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Domestic stock market indices extended the early gains and trading at day's high level with Nifty at 11,200.

At 11:39 AM, the Sensex was up 507.68 points or 1.36% at 37896.34, and the Nifty was up 150.60 points or 1.36% at 11200.90. About 1687 shares have advanced, 553 shares declined, and 107 shares are unchanged.

It opened at 37,756.25 and has so far touched an intra-day high of 37,823.24 and a low of 37,544.05 points.

The top gainers on the Sensex so far were ONGC, Bajaj Finance and IndusInd Bank, while the only losers were Infosys and TCS.

(With inputs from agencies)

Domestic stock market indices extended the early gains and trading at day's high level with Nifty at 11,200. At 11:39 AM, the Sensex was up 507.68 points or 1.36% at 37896.

Domestic stock market indices extended the early gains and trading at day's high level with Nifty at 11,200. At 11:39 AM, the Sensex was up 507.68 points or 1.36% at 37896.34, and the Nifty was up 150.60 points or 1.36% at 11200.90. About 1687 shares have advanced, 553 shares declined, and 107 shares are unchanged. It opened at 37,756.25 and has so far touched an intra-day high of 37,823.24 and a low of 37,544.05 points. The top gainers on the Sensex so far were ONGC, Bajaj Finance and IndusInd Bank, while the only losers were Infosys and TCS. (With inputs from agencies)

Sensex climbs 500 points, Nifty reclaims 11,200

US President Donald Trump Fresh Controversy - US President Donald Trump has found himself in a fresh controversy after a report claimed that he has paid a meagre amount or no federal income tax for many years before he became the president of the United States.&nbsp;

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/trump-paid-no-income-taxes-in-10-of-last-15-years-nyt-report-330783/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

A New York Times report claimed that Trump paid only $750 federal income taxes in 2016, the year he won the presidential election, and 2017 and not a penny of federal income taxes in 10 of the last 15 years before he became president on grounds that he lost more money than he gained.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/us-one-liners-rehearsed-performances-and-mammoth-audiences-expected-as-biden-trump-gear-up-for-debates-330793">US: One-liners, rehearsed performances and mammoth audiences expected as Biden, Trump gear up for debates</a>

Trump called the allegations "totally fake news" and said he "he paid a lot of state income taxes", adding everything will be "revealed".&nbsp;

"First of all, I paid a lot and I paid a lot of state income taxes too... It'll all be revealed," Trump said.

The report said the US president reduced his taxes through a $72.9 million refund that gets audited by Internal Revenue audit.&nbsp;

 
It added that Trump used deductions on aircraft, residences, including $70,000 in hairstyling for TV appearances.&nbsp;

The report said his golf courses showed a loss of large amounts of money, and hundreds of millions of dollars in loans he took on personal guarantee will soon be due for repayment.&nbsp;

Democrats have sharpened their attacks on the US president with House Speaker Nancy Pelosi describing the findings as "Trump's disdain for America's working families."

Massachusetts representative Richard Neal, the chair of the House Ways and Means Committee who earlier has unsuccessfully attempted knowing Trump's tax records, said now it is more essential for his committee to access the documents.

"It appears that the President has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes," he said.&nbsp;

&nbsp;

US President Donald Trump Fresh Controversy - US President Donald Trump has found himself in a fresh controversy after a report claimed that he has paid a meagre amount or no federal income tax for many years before he became the president of the United States.

US President Donald Trump Fresh Controversy - US President Donald Trump has found himself in a fresh controversy after a report claimed that he has paid a meagre amount or no federal income tax for many years before he became the president of the United States. Watch | A New York Times report claimed that Trump paid only $750 federal income taxes in 2016, the year he won the presidential election, and 2017 and not a penny of federal income taxes in 10 of the last 15 years before he became president on grounds that he lost more money than he gained. Also read | US: One-liners, rehearsed performances and mammoth audiences expected as Biden, Trump gear up for debates Trump called the allegations "totally fake news" and said he "he paid a lot of state income taxes", adding everything will be "revealed". "First of all, I paid a lot and I paid a lot of state income taxes too... It'll all be revealed," Trump said. The report said the US president reduced his taxes through a $72.9 million refund that gets audited by Internal Revenue audit. It added that Trump used deductions on aircraft, residences, including $70,000 in hairstyling for TV appearances. The report said his golf courses showed a loss of large amounts of money, and hundreds of millions of dollars in loans he took on personal guarantee will soon be due for repayment. Democrats have sharpened their attacks on the US president with House Speaker Nancy Pelosi describing the findings as "Trump's disdain for America's working families." Massachusetts representative Richard Neal, the chair of the House Ways and Means Committee who earlier has unsuccessfully attempted knowing Trump's tax records, said now it is more essential for his committee to access the documents. "It appears that the President has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes," he said.

Donald Trump faces fresh controversy as bombshell report claims president avoided tax for years

The Reserve Bank of India (RBI) is likely to hold repo rate steady by maintaining status quo. Watch this video to know more.

India: RBI likely to hold repo rate steady

Russia expects its oil production to increase after the current OPEC+ deal on output curbs runs its course in April 2022.

Russia sees oil output rising after OPEC+ deal

Vodafone Group Plc said on Friday it had won an international arbitration case against the Indian government.

India had claimed a total of 279 billion rupees ($3.79 billion) including about $2 billion in tax, as well as interest and penalties.

According to Reuters, an international arbitration tribunal in The Hague ruled that India's imposition of a tax liability on Vodafone, as well as interest and penalties, were in a breach of an investment treaty agreement between India and the Netherlands.

The tribunal, in its ruling, said the government's demand is in breach of "fair and equitable treatment" and it must cease seeking the dues from Vodafone. It also directed India to pay 4.3 million pounds ($5.47 million or Rs 40 crore) to the company as compensation for its legal costs --&nbsp;and not Rs 20,000 crore, the sources in the Centre said on Friday.

Vodafone said in a statement the amount of the award was confidential. Shares in the company's India unit, Vodafone Idea, ended 13% higher on Friday.

"The tribunal held that any attempt by India to enforce the tax demand would be a violation of India's international law obligations," Vodafone said in its statement.

India's finance ministry said it will carefully study the award, together with its lawyers.

The government will consider all options and take a decision on further course of action including legal remedies, the ministry said in a statement.

The ruling brings an end to one of the most controversial disputes in India under international treaty agreements that it enters into with countries to protect foreign investments.

Vodafone's tax dispute stems from its $11 billion deal to buy the Indian mobile assets from Hutchison Whampoa in 2007. The government said Vodafone was liable to pay taxes on the acquisition, which the company contested.

In 2012, India's top court ruled in favour of the telecom provider but the government changed the rules to enable it to tax deals that had already been concluded.

In 2014, Vodafone initiated arbitration proceedings against India.

(with inputs from agencies)

Vodafone Group Plc said on Friday it had won an international arbitration case against the Indian government. India had claimed a total of 279 billion rupees ($3.

