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Finance Minister Nirmala Sitharaman on Wednesday said that the government was committed to the path of fiscal consolidation without compromising on requirements of public expenditure and there was an increase in tax receipts of the government.

Replying to a marathon debate on the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/budget-2019-it-gives-wings-to-farmers-youngsters-women-home-minister-amit-shah-233399&amp;sa=U&amp;ved=2ahUKEwiN6qTal6rjAhWr4XMBHQKXAGsQFjAEegQICBAC&amp;usg=AOvVaw10VBLflL7e5H3IuLDTFHZk">union budget 2019-20</a>, she said the government was committed to national security as also to "sabka saath, sabka vikas".

She said that the amount of money spent on central government schemes was higher two years after the implementation of Goods and Services Tax.

She also said the government was committed to "substantially boost" investment in agriculture and social sector, particularly education and health.

Finance Minister referred to the government setting fiscal deficit target of 3.3 per cent from an earlier 3.4 per cent and said there should be no anxiety.&nbsp;

"The government is committed to continue the path of fiscal consolidation without compromising on requirements of public expenditure placed by various sectors," she said.&nbsp;

"Increased investment in the social sector will be ensured through prudent rationalization of expenditure and mobilisation of additional resources," she added.

Several members took part in the debate which lasted over 15 hours.&nbsp;

Finance Minister Nirmala Sitharaman on Wednesday said that the government was committed to the path of fiscal consolidation without compromising on requirements of public expenditure and there was an increase in tax receipts of the government.

Finance Minister Nirmala Sitharaman on Wednesday said that the government was committed to the path of fiscal consolidation without compromising on requirements of public expenditure and there was an increase in tax receipts of the government. Replying to a marathon debate on the union budget 2019-20, she said the government was committed to national security as also to "sabka saath, sabka vikas". She said that the amount of money spent on central government schemes was higher two years after the implementation of Goods and Services Tax. She also said the government was committed to "substantially boost" investment in agriculture and social sector, particularly education and health. Finance Minister referred to the government setting fiscal deficit target of 3.3 per cent from an earlier 3.4 per cent and said there should be no anxiety. "The government is committed to continue the path of fiscal consolidation without compromising on requirements of public expenditure placed by various sectors," she said. "Increased investment in the social sector will be ensured through prudent rationalization of expenditure and mobilisation of additional resources," she added. Several members took part in the debate which lasted over 15 hours.

Government committed to fiscal consolidation, boost investment in social sector: Sitharaman

A day after <a href="https://www.wionews.com/business-economy/sensex-crashes-over-750-points-to-close-at-38720-nifty-ends-at-11559-234011">a huge crash&nbsp;on Monday</a>, the BSE Sensex extended its previous day's losses in early trade on Tuesday opening over 248 points down. It, however, recovered lost ground to remain&nbsp;102 points down.

NSE Nifty was 71.28 points down as the markets continued to reel under&nbsp;post Budget stress.

On Tuesday morning, Titan shares <a href="https://www.wionews.com/business-economy/sensex-nifty-open-in-red-why-stock-markets-did-not-like-the-budget-233896">plunged nine per cent&nbsp;</a>with UPL, HDFC, Bajaj Finance and Bajaj Finserv trading in the red.

The Sensex had plunged 900 points on Monday at one point to close at 38,720 points, the Nifty too dived 252 points to close at 11,558.60. The markets were hit mainly due to Union Budget proposal which failed to announce measures to boost the auto sector including proposal to increase the minimum public shareholding in listed companies to 35 per cent from 25 per cent, threatening a wave of new issuance.

Punjab National Bank (PNB) stocks had fallen over eight per cent on Monday after the bank reported a borrowing fraud of Rs 3,800 crore in Bhushan Power &amp; Steel Ltd's account to the Reserve Bank of India (RBI).

The selloff was widespread with 46 of the 50 stocks in the Nifty 50 index ending up in the red.

The auto index had tumbled to its lowest in over three years and settled 3.26 per cent down in Monday's close. Hero MotoCorp Ltd fell as much as 6.06 per cent&nbsp;to its lowest since September 2015, while Maruti Suzuki India closed at its lowest in over two years.

