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Oct 10, 2017 12:07 PM IST IST | Source: Moneycontrol.com
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highlights
North Korea is widely expected to conduct another missile test within the next ten days to mark two major political events, reports CNBC. Some kind of provocation could arrive as early as Tuesday, October 10, as the rogue nation celebrates the 72nd anniversary of its ruling Workers Party, experts said. October 18, which marks the beginning of China's 19th Party Congress, could be another ideal opportunity for North Korean leader Kim Jong Un to act out against stinging sanctions.
A trove of classified military documents, including the joint South Korea-US wartime operational plans for conflict with Pyongyang, were stolen by North Korean hackers, reports The Financial Times. Lee Cheol-hee, a member of the ruling Democratic party, on Tuesday said hackers had broken into a defence data centre in September last year. He said stolen documents included Operational Plans 5015 — the most recent allied blueprint for war with North Korea. The plans also include detailed procedures for a decapitation strike against the North Korean regime — a proposal that has reportedly infuriated Kim Jong Un, the country’s supreme leader.
Soon after his winning the Nobel Prize 2017 for economics, Richard Thaler became the toast of Twitter as BJP leaders retweeted the Chicago Booth School professor's support for demonetisation last year. But they were in for a rude shock after Twitterati brought it to their notice that the Nobel laureate had also questioned the issuance of Rs 2,000 notes. When demonetisation was announced in November last year, Thaler described it as a "policy I have long supported" but also remarked "damn" when it was brought to his notice that the government was introducing Rs 2,000 currency notes.
A finance ministry official tells News Rise that efforts are on to harmonise rules on foreign investment in local debt. The official says new rules will be set on capping total foreign cash in local debt and corporate bonds, and talks are on with RBI in this regard.
Market regulator SEBI has moved the Supreme Court, alleging contempt of court by Sahara and Subrata Roy. SEBI claims that Sahara is trying to disrupt the Aamby Valley auction proceedings. The top court has agreed to hear the plea.
A memorandum submitted to the Election Commission by Parindu Bhagat, Gujarat BJP’s legal cell in-charge for elections and its administrative in-charge Kaushik Patel on Monday, in effect suggested that the Gujarat elections should be held between December 14 and January 14. According to The Indian Express, the reason for this suggestion is that during that particular period, there are no Hindu weddings that take place in the country.
Adani Transmission scrip is up 10% after it entered into an exclusivity period with Reliance Infrastructure. The exclusivity period lasts till January 15 next year and is to buy the latter’s Mumbai city power business.
India is reviving attempts to overhaul its half-century-old direct tax laws as it looks to increase the share of collections from the lowest in a decade. Prime Minister Narendra Modi’s government is working to ensure that tax payers don’t need to submit multiple returns and have quicker options of redress should a dispute arise, reports Bloomberg, adding that a new bill will probably be ready by early 2018 for stakeholder comments.
Cairn Oil and Gas, part of Vedanta, will invest Rs 300 billion in exploration projects off India’s east coast and in the onshore fields of Barmer in the west, its acting CEO said. The company expects approvals to be in place by the end of October, Sudhir Mathur told Reuters on the sidelines of the India Energy Forum in New Delhi, as Cairn undertakes a fresh investment plan after the extension of its production contract until 2030. No debt will be raised for the investment, Mathur said, adding that the money will be spent over a period of three-to-four years.
The Tata conglomerate is interested in bidding for state-owned Air India as the group needs to increase the sizes of its aviation business. Tata would “definitely look” at Air India once the government finalised the privatisation process, N Chandrasekaran, Chairman of Tata group’s holding company Tata Sons, told CNBC-TV18. When asked whether Tata had spoken to Singapore Airlines about its interest in bidding for Air India, Chandrasekaran said: “Do you think I would have not?”
Commodities King Dennis Gartman is bearish on crude oil again. Last month, he told CNBC crude oil could hit $55 a barrel. On Monday, he backed away from that notion. "All things being otherwise equal, if things remain as they are right now, crude oil probably wants to continue to trend downward," he said. "I watch the term structures and the term structures had turned about a month-and-a-half ago pretty bullishly, but in the course of the last week they've actually begun to turn bearishly once again."
Bank of Japan Governor Haruhiko Kuroda reiterated the central bank’s resolve to maintain its massive stimulus programme until inflation moved stably above its 2% price target, reports Reuters. He also said inflation was likely to gradually accelerate towards 2% due to improvements in the output gap and inflation expectations. “Japan’s economy is expected to continue expanding moderately in the future,” Kuroda said. After three years of heavy asset buying failed to drive up inflation, the BoJ revamped its policy framework last year to one capping long-term interest rates from that targeting the pace of money printing.
Defence Secretary James Mattis on Monday told the US Army "to be ready" should military action be ordered by President Donald Trump against North Korea, reports CNBC. Speaking to the Association of the United States Army (AUSA) convention in Washington, Mattis said efforts continue by the administration to get a peaceful solution to the problem of having a nuclear-armed North Korea.
