News Live: Govt policies and decisions should benefit lower & middle class, says PM

It is noteworthy that the SEBI circular, which was originally issued in August, was withdrawn only a day before it was supposed to have been implemented. The circular mandated corporates to reveal details of their loan default – either interest payment or principal repayment – within a day’s time of default.

Read full story here.

19:32 The criticism that we have got in the last few days, we take it in right sense: Modi

19:25 I am hopeful that crackdown on shell companies will increase awareness among directors and increase transparency among companies: PM

19:22 The government values each and every penny of your hard-earned money. We have taken care of that in our policies and decisions so that lower and middle-class people can benefit from them: PM

19:10 In the last 3 years, the government has rolled out 87 reforms related to 21 sectors. Regulations have been changed for investments in sectors such as defence, construction, financial services, food processing, says PM Modi

19:00 Companies have mobilised Rs 25,000 crore in first six months through IPOs, says PM Modi

19:00 Government is strong enough to take bold steps. We will protect the honest, not the corrupt: Modi

18:55 In an address to company secretaries, PM Modi hits out at critics, says demonetisation is a great success.

18:40 The MPC has not viewed the recent growth slowdown as being structural in nature and is expecting it to be transient with growth prospects likely to improve over the medium term, said Chanda Kochhar, MD and CEO, ICICI Bank. The MPC has also reiterated the need to support investment activity and the gamut of measures that are being undertaken by government will help this process significantly.

17:56 Economic growth can aid in recovering revenue losses due to fuel excise cut. Some state governments, particularly Kerala, Delhi, were in the forefront highlighting their concerns over high fuel prices. Now they should look at their own VAT collections. We must bear in mind that a large part of what is collected from petroleum products also goes to the States. Therefore, a larger part of the oil kitty goes to the States. So, some part of the impact States also must bear: Jaitley

17:50 A lot of revenue that comes to State and Centre from the fuel is used for infrastructure development and social spending, Finance Minister Arun Jaitley tells CNBC-TV. The reason why the government was able to expand infrastructure was because there was additional revenue. But recently, some global issues led to rise in oil prices.

16:49 For a quick check on what moved the markets today, watch our market show.

16:37 The newly-appointed SBI Chairman says improving asset quality will be among his top priorities. For more, click here.

16:31 Kumar says he was informed about his appointment only a few moments before it was made official.

16:30 Kumar says these are challenging times for the banking sector and it will be his responsibility to carry forward the work done by Arundhati Bhattacharya. "It will be difficult to step into her shoes - they are too large," he says.

16:27 Rajnish Kumar is speaking to CNBC-TV18 now. He says he will take over as SBI Chairman with effect from October 7 and adds that the transition will be smooth.

16:20 An M.Sc. in Physics, apart from CAIIB, Kumar has held several key assignments across various business verticals, including two overseas assignments in Canada and UK.

16:15 Rajnish Kumar was heading SBI Capital Markets Limited (the Merchant Banking arm of State Bank of India) as Managing Director & Chief Executive Officer, prior to becoming Managing Director in SBI.

16:10 Kumar started his career with SBI as a Probationary Officer in 1980. He was elevated to the post of SBI MD in March 2015 and has been with the lender for three decades. The term of incumbent SBI Chairman Arundhati Bhattacharya is set to end this week.

16:06 Rajnish Kumar has been named Chairman of India’s largest state run lender State Bank of India for a period of three years. Arundhati Bhattacharya’s term as SBI chairman ends this week. Kumar currently holds the post of Managing Director at SBI. For more, click here.

16:01 Coal shipments handled by major Indian ports in August fell over 14% from a year earlier to 9.3 million tonne, government data showed, as demand for overseas coal declined due to higher domestic production, reports Reuters. The share of coal in cargoes handled at major ports fell to about 18% in August from 21% a year ago, the data showed, following India’s push to use more domestic coal and cut import dependency. India’s coal imports fell for the second straight year in 2017, and declined by 8.1% in the first quarter of FY18.

15:55 Oil Minister Dharmendra Pradhan said the Centre will request states to reduce value added tax on diesel and petrol by 5%. He said Finance Minister Arun Jaitley will write to the state FMs for reduction of VAT on fuel.

