Thursday, October 22

Latest News

Asian stocks drop as virus recovery begins to look distant
Economy

Asian stocks drop as virus recovery begins to look distant

By Administrator_India Capital Sands Asia's stock markets fell and gold hit a one-week high on Thursday as worries about a second wave of coronavirus infections and a dour assessment of the way back from the head of the U.S. Federal Reserve dashed hopes for a quick recovery. Fed Chair Jerome Powell warned of an "extended period" of weak economic growth, while vowing to use the U.S. central bank's power as needed and calling for additional fiscal spending to stem the fallout from the pandemic. "The path ahead is both highly uncertain and subject to significant downside risks," Powell said in a webcast speech. Adding to investors' angst, a top World Health Organization official said the virus may never go away. MSCI's broadest index of Asia-Pacific shares outside Japan fell...
ECONOMIC NEWS

Emerging market FX to struggle against mighty U.S. dollar this year

By Administrator_India Capital Sands Hobbled emerging market currencies will struggle over the next three months against the stronger dollar as tensions between the United States and China over the coronavirus pandemic mount, a Reuters poll of FX strategists showed. Just as traders were cosying up to unprecedented aggressive policy easing and some investors were a little more ready to enter risky bets in search of higher yields, U.S. President Donald Trump threatened Beijing with new tariffs. That has reminded many of the allure of safe havens and underpinned the dollar, even following a dizzying 30% run-up for Wall Street over the past several weeks after an initial fall of more than a third as the virus became a full-blown pandemic. Indeed, 22 of 56 market strategists and...
ECONOMIC NEWS

Fed policymakers see slow, uneven U.S. recovery after coronavirus downturn

By Administrator_India Capital Sands The U.S. economy could start to recover in the second half of the year after what is shaping up to be the worst recession in decades, but growth is likely to be slow and uneven, several top Federal Reserve policymakers indicated on Tuesday. Their less-than-sanguine assessments came as a majority of U.S. states began or moved toward reopening their economies, locked down for weeks to slow the spread of the coronavirus. More than 30 million Americans have filed for unemployment claims in the last six weeks, and U.S. President Donald Trump has pushed for a reboot to economic activity to mend household and corporate balance sheets, even though the coronavirus has continued to spread and U.S. deaths from COVID-19, the disease it causes, have top...
ECONOMIC NEWS

Tech-led Wall Street rebound set to lead Asia higher

By Administrator_India Capital Sands A late Wall Street rally is expected to lead Asian stocks higher on Tuesday after tech shares and oil rose on easing coronavirus restrictions and prospects of an economic recovery, overcoming concerns about renewed Sino-U.S. trade tensions. Futures on major U.S., Hong Kong and Australian indexes were up about 0.3% in early Asia trade after major Wall Street indexes ended up Monday. The tech-heavy Nasdaq Composite . IXIC closed up 1.2%. Oil rose as much as 5% as countries announced they would began easing coronavirus lockdowns and crude supply cuts took effect. The upturn for stocks came on more optimistic statements from the governors of California and New York for reopening businesses. Andrew Cuomo of New York on Monday outlined a phase...
ECONOMIC NEWS

Indian bank bad debt could double in coronavirus crisis

By Administrator_India Capital Sands India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers told. Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019. “There is a considered view in the government that bank non-performing assets could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default,” the official with direct knowledge of the matter said. A fresh surge in bad debt could hit credit growth and delay India’s recovery from the coronavirus pandemic. “These are unprecedented times and the w...
Business

Reliance suffers worst profit fall in over 11 years on weak fuel demand

By Administrator_India Capital Sands Reliance Industries Ltd, operator of the world’s biggest refining complex, reported a 39% slump in its March quarter profit, the steepest drop since December 2008, as a sharp fall in oil prices and lower fuel demand hammered its dominant energy businesses. The company, India’s largest by market value, posted consolidated profit of 63.48 billion rupees ($845 million) in the three months ended March 31, missing analysts’ expectation of an average 105.20 billion rupees by a wide margin. A dramatic fall in global oil prices and an unprecedented drop in oil demand due to the coronavirus pandemic has forced global oil major Royal Dutch Shell Plc to cut its dividend for the first time since World War Two on Thursday. Brent crude lost an unprece...
U.S

U.S. coronavirus outbreak soon to be deadlier than any flu since 1967

By Administrator_India Capital Sands U.S. deaths from the novel coronavirus topped 60,000 on Wednesday and the outbreak will soon be deadlier than any flu season since 1967. America's worst flu season in recent years was in 2017-2018 when more than 61,000 people died, according to the U.S. Centers for Disease Control and Preventihere. The only deadlier flu seasons were in 1967 when about 100,000 Americans died, 1957 when 116,000 died and the Spanish flu of 1918 when 675,000 died, according to the CDC. The United States has the world’s highest coronavirus death toll and a daily average of 2,000 people died in April of the highly contagious respiratory illness COVID-19, according to a Reuters tally. The first U.S. death was recorded on Feb. 29 but recent testing in California...
U.S

U.S. coronavirus deaths surpass Vietnam War toll as Florida governor meets Trump

By Administrator_India Capital Sands The U.S. coronavirus death toll reached a grim milestone on Tuesday, surpassing the number of American lives lost in the Vietnam War, as Florida’s governor met with President Donald Trump to discuss easing shutdowns aimed at curbing the pandemic. Florida Governor Ron DeSantis is weighing whether to join other states moving to relax workplace restrictions and stay-at-home orders that have battered the U.S. economy even though health experts credit the measures with slowing the contagion. The meeting at the White House came as Florida announced its highest single-day death toll from the coronavirus and two days before Florida’s stay-at-home order is due to expire. Despite a high proportion of elderly residents, who are especially vulnerabl...
International

Asian shares fall on fresh rout in crude prices

By Administrator_India Capital Sands Asian shares and U.S. stock futures dipped into the red on Tuesday, erasing earlier gains as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%. Shares in China fell 0.7% and South Korean shares  fell 0.22%. Oil futures slumped after the largest U.S. oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse. Some investors are hoping the worst may be over for the world economy as more countries allow businesses to re-open, but others see reasons to remain cautious, especially as a coronavirus vaccine has yet to be developed. ...
UK

UK PM Johnson, on the mend after COVID-19, faces lockdown conundrum

By Administrator_India Capital Sands Prime Minister Boris Johnson faces the biggest conundrum of his premiership as he recuperates from COVID-19: how to lift a lockdown that is destroying swathes of the British economy without triggering a deadly second wave of the outbreak. Johnson, 55, is on the mend at his country residence after spending three nights in intensive care at a London hospital earlier this month with COVID-19 complications. He later said he owed his life to the hospital staff. But as speculation mounts that the prime minister is preparing to return to work, Johnson is under pressure to explain just how and when the world’s fifth largest economy will exit the crippling lockdown. “He sounded incredible,” U.S. President Donald Trump said on Thursday of how John...
Global

Asian shares fall on coronavirus drug, economic damage concerns

By Administrator_India Capital Sands Asian shares and U.S. stock futures fell on Friday, spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of U.S. economic damage caused by the coronavirus pandemic. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4%. U.S. stock futures, the S&P 500 e-minis, were down 0.72%. Shares in China, where the coronavirus first emerged late last year, fell 0.25%. The S&P 500 and the Nasdaq turned negative at the close on Thursday after a report that Gilead Sciences Inc’s antiviral drug remdesivier had failed to help severely ill COVID-19 patients in its first clinical trial. Gilead said the findings were inconclusive because the study conducted in China was terminated earl...
International

Record U.S. jobless claims wipe out post-Great Recession employment gains

By Administrator_India Capital Sands A record 26 million Americans likely sought unemployment benefits over the last five weeks, confirming that all the jobs created during the longest employment boom in U.S. history were wiped out in about a month as the novel coronavirus savages the economy. Thursday’s weekly jobless claims report from the Labor Department will add to a growing pile of increasingly bleak economic data. It will come amid rising protests against nationwide lockdowns to control the spread of COVID-19, the potentially lethal respiratory illness caused by the virus. President Donald Trump, who is seeking a second term in the White House in November’s general election, has been anxious to restart the paralyzed economy. Trump on Wednesday applauded steps taken by a...
Oil

Indian refineries scale back output as virus chokes demand

By Administrator_India Capital Sands India’s crude processing in March fell 5.7% from a year earlier, its biggest drop since September, as the coronavirus crisis and travel restrictions to curb its spread dented fuel demand and forced refineries to cut output. Refiners processed about 21.20 million tonnes, or 5.01 million barrels per day (bpd), of oil last month, provisional government data showed on Wednesday. That was lower than the 5.32 million bpd processed in February and in March 2019. Crude production also declined 5.5% in March from a year earlier to around 2.70 million tonnes or 0.64 million bpd. Many refineries have curbed output with fuel demand hammered by travel restrictions as the pandemic forced people to stay home and stalled economic activity. India on M...
Commodity Broker, Oil

Oil prices recover ground after market turmoil fuels price plunge

By Administrator_India Capital Sands Oil prices found some respite on Wednesday as U.S. oil futures rose more than 20% and Brent prices steadied after a two-day price plunge, as markets struggle with a massive crude glut amid the coronavirus outbreak. After falling into negative territory for the first time in history amid record trading volumes, U.S. crude futures rose 20% as contracts for May delivery expired and the June contract became the front month. West Texas Intermediate was up $2.05, or 18%, at $13.62 a barrel by 0034 GMT. Brent crude, which settled down 24% in the previous session, was up 4 cents at $19.37 a barrel after rising more than $1 earlier. “Global markets are struggling mightily with a temporary but overwhelming demand drop due to the coronavirus pan...
European Union

