1. Largest mass shooting in US history
Gunman Stephen Paddock carried out the biggest mass shooting in American history on Sunday. At least 58 people died and more than 500 were injured. The 64-year-old used military-style weapons to attack attendees at a country music concert in Las Vegas. He later killed himself. Paddock was a retired accountant who also invested in real estate. Previously 49 people died in a nightclub in Orlando, Florida in 2016. Another 32 died in an attack in Virginia in 2007.
2. Google’s Pixel launch
Internet search engine Google’s parent company Alphabet Inc. announced the launch of a new Pixel smartphone on Wednesday. This is the second generation of the phone. It marks the company’s efforts to gain a foothold in the hardware market, according to observers. Apple and Samsung currently dominate the global smartphone market.
3. Government cuts excise duty on fuel
The government announced that it is cutting excise duty on petrol and diesel by Rs2 per litre on Wednesday. The move follows a recent hue and cry around the high price of fuel. The move will hit government revenues by Rs13,000 crore in this financial year. The move may also hit the government’s ability to spend in a bid to help growth, if it wants to also meet its fiscal deficit target.
4. RCom-Aircel deal called off
Reliance Communications Ltd on Sunday said that its merger agreement with Aircel Ltd is not going through. The deal has been called off by mutual consent because of regulatory issues and creditors opposing the deal, Mint reported. Reliance is looking to sell assets in a bid to reduce debt.
5. India’s football milestone
The Indian team played its first World Cup football match at any level on Friday. Their debut against the US in New Delhi, which India lost 0-3 on Friday, in the Under-17 Fifa tournament marks the first time that India has played in such a tournament. India is hosting the tournament. Amarjit Singh Kiyam is leading the team in its maiden outing.
6. RBI wary of inflation
The Reserve Bank of India (RBI) cited upside risks for inflation on Wednesday at its policy meeting. It indicated that rate cuts are not on the horizon. This is despite growth slowing to a three-year low. Inflation remained a worry. It increased the upper end of its inflation target from 4.5% to 4.6%.
7. Stalled projects pile up
The September quarter saw stalled projects hitting Rs13.22 trillion. Mint reported on the persistence of the problem on Monday citing data from the Centre for Monitoring Indian Economy. Private sector stalling has been especially severe. The September numbers were the worst in over a decade. The private sector accounts for two-thirds of the stalled projects.
8. GIC’s IPO dwarfs all other issues this year
The government-owned General Insurance Corporation of India Ltd has announced its initial public offer. It said on Wednesday that its Rs.11,372 crore stake sale is set to open on October 11. This India’s biggest IPO in seven years. The sale values the company at between. Rs.75,000-80,000 crore. The offer is open till October 13th.
9. Mukesh Ambani tops Forbes’ rich list
Forbes magazine’s annual India Rich List 2017 had Mukesh Ambani on top for the tenth year in a row. His networth is estimated at $38 billion according to ranking released on Thursday. Wipro’s Azim Premji is second with a fortune which is half that of the leader. He has a net worth of $19 billion, according to the list.
10. Consumer sentiment dips
The Reserve Bank of India’s Consumer Confidence Survey index came in at its lowest since December 2013. Wednesday’s numbers suggest that consumer outlook is getting increasingly gloomier. The downward trend started around November, when demonetisation was announced. It had a recover in May 2017, but then declined again. This could be because of the introduction of the goods and services tax (GST) starting July 1.
Graphics by Prajakta Patil/Mint.
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