The document summarizes the Indian market and economic outlook for April 2013. It finds that while wholesale inflation has decreased, consumer inflation remains in the double digits. Industrial production saw growth in January but no sustained recovery. The RBI recently cut rates but signaled it may pause further cuts due to high consumer inflation and the current account deficit. Internationally, a tapering of US quantitative easing may affect liquidity flows to emerging markets like India. The strength of India's ruling coalition has also been reduced, which could make economic reforms more difficult.
Dear Investors,
September saw a spillover of the previous month’s equity
market correction. The main reason for this was the continuing
bleak global events, which also negated domestic macro greenshoots to a large extent. In the West, the possibility of a US Fed
rate hike lingers, keeping investors globally on their toes.
Amidst this global weakness, uncertainties of global markets
with respect to the Euro have reduced after Alexis Tsipras’
Syriza party returned to power once again in Greece, this time
with a majority. The Chinese government is also taking
initiatives like tightening trading rules on forex and stock
market to stabilize their economy. The slowdown in China in a
way has been India’s gain, which has led to India emerging as
the top destination for FDI investments, attracting $30 billion
by the end of June 2015.
Closer home, better looking green-shoots portray a recovering
economy. Industrial growth has been above 4% for the past 2
months, whereas retail inflation continues to remain lower.
Although there has been a double digit deficit in the rainfall
this year, RBI is not too much worried about the pressure on
the food prices given the comfort it has derived from the
actions by the government to manage supply. An addition to
these positives was RBI increasing the foreign investment limit
in central government securities. This will help create a new
pool of money to compensate for the lowering SLR imposed on
banks.
Markets rejoiced at the bonnes nouvelles (good news) of the
50 basis points rate cut by RBI at the fourth bi-monthly
meeting. The main objective behind this was to enhance
growth in the economy. Mr. Raghuram Rajan hopes that
investment should respond more strongly after some certainty
about the extent of monetary stimulus in pipeline, even if the
transmission is low. With this transmission, investments in the
real economy would increase. This announcement was then
followed by a highly ‘dovish’ stance, with the RBI repeating
that it would remain in an ‘accommodative mode’. The rate cut
has increased the cumulative rate cut this year to 125 bps. It is
hearting that banks like SBI has cut its base rate by 40 bps.
All in all, the month saw events that were unexpected, events
that created a yin-yang sentiment among investors and events
that made India shining more convincing. RBI has taken the
first bold step on its part. The question now is what the
government will do on its part to grow our economy!
This presentation consist of the theoretical concepts of interest rate, economic growth, inflation, monetary policy, foreign flow of funds, budget deficit. And further data analysis is given based on 5 years monetary policy statement.
Dear Investors,
September saw a spillover of the previous month’s equity
market correction. The main reason for this was the continuing
bleak global events, which also negated domestic macro greenshoots to a large extent. In the West, the possibility of a US Fed
rate hike lingers, keeping investors globally on their toes.
Amidst this global weakness, uncertainties of global markets
with respect to the Euro have reduced after Alexis Tsipras’
Syriza party returned to power once again in Greece, this time
with a majority. The Chinese government is also taking
initiatives like tightening trading rules on forex and stock
market to stabilize their economy. The slowdown in China in a
way has been India’s gain, which has led to India emerging as
the top destination for FDI investments, attracting $30 billion
by the end of June 2015.
Closer home, better looking green-shoots portray a recovering
economy. Industrial growth has been above 4% for the past 2
months, whereas retail inflation continues to remain lower.
Although there has been a double digit deficit in the rainfall
this year, RBI is not too much worried about the pressure on
the food prices given the comfort it has derived from the
actions by the government to manage supply. An addition to
these positives was RBI increasing the foreign investment limit
in central government securities. This will help create a new
pool of money to compensate for the lowering SLR imposed on
banks.
Markets rejoiced at the bonnes nouvelles (good news) of the
50 basis points rate cut by RBI at the fourth bi-monthly
meeting. The main objective behind this was to enhance
growth in the economy. Mr. Raghuram Rajan hopes that
investment should respond more strongly after some certainty
about the extent of monetary stimulus in pipeline, even if the
transmission is low. With this transmission, investments in the
real economy would increase. This announcement was then
followed by a highly ‘dovish’ stance, with the RBI repeating
that it would remain in an ‘accommodative mode’. The rate cut
has increased the cumulative rate cut this year to 125 bps. It is
hearting that banks like SBI has cut its base rate by 40 bps.
All in all, the month saw events that were unexpected, events
that created a yin-yang sentiment among investors and events
that made India shining more convincing. RBI has taken the
first bold step on its part. The question now is what the
government will do on its part to grow our economy!
This presentation consist of the theoretical concepts of interest rate, economic growth, inflation, monetary policy, foreign flow of funds, budget deficit. And further data analysis is given based on 5 years monetary policy statement.
A more simplified and reader-friendly version of P.K Basu's - India Economic Outlook - 2014. It deduces from past trends and outlines the current economic scenario around the world and its implications on the Indian economy.
From the desk of the CEO
Dear Investors,
Market movements are usually a result of mix of global and
domestic cues. In the third quarter, United States saw a fall in
the GDP after a formidable growth in the previous quarter,
adding to the dilemma of the Fed whether to increase rates or
not. After the Fed meeting in October, it resulted in status quo
on interest rates. Due to continuing global uncertainties, a
slightly lower inflation path and mixed macroeconomic data,
the Fed once again refrained from entering into a tightening
policy. In another part of the world, China’s six year low GDP
growth added to concerns of a continuing slower growth path.