A day after a huge crash on Monday, the BSE Sensex extended its previous day's losses in early trade on Tuesday opening over 248 points down. It, however, recovered lost ground to remain 102 points down.

A day after a huge crash on Monday, the BSE Sensex extended its previous day's losses in early trade on Tuesday opening over 248 points down. It, however, recovered lost ground to remain 102 points down. NSE Nifty was 71.28 points down as the markets continued to reel under post Budget stress. On Tuesday morning, Titan shares plunged nine per cent with UPL, HDFC, Bajaj Finance and Bajaj Finserv trading in the red. The Sensex had plunged 900 points on Monday at one point to close at 38,720 points, the Nifty too dived 252 points to close at 11,558.60. The markets were hit mainly due to Union Budget proposal which failed to announce measures to boost the auto sector including proposal to increase the minimum public shareholding in listed companies to 35 per cent from 25 per cent, threatening a wave of new issuance. Punjab National Bank (PNB) stocks had fallen over eight per cent on Monday after the bank reported a borrowing fraud of Rs 3,800 crore in Bhushan Power & Steel Ltd's account to the Reserve Bank of India (RBI). The selloff was widespread with 46 of the 50 stocks in the Nifty 50 index ending up in the red. The auto index had tumbled to its lowest in over three years and settled 3.26 per cent down in Monday's close. Hero MotoCorp Ltd fell as much as 6.06 per cent to its lowest since September 2015, while Maruti Suzuki India closed at its lowest in over two years.

Post Budget blues: Sensex slides 248 points in early trade; recovers later

Oil fell on Tuesday amid worries over the outlook for demand after the latest signs that international trade disputes have been dragging on the global economy, although tensions in the Middle East offered some support to prices.

Brent crude futures were down 21 cents, or 0.3%, at $63.90 a barrel by 0022 GMT. They fell 12 cents on Monday.

US West Texas Intermediate crude futures were down 20 cents, or 0.4%, at $57.46 a barrel. They rose 15 cents in the previous session.

Oil prices are being pressured by ongoing worries about demand as the US-China trade war, heading into its second year, dampens prospects for global economic growth.

Japan's core machinery orders fell by the most in eight months, data showed on Monday, in a sign the global trade tensions are taking a toll on corporate investment.

Japanese government figures on Tuesday also showed that real wages in the country fell for a fifth straight month.

"The prolonged trade war ... does not seem to be nearing a resolution, and it will keep being a negative factor for crude prices as it impacts global growth forecasts," said Alfonso Esparza, senior market analyst at OANDA in Toronto.

Meanwhile, Goldman Sachs said growth in US shale production was likely to outpace that of global demand at least through 2020, limiting gains in oil prices despite output curbs led by the Organization of the Petroleum Exporting Countries.

Prices are still susceptible to shocks from the lingering tensions in the Middle East, analyst and traders said.

Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.

Washington has imposed sanctions that eliminate benefits Iran was meant to receive in return for agreeing to curbs on its nuclear programme under the 2015 deal with world powers.

The confrontation has brought the United States and Iran close to conflict, with US President Donald Trump calling off air strikes last month minutes before impact.

Oil fell on Tuesday amid worries over the outlook for demand after the latest signs that international trade disputes have been dragging on the global economy, although tensions in the Middle East offered some support to prices.

Oil fell on Tuesday amid worries over the outlook for demand after the latest signs that international trade disputes have been dragging on the global economy, although tensions in the Middle East offered some support to prices. Brent crude futures were down 21 cents, or 0.3%, at $63.90 a barrel by 0022 GMT. They fell 12 cents on Monday. US West Texas Intermediate crude futures were down 20 cents, or 0.4%, at $57.46 a barrel. They rose 15 cents in the previous session. Oil prices are being pressured by ongoing worries about demand as the US-China trade war, heading into its second year, dampens prospects for global economic growth. Japan's core machinery orders fell by the most in eight months, data showed on Monday, in a sign the global trade tensions are taking a toll on corporate investment. Japanese government figures on Tuesday also showed that real wages in the country fell for a fifth straight month. "The prolonged trade war ... does not seem to be nearing a resolution, and it will keep being a negative factor for crude prices as it impacts global growth forecasts," said Alfonso Esparza, senior market analyst at OANDA in Toronto. Meanwhile, Goldman Sachs said growth in US shale production was likely to outpace that of global demand at least through 2020, limiting gains in oil prices despite output curbs led by the Organization of the Petroleum Exporting Countries. Prices are still susceptible to shocks from the lingering tensions in the Middle East, analyst and traders said. Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year. Washington has imposed sanctions that eliminate benefits Iran was meant to receive in return for agreeing to curbs on its nuclear programme under the 2015 deal with world powers. The confrontation has brought the United States and Iran close to conflict, with US President Donald Trump calling off air strikes last month minutes before impact.

