NEW DELHI >> Fifty days ago India yanked most of its currency from circulation without warning, jolting the economy and leaving most citizens scrambling for cash. As the deadline for exchanging the devalued 500- and 1,000-rupee notes for new ones hit Friday, many Indians were still stuck waiting in long bank lines.
Empty ATMs and ever-changing rules prevented people from withdrawing money, and many small, cash-reliant businesses from cinemas to neighborhood grocery stores suffered huge losses or went under.
Despite those problems, Prime Minister Narendra Modi said his Nov. 8 demonetization decree succeeded in uncovering tax evasion and cracking down on graft. The Indian government is urging patience, insisting it’s playing a long game that will eventually modernize Indian society and benefit the poor.
China to ease limits on foreign investment
BEIJING >> The Chinese government said Friday it will ease restrictions on foreign investment in sectors ranging from banking and internet services to rail equipment and motorcycles, in response to mounting complaints from foreign business groups and governments.
An official with China’s National Development and Reform Commission, the economic planning agency, said service sectors such as accounting and auditing, architectural design and ratings services will be open to foreign investment.
ON THE MOVE
Anthology Marketing Group has announced the following hires and promotions:
>> Catherine Cambra has been promoted from assistant account executive to account executive in Anthology’s Public Relations Group.
>> Heidi Pliszka rejoins the company’s Advertising Group as vice president of account service leading the Hawaiian Airlines account team. Pliszka previously headed Anthology’s Digital’s account service group before joining Honolulu Civil Beat, where she served for five years as director of business operations.
>> RevoluSun Smart Home has promoted Adrinna Beltre to project ambassador. She previously served as a customer care specialist to RevoluSun’s homeowners. Before she joined the company, Beltre was a teacher at Hawaiian Mission Academy Ka Lama Iki as well as principal at Templeton Hills Adventist School.
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