Vodafone Group Plc said on Friday it had won an international arbitration case against the Indian government. India had claimed a total of 279 billion rupees ($3.79 billion) including about $2 billion in tax, as well as interest and penalties. According to Reuters, an international arbitration tribunal in The Hague ruled that India's imposition of a tax liability on Vodafone, as well as interest and penalties, were in a breach of an investment treaty agreement between India and the Netherlands. The tribunal, in its ruling, said the government's demand is in breach of "fair and equitable treatment" and it must cease seeking the dues from Vodafone. It also directed India to pay 4.3 million pounds ($5.47 million or Rs 40 crore) to the company as compensation for its legal costs -- and not Rs 20,000 crore, the sources in the Centre said on Friday. Vodafone said in a statement the amount of the award was confidential. Shares in the company's India unit, Vodafone Idea, ended 13% higher on Friday. "The tribunal held that any attempt by India to enforce the tax demand would be a violation of India's international law obligations," Vodafone said in its statement. India's finance ministry said it will carefully study the award, together with its lawyers. The government will consider all options and take a decision on further course of action including legal remedies, the ministry said in a statement. The ruling brings an end to one of the most controversial disputes in India under international treaty agreements that it enters into with countries to protect foreign investments. Vodafone's tax dispute stems from its $11 billion deal to buy the Indian mobile assets from Hutchison Whampoa in 2007. The government said Vodafone was liable to pay taxes on the acquisition, which the company contested. In 2012, India's top court ruled in favour of the telecom provider but the government changed the rules to enable it to tax deals that had already been concluded. In 2014, Vodafone initiated arbitration proceedings against India. (with inputs from agencies)

Vodafone wins international arbitration against India, govt asked to pay only Rs 40 crore

Harley-Davidson Inc is in talks with India's Hero MotoCorp for a distribution deal which will allow the US company's motorcycles to be sold in India.

This comes close on the heels of the US company stopping local manufacturing there.

The Milwaukee-based company said on Thursday it will stop sales and shut its manufacturing plant in India, effectively abandoning the world's biggest motorcycle market after a decade of unsuccessful efforts to gain a foothold.

Harley, however, is in talks with Hero over a distribution arrangement that will allow the Indian company to import and sell Harley bikes as its sole distributor.

Discussions are also ongoing to let Hero become a contract manufacturer for at least one Harley motorcycle with 300-600 cc engine capacity, which it will launch later.

On Thursday, Harley said it was changing its business model in India evaluating options to continue to serve customers.

Hero MotoCorp, India's largest two-wheeler manufacturer by sales, produced 6.4 million two-wheeler scooters and motorcycles in the fiscal year ending March 2020, a third of India's total output.

Harley manufactured 4,500 motorcycles during that period, largely assembled from imported knock-down kits at its plant near New Delhi, which it will shut as part of its restructuring.

Harley's decision to stop direct manufacturing marks another major exit by an automotive player in India and is a setback for Prime Minister Narendra Modi, who has invited foreign firms to ramp up local production. Ford Motor and General Motors have both cut back their India operations in recent years.

Harley, known for its heavy touring motorcycles, struggled in India mainly because of high import duties -- which US President Donald Trump often criticised India for -- and also because its locally assembled bikes faced high taxes.

Harley's 33 dealerships will likely come under Hero's management under the new arrangement.

(with inputs)

Harley-Davidson Inc is in talks with India's Hero MotoCorp for a distribution deal which will allow the US company's motorcycles to be sold in India. This comes close on the heels of the US company stopping local manufacturing there.

Harley-Davidson Inc is in talks with India's Hero MotoCorp for a distribution deal which will allow the US company's motorcycles to be sold in India. This comes close on the heels of the US company stopping local manufacturing there. The Milwaukee-based company said on Thursday it will stop sales and shut its manufacturing plant in India, effectively abandoning the world's biggest motorcycle market after a decade of unsuccessful efforts to gain a foothold. Harley, however, is in talks with Hero over a distribution arrangement that will allow the Indian company to import and sell Harley bikes as its sole distributor. Discussions are also ongoing to let Hero become a contract manufacturer for at least one Harley motorcycle with 300-600 cc engine capacity, which it will launch later. On Thursday, Harley said it was changing its business model in India evaluating options to continue to serve customers. Hero MotoCorp, India's largest two-wheeler manufacturer by sales, produced 6.4 million two-wheeler scooters and motorcycles in the fiscal year ending March 2020, a third of India's total output. Harley manufactured 4,500 motorcycles during that period, largely assembled from imported knock-down kits at its plant near New Delhi, which it will shut as part of its restructuring. Harley's decision to stop direct manufacturing marks another major exit by an automotive player in India and is a setback for Prime Minister Narendra Modi, who has invited foreign firms to ramp up local production. Ford Motor and General Motors have both cut back their India operations in recent years. Harley, known for its heavy touring motorcycles, struggled in India mainly because of high import duties -- which US President Donald Trump often criticised India for -- and also because its locally assembled bikes faced high taxes. Harley's 33 dealerships will likely come under Hero's management under the new arrangement. (with inputs)

Harley close to deal with India's Hero after stopping local manufacturing

US securities regulators charged BMW with inflating its retail sales volumes to investors, fining the luxury car company $18 million in a settlement.

BMW fined $18 Mn in US over inflated sales data

India has planned to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil.

The proposal has been drafted by NITI Aayog and is likely to be reviewed by the Modi cabinet in the coming weeks.

According to a government proposal seen by Reuters, India could slash its oil import bills by as much as $40 billion by 2030 if electric vehicles were widely adopted.

The think tank recommended incentives of $4.6 billion by 2030 for companies manufacturing advanced batteries, starting with cash and infrastructure incentives of 9 billion rupees ($122 million) in the next financial year which would then be ratcheted up annually.

Currently, the battery energy storage industry is at a very nascent stage in India with investors being a little apprehensive to invest in a sunrise industry, the proposal said.

India plans to retain its import tax rate of 5% for certain types of batteries, including batteries for electric vehicles, until 2022, but will increase it to 15% thereafter to promote local manufacturing, the document said.

Though keen to reduce its oil dependence and cut down on pollution, India's efforts to promote electric vehicles have been stymied by a lack of investment in manufacturing and infrastructure such as charging stations. Just 3,400 electric cars were sold in the world's second-most populous nation during the last business year, compared to sales of 1.7 million conventional passenger cars.

The policy could benefit battery makers such as South Korea's LG Chem and Japan's Panasonic Corp as well as automakers which have started building EVs in India such as Tata Motors and Mahindra &amp; Mahindra.

While China accounts for 80% of the world`s lithium-ion cell production, India has introduced stricter investment rules for Chinese companies. It has also slowed down the approval processs for some proposals after a deadly border clash between the two countries in June.

The draft proposal said annual domestic demand for battery storage and market size - currently less than 50 gigawatt hours and worth just over to $2 billion - could grow to 230 gigawatt hours and more than $14 billion in ten years time.

It did not offer an estimate of how many electric cars it expected to be on the road by 2030. 
The proposal estimates it would cost firms some $6 billion over five years to set up manufacturing facilities with the support of government subsidies.

(with inputs)

India has planned to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil.

