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Apr 02, 2018 10:28 PM IST | Source: Moneycontrol.com

News highlights of the day: Dow Jones drops 500 points on Trump's tweet on Amazon, rising trade war fears

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Apr 02, 09:40 PM (IST)

    Global market update: The Dow Jones drops 500 points after US President Donald Trump posted yet another accusatory tweet about the e-commerce giant Amazon. A report said that Wall Street was also jittery because of rising risk of a trade war with China. 

  • Apr 02, 10:27 PM (IST)

    That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

  • Apr 02, 10:10 PM (IST)

    CBSE question papers might have been leaked in Haryana: Delhi Police

    The Delhi Police are suspecting that the CBSE question papers might have been leaked from neighbouring Haryana, a senior official privy to the probe said.

    The police were investigating whether some schools in Sonepat, Jhajjar and Bahadurgarh were also involved in the leak of Class 10 mathematics paper and Class 12 economics paper of the Central Board of Secondary Education (CBSE), he said.

    "We are probing that angle. It is suspected that some schools and even some CBSE official might be involved in the matter. But we cannot say anything with surety at the moment," the official said. (PTI)
     

  • Apr 02, 09:36 PM (IST)

    Facebook CEO Mark Zuckerberg defends advertising-supported business model

    The CEO of Facebook is defending its advertising-supported business model. Mark Zuckerberg's defence comes after Apple CEO Tim Cook said his company wouldn't be in Facebook's situation because Apple doesn't sell ads based on customer data the way Facebook does.

    Zuckerberg responded on Monday that an advertising-supported business model is the only way that the service can survive because not everyone would be able to pay for Facebook if it charged a fee. He says the idea that Facebook doesn't care about its customers is "extremely glib." (PTI)
     

  • Apr 02, 09:08 PM (IST)

    ICICI Bank, Axis Bank together lose Rs 13,216 cr in market capitalisation

    Shares of ICICI Bank and Axis Bank declined up to 6 percent and their total market capitalisation eroded by Rs 13,215.67 crore,
    amid reports raising concerns about the two lenders, on Monday.

    ICICI Bank's scrip tumbled 5.93 percent to end at Rs 261.90 on the BSE. In intra-day trade, it tanked 7 percent to Rs 258.90. Led by the sharp fall in the stock, the company's market valuation eroded by Rs 10,452.84 crore to Rs 1,68,344.16 crore on the BSE.

    The shares of the lender took a beating amid controversy following reports about an alleged involvement of Kochhar and her family members in a loan provided to Videocon Group on quid pro quo basis. (PTI)

  • Apr 02, 08:48 PM (IST)

    Paytm Mall raises Rs 2,900 crore from SoftBank, Alibaba

    ​​Paytm Mall has raised close to Rs 2,900 crore from SoftBank Investment Holdings and Alibaba.com Singapore e-commerce in a deal that values the online shopping venture of Paytm at USD 2 billion.

    According to a regulatory filing by Paytm e-commerce, an aggregate amount of USD 400 million (about Rs 2,600 crore) has come from SB Investment Holdings (UK) and its affiliates, including SoftBank Vision Fund.

    About USD 45 million (about Rs 292.5 crore) has been pumped in by Alibaba.com Singapore E-commerce, it added. The deal, which has been executed through a private placement offer, values Paytm Mall at over USD 2 billion. (PTI)
     

  • Apr 02, 08:28 PM (IST)

    Niti pitches for financial support to farmers not burning crop residues

    A task force constituted by Niti Aayog on biomass management has pitched for providing financial support to those farmers who have not burnt their crop residues.

    The burning of agricultural residues leads to poor air quality across Northern India.

    A report of the task force prepared jointly by Niti Aayog and the CII has also made a case for ploughing the residue back into the field.

    "Financial support can be transferred to farmers through the DBT system. It can be credited to farmer's account in the subsequent cropping season after a verification that farmer has not burnt his/her crop-residues," the report said.

  • Apr 02, 08:06 PM (IST)
  • Apr 02, 07:46 PM (IST)

    Election in Williamnagar Assembly seat on April 27

    The Election Commission has announced that polling in Williamnagar Assembly constituency will be held on April 27, said Meghalaya's Chief Electoral Officer F R Kharkongor.

    Elections to Williamnagar seat in East Garo Hills district had been postponed following the murder of Nationalist Congress Party candidate Jonathone N Sangma in a militant attack on February 18, nine days before the Assembly polls in the state.

  • Apr 02, 07:30 PM (IST)

    Govt rules out excise duty cut to cushion petrol prices

    The government today ruled out any immediate reduction in excise duty to cushion relentless rise in international oil prices that have sent retail diesel rates in India to record high and petrol to four-year high.

    The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

  • Apr 02, 07:14 PM (IST)

    Direct tax mop up at Rs 9.95 lakh cr in FY18, misses revised estimates

    The income tax collections during the 2017-18 fiscal has exceeded the Budget target at Rs 9.95 lakh crore, helped by addition of one crore new assessees who have started filing income tax returns.

    However, the government has missed its ambitious target of Rs 10.05 lakh crore as per the revised estimates set in the Budget for 2018-19.

    CBDT Chairman Sushil Chandra said that as per data collected so far, tax collections for 2017-18 is Rs 9.95 lakh crore, which is 17.1 per cent higher than net collection of 2016-17. The Budget estimate for the 2017-18 fiscal was Rs 9.80 lakh crore.

  • Apr 02, 07:12 PM (IST)
  • Apr 02, 06:52 PM (IST)

    Election Commission of India to hold biennial elections to Uttar Pradesh and Bihar legislative councils by the members of legislative assembly on April 26, reports ANI.

