Friday, December 3

Month: September 2021

New UP Cabinet members assigned portfolios, Jitin Prasada gets technical education ministry
Political News

New UP Cabinet members assigned portfolios, Jitin Prasada gets technical education ministry

By Administrator_India Capital Sands The seven newly inducted Cabinet members in Uttar Pradesh were assigned portfolios on September 27, with former Congress leader Jitin Prasada being allotted the technical education ministry. Prasada, a top Brahmin leader in the state who joined the Bharatiya Janata Party (BJP) in June this year, was the only minister to be sworn-in on September 26 as part of the Cabinet expansion exercise. Six others, all of them BJP legislators, were inducted as ministers of state (MoS). As per a statement issued by Chief Minister Yogi Adityanath on Twitter, MoS Paltu Ram has been assigned soldier welfare, homeguard and PAC charge; Sangita Balwant gets cooperative, Dharmvir Prajapati gets industrial development department, Chhatrapal Singh Gangwar gets reve...
Cyclone Gulab makes landfall in Andhra Pradesh; Odisha experiences light rain
India

Cyclone Gulab makes landfall in Andhra Pradesh; Odisha experiences light rain

By Administrator_India Capital Sands Odisha experienced light to moderate rainfall as cyclone Gulab made landfall at a place in Andhra Pradesh, about 95 kilometres from Gopalpur in the state where a large number of people have been evacuated as a precautionary measure, officials said. The wind speed of the cyclone is much less in Odisha compared to that in the neighbouring state during landfall. Special Relief Commissioner P K Jena said after 12 noon of Sunday, the cyclonic storm suddenly picked up speed and moved over the Bay of Bengal towards the landmass at 25 kilometres per hour (kmph) from the earlier 17 kmph and made the landfall three hours ahead of the expected time. “Though three hours have passed since the landfall process started at 6 pm, there is so far not much ...
Dollar Up, but Remains Near Week Low Even as Risk Sentiment Slowly Improves
U.S

Dollar Up, but Remains Near Week Low Even as Risk Sentiment Slowly Improves

By Administrator_India Capital Sands The dollar was up on Friday morning in Asia, but remained near its lowest level in a week. Improving risk sentiment, as concerns about contagion from a potential China Evergrande Group default eased somewhat, erased the U.S. currency’s recent gains. The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.08% to 93.105 by 11:11 PM ET. The USD/JPY pair inched up 0.10% to 110.41. The AUD/USD pair inched up 0.03% to 0.7297 while the NZD/USD pair inched down 0.02% to 0.7065. The USD/CNY pair inched up 0.04% to 6.4614 and the GBP/USD pair inched up 0.05% to 1.3723. The People’s Bank of China injected fresh cash into the financial system on Thursday, a day after China Evergrande said it would make i...
Nifty Seen Opening Below 17,550; Mphasis, Torrent Power In Focus
Stock Market

Nifty Seen Opening Below 17,550; Mphasis, Torrent Power In Focus

By Administrator_India Capital Sands The Indian equity benchmarks are set to open lower as indicated by the Nifty futures traded on the Singapore Exchange. Nifty futures on Singapore Exchange also known as the SGX Nifty futures fell 0.2 per cent or 33 points to 17,529. Meanwhile, Stocks found support and U.S. futures lifted in relief on Wednesday after teetering developer China Evergrande said it would pay some bond interest due on Thursday, allaying fears of an imminent and messy collapse that had spooked investors. Markets in Taiwan and China reopened lower after a two-day break, catching up with a sharp sell-off around the world triggered by concern over Evergrande's predicament, but were soon paring losses as the payment promise buoyed the mood. MSCI's broadest index of Asia-P...
Oil prices advance amid U.S. supply tightness signals
Oil

Oil prices advance amid U.S. supply tightness signals

By Administrator_India Capital Sands Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande. Brent crude gained 52 cents or 0.7% to $74.44 a barrel by 0212 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI), which expires later on Tuesday, was up 61 cents or 0.9 at $70.90 after dropping 2.3% in the previous session. Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said. "While slowing Chinese economic growth ...
Vodafone Idea claims to record peak 5G speed of 3.7 gbps during trials
Business