EU may need $1.7 trillion post-coronavirus package

By Administrator_India Capital Sands An economic support package being readied to help the European Union recover from the coronavirus crisis may need be to worth around 1.6 trillion euros ($1.7 trillion), the EU's industry chief Thierry Breton said on Tuesday. The European Commissioner for Internal Market and Services told French TV station BFM TV he was working on plans around that type of figure with Economics Commissioner Paolo Gentiloni. That would represent some 10% of EU GDP, Breton said. Member states disagree over the technical aspects of how to finance such a plan, and national leaders are expected to defer a final decision on it when they meet by videolink on Thursday, diplomats and officials told Reuters on Tuesday. There are also differences over how big suc...
International

Crude Awakening Hits Wall Street Amid Historic Slump in Oil

By Administrator_India Capital Sands Wall Street ended the session near the lows of the day, led by a slide in energy as oil prices slipped into negative territory for the first time ever, as many fret over storage capacity constraints at a time when the Covid-19 pandemic has hit demand. The Dow fell 2.4%, or 594 points, the S&P 500 slipped 1.8% and the Nasdaq Composite lost 1%. Energy stocks led the broader market lower, paced by a decline in the price of oil for delivery in May, which settled below zero for the first ever, amid weaker demand and fast-paced selling by speculators scrambling to sell long positions to avoid owning tacking physical delivery. “Cushing is landlocked and stocks look likely to be full within 3 weeks,” said Chris Midgley at S&P Global Plat...
India

China says India’s new FDI rules violate WTO principles, hopes for revision

By Administrator_India Capital Sands India’s new rules for foreign investment violate WTO principles of non-discrimination and are against free and fair trade, a Chinese embassy spokesperson in New Delhi said on Monday. On Saturday, India stepped up scrutiny of investments from companies based in neighbouring countries, in what is widely seen as a move to stave off takeovers by Chinese firms during the coronavirus outbreak. India’s trade ministry said in a notification dated April 17 the changes to federal rules on investment were meant to curb “opportunistic takeovers/acquisitions”. It did not mention China. China hopes India will revise ‘discriminatory practices’, treat investments from different countries equally, the spokesperson said.
Commodity Broker, Gold

Gold falls on firm dollar, U.S. economy re-open hopes

By Administrator_India Capital Sands Gold prices fell to a more than one-week low on Monday as the dollar firmed and as investors remained optimistic that the U.S. economy might reopen soon from lockdowns that were enforced to contain the novel coronavirus’ spread. * Spot gold fell 0.5% to $1,675.92 per ounce by 0038 GMT, having touched its lowest since April 9 earlier in the session. The metal slumped about 2% on Friday. * U.S. gold futures slipped 0.7% to $1,687.20. * The dollar strengthened 0.1% against key rivals, making gold costlier for investors holding other currencies. * Caution gripped Asian share markets on expectations of a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdown. * Governors in...
India

India’s cenbank surprises with reverse repo rate cut in bid to spur bank lending

By Administrator_India Capital Sands The Reserve Bank of India unexpectedly cut its key deposit rate on Friday, for the second time in three weeks, to discourage banks from parking idle funds with it and spur lending instead, to revive a flagging economy amid the coronavirus lockdown. This week, Prime Minister Narendra Modi extended until May 3 a lockdown of the population of 1.3 billion as India’s tally of infections exceeded 10,000, despite the three-week shutdown ordered from March 24. The RBI cut its reverse repo rate INRREP=ECI by 25 basis points  to 3.75% with immediate effect, Governor Shaktikanta Das told a video conference. The rate had already been cut by 90 bps on March 27. The central bank kept its benchmark lending or repo rate INREPO=ECI unchanged at 4.40...
Global, International

Trump unveils three-stage process for states to end coronavirus shutdown

By Administrator_India Capital Sands President Donald Trump laid out new guidelines on Thursday for U.S. states to emerge from a coronavirus shutdown in a staggered, three-stage approach meant to revive the U.S. economy even as the country continues to fight the pandemic. The recommendations call on states to show a “downward trajectory” of COVID-19 cases or positive tests for the disease over 14 days before proceeding with the plan, which gradually loosens restrictions on businesses that have been shuttered to blunt the spread of the virus. “We are not opening all at once, but one careful step at a time,” Trump told reporters at the White House. The president had said earlier this month he wanted to reopen the economy with a “big bang.” The plan is a set of recommendations...
Global, International

Euro zone industry output dips in February on eve of virus measures

By Administrator_India Capital Sands Euro zone industrial production dipped slightly in February, the month before coronavirus restrictions were widely introduced in Europe, due to reverses in capital and consumer durable goods after a sharp overall rise in January. Output fell by 0.1% month-on-month in the 19 countries sharing the euro following a 2.3% increase in January. The decline was slightly less than the 0.2% drop forecast in a Reuters poll. Year-on-year, industrial production was down 1.9%, from a 1.7% fall in January, less than the market expectation of a 2.0% drop. Among EU's largest economies, production in Germany and France was higher in February than in January, although the rate of increase slowed. In Italy, the first European country hit by the COVID-19 ...
Global, International

Stocks slide as dire economic outlook weighs

By Administrator_India Capital Sands World stock markets fell on Thursday, while bonds and the dollar held on to hefty gains, after a coronavirus-driven plunge in U.S. retail sales and factory production and increasing gloomy economic outlooks for Asia. U.S. retail sales fell the most on record last month, while manufacturing output fell by the most in 74 years, raising fears of a deep recession. In Asia, growth will grind to zero for the first time in 60 years in 2020, the International Monetary Fund said on Thursday, as exporters are pounded by slumping demand and anti-virus measures force consumers to stay home and shops to shut down. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%. In Japan, where a Reuters survey showed most firms feel stimulus mea...
India, International, Malaysia

India agrees to sell hydroxychloroquine to Malaysia to help fight COVID-19

By Administrator_India Capital Sands India has agreed to sell hydroxychloroquine tablets to Malaysia for use in the treatment of COVID-19 patients, a Malaysian minister told Reuters on Wednesday, with New Delhi partially lifting its bar on exports of the anti-malarial drug. India is the world’s largest producer of hydroxychloroquine, sales of which have soared across the world including in the United States, especially after President Donald Trump touted it as a potential weapon against COVID-19, the disease caused by the novel coronavirus. New Delhi had last month put a hold on exports of hydroxychloroquine to secure supplies for itself, before agreeing this month to supply it to some of its neighbours as well as “nations who have been particularly badly affected by the pande...
Business, Global, Stock Broker

Asia shares consolidate, China cuts another interest rate

By  Administrator_India Capital Sands Asian share markets took a breather on Wednesday as warnings of the worst global recession since the 1930s underlined the economic damage already done even as some countries tried to re-open for business. China moved again to cushion its economy, cutting a key medium-term interest rate to record lows and paving the way for a similar reduction in benchmark loan rates. While not unexpected, it did help MSCI’s broadest index of Asia-Pacific shares outside Japan edge up 0.3% to a fresh one-month top. Shanghai blue chips, however, eased 0.2%. Japan’s Nikkei was still off 0.5%, though that followed a 3% jump the previous session. E-Mini futures for the S&P 500 dipped 0.5%, following a 3% rise in New York. “Flattening infection ...
UK

UK coronavirus death toll could be 15% higher than previously shown

By Administrator_India Capital Sands Britain's death toll from the coronavirus could run some 15% higher than official figures have indicated so far, according to broader data published on Tuesday that include deaths in the community such as in nursing homes. The Office for National Statistics said 6,235 people in England and Wales had died by April 3 with mentions of COVID-19 on their death certificates. "When looking at data for England, this is 15% higher than the NHS numbers as they include all mentions of COVID-19 on the death certificate, including suspected COVID-19, as well as deaths in the community," ONS statistician Nick Stripe said. Unlike the daily data published by the government that show only deaths in hospitals, Tuesday's figures include deaths in the commu...
Business, Enterprises

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Arun Kumar Saini born & brought in Village Kushak Hiranki (Delhi) Capital of India. Arun Kumar Saini started taking a keen interest in business when he was 16. He had seen his father, C.S. Saini, working harder in his life & inspiration. After completing Class 10 in 1997, he decided to take a break from studies to focus on the Indian Minded Business. He was developing his business skills. The outcome: He abandoned studies to become a full-time Entrepreneur. AKS is an avid biker but whenever he has free time, he goes to the library to study the newspaper . His idol is 12 Indian Businessmen, whom he admires for his aggression. “Newspaper & Learning Motivational Books has given me the skills,” he says. Arun Kumar Saini started his business career in 2002 at ...
Commodity Broker, International

Record oil output cuts fail to make waves in coronavirus-hit market

By Administrator_India Capital Sands The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said. After several days of discussions, oil producing and consuming countries aim to remove nearly 20 million barrels per day  or 20% of global supply from the market, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday. The oil market has barely shrugged, however: Brent crude gained 1.5% on Monday, while U.S. crude ended the day lower. The move underscores what both investors and producers already understand - that the monumental deal to cut supply in face of a 30% drop i...
Commodity Broker, International, Stock Broker

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Commodity Broker, International, Stock Broker

Oil firmer on OPEC+ deal, equities unable to shake pandemic fears

By Administrator_India Capital Sands Global shares fell on Monday as investors braced for more signs of economic damage from the coronavirus pandemic although a landmark deal by OPEC and its allies to slash output helped oil prices climbed in volatile trade. The Nikkei fell 1.4% while MSCI's broadest index of Asia-Pacific shares outside Japan slipped slightly, with South Korean shares falling 0.9%. U.S. S&P 500 mini futures dropped 1.54%, erasing a brief gain to a one-month high made right after the start of trading. Financial markets in Australia and Hong Kong were closed while in mainland China, the CSI300 index lost 0.6% in early trade. U.S. West Texas Intermediate crude futures were up 7.3% at $24.43 per barrel in highly volatile trade, having fall...
Commodity Broker, International, Political News, Stock Broker

