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Oct 12, 2017 03:25 PM IST IST | Source: Moneycontrol.com
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The Allahabad High Court has found the Talwars not guilty of murder in the Aarushi murder case. It has acquitted Rajesh and Nupur Talwar in the Aarushi-Hemraj murder case. For more updates, click here
Euro zone industrial output rose by far more than expected and at its highest rate in nine months in August as production of capital goods, such as machinery, rose sharply, boding well for economic growth in the second half of the year, reports Reuters. Overall output rose 1.4% in August month-on-month and by 3.8% year-on-year, the European Union statistics office Eurostat said. There was also an upward revision of the July data, to 0.3% from 0.1% in the month and to 3.6% year-on-year from the 3.2% initially estimated.
Bitcoin has hit a fresh all-time high on Thursday, passing above the $5,000 mark for the first time in its history in early morning European trade. The cryptocurrency is trading up over 6.5% at $5,136. Bitcoin has seen its value increase by more than $750 per coin in the last week alone, with a rally that coincides with renewed interest in the currency from investment banks.
Leaving the European Union without a trade deal won’t be cheap, reports Bloomberg. According to analysis by Rabobank, a so-called hard Brexit would cost about GBP 11,500 ($15,000) per British worker by 2030, the equivalent of 18% of GDP growth. Ministers this week detailed some contingency plans for leaving the bloc with no deal in place, suggesting they’re considering it as a distinct possibility. Barriers to trade, lower investment, a loss of financial services and lower immigration would all weigh on growth.
The Mumbai Police's Economic Offence Wing (EOW) has cracked down on ATC Coin, the purported founder of cryptocurrency ATC Coin, and has registered a case against it for illegally collecting Rs 85 crore in five months. Sources have told Moneycontrol the police is looking for Subhashchand Jewria for questioning, the founder and sole director of ATC Coin, for illegally diverting money raised from investors into his personal accounts and buying property with it. So far, the police have not been able to trace him. A case has been registered under the Maharashtra Protection of Interest of Depositors Act against Jewria and ATC Coin.
Reliance Jio has come up with a 100% cashback offer on the occasion of Diwali. As part of the offer, users with every recharge of Rs 399 will receive 100% cashback. The company has planned a tariff revision from October 19, so users recharging in the festive period between October 12 and October 18 will enjoy the current tariff benefits. The 100% cashback of Rs 400 that the customers will receive will be in the form of vouchers of Rs 50 denomination. The vouchers can then be redeemed one at a time against future Jio recharges of Rs 309 and above plans and against Rs 91 and above data add-ons.
China will "compel" Saudi Arabia to trade oil in yuan and, when this happens, the rest of the oil market will follow suit and abandon the dollar as the world's reserve currency, a leading economist told CNBC on Monday. Carl Weinberg, Chief Economist and Managing Director at High Frequency Economics, said Beijing stands to become the most dominant global player in oil demand since China usurped the US as the "biggest oil importer on the planet."
Identifying real estate as the one sector where maximum amount of tax evasion takes place, Finance Minister Arun Jaitley said there was a strong case to bring it under the ambit of the GST, reports PTI. The matter will be discussed in the next meeting of the GST, which will be held on November 9, in Guwahati, he stated. "The one sector in India where maximum amount of tax evasion and cash generation takes place and which is still outside the GST is real estate. Some of the states have been pressing for it. I personally believe that there is a strong case to bring real estate into the GST," Jaitley said.
US President Donald Trump on Wednesday appeared to confirm he had North Korea in mind last week when he described a gathering of military leaders as “the calm before the storm”. In an interview with US network Fox News, Trump was asked what he meant with the cryptic phrase, which had fuelled concerns the United States and North Korea were closer to war. “We can’t let this to go on. We just can‘t,” Trump said in response to the question, adding that China has been very helpful in the situation. “They cut off banking to North Korea.”
Life Insurance Corporation of India (LIC) has put in a major bid for shares of reinsurer General Insurance Corporation of India (GIC Re), in the latter’s ongoing initial public offering (IPO), reports Mint. The GIC Re IPO is looking to raise Rs11,372 crore at the upper end of the price band of Rs855-912 per share. The share sale values the insurance firm at Rs 80,000 crore.