India has planned to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil. The proposal has been drafted by NITI Aayog and is likely to be reviewed by the Modi cabinet in the coming weeks. According to a government proposal seen by Reuters, India could slash its oil import bills by as much as $40 billion by 2030 if electric vehicles were widely adopted. The think tank recommended incentives of $4.6 billion by 2030 for companies manufacturing advanced batteries, starting with cash and infrastructure incentives of 9 billion rupees ($122 million) in the next financial year which would then be ratcheted up annually. Currently, the battery energy storage industry is at a very nascent stage in India with investors being a little apprehensive to invest in a sunrise industry, the proposal said. India plans to retain its import tax rate of 5% for certain types of batteries, including batteries for electric vehicles, until 2022, but will increase it to 15% thereafter to promote local manufacturing, the document said. Though keen to reduce its oil dependence and cut down on pollution, India's efforts to promote electric vehicles have been stymied by a lack of investment in manufacturing and infrastructure such as charging stations. Just 3,400 electric cars were sold in the world's second-most populous nation during the last business year, compared to sales of 1.7 million conventional passenger cars. The policy could benefit battery makers such as South Korea's LG Chem and Japan's Panasonic Corp as well as automakers which have started building EVs in India such as Tata Motors and Mahindra & Mahindra. While China accounts for 80% of the world`s lithium-ion cell production, India has introduced stricter investment rules for Chinese companies. It has also slowed down the approval processs for some proposals after a deadly border clash between the two countries in June. The draft proposal said annual domestic demand for battery storage and market size - currently less than 50 gigawatt hours and worth just over to $2 billion - could grow to 230 gigawatt hours and more than $14 billion in ten years time. It did not offer an estimate of how many electric cars it expected to be on the road by 2030. The proposal estimates it would cost firms some $6 billion over five years to set up manufacturing facilities with the support of government subsidies. (with inputs)

India plans $4.6 billion in incentives for battery makers in electric vehicle push

Domestic stock market indices ended nearly 3 percent lower on Thursday following a global selloff in stocks as fears of fresh pandemic restrictions kept domestic investors jittery.&nbsp;

All sectoral indices also witnessed deep cuts led by the metal, IT, auto, and bank indices down 3-4.5 percent each. The Sensex ended over 1,100 points lower at 36,553 while the broader Nifty50 index slumped 3% to 10,805.

World markets were bathed in a sea of red as fears about a second wave of coronavirus infections in major economies and lack of fresh stimulus from central banks clobbered sentiment.

Foreign investors sold a net $241 million worth of Indian stocks so far this week.

The dollar index, which measures the US dollar against a basket of six major currencies, stood at two-month high of 94.480 today.

All sectoral indices closed with losses, with BSE IT index dropping 4.45 per cent, followed by teck, auto, metal, realty, basic materials, bankex and finance.&nbsp;

The BSE mid-cap and small-cap gauges lost as much as 2.28 per cent.&nbsp;

In the forex market, the rupee depreciated 32 paise to finish at 73.89 against the US dollar.&nbsp;

In rest of Asia, South Korea's KOSPI index plunged 2.59 per cent. Markets in Shanghai, Tokyo and Hong Kong closed with losses of up to 1.82 per cent.&nbsp;

Bourses in Europe too started off on a weak note.&nbsp;

Meanwhile, global oil benchmark Brent crude was trading 0.22 per cent lower at USD 41.68 per barrel.

(With inputs from agencies)

Domestic stock market indices ended nearly 3 percent lower on Thursday following a global selloff in stocks as fears of fresh pandemic restrictions kept domestic investors jittery.

Domestic stock market indices ended nearly 3 percent lower on Thursday following a global selloff in stocks as fears of fresh pandemic restrictions kept domestic investors jittery. All sectoral indices also witnessed deep cuts led by the metal, IT, auto, and bank indices down 3-4.5 percent each. The Sensex ended over 1,100 points lower at 36,553 while the broader Nifty50 index slumped 3% to 10,805. World markets were bathed in a sea of red as fears about a second wave of coronavirus infections in major economies and lack of fresh stimulus from central banks clobbered sentiment. Foreign investors sold a net $241 million worth of Indian stocks so far this week. The dollar index, which measures the US dollar against a basket of six major currencies, stood at two-month high of 94.480 today. All sectoral indices closed with losses, with BSE IT index dropping 4.45 per cent, followed by teck, auto, metal, realty, basic materials, bankex and finance. The BSE mid-cap and small-cap gauges lost as much as 2.28 per cent. In the forex market, the rupee depreciated 32 paise to finish at 73.89 against the US dollar. In rest of Asia, South Korea's KOSPI index plunged 2.59 per cent. Markets in Shanghai, Tokyo and Hong Kong closed with losses of up to 1.82 per cent. Bourses in Europe too started off on a weak note. Meanwhile, global oil benchmark Brent crude was trading 0.22 per cent lower at USD 41.68 per barrel. (With inputs from agencies)

Sensex ends 1,115 points lower, Nifty below 10,850 following global selloff

China’s cabinet said on Wednesday it will allow more qualified foreign investors to make strategic investment in Chinese listed companies to increase sale of national bonds.

China will step up punishment for irregularities such as market manipulation and insider trading, and improve the transparency and quality of information disclosure by listed companies, the state broadcaster quoted the meeting as saying.

Foreign institutional investors can access the exchange bond and interbank markets, China's two main markets for bonds, through the dollar-denominated Qualified Foreign Institutional Investor (QFII) programme, and its yuan-denominated sibling, RQFII.

Also read:&nbsp;<a href="https://www.wionews.com/world/us-angered-as-wto-rules-in-chinas-favour-in-tariffs-case-327883" hreflang="en">US angered as WTO rules in China's favour in tariffs case</a>

China scrapped quotas for QFII and RQFII in June, to give qualified foreign institutions unlimited access to Chinese stocks and bonds.

Some institutional investors, including foreign central banks and monetary authorities and sovereign wealth funds can register for direct access to the interbank market through China Interbank Market (CIBM) Direct.

Bond Connect, introduced in July 2017, allows quota-free access to the interbank market through its "northbound" channel through Hong Kong. China has not launched a "southbound" channel, which would allow Chinese investors to invest in offshore bonds.

Who regulates the Chinese bond market?

The National Association of Financial Market Institutional Investors (NAFMII) regulates the interbank market, under the auspices of the People's Bank of China, with trading conducted through the China Foreign Exchange Trade System (CFETS).

The National Development and Reform Commission (NDRC), China's state planner, regulates enterprise bonds, a corporate debt instrument.

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China Central Depository and Clearing Co (CCDC) and the Shanghai Clearing House are the central depositories.

The exchange bond market is regulated by the China Securities Regulatory Commission (CSRC). Trading primarily takes place on the Shanghai and Shenzhen stock exchanges, with China Securities Depository and Clearing Co as the central depository.

What problems do foreign investors still face?

Investors say China lags far behind its developed-market peers in liquidity, ease of trading and market access.

Liquidity remains low as China's banks, pension funds, insurance companies hold&nbsp;on to&nbsp;their&nbsp;inventory&nbsp;because they cannot engage in bond lending, said Eugenie Shen, managing director and head of ASIFMA's Asset Management Group.

Foreign investors have few hedging tools, such as access to bond futures, she said.

China's practice of charging trading fees separately, rather than building them into the spread, has been problematic for asset managers, but Shen said she expects to see progress on conforming to global practice this year.

China’s cabinet said on Wednesday it will allow more qualified foreign investors to make strategic investment in Chinese listed companies to increase sale of national bonds.