Fed, BoE push deeper into uncharted territory in face of coronavirus slump

By Administrator_India Capital Sands The U.S. Federal Reserve and the Bank of England ramped up their emergency responses to the world’s escalating coronavirus recession on Thursday as they pushed deeper into territory once considered fraught with risk for central bankers. The Fed, in its boldest move to date to soften the historic shutdown of much of the U.S. economy, pledged $2.3 trillion to help local governments on the front lines of the health crisis and to prop up small and mid-sized businesses. In London, the BoE said it would allow Britain’s government to run up an unlimited overdraft as the state promises to pay wages to millions of people laid off during shutdown, cut taxes for businesses and expand its welfare system. With central banks around the world trying to...
Commodity Broker, International, Political News, Stock Broker

Trump thanks India for decision on anti-malaria drug

By Administrator_India Capital Sands President Donald Trump on Wednesday thanked India for its decision to increase exports of the anti-malaria drug hydroxychloroquine, an unproven treatment that Trump has promoted in the fight against the novel coronavirus. India said on Tuesday it will allow some exports of hydroxychloroquine after Trump urged New Delhi to release supplies of the drug seen as a possible treatment for COVID-19. “Extraordinary times require even closer cooperation between friends. Thank you India and the Indian people for the decision on HCQ. Will not be forgotten! Thank you Prime Minister @NarendraModi for your strong leadership in helping not just India, but humanity, in this fight!” Trump wrote on Twitter.
Commodity Broker, International, Stock Broker

India asks TikTok, Facebook to remove users spreading coronavirus misinformation

By Administrator_India Capital Sands India has told Facebook and Chinese video app TikTok to remove users found to be spreading misinformation about the coronavirus following concern about videos intended to mislead Muslims, according to a government source. The move follows a report by Delhi-based digital analytics firm Voyager Infosec which identified a pattern of targeted disinformation in many social media videos that appeared to be aimed at Muslims, with some using religious beliefs to justifying defiance of health advisories over the virus. In one video reviewed by Reuters on Tuesday, a TikTok user says he is not scared of the coronavirus because, as a Muslim, he is a follower of the Prophet Mohammed and fears only Allah. In another, a young man throws away a face mas...
Commodity Broker, International, Stock Broker

OPEC+ likely to agree to cut production if U.S. joins effort

By Administrator_India Capital Sands Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told. Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply. Last week, in response to a weeks-long market rout, the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, started talking about cutting production, but want other non-OPEC nations to participate, particularly the United States. Two OPEC sources sai...
Commodity Broker, International, Stock Broker

Oil drops over $1 on oversupply after OPEC+ delays meeting

By Administrator_India Capital Sands  Oil prices slipped more than $1 a barrel on Monday, after the world’s top producers delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand. Brent crude slipped close to $30 a barrel in early trade and was at $32.82 by 0203 GMT, down $1.29, or 3.8%. West Texas Intermediat crude fell $1.66, or 5.9%, to $26.68 a barrel, after earlier touching a low of $25.28. Late last week, prices surged, with U.S. and Brent contracts posting their largest ever weekly percentage gains due to hopes that OPEC and its allies would strike a deal to cut crude supply worldwide by at least 10 million barrels per day. Prices on both sides of the Atlantic marked their worst ...
International, Stock Broker

Indian rupee’s coronavirus-induced weakness to linger in near-term

By Administrator_India Capital Sands The Indian rupee will probably cut some of its losses against the dollar in the next year, according to strategists polled by Reuters, but it’s likely to stay weak with other emerging-market currencies until the coronavirus pandemic subsides. The rupee’s path will largely depend on how successful the Indian government’s steps are in containing the spread of COVID-19 in a country of more than 1.3 billion people, the second-most-populous in the world. Prime Minister Narendra Modi has ordered a 21-day national lockdown, which began on March 25. But the government’s fiscal response so far has been modest compared with other countries: 1.7 trillion rupees ($22.3 billion) in direct cash transfers and food security measures. After giving up ove...
Commodity Broker, International, Political News, Stock Broker

COVID-19 cases and deaths rising, debt relief needed for poorest nations

By Administrator_India Capital Sands The head of the World Health Organization voiced deep concern on Wednesday about the rapid escalation and global spread of COVID-19 cases from the new coronavirus, which has now reached 205 countries and territories. WHO Director-General Tedros Adhanom Ghebreyesus said that his agency, the World Bank and the International Monetary Fund backed debt relief to help developing countries cope with the pandemic’s social and economic consequences. “In the past five weeks there has been a near-exponential growth in the number of new cases and the number of deaths has more than doubled in the past week,” Tedros told a virtual news conference at the organisation’s Geneva headquarters. “In the next few days we will reach 1 million confirmed cases a...
Commodity Broker, International, Political News

India and Pakistan crack down on Muslim group emerging as COVID-19 cluster

By Administrator_India Capital Sands India and Pakistan sealed off centers belonging to a Muslim missionary group on Tuesday and began investigating how many coronavirus cases were linked to its activities. Tablighi Jamaat is a Deobandi Sunni Muslim missionary movement that preaches worldwide. Every year, tens of thousands attend its congregations in the Pakistani city of Lahore and other parts of South Asia. India has so far registered 32 deaths from 1,251 confirmed infections, and Pakistan 20 from 1,914. The numbers are small compared with the United States, Italy or China but health officials say both countries have weak public health systems that could be overwhelmed by a surge in cases.New Delhi’s city administration has flagged a Muslim quarter where the 100-year-old ...
Commodity Broker, International, Political News, Stock Broker

Free cooking gas for poor during lockdown set to push up India’s imports

By Administrator_India Capital Sands India’s liquefied petroleum gas (LPG) imports are set to surge in the June quarter as a move to provide free cooking gas coincides with lower crude processing by refiners hit by collapsing local fuel demand, company officials said. Indian refiners are processing less crude oil into fuels like LPG as industries close during a 21-day nationwide lockdown from March 25, aimed at preventing the spread of coronavirus. The outbreak has also hit overseas fuel demand. Last week India announced it would provide free cooking gas cylinders to poorer citizens for three months, under a scheme meant to nudge them to adopt the cleaner fuel. Normally beneficiaries of the scheme get LPG at cheaper rates. India’s LPG imports could rise by as much as 700,00...
Commodity Broker, International, Political News, Stock Broker

Singapore eases monetary policy sharply as virus heralds deep recession

By Administrator_India Capital Sands Singapore’s central bank aggressively eased its monetary policy on Monday, as widely expected, with the city-state’s bellwether economy bracing for a deep recession due to the coronavirus pandemic. The Monetary Authority of Singapore manages monetary policy through exchange rate settings, rather than interest rates, letting the Singapore dollar rise or fall against currencies of its main trading partners within an undisclosed band. Economists said the changes are the most aggressive easing since the 2009 financial crisis and also come as the central bank forecast deflation and a sharp economic contraction in 2020. The MAS said it would adopt a zero percent annual appreciation rate for its Singapore dollar policy band, known as the Nomina...
Commodity Broker, International, Political News, Stock Broker

Russia calls for new enlarged OPEC deal to tackle oil demand collapse

By Administrator_India Capital Sands A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia's sovereign wealth fund said, adding that countries should also cooperate to cushion the economic fallout from coronavirus. A pact between the Organization of the Petroleum Exporting Countries and other producers, including Russia (known as OPEC+), to curb oil production to support prices fell apart earlier this month, sending global oil prices into a tailspin. Dmitriev and the Energy Minister Alexander Novak were Russia's top negotiators in the production cut deal with OPEC. The existing deal expires on March 31. "We are in contact with Saudi Arabia and a number of other countries. Based on these contacts we see that if ...
Commodity Broker, International, Political News, Stock Broker

India’s migrant workers face long walk home amid coronavirus lockdown

By Administrator_India Capital Sands After India imposed a 21-day nationwide lockdown on Tuesday to prevent the spread of coronavirus, the plywood factory near Uttar Pradesh’s state capital Lucknow where Surendra Pandey works was forced to shut down. On Thursday morning, with no way of earning a living, the 28-year-old labourer set off on a 110-kilometre (68-mile) walk back to his home village. “I tried catching a bus or truck yesterday, but there is no transport available on the road, so I decided to walk,” he told Reuters, some 30 km (19 miles) into his journey. “There is no food available on the roads but thankfully a few citizens offer us food, biscuits and water. It’s better to be home than to be here in the city without food and water.” Officials say the shutdown o...
Commodity Broker, International, Political News, Stock Broker

FM Sitharaman announces Rs 1.70 lk cr relief under PM Gareeb Kalyan Anna Yojana for food

By Administrator_India Capital Sands The government will provide free rice/wheat and pulses to poor for the next three months, Finance Minister Nirmala Sitharaman said during a press briefing on March 26. She announced the Prime Minister Gareeb Kalyan Scheme of Rs 1.70 lakh crore, for which the measures, include Rs 50 lakh insurance cover for all frontline medical 'warriors', Sitharaman said. The Scheme will be in two silos - one food related and one for cash transfer - largely under direct benefit transfer , she added. "The government announces the Prime Minister Gareeb Kalyan Anna Yojana for 80 crore people, which is 2/3rd of the population," she said.The finance minister announced, "each person will get 5 kg of rice or wheat  ove...
International

China reports second consecutive day of no new local coronavirus transmissions

By Administrator_India Capital Sands Mainland China reported a second consecutive day of no new local coronavirus infections as the epicentre of the epidemic Hubei province opened its borders, but imported cases rose as Beijing ramped up controls to prevent a resurgence of infections. A total of 67 new cases were reported as of end-Wednesday, up from 47 a day earlier, all of which were imported, China’s National Health Commission said in a statement on Thursday. The total number of cases now stands at 81,285. The commission reported a total of 3,287 deaths at the end of Wednesday, up six from the previous day. All of the new patients were travellers who came to China from overseas, with the mainland reporting no locally transmitted infections on Wednesday. Shanghai re...
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Sensex up 1,861.75 points, Nifty settles at 8317.85

