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Sep 15, 2017 09:52 PM IST

CAD widens to $14.3 b in Q1 on high trade deficit

There is a proposal to link Aadhaar with driving licences as well as vehicle registration to ensure that multiple licenses are not issued in case anyone seeks to do so, IT minister Ravi Shankar Prasad said.

  • Sep 15, 12:32 PM (IST)

    Good Evening Moneycontrol users. 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.

  • Sep 15, 09:31 PM (IST)

    The current account deficit increased to USD 14.3 billion, or 2.4 percent of gross domestic product (GDP), in the first quarter of the current fiscal from USD 0.4 billion a year ago, the Reserve Bank said.

    On a sequential basis, the current account deficit also widened from USD 3.4 billion or 0.6 percent of GDP in the fourth quarter of fiscal 2017.

  • Sep 15, 08:12 PM (IST)

    Pakistan's Supreme Court today dismissed the review petitions filed by the ousted prime minister Nawaz Sharif and his family, challenging his disqualification in the Panama Papers scandal.

    Sharif, his children and Finance Minister Ishaq Dar had filed separate petitions challenging the apex court's landmark verdict on July 28 in which the 67-year-old leader was disqualified from continuing in office.

  • Sep 15, 08:04 PM (IST)

    The initial share sale offer of ICICI Lombard General Insurance was subscribed 27 percent on the first day of the 3-day bidding today, reports PTI.

    The IPO, through which the insurer is looking to raise about Rs 5,700 crore, received bids for 1,66,69,466 shares as against the total issue size of 6,16,66,740, according to NSE data.

    The qualified institutional buyer (QIB) category was subscribed 62 percent, non-institutional investors 4 percent and retail individual investors 18 percent.

  • Sep 15, 07:30 PM (IST)

    India's exports grew 10.29 percent, highest in the last four months, to USD 23.81 billion in August helped by higher growth in petroleum products, engineering and chemicals shipments, government data showed today.

    Imports too rose 21.02 percent to USD 35.46 billion in August from USD 29.3 billion in the year-ago month, reports PTI.

    Trade deficit widened to USD 11.64 billion in the month under review from USD 7.70 billion in August 2016, due to increase in gold imports, which rose by about 69 per cent to USD 1.88 billion in August.

    Oil imports grew by 14.22 per cent to USD 7.75 billion in August.

  • Sep 15, 06:53 PM (IST)

    The rupee today staged a mild recovery by gaining four paise to close at 64.08 a dollar on fresh selling of the American currency by banks and exporters in view of weaker dollar overseas, reports PTI.

    The rupee gains were, to some extent, capped due to persistent foreign capital outflows.

    In the international market, the US dollar fell against safe haven yen after North Korea's latest missile launch re-ignited geopolitical tensions.

  • Sep 15, 05:31 PM (IST)

    Speaking at the Digital Haryana Summit, Prasad also said that there is a proposal to link Aadhaar with driving licences as well as vehicle registration to ensure that multiple licenses are not issued in case anyone seeks to do so.

  • Sep 15, 05:28 PM (IST)

    The government has saved Rs 57,000 crore through its various direct benefit transfer (DBT) schemes, IT minister Ravi Shankar Prasad said. The money was earlier being pocketed by middlemen. A number of schemes like MGNREGA have been linked to DBT. There are over 33 crore beneficiaries under 84 schemes which have been linked to the DBT at the end of February 2017.

  • Sep 15, 05:20 PM (IST)

    To reduce the high pendency of cases, Sebi plans to expedite settlement proceedings and streamline its internal mechanism to better decide whether they need soft or hard enforcement actions, a senior official said.

  • Sep 15, 05:18 PM (IST)

    Gurugram murder case: Haryana chief minister Manohar Lal Khattar today said that murder case of 7-year-old at the Ryan International School will be handed over to the CBI, reports CNN-News18.

  • Sep 15, 05:15 PM (IST)

    The Supreme Court today refused to grant interim bail to jailed real estate firm Unitech's promoters Sanjay Chandra and Ajay Chandra and said it will consider their pleas only after the data of homebuyers seeking refund is collated, reports PTI.

    The jailed Chandra brothers are seeking interim bail from the apex court after the Delhi High Court on August 11 rejected their pleas in a criminal case lodged in 2015 by 158 home buyers of Unitech projects' --'Wild Flower Country' and 'Anthea Project'-- situated in Gurugram.

  • Sep 15, 05:13 PM (IST)
  • Sep 15, 05:09 PM (IST)

    Onion prices at India’s largest wholesale market for the vegetable in Maharashtra fell by 35 percent, reports Financial Express

  • Sep 15, 04:44 PM (IST)

    Gold fell on Friday after a European Central Bank official called for scaling back the bank's stimulus programme and strong US inflation data raised the prospects of another rate hike.

  • Sep 15, 04:39 PM (IST)
  • Sep 15, 04:32 PM (IST)

    The Centre today filed a report in the Supreme Court on the investigation being carried out on the conspiracy aspect behind the making of the bomb that had killed former Prime Minister Rajiv Gandhi 26 years ago.

  • Sep 15, 04:24 PM (IST)

    The Japanese investment in India will continue to rise as the East Asian country is keen to expand offshore investments to generate opportunities for its construction and engineering firms, according to BMI Research.

