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Business News/ Politics / Policy/  News in numbers: Indian firms’ overseas investment in November down 71%
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News in numbers: Indian firms’ overseas investment in November down 71%

In other news, one billion Yahoo user accounts were compromised in 2013 hacking attack

Indian firms’ overseas investment of $747 million is down 71% against the corresponding figure of last year that stood at $2.6 billion. Photo: ReutersPremium
Indian firms’ overseas investment of $747 million is down 71% against the corresponding figure of last year that stood at $2.6 billion. Photo: Reuters

$1.48 trillion

What is it? The value of US dollars in circulation. The value of Euros in circulation is €1.1 trillion.

Why is it important? This has doubled from 2005, according to a study. The doubling happened during the years when the scale and variety of digital payments surged across countries. The last ten years saw a rise of not only credit and debit cards, but also innovations such mobile payments, digital wallets and bitcoins. While some of the growth in demand for cash can be attributed to the broader growth of the economy, its prevalence underlines the fact that many prefer cash transactions for a variety of reasons. While high value transactions have generally moved to digital, in some countries such as Germany and Austria, cash is preferred even for such transactions.

Tell me more: The findings come at a time when India is trying to push cashless payments. Prime Minister Narendra Modi who launched a massive demonetisation effort last month had a review meeting on Wednesday, in which, according to reports, one of the main topics of discussion was digital payments.

1 billion

What is it? The number of Yahoo accounts that were compromised in a 2013 hacking attack

Why is it important? This is besides an earlier attack in 2014, that compromised about 500 user accounts, which Yahoo disclosed in September this year. This is the largest security breach ever of a single company’s network - and triggers concerns not only around Yahoo’s security policies but also about the safety of digital information across companies.

It also raises questions on how soon companies should disclose security breaches. According to a report by Symantec, incidents where information on identities exposed were not reported rose by 85% in 2015. It places the total number of records lost to security breaches at over half a billion in that year.

Tell me more: The information compromised during the attack include names, telephone numbers, dates of birth, hashed passwords and security questions - but not credit card numbers or bank account information. There are over 3 billion internet users worldwide.

Seven

What is it? The number of Indian airports that have done away with security tags for hand luggage starting Thursday.

Why is it important? This is aimed at enhancing passenger experience while reducing workload on security personnel. India started stamping hand baggage tags in 1992 as a security measure. However, airports in United States and Europe, and most other regions, don’t follow this practice.

Tell me more: The airports where this initiative is piloted include Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Hyderabad and Ahmedabad. In the following phase, Central Industrial Security Force which is in charge of airport security, plans to do away with stamping of boarding passes as well.

$747 million

What is it? Indian companies’ overseas investments in November 2016.

Why is it important? This is down 71% from $2.6 billion that Indian firms invested abroad in November last year. October too showed a similar trend with overseas investments dropping by 39% to $2.11 billion in October 2016, from $3.47 billion in October 2015.

Tell me more: The big investments in November were from Greatship India ($133.8 million in Singapore) and Palava Dwellers ($66 million in Netherlands). In October, the investment numbers were lead by Indian Oil Corporation pushing $622 million into its subsidiaries in Netherlands and Singapore.

19

What is it? The team size of US President elect Donald Trump’s Strategic and Policy Forum, a set of high profile business leaders who will advise Trump on economic issues.

Why is it important? The forum includes Indra Nooyi, the India-born CEO of Pepsico. Nooyi was a staunch supporter of Hillary Clinton during the campaign, and said Pepsico’s employees “were all crying," following Trump’s election. Another member of the team is Elon Musk, who once said Trump “doesn’t seem to have the sort of character that reflects well on the United States". The move is seen as a sign of Trump’s willingness to reach out to his critics to implement his economic agenda.

Tell me more: The Forum, announced last week, will be chaired by Blackstone CEO Stephen A Schwarzman and includes Uber’s Travis Kalanick, JPMorgan’s Jamie Dimon, GM’s Mary Barra and Disney’s Bob Iger.

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Published: 15 Dec 2016, 04:17 PM IST
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