Netanyahu warns Israelis of ‘existential threat’ from Iran, posts AI image of nuclear strike

Who is Eyal Zamir, Israeli army chief, who reportedly clashed with Netanyahu over Iran?

Can Putin cheat death? All about his daughter’s billion-dollar quest for immortality

Donald Trump targets Bill Maher in lengthy post after White House dinner, says ‘Don’t call anymore’

Telangana unveils AI avatar of IT minister D Sridhar Babu at Hyderabad DevFest 2026

New OTT releases this week (October 26-November 1, 2026): Baththa, Akka, The One About Matthew Perry- 7 titles coming on Netflix, Prime Video and more

Grammy-winning singer Chris Brown to be sentenced in London after pleading guilty to nightclub brawl

Why does this fighter jet have a golden window that looks like alien technology?

Israel elections 2026: How the country is gearing up for a crucial vote

Harry Kane favourite to win 2026 Ballon d’Or ahead of Lamine Yamal and Kylian Mbappé

'I've done my work sincerely': AR Rahman on facing backlash over Ramayana soundtrack

Pakistan airline PIA unveils new crew uniforms, faces online criticism

Fire breaks out at Delhi’s North Block, thick black smoke seen | VIDEO

IND vs NZ: Tilak Varma sets world record with most T20I catches in a year

Formula 1: Mercedes' Kimi Antonelli one race and ninth spot finish away from title after US Grand Prix win

Why do some fighter jets have two engines while others use one?

Delhi's new entry rules for vehicles begin November 1. Here's all you need to know about the ban

Brazil re-elects factory worker Lula for fourth term; Indian PM Modi congratulates 'dear friend'

FIR filed against opposition MPs for ‘trespassing’ amid Jamia Millia students’ protest

'I promised Gautam & Kotak Sir that...': Tilak Varma opens up on match-winning mindset against NZ

Serbia’s student-led movement defeats Vucic’s party after 14 years in power: Why it matters

Clayface tops North American box office, Elizabeth Holmes documentary follows close behind

How do army night-vision systems see in almost complete darkness?

Maldives opposition leader demands transparency on Muizzu Govt's Pakistan defence, security deals

‘That is a miss’: Ravi Ashwin questions Sooryavanshi’s demotion to No. 3 in 2nd T20I vs NZ

WATCH | Virat Kohli returns to training ahead of New Zealand ODI series

'Clear overkill': Putin rejects claims Russia is behind mass protests in Europe

'Hire the robot, fire the human': Bill Gates's words hint at a bleak future

Armoured vehicles vs main battle tanks: What is the real difference?

Daler Mehndi controversy: Mika Singh’s team confirms Subodh Uniyal’s apology

Elon Musk’s Grok releases first AI-generated  Odyssey episode, months after promising ‘historically accurate’ full-length film

'Hell of a beautiful a**': Trump compliments Nicki Minaj as rapper joins him in Michigan rally

'Already tired of his 9-to-5': Baby born with a moustache becomes internet sensation, video goes viral | Watch

'He is a red flag': Ex-India strength and conditioning coach on Rohit's fitness regime

Nagpur man fails to pay rent, allegedly prints fake Rs 500 notes worth Rs 37 lakh

The government's decision to reduce the base corporate tax rate to 22 per cent from 30 per cent as part of stimulus measures to revive slowing economic growth is credit positive for companies because it will enable them to generate higher post-tax incomes, Moody`s Investors Service said on Saturday.&nbsp;

However, it is credit negative for the sovereign as it aggravates mounting risks for the government in meeting its fiscal deficit target.&nbsp;

Among Moody's rated non-financial companies in India, commodity and information technology (IT) services companies will benefit most from the tax rate cut.&nbsp;

"But the degree of strengthening in corporate credit profiles will depend on whether companies reinvest surplus earnings into their businesses, or use them to reduce debt or to boost shareholder returns."

In aggregate, rated non-financial companies in India reported a total pre-tax net income of about 35 billion dollars for the fiscal year ended March 2019. Assuming the earnings of these companies remain unchanged for fiscal 2019, they will save about 3 billion dollars from the tax rate reduction.

"The central government deficit target of 3.3 per cent of GDP in fiscal 2019 already assumes faster economic growth and higher tax buoyancy than we expect," said Moody's.&nbsp;

The July 2019 budget projected total corporate tax revenue of Rs 7.7 lakh crore (about 4 per cent of GDP), and the Finance Minister estimated that the decrease in the corporate tax rate will reduce revenue by about Rs 1.5 lakh crore in the current fiscal year.&nbsp;

As such, the reduction in corporate income tax revenue — even when balanced against the windfall from the recent transfer of central bank surplus reserves, equivalent to about 0.3 per cent of GDP in the current fiscal year — further narrows the fiscal room for manoeuvre.&nbsp;

This assumes that the government does not cut expenditure to offset the revenue loss.&nbsp;

While the reduction brings India's corporate tax rate closer to peers throughout Asia and will support the business environment and competitiveness, a host of cyclical factors — including rural financial stress, weak corporate sentiment and a slow flow of credit in the financial sector — remain headwinds to near-term growth.

"We do not expect the corporate tax rate cut to revive growth such that stronger tax buoyancy compensates for the loss in revenue," said Moody's.

The government's decision to reduce the base corporate tax rate to 22 per cent from 30 per cent as part of stimulus measures to revive slowing economic growth is credit positive for companies because it will enable them to generate higher post-tax incomes, Moody`s Investors Service said on Saturday.

The government's decision to reduce the base corporate tax rate to 22 per cent from 30 per cent as part of stimulus measures to revive slowing economic growth is credit positive for companies because it will enable them to generate higher post-tax incomes, Moody`s Investors Service said on Saturday. However, it is credit negative for the sovereign as it aggravates mounting risks for the government in meeting its fiscal deficit target. Among Moody's rated non-financial companies in India, commodity and information technology (IT) services companies will benefit most from the tax rate cut. "But the degree of strengthening in corporate credit profiles will depend on whether companies reinvest surplus earnings into their businesses, or use them to reduce debt or to boost shareholder returns." In aggregate, rated non-financial companies in India reported a total pre-tax net income of about 35 billion dollars for the fiscal year ended March 2019. Assuming the earnings of these companies remain unchanged for fiscal 2019, they will save about 3 billion dollars from the tax rate reduction. "The central government deficit target of 3.3 per cent of GDP in fiscal 2019 already assumes faster economic growth and higher tax buoyancy than we expect," said Moody's. The July 2019 budget projected total corporate tax revenue of Rs 7.7 lakh crore (about 4 per cent of GDP), and the Finance Minister estimated that the decrease in the corporate tax rate will reduce revenue by about Rs 1.5 lakh crore in the current fiscal year. As such, the reduction in corporate income tax revenue — even when balanced against the windfall from the recent transfer of central bank surplus reserves, equivalent to about 0.3 per cent of GDP in the current fiscal year — further narrows the fiscal room for manoeuvre. This assumes that the government does not cut expenditure to offset the revenue loss. While the reduction brings India's corporate tax rate closer to peers throughout Asia and will support the business environment and competitiveness, a host of cyclical factors — including rural financial stress, weak corporate sentiment and a slow flow of credit in the financial sector — remain headwinds to near-term growth. "We do not expect the corporate tax rate cut to revive growth such that stronger tax buoyancy compensates for the loss in revenue," said Moody's.

Corporate tax reduction is credit positive for companies but increases government's fiscal risks: Moody's

Indian stock market surge on the Finance Minister Nirmala Sitharaman's announcement. Sensex gains more than 1,000 points. Indian corporate tax rate lowest in south-east Asia. Watch this video to know more.

Finance Minister Nirmala Sitharaman's announcement to boost 'Make in India'

Domestic stock market indices today saw a great trading day with the benchmark BSE Sensex surging 1900 points after the government proposes to <a href="https://www.wionews.com/india-news/we-propose-to-slash-corporate-tax-rates-for-domestic-companies-finance-minister-nirmala-sitharaman-250730">slash Corporate tax</a> for domestic companies and new domestic companies.

At 12:10&nbsp;pm, Sensex was trading at 38,034.09, up by 1,940.62 points or 5.38% while the Nifty was up by 536.55 points&nbsp;at 11,239.80.

Finance Minister Nirmala Sitharaman told a news conference that the effective corporate tax rate will be lowered to 25.75% from 30%, which she said would be at par with Asian peers.

The government also scrapped the minimum alternative tax for domestic companies.

The rupee rose as much as 0.9% to 70.68 against the dollar, its strongest level since Aug 9, while the yield on benchmark 10-year bond rose to 6.71% versus 6.57% in early trading.

Shares of top private-sector lender HDFC Bank Ltd, soared nearly 10% - their most in over six years, sending the Nifty Bank index up 6.7%. 
"The markets have been asking for a big fiscal stimulus and the government has delivered," said Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai.

Corporate earnings may see an almost 12% jump in the next quarter for full tax-paying companies due to the cut, and the markets can go up nearly 10%, Oza said, adding that foreign investors would cheer these measures.

The Nifty Auto index jumped 7.9%, its sharpest intraday climb since July 2011, with Eicher Motors Ltd surging 24%.

&nbsp;(With inputs from agencies)

Domestic stock market indices today saw a great trading day with the benchmark BSE Sensex surging 1900 points after the government proposes to slash Corporate tax for domestic companies and new domestic companies.

Domestic stock market indices today saw a great trading day with the benchmark BSE Sensex surging 1900 points after the government proposes to slash Corporate tax for domestic companies and new domestic companies. At 12:10 pm, Sensex was trading at 38,034.09, up by 1,940.62 points or 5.38% while the Nifty was up by 536.55 points at 11,239.80. Finance Minister Nirmala Sitharaman told a news conference that the effective corporate tax rate will be lowered to 25.75% from 30%, which she said would be at par with Asian peers. The government also scrapped the minimum alternative tax for domestic companies. The rupee rose as much as 0.9% to 70.68 against the dollar, its strongest level since Aug 9, while the yield on benchmark 10-year bond rose to 6.71% versus 6.57% in early trading. Shares of top private-sector lender HDFC Bank Ltd, soared nearly 10% - their most in over six years, sending the Nifty Bank index up 6.7%. "The markets have been asking for a big fiscal stimulus and the government has delivered," said Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai. Corporate earnings may see an almost 12% jump in the next quarter for full tax-paying companies due to the cut, and the markets can go up nearly 10%, Oza said, adding that foreign investors would cheer these measures. The Nifty Auto index jumped 7.9%, its sharpest intraday climb since July 2011, with Eicher Motors Ltd surging 24%. (With inputs from agencies)

Sensex posts biggest one-day gain in 10 years; rises over 1,900 points

Gold prices edged higher on Friday and are set for their first weekly gain in one month, supported by a softer Dollar and developments in the Sino-US&nbsp;trade talks.