By Administrator_India Capital Sands Equity benchmark indices on Wednesday (March 25) closed in the green amid expectations of fiscal measures being announced by the government. The Sensex was up 1,861.75 points or 6.98% at 28535.78, while the broader Nifty ended up 516.80 points or 6.62% at 8317.85.  Major gainers on the Nifty were Reliance Industries, HDFC Bank, Kotak Mahindra Bank, Grasim Industries and UPL and top loser stocks were Yes Bank, IndusInd Bank, IOC, and Coal India. About 1194 shares advanced, 976 stocks declined, while 153 shares remain unchanged. During the afternoon trade, equity benchmark indices ticked up by 4 per cent as Asian shares extended a rally after Wall Street`s strong rebound overnight. At 1 pm, the BSE Sensex was up by 1,175 points or 4.41 p...
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India locks down its 1.3 billion people to halt coronavirus spread

By Administrator_India Capital Sands India ordered a 21-day lockdown of its 1.3 billion people on Tuesday to try to protect the world’s second most populous country from the coronavirus spreading around the world. Health researchers have warned that more than a million people in India could be infected with the coronavirus by mid-May, prompting the government to shut down all air and train travel, businesses and schools. On Tuesday, Prime Minister Narendra Modi, the powerful leader of the world’s biggest democracy went further, saying nobody in the world’s biggest democracy will be allowed to leave their homes for the next three weeks from midnight on Tuesday. “The only way to save ourselves from coronavirus is if we don’t leave our homes, whatever happens, we stay at home,...
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Euro-Zone Economy Crashes on Coronavirus Business Shutdowns

By Administrator_India Capital Sands The euro zone is sinking into the biggest economic crisis in its history as measures to contain the coronavirus pandemic bring much of the business world to a standstill. IHS Markit’s measure of private-sector activity plunged to the lowest since the index was started -- and the currency bloc was formed -- more than two decades ago. The meltdown was across the region, according to the report published Tuesday. Services fared worse than manufacturing, particularly consumer-facing industries such as travel, tourism and restaurants. The composite reading fell to 31.4 in March from 51.6. “Business activity across the euro zone collapsed in March to an extent far exceeding that seen even at the height of the global fi...
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घर बैठे इंटरनेट के जरिए कमाएं पैसा, हर महीने कमाने का मौका

कोरोना वायरस के खतरे को देखते हुए ज्यादातर लोग घर से काम कर रहे हैं. लेकिन, कई ऐसे भी लोग हैं, जिनकी कमाई फिलहाल बंद हो गई है | बिजनेसमैन से लेकर नौकरीपेशा तक परेशान है. ऐसे लोगों के लिए वर्क फ्रॉम होम काफी फायदेमंद है. 'वर्क फ्रॉम होम' यानी घर से काम, ये वो कीवर्ड है जो भारत में गूगल पर सबसे ज्यादा सर्च किया जा रहा है. हम आपको ऐसे ही कुछ टिप्स दे रहे है जिनके जरिए न सिर्फ आप बिजनेस शुरू कर सकते हैं, बल्कि खुद भी पैसा कमा सकते हैं. मार्केट रिसर्च एनालिस्टपर्सनलफाइनेंस एडवाइजर For More Information Contact :Capital Sands Financial Services Ltd.+91 9910181398ritu@capitalsands.com ...
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Asia stocks rally, Fed launches limitless QE against economic reality

By Administrator_India Capital Sands Asian stocks rallied on Tuesday as the U.S. Federal Reserve’s sweeping pledge to spend whatever it took to stabilise the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus. While Wall Street seemed unimpressed, investors in Asia were encouraged enough to lift E-Mini futures for the S&P 500 ESc1 by 1.9% and Japan's Nikkei .N225 by 4.9%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 1.2%, though that followed a drop of almost 6% on Monday. South Korea .KS11 and Australia also recouped a little of their recent losses. In its latest drastic step, the Fed offered to buy unlimited amounts of assets to steady markets and...
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New Delhi and scores of Indian districts under lockdown

By Administrator_India Capital Sands New Delhi will be under lockdown until March 31, the Indian capital’s government announced on Sunday, seeking to keep citizens indoors to prevent the spread of coronavirus and giving police powers to punish violators. The city’s borders with neighbouring states will be sealed and public transport will be suspended, said the city’s chief minister, Arvind Kejriwal. “We have learnt this from the world that the less you venture outside, the less you come in contact with the world that much we can save ourselves,” Kejriwal told reporters. “We are saying this repeatedly that you can save yourself from coronavirus,” he said. The order to shut down the capital came hours after hundreds of millions of Indians heeded Prime Minister Narendra Mod...
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Coronavirus deaths in Italy overtake China as economic damage mounts

By  Administrator_India, Capital Sands The world’s richest nations poured unprecedented aid into the global economy on Thursday as coronavirus cases ballooned in the new epicentre Europe, with the number of deaths in Italy outstripping those in mainland China, where the virus originated. With over 242,000 infections and nearly 10,000 deaths, the epidemic has stunned the world and drawn comparisons with painful periods such as World War Two, the 2008 financial crisis and the 1918 Spanish flu. U.N. chief Antonio Guterres warned that a global recession, “perhaps of record dimensions”, was a near certainty. “This is a moment that demands coordinated, decisive, and innovative policy action from the world’s leading economies,” Guterres told reporters via a video conference. ...
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Asian stocks fight for a toehold as ECB stimulus slows panic

By  Administrator_India, Capital Sands Asian stocks struggled to find their footing in volatile trade on Thursday, as the latest promise of stimulus from the European Central Bank propped up sentiment while the world struggles to contain the coronavirus pandemic. U.S. stock futures turned positive and rose nearly 2% after the ECB announced a bond-buying programme. Japan’s Nikkei opened 1.4% higher. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.25% amid choppy trade throughout the region, with Australia’s benchmark running as much as 3% higher before returning to flat and Korea’s Kospi gyrating. The ECB will buy 750 billion euro ($820 billion) in bonds through 2020, with Greek debt and non-financial commercial paper eligible under the programme for...
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Trump presses for $1 trillion stimulus as U.S. coronavirus deaths cross 100

By  Administrator_India, Capital Sands The Trump administration pressed on Tuesday for enactment of a $1 trillion stimulus package, possibly to include $1,000 direct payments to individual Americans, to blunt the economic pain from a coronavirus outbreak that has killed over 100 people in the country. With cases of the respiratory illness reported in all 50 states and the total number of known U.S. infections surging past 6,400, millions of Americans hunkered down at home instead of commuting to work or going to school. New York Mayor Bill de Blasio said he was weighing whether to order the city’s 8.5 million residents to “shelter in place” at home, as state and local officials escalated “social distancing” policies by closing schools, restaurants and theaters to curb the...
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Asian stocks fall after historic Wall Street rout

By  Administrator_India, Capital Sands Most Asian shares fell on Tuesday a day after Wall Street’s historic market rout, with fleeting initial gains evaporating as the coronavirus remained a major risk to economic growth. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gave up early gains to trade 0.43% lower. Japan's Nikkei stock index .N225 slid 2.79% and South Korea's KOSPI .KS11 was off 3.2%. Australian shares were up 0.5% although this followed a massive plunge of almost 10% on Monday. U.S. stock futures ESc1 rose 1.16% early in Asian trading, but these gains were not enough to ease investor concern about the continuous spread of the flu-like virus. “It’s no surprise that we’re seeing a bounce (in U.S. stock futures) af...
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U.S. death toll hits 65 from coronavirus, Fed cuts rate

By  Administrator_India, Capital Sands With panic buying on Main Street and fear-driven sell-offs on Wall Street, the U.S. Federal Reserve cut interest rates to near zero on Sunday in another emergency move to help shore up the U.S. economy amid the rapidly escalating coronavirus pandemic. New York City Bill de Blasio on Sunday said he was ordering restaurants, bars and cafes to only sell food on a take-out or delivery basis. He also said he would order nightclubs, movie theaters, small theater houses and concert venues to close. For the second time since the financial crisis of 2008, the Fed cut rates at an emergency meeting, aiming for a target range of 0% to 0.25% to help put a floor under a rapidly disintegrating global economy. Americans are waking up to a new rea...
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Dollar wins out as pandemic drives rush for liquid assets

By  Administrator_India, Capital Sands The dollar stood tall on Friday as investors scrambled for the world's most liquid currency amid deepening panic about the coronavirus while the euro nursed losses after the European Central Bank disappointed by not cutting rates. The greenback held gains against most currencies after a blowout in swap spreads showed investors are facing a shortage of dollars as equity markets plunged on fears about the economic impact of the flu-like virus. The Federal Reserve moved to provide $1.5 trillion in short-term liquidity and changed the durations of Treasuries it buys, but money markets show investors expect the Fed will have to go even further to restore calm to financial markets. Investors have so far expressed disappointment with the...
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India cancels all tourist visas, closes Myanmar border as regional coronavirus cases rise

By  Administrator_India, Capital Sands India said on Wednesday it will suspend all tourist visas to the country in a wide-reaching attempt to prevent the spread of coronavirus, as cases across the region continued to rise. The virus has hit Europe and the United States far harder than China’s most immediate neighbours in South Asia, where no one has yet died. But as the number of cases in the region topped 80, experts fear that its overstretched medical systems may not be able to handle the type of intensive care required. “All existing visas, except diplomatic, official, U.N./international organizations, employment, project visas, stand suspended till 15th April 2020,” India’s Health Ministry said in a statement. It was not clear if the ban would include short-term bu...
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Asian stocks suffer, Treasury yields plumb new depths as virus spreads

