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Will oil go on the boil again?

10%

What is it? The increase in the past month in Brent Oil Futures for July 2018. In early morning trade on Wednesday, they were up 0.3%.

Why is it important? On Tuesday, the United States broke ranks with European allies and said it was exiting the Iran nuclear deal and re-imposing sanctions on Iran, the fifth-largest producer of oil in the world and the third-largest among the grouping known as OPEC (Organization of the Petroleum Exporting Countries). The general reading is that it would check oil supply at a time when it was already tight, keeping oil prices firm.

Tell me more: According to the US treasury department, the sanctions will take up to six months to take full effect.

 

10

What is it?The number of services such as railways and telecom that India will include to come up with a producer price index (PPI) on a trial basis next month.

Why is it important? This will help track inflation in the services sector, which accounts for 60% of the country’s GDP (gross domestic product). The new index would measure the average change in price a producer receives for its goods or services in domestic and foreign markets over time. Further, it would not include taxes, unlike the Wholesale Price Index (WPI) and the Consumer Price Index (CPI), where the incidence of taxes is accounted for.

Tell me more:Many economies such as Japan, the United States, the United Kingdom and Germany have adopted PPI, which helps in developing better policy measures.

 

13

What is it? The number of Indian banks that had filed a lawsuit in the UK High Court seeking to collect over $1.55 billion from business tycoon Vijay Mallya, who lost the case.

Why is it important? The court upheld an Indian ruling that relates to allegations that Mallya wilfully defaulted on loans worth about $1.4 billion taken for his defunct Kingfisher Airlines, in what is being seen as a legal victory for the consortium of lenders. The judge also refused to overturn a worldwide order freezing his assets. The banks’ attorneys say this would help enforce the underlying judgment given by the Indian debt recovery tribunal with immediate effect.

Tell me more: This sets a precedent for those seeking worldwide freezing orders of assets with respect to enforcing judgments against wilful defaulters, according to the firm that represented the 13 Indian banks.

 

Rs 12,409 crore

What is it? The net inflows (purchases minus redemptions) in equity mutual funds in April 2018.

Why is it important? This is against Rs 6,657 crore in March 2018 and Rs 9,529 crore in April 2017. Although the surge in April is partly being attributed to portfolio adjustments related to the beginning of a new financial year, the numbers suggest a continuance in the flow of retail money into equity funds through systematic investment plans (SIPs) and a growing acceptance of equity funds as an investment vehicle.

Tell me more: As of March 2018, there were 71.3 million investor accounts, a 29% growth over the 55.4 million accounts in March 2017.

 

3

What is it? The number of clubs in the English Premier League that are batting against becoming the third club to be relegated, with one or two matches left to be played.

Why is it important? The three clubs are Southampton, Huddersfield and Swansea. On Tuesday, Southampton beat Swansea 1-0 and gave themselves some breathing room. Swansea, on the other hand, are flailing with their fourth straight loss, the worst record in the last five matches among the bottom rung.

Tell me more: West Bromwich Albion and Stoke City have already been relegated in the league that ends this Sunday.

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Digital pink slips

~1000

What is it? The number of senior/mid level Infosys employees who might be asked to leave the company.

Why is it important? It comes on the back of news about layoffs at Wipro and Cognizant, and together they underline the pressure IT majors are facing on business and regulatory fronts. Wipro recently said that if the demand doesn’t improve it might let go of 10% of its employees. Last week, Cognizant announced a voluntary separation programme for directors.

Tell me more: A recent pressure for IT companies came from the visa restrictions imposed by the United States, the sector’s largest source of revenue. Infosys recently announced it would hire about 10,000 employees in the US in the next two years.

181

What is it? The number of wickets taken by cricketer Jhulan Goswami in one day international tournaments.

Why is it important? It makes Goswami the top wicket taker in women’s one day internationals. The position was previously held by Australian bowler Cathryn Fitzpatrick, who held the record for nearly 10 years.