15:51 Reliance Communications has withdrawn plan to demerge its tower business, reports agencies. The beleaguered company was pursuing a Rs 11,000 crore tower deal with Canada's Brookfield. The latter had in December agreed to pay RComm upfront cash of Rs 11,000 crore for a 51% stake in Reliance Infratel.

15:46 The Madras High Court hearing a petition challenging the Tamil Nadu Speaker's decision last month to disqualify 18 legislators of the ruling AIADMK loyal to VK Sasikala, who has been evicted by the party as its chief, has adjourned the case to October 9. It has posted the DMK floor test case for October 12.

15:41 The Panchkula court has sent Honeypreet Insan, the "adopted daughter" of jailed Dera Sacha Sauda chief Gurmeet Ram Rahim Singh, to police custody for six days, reports CNN-News18.

15:55 India’s winter crops may be at risk this year as insufficient showers in some key regions reduced dam levels, reports Bloomberg. The country’s 91 main reservoirs held 103.43 billion cubic meters of water as of September 28, down 13% from the 10-year average, according to the Central Water Commission. The total volume was 66% of the combined storage capacity, compared with 74% a year ago, it said. The June-September monsoon season is critical to India’s agriculture sector as it directly waters more than half of all farm land and helps fill dams that irrigate crops during winter. This year’s monsoon was below normal, with 17% of the country receiving insufficient showers. Rainfall was normal last year after back-to-back deficits.

15:29 What do experts make of RBI’s latest policy stance, click here to find out

15:27 RBI said the decision to keep the repo rate on hold reflected its concern that consumer inflation could accelerate further after hitting a five-month high of 3.36% in August, not far from the central bank’s 4% target. The regulator also raised its inflation projection for October-March to a range of 4.2-4.6%, above its inflation target and above its previous projection. Among its concerns on inflation, it cited rising food prices, price revisions after the recent implementation of a national goods and services tax, and stubbornly high core inflation.

15:20 India is pushing to renegotiate more liquefied natural gas deals after its success in reaching agreements with some of the world’s largest energy suppliers, reports Bloomberg. GAIL India, the nation’s biggest gas utility, is working toward renegotiating two more long-term deals, according to the company’s chairman. Those would follow new deals with Qatar’s RasGas Co in 2015 and Exxon Mobil Corp last month that saw the Indian buyer get lower prices in exchange for agreeing to purchase higher volumes. “We have successfully renegotiated along with Petronet two long-term contracts,” Chairman BC Tripathi said in New Delhi on Wednesday. “We are now working on a third and fourth contract. This is how the market structure has changed. We are moving from a supply-constraint market to a supply-surplus market,” he said.

15:08 Petrol price was cut by Rs 2.5 per litre and diesel by Rs 2.25 following the reduction in excise duty on auto fuels. Petrol in Delhi now costs Rs 68.38 a litre, down from Rs 70.88. A litre of diesel now comes for Rs 56.89 as against Rs 59.14 previously, according to Indian Oil Corp (IOC), the nation's largest fuel retailer.

15:03 The Reserve Bank of India has asked large borrowers (Rs 5 crore and above) to take Large Entity Identifier registration.

14:32 The Reserve Bank of India has left policy rates unchanged at its Monetary Policy Committee meet today. The central bank has left the repo rate unchanged at 6%. The Reserve Bank of India has left policy rates unchanged at its Monetary Policy Committee meet today. The central bank has left the repo rate unchanged at 6%. Similarly, the reverse repo has been left unchanged at 5.75%. The statutory liquidity ratio has been cut by 50bps to 19.5% from October 14 fortnight. FY18 gross value added growth forecast cut to 6.7% from 7.3%.

