News in English

Union Bank board okays proposal to raise up to Rs 600 cr by issuing shares to st...

<p style="text-align:justify"><span style="font-size:14px">The board of&nbsp;Union Bank of India has cleared a proposal to raise up to Rs 600 crore by issuing shares to its staff under the employee share purchase scheme. The proposal was approved in a board meeting on Monday, the bank said in a regulatory filing. The bank proposes to raise capital through issuance of shares worth up to Rs 600 crore in one or more tranches to its employees under Employee Share Purchase Scheme (ESPS), it said.</span></p> <p style="text-align:justify"><span style="font-size:14px">In September, shareholders of&nbsp;Punjab National Bank&nbsp;(PNB) approved allotting 10 crore shares to the employees of the bank under ESPS while Syndicate Bank approved to raise up to Rs 250 crore under this scheme. Bank of India will also offer 10 crore shares under ESPS and&nbsp;Canara Bank&nbsp;will issue up to 6 crore shares to its staff to raise up to Rs 1,000 crore.&nbsp; The government in March 2017 allowed public sector banks to offer stock options to their employees, aimed at retaining experienced hands besides providing a means of capital raise.</span></p> <p style="text-align:justify"><span style="font-size:14px">Allahabad Bank&nbsp;has already raised nearly Rs 236 crore in its maiden ESPS scheme.&nbsp; United Bank has also issued 5 crore fresh equity shares to employees under the scheme on August 31, 2018. Stock of Union Bank was trading 0.51 percent up at Rs 78.85 on BSE.</span></p>
  Tue, November 13, 2018 Read Full Article

Maruti Suzuki undertakes service campaign of new Ciaz

<p style="text-align:justify"><span style="font-size:14px">Maruti Suzuki India&nbsp;Ltd has initiated a &#39;service campaign&#39; to inspect and replace faulty speedometer assembly in two variants of diesel version of its newly launched mid-sized sedan Ciaz. In a notice to customers on its website, the company said it was pro-actively undertaking a service campaign to inspect and replace the speedometer assembly and owner&#39;s manual in Zeta and Alpha variants of Ciaz diesel cars.</span></p> <p style="text-align:justify"><span style="font-size:14px">In the affected units, some of alerts and indicators, including ABS and seat belt, in speedometer assembly were not properly functioning. The exercise will affect 880 units of Ciaz diesel manufactured between August 1, 2018 and September 21, 2018, it added.</span></p> <p style="text-align:justify"><span style="font-size:14px">The company said the exercise is not a recall as there is no safety concern involved. Customers are being contacted by Maruti Suzuki dealers for inspection and replacement of the part free of cost under the campaign which started on October 29, the company said.</span></p>
  Tue, November 13, 2018 Read Full Article

Chinese bank sets up $200 million fund for investing in Indian MSMEs

<p style="text-align:justify"><span style="font-size:14px">The Indian unit of China&#39;s largest bank, the Industrial and Commercial Bank of China has set up USD 200 million fund for investing in the promising Indian micro, small and medium enterprises and ventures, its official said here. Zheng Bin, CEO of the Industrial and Commercial Bank of China (ICBC) India on Monday gave an overview of Indian start-up ecosystem and how to invest in them at the 2nd &#39;Start-up India&#39; Investment Seminar organised by the Indian Embassy here.</span></p> <p style="text-align:justify"><span style="font-size:14px">&quot;He also informed that the ICBC India has established a USD 200 million fund for investing in the promising Indian micro, small and medium enterprises (MSMEs) and ventures,&quot; the Indian Embassy said in a statement on Tuesday. The ICBC, a top state-run Chinese bank which is the country&#39;s largest lender by market value, has opened its branch in Mumbai in 2011.&nbsp; More than 350 Chinese mostly representing Chinese Venture Capital (VC) funds, angel investors participated in a day long pitching session and seminar organised by the Indian Embassy in partnership with the Start-up India Association (SIA) and Venture Gurukool.</span></p> <p style="text-align:justify"><span style="font-size:14px">Forty-two Indian entrepreneurs representing 20 Indian start-ups took part in the event which was expected to fetch good investments for the Indian firms, Prashant Lokhande, Counsellor Economic and Commerce of the Indian Embassy who addressed the event said. Four out of the 12 Indian firms which took part in the first start-up India investment seminar held here last year got funding from the Chinese VCs to the tune of USD 15 million, the press release said.</span></p> <p style="text-align:justify"><span style="font-size:14px">In the current round, 7-8 start-ups out of 20 participants may get commitment to the tune of USD 30 million, it said. The event was planned to expose the Chinese VCs and investors to the promising Indian start-ups on one hand and help Indian start-ups to reach out to the huge Chinese investors community for receiving investment for growth of their companies, it said. Addressing the event Acqino Vimal, Deputy Chief of Mission said Chinese investors should take part in the development process of India growth story through investing in Indian start-ups.</span></p> <p style="text-align:justify"><span style="font-size:14px">He said India&#39;s young demography, rapid economic growth and fast pace urbanisation and its challenges work as hotbed for growth of Indian entrepreneurs and start-up ecosystem, as well as provide them opportunity for offering unique, innovative, and affordable solutions for these challenges. During the seminar, a report &quot;India &ndash; China: Start-ups &amp; Beyond&quot; by KPMG giving detailed account of Indian start-up ecosystem and why it is right place for making venture investments, was unveiled.</span></p>
  Tue, November 13, 2018 Read Full Article

