Rupee slips amid high crude prices; onion prices rise across Asia : Bulletin: Business Today
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Rupee slips amid high crude prices; onion prices rise across Asia

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October 3, 2019

PM Modi sets 2022 as deadline to eradicate single-use plastic from India

Addressing Swachh Bharat Diwas 2019 at the bank of River Sabarmati, Prime Minister Narendra Modi urged the people of India to give up single-use plastic by 2022. He said this initiative will benefit the environment, decongest roads and sewer lines, and protect biodiversity. PM Modi also congratulated the states on becoming open defecation free.

Banks' exposure to IndiaBulls Group at Rs 27,580 crore

Public and private sector banks have an exposure of Rs 27,580 crore, in the form of loans and non-convertible debentures, to the IndiaBulls Group. Promoters of the beleaguered financial services conglomerate are facing allegations of financial irregularities. State Bank of India has the highest cumulative exposure of Rs 8,100 crore, followed by Bank of Baroda at Rs 6,460 crore and Yes Bank at Rs 6,040 crore.

Rana Kapoor's daughters 'disappointed' with Reliance Nippon selling Yes Bank shares

Rana Kapoor's daughters have disproved of Reliance Nippon Life Asset Management (RNAM) selling promoter shares of Yes Bank pledged by their father. They said in a statement that the shares were pledged to support the borrowings of Morgan Capital, a company run by them for investing in start-up ventures. On Tuesday, Reliance Nippon had asked its trustees to sell the remaining Yes Bank shares pledged by Kapoor as collateral.

Rupee slips to 71.35 per US dollar amid rising crude oil prices

The Indian rupee opened on a cautious note and fell 28 paise to 71.35 against the US dollar in early trade on Thursday amid rising crude oil prices and unabated foreign fund outflows. Forex traders said weak opening in domestic equities and rising demand for the US dollar vis-a-vis other currencies overseas also weighed on the domestic currency. The Indian rupee on Tuesday had closed at 71.07 against the US dollar.

After India's ban on onion exports, prices skyrocket across Asia

Onion prices have gone crazy. That's because India, the world's biggest seller of the Asian diet staple, has banned exports after extended Monsoon downpours delayed harvests and supplies shrivelled. Since the ban, countries such as Bangladesh have turned to the likes of Myanmar, Egypt, Turkey and China to increase supplies in a bid to bring prices down. But the hefty volumes lost will be hard to replace.

Privacy group says tech giants not delivering on political ads pledges

Facebook, Twitter and Alphabet's Google have failed to provide adequate transparency for global users around political advertising on their services, a privacy advocacy group said. A report from London-based charity Privacy International said that many users around the world lack meaningful insight into how ads are targeted on social media services. The group called Google "especially deficient" in disclosure of information about targeting, which enables advertisers to deliver tailored messages to different groups of users.

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