Five of the six members, including RBI Governor Urjit Patel, in the Monetary Policy Committee (MPC) voted in favour of a status quo. Dr Ravindra H Dholakia was the only member who voted for a policy rate reduction of at least 25 basis points. For more updates, click here

14:29 Sebi has kept processing of Barbeque Nation Hospitality's proposed IPO in abeyance "pending regulatory action for past violations", reports PTI. However, the Securities and Exchange Board of India (Sebi) did not clarify on whether violations have been committed by the company or related entities. The company had filed draft papers with Sebi in August, seeking approval to float its initial public offer (IPO). The proposed IPO of the firm, which operates Barbeque Nation restaurants, comprises fresh issue of shares worth up to Rs 200 crore, besides an offer for sale of up to 61.79 lakh shares by promoters. According to merchant banking sources, the public issue was expected to mobilise Rs 700 crore.

14:26 The Unique Identification Authority of India (UIDAI) said there has been no security breach of its database or Central Identities Data Repository (CIDR), a day after reports that Aadhaar and about 6,000 other businesses and government entities were potentially breached. UIDAI said in a statement today that the supposed incident related to the claimed breach of information from IRINN "does not contain any confidential data of UIDAI and has not affected any services provided by the Authority."

14:15 State-owned power equipment maker Bharat Heavy Electricals (BHEL) has paid a final equity dividend of 39% for 2016-17, reports PTI. With this, the total dividend paid during the year stands at 79%, including an interim one of 40% paid earlier. The figure is four times the dividend paid in the previous year and its highest in the last three years. In value terms, the total dividend for 2016-17 amounts to Rs 386.72 crore.

14:11 Srei Equipment Finance, a wholly owned subsidiary of Srei Infrastructure Finance, and Tata Motors have signed a memorandum of understanding (MoU) to finance commercial vehicles with a special focus on construction and mining tippers, reports PTI. The preferred financier agreement would allow both Srei and Tata Motors to explore enhanced growth prospects in the heavy-duty tipper truck segment in the country.

14:10 Fugitive underworld don Dawood Ibrahim and his brother Anees Ibrahim have been shown as wanted accused in the case of extorting Rs 3 crore from a prominent builder, in which their sibling Iqbal Kaskar is already booked, Thane Police said. The Thane Police's crime branch had on Tuesday registered an offence of extortion on the complaint of the builder against Kaskar and the gang members of Dawood, reports PTI.

14:08 The government's decision to cut excise duty on petrol and diesel will be a relief for consumers as it will lower CPI inflation by around 8-9 bps, but will add to fiscal concerns of the economy, says a Nomura report. According to the global financial services major, this decision further adds to the risk that the government will likely miss its fiscal deficit target for this fiscal.

14:05 Czech car maker Skoda launched its all new 7-seater sports utility vehicle (SUV) Kodiaq, priced at Rs 34,49,501 across the country. Assembled at the company' Aurangabad manufacturing facility, the first seven-seater SUV from the Volkswagen group company comes with a 2-litre diesel engine.

14:00 Business across the euro zone grew rapidly in September as firms struggled to keep up with demand, a survey showed on Wednesday, with October looking likely to be lively as well, reports Reuters. IHS Markit’s final composite Purchasing Managers’ Index for the euro zone bounced to 56.7 last month from August’s 55.7, in line with an earlier flash estimate and comfortably above the 50-mark that separates growth from contraction.

13:39 While leading a march against the alleged killing of RSS workers in Kerala, Uttar Pradesh Chief Minister Yogi Adityanath has raked up the issue of 'Love Jihad' and said that it was a "dangerous trend", reports CNN-News18. "Love Jihad is a dangerous trend. The Supreme Court has already passed an order on it and the NIA is investigating it," said the leader. Yogi has also urged the Kerala government to take a serious look at cases of 'Love Jihad' in the state. The BJP campaign against the purported political murders was flagged off by party president Amit Shah at Kannur on Tuesday.

13:36 Japan’s economy saw output exceed full capacity by the most in nine years in the April-June quarter, a Bank of Japan estimate showed, a positive sign for the central bank as it seeks to accelerate inflation to its elusive 2% target, reports Reuters. The output gap, which measures the difference between an economy’s actual and potential output, stood at plus 1.22% in April-June, staying in positive territory for the third straight quarter, the BOJ estimate showed on Wednesday. The positive output gap exceeded 1% for the first time since January-March 2008 - months before the collapse of Lehman Brothers triggered a global financial crisis.