Oil prices drop as trade tensions stoke economy worries

Asian stocks struggled to rebound on Tuesday as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July.

Those views were bolstered after solid gains in US jobs for June and pushed down Wall Street for the second straight day.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1% in early trade, after falling 0.6% the previous day. Japan's Nikkei rose 0.5% thanks in part to the yen's retreat against the dollar.

On Wall Street, the S&amp;P 500 lost 0.48% while the Nasdaq Composite dropped 0.78%, led by fall in Apple Inc.

Money market futures are still fully pricing in a 25 basis point cut at the Fed's next policy meeting on July 30-31, but have almost priced out a larger 50 basis point reduction.

"The headline payrolls figures was pretty strong but wages were tepid, so, on the whole, a 25 basis-point cut would be justified as a pre-emptive move and I think the current market pricing is fair," said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management.

Investors' focus is shifting to Fed Chairman Jerome Powell's testimony before Congress later in the week for clues on monetary policy.

In the currency market, fading expectations of aggressive easing by the Fed helped the dollar.

The euro traded at $1.1215, near Monday's low of $1.1207, its weakest level since June 19.

The dollar changed hands at 108.75 yen, having risen up to 108.81 yen in the previous session, its highest in more than a month.

The British pound stood at 1.2518, not far from six-month lows of $1.2481 touched on Friday.

Oil prices were slightly softer as concerns about whether slowing global economic growth would hit oil demand eclipsed tensions over Iran's nuclear programme.

Brent crude futures fell 23 cents, or 0.36% to settle at $63.88 a barrel. US West Texas Intermediate (WTI) crude futures shed 19 cents, or 0.33% to settle at $57.47 a barrel.

Asian stocks struggled to rebound on Tuesday as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July.

Asian stocks struggled to rebound on Tuesday as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July. Those views were bolstered after solid gains in US jobs for June and pushed down Wall Street for the second straight day. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1% in early trade, after falling 0.6% the previous day. Japan's Nikkei rose 0.5% thanks in part to the yen's retreat against the dollar. On Wall Street, the S&P 500 lost 0.48% while the Nasdaq Composite dropped 0.78%, led by fall in Apple Inc. Money market futures are still fully pricing in a 25 basis point cut at the Fed's next policy meeting on July 30-31, but have almost priced out a larger 50 basis point reduction. "The headline payrolls figures was pretty strong but wages were tepid, so, on the whole, a 25 basis-point cut would be justified as a pre-emptive move and I think the current market pricing is fair," said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management. Investors' focus is shifting to Fed Chairman Jerome Powell's testimony before Congress later in the week for clues on monetary policy. In the currency market, fading expectations of aggressive easing by the Fed helped the dollar. The euro traded at $1.1215, near Monday's low of $1.1207, its weakest level since June 19. The dollar changed hands at 108.75 yen, having risen up to 108.81 yen in the previous session, its highest in more than a month. The British pound stood at 1.2518, not far from six-month lows of $1.2481 touched on Friday. Oil prices were slightly softer as concerns about whether slowing global economic growth would hit oil demand eclipsed tensions over Iran's nuclear programme. Brent crude futures fell 23 cents, or 0.36% to settle at $63.88 a barrel. US West Texas Intermediate (WTI) crude futures shed 19 cents, or 0.33% to settle at $57.47 a barrel.

