‘Accommodative’ stance to help revive durable growth: bankers
‘Puzzling that there are no steps to absorb liquidity’
The decision of the Reserve Bank of India’s Monetary Policy Committee to continue with its accommodative stance this fiscal as well as the next would ensure sustainable economic growth, bankers said.
“The RBI policy of maintaining the status quo was expected but the continued forward guidance of an extended accommodative stance will continue to serve the markets well,” State Bank of India Chairman Dinesh Khara said.
IBA Chairman and Union Bank of India’s MD and CEO Raj Kiran Rai G said that the RBI had clearly indicated continuation of accommodative stance during the current financial year and into the next financial year to revive growth on a durable basis while containing inflation in the prescribed range.
“This gives clarity to the market on the rate front. Evolving macroeconomic dynamics augur well for maintaining the status quo on policy rates,” he said.
Punjab National Bank’s MD and CEO CH.S.S Mallikarjuna Rao said the elevation in consumer prices had been acknowledged by the RBI as a sign of economic activity getting normalised, which could lead to increase in demand.
HDFC Bank’s Chief Economist Abheek Barua said the absence of any major liquidity absorption measures in the midst of a prolonged inflationary episode and the upward revision of both growth and inflation forecasts were somewhat puzzling.
European Economics Preview: Germany Flash Inflation Data Due
Flash consumer prices from Germany and mortgage approvals from the UK are due on Monday, headlining a busy day for the European economic news.
At 2.00 am ET, the Turkish Statistical Institute releases GDP data for the third quarter and trade data for October.
At 3.00 am ET, Spain’s INE releases flash consumer price data. EU harmonized prices are forecast to drop 0.8 percent on year in November, following a 0.9 percent decrease in October.
In the meantime, producer prices and GDP figures are due from Austria.
At 4.00 am ET, GDP data is due from Poland and Iceland.
Half an hour later, the Bank of England releases mortgage approvals data for October. The number of mortgages approved fell to 84,490 from 91,450 in September.
At 5.00 am ET, Italy’s Istat releases preliminary consumer prices for November. Economists forecast prices to drop 0.4 percent on year, after easing 0.3 percent in October.
At 8.00 am ET, Destatis is scheduled to issue Germany’s flash consumer prices for November. Consumer prices are seen falling 0.1 percent annually versus a 0.2 percent decrease a month ago.
Ruatoria crash: Five injured, two critically; SH5 closed
State Highway 35, the Pacific Coast Highway, is closed this morning after a serious crash.
Two people are said to be critically injured and three others have a range of injuries after a single-vehicle crash.
Police were alerted to a vehicle in a ditch shortly after 2am today.
Motorists are asked to avoid the area or expect delays.
AT&T Boss John Stankey Says Movie Theaters Will Always “Have A Role In Society”, But Streaming “Horse Left The Barn”
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Dodgy Buildings Claim Lives in Egypt
Rescue efforts continue after the collapse of a dilapidated building in Central Alexandria, Egypt, killing 6 people on Wednesday. Alexandria Governor said the building was earmarked for demolition. Central Alexandria and Cairo, is home to most of these dilapidated buildings, which dates back to the 19th and early 20th centuries. Several buildings have collapsed in recent years in Egypt, claiming many victims, due to the dilapidation of buildings and non-compliance with legislation in terms of urban planning.
Activision Sues Netflix Over Hiring of Former CFO Neumann
In this article
Video game publisherActivision Blizzard Inc. suedNetflix Inc., claiming the video-streaming service engaged in a yearslong campaign of unlawfully poaching executives, including by hiring its former Chief Financial Officer Spencer Neumann.
Activision claims Netflix interfered with Neumann’s contract by offering to pay him in advance to cover his legal fees. Activision sued for intentional interference, unfair competition and aiding and abetting.
“Netflix unapologetically recruits talent without regard to its ethical and legal obligations,” Activision said in the complaint filed Friday in state court in Los Angeles.
The game publisher seeks a permanent injunction to stop Netflix from soliciting Activision employees and unspecified compensatory and punitive damages to be determined by a jury at trial.
Netflix declined to comment on the lawsuit. Activision also declined to comment.
— With assistance by Lucas Shaw, and Olga Kharif
Gold Eases On U.S. Stimulus Hopes
Gold prices held steady on Friday as rising Covid-19 cases in the U.S. as well as signs of progress on U.S. economic stimulus talks helped lift the allure of the safe-haven metal.
Gold for February delivery edged down $1.10 or 0.1 percent to $1,840 an ounce.
The United States has set a new world record for the number of coronavirus cases and hospitalizations reported in a single day.
The country recorded more than 14 million confirmed infections as of Thursday with over 100,000 patients hospitalized for the first time, in a sign that the virus is spreading at an alarming rate.
California Governor Gavin Newsom announced plans for a regional stay-at-home order and warned of widespread lockdowns across the state to contain the pandemic.
The dollar eased as a bipartisan, $908 billion coronavirus aid plan gained momentum in the U.S. Congress, with conservative lawmakers expressing their support.
U.S. House speaker Nancy Pelosi and Senate Democrat leader Chuck Schumer said they “could come to an agreement” based on the $908 billion plan devised by a bipartisan group of lawmakers.
A Labor Department report showing much weaker than expected job growth added to optimism that lawmakers will be forced to reach an agreement on a new stimulus bill.