13:33 European shares dipped on Wednesday despite a new set of record highs overnight on Wall Street, with Spanish and banking stocks suffering from the on-going Catalonia crisis, while Germany’s DAX was catching up after a bank holiday, boosted by strong auto stocks. The pan-European STOXX 600 index was down 0.1% while Spain's IBEX fell 0.9% as banking stocks, the most sensitive to political risks, tumbled.

12.38 News18 is reporting that a CISF jawan opened fire at a Delhi metro station. Visuals suggest he may have fired in the air to control a scuffle that broke out between some people. Details are awaited.

12:28 The European Central Bank will ask euro area banks to set aside more cash to cover bad loans from next year as it tries to tackle the sector’s persistent problem with soured loans, reports Reuters. Starting January 1, banks will have at most two years to set aside funds to cover 100% of the value of their newly classified non-performing unsecured debt and seven years to cover all secured bad debt, it said.

12:25 India has approved smartphones maker Oppo’s request to open single-brand retail stores in the country, paving the way for the Chinese firm to sell directly to consumers and add to its existing wholesale business, reports Reuters. The move would help Oppo expand its reach in the world’s third-largest smartphones market, where global giants such as Apple have been trying to gain a foothold. The Foreign Investment Promotion Board approved Oppo Mobiles India’s request on Tuesday, according to a notice on the department’s website.

12:22 Technology enthusiasts will be keenly watching developments at Google later today. The California-based giant is expected to launch a host of products at one if its biggest events in several years. Prime among them will be the launch of latest flagship smartphone Google Pixel and Google Pixel 2. The latest Pixel device is will compete with Apple iPhone 8, 8 Plus and Samsung's Galaxy S8 smartphones. So, what can one expect from the event?

12:17 Taking a dig at Uttar Pradesh Chief Minister Yogi Adityanath who is in Kerala for the ‘Jan Raksha Yatra’, CPI (M) has asked him to visit hospitals there to learn how they are run, reports CNN-News18. The official twitter handle of CPI (M) tweeted, “We invite UP CM Yogi to visit Kerala Hospitals to learn how to run hospitals effectively.”

12:08 Why no action against O Panneerselvam MLAs despite the 12 MLAs defying the party whip on the confidence motion, Madras High Court asks Speaker P Dhanapal, reports CNN-News18. The court is hearing a plea of the 18 MLAs from TTV Dinakaran camp who have been disqualified by the Tamil Nadu Assembly speaker. In its last hearing, the court had extended its stay on the floor test in Tamil Nadu Assembly. Issuing a notice to the speaker, it asked why both petitions should not be clubbed together.

11:23 In a telecom gamechanger, regulator Trai will issue a proposal to allow an Internet call to any device. If the recommendations are approved by the Department of Telecommunications, you will be able to call any landline or mobile phone from your WhatsApp or Skype.

11:18 Deposits with urban cooperative banks in the state have zoomed to cross Rs 50,000 crore, mainly due to the rush to deposit scrapped notes of Rs 500 and Rs 1,000 with banks in the wake of demonetisation announcement on November 8 last year, reports DNA. According to Gujarat Urban Cooperative Banks Federation (GUJFED), cumulative deposits of 220 urban cooperative banks in the state touched Rs 50,715 crore at the end of March 2017.

"The deposits of urban cooperative banks touched Rs 50,000 crore for the first time ever. Deposits rose by 26% from Rs 40,183 crore at the end of the previous financial year," Jyotindra Mehta, chairman of Gujarat Urban Cooperative Banks Federation, said. Mehta, who is also president of National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB), said the surge in deposits was linked directly with demonetisation, the November 8 announcement by Prime Minister Narendra Modi that saw currency notes of Rs 500 and Rs 1,000 being withdrawn from circulation.

11:06 Deepak Kumar, Chairman, the National Highways Authority of India, said the government agency will float bids for nine projects worth Rs 6,700 crore by October end. Speaking to CNBC-TV18, Kumar said NHAI plans to float bids in two more tranches by March next year.