India will work with Japan to make long-term liquefied natural gas (LNG) import deals more affordable for its price-sensitive consumers, as these two big importers try to secure better prices and concessions from suppliers. The arrangement will help state-run GAIL India swap a part of its 5.8 million tonne of LNG booked with firms from the United States with that of Japan’s contracted volumes in Asia and elsewhere, Sunjay Sudhir, joint secretary for international cooperation in the Oil Ministry, told Reuters.
Three leading Indian cotton seed makers have settled an intellectual property dispute with Monsanto Co over its genetically modified (GM) seed technology, partly ending a legal tussle that has drawn in the Indian and US governments, reports Reuters. Ajeet Seeds, Kaveri Seed Co and Ankur Seeds were among six Indian companies that delayed payments to Monsanto, demanding a cut in royalties they paid to the US firm to licence its technology.
Federal Reserve policymakers had a prolonged debate about the prospects of a pickup in inflation and slowing the path of future interest rate rises if it did not, according to minutes of the US central bank’s last policy meeting on September 19-20 released on Wednesday. The readout of the meeting, at which the Fed announced it would begin this month to reduce its large bond portfolio mostly amassed following the financial crisis and unanimously voted to hold rates steady, also showed that officials remained mostly sanguine about the economic impact of recent hurricanes, reports Reuters.
The Delhi High Court set aside the disciplinary action taken by JNU against 15 of its students, including ex-JNUSU President Kanhaiya Kumar, in connection with a controversial event on February 9 last year in the varsity, reports PTI. Justice V K Rao remanded the issue back to the Jawaharlal Nehru University (JNU) to be decided afresh after allowing the students to inspect the records and hearing them. The court told JNU's appellate authority to pass a reasoned order within six weeks of hearing the students, who also included Umar Khalid and Anirban Bhattacharya, that the varsity did not give them due opportunity to defend themselves against the charge of indiscipline.
Top Headlines
1. Asked to explain 'calm before the storm' remark, Trump talks North Korea, reports Reuters
2. Fed divide on inflation intensified at September policy meeting, reports Reuters
3. China will 'compel' Saudi Arabia to trade oil in yuan affecting the dollar, reports CNBC
4. Rabobank pegs hard Brexit costing UK $15,000 per person, reports Bloomberg
5. FM says GST Council to discuss bringing real estate under its ambit, reports PTI
6. Bitcoin scales $5000-mark for the first time
Nielsen has announced a strategic partnership with retail technology platform SnapBizz, that will enable development of new products and services for manufacturers in the fast-moving consumer goods (FMCG) industry, reports PTI. This will be based on point-of-sale (PoS) transactional data in the traditional trade environment. This also marks Nielsen India's foray into building a partnership ecosystem that will focus on providing newer shopper and store insights for the dynamic and transformative, though largely traditional, retail environment in the country.
Prakash Industries said it has secured an additional coal linkage of 2.1 lakh tonne per annum (LTPA) for a period of five years. The fuel supply agreement will be signed in the coming weeks and the supplies will commence from next month.
The Allahabad High Court has found the Talwars not guilty of murder in the Aarushi murder case. It has acquitted Rajesh and Nupur Talwar in the Aarushi-Hemraj murder case. For more updates, click here
Private sector lender IndusInd Bank posted 25% increase in net profit to Rs 880.10 crore for the second quarter ended September 30. The bank had a net profit of Rs 704.26 crore in the July-September quarter of the last fiscal. The total income of the lender also increased to Rs 5,395.92 crore during the quarter under review, as against Rs 4,439.72 crore in the corresponding period of 2016-17.
The gross non-performing assets (NPAs) of the bank rose to 1.08% of the total advances, from 0.9% at the end of the second quarter of the previous fiscal. Similarly, net NPAs rose to 0.44% from 0.37% in same quarter a year ago. Consequently, the bank made higher provisioning of Rs 294 crore as compared to Rs 214 crore in the year-ago quarter.
Euro zone industrial output rose by far more than expected and at its highest rate in nine months in August as production of capital goods, such as machinery, rose sharply, boding well for economic growth in the second half of the year, reports Reuters. Overall output rose 1.4% in August month-on-month and by 3.8% year-on-year, the European Union statistics office Eurostat said. There was also an upward revision of the July data, to 0.3% from 0.1% in the month and to 3.6% year-on-year from the 3.2% initially estimated.
Paris authorities plan to banish all petrol- and diesel-fuelled cars from the world’s most visited city by 2030, reports Reuters. The move marks an acceleration in plans to wean the country off gas-guzzlers and switch to electric vehicles in a city often obliged to impose temporary bans due to surges in particle pollution in the air. Paris City Hall said in a statement that France had already set a target date of 2040 for an end to cars dependent on fossil fuels and that this required speedier phase-outs in large cities.