China’s cabinet said on Wednesday it will allow more qualified foreign investors to make strategic investment in Chinese listed companies to increase sale of national bonds. China will step up punishment for irregularities such as market manipulation and insider trading, and improve the transparency and quality of information disclosure by listed companies, the state broadcaster quoted the meeting as saying. Foreign institutional investors can access the exchange bond and interbank markets, China's two main markets for bonds, through the dollar-denominated Qualified Foreign Institutional Investor (QFII) programme, and its yuan-denominated sibling, RQFII. Also read: US angered as WTO rules in China's favour in tariffs case China scrapped quotas for QFII and RQFII in June, to give qualified foreign institutions unlimited access to Chinese stocks and bonds. Some institutional investors, including foreign central banks and monetary authorities and sovereign wealth funds can register for direct access to the interbank market through China Interbank Market (CIBM) Direct. Bond Connect, introduced in July 2017, allows quota-free access to the interbank market through its "northbound" channel through Hong Kong. China has not launched a "southbound" channel, which would allow Chinese investors to invest in offshore bonds. Who regulates the Chinese bond market? The National Association of Financial Market Institutional Investors (NAFMII) regulates the interbank market, under the auspices of the People's Bank of China, with trading conducted through the China Foreign Exchange Trade System (CFETS). The National Development and Reform Commission (NDRC), China's state planner, regulates enterprise bonds, a corporate debt instrument. × China Central Depository and Clearing Co (CCDC) and the Shanghai Clearing House are the central depositories. The exchange bond market is regulated by the China Securities Regulatory Commission (CSRC). Trading primarily takes place on the Shanghai and Shenzhen stock exchanges, with China Securities Depository and Clearing Co as the central depository. What problems do foreign investors still face? Investors say China lags far behind its developed-market peers in liquidity, ease of trading and market access. Liquidity remains low as China's banks, pension funds, insurance companies hold on to their inventory because they cannot engage in bond lending, said Eugenie Shen, managing director and head of ASIFMA's Asset Management Group. Foreign investors have few hedging tools, such as access to bond futures, she said. China's practice of charging trading fees separately, rather than building them into the spread, has been problematic for asset managers, but Shen said she expects to see progress on conforming to global practice this year.

China alters foreign investment law to increase sale of national bonds

JPMorgan Chase is close to paying almost $1 billion to resolve government investigations into the alleged manipulation of metal and Treasurys markets

JP Morgan set to pay $1 billion in spoofing penalty

Vaccine tycoon Zhong Shanshan has become China's wealthiest and Asia's second-richest person on Wednesday after his wealth overtook that of Jack Ma.&nbsp;

Popularly known as "Lone Wolf", Shanshan's net worth stood at $58.7 billion on Wednesday, $2 billion more than that of Ma, according to the Bloomberg Billionaires Index.&nbsp;

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A Bloomberg report said the Chinese tycoon's wealth has risen $51.9 billion this year, which is more than any other individual apart from Amazon chief Jeff Bezos and SpaceX and Tesla CEO Elon Musk.&nbsp;

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Both Musk and Bezos witnessed major declines in their wealths on Wednesday as tech stocks declined and Tesla shares fell following below par performance from its "Battery Day" event.&nbsp;

Shanshan's fortunes changed drastically earlier this month as he entered into the list of China's top three richest persons after his popular bottled-water company Nongfu Spring Co's initial public offering became a hit in Hong Kong.

Also, in April, the listing of his Beijing Wantai Biological Pharmacy Enterprise Co. led to a rise in wealth to $20 billion by early August.

Interestingly, the "Lone Wolf" is leading that wealth ranking list in China, which is largely dominated by tech giants.&nbsp;

Meanwhile, Wednesday proved to be an extremely disappointing day for US tech stocks, which caused Musk's wealth plunge the most out of the people in the Bloomberg's ranking of world's richest 500.&nbsp;

Vaccine tycoon Zhong Shanshan has become China's wealthiest and Asia's second-richest person on Wednesday after his wealth overtook that of Jack Ma. Popularly known as "Lone Wolf", Shanshan's net worth stood at $58.

Vaccine tycoon Zhong Shanshan has become China's wealthiest and Asia's second-richest person on Wednesday after his wealth overtook that of Jack Ma. Popularly known as "Lone Wolf", Shanshan's net worth stood at $58.7 billion on Wednesday, $2 billion more than that of Ma, according to the Bloomberg Billionaires Index. Also read | World's richest 1% cause double CO2 emissions of poorest 50%, says Oxfam A Bloomberg report said the Chinese tycoon's wealth has risen $51.9 billion this year, which is more than any other individual apart from Amazon chief Jeff Bezos and SpaceX and Tesla CEO Elon Musk. Also read | Elon Musk becomes world's third richest man; Bezos' ex-wife now world's richest woman Both Musk and Bezos witnessed major declines in their wealths on Wednesday as tech stocks declined and Tesla shares fell following below par performance from its "Battery Day" event. Shanshan's fortunes changed drastically earlier this month as he entered into the list of China's top three richest persons after his popular bottled-water company Nongfu Spring Co's initial public offering became a hit in Hong Kong. Also, in April, the listing of his Beijing Wantai Biological Pharmacy Enterprise Co. led to a rise in wealth to $20 billion by early August. Interestingly, the "Lone Wolf" is leading that wealth ranking list in China, which is largely dominated by tech giants. Meanwhile, Wednesday proved to be an extremely disappointing day for US tech stocks, which caused Musk's wealth plunge the most out of the people in the Bloomberg's ranking of world's richest 500.

Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest

Japan's factory activity extended declines in September largely due to a sharper fall in output, as the world's third-largest economy struggles to stage a robust recovery from the coronavirus pandemic.

World's third-largest economy struggles to recover

Argentina’s economy has contracted a record 19.1% in the second quarter versus the same period a year earlier as the coronavirus pandemic crippled production and demand.

Argentina economic woes: Record 19.1% GDP contraction

US major airlines have launched a last-ditch pit to persuade Congress to grant them new $25 BN bailouts to help avert thousands of employees.

US airlines seek $25 BN to help avert jobs

Deutsche Bank plans to shutter one in five branches in Germany as it seeks to save costs and capitalise on the changing habits of customers during the coronavirus pandemic, an executive said.

Deutsche bank to shut 20% German branches

Tesla's market cap dropped $20 billion in just two hours after trading closed September 22, as Musk and other Tesla executives presented their new battery and manufacturing strategies. Shares closed down 5.6% and dropped another 6.9% after hours.

Tesla investors slashed $20 BN in just two hours: Total value drops $50 BN

New research suggests&nbsp;that Persians stumbled upon a version of chromium steel, commonly called as stainless steel, approximately 1000 years ago, surprising scientists.

According to the latest study published in the Journal of Archeology, Persians came across an alloy of chromium steel in 11th Century AD. It was used to produce swords, daggers, armor, and other items.

Rahil Alipour, the lead author of the new study and an archaeologist at University College London, said&nbsp;“This particular crucible steel made in Chahak contains around 1 per cent&nbsp;to 2&nbsp;per cent&nbsp;chromium and 2&nbsp;per cent&nbsp;phosphorus.”

Until quite recently archeologists and historians believed that the discovery of&nbsp;chromium steel was a recent phenomenon.

Persians found&nbsp;stainless steel in&nbsp;Chahak, an archaeological site in southern Iran.&nbsp;Radiocarbon dating of this charcoal yielded a date range between the 10th and 12th centuries CE.