Spot gold was up 0.3% at $1,503.20 per ounce, as of 03.53 GMT, and was on track for its first weekly gain, having risen nearly by 1% so far this week.

US&nbsp;gold futures were also up by 0.3% at $1,510.9 per ounce.

"A weaker US&nbsp;Dollar is giving gold a little bit of an upward drift", Michael McCarthy, Chief Market Strategist at CMC Markets said, adding that "prices are still very much in the middle of a trading range and pinned to $1,500 level".

The Dollar nursed losses against most major currencies on Friday, as central banks in Switzerland and the UK refrained from cutting rates, while risk appetite ebbed on caution about US-China trade talks.

"Investors are all waiting on any further developments in the trade negotiations as they move towards October meeting and that may provide [the] next big driver for gold prices," McCarthy said.

American and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October.

Gold prices have risen about 17% this year mainly on the back of the US-China trade tensions, concerns over the outlook for the global economy, and the prospect of monetary easing by central banks.

The Fed had cut interest rates for the second time this year on Wednesday to help sustain economic expansion but gave mixed signals on future rate cuts.

"The precious metal will remain supported as investors deliberate heightened market risks and accommodative economic policies for the near term", Phillip Futures' Analyst Benjamin Lu said in a note.

On the technical front, signals are mixed for spot gold as it is stuck in a narrow range of $1,488-$1,514 per ounce, according to Reuters' Technical Analyst Wang Tao.

Elsewhere, palladium gained 0.7% to $1,634.74 per ounce, having earlier climbed to a fresh record peak of $1,635.55.

Platinum rose by 0.5% to $942.00 per ounce and silver was up by 0.6% at $17.88.

Gold prices edged higher on Friday and are set for their first weekly gain in one month, supported by a softer Dollar and developments in the Sino-US trade talks.

Gold prices edged higher on Friday and are set for their first weekly gain in one month, supported by a softer Dollar and developments in the Sino-US trade talks. Spot gold was up 0.3% at $1,503.20 per ounce, as of 03.53 GMT, and was on track for its first weekly gain, having risen nearly by 1% so far this week. US gold futures were also up by 0.3% at $1,510.9 per ounce. "A weaker US Dollar is giving gold a little bit of an upward drift", Michael McCarthy, Chief Market Strategist at CMC Markets said, adding that "prices are still very much in the middle of a trading range and pinned to $1,500 level". The Dollar nursed losses against most major currencies on Friday, as central banks in Switzerland and the UK refrained from cutting rates, while risk appetite ebbed on caution about US-China trade talks. "Investors are all waiting on any further developments in the trade negotiations as they move towards October meeting and that may provide [the] next big driver for gold prices," McCarthy said. American and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October. Gold prices have risen about 17% this year mainly on the back of the US-China trade tensions, concerns over the outlook for the global economy, and the prospect of monetary easing by central banks. The Fed had cut interest rates for the second time this year on Wednesday to help sustain economic expansion but gave mixed signals on future rate cuts. "The precious metal will remain supported as investors deliberate heightened market risks and accommodative economic policies for the near term", Phillip Futures' Analyst Benjamin Lu said in a note. On the technical front, signals are mixed for spot gold as it is stuck in a narrow range of $1,488-$1,514 per ounce, according to Reuters' Technical Analyst Wang Tao. Elsewhere, palladium gained 0.7% to $1,634.74 per ounce, having earlier climbed to a fresh record peak of $1,635.55. Platinum rose by 0.5% to $942.00 per ounce and silver was up by 0.6% at $17.88.

Gold set for first weekly gain in a month

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's <a href="https://www.wionews.com/business-economy/international-oil-prices-surge-nearly-20-after-attack-on-saudi-oil-facilities-249978">attacks on Saudi Arabia's oil</a> facilities still pose supply risks.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent though it is on course to post its first weekly decline in five, hit by sizable losses in Hong Kong and India.

Japan's Nikkei rose 0.46 per cent to come within striking distance of its year-to-date peak and <a href="https://www.wionews.com/opinions/saudi-oil-attacks-put-us-commitments-to-the-test-250551">US</a>&nbsp;and European shares also stood near their best levels this year.

The S&amp;P 500 ended flat on Thursday, staying than less than 1 per cent below its closing record high hit in July, while the pan-European FTSEurofirst 300 index also came within sight of this year's peak.

Monetary easing by the US&nbsp;Federal Reserve this week and by the European Central Bank last week underpinned investor sentiment.

China also cut its new one-year benchmark lending rate for the second month in a row on Friday, by 5 basis points as Beijing seeks to guide borrowing costs lower for an economy hit by the Sino-US&nbsp;trade war.

"The direct and immediate impact on the economy will be limited given the small size of the cut, but the cut has made it clear the Chinese authorities are taking an accommodative stance and should give reassurance to Chinese stock markets," said Wang Shenshen, an economist at Tokai Tokyo Research Center.

The latest <a href="https://www.wionews.com/world/mike-pompeo-says-abundantly-clear-iran-was-behind-saudi-oil-attacks-250674">US</a>&nbsp;economic data also eased worries about the slowdown in the world's largest economy.

The number of Americans filing applications for unemployment benefits increased less than expected last week while home resales rose to a 17-month high in August.

"Investors are starting to price in the possibility of re-acceleration in the global economy next year. So far this month China has taken steps to support the economy, and US&nbsp;and European central banks eased policy," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.

"There are hopes of an interim or partial trade deal between China as <a href="https://www.wionews.com/world/us-locked-and-loaded-after-saudi-attacks-as-oil-prices-surge-249886">US&nbsp;President Trump</a> will need to shore up the economy next year before the election," he added.

The US&nbsp;and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October.

Hopes for a deal were so strong that the markets shrugged off a media report that a trade adviser to Trump has said the US&nbsp;president is ready to raise tariffs to 50 or 100 per cent.

The New York Fed continued to inject a large amount of cash in money markets to deal with funding squeeze since the start of the week, helping to bring down interest rates in the US&nbsp;repo market, a key funding market.

In currency markets, the British pound kept its uptrend after European Commission President Jean-Claude Juncker said a Brexit deal is possible and that if the Irish border backstop which the British government wants to be removed could be replaced with alternatives, it would not be needed.

Sterling traded at $1.2533, up 0.09 per cent on the day, having hit a two-month high of $1.2560 on Thursday. The British unit stood near its highest levels in almost four months versus the euro at 88.19 pence per euro.

The euro was at $1.105, staying in a holding pattern this week.

The yen edged up to at 107.91 yen to the dollar, off its 1-1/2 month low of 108.48 yen hit on Wednesday.

The Brazilian real fell 1.4 per cent on Thursday to 4.167 to the dollar after the central bank slashed borrowing costs to an all-time low and signalled it was prepared to do so again in the coming months.

Oil prices bounced back on continued worries about the stability of oil supply as tensions between Saudi Arabia and Iran showed little sign of abating after a weekend attack on Saudi oil installations.

Saudi-led forces on Friday launched a military operation in northern Yemen against what it described as "legitimate military targets", an incident that could aggravate regional tensions.

Washington said on Thursday it was building a coalition to deter Iranian threats while Tehran has warned Trump against being dragged into a war in the Middle East and said it would meet any offensive action with a crushing response.

Brent crude futures rose 0.78 per cent to $64.90 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 1.14 per cent to $58.79 per barrel.

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks.

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent though it is on course to post its first weekly decline in five, hit by sizable losses in Hong Kong and India. Japan's Nikkei rose 0.46 per cent to come within striking distance of its year-to-date peak and US and European shares also stood near their best levels this year. The S&P 500 ended flat on Thursday, staying than less than 1 per cent below its closing record high hit in July, while the pan-European FTSEurofirst 300 index also came within sight of this year's peak. Monetary easing by the US Federal Reserve this week and by the European Central Bank last week underpinned investor sentiment. China also cut its new one-year benchmark lending rate for the second month in a row on Friday, by 5 basis points as Beijing seeks to guide borrowing costs lower for an economy hit by the Sino-US trade war. "The direct and immediate impact on the economy will be limited given the small size of the cut, but the cut has made it clear the Chinese authorities are taking an accommodative stance and should give reassurance to Chinese stock markets," said Wang Shenshen, an economist at Tokai Tokyo Research Center. The latest US economic data also eased worries about the slowdown in the world's largest economy. The number of Americans filing applications for unemployment benefits increased less than expected last week while home resales rose to a 17-month high in August. "Investors are starting to price in the possibility of re-acceleration in the global economy next year. So far this month China has taken steps to support the economy, and US and European central banks eased policy," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. "There are hopes of an interim or partial trade deal between China as US President Trump will need to shore up the economy next year before the election," he added. The US and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October. Hopes for a deal were so strong that the markets shrugged off a media report that a trade adviser to Trump has said the US president is ready to raise tariffs to 50 or 100 per cent. The New York Fed continued to inject a large amount of cash in money markets to deal with funding squeeze since the start of the week, helping to bring down interest rates in the US repo market, a key funding market. In currency markets, the British pound kept its uptrend after European Commission President Jean-Claude Juncker said a Brexit deal is possible and that if the Irish border backstop which the British government wants to be removed could be replaced with alternatives, it would not be needed. Sterling traded at $1.2533, up 0.09 per cent on the day, having hit a two-month high of $1.2560 on Thursday. The British unit stood near its highest levels in almost four months versus the euro at 88.19 pence per euro. The euro was at $1.105, staying in a holding pattern this week. The yen edged up to at 107.91 yen to the dollar, off its 1-1/2 month low of 108.48 yen hit on Wednesday. The Brazilian real fell 1.4 per cent on Thursday to 4.167 to the dollar after the central bank slashed borrowing costs to an all-time low and signalled it was prepared to do so again in the coming months. Oil prices bounced back on continued worries about the stability of oil supply as tensions between Saudi Arabia and Iran showed little sign of abating after a weekend attack on Saudi oil installations. Saudi-led forces on Friday launched a military operation in northern Yemen against what it described as "legitimate military targets", an incident that could aggravate regional tensions. Washington said on Thursday it was building a coalition to deter Iranian threats while Tehran has warned Trump against being dragged into a war in the Middle East and said it would meet any offensive action with a crushing response. Brent crude futures rose 0.78 per cent to $64.90 a barrel while US West Texas Intermediate (WTI) crude gained 1.14 per cent to $58.79 per barrel.

Economy hopes support shares, oil edges up on Mideast tensions

After announcing a <a href="https://www.wionews.com/india-news/its-a-win-win-for-130-crore-indians-pm-modi-on-corporate-tax-rate-cut-250811">cut on corporate tax rate</a> earlier in the day, Finance Minister Nirmala Sitharaman announced revised&nbsp;<a href="https://www.wionews.com/business-economy/government-announces-gst-rate-cut-on-marine-fuel-wet-grinders-hike-for-railway-wagon-coach-250898">GST tax rates</a> on a range of good and services ranging from precious stones, hotel tariffs, automobiles among others.&nbsp;

Hotels room with tariff worth Rs 7,500 crore would now attract 18 per cent GST as opposed to 28 per cent previously, the finance minister announced. Hotel rooms with tariffs between Rs 1,000 and Rs 7,500 would attract 12 per cent GST while no tax will be imposed on hotel rooms with rental up to Rs 1,000.

