you are here: HomeNewsBusiness
Live now
auto refresh
September 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.


09:32pm The current account deficit increased to USD 14.3 billion, or 2.4 per cent 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 per cent of GDP in the fourth quarter of fiscal 2017.

08:15pm

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, reports PTI.

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.

08:00pm 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.

07:30pm 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.

The 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.

06:55pm 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.

5:32 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.

Moneycontrol had earlier reported about the same. You can read the copy here.

5:29 The government 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.

5:19 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.

5:16 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.

16:44 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.

16:39 

16:32 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.

16:24 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.

16:15 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.

16:12 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.

16:04 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.

15:52 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.

15:39 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.

15:32 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.

15:26 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.

15:22 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.”

15:19 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.

15:17 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.

15:14 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.

15:11 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-RCom 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.

15:02 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.

14:59 Flames engulfed one carriage and raced along a train on a west London route to Parsons Green, forcing passengers to trample others as they rushed for an exit, an eyewitness told Reuters. The man said people were trampled on when they fled the train after hearing a whoosh and seeing flames race towards them. He said he did not hear a bang after police rushed to an incident at the station at Parsons Green. “I just heard a kind of whoosh. I looked up and saw the whole carriage engulfed in flames making its way towards me,” he told Reuters, adding that the train was packed with people.

14:56 London Metropolitan Police have declared the London subway blast as a "terrorist incident". To keep tracking this ongoing story, click here

14:46 The London Fire Brigade has dispatched six fire engines and as many as 50 firefighters to the location, reports The Guardian. Crews from Fulham, Wandsworth, Chelsea, Hammersmith and other fire stations nearby are in attendance, the department said. To keep tracking this ongoing story, click here

14:41 Sidelined AIADMK leader TTV Dhinakaran launched a fresh attack on his rival, Chief Minister K Palaniswami and vowed to "end this rule of betrayal" within a week, reports PTI. The 'sacked' party deputy chief also ruled out his faction having any direct or indirect pact with MK Stalin-led DMK, saying that party "is our primary rival." The combative leader also alleged that Palaniswami had tried to "adopt short-cut" method of facing a floor test of his government on Monday by disqualifying 18 MLAs supporting him. By doing so, Palaniswami may not require to garner the required support of 117 MLAs to win the trust vote, he said.

14:31 Porinju Veliyath, CEO and MD of Equity Intelligence India, sees the Nifty touching 12,000 by next Onam (August 2018). That’s not all, he feels investors could look at a return of 30-40% over the next one year. When asked about his take on Nifty by next Onam, the ace investor told BTVI, “It is very difficult to predict, because of saturated business in the composition of Nifty and Sensex. I used to predict it as there is no other way to make people bullish. Nifty can be 12,000; but investors can easily make 40% return.”

14:24 The Renault-Nissan alliance is sharply ramping up production of electric cars, promising 12 new models by 2022 and vowing to make electric cars 30% of its overall output, reports AP. The car makers—who collectively sold more vehicles than any other company in the world in the first half of this year—also announced plans to make a “robo taxi”, driverless public transport vehicles and autonomous cars aimed at the mass market.

14:17 A well-connected former central bank executive said the Bank of Japan may allow long-term interest rates to rise more next year if continued strength in the economy pushes inflation to around 1%, reports Reuters. Hideo Hayakawa, a former top Bank of Japan economist who retains close contact with incumbent policymakers, said the central bank would not be able to cap long-term rates for long if they rose because of improving economic fundamentals. But if rates were driven up by external, temporary factors such as a spike in US yields, the BoJ would have little trouble capping bond yields, he stated.

13:57 The Maharashtra government has extended the deadline by seven days for receiving applications from farmers for its loan waiver scheme, reports PTI. The decision to extend the deadline, which was earlier till today, will benefit around 44 lakh farmers, an official in the chief minister's office here said.