Bitcoin has hit a fresh all-time high on Thursday, passing above the $5,000 mark for the first time in its history in early morning European trade. The cryptocurrency is trading up over 6.5% at $5,136. Bitcoin has seen its value increase by more than $750 per coin in the last week alone, with a rally that coincides with renewed interest in the currency from investment banks.
The Netherlands claimed a seventh World Solar Challenge title on Thursday after its solar-powered car drove the length of Australia in a little over 37 hours, reports Reuters. The challenge began on October 8 with 42 cars powered only by the sun racing from Australia’s tropical north to its southern shores, a gruelling 3,000 km endurance test through the outback. The Nuon Solar Team from Delft University of Technology in the Netherlands, entering the lightest car in the field, reached the finish line in 37 hours, 10 minutes and 41 seconds, according to race organizers. The United States came in second, organisers said.
China’s vehicles sales rose in September for a fourth straight month, an industry body said on Thursday, but added that the market may struggle to hit a forecast for 5% annual growth set earlier in the year, reports Reuters. The world’s largest auto market may not hit growth levels estimated by the China Association of Automobile Manufacturers in January, “but 4% and above should be pretty much a sure thing”, said Shi Jianhua, CAAM’s deputy secretary general. Vehicle sales in China have rebounded since June, but CAAM’s caution on full-year growth underlines challenges in the market, which saw a slow start to the year due to tax incentives on smaller-engined cars being phased out.
European shares traded sideways in early deals on Thursday despite new highs in Asia and on Wall Street, with financial shares being the biggest burden and Just Eat the top performer after its merger with Hungryhouse got provisional clearance. The pan-European STOXX 600 index was up 0.01% in early deals with no clear direction across the continent. France’s CAC 40 and Spain’s IBEX were down 0.1% while Frankfurt’s DAX and the FTSE 100 were very slightly up.
Indian Army orders withdrawal of troops from Doklam, reports CNN-News18. Troop withdrawal began from today morning.
Alphabet’s Waymo sought at least $1 billion in damages and a public apology from Uber Technologies as conditions for settling its high-profile trade secret lawsuit against the ride-services company, reports Reuters. The Waymo self-driving car unit also asked that an independent monitor be appointed to ensure Uber does not use Waymo technology in the future. Uber rejected those terms as non-starters. The precise dollar amount requested by Waymo and the exact time the offer was made could not be learned.
In a bonanza for its employees, the Sikkim government has declared 43 days' public holidays, including four restricted ones, during 2018, reports PTI. An official notification issued said there will be 43 days' public holidays during 2018 and an additional four days of restricted holidays, but the state government employees can avail only one of these restricted holidays. The number of public holidays in 2017 is 37.
Leaving the European Union without a trade deal won’t be cheap, reports Bloomberg. According to analysis by Rabobank, a so-called hard Brexit would cost about GBP 11,500 ($15,000) per British worker by 2030, the equivalent of 18% of GDP growth. Ministers this week detailed some contingency plans for leaving the bloc with no deal in place, suggesting they’re considering it as a distinct possibility. Barriers to trade, lower investment, a loss of financial services and lower immigration would all weigh on growth.
Deposed AIADMK leader VK Sasikala left for Bengaluru by road to report at the Parappana Agrahara Prison as her parole for visiting her husband in a hospital here ended on Wednesday, reports PTI. Sasikala left from the residence of Krishna Priya, her close relative in T Nagar here on Thursday. She had visited her husband M Natarajan, who underwent liver and kidney transplantation at the hospital, on all five days of her parole period.
The Allahabad High Court is likely to decide today the fate of dentist couple Rajesh and Nupur Talwar, serving a life term for murdering their daughter, Aarushi, and domestic help Hemraj in 2008. Here is the CBI arguments in the case.
The Allahabad High Court is likely to decide today the fate of dentist couple Rajesh and Nupur Talwar, serving a life term for murdering their daughter, Aarushi, and domestic help Hemraj in 2008. Here is the arguments put forth by the Talwars.
In a letter written to SEBI Chairman Ajay Tyagi, BJP MP Subramanian Swamy has accused the market regulator of turning a blind eye to insider trading at Tata Group companies and relied on 'denial of wrong-doing by interested parties'. Swamy goes on to add that SEBI has given a clean chit to some Tata enterprises without investigating charges which were eight months old, reports Hindu Business Line.
