Monday 3 November 2014

VRITTAM (27 OCT 2014 - 03 NOV 2014)

VRITTAM  (27 OCT 2014 - 03 NOV 2014)

THE WEEKLY FINANCIAL NEWS

NBFCs brace for tougher norms from RBI
Ahead of the new framework for non-banking finance companies (NBFCs) expected by the end of this month, the central bank has been slowly tweaking norms for them, signalling tighter regulation on cards. Analysts said the Reserve Bank of India (RBI) has quietly put in place small changes during the current fiscal year, creating a more level playing field between NBFCs and banks—which often do the same kind of business but are subjected to different regulations.

Read more at: http://www.livemint.com/Industry/VBQwACJCYFoqCFESalqF4I/NBFCs-brace-for-tougher-norms-from-RBI.html?utm_source=copyAhead of the new framework for non-banking finance companies (NBFCs) expected by the end of this month, the central bank has been slowly tweaking norms for them, signalling tighter regulation on cards. Analysts said the Reserve Bank of India (RBI) has quietly put in place small changes during the current fiscal year, creating a more level playing field between NBFCs and banks—which often do the same kind of business but are subjected to different regulations. 
Ahead of the new framework for non-banking finance companies (NBFCs) expected by the end of this month, the central bank has been slowly tweaking norms for them, signalling tighter regulation on cards. 
Analysts said the Reserve Bank of India (RBI) has quietly put in place small changes during the current fiscal year, creating a more level playing field between NBFCs and banks—which often do the same kind of business but are subjected to different regulations.

 Government modifies selection process for public bank heads

The government has modified the selection process for the appointment of heads of state-run banks and will conduct interviews for these posts on 13 and 14 November. Each candidate will have to be independently evaluated by three sub-committees having two members each. 
The financial services secretary, a deputy governor from the Reserve Bank of India and four independent members will be a part of these sub-committees.

 Brazil central government posts unexpectedly big primary deficit
Brazil’s budget deficit unexpectedly widened to a record in September, prompting the government to say it won’t meet its fiscal target as a possible credit downgrade looms. Swap rates rose. 

 China slowdown to bruise global economy

China's roaring economy for years has pulled much of the rest of the world with it, soaking up oil, iron ore and other commodities from developing countries and autos and luxury goods from Europe.
But its role as a global engine is fading as its economy slows and many other nations, in the view of economists, will feel the pain. A survey of 30 economists has found that 57 per cent of them expect China's decelerating economy to restrain growth in countries from Brazil and Chile to Australia and South Korea.

 India Inc.’s sales slow, but profits rise in Sept quarter
 Eurozone inflation edges up to 0.4%
The flash inflation figure of 0.4% for October was up from 0.3% in September, Eurostat said.
The services sector was the biggest influence on the rise, showing an increase of 1.2% compared with a 1.1% rise in September.
The eurozone's unemployment rate remained unchanged at 11.5% in September compared with August.

 Banks may be forced to boost reserves
The Bank of England wants to reduce the chances of banks needing taxpayer bailouts.
The Bank said that the level of reserves compared to loans could rise from 3% to 4.95% from 2019.
That means banks would need to hold £1 of capital for every £20 they lend, compared with £1 for every £33 today.

 OPINION

Will Wall Street Love Fracking as Oil Prices Fall?
In a ballroom at the Dallas Ritz-Carlton in September, Aubrey McClendon told an investor conference that since leaving Chesapeake Energy last year to start his own company, American Energy Partners, he’s raised an average of $1.6 million an hour. Laughter swept the crowd. McClendon then put up a slide covered with the logos of Wall Street backers that have collectively handed his outfit $13 billion. Among them: KKR, BlackRock and Apollo Global Management. “Everybody here knows that capital is more easily accessed today than probably at any other point in your careers,” McClendon said.  


SLIDESHOW
Click on the slideshow below to have a better view of Ten Sectors that are boosting American Economy



http://www.economywatch.com/slideshow/10-sectors-that-are-boosting-the-american-economy.14-05.html

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