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Tag Wise Current Affairs
Tag: miscellaneous
Government permission compulsory for FDI from neighbouring countries
Tags: miscellaneous
Published on: 19 April 2020
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<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">3368</span></span></span></span></p>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">China </span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1900</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">8</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Switzerland</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1050</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">9</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Japan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">765</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">10</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">613</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">11</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Netherlands</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">612</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">12</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">ECB</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">505</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">13</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Taiwan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">424</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">14</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Portugal</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">383</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">15</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Kazakhstan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">367</span></span></span></span></p>
</td>
</tr>
</tbody>
</table>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">World Gold Council (WGC) derives data on gold reserves from International Financial Statistics under International Monetary Fund (IMF). It is binding on all signatory central banks to provide monthly updates to IMF on their gold purchases forming part of their foreign exchange reserves.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About World Gold Council (WGC)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is market development organization for the gold industry. It is headquartered in London, United Kingdom (UK).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is association whose members comprise world’s leading gold mining companies.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Functions:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It works across all parts of industry, from gold mining to investment. It seeks to provide industry leadership and stimulate and sustain demand for gold.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It also provides insights into international gold markets, help people to better understand wealth preservation qualities of gold and its role in meeting social and environmental needs of society.</span></span></span></span></li>
</ul>
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'metatitle' => 'RBI world’s 10th largest gold holding central bank',
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'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 3912,
'title' => 'AT-1 bonds for Yes bank reconstruction',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Bondholders’ investments in Yes Bank Ltd.’s additional tier-1 securities are likely to get converted to equity as part of a settlement plan between the lender and investors.</span></span><br />
</p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The settlement plan follows the Reserve Bank of India’s draft proposal to fully write-off the AT-1 bonds on Yes Bank’s book last week. That came after the government placed the lender under month-long moratorium.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI reconstruction plan for Yes Bank puts to risk nearly Rs 9,000 crore worth of AT-1 bonds, affecting bondholders including Nippon Life India AMC, mutual fund house Franklin Templeton, UTI Mutual Fund, SBI Pension Fund Trust and Indiabulls Housing Finance, among others.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per RBI rules based on the Basel-III framework, AT-1 bonds have principal loss absorption features, which can cause a full write-down or conversion to equity on breach of a pre-specified trigger of common Tier 1 capital ratio falling below 6.125 per cent.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks cannot use conversion or write down of AT1 instruments to support expansion of balance sheet. It is only intended to replenish the equity of a bank in the event it is depleted by losses.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the draft resolution plan, Yes Bank’s equity share capital would be altered to Rs 5,000 crore, while the existing equity shares would be increased to 2,400 crore worth Rs 2 each. While SBI’s initial investment is to cover for 49 percent stake, it will be required to maintain at least 26 percent stake for three years.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>AT-1 bonds</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The concept of AT1 bonds or additional Tier 1 bonds was brought in after a bunch of global banks went bust during the global financial crisis and regulators formulated Basel III norms for banks. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One of the key things Basel III did was to raise the amount of their own capital that banks needed to carry in their balance sheets, before they raised external deposits and loans.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Basel III norms require Indian banks to maintain a total capital ratio of 11.5%, split into 8% in tier 1 capital (own equity, reserves etc) and tier 2 (supplementary reserves and hybrid instruments). </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The AT 1 bonds, also known as “unsecured subordinated perpetual non-convertible” bonds, make up part of a bank’s Tier 1 or permanent capital. Banks issue them to make sure they can meet Basel III norms on equity capital. </span></span></p>
</li>
</ul>
<p> </p>
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'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 4286,