He said, "North Korean provocations [are] threatening regional and even global peace." "It is right now a diplomatically led, economic-sanction buttressed effort to try to turn North Korea off this path," said Mattis. "What does the future hold? Neither you nor I can say, so there's one thing the US Army can do, and that is you've got to be ready to ensure that we have military options that our president can employ, if needed."
Influential bond investor Bill Gross of Janus Henderson Investors said financial markets are artificially compressed and capitalism distorted because of the US Federal Reserve’s loose monetary policy, reports Reuters. “I think we have fake markets,” Gross said. Investors should brace for higher Treasury bond yields as the Fed begins to unwind its quantitative easing program but yields will edge up “only gradually,” he said. Gross, who oversees the $2.1 billion Janus Henderson Global Unconstrained Bond Fund, said the Fed’s loose monetary policy had resulted in investors chasing yield and thus producing tight corporate spreads everywhere around the globe.
North Korea is widely expected to conduct another missile test within the next ten days to mark two major political events, reports CNBC. Some kind of provocation could arrive as early as Tuesday, October 10, as the rogue nation celebrates the 72nd anniversary of its ruling Workers Party, experts said. October 18, which marks the beginning of China's 19th Party Congress, could be another ideal opportunity for North Korean leader Kim Jong Un to act out against stinging sanctions.
Top Headlines
1. New direct tax draft bill likely by early 2018, reports Bloomberg
2 North Korea hacked allied war plans, reports The Financial Times
3. Bill Gross blames Fed for 'fake markets', reports Reuters
4. BoJ Governor pledges to stick with quantitative easing, reports Reuters
5. Dennis Gartman returns to a bearish stance on oil, reports CNBC
6. Tata Sons interested in bidding for Air India
A trove of classified military documents, including the joint South Korea-US wartime operational plans for conflict with Pyongyang, were stolen by North Korean hackers, reports The Financial Times. Lee Cheol-hee, a member of the ruling Democratic party, on Tuesday said hackers had broken into a defence data centre in September last year. He said stolen documents included Operational Plans 5015 — the most recent allied blueprint for war with North Korea. The plans also include detailed procedures for a decapitation strike against the North Korean regime — a proposal that has reportedly infuriated Kim Jong Un, the country’s supreme leader.
Soon after his winning the Nobel Prize 2017 for economics, Richard Thaler became the toast of Twitter as BJP leaders retweeted the Chicago Booth School professor's support for demonetisation last year. But they were in for a rude shock after Twitterati brought it to their notice that the Nobel laureate had also questioned the issuance of Rs 2,000 notes. When demonetisation was announced in November last year, Thaler described it as a "policy I have long supported" but also remarked "damn" when it was brought to his notice that the government was introducing Rs 2,000 currency notes.
Ahead of Diwali, Chinese smartphone maker Xiaomi will launch the Xiaomi Mi MIX 2 in India today. The bezel-less Mi MIX 2 will compete against the likes of Samsung Galaxy S8+, Samsung Galaxy Note 8 and Vivo V7+. Not to forget, it will also vie for attention of enthusiasts looking to buy iPhone X and Google Pixel 2 XL. For more updates, click here
A finance ministry official tells News Rise that efforts are on to harmonise rules on foreign investment in local debt. The official says new rules will be set on capping total foreign cash in local debt and corporate bonds, and talks are on with RBI in this regard.
Adani Transmission share price was locked at 10 percent upper circuit at Rs 193.25 on Tuesday, following exclusivity talks with Reliance Infrastructure for buying its Mumbai city power business. Read more here.
Market regulator SEBI has moved the Supreme Court, alleging contempt of court by Sahara and Subrata Roy. SEBI claims that Sahara is trying to disrupt the Aamby Valley auction proceedings. The top court has agreed to hear the plea.
A memorandum submitted to the Election Commission by Parindu Bhagat, Gujarat BJP’s legal cell in-charge for elections and its administrative in-charge Kaushik Patel on Monday, in effect suggested that the Gujarat elections should be held between December 14 and January 14. According to The Indian Express, the reason for this suggestion is that during that particular period, there are no Hindu weddings that take place in the country.
OPEC’s Secretary General Mohammed Barkindo on Tuesday called on US shale oil producers to help curtail global oil supply, warning extraordinary measures might be needed next year to sustain the rebalanced market in the medium to long term. “We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle,” Barkindo told Reuters.
Gold prices rose on Monday, erasing all of the previous week’s losses, as a weaker dollar and the resilience of a key chart level removed some downward pressure, while the return of Chinese buyers to the market also lent support. Prices bounced after falling for a fourth week to a two-month low on Friday, following an upbeat reading of US wage growth and unemployment that supported expectations for a US interest rate hike in December, pushing the dollar and Treasury yields higher.
Gold’s resilience above its 200-day moving average at $1,253 an ounce also provided some technical support. Meanwhile, the dollar fell below a 10-week high, while geopolitical concerns centred on North Korea and Spain supported gold prices.
China’s central bank held off from adding to gold reserves for an 11th straight month in September. In the physical markets, Chinese buyers returned after the Golden Week holiday, another potentially supportive factor for gold.
Among other metals, silver was up 0.7% at $16.89 an ounce, while platinum was up 0.3% at $915.75 an ounce and palladium was 0.8% higher at $927.50.
