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QBiz: FM Says Economy Facing Challenges; Chinese Co Eyes GM Plant

1. Indian Economy Currently Facing Challenges, Says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Sunday, 10 November, unveiled a book on global finance, and said it suggests solution for challenges that the world and Indian economy is currently facing.

Launching the book titled ‘The Rise of Finance: Causes, Consequences and Cure’, she said it will help “understand the current economic situation facing both the world and Indian economy”.

“As a textbook, I am sure it will become very popular and more importantly, this will be a book that is very relevant to those of us, sitting on the policy making table. Secondly, its relevance and the timing of the launch of the book in India. We are currently facing a challenging time,” the minister said.

(Source: Financial Express)

2. Economy Under Stress: Slowdown May Spill Over to FY21

The economy may be in the midst of a protracted phase of slowdown and the weakness could stretch into the next fiscal, as green shoots of a recovery in key indicators — from industrial production, exports and corporate sales to non-food credit growth — are barely visible.

Economists, who were earlier optimistic about a rebound in the September quarter itself, are now much less sanguine and believe growth didn’t hit the rock bottom in the three months through June; rather, it may have dropped below 5% for the first time since the last quarter of FY13 in the July-September period.

(Source: Financial Express)

3. Ten Shortlisted for Acharya’s Replacement as RBI Dy Governor

Ten candidates are understood to have been interviewed last week for the post of deputy governor — vacated by Viral Acharyain charge of the monetary policy department in the Reserve Bank of India.

The interview was conducted by the Financial Sector Regulatory Appointment Search Committee (FSRASC) and the final call on the appointment will be made by the Prime Minister’s Office.

The post of deputy governor has been lying vacant ever since Acharya stepped down in August 2019.

(Source: The Times Of India)

4. Alibaba Says Singles’ Day Sales Hit $16.3 Billion in Less Than 90 Minutes

Alibaba Group Holding Ltd.’s Singles’ Day shopping bonanza got off to a scorching start, logging more than 114 billion yuan ($16.3 billion) of purchases in less than 90 minutes, the equivalent of more than half of last year’s record haul for the 24-hour event.

An estimated half-billion shoppers from China to Russia and Argentina are expected to swarm the e-commerce giant’s sites to scoop up everything from iPhones and refrigerators to cashew nuts. The company again hosted a televised entertainment revue in Shanghai to run alongside the bargain-hunting, this time enlisting Taylor Swift and Asian pop icon G.E.M. to try and pump up sales.

(Source: Livemint)

5. Nearly 1/3rd of Cash Orders Not Delivered

Around a third of all cash-on-delivery (COD) orders from e-commerce sites in India are not delivered, adding to cost for e-tailers, revealed data from Narvar, a San Francisco-headquartered company that partners with major global retailers to automate deliveries.

While email questionnaires on non-deliveries and returns sent to major e-commerce companies, including Amazon India, did not elicit responses, a senior industry executive said the Flipkart Group, along with other e-tailers, are experimenting with quite a few initiatives to help them reduce losses from returned items.

(Source: The Times Of India)

6. Lavasa Lenders to Take Call on Haldiram’s Bid on Nov 14

Lenders to Lavasa Corporation — the entity developing a hill city near Pune of the same name — will decide on the bid by a Haldiram Snacksled consortium on 14 November. The resolution professional is understood to have ruled that the bid is compliant with the Insolvency and Bankruptcy Code.

Pioneer Facor IT Infradevelopers and Sanar Property are the two other companies in the consortium that is led by Haldiram. According to lenders, another bid by Pune-based developer Aniruddha Deshpande has been turned down as it was found to be non-compliant.

(Source: The Times Of India)

7. Chinese Auto Firms Eye GM’s Last Plant in India

SAIC Motor Corp. Ltd and Great Wall Motors Co. Ltd, two of China’s biggest automakers, are in talks with General Motors Co. to acquire the Detroit car maker's last remaining factory in India, two people aware of the development said.

Located at Talegaon in Maharashtra, the plant can produce 165,000 vehicles a year and 160,000 power trains. GM had in 2017 sold its first factory in India at Halol in Gujarat to SAIC. MG Motor India, a unit of SAIC, has tasted runaway success with its debut Hector sport utility vehicle (SUV) since it went on sale in June.

(Source: Livemint)

8. SEBI Taps Finance Ministry Over New Tag for Foreign-Owned MFs

The markets regulator has written to the finance ministry over its recent circular tagging foreign-controlled mutual funds as investment vehicles, two people familiar with the matter said. The regulator’s intervention comes amid fears that the new rules could force several equity asset managers to freeze investment activity and even sell their holdings.

The Securities and Exchange Board of India (Sebi) made its representation after mutual funds made their case to the regulator. The anomaly arising from the circular is that retail domestic money invested in the schemes of foreign-owned mutual funds will be counted as foreign money.

(Source: Livemint)

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