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Oct 11, 2017 09:57 AM IST IST | Source: Moneycontrol.com
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highlights
Dallas Federal Reserve Bank President Robert Kaplan wants to see more signs of upward inflation before raising interest rates again, but that low long-term borrowing costs may limit how far and fast rates can be raised, reports Reuters. The Fed has raised rates twice this year, and is widely expected to do so again in December. But even as the short-term interest rate targeted by the Fed has climbed, the yield on the benchmark 10-year Treasury has fallen, a reversal of what usually happens and a development that Kaplan said he sees as “a little ominous.”
Donald Trump could soon find himself confronting North Korean soldiers on the world’s most heavily armed border, amid reports that the US president is considering a visit to the demilitarised zone (DMZ) during his forthcoming trip to South Korea. South Korea’s Yonhap news agency said the DMZ, which has separated the two Koreas since the end of their 1950-53 war, was among the candidate sites for Trump’s tour of Asia. He will also visit Japan, China, Vietnam and the Philippines.
Kotak Realty Fund is in talks with US-based Blackstone Group and two Canadian entities to sell assets from two real estate funds raised in 2007, reports Mint. The Canadian entities are Brookfield Asset Management and the Canadian Pension Plan Investment Board (CPPIB). Kotak Realty Fund, a part of Kotak Investment Advisors (KIAL), has four separate special purpose vehicles that hold stakes in residential projects in Chennai and Gurugram that were acquired by its vintage funds in 2007.
Social activist Anna Hazare has reiterated his threat to launch an agitation in Delhi early next year against “Narendra Modi-led BJP government’s failure to rein in corruption”, reports The Indian Express. In a press statement, Hazare said, “Due to the unwillingness of the Prime Minister to appoint Lokpal and Lokayuktas, while indulging in the rhetoric of corruption eradication, I have lost all faith in the PM’s words,” he added. He also expressed his “amusement on how the government, which didn’t appoint Lokpal and Lokayuktas in several years, managed to pass an amendment bill within three days, without even debating it in the Upper or the Lower houses of the Parliament”.
In its South Asia Economic Focus, a biannual economic update, World Bank said India's economic momentum has been affected by disruptions from the withdrawal of banknotes and uncertainties around the Goods and Services Tax (GST), reports PTI. As a result, growth is expected to slow from 8.6% in 2015 to 7% in 2017. Sound policies around balancing public spending with private investment could accelerate growth to 7.3% by 2018, it added.
Indian banks’ sour loans hit a record Rs 9.5 trillion ($145.56 billion) at the end of June, suggesting Asia’s third-largest economy is no nearer to bringing its bad debt problems under control, reports Reuters. A review of Reserve Bank of India data obtained through right-to-information requests shows banks’ total stressed loans - including non-performing and restructured or rolled over loans - rose 4.5% in the six months to end-June. In the previous six months they had risen 5.8%.
The first meeting of the newly constituted Economic Advisory Council to the Prime Minister will be held today. Lifting the economy out of its long slowdown and oil sector reforms will be top on the agenda. The body, which was reconstituted after being dismantled in 2014, is also expected to discuss issues related to direct tax reforms and suggest to Prime Minister Narendra Modi about taking it up as his next set of reforms after having done the mammoth indirect tax overhaul and bringing in GST.
The $1.7 billion initial public offering of state-owned General Insurance Corporation of India opens for subscription today, with a price band of Rs 855-912 per share. The largest ever public issue by an insurance company will close on October 13, 2017. Here are 10 things you should know about the issue.
It has been 100 days since the rollout of the landmark Goods and Services Tax (GST), with India Inc making the transition to the new indirect tax landscape. There have been many tweaks by the GST Council on tax rates. To ease the compliance burden on small business, the Centre says more will follow. However, only 73% have complied with return filing for July. The initial deadline to file returns for July was the August 10. This was extended by two months to the October 10, but even then there has been just 73% compliance so far. In Maharashtra, which accounts for 13% of the total registered assesses, nearly 79% have filed their returns for July. But this time around the government is standing firm. The clear message to people this time around is that there will be no extension for GST return filing.
The International Monetary Fund (IMF) lowered India's growth projection to 6.7% in 2017, 0.5 percentage points less than its previous two forecasts in April and July, attributing it to demonetisation and introduction of the GST, reports PTI. It also lowered the country's growth for 2018 to 7.4%, 0.3 percentage points less than its previous two projections in July and April. India’s growth rate in 2016 was 7.1%, which saw an upward revision of 0.3 percentage points from its April report.
Catalonia’s leader balked at making a formal declaration of independence from Spain on Tuesday, calling for talks with Madrid over the region’s future in a gesture that eased fears of immediate unrest in the heart of the euro zone, reports Reuters. In a much-anticipated speech to the Catalan parliament, ringed by thousands of protesters and hundreds of armed police, Carles Puigdemont made only a symbolic declaration, claiming a mandate to launch secession but suspending any formal steps to that end. His remarks disappointed many of his supporters who had gathered outside, waving Catalan flags in the expectation that he would move a formal independence motion to the assembly.
