Top headlines: Modi defends farm bills, HSBC, StanChart shares at 22-yr low

From PM Modi again defending farm bills amid Opposition protests, Petronet buying LNG cargo to gold smuggling dropping due to coronavirus, Business Standard bring you the top headlines of the day

Farm Bills needed for 21st century India, says Modi as Opposition protests

Farming Bills set to become law despite stringent protests by Opposition parties are "historic and necessary", said Prime Minister Narendra Modi on Monday. "I want to make it clear these laws are not against agriculture ‘mandi’; it will continue like it always has. I want to assure every farmer that the Minimum Support Price system will continue as before,” said Modi in a televised speech. Read More...

HSBC, StanChart shares fall to 22-yr low on reports of illicit money flows

HSBC's shares in Hong Kong and Standard Chartered's in London fell on Monday to their lowest since at least 1998 after media reports that they and other banks, including Barclays and Deutsche Bank, moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money. The BuzzFeed and other media articles were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the U.S. Department of Treasury's Financial Crimes Enforcement Network. Read More...

India's Petronet buys LNG cargo for delivery in November: Report

India's Petronet LNG bought a liquefied natural gas (LNG) cargo for delivery in November, two industry sources said on Monday. It bought the cargo which is for delivery to either Dahej or Kochi LNG terminal over Nov. 17-22 at about $4.80 per million British thermal units (mmBtu), they said. Read More...

Weekly economic indicators: Recovery holding ground, but no major upswing

The recovery in economic activity after unlocking began in June seems to be holding its ground, though upside momentum does seem limited. Most weekly economic indicators tracked by Business Standard were at levels similar to previous weeks. Weak demand as people struggle with lower incomes and economic stress are among the reasons analysts have highlighted for weakness in economic activity. Read More...

India's Covid-19 lockdown claims another victim; gold smuggling routes

The coronavirus pandemic has crushed the inflow of gold smuggled into the world’s second-biggest consumer. Illegal shipments of gold to India are estimated to have slowed to a trickle of about 2 tons a month, and may total about 25 tons this year, according to N. Anantha Padmanaban, the chairman of the All India Gem and Jewellery Domestic Council. Read More...