Sectors
ICRA foresees 7.7% growth for India in 2016-17
Rating agency ICRA forecasts India's gross domestic product (GDP) growth rate at 7.7 percent for next financial year 2016-17. The rating agency cites reasons for GDP growth rate to the implementation of 7th Pay Commission, OROP recommendations and domestic consumption.
Wall Street is Skeptical About Apple Being Google’s Cloud Service Big Costumer
Deutsche Bank expressed its skepticism on the hype created around Apple’s shift to Google’s Cloud Platform from Amazon’s AWS. The bank believes that the move will not have a significant impact and that Apple is just trying to reduce its reliance on just one service.
Turnbull Advocates Clean Energy for A Greener Australia
Turnbull is switching to a greener Australia avdocating the use of clean energy. The government will support Clean Energy Finance Corp. and the Australian Renewable Energy Agency and develops Clean Energy Innovation Fund worth A$1 billion.
Supreme Court Dumps Puerto Rico's Seek of Chapter 9 Bankruptcy
Puerto Rico is struggling with a $72 billion debt and is seeking for a Chapter 9 bankruptcy. It is unclear why the said country is excluded and will not be able to take advantage of it to protect it from creditors and restructure its debts. Only Congress can make a bankruptcy law.