GST on caffeinated beverages has gone up from 18 per cent to 28 per cent besides an additional 12 per cent cess.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Finance Minister Nirmala Sitharaman after meeting of 37th GST Council meeting in Goa: GST rate on slide fasteners has been reduced from 18% to 12%, marine fuel 18% to 5%, 12% to 5% on wet grinders consisting of stone as a grinder, &amp; 5% to nil on dried tamarind. <a href="https://t.co/RWzrhF8gYE">pic.twitter.com/RWzrhF8gYE</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1175067007240138752?ref_src=twsrc%5Etfw">September 20, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

In a bid to boost the defence sector, specified defence items have been exempt from GST. The council also recommended reducing GST on cut and polished semi-precious items to 0.25 per cent from 3 per cent.

Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> Union Finance Minister Nirmala Sitharaman addresses media after the 37th GST Council meet in Goa <a href="https://t.co/743mkWfAnm">https://t.co/743mkWfAnm</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1175065643223150593?ref_src=twsrc%5Etfw">September 20, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The revised GST rates would become effective from October 1, 2019.

The finance minister, earlier in the day, announced cutting the corporate tax rate to 25.17 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies.

Prime Minister Narendra Modi hailed the move and described it as a "win-win for 130 crore Indians".&nbsp;

The prime minister said that the move will attract private investment from all across the world.&nbsp;

"It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve the competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," the prime minister tweeted out.&nbsp;

After announcing a cut on corporate tax rate earlier in the day, Finance Minister Nirmala Sitharaman announced revised GST tax rates on a range of good and services ranging from precious stones, hotel tariffs, automobiles among others.

After announcing a cut on corporate tax rate earlier in the day, Finance Minister Nirmala Sitharaman announced revised GST tax rates on a range of good and services ranging from precious stones, hotel tariffs, automobiles among others. Hotels room with tariff worth Rs 7,500 crore would now attract 18 per cent GST as opposed to 28 per cent previously, the finance minister announced. Hotel rooms with tariffs between Rs 1,000 and Rs 7,500 would attract 12 per cent GST while no tax will be imposed on hotel rooms with rental up to Rs 1,000. GST on caffeinated beverages has gone up from 18 per cent to 28 per cent besides an additional 12 per cent cess. Finance Minister Nirmala Sitharaman after meeting of 37th GST Council meeting in Goa: GST rate on slide fasteners has been reduced from 18% to 12%, marine fuel 18% to 5%, 12% to 5% on wet grinders consisting of stone as a grinder, & 5% to nil on dried tamarind. pic.twitter.com/RWzrhF8gYE — ANI (@ANI) September 20, 2019 × In a bid to boost the defence sector, specified defence items have been exempt from GST. The council also recommended reducing GST on cut and polished semi-precious items to 0.25 per cent from 3 per cent. Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced. #WATCH Union Finance Minister Nirmala Sitharaman addresses media after the 37th GST Council meet in Goa https://t.co/743mkWfAnm — ANI (@ANI) September 20, 2019 × The revised GST rates would become effective from October 1, 2019. The finance minister, earlier in the day, announced cutting the corporate tax rate to 25.17 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies. Prime Minister Narendra Modi hailed the move and described it as a "win-win for 130 crore Indians". The prime minister said that the move will attract private investment from all across the world. "It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve the competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," the prime minister tweeted out.

GST rates cut on hotel tariffs, caffeinated drinks attract more tax: Sitharaman

Finance Minister <a href="https://www.wionews.com/india-news/its-a-win-win-for-130-crore-indians-pm-modi-on-corporate-tax-rate-cut-250811">Nirmala Sitharaman on Friday announced</a> the reduction of GST rates on a slew of items including slide fasteners, marine fuel and wet grinders and increased for railway wagons and coaches among others.

Addressing a press conference after 37th GST council meeting, she also announced the rate cut on dried tamarind, plates and cups made of bio-friendly stuff, cut and policied semi-precious stones.

GST rate has been reduced from 18 per cent to 12 per cent for on slide fasteners (zip), from 18 per cent to 5 per cent (.5 per cent FO is added) for marine fuel, from 12 per cent to 5 per cent on wet grinders consisting of stone as a grinder, and from 5 per cent to nil on dried tamarind, plates and cups made of leaves, flowers and other bio-friendly items.

A rate cut of 0.25 per cent has been announced on cut and policed semi-precious stones, Sitharaman said.

The applicable rate for specified goods of petroleum operations undertaken under Hydrocarbon Exploration Licencing Policy (HELP) has been brought down to 5 per cent, she announced.

The GST rate has been increased for goods falling under chapter 86 of a tariff like Railway wagons, coaches, rolling stock from 5 per cent to 12 per cent to "address the concerns of ITC accumulation with suppliers of these goods and services".

"This is without refund of accumulated ITC. This is demanded and justified," Sitharaman said.

She also announced that GST and I-GST will be exempted for imports of specified defence goods not being manufactured indigenously.

"This is being extended upto only 2024," the Finance Minister said.

Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced.

"We have taken several decisions about the simplification of the tax. A call has been taken for greater simplification clarity," she told reporters here.&nbsp; 
&nbsp;

Finance Minister Nirmala Sitharaman on Friday announced the reduction of GST rates on a slew of items including slide fasteners, marine fuel and wet grinders and increased for railway wagons and coaches among others.

Finance Minister Nirmala Sitharaman on Friday announced the reduction of GST rates on a slew of items including slide fasteners, marine fuel and wet grinders and increased for railway wagons and coaches among others. Addressing a press conference after 37th GST council meeting, she also announced the rate cut on dried tamarind, plates and cups made of bio-friendly stuff, cut and policied semi-precious stones. GST rate has been reduced from 18 per cent to 12 per cent for on slide fasteners (zip), from 18 per cent to 5 per cent (.5 per cent FO is added) for marine fuel, from 12 per cent to 5 per cent on wet grinders consisting of stone as a grinder, and from 5 per cent to nil on dried tamarind, plates and cups made of leaves, flowers and other bio-friendly items. A rate cut of 0.25 per cent has been announced on cut and policed semi-precious stones, Sitharaman said. The applicable rate for specified goods of petroleum operations undertaken under Hydrocarbon Exploration Licencing Policy (HELP) has been brought down to 5 per cent, she announced. The GST rate has been increased for goods falling under chapter 86 of a tariff like Railway wagons, coaches, rolling stock from 5 per cent to 12 per cent to "address the concerns of ITC accumulation with suppliers of these goods and services". "This is without refund of accumulated ITC. This is demanded and justified," Sitharaman said. She also announced that GST and I-GST will be exempted for imports of specified defence goods not being manufactured indigenously. "This is being extended upto only 2024," the Finance Minister said. Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced. "We have taken several decisions about the simplification of the tax. A call has been taken for greater simplification clarity," she told reporters here.

Government announces GST rate cut on marine fuel, wet grinders, hike for railway wagon, coach

Shares traded higher on expectations that the government will dole out stimulus measures on Friday to support the economy, amid demands over reduced tax burden on products.

The broader NSE Nifty was up 0.21% at 10,727.6, as of 0412 GMT on Friday, while the benchmark BSE Sensex was trading 0.3% higher at 36,205.52.

The country's Goods and Services Tax (GST) Council is set to meet in Goa to recommend tax cuts on 20-25 products, sources told Reuters.

The GST council meeting comes amid demands raised by various industries and consumers for government help to boost a sagging economy.

Separately, Reserve Bank of India chief Shaktikanta Das said there is room for further interest rate cuts to bolster economic growth since inflation continues to remain within the central bank's target, other media reported.

The rupee strengthened by 0.26% to 71.11 against the dollar, while the benchmark 10-year bond yield was trading at 6.57%, versus the previous close of 6.64%.

Shares in other Asian markets also edged higher as economic stimulus boost around the world, including monetary easing by the US Federal Reserve and the European Central Bank, eased fears over a global slowdown.

The local indexes, however, were set for their worst week since early May, after a surge in crude prices triggered heavy selling in stock markets earlier this week.

Shares of private-sector lender Yes Bank Ltd, which suffered a sharp drop in the previous session, rose as much as 6.8%.

HDFC Bank Ltd, which is among the top boosts in the index, gained as much as 1.7%.

Media firm Zee Entertainment Enterprises Ltd slumped 11% to its lowest in five years, and was the top loser in the NSE Nifty. The stock is set for a fifth straight session of losses.

Shares traded higher on expectations that the government will dole out stimulus measures on Friday to support the economy, amid demands over reduced tax burden on products.

Shares traded higher on expectations that the government will dole out stimulus measures on Friday to support the economy, amid demands over reduced tax burden on products. The broader NSE Nifty was up 0.21% at 10,727.6, as of 0412 GMT on Friday, while the benchmark BSE Sensex was trading 0.3% higher at 36,205.52. The country's Goods and Services Tax (GST) Council is set to meet in Goa to recommend tax cuts on 20-25 products, sources told Reuters. The GST council meeting comes amid demands raised by various industries and consumers for government help to boost a sagging economy. Separately, Reserve Bank of India chief Shaktikanta Das said there is room for further interest rate cuts to bolster economic growth since inflation continues to remain within the central bank's target, other media reported. The rupee strengthened by 0.26% to 71.11 against the dollar, while the benchmark 10-year bond yield was trading at 6.57%, versus the previous close of 6.64%. Shares in other Asian markets also edged higher as economic stimulus boost around the world, including monetary easing by the US Federal Reserve and the European Central Bank, eased fears over a global slowdown. The local indexes, however, were set for their worst week since early May, after a surge in crude prices triggered heavy selling in stock markets earlier this week. Shares of private-sector lender Yes Bank Ltd, which suffered a sharp drop in the previous session, rose as much as 6.8%. HDFC Bank Ltd, which is among the top boosts in the index, gained as much as 1.7%. Media firm Zee Entertainment Enterprises Ltd slumped 11% to its lowest in five years, and was the top loser in the NSE Nifty. The stock is set for a fifth straight session of losses.

Nifty, Sensex gain ahead of tax council meet

Apple's latest iPhone 11 range hit stores in China on Friday, with short queues of die-hard fans contrasting with the hundreds who camped out ahead of previous launches.

The sales performance of the US tech giant's latest line-up is being closely watched in the world's largest smartphone market, where Apple has been losing ground to competitors with cheaper and feature-packed handsets in recent years.