Tell me more: Goswami played a total of 153 matches and bowled 1238.4 overs, against Fitzpatrick’s 109 matches and 1002.5 overs. Goswami claimed the wicket of South Africa’s Raisibe Ntozakhe to break Fitzpatrick’s record. Goswami made her debut in 2002.

 

$40 million

What is it? The amount Vijay Mallya is said to have received from Diageo in February last year.

Why is it important?  In violation of Supreme Court directions to use the money to repay loans, Mallya allegedly transferred the amount to his children. The court now holds him guilty of contempt and has directed him to appear before it on July 10. Mallya is facing cases for default of about Rs 9000 crore in loans to various banks, and is in United Kingdom at present.

Tell me more: Efforts are on to extradite Mallya from UK. Enforcement Directorate is making an additional case for extradition on the evidence of money laundering.

 

277,000

What is it? The number of passenger vehicles sold in April in India, according to Society of Indian Automobile Manufacturers.

Why is it important? This is up 15% from 242,000 vehicles sold in April 2016, indicating that the impact of demonesation is wearing off. Analysts believe that the pent up demand could push automobile sales further during rest of the year.

Tell me more: Passenger cars (excluding SUVs and vans) sales went up 17.36% to 190,000 units April, largely driven by compact cars. Buyers picked up 7.34% more two wheelers in April compared to year ago period. However, commercial vehicles and three wheeler sales dropped.

 

$1,747.89

What is it? The close price of cryptocurrency Bitcoin on BitStamp platform on Tuesday.

Why is it important? Crossing the $1700 mark is an important milestone for Bitcoin, which continues to face skepticism from several quarters. The currency hit its all time high by surging over 80% in value since the beginning of this year. Starting April, Bitcoins became a legal tender in Japan, where it is trading at $1835 a coin.

Tell me more: As Bitcoin’s price surge in the market, businesses increasingly see more value in blockchain, the currency’s underlying technology.

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News in Numbers, Mar 21, 2017: How happy are you? 😰, 😒, 😌, 😃 or 😜?

Rs 27,420 crore

What is it? The amount banks will have to write off if the new Uttar Pradesh government grants its election promise of farm loan waiver.

Why is it important? The hit is around 8% of UP’s revised revenue estimates of Rs 3,40,255.24 crore, for FY17. Both the state and the banks with UP farmers as clients will get affected by the measure.

Tell me more: An SBI research which points out the write-off amount, says scheduled commercial banks have an outstanding farm credit of Rs 86,241.20 crore. Most of the loans have been lent to small and marginal farmers.

 

$1 billion

What is it? The amount Flipkart raised in its latest funding round from investors including Microsoft and Tencent.

Why is it important? This is the second $1 billion single round of funding for Flipkart. It coincides with a period of devaluations by Flipkart’s existing investors. Even though the latest funding is said to have valued it between $10-11 billion, it shows not all investors have lost confidence in the desi e-commerce company.

Tell me more: Flipkart is eyeing another $500-1,000 million in the near future.

 

$20 million

What is it? The estimated value of the sky mansion, being built for Vijay Mallya in Bengaluru.

Why is it important? The cantilevered villa being constructed atop a residential tower on land that held Mallya’s ancestral home, could join the list of Mallya’s assets which have been put up for sale to help recover the dues of a consortium of banks. It is 1.4% in value (Rs 131 crore, roughly) of the loan amount of Rs 9,000 crore banks are seeking to recover from the fugitive businessman.

Tell me more: While it is unlikely the business baron would return to stay in the mansion, it will be a challenge to sell it as lenders have found with Mallya’s other properties repeatedly.

 

122

What is it? India’s rank in the latest World Happiness Report. The report ranked 155 countries.

Why is it important? India has slipped four spots from 118 from the previous ranking, and is behind its neighbours including Pakistan (ranked 80), Sri Lanka (ranked 120 ) and Bangladesh (ranked 110) and Nepal (ranked 99). Bhutan, which measures Gross National Happiness, the only country that does it, is ranked 97. China is ranked 79.  Norway topped the list.

