Supreme Court allows trading in cryptocurrency, cancels ban imposed by RBI
The Supreme Court has set aside RBI's 2018 circular, which had barred banks from dealing in virtual currencies such as cryptocurrencies, including bitcoins. The petition by the Internet and Mobile Association of India had questioned the RBI's powers to impose the ban since cryptocurrencies weren't a "currency" in the legal sense. IAMAI insisted that cryptocurrencies were more like a commodity.read more at Bloomberg Quint
Amazon employee in Seattle tests positive for coronavirus
An Amazon employee in Seattle, US has tested positive for the coronavirus, according to an internal message by the company on Tuesday. The employee went home after feeling sick on February 25 and has stayed out of Amazon's offices ever since. The employee is currently in quarantine and all other employees who came in contact with the individual were notified.read more at The Guardian
Japan firm developing coronavirus drug using blood of recovered patients
Japan's largest drugmaker Takeda said it's developing a plasma-derived drug for high-risk patients infected with the coronavirus. The research would require plasma from the blood of patients who have recovered or who have been vaccinated, once a vaccine is developed. Takeda added it's working with authorities in Asia, Europe and the US to speed up the research and procure plasma.read more at Reuters
US charges Chinese nationals with laundering cryptocurrency for North Korea
The US justice department charged two Chinese nationals with laundering over $100 million in cryptocurrency on North Korea's behalf, filings revealed. The duo allegedly laundered stolen currency to "obscure transactions for the benefit of actors based in North Korea", a justice department official said. A related civil forfeiture complaint detailed over $250 million stolen by North Korean actors.read more at Reuters
Yield on world's benchmark bond falls below 1% for first time
The 10-year US Treasury yield, which is taken as the notional "risk-free" benchmark rate for financial transactions across the world, dropped below 1% for the first time on Tuesday. This came after Federal Reserve slashed interest rate by 50 bps in an emergency move to limit the coronavirus impact. The benchmark 10-year Indian bond yield dropped 8 bps to 6.26%.read more at Reuters
How did the Indian stock market perform during past virus outbreaks?
The Sensex lost about 10% during the SARS outbreak between January and March 2003 (estimated period of the outbreak) but gained 83% in the year after the outbreak. Similarly, during the Zika outbreak between November 2015 and February 2016, it fell about 13% but was up 24% a year after the outbreak. The index has lost about 6.5% since January.read more at Livemint
We've been in India for 11 years, we will be here for another 11: Brookfield
Canada's Brookfield Asset Management said it's been in India for 11 years and it will be here another 11 years. "We will continue to put in more capital (in India). India is Brookfield's number one market in the world," said Anuj Ranjan, Managing Partner and CEO, Middle East and South Asia. He added Brookfield buys businesses for the long term.read more at Livemint
Europe is 'panicking' as India restricted drug exports: Industry group
The Pharmaceuticals Export Promotion Council of India (Pharmexcil) said Europe is "panicking" after India restricted exports of several antibiotics and paracetamol. The list of restricted medicines accounts for 10% of India's pharma exports. "I'm getting a huge number of calls from Europe...we control almost 26% of European formulations in generic space," Pharmexcil Chairman Dinesh Dua said.read more at Reuters
Govt to allow NRIs to own up to 100% stake in Air India
The government on Wednesday gave NRIs permission to own up to 100% stake in Air India, in which the government is looking to sell a 100% stake. Investments by NRI will be treated as domestic investments. As of now, NRIs can buy a 49% stake in Air India while FDI in the airline is also 49% after government approval.read more at The New Indian Express
Ticket prices as low as ₹1,470 for 3.5 hour flights in coronavirus-hit China
Chinese airlines are offering very low fares as they start restoring seat capacity following sharp capacity reduction necessitated by the coronavirus. A one-way direct trip for this Saturday from Shanghai to Chengdu on Juneyao Airlines, which takes 3.5 hours, costs just ₹1,470. Chinese carriers are adding nearly 3 million seats back into scheduled services this week, mainly for domestic routes.read more at Bloomberg Quint
World Bank announces $12bn in immediate funds to tackle coronavirus
The World Bank has announced an initial package of $12 billion in "immediate support" to assist countries coping with health and economic impacts of coronavirus outbreak, as the global death toll crossed 3,000. The emergency package includes low-cost loans, grants and technical assistance. The organisation said it will prioritise the poorest countries and those at high risk with low capacity.read more at Reuters
ArcelorMittal Nippon Steel acquires Bhander power plant in Hazira
ArcelorMittal Nippon Steel India said on Tuesday that it has completed the acquisition of Bhander power plant at Hazira in Gujarat from Edelweiss Asset Reconstruction Company. The size of the deal was not revealed but, as per reports, it's said to be of about ₹500 crore. Bhander, a natural gas-based thermal plant, began operations in 2008 with a 500-megawatt capacity.read more at Livemint
Bombay HC refuses to stay auction of paintings taken from Nirav Modi's home
The Bombay HC has denied granting a stay on the auction of fugitive diamantaire Nirav Modi's paintings which have been held by the ED. Nirav Modi's son Rohin Modi claimed that the paintings were owned by Rohin Trust and that they cannot be interpreted as proceeds of crime. Modi's Rolls Royce-Ghost and Porsche Panamera S will also be auctioned.read more at The New Indian Express
Balance AGR dues of telcos pegged at ₹1.3 lakh crore: Govt
The government has received ₹15,897 crore in AGR dues from telecom companies, placing balance dues at ₹1,30,440 crore, MoS Communications Sanjay Dhotre said. Companies had to pay total dues of ₹1,46,337 crore. Reliance Communications made payment of ₹3.96 crore, taking its balance dues to ₹21,135 crore while Vodafone Idea paid ₹3,500 crore, taking its balance to ₹49,538 crore, Dhotre added.read more at Livemint
Cabinet approves merger of 10 PSBs into 4 banks effective April 1: FM
The Cabinet has approved merger of 10 public sector banks (PSBs) into four entities which will come into effect from April 1, Finance Minister Nirmala Sitharaman said. The merger, which is aimed at creating global sized banks, will bring down number of public sector lenders to 12 from 27 in 2017. The government announced banks' merger in August 2019.read more at The Financial Express
Lufthansa to ground 150 aircraft due to coronavirus
Lufthansa said on Wednesday that it will be grounding 150 of its total 770 aircraft due to coronavirus, adding that 25 of them are long-haul jets. Last week, the German airline had announced that it is grounding 23 of its long-haul aircraft. Meanwhile, Coronavirus has killed over 3,000 people and infected over 90,000 people globally.read more at Livemint
India's services sector growth hits over 7-year high in February
India's services sector activity expanded for fifth successive month and hit an over seven-year high in February on strong export demand and business confidence, a private survey said. The IHS Markit India Services Business Activity Index rose from January's 55.5 to 57.5 in February, after dipping to a 19-month low in September. This was the highest reading since January 2013.read more at Livemint
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