Page 1613 - Business Finance
US stocks tumble amid trade war fears
Losses on Wall Street deepened Friday afternoon amid anxiety over the US-China trade clash as the White House sent conflicting messages on trade policy. The Dow Jones Industrial Average was down 2.3 per cent, or close to 600 points, at 24,364.52 around 1915 GMT. The broad-based S&P 500 also dropped 2.3 per cent to 2,633.25, while the tech-rich Nasdaq Composite Index slumped 2.8 percent to 6,986.27. Analysts said the declines reflected anxiety after the US-initiated arrest of a top Chinese Huawei executive was seen as exacerbating the US-China clash. "The market is kind of falling back into our interpretation of where we are in the US-China trade war," said Art Hogan, chief market strategist at B Riley FBR. The Huawei arrest dampened expectations that the US and China could quickly hash out a deal following a tariff ceasefire announced last weekend, Hogan added. US President Donald Trump, only days after announcing a tariff ceasefire with Chinese leader Xi Jinping, said on Twitter .
SBI gets shareholders' nod to raise Rs 20,000 crore
Lending major State Bank of India (SBI) on Friday said it has received shareholders' approval to raise up to Rs 20,000 crore.
Investors flee bonds and stocks in turbulent week for growth and trade
LONDON (Reuters) - Investors pulled billions from bonds and stocks this week as U.S. bond movements triggered fears over global growth and a trade tussle between the United States and China heated up, strategists at Bank of America Merrill Lynch said on Friday.
OPEC agrees joint 1.2 mn bpd cut with partners
OPEC members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices. Energy ministers reached the deal -- which takes effect from January 1 but has already sent prices surging on oil markets -- after two days of talks at OPEC headquarters in Vienna. "We'll cut 1.2 million bpd total," Iraq's Oil Minister Thamer Abbas al-Ghadhban told reporters after a meeting in Vienna. He said the amount -- equivalent to just over one percent of global production -- would comprise an 800,000 bpd reduction by the 14 members of OPEC and 400,000 by the 10 non-cartel partners, including Russia. OPEC and its partners, which together account for around half of global output, agree that a glut in the market had led to oil prices falling by more than 30 per cent in two months. Friday's deal does not however include Iran, which had demanded an exemption from any production cuts to take into account the effects of punishing US sanctions on its energy
Global Markets: Shares mixed, Wall Street drops on trade worries; oil surges
NEW YORK (Reuters) - Stock markets around the world were mixed, with U.S. shares retreating on Friday amid continuing concerns over U.S.-China trade ties, while pledges by key oil producers to trim output boosted oil prices.
Ethanol blending to reach 8% this year: Petroleum Minister
Ethanol blending with petrol has reached 4 per cent and it will rise to 8 per cent in sugar year 2018-19 (starting October) that will help the country enhance its energy security, Petroleum Minister Dharmendra Pradhan said on Friday.
Altria to marry pot with big tobacco in $1.8 billion Cronos deal
(Reuters) - Marlboro cigarette maker Altria Group Inc announced a $1.8 billion investment in Cronos Group Inc on Friday, which could give it up to 55-percent ownership of the Canadian cannabis producer.
High oil prices widen India's Q2 current account deficit to $19.1 bn
Higher crude oil prices and gold imports widened India's current account deficit (CAD) to $19.1 billion during the second quarter of 2018-19 from $15.9 billion in the preceding quarter and $6.9 billion in the corresponding period of 2017-18, the Reserve Bank of India (RBI) data showed on Friday.
Attractive stressed assets up for sale in India: Jaitley
India's bankrupt companies offer a never-before opportunity to the global investors to ride the country's exceptional growth trajectory, thanks to the Insolvency and Bankruptcy Code (IBC), Finance Minister Arun Jaitley said.
Wall Street drops as trade jitters resurface
(Reuters) - Wall Street fell 1.5 percent on Friday with a drop in technology stocks sparking a turnaround from earlier in the day, as renewed concerns of the China-U.S. trade situation offset the effect of a jump in oil prices and a tepid U.S. jobs report.
Gold hits five-month peak as U.S. jobs data tempers rate hike views
BENGALURU (Reuters) - Gold hit a five-month peak on Friday as the dollar slid following weaker-than-expected U.S. jobs data, which added to expectations the U.S. Federal Reserve may go slow on interest rate hikes next year.
Oil prices surge 4 percent on OPEC-led output cuts of 1.2 million bpd
NEW YORK (Reuters) - Oil prices jumped more than 4 percent on Friday as Saudi Arabia and other producers in OPEC, as well as allies like Russia agreed to reduce output to drain global fuel inventories and support the market.
Sebi bans GMS Infrastructure, directors and promoters from securities mkts
Sebi Friday banned Kolkata-based GMS Infrastructure, its seven former and present directors and five promoters for at least four years from securities markets for violating public issue norms. Besides, the regulator asked the entities to "jointly and severally" refund the money collected through redeemable preference shares within three months from the date of the order. The regulator in an order said that the entities raised Rs 13.44 lakh from 112 investors through the offer of redeemable preference of shares (RPS) during financial years from 2010 to 2013. The offer of RPS was deemed to be a public issue as it was made to more than 49 allottees, Sebi said. The company, having made a public issue of RPS, was required to compulsory list the shares on a recognised stock exchange. It was also required to file a prospectus, among other things under Companies Act which it failed to do so, the regulator added. With regard to directors (present and past), the regulator said they were holding
Air Italy, WOW air start direct flights from Delhi
European carriers Air Italy and WOW air commenced their direct flights from the national capital on Friday, according to the airlines. Air Italy would operate three flights a week from the national capital to Milan and from December 14, there would be direct services between Mumbai and Milan with the same frequency. Low-cost long haul airline WOW air would have three direct flights from Delhi to Iceland's capital Reykjavik. Both airlines are operating Airbus A330 planes. Air Italy's Chief Operating Officer Rossen Dimitrov said the launch of its India-Italy sector represents another major step forward for the airline and reinforces its commitment to network expansion in Asia. He also said that India is a great market and there are "very high expectations" as there is an opportunity to grow. WOW air India's Managing Director Kiran Jain said the response received from India has been overwhelming. "Our ultra-low fares reflect the need for affordable travel from India to transatlantic ...