During the tenth month of the calendar year in the absence of
major negative global cues, government policies and domestic
green shoots drove up the equity markets back home. Due to a
panic of devaluation of emerging market currencies in
August-September, markets had faced a knee-jerk reaction
then. However, October finally witnessed stabilization in
emerging markets. India was no exception. This was mainly
because of two reasons. Firstly, the stabilization led to a
rebound in global markets and thus investor sentiments.
Secondly, a domino effect of the former led to the reversal of
FII outflows that added to the recovery.
Green shoots such as IIP and inflation indicated that economic
revival is on the way, leading to the RBI front loading the rate
cuts in September. The trade deficit came in lower during the
month. Though exports contracted, imports contracted even
further. An appreciation in the domestic currency and strong
indirect taxes numbers added to the cheer and pushed markets
further up rebound of the markets.
Going forward, one can expect markets to move in the
sideways range with a quieter Diwali and no major fireworks.
However, this period of consolidation continues to provide
good opportunities for long-term investors. May the “Diyas”
bring light into your lives, while you pray to the Goddess of
wealth during Diawli. We wish you growth in your wealth
through positive market movements in the remaining part of
2015.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Signature content of MTBiz is its Article of the Month (AoM), as depicted on Cover Page of each issue, with featured focus on different issues that fall into the wide definition of Market, Business, Organization and Leadership. The AoM also covers areas on Innovation, Central Banking, Monetary Policy, National Budget, Economic Depression or Growth and Capital Market. Scale of coverage of the AoM both, global and local subject to each issue.
MTBiz is a monthly Market Review produced and distributed by Group R&D, MTB since 2009.
Twenty-one years ago China officially devalued its currency and
the events following that eventually led to the Asian crisis. Last
month experienced a similar scare when the Chinese markets
took down the rest of the world with it after devaluating its
currency once again on 11th August 2015. In hindsight the
causality of this event has come into light. The main trigger
was the bursting of the Chinese stock market bubble last
month that triggered a huge sell off in the market. To add fuel
to the fire, the Yuan was devalued creating a contagion affect
leading to a global slowdown. The “Risk-Off” strategy made
global funds pull out money from emerging markets and move
to safer havens.
The re-alignment of commodities affected countries like
Australia, Malaysia, Brazil and Russia among others. Along with
this gold prices fell too, which was noticed in the fall in gold
futures in New York for four straight sessions, increasing gold’s
volatility. Crude was no exception to the fall. However it
showed improvements towards the end of the month after an
announcement by OPEC to come up with a plan to boost
prices. After a slump, U.S. markets rose after the release of the
GDP data and improved consumer confidence. Across the
ocean from US, European markets rose too on the back of
improvement in German business confidence. Globally markets
seemed to recover gradually towards the end of the month.
A more simplified and reader-friendly version of P.K Basu's - India Economic Outlook - 2014. It deduces from past trends and outlines the current economic scenario around the world and its implications on the Indian economy.
From the desk of the CEO
Dear Investors,
Market movements are usually a result of mix of global and
domestic cues. In the third quarter, United States saw a fall in
the GDP after a formidable growth in the previous quarter,
adding to the dilemma of the Fed whether to increase rates or
not. After the Fed meeting in October, it resulted in status quo
on interest rates. Due to continuing global uncertainties, a
slightly lower inflation path and mixed macroeconomic data,
the Fed once again refrained from entering into a tightening
policy. In another part of the world, China’s six year low GDP
growth added to concerns of a continuing slower growth path.
During the tenth month of the calendar year in the absence of
major negative global cues, government policies and domestic
green shoots drove up the equity markets back home. Due to a
panic of devaluation of emerging market currencies in
August-September, markets had faced a knee-jerk reaction
then. However, October finally witnessed stabilization in
emerging markets. India was no exception. This was mainly
because of two reasons. Firstly, the stabilization led to a
rebound in global markets and thus investor sentiments.
Secondly, a domino effect of the former led to the reversal of
FII outflows that added to the recovery.
Green shoots such as IIP and inflation indicated that economic
revival is on the way, leading to the RBI front loading the rate
cuts in September. The trade deficit came in lower during the
month. Though exports contracted, imports contracted even
further. An appreciation in the domestic currency and strong
indirect taxes numbers added to the cheer and pushed markets
further up rebound of the markets.
Going forward, one can expect markets to move in the
sideways range with a quieter Diwali and no major fireworks.
However, this period of consolidation continues to provide
good opportunities for long-term investors. May the “Diyas”
bring light into your lives, while you pray to the Goddess of
wealth during Diawli. We wish you growth in your wealth
through positive market movements in the remaining part of
2015.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Signature content of MTBiz is its Article of the Month (AoM), as depicted on Cover Page of each issue, with featured focus on different issues that fall into the wide definition of Market, Business, Organization and Leadership. The AoM also covers areas on Innovation, Central Banking, Monetary Policy, National Budget, Economic Depression or Growth and Capital Market. Scale of coverage of the AoM both, global and local subject to each issue.
MTBiz is a monthly Market Review produced and distributed by Group R&D, MTB since 2009.
