Treasury bills are short-term promissory notes issued by the government to meet temporary budget deficits. They are issued for periods of less than one year. Treasury bills are considered very safe investments as they are backed by the government and have high liquidity. There are two types: ordinary treasury bills that are issued publicly and ad hoc bills issued only to the Reserve Bank of India. Treasury bills play an important role in money market operations by providing short-term investments for banks and other financial institutions to manage their funds and meet regulatory requirements like statutory liquidity ratios.
Let me narrate an interesting analogy to you all today.
On a lazy Sunday night you and your family are relaxing on a couch watching your favorite TV show.
Suddenly, someone rings your door bell. You open the door and it’s your long distance relatives who have made a surprise visit.
While you can’t show your displeasure but you still welcome them and offer a cup of tea or coffee. However, your wife whispers to you that there is no milk at home and all the neighborhood shops would be closed.
So, now you are left with no option but knock your neighbor’s door to borrow some milk for your guests with an intention to return it next day once the shop reopens.
At least your friendly neighbor becomes your savior and saves you from embarrassment.
Today’s lesson by Prof. Simply Simple TM attempts to simplify the concept of ‘Call Money’ for you.
Read the attached PPT lesson for more understanding.
Look forward to your valuable feedback at professor@tataamc.com
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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Cotton in Nike Apparel
Nike Shops Worldwide
Nike Manufacturing Countries
Cold Cement Assembly Nike
3D Printing Nike Shoes
Nike Product Development
Nike Marketing Strategies
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Nike Distribution Centers
Automation in Nike Manufacturing
Nike Consumer Direct Acceleration
Nike Logistics and Transport
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 what'sapp contact of my personal pi vendor
+12349014282
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
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.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
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.
The European Unemployment Puzzle: implications from population aging
Treasury bills
1. Just like commercial bills which represent commercial debt, treasury bills represent short-term borrowings
of the Government. Treasury bill market refers to the market where treasury bills are brought and sold.
Treasury bills are very popular and enjoy higher degree o9f liquidity since they are issued by the
government.
Meaning and Features of Treasury Bills:
A treasury bills nothing but promissory note issued by the Government under discount for a specified
period stated therein. The Government promises to pay the specified amount mentioned therein to the
beater of the instrument on the due date. The period does not exceed a period of one year. It is purely a
finance bill since it does not arise out of any trade transaction. It does not require any ‘grading’ or’
endorsement’ or ‘acceptance’ since it is clams against the Government. Treasury bill are issued only by
the RBI on behalf of the Government. Treasury bills are issued for meeting temporary Government
deficits. The Treasury bill rate of discount is fixed by the RBI from time-to-time. It is the lowest one in the
entire structure of interest rates in the country because of short-term maturity and degree of liquidity and
security.
Types of Treasury Bills
In India, there are two types of treasury bills viz. (I) ordinary or regular and (ii) ‘ad hoc’ known as ‘ad hocs’
ordinary treasury bills are issued to the public and other financial institutions for meeting the short-term
financial requirements of the Central Government. These bills are freely marketable and they can be
brought and sold at any time and they have secondary market also.
On the other hand ‘ad hocs’ are always issued in favour of the RBI only. They are not sold through tender
or auction. They are purchased by the RBI on top and the RBI is authorised to issue currency notes
against them. They are marketable sell them back to the RBI. Ad hocs serve the Government in the
following ways:
They replenish cash balances of the central Government. Just like State Government get advance
(ways and means advances) from the RBI, the Central Government can raise finance through these
ad hocs.
They also provide an investment medium for investing the temporary surpluses of State
Government, semi-government departments and foreign central banks.
On the basis of periodicity, treasury bills may be classified into three they are:
1. 91 Days treasury bills,
2. 182 Days treasury bills, and
3. 364 Days treasury bills.
Ninety one days treasury bills are issued at a fixed discount rate of 4% as well as through auctions. 364
days bills do not carry any fixed rate. The discount rate on these bills are quoted in auction by the
2. participants and accepted by the authorities. Such a rate is called cut off rate. In the same way, the rate is
fixed for 91 days treasury bills sold through auction. 91 days treasury bills (top basis) can be rediscounted
with the RBI at any time after 14 days of their purchase. Before 14 days a penal rate is charged.