Asian stocks hobbled by fading expectations for aggressive Fed rate cut

India's beauty and wellness sector has a market potential of Rs 80,000 crore and can provide employment opportunities to lakhs of people, <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">Minister</a> for Skill Development and Entrepreneurship Mahendra Nath Pandey said on Tuesday.

He said skilling youngsters in beauty and wellness centres can be an important tool for women empowerment.

After training, students can set up there by availing easy loans from Micro Units Development and Refinance Agency (MUDRA) Bank and generate gainful employment opportunities.

With a fast-growing economy, the country will need more than 70 lakh skilled manpower in the coming months, said Pandey.

More than 62 per cent of the population is young and it is Prime Minister Narendra Modi's vision to make India as one of the largest skilled economies in the world, he said at the 18th Annual Convocation Ceremony of VLCC Institute of Beauty and <a href="https://www.wionews.com/india-news/bihar-death-toll-rises-to-140-in-muzaffarpur-due-to-acute-encephalitis-syndrome-233150">Nutrition</a>.

The National Skill Development Mission (Skill <a href="https://www.wionews.com/opinions/battle-of-imphal-kohima-indias-d-day-revisited-234192">India</a> Mission) launched on July 15, 2015, has been steadily making progress.&nbsp;

Nearly one crore youth are being trained per year under various schemes, he said.

The Ministry of Skill Development and Entrepreneurship has also taken initiative to set up model skill centres called Pradhan Mantri Kaushal Kendras (PMKKs) in several districts of states across the <a href="https://www.wionews.com/india-news/india-set-to-become-financial-superpower-shripad-naik-233477">country</a>. A total of 837 PMKKs have been allocated covering 717 districts and 543 parliamentary constituencies.

Out of allocated PMKKs, 610 PMKKs have already been set up, said Pandey, according to a statement. 
&nbsp;

India's beauty and wellness sector has a market potential of Rs 80,000 crore and can provide employment opportunities to lakhs of people, Minister for Skill Development and Entrepreneurship Mahendra Nath Pandey said on Tuesday.

India's beauty and wellness sector has a market potential of Rs 80,000 crore and can provide employment opportunities to lakhs of people, Minister for Skill Development and Entrepreneurship Mahendra Nath Pandey said on Tuesday. He said skilling youngsters in beauty and wellness centres can be an important tool for women empowerment. After training, students can set up there by availing easy loans from Micro Units Development and Refinance Agency (MUDRA) Bank and generate gainful employment opportunities. With a fast-growing economy, the country will need more than 70 lakh skilled manpower in the coming months, said Pandey. More than 62 per cent of the population is young and it is Prime Minister Narendra Modi's vision to make India as one of the largest skilled economies in the world, he said at the 18th Annual Convocation Ceremony of VLCC Institute of Beauty and Nutrition. The National Skill Development Mission (Skill India Mission) launched on July 15, 2015, has been steadily making progress. Nearly one crore youth are being trained per year under various schemes, he said. The Ministry of Skill Development and Entrepreneurship has also taken initiative to set up model skill centres called Pradhan Mantri Kaushal Kendras (PMKKs) in several districts of states across the country. A total of 837 PMKKs have been allocated covering 717 districts and 543 parliamentary constituencies. Out of allocated PMKKs, 610 PMKKs have already been set up, said Pandey, according to a statement.

Rs 80,000-crore beauty, wellness sector can create lakhs of new jobs: Minister for skill development

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month.

With global macroeconomic clouds looming and critical policy signals due from <a href="https://www.wionews.com/world/herman-cain-withdraws-from-consideration-for-federal-reserve-board-seat-donald-trump-212699">US Federal Reserve</a> chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks.

Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China.

<a href="https://www.wionews.com/business-economy/deutsche-bank-to-cut-18000-jobs-in-74-billion-euro-overhaul-233820">Deutsche Bank</a> tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower.

"Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note.

It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory.

"Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason."

In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks.

US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago.

The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month.

The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June.

"It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets.

"The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced."

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month.

With global macroeconomic clouds looming and critical policy signals due from US Federal Reserve chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks.

Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China.

Deutsche Bank tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower.

"Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note.

It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory.

"Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason."

In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks.

US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago.

The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month.

The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June.

"It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets.

"The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced."

Brexit Factor

Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union.

Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19.

Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent.

Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months.

In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent.

Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme.

Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46.

Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce.

Wall Street futures were 0.4 per cent to 0.6 percent lower.

Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union.

Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19.

Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent.

Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months.

In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent.

Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme.

Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46.

Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce.

Wall Street futures were 0.4 per cent to 0.6 percent lower.

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month.

World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month. With global macroeconomic clouds looming and critical policy signals due from US Federal Reserve chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks. Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China. Deutsche Bank tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower. "Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note. It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory. "Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason." In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks. US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago. The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month. The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June. "It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets. "The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced." World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty US interest rate cut later this month. With global macroeconomic clouds looming and critical policy signals due from US Federal Reserve chief Jerome Powell on Wednesday, the headlines and mood focused on three individual stocks. Shares in BASF slumped almost 6 per cent in Europe after the German chemicals giant issued what one trader described as a "shocking" profit warning, blaming a global slowdown and trade war between the United States and China. Deutsche Bank tumbled 4 per cent - having already dropped 5.4 per cent the previous day after it axed 18,000 staff - while Apple's overnight drop of more than 2 per cent on Wall Street after a broker downgrade dragged the tech sector lower. "Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note. It was particularly stark, they said, as the US business cycle was in a downturn and both forward-looking indicators like global PMIs and global trade are now in contraction territory. "Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason." In the currency markets, the big question remained the potential reaction to the weaker outlook from the world's top central banks. US Fed chairman Powell gives testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point (bps) cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago. The dollar changed hands at 108.78 yen, having risen in the previous session to its highest in more than a month. The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid-June. "It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July," said Michael Metcalfe, head of global macro strategy at State Street Global Markets. "The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100 per cent priced." Brexit Factor Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union. Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19. Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent. Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months. In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent. Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme. Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46. Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce. Wall Street futures were 0.4 per cent to 0.6 percent lower. Elsewhere, the pound stood at 1.2485, not far from six-month lows of $1.2481 touched on Friday. Britain's parliament will weigh an amendment later aimed at ensuring it cannot be sidestepped if the next UK prime minister wants to pursue a no-deal Brexit divorce from the European Union. Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent but pared earlier losses, having traded at its lowest level since June 19. Chinese blue-chips ended down 0.3 per cent, while Hong Kong's Hang Seng fell by 0.7 per cent. Japan's Nikkei was the only outlier as gains in a few heavyweights in the index helped it edge up 0.1 per cent. Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2 per cent and 4 per cent, however, after Rosenblatt Securities cited a "fundamental deterioration" for the US gadget giant over the next 6-12 months. In Greater China, suppliers from Hon Hai to AAC Tech also lost between 1.4 per cent and 3.1 per cent and in Europe Infineon, ASM and STMicroelectronics slipped about 2 per cent. Among commodities, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran's nuclear programme. Brent crude futures fell 0.2 per cent to $64.01 a barrel. US West Texas Intermediate (WTI) crude futures shed 0.4 per cent to $57.46. Gold prices also ticked lower, as the dollar scaled its multi-week highs. Spot gold was down 0.2 per cent at $1,393.03 per ounce and US gold futures fell 0.3 per cent to $1,395.70 an ounce. Wall Street futures were 0.4 per cent to 0.6 percent lower.

World stocks drop for third day, BASF warning stings Europe

German biotech firm BioNTech has secured $325 million in a private financing round to boost its cancer immunotherapies pipeline, the company said on Tuesday.

Two-thirds of the money raised came from new investors, BioNTech said in a statement, adding that it would use the funds for research and development as well as its manufacturing infrastructure.

Earlier this year, people close to the matter told Reuters the company had hired banks to prepare an initial public offering which could value it at $4 billion.

Asked about the impact of the fresh funds on its plans to potentially float the company, a company official said BioNTech was still examining various financing options, reiterating earlier statements by the company.

In a first financing round in January 2018, the company secured $270 million.

