Page 477 - Business Finance
IMF delegation arrives in Pakistan for talks
A delegation of the International Monetary Fund (IMF) arrived in Pakistan on Monday to continue discussions for a relief package for the cash-strapped country.
Guar gum futures slip on weak spot cues
Guar gum prices fell by 1.54 per cent to Rs 8,774 per 5 quintal in futures trade Monday following offloading of positions by traders amid a weak trend in the physical market. Marketmen attributed the decline in guar gum prices to off-loading of bets by participants tracking a weak trend at the spot market due to fall in export demand. On the National Derivatives and Commodity Exchange, guar gum delivery for June contracts slipped by Rs 137, or 1.54 per cent, to Rs 8,774 per 5 quintal with an open interest of 32,800 lots. Guar gum for delivery in July also dropped by Rs 172, or 1.9 per cent, to Rs 8,890 per 5 quintal with an open interest of 120 lots.
LS polls: 31.74 pc voter turnout till 1 pm in Maharashtra
An average 31.74 per cent voter turnout was recorded till 1 pm in Maharashtra's 17 seats on Monday as polling for the fourth and last phase of Lok Sabha elections in the state was underway. Complaints of technical glitches in EVMs and VVPAT machines in some polling booths were addressed, an election official said. Cricket icon Sachin Tendulkar with his wife Anjali Tendulkar cast their votes at a booth in Mumbai. Their son Arjun Tendulkar, a budding left arm pacer, voted for the first time as he turned 18 years' old recently. So far, Nandurbar Lok Sabha seat recorded highest polling at 40.05 per cent while Kalyan constituency saw lowest voter turnout of 25.31 per cent, according to an official statement. The voting figures till 1 pm in other constituencies are as follows: Dhule- 31.08 per cent, Dindori - 35.69 per cent, Nashik- 30.86 per cent, Palghar- 36.16 per cent, Bhiwandi- 30.30 per cent, Thane- 29.63 per cent, Mumbai-North- 32.93 per cent, Mumbai-North West 29.87 ...
India, Peru to hold next round of FTA negotiations in August
India and Peru will hold their next round of negotiations for proposed free-trade agreement (FTA), aimed at boosting two-way commerce and investments, here in August, an official said. "Chief negotiators from both the countries will hold the fifth round of negotiations for the agreement in August," the official said. In an FTA, two trading partners significantly reduce or eliminate duties on most of the goods traded between them besides relaxing norms and rules to promote trade in services and increase bilateral investments. In the fourth round of talks, senior officials of both the sides deliberated upon issues such as customs procedures, trade facilitation, market access for goods and movement of professionals. The fourth round was held between March 11 and 15 this year in Lima, Peru. The main chapters of the agreement include trade in services, movement of professionals, investments, dispute settlement, technical barriers to trade, trade remedies, rules of origin of goods, customs .
Nickel strengthens 0.3 pc on spot demand
Nickel prices edged up by 0.3 per cent to Rs 865.20 per kg in futures trade Monday amid pick up in demand from alloy-makers at the domestic spot market. At the Multi Commodity Exchange, nickel to be delivered in April was trading higher by Rs 2.60, or 0.3 per cent at Rs 865.20 per kg with a turnover of 7,003 lots. Analysts said expansion of positions by traders tracking pick up in demand from alloy-makers in the spot market mainly supported the nickel prices here.
China Market extends losses ahead of Sino-US trade talks, key economic data
Big Chinese banks including Bank of China, Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China, and China Merchants Bank will report. Carmakers Great Wall Motor and Guangzhou Auto are due today, as well as big state-owned enterprises such as network operator China Telecom and oil giants Sinopec and PetroChina. Brokerages and insurers scheduled today include Ping An Insurance, Everbright Securities, Orient Securities, Huatai Securities, and Founder Securities.
Crude oil futures soften 4.81 per cent on weak global cues
Crude oil futures declined sharply Monday by 4.81 per cent to Rs 4,414 per barrel, as speculators cut bets to take profits off the table amid weak global cues. On the Multi Commodity Exchange, crude oil for delivery in May contracts fell by Rs 223, or 4.81 per cent, to Rs 4,414 per barrel with a business turnover of 11,120 lots. Analysts said trading sentiments turned weak after oil prices eased in global markets, and profit-booking by speculators led to a further fall in the prices. Globally, West Texas Intermediate crude oil was down 0.71 per cent to USD 62.85 a barrel, while brent, the international benchmark, also shed 0.69 per cent to USD 71.65 a barrel.
SBI moves to invoke Ruias' personal guarantees of Rs 15K cr
The SBI on Monday filed recovery suit against Prashant and Ravi Ruia, before the Debt Recovery Tribunal (DRT) in Ahmedabad.
Zinc futures shed 1.02% on tepid demand
Zinc prices eased 1.02 per cent to Rs 224.15 per kg in futures trade Monday as speculators cut down positions, taking weak cues from the spot market. On Multi Commodity Exchange, zinc for delivery in current month declined Rs 2.30, or 1.02 per cent, to Rs 224.15 per kg in a business turnover of 1,128 lots. Marketmen said weakness in metals in the domestic spot market owing to slackened demand from consuming industries influenced prices.
