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Oct 09, 2017 10:07 AM IST IST | Source: Moneycontrol.com
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highlights
North Korea is preparing to test a long-range missile, which it believes can reach the west coast of the United States, reports Reuters, quoting a Russian lawmaker who has returned from a visit to Pyongyang. Anton Morozov, a member of the Russian lower house of parliament's international affairs committee, and two other Russian lawmakers visited Pyongyang on October 2-6, Russia's RIA news agency reported. "They are preparing for new tests of a long-range missile. They even gave us mathematical calculations that they believe prove that their missile can hit the west coast of the United States," RIA quoted Morozov as saying.
Republican senator Bob Corker has warned that Donald Trump risks setting the nation “on the path to world war three” as the pair continued to exchange public barbs, reports The Guardian. The US president had blamed his former political ally for the Iran nuclear deal in a series of derisive Twitter posts that drew a sharp riposte from Corker, who chairs the important Senate foreign relations committee.
Corker said he was alarmed about a president who acts “like he’s doing The Apprentice or something’ – in a reference to the reality television show that Trump had once hosted. On Sunday, Trump tweeted that Corker had “begged him” to for his endorsement in Tennessee but “I said ‘NO’ and he dropped out (said he could not win without my endorsement),” Trump wrote. An hour later Corker tweeted back: “It’s a shame the White House has become an adult day care center. Someone obviously missed their shift this morning.”
In an interview to Mint two days after the October monetary policy that left the policy rate unchanged, raised the year-end inflation projection marginally and pared the growth projection for fiscal 2018, Reserve Bank of India Governor Urjit Patel said there are visible signs of upturn and economic growth is likely to exceed 7% in the last two quarters of the year as projected in last week’s monetary policy report.
Mahindra & Mahindra is in early talks with its partner Ford Motor Co to procure a vehicle platform on which the Mumbai-based company aims to build an all new electric sedan, reports Mint. In lieu of this platform, M&M will share its affordable electric vehicle technologies with Ford, which the American company plans to use in its entry-level cars such as Figo and Aspire.
The bull run in Indian sovereign bonds is petering out as accelerating inflation and the risk of worsening public finances cloud the outlook for Asia’s highest-yielding securities, reports Bloomberg. The benchmark 10-year yield, up 24 bps in 2017, may climb further as rising living costs prevent the Reserve Bank of India from cutting interest rates, according to HSBC Holdings and Emkay Global Financial Services. A potential increase in government borrowing, which will boost debt supply, also threatens to depress bond prices, after the yield sank 231 bps in the last three years. In fact, Emkay said the best phase of the bond market may be behind us.
A government audit of central universities has suggested that the words ‘Muslim’ and ‘Hindu’ be dropped from the names of Aligarh Muslim University (AMU) and Banaras Hindu University (BHU), respectively, to reflect their secular character, The Indian Express has learnt. The suggestion is contained in an audit of AMU by one of five committees set up by the University Grants Commission (UGC) on April 25 at the behest of the HRD Ministry to probe complaints of irregularities against 10 central universities.
Two days after seven military personnel were killed in a helicopter crash in Tawang, purported images of their bodies being transferred in cardboard boxes surfaced on Sunday, triggering an outrage. India TV reports that this prompted the Army to come out with a tweet saying the wrapping of the bodies with local resources was an “aberration” and that the fallen soldiers are always given full military honour.
The rhetoric between North Korea and United States continued over the weekend. On Saturday, US President Donald Trump said “only one thing will work” in dealing with the isolated country. His comments seemed to suggest that military action was on his mind. Few hours later, Reuters reported that North Korea’s leader Kim Jong Un said his nuclear weapons were a “powerful deterrent” that guaranteed its sovereignty. In a meeting of the powerful Central Committee of the ruling Workers’ Party on Saturday, Kim Jong Un’s sister, Kim Yo Jong, was made an alternate member of the politburo - the country’s top decision-making body.