  • Apr 02, 06:30 PM (IST)

    Essar Steel auction: ArcelorMittal puts in bid, along with Japan's NSSMC in second round

    ArcelorMittal has joined hands with Nippon Steel & Sumitomo Metal Corporation (NSSMC) and on Monday announced a joint bid for Essar Steel in the second round of bidding.

    NSSMC is Japan’s leading steel company, with capacity to produce approximately 50 million tons of crude steel per year

    Read the full story here.

  • Apr 02, 06:24 PM (IST)

    PNB scam: CBI questions senior officers of other Indian banks involved in issuing buyer credit for LoUs issued through PNB 

    The CBI has begun questioning senior officers of other Indian banks whose overseas branches were involved in issuing buyer credit for LoUs issued through Punjab National Bank. (ANI)

  • Apr 02, 06:08 PM (IST)

    India imposes 10% tax on import of key smartphone components

    India has imposed a 10 percent tax on imports of key smartphone components including populated printed circuit boards, which are at the heart of smartphones, according to a government document. (Reuters)

  • Apr 02, 06:04 PM (IST)

    WhatsApp is testing a feature that lets you notify your contacts if you change your number

    Instant messaging service, WhatsApp, has modified the features of ‘change number’ tool in the beta version of the app.

    The Android app version 2.18.97 sports an option to notify your contacts as you change your number. Soon the feature will be up for testing in iOS and Windows apps as well.

  • Apr 02, 06:02 PM (IST)

    Parent company comes to the rescue of bankrupt Aircel: Report 

    Telecom operator Aircel received help from its parent company Maxis Communications of Rs 95 crore to clear immediate operational expenses and to pay salaries of around 5000 employees, according to a report in The Economic Times

    Maxis, headquartered in Malaysia, has been working closely with the bankrupt Aircel for emergency infusion of funds, a source told the paper.  

  • Apr 02, 05:47 PM (IST)

    E-commerce firms deeply engaged in predatory pricing, says CAIT 

    Traders' body CAIT today expressed apprehension over the commerce ministry not taking any action on the e-commerce issues and its detrimental impact on the country's retail trade.

    The Confederation of All India Traders (CAIT) took a strong view against e-commerce platforms for indulging in "deep discounting and loss funding thereby violating FDI Policy 2016 of the Union Government".

    CAIT criticised Commerce & Industry Minister Suresh Prabhu for remaining silent on the issue despite drawing his attention to it several times. (PTI)

  • Apr 02, 05:39 PM (IST)

    SEBI bans First Financial Services, 28 others from markets for three years

    SEBI has barred First Financial Services and 28 others from the markets for three years for orchestrating a fraudulent scheme involving preferential allotment route, which ultimately benefited a few allottees.

    The move follows Securities Appellate Tribunal's (SAT) directive to SEBI for passing the final orders in the matter by March this year. (PTI)

  • Apr 02, 05:37 PM (IST)

    Kamala Mills Fire: Bombay High Court directs the 3 member inquiry committee to submit its report by 31st August

    Bombay High Court has directed the 3 member inquiry committee to submit its report by August 31st. The next hearing in the case is on September 15th. (ANI)

  • Apr 02, 05:34 PM (IST)

    Provisional direct tax collection for FY18 is Rs 9.95 lakh crore

    Provisional direct tax collection for FY18 is Rs 9.95 lakh crore, says CBDT Chairman Sushil Chandra. More collections are likely to come in. (CNBC-TV18)

  • Apr 02, 05:23 PM (IST)

    RBI allows banks to spread treasury losses over 4 quarters

    With a view to help banks spread losses incurred on bond yield movements, Reserve Bank of India has allowed banks to spread the provisioning they need to make for these losses over a maximum of four quarters.

    Banks will also have to create an Investment Fluctuation Reserve (IFR) to protect against an uptick in yields in the future. The IFR shall be eligible for inclusion in tier-2 capital.

  • Apr 02, 05:15 PM (IST)

    February core sector data comes in at 5.3% 

    January core sector output revised to 6.1% from 6.7% rise earlier, reports CNBC-TV18. 

  • Apr 02, 04:58 PM (IST)

    2.89 lakh e-way bills were generated today, says Govt

    The number of bills generated today will only increase as the evening is the peak time, GST Network's Chairman AB Pandey said.

    A total of 11.18 lakh taxpayers have registered on the e-way bill portal till date.

  • Apr 02, 04:52 PM (IST)

    GST revenue collection for March is Rs 90,000 Crore, says Finance Secretary

    The collection figures of direct taxes has exceeded our target, Finance Secretary Hasmukh Adhia added. (ANI)

  • Apr 02, 04:46 PM (IST)

    Govt keeping close eye on oil prices, says Dharmendra Pradhan 

    Oil Minister Dharmendra Pradhan said the government is keeping a close eye on international prices but said there is no going back on free market pricing.

    He said consumers will benefit if petrol and diesel are brought under Goods and Services Tax (GST) regime at the earliest. (PTI)

  • Apr 02, 04:38 PM (IST)

    Bitcoin bleeds heavily in first quarter of 2018, loses $120 billion in market cap

    In the first quarter of 2018, bitcoin has shed more than half of its value. On March 31 it closed at 65 percent below its all-time high exchange rate of USD 20,089 which it had attained on December 17, last year.

    The world’s most valuable cryptocurrency opened the first quarter at USD 14,112 and closed it at USD 6,973, reaching a quarter high of USD 16,537 on January 8. The currency has also lost USD 119.9 billion in market cap in this period.

  • Apr 02, 04:20 PM (IST)

    Here are the top headlines at 4 pm from Moneycontrol News' Sakshi Batra

  • Apr 02, 04:19 PM (IST)

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