LIVE: Apple to hold special event on October 13, new iPhones expected

Modi government-introduced Farm Bills is an attack on Indian farmers, said Rahul Gandhi

1:58 AM

Trump calls off US coronavirus relief talks with Democrats

US President Donald Trump on Tuesday called off negotiations with Democratic lawmakers on coronavirus relief legislation until after the election, even as cases of the virus are on the rise across much of the country before flu season.
 

"I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," Trump wrote on Twitter a day after emerging from a hospital stay for COVID-19 treatment.
 

Trump's surprise move came after US House of Representatives Speaker Nancy Pelosi on Sunday said during an interview with NBC's "Face the Nation" that progress was being made in her negotiations with the Trump administration on a bill to build on the more than $3 trillion in coronavirus aid enacted into law earlier this year.
 

Earlier on Tuesday, Federal Reserve Chair Jerome Powell told a business conference the US economic expansion was "far from complete" following the deep contraction stemming from the coronavirus pandemic.
 

A failure by the United States to provide further relief, Powell warned, "would lead to a weak recovery, creating unnecessary hardship for households and businesses." Following Trump's announcement breaking off negotiations, US stocks were down more than 2 percent in late afternoon trading.
 

In recent days, financial markets were hopeful progress toward a COVID-19 vaccine and another round of economic stimulus from Congress would boost the US economy, which has been showing signs of renewed weakness.
 

1:56 AM

US financial markets sour as Trump ends coronavirus relief negotiations

US President Donald Trump on Tuesday called off negotiations with Democratic lawmakers on coronavirus relief legislation until after the election, even as cases of the virus are on the rise across much of the country before flu season.
 

"I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," Trump wrote on Twitter a day after emerging from a hospital stay for COVID-19 treatment.
 

US House of Representatives Speaker Nancy Pelosi said Trump's decision to pull the plug on negotiations showed that the White House was in "complete disarray." Trump's surprise move came after Pelosi on Sunday said during an interview with NBC's "Face the Nation" that progress was being made in her negotiations with the Trump administration on a bill to build on the more than $3 trillion in coronavirus aid enacted into law earlier this year.
 

Earlier on Tuesday, Federal Reserve Chair Jerome Powell told a business conference the US economic expansion was "far from complete" following the deep contraction stemming from the pandemic.
 

A failure by the United States to provide further relief, Powell warned, "would lead to a weak recovery, creating unnecessary hardship for households and businesses." Among the provisions that were being discussed by Pelosi and the Trump administration was a new round of direct payments to individuals like the $1,200 checks dispatched earlier this year amid huge job losses.
 

Following Trump's announcement breaking off negotiations, US stocks reversed course to close lower on Tuesday.
 

10:14 PM

Remove 'flaws' in new farm legislations, says Maharashtra CM

There is a need to do away with "lacunas" in the Centres new farm laws, Maharashtra Chief Minister Uddhav Thackeray said on Tuesday and maintained that suggestions made by peasant bodies will be considered before the state decides its policy on the contentious issue.
 

The CM said his government was not against the Centre, but it can not support these laws blindly.
 

According to an official statement, Thackeray made the remarks during a meeting with representatives of farmer organisations called to discuss the three laws related to the agriculture sector whose passage in Parliament last month triggered protests in part of the country.
 

Thackeray said all should come together in the interest of farmers irrespective of party affiliation, the statement said.
 

The meeting was also attended by Deputy Chief Minister Ajit Pawar and Ministers Balasaheb Thorat, Ashok Chavan, Chhagan Bhujbal, Jayant Patil and others.

9:54 PM

Apple announces date of special event, new iPhones expected

Apple Inc on Tuesday said it would hold a special event on Oct. 13, which most analysts believe will be used to unveil new iPhones with 5G capabilities.

9:01 PM

Jaishankar, Pompeo review Covid-19 efforts, affirm Indo-Pacific cooperation

External Affairs Minister S. Jaishankar and US Secretary of State Mike Pompeo on Tuesday reviewed efforts by the two countries to combat the Covid-19 pandemic while stressing on the need to work together to advance security in the Indo-Pacific region, according to State Department Deputy Spokesperson Cale Brown.

