Facebook's Libra launch could be delayed over regulatory concerns
The launch of Facebook's cryptocurrency, Libra could be pushed back to tackle the regulatory concerns that have been raised around the world. Three months ago, Facebook announced plans to launch the digital currency in June 2020, in partnership with other members of the Libra Association. However the attempt to bring cryptocurrencies into the mainstream has since met with regulatory and political skepticism globally, with France and Germany pledging to block Libra from operating in Europe.
RBI may go for another policy rate cut of 25 bps on Oct 4
The Reserve Bank of India might go for another rate cut of up to 25 basis points. RBI's Monetary Policy Committee will announce the fourth bi-monthly monetary policy for this fiscal on Friday, October 4. Experts are hoping low inflation provides enough headroom for the RBI to further lower the policy rate, especially when festive season has just started. This rate cut is likely to complement government's measures like reducing corporate tax and promoting credit offtake to boost economic activity amid a slowdown.
Govt eyes Rs 30,000 crore more interim dividend from RBI in FY20 to meet fiscal target
The Centre is likely to seek Rs 30,000 crore worth of interim dividend from the Reserve Bank of India to meet its fiscal target for 2019-20. The final decision on the transfer of extra dividend for this financial year is likely to be taken in January. Notably, the government has come under tremendous pressure to meet its fiscal target due to a falling revenue collection and a series of measures to reinvigorate the sagging economy.
Saudi Arabia mulls long-term investments worth $100 billion in India
Saudi Arabia is planning to invest $100 billion in India in key sectors such as petrochemicals, infrastructure and mining among others. Saudi Ambassador Dr Saud bin Mohammed Al Sati called India an attractive investment destination for Saudi Arabia and it is eyeing long-term partnerships with New Delhi. According to the envoy, more than 40 opportunities for joint collaboration and investments across various sectors have been identified between India and Saudi Arabia in 2019.
Govt bans export of all varieties of onions after prices touch Rs 80 per kg
The Union Ministry of Commerce and Industry has banned the export of all varieties of onions with immediate effect. The development comes days after the prices of the basic kitchen staple skyrocketed across India. The retail prices of onion shot up to Rs 80 per kg in Delhi and Mumbai in wake of excessive rains in major growing states.
Lockheed Martin submits proposal to supply F-21s to Indian Air Force
American aerospace major Lockheed Martin has submitted a proposal evincing preliminary interest to supply F-21 fighter jets to the Indian Air Force. The company has a decade-long partnership with the Tatas on defence manufacturing. The Indian Air Force had sought request for information from vendors from across the world to supply 114 modern fighter planes, in a contract that is pegged at $18 billion.
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