Hiring activity sees 21% jump in October: Report

<p style="text-align:justify"><span style="font-size:14px">Hiring activity registered 21 percent rise in October driven by bullish recruitment trends in the IT industry and the future outlook too looks glossy, a survey said on Tuesday. The Naukri JobSpeak Index for October 2018 stood at 2,088, up 21 percent from the year-ago period, when it was quoted at 1,728. The IT industry was on a hiring spree in October this year. &quot;After the slowdown due to the proposed visa restrictions in the US, the industry has picked up pace in hiring in the past couple of months and this pace is to continue in the upcoming months,&quot; the survey said.&nbsp;</span></p> <p style="text-align:justify"><span style="font-size:14px">Meanwhile, startups also have contributed to the IT employment in India by their sheer growing numbers as well as them working on niche technologies like robotics, AI, blockchain etc, the survey added. &quot;The JobSpeak Index continues to sustain the momentum gained and surge ahead with an impressive 21 percent growth in October,&quot; Naukri.com Chief Sales Officer V Suresh said. He said it is good to see the healthy growth across cities and sectors and signals good times ahead for jobseekers.</span></p> <p style="text-align:justify"><span style="font-size:14px">In terms of experience, the demand for fresh graduates with experience of 0-3 years grew 24 percent, while for trained professionals (experience of 4-7 years) demand witnessed a rise of 22 percent. Mid-management roles with an experience of 8-12 years saw a growth of 18 percent year-on-year in hiring activity while senior management roles with an experience of 13-16 years saw a growth of 7 percent. In terms of cities, hiring activity in metropolitan cities saw positive growth with both Chennai and Delhi registering a rise of 23 percent.</span></p> <p style="text-align:justify"><span style="font-size:14px">The index has been calculated based on job listings added to the site month-on-month. July 2008 has been taken as the base month with a score of 1,000 and the subsequent monthly index is compared with data for July 2008.</span></p>
  Tue, November 13, 2018 Read Full Article

IndusInd Bank calls off deal to acquire IL&FS Securities Services

<p style="text-align:justify"><span style="font-size:14px">Private sector lender&nbsp;IndusInd Bank&nbsp;on Tuesday said its agreement to fully acquire IL&amp;FS Securities Services Ltd (ISSL) has been terminated due to non fulfilment of conditions. In June this year IndusInd Bank had signed a share purchase agreement with Infrastructure Leasing and Financial Services Ltd (IL&amp;FS) to acquire its securities services subsidiary. &quot;The share purchase agreement (SPA) stands terminated as all the conditions precedent were not satisfied within the stipulated time period,&quot; IndusInd Bank said in a regulatory filing.</span></p> <p style="text-align:justify"><span style="font-size:14px">ISSL, incorporated in 2007, is a capital market intermediary for professional clearing, depository and custodial services and caters to both retail and institutional clients including over 1,000 brokers, FPIs and FIIs.&nbsp; &quot;We understand that the newly constructed board of directors of IL&amp;FS has decided to initiate a new process for the sale of its equity interests in ISSL,&quot; IndusInd Bank added. Meanwhile, In a bid to monetise its assets, crisis-ridden IL&amp;FS Monday initiated the process for divesting its stake in IL&amp;FS Securities Services and ISSL Settlement &amp; Transaction Services.</span></p> <p style="text-align:justify"><span style="font-size:14px">&quot;As stated in the said Report, it is the objective of the board to achieve, by one or more plan(s), the resolution of the IL&amp;FS group through certain measures, including asset divestments,&quot; the debt-ridden company said in a statement Monday. The release further said that in order to ascertain market interest, and to examine feasibility of maximisation of value in an orderly and transparent manner, the board, while continuing to evaluate all options, on Monday initiated the process of exploring the sale of an asset engaged in the securities services business.</span></p>
  Tue, November 13, 2018 Read Full Article

Digital is where the money is: YouTube doubles ad rates for India; Facebook, Twi...