<img alt="F" data-entity-type="file" data-entity-uuid="da5ae844-4537-4abb-84c2-49580d1d5cec" src="//cdn.wionews.com/sites/default/files/inline-images/Surprising-archaeologists-find-1000-year-old-stainless-steel-in-Iran.jpg" />

In picture:&nbsp;Crucible remnant containing an embedded chunk of slag/Image:&nbsp;Rahil Alipour/UCL Archaeology

In the past, Chahak&nbsp;used to be an important hub for the production of steel, and it is the only archaeological site in Iran with evidence of crucible steel-making. In it&nbsp;iron is added to long tubular crucibles, along with other minerals and organic matter, which is then sealed and warmed in a furnace.

After cooling down, an ingot is removed by breaking the crucible. This technique was vitally important among many cultures, including the Vikings.

''The new paper provides the earliest evidence for the consistent and intentional addition of a chromium mineral, most likely chromite, to the crucible steel charge, resulting in the intentional production of a low-chromium steel,”&nbsp;said Rachel Alipore, another author of the new study and an archaeologist at University College London.

“Crucible steel in general is a very high-quality steel,” Alipour said. “It does not contain impurities and is very ideal for production of arms and armour and other tools.”

New research suggests that Persians stumbled upon a version of chromium steel, commonly called as stainless steel, approximately 1000 years ago, surprising scientists.

New research suggests that Persians stumbled upon a version of chromium steel, commonly called as stainless steel, approximately 1000 years ago, surprising scientists. According to the latest study published in the Journal of Archeology, Persians came across an alloy of chromium steel in 11th Century AD. It was used to produce swords, daggers, armor, and other items. Rahil Alipour, the lead author of the new study and an archaeologist at University College London, said “This particular crucible steel made in Chahak contains around 1 per cent to 2 per cent chromium and 2 per cent phosphorus.” Until quite recently archeologists and historians believed that the discovery of chromium steel was a recent phenomenon. Persians found stainless steel in Chahak, an archaeological site in southern Iran. Radiocarbon dating of this charcoal yielded a date range between the 10th and 12th centuries CE. In picture: Crucible remnant containing an embedded chunk of slag/Image: Rahil Alipour/UCL Archaeology In the past, Chahak used to be an important hub for the production of steel, and it is the only archaeological site in Iran with evidence of crucible steel-making. In it iron is added to long tubular crucibles, along with other minerals and organic matter, which is then sealed and warmed in a furnace. After cooling down, an ingot is removed by breaking the crucible. This technique was vitally important among many cultures, including the Vikings. ''The new paper provides the earliest evidence for the consistent and intentional addition of a chromium mineral, most likely chromite, to the crucible steel charge, resulting in the intentional production of a low-chromium steel,” said Rachel Alipore, another author of the new study and an archaeologist at University College London. “Crucible steel in general is a very high-quality steel,” Alipour said. “It does not contain impurities and is very ideal for production of arms and armour and other tools.”

Steel has been in circulation longer than you think

Domestic stock market indices ended lower on Tuesday following weakness in global peers. Asian shares were weaker on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks.&nbsp;

The S&amp;P BSE Sensex slipped 300 points or 0.79 per cent to settle at 37,734 levels. The broader Nifty50 index fell below the 11,200-mark to 11,154, down 97 points, or 0.86 per cent. India VIX slipped nearly 5 per cent to 21 levels.&nbsp;

Global markets

Asian shares were broadly weaker Tuesday as possible delays in expanded US stimulus and concerns about fresh pandemic lockdowns in Europe dented the recent positive sentiment towards global equity markets. At the close of trade, the Hang Seng index was down 233.84 points or 0.98 per cent at 23,716.85.&nbsp;

The Hang Seng China Enterprises index fell 0.66 per cent to 9,576.81. Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.26 per cent, while Japan’s Nikkei index closed up 0.18 per cent.

In Europe, stock markets clawed back some ground, a day after rising second waves of the coronavirus epidemic caused the region’s biggest wipeout since June and drover investors back to government bonds.

In commodities, oil futures were little changed after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength.&nbsp;

(With inputs from Reuters)

Domestic stock market indices ended lower on Tuesday following weakness in global peers. Asian shares were weaker on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks.

Domestic stock market indices ended lower on Tuesday following weakness in global peers. Asian shares were weaker on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks. The S&P BSE Sensex slipped 300 points or 0.79 per cent to settle at 37,734 levels. The broader Nifty50 index fell below the 11,200-mark to 11,154, down 97 points, or 0.86 per cent. India VIX slipped nearly 5 per cent to 21 levels. Global markets Asian shares were broadly weaker Tuesday as possible delays in expanded US stimulus and concerns about fresh pandemic lockdowns in Europe dented the recent positive sentiment towards global equity markets. At the close of trade, the Hang Seng index was down 233.84 points or 0.98 per cent at 23,716.85. The Hang Seng China Enterprises index fell 0.66 per cent to 9,576.81. Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.26 per cent, while Japan’s Nikkei index closed up 0.18 per cent. In Europe, stock markets clawed back some ground, a day after rising second waves of the coronavirus epidemic caused the region’s biggest wipeout since June and drover investors back to government bonds. In commodities, oil futures were little changed after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength. (With inputs from Reuters)

Sensex slips 300 points; Nifty ends at 11,154

In a big corporate development, Shapoorji Pallonji Group, the largest minority shareholder in Tata sons and the holding family of Tata Sons former chairman Cyrus Mistry will exit from Indian salt-to-software conglomerate, after a relationship spanning 70 years turned sour due to Tata-Mistry fight in the last few years. 
 
The SP group that holds over 18.4 percent stake in Tata sons worth over one lakh crore rupees will now possibly sell their stake and move out of the holding company of Tata group firms.&nbsp;

In a statement issued during late evening today, SP group said, "The past oppressive actions, and the latest vindictive move by Tata sons that impact the livelihoods of the wider SP group community leads to the inexplicable conclusion that the mutual co-existence of both groups at Tata sons would be infeasible. The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship".

SP group statement is also important in the light of a protracted legal battle that started after Cyrus Mistry was unceremoniously ousted as chairman of Tata sons in October 2016. What followed this was a legal battle fought from national company law tribunal to the Supreme Court. The Tata group had recently told Supreme Court it is open to buying out the stake held by the billionaire Mistry family as part of a proposal to help end a years-long legal dispute between the two parties. The Supreme Court has already barred the Mistry group from pledging or selling any Tata shares until October 28, when the final hearing in the high profile case will be heard.&nbsp;

SP group has also accused Tata sons of undertaking efforts to suppress and inflict irreparable harm on the SP group, in the midst of covid-19 crisis. SP group added, "The Mistry family were in the midst of raising funds against the security of their personal assets to meet the crisis arising from the global pandemic. This move was undertaken to protect the livelihoods of its 60,000 employees and over 100,000 migrant workers. The action by Tata sons to block this crucial fund raise, without any heed for the collateral consequences is the latest demonstration of their vindictive mind-set".

In a big corporate development, Shapoorji Pallonji Group, the largest minority shareholder in Tata sons and the holding family of Tata Sons former chairman Cyrus Mistry will exit from Indian salt-to-software conglomerate, after a relationship spanning 70 years turned sour due to Tata-Mistry fight in the last few years.