Operations and Participants
The RBI holds day’s treasury bills (TBs) and they are issued on top basis throughout the week. However,
364 days TBs are sold through auction which is conducted once in a fortnight. The date of auction and
the last date of submission of tenders are notified by the RBI through a press release. Investors can
submit more than one bid also. On the next working day of the date auction, the accepted bids with prices
are displayed. The successful bidders have to collect letters of acceptance from the RBI and deposit the
same along with cheque for the amount due on RBI within 24 hours of the announcement of auction
results.
Institutional investors like commercial banks, DFHI, STCI, etc, maintain a subsidiary General Ledger
(SGL) account with the RBI. Purchases and sales of TBs are automatically recorded in this account
invests who do not have SGL account can purchase and sell TBs though DFHI. The DFHI does this
function on behalf of investors with the helps of SGL transfer forms. The DFHI is actively participating in
the auctions of TBs. It is playing a significant role in the secondary market also by quoting daily buying
and selling rates. It also gives buy-back and sell-back facilities for period’s upto 14 days at an agreed rate
of interest to institutional investors. The establishment of the DFHI has imported greater liquidity in the TB
market.
The participants in this market are the followers:
1. RBI and SBI
2. Commercial banks
3. State Governments
4. DFHI
5. STCI
6. Financial institutions like LIC, GIC, UTI, IDBI, ICICI, IFCI, NABARD, etc.
7. Corporate customers
8. Public
Through many participants are there, in actual practice, this market is in the hands at the banking sector.
It accounts for nearly 90 % of the annual sale of TBs.
Importance of Treasury Bills:
Safety: Investments in TBs are highly safe since the payment of interest and repayment of principal
are assured by the Government. They carry zero default risk since they are issued by the RBI for
and on behalf of the Central Government.
3. Liquidity: Investments in TBs are also highly liquid because they can be converted into cash at any
time at the option of the inverts. The DFHI announces daily buying and selling rates for TBs. They
can be discounted with the RBI and further refinance facility is available from the RBI against TBs.
Hence there is a market for TBs.
Ideal Short-Term Investment: Idle cash can be profitably invested for a very short period in TBs.
TBs are available on top throughout the week at specified rates. Financial institutions can employ
their surplus funds on any day. The yield on TBs is also assured.
Ideal Fund Management: TBs are available on top as well through periodical auctions. They are
also available in the secondary market. Fund managers of financial institutions build portfolio of TBs
in such a way that the dates of maturities of TBs may be matched with the dates of payment on their
liabilities like deposits of short term maturities. Thus, TBs help financial manager’s it manage the
funds effectively and profitably.
Statutory Liquidity Requirement: As per the RBI directives, commercial banks have to maintain
SLR (Statutory Liquidity Ratio) and for measuring this ratio investments in TBs are taken into
account. TBs are eligible securities for SLR purposes. Moreover, to maintain CRR (Cash Reserve
Ratio). TBs are very helpful. They can be readily converted into cash and thereby CRR can be
maintained.
Source Of Short-Term Funds: The Government can raise short-term funds for meeting its
temporary budget deficits through the issue of TBs. It is a source of cheap finance to the
Government since the discount rates are very low.
Non-Inflationary Monetary Tool: TBs enable the Central Government to support its monetary
policy in the economy. For instance excess liquidity, if any, in the economy can be absorbed through
the issue of TBs. Moreover, TBs are subscribed by investors other than the RBI. Hence they cannot
be mentioned and their issue does not lead to any inflationary pressure at all.( Recommended
reading: Treasury bills and inflation control )
Hedging Facility: TBs can be used as a hedge against heavy interest rate fluctuations in the call
loan market. When the call rates are very high, money can be raised quickly against TBs and
invested in the call money market and vice versa. TBs can be used in ready forward transitions.
Defects of Trasury Bills:
Poor Yield: The yield form TBs is the lowest. Long term Government securities fetch more interest
and hence subscriptions for TBs are on the decline in recent times.
Absence Of Competitive Bids: Though TBs are sold through auction in order to ensure market
rates for the investors, in actual practice, competitive bids are competitive bids are conspicuously
absent. The RBI is compelled to accept these non-competitive bids. Hence adequate return is not
available. It makes TBs unpopular.
Absence Of Active Trading: Generally, the investors hold TBs till maturity and they do not come for
circulation. Hence, active trading in TBs is adversely affected.