<p style="text-align:justify"><span style="font-size:14px">Alphabet&#39;s YouTube is going to double&nbsp;the rate of its high-impact fixed homepage advertisement to Rs 1.4 crore from Rs 70 lakh a day at present,&nbsp;&nbsp;reported. The move comes as the social media platform&#39;s&nbsp;monthly active users (MAUs) reported a significant jump.&nbsp;&quot;YouTube is now reaching 120 million users a day with over 1 billion impressions. Few media vehicles can deliver such reach in a day,&quot; Amardeep Singh, CEO at Interactive Avenues, the digital agency owned by IPG Mediabrands told the paper.</span></p> <p style="text-align:justify"><span style="font-size:14px">As per the industry consensus, YouTube reaches 250 million MAUs, Facebook has 220 million, Instagram touches around 68 million, while Twitter&rsquo;s MAUs have gone up to 30.4 million. Facebook and Twitter have also been hiking advertising rates, the report said.&nbsp; &quot;If you take FB, the news feed ads now costs over 100 percent compared over last year,&quot; Vivek Bhargava, Chief Executive Officer at DAN Performance Group told the paper, adding that these platforms have de-cluttered the news feed and timelines so it made sense for them to push up rates.</span></p> <p style="text-align:justify"><span style="font-size:14px">Facebook, however, has denied any rise in advertising cost on the platform and stated that the social network&#39;s pricing is &#39;transparent&#39; to every ad buyer. &quot;Our ad demand continues to go up because we are getting more and more advertisers on board as we expand the business. At the same time inventory is also going up as we see more and more users on the platform,&quot; a Facebook spokesperson told the paper. Experts told the paper that the&nbsp;trend of digital platforms such as Facebook, Twitter, and Instagram, raising rates between 20-30 percent annually will continue in 2019, too, as time spent by users and engagement levels increase.</span></p> <p style="text-align:justify"><span style="font-size:14px">In 2018, around 28 percent of the total digital advertising expenditure in India was on social media, according to another Dentsu Aegis&nbsp;report&nbsp;on digital advertising in India.</span></p> <p style="text-align:justify"><span style="font-size:14px"><img alt="Source: Statista." src="https://static-news.moneycontrol.com/static-mcnews/2018/11/statistic_id894299_digital-advertising-expenditure-share-in-india-2018-by-format.png" style="height:743px; width:1000px" /></span></p> <p style="text-align:justify"><span style="font-size:14px">As of now, a basic digital media campaign reaching 1 billion impressions --the&nbsp;total number of views -- costs around Rs 3 crore according to a rough industry estimate. The&nbsp;advertising industry is currently estimated to be Rs 55,960 crore&nbsp;and expected to grow at a compound annual growth rate (CAGR) of 32 percent to reach Rs 18,986 crore by 2020, according to the Dentsu Aegis Network-e4m Digital Report. The digital advertising industry across the country has been growing rapidly. It had a market size of around Rs 11,630 crore in FY18, up from about Rs 4700<strong>&nbsp;</strong>crores&nbsp;in FY15, according to a KPMG&nbsp;report.</span></p> <p style="text-align:justify"><span style="font-size:14px"><img alt="Source: Statista." src="https://static-news.moneycontrol.com/static-mcnews/2018/11/statistic_id795262_market-size-of-digital-advertising-industry-in-india-2011-2023.png" style="height:743px; width:1000px" /></span></p> <p style="text-align:justify"><span style="font-size:14px">Industry leaders told the paper that the players are bound to jack up prices since digital is&nbsp;becoming an important part of the media, given the rate of digital penetration and adoption. According to the&nbsp;Dentsu Aegis report, digital is expected to be the fastest growing medium of the advertising industry and may account for 24 percent of the overall industry pie by 2020. &quot;Digital media spends currently contribute to 15 percent of the total advertising industry and are expected to reach 24 percent of the entire market by 2020,&quot; the report said.</span></p>
  Tue, November 13, 2018 Read Full Article

Silver weakens in futures trade, down Rs 55

<p style="text-align:justify"><span style="font-size:14px">Amid profit-booking by speculators at current levels, silver prices fell by Rs 55, to Rs 36,640 per kg in futures trade Tuesday. However, a firming trend overseas, restricted the losses. At the Multi Commodity Exchange,&nbsp;silver&nbsp;for delivery in December traded Rs 55, or 0.15 per cent down at Rs 36,640 per kg. It clocked a business volume of 286 lots.</span></p> <p style="text-align:justify"><span style="font-size:14px">The white metal to be delivered in November was down by Rs 51, or 0.14 per cent, at Rs 36,675 per kg in 493 lots. In the international market, silver rose 0.57 per cent to&nbsp;$14.17 an ounce in Singapore. Marketmen said profit-booking at prevailing levels led to the fall in silver prices at futures trade here.</span></p>
  Tue, November 13, 2018 Read Full Article