10:50 A survivor of the Mumbai's Elphinstone Road Station stampede that killed 23 people and left over 35 people injured on September 29 told Dadar Police that the tragedy may have been triggered by people mishearing a flower vendor screaming "phool gir gaya" which translates to "flowers have fallen" as "pul gir gaya" that translates to "the brige has collapsed", reports India Today. The flower vendor shouted "phool gir gaya" when the flowers he was carrying fell under the bridge but in that tense situation and heavy downpour, people stuck on the Foot over Bridge (FoB) heard it as someone shouting the bridge has collapsed. Meanwhile, the Mumbai Police has stated that there was no dereliction of duty or molestation after the stampede.

10:37 BJP President Amit Shah has cut short his visit to Kerala and Karnataka after having to leave for New Delhi. Shah was supposed to address an 'intellectual meet' and hold a preliminary meeting about the organisation of the Parivarthana rally in Bengaluru on November 2. However, these programmes have been postponed indefinitely due to "unavoidable reasons", Sanjeeva Matandoor, president, Dakshina Kannada unit of the party said.

10:29 Days after senior BJP leader Yashwant Sinha lashed out at the government over the economic slowdown, former Union Minister Arun Shourie has said that note ban was largest money-laundering scheme ever, reports NDTV. Blaming the demonetisation move for the economic slowdown, Shourie said it was the largest money-laundering scheme ever, conceived and implemented entirely by the government. He said he agrees with Sinha's assessment that others in the BJP share their concern over the government's economic policies but are either prevented from or scared to raise questions.

10:08 Natco Pharma scrip is locked at 20% upper circuit on the back of a US Food & Drug Administration (USFDA) approval for Glatiramer Acetate Injection. The company's marketing partner Mylan's has received US Food and Drug Administration (FDA) approval for Glatiramer Acetate Injection in strengths of 40 mg/mL and 20 mg/mL. The drugs are indicated for the treatment of patients with relapsing forms of multiple sclerosis (MS), a chronic inflammatory disease of the central nervous system.

09:54 A data breach that could potentially affect over 6,000 Indian organisations including the Unique Identification Authority of India, Reserve Bank of India, BSE and Flipkart, has been addressed by the arm of the government responsible for handling the registry that was allegedly compromised. A cybersecurity firm in Pune, along with its partner, had tracked an advertisement on the DarkNet offering access to the servers and database dump of over 6,000 Indian businesses.

09:48 Pakistan's intelligence agency ISI has connections with terrorist groups and runs its own foreign policy, a top US General said on Wednesday. Pakistan has denied the US' allegations, which could possibly be the strongest indictment of the support that the Pakistan's spy agency provides to terrorist groups, reports PTI. "I think it's clear to me that the ISI has connections with terrorist groups," General Joseph Dunford, Chairman of the US Joint Chiefs of Staff told members of the powerful Senate Foreign Relations Committee during a Congressional hearing.

09:29 US Citizenship and Immigration Services (USCIS), the agency that oversees lawful immigration in the US, on Tuesday resumed premium processing for all types of H-1B visa petitions, a move that would likely be positive for the Indian information technology industry. H-1B visas are the most widely-used category of visas for sending Indian IT workers to the US for projects. They let Indian IT players send their workforce to US-based client locations, helping them keep costs low and gain an advantage over global competitors.

09:03 To read about all the stocks and sectors that will be in news today, click here

09:01 A government crackdown on Muslim-dominated abattoirs and the trade of cattle dragged down India’s exports of leather shoes by more than 13% in June, as leading global brands turned to China, Bangladesh, Indonesia and Pakistan to secure supplies, reports Reuters.

The drop in exports of shoes and leather garments comes as a setback for Prime Minister Narendra Modi, who has sought to create millions of jobs by more than doubling the leather industry’s revenues to USD 27 billion by 2020. India, the world’s second-biggest supplier of shoes and leather garments, exports nearly half its leather goods, with overseas sales estimated at USD 5.7 billion in FY17, down 3.2% from a year earlier. Footwear exports fell more than 4% in April-June, to USD 674 million.

