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Bitcoin sets new high, crosses above $14,000

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London, Dec 7: Bitcoin touched a new high for the cryptocurrency by crossing $14,000 on Thursday, surging $2,000 in less than 24 hours.

Bitcoin began the year below $1,000 but continues its sharp rise despite warnings of a dangerous bubble, news agency IANS quoted citing BBC report.

It hit the latest milestone during early trading session in Asia, according to the website Coindesk.com.

The latest high comes just days ahead the launch of bitcoin futures on two exchanges, which also includes the world’s largest futures exchange, CME.

Spread betting company CMC Markets said the rise had all the symptoms of a bubble market, warning “there is no way to know when the bubble will burst”, IANS reported.

Bitcoins are created through a complex computer process which known as mining, and then monitored by a network of computers throughout the globe.

A steady stream of around 3,600 new bitcoins are created per day – with about 16.5 million now in circulation from a maximum limit of 21 million.

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Yes Bank Chairman Ashok Chawla resigns

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New Delhi, Nov 14 :Yes Bank on Wednesday said that its non-executive independent part-time Chairman Ashok Chawla has resigned with immediate effect.

“Yes Bank announces that Shri Ashok Chawla, non-executive independent part-time chairman, has tendered his resignation from the Bank’s Board, with immediate effect, mentioning that during the current transition period, the bank would need a Chairman who could devote more time and attention,” the private lender said in a BSE filing.

“The bank shall in due course announce the appointment of a Chairman, post RBI’s (Reserve Bank of India) approval.”

Last month, RBI had reaffirmed that a successor to Yes Bank’s MD and CEO Rana Kapoor should be appointed by February 1, 2019.

On its part, the company has constituted a “Search and Selection Committee” to evaluate both internal and external candidates and make suitable recommendations to the Board of Directors within stipulated timelines for RBI’ s final approval.

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Gautam Singhania resigns as Raymond Apparel Chairman

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New Delhi, Nov 14: Industrialist Gautam Singhania on Wednesday resigned as the Chairman of Raymond Apparel, a wholly-owned subsidiary of Raymond. 

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India’s WPI inflation rises to 5.28% in Oct

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Inflation

New Delhi, Nov 14: India’s annual rate of inflation based on wholesale prices increased to 5.28 per cent in October from 5.13 per cent in September, according to official data. 

Even, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry was higher than 3.68 per cent reported for the corresponding period of 2017.

“The annual rate of inflation, based on monthly WPI, stood at 5.28 per cent (provisional) for the month of October (over October, 2017) as compared to 5.13 per cent (provisional) for the previous month and 3.68 per cent during the corresponding month of the previous year,” the data showed.

“Build up inflation rate in the financial year so far was 4.64 per cent compared to a build up rate of 2.12 per cent in the corresponding period of the previous year,” the Commerce Ministry official statement said.

On a sequential basis, the expenses on primary articles, which constitute 22.62 per cent of the WPI’s total weightage eased to 1.79 per cent, from a rise of 2.97 per cent in September.

Similarly, the prices of food articles declined. The category has a weightage of 15.26 per cent in the WPI index.

However, the cost of fuel and power segment, which commands a 13.15 per cent weightage, edged higher by 18.44 per cent from a growth of 16.65 per cent.

The expenses on manufactured products registered a rise of 4.49 per cent from 4.22 per cent.

On a YoY basis, onion prices declined by 31.69 per cent, whereas potatoes became dearer by 93.65 per cent.

In contrast, the overall vegetable prices in the month under review declined by 18.65 per cent, against a rise of 36.67 per cent in the same month a year ago.

Among the non-food items, the price of high-speed diesel rose by 19.85 per cent on a YoY basis, petrol by 31.39 per cent and LPG by 18.44 per cent.

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