Google services hijacked for nearly 2 hours

<p style="text-align:justify"><span style="font-size:14px">An internet diversion that rerouted data traffic through Russia and China disrupted several Google services on Monday, including search and cloud-hosting services. Service interruptions lasted for nearly two hours and ended about 5:30 p.m. EST., network service companies said. In addition to Russian and Chinese telecommunications companies, a Nigerian internet provider was also involved. Google confirmed Monday&#39;s disruption on a network status page but said only that it believed the cause was &quot;external to Google .&quot; The company had little additional comment.</span></p> <p style="text-align:justify"><span style="font-size:14px">The specific method employed, formally known as border gateway protocol hijacking, can knock essential services offline and facilitate espionage and financial theft. Most network traffic to Google services &mdash;94 percent as of October 27 &mdash; is encrypted, which shields it from prying eyes even if diverted.</span></p> <p style="text-align:justify"><span style="font-size:14px">Alex Henthorn-Iwane, an executive at the network-intelligence company ThousandEyes, called Monday&#39;s incident the worst affecting Google that his company has seen.&nbsp; He said he suspected nation-state involvement because the traffic was effectively landing at state-run China Telecom. A recent study by US Naval War College and Tel Aviv University scholars says China systematically hijacks and diverts US internet traffic.</span></p> <p style="text-align:justify"><span style="font-size:14px">Much of the internet&#39;s underpinnings are built on trust, a relic of the good intentions its designers assumed of users. One consequence: little can be done if a nation-state or someone with access to a major internet provider decides to reroute traffic. Henthorn-Iwane says Monday&#39;s hijacking may have been &quot;a war-game experiment.&quot; In two recent cases, such rerouting has affected financial sites. In April 2017, one affected Mastercard and Visa among other sites. This past April, another hijacking enabled cryptocurrency theft.</span></p> <p style="text-align:justify"><span style="font-size:14px">The Department of Homeland Security did not immediately respond to a request for comment. ThousandEyes named the companies involved in Monday&#39;s incident, in addition to China Telecom, as the Russian internet provider Transtelecom and the Nigerian ISP MainOne.</span></p>
  Tue, November 13, 2018 Read Full Article

China state banks seen selling dollars in FX market to arrest yuan losses: Trade...

<p style="text-align:justify"><span style="font-size:14px">Major state-owned Chinese banks were seen selling dollars at around 6.97 per dollar in the onshore spot foreign exchange market in early trade on Tuesday, three traders said, in an apparent attempt to arrest sharp losses in the local currency. The onshore spot market opened at 6.9681 per dollar, weakening to a low of 6.9703 at one point in early deals. &quot;Big banks were selling (dollars) to defend the yuan,&quot; said one of the traders.</span></p> <p style="text-align:justify"><span style="font-size:14px">The move by the state-run banks helped the yuan recover to 6.9550. The onshore spot yuan was trading at 6.9645 as of 0237 GMT. Traders attributed the sharp morning losses in the yuan to broad strength in the US dollar, which hit 16-month highs against a basket of six other major currencies. They also suspect the authorities are keen to prevent the yuan from weakening too sharply before US President Donald Trump and his Chinese counterpart President Xi Jinping&#39;s meeting later this month. The two countries&#39; leaders plan to meet on the sidelines of a G20 summit, in Argentina at the end of November for a high-stakes talk.</span></p>
  Tue, November 13, 2018 Read Full Article

Amazon picks New York City and Northern Virginia for its split 'HQ2': Report

<p style="text-align:justify"><span style="font-size:14px">Amazon.com Inc could announce as early as Tuesday that it has selected New York City and Northern Virginia to be the sites for its second and third headquarters, the Wall Street Journal reported on Monday. Other cities may also receive major sites as part of Amazon&#39;s decision that would end a more-than-year-long contest that started with 238 candidates and ended with a surprise split of its so-called &quot;HQ2&quot;, WSJ said, citing people familiar with the matter.</span></p> <p style="text-align:justify"><span style="font-size:14px">Amazon sparked a bidding frenzy in September 2017 when it announced it would invest over $5 billion to create an &quot;HQ2&quot; in addition to its home base in Seattle and hire up to 50,000 people. Amazon is dividing the second headquarters evenly between New York&#39;s Long Island City and the Crystal City area of Arlington, Virginia, the Journal said.&nbsp; Amazon did not immediately respond to a Reuters request for comment. Cities and states promised billions of dollars of tax breaks and other inducements in exchange for Amazon&#39;s &quot;HQ2&quot;. They also handed over infrastructure, labour and other data that could prove useful in other ways to the world&#39;s largest online retailer.</span></p> <p style="text-align:justify"><span style="font-size:14px">The company was planning to split its second headquarters evenly between two cities and among the finalists with which Amazon was holding advanced talks were Dallas, Long Island City in New York and Arlington near Washington, D.C., Reuters reported last week, citing sources. The New York Times had also reported last week that Amazon was finalizing plans to select the Long Island City neighbourhood of Queens, New York and the Crystal City area of Arlington, Virginia.</span></p>
  Tue, November 13, 2018 Read Full Article