 

Meeting on the sidelines of the India-US-Japan-Australia Quadrilateral Consultations in Tokyo, "They reaffirmed the strength of the United States-India relationship, reviewed our efforts to combat the Covid-19 pandemic, and asserted the need to work together to advance peace, prosperity, and security in the Indo-Pacific and around the globe," Brown said in a statement. Read on...

8:57 PM

Covid-19 crisis: Canada's exports, imports fall 1% in August, shows data

Canada's exports and imports both fell in August, hinting that the momentum of the recovery from the Covid-19 crisis could have slowed more than anticipated, data from Statistics Canada showed on Tuesday.

Imports fell 1.2 per cent, while exports were down 1.0 per cent. Canada's trade deficit, meanwhile, narrowed slightly to C$2.45 billion ($1.85 billion), missing analyst expectations of C$2.0 billion.

Statscan revised July's trade deficit to C$2.53 billion from an initial C$2.45 billion.

"The slowdown in trade showed up earlier than we had anticipated, and the drop in export volumes suggests that the recovery's momentum could have slowed more than anticipated in August," said Royce Mendes, senior economist at CIBC Economics, in a note.

8:47 PM

Covid-19: S&P Global sees US, European corporate default rates doubling

The Covid-19 shock will double company default rates across the United States and Europe over the next 9 months, ratings agency S&P Global said on Tuesday, although it noted that the record downgrade pace of recent months was now slowing.

S&P predicted U.S. corporate default rates would rise to 12.5% from 6.2% and saw Europe's rate going to 8.5% from 3.8%.

This year's crisis has already seen more than 2,000 companies' or countries' ratings or 'outlook' scores cut and nearly $400 billion worth of debt drop into 'junk' territory, but in the months ahead focus will shift to defaults and survival.

Alexandra Dimitrijevic, S&P's Global Head of Research, said that with the number of firms on downgrade warnings at record levels -- 37% of the companies S&P rates and 30% of the banks -- and credit quality dropping, default rates are set to jump.

8:46 PM

I was too fat like UK economy, says Boris Johnson in rousing party speech

British Prime Minister Boris Johnson on Tuesday likened his own health with that of the country's economy, which was superficially healthy but had some chronic underlying conditions which were exposed by Covid-19.

Johnson, who was hospitalised after testing positive for coronavirus earlier in the year, has often spoken about his struggle to lose weight in order to ward off an added risk from the deadly virus.

Addressing delegates of the ruling Conservative Party for its annual conference, being held virtually in keeping with the coronavirus guidelines for large meetings, the Tory party chief set out his vision for a post-Covid British economy in a rousing speech, even as he hit back at critics who have questioned if his bout of COVID had somehow robbed him of his "mojo".

I have to admit the reason I had such a nasty experience with the disease is that although I was superficially in the peak of health when I caught it, I had a very common underlying condition. My friends I was too fat, he said, claiming that he has since lost nearly 12 kgs

8:31 PM

ED arrests Cox & Kings former CFO in YES Bank money laundering probe

The Enforcement Directorate (ED) on Tuesday arrested Anil Khandelwal, the former chief financial officer of Cox and Kings, and internal auditor Naresh Jain in connection with YES Bank money laundering case.

 

Khandelwal and Jain, who have been remanded to seven days' ED custody, allegedly created disparities in the books of the outbound travel firm between FY2015 and FY2019. Read on...

8:17 PM

US trade deficit jumps to largest in 14 years in August as imports grow

The US trade deficit surged in August to the largest in 14 years with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter.

The Commerce Department said on Tuesday the trade deficit jumped 5.9% to $67.1 billion, the widest since August 2006.

Economists polled by Reuters had forecast the trade gap widening to $66.1 billion in August.

Imports increased by 3.2% to $239 billion. Goods imports rose $6.5 billion to $203 billion. Exports increased 2.2% to $171.9 billion. Goods exports rose $3.5 billion to $119.1 billion.

