News in numbers: Vijay Mallya loses $1.55 billion debt repay case against 13 Indian banks3 min read . Updated: 09 May 2018, 03:37 PM IST
In other news, the United States broke ranks with European allies and said it was exiting the Iran nuclear deal and re-imposing sanctions on Iran, the fifth-largest producer of oil in the world
What is it? The increase in the past month in Brent Oil Futures for July 2018. In early morning trade in on Wednesday, they were up 0.3%.
Why is it important? On Tuesday, the United States broke ranks with European allies and said it was exiting the Iran nuclear deal and re-imposing sanctions on Iran, the fifth-largest producer of oil in the world and the third-largest among the grouping known as the Organization of the Petroleum Exporting Countries (Opec). The general reading is that it would check oil supply at a time when it was already tight, keeping oil prices firm.
Tell me more: According to the US treasury department, the sanctions will take up to six months to take full effect.
What is it? The number of services such as railways and telecom that India will include to come up with a producer price index (PPI) on a trial basis next month.
Why is it important? This will help track inflation in the services sector, which accounts for 60% of the country’s GDP (gross domestic product). The new index would measure the average change in price a producer receives for its goods or services in domestic and foreign markets over time. Further, it would not include taxes, unlike the Wholesale Price Index (WPI) and the Consumer Price Index (CPI), where the incidence of taxes is accounted for.
Tell me more: Many economies such as Japan, the United States, the United Kingdom and Germany have adopted PPI, which helps in developing better policy measures.
What is it? The number of Indian banks that had filed a lawsuit in the UK High Court seeking to collect over $1.55 billion from business tycoon Vijay Mallya, who lost the case.
Why is it important? The court upheld an Indian ruling that relates to allegations that Mallya wilfully defaulted on loans worth about $1.4 billion taken for his defunct Kingfisher Airlines, in what is being seen as a legal victory for the consortium of lenders. The judge also refused to overturn a worldwide order freezing his assets. The banks’ attorneys say this would help enforce the underlying judgment given by the Indian debt recovery tribunal with immediate effect.
Tell me more: This sets a precedent for those seeking worldwide freezing orders of assets with respect to enforcing judgments against wilful defaulters, according to the firm that represented the 13 Indian banks.
What is it? The net inflows (purchases minus redemptions) in equity mutual funds in April 2018.
Why is it important? This is against ₹ 6,657 crore in March 2018 and ₹ 9,529 crore in April 2017. Although the surge in April is partly being attributed to portfolio adjustments related to the beginning of a new financial year, the numbers suggest a continuance in the flow of retail money into equity funds through systematic investment plans (SIPs) and a growing acceptance of equity funds as an investment vehicle.
Tell me more: As of March 2018, there were 71.3 million investor accounts, a 29% growth over the 55.4 million accounts in March 2017.
What is it? The number of clubs in the English Premier League that are batting against becoming the third club to be relegated, with one or two matches left to be played.
Why is it important? The three clubs are Southampton, Huddersfield and Swansea. On Tuesday, Southampton beat Swansea 1-0 and gave themselves some breathing room. Swansea, on the other hand, are flailing with their fourth straight loss, the worst record in the last five matches among the bottom rung.
Tell me more: West Bromwich Albion and Stoke City have already been relegated in the league that ends this Sunday.
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