Gas to overtake coal as world's second largest energy source by 2030: IEA

<p style="text-align:justify"><span style="font-size:14px">Natural gas is expected to overtake coal as the world&#39;s second largest energy source after oil by 2030 due to a drive to cut air pollution and the rise in liquefied natural gas (LNG) use, the International Energy Agency (IEA) said on Tuesday, The Paris-based IEA said in its World Energy Outlook 2018 that energy demand would grow by more than a quarter between 2017 and 2040 assuming more efficient use of energy - but would rise by twice that much without such improvements. Global gas demand would increase by 1.6 percent a year to 2040 and would be 45 percent higher by then than today, it said.</span></p> <p style="text-align:justify"><span style="font-size:14px">The estimates are based on the IEA&#39;s &quot;New Policies Scenario&quot; that takes into account legislation and policies to reduce emissions and fight climate change. They also assume more energy efficiencies in fuel use, buildings and other factors.&nbsp; &quot;Natural gas is the fastest growing fossil fuel in the New Policies Scenario, overtaking coal by 2030 to become the second-largest source of energy after oil,&quot; the report said. China, already the world&#39;s biggest oil and coal importer, would soon become the largest importer of gas and net imports would approach the level of the European Union by 2040, the IEA said.</span></p> <p style="text-align:justify"><span style="font-size:14px">According to Reuters calculations, based on China&#39;s General Administration of Customs data, China has already overtaken Japan as the world&#39;s top natural gas importer. Although China is the world&#39;s third-biggest user of natural gas behind the United States and Russia, it has to import about 40 percent of its needs as local production cannot keep pace. Emerging economies in Asia would account for about half of total global gas demand growth and their share of LNG imports would double to 60 percent by 2040, the IEA report said.</span></p> <p style="text-align:justify"><span style="font-size:14px">&quot;Although talk of a global gas market similar to that of oil is premature, LNG trade has expanded substantially in volume since 2010 and has reached previously isolated markets,&quot; it said. LNG involves cooling gas to a liquid so it can transported by ship. The United States would account for 40 percent of total gas production growth to 2025, the IEA said, while other sources would take over as U.S. shale gas output flattened and other nations started turning to unconventional methods of gas production, such as hydraulic fracturing or fracking.</span></p> <p style="text-align:justify"><span style="font-size:14px">Global electricity demand will grow 2.1 percent a year, mostly driven by rising use in developing economies. Electricity will account for a quarter of energy used by end users such as consumers and industry by 2040, it said. Coal and renewables will swap their positions in the power generation mix. The share of coal is forecast to fall from about 40 percent today to a quarter in 2040 while renewables would grow to just over 40 percent from a quarter now.</span></p> <p style="text-align:justify"><span style="font-size:14px">Energy-related carbon dioxide emissions will continue to grow at a slow but steady pace to 2040. From 2017 levels, the IEA said CO2 emissions would rise by 10 percent to 36 gigatonnes in 2040, mostly driven by growth in oil and gas. This trajectory was &quot;far out of step&quot; with what scientific knowledge says would be required to tackle climate change, the report said.</span></p>
  Tue, November 13, 2018 Read Full Article