The queues at the Shanghai and Beijing stores added up to few dozen customers, were in sharp contrast to previous years, when hundreds used to wait for hours outside Apple's shops to be the first to grab its latest offerings.

But much of the fanfare in China has moved online where the pre-sales for iPhone 11, priced between $699 and $1,099, started last week.

Analysts said they had gotten off to a better start than the last cycle a year ago. Chinese e-commerce site JD.com said day one pre-sales for the iPhone 11 series were up 480% versus comparable sales for the iPhone XR last year.

Among the customers who went to a store in Beijing on Friday to make a purchase in person was a programmer who only gave his surname as Liu and said that he has owned a model from every Apple series since the 3G range.

He said he was particularly attracted to the more expensive iPhone 11 Pro, which has three cameras on the back. "When it comes to taking photos, it's better for night shots and the image is clearer", he told Reuters.

Other customers, however, said that they were concerned that the range was not enabled for fifth-generation networks, putting them behind 5G models already released by China's Huawei Technologies and smaller rival Vivo, and expressed hopes that Apple could make it happen for its next line-up.

Apple's latest iPhone 11 range hit stores in China on Friday, with short queues of die-hard fans contrasting with the hundreds who camped out ahead of previous launches.

Apple's latest iPhone 11 range hit stores in China on Friday, with short queues of die-hard fans contrasting with the hundreds who camped out ahead of previous launches. The sales performance of the US tech giant's latest line-up is being closely watched in the world's largest smartphone market, where Apple has been losing ground to competitors with cheaper and feature-packed handsets in recent years. The queues at the Shanghai and Beijing stores added up to few dozen customers, were in sharp contrast to previous years, when hundreds used to wait for hours outside Apple's shops to be the first to grab its latest offerings. But much of the fanfare in China has moved online where the pre-sales for iPhone 11, priced between $699 and $1,099, started last week. Analysts said they had gotten off to a better start than the last cycle a year ago. Chinese e-commerce site JD.com said day one pre-sales for the iPhone 11 series were up 480% versus comparable sales for the iPhone XR last year. Among the customers who went to a store in Beijing on Friday to make a purchase in person was a programmer who only gave his surname as Liu and said that he has owned a model from every Apple series since the 3G range. He said he was particularly attracted to the more expensive iPhone 11 Pro, which has three cameras on the back. "When it comes to taking photos, it's better for night shots and the image is clearer", he told Reuters. Other customers, however, said that they were concerned that the range was not enabled for fifth-generation networks, putting them behind 5G models already released by China's Huawei Technologies and smaller rival Vivo, and expressed hopes that Apple could make it happen for its next line-up.

No crowds as Apple's iPhone 11 hits stores in China

Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday.

The measures include a review of import tariffs on certain items ahead of Prime Minister Narendra Modi's visit to the United States, the sources said.

"We are waiting for the approval from the prime minister's office, and the measures could be announced on Friday," one of the government sources told Reuters.

The sources declined to be named as they were not authorized to speak to the media.

Any relaxation of tariffs on US&nbsp;imports would be seen as a step in easing a trade row between the two countries that has accelerated in Modi's second term.

The trade row has prompted both countries to raise tariffs and created unease over the depth of their security alliance.

The federal government is also urging the Goods and Services Tax (GST) council to cut tax rates on items including auto sector products and tourism, said one of the sources, who attended a meeting of state and federal officials in Panaji on Thursday to discuss the impact of the economic slowdown and implications of possible tax cuts.

Some states oppose tax cuts as they fear it would impact their revenue collections, and may not boost sales, he said.

Finance ministry officials have warned that the economic slowdown has led to lower tax collections, and they may have to utilize an extra dividend of nearly 580 billion rupees&nbsp;this year from the central bank to fund budgeted spending.

"We were planning to spend RBI money (the extra dividend) for new investments. It does not seem possible now," said one of the sources.

The government would have to resort to spending cuts in the January-March quarter because of a fall in tax collections and stiff fiscal deficit target for this year, the sources said.

As the government seeks to keep liquidity flowing, Sitharaman urged banks on Thursday to increase lending to small businesses and retail borrowers to spur spending ahead of the final quarter festive season.

Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday.

Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday. The measures include a review of import tariffs on certain items ahead of Prime Minister Narendra Modi's visit to the United States, the sources said. "We are waiting for the approval from the prime minister's office, and the measures could be announced on Friday," one of the government sources told Reuters. The sources declined to be named as they were not authorized to speak to the media. Any relaxation of tariffs on US imports would be seen as a step in easing a trade row between the two countries that has accelerated in Modi's second term. The trade row has prompted both countries to raise tariffs and created unease over the depth of their security alliance. The federal government is also urging the Goods and Services Tax (GST) council to cut tax rates on items including auto sector products and tourism, said one of the sources, who attended a meeting of state and federal officials in Panaji on Thursday to discuss the impact of the economic slowdown and implications of possible tax cuts. Some states oppose tax cuts as they fear it would impact their revenue collections, and may not boost sales, he said. Finance ministry officials have warned that the economic slowdown has led to lower tax collections, and they may have to utilize an extra dividend of nearly 580 billion rupees this year from the central bank to fund budgeted spending. "We were planning to spend RBI money (the extra dividend) for new investments. It does not seem possible now," said one of the sources. The government would have to resort to spending cuts in the January-March quarter because of a fall in tax collections and stiff fiscal deficit target for this year, the sources said. As the government seeks to keep liquidity flowing, Sitharaman urged banks on Thursday to increase lending to small businesses and retail borrowers to spur spending ahead of the final quarter festive season.

Finance Minister Nirmala Sitharaman likely to unveil measures to boost economic growth: Sources

The Federation of Indian Chambers of Commerce and Industry (FICCI) said on Friday that lowering of income tax on corporates will unleash the animal spirits of corporate India and reinvigorate manufacturing sector which has been going through a difficult phase of late.

"With the kind of corporate tax rate cuts announced today, India now becomes a competitive market in the region with our rates similar to those prevailing in the ASEAN countries," said FICCI President Sandip Somany.

"This trigger will lead to a virtuous cycle of investments, growth and higher employment," he said in a statement.

The additional measures announced to stabilise flow of funds to capital markets by not applying the enhanced rate of surcharge on capital gains arising from sale of equity shares and units of equity funds is another major positive.

"This will make India an even more attractive destination for funds flow and is bound to draw much greater attention from foreign institutional investors," said Somany.

At the same time, the decision to allow CSR funds to be used for supporting incubators set up by central and state governments as well as supporting universities, autonomous institutions as well as research bodies that are publicly funded clearly indicates that the government wishes to promote public private partnership in scientific research and development and make India move up the innovation ladder, he added.&nbsp;

The Federation of Indian Chambers of Commerce and Industry (FICCI) said on Friday that lowering of income tax on corporates will unleash the animal spirits of corporate India and reinvigorate manufacturing sector which has been going through a difficult phase of late.

The Federation of Indian Chambers of Commerce and Industry (FICCI) said on Friday that lowering of income tax on corporates will unleash the animal spirits of corporate India and reinvigorate manufacturing sector which has been going through a difficult phase of late. "With the kind of corporate tax rate cuts announced today, India now becomes a competitive market in the region with our rates similar to those prevailing in the ASEAN countries," said FICCI President Sandip Somany. "This trigger will lead to a virtuous cycle of investments, growth and higher employment," he said in a statement. The additional measures announced to stabilise flow of funds to capital markets by not applying the enhanced rate of surcharge on capital gains arising from sale of equity shares and units of equity funds is another major positive. "This will make India an even more attractive destination for funds flow and is bound to draw much greater attention from foreign institutional investors," said Somany. At the same time, the decision to allow CSR funds to be used for supporting incubators set up by central and state governments as well as supporting universities, autonomous institutions as well as research bodies that are publicly funded clearly indicates that the government wishes to promote public private partnership in scientific research and development and make India move up the innovation ladder, he added.

Tax reliefs to corporates will act as a booster dose to revive growth: FICCI

After a historic run on Friday, equity indices today afternoon ended at a record high with BSE Sensex closing at 38,014.62, 1,921.15 above its previous close of 36,093.47.

Both the broader NSE Nifty and the benchmark BSE Sensex closed 5.3 per cent higher, finishing the week with gains of more than 1.5 per cent.

The rupee, which rose as much as 0.9 per cent to 70.68 against the dollar after the announcement, pared some gains to trade at 71.05 by 10:15 GMT.

The domestic stock market, earlier in the day, registered their biggest single-day gain in more than a decade after the government announced <a href="https://www.wionews.com/india-news/we-propose-to-slash-corporate-tax-rates-for-domestic-companies-finance-minister-nirmala-sitharaman-250730">deep cuts in corporate taxes</a> to revive flagging growth in Asia's third-largest economy.

At 2:00 pm, the Sensex was at 38,313.65, higher by 2,220.18 points from the previous close of 36,093.47 points.

The NSE Nifty50 was trading at 11,379.60, higher by 674.80 points from the previous close.

The boost followed Finance Minister Nirmala Sitharam's announcement of cutting down the corporate tax rate to 25.17 per cent from 30 per cent.&nbsp;

"The reduction in corporate tax rate will "augur well for our economy," Reserve Bank of India chief Shaktikanta Das said.&nbsp;

Prime Minister <a href="https://www.wionews.com/india-news/its-a-win-win-for-130-crore-indians-pm-modi-on-corporate-tax-rate-cut-250811">Narendra Modi hailed the move</a> and called it "historic".&nbsp;

The prime minister said that the move will attract private investment from all across the world and is a "win-win for 130 crore Indians".

After a historic run on Friday, equity indices today afternoon ended at a record high with BSE Sensex closing at 38,014.62, 1,921.15 above its previous close of 36,093.

After a historic run on Friday, equity indices today afternoon ended at a record high with BSE Sensex closing at 38,014.62, 1,921.15 above its previous close of 36,093.47. Both the broader NSE Nifty and the benchmark BSE Sensex closed 5.3 per cent higher, finishing the week with gains of more than 1.5 per cent. The rupee, which rose as much as 0.9 per cent to 70.68 against the dollar after the announcement, pared some gains to trade at 71.05 by 10:15 GMT. The domestic stock market, earlier in the day, registered their biggest single-day gain in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy. At 2:00 pm, the Sensex was at 38,313.65, higher by 2,220.18 points from the previous close of 36,093.47 points. The NSE Nifty50 was trading at 11,379.60, higher by 674.80 points from the previous close. The boost followed Finance Minister Nirmala Sitharam's announcement of cutting down the corporate tax rate to 25.17 per cent from 30 per cent. "The reduction in corporate tax rate will "augur well for our economy," Reserve Bank of India chief Shaktikanta Das said. Prime Minister Narendra Modi hailed the move and called it "historic". The prime minister said that the move will attract private investment from all across the world and is a "win-win for 130 crore Indians".