Top Headlines
1. North Korea to test a long-range missile with the US west coast in sight, reports Reuters
2. Kim Jong Un promotes sister even as Trump says 'only one thing will work', reports Reuters
3. Urjit Patel sees GDP growth exceeding 7% in H2 FY18, reports Mint
4. Trump risks putting US 'on path to world war three', Bob Corker tells The Guardian
5. Tawang chopper crash: Images of soldiers' bodies spark outrage, Indian Army calls it 'aberration', reports India TV
6. Bond party set to cool in India as inflation, fiscal risks loom, reports Bloomberg
7. UGC panel wants 'M' from AMU, 'H' from BHU removed, reports The Indian Express
8. M&M looks to procure Ford’s platform to build electric sedan, reports Mint
North Korea is preparing to test a long-range missile, which it believes can reach the west coast of the United States, reports Reuters, quoting a Russian lawmaker who has returned from a visit to Pyongyang. Anton Morozov, a member of the Russian lower house of parliament's international affairs committee, and two other Russian lawmakers visited Pyongyang on October 2-6, Russia's RIA news agency reported. "They are preparing for new tests of a long-range missile. They even gave us mathematical calculations that they believe prove that their missile can hit the west coast of the United States," RIA quoted Morozov as saying.
Republican senator Bob Corker has warned that Donald Trump risks setting the nation “on the path to world war three” as the pair continued to exchange public barbs, reports The Guardian. The US president had blamed his former political ally for the Iran nuclear deal in a series of derisive Twitter posts that drew a sharp riposte from Corker, who chairs the important Senate foreign relations committee.
Corker said he was alarmed about a president who acts “like he’s doing The Apprentice or something’ – in a reference to the reality television show that Trump had once hosted. On Sunday, Trump tweeted that Corker had “begged him” to for his endorsement in Tennessee but “I said ‘NO’ and he dropped out (said he could not win without my endorsement),” Trump wrote. An hour later Corker tweeted back: “It’s a shame the White House has become an adult day care center. Someone obviously missed their shift this morning.”
In an interview to Mint two days after the October monetary policy that left the policy rate unchanged, raised the year-end inflation projection marginally and pared the growth projection for fiscal 2018, Reserve Bank of India Governor Urjit Patel said there are visible signs of upturn and economic growth is likely to exceed 7% in the last two quarters of the year as projected in last week’s monetary policy report.
Mahindra & Mahindra is in early talks with its partner Ford Motor Co to procure a vehicle platform on which the Mumbai-based company aims to build an all new electric sedan, reports Mint. In lieu of this platform, M&M will share its affordable electric vehicle technologies with Ford, which the American company plans to use in its entry-level cars such as Figo and Aspire.
The Tata Teleservices scrip is down over 13% after the Tata Group informed the government on Friday that it plans to shut its wireless business, bringing an end to its 21-year-old phone services venture. Tata Group Chief Financial Officer Saurabh Agrawal and Tata Teleservices Managing Director N Srinath were among executives who met DoT officials and discussed ways of surrendering or selling their existing spectrum holdings.
The bull run in Indian sovereign bonds is petering out as accelerating inflation and the risk of worsening public finances cloud the outlook for Asia’s highest-yielding securities, reports Bloomberg. The benchmark 10-year yield, up 24 bps in 2017, may climb further as rising living costs prevent the Reserve Bank of India from cutting interest rates, according to HSBC Holdings and Emkay Global Financial Services. A potential increase in government borrowing, which will boost debt supply, also threatens to depress bond prices, after the yield sank 231 bps in the last three years. In fact, Emkay said the best phase of the bond market may be behind us.
A clip of Maharashtra Chief Minister Devendra Fadnavis in the run-up to the 2014 assembly polls has left him red-faced. Fadnavis is heard saying "the Congress-NCP government must be ousted as it has plunged the state into darkness." Today, the once power-surplus state is once again reeling under a power crisis, forcing Fadnavis to step in to tackle the situation, reports The Times of India.