Gold falls to one-month low on stronger dollar

<p style="text-align:justify"><span style="font-size:14px">Gold slid to its lowest level in a month on Monday as the dollar rose to 16-month highs, boosted by the US Federal Reserve&#39;s hawkish interest rate policy and political uncertainty in Europe. Spot gold fell 0.5 percent to $1,203.30 per ounce at 13:34 p.m EST (1844 GMT), having touched a one-month low of $1,201.85 earlier in the session. US gold futures settled down $5.1, or 0.4 percent, at $1,203.50. Last week, the metal posted its biggest weekly decline since August after the Fed reaffirmed its monetary tightening stance, seen as a negative for non-yielding bullion.&nbsp; &quot;Of the hawkish message we got from the Fed last week, we are now seeing the aftermath,&quot; said Bart Melek, head of commodity strategies at TD Securities. &quot;We are now right below the 50-day (moving average) at $1,210. Trading range right now is $1,180 to $1,240 and we are going to need a catalyst to get us moving higher up.&quot;</span></p> <p style="text-align:justify"><span style="font-size:14px">The Fed last week indicated it planned to raise rates next month and remained on track for two more potential hikes by mid-2019 on the back of an upbeat economy and rising wage pressures, lifting the dollar. The dollar index, which measures the greenback against a basket of six major currencies, rose to its highest since June 2017, denting gold&#39;s appeal by making it more expensive for holders of other currencies to buy the metal. Gold prices have fallen about 12 percent since a peak in April after investors preferred the dollar as the US-China trade war unfolded against a background of higher US interest rates. In Britain, doubts that the government will be able to secure a Brexit agreement, as well as Rome facing a Tuesday deadline to submit a revised Italian budget to the European Union, also supported the dollar.</span></p> <p style="text-align:justify"><span style="font-size:14px">&quot;The main driver (for gold) has been some renewed dollar strengthening... due to political uncertainty in UK and Italy,&quot; said Saxo Bank analyst Ole Hansen, adding that $1,200 is &quot;both the psychological and technical level of support&quot; for the metal. Silver fell 0.8 percent to $14.04 per ounce, after touching its lowest since Sept. 11 at $13.97. Palladium dipped 1 percent to $1,105 per ounce, while platinum fell 1 percent at $839.50 an ounce.</span></p>
  Tue, November 13, 2018 Read Full Article

Yes Mutual Fund seeks SEBI nod for maiden scheme; files offer document for liqui...

<p style="text-align:justify"><span style="font-size:14px">Yes Mutual Fund has sought the Securities and Exchange Board of India&rsquo;s approval for its maiden scheme, YES Liquid Fund, according to the draft offer document on the regulator&rsquo;s website. The open-ended liquid scheme will deploy its entire corpus in debt and money market instruments with a maturity/residual maturity of&nbsp;up to&nbsp;91 days.</span></p> <p style="text-align:justify"><span style="font-size:14px"><strong>Other features:</strong><br /> *Plans: Regular and direct<br /> *Options: Growth and dividend<br /> *Minimum application: Rs 10,000 and in multiples of Re 1 thereafter<br /> *Exit load: Nil<br /> *Fund manager:&nbsp;Piyush&nbsp;Baranwal<br /> *Performance benchmark:&nbsp;CRISIL&nbsp;Liquid Fund Index</span></p>
  Mon, November 12, 2018 Read Full Article

Mukesh Ambani to inject Rs 3,000 crore in Odisha to promote digital growth

<p style="text-align:justify"><span style="font-size:14px">Mukesh Ambani, Chairman&nbsp;and Managing Director of&nbsp;Reliance Industries&nbsp;(RIL), announced that he will be pumping in an additional Rs 3,000 crore, apart from the existing Rs 6,000 crore, in the company&#39;s businesses in Odisha.</span></p> <p style="text-align:justify"><span style="font-size:14px">Speaking at the Make in Odisha Conclave 2018, Ambani said that RIL was dedicated towards development, especially in the digital infrastructure sphere. The move is to&nbsp;empower the state. He said that the company will work to promote digital technology in Odisha, especially in rural areas.</span></p> <p style="text-align:justify"><span style="font-size:14px">&quot;For Reliance, Jio isn&#39;t just another business. It is a mission to transform India, to transform Odisha. In the last two years, we have created and sustained new employment opportunities of over 30,000 people in this state,&quot;&nbsp;Ambani said.</span></p> <p style="text-align:justify"><span style="font-size:14px">He added that since Jio commenced operations two years ago, India has moved from the&nbsp;155<sup>th</sup>&nbsp;spot in mobile broadband penetration and is the number 1 nation in&nbsp;mobile data consumption. &quot;Every aspect of life is going digital &mdash; music, movies, cars, banking, health, education. Digitisation will be achieved by using the most powerful tools of our time&mdash;connectivity and digital technology,&quot; he said.</span></p>
  Mon, November 12, 2018 Read Full Article

PNB Housing Finance obtains refinance sanction of Rs 3,500 cr from National Hous...

<p style="text-align:justify"><span style="font-size:14px">PNB Housing Finance&nbsp;on November 12 said it has obtained refinance sanction of Rs 3,500 crore from the National Housing Bank (NHB) in October 2018. &quot;The funds will be utilised for the specific sector wise disbursements/ end uses as per norms of the respective NHB refinance schemes,&quot; PNB Housing Finance said in a regulatory filing.</span></p> <p style="text-align:justify"><span style="font-size:14px">PNB Housing Finance Managing Director Sanjaya Gupta said the fresh sanction of Rs 3,500 crore will strengthen the company&#39;s liquidity and also help in boosting the economic growth.&nbsp; PNB Housing Finance is engaged in the business of providing loans for purchase or construction of residential houses. Shares of PNB Housing Finance were trading 3.90 per cent higher at Rs 965 apiece on BSE.</span></p>
  Mon, November 12, 2018 Read Full Article