Sensex ends 1,921 points higher after fresh booster shot from government 

Britain's bailed-out <a href="https://www.wionews.com/business-economy/rbs-to-appoint-alison-rose-as-ceo-in-coming-weeks-report-242063">Royal Bank of Scotland</a> (RBS) on Friday appointed a long-serving banker Alison Rose as its Chief Executive, making her the first female boss of a major UK lender.

Rose, currently the Deputy Head of both NatWest Holdings and the bank's commercial and private banking, business, will replace Ross McEwan on November 1, the company said in a statement.

"I am delighted that we have appointed Alison as our new CEO", said RBS Chairman Howard Davies.

"She brings extensive experience and a track record of success from her previous roles at the bank", he added.

Rose, who has worked at the Edinburgh-based giant for 27 years, takes the helm amid a period of heightened global turmoil that includes Brexit, the US-China trade war, and faltering economic growth.

"This is an exciting time as we enter a new chapter for this bank", she said in the statement.

"Our industry is facing a series of challenges; from the ongoing economic and political uncertainty to shifts in the behaviour and expectations of our customers, driven by rapid advances in technology... It will be my priority to make sure we are ready to meet these challenges", she added.

McEwan will step down on October 31 after holding the top job since 2013, having steered it through a steady recovery following a government bailout during the 2008 global financial crisis.

The New Zealander is leaving RBS to become the Chief Executive at National Australia Bank.

RBS is still 62 per cent owned by the government after receiving the world's biggest banking bailout during the crisis.

Britain's bailed-out Royal Bank of Scotland (RBS) on Friday appointed a long-serving banker Alison Rose as its Chief Executive, making her the first female boss of a major UK lender.

Britain's bailed-out Royal Bank of Scotland (RBS) on Friday appointed a long-serving banker Alison Rose as its Chief Executive, making her the first female boss of a major UK lender. Rose, currently the Deputy Head of both NatWest Holdings and the bank's commercial and private banking, business, will replace Ross McEwan on November 1, the company said in a statement. "I am delighted that we have appointed Alison as our new CEO", said RBS Chairman Howard Davies. "She brings extensive experience and a track record of success from her previous roles at the bank", he added. Rose, who has worked at the Edinburgh-based giant for 27 years, takes the helm amid a period of heightened global turmoil that includes Brexit, the US-China trade war, and faltering economic growth. "This is an exciting time as we enter a new chapter for this bank", she said in the statement. "Our industry is facing a series of challenges; from the ongoing economic and political uncertainty to shifts in the behaviour and expectations of our customers, driven by rapid advances in technology... It will be my priority to make sure we are ready to meet these challenges", she added. McEwan will step down on October 31 after holding the top job since 2013, having steered it through a steady recovery following a government bailout during the 2008 global financial crisis. The New Zealander is leaving RBS to become the Chief Executive at National Australia Bank. RBS is still 62 per cent owned by the government after receiving the world's biggest banking bailout during the crisis.

Royal Bank of Scotland names Alison Rose as Chief Executive

The domestic stock markets indices Sensex and Nifty registered their biggest single-day gain in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy.

The domestic stock markets indices Sensex and Nifty registered their biggest single-day gain in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy. At 2:00 pm, the Sensex was at 38,313.65, higher by 2,220.18 points from the previous close of 36,093.47 points. The NSE Nifty50 was trading at 11,379.60, higher by 674.80 points from the previous close. Finance Minister Nirmala Sitharaman said the effective corporate tax rate would be lowered to 25.17% from 30% and scrapped the minimum alternative tax for domestic companies. "The reduction in corporate tax rate will "augur well for our economy," Reserve Bank of India chief Shaktikanta Das said, speaking at a conference in Mumbai. The rupee rose as much as 0.9% to 70.68 against the dollar, its strongest level since Aug 9, while the yield on benchmark 10-year bond rose to 6.71% versus 6.57% in early trading. Shares of top private-sector lender HDFC Bank Ltd, soared nearly 10% - their most in over six years, sending the Nifty Bank index up 6.7%. Corporate earnings may see an almost 12% jump in the next quarter for full tax-paying companies due to the cut, and the markets can go up nearly 10%, Oza said, adding that foreign investors would cheer these measures. The Nifty Auto index jumped 7.9%, its sharpest intraday climb since July 2011, with Eicher Motors Ltd surging 24%. (With inputs from Reuters)

Sensex surges over 2200 points after Finance Minister’s corporate tax cut announcement

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability.

"India's external sector has exhibited resilience and viability. The current account deficit has averaged 1.4 per cent of GDP over the last 5 years and remains comfortably financed in spite of global spillovers imparting risk-on-risk-off volatility to portfolio flows," Das said in his keynote address at the Bloomberg India Economic Forum 2019 here.

"The level of foreign exchange reserves was at $429 billion on September 13, sufficient to cover close to 10 months of imports or 21 months of debt of residual maturity up to 1 year," added Das.

"The Indian economy remains a preferred habitat for foreign direct investment (FDI) and is among the top 10 destinations for greenfield projects," said Das.

Praising India's service exports, Das said, "In line with the expanding share of services in domestic output, India's services exports have grown rapidly over the past two decades."

He said that in fact, India's services exports have shown a higher degree of resilience to global shocks than merchandise exports.

"At $81.9 billion, net services exports financed 45 per cent of India's trade deficit in 2018-19," he said.

He also said that India still was the world leader in software exports and information technology (IT) enabled services, accounting for around 12 per cent of world software exports.

"The global environment is challenging, but it offers opportunities as well. By the IMF's assessment, India will account for a sixth of global growth in 2020," said the RBI chief.

"Trade wars are presenting new business relocation avenues that seem to be favorable to India from the point of view of the economies of scale and scope. Indian entrepreneurship, the rupee, and our people are progressively but inexorably internationalising," added Das.&nbsp;

 
&nbsp;

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability. "India's external sector has exhibited resilience and viability. The current account deficit has averaged 1.4 per cent of GDP over the last 5 years and remains comfortably financed in spite of global spillovers imparting risk-on-risk-off volatility to portfolio flows," Das said in his keynote address at the Bloomberg India Economic Forum 2019 here. "The level of foreign exchange reserves was at $429 billion on September 13, sufficient to cover close to 10 months of imports or 21 months of debt of residual maturity up to 1 year," added Das. "The Indian economy remains a preferred habitat for foreign direct investment (FDI) and is among the top 10 destinations for greenfield projects," said Das. Praising India's service exports, Das said, "In line with the expanding share of services in domestic output, India's services exports have grown rapidly over the past two decades." He said that in fact, India's services exports have shown a higher degree of resilience to global shocks than merchandise exports. "At $81.9 billion, net services exports financed 45 per cent of India's trade deficit in 2018-19," he said. He also said that India still was the world leader in software exports and information technology (IT) enabled services, accounting for around 12 per cent of world software exports. "The global environment is challenging, but it offers opportunities as well. By the IMF's assessment, India will account for a sixth of global growth in 2020," said the RBI chief. "Trade wars are presenting new business relocation avenues that seem to be favorable to India from the point of view of the economies of scale and scope. Indian entrepreneurship, the rupee, and our people are progressively but inexorably internationalising," added Das.

No recession in global economy, India's external sector shows great resilience, viability: RBI governor

Equity benchmark indices were in the red during early hours on Thursday on the back of mixed global cues and selling pressure across various segments.

At 10:15 am, the BSE S&amp;P Sensex was down by 268 points at 36,295 while the Nifty 50 slipped by 77 points to 10,764.

At the National Stock Exchange, all sectoral indices except for Nifty FMCG were in the negative zone. Nifty PSU bank slipped by 1.7 per cent while the private bank was down by 1.2 per cent, metal by 1.4 per cent and pharma by 1.2 per cent.

Among stocks, Yes Bank lost by 5.4 per cent to Rs 60.60 per share while ICICI Bank was down by 2.7 per cent, IndusInd Bank by 2.5 per cent and State Bank of India by 1.8 per cent.

Tata Steel and JSW Steel were down by 2.4 per cent and 2.2 per cent respectively.

However, those which showed some gains were FMCG majors Britannia and Hindustan Lever, Tata Motors, Bharti Airtel and Asian Paints.

Meanwhile, Asian shares turned lower after the US Federal Reserve cut interest rates by 25 basis points. It was the second Fed rate cut this year.

MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.36 per cent. Hong Kong shares shed by 0.96 per cent but Japan's Nikkei rose by 1.01 per cent.

Central banks around the world have been loosening policy to counter the risks of low inflation and recession. Easier monetary policy generally supports equities.

Equity benchmark indices were in the red during early hours on Thursday on the back of mixed global cues and selling pressure across various segments. At 10:15 am, the BSE S&P Sensex was down by 268 points at 36,295 while the Nifty 50 slipped by 77 points to 10,764.

Equity benchmark indices were in the red during early hours on Thursday on the back of mixed global cues and selling pressure across various segments. At 10:15 am, the BSE S&P Sensex was down by 268 points at 36,295 while the Nifty 50 slipped by 77 points to 10,764. At the National Stock Exchange, all sectoral indices except for Nifty FMCG were in the negative zone. Nifty PSU bank slipped by 1.7 per cent while the private bank was down by 1.2 per cent, metal by 1.4 per cent and pharma by 1.2 per cent. Among stocks, Yes Bank lost by 5.4 per cent to Rs 60.60 per share while ICICI Bank was down by 2.7 per cent, IndusInd Bank by 2.5 per cent and State Bank of India by 1.8 per cent. Tata Steel and JSW Steel were down by 2.4 per cent and 2.2 per cent respectively. However, those which showed some gains were FMCG majors Britannia and Hindustan Lever, Tata Motors, Bharti Airtel and Asian Paints. Meanwhile, Asian shares turned lower after the US Federal Reserve cut interest rates by 25 basis points. It was the second Fed rate cut this year. MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.36 per cent. Hong Kong shares shed by 0.96 per cent but Japan's Nikkei rose by 1.01 per cent. Central banks around the world have been loosening policy to counter the risks of low inflation and recession. Easier monetary policy generally supports equities.

Sensex falls by 268 points; Nifty at 10,000

Volkswagen and Porsche have to recall around 227,000 cars due to problems with airbags and seatbelt pre-tensioners, Germany's Stuttgarter Zeitung said on Thursday.

The newspaper said the Tiguan, Sharan, and CC models built in 2015 as well as the Porsche 911, Boxter, Cayman, and Panamera models from 2015 and 2016. It cited Germany's Kraftfahrt-Bundesamt (KBA) federal motor authority as saying the cars needed an update to the software of the airbag control units.

Volkswagen said 227,000 VW and Porsche cars were affected, citing possible problems with airbags in some of them and adding that new software needed to be installed.

A spokesman for Porsche said around 23,500 Porsche models could be affected by airbags or seatbelt pre-tensioners triggering even if the vehicle was not involved in an accident. It said the models affected were built in 2015 and 2016 and added that of the vehicles affected, around 3,900 were in Germany.

