India's Growth Recovery to Bolster Tax Revenues and Capital Inflows, Supports Credit Quality-Moody's

India's (Baa3 stable) economic recovery, manifested in data last Friday showing annual GDP growth of 5.7% in the quarter ended June, is in keeping with our long-held view that growth deceleration to sub-5% levels over the last two years would reverse over time. This forecast has underpinned the stable outlook on India's rating amid currency volatility, declining investment and poor market sentiment. Higher growth is likely to increase tax...

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Narendra Modi plays drums alongside Japanese drummer at TCS event in Tokyo

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Narendra Modi back in India after successful 5-day Japan visit

Prime Minister Narendra Modi on Wednesday returned home after concluding his successful visit to Japan, which promised to give $35 billion to India over the next five years for developmental projects, as the two sides agreed to enhance their strategic cooperation to a new level. He arrived here this afternoon after a five-day trip during which he visited Kyoto, besides Tokyo where he held talks with his Japanese counterpart Shinzo Abe...

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Ukraine says Putin, Poroshenko agree on "permanent ceasefire" in Donbass region

"Mutual understanding was achieved concerning the steps which will enable the establishment of peace," the statement also said after Poroshenko and President Putin spoke by telephone. Pro-Russian separatists are battling Kiev's forces in the mainly Russian-speaking Donbassregion, which is home to most of Ukraine's heavy industry and accounts for about 18 percent of the country's economic output...

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India’s fiscal deficit, inflation may prevent further upgrades: Moody’s

India's fiscal deficit and inflation outlook could prevent any upgrades in the country's sovereign rating, even as the economy is headed for recovery, Moody's Investors Service said on Wednesday. Although Moody's expects the government to meet the fiscal deficit target of 4.1% for the fiscal year ending in March, it noted the country's finances would "remain vulnerable to future cyclical downturns and external shocks." Reuters Meanwhile, Moody's...

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CBI chief Ranjit Sinha accused of having links with 2G scam accused

A non-government organisation (NGO) on Tuesday told the Supreme Court the entry register of Central Bureau of Investigation (CBI) Director Ranjit Sinha residence showed a "disturbing" and "explosive material" coming in the way of the administration of justice in the 2G telecom spectrum allocation scam. The issue was raised by the Centre for Public Interest Law (CPIL), one of public interest petitioners on whose pleas 122 licences for the 2G spectrum...

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Thought of the DAY

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Tangalooma Ship Wrecks Island of Moreton, Australia

The ship wrecks of Tangalooma are located on the western side of Moreton Island is the third largest sand island in the world, located on the eastern side of Moreton Bay, on the coast of south-east Queensland, Australia. Moreton Island lies 58 kilometres northeast of the Queensland capital, Brisbane. The island is 95% National Park and a popular destination for day trippers, four wheel driving, camping, recreational angling...

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World Inflation Makes 56-Month Low

Our world inflation proxy, which simply takes the equal-weighted, year-over-year change for 33 different countries CPI, hit its lowest level since November 2009. The proxy stands at 1.72% which is just lower than the level it hit in February. We identify six countries, all in Europe, where the year-over-year change in consumer prices is basically zero (Switzerland, Sweden) or there is currently outright deflation...

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Clamp down on Mallya just the beginning: Many more Kingfishers will fly out of the nest

The harsh steps banks have taken to get their money back from Vijay Mallya-owned, now defunct Kingfisher Airlines was something waiting to happen. With an estimated Rs 7,000 crore exposure, Kingfisher is arguably the largest case of bad loans for Indian banks, at this point. There have been several rounds of negotiations banks conducted with the grounded airline’s ill-fated emperor in the last few years to work out a possible solution to the Kingfisher mess, none of which worked out. The decision of Kolkata-based United Bank of India (UBI)...

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Nifty hits 8100, but the Sensex crossing 27000 is sexier

The NSE Nifty made history yesterday (1 September) when it hit the 8,100-mark for the first time, but I am personally not as excited about it as I was when the Bombay Stock Exchange Sensex crossed the 25,000 mark some time ago, and look forward to the index besting 30k some time by March – as some experts are assuring us it will. I myself tend to make predictions more on the Sensex than the Nifty. This love-affair with...

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Thought of the DAY

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Live: Japan promises $33 bn for India’s infra projects, support for bullet trains

3:35 pm: Japan promises all support for bullet trains in India Japan has also expressed readiness to provide financial, technical and operational support to introduce bullet trains in India. So it looks like the project will be on the fast track after all. 3:25 pm: Japan agrees to give $33.58 bn over 5 years for infrastructure projects PTI reported that Japan has announced it will give 3.5 trillion yen (over USD 33.58 billion)to India...

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Government urges SC to exempt 46 coal blocks from cancellation

Given the power shortage in the country, the central government today urged the Supreme Court that about 46 of the 218 coal mines it declared illegal should not be taken back from the companies that operate them as they were either producing or were close to producing. Attorney General Mukul Rohatgi also told a Supreme Court hearing that the government was open to re-auctioning the coal blocks if their allocations are revoked. According...

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Coalgate verdict today: Supreme Court should let govt fix what it has broken

The Supreme Court, which declared all coal block allocations made after 1993 as illegal due to the non-transparent and arbitrary processes followed, will  today ( 1 September) tell us how it is going to deal with the consequences of its own verdict. It should refrain from doing so, for the job of dealing with the consequences of a verdict is that of the executive, not the court. The Supreme Court should clearly ask the elected government to come up with remedies and ratify them if they are sensible. It should not take upon itself the...

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