By  Administrator_India, Capital Sands Asian shares and U.S. stock futures fell on Friday following another Wall Street rout as disruptions to global business from the coronavirus beyond China worsened, stoking fears of a prolonged world economic slowdown. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.3%. Australian shares were down 1.64%, while Japan’s Nikkei stock index slid 2.29%. Yields on 10-year U.S. Treasuries fell to a record low and two-year yields fell to the lowest in more than three years as investors increased bets that the Federal Reserve will follow this week’s surprise 50 basis point rate cut with further easing to prevent corporate bond spreads from widening further. Oil prices fell due to worries that non-OPEC oil producers mig...
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Japan committed to hosting Olympics on schedule even as virus spreads

By  Administrator_India, Capital Sands Japan's Olympics minister said the country is committed to hosting the summer games as planned from July even as the coronavirus outbreak spread to new parts of the country. "Cancellation or delay of the Games would be unacceptable for the athletes," Seiko Hashimoto said in parliament on Thursday. "An environment where athletes can feel at ease and focus should be firmly prepared." The minister had caused controversy earlier this week by saying the contract for the games "could be interpreted as allowing a postponement" within calendar 2020. Japan's western prefecture of Shiga reported its first coronavirus infection on Thursday, a day after the announcement of a first case in the southern prefecture of Miyazaki. Confirmed coro...
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Fed cuts rates to blunt coronavirus impact, markets drop

By  Administrator_India, Capital Sands The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world’s largest economy from the impact of the coronavirus, but the emergency move failed to comfort U.S. financial markets roiled by worries about a deeper, lasting slowdown. Fed Chair Jerome Powell reiterated his view that the U.S. economy remains strong, but said the spread of the virus had caused a material change in the U.S. central bank’s outlook for growth. “The virus and the measures that are being taken to contain it will surely weigh on economic activity, both here and abroad, for some time,” Powell said in a news conference shortly after policymakers unanimously decided to cut rates by a half percentage point to a target range of 1.00% to 1.25%. ...
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Indian lawmakers scuffle over citizenship riots where 41 died

By  Administrator_India Capital Sands Indian lawmakers pushed and shoved each other in parliament on Monday after opposition parties demanded the resignation of interior minister Amit Shah over the handling of deadly riots triggered by a citizenship law that excludes Muslims. Police said on Monday that at least 41 people had died in two days of Hindu-Muslim clashes in New Delhi last week, the worst communal riots in the capital in decades. Prime Minister Narendra Modi’s Hindu nationalist Bharatiya Janata Party says the law, which grants refuge to non-Muslim minorities from across south Asia, is required to protect those groups from persecution. Critics say it is discriminatory and contravenes the spirit of India’s secular constitution. Hundreds of thousands of people -...
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Asian stock markets reverse losses on global policy stimulus hopes

By  Administrator_India, Capital Sands Asian shares steadied from early losses on Monday as investors placed their hopes on a coordinated global monetary policy response to weather the damaging economic impact of the coronavirus epidemic. Pandemic fears pushed markets off a precipice last week, wiping more than $5 trillion from global share value as stocks cratered to their steepest slump in more than a decade. The sheer scale of losses prompted financial markets to price in policy responses from the U.S. Federal Reserve to the Bank of Japan and the Reserve Bank of Australia. Futures now imply a full 50 basis point cut by the Fed in March while Australian marketsare pricing in a quarter-point cut at the RBA’s Tuesday meeting. Also helping calm market nerves, Bank of...
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Hong Kong home prices fall for second straight month in January

By  Administrator_India, Capital Sands Hong Kong private home prices fell for the second straight month in January on low transaction volumes, easing 0.2% amid the emergence of the novel coronavirus in a property market already hit hard by anti-government protests in the last year. Prices fell a revised 1.6% in December. January prices were 4.7% lower than the peak in May 2019. Fears over the virus outbreak have clouded one of the world's most expensive property markets, but property agents said business recovered slightly this month after the lunar new year holiday, as sellers cut prices and buyers sought bargains. While the volume is expected to remain low in the short term, agents do not expect a collapse in prices, given the strong pent-up demand and low interest r...
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Voda Idea seeks relief; asks DoT for Rs 8,000 crore GST refund

By Administrator_India, Capital Sands Financially stressed telecom operator Vodafone Idea, in a letter to the Department of Telecommunications , has sought the adjustment of GST refund to the tune of Rs 8,000 crore against its dues linked to adjusted gross revenue . Even as the letter listed a number of demands, including a moratorium of three years and a 15-year staggered payment of the AGR-linked dues besides asking the government to set off its GST credit, the company’s chief executive officer, Ravinder Takkar, called on DoT Secretary Anshu Prakash again — making it his third visit in a week. In a day of fast developments, the DoT also had an internal meeting to work on a proposal that may provide relief to Vodafone Idea and the telecom industry a...
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Asian Markets Fall, Wall Street Bloodbath Continues Amid CDC Warning

By  Administrator_India, Capital Sands Asian markets fell on Wednesday in Asia as U.S. stocks continued to tumble after the U.S. Centers for Disease Control and Prevention (CDC) issued a warning of an upcoming pandemic. Hong Kong’s Hang Seng Index fell 0.6% after Financial Secretary Paul Chansaid in the latest annual budget that the city’s economy is expected to range between a contraction of 1.5% and growth of 0.5%. Chan also unveiled measures worth HK$120 billion ($15 billion)to support the economy that struggled with a coronavirus outbreak and months of anti-government protests. China’s Shanghai Composite inched up 0.2%, while the SZSE Component dropped 1.4%.Japan’s Nikkei 225 extended its losses and slid 0.9% in morning trade.South Korea’s&...
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One killed, dozens injured in Delhi clashes as Trump visits

By Administrator_India, Capital Sands A policeman was killed and dozens of people injured amid clashes in New Delhi on Monday as thousands demonstrating for and against a new citizenship law rioted for several hours before U.S. President Donald Trump’s maiden visit to the city. Police used tear gas and smoke grenades but struggled to disperse the crowds, as both sides hurled stones and turned a wide boulevard into a rock-strewn battle zone, about 11 miles from where Trump will meet Indian Prime Minister Narendra Modi for talks on Tuesday. One police constable was killed, a police official told Reuters, declining to be named since he isn’t authorised to speak to media. An official at Delhi’s GTB Hospital said more than 35 people injured in the clashes were undergoing treatme...
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Gold jumps over 2% as virus spread spurs safe-haven demand

By Administrator_India, Capital Sands Gold prices climbed more than 2% on Monday to their highest since February 2013, as a spike in coronavirus cases in several countries outside China heightened worries about a hit to global economic growth, prompting a flight to safe havens. Spot gold was up 1.1% at $1,661.86 per ounce by 0304 GMT, after climbing to $1,678.58 earlier in the session. U.S. gold futures rose 1% to 1,664.60. “The thinking is that fewer people are holding shares, selling down in particular, and that money has to fall into havens,” said Michael McCarthy, chief market strategist at CMC Market. “The impact on the global economy also means we will likely see a lower interest rate environment for longer.” Lower interest rates reduce the opportunity cost of hold...
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INDIAN INSTITUTION ENGINEERS (IIE) IS PROVIDING GENUINE CERTIFICATES EQUIVALENT TO BE/B TECH OR DIPLOMA ENGINEERING

Reportedly the education industry is worth over Rs. 12,000 crores worldwide. Reportedly Sounds similar but both captioned organizations are different (https://www.ieindia.org/andhttp://iieinstitution.com/  are not the same). MHRD should come out with a detailed statement on which is best Institution. Otherwise, lakhs of students will get duped in India and abroad. MHRD Notification recognizing 15 courses of Sections A & B Examinations as revised, conducted by The Institution of Engineers (India), 8 Gokhale Road, Kolkata as equivalent to bachelor’s degree in the appropriate branch of engineering of the recognized universities of India and Government of India has recognized many courses offered by Indian Institution Engineers (IIE Institution), R.K Puram New Delhi-1100...
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Trump says working on a very big trade deal with India

By  Administrator_India, Capital Sands President Donald Trump said the United States and India were working on a major trade deal, but he was not sure if it would be completed before the U.S. presidential election in November. As Trump heads to India on his first official trip on Monday, negotiators have been trying for weeks to put together a limited accord giving the U.S. greater access to India’s dairy and poultry markets and lowering tariffs on other products. But no breakthrough has yet been announced and a planned trip by United States Trade Representative Robert Lighthizer was canceled, underlining the difficulties the two sides face in narrowing differences ahead of Trump’s visit. “We can have a trade deal with India, but I’m really saving the big deal for late...
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Gold holds above $1600 on fears over economic impact of virus

By  Administrator_India, Capital Sands Gold prices held steady above the key $1,600 mark on Wednesday as an uptick in equities due to a drop in new virus cases was kept in check by fears about the economic fallout of the epidemic. Autocatalyst metal palladium, meanwhile, scaled yet another record peak on a sustained supply shortfall. Spot gold was little changed at $1,601.77 per ounce by 0244 GMT. In the previous session, bullion prices surged 1.3% to their highest since Jan. 8 at $1,605.10. U.S. gold futures were up 0.1% to $1,604.80. Asian shares and U.S. stock futures edged cautiously higher as investors tried to shake off worries about the epidemic. “The big wave of risk-off has sort of dissipated right now, but still the economic fallout is buttressing the d...
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Japan approves bill to help firms to develop 5G, drone technologies

