The BSE Sensex crossed the 45,000 mark for the first time ever, after the RBI Governor Shaktikanta Das said that the accommodative stance would continue for the rest of FY21 and revised the growth prospects.
Around 11.10 a.m., Sensex touched an all-time high of 45,033.19 points.
The Nifty50, also touched a fresh all-time high of 13,250.30 points.
In a video statement after the Monetary Policy Committee’s (MPC) meet, Das said that the economic recovery has been faster than anticipated and the real GDP growth for FY21 is projected at (-)7.5 per cent, against the previous estimate of (-)9.5 per cent.
He attributed to the upward revision in GDP growth numbers to the current rate of recovery and vaccine hopes for Covid-19.
The MPC, however, decided to keep the repo rate unchanged at 4 per cent in view of the elevated inflation rate.
Around 11.30 a.m., Sensex was trading at 44,936.33, higher by 303.68 points or 0.68 per cent from its previous close of 44,632.65.
It opened at 44,665.91 and has touched an intra-day low of 44,665.91 points.
The Nifty50 was trading at 13,221.30, higher by 87.40 points or 0.67 per cent from its previous close.
Harley-Davidson’s dealers association said demanded a “fair deal” of compensation from the American cruiser bike major, before it exits the country.
The association represents 33 Harley-Davidson outlets in India.
“All the 33 dealer partners have been facing a problem since Harley-Davidson announced withdrawal of independent operations in India and revealed a new partnership with Hero MotoCorp.
“Given a time-bound, take it or leave it situation that offered them no other option, 10 of the 33 dealer partners have gone ahead with becoming a part of the Hero MotoCorp’s dealership network.”
Given the situation, the association said the dealers continue “to wait to hear” from Harley-Davidson on the issue of adequate compensation.
“With Hero MotoCorp absorbing only 33 per cent of the dealers, it leaves the rest with uncertainty about the fate of the dealer partners investments and future business outlooks. This includes the 10 who will be coerced to act without receiving any benefit,” the association said.
“The company is yet to decide on the fate and plight of the 23 dealers who are not being approached by Hero MotoCorp to be a part of its dealership network. We feel that providing us with a fair deal is Harley-Davidson’s undeniable responsibility towards us.”
Harley Davidson bikes during a rally
In October, Harley-Davidson Inc and Hero MotoCorp, the worlds largest maker of motorcycles and scooters in terms of unit volumes had announced that the two will ride together in India.
As per a distribution agreement, Hero MotoCorp will sell and service Harley-Davidson motorcycles, and sell parts and accessories and general merchandise riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and Hero’s existing dealership networks in India.
As part of a licencing agreement, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name.
These actions are aligned with Harley-Davidson’s business overhaul, The Rewire.
India Raps Trudeau’s Comments; Indian-American Gitanjali is TIME ‘Kid of the Year’; Indian School Teacher Wins $1 Mn Global Teacher Prize; HASINA: ‘B’desh can’t forget atrocities of Pakistan in 1971’; US imposes fresh sanctions on Iran entity – all in India Daily Digital – please click here to read the edition.
India begin their T20 International series against Australia on Friday with a match at the Manuka Oval in Canberra. Their overall record against Australia in Australia in the T20 Internationals — five wins in nine matches — will give them a lot of confidence. Over the years, there have been many standout individual performances.
Here’s a look at some of those performances:
Ravindra Jadeja (2012, Melbourne): India had lost the first match of the two-match series but Jadeja produced a brilliant performance in the second. He bowled three overs for 16 runs and took the wicket of David Hussey, who was looking good at the crease. He also helped effect two run outs — first running to his left at point and throwing the ball to Mahendra Singh Dhoni to run Aaron Finch out and then making a sliding save at backward point and getting up to throw the ball to the bowler to run out captain George Bailey. India won the game.
Virat Kohli
Virat Kohli (2016, Adelaide): The India batsman’s unbeaten 55-ball 90 helped India set up a match-winning 188-run total. Kohli hammered two sixes and nine fours in his innings that helped India win by 37 runs. He came in the fifth over and stayed on till the end. The knock continued his love with the Adelaide Oval where he had scored twin centuries in the first Test on the 2014-15 tour just a season before this tour.
Virat Kohli (2016, Melbourne): After his brilliant show in Adelaide, Kohli produced another unbeaten knock, of 33-ball 59, to help India score another 180-plus total and take the match out of Australia’s reach. India had begun well with Rohit Sharma scoring 60 off 47 deliveries. However, Kohli provided the impetus, scoring seven fours and a six. He had come in at the end of the 11th over and went about scoring runs quickly right from the start.