Tell me more: The World Happiness Report is published by the United Nations Sustainable Development Solutions Network. The first report came out in 2012. It measures happiness in six categories, explained by GDP per capita, social support, healthy life expectancy, freedom to make life choices, generosity and trust or absence of corruption.

 

2010

What is it? The number of people associated with extremist organisations in Bangladesh who infiltrated into India in 2016, according to a report by Bangladesh government.

Why is it important? India is reportedly skeptical of the exact number of infiltrations, but the report highlights the increasing risk the country faces from extremist ideologies. The extremist groups mentioned in the report are Harkat-ul-Jihadi al-Islami (HuJI) and Jamaat-ul-Mujahideen Bangladesh. They entered Assam, Tripura and West Bengal, the three bordering states.

Tell me more: The rise of religious extremism in Bangladesh has raised concerns in the past. In July last year, 29 people were killed in a terrorist attack in Dhaka.

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News in Numbers, Jan 24, 2017: WTO sugars the pill

2/3rd

What is it? Members of the 164-country-strong World Trade Organization’s (WTO) that agreed to permanently waive restrictions on poor countries accessing generic medicines.

Why is it important? It permanently removes hurdles (such as a mandate to primarily supply local markets) for poor WTO members who cannot afford to produce generic medicines. They can now import more affordable version of medicines for HIV/AIDS, tuberculosis and malaria. WTO’s Trade Related Aspects of Intellectual Property (TRIPS) agreement had to be amended for a permanent waiver. Despite their low cost, the demand volume for generics worldwide makes it worth 36% of the global pharma market.

Tell me more: The waiver was in place since 2003, but in a temporary mode, being renewed every two years. The permanent status agreement took 12 years in the making.

 

Rs 3,000 crore

What is it? The MoU investment amount signed by Vodafone with the West Bengal government for capacity increase and other business initiatives in the state for the next three years.

Why is it important? The amount constitutes 1.3% of the Rs 2.35 lakh-crore-investment proposals received by the Mamata Banerjee-led West Bengal government in its Bengal Global Business Summit over the weekend. With over 20 million subscribers in West Bengal and Kolkata, Vodafone would look to consolidate over 10% of its total customer base.

Tell me more: Vodafone has previously invested over Rs 8,400 crorein West Bengal to upgrade its network.

 

35.5%

What is it? The rate of growth of gross premium income of private general (or non-life) insurers in December, 2016 over 2015.

Why is it important? Private general insurers grew faster than public general insurers, underwriting Rs 4,775.35 crore in gross premium income, compared with the latter’s Rs 3524.13 crore, that grew at 17%.

Tell me more: Private non-life insurers are growing faster on a smaller base as they command the smaller half or 42% of the market.

 

9

What is it? The number of people arrested in Kingfisher Airlines loan case on Monday. Those arrested included former managing director of IDBI Bank and former CFO of Kingfisher Airlines.

Why is it important? The loan default by Kingfisher promoter Vijay Mallya and his companies has turned political and the Indian government is under increasing pressure to show that it’s making progress. The public pressure to show visible results has intensified since demonetisation, as the government was seen as being too soft on big businesses and too hard on the common man.

Tell me more: Former IDBI Bank Chairman Yogesh Agarwal, former Kingfisher Airlines CFO A Raghunathan and seven of their colleagues were arrested by the Central Bureau of Investigation.

 

-0.2%

What is it? The day’s fall on Monday for two of Wall Street’s indices:S&P 500 and Nasdaq Composite.

Why is it important? The markets were reacting to President Trump’s protectionist trade moves and Qualcomm’s shares stricken by Apple’s lawsuit. Trump abandoned the 12-nation Trans-Pacific Partnership and is on the verge of renegotiating the North American Free Trade Agreement with Canada and Mexico. The anticipated protectionist measures combined with the embattled Qualcomm’s lawsuit from Apple to bring down indices.

Tell me more: The Dow Jones Industrial Average also inched downby 0.1% on Monday.

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