13:54 London's Metropolitan Police and ambulance services are confirming they are at the scene of "an incident" at the Parsons Green subway station in the southwest of the capital. The underground operator said services have been cut along the line.

13:48 As many as 162 companies that have claimed GST transitional credit of over Rs 1 crore are under the scanner of tax authorities who would verify whether the claims are eligible, reports PTI. In the transitional credit form TRAN-1 filed by taxpayers along with their maiden returns for July, businesses have claimed credit of over Rs 65,000 crore for excise, service tax or VAT paid before the GST was rolled out from July 1.

In view of such huge claims, the Central Board of Excise and Customs (CBEC) in a letter to chief commissioners said that as per the GST law carry forward of transitional credit is permitted only when such credit is permissible under the law. "The possibility of claiming ineligible credit due to mistake or confusion cannot be ruled out ... It is desired that the claims of ITC credit of more than Rs 1 crore may be verified in a time-bound manner," CBEC said.

13:33 Pakistan's Supreme Court has dismissed the review petitions filed by ousted Prime Minister Nawaz Sharif, his children and Finance Minister Ishaq Dar, challenging his disqualification in the Panama Papers scandal, reports PTI. The court had reserved its verdict on the review petitions after the lawyers for all petitioners completed their arguments earlier in the day.

13:31 E-commerce player Amazon has tied up with state-run lender Bank of Baroda to offer micro loans to its sellers. The loans will be offered on invite-only basis to the marketplace sellers. The programme was piloted by Amazon in July this year in association with the bank. The loans will be extended in the Rs 1-25 lakh range at an annual interest rates between 18% and 30%.

13:29 A blast on a London underground train left some passengers with facial burns, London’s Metro newspaper has reported on its website. Police said they are aware of an incident at Parsons Green station in West London and that officers are in attendance. Images posted on Twitter showed a women being attended to by emergency services sitting on a pavement.

Police said they were aware of reports on social media and would release facts regarding the incident once they could be sure of their accuracy. Transport for London said on Twitter that there was no service between Earls Court and Wimbledon on the District Line which runs through Parsons Green.

13:23 Former Finance Minister P Chidambaram said the Central Bureau of Investigation (CBI) should be questioning him instead of harassing his son Karti in the Aircel-Maxis case and accused the probe agency of spreading misinformation. The CBI had called Karti for questioning on Thursday in connection with the foreign investment clearance given in the Aircel-Maxis deal in 2006 when his father Chidambaram was the finance minister. Karti refused to appear, saying a special court had discharged all the accused and terminated proceedings in the matter, a claim strongly contradicted by the CBI which maintains that the investigation was still on.

13:19 Former chief economic advisor Shankar Acharya told PTI that the Reserve Bank of India should not allow the rupee to appreciate further and time was ripe to reverse it. "As a short-term solution to the economy, the RBI should act now and arrest appreciation of the rupee. This would give an impetus to exports and boost the domestic manufacturing sector," he said. Acharya, an honorary professor with ICRIER, said given the present state of the "ailing" economy it would be difficult for the government to do pump priming by increasing expenditure.

13:14 India's GDP growth is likely to face near-term headwinds and might slip below the 7% mark to a three-year low this fiscal, a DBS report stated. According to the global financial services major, two recent policy measures -- demonetisation in November 2016 and GST rollout in July 2017 had a short term impact on economic activity and aggravated the already slowing momentum.

13:01 Confident of expanding its lead over the US-based rival Amazon, SoftBank-backed Flipkart expects a 2.5 times growth in smartphone sales in this festive season compared to last year, reports PTI. Flipkart, which claims to have 65% share in the online smartphone sales in the country, will offer a number of deals and discounts to woo customers during its five-day 'Big Billion Days' sale beginning September 20.

12:59 More than 80 students of five schools fell ill allegedly after eating mid-day meal in Kalahandi district, reports PTI. The students of schools at Luma, Kubri, Bandhpari, Ranjendrapur and Dangri villages under Lanjigarh block complained vomiting, nausea and stomach pain after eating the meal.

