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Oct 04, 2017 10:29 AM IST IST | Source: Moneycontrol.com
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highlights
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.
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.
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.
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.
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.
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.
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.
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.
Top Headlines
1. Centre asks states to review VAT on petrol and diesel, reports CNBC-TV18
2. The government seeks to raise up to Rs 113.7bn from GIC Re's IPO, reports Reuters
3. Arun Shourie says demonetisation was govt scheme to convert black money into white, reports NDTV
4. Crackdown on Muslim-run leather units dents exports, hits jobs, reports Reuters
5. Yahoo says all 3bn accounts hacked in 2013 data theft
6. UIDAI, BSE among 6,000 Indian organisations reportedly affected by data breach
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.
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.
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.
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.
To read about all the stocks and sectors that will be in news today, click here
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.
To know what to expect in the market watch video below
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.
To read about all the stocks that will be in news today, click here
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.