Silver futures rise 0.23 pc on firm global cues
Silver futures rose 0.23 per cent to Rs 37,545 per kg Monday after speculators raised bets, driven by a firm trend overseas. Silver for delivery in May contracts traded higher by Rs 88, or 0.23 per cent, to Rs 37,545 per kg in a business turnover of 9,612 lots on the Multi Commodity Exchange. In a similar manner, the white metal to be delivered in July contracts advanced by Rs 69, or 0.18 per cent, to Rs 38,127 per kg in 11,218 lots. Analysts said widening of positions by traders in sync with a firm trend overseas for precious metals influenced silver prices at futures trade here. In the international market, silver traded higher by 0.21 per cent at USD 15.03 an ounce in Singapore.
Iran sanctions, unrest hit Mideast growth: IMF
US sanctions on Iran, rising unrest in the Middle East and North Africa and oil price volatility are dragging regional economic growth, the International Monetary Fund said Monday. The IMF warned in a bi-annual economic outlook report that prospects for the region are "clouded by elevated levels of uncertainty". "Such uncertainty may increase investors' perception of risk for the whole region, leading to capital outflows and exchange rate pressure," the global lender said. The IMF forecasts the economy in Iran, the second largest in the region behind Saudi Arabia, will shrink by 6.0 per cent this year after contracting by 3.9 per cent in 2018. The bad news for Tehran comes after the United States reimposed sanctions last year following its withdrawal from a 2015 nuclear accord. Jihad Azour, IMF Middle East and Central Asia director, said the dire projection was made before the US tightened up measures targeting Iran's oil industry last week -- meaning the pain could get even ...
India must leverage fintech to close gender gap in financial inclusion: ADB
India has made significant changes in the proportion of consumers using digital payments but still shows a relatively large gender gap, the Asian Development Bank Institute (ADBI) has said.New rising fintech innovations have the capacity to address the barriers women face in being financially excluded. The use of smartphones is becoming more widespread, permeating into the most remote and economically underdeveloped areas.Fintech can help bridge the gap in a number of ways, said Chul Ju Kim and Erica Paula Sioson, Deputy Dean and Research Associate at ADBI.Less stringent documentation and lower fees for opening and maintaining accounts are points where most fintech innovations depart from traditional financial institutions.Besides, these innovations integrate various services -- from deposits and withdrawals to payments for goods and services -- making it easier for women who, between working and caring for a family, may not have enough time to go to a bank.Such ease of doing ...
'RBI Act should mandate disclosure of loan defaulters'
In view of the recent ruling of the Supreme Court, the government has to amend the Reserve Bank of India (RBI) Act sooner or later and publish the names of loan defaulters periodically, a top official of the All India Bank Employees' Association (AIBEA) said on Monday.
Australia Market falls 0.4%
Shares in the Asia Pacific region traded mixed on Monday, 29 April 2019, as investors struggled to track another record lead from Wall Street Friday that was fuelled by more strong earnings and better-than-expected US first-quarter GDP reading, while China-US trade talks come back into focus.
Jaypee Infratech insolvency: NBCC wants its bid to be considered on merit
As its bid to acquire debt-ridden Jaypee Infratech got rejected by the lenders panel, state-owned NBCC has written to interim resolution professional (IRP) that the company is interested in taking over Jaypee group's realty firm and its offer should be considered on merit. In a letter to IRP Anuj Jain, NBCC said it would soon get the approvals of various government departments on its revised offer submitted on April 24. The public sector unit emphasised that its resolution plan to revive Jaypee Infratech safeguards the interests of bankers as well as home-buyers. A committee of creditors (CoC), in its meeting on April 26, decided not to consider NBCC's bid as it was subject to the approval of various government departments. NBCC, had during the lenders meet, sought some time to take all the necessary approvals. But, the lenders decided to put on vote on April 30, the offer of Suraksha Realty-led consortium and not that of NBCC. According to sources, the Ministry of Housing and Urban ..
Japan Market shut on Monday for public holiday
Shares in the Asia Pacific region traded mixed on Monday, 29 April 2019, as investors struggled to track another record lead from Wall Street Friday that was fuelled by more strong earnings and better-than-expected US first-quarter GDP reading, while China-US trade talks come back into focus.
US-China trade negotiations in final laps: Mnuchin
Trade negotiations between the US and China were entering a critical point as an American delegation will head to Beijing this week to try to finalise a long-awaited deal, said Treasury Secretary Steven Mnuchin.
Realme aims to sell 15 mn units in India in 2019
China-based smartphone maker Realme, that clocked seven per cent market share in India in the first quarter of 2019, is aiming to sell at least 15 million handsets in the country by the end of year, the company's India CEO said on Monday.
Important tips to consider before applying for a loan against property
Taking a secured loan like a loan against property may seem like a better alternative to an unsecured loan. However, an asset is not enough to get you a hefty sanction on cost-effective terms. Your credit history and behaviour, income, and other factors also contribute to how affordable a loan against property will be for you. To have a smooth journey right from application to disbursal, follow these top 4 tips.Tip 1: Select a lender only after a thorough comparisonEvery lender has guidelines based on which they sanction a property loan. In order to qualify for the loan, you need to fulfil these eligibility terms. Additionally, for a cost-effective sanction, you should compare various lender offerings. You can do this online at aggregator websites or by using an EMI calculator, without harming your credit score. When comparing, check hidden terms and conditions and read first-hand reviews. This will help you select a lender that offers a substantial loan on affordable terms.It is a ...
SBI moves to invoke Essar Steel Promoters' personal guarantees of Rs 15K cr
The State Bank of India on Monday filed a recovery suit against Prashant and Ravi Ruia, before the Debt Recovery Tribunal (DRT) here in Gujarat.