8:05 PM

US trade deficit jumps to largest in 14 years in August as imports grow

The US trade deficit surged in August to the largest in 14 years with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter.

The Commerce Department said on Tuesday the trade deficit jumped 5.9% to $67.1 billion, the widest since August 2006.

Economists polled by Reuters had forecast the trade gap widening to $66.1 billion in August.

Imports increased by 3.2% to $239 billion. Goods imports rose $6.5 billion to $203 billion. Exports increased 2.2% to $171.9 billion. Goods exports rose $3.5 billion to $119.1 billion.

7:33 PM

Amazon to host month-long Great Indian Festival starting October 17

E-commerce giant Amazon India on Tuesday revealed the timeline of its flagship sale event of the year  ‘Great Indian Festival’ (GIF) which will commence from October 17. This is going to the biggest event for Amazon India till date as it will go on for at least a month. The event would allow hundreds of thousands of small and medium businesses (SMBs) to offer unique selection to customers. Amazon said the event would help the enterprises rebuild and accelerate their business in these tough times.  

“This year’s Great Indian Festival is an opportunity for our sellers and partners to reach millions of customers across the country. Our sellers are excited and expect this to help them in accelerating their business,” said Manish Tiwary, vice president, Amazon India. “For our customers, our aim is to help them find everything they need during the festive season and deliver it safely to them.” Read more...

7:26 PM

NDA backs Nitish in Bihar, snubs Chirag; JD(U) gets 122 seats, BJP 121

The ruling NDA in Bihar on Tuesday announced its seat-sharing formula for the assembly elections under which JD(U) will contest on 122 seats and BJP 121 out of a total of 243 seats.

BJP backed Chief Minister Nitish Kumars leadership to the hilt and rebuffed LJP chief Chirag Paswan who has raised a banner of revolt.

At a joint press conference of top leadership of the JD (U) and the BJP, where Kumar who heads the former was also present, it was declared that the two partners have clinched a deal where both will have an almost equal share of the pie.

"The JD(U) has got 122 seats out of which we have set aside seven for the Hindustani Awam Morcha (headed by former CM Jitan Ram Manjhi).

"The BJP has got the remaining 121 wherein new entrant Vikassheel Insaan Party of Mukesh Sahni will be accommodated", Kumar told reporters.

7:01 PM

ADIA to invest Rs 5,512.5 cr in Reliance Retail for 1.2% stake

Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore in Reliance Retail for a 1.2 per cent stake, the Indian company said in a statement.

The investment values Reliance Retail Ventures Ltd at pre-money equity value of Rs 4.285 trillion.

"With this investment, RRVL has raised Rs 37,710 crore from leading global investors, including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks," the statement said.

6:51 PM

Goyal invites startups to register at GeM to provide goods, services to govt agencies, PSUs

Commerce and Industry Minister Piyush Goyal on Tuesday invited startups to register at public procurement portal GeM and offer goods as well as services to government organisations and PSUs.

He said that about 4,000 startups have already registered at Government e-marketplace (GeM).

The commerce ministry launched GeM in August 2016 to create an open and transparent procurement platform for the government, which runs in several lakh crore.

"I invite all startups to list their products and start offering goods and services to government organisations, PSUs, state government bodies, hospitals, schools, and colleges run by the government," Goyal said at the National Startup Awards 2020 event.

6:12 PM

This is India's fight, not just of farmers: Rahul Gandhi on farm laws

Congress leader Rahul Gandhi on Tuesday kept up the attack on the Centre over new farm laws, saying the fight against these legislations was not of farmers or labourers alone, but it was "India's fight".

 

Addressing a gathering on the concluding day of his "Kheti Bachao Yatra" which started from Moga district on Sunday, Gandhi said that if these measures are implemented, then farmers and labourers will become the "slaves" of a few corporates.

 

He told them that in one or two years their land would be taken over by these few "chosen" corporates. Read on...

5:53 PM

NSCN(IM) wants Naga talks to shift to 3rd country, seeks PM's involvement

The NSCN (IM) has demanded direct involvement of Prime Minister Narenda Modi in the talks to resolve the festering insurgency in the northeastern state and insisted that the negotiations be held in a "third country".

