuses of personal data by app developers on its platform that have had access to large amounts of user data.