By  Administrator_India, Capital Sands Japan's cabinet on Tuesday approved a bill to support companies to develop secure 5G mobile networks and drone technologies amid growing alarm among Tokyo policymakers over the increasing influence of China's 5G technology. The bill will give companies which develop such technologies access to low-interest rate loans from government-affiliated financial institutions if their plans fulfill standards on cyber security. Companies that adopt 5G technologies can also get tax incentives if they meet standards set by the government, according to the bill. The government will submit the bill to the parliament and aims to bring it to effect around summer. The United States has been waging a campaign against Huawei Technologies Co, which...
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UK to invest $1.6 billion in weather and climate supercomputer

By  Administrator_India, Capital Sands The British government will invest 1.2 billion pounds in what it says is the world’s most powerful supercomputer to provide more accurate weather and climate forecasts. The new supercomputer, which will be managed by the country’s Met Office, will be used to help more accurately predict storms, select the most suitable locations for flood defenses and predict changes to the global climate. It will enable better forecasting for airports so they can plan for potential disruption and provide more detailed information for the energy sector so it can prevent potential energy blackouts and surges. The Met Office’s current supercomputers reach their end of life in late 2022. The first phase of the new supercomputer will increase the Met ...
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Vodafone’s India venture reports sixth straight quarterly loss

By  Administrator_India, Capital Sands Vodafone Idea Ltd reported a third-quarter loss on Thursday, as the troubled Indian telecom company shed millions of mobile subscribers due to intense competition. The quarterly results come as Vodafone Idea and other Indian telecom firms are pressured by government demands to pay $13 billion in overdue levies in a long-contested dispute. Indian telecom carriers have increased prices in response and Vodafone Idea, which owes at least $4 billion in dues, has sought a “modification” of India’s top court’s October ruling which upheld the government’s demand. The prospect of paying the dues even prompted Vodafone Idea’s billionaire chairman Kumar Mangalam Birla to warn of “shutting shop” if the company doesn’t get relief. The compa...
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Microsoft boss Nadella to visit India later this month

By  Administrator_India, Capital Sands Microsoft Corp Chief Executive Officer Satya Nadella is planning to visit India later this month, multiple sources familiar with the plans told Reuters, a test for the Indian-born head who recently criticized Indian immigration policy. India is a major market for Microsoft and other technology companies. India’s southern city of Hyderabad, where Nadella grew up, is home to Microsoft’s biggest research and development center outside of the United States. Nadella is planning to be in India between Feb. 24 and Feb. 26 and will likely visit New Delhi, tech hub Bengaluru and the financial capital of Mumbai, two people familiar with the plans said. He is also likely to meet senior Indian industry leaders during his visit, the sources sa...
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Google takes on EU in court over record antitrust fines

By Administrator_India, Capital Sands Google will on Wednesday seek to overturn the first of three hefty European Union antitrust fines at Europe’s second-highest court in a landmark case that could determine how EU enforcers take on U.S. tech giants for abuse of market power. The company will lay out its arguments against a 2.4-billion-euro fine handed out by the European Commission during a three-day hearing at the General Court. The EU has fined Google a total of 8.25 billion euros in three separate cases, including one involving its Android smartphone operating system. This is four times more than its rival Microsoft’s EU fines of 2.2 billion euros. Both companies’ regulatory troubles in Europe have lasted a decade. Google is expected to launch a three-pronged atta...
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Kashmir hit by general strike called by separatists

By  Administrator_India, Capital Sands Kashmir was hit by a general strike on Sunday called by the separatist Jammu Kashmir Liberation Front  to mark the anniversary of the death of Afzal Guru who was executed for his part in an attack on India’s parliament in 2001. The JKLF on Thursday called for strikes on Feb. 9 and Feb. 11 to observe the anniversary of the death of Afzal Guru, and then that of its founder Maqbool Bhat. Shops and businesses were shut on Sunday, while there was little traffic on the roads in Srinagar and other parts of Indian-held Kashmir. Indian troops have erected iron barricades and laid concertina wire in parts of the region to block roads, with armed soldiers in full riot gear patrolling the streets to prevent any protests, a government off...
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Current architecture of GST is my brainchild, says PM Narendra Modi

By  Administrator_India, Capital Sands Prime Minister Narendra Modi on Thursday told Parliament that the current architecture of GST, including greater weighting to manufacturing states, was his brainchild, which he had suggested as chief minister of Gujarat to then finance minister Pranab Mukherjee, but eventually Arun Jaitley, the finance minister during his government’s previous term, included it into the law. Replying to the discussion on the motion of thanks to the President’s address, the PM sought to defend the numerous amendments to GST, and said any reform of such magnitude should have space for a corrective mechanism. He said even the Constitution had been amended several times. On the National Population Register NPR, the PM defended the extended ques...
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RBI’s accommodative stance, liquidity measure boost sentiment; Nifty above 12,100

By  Administrator_India, Capital Sands Indian market gained momentum after the MPC kept rates stable at 5.15 percent on expected lines on Thursday, but incentivizing credit flow  to certain stressed sectors like Auto, housing and MSMEs, by exempting them from CRR on incremental credit to these sectors till July 2020 boosted sentiment. The S&P BSE Sensex rose for the fourth consecutive day in a row while Nifty50 reclaimed crucial 50-Days Moving Average  placed at 12,117. Rate sensitive stocks rallied on ease in liquidity measure introduced by the govt. and possibility of lower rates in the future. "The RBI took off from where the government left off and has maintained its accommodative bias as a clear sign that rates can go lower once inflation is brought und...
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India’s pollution regulator threatens to shut 14 coal-fired power plants

By  Administrator_India, Capital Sands India’s federal pollution regulator has warned 14 coal-fired power plants that they could be shut down and penalized for failing to comply with environmental standards. The power plants, nine of which are around India’s polluted capital, New Delhi and five of which are in south Indian states, account for over 7% of India’s coal-fired utility capacity. Shutting the plants could further dent India’s thermal coal imports, which fell for three straight months between August and October, according to the latest Indian government data. India is the world’s second largest thermal coal importer behind China, and is a large export market for coal miners in Indonesia, South Africa and the United States. The move comes as New Delhi and ot...
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India’s Jan gold imports plunge 48% to four-month low on record prices

By  Administrator_India, Capital Sands  India’s gold imports in January plunged 48% from a year earlier to their lowest in 4 months as a rally in local prices near record highs prompted buyers to curtail purchases, a government source said on Tuesday. Lower buying by the world’s second biggest consumer of the precious metal could weigh on global prices trading near their highest level in almost seven years, but help New Delhi bring down the trade deficit and support the rupee. India imported 36.26 tonnes of gold in January, compared with 69.51 tonnes a year earlier, the source said on condition of anonymity, as he was not authorised to speak to media. In value terms, January imports totalled $1.58 billion, down from last year’s $2.31 billion, he said. “Consumer...
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EU offers Johnson a few crumbs in Brexit talks

By  Administrator_India, Capital Sands The European Union is offering Boris Johnson only a few crumbs. The 27-nation bloc wants the United Kingdom to abide by its standards in return for a tariff-free trade deal. It’s hard to square with the British prime minister’s goals. Yet Brussels has left some wiggle room - and Johnson has compromised before. Just two days after the UK formally left the EU, the two sides already seem at loggerheads. Chief negotiator Michel Barnier on Monday set out tough conditions for any potential trade deal, which needs to be agreed before the end of 2020, when the UK will no longer have access to the EU’s single market. In exchange for keeping trade going without tariffs, Brussels wants Britain’s commitment that it will not undercut continental bus...
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Budget session of Parliament: Opposition MPs raise slogans against CAA in Lok Sabha

By Administrator_India, Capital Sands Some opposition members in Lok Sabha on February 3 raised slogans against the amended citizenship law during the Question Hour. As soon as the House took up Question Hour, members raised slogans against the Citizenship Amendment Act. "Say no to CAA", "save our democracy" and "save our Constitution" were some of the slogans raised by them. Speaker Om Birla said the House was taking up important issue of skill development of the youth, hence members should participate in it and go back to their seats. He also reminded that floor leaders had assured him that the Question Hour will be allowed to be conducted smoothly and members are free to raise issues during Zero Hour which follows the Question Hour.
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Iraqi cleric Sadr tells followers to clear sit-ins after PM appointed

By  Administrator_India, Capital Sands Populist Iraqi cleric Moqtada al-Sadr urged his followers on Sunday to help security forces clear roads blocked during months of sit-in protests, calling for a return to normal life after the designation of a new prime minister. Sadr, who had alternately sided with the anti-government protesters and the Iran-backed political groups they reject, urged his unarmed supporters known as “blue hats” to work with authorities to ensure schools and businesses can operate normally again. Protests broke out immediately in Baghdad and several southern cities on Saturday night after President Barham Salih named Mohammed Tawfiq Allawi as prime minister in an effort to end the political unrest. On Sunday, thousands gathered in Baghdad’s Tahrir s...
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Euro zone GDP falls short of expectations, inflation picks up

By  Administrator_India, Capital Sands Euro zone economic growth was slower than expected in the last three months of 2019, a first estimate showed on Friday, while inflation in January picked up in line with expectations thanks to a jump in prices of food, alcohol and tobacco and energy. The European Union's statistics office Eurostat said gross domestic product in the 19 countries sharing the euro rose 0.1% quarter-on-quarter for a 1.0% year-on-year gain.Economists polled by Reuters had expected a 0.2% quarterly and a 1.1% annual increase. Separately, Eurostat said consumer prices fell 1.0% month-on-month in January for a 1.4% year-on-year rise, accelerating from a 1.3% rate in December and 1.0% in November. However, the pick-up in headline price growth was mainly du...
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‘Change in 80C investments, LTCG unlikely in Budget given the fiscal constraints’

