Thursday, April 15

Month: December 2018

paytm: RBI allows Paytm Bank to restart account opening

paytm: RBI allows Paytm Bank to restart account opening

Finance
Paytm Payments Bank has received the green light from the Reserve Bank of India to restart opening accounts for its customers. The bank intends to start KYC (Know Your Customer) formalities for its wallets as well as its bank accounts from December 31, confirmed a company spokesperson. The RBI had asked the bank to stop adding new customers about six months back in June, when a regulatory audit found lapses on the part of the entity to stick to RBI’s requirements. Post the audit, Paytm Payments Bank had removed Renu Satti from the chief executive’s role and roped in veteran banker and ex-NPCI senior executive Satish Gupta for the corner office at the Noida-based bank. “Paytm Payments Bank is on a mission to facilitate the last-mile delivery of banking services to every Indian. It also e
Why this year suddenly fell apart on Wall Street, and what’s ahead

Why this year suddenly fell apart on Wall Street, and what’s ahead

investment
Moreover, there's not a single strategist of the major Wall Street firms who thinks the market will finish 2019 lower than it started. And even the Fed issues could fade from view. Current futures pricing anticipates zero rate hikes, and the central bank historically has been loathe to surprise the market, even though Fed officials currently project two increases before 2019 closes. "With the last Fed decision of the year behind us and the market having gone through a dramatic pullback since, we believe that barring an appearance of a 'black swan' event, or the shock of a bolt from the blue, the worst of the declines experienced by stocks in 2018 are b...
Wall Street falters after strong start to wrap up a rocky 2018

Wall Street falters after strong start to wrap up a rocky 2018

business
(Reuters) - U.S. stock indexes faltered after a strong start on Monday in thin trading, as optimism on signs of progress in the U.S.-China trade war was offset by oil prices erasing gains in the last day of what is Wall Street’s worst year in a decade. President Donald Trump said he had a “very good call” with China’s President Xi Jinping on Saturday to discuss trade and that “big progress” was being made, although Chinese state media were more reserved, saying Xi hoped the negotiating teams could meet each other half way. Trump, as in the past when speaking on trade negotiations, gave no details on what issues were discussed. Trade experts and people familiar with the negotiations have said Beijing needs to do far more to meet U.S. demands for long-term change in how China does business.
Insurance industry goes on tech drive to expand coverage

Insurance industry goes on tech drive to expand coverage

Finance
Technology is the new friend in town for insurance industry as it strives to add more customers in a country that still remains largely under-insured, after a year full of reforms and introduction of easier-to-understand products. The list of reforms undertaken in 2018 is long -- diseases such as HIV and mental illness were brought under policy covers, long-term third-party motor insurance became mandatory and the government launched its ambitious scheme Ayushman Bharat that seeks to cover almost 50 crore people. It was also a year of digitisation and launch of customer-friendly products as there was a rapid growth in online channel, Canara HSBC Oriental Bank of Commerce Life Insurance's MD and CEO Anuj Mathur said. The sectoral regulator Insurance Regulatory and Development Authority of ...
Stocks pin hopes on Sino-U.S. talk, as year ends deep in the red

Stocks pin hopes on Sino-U.S. talk, as year ends deep in the red

business
SYDNEY (Reuters) - Asian stocks rose on Monday as hints of progress on the Sino-U.S. trade standoff provided a rare glimmer of optimism in what has been a rough year-end for equities globally. FILE PHOTO: Men look at stock quotation boards outside a brokerage in Tokyo, Japan, December 5, 2018. REUTERS/Issei Kato/File PhotoSurvey data out of China, however, proved unhelpfully mixed with manufacturing activity contracting for the first time in two years even as the service sector improved. Sentiment had brightened just a touch when U.S. President Donald Trump said he held a “very good call” with China’s President Xi Jinping on Saturday to discuss trade and claimed “big progress” was being made. Chinese state media were more reserved, saying Xi hoped the negotiating teams could meet each ot
Monster rallies are often synonymous with bear markets, Boockvar warns

