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FS Daily Bytes: 12th Sep

India

1.       Frequent changes in tax slabs even post GST can be detrimental to customer sentiments and company investments has been echoed by Hyundai cars

2.       India annual inflation shot up by 1% to 3.36% primarily powered by rise in food prices.

3.       Bandhan Bank has appointed Goldman Sachs & JP Morgan as lead managers for its IPO

4.       RBI DG SS Mundra has suggested that by products of demonetization e.g. increase in tax compliance, digitalization etc. may have a greater impact than the main purpose

5.       As per Fitch “Indian banks are likely to require around $65 billion of additional capital to meet new Basel III capital standards that will be fully implemented by the financial year ending March 2019,”

6.       Public sector bank employees plan to run a protest march on Sep 15 to highlight staff shortages & recovery of NPA

7.       A Thomas Picketty report highlights that income inequality is higher in India compared to China. For example, top 10% accounts for 55.5% of pre-tax national income compared to 42.1% for China. The difference is more stark in 1980-2013 period

Rest of World

1.       P2P lending player in China, Ezuabo, turned out to be a ponzi scheme. 2 of its executives have been sentenced to life and fined for fraud. It had raised nearly $ 7.6 Billion from customers before shutting down

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