12:56 The National Company Law Tribunal (NCLT) has cleared the decks for Rs 500 crore investment by Religare Enterprises into Religare Capital, reports CNBC-TV18. NCLT refuses to stay shareholder nod with respect to the Rs 500 crore investment into Religare Capital.

12:44 The Rs 5,700-crore initial public offering of ICICI Prudential General Insurance Company, the subsidiary of India's largest private sector lender ICICI Bank, has been subscribed only 5% till date on Day 1. The issue received bids for 28.76 lakh equity shares against its IPO size of 6.16 crore shares, as per latest data available on the NSE.

12:42 DQ Entertainment International share rallied 20% on being appointed new licencing agents for The Jungle Book in America. "The series will be represented for licencing and merchandising by The Licensing Group (TLG) in North America, CPL for Latin America and Mexico and CIMCA in Central America," the producer and distributor of children’s animated content said. While Sinecast, Turkey has been appointed as promotional partners for the brand in Turkey, he added.

12:32 Japan's defence minister believes North Korea "has Guam in mind" after its most recent missile launch, noting it had sufficient range to hit the US territory, reports AFP. Pyongyang has threatened to hit the US Pacific territory with "enveloping fire," sparking dire warnings from US President Donald Trump. Itsunori Onodera said Friday's missile, which overflew Japanese territory, flew 3,700 km, is "long enough to cover Guam", which is 3,400 km from North Korea. "We cannot assume North Korea's intention, but given what it has said, I think it has Guam in mind," Onodera said.

12:12 A senior executive at China’s internet finance body has urged Chinese regulators to create a tougher framework of regulations to support the development of digital currencies amid Beijing’s crackdown on trading on virtual tender such as bitcoin, reports Reuters. Chinese regulators are cracking down on the cryptocurrency sector, in a bid to stamp out potential financial risks as consumers pile into a highly risky and speculative market that has seen unprecedented growth this year.

12:00 Good Afternoon 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.

11:59 India’s bullet train project will create 20,000 job, reports Moneycontrol’s Beena Parmar, quoting a State Bank of India research note. "After commissioning of the project, direct employment of 4,000 employees will be created for operation and maintenance. Further, the project is likely to generate about 16,000 indirect employment opportunities," it stated.

11:50 India's third largest software services firm Wipro has bagged a seven-year contract from European energy company, innogy SE, reports PTI. The financial details of the contract, which will see Wipro managing the data centre and cloud services for Innogy SE, were not disclosed.

11:45 The heated debate in South Korea over redeploying US nuclear weapons on its territory has now reached Washington, The Washington Post reports. A senior delegation of South Korean lawmakers is in town making the case to the Trump administration and Congress that such a move is needed to confront North Korea’s growing nuclear capability and place more pressure on China. “We are here to ask for redeployment of tactical nuclear warheads in South Korea,” Lee Cheol Woo, the head of the intelligence committee of South Korea’s National Assembly, said.

10:15 Patanjali Ayurveda's founder Baba Ramdev has confirmed that the FMCG firm will foray into dairy and apparel segments soon. In an exclusive interview with CNBC-TV18, Baba Ramdev expressed confidence that expansion from eight segments where Patanjali currently operates - to 11 verticals - will help the company take the top spot in the FMCG space.

09:58 Who will succeed Warren Buffett as chief executive officer of Berkshire Hathaway? It’s one of the most guarded secrets in the business world. That didn’t stop JPMorgan Chase & Co’s new Berkshire analyst from placing odds on one man. “The most likely successor in our view, who Warren Buffett regularly praises, is Greg Abel,” JPMorgan’s Sarah DeWitt said in a note released on Thursday, initiating coverage of the company.

09:49 The world's top cotton buyers, all in Asia, are flocking to India to secure supplies after fierce storms in the United States, the biggest exporter of the fibre, affected the size and quality of the crop, the Economic Times reports.