 

In a letter to Prime Minister Narendra Modi written on February 25, but kept secret so far, Thuingaleng Muivah, the general secretary of the group and chief Naga negotiator in the talks with the government, also spoke about the framework agreement (FA) signed in 2015 and its proposal that the state should be allowed to have a Constitution and national flag.

5:45 PM

Jammu and Kashmir Cong condemns Pak for frequent ceasefire violations

A day after an Army JCO was killed in firing from across the Line of Control in Rajouri district, the Jammu and Kashmir unit of Congress on Tuesday condemned Pakistan for frequent ceasefire violations and demanded a "befitting response" to send a clear message to Islamabad.

 

It also condemned the attack on a CRPF party near Srinagar on Monday that left two jawans dead and three others injured and claimed that the policies of the central government have led to further deterioration in the security situation in the valley.

5:32 PM

No question of withdrawing MSP, it is all rumour mongering, assures FM Sitharaman

Union Finance and Corporate Affairs Minister Nirmala Sitharaman today said that the minimum support price (MSP) will continue. It will not be withdrawn under any circumstances. People are spreading unnecessary rumours.

 

Speaking to reporters in Chennai today, she said MSP had been introduced only for rice and wheat initially, despite the fact that about 20-22 commodities had been notified. The mechanism was later extended to other agricultural produce after the BJP Government took over in 2014. Read more...

5:27 PM

Andhra Pradesh CM Jagan Mohan meets Modi, discusses pending state issues

Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Tuesday called on Prime Minister Narendra Modi and discussed issues related to the state, including release of pending funds for Polavaram irrigation project.

 

Reddy's meeting with Modi comes after eight months, amid strong rumours of his party YSR Congress joining the NDA. It is not known whether political issues were discussed during the meeting. Read more...

5:12 PM

Health Ministry guidelines: No festive events in containment zones

The Health Ministry on Tuesday issued the standard operating procedures (SOP) on preventive measures to contain the spread of Coronavirus during ensuing festivities and urged people in containment zones, and vulnerable populations to celebrate festivals at their homes.

 

"Festive events shall be permitted only outside the Containment Zones. Organisers, staff and visitors from Containment Zones shall not be permitted. People residing inside Containment Zones may be encouraged to observe all festivals inside their homes and not move out," the ministry added.

5:07 PM

Cong says UP govt trying to 'cover up' Hathras case; demands CM's dismissal

The Congress on Tuesday accused the Uttar Pradesh government of trying to "cover up" the Hathras incident through an affidavit in the Supreme Court and demanded immediate dismissal of Uttar Pradesh Chief Minister Yogi Adityanath.

Addressing a joint press conference, Congress leaders Sushmita Dev, Rajani Patil and Supriya Shrinate also demanded that all officers including the Hathras district magistrate be dismissed, alleging they are part of a conspiracy for a cover-up of the case.

Dev said the entire country has seen the manner in which the Uttar Pradesh government has handled the Hathras incident.

The Uttar Pradesh government has again and again done injustice to the victim, she alleged.

"Every step taken by the Uttar Pradesh government was to cover up the entire Hathras episode. Today this has been exposed in the form of the affidavit filed by Uttar Pradesh government. The purpose of this affidavit is not for a court-monitored CBI probe but to cover up the incident," she told reporters.

4:54 PM

New members give RBI's MPC dovish tilt; to hold rates on Oct 9: Analysts

The addition of three new members – Jayanth Varma, Ashima Goyal and Shashanka Bhide – to the Reserve Bank of India’s monetary policy committee (MPC) lends a dovish tilt to the central bank’s think tank on policy, say analysts, who feel it may keep rates unchanged in the policy review later this week.

 

On Monday, the RBI appointed Jayanth Varma, professor in Indian Institute of Management, Ahmedabad, Ashima Goyal, member of Economic Advisory Council of Prime Minister and Shashanka Bhide, senior advisor at National Council for Applied Economic Research as the three external members of the monetary policy committee. Read more...

