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Modi to be keynote speaker at Bloomberg Global Business Forum

Former British Prime Minister Theresa May was the keynote speaker at last year’s forum.

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New York, Sep 13 : Prime Minister Narendra Modi will deliver the keynote address at the 3rd Bloomberg Global Business Forum, which will feature several top global political and business leaders, on September 25 during his visit to New York.

After his address, Modi will participate in a conversation with entrepreneur and climate change activist Michael Bloomberg.

The forum on the theme “Restoring Global Stability” will focus on “aligning governments and businesses on combating the greatest current threat to global prosperity — the rise of economic and environmental instability,” according to the organisers.

“Meeting big challenges requires governments and businesses to work together, especially at a time when tensions and temperatures are both rising around the world,” said Bloomberg, who is the United Nations Special Envoy for Climate Action, and WHO Global Ambassador for Noncommunicable Diseases.

Listed as participants in the forum are titans from the business and political world, including former US President Bill Clinton; Christine Lagarde, incoming President of the European Central Bank and former head of the International Monetary Fund; New Zealand Prime Minister Jacinda Arden; Bank of England Governor Mark Carney; and CEOs Bob Iger of Walt Disney, David Solomon of Goldman Sachs, Jamie Dimon of JPMorgan Chase, Michael Corbet of Citibank, Tidjane Thiam of Credit Suisse and Dara Khosrowshahi of Uber.

Mahindra Group is one of the partners of the forum.

Bloomberg, a former Mayor of New York, is also the founder of Bloomberg financial information company and a philanthropic foundation.

Former British Prime Minister Theresa May was the keynote speaker at last year’s forum.

(Arul Louis can be contacted at [email protected] and followed on Twitter @arulouis)

Business

Policy space exists to address growth concerns: RBI Governor

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Shaktikanta Das

Mumbai, Oct 18 : In what could mean further rate cuts by India’s central bank, RBI Governor Shaktikanta Das has said at the bi-monthly monetary policy committee (MPC) meeting here earlier this month that “there is policy space to address growth concerns”, according to the minutes of the MPC meeting released on Friday.

In 2019, the Reserve Bank of India (RBI) has delivered 135 basis points (bps) of cuts in its key lending rate.

Das, according to the minutes, saw domestic demand moderating significantly.

“As the inflation scenario remains benign with headline inflation projected at below target in the remaining period of 2019-20 and in Q1:2020-21, there is policy space to address growth concerns,” Das said.

“The weakening of private consumption, which, for long, has been the bedrock of aggregate demand, in particular, is a matter of concern,” the Governor added.

Besides, a number of MPC members expressed concerns over the transmission of rates. While Das said that “monetary transmission has remained weak” external member Chetan Ghate said the “monetary transmission has worsened since the last review”.

Das, however, cautioned the government, saying that “there is also a need to be watchful of the fiscal situation; however, the government has indicated that it would maintain the fiscal deficit”.

On the road ahead, MPC member Michael Debabrata Patra stressed that a full throttle effort by all arms of macroeconomic management is the need of the hour.

The RBI on October 5 announced a 25 basis point rate cut in its repo, or short-term lending rate for commercial banks, to 5.15 per cent, from 5.40 per cent, after the rate of gross domestic product (GDP) growth during the first quarter slumped to 5 per cent.

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Banking services may be hit Oct 22 as unions warn of strike

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Bank strike

New Delhi, Oct 18 : Banking services could be affected next week as two bank unions have warned they will go on a 24-hour long strike on October 22 to protest against the recent bank mergers, falling deposit rates and a call for job security.

The two unions – the All India Bank Employees’ Association (AIBEA) and the Bank Employees Federation of India (BEFI) – have informed the Indian Banks’ Association (IBA) through a notice that they will go on strike from 6 a.m. on October 22 to 6 a.m. on October 23.

State Bank of India has already said the impact would be minimum as most of its employees are not members of the participating unions.

“The membership of our bank employees in unions participating in the strike is very few, so the impact of strike on our operation will be minimal,” SBI said in the notice. It further said the loss from the proposed strike cannot be quantified as of now.

Other banks such as Bank of Maharashtra and Syndicate Bank have, however, expressed concern over providing customer services.

“The bank is taking necessary steps tor smooth functioning of branches on the proposed strike day. However in the event the strike materialises, the functioning of the branches/offices may be impacted,” Syndicate Bank said in a notice to stock exchanges.

Bank of Baroda, in a filing with the exchanges, said: “The Bank is taking necessary steps for smooth functioning of bank’s branches on the day of strike, in the event the strike materialises, the functioning of the branches may be affected/paralysed.”

AIBEA and BEFI said they are opposing outsourcing of regular and perennial nature of banking jobs, and privatisation of banking industry while demanding adequate recruitment of clerical and sub-staff and stringent steps for recovery of mounting bad loans.

Last month, the officers’ unions had called a two-day all India bank strike on September 26 and 27 that was later withdrawn on government intervention.

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Jio’s move of passing IUC charges to customers puzzling: Kotak

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mukesh ambani reliance jio

Mumbai, Oct 19 : A recent Kotak report has viewed Jios decision to pass on the IUC (Interconnect Usage Charges) to its customers as “puzzling” on several counts including the timing and the mode of recovery.

The report said that Jio’s decision less than three months before the current date of move to a zero-MTR regime is “baffling” and so is the chosen mode (IUC top-up vouchers).

“Having paid IUC ‘from its own resources while offering free voice to its customers’, per the press release, for nearly three years now, we are not sure why Jio could not have waited another couple of months for the final outcome (a new tariff order reversing the enacted regulation OR no new tariff order) of the ongoing consultation,” it said.

Further on the mode of recovery which is in the form of IUC top-up vouchers ranging from Rs 10 (124 minutes off-out allowance; no validity per the press release) to Rs 100 (1,362 minutes off-out allowance) was difficult to understand, the report said.

“In effect, Jio is making an additional recharge compulsory for off-out calling. This dilutes the �simplicity’ proposition of Jio’s pricing architecture,” Kotak said in the report.

Another puzzling aspect is the fact that Jio has decided to charge 100 per cent of its gross off-out traffic and isn’t just trying to recover the net IUC cost, it added.

Besides the report said, we are not sure why Jio continues to highlight Bharti’s and VIL’s �exorbitant’ voice tariffs for their 2G customers as a problem. Missed call behaviour is real and does result in Jio being a net IUC payer.

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