09:49 Balmer Lawrie & Co is looking to invest Rs 150-200 crore primarily in the logistics and industrial packaging businesses over the next two years, reports the Hindu Business Line. The diversified PSU company is present across various businesses including industrial packaging, greases and lubricants, leather chemicals, logistics, travel and vacations and refinery and oilfield services.

09:44 The number of people who filed for unemployment assistance in the US last week declined unexpectedly. The number of individuals filing for initial jobless benefits in the week ending September 9 fell by 14,000 to a seasonally adjusted 284,000, the Labor Department said.

09:41 Veteran actor Kamal Haasan is set to take the plunge into politics with the likely launch of a political outfit by the end of September. According to the Indian Express, Hasaan – who over the last couple months has made his views known about the deteriorating state of politics in Tamil Nadu – has set his eyes on the local body elections, with over 4,000 candidates, which are expected to be held in November. While an official announcement hasn’t been made yet, a close aide to the actor said “the upcoming local body elections have made it a necessity for him to step in,” and that the announcement of the political party is likely to come in a few days.

09:35 Shares of Max Financial Services gained around 5% on the back of a block deal. Around 74 lakh shares of the company were traded in five blocks on the BSE at an average price of Rs 602 per share. Interestingly, Xenok and GS Mace were reportedly looking to sell 11.8 million shares at a floor price of Rs 595 per share today.

09:25 Which stocks are on the wish-list of foreign and domestic brokerages today, click here to find out.

09:15 In a notice to its shareholders ahead of the annual general meeting, Tata Sons has sought approval to amend its memorandum of association and articles of association to convert itself from a public limited company to a private limited one, reports Business Standard.

09:15 SpiceJet has deposited Rs 250 crore with the registrar general of the Delhi High Court in compliance with a Supreme Court order related to a share-transfer dispute.

09:15 Bharat Heavy Electricals is eyeing a major role in the Ahmedabad-Mumbai high-speed rail project, popularly called bullet train, ranging from manufacturing coaches and civil construction work to laying down rail links, reports Mint.

09:15 Coal India is planning to enter the metallurgical mining sector and has narrowed down on iron, copper, bauxite and nickel as the primary metals, reports Business Standard.

09:15 The government has put on hold auctions for 1GW of wind power projects, which were to be conducted by the Solar Energy Corporation of India on September 19, reports The Economic Times.

09:15 Tata Chemicals said it is in advanced talks with Indorama Holdings to sell its Haldia fertiliser unit in West Bengal for Rs 400-500 crore, reports PTI.

09:15 German Dry Docks Group has approached the lenders of troubled Bharati Defence and Infrastructure, formerly Bharti Shipyard, for a possible acquisition, reports The Economic Times.

09:15 A proxy advisory firm has raised concerns about Sun TV Network, questioning the payment of high salaries to the promoter and the purchase of a corporate jet even as some brokerages see a bright future for the media and entertainment group.

09:15 The government's push to electric vehicles received a boost with Maruti Suzuki's Japanese parent Suzuki Motor deciding to make electric cars at its factory in Gujarat for India and the world. It will also be the first commercially-available electric car for Suzuki.

09:15 Tata Group Chairman N Chandrasekaran is evaluating the option of winding down the mobile services business, Tata Teleservices, after attempts to sell the beleaguered unit failed, reports The Economic Times. If the group goes ahead with its plan, it will be the first major Tata unit to be closed down in its 149-year-old history.

09:14 The Securities and Exchange Board of India has raised observations regarding the HDFC Standard Life Insurance’s initial public offering based on the its filed draft red herring prospectus. The market regulator has sought clarification on a number of issues including the risk factors and conflict of interest between HDFC and HDFC Standard Life, among others, reports Moneycontrol’s Tarun Sharma and M Saraswathy.

09:11 Wipro will continue to be bold on acquisitions, said Wipro Chief Strategy Officer Rishad Premji, reaffirming the Bengaluru-headquartered company's commitment to the strategy it has crafted in the past two years even as the IT industry faces big challenges, reports the Economic Times.

