Indian government appoints ally of Prime Minister Modi as new Central Bank governor
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00:00Big news coming out of India today. In fact, probably the biggest in the finance world
00:05as the country named an ally of Prime Minister Narendra Modi as the country's new central
00:09bank governor. The government named Chakti Kanta Das as the new governor of the Reserve
00:14Bank of India, a position he will hold for three years. The 63-year-old is a former senior
00:18finance ministry official and a key figure in Modi's so-called demonetization scheme
00:23of November 2016. He has worked with various government bodies and was part of the Economic
00:28Affairs Ministry when Modi announced the cash ban. His appointment also comes just
00:32one day after his predecessor quit over a government interference. Still in India, stock
00:37markets recouped some of their early losses as some election results started coming in
00:41from three states. However, investors were still concerned that there was still subdued
00:44sentiment over the resignation of the central bank governor. The resignation of now former
00:48Governor Arjit Patel shocked many investors. A note from Fitch Group said that Patel's
00:53resignation bodes poorly for macroeconomic and financial stability in India. Elsewhere,
00:57global markets jumped as investors clung on to any hope they could over improved trade
01:02between the US and China. A report that China is moving to cut import tariffs on American-made
01:06cars drove European stocks higher, as China's vice premier exchanged stocks with US Treasury
01:13Secretary Steven Mnuchin. Investors saw those stocks as signs of improved trade between
01:17the US and China. This has been The Daily Business Wrap. Please check us out on gulfnews.com
01:22forward slash business for more details on these stories and others. I've been Sarah
01:26Dheer. Thank you for watching.