Copper goes up 0.80% in futures trade on overseas cues

<p style="text-align:justify"><span style="font-size:14px">Copper prices went up by 0.80 per cent to Rs 434.70 per kg in futures trade Monday after speculators created fresh positions amid positive global cues. Besides, uptick in demand from consuming industries at the domestic spot market fuelled the uptrend.</span></p> <p style="text-align:justify"><span style="font-size:14px">At the Multi Commodity Exchange,&nbsp;copper&nbsp;for delivery in current month was trading higher by Rs 3.45, or 0.80 per cent at Rs 434.70 per kg in a business turnover of 554 lots. Market analysts said the rise in copper prices at futures trade was mostly attributed to a firm trend in overseas markets and rising demand from consuming industries at the physical markets here.</span></p>
  Mon, November 12, 2018 Read Full Article

Gold prices steady but under pressure from firmer dollar

<p style="text-align:justify"><span style="font-size:14px">Gold prices steadied on Monday after touching a one-month low in the previous session, but the metal remains under pressure from a firmer US dollar and expectations the Federal Reserve is on track to tighten borrowing costs. Spot gold was little changed at $1,209.71 per ounce at 0431 GMT. On Friday, prices fell to their lowest since Oct. 11 at $1,206.13 per ounce. &quot;Higher US interest rates and a stronger dollar are flashing red for gold investors,&quot; said Stephen Innes, APAC trading head at OANDA in Singapore.</span></p> <p style="text-align:justify"><span style="font-size:14px">There was little to no safe haven appeal and robust US leading indicators showed the US services-based economy was firing on all cylinders, suggesting the Fed will hold the course on expected rate rises, he said.&nbsp; The dollar index, which measures the greenback against a basket of six major currencies, inched up 0.1 percent. The greenback built on last week&#39;s gains and rose towards a 16-month high. The Fed has reaffirmed its plan to raise interest rates by in December, followed by two more potential rate hikes by mid-2019 on the back of an upbeat economy and rising wage pressures.</span></p> <p style="text-align:justify"><span style="font-size:14px">&quot;It seems like the bears are back in control... It&#39;s disappointing that every time gold starts to rally it runs out of steam so fast,&quot; a Hong Kong-based trader said. The precious metal has fallen about 11 percent from its April peak after investors preferred the dollar as the US-China trade war unfolded against a background of higher US interest rates. Higher US interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion.</span></p> <p style="text-align:justify"><span style="font-size:14px">Spot gold is expected to test a support at $1,201, with a good chance of breaking below this level and falling more to $1,192, said Reuters technical analyst Wang Tao. Hedge funds and money managers cut their net short position in gold by 8,136 contracts to 37,486 contracts, data showed. In other precious metals, silver was little changed at $14.15 per ounce. Prices fell to their lowest level since Sept. 18 at $14.06 in the previous session. Palladium was flat at $1,116.50 per ounce. Platinum was up 0.2 percent at $851 an ounce.</span></p>
  Mon, November 12, 2018 Read Full Article

Gold prices steady but under pressure from firmer dollar

<p style="text-align:justify"><span style="font-size:14px">Gold prices steadied on Monday after touching a one-month low in the previous session, but the metal remains under pressure from a firmer US dollar and expectations the Federal Reserve is on track to tighten borrowing costs. Spot gold was little changed at $1,209.71 per ounce at 0431 GMT. On Friday, prices fell to their lowest since Oct. 11 at $1,206.13 per ounce. &quot;Higher US interest rates and a stronger dollar are flashing red for gold investors,&quot; said Stephen Innes, APAC trading head at OANDA in Singapore.</span></p> <p style="text-align:justify"><span style="font-size:14px">There was little to no safe haven appeal and robust US leading indicators showed the US services-based economy was firing on all cylinders, suggesting the Fed will hold the course on expected rate rises, he said.&nbsp; The dollar index, which measures the greenback against a basket of six major currencies, inched up 0.1 percent. The greenback built on last week&#39;s gains and rose towards a 16-month high. The Fed has reaffirmed its plan to raise interest rates by in December, followed by two more potential rate hikes by mid-2019 on the back of an upbeat economy and rising wage pressures.</span></p> <p style="text-align:justify"><span style="font-size:14px">&quot;It seems like the bears are back in control... It&#39;s disappointing that every time gold starts to rally it runs out of steam so fast,&quot; a Hong Kong-based trader said. The precious metal has fallen about 11 percent from its April peak after investors preferred the dollar as the US-China trade war unfolded against a background of higher US interest rates. Higher US interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion.</span></p> <p style="text-align:justify"><span style="font-size:14px">Spot gold is expected to test a support at $1,201, with a good chance of breaking below this level and falling more to $1,192, said Reuters technical analyst Wang Tao. Hedge funds and money managers cut their net short position in gold by 8,136 contracts to 37,486 contracts, data showed. In other precious metals, silver was little changed at $14.15 per ounce. Prices fell to their lowest level since Sept. 18 at $14.06 in the previous session. Palladium was flat at $1,116.50 per ounce. Platinum was up 0.2 percent at $851 an ounce.</span></p>
  Mon, November 12, 2018 Read Full Article