Twenty-one years ago China officially devalued its currency and
the events following that eventually led to the Asian crisis. Last
month experienced a similar scare when the Chinese markets
took down the rest of the world with it after devaluating its
currency once again on 11th August 2015. In hindsight the
causality of this event has come into light. The main trigger
was the bursting of the Chinese stock market bubble last
month that triggered a huge sell off in the market. To add fuel
to the fire, the Yuan was devalued creating a contagion affect
leading to a global slowdown. The “Risk-Off” strategy made
global funds pull out money from emerging markets and move
to safer havens.
The re-alignment of commodities affected countries like
Australia, Malaysia, Brazil and Russia among others. Along with
this gold prices fell too, which was noticed in the fall in gold
futures in New York for four straight sessions, increasing gold’s
volatility. Crude was no exception to the fall. However it
showed improvements towards the end of the month after an
announcement by OPEC to come up with a plan to boost
prices. After a slump, U.S. markets rose after the release of the
GDP data and improved consumer confidence. Across the
ocean from US, European markets rose too on the back of
improvement in German business confidence. Globally markets
seemed to recover gradually towards the end of the month.
Presentatie Waerbeke vzw - Socius Trefdag 2013 'Iedereen politiek' (21 november 2013)
Waerbeke vzw is de sociaal-culturele beweging voor stilte en leefkwaliteit in Vlaanderen en Brussel. Met uiteenlopende projecten als Portaal van de stilte, In Between, Trage Post wil de organisatie inspirerende verbindingen stimuleren tussen overheden, professionele en vrijwillige bemiddelaars, middenveldorganisaties, onderwijs- en vormingsinstellingen, bedrijven, het ruime publiek, tussen individuen onderling en hun omgeving.
Trage Post nodigt iedereen uit om een echte brief te schrijven aan de generatie van 2030. Een oma schrijft aan haar kleinkind, een burgemeester aan zijn of haar toekomstige opvolger, een gedetineerde aan een latere celbewoner, ... Wat vind je vandaag belangrijk en noodzakelijk om door te geven? Wat is jouw erfgoed voor de komende generatie? Iedereen kan nog het hele najaar meedoen. Je schenkt jezelf, je bestemmeling en de samenleving een handgeschreven surprise.
Presentatie De Natuurvrienden - Socius Trefdag 'Solidariteit?!' (20 november 2014)
In Vlaanderen zijn vrijetijdsbesteding en sport vanzelfsprekende begrippen. Terwijl je bij ons zou kunnen spreken van een overaanbod aan activiteiten en manieren om je vrije tijd in te vullen, worden deze begrippen in Bolivië eerder geassocieerd met luxe en rijkdom.
Arriba Bolivië is een project van de Natuurvrienden waarbij tien Vlaamse jongvolwassenen naar Zuid-Amerika trokken om samen met evenveel Boliviaanse jongeren een klimschool op te starten in Llallagua, een mijnbouwstadje op de Boliviaanse Altiplano. Met de inhoudelijke steun van de Natuurvrienden ging de groep op zoek naar manieren om jongeren een kans te geven hun vrije tijd op een actieve en duurzame manier in te vullen. Met de hulp van documentairebeelden kom je meer te weten over het leerproces dat de vereniging en deze jongeren doormaakten en welke sporen dit naliet binnen de werking van de organisatie.
Presentatie van Frederik Lamote tijdens het Innovatiefestival van Socius (22 mei 2014).
Meer dan ooit zijn onze steden laboratoria geworden voor sociaal culturele praktijken. De stad is niet langer een afgebakend ruimtelijk geheel, maar is veranderd in een complex knooppunt van veelzijdige sociale, economische, culturele en politieke netwerken. Op knoop- en snijpunten van deze netwerken ontstaan veel inspirerende en experimentele sociaal-culturele praktijken. Echter, het potentieel van deze praktijken wordt niet altijd gerealiseerd. Een duurzaam draagvalk ontbreekt.
Met Growfunding/BXL heeft de onderzoeksgroep MIRO (gegroeid uit de opleiding Sociaal Werk aan de HUBrussel) een instrument ontwikkeld om een sociaal en financieel draagvalk te creëren voor kleinschalige initiatieven in de stad. Eerder dan een crowdfundingplatform is Growfunding/BXL in de eerste plaats een innovatief participatie-instrument op maat van de grootstad. Deze lezing gaat dieper in op growfunding én schuift de stad als context voor innovatie en sociaal-cultureel werk naar voor.
Meer informatie via www.socius.be/innovatie.
Het gedeeld begrip van personen die sociaal-cultureel handelen werd en wordt regelmatig onderzoeksmatig in kaart gebracht. Dit leidde tot het theoretisch concept van de sociaal-culturele methodiek. Dit concept reikt de bakens aan voor het sociaal-cultureel handelen (Wat is het wel? Wat is het niet?). De sociaal-culturele methodiek kan en wordt op verschillende wijzen in praktijk gebracht. Op conceptueel vlak kunnen we spreken van “de” sociaal-culturele methodiek. Op het vlak van de praktijken en beleidsmatig spreken we over het hanteren van “een” sociaal-culturele methodiek.