'title' => 'Government permission compulsory for FDI from neighbouring countries',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centre has made prior government approval mandatory for foreign direct investments from countries which share a land border with India. Previously, only investments from Pakistan and Bangladesh faced such restrictions.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The revised FDI policy is aimed at “curbing opportunistic takeovers/acquisitions of Indian companies due to the current <a href="https://www.thehindu.com/topic/coronavirus/">COVID-19 pandemic</a>.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Last week, housing finance company HDFC informed the stock exchanges that the People’s Bank of China now holds a 1.01% stake in the company. This was an instance of portfolio investment through the stock market and not FDI.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Investors from countries not covered by the new policy only have to inform the RBI after a transaction rather than asking for prior permission from the relevant government department.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The official statement added that a transfer of ownership of any existing or future FDI in an Indian entity to those in the restricted countries would also need government approval. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Major Chinese investments in India span a range of sectors. Perhaps the most underestimated aspect of Chinese investment has been the way that Chinese capital now undergirds the technology start-up space in India, with Chinese venture capitalists funding household names such as Paytm, Flipkart, Swiggy, Zomato, Oyo, Ola, BigBasket, Byju's, SnapDeal, Quikr and MakeMyTrip.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>FDI</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A foreign direct investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Generally, FDI takes place when an investor establishes foreign business operations or acquires foreign business assets in a foreign company. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">However, FDIs are distinguished from portfolio investments in which an investor merely purchases <a href="https://www.investopedia.com/terms/e/equity.asp">equities</a> of foreign-based companies</span></span><span style="font-size:13.0pt"><span style="background-color:white"><span style="font-family:"Arial","sans-serif""><span style="color:#111111">.</span></span></span></span></p>
</li>
</ul>
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(int) 3 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 4347,
'title' => 'Franklin Templeton Mutual fund closure',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Franklin Templeton Mutual Fund, the ninth largest in the country, has jolted investors with its decision to wind up six yield-oriented managed credit funds.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The six schemes — Franklin India low duration fund, dynamic accrual fund, credit risk fund, short term income plan, ultra short bond fund and income opportunities fund — have combined assets under management of nearly 25% of the total assets under management of Franklin Templeton MF in India.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house has said it took the decision in order to protect value for investors via a managed sale of the portfolio, amid the severe market dislocation and illiquidity caused by the COVID-19 pandemic. Investors, however, are bracing for substantial losses.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It essentially means that Franklin Templeton MF will first liquidate the assets in the schemes and then return the money to investors. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With the market situation tough for now, investors may not get an immediate exit. Industry insiders say the fund house may find it difficult to get a buyer for the low-rated assets in the portfolio, so investors may have to wait. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On the other hand, if the fund house pushes hard to get new buyers for those assets, it will go at a substantial haircut, which would mean a big loss for investors on their capital investment.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house said the ongoing liquidity crisis in the market has impacted higher yielding, lower-rated credit securities in India and, since these six schemes had direct exposure to them, and they have been impacted.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While all credit risk funds invest up to 65 per cent in bonds rated AA or below, market experts say that fund managers can lower their risk by following a higher diversification strategy. </span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Credit risk funds</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Credit risk funds are debt funds that play on the principle of high-risk-high-reward. By definition, credit funds invest 65 per cent of the portfolio in bonds that are AA rated or below, and investors must be aware that they are investing in schemes that are investing in lower-rated papers. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While higher-rated bonds of companies are more secure and offer lower interest rates, credit risk funds generally invest in lower-rated bonds which offer higher return but also carry a higher risk.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Mutual funds</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mutual funds are operated by professional money managers, who allocate the fund's assets and attempt to produce capital gains or income for the fund's investors.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds, and other securities.</span></span></p>
</li>
</ul>