  • Sep 15, 04:15 PM (IST)

    External Affairs Minister Sushma Swaraj has expressed solidarity with Bangladesh over the Rohingya crisis and said India is putting pressure on Myanmar to take back refugees who have fled the Buddhist-majority nation, a top aide of Bangladesh Prime Minister has said.

  • Sep 15, 04:12 PM (IST)

    A knife-wielding man attacked a soldier in the French capital on Friday before being detained, police said, in a case prosecutors are treating as an act of terrorism.

  • Sep 15, 04:04 PM (IST)

    The Delhi government's transport department has impounded 250 school buses, including 10 of Ryan International Group of Institutions, during its ongoing drive against errant school vehicles, a senior government official said today.

  • Sep 15, 03:52 PM (IST)

    The Supreme court today again refused to grant bail to Unitech MD Sanjay Chandra. While hearing a case on flat possession and refund, the apex court also directed the real estate firm to submit a list of homebuyers who had got refund and those who haven’t, according to ANI, reports Financial Express.

  • Sep 15, 03:39 PM (IST)

    Sources told CNBC-TV18 that the Establishment Inspection Report (EIR) from US Food and Drug Administration for Lupin's Goa unit is expected soon. EIR is a closure report for recent inspections. Lupin management had told CNBC-TV18 on August 22 that Pithampur & Goa units may be cleared in a few weeks. Goa plant was audited by US FDA in April 2017 & received 3 observations. In prior inspection approval on July 24, Goa cleared with zero observations.

  • Sep 15, 03:31 PM (IST)

    Standard Chartered Bank has filed a bankruptcy case against Ruchi Soya Industries with the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC). "We understand that an application has been filed by Standard Chartered Bank with the NCLT, Mumbai Bench, Mumbai to initiate CIRP (corporate insolvency resolution process) for Ruchi Soya Industries under IBC…," the company informed the stock exchanges in a filing. Ruchi Soya is among the about 30-40 defaulters in the second list that the Reserve Bank of India sent to banks, asking them to conclude a debt resolution process by December 13.

  • Sep 15, 03:25 PM (IST)

    China condemned North Korea's launch of a ballistic missile over Japan and appealed for restraint to avoid inflaming tensions in the region, reports AFP. "The Chinese side opposes the DPRK's violation of the resolution of the (UN) Security Council, and its use of ballistic missile technology for launch activities," foreign ministry spokeswoman Hua Chunying said. "The concerned parties should exercise restraint. They should not take any further action that could aggravate the situation on the peninsula and in the region," Hua added.

  • Sep 15, 03:21 PM (IST)

    Speaking on London subway blast, Prime Minister Theresa May said, “My thoughts are with those injured at Parsons Green and the emergency services who, once again, are responding swiftly and bravely to a suspected terrorist incident.”

  • Sep 15, 03:18 PM (IST)

    Security has been tightened in Panchkula town in Haryana ahead of a crucial hearing in two separate murder cases against Dera Sacha Sauda sect chief Gurmeet Ram Rahim Singh and others here on Saturday, reports IANS. The cases, related to the murder of Sirsa-based journalist Ram Chander Chhatrapati and former Dera manager Ranjit Singh, allegedly by functionaries and followers of the sect will be held in the court of special CBI judge Jagdeep Singh.

    The same court had, on August 25, convicted Singh on two counts of rape of female disciples. Haryana Director General of Police BS Sandhu said adequate para military and Haryana Police personnel had been stationed around the court complex in Sector 1 here and other areas in Panchkula town to maintain law and order. 

  • Sep 15, 03:16 PM (IST)

    Senior Congress leader M Veerappa Moily said Rahul Gandhi is likely to emerge as the party president through an internal election process, and hinted that he may assume the charge as early as next month, reports PTI. The former Union minister said that Rahul's taking over would be a game-changer for the party.

  • Sep 15, 03:14 PM (IST)

    Union Minister Dharmendra Pradhan made a pitch for skill development so that those entering the workforce find decent job matches, saying "we should not miss industrial revolution this time". The Skill Development and Entrepreneurship Minister said that four key stakeholders - Centre, states, NGOs and civil society - needs to work together in the area of skill development. Every year about 1-1.5 crore people are coming into the employable category and there is need to "create an enabling ecosystem of skill development so that they get decent job opportunities," he added.

  • Sep 15, 03:09 PM (IST)

    Aircel is likely to file for bankruptcy under the Insolvency & Bankruptcy Code, reports CNBC-TV18. As Ericsson has moved the National Company Law Tribunal against Reliance Communications, the Aircel-RComm merger is unlikely to occur. The Supreme Court has already banned Aircel from trading/sharing spectrum. Even the Department of Telecom has opposed the merger of RComm and Aircel citing the apex court order.

  • Sep 15, 03:01 PM (IST)

    The Bank of England might need to raise interest rates in the coming months, according to a rate-setter who has previously been strongly in favour of keeping borrowing costs at their record low. The comments from Gertjan Vlieghe came a day after the BoE said a majority of its nine policymakers believed a rate hike in the coming months was likely, if inflation pressure continued to build in the economy.

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