Adani Transmission scrip is up 10% after it entered into an exclusivity period with Reliance Infrastructure. The exclusivity period lasts till January 15 next year and is to buy the latter’s Mumbai city power business.
Shares of Lupin rose over 2% on the back of an US Food and Drug Administration (USFDA) approval for Nadolol tablets. The company has received final approval for Nadolol Tablets USP 20 mg, 40 mg and 80 mg from the USFDA. The Nadolol tablets is a generic version of US WorldMeds, LLC Corgard Tablets, 20 mg, 40 mg and 80 mg. The tablets are indicated for management of patients with angina pectoris and for the treatment of hypertension.
Shares of India’s IT bellwether Infosys surged by close to 2% after the company fixed November 1, 2017 as the record date for its share buyback programme. On August 19, Infosys had announced that it will buyback 11.3 crore shares, or 4.92% of equity capital, at Rs 1,150 apiece, spending Rs 13,000 crore.
18.9 lakh shares of Fortis Healthcare traded in two blocks on the NSE at Rs 150.40-151.05 per share.
Despite "attempts to derail" the recently introduced Goods and Services Tax (GST), the states are adopting the new regime at a fast pace, Finance Minister Arun Jaitley said. He said global integration of Indian economy is happening at a time when other economies are becoming more protectionist. Asserting that India is now a better place to do business with because of the series of steps being taken by the government in the last three years, Jaitley said procedures have been simplified. Now as much as 95% of the investments are through automatic route, and foreign investment promotion board has been abolished, he told PTI.
India is reviving attempts to overhaul its half-century-old direct tax laws as it looks to increase the share of collections from the lowest in a decade. Prime Minister Narendra Modi’s government is working to ensure that tax payers don’t need to submit multiple returns and have quicker options of redress should a dispute arise, reports Bloomberg, adding that a new bill will probably be ready by early 2018 for stakeholder comments.
Launches of new homes in top eight cities came down by 33% to 60,140 units in January- September, hit by demand slowdown, but supply of affordable homes rose 27%, Cushman & Wakefield said. Housing supply stood at 89,970 units in January-September 2016 in the eight cities -- Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. All cities, barring Mumbai, saw a decline in new launches, mostly due to the introduction of RERA and GST implementation.
The Reserve Bank of India released data that indicates pessimism reigns among consumers and there is less hope for improvement in general economic conditions compared to last year. The RBI's results of the September 2017 round of the Consumer Confidence Survey, reflecting households’ perceptions and expectations on the general economic situation, the employment scenario, the overall price situation and their own income and spending, showed the Current Situation Index waned further into the pessimistic zone. This also caused the Future Expectations Index to slip further in the September 2017 round relative to its reading in the June 2017 round.
The United Nations has slapped a global port ban on four vessels found violating sanctions against North Korea, the head of an expert panel said in what he described as an unprecedented move, reports AFP. "There are four vessels that have been designated by the committee. The designation doesn't mean an assets freeze or travel ban. But it's a port ban," said Hugh Griffiths, coordinator of a UN Security Council panel on North Korea sanctions, adding the ships were found "transporting prohibited goods." "It's a pretty swift and decisive action by the committee," he continued, adding that the ban went into effect on October 5.
To know what to expect in the market watch video below
Cairn Oil and Gas, part of Vedanta, will invest Rs 300 billion in exploration projects off India’s east coast and in the onshore fields of Barmer in the west, its acting CEO said. The company expects approvals to be in place by the end of October, Sudhir Mathur told Reuters on the sidelines of the India Energy Forum in New Delhi, as Cairn undertakes a fresh investment plan after the extension of its production contract until 2030. No debt will be raised for the investment, Mathur said, adding that the money will be spent over a period of three-to-four years.
The Tata conglomerate is interested in bidding for state-owned Air India as the group needs to increase the sizes of its aviation business. Tata would “definitely look” at Air India once the government finalised the privatisation process, N Chandrasekaran, Chairman of Tata group’s holding company Tata Sons, told CNBC-TV18. When asked whether Tata had spoken to Singapore Airlines about its interest in bidding for Air India, Chandrasekaran said: “Do you think I would have not?”
US academic Richard Thaler, who helped popularise the idea of “nudging” people towards doing what was best for them, won the 2017 Nobel Economics Prize on Monday for his work on how human nature affects supposedly rational markets. Influential in the field of behavioural economics, his research showed how traits such as lack of self-control and fear of losing what you already have prompt decisions that may not have the best outcome in the longer term.
The political crisis in Catalonia shows no signs of abating. Catalan leader, Carles Puigdemont, is due to address the regional parliament later today and the Madrid government is worried it will vote for a unilateral declaration of independence. But the rhetoric has been that he will not back out at the last moment. 90% of the people voted in his favour, but that was a skewed poll that was taken, reports CNBC.
British shoppers increased their spending in September at the fastest pace so far in 2017, excluding an Easter-related surge in April, but much of the rise reflected higher prices for food and clothing after the Brexit vote, reports Reuters. Retail sales grew by an annual 1.9% on a like-for-like basis, which strips out changes in store size, the British Retail Consortium said, up from 1.6% in August.