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highlights
Oil Ministry seeks cut in excise duty on petrol, diesel in Budget
The Oil Ministry is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018-19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters. “We can only recommend. It is up to the Finance Ministry to take a decision,” a senior oil ministry official said.
Republicans, Democrats reach deal to end US govt shutdown
Congress voted on Monday to end a three-day US government shutdown, approving another short-term funding bill as Democrats accepted promises from Republicans for a broad debate later on the future of young illegal immigrants, reports Reuters. The fourth temporary funding bill since October easily passed the Senate and the House of Representatives. That sent it to the White House, which said President Donald Trump was expected to sign the bill, a product chiefly of negotiations among Senate leaders.
Enactment by Trump of the bill will allow the government to reopen fully on Tuesday and keep the lights on through February 8, when Congress will have to revisit the budget and immigration policy, two disparate issues that have become closely linked. The House approved the funding bill by a vote of 266-150 just hours after it passed the Senate by a vote of 81-18.
IMF sees India growing at 7.4% in 2018, 7.8% in 2019
India is projected to grow at 7.4% in 2018 as against China's 6.8%, the International Monetary Fund (IMF) said, making it the fastest growing country among emerging economies following last year's slowdown due to demonetisation and the implementation of the GST, reports PTI.
In its latest World Economic Outlook (WEO) update released on Monday in Davos, Switzerland on the sidelines of the World Economic Forum, the International Monetary Fund has projected a 7.8% growth rate for India in 2019. Growth rate projections for both 2018 and 2019 remains unchanged since its October 2017 WEO projections.
India means business: Modi tells global CEOs
Prime Minister Narendra Modi told top CEOs in Davos that India means business and presented an exciting opportunity for global businesses, reports PTI. Addressing a roundtable before a dinner meet, Modi narrated India's growth story. Under the tagline of "India means business", the roundtable was attended by 40 CEOs of global companies and 20 from India. After the meeting, MEA spokesperson Raveesh Kumar tweeted about Modi narrating India's growth story and presenting exciting opportunities for global business in India at Davos.
Top Headlines:
1. IMF sees India growing at 7.4% in 2018, 7.8% in 2019, reports PTI
2. Ashok Leyland to invest Rs 400cr in LCV platform; eyes 5-fold rise in exports in 3 years, reports PTI
3. India means business: Modi tells global CEOs (PTI)
4. Republicans, Democrats reach deal to end US govt shutdown, reports Reuters
Oil Ministry seeks cut in excise duty on petrol, diesel in Budget
The Oil Ministry is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018-19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters. “We can only recommend. It is up to the Finance Ministry to take a decision,” a senior oil ministry official said.
Republicans, Democrats reach deal to end US govt shutdown
Congress voted on Monday to end a three-day US government shutdown, approving another short-term funding bill as Democrats accepted promises from Republicans for a broad debate later on the future of young illegal immigrants, reports Reuters. The fourth temporary funding bill since October easily passed the Senate and the House of Representatives. That sent it to the White House, which said President Donald Trump was expected to sign the bill, a product chiefly of negotiations among Senate leaders.
Enactment by Trump of the bill will allow the government to reopen fully on Tuesday and keep the lights on through February 8, when Congress will have to revisit the budget and immigration policy, two disparate issues that have become closely linked. The House approved the funding bill by a vote of 266-150 just hours after it passed the Senate by a vote of 81-18.
Ashok Leyland to invest Rs 400cr in LCV platform; eyes 5-fold rise in exports in 3 years
Hinduja Group flagship Ashok Leyland is aiming to increase its export basket of light commercial vehicles (LCV) to 25% from the present 5% over the next three years, a senior official said. Nitin Seth, President, Light Commercial Vehicles, Ashok Leyland said the company will also be investing Rs 400 crore into a new platform of LCVs that will continue to launch new product every six months. "We are targeting all the gulf countries, Russia, Ukraine and lot of West African countries which follow left hand drive. Our left hand drive vehicles will start coming from June this year.”
RBL Bank Q3 profit seen up 38% YoY at Rs 178cr
Private sector lender RBL Bank' third quarter profit is expected to rise 38.3% to Rs 178 crore as compared to Rs 128.7 crore in the year-ago period. Net interest income, the difference between interest earned and interest expended, may grow 43.6% year-on-year to Rs 461.8 crore for quarter ended December 2017, according to average of estimates of analysts polled by CNBC-TV18.
Canadian PM Justin Trudeau to visit India next month
Canadian Prime Minister Justin Trudeau will arrive in India next month on a seven-day visit aimed at strengthening the bilateral strategic partnership in the key areas of counter-terrorism, energy and trade, reports PTI. The Canadian premier will India from February 17-23 at the invitation of his Indian counterpart Narendra Modi, the External Affairs Ministry said in a statement.
A Canadian High Commission statement said that during his India trip, Trudeau will visit Agra, Amritsar, Ahmedabad, Mumbai, besides Delhi. The trip will include a visit to the Taj Mahal, the Golden Temple, the Jama Masjid, and the Swaminarayan Akshardham in Gujarat, it said. The Ministry of External Affairs (MEA) statement said that cooperation in security and counter-terrorism as well as exchange of views on global and regional issues of mutual interest will form important components of the visit.
IMF sees India growing at 7.4% in 2018, 7.8% in 2019
India is projected to grow at 7.4% in 2018 as against China's 6.8%, the International Monetary Fund (IMF) said, making it the fastest growing country among emerging economies following last year's slowdown due to demonetisation and the implementation of the GST, reports PTI.
In its latest World Economic Outlook (WEO) update released on Monday in Davos, Switzerland on the sidelines of the World Economic Forum, the International Monetary Fund has projected a 7.8% growth rate for India in 2019. Growth rate projections for both 2018 and 2019 remains unchanged since its October 2017 WEO projections.
German authorities tell Audi to recall 127,000 diesels
A spokeswomen for Germany's transport ministry says Volkswagen's Audi brand is being told to recall 127,000 cars diesel cars that reduce emissions controls when not being tested, reports AP. Ministry spokeswoman Svenja Friedrich said the motor transport agency had examined Audi diesel engines designed to meet the latest Euro VI emissions standard and found that under real driving conditions there was "no reduction" of harmful nitrogen oxides. She said 77,600 of the cars were registered in Germany and that the affected models were: the A4, A5, A6, A7, A8, Q5, SQ5 and Q7.
India means business: Modi tells global CEOs
Prime Minister Narendra Modi told top CEOs in Davos that India means business and presented an exciting opportunity for global businesses, reports PTI. Addressing a roundtable before a dinner meet, Modi narrated India's growth story. Under the tagline of "India means business", the roundtable was attended by 40 CEOs of global companies and 20 from India. After the meeting, MEA spokesperson Raveesh Kumar tweeted about Modi narrating India's growth story and presenting exciting opportunities for global business in India at Davos.
The SGX Nifty is trading mildly higher at 10,999. It hit an intra-day high of 11,010.50 and a low of 10,980.50.