Current State of the Indian EconomyCautious optimism for the.docxfaithxdunce63732
Current State of the Indian Economy
Cautious optimism for the future
February 2013
www.deloitte.com/in
2
The Big Picture
The Indian Economy has experienced
its worst slowdown in nearly a decade
on the back of global contractionary
headwinds, domestic macro-economic
imbalances and policy reversals on the
fiscal front, 2012 has been a challenging
year for the economy. The year started
with news that the previous fiscal’s
fourth quarter GDP had dropped to
5.5%. That coupled with low growth,
macro-economic issues such as high
fiscal deficit, expansionary subsidies and
worsening current account balance has
added to the slowdown.
The 2011-12 Budget had proposed
to amend the 1961 income tax
law by introducing retrospective
tax adjustments and General Anti-
Avoidance Rules (GAAR). These steps
were viewed negatively by foreign
investors. Subsequent downgrading
of the Indian economic outlook from
‘stable’ to ‘negative’ by a major rating
agency, led to continued downward
pressure on the investment climate.
Additionally, as fiscal conditions
worsened over the year, export
numbers were revised in light of data
discrepancies leading to a widening of
the current account deficit.
In the second half of the fiscal, the
Government proactively intervened
with phased reforms to stabilize the
economy. Measures were taken to
reduce subsidies (oil, fertilizers) which
would in turn lower the fiscal deficit.
The Government also took concrete
actions to attract foreign direct
investment (FDI) and strengthen the
rupee. However, the impact of these
policy reforms remains uncertain in
the short term. Concerns continue
to exist over the current account
deficit scenario, prevailing supply side
constraints, inadequate infrastructure
investments and long term policy
directions.
In face of a perceivably weak macro-
economic climate, a well-planned
economic revival policy is required to
steer the Indian Economy back on the
growth path. Even though the long
term prospects of the economy look
promising, cautious optimism is the
tone in the short to medium term.
Global Linkages
Performances of advanced economies
continue to weigh on India’s growth
story.
The World Economic Forum’s annual
meeting for 2013 was held in Davos,
Switzerland in January 2013, bringing
together more than 2,000 top business
leaders, international political leaders,
Current State of the Indian Economy Cautious optimism for the future 3
Economic opportunity is dwindling. While reforms have
been initiated, further action to create infrastructure, boost
savings and generate growth will be welcome
selected intellectuals and journalists to
discuss the most pressing issues facing
the world. The IMF, in its update of
World Economic Outlook, lowered the
world GDP growth projections by 0.1%
each for 2013 & 2014 as compared to
the October 2012 projections. This is on
account of downside risks that continue
in light of renewed s.
The CBN has come out with a rash of new regulations to defend the naira, the latest being the suspension of dollar cash deposits into domiciliary accounts in Nigeria. The naira has swung like a pendulum in the parallel market between N208 and N245. Most investors are deferring any decisions until there is some clarity, as to the Buhari economic direction.
Federal and state government officials have cut back on international travels and reckless expenditure, which has resulted in airline summer load factors dropping to 65%. Power supply from the grid is up at 4,800MW while airport immigration and customs officers are behaving themselves professionally.
In the meantime there has been a sharp lull in economic activity with retail sales of garments and electronics down to 30%. There is also the problem of 55% of flats in Lekki being vacant and rents likely to fall.
The impact of the uncertainty and slowdown on investment, output and profit margins is discussed in this edition of the August LBS Executive Breakfast session with B.J. Rewane and the FDC team.
Enjoy your read....
The world's second largest economy, China, is slowly recovering. Even more importantly, the latest forecasts by the World Bank suggest that high-income economies appear to be finally turning the corner. We cover this in the section on Global Trends in this month’s issue of Economy Matters.
In the section on Domestic Trends, we discuss the trends emanating out of the recent releases on GDP, IIP, Inflation, trade, and monetary policy.
The Sectoral spotlight for this issue is on Manufacturing, which remains an important sector for realizing the higher growth potential of the economy.
The section on Taxation dwells on BEPS and carries an interview with Mr. Akhilesh Ranjan, Joint Secretary, Ministry of Finance, Government of India on some critical international taxation issues.
In the Special Article, we provide a snapshot of Central Government’s fiscal health along with a detailed Q&A of Mr. R. Seshasayee, Past President & Chairman Economic Policy Council, CII, on the subject.
The section on Special Feature carries an article titled “The Tradeoffs for Policy Makers in India Today”, by Dr. Pronab Sen, Chairman, National Statistical Commission, Government of India.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Global economies are witnessing two-speed recovery with the US economy showing firm signs of recovery, while growth in Euro Area still languishing in sub-optimal territory. Among the Asian economies, growth in Japan and China too continues to remain tepid. We discuss this in detail in the section on Global Trends in this month’s issue of Economy Matters. In the section on Domestic Trends, we analyze that the economic condition in the present scenario is in greater disarray than it was during the breakout of the global financial crisis of 2008-09, when both government as well as the RBI were quick to respond to the challenges and brought the economy back to recovery path within no time. In Corporate Performance, we examine the sectoral performance in the last fiscal in order to find the sectors which were badly hit in the wake of the current bout of economic crisis. The Sectoral spotlight for this issue is on Agriculture, a traditionally important sector of the Indian economy because of its enormous contribution in being the provider of basic source of livelihood to the most of the population in India. However in the recent past various challenges such as low agricultural yield, declining share of public investment, and lack of technological advancements have plagued the sector. We discuss the sector’s challenges and suggest measures to bolster its output. In the Special Article, we discuss India's deteriorating external position in the last few years, manifesting itself in a steady deterioration in the current account which slipped from a surplus at the start of the last decade to a huge deficit of 4.8 per cent in 2012-13. Bulk of the deterioration in current account is attributable to the sharp rise in merchandise trade deficit over the last decade. Ultimately, for India to contain its current account deficit at a more sustainable level of 2.0-2.5 per cent of GDP, it is essential that we ensure competitiveness of our goods and services, so that our imports are contained and exports boosted.
