Why Narendra Modi’s demonetisation move is unprecedented

For the most part, "demonetisations" or radical audits/substitutions/redenominations of financial structures by governments have been in light of hyperinflations. We consider distinctive such occasions for's the love of all that is pure and holy considered withdrawal of notes from course being relied on upon, when standard plans to suck up wealth liquidity in the structure have failed. The key reason has constantly been to control runaway swelling and the running with loss of trust in the family money, both among cash related forces and the more important open.

The best case here is of Germany under the Weimar Republic, which, on November 20, 1923, introduced another coin — the rentenmark — and maintained all old reichsmark notes to be not any more drawn out legitimate sensitive. This happened as private costs, starting now 14 times their 1913 levels in mid-1921 and 1,475 times towards end-1922, had take off to 1,422,900,000,000 times by November one year from now. As the coin lost regard incrementally, people hustled to spend their wages the right second they made them fuelling, support progression and requiring all the all the all the all the more printing of notes to pay 250 billion reichsmarks for a kilo of margarine or 15 billion for a short ride on a Berlin streetcar. The most ideal approach to manage deal with this condition was demonetisation: purifying the approach of each and every present note and activating another coin bolstered by solid assets — for this circumstance, arrive having a place with the state. With credibility restored, swelling fell and the continue running on the money, moreover, wrapped up.

Source:- indianexpress

Glorification of terrorists makes it clear where Pakistan’s sympathies lie: India

India Friday hit back at Pakistan for describing slain Hizbul Mujahideen commander Burhan Wani as martyr and announcing its plans to observe July 19 as black day to express solidarity with people of Kashmir.

MEA Spokesperson Vikas Swarup, in a press release, said that India is dismayed at the continued attempts by Pakistan to interfere in our internal matters. He reiterated that Pakistan or any other external party has no locus standi on the Kashmir issue.

“Continued glorification of terrorists belonging to proscribed terrorist organisations makes it amply clear where Pakistan’s sympathies continue to lie,” Swarup said.

Accusing Pakistan of seeking to derive political mileage out of Kashmir unrest, Swarup said India unequivocally rejects the decision taken by Prime Minister Nawaz Sharif’s cabinet today.

Sharif today chaired a cabinet meeting, where he declared Wani as martyr.

“Pakistan would continue to extend moral, political and diplomatic support for Kashmiris in their just struggle for right to self-determination,” Sharif said.

The prime minister directed all the relevant departments to highlight the Kashmir issue at international fora.

Source: http://indianexpress.com

WHO clears air: Delhi no longer most polluted, that’s Zabol in Iran

DELHI IS no longer the world’s most polluted city, says WHO. The national Capital is now the 11th most polluted city in the world, based on average annual PM 2.5 readings of 3,000 cities in 100 countries, according to the WHO’s latest urban air quality database for 2016.

Released on Thursday, the database shows that the annual PM 2.5 levels for Delhi were down from 153 micrograms per cubic metre in the WHO’s 2014 report to 122 micrograms per cubic metre.

The 2014 report was based on 2010 data while the latest report includes data from 2012, 2013 and a part of 2014 for India, a year before the new AAP government took charge in Delhi. As for other global cities, the data spans a period of 2008-2013, depending on the numbers available from those locations. The report states that global urban air pollution levels increased by eight per cent, despite improvements in some regions.

The latest PM 2.5 level rankings show Iran’s Zabol topping the list with 217 micrograms per cubic metre followed by Gwalior with 176 and Allahabad with 170. Patna at sixth place (149) and Raipur on seventh spot (144) are the other Indian cities in the top 10. In total, the top 20 global cities with highest PM 2.5 levels includes 10 Indian cities, including Kanpur, Ludhiana and Firozabad.


Source: http://indianexpress.com/

Google bans 'deceptive' payday loan adverts from search results

Google is banning adverts for payday lenders from its search results, adding the short-term loan industry to a blacklist that includes guns, tobacco and drugs, and dealing a bitter blow to the industry.

The internet giant announced that from mid-July it would ban payday loans from its AdWords system that displays adverts at the top of search results.

The move cuts off a crucial channel for many online-only lenders. Google’s dominant search engine is a key online storefront, with lenders bidding fiercely against each other for a prime position at the top of its results.

The announcement added to a series of setbacks to the industry, which has been criticised for extortionate interest rates and predatory behaviour. Since 2014 lenders have been limited in the interest rates and additional fees they are allowed to charge, and the number of short term loans has subsequently slumped.
"These loans can result in unaffordable payment and high default rates for users"Google's David Graff

Although Google’s policies prohibit a long list of illegal or offensive practices, it is very rare for a licensed and regulated industry to be expressly blacklisted.

“When reviewing our policies, research has shown that these loans can result in unaffordable payment and high default rates for users so we will be updating our policies globally to reflect that,” Google’s director of global product policy David Graff said.