BioNTech specialises in so-called messenger RNA (mRNA) molecules that instruct human cells to produce therapeutic proteins that trigger an immune response against cancer or infectious diseases. It also works on gene therapies and nanoparticles for cancer immunotherapy.

The company said the Struengmann family, which sold its generic drugs business Hexal to Novartis in 2005 and is already invested in BioNTech, was also among the donors in the second round of financing. It added that the family remained the main shareholder.

German biotech firm BioNTech has secured $325 million in a private financing round to boost its cancer immunotherapies pipeline, the company said on Tuesday. Two-thirds of the money raised came from new investors, BioNTech said in a statement, adding that it would use the funds for research and development as well as its manufacturing infrastructure.

German biotech firm BioNTech has secured $325 million in a private financing round to boost its cancer immunotherapies pipeline, the company said on Tuesday. Two-thirds of the money raised came from new investors, BioNTech said in a statement, adding that it would use the funds for research and development as well as its manufacturing infrastructure. Earlier this year, people close to the matter told Reuters the company had hired banks to prepare an initial public offering which could value it at $4 billion. Asked about the impact of the fresh funds on its plans to potentially float the company, a company official said BioNTech was still examining various financing options, reiterating earlier statements by the company. In a first financing round in January 2018, the company secured $270 million. BioNTech specialises in so-called messenger RNA (mRNA) molecules that instruct human cells to produce therapeutic proteins that trigger an immune response against cancer or infectious diseases. It also works on gene therapies and nanoparticles for cancer immunotherapy. The company said the Struengmann family, which sold its generic drugs business Hexal to Novartis in 2005 and is already invested in BioNTech, was also among the donors in the second round of financing. It added that the family remained the main shareholder.

Potential IPO candidate BioNTech secures $325 million in financing round

People packed the decks of the Japanese whale-watching boat, screaming in joy as a pod of orcas put on a show,&nbsp;splashing tails at each other, rolling over, and leaping out of the water.

In Kushiro, just 160 kilometres south of Rausu, where the four dozen people laughed and cheered, boats were setting off on Japan's first commercial whale hunt in 31 years.

Killed that day were two minke whales, which the boats in Rausu also search for glimpses of - a situation that whale-watching boat captain Masato Hasegawa confessed had him worried.&nbsp;

"They won't come into this area - it's a national park - or there'd be big trouble," the 57-year-old former pollock fisherman said. "And the whales we saw today, the sperm whales and orcas, aren't things they hunt."&nbsp;

"But we also watch minkes," he added. "If they take a lot in the (nearby) Sea of Okhotsk, we could well see a change, and that would be too bad for whale watching."

Whale-watching is a growing business around Japan, with popular spots from the southern Okinawa islands up to Rausu, a fishing village on the island of Hokkaido, so far north that it's closer to Russia than to Tokyo.

The number of whale watchers around <a href="https://www.wionews.com/world/after-decades-japan-resumes-commercial-whaling-amid-protests-231866">Japan</a> has more than doubled between 1998 and 2015, the latest year for which national data is available. One company in Okinawa had 18,000 customers between January and March this year.

In Rausu, 33,451 people packed tour boats last year for whale and bird watching, up 2,000 from 2017 and more than 9,000 higher than 2016. Many stays in local hotels, eat in local restaurants and buy local products such as sea urchins and seaweed.

"Of the tourist boat business, 65 per cent is whale watching," said Ikuyo Wakabayashi, executive director of the Shiretoko Rausu Tourism Association, who says the numbers grow substantially each year.

"You don't just see one type of whale here, you see lots of them," she said. "Whale-watching is a huge tourist resource for Rausu and this will continue, I hope."

Wakabayashi was drawn to Rausu by whale-watching; a native of the western city of <a href="https://www.wionews.com/world/g20-summit-officially-opens-in-japans-osaka-with-trade-tensions-looming-231047">Osaka</a>, she fell in love with the area after three trips there to see orcas.

"I thought this was an incredible place," she said. "Winters are tough, but it's so beautiful."

Hasegawa, who says he has a waiting list of customers in high season, has ordered a second boat.

"Right now, the lifestyle we have is good," Hasegawa said. "Better than it would have been with fishing."

