Tata Steel UK announced that it has reached deal with the trade unions regarding a proposal to close the British Steel Pension Scheme to future accrual. The company also guaranteed investments and employment. The company said it will next week start consultation with its employees regarding the pension scheme closure. Instead, employees would be offered a competitive defined contribution scheme.
India's central bank unexpectedly kept its key interest rate unchanged on Wednesday as policymakers decided to wait to judge the impact of the drastic demonetization measure on the economy and any policy tightening by the U.S. Federal Reserve next week. The Monetary Policy Committee of the Reserve Bank of India, headed by Urjit Patel, unanimously decided to hold the key repo rate at 6.25 percent.