Top headlines: Japan to convince govt on RCEP, Services PMI contracts again

From India's decision to not join RCEP to the contraction in the services industry, here are the top news stories that made headlines today

RCEP deal: Japan keen on having India aboard

India’s exit from RCEP regional trade talks appeared to leave China and Japan at odds over whether to press ahead with the remaining members, or to try to find a workaround that includes PM Modi’s government. India announced Monday it was withdrawing from the China-backed Regional Comprehensive Economic Partnership, citing the deal’s potential impact on the livelihoods of its most vulnerable citizens. China said that the 15 remaining countries decided to move forward first and India is welcome to join RCEP whenever it’s ready. Japanese Trade Minister Hiroshi Kajiyama said Tuesday that Tokyo would work toward a deal including India. This would keep the world’s largest democracy within the RCEP framework and be in line with Prime Minister Shinzo Abe’s policy of bolstering ties with India in order to balance Beijing’s growing power.

Will telcos get any relief on AGR? 

The Prime Minister's Office and Finance Ministry have held separate meetings with Department of Telecom over working out a solution on the AGR decisions of the Supreme Court where the telecom operators have to pay a hefty amount of Rs 1.3 trillion overall to the government as dues. AGR is Adjusted Gross Revenues which includes all licensed revenues of a telecom firm not necessarily originating only from mobile or landline services.

PNB slips over 6% as asset quality worsens in Q2

Punjab National Bank declined 5.7 per cent to Rs 64.30 on the BSE on Tuesday after the bank's asset quality worsened in the September quarter of FY20. The bank's gross non-performing assets (GNPA) ratio increased to 16.76 per cent in the recently concluded quarter from 16.49 per cent reported in Q1FY20. In absolute terms, the GNPA stood at Rs 79,459 crore, up 2.8 per cent YoY, from Rs 77,267.3 crore reported in Q2FY19. Similarly, NNPA increased to 7.65 per cent from 7.17 per cent. In firgures, the amount came in at Rs 32,658.7 crore, up 8.2 perr cent YoY, from Rs 30,179.7 crore.

CBI searches 169 places, probes bank frauds

The CBI is conducting searches in 169 locations across the country in connection with 35 bank fraud cases registered by the agency involving funds of over Rs 7,000 crore, officials said on Tuesday. The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India, they said.
 

IndiGo to announce strategic deal with Qatar Airways

India's largest airline IndiGo and Qatar Airways will make a strategic business announcement on Nov 7, the two companies said in a statement on Tuesday, sending shares of the budget carrier higher by as much as 4%. Qatar has in the past shown interest in investing in IndiGo but the Indian airline has resisted.

Services PMI contracts for second straight month in October on muted demand

Activity in India's dominant services industry contracted for a second consecutive month in October due to muted demand, a private business survey showed on Tuesday, driving business optimism to a near-three year low. Although the Nikkei/IHS Markit Services Purchasing Managers' Index rose to 49.2 last month from 48.7 in September, it remained below the 50-mark threshold separating contraction from growth on a monthly basis.

China presses US to drop tariffs on $360 bn of imports before trade deal

China is seeking the roll back of US tariffs on as much as $360 billion of Chinese imports before President Xi Jinping agrees to go to the US to sign a partial trade deal with President Donald Trump, according to people familiar with the matter.