China says will further open up its economy, slams rising protectionism

<p style="text-align:justify"><span style="font-size:14px">Chinese Premier Li Keqiang said on Monday Beijing will further open up its economy in the face of rising protectionism, as he headed for meetings with Asia-Pacific leaders in Singapore that are expected to focus on trade tensions. Li&#39;s remarks in an article in Singapore&#39;s Straits Times newspaper, ahead of his arrival in the city-state later in the day, came as Singapore&#39;s Prime Minister Lee Hsien Loong called for more regional integration, saying multilateralism was under threat from political pressures.</span></p> <p style="text-align:justify"><span style="font-size:14px">&quot;China has opened its door to the world; we will never close it but open it even wider,&quot; Li said in the article, in which he called for an &quot;open world economy&quot; in the face of &quot;rising protectionism and unilateralism&quot;. He did not directly refer to China&#39;s bruising trade war with the United States. Notably absent from this week&#39;s meetings is U.S. President Donald Trump, who has said several existing multilateral trade deals are unfair, and has railed against China over intellectual property theft, entry barriers to U.S. businesses and a gaping trade deficit.&nbsp;</span></p> <p style="text-align:justify"><span style="font-size:14px">Vice President Mike Pence will attend instead of Trump, and Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe are among those also expected to join Li and the ten-member member Association of Southeast Asian Nations (ASEAN). It was not clear if Li and Pence will hold separate talks on the sidelines of the meetings, which would be a prelude to a summit scheduled between Trump and Chinese President Xi Jinping at the end of the month in Buenos Aires.</span></p> <p style="text-align:justify"><span style="font-size:14px">The encounter, if it happens, would come on the heels of high-level talks in Washington where the two sides aired their main differences but appeared to attempt controlling the damage to relations that has worsened with tit-for-tat tariffs in recent months. Meanwhile, in remarks at a business summit on Monday ahead of this week&#39;s meetings, Singapore PM Lee said: &quot;ASEAN has great potential, but fully realising it depends on whether we choose to become more integrated, and work resolutely towards this goal in a world where multilateralism is fraying under political pressures&quot;.</span></p> <p style="text-align:justify"><span style="font-size:14px">Lee has previously warned that the U.S.-China trade war could have a &quot;big, negative impact&quot; on Singapore, and the city-state&#39;s central bank has warned it could soon drag on the economy. Both Singapore and China are expected to rally support for the Regional Comprehensive Economic Partnership (RCEP) pact now being negotiated, showcased to be the free trade deal that will encompass more than a third of the world&#39;s GDP.</span></p> <p style="text-align:justify"><span style="font-size:14px">The pact includes 16 countries, including China, India, Japan and South Korea, but not the United States. Li said China would work to &quot;expedite&quot; RCEP negotiations this week. Also on Monday, the ten-member ASEAN group reached their first ever deal on e-commerce aimed at helping boost cross-border transactions in the region.</span></p>
  Mon, November 12, 2018 Read Full Article

Crude oil futures bounce 1.93% on firm global cues

<p style="text-align:justify"><span style="font-size:14px">Crude oil futures recovered by 1.93 per cent to Rs 4,446 per barrel Monday after participants widened their bets, tracking a firm trend in Asia. At the Multi Commodity Exchange,&nbsp;crude oil&nbsp;for delivery in November was trading higher by Rs 84, or 1.93 per cent, to Rs 4,446 per barrel with a business turnover of 1,968 lots. The December also moved higher by Rs 83, or 1.89 per cent to Rs 4,475 per barrel with a business volume of 250 lots.</span></p> <p style="text-align:justify"><span style="font-size:14px">Marketmen attributed rise in crude oil futures to raising of bets by traders in line with a firming trend overseas where it again breached the $ 71-mark following Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday.</span></p> <p style="text-align:justify"><span style="font-size:14px">Meanwhile, West Texs Intermediate crude prices rose by 1.03 per cent, to $ 60.81 a barrel while Brent crude, the international benchmark, was up 1.30 per cent at $ 71.09 per barrel on the New York Mercantile Exchange.</span></p>
  Mon, November 12, 2018 Read Full Article

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