Small Industry

The five whaling vessels moored at Kushiro port on Sunday, the night before the hunt resumed, were well-used and well-maintained. Crew members came and went, carrying groceries or towels, heading for a public bath.

Barely 300 people are directly involved with whaling around Japan, and though the government maintains whale meat is an important part of food culture, the amount consumed annually has fallen to only 0.1 per cent of total meat consumption.

Yet Japan, under Prime Minister Shinzo Abe - himself from a whaling district - left the International Whaling Commission (IWC) and returned to commercial whaling on July 1.

Whaling advocates, such as Yoshifumi Kai, head of the Japan Small-type Whaling Association, celebrated the hunt.

"We endured for 31 years, but now it's all worth it," he said in Kushiro on Monday night after the first minkes were brought in to be butchered. "They'll be whaling for a week here, we may have more."

Everybody acknowledges that rebuilding demand could be tough after decades of a whale being a pricey, hard-to-find food. Consumption was widespread after World War Two, when an impoverished Japan needed cheap protein, but fell off after the early 1960s as other meat grew cheaper.

"Japan has so much to eat now that food is thrown out, so we don't expect demand for whale will rise that fast," said Kazuo Yamamura, president of the Japan Whaling Association.

"But looking to the future, if you don't eat whale, you forget that it's a food," he said. "If you eat it in school lunches, you'll remember that you'll remember that it's good."

Pro-whaling lawmaker Kiyoshi Ejima said that subsidies were unlikely, but that the government should be careful not to let the industry founder. About 5.1 billion yen ($47.31 million) was budgeted for whaling in 2019.

"If we pull away from our hands too soon, a lot of companies will fail," he added.

The goal of selling whale throughout Japan may be impractical, said Joji Morishita, Japan's former IWC commissioner.

"The alternative ... is to just limit the supply of whale meat to some of the major places in Japan that have a good tradition of whale eating," Morishita said, adding that the meat is difficult to thaw and cook.

In areas for which whaling is a tradition, this niche market could promote tourism, which Abe has made a pillar of his economic plan.

"Whale eating in a sense is ideal - it's different, it's well-known, and for better or worse, it's very famous," Morishita said. "Taking advantage of this IWC withdrawal, I think there are business changes that are viable."

Whales Up Close

For Rausu, on Hokkaido's remote Shiretoko Peninsula, the viable business is whale watching.

Foxes run through the streets of the city's downtown, which clings to a narrow strip of land below mountains and faces the Nemuro Strait. Summer often brings thick fog, while winter storms can leave waist-high drifts.

Though fishing was long Rausu's economic backbone, the industry has taken a hit from declining fish stocks, which locals blame on Russian trawlers and falling prices. The population has dropped by several hundred annually, slipping below 5,000 this year.

Hasegawa, a fourth-generation fisherman, began his tour boat business in 2006. Though the first few years were a struggle, he is now happy with his choice as Rausu's reputation grows globally.

On a recent weekday, customers packed the parking lot at a wharf lined with squid-fishing boats, waiting to board Hasegawa's boat and those of three other companies. Hasegawa's customers came from all over Japan and several foreign countries.

"Today there were more (whale) jumps than usual; it was fantastic," said Kiyoko Ogi, a 47-year-old Tokyo bus driver who's been whale-watching in Rausu three times. "I'm opposed to commercial whaling; seeing whales close is so exciting."

Whale hunting was never big in Rausu, and though Hasegawa said there once was "trouble" with people hunting small Baird's beaked whales nearby, those fishermen now stay far from the tours and will tell him where to find orcas and sperm whales.

But he's dubious about whether demand for whale meat will ever pick up. Restaurants and hotels in Rausu avoid serving it.

"We get a lot of kids in summer vacations. If you tell them on the boat that 'this is the whale we ate last night,' they'd cry," he said.

"If they serve whale, nobody from overseas will come, especially Europeans," he added. "Given that the national government is trying to woo overseas tourists so much, its thinking (on whaling) seems a bit wrong."

People packed the decks of the Japanese whale-watching boat, screaming in joy as a pod of orcas put on a show, splashing tails at each other, rolling over, and leaping out of the water.