Suresh Raina (2016, Sydney): India were faced with a daunting 198-run target in the last T20 International as they looked for a 3-0 whitewash. After both Rohit Sharma and Virat Kohli had scored half-centuries to lay the platform, Raina came into bat with India still needing 74 runs off 45 deliveries. He powered to a 25-ball 49, hitting six fours and a six, to help India overhaul the target on the last ball.
Krunal Pandya (2018, Sydney): The left-arm spinner took four wickets for 36 runs as India restricted Aussies to 164 for six wickets in 20 overs. He removed opener D’Arcy Short, the dangerous Glenn Maxwell, Ben McDermott, and Alex Carey. Pandya managed to take the majority of his wickets off the sweep shot and although there was no turn, he didn’t shy of giving the ball some air. He was taken for 12 runs in his first over but then came back with twin strikes off the first two balls of his second over to get back. India, riding on Kohli’s unbeaten 41-ball 61, took India home.
Reserve Bank of India Governor Shaktikanta Das (Photo: IANS)
“It [MPC] also decided to continue with the accommodative stance of monetary policy as long as necessary – at least through the current financial year and into the next year – to revive growth on a durable basis and mitigate the impact of Covid-19, while ensuring that inflation remains within the target going forward,” said Reserve Bank Governor Shaktikanta Das
The Reserve Bank of India (RBI) on Friday retained its key short-term lending rates to subdue the unabatedly high inflation rate.
However, the Monetary Policy Committee (MPC) of the central bank maintained the growth-oriented accommodative stance, thus opening up possibilities for more future rate cuts.
Resultantly, MPC voted to maintain the repo rate — or short-term lending rate for commercial banks, at 4 per cent.
Likewise, the reverse repo rate was kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the ‘Bank Rate’ at 4.25 per cent.
It was widely expected that the Reserve Bank’s MPC will hold rates as recent data showed that retail inflation has been at an elevated level during June.
As per recent data, the Consumer Price Index (CPI), which gauges the retail price inflation, spiked in October to 7.61 per cent from 7.27 per cent in September.
Though not-comparable, India had recorded a retail price inflation of over 3 per cent in the corresponding period of previous year.
The RBI maintains a medium-term CPI inflation target of 4 per cent. The target is set within a band of +/- 2 per cent.
In an online address detailing the MPC’s decision, RBI Governor Shaktikanta Das said: “At the end of its deliberations, the MPC voted unanimously to leave the policy repo rate unchanged at 4 per cent.”
“It also decided to continue with the accommodative stance of monetary policy as long as necessary – at least through the current financial year and into the next year – to revive growth on a durable basis and mitigate the impact of Covid-19, while ensuring that inflation remains within the target going forward.”
According to Das, the MPC was of the view that inflation is likely to remain elevated, with some relief in the winter months from prices of perishables and bumper kharif arrivals.
“This constrains monetary policy at the current juncture from using the space available to act in support of growth. At the same time, the signs of recovery are far from being broad-based and are dependent on sustained policy support”.
Reserve Bank of India Governor Shaktikanta Das (Photo: IANS)
“A small window is available for proactive supply management strategies to break the inflation spiral being fuelled by supply chain disruptions, excessive margins and indirect taxes. Further efforts are necessary to mitigate supply-side driven inflation pressures. The MPC will monitor closely all threats to price stability to anchor broader macroeconomic and financial stability.”
Besides, Das said that India’s economy has witnessed a faster than anticipated recovery and its expected Real GDP growth rate will be at (-) 7.5 per cent in FY21.
He cited that several high frequency indicators have pointed to growth in both rural and urban areas.
“Consumers remain optimistic about the outlook and business sentiment of manufactuing firms is gradually improving. Fiscal stimulus is increasingly moving beyond being supportive of consumption and liquidity to supporting growth-generating investment,” he said.
“On the other hand, private investment is still slack and capacity utilisation has not fully recovered. While exports are on an uneven recovery, the prospects have brightened with the progress on the vaccines.”
“Taking these factors into consideration, real GDP growth is projected at (-) 7.5 per cent in 2020-21, (+) 0.1 per cent in Q3:2020- 21 and (+) 0.7 per cent in Q4:2020-21; and 21.9 per cent to 6.5 per cent in H1:2021- 22, with risks broadly balanced.”
