Dhananjay "Jay" Parkheº - The Mentor is a Self Published Author, Business Mentor, Management Educator, Advisor to social Entrepreneurs, Startpreneurs, C-Suite Executives. Artist, Excellence Assessor, Former MNC Director, Former Censor.
ØIndia is targeting companies including Apple, Foxconn and Wistron Corp with a charm offensive aimed at encouraging them to shift business out of trade war-hit China. Several Indian officials met on August 14 and discussed a list of "target companies" that also include Taiwan-headquartered contract manufacturer Pegatron Corp. The dispute between the United States and China, the world's two largest economies, has led to higher tariffs on goods worth billions of dollars and disrupted global supply chains, prompting companies to look at other investment avenues to escape higher tariffs.
ØApple told that it is “eager” to open a retail store in India, but it may not happen immediately. The announcement comes after Apple has spent years trying to make a dent in India’s smartphone market. Apple didn’t crack the list of the top five smartphone makers in India by market share in 2018 due in part to its expensive prices.
ØIn the Reserve Bank of India (RBI) annual report 2019, the apex bank said that frauds reported by banks increased by 15 per cent on a year-on-year basis in 2018-19. The amount involved increased by a significant 73.8 per cent to Rs 52,200 crore - although most of this amount related to erstwhile occurrences. The report further highlighted that the average lag between the date of occurrence and its detection by the banks was 22 months. It also added that for large frauds of Rs 100 crore and above, the average lag was 55 months.
ØThe balance sheet size of the Reserve Bank of India (RBI) increased by 13.42 per cent to Rs 41.03 lakh crore for the year ended June 30, 2019 from Rs 36.18 lakh crore in the same period last year. The increase was due to rise in domestic and foreign investments by 57.19 per cent and 5.70 per cent, respectively and increase in gold by 16.30 per cent. The central bank's income zoomed by 146.59 per cent to Rs 1.93 lakh crore during the year 2018-19, as compared to Rs 0.78 lakh crore in the previous year's period, RBI said in its Annual Report released on August 29.
ØGold prices yesterday jumped Rs 250 to breach the record Rs 40,000 per 10 gram level for the first time at the bullion market here on strong demand from investors amid growing fears of global economic slowdown. Maintaining its record-breaking run for the second day, gold spurted by Rs 250 to a fresh life-time high Rs 40,220 per 10 grams, according to the All India Sarafa Association.
ØThe Reserve Bank of India announced that the volume of currency notes in circulation increased by 6.2 per cent during 2018-19. In its annual report, the central bank stated that 108,759 million currency notes were in circulation during the past financial year. Meanwhile, the value of currency notes in circulation increased by 17 per cent to Rs 21.11 lakh crore during 2018-19. In value terms, the share of Rs 500 and Rs 2,000 banknotes increased to 82.2 per cent at end-March 2019. At the beginning of last fiscal, these two denominations had together accounted for 80.2 per cent of the total value of banknotes in circulation.
ØThe rollback of the tax surcharge on foreign portfolio investors (FPIs) has failed to curb their selling spree, and they have offloaded equities worth more than Rs 4,000 crore since Monday. Experts say concerns about a slowdown in the domestic economy, combined with fears of a global recession, have eclipsed the move to withdraw the surcharge.
ØDespite recent recession fears and yield curve inversions, the bull market should live on until early 2021, analyst Tom McClellan said. “Everyone needs to just keep their pants on for now and realize that the yield curve gives a really long early warning about trouble,” said McClellan, editor of the McClellan Markets Report.” It doesn’t say that trouble is upon us now. It takes several months to over a year before we get the final price high after a yield curve inversion.”
ØPresident Donald Trump on Thursday is slated to announce the formal establishment of the newest division of the Department of Defense: the United States Space Command. The Space Command is responsible for deploying military troops to “accomplish directed missions in the space domain,” the White House said to a media house. The new space division is not to be confused with the proposed Space Force, which Trump has often touted at rallies as the next branch of the U.S. military.
ØFormer Rep. Beto O’Rourke releases a trade policy plan. The Democratic presidential candidate proposes to end President Donald Trump’s trade war with China and crack down on Beijing’s anti-competitive practices without tariffs. Democrats have called Trump’s trade policy reckless as they push to challenge him for the White House.
ØOnly 10 Democrats will take the stage in next month’s 2020 presidential primary debate as the jammed field starts to shrink. ABC News unveiled the names of presidential candidates for the debate set for Sept. 12 in Houston. Unlike the past two debates that featured 20 Democrats over two nights, the next event will see all qualified candidates on one stage. The names of presidential aspirants for the debate are Biden, Sen. Bernie Sanders, I-Vt, Sen. Elizabeth Warren, D-Mass, Sen. Kamala Harris, D-Calif, South Bend, Ind., Mayor Pete Buttigieg, Entrepreneur Andrew Yang, Sen. Cory Booker, D-N.J., Former Rep. Beto O’Rourke, Former Housing and Urban Development Secretary Julian Castro and Sen. Amy Klobuchar, D-Minn.
ØApple is launching a new program that will give independent repair shops access to parts for common out-of-warranty repairs. The move represents an about-face for Apple, which typically encourages any repairs to be made by its authorized service providers. The program is launching in the U.S. before rolling out to more countries.
... that today is the Debut of Sally in the Peanuts? On this day in 1959, Sally, the younger sister of Charlie Brown, debuted as an infant in the comic strip Peanuts by Charles Schulz. Trivia fans: Sally was the fourth baby to be seen in the strip, behind Schroeder, Lucy van Pelt, and Linus van Pelt.
Today's Inspirational Quote:
"Are you upset little friend? Have you been lying awake worrying? Well, don't worry... I'm here. The flood waters will recede, the famine will end, the sun will shine tomorrow, and I will always be here to take care of you."