The US military flew two Air Force B-1B Lancer bombers over the Korean peninsula in a show of force late on Tuesday amid high tensions over North Korea’s nuclear and missile programmes, reports Reuters. The two B-1B bombers were accompanied by two F-15K fighters from the South Korean military after leaving their base in Guam. The US military said Japanese fighters had also joined the drill, making it the first night-time combined exercise for the US bombers with fighters from Japan and South Korea. After entering South Korean airspace, the two bombers carried out air-to-ground missile drills in waters off the east coast of South Korea, then flew over the South to waters between it and China to repeat the drill.
Dallas Federal Reserve Bank President Robert Kaplan wants to see more signs of upward inflation before raising interest rates again, but that low long-term borrowing costs may limit how far and fast rates can be raised, reports Reuters. The Fed has raised rates twice this year, and is widely expected to do so again in December. But even as the short-term interest rate targeted by the Fed has climbed, the yield on the benchmark 10-year Treasury has fallen, a reversal of what usually happens and a development that Kaplan said he sees as “a little ominous.”
Top Headlines
1. US flies bombers over Korean peninsula with South Korean, Japanese fighter jets, reports Reuters
2. No respite for Indian banks as bad loans hit record $146 billion, reports Reuters
3. IMF lowers India's 2017 growth forecast to 6.7% over demonetisation, GST
4. Blackstone Group, Brookfield Asset Management eye Kotak Realty assets, reports Mint
5. Anna Hazare says he has lost faith in Modi's words, reports The Financial Express
6. Mumbai woman accuses Nrimuni Maharaj of sexual assault, reports ABP Live
Donald Trump could soon find himself confronting North Korean soldiers on the world’s most heavily armed border, amid reports that the US president is considering a visit to the demilitarised zone (DMZ) during his forthcoming trip to South Korea. South Korea’s Yonhap news agency said the DMZ, which has separated the two Koreas since the end of their 1950-53 war, was among the candidate sites for Trump’s tour of Asia. He will also visit Japan, China, Vietnam and the Philippines.
Kotak Realty Fund is in talks with US-based Blackstone Group and two Canadian entities to sell assets from two real estate funds raised in 2007, reports Mint. The Canadian entities are Brookfield Asset Management and the Canadian Pension Plan Investment Board (CPPIB). Kotak Realty Fund, a part of Kotak Investment Advisors (KIAL), has four separate special purpose vehicles that hold stakes in residential projects in Chennai and Gurugram that were acquired by its vintage funds in 2007.
Social activist Anna Hazare has reiterated his threat to launch an agitation in Delhi early next year against “Narendra Modi-led BJP government’s failure to rein in corruption”, reports The Indian Express. In a press statement, Hazare said, “Due to the unwillingness of the Prime Minister to appoint Lokpal and Lokayuktas, while indulging in the rhetoric of corruption eradication, I have lost all faith in the PM’s words,” he added. He also expressed his “amusement on how the government, which didn’t appoint Lokpal and Lokayuktas in several years, managed to pass an amendment bill within three days, without even debating it in the Upper or the Lower houses of the Parliament”.
Days after rape convict godman Gureeet Ram Rahim was put behind bars for 20 years; another shocking tale has surfaced which accuses famous Jain guru of molesting and sexually harassing girls in his ashram, reports ABP Live. The accused Jain guru is none other than Nrimuni Maharaj, who has lakhs of followers all over the world. He has thousands of followers who have given up on their lives and families in the name of faith.
A women based in Mumbai has levied very serious allegations on the famous ‘dharmguru’ and has written to Prime Minister Narendra Modi, Chief Minister Fadnavis and National Commission for Women. As per the complainant, she spent 10 years of her life in Nrimuni Maharaj’s ashram; which weren’t any less than a nightmare for her.
To know what to expect in the market watch video below
In its South Asia Economic Focus, a biannual economic update, World Bank said India's economic momentum has been affected by disruptions from the withdrawal of banknotes and uncertainties around the Goods and Services Tax (GST), reports PTI. As a result, growth is expected to slow from 8.6% in 2015 to 7% in 2017. Sound policies around balancing public spending with private investment could accelerate growth to 7.3% by 2018, it added.
India’s gold imports in September rose 31% from a year ago as jewellers increased their purchases ahead of a festival at the end of the month, provisional data from GFMS showed. The country’s imports were 48 tonne in September, Sudheesh Nambiath, a senior analyst with GFMS, a division of Thomson Reuters, said.
Indian banks’ sour loans hit a record Rs 9.5 trillion ($145.56 billion) at the end of June, suggesting Asia’s third-largest economy is no nearer to bringing its bad debt problems under control, reports Reuters. A review of Reserve Bank of India data obtained through right-to-information requests shows banks’ total stressed loans - including non-performing and restructured or rolled over loans - rose 4.5% in the six months to end-June. In the previous six months they had risen 5.8%.