Reserve Bank Of India
Furthermore, Das elaborated that RBI will take additional measures to enhance liquidity support to targeted sectors having linkages to other sectors, deepen financial markets and conserve capital among banks, NBFCs through regulatory initiatives amongst other steps.
In a major relief to state-run commercial banks and cooperative banks, Das announced that the lenders do not have to pay dividends for the financial year 2019-20 and retain all of their profits.
The decision has been taken to help banks conserve capital while they continue with fresh lending.
“In continuation of this effort and to help banks conserve capital, while creating room for fresh lending, it has been decided after a review that commercial and co-operative banks will retain the profits and not make any dividend pay-out from the profits pertaining to financial year 2019-20,” Das said.
He noted that in response to the Covid-19 pandemic, the Reserve Bank has focused on resolution of stress among borrowers, and facilitating credit flow to the economy, while ensuring financial stability.
Post-Brexit UK can tap the $5 trillion global halal consumer market to become the global hub & gateway to Ethical & Shariah Finance … reports Asian Lite News
The World’s 1st Halal Angels Network to tap the $5 Trillion Halal Consumer market was launched during the COVID-19 pandemic, and now they are establishing their headquarters in London.
“Based on our research for an ideal location to move our headquarters, we felt that London, UK would be the ideal location for our new headquarters, as it is home to the majority of investment firms, family office, Venture capital, PE Firms, and Angels network,” said Dr.Tausif Malik founder, Halal Angels Network.
Dr.Tausif Malik founder, Halal Angels Network.
Dr. Malik also said that based on the research post-Brexit UK can reposition as the global hub and gateway to ethical & Shariah Finance to the world.
Post-Brexit financial institutions are relocating to various cities across Europe such as Frankfurt, Dublin & Paris, according to Northwestern University Medill Report.
“London’s emergence as an economic powerhouse has profound implications for the country’s economy post-Brexit. Financial services accounted for 15% of London’s economic output in 2017 and 6.9% of the United Kingdom’s economic output in 2018,” according to another report commissioned by the House of Commons.
This would have overall implications on the economy, jobs, tax revenues, real estate and would have a domino effect. But sometimes challenges throw in new opportunities as London has been the financial capital of the world, and over the years it has developed an entire financial ecosystem to leverage and maintain its numero uno position.
Hence, post-Brexit UK can reposition itself as the global hub & gateway to Ethical & Shariah Finance to the world and leverage its ecosystem due to the following reasons:
Easy to set up business in the UK
Low cost of registration of business
British Common Business Law is used worldwide
English as the primary language
UK the financial hub and capital
Use this opportunity to counter the exodus of financial companies to different countries
UK home to highly qualified Muslim professionals in Finance, Law, Technology, Research, Academia, Entrepreneurs, and Investors, their network can be leveraged to promote Uk can be the global hub & gateway to Shariah Finance to the world.
UK long historical relationship with the Middle East & Muslim Countries.
Sovereign Funds of the Middle East & Muslim Countries can be encouraged to establish their offices.
The wealthy businessman, investors, and entrepreneurs have been investing in the UK in real estate, and businesses they can be leveraged to promote the UK can be the global hub & gateway to Shariah Finance to the world.
Halal is ethical and ethical finance is estimated to be 30 Billion USD
Based on research, return on investment on Shariah finance have been higher. Shariah investments are based on equity sans interest.
Halal Angels Network has partnered with two UK organisations – Educational Partners- UK for training & Fintech Major, Delio for backend compliance.
Post-COVID -19, the startups can give a great fillip to the UK economy and UK can be hub for Islamic Fintech, Halal food manufacturing, Halal cosmetics, and, Modest fashion.
According to Halal Angels Network research, the Ethical & Shariah Finance market there is tremendous potential as it has been never tapped or streamline. Post COVID-19 everyone needs to rethink strategy and tap new markets and this is an ideal time.
Halal Angels Network would keen and open to working with British policymakers, Universities, and organizations to leverage this market potential.
Halal Angels Network would be organizing the next year 2021, a series of Halal & Ethical Finance Summits in 6 Global locations (San Francisco, London, Astana, Dubai, Jakarta, Dhaka & Nigeria) it would be an invite-only event for private investors, VC’s, PE firms, Sovereign funds to promote the market potentials of Halal & Ethical Finance.
