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Wednesday, August 23, 2017 10:55 PM

Economy

India Rolls Out Massive Tax Reform, Businesses Brace for Chaos

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GST -Tax Reform,Money Market Guru — Prime Minister Narendra Modi launched India’s biggest tax reform in its 70-year history, as businesses and citizens across the country steeled themselves for the economic turmoil that’s expected to follow.

India’s Paytm Said to Seek License to Offer Money Market Fund

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Money Market Guru — India’s largest digital-payments company, Paytm, is seeking a license to set up a money market fund where users can store cash and earn interest, in competition with the country’s banks, according to a person familiar with the matter.

US Factory Orders Stay Strong

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Money Market Guru — After reporting sharp increases in new orders for US manufactured goods in the two previous months, the Commerce Department released a report on Tuesday showing that factory orders saw further upside.

German Inflation Slows To 4-Month Low In March

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Money Market Guru — German consumer price inflation eased to 1.6 percent in March from a 54-month high of 2.2 percent in February, preliminary figures from Destatis showed Thursday. Prices were expected to climb 1.8 percent. The March inflation was the weakest since November 2016. The harmonized index of consumer prices, or HICP, advanced 1.5 percent year-on-year in March, slower than the 2.2 percent increase in February and the expected 1.9 percent growth.

US Pending Home Sales Surge In February

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Money Market Guru — US Pending Home Sales Surge In February — US pending sales rebounded by much more than expected in the month of February, after reporting a steep drop in the previous month, the National Association of Realtors showed on Wednesday.

UK Mortgage Approvals At 3-Month Low In February

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Money Market Guru — UK Mortgage Approvals At 3-Month Low In February — UK mortgage approvals for house purchases fell to 42,613 in February from 44,142 in January, British Bankers Association said Friday. This was the lowest since November. The expected level for February was 44,900.

Germanys Composite PMI At 70-Month High In March

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Money Market Guru — Germany services Purchasing Managers Index climbed more-than-expected to 55.6 in March from 54.4 in February, flash survey results from IHS Markit showed Friday. The services activity growth hit a 15-month high. The composite output index rose for the second straight month in March, to 57.0 from 56.1 in February. This was the highest score since May 2011.

INDIAN FOOD GRAIN PRODUCTION JUMPS OVER 6 MILLION TONNES IN MY 2015-16

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Money Market Guru — The Indian Agriculture Minister during the inaugurationof the new Krishi Vigyan Kendra (KVKs), West Tripura stated that owing to the favourable monsoon and implementation of several policy initiatives and reforms by the Government of India, the country has achieved highest ever food grain production this year (271.89 Million tonnes) this year which is 6.94 million tonnes higher than the previous best of 265.04 million tonnes achieved during 2013-14.

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