147

For Indian Bonds And Stocks Assembly Results Not To Poor As Expected By A Section

New Delhi: Indian bonds and stocks rebounded after early falls to end stronger while the rupee recovered from the day’s low as state election results were not as poor for the ruling party as some expected.

But anxiety after the surprise resignation of Reserve Bank of India (RBI) Governor Urjit Patel the previous day kept financial market sentiment subdued.

Markets initially plunged in reaction to Patel’s resignation announcement, after markets closed on Monday, which shocked many investors.

133

Reserve Bank Of India Governor Urjit Patel Resigns; Pressure Mounts On Govt To Step Back

New Delhi: The central bank’s top official said in a statement that Reserve Bank of India (RBI) Governor Urjit Patel has resigned which has been accepted with immediate effect. This was an anticipated move the way news about wrangling in RBI was coming out.

“On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years,” he said in a brief statement that did not refer to the rift with the government.

Prime Minister Narendra Modi reacted to Urjit Patel’s decision to step down, describing him as an economist of a very high calibre with a deep and insightful understanding of macro-economic issues.

120

India To Retain Its Position As The World’s Top Recipient Of Remittances This Year At $80 Billion

New Delhi: World Bank said in a report that India will retain its position as the world’s top recipient of remittances this year with its diaspora sending a whopping US$80 billion back home. India is followed by China (US$67 billion), Mexico and the Philippines (US$34 billion each) and Egypt (US$26 billion).

With this, India has retained its top spot on remittances, according to the latest edition of the World Bank’s Migration and Development Brief. The bank estimates that officially recorded remittances to developing countries will increase by 10.8% to reach US$528 billion in 2018. This new record level follows a robust growth of 7.8% in 2017.

Global remittances, which include flows to high-income countries, are projected to grow by 10.3% to US$689 billion, it said.

99

US Turns Into A Net Oil Exporter Breaking Almost 75 Years Of Dependence On Foreign Oil

New Delhi: The United States of America turned into a net oil exporter last week, breaking almost 75 years of continued dependence on foreign oil and marking a pivotal -- even if likely brief -- moment toward what US president Donald Trump has branded as ‘energy independence.’

The shift to net exports is the dramatic result of an unprecedented boom in American oil production, with thousands of wells pumping from the Permian region of Texas and New Mexico to the Bakken in North Dakota to the Marcellus in Pennsylvania.

While the country has been heading in that direction for years, this week’s dramatic shift came as data showed a sharp drop in imports and a jump in exports to a record high. Given the volatility in weekly data, the US will likely remain a small net importer most of the time.

85

Maharashtra Police Busts Ponzi Racket Which Duped People To The Tune Of Rs 10 Cr

New Delhi: The Maharashtra police have busted a racket after investors approached the economics offences wing (EOW) of Thane police claiming they were cheated by ‘Aatharv4U Infra And Agro Limited’. The police filed cases against six employees of the private firm for allegedly duping investors of Rs 10 crore through a ponzi scheme.

After these investors filed a complaint at the Naupada police station in Thane, an offence was registered Wednesday against the six persons, including company chairman Shivaji Niphade, managing director Ganesh Hazare and directors Lukman Shaikh, Sachin Gosavi, Mukesh Sudesh and Sulindra Chavan.

“We have registered an offence against six persons under section 420 (cheating), 406, 408 and 409 (criminal breach of trust),” said Deputy Commissioner of Police D S Swami.