By  Administrator_India, Capital Sands The government has been very vocal about simplification of the tax structure and they have demonstrated that for the corporate sector through a gradual progression towards a simple rate and in some sense setting a sunset date for exemptions. In that light, we could see a similar path being taken on the personal taxation front. This could potentially mean simplification of the ways income is taxed and that in turn is likely to benefit investors and the mutual fund industry. There are obviously more populist expectations of increasing the 80C investment limits, reducing long term capital gain horizon etc. Given the Budget constraints, we are not that hopeful of the same but if it comes, it could very well be the one demand catalyst to ...
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India reports its first case of coronavirus

By  Administrator_India, Capital Sands India reported its first case of the new coronavirus on Thursday, saying a woman in Kerala had tested positive in an outbreak that originated in China, killing 170 people, and spread abroad. The patient was an Indian student of Wuhan University in China, the government said in a statement, adding the patient was stable and in isolation in hospital. The central Chinese city of Wuhan is the epicentre of the outbreak. “We had sent blood samples of 20 people from Kerala, of which 10 returned as negative. Out of six that were pending, the sample of a female student from Wuhan has come back as positive,” Kerala’s health minister, K.K. Shylaja Teacher, told reporters. The patient was being treated in an isolation ward in the district of ...
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Indian Railways to use facial recognition technology to identify criminals

By Administrator_India Capital Sands The Indian Railways, on January 29, announced that it planned to use facial recognition to tackle crime at railway stations. The new facial recognition system is currently being tested in Bengaluru. A senior railway official told that the move would turn the railways into a virtual fortress. "Without a physical, brick and mortar boundary wall, we will be able to make the whole system more secure," the official told the news agency. Manmad and Bhusawal are the other two stations where the railways would be currently using the new technology, which is powered by artificial intelligence. In terms of hardware, the Indian Railway will install dome, bullet, UHD 4K and pan tilt zoom cameras to get a clear picture of everything that transpi...
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USD-INR: Watch out for these 3 factors this week

By  Administrator_India, Capital Sands The Indian rupee appreciated by 0.45% for the third day this week to 71.21 against the US dollar. The pair consolidated from a two week high of 71.40 amidst fears surrounding the outbreak of China’s coronavirus weighing on the trading sentiment and strengthening of the counterpart currency. But, INR investors expect some relief in the form of Union Budget publishing on Saturday. Furthermore, markets wait for the U.S. Fed Reserve’s first meeting which is scheduled for 28th-29th January’20 to provide further direction on the pair’s movement. Trump Visit in Focus The United States President is scheduled to travel to India between February 21st and 24th, with a day stead fasted to a joint public function with PM Narendra Modi....
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Donald Trump proposes two-state solution to bring ‘permanent’ peace between Israel and Palestine

By  Administrator_India, Capital Sands US President Donald Trump said Jerusalem "will remain Israel's undivided capital" as he unveiled his Middle East peace plan aimed at solving the Israeli-Palestinian conflict, describing it as “historic” and a "giant step" towards peace. Standing along with the Israeli Prime Minister Benjamin Netanyahu in the White House, Trump proposed a two-state solution and said no Israelis or Palestinians would be uprooted from their homes. He said that under his vision, Jerusalem "will remain Israel's undivided, very important capital." He proposed Palestinian capital in Eastern Jerusalem and that US will set up its embassy there."My vision presents a realistic two-state solution," he said. “Together we can bring a new dawn in the Middle East...
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Europe Stocks, U.S. Futures Pare Gains; Bonds Rise: Markets Wrap

By  Administrator_India Capital Sands European stocks pared early gains alongside U.S. index futures on Tuesday amid international efforts to curb the SARS-like virus from spreading. The yuan steadied and Treasuries turned higher. The Stoxx Europe 600 Index erased an early advance, while contracts on the three main American equity indexes clung to moderate gains. Earlier in Asia, Japanese shares fell for a second day and equities slumped in South Korea as that market reopened after holidays. Trading is scheduled to resume in Hong Kong on Wednesday; the latest guidance from China, where the outbreak is still concentrated, is for markets to reopen on Monday. The offshore yuan fluctuated after a sharp slide the previous day while the yen nudged higher for a sixth session.&nb...
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Rakesh Jhunjhunwala under SEBI scanner over insider trading in Aptech: Report

By  Administrator_India, Capital Sands Billionaire investor Rakesh Jhunjhunwala is under the scanner of market regulator Securities and Exchange Board of India (SEBI) over alleged insider trading in Aptech shares. SEBI is also examining the role of other Aptech board members, including Ramesh Damani and Madhu Jayakumar, The Economic Times reported. Jhunjhunwala currently holds 24.24 percent stake in Aptech, which is valued around Rs 160 crore. It is the only company in his portfolio in which he has management control. Jhunjhunwala, his wife Rekha, brother Rajeshkumar and mother-in-law Sushiladevi Gupta were called in for questioning on January 24, the report said. Jhunjhunwala's sister, Sudha Gupta was question by the market regulator on January 23, t...
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Gold climbs to two-week high as virus fears spark safety buying

By  Administrator_India, Capital Sands Gold prices rose to their highest in more than two weeks on Monday as equities slipped on growing concerns that a China virus outbreak could impact that nation’s economy, prompting investors to drop riskier assets and look for safe havens. Spot gold climbed 0.5% to $1,577.93 per ounce by 0743 GMT. Earlier in the session, prices rose as much as 1% to their highest since Jan. 8 at $1,586.42. U.S. gold futures rose 0.3% to $1,576.50. Asian stocks slipped as the coronavirus killed 81 people and infected more than 2,700 in China, with residents of Hubei province, where the disease originated, banned from entering Hong Kong amid global efforts to halt the rapid spread. Investors are “looking out for the new risk (coronavirus) coming ...
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India’s rice exports fall sharply as sanctions delay payments from Iran

By Administrator_India, Capital Sands Reluctance among Indian traders to ship premium basmati rice to Iran as U.S. sanctions hobble its ability to pay has contributed to a sharp drop in overall exports from the world’s biggest supplier of the grain, trade and government sources said. Rice shipments from India slipped by more than a quarter to 5.5 million tonnes between April and November 2019 — the first eight months of the fiscal year — from 7.5 million tonnes in the year-ago period, the sources said. In terms of value, exports dropped 19% to $3.8 billion from $4.7 billion. The grain is India’s biggest foreign exchange earning farm commodity, with shipments worth $7.75 billion in the 2018/19 fiscal year. Basmati rice exports to Iran, New Delhi’s top buyer of the aromatic g...
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Deutsche Bank puts prominent German politician on the board

By Administrator_India, Capital Sands Deutsche Bank on Friday appointed  former German government minister Sigmar Gabriel, regarded as a proponent of strong European and transatlantic ties, to its supervisory board. Deutsche Bank is trying to repair its relations with Berlin after the damaging impact of the global financial crisis that called into question the bank's health, creating pressure to merge and restructure, amid fines for money laundering and other scandals. Gabriel has served as foreign minister, economy minister and environment minister. The Social Democratic Party (SPD) politician replaces Juerg Zeltner, who has stepped down after regulators rejected his appointment because of a conflict of interest. Deutsche Bank's chairman Paul Achleitner proposed Ga...
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India likely to fund some $28 billion of 2020/21 expenditure via off-budget borrowings: sources

By Administrator_India, Capital Sands India is likely to fund roughly $28 billion of its expenditure outlay in its budget for fiscal 2020/21 via off-budget borrowings, three government sources said, as it seeks to revive a sagging economy while keeping its fiscal deficit in check. Prime Minister Narendra Modi’s government is under pressure to increase spending on rural welfare schemes and infrastructure to boost growth that has fallen for six straight quarters. Off-budget borrowings are a means by which the government keeps its fiscal deficit in check by making quasi-government entities borrow on its behalf, to partly fund its expenditure plan for the year. This would mark a roughly 13.8% increase in so-called off-budget borrowings from an estimated 1.75 trillion rupees ($2...
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India stocks higher at close of trade; Nifty 50 up 0.61%

By Administrator_India, Capital Sands India stocks were higher after the close on Thursday, as gains in the Capital Goods, Real Estate and Oil & Gas sectors led shares higher. At the close in NSE, the Nifty 50 gained 0.61%, while the BSE Sensex 30 index climbed 0.66%. The best performers of the session on the Nifty 50 were Yes Bank Ltd , which rose 6.63% or 2.55 points to trade at 41.00 at the close. Meanwhile, Indian Oil Corporation Ltd added 5.85% or 6.65 points to end at 120.30 and GAIL Ltd  was up 2.82% or 3.55 points to 129.45 in late trade. The worst performers of the session were Zee Entertainment Enterprises Ltd. , which fell 7.21% or 21.65 points to trade at 278.70 at the close. UPL Ltd decli...
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Exclusive: Malaysia to buy more sugar from India to help resolve palm oil spat – sources

By Administrator_India, Capital Sands Malaysia’s top sugar refiner said it will increase purchases of the commodity from India, which according to two sources is part of efforts to placate New Delhi amid an ongoing spat over palm oil. MSM Malaysia Holdings Berhad will buy 130,000 tonnes of raw sugar from India in the first quarter, the company told Reuters. The company bought around 88,000 tonnes of raw sugar from India in 2019. The company did not cite the palm oil dispute as a reason for the increase in purchases. India, the world’s largest edible oil buyer, this month halted Malaysian palm oil imports in a move seen as retaliation to Malaysian prime minister’s comments criticizing New Delhi over its policy on Kashmir.
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Budget 2020: FM Nirmala Sitharaman may propose 5% tax on income up to Rs 7 lakh