Heavy rains affected flight operations at the Mumbai airport on Monday, the second time in less than a month, causing delays. PTI reports that rains had led to a pothole on one of the taxiways, forcing the airport authorities to shut the main runway and resulting in delays in aircraft movement. This was the second time in less than a month that the Mumbai International Airport (MIAL), the GVK-led joint venture airport company, had to shut the main runway, 009/27, for operations.
Union Home Minister Rajnath Singh said Indian soldiers along the Indo-Pakistan border had been gunning down at least five-six terrorists every day and that he had told them to give a fitting reply if Pakistan opened fire, reports PTI. He said the neighbouring country had been sending terrorists to India with nefarious designs and the Indian soldiers had been gunning down at least five-six of them every day.
Recently-appointed Tata Sons Chairman Natarajan Chandrasekaran is clear in his mind that the sprawling Tata Group has to be streamlined -- with several businesses needing to be consolidated, and others scaled up further. In an interview with CNBC-TV18, Chandrasekaran said he has been busy collecting data, formulating strategy, building a team and laying out a capital allocation plan for the over $100 billion group.
To know what to expect in the market watch video below
A government audit of central universities has suggested that the words ‘Muslim’ and ‘Hindu’ be dropped from the names of Aligarh Muslim University (AMU) and Banaras Hindu University (BHU), respectively, to reflect their secular character, The Indian Express has learnt. The suggestion is contained in an audit of AMU by one of five committees set up by the University Grants Commission (UGC) on April 25 at the behest of the HRD Ministry to probe complaints of irregularities against 10 central universities.
Shiv Sena chief Uddhav Thackeray dared his party's ruling ally BJP to "resign" from the Maharashtra government and face midterm polls, reports PTI. The state's ruling partners are also part of the NDA at the Centre, but relations between them are strained for quite some time. "I challenge you to resign from the government and face polls once again. We will show you the Shiv Sena's power. Even during the (Modi) wave, the BJP got votes in Sena's name," Thackeray said, addressing a rally for a local election in Nanded.
A report in the online news portal The Wire about the business dealings of BJP president Amit Shah’s son Jay triggered a political storm Sunday, with the Congress asking whether Prime Minister Narendra Modi would order an inquiry by the CBI or Enforcement Directorate, and the BJP calling the report “false” and defamatory”, reports The Indian Express. Amit Shah’s son said he would sue the author of the report and the editors and owners of the website for criminal defamation. “We finally found the only beneficiary of Demonetisation. It’s not the RBI, the poor or the farmers. It’s the Shah-in-Shah of Demo. Jai Amit,” Congress Vice President Rahul Gandhi tweeted. The CPI(M), AAP, Samajwadi Party and RJD too used the report to attack the BJP, Amit Shah and Modi.
Two days after seven military personnel were killed in a helicopter crash in Tawang, purported images of their bodies being transferred in cardboard boxes surfaced on Sunday, triggering an outrage. India TV reports that this prompted the Army to come out with a tweet saying the wrapping of the bodies with local resources was an “aberration” and that the fallen soldiers are always given full military honour.
Large protests were held across Australia on Saturday against Indian mining giant Adani Enterprises’ proposed Carmichael coal mine, which would be the country’s largest coal mine but has been delayed for years over environmental and financing issues. Environment groups say the mine in Queensland state would contribute to global warming and damage the Great Barrier Reef. Reuters reports that the “Stop Adani” movement organised 45 protests.
The Reserve Bank of India has initiated “prompt corrective action” against Oriental Bank of Commerce over its high amount of net non-performing assets (NPA), reports Reuters. Oriental Bank is the seventh state-run lender to be put under a corrective action plan, which requires a bank to enact curbs on hiring, branch expansion and taking on new loans.