In a big corporate development, Shapoorji Pallonji Group, the largest minority shareholder in Tata sons and the holding family of Tata Sons former chairman Cyrus Mistry will exit from Indian salt-to-software conglomerate, after a relationship spanning 70 years turned sour due to Tata-Mistry fight in the last few years. The SP group that holds over 18.4 percent stake in Tata sons worth over one lakh crore rupees will now possibly sell their stake and move out of the holding company of Tata group firms. In a statement issued during late evening today, SP group said, "The past oppressive actions, and the latest vindictive move by Tata sons that impact the livelihoods of the wider SP group community leads to the inexplicable conclusion that the mutual co-existence of both groups at Tata sons would be infeasible. The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship". SP group statement is also important in the light of a protracted legal battle that started after Cyrus Mistry was unceremoniously ousted as chairman of Tata sons in October 2016. What followed this was a legal battle fought from national company law tribunal to the Supreme Court. The Tata group had recently told Supreme Court it is open to buying out the stake held by the billionaire Mistry family as part of a proposal to help end a years-long legal dispute between the two parties. The Supreme Court has already barred the Mistry group from pledging or selling any Tata shares until October 28, when the final hearing in the high profile case will be heard. SP group has also accused Tata sons of undertaking efforts to suppress and inflict irreparable harm on the SP group, in the midst of covid-19 crisis. SP group added, "The Mistry family were in the midst of raising funds against the security of their personal assets to meet the crisis arising from the global pandemic. This move was undertaken to protect the livelihoods of its 60,000 employees and over 100,000 migrant workers. The action by Tata sons to block this crucial fund raise, without any heed for the collateral consequences is the latest demonstration of their vindictive mind-set".

‘Time to separate’: Cyrus Mistry's family to exit Tata sons

The Monetary Authority of Singapore (MAS) is "closely studying" media reports that said the country's banks had informed US regulators of suspicious transactions.

The move came as global banks faced a fresh scandal about dirty money on Monday showing they transferred more than $2 trillion in suspect funds over nearly two decades.

Banks from many countries were named in the report by the International Consortium of Investigative Journalists and based on leaked documents obtained by a couple of media outlets.

The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN).

"MAS is aware that Singapore banks were mentioned in media reports on suspicious transaction reports filed with FinCEN," the city-state's central bank said in an email on Tuesday.

"Although suspicious transaction reports in and of themselves do not imply that the transactions are illicit, MAS takes such reports very seriously," it said.

It said it will take "appropriate action" based on the outcome of its review, adding that "Singapore's regulatory framework to combat money laundering meets international standards set by the Financial Action Task Force."

<a href="https://www.wionews.com/business-economy/fincen-documents-show-how-global-banks-moved-illicit-funds-despite-red-flags-329028">Also read | FinCEN documents show how global banks moved illicit funds despite red flags</a>

The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011.

The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions.

In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN.

(with inputs)

The Monetary Authority of Singapore (MAS) is "closely studying" media reports that said the country's banks had informed US regulators of suspicious transactions.

The Monetary Authority of Singapore (MAS) is "closely studying" media reports that said the country's banks had informed US regulators of suspicious transactions. The move came as global banks faced a fresh scandal about dirty money on Monday showing they transferred more than $2 trillion in suspect funds over nearly two decades. Banks from many countries were named in the report by the International Consortium of Investigative Journalists and based on leaked documents obtained by a couple of media outlets. The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN). "MAS is aware that Singapore banks were mentioned in media reports on suspicious transaction reports filed with FinCEN," the city-state's central bank said in an email on Tuesday. "Although suspicious transaction reports in and of themselves do not imply that the transactions are illicit, MAS takes such reports very seriously," it said. It said it will take "appropriate action" based on the outcome of its review, adding that "Singapore's regulatory framework to combat money laundering meets international standards set by the Financial Action Task Force." Also read | FinCEN documents show how global banks moved illicit funds despite red flags The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011. The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions. In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN. (with inputs)

Singapore central bank studying reports on suspicious bank transfers

Watch in 'World Business Watch': Germany plan reforms to avoid bankruptcy, relaxation in insolvency rules planned.

Germany plan reforms to avoid bankruptcy, relaxation in insolvency rules planned

Watch today in 'World Business Watch': Asian shares cling to tight range, attention shifts to US Election & stimulus.

Asian shares cling to tight range, attention shifts to US Election & stimulus

Several global banks moved large sums of allegedly illicit funds -- to the tune of&nbsp;$2tn -- over a period of nearly two decades, despite red flags about the origins of the money, several media reports&nbsp;said on Monday (IST).

The reports are&nbsp;based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCen).&nbsp;

Leaked documents&nbsp;also show how Russian oligarchs have used banks to avoid sanctions that were supposed to stop them getting their money into the West. They have&nbsp;exposed similar secret deals, money laundering and financial crime.

The SARs, which the reports said numbered more than 2,100, were shared with the International Consortium of Investigative Journalists (ICIJ) and other media organisations.

The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011.

The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions.

In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN.

Five global banks appeared most often in the documents — HSBC Holdings Plc, JPMorgan Chase &amp; Co, Deutsche Bank AG, Standard Chartered Plc and Bank of New York Mellon Corp, the ICIJ reported.

At least 44 Indian banks figure in the FinCEN Files primarily because they are “correspondent banks” to the foreign banks which have filed these SARs. Key in this list are Punjab National Bank, Kotak Mahindra, HDFC Bank, Canara Bank, IndusInd Bank and Bank of Baroda, among others.

The SARs provide key intelligence in global efforts to stop money laundering and other crimes. The media reports on Sunday painted a picture of a system that is both under-resourced and overwhelmed, allowing vast amounts of illicit funds to move through the banking system.

A bank has a maximum of 60 days to file SARs after the date of initial detection of a reportable transaction, according to the Treasury Department's Office of the Comptroller of the Currency. The ICIJ report said in some cases the banks failed to report suspect transactions until years after they had processed them.

The SARs also showed that banks often moved funds for companies that were registered in offshore havens, such as the British Virgin Islands, and did not know the ultimate owner of the account, the report said. Staff at major banks often used Google searches to learn who was behind large transactions, it said.

Among the types of transactions highlighted by the report: funds processed by JPMorgan for potentially corrupt individuals and companies in Venezuela, Ukraine and Malaysia; money from a Ponzi scheme moving through HSBC; and money linked to a Ukrainian billionaire processed by Deutsche Bank.

"I hope these findings spur urgent action from policymakers to enact needed reforms," said Tim Adams, chief executive of the trade group Institute of International Finance, in a statement. "As noted in today's reports, the impacts of financial crime are felt beyond just the financial sector – it poses grave threats to society as a whole."

In a statement to Reuters, HSBC said "all of the information provided by the ICIJ is historical." The bank said as of 2012, "HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions."

Standard Chartered said in a statement to Reuters, "We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes."

BNY Mellon told Reuters it could not comment on specific SARs. "We fully comply with all applicable laws and regulations, and assist authorities in the important work they do," the bank said.

JPMorgan said it has "thousands of people and hundreds of millions of dollars dedicated to this important work." "We have played a leadership role in anti-money laundering reform," the bank said in a statement.