The identified sectors for investment are – Future technologies (Blockchain, Fintech AI, etc), Modest Fashion & Cosmetics, Retail, Pharmaceuticals, Food Cafe & Restaurants, Processed Food & Tourism investments. As shariah-compliant investments play an important hence Fintech & Blockchain would be the investment focus.
According to Reuters, the Halal consumer market is valued at $5 trillion and would grow to USD 9.71 trillion by 2025. The economic development of leading Islamic countries such as Indonesia, Malaysia, India, Pakistan, Nigeria, and Iran is expected to boost the global halal products market reach over the coming years (Reuters, 2019).
Comprising halal food, travel, cosmetics, modest fashion, and Islamic finance, demand for goods and services that align with Islamic principles is on the rise, but just $745 million in disclosed private equity investment was invested in the Islamic economy over three years, far less than the $595 billion in private equity and venture capital investments that occurred globally in 2017 according to the report published by Wamda.
Muslim communities are as technology savvy as any other, especially their younger members who form part of the global rise of ‘millennials’ and their forward-thinking, can-do mindset. With the breaking down of borders through digital platforms, it is easier than ever for Islamic centric entrepreneurs to access the global Muslim population of 1.7 billion people (Gulf Business).
Recently, Halal Angels Network launched ‘The Khadija RA Initiative’, the World’s largest Cohort, Incubation & Acceleration program for 1001 Female Entrepreneurs.
Modi Invites Boris As Chief Guest At RD@72; Brexit Trade Talks Near ‘Very End’; US Court Scraps Trump’s H1-B Restrictions; NATO names China as a threat in coming decade – all in Asian Lite Daily Digital UK – please click here to read.
Emirates Red Crescent spreads joy on the 49th National Day
The Emirates Red Crescent Authority, ERC, celebrated the 49th UAE National Day, taking into consideration all the precautionary measures of the Covid 19 pandemic, to ensure that everyone enjoys happiness and security as they celebrate this memory.
On this occasion, the Emirates Red Crescent Authority, ERC, stated: “The 49th UAE is celebrated as we live in an era of remarkable achievements and great peace, it is a mixed feeling of joy and pride, and it reflects the amount of love, loyalty and belonging to this country. In this day we pledge to remain loyal to our wise leadership and preserve the achievements and gains of our homeland.”
Emirates Red Crescent
The audience interacted with the orchestral playing as soon as it was launched on YouTube, in addition to all other ERC social media accounts. The video of the national anthem was shared by the followers, expressing their joy, and appreciation as it reflected patriotism, a sense of loyalty and gratitude to the founding leaders.
The Emirates Red Crescent Authority launched “Our Union lights our homes” initiative targeting all citizens and residents celebrating the 49th UAE National Day, by sharing a video showing their celebration of 49th National Day, such as decorations, traditional clothes, etc.., to its official social media accounts.
Sheikha Dr. Shamma bint Mohammed bin Khalid Al Nahyan, Chairperson of the Board of Directors of the Sheikh Mohammed bin Khalid Al Nahyan Cultural and Educational Institutions and Honorary President of the Emirates Women Award of the Dubai Quality Group, launched a national initiative, entitled, “New Home,” which aims to raise the awareness of parents about positive children’s education, coinciding with the country’s 49th National Day.
Sheikha Shamma also inaugurated a virtual seminar held by the group, titled, “The Role of Parents in Continuing Remote Learning,” with the participation of Dr. Jamila Sulaiman Al Khanji and Dr. Khalid Maqlad. The seminar was moderated by Dr. Huda Al Matroushi.
“There are certain events that happen in our lives and change our perspective, so when the coronavirus pandemic began, the world fell into a state of confusion, raising the question, ‘How can we adapt to this pandemic until science contains it?’ The answer involves solving many challenges facing the world, most notably how to continue the education process,” Sheikha Shamma said.
The UAE’s leadership is keen to ensure the continuity of the education process, even though some countries have suspended their academic systems, she added while highlighting the role of advanced technologies in facilitating people’s lives and the value of communication networks, despite the restrictions imposed on movement.
“Our main challenge is ensuring the success of this process and benefitting students, as would have happened through traditional education. To realise this, there is a need for genuine cooperation between schools and families, as they play a key role in achieving psychological balance for students, in addition to supporting the remote education process,” she said in conclusion.
UAE Welcomes Israeli Tourists; ‘New Home’ National Initiative Launched; US Court Scraps Trump’s H1-B Restrictions; NATO names China as a threat in coming decade – all in Asian Lite Daily Digital Dubai – please click here to read.