The GST Council has introduced a slew of reforms amid the festive season to woo traders and consumers. In a big relief for exporters, it has decided to clear refunds for July and August in October via cheque. In the future, every exporter will get an e-wallet for refunds. The Council has also taken steps to ease compliance for businesses. It has decided to widen the composition scheme to taxpayers with turnover up to Rs 1 crore and allowed businesses with a turnover up to Rs 1.5 crore to file returns quarterly. The rates for 27 items have been reduced -- khakhra, unbranded namkeen, unbranded Ayurvedic medicine and manmade yarn to attract lower taxes. A Group of Ministers has been appointed to look into the taxation regime for restaurants as well. Also, the Council has decided to look at implementing the e-way bill mechanism after April 1.
Gold prices rose on Monday, pulling further away from a two-month low, as fresh concerns over North Korea's nuclear ambitions stoked safe-haven demand for the precious metal and weighed on the dollar.
Business activity in China’s services sector grew at its slowest pace in 21 months in September as the pace of new business cooled, a private survey showed. The survey was in sharp contrast to an official gauge of the non-manufacturing sector that showed the services sector expanded at the fastest clip since 2014 in September, blurring the picture on how a key part of the economy is performing, reports Reuters. The Caixin/Markit services purchasing managers’ index (PMI) fell to 50.6 in September, the lowest reading since December 2012 and one of the weakest since the survey began in 2005.
Oil prices edged up on Monday, halting a 2% slide from Friday, on expectations that Saudi Arabia would continue to restrain its output in order to support prices, and as the amount of rigs drilling for new oil in the United States dipped.
British consumer spending jumped in September, but not by enough to halt a YoY decline that reflects rising living costs, a survey by payments company Visa showed. Consumer spending - adjusted for inflation and seasonal effects - rose by 1.4% in September after falling 0.4% MoM in August, Visa said, based on its credit and debit card data. Reuters reports that this was the biggest monthly rise since November, but still left overall spending in real terms 0.3% below its level a year ago. Spending has fallen YoY for four of the past five months, the longest series of such declines since April 2013.
British Prime Minister Theresa May has signalled that she could sack Foreign Secretary Boris Johnson as she tries to reassert her authority after a series of political disasters, reports The Sunday Times.
Catalonia is expected to declare independence from Spain as early as Tuesday, reports CNBC. Following its banned referendum, Catalan president has said he prefers mediation out of the current crisis. But Dpain's central government has rejected this avenue demanding a "return to the path of law" before any talks. The likely outcome is that Catalonia will declare independence after a parliamentary session.
In Europe, stocks closed in the red on Friday as investors digested the latest set of payrolls data from the US and monitored political events in Spain.
US President Donald Trump said on Saturday he would be open to cutting a one- or two-year deal with Democratic rivals as a way to kick-start reform of the nation’s healthcare system, a key campaign pledge made by Trump and the Republican Party. On Saturday, Trump told Reuters he had called Senate Democratic Leader Chuck Schumer to gauge interest in working on what he called a “great” healthcare bill to replace Obamacare.
US President Donald Trump, who pledged to work with Democrats to protect “Dreamers” - young people brought illegally to the United States as children - called on Sunday for money to fund a border wall and thousands more immigration officers to be part of any deal. Trump’s list of immigration “principles,” laid out in a document seen by Reuters, was a non-starter for Democrats, who are seeking a legislative fix for the Deferred Action for Childhood Arrivals (DACA) program that Trump ended last month.
Turkey's Lira has tumbled to an eight-month low against the dollar as relations with the US deteriorates. The Lira sank after the US blocked processing for the majority of new visas in Turkey, which in turn responded in kind, reports the The Financial Times.
CNBC reports that several Federal Reserve officials have indicated an openness to an interest rate hike in December. Dallas Fed President Robert Kaplan said he was "open minded" about another rate hike by year-end, while New York Fed President William Dudley said he thought it was "appropriate" for the central bank to continue removing accommodation.