Daily Briefing Dec 22, 2016

RBI is Now Known as The Reverse Bank of India

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Bank of India has a change of heart. Again. This time, it reversed a rule that restricted people from depositing over 5000 rupees more than once in old banknotes. However, this only applies to the fully KYC compliant accounts. To see how Sentifi financial crowd is reacting to this policy flip-flop (hint: it isn’t good), stick with Sentifi.

sentifi top attentions december 22

Bank of India: Flip flops on monetary policy

The Congress of India lovely dubbed the Reserve Bank of India the “Reverse Bank of India” following the policy change. The change was speculated to stem from the ongoing public outcry and the growing uneasiness among some allies of the government. Coupled with a brewing backlash among bank officers, that’s enough to force the bank to think twice about the policy.

InvenSense Inc.: Is being bought by Japanese company

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Japan-based electronic components manufacturer TDK has announced the acquisition of InvenSense, the U.S.-based sensor manufacturer, for $1.3 billion in cash as part of its Internet of Things strategy. InvenSense will operate as a wholly-owned subsidiary of TDK.

Banca Paschi Siena: Rescue plan fails

It’s a bad day for one of the oldest banks of Italy, as it is very close to the failure of pulling off a last-ditch rescue plan, which means that the only way out for the bank is a state bailout. The bank reportedly failed to secure an anchor investor for its offer of new shares. And that dissuaded other institutional investors from supporting the rescue plan.

Nokia Corporation: Sues Apple for patent infringement

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Merely a day after Apple sued two patent licensors and accused Nokia of colluding with them, Nokia is now suing the Apple maker for patent infringement. The Finish communications giant said Apple violated 32 technology patents, ranging from displays, software, user interfaces to chip sets, video coding and antennas, and more. In response to the lawsuit, Apple came out with this statement: “Unfortunately, Nokia has refused to license their patents on a fair basis and is now using the tactics of a patent troll to attempt to extort money from Apple by applying a royalty rate to Apple’s own inventions they had nothing to do with.”

AVEO Pharma: A target for investors looking for a bargain

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Strategic investors are looking at shares of AVEO thanks to the cheap price and the potential upside. AVEO shares have been seen trading -30.23% off of the 50-day peak and 11.11% away from the 50-day bottom. In terms of the stock price in relation to its moving averages, company shares are -0.91% away from the 20-day moving average and -8.42% off of the 50-day average.

Braskem SA: Pays $3.5 billion for bribery

Brazil construction giant Odebrecht SA and its petrochemical unit Braskem SA have pleaded guilty to bribery on a global scale. Specifically, Braskem will pay the U.S. Department of Justice and the U.S. Securities and Exchange Commission $159.8 million for the violation of the Foreign Corrupt Practices Act.

Japan Display: Receives a ¥75 billion investment

Innovation Network Corp. of Japan, which is a government-affiliated investment fund, has decided to inject ¥75 billion to support Japan Display. INCJ also happens to be the company’s top shareholder, and the decision came after the company ran into some difficulties in procuring funds for strategic investment on its own due to its declining earnings as competition with overseas rivals heats up.

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