Monetary Policies adopted by the developed economies to bring back the GDP growth to the rate prior to crises of 2008. This may lead to asset inflation cause to asset bubble, if policy bank rate continue to remain at near zero for prolonged period
A general take on the Modi-phenomenon that has swept the stock markets! With structural changes finally being implemented by the new government we can expect a decade of massive growth. First uploaded as an Instablog on SeekingAlpha in September
ChoiceBroking - Q2FY16 GDP growth at 7.4%; robust manufacturing expansion indicates revival in economic scenario. To read our monthly economic outlook please click here http://bit.ly/1QTqJKI
New developments cast doubts on global recovery
This monthly briefing highlights that sequestration may lead to lower growth in the United States, continuing weaknesses in the European Union, China announcing a GDP target of 7.5 per cent, while India boosts budget spending.
For more information:
http://www.un.org/en/development/desa/policy/index.shtml
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
3. Executive summary-Economy
◌ः While Wholesale Price Inflation (WPI) inflation has
softened to below 7%, Consumer Price Inflation (CPI)
remains in double digits.
◌ः Index of industrial production showed positive growth in
January, but there is no sign of a sustained recovery.January, but there is no sign of a sustained recovery.
◌ः Owing to high CPI and high current account deficit (CAD),
RBI has signaled a pause in rate cuts after the 25 bps cut
in repo rate on March 19.
5. Executive summary-Politics
◌ःUPA’s strength has been reduced further
after the DMK’s withdrawal. Getting reforms
related legislation passed may become more
difficult.difficult.
◌ःAs the government gets into election mode
later this year, its commitment to fiscal
prudence may take a back seat.
6. Executive summary-international
◌ः As the US economy improves, quantitative easing may be
tapered. Will affect liquidity flows into emerging markets
(EMs) like India.
◌ः As US market becomes more attractive, flows into EMs
may be affected.may be affected.
◌ः The crisis in Cyprus showed that even a crisis of minor
magnitude can snowball. If it leads to a risk-off
environment, that could reverse the FII flows coming into
India.
7. Executive summary-Markets
◌ः The market has stayed range-bound this month. Mid- and
small-cap indexes have fallen more than the Sensex.
◌ः FII inflows in March were less than half compared to
January and February.
◌ः Market is worried about bad economic data, winding down
of QE, political weakness at the Centre, and so on.
◌ः Among positives, commodity prices have softened and
valuations have become more attractive.
9. CPI inflation: still in double
digits
◌ः Headline CPI inflation for February 2013 moved up to 10.91% (y-o-y) from
10.79% in the previous month.
◌ः The index rose 0.63% month-on-month (m-o-m) in February, which was
the fastest m-o-m increase since October 2012.
◌ः The rise in CPI inflation was the result of return of food inflation. Food◌ः The rise in CPI inflation was the result of return of food inflation. Food
inflation had eased in the last few months due to seasonal factors.
◌ः Under food items, the major contribution came from cereals and protein
products.
◌ः The next big contribution came from transport and communication
followed by housing.
10. CPI will moderate –
with a lag
◌ः According to a note from Morgan Stanley, high CPI is symbolic of the
ills that have afflicted the Indian economy.
◌ः The government’s policies have encouraged consumption without
improving supply.
◌ः Now the government has begun to go down the road of fiscal◌ः Now the government has begun to go down the road of fiscal
consolidation. As the government reduces its fiscal deficit, CPI will
decelerate.
◌ः However, inflationary expectations have become so deeply
entrenched that it will take time for CPI to moderate.
◌ः High CPI will keep short-term rates elevated (prevent rate
cuts), something that the market doesn't like.
11. WPI inflation: lower compared to
CPI
◌ः WPI for February 2013 came in at 6.84%, higher than the
6.62% in January 2013.
◌ः WPI rose despite a favourable base effect.
◌ः WPI rose 0.6% month-on-month (m-o-m).
◌ः Year-on-year primary articles rose 9.7%, fuel and power◌ः Year-on-year primary articles rose 9.7%, fuel and power
10.5%, and manufactured products 4.5%.
◌ः Both primary articles and fuel power rose m-o-m.
◌ः Only manufactured articles declined 0.1% m-o-m.
◌ः All three broad categories within primary articles rose: food
articles (up 0.2% m-o-m), non-food articles (1.6% m-o-m) and
minerals (0.9% m-o-m).
12. IIP: marginal recovery
◌ः The index of industrial production (IIP) posted positive
growth in January after having declined for six out of
10 months in FY13.
◌ः IIP rose 2.4% y-o-y in January 2013 whereas it had◌ः IIP rose 2.4% y-o-y in January 2013 whereas it had
contracted 0.5% in December.
◌ः IIP rose 2.2% m-o-m in January vis-a-vis the 1.1% m-o-m
fall in December.
13. IIP over last 13 months
4.1
8.3
4
6
8
10
IIP (y-o-y) %
1.82
1.1
4.1
-3.5
-0.9
2.4
-1.8
0.1
2.7
-0.4 -0.1
-0.6
2.4
-6
-4
-2
0
2
4
Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13
IIP (y-o-y) %
IIP has seen negative growth in a number of months in the recent past.