“This change is designed to protect our users from deceptive or harmful financial products.” He said any loans where repayment is due within 60 days would be banned.



The move was instantly criticised by the Consumer Finance Association (CFA), which represents short-term lenders.

“UK consumers enjoy a vibrant, highly competitive credit market and we will be interested to read the evidence that Google uses to justify overruling open market advertising of a legal, regulated industry to deny people freedom of choice,” the CFA’s chief executive Russell Hamblin-Boone said.

“Short term loans are a legal source of credit used by millions of people across the UK and the industry is highly regulated with a cap on the total cost of credit.”

Source: http://www.telegraph.co.uk

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Expect unconditional apology, not silence, CM Chandy to PM Modi after Somalia remark

Prime Minister Narendra Modi faced more heat on Thursday for comparing Kerala to Somalia with Chief Minister Oommen Chandy saying people of the state expected an unconditional apology from him and not his silence after it whipped up a controversy.

The comparison made by Modi at a poll rally in the state early this week when he said the “infant mortality rate among the scheduled tribe community in Kerala is worse than Somalia” has set off a political storm and triggered criticism in the social media.

Twitter users have responded with hashtag #PoMoneModi (Get lost Modi), a take off from the Mohanlal starrer, which features the famous punch line “Po Mone Dinesha” to ridicule some of the characters of his hit film ‘Narasimham’. Chandy flayed Modi for not withdrawing his controversial comment while CPI-M leader Kodiyeri Balakrishnan said his statement would result in a setback to BJP in the ensuing polls as it has insulted the people of the state. Kerala goes to polls on May 16.

In his Facebook post, Chandy said Modi had kept mum on the controversy and what Keralites want is not his silence, but an unconditional apology from the Prime Minister. “Prime Minister Narendra Modi left the election campaign rally without answering my questions. It could be due to the wide criticism he had received not only from the state, but also from Malayali community world over,” the senior Congress leader said.

- See more at: http://indianexpress.com

HUL drops in volatile trade after reporting tepid volume growth in Q4

Hindustan Unilever fell 0.27% to Rs 850.65 at 15:27 IST on BSE, after the company reported tepid volume growth in its domestic consumer business Q4 March 2016.

Meanwhile, the S&P BSE Sensex was up 467.45 points or 1.85% at 25,695.95

On BSE, so far 3.92 lakh shares were traded on the counter as against average daily volume of 1.13 lakh shares in the past one quarter. The stock was volatile. The stock rose as much as 1.88% at the day's high of Rs 869 so far during the day. The stock fell as much as 1.48% at the day's low of Rs 840.25 so far during the day. The stock had hit a 52-week high of Rs 944 on 8 July 2015. The stock had hit a 52-week low of Rs 765.35 on 27 January 2016. The stock had underperformed the market over the past one month till 6 May 2016, falling 2.14% compared with 1.32% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 0.95% as against Sensex's 2.48% rise.

The large-cap company has equity capital of Rs 216.39 crore. Face value per share is Re 1.

Hindustan Unilever (HUL)'s net profit rose 7.02% to Rs 1089.59 crore on 3.26% growth in total income to Rs 8027.91 crore in Q4 March 2016 over Q4 March 2015. The growth in net profit in Q4 March 2016 was adversely impacted by base effect. HUL said it had booked higher exceptional income in Q4 March 2015 from the sale of subsidiary. Net profit before exceptional items rose 13% to Rs 1031 crore in Q4 March 2016 over Q4 March 2015. The result was announced during market hours today, 9 May 2016.

HUL said net sales of its domestic consumer business grew 3.6% on year on year basis in Q4 March 2016. The growth rate was adversely impacted due to phasing out of excise duty incentives, a one-time credit for excise duty refund in Q4 March 2015 and marginal price degrowth. Volume growth stood at 4% on year on year basis in Q4 March 2016.

HUL's net profit fell 5.39% to Rs 4082.37 crore on 3.38% growth in total income to Rs 32487.80 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

HUL's consolidated net profit fell 6.43% to Rs 4082.42 crore on 3.23% growth in total income to Rs 33591.04 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

The domestic consumer business grew by 4% with 6% underlying volume growth. Reported growth was impacted due to phasing out of excise duty incentives, HUL said. Profit before interest and tax (PBIT) grew by 10% with PBIT margin improving by 90 basis points. Profit after tax but before exceptional items, PAT (bei), grew by 6% to Rs 4078 crores. Net profit was at Rs 4082 crore, with the growth rate impacted by the higher exceptional income arising from subsidiary and property related sales in previous year, the company said. The strong track record of cash generation was sustained as cash from operations exceeding Rs 5000 crore for yet another year, it added.

HUL Chairman Harish Manwani commented that the company has delivered another year of competitive and profitable growth in challenging markets and a deflationary cost environment.

HUL is a leading fast moving consumer goods (FMCG) company.   Source: http://www.business-standard.com