NEWS HOUR 16th Oct– 22nd Oct 2018
Weekly News Magazine
BITCOIN SOURCED ABOVE $6000 FOR THE FIRST TIME Report by - Sanchit Goel
Bitcoin surged to a record high on 20th October of more than $6000 pushing the market capitalization to $100 billion at one point. The investors are betting on the crypto currency which has limited supply in the market. The original value of the crypto- currency has gained more than 500 percent in this year which is highest than any other asset class. There is a combination of factors for this. China’s hopes of softening its regulatory stance on crypto currencies have helped for this steep. Earlier China banned the raise of capital through the sale of initial coin offering (ICO). It has also ordered to shut-down the crypto currency exchanges. However, as with the changing world and increase of digitalization, it is expected to be a temporary ban. Around 60% of the world’s bitcoin mining is done in China, and therefore many large investments in ICO are coming from crypto currency holders in China. One of the reasons for the recent surge in Bitcoin is due to ICO craze which exploded this year, as bitcoins and other crypto currencies are used to purchase tokens for ICO. Due to the uncertain regulatory environment on crypto-currencies, investors are going back into bitcoin.
Source : Web
The original value has gained more than 500 percent this year, which many large investments coming from China
In This Issue •
Bitcoin sourced above $6000 for the first time
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Apple sued for the IPhone X ‘Animoji’ feature trademark
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Gross NPA rises sharply in the second quarter
APPLE SUED FOR THE IPHONE X ‘ANIMOJI’ FEATURE TRADEMARK
Some key points •
Tokyo based Emonster kk claimz that it holds the US trademark on the term ‘Animoji’
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Monster and Bonansea, both are seeking a court order stating permanent injunction against Apple’s use of ‘Animoji’
Report by - Himanshu Jatale
The new feature introduced by the Cupertino tech giant which uses facial recognition was brought under a lawsuit by a Japanese company this Wednesday alleging Apple for infringement of U.S. trademark covering ‘Animoji.' A complaint was lodged with the U.S. District Court, Northern District of California, that plaintiffs monster k.k. And Enrique Bonansea, a U.S. native residing in Japan, in 2014 registered for the "Animoji" mark and was subsequently granted the rights to the property by the U.S. Patent and Trademark Office in 2015. Tokyo-based Emonster kk says that it holds the U.S. trademark on the term animoji and that the use of the term is a “textbook case” of deliberate infringement by Apple. According to the lawsuit, Apple had complete knowledge of Monster's app which is available for download on Apple’s App Store. And because of which Apple tried to purchase rights for the same from monster this past summer. Before iPhone X announcement, Apple could have changed the name of its feature knowing that Plaintiffs already used ‘Animoji’ for their product. Possibly aware of the consequences which it might have to face, Apple the decision to pilfer the name for itself. Monster and Bonansea, both are seeking a court order stating permanent injunction against Apple’s use of ‘Animoji’ and unspecified money damages attributable to the mark. mergers and acquisitions) is it the customer that would benefit or the companies.
Some Key Points •
The outstanding NPA includes a single borrower defaulting INR 911.5 crore which is expected to be recovered soon
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The increase in NPAs has led to sharp falling of share prices of major banks
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Gross slippages also increased to INR 8936 crore compared to INR 3920 crore of the preceding quarter
Source : Web
GROSS NPA RISES SHARPLY IN THE SECOND QUARTER Report by - Rajesh Khanna
Though RBI has mandated banks to disclose the entire asset quality stress in their books, some private banks, continue to under-report their bad loan data. Among many major lenders, Axis Bank’s share price fell steeply on Wednesday – that it ended at Rs.464, i.e., 9.52% low on BSE – lowest since January. The share price of the bank also tumbled by over 12% on year-on-year basis, comparatively to the price on the same day of the last year. It is because of the whooping gross NPAs which grew by 67.31% to Rs.27402 crores compared to Rs.16378.65 crores in Q2 FY17. To speak of percentage terms, it is now at 5.92% in Q2 from 4,17% in the previous year of the same period and 5.03% in Q1FY18. While provisions and contingency were at Rs.3140 crore, which is lower from 3622 crores of Q2FY17 but very much higher from Rs.2341 crore in Q1FY18. The provision coverage as a proportion of Gross NPAs including write-offs ended at 60%. The gross slippages also increased to Rs.8936 crore compared to mere 3920 crores of the preceding quarter. Corporate slippages being the major reason which accounted for 90% of the total slippages at 8110 crores in Q2. Similarly, YES Bank and ICICI bank NPAs too spiked up and stood at 4.5% and 7% respectively as per the RBI report. On Friday, YES Bank’s stock value fell 6% in BSE after the disclosure in its 2016-17 annual report, that their NPAs stood at 5% in FY16 by RBI against the bank’s statement of only 0.76% for the same year. The outstanding gross NPA as on March 31 includes a single borrower defaulting Rs. 911.5 crore which is expected to be recovered soon. The specific provision in that particular account was Rs.227.9 crore as said by YES Bank report.