Vodafone Idea claims to record peak 5G speed of 3.7 gbps during trials

By Administrator_India Capital Sands Debt-ridden telecom operator Vodafone Idea on Sunday claimed to have recorded a peak speed of 3.7 gigabit per second (gbps), highest by any operator in India, during 5G trials in Pune. The company also claimed to have recorded 1.5 gbps download speed in the mid-band spectrum in Gandhinagar and Pune. Vi (Vodafone Idea) has been allocated high-frequency bands like 26 gigahertz (Ghz) by the Department of Telecommunications (DoT), along with the traditional 3.5 GHz spectrum band, for 5G network trials. "In Pune city, Vi has deployed its 5G trial in a lab set-up of an end-to-end captive network of Cloud Core, new generation Transport and Radio Access Network. "In this trial, Vi has achieved a peak speed in excess of 3.7 Gbps with very low l...
Dollar holds upper hand after retail sales boost
U.S

Dollar holds upper hand after retail sales boost

By Administrator_India Capital Sands The dollar held near three-week highs against a basket of major currencies on Friday after a raft of strong U.S. economic data rekindled expectations for earlier policy tightening by the U.S. Federal Reserve. U.S. retail sales unexpectedly increased in August, rising 0.7% from the previous month despite expectations of a 0.8% fall, while business sentiment survey by the Philadelphia Fed also showed a big improvement. "Yesterday's data were pretty strong across the board," said Yujiro Goto, chief currency strategist at Nomura Securities. "The markets had been worried that consumption would be weak in August because of the Delta variant. But retail sales were surprisingly strong." The figures helped to curb cautious views on the U.S. econom...
Dollar Down, Investors Digest Data and Wait for Fed Taper Clues
U.S

Dollar Down, Investors Digest Data and Wait for Fed Taper Clues

By Administrator_India Capital Sands The dollar was down on Thursday morning in Asia, moving towards the middle of a range that it has stuck to for the past month. Investors now look to the U.S. Federal Reserve’s policy decision, due to be handed down next week, for further clues on when the central bank will begin asset tapering. The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.05% to 92.485 by 11:57 PM ET (3:57 AM GMT). The USD/JPY pair inched down 0.05% to 109.31. The AUD/USD pair edged down 0.14% to 0.7324. Australian jobs data released earlier in the day showed that the employment change contracted by 146,300, while the full employment change contracted by 68,000, in August. The unemployment rate was 4.5%. The NZD/USD...
Dollar drifts as soft inflation raises taper timing questions
U.S

Dollar drifts as soft inflation raises taper timing questions

By Administrator_India Capital Sands The dollar drifted within recent ranges against major peers on Wednesday after softer-than-expected U.S. inflation raised doubts about a taper of Federal Reserve stimulus this year. The dollar index stood at 92.632, little changed from Tuesday, when it dropped following the inflation data only to recover on haven demand as stocks slid on Wall Street. The index has meandered between 92.3 and 92.9 over the past week as several Fed officials have suggested the U.S. central bank could reduce its buying of debt securities by the end of the year, even after a much-weaker-than-expected payrolls report at the start of the month. While elevated inflation has kept pressure on policymakers, data overnight showed the U.S. consumer price index, exclud...
Inflation pullback boosts RBI’s easy money policy before Oct policy meeting
Economy

Inflation pullback boosts RBI’s easy money policy before Oct policy meeting

By Administrator_India Capital Sands India’s headline rate of inflation eased in August as food prices cooled, boosting the case for the central bank to keep interest rates lower for longer to support economic growth. Consumer prices rose 5.3% last month from a year earlier, the Statistics Ministry said in a statement on Monday. That was the slowest rate since April’s 4.2%, while the median of 40 estimates in a Bloomberg survey was for a 5.6% gain. The pullback in the inflation print -- the last before the central bank’s October policy meeting -- will allow policy makers more room to retain their accommodative stance to support a durable economic recovery. One of the six-members of the Monetary Policy Committee had disagreed with continuing the easing bias at the last meeting. ...