In a statement on Sunday, Deutsche Bank said the ICIJ had "reported on a number of historic issues." "We have devoted significant resources to strengthening our controls and we are very focused on meeting our responsibilities and obligations," the bank said.

FinCen said in a statement on its website on September 1 that it was aware that various media outlets intended to publish a series of articles based on unlawfully disclosed SARs, as well as other documents, and said that the "unauthorised disclosure of SARs is a crime that can impact the national security of the United States."

FinCEN&nbsp;has also uncovered a web of transactions of a flourishing money laundering network, purportedly run by Pakistani national Altaf Khanani who is also said to have been a key financier for fugitive terrorist Dawood Ibrahim.

These SARs also detail transactions of Khanani’s Money Laundering Organisation (MLO) and the Al Zarooni Exchange.

Khanani was arrested at the Panama airport -- on September 11, 2015 -- following a trans-continental undercover operation, and put behind bars in a Miami prison. His detention ended in July 2020.

He was to be handed over to US immigration authorities for deportation. But there has been no recent update on whether he has been deported to Pakistan or the UAE.

The arrest of Khanani was seen as a breakthrough by Indian intelligence agencies given the Dawood Ibrahim connection.

Also, Lashkar-e-Toiba and Jaish-e-Mohammed -- specifically mentioned by the OFAC as terror organisations -- have been being funded by him.

FinCEN’s intelligence report says Mazaka General Trading LLC received $49.78 million from five Moscow Mirror Network entities between March 2013 and October 2016.

This is also where Indian links emerged in the functioning of the Altaf Khanani laundering operation. A scrutiny of transactions of Mazaka General Trading show it traded with a New Delhi-based company, Rangoli International Pvt Limited. This company, dealing in wholesale trade and garment exports, was set up in 2009.

The FinCEN Files have around 70 transactions listed for Rangoli International, mostly with UAE-based entities with the remittances being routed through several Indian banks: the Punjab National Bank, Central Bank of India, Oriental Bank of Commerce, Corporation Bank, Vijaya Bank and Bank of Maharashtra.

Records of the Registrar of Companies (RoC) show that Rangoli International witnessed a sharp deterioration and decline in profitability in the year ending March 2014 and incurred a loss of Rs 74.87 crore over a sales revenue of Rs 339.19 crore. The company has not held an annual shareholders meeting since 2015, the year it also filed its last balance sheet.

(with inputs from agencies)

Several global banks moved large sums of allegedly illicit funds -- to the tune of $2tn -- over a period of nearly two decades, despite red flags about the origins of the money, several media reports said on Monday (IST).

Several global banks moved large sums of allegedly illicit funds -- to the tune of $2tn -- over a period of nearly two decades, despite red flags about the origins of the money, several media reports said on Monday (IST). The reports are based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCen). Leaked documents also show how Russian oligarchs have used banks to avoid sanctions that were supposed to stop them getting their money into the West. They have exposed similar secret deals, money laundering and financial crime. The SARs, which the reports said numbered more than 2,100, were shared with the International Consortium of Investigative Journalists (ICIJ) and other media organisations. The FinCEN files contain a 20-page “intelligence assessment” on the mirror network and list 54 shell companies that moved billions of dollars annually from Russia through European securities markets to other jurisdictions beginning as early as 2011. The investigation also highlighted the American authorities' lack of power in regulating dirty financial transactions. In all, the ICIJ reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious. The SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN. Five global banks appeared most often in the documents — HSBC Holdings Plc, JPMorgan Chase & Co, Deutsche Bank AG, Standard Chartered Plc and Bank of New York Mellon Corp, the ICIJ reported. At least 44 Indian banks figure in the FinCEN Files primarily because they are “correspondent banks” to the foreign banks which have filed these SARs. Key in this list are Punjab National Bank, Kotak Mahindra, HDFC Bank, Canara Bank, IndusInd Bank and Bank of Baroda, among others. The SARs provide key intelligence in global efforts to stop money laundering and other crimes. The media reports on Sunday painted a picture of a system that is both under-resourced and overwhelmed, allowing vast amounts of illicit funds to move through the banking system. A bank has a maximum of 60 days to file SARs after the date of initial detection of a reportable transaction, according to the Treasury Department's Office of the Comptroller of the Currency. The ICIJ report said in some cases the banks failed to report suspect transactions until years after they had processed them. The SARs also showed that banks often moved funds for companies that were registered in offshore havens, such as the British Virgin Islands, and did not know the ultimate owner of the account, the report said. Staff at major banks often used Google searches to learn who was behind large transactions, it said. Among the types of transactions highlighted by the report: funds processed by JPMorgan for potentially corrupt individuals and companies in Venezuela, Ukraine and Malaysia; money from a Ponzi scheme moving through HSBC; and money linked to a Ukrainian billionaire processed by Deutsche Bank. "I hope these findings spur urgent action from policymakers to enact needed reforms," said Tim Adams, chief executive of the trade group Institute of International Finance, in a statement. "As noted in today's reports, the impacts of financial crime are felt beyond just the financial sector – it poses grave threats to society as a whole." In a statement to Reuters, HSBC said "all of the information provided by the ICIJ is historical." The bank said as of 2012, "HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions." Standard Chartered said in a statement to Reuters, "We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes." BNY Mellon told Reuters it could not comment on specific SARs. "We fully comply with all applicable laws and regulations, and assist authorities in the important work they do," the bank said. JPMorgan said it has "thousands of people and hundreds of millions of dollars dedicated to this important work." "We have played a leadership role in anti-money laundering reform," the bank said in a statement. In a statement on Sunday, Deutsche Bank said the ICIJ had "reported on a number of historic issues." "We have devoted significant resources to strengthening our controls and we are very focused on meeting our responsibilities and obligations," the bank said. FinCen said in a statement on its website on September 1 that it was aware that various media outlets intended to publish a series of articles based on unlawfully disclosed SARs, as well as other documents, and said that the "unauthorised disclosure of SARs is a crime that can impact the national security of the United States." FinCEN has also uncovered a web of transactions of a flourishing money laundering network, purportedly run by Pakistani national Altaf Khanani who is also said to have been a key financier for fugitive terrorist Dawood Ibrahim. These SARs also detail transactions of Khanani’s Money Laundering Organisation (MLO) and the Al Zarooni Exchange. Khanani was arrested at the Panama airport -- on September 11, 2015 -- following a trans-continental undercover operation, and put behind bars in a Miami prison. His detention ended in July 2020. He was to be handed over to US immigration authorities for deportation. But there has been no recent update on whether he has been deported to Pakistan or the UAE. The arrest of Khanani was seen as a breakthrough by Indian intelligence agencies given the Dawood Ibrahim connection. Also, Lashkar-e-Toiba and Jaish-e-Mohammed -- specifically mentioned by the OFAC as terror organisations -- have been being funded by him. FinCEN’s intelligence report says Mazaka General Trading LLC received $49.78 million from five Moscow Mirror Network entities between March 2013 and October 2016. This is also where Indian links emerged in the functioning of the Altaf Khanani laundering operation. A scrutiny of transactions of Mazaka General Trading show it traded with a New Delhi-based company, Rangoli International Pvt Limited. This company, dealing in wholesale trade and garment exports, was set up in 2009. The FinCEN Files have around 70 transactions listed for Rangoli International, mostly with UAE-based entities with the remittances being routed through several Indian banks: the Punjab National Bank, Central Bank of India, Oriental Bank of Commerce, Corporation Bank, Vijaya Bank and Bank of Maharashtra. Records of the Registrar of Companies (RoC) show that Rangoli International witnessed a sharp deterioration and decline in profitability in the year ending March 2014 and incurred a loss of Rs 74.87 crore over a sales revenue of Rs 339.19 crore. The company has not held an annual shareholders meeting since 2015, the year it also filed its last balance sheet. (with inputs from agencies)

FinCEN documents show how global banks moved illicit funds despite red flags

The Tamil Nadu state Economy may revert to pre-Covid levels in about two months, an expert committee has said based on the revenue from GST collections, petrol and power consumption. 
 