 
&nbsp;

Volkswagen and Porsche have to recall around 227,000 cars due to problems with airbags and seatbelt pre-tensioners, Germany's Stuttgarter Zeitung said on Thursday.

Volkswagen and Porsche have to recall around 227,000 cars due to problems with airbags and seatbelt pre-tensioners, Germany's Stuttgarter Zeitung said on Thursday. The newspaper said the Tiguan, Sharan, and CC models built in 2015 as well as the Porsche 911, Boxter, Cayman, and Panamera models from 2015 and 2016. It cited Germany's Kraftfahrt-Bundesamt (KBA) federal motor authority as saying the cars needed an update to the software of the airbag control units. Volkswagen said 227,000 VW and Porsche cars were affected, citing possible problems with airbags in some of them and adding that new software needed to be installed. A spokesman for Porsche said around 23,500 Porsche models could be affected by airbags or seatbelt pre-tensioners triggering even if the vehicle was not involved in an accident. It said the models affected were built in 2015 and 2016 and added that of the vehicles affected, around 3,900 were in Germany.

Volkswagen, Porsche to recall around 227,000 cars over airbag, seatbelt issues: Report

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide <a href="https://www.wionews.com/india-news/government-bans-e-cigarettes-citing-health-hazards-250374">ban on electronic cigarettes</a>.

Warning of an "epidemic" among young people, India banned the sale, production, import and advertising of <a href="https://www.wionews.com/world/world-health-organization-says-e-cigarettes-undoubtedly-harmful-238779">e-cigarettes</a>, dealing a blow to plans of companies such as Philip Morris International and Juul Labs to sell the products in India.

Websites such as Vapestop and Litejoy, which offered vaping products online, discontinued their operations and ran disclaimers related to the government order.

Vaping products, however, were still available on Amazon's India site, while Flipkart and Softbank-backed Snapdeal removed e-cigarettes which were available earlier in the day, Reuters found.

"Online advertising and sales are banned. E-commerce service providers should take down the advertisements and sale offers immediately," Vikas Sheel, a senior health ministry official told Reuters, when asked about the online listings.

Amazon's India site was selling the "Honey Badger" vape device, which resembles a USB flash drive, for 2,799 rupees ($39.35), with flavoured refills. Flipkart had also listed the product earlier.

Amazon said e-cigarettes are not allowed to be listed or sold on&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=http://Amazon.co.in&amp;source=gmail&amp;ust=1568981438627000&amp;usg=AFQjCNEneKHjksBQXERzXjN7RgagedFjaA" href="http://amazon.co.in/" target="_blank">Amazon.co.in</a>&nbsp;as per its policy and it takes action if it learns about sellers evasively listing a prohibited product.

A source with direct knowledge said that Amazon was working to quickly remove the listings.

Flipkart in a statement said it was aware of the ban order and was working with sellers to remove all such products.

Snapdeal, another leading e-commerce website in India, said the e-cigarette category had been disabled.

On Wednesday, India's health ministry said use of e-cigarettes had increased exponentially and acquired epidemic proportions in developed countries, especially among youth and children.

India's ban was issued through an executive order, which has been in force since Wednesday night, a health ministry spokeswoman said.

Pro-vaping groups in India have criticized the government's decision, saying it would deter people from switching from conventional cigarettes to less harmful alternatives.

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide ban on electronic cigarettes.

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide ban on electronic cigarettes. Warning of an "epidemic" among young people, India banned the sale, production, import and advertising of e-cigarettes, dealing a blow to plans of companies such as Philip Morris International and Juul Labs to sell the products in India. Websites such as Vapestop and Litejoy, which offered vaping products online, discontinued their operations and ran disclaimers related to the government order. Vaping products, however, were still available on Amazon's India site, while Flipkart and Softbank-backed Snapdeal removed e-cigarettes which were available earlier in the day, Reuters found. "Online advertising and sales are banned. E-commerce service providers should take down the advertisements and sale offers immediately," Vikas Sheel, a senior health ministry official told Reuters, when asked about the online listings. Amazon's India site was selling the "Honey Badger" vape device, which resembles a USB flash drive, for 2,799 rupees ($39.35), with flavoured refills. Flipkart had also listed the product earlier. Amazon said e-cigarettes are not allowed to be listed or sold on Amazon.co.in as per its policy and it takes action if it learns about sellers evasively listing a prohibited product. A source with direct knowledge said that Amazon was working to quickly remove the listings. Flipkart in a statement said it was aware of the ban order and was working with sellers to remove all such products. Snapdeal, another leading e-commerce website in India, said the e-cigarette category had been disabled. On Wednesday, India's health ministry said use of e-cigarettes had increased exponentially and acquired epidemic proportions in developed countries, especially among youth and children. India's ban was issued through an executive order, which has been in force since Wednesday night, a health ministry spokeswoman said. Pro-vaping groups in India have criticized the government's decision, saying it would deter people from switching from conventional cigarettes to less harmful alternatives.

Flipkart, Amazon, others rush to pull vaping devices after India ban

Aviation safety regulator may ask Boeing to set up simulators in India to train pilots on the 737 MAX planes once it clears the aircraft as safe for flying, a senior official with direct knowledge of the matter told Reuters.

The 737 MAX, the fastest-selling plane in Boeing's history, has been grounded the world over since March in the aftermath of two fatal crashes in five months that killed 346 people.

Directorate General of Civil Aviation (DGCA) will also conduct an independent inspection of the grounded planes once they are cleared for flying by the US&nbsp;regulator, the Federal Aviation Administration (FAA).

"Once FAA re-certifies it and says these issues have been resolved then we will evaluate whether what they are saying is right or wrong ... We will carry out our own inspections," the official said, adding that it is unlikely the planes will fly in Indian skies until next year.

Boeing is making software changes and drawing up a new pilot training plan, and will need to conduct a key certification test flight to get the FAA's approval before it can put the planes back in the air. Some federal officials expect the test flight to be conducted in October.

"Later this year India will send a team. We would like to take a look at their flight data, some simulators will also be required for training pilots," the official said, adding it may ask Boeing to have simulators in India.

Budget carrier SpiceJet has about a dozen Boeing 737 MAX planes in its fleet and a total of 155 on order - among the largest single orders for the narrow-body plane.

Boeing has delivered 219 737 MAX jets to customers globally, with 4,564 orders for jets yet to be delivered. The Boeing 737 MAX is a more fuel-efficient version of the manufacturer's best-selling single-aisle 737 series. 
&nbsp;

Aviation safety regulator may ask Boeing to set up simulators in India to train pilots on the 737 MAX planes once it clears the aircraft as safe for flying, a senior official with direct knowledge of the matter told Reuters.

Aviation safety regulator may ask Boeing to set up simulators in India to train pilots on the 737 MAX planes once it clears the aircraft as safe for flying, a senior official with direct knowledge of the matter told Reuters. The 737 MAX, the fastest-selling plane in Boeing's history, has been grounded the world over since March in the aftermath of two fatal crashes in five months that killed 346 people. Directorate General of Civil Aviation (DGCA) will also conduct an independent inspection of the grounded planes once they are cleared for flying by the US regulator, the Federal Aviation Administration (FAA). "Once FAA re-certifies it and says these issues have been resolved then we will evaluate whether what they are saying is right or wrong ... We will carry out our own inspections," the official said, adding that it is unlikely the planes will fly in Indian skies until next year. Boeing is making software changes and drawing up a new pilot training plan, and will need to conduct a key certification test flight to get the FAA's approval before it can put the planes back in the air. Some federal officials expect the test flight to be conducted in October. "Later this year India will send a team. We would like to take a look at their flight data, some simulators will also be required for training pilots," the official said, adding it may ask Boeing to have simulators in India. Budget carrier SpiceJet has about a dozen Boeing 737 MAX planes in its fleet and a total of 155 on order - among the largest single orders for the narrow-body plane. Boeing has delivered 219 737 MAX jets to customers globally, with 4,564 orders for jets yet to be delivered. The Boeing 737 MAX is a more fuel-efficient version of the manufacturer's best-selling single-aisle 737 series.

Aviation watchdog may ask Boeing to set up 737 MAX simulators in India

Indian shares closed over 1 per cent&nbsp;lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.

The broader NSE Nifty ended 1.25 per cent&nbsp;down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent&nbsp;to 36,093.47.

"There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi.

"There is chaos and the benefit of the doubt that markets were giving to the government that they may come to the rescue is not holding up."

Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally.

Yes Bank Ltd, which fell 15.76 per cent,&nbsp;was the top decliner on the NSE index.

The Nifty PSU bank index shed 2.25 per cent,&nbsp;with all 12 constituents closing below 1 per cent.

The Nifty Metals index settled 1.63 per cent&nbsp;lower, with 13 out of 15 constituents finishing in the red.

Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent&nbsp;to its lowest in nearly five years.

Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Indian shares closed over 1 per cent lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.

Indian shares closed over 1 per cent lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth. The broader NSE Nifty ended 1.25 per cent down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent to 36,093.47. "There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi. "There is chaos and the benefit of the doubt that markets were giving to the government that they may come to the rescue is not holding up." Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally. Yes Bank Ltd, which fell 15.76 per cent, was the top decliner on the NSE index. The Nifty PSU bank index shed 2.25 per cent, with all 12 constituents closing below 1 per cent. The Nifty Metals index settled 1.63 per cent lower, with 13 out of 15 constituents finishing in the red. Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent to its lowest in nearly five years. Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Nifty, Sensex end over 1% lower; banks, metal stocks take a beating

Indian shares closed over 1 per cent&nbsp;lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.

The broader NSE Nifty ended 1.25 per cent&nbsp;down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent&nbsp;to 36,093.47.

"There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi.

"There is chaos and the benefit of doubt that markets were giving to the government that they may come to the rescue is not holding up."

Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally.

Yes Bank Ltd, which fell 15.76 per cent,&nbsp;was the top decliner on the NSE index.

The Nifty PSU bank index shed 2.25 per cent,&nbsp;with all 12 constituents closing below 1 per cent.

The Nifty Metals index settled 1.63 per cent&nbsp;lower, with 13 out of 15 constituents finishing in the red.

Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent&nbsp;to its lowest in nearly five years.

Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Indian shares closed over 1 per cent lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth. The broader NSE Nifty ended 1.25 per cent down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent to 36,093.47. "There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi. "There is chaos and the benefit of doubt that markets were giving to the government that they may come to the rescue is not holding up." Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally. Yes Bank Ltd, which fell 15.76 per cent, was the top decliner on the NSE index. The Nifty PSU bank index shed 2.25 per cent, with all 12 constituents closing below 1 per cent. The Nifty Metals index settled 1.63 per cent lower, with 13 out of 15 constituents finishing in the red. Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent to its lowest in nearly five years. Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Equity indices faced bearish tendencies during the afternoon on Thursday as selling pressure extended across all segments.

