Good night reader,
India’s belligerent content material battle simply discovered itself a brand new entrance.
Till now restricted to video streaming via the likes of Netflix, Amazon Prime, and Hotstar; the entry of Spotify would guarantee our homegrown music trade will get added to the combination.
The Swedish streaming service enters India after securing offers with main home file labels together with T-Series, proprietor of the most-watched YouTube Channel on the planet.
Spotify’s debut is unquestionably making a good bit of noise. But it’s one other query all collectively whether or not the corporate’s typical technique of attracting new customers through a free tier providing, later transformed into paid prospects, would work in India.
One factor is for certain. As a rustic the place conventional gamers have proven the flexibility to adapt to the digital realm reasonably forward of the curve (e.g. Star TV with Hotstar, Times Internet, streaming music apps and so forth.), Spotify’s fingers could be full. More on this in right this moment’s Podcast.
Now to right this moment’s Top 6 Business Stories via our End of Day Wrap Up:
CSO downgrades GDP estimates for UPA period. FM defends revision, Congress calls it a ‘hatchet job’.
The What: Using 2011-12 as the bottom 12 months as a substitute of 2004-05, the Central Statistics Office (CSO) estimated that India’s GDP grew by 8.5% in FY10-11 and never at 10.3% as beforehand estimated. This downgrading invoked a furor in opposition to the govt..
Similarly, 9.3% progress charge every in FY05-06 and FY06-07 was lowered to 7.9% and eight.1%, respectively, whereas 9.8% earlier estimated for FY07-08 is now 7.7%.
Rana Kapoor seeks to return as Chairman of Yes Bank, after exit as CEO and MD.
If authorized by shareholders and RBI, Mr. Kapoor will both turn into the non-executive chairman, or the MD and CEO, or a non-executive director.
Zoom Out: The information comes after RBI’s earlier directive which didn’t lengthen the financial institution’s MD & CEO Rana Kapoor’s tenure after January 31, 2019.
Big Picture: Existing norms, nonetheless, don’t permit reappointment of a whole-time director earlier than two years from the date of exit. To turn into eligible for the submit of a MD, Mr. Kapoor should wait until at least February 2021.
TRAI directs telcos to tell their subscribers of the brand new minimal recharge plans in a clear method.
The What: The Telecom regulatory authority pulled up Airtel and Vodafone-Idea after subscribers complained of receiving messages which warned them of their SIM playing cards being deactivated if they don’t recharge their pre-paid accounts at the same time as they’d the minimal required steadiness.
Rupee touches 69.85 a Dollar right this moment, Sensex rises over 450 pts.
Close Up: The Rupee is up c. 6% from its file low of 74.48 per Dollar on 11 October.
The Rupee has rebound attributable to:
- Falling Oil Prices: Global crude oil costs have dropped to just about c. $60/barrel, from a four-year excessive of $86 a barrel round issues of oversupply.
- Drop in Dollar: Fed chair Jerome Powell on Wednesday mentioned that US coverage charges have been “just below” impartial. Higher US rates of interest have a tendency to spice up the greenback. With one other charge hike unlikely on the charts, a weaker greenback helps increase different currencies comparable to Yuan and Rupee.
Adani Enterprise to self-finance Queensland coal mine and rail challenge in Australia.
The What: Amidst resistance from inexperienced teams and banks backing away from funding new coal mines, the Adani Group will now self-finance the controversial Queensland coal mine and rail challenge in Australia.
The Plan: The firm plans to start out by producing round 10m tonnes a 12 months for its personal use, finally ramping as much as 27.5m tonnes for the primary stage of the challenge.
The firm’s inventory rose c. 7% by shut of play.
Donald Trump threatens to boost tariffs in mild of GM closures, China Trade War.
Zoom Out: Trump proposes 25% obligation on pick-up vehicles from markets outdoors North America in mild of GM’s workforce minimize.
US Trade representatives additionally analyzing choices to boost tariffs on Chinese autos to 40% – in step with Beijing’s costs on US-made automobiles.
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