Business

Donald Trump Puts Travel Ban On 26 European Nations But Keeps UK And Ireland Out

Under the mounting pressure to control coronavirus, President Donald Trump imposed travel restrictions on 26 European countries for a month. People from the said countries are banned from traveling to US for the said period.

US bans travel from Europe

The president took the dramatic step to address the health and economic shocks to Americans and to respond to the criticism that he hadn’t taken serious attempts to contain coronavirus spread in America. But he kept the UK and Ireland free from the travel order. Also, the travel advisor doesn’t apply to US citizens coming home.

Trump announced economic steps

To cushion the blow to American business that is already down with a sudden loss of consumer demand, the president said that trade won’t be affected by the travel restriction. He said in a tweet that the restrictions stopped people and not goods. But US stock futures slid further to more than 4% as the president made the announcement.

Trump looking for re-election

Trump’s re-election on November 3 depends largely on how well he responds to coronavirus crisis. It has enveloped his presidency. He used his Oval Office for … Read the rest

Rana Kapoor Has Properties Worth Rs. 1,000 Crore In Delhi

The Enforcement Directorate (ED) prevented the Yes Bank founder Rana Kapoor from selling three Delhi properties worth Rs. 1,000 crore. He was about to shift his base outside the country.

According to sources, ED was tipped off about Rana Kapoor planning to shift to the US, the UK or France after selling his properties in Delhi and Mumbai. He didn’t want to leave any asset in India before leaving.

Rana Kapoor’s properties

The properties at 40, Amrita Shergill Marg, 18 Kautilya Marg in Chanakya Puri and the Diplomatic Enclave on Sardar Patel Marg are linked to Bindu Kapoor wife of Rana Kapoor. Bindu Kapoor is also under the scanner over suspicious transactions by former Yes Bank boss. The officials said that Rana Kapoor was in touch with top realtors in capital to sell the properties.

The luxurious bunglow at 40, Amrita Shergill Marg, a prime location in Lutyens’ Delhi was bought in the name of her company Bliss Abode Ltd. while the other two properties belong to Bliss Villa (Delhi) Private Ltd.

The Amrita Shegillbunglow was bought from Avantha Realty. The company belonged to … Read the rest

Daughter Of Yes Bank Founder Arrested At Mumbai Airport

Roshni Kapoor, daughter of Yes Bank founder Rana Kapoor, was apprehended at the Mumbai airport while she’s boarding a flight to London. The Enforcement Directorate (ED) has already issued a lookout notice against her and other family members of Rana Kapoor.

Rana Kapoor arrested

On Sunday, the Yes Bank founder was arrested and sent to the custody of ED till March 11 by a Mumbai court. He was arrested on the charges of money laundering after hours of investigation and searches at the residents of his daughters – Roshni Kapoor, Rakhee Kapoor Tandon, and Radha Kapoor – inDelhi and Mumbai.

Allegations on Rana Kapoor

In the court, the ED lawyer Sunil Gonsalves alleged that Yes Bank had bought debentures of Dewan Housing and Finance Ltd. worth Rs. 3,700 crore. Dewan Housing had granted a loan of Rs. 600 crore to Doit, a company owned by daughters of Rana Kapoor.

The lawyer further alleged that crime of Yes Bank was amounted to Rs. 4,300 crore. Also, that Rana Kapoor had refused to cooperate with the investigation.

Rana Kapoor denied allegations

Read the rest

Lookout Noticed Issued Against Yes Bank Founder Rana Kapoor

On Friday, Enforcement Directorate searched the Mumbai house of Yes bank founder Rana Kapoor. Also, the agency launched a money laundering probe against him. Fearing that Mr. Kapoor and other former directors of the bank could leave the country, the agency issued a lookout notice against them.

Restructuring Yes bank management

The Reserve Bank of India took over board of the bank for 30 days to restructure its finances. Also, it put a cap of Rs. 50,000 on withdrawal for Yes bank customers. The finance ministry said in its notification that the withdrawal cap will remain effective till April 3. RBI has appointed former SBI CFO Prashant Kumar as administrator of the beleaguered Yes Bank.

Union Finance Minister listed malpractices

Nirmala Sitharaman said that malpractices by top leadership of the bank were among the top reasons for centre’s decision to restructure the management of the bank. Ms. Sitharaman, in a press conference, said that RBI had been monitoring Yes bank since 2017.

The RBI noticed serious governance issues with Yes bank. There was a culture of weak compliance. Also, there were wrong asset classifications together with risky credit decisions. Ms. … Read the rest

Global Sensex Tanks Amid Fear Of Coronavirus Spread

On Friday, domestic stock markets witnessed sharp loss in early trade sell off amid fear of recession due to spread of coronavirus pandemic. RBI’s action of saving the beleaguered Yes Bank and possible ramifications of that action further dented the Dalal Street sentiments.

Global Sensex Fear

Here’re 7 big things about stock market

  1. The S&P BSE Sensex index hit 37,011.09 points that was 1459.52 points down. And the NSE Nifty benchmark dropped to 441.60 points that was 10,827.40 points down. But the market trimmed some of the losses in the day.
  2. Yes Bank, IndusInd Bank, Tata Motors, SBI, Tata Steel and Zee Entertainment were the top losers. They traded between 5.16% and 25%.
  3. Yes Bank shares were trading at Rs. 17 that was 51% down after RBI suspended the Yes Bank board for 30 days. Also, it imposed a withdrawal limit of 50,000 on account holders till April 3.
  4. All the 11 sectors on the National Stock Exchange (NSE) including state-run banks, automobile and metal stocks were the worst hit.
  5. Panic selling was also visible in the broader markets. The BSE Midcap and Smallcap indices were down by 2.3% and 1.9% respectively.
  6. For
Read the rest

India Becomes 5th Largest Economy Of The World

IMF’s October World Economic Outlook places India as the world’s fifth largest economy. The data says that according to the nominal GDP, India ranking is ahead than that of France and the UK.

IMF ranks India as 5th largest economy

The data shows that India’s GDP had been among the highest in the last decade. India achieved an annual growth of 6-7%. 2016 McKinsey Global Institute report gave many reasons for this growth. It said that urbanization and technologies improved efficiency and productivity. But the country’s real GDP was forecast to slow due to credit weakness.

Indian economy on the rise

In 2010, India was placed at 9th place behind countries like Brazil and Italy. But the country witnessed a dramatic rise in the last two and a half decade. The country’s nominal GDP has jumped more than 700% since 1995.

Challenges ahead for Indian economy

The country has many challenges to face despite showing strong potential to high growth. The World Bank report says that access to development and new opportunities has been uneven in the country.

According to UN, one-quarter of world’s poor … Read the rest