08:52 Reliance Communications’ (RCom) plan to monetise its spectrum assets and pare debt has little chance of succeeding as about 50% of the company’s 800MHz and 1800MHz spectrum is set to expire in 2021, reports Mint. Thecompany’s 2G subscribers are now on the 900/1800 MHz bands and its 4G subscribers are on the 800 MHz band. RCom’s contribution from 800 MHz and 1800 MHz bands will fall after 2021, CLSA Research said in a note to investors on October 3. “Calling off the deal with Aircel exposes RCom to renewal risk particularly in the 1,800MHz band... High leverage will limit RCom’s ability to buy back spectrum in auctions in 2021. This could drive a sharp drop in its 2G revenue coverage and potentially hit revenue,” it said.

08:42 To read about all the stocks that will be in news today, click here

08:37 State-run reinsurer General Insurance Corporation of India’s (GIC Re) initial public offering of shares next week seeks to raise as much Rs 113.7 billion in what will be India’s second-biggest IPO, reports Reuters. GIC Re set a price range of Rs 855-912 a share for its IPO that will run from October 11-13. At the upper end of the price range, the IPO would raise Rs 113.7 billion. In the GIC Re IPO, the Centre, which fully owns the reinsurer, will sell 107.5 million shares, while the company will raise funds by selling 17.2 million new shares. The total offer of 124.7 million shares constitutes 14.2% of the post-offer paid up share capital.

08:31 The World Bank raised its economic growth forecasts for developing East Asia and Pacific for this year and 2018, but added the generally positive outlook was clouded by risks such as rising trade protectionism and geopolitical tensions, reports Reuters. The Washington-based lender now expects the developing East Asia and Pacific (EAP) region, which includes China, to grow 6.4% in 2017 and 6.2% in 2018. Its previous forecast in April was for 6.2% growth in 2017 and 6.1% growth in 2018.

08:23 Defence Secretary Jim Mattis vouched for Secretary of State Rex Tillerson’s diplomatic efforts to defuse the North Korea crisis after President Donald Trump said Tillerson “is wasting his time,” reports Bloomberg. “The Defence Department supports fully Secretary Tillerson’s efforts to find a diplomatic solution but remains focused on defence of the United States and our allies,” Mattis said in testimony Tuesday at a hearing before the Senate Armed Services Committee.

08:20 Godrej Agrovet's initial public offering opens for subscription today with a price band of Rs 450-460 per share. It has raised a little over Rs 341 crore from anchor investors ahead of the IPO.

08:18 All eyes will be on Reserve Bank of India Governor Urjit Patel as he delivers a policy decision today. A CNBC-TV18 poll expects a status quo despite the rate cut clamour. India Inc said an excise duty cut sends an important signal to RBI to cut rates, with industry body Ficci joining CII in demanding a rate cut of at least 100 basis points.

08:13 Eight core sectors grew by 4.9% in August, the highest growth rate since April, on account of robust performance of coal, natural gas and electricity segments, official data showed. These eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had witnessed 3.1% expansion in August last year.

08:10 Vijay Mallya was arrested in London on Tuesday for the second time this year. However, he was released soon after on a GBP 60,000 bond by the London Court. The absconding liquor baron was arrested under the prevention of Money Laundering Act after the Enforcement Directorate filed a supplementary extradition request. This fresh request pertains to the Rs 900 crore money laundering case that was filed by IDBI Bank. The ED has submitted evidence that Mallya laundered the loan money from IDBI Bank to tax havens. Under the conditions for the bail, Mallya will have to co-operate in the investigation and he cannot leave London till the trial is underway.

08:03 States have also been asked to review value added tax on petrol and diesel, reports CNBC-TV18. An official said the Centre expect states to reduce VAT on petrol and diesel. It has also asked oil marketing companies to review petrol and diesel prices. States are likely to cut VAT by Rs 2 per litre while OMCs are likely to cut prices by Rs 1 per litre.

There is need to reduce petrol and diesel prices by Rs 4-5 per litre, the official said. “Rs 65 per litre is an acceptable retail selling price for petrol.” Government officials indicate that a price cut of Rs 5 per litre on petrol and diesel is likely.

07:51 The government has cut basic excise on petrol and diesel by Rs 2 per litre, effective today. The Finance Ministry said the cut will result in a loss of Rs 13,000 crore this fiscal.