09:11 CLSA has initiated investment in consumer finance company Indiabulls Ventures in its Asia ex-Japan long-only portfolio with a weightage of three percentage points, said the Hong Kong-headquartered firm's chief equity strategist Christopher Wood in his widely followed newsletter Greed & Fear.

09:10 Japan’s Asahi Glass, which owns a little over 22% of Asahi India Glass, is in advanced discussions to buy out partner Sanjay Labroo as part of a plan to take control of the JV. Labroo and his family also own an equal 22.21% in the venture.

09:09 ICICI Lombard General Insurance has raised Rs 1,625 crore from anchor investors ahead of its initial share sale that opens on Friday. The leading insurer would allot shares to 64 anchor investors at Rs 661 apiece – the upper end of the IPO price band.

08:48 South Korean President Moon Jae-in said North Korea’s latest launch of a missile over Japan will only result in further diplomatic and economic isolation for the North, and officials said Moon had also warned of possible new threats, reports Reuters. “President Moon ordered officials to closely analyse and prepare for new possible North Korean threats like EMP (electro-magnetic pulse) and biochemical attacks,” Moon’s spokesman Park Su-hyun said.

08:45 Rising living standards will limit the effect of any sanctions on North Korea, reports Bloomberg. Although the country is still poor, its gross domestic product grew by an estimated 3.9% in 2016, to about USD 28.5 billion, the fastest pace in 17 years. Wages have risen quickly, and per-capita GDP is now on par with Rwanda, an African economic exemplar. This progress is partly due to continued trade with China.

At the same time, economic reforms made in 2011 have begun to take hold, allowing factory managers to set salaries, find their own suppliers, and hire and fire employees. Farming collectives have been replaced by a family-based management system, which has led to far greater harvests. The government has even come to tolerate private enterprise on a limited basis.

08:34 The Narendra Modi government’s cash ban and a tax overhaul will depress growth this year, with foreign investors pulling USD 1.7 billion out of Indian equities in August, reports Bloomberg.

08:29 Traders are getting less excited by North Korean provocations, judging by the diminished reactions in financial markets to the dictatorship’s weapons tests, reports Bloomberg. The gains for haven assets so far on Friday are well short of the reactions on August 29, when North Korea launched an intercontinental ballistic missile over Japan. And they pale in comparison to the surges seen a week ago when traders were fearful that the weekend would bring missile tests, and that Florida would suffer much more damage than it did from Irma.

08:21 The Aam Aadmi Party (AAP) alleged the Bharatiya Janata Party (BJP) is "shielding" the trustees of the Ryan schools group whose Gurugram branch witnessed the murder of a schoolboy, saying a management member of the firm is linked to the saffron party, reports PTI.

Senior AAP leader Ashutosh said, in February the government had appointed Grace Pinto, Managing Director of the Ryan International Group, as a director of the Cotton Corporation of India (CCI), a public sector undertaking under the ministry of textiles. The website of CCI states that Pinto is an independent director with the PSU.

"Even as parents across the country are pained by the gruesome murder of a young boy at Ryan International Group's school, the management is being protected by the BJP government. Not only is Grace Pinto a member of the BJP, she has also reportedly organised a membership drive for teachers and children in her schools," Ashutosh claimed.

On Thursday, the Bombay High Court rejected the anticipatory bail pleas of three trustees of Ryan International Group -- CEO Ryan Pinto and his parents Augustine Pinto, founding Chairman, and Grace Pinto, the group's Managing Director over the murder of the seven-year-old boy in its Gurugram school.

08:15 The EU expanded its North Korea sanctions list, as the international community builds pressure on Pyongyang over its nuclear weapon and ballistic missile programmes, reports AFP. The 28-member bloc said it was adding nine individuals and four organisations to the blacklist, including the North Korean state-owned Foreign Trade Bank, in line with UN sanctions announced in August.

