The business wrap: India’s services sector declined in November, and seven other top stories
Other headlines: Fitch Ratings cut India’s growth forecast further, and Vijay Mallya’s lawyer claimed in court that he did not plan to default on his loans.
A look at the headlines in the sector:
- India’s services sector declined in November for the first time in three months, shows data: The services Purchasing Managers’ Index fell to 48.5 in November from 51.7 in October.
- Fitch cuts India’s 2017-’18 growth forecast further to 6.7%, says latest GDP numbers not good enough: The ratings agency had trimmed its projection for India’s economic growth this financial year in October, as well.
- Ask yourself if Mallya planned to default on loans or if it was a business failure, says his lawyer: The prosecution on Monday told the court that the liquor baron had misled IDBI Bank in 2009 about his company’s net worth in order to get loans.
- Markets pare losses in afternoon trade, but close in negative ahead of RBI’s policy meeting: All other major Asian markets also closed in negative on Tuesday.
- Beijing temporarily stops funding 3 China-Pakistan Economic Corridor road projects, reports Dawn: The measure will be in place till the Chinese government issues new finance guidelines, a Pakistani government official said.
- Irish government reaches deal with Apple to collect €13 billion in unpaid taxes: The European Commission had ruled that tax benefits the company received from Ireland were illegal under European Union rules.
- Patanjali will now make solar power equipment, Managing Director Balkrishna tells Mint: The company aims to further its ‘swadeshi’ credentials by manufacturing of solar power equipment locally.
- World Health Organization to review safety data of French drugmaker Sanofi Pasteur’s dengue vaccine: The Philippines ordered an investigation after the company said the vaccine – Dengvaxia – could worsen the disease in some cases.
