A look at the headlines in the sector:
- Raghuram Rajan would be the ideal pick to head the US Federal Reserve, says leading American financial magazine: Barron’s Asia said the former RBI governor had overseen ‘a sharp drop in inflation and a 50% jump in stock prices’ in India.
- Lenders to take control of 51% stake in debt-laden Reliance Communications: Nearly Rs 7,000 crore of the Anil Ambani-led company’s total debt of over Rs 45,000 crore will be converted into equity.
- 76% LED bulbs sold in India are spurious, Delhi has highest safety violations, finds Nielsen survey: The market research firm surveyed 200 electrical retail outlets in Mumbai, Hyderabad, Ahmedabad and New Delhi.
- World’s top 250 firms, including Coal India, emit a third of CO2, says Thomson Reuters study: The study found only 30% of these 250 firms had set goals to curb their emissions.
- Samsung presents new leadership after reporting record third-quarter profit: These changes are designed to ease investors’ concerns about a leadership vacuum following the arrest of group scion Lee Jae-yong on bribery charges.
- IMF predicts worst growth rates for Gulf countries since 2009: Oil exporters in West Asia, especially those in the Gulf Cooperation Council, have been hit hard by the collapse in crude prices.
- India’s fiscal deficit reaches 91.3% of full-year target in September: Tax revenue during the period under review was Rs 6.23 lakh crore, or 41.1% of the estimates.