The Election Commission will announce the Assembly election dates for Gujarat and Himachal Pradesh at 4pm.
The Mumbai Police's Economic Offence Wing (EOW) has cracked down on ATC Coin, the purported founder of cryptocurrency ATC Coin, and has registered a case against it for illegally collecting Rs 85 crore in five months. Sources have told Moneycontrol the police is looking for Subhashchand Jewria for questioning, the founder and sole director of ATC Coin, for illegally diverting money raised from investors into his personal accounts and buying property with it. So far, the police have not been able to trace him. A case has been registered under the Maharashtra Protection of Interest of Depositors Act against Jewria and ATC Coin.
Kobe Steel’s fake data scandal may cast a cloud on Prime Minister Narendra Modi’s bullet train project. The company supplied Japan’s iconic bullet trains with sub-standard parts, reports Bloomberg. While they don’t pose any safety risks, aluminum components connecting wheels to train cars failed Japanese industry standards, according to Central Japan Railway Co, which operates the high-speed trains between Tokyo and Osaka. West Japan Railway Co, which runs services from Osaka to Fukuoka, also found sub-standard parts made by Kobe Steel.
India needs overseas help to raise production from its aging oil fields and meet its goal of lowering crude imports by 2022, according to consultant Wood Mackenzie. The country’s exploration companies such as Oil and Natural Gas Corporation and Oil India should consider partnering with overseas counterparts to boost oil recovery from their mature assets in the short-term in order to reach Prime Minister Narendra Modi’s goal of cutting imports by 10% in five years, Neal Anderson, president of Wood Mackenzie, told Bloomberg. Seeking to raise output through only new discoveries will take too long, he said. “Opening up exploration has such a long lead time,” Anderson said. “And it will not meet the five-year timeline.”
LIC Housing Finance files insolvency proceedings against DB Realty in National Company Law Tribunal (NCLT), reports CNBC-TV18.
The Mahindra Group is pitching for greater workforce diversity as it feels that the industry numbers are skewed towards gender and there is a need to focus on the specially abled, the socially disadvantaged and LGBT, reports PTI. The $19-billion group, which is present in more than 100 countries and operates in as many as 11 sectors, believes that the workforce and the marketplace will become more diverse due to globalisation of corporations.
The Allahabad High Court on Thursday is likely to decide the fate of dentist couple Rajesh and Nupur Talwar, serving a life term for murdering their daughter, Aarushi, and domestic help Hemraj in 2008, reports CNN-News18. On the night of May 15-16, 2008, Aarushi, barely eight days short of her 14th birthday, was found dead in her bedroom with her throat slit in Noida's Jalvayu Vihar. The main suspect was Hemraj, who was missing early morning. In a sensational twist, his body was recovered from the terrace of the house two days later. A division bench of the high court, comprising justices BK Narayana and AK Mishra, had reserved its judgement on September 7 on an appeal filed by the dentist couple, fixing October 12 as the date for the verdict.
Reliance Jio has come up with a 100% cashback offer on the occasion of Diwali. As part of the offer, users with every recharge of Rs 399 will receive 100% cashback. The company has planned a tariff revision from October 19, so users recharging in the festive period between October 12 and October 18 will enjoy the current tariff benefits. The 100% cashback of Rs 400 that the customers will receive will be in the form of vouchers of Rs 50 denomination. The vouchers can then be redeemed one at a time against future Jio recharges of Rs 309 and above plans and against Rs 91 and above data add-ons.
Chief Minister Yogi Adityanath led Uttar Pradesh government has been painting booklets, school bags and even buses to saffron, reports The Indian Express. It all started when a saffron towel was put on Adityanath’s chair at his official residence and his car seat. Since then, saffron spread on to government booklets, school bags and even buses. On Wednesday, Adityanath flagged off 500 saffron colour buses of the State Road Transport Corporation, named ‘Sankalp Seva’. These buses are aimed to provide services in the rural areas. That is not all, even the stage was decorated with saffron curtains and the buses adorned with balloons. (Picture courtesy: The Indian Express)
A technical snag on the Dow Jones financial newswire caused it to say that Google had bought Apple for a price of $9 billion. The bombshell dropped between 9:34 am ET and 9:36 am ET and became viral within minutes, propelling Apple’s stocks by from $2 to $158 per share. (Picture courtesy: @trader_53 on Twitter)