Weekly News 01st August 2022

1. Weekly
News
1st August 2022
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2. Snapshot
Fed hikes Interest rates
for 2nd consecutive
time.
Revival Package for
BSNL
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1
0
2
0
3
0
4
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5G Auction
IMF cut India’s 2022-23
growth forecast

3. Snapshot
India Launches First
International Bullion
Exchange
Franklin launches NFO
after a gap and list of
other AMCs NFO
Others
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5
0
2
0
6
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7
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SEBI Registered Investment Adviser (INA200006628)

4. Fed hikes Interest rates for 2nd consecutive time.
 The US Federal Reserve on 24th July again raised the benchmark interest rate
by three-quarters of a percentage point i.e. by 75 basis point.
 It was the second straight 75 basis point increase, and the fourth rate hike
this year, as policy makers move aggressively to cool the strongest surge in
inflation
 In taking the benchmark overnight borrowing rate up to a range of 2.25%-2.5%,
the moves in June and July represent the most stringent consecutive action.
 The Fed aims for inflation around 2%.
 In its post-meeting statement, the rate-setting Federal Open Market Committee
cautioned that “recent indicators of spending and production have softened.”
“Nonetheless, job gains have been robust in recent months, and the
unemployment rate has remained low, signaling to low pace interest rate hike
further.
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5. IMF cut India’s 2022-23 growth forecast
 The International Monetary Fund (IMF) has cut its gross domestic product (GDP) growth forecast for
(GDP) growth forecast for India for the current financial year by 80 basis points to 7.4 percent.
points to 7.4 percent.
 This is marginally higher from the RBIs projection of 7.2%.
 A similar downgrade has been made to the growth forecast for FY24, which now stands at 6.1 percent
stands at 6.1 percent as against 6.9 percent earlier.
 For India, the revision reflects mainly less favorable external conditions and more rapid policy tightening.
and more rapid policy tightening.
 The growth downgrade for India, along with those for China and the US, was largely responsible for the
largely responsible for the IMF lowering the global growth forecast for the calendar year 2022 by 40

6. 5G Auction
 The auction of the 5G spectrum capable of offering ultra-
high-speed internet garnered bids totalling about ₹ 1.5 lakh
crore as on 31st July (5th day of auction).
 Reliance Industries' Jio, rivals Bharti Airtel and Vodafone
Idea, and billionaire Gautam Adani's Adani Enterprises Ltd
were all among the bidders for 5G airwaves.
 The rollout of 5G - which government says can provide data
speeds about 10 times faster than 4G - by October this year.
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7. Revival Package for BSNL
 The Union Cabinet on 24th July approved a ₹ 1.64 lakh crore package for the revival of state-owned
revival of state-owned telecom firm BSNL
 The revival measures approved by the Cabinet focus on fresh capital for upgrading services,
upgrading services, allocating spectrum, de-stressing its balance sheet and augmenting its fibre

8. India Launches First International Bullion Exchange
 India launched its first international bullion exchange on 26th July as the world's second biggest
world's second biggest consumer of the precious metal tries to bring transparency to the market for
transparency to the market for the precious metal.
 India International Bullion Exchange (IIBX), based at Gujarat International Finance Tec-City, or GIFT
Finance Tec-City, or GIFT City in western Gujarat state, could lead to standard gold pricing in India
standard gold pricing in India and make it easier for small bullion dealers and jewelers to trade.
and jewelers to trade.
 Gold is tightly regulated in India and currently only nominated banks and agencies approved by the
agencies approved by the central bank can import gold and sell to dealers and jewelers.
and jewelers.

9.  Franklin has come up with Franklin Balanced Advantage Fund NFO after a gap of 2 and a
after a gap of 2 and a half years following its decision to shut 6 debt schemes.
debt schemes.
 FIBAF is a dynamically-managed fund. Like other balanced advantage funds or BAFs, the
funds or BAFs, the equity exposure will be maintained between 65% and 100%. At any
and 100%. At any point, if the equity allocation falls below 65%, the gross equity exposure
the gross equity exposure will be maintained using equity derivatives. Debt instruments will
derivatives. Debt instruments will make up for the rest.
 NFO is open for subscription from 16th August to 30th August.
Franklin AMC launches NFO after a gap and other AMCs NFO

10. NFOs in August

11. NFOs in August

12. Others
• Common wealth Games has started in Birmingham from 28th July and will take
and will take place till 8th August. So far India has won 3 Gold, 2 Silver & 1 Bronze
Gold, 2 Silver & 1 Bronze Medal.
• Jet Airways to begin commercial operations from September after the suspension
after the suspension in 2019 due to financial distress.
• Gujarat hooch tragedy – Death from Spurious liquor in India’s dry state.
India’s dry state.

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