The first meeting of the newly constituted Economic Advisory Council to the Prime Minister will be held today. Lifting the economy out of its long slowdown and oil sector reforms will be top on the agenda. The body, which was reconstituted after being dismantled in 2014, is also expected to discuss issues related to direct tax reforms and suggest to Prime Minister Narendra Modi about taking it up as his next set of reforms after having done the mammoth indirect tax overhaul and bringing in GST.
Oil marketing companies are appealing to their dealers not to go on strike on October 13, which was announced last week by the United Petroleum Front. The front is demanding inclusion of petroleum products under GST. However, OMCs said that since dealers are not impacted by the tax regime - as they just pass-through taxes to the consumer - they need not worry about it. According to OMCs, some dealers are also opposing penalty on incorrect delivery of petroleum products. OMCs said this demand is unreasonable and hope that petrol pump owners will see reason and won't go on strike.
The $1.7 billion initial public offering of state-owned General Insurance Corporation of India opens for subscription today, with a price band of Rs 855-912 per share. The largest ever public issue by an insurance company will close on October 13, 2017. Here are 10 things you should know about the issue.
It has been 100 days since the rollout of the landmark Goods and Services Tax (GST), with India Inc making the transition to the new indirect tax landscape. There have been many tweaks by the GST Council on tax rates. To ease the compliance burden on small business, the Centre says more will follow. However, only 73% have complied with return filing for July. The initial deadline to file returns for July was the August 10. This was extended by two months to the October 10, but even then there has been just 73% compliance so far. In Maharashtra, which accounts for 13% of the total registered assesses, nearly 79% have filed their returns for July. But this time around the government is standing firm. The clear message to people this time around is that there will be no extension for GST return filing.
The International Monetary Fund (IMF) lowered India's growth projection to 6.7% in 2017, 0.5 percentage points less than its previous two forecasts in April and July, attributing it to demonetisation and introduction of the GST, reports PTI. It also lowered the country's growth for 2018 to 7.4%, 0.3 percentage points less than its previous two projections in July and April. India’s growth rate in 2016 was 7.1%, which saw an upward revision of 0.3 percentage points from its April report.
Japan’s core machinery orders rose for a second straight month in August, signalling a pickup in capital expenditure that should encourage Prime Minister Shinzo Abe ahead of a general election this month, reports Reuters. Core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, rose 3.4% on-month in August, following an 8% gain in July. The value of core orders, which exclude those of ships and utilities’ electrical power equipment, stood at $7.86 billion, the highest since July 2016.
Gold prices rose for a fourth day, after hitting a near two-week high in the previous session, supported by weakness in the US dollar.
Oil prices were stable on Wednesday, with US crude holding above $50 per barrel after rising 2% the previous day on signs that markets are gradually tightening after years of oversupply.
Catalonia’s leader balked at making a formal declaration of independence from Spain on Tuesday, calling for talks with Madrid over the region’s future in a gesture that eased fears of immediate unrest in the heart of the euro zone, reports Reuters. In a much-anticipated speech to the Catalan parliament, ringed by thousands of protesters and hundreds of armed police, Carles Puigdemont made only a symbolic declaration, claiming a mandate to launch secession but suspending any formal steps to that end. His remarks disappointed many of his supporters who had gathered outside, waving Catalan flags in the expectation that he would move a formal independence motion to the assembly.
Markets in Europe ended mixed as Catalonia crisis acted as a drag on sentiment. Spain's IBEX pared some of its sharp losses by close, ending 0.92% down.
The Dow Jones Industrial Average hit a record high on Tuesday, helped by a surge in Wal-Mart Stores, while Amazon and Facebook lost ground and investors focused on upcoming quarterly reports. The Dow Jones Industrial Average rose 0.31% to 22,830.68 points, a record-high close. It is up 15.5% in 2017. The S&P 500 gained 0.23% to 2,550.64 while the Nasdaq Composite added 0.11% to 6,587.25.
Asian shares rose on Wednesday, tracking Wall Street’s rally to all-time highs, while the euro hovered near a 10-day peak after Catalonia’s leader talked down immediate plans to secede from Spain, easing near-term concerns about euro zone instability. Australian stocks jumped 0.6% to one-month highs and New Zealand's index climbed to a record. South Korea's KOSPI added 0.3% to a 2-1/2 month peak. The SGX Nifty is trading 24 points higher. Sentiment was boosted after the International Monetary Fund upgraded its global economic growth forecast for 2017 and 2018, driven by a pickup in trade, investment, and consumer confidence.
The US military flew two Air Force B-1B Lancer bombers over the Korean peninsula in a show of force late on Tuesday amid high tensions over North Korea’s nuclear and missile programmes, reports Reuters. The two B-1B bombers were accompanied by two F-15K fighters from the South Korean military after leaving their base in Guam. The US military said Japanese fighters had also joined the drill, making it the first night-time combined exercise for the US bombers with fighters from Japan and South Korea. After entering South Korean airspace, the two bombers carried out air-to-ground missile drills in waters off the east coast of South Korea, then flew over the South to waters between it and China to repeat the drill.