At 2 pm, the BSE S&amp;P Sensex was down by 496 points or 1.3 per cent at 36,068 while the Nifty 50 slipped by 129 points to 10,711.

At the National Stock Exchange, all sectoral indices were in the red. Nifty media plunged by 4.6 per cent, PSU bank by 2.4 per cent, metal by 2.7 per cent and pharma by 1.8 per cent.

Among stocks, Yes Bank was the top loser which shed 12 per cent to Rs 56.35 per share after CARE Ratings downgraded ratings of non-convertible debentures of Morgan Credits, one of the private lender's promoter entities.

Other private lenders like IndusInd Bank, ICICI Bank and Axis Bank too were in the red.

Zee Entertainment plunged by 8 per cent following reports that its promoter has been restricted from selling its stake in the media company. Tata Steel and JSW Steel were down by 4.6 per cent and 2.3 per cent respectively.

The other prominent losers were Indiabulls Housing Finance which slipped by 7.7 per cent, Vedanta by 4 per cent and Reliance Industries by 2.1 per cent.

However, those which showed some gains were Tata Motors, Bharti Airtel, Asian Paints, Britannia and Coal India.

Equity indices faced bearish tendencies during the afternoon on Thursday as selling pressure extended across all segments. At 2 pm, the BSE S&P Sensex was down by 496 points or 1.

Equity indices faced bearish tendencies during the afternoon on Thursday as selling pressure extended across all segments. At 2 pm, the BSE S&P Sensex was down by 496 points or 1.3 per cent at 36,068 while the Nifty 50 slipped by 129 points to 10,711. At the National Stock Exchange, all sectoral indices were in the red. Nifty media plunged by 4.6 per cent, PSU bank by 2.4 per cent, metal by 2.7 per cent and pharma by 1.8 per cent. Among stocks, Yes Bank was the top loser which shed 12 per cent to Rs 56.35 per share after CARE Ratings downgraded ratings of non-convertible debentures of Morgan Credits, one of the private lender's promoter entities. Other private lenders like IndusInd Bank, ICICI Bank and Axis Bank too were in the red. Zee Entertainment plunged by 8 per cent following reports that its promoter has been restricted from selling its stake in the media company. Tata Steel and JSW Steel were down by 4.6 per cent and 2.3 per cent respectively. The other prominent losers were Indiabulls Housing Finance which slipped by 7.7 per cent, Vedanta by 4 per cent and Reliance Industries by 2.1 per cent. However, those which showed some gains were Tata Motors, Bharti Airtel, Asian Paints, Britannia and Coal India.

Sensex drops by 496 points while Nifty hovers around 10,710

The US Federal Reserve cut interest rates again on Wednesday to help sustain a record-long economic expansion but signalled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump.

Describing the US economic outlook as "favourable," Fed Chair Jerome Powell said the rate cut was designed "to provide insurance against ongoing risks" including weak global growth and resurgent trade tensions.

"If the economy does turn down, then a more extensive sequence of rate cuts could be appropriate," Powell said in a news conference after the Fed announced it had lowered its benchmark overnight lending rate by a quarter of a percentage point to a range of 1.75% to 2.00%. It was the second Fed rate cut this year.

But, Powell said, "what we think we are facing here is a situation which can be addressed, which should be addressed, with moderate adjustments to the federal funds rate," noting that the US&nbsp;labour market was strong and inflation was likely to return to the Fed's 2% annual goal.

"We are going to be highly data-dependent ... We are not on a pre-set course, we are going to be making decisions meeting by meeting," Powell said, adding that the Fed would stop cutting rates "when we think we've done enough."

Trump blasted Powell, saying the central bank chief had "No 'guts,' no sense, no vision!"

"A terrible communicator," Trump tweeted before Powell had even begun his news conference.

Later, Trump told reporters during a trip to California: "I think it's fine. I think that frankly they should have acted faster."

Underscoring divisions within the central bank, the quarter-point rate cut on Wednesday drew dissents from three of the 10 voting policymakers.

Kansas City Fed President Esther George and Boston Fed President Eric Rosengren called for no rate cut, and St. Louis Fed President James Bullard wanted a bigger half-point rate cut.

Forecasts from all 17 policymakers released at the end of the meeting showed even broader disagreement, with seven expecting a third rate cut this year, five seeing the current rate cut as the last for 2019, and five who appeared to have been against even Wednesday's move.

Technical adjustments

The central bank also widened the gap between the interest it pays banks on excess reserves and the top of its policy rate range, a step taken to smooth out problems in money markets that prompted a market intervention by the New York Fed this week.

In a hint that the Fed may soon take bigger steps, Powell acknowledged that strains in funding markets had been bigger than expected, and he said the central bank may need to resume increases to the Fed's balance sheet "earlier" than previously thought.

US stocks, lower ahead of the statement, extended their losses and the US Treasury yield curve flattened. The 10-year Treasury note yield inched up to 1.79%.

The dollar gained ground against the euro and yen.

"Another rate cut from the Fed to try to shield the US economy from global headwinds," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "Today’s move was more of a hawkish easing in that the Fed’s median forecasts for rates suggested no more cuts this year, while some officials dissented."

Still, traders of interest rate futures were betting on one more quarter-point rate cut this year.

New projections showed Fed policymakers at the median expected rates to stay within the new range through 2020.

"There is a lot of uncertainty" around rate-path views and the economic outlook, Powell said.

There was little change in policymakers' projections for the economy, with GDP growth seen at a slightly higher 2.2% this year and the unemployment rate to be 3.7% through 2020. Inflation is projected to be 1.5% for the year, below the Fed's 2% target, before rising to 1.9% next year.

The Fed also cut rates in July, the first such move since 2008, as it responded to risks from Trump's trade war with China and other overseas developments.

The US Federal Reserve cut interest rates again on Wednesday to help sustain a record-long economic expansion but signalled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump.

The US Federal Reserve cut interest rates again on Wednesday to help sustain a record-long economic expansion but signalled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump. Describing the US economic outlook as "favourable," Fed Chair Jerome Powell said the rate cut was designed "to provide insurance against ongoing risks" including weak global growth and resurgent trade tensions. "If the economy does turn down, then a more extensive sequence of rate cuts could be appropriate," Powell said in a news conference after the Fed announced it had lowered its benchmark overnight lending rate by a quarter of a percentage point to a range of 1.75% to 2.00%. It was the second Fed rate cut this year. But, Powell said, "what we think we are facing here is a situation which can be addressed, which should be addressed, with moderate adjustments to the federal funds rate," noting that the US labour market was strong and inflation was likely to return to the Fed's 2% annual goal. "We are going to be highly data-dependent ... We are not on a pre-set course, we are going to be making decisions meeting by meeting," Powell said, adding that the Fed would stop cutting rates "when we think we've done enough." Trump blasted Powell, saying the central bank chief had "No 'guts,' no sense, no vision!" "A terrible communicator," Trump tweeted before Powell had even begun his news conference. Later, Trump told reporters during a trip to California: "I think it's fine. I think that frankly they should have acted faster." Underscoring divisions within the central bank, the quarter-point rate cut on Wednesday drew dissents from three of the 10 voting policymakers. Kansas City Fed President Esther George and Boston Fed President Eric Rosengren called for no rate cut, and St. Louis Fed President James Bullard wanted a bigger half-point rate cut. Forecasts from all 17 policymakers released at the end of the meeting showed even broader disagreement, with seven expecting a third rate cut this year, five seeing the current rate cut as the last for 2019, and five who appeared to have been against even Wednesday's move. Technical adjustments The central bank also widened the gap between the interest it pays banks on excess reserves and the top of its policy rate range, a step taken to smooth out problems in money markets that prompted a market intervention by the New York Fed this week. In a hint that the Fed may soon take bigger steps, Powell acknowledged that strains in funding markets had been bigger than expected, and he said the central bank may need to resume increases to the Fed's balance sheet "earlier" than previously thought. US stocks, lower ahead of the statement, extended their losses and the US Treasury yield curve flattened. The 10-year Treasury note yield inched up to 1.79%. The dollar gained ground against the euro and yen. "Another rate cut from the Fed to try to shield the US economy from global headwinds," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "Today’s move was more of a hawkish easing in that the Fed’s median forecasts for rates suggested no more cuts this year, while some officials dissented." Still, traders of interest rate futures were betting on one more quarter-point rate cut this year. New projections showed Fed policymakers at the median expected rates to stay within the new range through 2020. "There is a lot of uncertainty" around rate-path views and the economic outlook, Powell said. There was little change in policymakers' projections for the economy, with GDP growth seen at a slightly higher 2.2% this year and the unemployment rate to be 3.7% through 2020. Inflation is projected to be 1.5% for the year, below the Fed's 2% target, before rising to 1.9% next year. The Fed also cut rates in July, the first such move since 2008, as it responded to risks from Trump's trade war with China and other overseas developments.

US Federal Reserve cuts interest rates, signals holding pattern for now

British home improvement retailer Kingfisher on Wednesday reported a 6.4 per cent fall in underlying first-half profit, mainly hurt by the weak performance of its French operation, underlining the task ahead for its new chief executive.

Kingfisher is in the fourth year of a five-year programme that was designed to boost earnings. However, profits went backward in 2018-19 and the group said in March it would part company with Veronique Laury, its CEO since 2014.

She exits next week and will be succeeded by Carrefour veteran Thierry Garnier.

Kingfisher's shares have fallen 24 per cent over the last year and some analysts believe the firm is vulnerable to a possible bid from private equity.

The group, whose main businesses are B&amp;Q and Screwfix in Britain and Castorama and Brico Depot in France and elsewhere, said it made an underlying pretax profit of 353 million pounds in the six months to July 31. While that was ahead of analysts' average forecast of 342 million pounds, it was down from 377 million pounds made in the same period last year.

Total sales fell 0.9 per cent on a constant currency basis to 6 billion pounds. Like-for-like sales were down 1.8 per cent, with growth in Screwfix, Poland, and Romania offset by B&amp;Q and France.

Kingfisher said its outlook by geography remained mixed, highlighting continued uncertainty around UK consumer demand.

It maintained its forecast for a flat gross margin for the full 2019-20 year.

Prior to Wednesday's update analysts were on average forecasting a 2019-20 underlying pretax profit of 658 million pounds, down from 693 million pounds made in 2018-19.

British home improvement retailer Kingfisher on Wednesday reported a 6.4 per cent fall in underlying first-half profit, mainly hurt by the weak performance of its French operation, underlining the task ahead for its new chief executive.