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'title' => 'Franklin Templeton Mutual fund closure',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Franklin Templeton Mutual Fund, the ninth largest in the country, has jolted investors with its decision to wind up six yield-oriented managed credit funds.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The six schemes — Franklin India low duration fund, dynamic accrual fund, credit risk fund, short term income plan, ultra short bond fund and income opportunities fund — have combined assets under management of nearly 25% of the total assets under management of Franklin Templeton MF in India.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house has said it took the decision in order to protect value for investors via a managed sale of the portfolio, amid the severe market dislocation and illiquidity caused by the COVID-19 pandemic. Investors, however, are bracing for substantial losses.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It essentially means that Franklin Templeton MF will first liquidate the assets in the schemes and then return the money to investors. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With the market situation tough for now, investors may not get an immediate exit. Industry insiders say the fund house may find it difficult to get a buyer for the low-rated assets in the portfolio, so investors may have to wait. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On the other hand, if the fund house pushes hard to get new buyers for those assets, it will go at a substantial haircut, which would mean a big loss for investors on their capital investment.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house said the ongoing liquidity crisis in the market has impacted higher yielding, lower-rated credit securities in India and, since these six schemes had direct exposure to them, and they have been impacted.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While all credit risk funds invest up to 65 per cent in bonds rated AA or below, market experts say that fund managers can lower their risk by following a higher diversification strategy. </span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Credit risk funds</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Credit risk funds are debt funds that play on the principle of high-risk-high-reward. By definition, credit funds invest 65 per cent of the portfolio in bonds that are AA rated or below, and investors must be aware that they are investing in schemes that are investing in lower-rated papers. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While higher-rated bonds of companies are more secure and offer lower interest rates, credit risk funds generally invest in lower-rated bonds which offer higher return but also carry a higher risk.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Mutual funds</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mutual funds are operated by professional money managers, who allocate the fund's assets and attempt to produce capital gains or income for the fund's investors.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds, and other securities.</span></span></p>
</li>
</ul>
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get all the latest information relative to constitution', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'cacategories' }, (int) 12 => object(Cake\ORM\Entity) { 'id' => (int) 15, 'name' => 'Biodiversity', 'parent_id' => (int) 2, 'description' => '', 'keyword' => 'biodiversity', 'sortorder' => (int) 0, 'status' => (int) 1, 'metatitle' => 'Biodiversity | ??? ??????? | Biodiversity Current affairs', 'metakeyword' => 'Biodiversity, ??? ???????, Biodiversity Current affairs', 'metadescription' => 'Biodiversity, ??? ???????, Biodiversity Current affairs, Get the latest Biodiversity information with us where you get all the latest information about Biodiversity', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'cacategories' } ] $breadcrumb = [ (int) 0 => [ 'name' => 'Home', 'link' => 'https://currentaffairs.studyiq.com/' ], (int) 1 => [ 'name' => 'miscellaneous', 'link' => 'https://currentaffairs.studyiq.com/tags/miscellaneous-4' ] ] $currentaffairs = [ (int) 0 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 1365, 'title' => 'RBI world’s 10th largest gold holding central bank', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to data released by World Gold Council (WGC),<strong> </strong>India has entered league of world’s top-10 gold holding central banks. RBI achieved this feat after purchased 52.3 tonnes gold in FY19 to augment its foreign exchange reserves.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">RBI currently holds 612.6 tonnes of gold as part of its foreign exchange (forex) reserves and was ranked 10th largest gold holding central bank. It accounted to 6.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">of its overall forex reserves. Till May 2019, RBI was ranked 11th, but in March it added 3.7 tonnes of gold to its forex reserves and dislodged Netherlands from 10th spot.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">World Official Gold Holdings (As of June 2019*)</span></span></strong></span></span></p> <table align="center" border="1" cellspacing="0" class="MsoTableGrid" style="border-collapse:collapse; border:solid black 1.0pt"> <tbody> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Rank</span></span></strong></span></span></p> </td> <td style="border-color:black; vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Country/Region</span></span></strong></span></span></p> </td> <td style="border-color:black; vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Reserves (Tonnes)</span></span></strong></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">United States</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">8133</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Germany</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">3368</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">3</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">IMF</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2814</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">4</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Italy</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2452</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">5</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">France </span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2436</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">6</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Russia</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2183</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">7</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">China </span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1900</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">8</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Switzerland</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1050</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">9</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Japan</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">765</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">10</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">613</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">11</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Netherlands</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">612</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">12</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">ECB</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">505</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">13</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Taiwan</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">424</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">14</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Portugal</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">383</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">15</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Kazakhstan</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">367</span></span></span></span></p> </td> </tr> </tbody> </table> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">World Gold Council (WGC) derives data on gold reserves from International Financial Statistics under International Monetary Fund (IMF). It is binding on all signatory central banks to provide monthly updates to IMF on their gold purchases forming part of their foreign exchange reserves.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About World Gold Council (WGC)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is market development organization for the gold industry. It is headquartered in London, United Kingdom (UK).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is association whose members comprise world’s leading gold mining companies.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Functions:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It works across all parts of industry, from gold mining to investment. It seeks to provide industry leadership and stimulate and sustain demand for gold.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It also provides insights into international gold markets, help people to better understand wealth preservation qualities of gold and its role in meeting social and environmental needs of society.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-worlds-top-10-gold-holding-central-bank', 'image' => 'https://www.mediafire.com/convkey/0de3/y8fi2oid1iibr126g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0de3/y8fi2oid1iibr126g.jpg', 'metatitle' => 'RBI world’s 10th largest gold holding central bank', 'metakeyword' => 'Reserve Bank of India has entered league of world’s top-10 gold holding central banks', 'metadescription' => 'Reserve Bank of India has entered league of world’s top-10 gold holding central banks', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/ura1utrh8ro7y54/RBI_world%C6s_10th_largest_gold_holding_central_bank.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 1 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 3912, 'title' => 'AT-1 bonds for Yes bank reconstruction', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Bondholders’ investments in Yes Bank Ltd.’s additional tier-1 securities are likely to get converted to equity as part of a settlement plan between the lender and investors.</span></span><br /> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The settlement plan follows the Reserve Bank of India’s draft proposal to fully write-off the AT-1 bonds on Yes Bank’s book last week. That came after the government placed the lender under month-long moratorium.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI reconstruction plan for Yes Bank puts to risk nearly Rs 9,000 crore worth of AT-1 bonds, affecting bondholders including Nippon Life India AMC, mutual fund house Franklin Templeton, UTI Mutual Fund, SBI Pension Fund Trust and Indiabulls Housing Finance, among others.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per RBI rules based on the Basel-III framework, AT-1 bonds have principal loss absorption features, which can cause a full write-down or conversion to equity on breach of a pre-specified trigger of common Tier 1 capital ratio falling below 6.125 per cent.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks cannot use conversion or write down of AT1 instruments to support expansion of balance sheet. It is only intended to replenish the equity of a bank in the event it is depleted by losses.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the draft resolution plan, Yes Bank’s equity share capital would be altered to Rs 5,000 crore, while the existing equity shares would be increased to 2,400 crore worth Rs 2 each. While SBI’s initial investment is to cover for 49 percent stake, it will be required to maintain at least 26 percent stake for three years.</span></span></p> </li> </ul> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>AT-1 bonds</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The concept of AT1 bonds or additional Tier 1 bonds was brought in after a bunch of global banks went bust during the global financial crisis and regulators formulated Basel III norms for banks. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One of the key things Basel III did was to raise the amount of their own capital that banks needed to carry in their balance sheets, before they raised external deposits and loans.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Basel III norms require Indian banks to maintain a total capital ratio of 11.5%, split into 8% in tier 1 capital (own equity, reserves etc) and tier 2 (supplementary reserves and hybrid instruments). </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The AT 1 bonds, also known as “unsecured subordinated perpetual non-convertible” bonds, make up part of a bank’s Tier 1 or permanent capital. Banks issue them to make sure they can meet Basel III norms on equity capital. </span></span></p> </li> </ul> <p> </p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'at-1-bonds-for-yes-bank-reconstruction', 'image' => 'https://www.mediafire.com/convkey/b03d/2wyoybz4yo67rwe6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b03d/2wyoybz4yo67rwe6g.jpg', 'metatitle' => 'AT-1 bonds for Yes bank reconstruction', 'metakeyword' => 'AT-1 bonds for Yes bank reconstruction', 'metadescription' => 'Bondholders’ investments in Yes Bank Ltd.’s additional tier-1 securities are likely to get converted to equity as part of a settlement plan between the lender and investors.