India named a former finance ministry official Shaktikanta Das as new governor of its central bank on Tuesday a day after markets were jolted by the sudden resignation of Urjit Patel.
Mr Patel and the Reserve Bank of India have been in the spotlight for the past month. Here's some insight on the resignation and how it might impact Asia's third-largest economy.
Why did the central bank governor resign?
Mr Patel's term was not due to end until September next year. He resigned for "personal reasons". However the chief banking regulator was at loggerheads with the government of Prime Minister Narendra Modi for the past few months.
India's economy experienced cash shortages after its currency demonetisation. A key concern for the country of 1.3 billion people is the health of its banking system. The International Monetary Fund has commended the central bank for taking measures to improve the banks' recognition of bad assets and to recapitalise public sector lenders.
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Mr Patel and the Modi government have been not seen eye-to-eye on matters ranging from releasing reserves to the government, policy differences on lending and the monetary policy, specifically the interest rate regime, putting the autonomy of the central bank at stake.
What impact has the resignation had?
Mr Patel's resignation sent the country's weakening rupee lower against the dollar, and will negatively impact the investment climate of the country and increase uncertainty.
Financial markets were hit by the news and were also impacted by key state election results, which are seen as a litmus test for Mr Modi ahead of a general election to be held in India next May. Initial results indicate a setback for Mr Modi's BJP party in three key states.
Mr Patel's resignation also comes ahead of another crucial RBI board meeting, which is scheduled for Friday, where a number of issues will come up for discussion including governance at the central bank. It is unclear if this meeting will still go ahead on the planned date following Mr Patel's resignation, which came into effect immediately.
Who is Shaktikanta Das?
He is a former economic affairs secretary from 2015 to 2017, who has worked closely with the central bank, according to the media. He is currently a member of the Finance Commission of India, and the government’s representative at the Group of 20 summits. With a background in the finance ministry, he is expected to be a safe choice for the government. He is well-known for having taken a pro-demonetisation stance - a controversial move when Mr Modi's government banned the two highest value banknotes in 2016.
Company%20Profile
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
SPEC%20SHEET
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The five pillars of Islam
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Premier Futsal 2017 Finals
Al Wasl Football Club; six teams, five-a-side
Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado
BMW%20M4%20Competition
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The%20specs
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COMPANY%20PROFILE
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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HIV on the rise in the region
A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.
New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.
Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.
Access to HIV testing, treatment and care in the region is well below the global average.
Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.