They also pegged the state’s economic growth at 1.71% for the year 2021, while expressing caution about a possible further dip. The committee submitted its report to Tamil Nadu chief Minister Edappadi K Palaniswami at the Secretariat on Monday.&nbsp;

Led by Former RBI Governor C. Rangarajan, the committee was appointed by the Tamil Nadu government, in May, to suggest measures for economic recovery after the pandemic-induced slump and the period of inactivity during the lockdown. The 24-member committee sought views from industry bodies, trade associations, stakeholders, and experts in economics from India and abroad.&nbsp;

The major recommendations of the committee include the rolling out of an Urban employment guarantee scheme (similar to rural employment guarantee scheme), hiking the capital expenditure by Rs.10, 000 crore and also expeditiously spending the Rs.3, 200 crore in the construction workers welfare fund to generate employment opportunities.&nbsp;

Speaking to reporters, Rangarajan pointed out that the state’s debt would only increase this year, owing to the higher expenditure on the healthcare front and lower income to the state’s coffers. However, he suggested that the government must ramp up its spending amid times of low demand.&nbsp;

Also mentioned was the recommendation to increase the healthcare spend by Rs.5000 Crore. The committee recommended the extension of free distribution of rice to cardholders via the Public distribution system (PDS or ration shops) beyond November.&nbsp;

 
In terms of the industrial sector, the committee has recommended increasing the capital of Tamil Nadu Industrial Investment Corporation to Rs.1, 000 crore so that the organization can lend long term. “Setting up of industrial parks and industrial townships and bringing in the credit guarantee scheme for small scale industries are other recommendations,” Rangarajan said.

Tamil Nadu, known as the automobile hub of India is among the states that are worst hit by the Covid-19 pandemic. The state has recorded a total of 5.36 lakh positive cases, of which 4.81 lakh have recovered. Over 46,453 cases are active in the state and over 8700 individuals have lost their battle to the deadly virus.

The Tamil Nadu state Economy may revert to pre-Covid levels in about two months, an expert committee has said based on the revenue from GST collections, petrol and power consumption.

The Tamil Nadu state Economy may revert to pre-Covid levels in about two months, an expert committee has said based on the revenue from GST collections, petrol and power consumption. They also pegged the state’s economic growth at 1.71% for the year 2021, while expressing caution about a possible further dip. The committee submitted its report to Tamil Nadu chief Minister Edappadi K Palaniswami at the Secretariat on Monday. Led by Former RBI Governor C. Rangarajan, the committee was appointed by the Tamil Nadu government, in May, to suggest measures for economic recovery after the pandemic-induced slump and the period of inactivity during the lockdown. The 24-member committee sought views from industry bodies, trade associations, stakeholders, and experts in economics from India and abroad. The major recommendations of the committee include the rolling out of an Urban employment guarantee scheme (similar to rural employment guarantee scheme), hiking the capital expenditure by Rs.10, 000 crore and also expeditiously spending the Rs.3, 200 crore in the construction workers welfare fund to generate employment opportunities. Speaking to reporters, Rangarajan pointed out that the state’s debt would only increase this year, owing to the higher expenditure on the healthcare front and lower income to the state’s coffers. However, he suggested that the government must ramp up its spending amid times of low demand. Also mentioned was the recommendation to increase the healthcare spend by Rs.5000 Crore. The committee recommended the extension of free distribution of rice to cardholders via the Public distribution system (PDS or ration shops) beyond November. In terms of the industrial sector, the committee has recommended increasing the capital of Tamil Nadu Industrial Investment Corporation to Rs.1, 000 crore so that the organization can lend long term. “Setting up of industrial parks and industrial townships and bringing in the credit guarantee scheme for small scale industries are other recommendations,” Rangarajan said. Tamil Nadu, known as the automobile hub of India is among the states that are worst hit by the Covid-19 pandemic. The state has recorded a total of 5.36 lakh positive cases, of which 4.81 lakh have recovered. Over 46,453 cases are active in the state and over 8700 individuals have lost their battle to the deadly virus.

Tamil Nadu’s economy may revert to pre-Covid levels in two months says expert committee

Domestic benchmark share indices succumbed to fag-end selloff to close in the red, amid weak cues from global peers.

The S&amp;P BSE Sensex tumbled 812 points, or 2.09 per cent to settle at 38,034 levels. Of 30 constituents, 27 declined and just 3 advanced. IndusInd Bank (down 8.7 per cent) ended as the biggest loser on the index.&nbsp;

On the NSE, the benchmark Nifty50 ended at 11,251, down 254 points, or over 2 per cent. India VIX -- markets' volatility index -- jumped 13 per cent to 22.6 levels.

Asian shares slipped on Monday on fears the global economy may sputter for a while due to a resurgence of coronavirus infections in Europe while fading hopes for US fiscal stimulus hopes also weighed. In Europe, shares fell to two-week lows. S&amp;P 500 e-minis declined 0.6 per cent, also pointing to a weak start for Wall Street on Monday. Most major Asian indexes were in the red and MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.6 per cent weaker at 565.75 levels.

In commodities, oil prices fell on the potential return of output from Libya as rising coronavirus cases also added to worries about global demand, although a tropical storm heading for the US Gulf of Mexico limited losses.

(With inputs from Reuters)&nbsp;

Domestic benchmark share indices succumbed to fag-end selloff to close in the red, amid weak cues from global peers. The S&P BSE Sensex tumbled 812 points, or 2.

Domestic benchmark share indices succumbed to fag-end selloff to close in the red, amid weak cues from global peers. The S&P BSE Sensex tumbled 812 points, or 2.09 per cent to settle at 38,034 levels. Of 30 constituents, 27 declined and just 3 advanced. IndusInd Bank (down 8.7 per cent) ended as the biggest loser on the index. On the NSE, the benchmark Nifty50 ended at 11,251, down 254 points, or over 2 per cent. India VIX -- markets' volatility index -- jumped 13 per cent to 22.6 levels. Asian shares slipped on Monday on fears the global economy may sputter for a while due to a resurgence of coronavirus infections in Europe while fading hopes for US fiscal stimulus hopes also weighed. In Europe, shares fell to two-week lows. S&P 500 e-minis declined 0.6 per cent, also pointing to a weak start for Wall Street on Monday. Most major Asian indexes were in the red and MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.6 per cent weaker at 565.75 levels. In commodities, oil prices fell on the potential return of output from Libya as rising coronavirus cases also added to worries about global demand, although a tropical storm heading for the US Gulf of Mexico limited losses. (With inputs from Reuters)

Sensex ends 812 points lower, Nifty below 11,250 amid weak global cues