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/19is0bdejps5cxq/AT-1_bonds_for_Yes_bank_reconstruction.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 2 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 4286, 'title' => 'Government permission compulsory for FDI from neighbouring countries', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centre has made prior government approval mandatory for foreign direct investments from countries which share a land border with India. Previously, only investments from Pakistan and Bangladesh faced such restrictions.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The revised FDI policy is aimed at “curbing opportunistic takeovers/acquisitions of Indian companies due to the current <a href="https://www.thehindu.com/topic/coronavirus/">COVID-19 pandemic</a>.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Last week, housing finance company HDFC informed the stock exchanges that the People’s Bank of China now holds a 1.01% stake in the company. This was an instance of portfolio investment through the stock market and not FDI.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Investors from countries not covered by the new policy only have to inform the RBI after a transaction rather than asking for prior permission from the relevant government department.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The official statement added that a transfer of ownership of any existing or future FDI in an Indian entity to those in the restricted countries would also need government approval. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Major Chinese investments in India span a range of sectors. Perhaps the most underestimated aspect of Chinese investment has been the way that Chinese capital now undergirds the technology start-up space in India, with Chinese venture capitalists funding household names such as Paytm, Flipkart, Swiggy, Zomato, Oyo, Ola, BigBasket, Byju's, SnapDeal, Quikr and MakeMyTrip.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>FDI</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A foreign direct investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Generally, FDI takes place when an investor establishes foreign business operations or acquires foreign business assets in a foreign company. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">However, FDIs are distinguished from portfolio investments in which an investor merely purchases <a href="https://www.investopedia.com/terms/e/equity.asp">equities</a> of foreign-based companies</span></span><span style="font-size:13.0pt"><span style="background-color:white"><span style="font-family:"Arial","sans-serif""><span style="color:#111111">.</span></span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'government-permission-compulsory-for-fdi-from-neighbouring-countries', 'image' => 'https://www.mediafire.com/convkey/62ea/u0e1v8vogiwlogu6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/62ea/u0e1v8vogiwlogu6g.jpg', 'metatitle' => 'Government permission compulsory for FDI from neighbouring countries', 'metakeyword' => 'Government permission compulsory for FDI from neighbouring countries', 'metadescription' => 'The Centre has made prior government approval mandatory for foreign direct investments from countries which share a land border with India. Previously, only investments', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/lsljzm0j91ttqwf/4.Government_permission_compulsory.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 3 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 4347, 'title' => 'Franklin Templeton Mutual fund closure', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Franklin Templeton Mutual Fund, the ninth largest in the country, has jolted investors with its decision to wind up six yield-oriented managed credit funds.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The six schemes — Franklin India low duration fund, dynamic accrual fund, credit risk fund, short term income plan, ultra short bond fund and income opportunities fund — have combined assets under management of nearly 25% of the total assets under management of Franklin Templeton MF in India.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house has said it took the decision in order to protect value for investors via a managed sale of the portfolio, amid the severe market dislocation and illiquidity caused by the COVID-19 pandemic. Investors, however, are bracing for substantial losses.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It essentially means that Franklin Templeton MF will first liquidate the assets in the schemes and then return the money to investors. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With the market situation tough for now, investors may not get an immediate exit. Industry insiders say the fund house may find it difficult to get a buyer for the low-rated assets in the portfolio, so investors may have to wait. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On the other hand, if the fund house pushes hard to get new buyers for those assets, it will go at a substantial haircut, which would mean a big loss for investors on their capital investment.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house said the ongoing liquidity crisis in the market has impacted higher yielding, lower-rated credit securities in India and, since these six schemes had direct exposure to them, and they have been impacted.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While all credit risk funds invest up to 65 per cent in bonds rated AA or below, market experts say that fund managers can lower their risk by following a higher diversification strategy. </span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Credit risk funds</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Credit risk funds are debt funds that play on the principle of high-risk-high-reward. By definition, credit funds invest 65 per cent of the portfolio in bonds that are AA rated or below, and investors must be aware that they are investing in schemes that are investing in lower-rated papers. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While higher-rated bonds of companies are more secure and offer lower interest rates, credit risk funds generally invest in lower-rated bonds which offer higher return but also carry a higher risk.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Mutual funds</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mutual funds are operated by professional money managers, who allocate the fund's assets and attempt to produce capital gains or income for the fund's investors.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds, and other securities.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'franklin-templeton-mutual-fund-closure', 'image' => 'https://www.mediafire.com/convkey/4459/z5kcr6v3ah5x0br6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4459/z5kcr6v3ah5x0br6g.jpg', 'metatitle' => 'Franklin Templeton Mutual fund closure', 'metakeyword' => 'Franklin Templeton Mutual fund closure', 'metadescription' => 'Franklin Templeton Mutual Fund, the ninth 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reached]], '[repository]' => 'sitebanners' } ] $params = [ (int) 0 => 'miscellaneous-4' ] $b = [ 'name' => 'miscellaneous', 'link' => 'https://currentaffairs.studyiq.com/tags/miscellaneous-4' ] $currentaffair = object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 4347, 'title' => 'Franklin Templeton Mutual fund closure', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Franklin Templeton Mutual Fund, the ninth largest in the country, has jolted investors with its decision to wind up six yield-oriented managed credit funds.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The six schemes — Franklin India low duration fund, dynamic accrual fund, credit risk fund, short term income plan, ultra short bond fund and income opportunities fund — have combined assets under management of nearly 25% of the total assets under management of Franklin Templeton MF in India.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house has said it took the decision in order to protect value for investors via a managed sale of the portfolio, amid the severe market dislocation and illiquidity caused by the COVID-19 pandemic. Investors, however, are bracing for substantial losses.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It essentially means that Franklin Templeton MF will first liquidate the assets in the schemes and then return the money to investors. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With the market situation tough for now, investors may not get an immediate exit. Industry insiders say the fund house may find it difficult to get a buyer for the low-rated assets in the portfolio, so investors may have to wait. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On the other hand, if the fund house pushes hard to get new buyers for those assets, it will go at a substantial haircut, which would mean a big loss for investors on their capital investment.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house said the ongoing liquidity crisis in the market has impacted higher yielding, lower-rated credit securities in India and, since these six schemes had direct exposure to them, and they have been impacted.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While all credit risk funds invest up to 65 per cent in bonds rated AA or below, market experts say that fund managers can lower their risk by following a higher diversification strategy. </span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Credit risk funds</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Credit risk funds are debt funds that play on the principle of high-risk-high-reward. By definition, credit funds invest 65 per cent of the portfolio in bonds that are AA rated or below, and investors must be aware that they are investing in schemes that are investing in lower-rated papers. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While higher-rated bonds of companies are more secure and offer lower interest rates, credit risk funds generally invest in lower-rated bonds which offer higher return but also carry a higher risk.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Mutual funds</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mutual funds are operated by professional money managers, who allocate the fund's assets and attempt to produce capital gains or income for the fund's investors.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds, and other securities.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'franklin-templeton-mutual-fund-closure', 'image' => 'https://www.mediafire.com/convkey/4459/z5kcr6v3ah5x0br6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4459/z5kcr6v3ah5x0br6g.jpg', 'metatitle' => 'Franklin Templeton Mutual fund closure', 'metakeyword' => 'Franklin Templeton Mutual fund closure', 'metadescription' => 'Franklin Templeton Mutual Fund, the ninth largest in the country, has jolted investors with its decision to wind up six yield-oriented managed credit funds.', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/ctmadvrszo84hgz/5.Franklin_Templeton_Mutual_fund_closure.pdf/file', '[new]' => false, '[accessible]' => [ '*' => true ], '[dirty]' => [], '[original]' => [], '[virtual]' => [], '[errors]' => [], '[invalid]' => [], '[repository]' => 'currentaffairs' } $tags = '<a href="https://currentaffairs.studyiq.com/tags/miscellaneous-4">miscellaneous</a>'include - ROOT/plugins/Studyiq/src/Template/Pages/tags.ctp, line 65 Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1196 Cake\View\View::_render() - CORE/src/View/View.php, line 1157 Cake\View\View::render() - CORE/src/View/View.php, line 765 Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 623 Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 125 Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 93 Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 108 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 104 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 98 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51 Cake\Http\Server::run() - CORE/src/Http/Server.php, line 81