China plans to launch its own digital currency: Report : Bulletin: Business Today
Business Today

China plans to launch its own digital currency: Report

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December 11, 2019

Paytm founder Vijay Shekhar Sharma steps down as Paytm Financial Services director
Paytm founder Vijay Shekhar Sharma has resigned as the Director of Paytm Financial Services in wake of Reserve Bank of India's regulation that prohibits a payments bank chairman to also hold a directorial position in an NBFC (non-banking finance company) unless it's a subsidiary of the bank. While Sharma in his resignation letter cited "other preoccupations" as reasons for his inability to continue with the role, reports say it has been done to comply with the RBI norms.

China plans to launch its own digital currency: Report
China plans to launch its own digital currency to stay ahead of the global competition with its central bank approving proposals to conduct trials in some cities. China's central bank - the People's Bank of China (PBC) - has stepped up efforts to roll out its Digital Currency Electronic Payment (DCEP) as it seeks to stay ahead of the competition among central banks around the world and help preserve financial sovereignty.  The bank is set to conduct trials of the digital currency in cities such as tech hub Shenzhen in the country's southern Guangdong Province.

Nirmala Sitharaman opts out of GoM on IGST; Sushil Modi to head panel now
The Centre has changed the composition of its Group of Ministers (GoM) on the Integrated Goods and Services Tax (IGST) after Union Finance Minister Nirmala Sitharaman decided to opt-out of the ministerial panel headed by her. Bihar Deputy Chief Minister Sushil Modi will lead the committee now. India Today citing sources reported that Sitharaman, who is also the Chairperson of the Goods and Services Tax (GST) Council, had decided to opt-out as the GoM's report was required to be submitted to the chairperson only.

ADB lowers FY20 growth forecast for India to 5.1%
The Asian Development Bank (ADB) said on Wednesday it has lowered its growth forecasts for developing Asia this year and the next, as a weaker outlook for China and India indicated softer economic activity elsewhere in the region. The bank trimmed its growth forecast for developing Asia to 5.2% in 2019 and 2020, the Manila-based lender said in an updated annual outlook report, from 5.4% and 5.5% previously.

Blockchain Developer, AI Specialist among top jobs in India: LinkedIn report
Indian businesses are looking at digitising business models to keep up with new technology trends. These technological shifts are giving rise to the need for new skills required. As a result different job roles are coming up.
According to LinkedIn's Emerging Jobs 2020 Report, technology jobs dominate the emerging job market in India. All the top five jobs on the Emerging Jobs list for India in 2020 are technology jobs such as Blockchain Developer, Artificial Intelligence Specialist, JavaScript Developer, Robotic Process Automation Consultant and Back-end Developer.

India's automobile sales fall for 13th straight month: SIAM
The domestic passenger vehicle sales fell in November for a 13th consecutive month with no sign of an immediate recovery, an auto industry body said on Tuesday. Sales of passenger vehicles declined 0.84% to 263,773, compared with 266,000 in the year-earlier period, figures released by the Society of Indian Automobile Manufacturers (SIAM) showed. The rate of decline was the slowest in recent months - driven largely by a preference for utility vehicles. But sales of two wheelers - widely seen as an indicator of rural economic health - and commercial vehicles fell nearly 15% each.

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