In other news, five states Uttar Pradesh, Goa, Uttarakhand, Manipur and Punjab are likely to go to polls simultaneously in February-March
Rs 1.25-1.5 lakh crore
What is it? The quantum of stressed assets Indian banks are reportedly looking to recover in the next few months.
Why is it important? After having identified the extent of bad loans and having provided capital for them, banks are now progressing to the next step of recovery. Last week, Essar Group sold 98% stake in its oil unit and other assets (largest debt reduction exercise by an Indian business) and three banks—ICICI Bank, Axis Bank and StanChart—got back an estimated $2.5 billion (around Rs 16,750 crore) as part of the first payment for their loans to the group. This is expected to give a boost to the recovery process initiated by the banks.
Tell me more: The lenders are hoping to recover the loans through resolution methods such as sale of assets, transfer to asset reconstruction companies and strategic debt restructuring (allows creditors to convert debt into equity and take over the management of defaulting companies).
Rs 3,050 crore
What is it? The penalty recommended to be imposed by the Telecom Regulatory Authority of India (Trai) on Bharti Airtel, Vodafone and Idea Cellular for not providing sufficient interconnect points to Reliance Jio.
Why is it important? This brings an end to the three-month long dispute between the three incumbents and the new entrant Reliance Jio. The telecom regulator ruled that the three firms deliberately blocked the calls made from Reliance Jio’s network, a move considered to have been done with the intention of stifling competition. This was in response to Reliance Jio’s complaint that 75% of the calls made on its network were failing as the incumbents were not providing it with adequate points of interconnection necessary to complete the calls.
Tell me more: For Airtel and Vodafone, the regulator has recommended a penalty of ₹ 50 crore per circle for 21 service areas while for Idea Cellular, it is ₹ 50 crore for 19 service areas. The regulator has floated a consultation paper that aims to review the existing provisions for interconnection. Interconnection is the arrangement under which telecom firms connect their networks, equipment and services to enable their subscribers to get access to the subscribers, services and networks of other telecom firms
What is it? The deal size of US telecom giant AT&T buying out entertainment group Time Warner.
Why is it important? If approved by the regulators, this would be the biggest deal in the world this year. The deal would help the third largest cable TV provider in the US (owns mobile phone, broadband and cable TV networks) to transform itself into a full service media provider-owning content would help provide a competitive advantage over the others. This is likely to spark industry consolidation and bring in changes in the way people consume content.
Tell me more: However, it remains to be seen if the deal is allowed to happen as US lawmakers and both the presidential candidates have raised questions about it - the acquisition is considered to be anti-competitive by some. A Senate sub-committee, which is responsible for competition, will hold a hearing in November.
What is it? The number of states—Uttar Pradesh, Goa, Uttarakhand, Manipur and Punjab—likely to go on polls simultaneously in February-March.
Why is it important? The results in the five states would be an indicator of BJP’s popularity (which swept the 2014 Lok Sabha elections) and how people perceive its performance at the Centre whereas for the Congress, it would be a way to gauge if the party can see a revival as just 6% of India’s population live in Congress-ruled states - the lowest since Independence. For the Aam Aadmi Party, it would indicate the progress it has made outside Delhi even as it nurtures ambitions to grow into a national party.
Tell me more: The Indian government has reportedly approached the Election Commission to seek its permission to present the General Budget in the Lok Sabha on February 1 in order to avoid violating the model code of conduct that would kick in from the day the election schedule is announced until the results are declared.
What is it? The amount Chinese consumers spent on Apple-sanctioned apps in the July-September quarter this year, according to a report.
Why is it important? With this, they have exceeded the spend by Americans (nearly $1.45 billion) by 15% in this period. Chinese consumers spent five times more on Apple apps in the third quarter of 2016 than what they spent two years ago. The report noted that China is likely to drive the largest absolute revenue growth for any country by 2020. Apple recently announced the opening of its research and development centre in China even as it saw its year-on-year revenues fall by 33% in Greater China in its fiscal third quarter.
Tell me more: In terms of market share, domestic firms—Huawei, Oppo, Vivo and Xiaomi—which command a 56% market share in China, pushing Apple to the fifth position (8% market share), according to research firm IDC.
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