BUSINESS
Louis Vuitton under fire in China for refund policy
The brand's different return and exchange policies have also triggered fresh anger among Chinese consumers on Chinese Twitter-like social media Sina Weibo on Saturday, Global Times said. There are also netizens calling for the revision of market regulations in China to better protect the rights and interests of Chinese consumers, the report added.
With transactions of 120 Cr every month, these Jharkhand women transform banking scene
Now the elderly do not have to stand in long queues after travelling 10-20 km for pension. Be it the farmers, who save money by working in the fields, or the students, who get benefits of government scholarships, everyone is getting banking services at home. The people of the villages know the women as 'Bank wali Didiya'. These women are associated with self-help groups -- 'Sakhi Mandals', which have been formed under the Centre's National Rural Livelihood Mission. In Jharkhand, the mission is being run through Jharkhand State Livelihood Promotion Society (JSLPS).
India's Apr-Nov agricultural, processed food exports up 13%
As per the data furnished by the Ministry of Commerce and Industry, export of products under the Agricultural and Processed Food Products Export Development Authority (APEDA) ambit increased from $11.671 billion in April-November 2020-21 to $13.261 billion in April-November 2021-22. The target for exports under the APEDA basket products has been set at $23.713 billion for 2021-22
Prevent dumping of toxic wastes in India: FM to DRI
Speaking at an event to celebrate DRI's 64th foundation day, Sitharaman lauded DRI's compact strength of about 800 officers for their relentless efforts despite the imminent risks. The Finance Minister stated that the officers may be keeping a low profile, but they are acting like the frontline defence forces, doing spectacular work in safeguarding the economic frontiers of the country.
Capital View: Ikea plans mega presence in Delhi to boost growth
The company will enter the NCR market via Ingka Centre which will come up in Gurugram. The centre is a mixed use retail destination which will be anchored by a large format Ikea store and is expected to come up within 3-4 years. Besides, the company plans to have an omnichannel approach which will have a combination of "big and small stores" as well as an online presence.
Lower oil prices to counter Omicron fears; yet rupee to remain subdued
Besides, rising trade deficit along with fears of US tapering measures are likely to hamper any appreciation move. However, the downside will be capped by lower oil prices. "Rising trade deficit and taper had it's toll on rupee. Continuos FPI pull out from equities has been countered by IPO inflows so far, and may continue for some more time," said Sajal Gupta, Head, Forex and Rates, at Edelweiss Securities.
Omicron concerns: 'Reverse Repo' hike can wait, says SBI Ecowrap
Lately, concerns have risen over Omicron's impact on growth. The monetary policy review is slated for December 6-8. It is widely expected that RBI's MPC will maintain a status-quo in key lending rates. At present, the MPC of the central bank has maintained the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. Consequently, the reverse repo rate was kept unchanged at 3.35 per cent.
Tightening of norms may increase NBFCs' headline NPAs: Ind-Ra
"The Reserve Bank of India's (RBI) clarification on NPA accounting is likely to increase NPAs by around one third for non-banking finance companies (NBFCs)," the ratings agency said. "However, the impact on provisioning could be modest, given NBFCs are using 'IND-As' and generally for higher rated NBFCs, provision policy is more conservative than 'IRAC' requirements."
Capital View: Ikea plans mega presence in Delhi to boost growth
The company will enter the NCR market via Ingka Centre which will come up in Gurugram. The centre is a mixed use retail destination which will be anchored by a large-format Ikea store and is expected to come up within 3-4 years.
India's Nov services PMI in expansionary mode but eases sequentially
However, the PMI eased sequentially during the month under review. The seasonally adjusted India Services Business Activity Index remained above the threshold 50 (index reading) mark. The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.
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