The EU decision relates to sanctions approved by the United Nations Security Council in August, and not the latest measures, which the UN panel approved on Monday. There are now 103 individuals and 57 organisations on the EU list. The measures targeted the North's main exports, including coal iron, iron ore, seafood, lead and lead ore.

08:12 Wholesale price inflation in India rose to 3.24% from a year ago, its fastest pace in four months, driven by higher prices of food and fuel products. The rise compares with a provisional 1.88% rise in July. Wholesale food prices in August rose 4.41% YoY as compared with a 2.12% rise a month earlier, government data showed on Thursday.

08:08 China posted its slowest growth in fixed-asset investment in nearly 18 years along with weaker-than-expected industrial output and retail sales, suggesting the economy may be starting to lose steam as lending costs rise. Fixed-asset investment, a key growth driver for the world’s second-largest economy, grew 7.8% in the first eight months of the year, the weakest pace since December 1999 and cooling from 8.3% in January-July. Factory output also disappointed, rising 6% in August from a year earlier, the weakest pace in nine months, statistics bureau data showed.

08:07 With the euro zone’s economy finally growing, the time for the European Central Bank to reduce its monetary stimulus may be nearing, speeches by three ECB policymakers suggested on Thursday.

08:06 Inflation in the eurozone appears to have bottomed out, European Central Bank policymaker Jan Smets said on Thursday.

08:06 The Bank of England said it was likely to raise interest rates in the coming months if the economy and price pressures keep growing, giving its clearest signal to date that Britain’s first rate hike in a decade is approaching.

08:05 Oil prices were lower on Friday but largely held gains that had prices flirting with multi-month highs, as the clean up after hurricanes in the United States gathered pace and the outlook for demand took on a firmer tone.

08:04 Gold rose on Friday to pull further away from a two-week low, after North Korea fired another missile over Japan, triggering the latest round of safe-haven buying in markets while weighing on the dollar.

07:59 The United States extended some sanctions relief for Iran under the 2015 nuclear deal but said it has yet to decide whether to preserve the deal itself, the State Department said. President Donald Trump, who must make a decision by mid-October that could undermine the agreement, said Iran is violating “the spirit” of the 2015 deal under which Iran got sanctions relief in return for curbing its nuclear program. In a sign of Trump’s desire to put pressure on Iran, which denies violating the deal, the US Treasury announced new cyber-related and other sanctions on seven Iranian individuals, two Iranian entities and two Ukraine-based entities.

07:57 “The international community needs to come together and send a clear message to North Korea that it is threatening world peace with its actions,” Japanese Prime Minister Shinzo Abe said, describing the launch as “unacceptable”.

07:56 The yen and the Swiss franc edged higher after North Korea fired a missile over Japan into the Pacific Ocean. The dollar fell to as low as 109.55 yen in early Asian trade, but later came off that low and was last trading at 110.05 yen, down 0.2% from late US trade on Thursday. Against another safe haven, the Swiss franc, the dollar slipped 0.2% to 0.9621 franc.

07:50 Japanese manufacturers’ confidence worsened for the first time in four months in September from the previous month’s decade-high level and was expected to fall further, weighed by global uncertainty, a Reuters poll showed. The monthly poll - which tracks the Bank of Japan’s closely watched quarterly tankan - found the service-sector mood had its best reading in more than two years, adding to recent signs of recovery in private consumption.

07:47 Chinese bitcoin exchange BTCChina said it would stop all trading from September 30, setting off a further slide in the value of the cryptocurrency that left it over 30% away from the record highs it hit earlier in the month. Just hours after BTCChina announced its closure, Chinese news outlet Yicai reported that the country plans to shut down all bitcoin exchanges by the end of September.

07:43 US consumer prices accelerated in August amid a jump in the cost of gasoline and rents, signs of firming inflation that could allow further monetary policy tightening from the Federal Reserve this year. The Labor Department said its Consumer Price index rose 0.4% last month after edging up 0.1% in July. August's gain as the largest in seven months and lifted the year-on-year increase in the CPI to 1.9% from 1.7% in July.