By  Administrator_India, Capital Sands With expectations of a significant income relief for the middle class rising, it appears Finance Minister Nirmala Sitharaman could meet them when she presents Union Budget 2020. Sources have told  that the 5 percent income tax slab may be relaxed from Rs 2.5 lakh-Rs 5 lakh currently to Rs 2.5 lakh to Rs 7 lakh. For income bracket from Rs 7 lakh to Rs 10 lakh, the tax proposed is 10  percent. For Rs 10 lakh to Rs 20 lakh bracket, 20 percent is proposed. For Rs 20 lakh to Rs 10 crore, the bracket may attract see 30 percent tax and for income of Rs 10 crore and above, the rate is likely to be 35 percent. If the above announcement comes through, it could result in large savings for the salaried. ...
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Budget 2020: All eyes on tax receipts as mop-up dips by Rs 1.91 trillion

By Administrator_India, Capital Sands With just days to go before the Union Budget 2020-21 is presented, all eyes are on tax receipts for the current fiscal year (April 2019-March 2020, or FY20), which would be revised in the Budget. The numbers become all the more important because actual tax collections fell short by Rs 1.91 trillion compared to what was projected in 2018-19. Besides, the Budget for FY20 did not give actual figures for 2018-19, but the revised numbers given in the interim Budget. The actual numbers missed the revised estimates figures by Rs 1.68 trillion in 2018-19. The growth projected in revenue collections was just 9.47 per cent for FY20 compared to the revised estimates of 2018-19. However, it meant a growth of 18.31 per cent compared to the actual numbers ...
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Euro zone companies cut loan applications for first time in six years: ECB

By Administrator_India, Capital Sands Credit applications by euro zone companies unexpectedly fell last quarter for the first time in six years, despite a further reduction in the European Central Bank's main interest rate, an ECB survey showed on Tuesday. The euro zone has been struggling with sluggish growth for two years as a global trade war and a slowdown in China hurt its exports, offsetting stronger domestic demand in some countries. This is now starting to show in companies' decisions to cut down on investment and credit - a trend that banks now expect to continue, the ECB said in its quarterly Bank Lending Survey. "Net demand for loans to enterprises declined in the fourth quarter of 2019 ... the first time this had been seen since the fourth quarter of 2013, where...
US Secretary of State Mike Pompeo to visit India next week for strategic talks
U.S

US Secretary of State Mike Pompeo to visit India next week for strategic talks

By Administrator_India Capital Sands US Secretary of State Mike Pompeo and Defense Secretary Mark Esper will travel to India next week for a top-level ministerial dialogue, a statement from India's external affairs ministry said on October 21, and are expected to discuss defence and trade issues. Pompeo and Esper will hold two-plus-two talks with Indian defence minister Rajnath Singh and external affairs minister S Jaishankar on October 27, the statement said. The so-called two-plus-two talks were started by US President Donald Trump and Indian Prime Minister Narendra Modi in 2018 and two meetings have been held previously in New Delhi and Washington.  
Lockdown has ended, but coronavirus still there: PM Narendra Modi
Coronavirus News

Lockdown has ended, but coronavirus still there: PM Narendra Modi

By Administrator_India Capital Sands With the onset of the festival season, Prime Minister Narendra Modi on Tuesday made an appeal to people to follow Covid-19 guidelines, saying this was not the time to be careless as the virus was still around and even a small negligence could dampen the festive spirit. In his seventh address to the nation following the Covid-19 outbreak, Modi cited examples of the United States and several European countries to note that coronavirus cases there had seen a sudden and worrisome rise after witnessing a fall, as he cautioned citizens against any laxity until an effective cure was found. He said pictures and videos had of late emerged showing that many people had either stopped following precautions like wearing masks or had become negligent. ...
Oil prices drop for fourth day as COVID-19 second wave worries intensify
Commodity

Oil prices drop for fourth day as COVID-19 second wave worries intensify

By Administrator_India Capital Sands "Since April we have seen a miraculous recovery in oil demand – which is now at about 92% of pre-pandemic levels, but it's too early to declare an end to the COVID-19 oil demand destruction era," said Rystad Energy oil markets analyst Louise Dickson. A meeting on Monday of a ministerial panel of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, pledged to support the oil market as concerns grow over soaring infections. For now OPEC+ is sticking with a deal to curb output by 7.7 million barrels per day (bpd) through December, and then shaving the cuts back to 5.7 million bpd in January. Three sources from producing countries said the planned output increase from January could be reversed if...
US Election 2020: Donald Trump, Joe Biden go at it — from a distance — in town halls
U.S

US Election 2020: Donald Trump, Joe Biden go at it — from a distance — in town halls

By Administrator_India Capital Sands President Donald Trump was evasive on October 16 night when pressed if he took a COVID-19 test before his first debate with Democrat Joe Biden as the two men squared off again, in a way, after their scuttled second showdown was replaced by dueling televised town halls several channels apart. Biden, appearing nearly 1,200 miles away, denounced the White House's handling of the virus that has claimed more than 215,000 American lives, declaring that it was at fault for closing a pandemic response office established by the Obama administration. Trump, meanwhile, was defensive and insisted that the nation was turning the corner on the virus, even as his own battle with the disease took center stage. Trump, less than two weeks after being diagnose...
Bank of America traders fall short of rivals as revenue forecast missed
U.S

Bank of America traders fall short of rivals as revenue forecast missed

By Administrator_India Capital Sands Bank of America Corp.’s traders didn’t seize on the markets boon that lifted rival banks in the third quarter. Revenue from trading rose 3.6% to $3.34 billion, falling short of the $3.5 billion that analysts had forecast. While JPMorgan Chase & Co. and Citigroup Inc. each posted jumps of at least 17% at their trading desks, Bank of America’s small increase wasn’t enough to boost overall revenue as the bank’s consumer unit saw a 17% slide. Wall Street trading desks have benefited from active markets during the pandemic, and those results have propped up lending units that are grappling with broader economic hardship in the U. S. after the coronavirus pandemic shuttered businesses and put millions of Americans out of work. Bank of Ameri...
Pound Falls on Lockdown, Brexit Fears
ECONOMIC NEWS

Pound Falls on Lockdown, Brexit Fears

By Administrator_ India Capital Sands The pound fell sharply Tuesday as concerns about a no-deal Brexit and fears over a looming lockdown hurt sentiment. GBP/USD fell 0.95% to $1.2940. The possibility of the UK leaving the EU without a trade deal is a "credible hypothesis," French foreign minister Jean-Yves Le Drian reportedly said Tuesday, according to media reports. The stark warning that a hard Brexit could be in the offing when the transition period ends on Dec. 31 comes as the French government appears reluctant to give in to UK demands over control of its fisheries. The uncertainty over deal comes just days ahead of the Oct. 15-16 European summit, during which EU Brexit negotiator will provide an update on Brexit negotiations. The pound was also hurt by fears t...
US Election 2020: Joe Biden makes big push in Ohio, once seen as long shot for him
U.S

US Election 2020: Joe Biden makes big push in Ohio, once seen as long shot for him

By Administrator_India Capital Sands Joe Biden made two campaign stops in Ohio on October 12, attempting to expand the battleground map and keep President Donald Trump on the defensive in a state long thought to be out of reach for Democrats after Trump's wide margin of victory there four years ago. The Democratic presidential nominee stressed an economic message and touted his own record while casting Trump as having abandoned working-class voters who helped him win Rust Belt states that put him in the White House in 2016. The president's re-election campaign countered that few expected Trump to win Ohio so comfortably four years ago and that he would repeat a similar upset on Election Day. In Toledo, Biden addressed United Auto Workers who represent a local General Motors’ po...
UK PM to detail new restrictions on Oct 12 to curb Covid-19 spread
UK

UK PM to detail new restrictions on Oct 12 to curb Covid-19 spread

By Administrator_India Capital Sands UK Prime Minister Boris Johnson will make a statement to MPs on October 12 detailing new restrictions to slow the spread of the novel coronavirus in England. A letter from Edward Lister, Johnson's chief strategic adviser to MPs in the North West of England and seen by the BBC states that "it is very likely that certain local areas will face further restrictions". The letter said that the government was hoping to "finalise these details as soon as possible" amid "rising incidence in parts of the country". It also cites the "engagement that is taking place today and during the course of the weekend with local authority leaders in your region". A set of measures being discussed "present difficult choices. We must seek to strike the right ...
Double-digit rise in exports helps India nearly halve trade gap with China
Economy

Double-digit rise in exports helps India nearly halve trade gap with China

By Administrator_India Capital Sands India’s robust double-digit exports growth to China, coupled with sharp contraction in imports, nearly halved the trade gap between the two trading partners in the first five months of the current fiscal year (2020-21, or FY21) over the same period of 2019-20 (FY20). The restriction on imports from China, along with the Atmanirbhar Bharat campaign, has shrunk India’s trade deficit with the neighbouring country to $12.6 billion between April and August of FY21, from $22.6 billion in the year-ago period. India’s trade deficit with China stood at $23.5 billion in the corresponding period of 2018-19 and at $26.33 billion in 2017-18. Exports to China saw sustained double-digit growth for the fourth straight month in August, led by eightfold ri...
India declines proposal to test Russia’s COVID-19 vaccine Sputnik-V in large study
Coronavirus News

India declines proposal to test Russia’s COVID-19 vaccine Sputnik-V in large study

By Administrator_India Capital Sands India’s drug regulator has knocked back a proposal from Dr Reddy’s Laboratories Ltd to conduct a large study in the country to evaluate Russia’s Sputnik-V COVID-19 vaccine and has asked it to first test the vaccine in a smaller trial. The recommendations by an expert panel of the Central Drugs Standard Control Organisation (CDSCO) noted that safety and immunogenicity data from early-stage studies being conducted overseas is small, with no inputs available on Indian participants. India’s move comes as a setback for Russia’s plan to roll-out the vaccine even before full trials show how well it works, while pushing back its efforts to win approval for the vaccine in the country that leads the world on average number of new infections. India ...