07:48 In the world of commodities, crude oil prices dipped as speculators took profits for a second day after big third-quarter gains, but prospects for reducing the global crude glut lent support. Meanwhile the American Petroleum Institute reported that US crude supplies fell for a second week in a row, by 4.1 million barrels for the week ended September 29. From the precious metals space, gold rebounded from a seven-week low as the dollar came off its highs.

07:37 A coalition of 40 Catholic institutions on Tuesday announced a decision to pull their money from — or block future investment in — fossil fuels, reports CNBC. The Global Catholic Climate Movement called it the biggest collective announcement of divestment by Catholic organisations ever. The group comes from all over the world — they include financial institutions such as Germany's Bank für Kirche und Caritas eG, and the Episcopal Conference of Belgium, which is the policy arm of the Catholic church in that country. Groups from the UK, the United States, Australia and Italy were also among those divesting.

07:30 Uber said on Tuesday that it will accept an investment from Japanese tech investor SoftBank, joining a growing portfolio of US technology investments made by intrepid mogul Masayoshi Son, reports CNBC. The investment will be between USD 1 billion and USD 1.25 billion at the company's last reported valuation of USD 69 billion. An investment in Uber would double up with SoftBank CEO Masayoshi Son's investment in Didi Chuxing, which co-owns Uber's China operations. Son has also invested in Grab, a ride-hailing company in Southeast Asia and Ola, an India ride-hailing giant.

07:22 Japan’s services sector expanded in September at the slowest rate in 11 months as the pace of new orders eased, though a raft of other data suggest the economic recovery remains intact even as momentum may have ebbed slightly in the third quarter, reports Reuters. The Markit/Nikkei survey released on Wednesday showed its Japan Services Purchasing Managers Index (PMI) fell to a seasonally adjusted 51.0 from 51.6 in August.

07:20 Japanese shares climbed on Wednesday led by auto stocks as US demand for cars ballooned following damage from recent hurricanes, while the dollar traded cautiously amid speculation over the next head of the Federal Reserve. Across Asia this week, trade has been generally subdued and volumes thin with China and South Korea closed for week-long holidays and analysts cautioning against reading too much into index moves. Japan's Nikkei climbed to the highest since August 2015 to 20,669.86 points, aided by strong gains in Toyota Motor and Mazda Motor Corp. The SGX Nifty is trading flat up 17 points.

07:17 President Donald Trump’s tax reform plan came under new criticism on Tuesday from two towering Wall Street figures, including billionaire investor Warren Buffett, who called into question a Republican drive to slash the US corporate rate, reports Reuters. With the White House and top Republicans in Congress already on the defensive over claims the plan would not cut taxes for many middle-class Americans, Buffett and BlackRock Chief Executive Larry Fink suggested in separate interviews that the corporate rate may not have to be cut as deeply as proposed.

“We have a lot of businesses... I don’t think any of them are non-competitive in the world because of the corporate tax rate,” Buffett, the chairman and CEO of Berkshire Hathaway, said. Fink said a corporate rate as high as 27% could satisfy US businesses’ need for tax relief, while avoiding an increase in the federal deficit. “What is being proposed is a pretty large expansion of our deficits,” Fink said.

07:14 The three major US stock indexes and the Russell 2000 posted record high closes for the second straight day on Tuesday, helped by gains in airlines and as carmakers rose after strong September vehicle sales. The Dow Jones Industrial Average rose 84.07 points, or 0.37%, to close at 22,641.67, the S&P 500 gained 5.46 points, or 0.22%, to 2,534.58 and the Nasdaq Composite added 15.00 points, or 0.23%, to 6,531.71.

07:07 Yahoo said all 3 billion of its accounts were hacked in a 2013 data theft, tripling its earlier estimate of the size of the largest breach in history, in a disclosure that attorneys said sharply increased the legal exposure of its new owner, Verizon Communications, reports Reuters. The company, the early face of the internet for many in the world, already faced at least 41 consumer class-action lawsuits in US federal and state courts. The company said the investigation indicated that the stolen information did not include passwords in clear text, payment card data, or bank account information.

07:04 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.