British home improvement retailer Kingfisher on Wednesday reported a 6.4 per cent fall in underlying first-half profit, mainly hurt by the weak performance of its French operation, underlining the task ahead for its new chief executive. Kingfisher is in the fourth year of a five-year programme that was designed to boost earnings. However, profits went backward in 2018-19 and the group said in March it would part company with Veronique Laury, its CEO since 2014. She exits next week and will be succeeded by Carrefour veteran Thierry Garnier. Kingfisher's shares have fallen 24 per cent over the last year and some analysts believe the firm is vulnerable to a possible bid from private equity. The group, whose main businesses are B&Q and Screwfix in Britain and Castorama and Brico Depot in France and elsewhere, said it made an underlying pretax profit of 353 million pounds in the six months to July 31. While that was ahead of analysts' average forecast of 342 million pounds, it was down from 377 million pounds made in the same period last year. Total sales fell 0.9 per cent on a constant currency basis to 6 billion pounds. Like-for-like sales were down 1.8 per cent, with growth in Screwfix, Poland, and Romania offset by B&Q and France. Kingfisher said its outlook by geography remained mixed, highlighting continued uncertainty around UK consumer demand. It maintained its forecast for a flat gross margin for the full 2019-20 year. Prior to Wednesday's update analysts were on average forecasting a 2019-20 underlying pretax profit of 658 million pounds, down from 693 million pounds made in 2018-19.

Kingfisher profit falls 6.4% on weak French performance

Equity benchmark indices were largely flat during early hours on Wednesday despite positive global cues as crude oil prices cooled.

At 10:15 am, the BSE S&amp;P Sensex was up by 19 points to 36,500 while the Nifty 50 was down by 7 points to 10,811.

At the National Stock Exchange, sectoral indices were mixed with Nifty auto down by 0.9 per cent FMCG by 0.3 per cent and pharma by 0.1 per cent. Nifty bank, financial service, IT, media and metal showed small gains.

Auto majors traded with a bearish bias and Maruti down by 1.5 per cent, Hero MotoCorp by 0.8 per cent, Eicher Motors by 0.7 per cent and Bajaj Auto by 0.4 per cent.

Britannia lost by 2.8 per cent while UPL was down by 2.7 per cent. The other prominent losers were Cipla, Coal India, Hindustan Lever and NTPC.

However, those which showed marginal gains were Bajaj Finance, Bajaj Finserv, Tata Steel, JSW Steel, Reliance Industries and Vedanta. Government-owned oil marketing firms Bharat Petroleum Corporation and IndianOil Corporation too were in the green.

Meanwhile, Asian markets were mixed as oil prices cooled after Saudi Arabia said full oil production will be restored by month's end.

A day earlier, investor sentiment had taken a beating following Saturday's attack on Saudi oil facilities which halved the kingdom's oil output, creating the biggest disruption to global oil supplies in absolute terms since 1979,

On Wednesday, MSCI's broadest index of Asia Pacific shares outside Japan was up by 0.13 per cent while Japan's Nikkei was flat.

Investors also awaited announcements on an expected interest rate cut from the US Federal Reserve and the next round of US-China trade talks later this week.

Equity benchmark indices were largely flat during early hours on Wednesday despite positive global cues as crude oil prices cooled. At 10:15 am, the BSE S&P Sensex was up by 19 points to 36,500 while the Nifty 50 was down by 7 points to 10,811.

Equity benchmark indices were largely flat during early hours on Wednesday despite positive global cues as crude oil prices cooled. At 10:15 am, the BSE S&P Sensex was up by 19 points to 36,500 while the Nifty 50 was down by 7 points to 10,811. At the National Stock Exchange, sectoral indices were mixed with Nifty auto down by 0.9 per cent FMCG by 0.3 per cent and pharma by 0.1 per cent. Nifty bank, financial service, IT, media and metal showed small gains. Auto majors traded with a bearish bias and Maruti down by 1.5 per cent, Hero MotoCorp by 0.8 per cent, Eicher Motors by 0.7 per cent and Bajaj Auto by 0.4 per cent. Britannia lost by 2.8 per cent while UPL was down by 2.7 per cent. The other prominent losers were Cipla, Coal India, Hindustan Lever and NTPC. However, those which showed marginal gains were Bajaj Finance, Bajaj Finserv, Tata Steel, JSW Steel, Reliance Industries and Vedanta. Government-owned oil marketing firms Bharat Petroleum Corporation and IndianOil Corporation too were in the green. Meanwhile, Asian markets were mixed as oil prices cooled after Saudi Arabia said full oil production will be restored by month's end. A day earlier, investor sentiment had taken a beating following Saturday's attack on Saudi oil facilities which halved the kingdom's oil output, creating the biggest disruption to global oil supplies in absolute terms since 1979, On Wednesday, MSCI's broadest index of Asia Pacific shares outside Japan was up by 0.13 per cent while Japan's Nikkei was flat. Investors also awaited announcements on an expected interest rate cut from the US Federal Reserve and the next round of US-China trade talks later this week.

Equity gauges flat in volatile trading, auto stocks lose further

Asian equities were mixed Wednesday, with attention turning to the Federal Reserve's key policy decision later in the day, while investors remain on alert for developments in the Middle East after the attack on Saudi oil facilities rocked markets.

News that Riyadh will get its two major installations back online earlier than expected sent crude prices tumbling Tuesday, and they fell further in Asia, though analysts said there was nervousness on trading floors about oil security in the future.

With fears of military retaliation against Iran -- who are accused of being behind the strikes -- low for now, focus is now on the Fed, which is expected to cut interest rates while its post-meeting statement will be closely followed for clues about future plans.

Global markets have spent most of this month rising on bets that central banks, led by the Fed, will move to a softer monetary policy to offset a slowdown in most economies exacerbated by the China-US trade war.

"A rate cut of 25 basis points is universally regarded as a done deal by global markets," said OANDA senior market analyst Jeffrey Halley.

"What will be closely watched is the press conference 30 minutes later, where we will gain more clarity as to whether the Fed has moved to an explicit easing bias.

"The likelihood of a shift from neutral to easing will be high as the (policy board) will not be able to ignore the storm cloud around the rest of the world that must eventually start raining on the United States."

Oxford Economics estimates the Fed will cut three more times this year, which would erase all its 2018 rate hikes.

The Fed has been forced to pump more than $100 billion into US financial markets owing to a tightening of liquidity that had seen short-term lending rates spike for companies.

Eyes on Pompeo

Equity traders shifted cautiously with Asian markets struggling for traction.

Hong Kong edged up 0.1 per cent after two days of steep losses that have been made worse by worries about long-running protests in the city. Shanghai was 0.4 per cent higher and Tokyo ended the morning 0.1 per cent higher.

Seoul added 0.4 percent and Taipei rose 0.3 percent but Sydney slipped 0.2 percent and Singapore fell 0.1 per cent, while Wellington and Manila were also down.

Dealers are being given some optimism by the fact the US and China are about to restart trade negotiations next month, with a delegation from Beijing reportedly visiting Washington this week for preparatory talks.

However, there are fresh worries about the impact on the already stuttering world economy from the Saudi oil attacks on Saturday.

While the resumption of output from the world's biggest exporter provided some much-needed relief, observers said long-term energy security is now a concern.

"Restoring production may placate global investors' immediate economic concerns, but that's only half the problem as the attacks exposed some significant vulnerabilities," said Stephen Innes at AxiTrader.

"None more so than just how inadequately prepared the markets are for disruptions of this magnitude which suggest that the supply risk premium could stick around well after production is restored."

Eyes are on US Secretary of State Mike Pompeo, who departed for Saudi Arabia Tuesday to discuss possible retaliation, while Vice President Mike Pence said: "As the president said, we don't want war with anybody but the United States is prepared."

A US official, speaking on condition of anonymity, told AFP the White House has concluded the attack -- claimed by Huthi rebels in Yemen -- involved cruise missiles from Iran and that evidence would be presented at the UN General Assembly next week.

Asian equities were mixed Wednesday, with attention turning to the Federal Reserve's key policy decision later in the day, while investors remain on alert for developments in the Middle East after the attack on Saudi oil facilities rocked markets.

Asian equities were mixed Wednesday, with attention turning to the Federal Reserve's key policy decision later in the day, while investors remain on alert for developments in the Middle East after the attack on Saudi oil facilities rocked markets. News that Riyadh will get its two major installations back online earlier than expected sent crude prices tumbling Tuesday, and they fell further in Asia, though analysts said there was nervousness on trading floors about oil security in the future. With fears of military retaliation against Iran -- who are accused of being behind the strikes -- low for now, focus is now on the Fed, which is expected to cut interest rates while its post-meeting statement will be closely followed for clues about future plans. Global markets have spent most of this month rising on bets that central banks, led by the Fed, will move to a softer monetary policy to offset a slowdown in most economies exacerbated by the China-US trade war. "A rate cut of 25 basis points is universally regarded as a done deal by global markets," said OANDA senior market analyst Jeffrey Halley. "What will be closely watched is the press conference 30 minutes later, where we will gain more clarity as to whether the Fed has moved to an explicit easing bias. "The likelihood of a shift from neutral to easing will be high as the (policy board) will not be able to ignore the storm cloud around the rest of the world that must eventually start raining on the United States." Oxford Economics estimates the Fed will cut three more times this year, which would erase all its 2018 rate hikes. The Fed has been forced to pump more than $100 billion into US financial markets owing to a tightening of liquidity that had seen short-term lending rates spike for companies. Eyes on Pompeo Equity traders shifted cautiously with Asian markets struggling for traction. Hong Kong edged up 0.1 per cent after two days of steep losses that have been made worse by worries about long-running protests in the city. Shanghai was 0.4 per cent higher and Tokyo ended the morning 0.1 per cent higher. Seoul added 0.4 percent and Taipei rose 0.3 percent but Sydney slipped 0.2 percent and Singapore fell 0.1 per cent, while Wellington and Manila were also down. Dealers are being given some optimism by the fact the US and China are about to restart trade negotiations next month, with a delegation from Beijing reportedly visiting Washington this week for preparatory talks. However, there are fresh worries about the impact on the already stuttering world economy from the Saudi oil attacks on Saturday. While the resumption of output from the world's biggest exporter provided some much-needed relief, observers said long-term energy security is now a concern. "Restoring production may placate global investors' immediate economic concerns, but that's only half the problem as the attacks exposed some significant vulnerabilities," said Stephen Innes at AxiTrader. "None more so than just how inadequately prepared the markets are for disruptions of this magnitude which suggest that the supply risk premium could stick around well after production is restored." Eyes are on US Secretary of State Mike Pompeo, who departed for Saudi Arabia Tuesday to discuss possible retaliation, while Vice President Mike Pence said: "As the president said, we don't want war with anybody but the United States is prepared." A US official, speaking on condition of anonymity, told AFP the White House has concluded the attack -- claimed by Huthi rebels in Yemen -- involved cruise missiles from Iran and that evidence would be presented at the UN General Assembly next week.

Asian markets mixed ahead of key Fed meeting, oil drops again