OPEC and partners agree on 1.2 million bpd output cut: Iraq
OPEC and partner countries, including Russia, agreed on Friday to cut oil output by a combined 1.2 million barrels a day in the hope of boosting prices, Iraq's oil minister said. "We'll cut 1.2 million bpd total," Thamer Abbas al-Ghadhban told reporters after a meeting in Vienna. He said the amount -- equivalent to just over one per cent of global production -- would comprise an 800,000 bpd reduction by the 14 members of OPEC and 400,000 by non-cartel partners, including Russia. The cut will be based on October output and will be subject to review in April, said a spokesman for the Vienna meeting, Tafal al-Nasr. OPEC and its partners, which together account for around half of global output, say a glut in the market has led to oil prices falling by more than 30 per cent in two months.
Sittwe port of Myanmar to be operational in 6 months: IWAI
The Sittwe port in Myanmar will be operational during the next six months as tendering to appoint a private operator will be floated by December-end or January, a top Inland Waterways Authority of India (IWAI) official said Friday. India has developed the port as part of bilateral development programs for the neighbour with an overall commitment of USD 1.75 billion. The Sittwe port under the Kaladan Multi Modal Transit Transport Project will connect India's landlocked northeastern region to the Bay of Bengal through Mizoram. It will also provide an alternate route to Kolkata. "Tendering for Sittwe port will be floated in December or latest by January. The port will be operational within next six months," IWAI vice-chairman Pravir Pandey said on the sidelines of The Bengal Chamber organised annual shipping conclave. India and Myanmar in October inked an MoU for the appointment of a private operator of the Sittwe port that promises to boost connectivity. The project will .
DIPP proposes inclusion of GST reimbursement in scheme for J&K
The DIPP Friday proposed revision of the Industrial Development Scheme for Jammu and Kashmir by including GST and income tax reimbursement, transport and employment incentive with an additional outlay of around Rs 15.5 crore until March 31, 2020. In a note to the Standing Finance Committee, the Department of Industrial Policy and Promotion (DIPP) said the scheme is applicable to units registered in the state during June 15, 2017 till March 31, 2020. Extension of the scheme beyond March 31, 2020 will be considered after its evaluation. "Additional provision meeting the committed liabilities up to 2024-25 will be Rs 138.5 crore approximately and project management cost will be Rs 1.54 crore," the DIPP said. Under the existing scheme for Jammu and Kashmir approved in December 2017, Rs 289.87 crore was provided for three components of incentives including the central capital investment incentive for access to credit; central interest subsidy and central comprehensive insurance ...
GST returns witness substantial increase in J&K: Tax dept
Filing of returns under GST has recorded a substantial increase in Jammu & Kashmir following stepped up enforcement measures, the tax department said. The Department has been conducting regular checking of records as well as e-way bills at various places in the state to prevent large-scale tax evasion noticed under GST. "Of the total registered number of 92,000 dealers in the GSTN, till last month only 52,000 trade and business units were filing returns regularly. With the increased enforcement activities by the department, now 72,000 trade and businesses have filed returns for the month of October 2018," the department said. In 70 per cent of cases, where inspections were carried out, gross violation and tax evasion have been detected. Sustained efforts of the department against return defaulters have resulted in a substantial increase in the monthly IGST settlement of the state, it added. The state received an IGST settlement of Rs 225 crore on an average during the previous ...
IWAI orders rejuvenate 2 Bengal dry docks
Orders from Inland Waterways Authority of India (IWAI) has breathed a fresh lease of life to the two idle dry docks of Bengal, officials said. Cochin Shipyard Ltd had recently taken 74 per cent control of two dry docks of non-functional shipyards at Salkia and Nazirgunge of Hooghly Dock and Port Engineers (HDPE) in the city which are among the oldest in the country, in a joint venture with Kolkata Port Trust (KoPT). IWAI has placed order with Cochin Shipyard for retrofitting 3 work boats (vessels) with engines capable of using methanol as fuel as part of a trial and these will happen in Kolkata, IWAI vice-chaiorman Pravir Pandey said. Though the size of the order is just Rs 2-3 crore but that would set the motion of revival for these ailing dry docks, officials said. They added that IWAI will place order for 20-25 ships of various cargo categories to boost cargo movement through waterways and a lot was expected to be bagged by the Cochin Shipyard. The state-owned ...
SIMA lauds revision of duty drawback rate for textile items
: The Southern India Mills Association (SIMA) Friday welcomed the increase in duty drawback rate for textile items by saying it would help exporters improve competitiveness especially in countries which are signatories to the Preferential Trade Agreement (PTA). The Central government had on Thursday announced a marginal increase of the rate. In a press release here, SIMA chairman P Nataraj thanked Prime Minister Narendra Modi, Union Commerce & Industry Minister Suresh Prabhu and Textiles Minister Smriti Irani for revising the rate. Also, the SIMA chairman lauded the removal of value cap for most of the items, which has been discouraging value addition. Though the duty drawback rate was increased from 1.2 per cent to 1.7 per cent for cotton yarn; from 1.3 per cent to 1.6 per cent for cotton fabric; and from 2 per cent to 2.6 per cent for made-ups, there was a marginal decrease in the rate for apparel items, Nataraj said. Considering the continuous fall in export of