14. IIP-component wise
Y-o-Y M-o-M
Overall IIP 2.4 -0.5 2.2 -1.1
Mining -2.9 -3.4 1 2.7
Electricity 6.4 5.3 0.1 2.1
Manufacturing 2.7 -0.7 2.8 -1.6
Use-based
Basic 3.4 1.8 -0.3 1.1Basic 3.4 1.8 -0.3 1.1
Intermediate 2 0.7 1.3 0.8
Capital goods -1.8 -0.6 5.5 2.4
Consumer goods 2.8 -3.6 3.6 -1.9
Durables -0.9 -8.2 1.2 -10.1
Non-durables 5.3 -0.4 5.3 3.6
Some positivity in January due to electricity and manufacturing.
Negative growth in durables points to weakening consumption.
15. IIP data may not improve soon
◌ःDespite some positivity in January
IIP, growth outlook continues to be weak.
◌ःThe improvement in January IIP data may
not sustain.
16. RBI cuts rate, signals a pause
◌ः RBI reduced repo rate by 25 basis points from 7.75% to 7.50%
on March 19. Reverse repo rate now down to 6.50%.
◌ः Cash reserve ratio (CRR) left unchanged at 4%.
◌ः Why did RBI cut the repo rate?
◌ः One, Q3FY13 GDP growth rate came in at decade-low◌ः One, Q3FY13 GDP growth rate came in at decade-low
4.5%, compared to 5.3% in Q2FY13.
◌ः Recovery in GDP growth likely to be gradual.
◌ः WPI inflation has moderated in recent times. Core inflation
is down.
◌ः Government's measures aimed at fiscal consolidation
provided RBI room to go in for a small cut.
17. Will rate cuts continue?
◌ःThe central bank was cautious about future rate
cuts. Why?
◌ःFood inflation remains high. Administered fuel◌ःFood inflation remains high. Administered fuel
prices have been hiked in recent times. Likely to
push inflation upward.
◌ःWide divergence between CPI and WPI. While WPI
has softened, CPI continues to be in double digits.
18. ◌ःCurrent account deficit (CAD) is high. If interest
rates are cut, it would result in more consumption,
leading to higher imports and worsening of CAD.
◌ः
Will rate cuts continue?
◌ःHence RBI indicated there is limited room for
further cuts.
◌ःMost economists expect interest rates to be cut by
another 50 bps in FY14.
19. Will banks reduce lending rates?
◌ःDespite cut in repo rate by the central bank, banks
may not lower their lending rates.
◌ःWith deposit growth slowing down, several banks
have raised their deposit rates in recent times.
◌ः
have raised their deposit rates in recent times.
◌ःWith banks' cost of funds rising, it will be difficult
for them to cut lending rates.
◌ःMany banks in difficulties due to high NPLs. Hence,
can’t afford to lower rates.
20. High CAD poses a risk
Oct-Dec
2011
Oct-Dec
2012
%age
change
Current-account deficit -19,954 -32,546 63.11
of which
Merchandise trade
balance -48,704 -59,604 22.38
Invisibles 28,750 27,059 -5.88Invisibles 28,750 27,059 -5.88
of which
Software services 15,806 15,901 0.60
Private Remittances 16,208 15,670 -3.32
Capital account deficit 7,680 31,761 313.55
of which
FDI 4,963 2,526 -49.10
Equity inflows 1,898 8,781 362.64
Loans 1,602 10,630 563.55
Other capital 4,703 4,544 -3.38
21. High CAD poses a risk
◌ः The current account deficit for the December 2012
quarter came in at a very high 6.7% of GDP.
◌ः This happened because merchandise trade balance
(imports less export) has grown by 22.38% y-o-y.
◌ः On the other hand, invisibles (combination of software◌ः On the other hand, invisibles (combination of software
earnings and private remittances) declined 5.88% year-
on-year.
◌ः Of the two components of invisibles, software services
rose 0.60 per cent but private remittances declined -
3.32 per cent.
22. High CAD poses a risk
◌ः Next, let us look at the capital account.
◌ः FDI, which represents stable inflows, is down -49.10% y-o-y.
◌ः Equity inflows, which are unstable, have grown 362.64%.
◌ः Even external loans have grown rapidly by 563.55% y-o-y.
◌ः Thus, India's current account deficit is being fuelled by hot money◌ः Thus, India's current account deficit is being fuelled by hot money
inflows.
◌ः If at any time these flows decline (say, due to the normalisation of
monetary policy in the West or due to the creation of a risk-off
environment), financing the CAD will become difficult.
◌ः The rupee could see another bout of rapid depreciation.
23. Worst of CAD probably behind us
◌ःAccording to a note from Morgan
Stanley, however, the worst of CAD is
probably behind us.
◌ःThe trade deficit should improve from the◌ःThe trade deficit should improve from the
next quarter, helped by the government's
fiscal restraint.
◌ःSoft crude prices may also help.
24. UPA strength reduced
post DMK pullout
◌ः The DMK pulled out of the UPA coalition in protest against the
government's position on US-backed UN resolution on war crimes
carried out during Sri Lanka's civil war.
◌ः The DMK had for long been putting pressure on the Indian
government to protect Sri Lanka's minority Tamil population.