07:40 Rising shares of Boeing pulled the Dow Jones Industrial Average up to a record third consecutive all-time high on Thursday, while the S&P 500 fell as investors saw higher-than-expected inflation increasing the chances of an interest rate hike. The S&P 500 and Nasdaq moved lower after a Labor Department report showed consumer prices rose more than expected in August, boosting the odds of another interest rate hike this year.

07:36 A North Korean state agency threatened on Thursday to use nuclear weapons to reduce the United States to “ashes and darkness” for supporting a UN Security Council resolution and sanctions over its latest nuclear test. The Korea Asia-Pacific Peace Committee, which handles the North’s external ties and propaganda, also called for the breakup of the Security Council, which it called “a tool of evil” made up of “money-bribed” countries that move at the order of the United States.

07:29 US stock futures dipped and the yen rose after North Korea fired yet another missile over Japan into the Pacific Ocean in a sign that Pyongyang remains defiant despite tightening international sanctions. Japan's Nikkei were almost flat while South Korea's Kospi and Australia's main index both dipped 0.3%. The SGX Nifty is currently trading lower at 10,058.

07:22 The United Nations Security Council will meet at 3 pm ET on Friday on the latest North Korea missile test, diplomats said, at the request of the United States and Japan. The 15-member Security Council unanimously stepped up sanctions against North Korea on Monday over its September 3 nuclear test, imposing a ban on the country's textile exports and capping imports of crude oil. It was the ninth UN sanctions resolution adopted on North Korea since 2006.

07:19  US Secretary of State Rex Tillerson called on "all nations to take new measures" against North Korea after the pariah state launched another missile over Japan, reports CNBC. "China and Russia must indicate their intolerance for these reckless missile launches by taking direct actions of their own. These continued provocations only deepen North Korea's diplomatic and economic isolation," he stated.

07:16 North Korea's latest missile travelled farther, its second, flew higher than its last, reports CNBC. The missile was launched from the communist dictatorship's capital of Pyongyang at about 6:57 am local time and headed east. The projectile passed over Japan before landing in the sea at roughly 7:16 am, roughly 2,000 km east of Japan's Hokkaido island. The previous launch had landed only about 1,180 km east of Hokkaido. The height of the Friday launch also topped the August 29 flight.

07:10 In retort, the South Korean military conducted live-fire exercises that mimic attacking Pyongyang's launch site, NBC News reported. South Korean President Moon Jae-in's administration said the country conducted its own ballistic missile test into the sea, reports Reuters. Seoul's rapid comeback is widely viewed as justified and indicates the nation was prepared for North Korean hostilities. However, analysts called the venture risky, warning it could escalate an already-tense situation.

07:03 North Korea fired a missile that flew over Japan’s northern Hokkaido far out into the Pacific Ocean on Friday, reports Reuters. The missile flew over Japan and landed in the Pacific about 2,000 km east of Hokkaido, Japan’s Chief Cabinet Secretary Yoshihide Suga said. The missile reached an altitude of about 770 km and flew for about 19 minutes over a distance of about 3,700 km, according to South Korea’s military - far enough to reach the US Pacific territory of Guam.

06:58 Good Morning 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. 
  • September 15, 2017 / 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.

  • September 15, 2017 / 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.

  • ADVERTISEMENT
  • September 15, 2017 / 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.

  • September 15, 2017 / 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.

  • September 15, 2017 / 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.

  • ADVERTISEMENT
  • September 15, 2017 / 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.

  • September 15, 2017 / 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.

  • September 15, 2017 / 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.

  • September 15, 2017 / 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.

  • September 15, 2017 / 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.

  • ADVERTISEMENT
  • September 15, 2017 / 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.

  • September 15, 2017 / 05:13 PM IST
Sections