4:40 PM

RBI's newly-constituted MPC to meet for 3-days beginning Wednesday; Decision on Oct 9

The newly-constituted Monetary Policy Committee (MPC) of the Reserve Bank will begin its three-day deliberations on Wednesday amid expectations that the central bank this time around may refrain from changing the benchmark lending rates.

On September 28, the RBI had postponed the meeting of the Monetary Policy Committee (MPC), which must have a quorum of four, as the appointment of independent members was delayed. The meeting was scheduled to take place from September 29.

Within a day of the government appointing three independent members of the MPC, the Reserve Bank announced that the rate-setting panel will meet from October 7 to 9 for the bi-monthly review of the monetary policy.

"... the next meeting of the Monetary Policy Committee (MPC) is scheduled during October 7 to October 9, 2020," the Reserve Bank said in a statement.

The decision of the rate-setting panel will be announced on October 9.

4:30 PM

This is India's fight, not just of farmers, says Rahul attacking Centre over farm laws

Congress leader Rahul Gandhi on Tuesday kept up the attack on the Centre over new farm laws, saying the fight against these legislations was not of farmers or labourers alone, but it was "India's fight".

Addressing a gathering on the concluding day of his "Kheti Bachao Yatra" which started from Moga district on Sunday, Gandhi said that if these measures are implemented, then farmers and labourers will become the "slaves" of a few corporates.

He told them that in one or two years their land would be taken over by these few "chosen" corporates.

"Whether you want to believe it or not, do remember that Rahul and Amarinder Singh once told you that your land will be snatched," he told the gathering where a number of farmers were present along with their tractors.

4:10 PM

Three scientists share Nobel physics prize for discoveries in cosmology

Three physicists won this year’s Nobel Prize in physics Tuesday for discoveries related black holes.

 

The Royal Swedish Academy of Sciences said that Briton Roger Penrose will receive half of this year’s prize “for the discovery that black hole formation is a robust prediction of the general theory of relativity.”
 

It is common for several scientists who worked in related fields to share the prize

3:40 PM

Advancing key security and economic interests in Indo-Pacific a priority: Jaishankar

India on Tuesday said advancing security and economic interests of all countries having legitimate and vital interests in the Indo-Pacific remained a key priority.

In an address at a ministerial meeting of the "Quad' grouping in Tokyo, External Affairs Minister S Jaishankar also talked about its common position of ensuring a "free, open and inclusive" Indo-Pacific.

"As vibrant and pluralistic democracies with shared values, our nations have collectively affirmed the importance of maintaining a free, open and inclusive Indo-Pacific," Jaishankar said.

"We remain committed to upholding the rules-based international order, underpinned by the rule of law, transparency, freedom of navigation in the international seas, respect for territorial integrity and sovereignty and peaceful resolution of disputes," he said.

3:34 PM

RBI widely expected to keep rates steady at MPC meeting ending Friday

The Reserve Bank of India is widely expected to keep rates steady when its two-day monetary policy committee (MPC) meeting concludes on Friday.

 

The RBI said it will hold the MPC meeting from Oct 7 to Oct 9, having delayed it by a week in order to give the government time to appoint three new external members to the panel. Read more...

3:21 PM

LNG imports set to pick up as India unloQcks

As gas demand picks up in the country in the unlock phase, imports are set to pick up in coming months with increased shipments at ports to receive liquefied natural gas (LNG).

The LNG imports are also expected to pick up as gas transportation utility GAIL has reopened its five million tonne Ratnagiri LNG terminal on the West coast after monsoon related forced a shutdown in May.

A GAIL official said that imports at Ratnagiri have resumed and would soon reach normal levels.

3:21 PM

LNG imports set to pick up as India unloQcks

As gas demand picks up in the country in the unlock phase, imports are set to pick up in coming months with increased shipments at ports to receive liquefied natural gas (LNG).

The LNG imports are also expected to pick up as gas transportation utility GAIL has reopened its five million tonne Ratnagiri LNG terminal on the West coast after monsoon related forced a shutdown in May.

A GAIL official said that imports at Ratnagiri have resumed and would soon reach normal levels.