◌ः The government survived owing to outside support from the◌ः The government survived owing to outside support from the
Samajwadi Party and the Bahujan Samaj Party.
◌ः The pullout has left financial market participants jittery.
◌ः Getting reforms-related legislation passed will become even more
difficult. Reforms are also expected to take a back seat owing to
state elections followed by the general election next year.
25. The equation in Lok Sabha
post DMK pullout
Who has how many seats in Lok Sabha
Party No. of seats
Congress 203
NCP 9
Rashtriya Lok Dal 5
J&K National Conference 3J&K National Conference 3
IUML, AIUDF, BPF, Kerala Cong. 5
Others 6
UPA 231
Outside Support 49
Samajwadi Party 22
Bahujan Samaj Party 21
Rashtriya Janata Dal 3
Janata Dal (Secular) 3
Total (with outside support) 280
Total no. of Lok Sabha seats 540
26. Will fiscal consolidation continue in
a pre-election year?
◌ः According to Morgan Stanley, history suggests that
government expenditure always rises in a pre-election
year.
◌ः Therefore, the market is sceptical about the
government's ability to achieve the 4.8% fiscal deficitgovernment's ability to achieve the 4.8% fiscal deficit
target for FY14.
◌ः However, according to Morgan Stanley, the worst of the
fiscal deficit and the current account deficit are
probably behind us. The note adds that a falling twin
deficit is good for stocks.
28. US economy improving
◌ः According to Mohammed A El-Erian, CEO and co-CIO of
PIMCO, the United States' economy is healing, and doing so in
an accelerated fashion.
◌ः Most U.S.-based multinational companies are on a solid footing.
◌ः Smaller firms are gradually recuperating.
◌ः Banks have rebuilt their capital cushions and reduced dubious◌ः Banks have rebuilt their capital cushions and reduced dubious
assets.
◌ः More and more households are re-establishing healthier balance
sheets, especially as employment picks up.
◌ः The US budget deficit is on a downward trend, helped along by
higher revenues and lower pressure on spending (payments to
jobless have fallen).
29. Will QE continue?
◌ः Members of the US Federal Open Market Committee
(FOMC) have begun to debate the wisdom of continuing
with the QE program.
◌ः Many members favour ending, or at least tapering, the
program.program.
◌ः Currently the US central bank purchases $ 85 billion
worth of bonds from the open market every month.
◌ः Earlier the QE programme was expected to end only
when there was significant improvement in the labour
market. But now there are indications that it may end
earlier.
30. Will QE continue?
◌ः If the central bank continues with the QE program for too
long, it may result in an inflationary spiral that may
become difficult to control. Sharp buildup of inflationary
expectations may occur.
◌ः Excessively loose monetary policy also leads to excessive◌ः Excessively loose monetary policy also leads to excessive
risk taking in financial markets.
◌ः If interest rates begin to rise, the value of bonds held by the
central bank would erode, resulting in capital losses which
could wipe out the paid-up capital of the US Fed.
◌ः In his testimony to the U.S. Congress, Fed Chairman Ben
Bernanke said he's in favour of continuing with QE for the
moment.
31. Will QE continue?
◌ः So an abrupt end to the QE program may not happen. But the
size of QE could be reduced in the near future.
◌ः The US Fed’s policies have forced several other central banks
(BoJ, ECB, etc) to also follow loose monetary policies (to aid
their own economies but also to prevent their currencies from
appreciating). If US Fed winds down QE, others will follow suit.
their own economies but also to prevent their currencies from
appreciating). If US Fed winds down QE, others will follow suit.
◌ः This has implications for India.
◌ः Given its massive current-account deficit, the country has
become excessively dependent on short-term money flows to
bridge its current-account deficit.
32. Growing attractiveness of US
market
◌ः Another risk to the Indian economy arises from the growing
attractiveness of the US market.
◌ः According to a recent article by Akash Prakash, CEO of Amansa
Capital (in Business Standard), emerging markets have
significantly underperformed the S&P 500. In the last two
years, the MSCI emerging markets index is down nearly 10%
significantly underperformed the S&P 500. In the last two
years, the MSCI emerging markets index is down nearly 10%
while the S&P 500 is up 20%.
◌ः As more and more investors believe in the growing
attractiveness of the US markets, at some point inflows into
the Indian markets will be affected.
◌ः The reallocation of assets from the US market to emerging
markets, which we have seen in the past, could reverse.
33. Cyprus: crisis contained
◌ः Cyprus became the fifth country within the Eurozone to negotiate
a bailout.
◌ः In this second deal to bail out Cyprus, a € 10 billion ($ 13 billion)
loan was made to the country. This has reduced the probability of
Cyprus exiting the Eurozone.
◌ः Bank of Cyprus, the largest bank, will be restructured.◌ः Bank of Cyprus, the largest bank, will be restructured.
◌ः Laiki Bank, the second-largest bank, will be wound up.
◌ः These banks got into trouble because they had invested a lot of
their money in Greek bonds.
◌ः Savers with accounts below € 100,000 have been spared.
◌ः Losses will be borne in the following order: shareholders, junior
bondholders, senior bondholders, and finally, uninsured depositors.
34. Repercussions of the deal
◌ः The collapse of Cyprus's oversized banking sector, which along with
tourism was the mainstay of the economy, will cause an economic
slide. It is expected that Cyprus's economy may shrink by 10-15% in
2013 and 5% in 2014.