Monster rallies are often synonymous with bear markets, Boockvar warns

investment
Investor Peter Boockvar believes the stock market's wild swings are evidence of a bear market. Boockvar recently told CNBC that the recent monster rallies do not signal the bulls are back. He noted bull market moves are more methodical. "We are in a bear market, and a bear market is not just going to end in a couple of months considering the ten years of a bull market," the chief investment officer at Bleakley Advisory Group said Thursday on "Futures Now." Boockvar, also a CNBC contributor, acknowledged the market has been grossly oversold. He thinks...
GE drags premier U.S. corporate debt, which posts worst year since 2008

GE drags premier U.S. corporate debt, which posts worst year since 2008

business
NEW YORK (Reuters) - The stock market’s gyrations have grabbed the year-end headlines, but another key financial market, investment-grade U.S. corporate debt, is turning in its worst yearly performance since the financial crisis a decade ago. FILE PHOTO - A General Electric (GE) sign is seen during the China International Import Expo (CIIE), at the National Exhibition and Convention Center in Shanghai, China November 6, 2018. REUTERS/Aly Song General Electric Co’s (GE.N) securities have weighed on both markets as the 126-year-old conglomerate founded by Thomas Edison has suffered staggering losses and asset writedowns. GE shares have skidded around 56 percent in 2018, the fourth-biggest decline in the S&P 500 Index .SPX. GE's $120 billion of bonds are not down as much, but the securi
Nirav Modi: Banks recover Rs 40,400 crore from defaulters: RBI report

Nirav Modi: Banks recover Rs 40,400 crore from defaulters: RBI report

Finance
MUMBAI: Banks have seen a significant improvement in recovery of stressed assets helped by the Insolvency and Bankruptcy Code (IBC) and amendments in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, during FY18, according to the RBI data. In the fiscal ended March 2018, banks recovered Rs 40,400 crore worth of bad loans as against Rs 38,500 crore recovered in FY17. The various channels through which lenders recovered their bad loans include the Insolvency and Bankruptcy Code (IBC), SARFAESI Act, debt recovery tribunals (DRTs) and Lok Adalats. While banks recovered Rs 4,900 crore of bad loans through the IBC, the amount recovered through SARFAESI was Rs 26,500 crore in FY18, the RBI said in its annual report on Trends and Progr...
Defensive stocks top 2019 playbooks

Defensive stocks top 2019 playbooks

business
NEW YORK (Reuters) - Perceived safe havens like utilities and consumer staples, often an afterthought in Wall Street’s cascade of year-ahead investment recommendations each December, are emerging as top picks as stocks limp into 2019. Growth-oriented sectors like tech or communications services have typically dominated year-end roundups of investment ideas. But an uncertain economic outlook and concerns the bull market’s roar is morphing into a bear’s growl have more Wall Street banks telling investors to play it safe. A Reuters analysis of 2019 outlooks from 10 major financial institutions found eight, including Morgan Stanley, Goldman Sachs and Barclays, with “overweight” ratings on at least one defensive sector for 2019. That marks a big change from last year, when just two of those ba
If Dow breaks this level in first quarter, ‘watch out,’ Jeff Saut says

If Dow breaks this level in first quarter, ‘watch out,’ Jeff Saut says

investment
Historic swings in stocks this month have shaken many a bull's faith in the market. Not entirely so for Raymond James' chief investment strategist Jeffrey Saut, who sees years left in this bull market. But that prediction comes with a caveat. "Longer term secular bull markets tend to last 15, 16, 17 years -- the 1949 to 1966 bull, the 1982 to 2000," Saut said on CNBC's "Trading Nation" on Friday. "We're nine years into this one. I think we've got years left in it." The S&P 500 hit a low of 666.79 in March 2009, the bottom that marked the beginnin...