India’s most celebrated jewellery baron has been linked to an alleged fraud of up to $1.77bn that has sparked fears over the finances of the country’s second-largest state-run bank.
Nirav Modi, whose high-end jewellery creations are favoured by celebrities from actress Kate Winslet to Bollywood superstars and the Indian super-rich, has set up eponymous luxury boutiques in some of the world’s most expensive retail locations. He was also among an elite group of business leaders who joined India’s prime minister at last month’s World Economic Forum in Davos.
Now Mr Modi, three of his relatives, and three firms in which they are partners are embroiled in a controversy regarding the alleged fraud at Punjab National Bank, one of the largest in Indian history, which has sent the bank’s shares down 22 per cent since it was revealed on Wednesday.
Overnight on Wall Street, the S&P 500 rose 1.2 per cent to notch a fifth straight day of gains as the rebound in equities showed little sign of running out of steam. The greenback remained under pressure with the dollar index measuring it against a basket of peers back in sight of a recent three-year low of 88.44.
In Asia Pacific equities, futures tip Sydney’s S&P/ASX 200 index to climb 0.3 per cent at the open, while Tokyo’s Topix is set to gain 0.1 per cent when trading begins. Hong Kong is off on holiday for the Lunar New Year, as are China, Taiwan, South Korea, Singapore, Indonesia and Vietnam.
Corporate earnings reports out today include Abacus Property, Whitehaven Coal, Bridgestone and Unicharm.
The economic calendar for Friday is quiet . . . too quiet (all times Hong Kong):
- 07.50: Japan foreign bond and stock investment
- 15.30: Thailand foreign exchange reserves
Bagikan Berita Ini
0 Response to "Fast Asia Open: Thailand forex reserves Japan foreign stock investment"
Post a Comment