◌ः Capital controls have been imposed on depositors so that there is
no run on the banking system.no run on the banking system.
◌ः The decision to punish larger depositors means that a lot of money
that is currently deposited in Cyprus will go elsewhere (one third
of Cyprus's deposits are Russian).
◌ः People will also fear depositing money in weaker banks within
peripheral Europe.
35. Repercussions of the deal
◌ः This will make it harder to keep sick banks alive in a
crisis.
◌ः If and when a bank run starts, depositors will head for
the exit earlier and faster.
◌ः What is needed in Europe is a unified banking system
with fiscal backstop. It also needs a joint deposit
insurance scheme. Only this will break the link between
weak banks and weak governments. But Europe is
lagging behind in these matters.
36. Repercussions of the deal
◌ः From the creditors' viewpoint, the era of all-encompassing
bailouts is coming to an end.
◌ः Hereafter private investors will have to bear losses instead of
being bailed out by euro zone taxpayers.
◌ः◌ः The Finns, Dutch and Germans don't want greater pooling of
liabilities. They want the troubled Mediterranean countries to
adopt reform measures and come out of trouble.
◌ः However, Northern countries need to design bailout packages in
such a way that they do not impose unnecessary hardships.
They must also delay adopting austerity measures at home at a
time when other Eurozone economies are still recovering.
37. Impact on India
◌ः The big risk that India faces is that any flaring up of risk
in Europe could create a risk-off environment that may
lead to lower FII inflows, or even cause outflows from
India.
◌ः This would make it difficult for India to fund its CAD
and lead to another bout of rupee depreciation.
◌ः The Indian equity markets, which are very FII-
dependent, would also decline.
39. Market outlook
Asset Class Current
Levels( as of Feb
28, 2013)
Summary View Why Risk to our View
Equity Nifty: 5,647.75 Markets will be
under pressure,
Bad economic
data; government
If RBI cuts rates
aggressively or
Sensex: 18,835.77
under pressure,
especially mid- and
small-cap stocks
data; government
weakened; US
market becoming
attractive. Absence
of positive triggers.
aggressively or
Q4FY13 results
show considerable
improvement.
40. Index Watch
Index
1-month
return (%)
YTD
return(%)
Sensex -0.14 -3.8
BSE Mid-Cap -2.55 -14.66
BSE Small-Cap -6.47 -22.12
BSE Auto -4.44 -13.28
BSE Capital Goods -1.82 -17.97BSE Capital Goods -1.82 -17.97
BSE Consumer
Durables -1.08 -8.98
BSE FMCG Sector 4.41 -0.45
BSE Healthcare 2.53 -1.94
BSE IT 1.94 21.1
BSE Metal -3.41 -22.54
BSE Oil -3.72 -2.44
BSE Power Index -5.59 -18.05
BSE PSU -5.56 -12.54
BSE Tech 0.1 13.44
Figures as on March 28, 2013
41. FII inflows fall, MF outflow
continues
Month FII investment
MF
invest
ment
January 22,230 -865
February 22,122 -1,496
March* 10,399 -1,767March* 10,399 -1,767
*Upto March 26; all figures in Rs
crore
• FII inflows in March were less than half the
level in January and February.
• Mutual funds continued to be net sellers even
in March.
42. High dependence on FII inflows
◌ः The Indian economy has become very dependent on foreign
inflows to fund its current account deficit.
◌ः If FII inflows ebb, either due to QE ending or the creation of
a risk-off environment due to the European situation flaring
up again, the rupee could once again depreciate sharply.up again, the rupee could once again depreciate sharply.
◌ः With the rupee declining, the possibility of FIIs making a
profit declines further. This would create a vicious cycle,
leading to more pull-outs.
◌ः The high dependence of Indian markets on FII money would
lead to the decline of equity markets.
43. High dependence on FII inflows
◌ः This year India has already received about $ 10 billion
of inflows, yet the Indian equity market is among the
worst performers in Asia year to date.
◌ः Since January 2012, India has received over $ 35 billion
of FII inflows.of FII inflows.
◌ः It has received a disproportionate share of the flows
coming into Asia.
◌ः If these flows stop or reverse, it would have a very
negative impact on the Indian market.
44. Why are market participants
worried?
◌ः Pessimism has once again increased within the market.
◌ः Both the mid- and small-cap index are down quite a bit year-to-date.
Reasons:
◌ः Slew of bad data: GDP, CAD, CPI have all got market participants
worried.
◌ः
worried.
◌ः Political worries: Will reforms continue with the government
weakened after DMK’s pullout? Will fiscal consolidation continue in a
pre-election year?
◌ः Will QE continue?
◌ः Will FII inflows continue?
45. A few positives
◌ः Among the positives, valuations have become attractive. Valuations are
approaching buy territory, as in the summer of 2012.
◌ः Commodity prices are not rising.
◌ः India’s growth cycle is at an inflection point.
◌ः Bad data seems to have touched its nadir, including the investment rate and◌ः Bad data seems to have touched its nadir, including the investment rate and
exports, according to Morgan Stanley.
◌ः According to Morgan Stanley, the earnings cycle appears to be turning. Broad
market earnings have reached a trough and may move up now, albeit
gradually.
◌ः So far the level of global liquidity remains high. This is favourable for Indian
stocks.
◌ः Bad sentiment is a good contra-indicator for stock returns.