People packed the decks of the Japanese whale-watching boat, screaming in joy as a pod of orcas put on a show, splashing tails at each other, rolling over, and leaping out of the water. In Kushiro, just 160 kilometres south of Rausu, where the four dozen people laughed and cheered, boats were setting off on Japan's first commercial whale hunt in 31 years. Killed that day were two minke whales, which the boats in Rausu also search for glimpses of - a situation that whale-watching boat captain Masato Hasegawa confessed had him worried. "They won't come into this area - it's a national park - or there'd be big trouble," the 57-year-old former pollock fisherman said. "And the whales we saw today, the sperm whales and orcas, aren't things they hunt." "But we also watch minkes," he added. "If they take a lot in the (nearby) Sea of Okhotsk, we could well see a change, and that would be too bad for whale watching." Whale-watching is a growing business around Japan, with popular spots from the southern Okinawa islands up to Rausu, a fishing village on the island of Hokkaido, so far north that it's closer to Russia than to Tokyo. The number of whale watchers around Japan has more than doubled between 1998 and 2015, the latest year for which national data is available. One company in Okinawa had 18,000 customers between January and March this year. In Rausu, 33,451 people packed tour boats last year for whale and bird watching, up 2,000 from 2017 and more than 9,000 higher than 2016. Many stays in local hotels, eat in local restaurants and buy local products such as sea urchins and seaweed. "Of the tourist boat business, 65 per cent is whale watching," said Ikuyo Wakabayashi, executive director of the Shiretoko Rausu Tourism Association, who says the numbers grow substantially each year. "You don't just see one type of whale here, you see lots of them," she said. "Whale-watching is a huge tourist resource for Rausu and this will continue, I hope." Wakabayashi was drawn to Rausu by whale-watching; a native of the western city of Osaka, she fell in love with the area after three trips there to see orcas. "I thought this was an incredible place," she said. "Winters are tough, but it's so beautiful." Hasegawa, who says he has a waiting list of customers in high season, has ordered a second boat. "Right now, the lifestyle we have is good," Hasegawa said. "Better than it would have been with fishing." Small Industry The five whaling vessels moored at Kushiro port on Sunday, the night before the hunt resumed, were well-used and well-maintained. Crew members came and went, carrying groceries or towels, heading for a public bath. Barely 300 people are directly involved with whaling around Japan, and though the government maintains whale meat is an important part of food culture, the amount consumed annually has fallen to only 0.1 per cent of total meat consumption. Yet Japan, under Prime Minister Shinzo Abe - himself from a whaling district - left the International Whaling Commission (IWC) and returned to commercial whaling on July 1. Whaling advocates, such as Yoshifumi Kai, head of the Japan Small-type Whaling Association, celebrated the hunt. "We endured for 31 years, but now it's all worth it," he said in Kushiro on Monday night after the first minkes were brought in to be butchered. "They'll be whaling for a week here, we may have more." Everybody acknowledges that rebuilding demand could be tough after decades of a whale being a pricey, hard-to-find food. Consumption was widespread after World War Two, when an impoverished Japan needed cheap protein, but fell off after the early 1960s as other meat grew cheaper. "Japan has so much to eat now that food is thrown out, so we don't expect demand for whale will rise that fast," said Kazuo Yamamura, president of the Japan Whaling Association. "But looking to the future, if you don't eat whale, you forget that it's a food," he said. "If you eat it in school lunches, you'll remember that you'll remember that it's good." Pro-whaling lawmaker Kiyoshi Ejima said that subsidies were unlikely, but that the government should be careful not to let the industry founder. About 5.1 billion yen ($47.31 million) was budgeted for whaling in 2019. "If we pull away from our hands too soon, a lot of companies will fail," he added. The goal of selling whale throughout Japan may be impractical, said Joji Morishita, Japan's former IWC commissioner. "The alternative ... is to just limit the supply of whale meat to some of the major places in Japan that have a good tradition of whale eating," Morishita said, adding that the meat is difficult to thaw and cook. In areas for which whaling is a tradition, this niche market could promote tourism, which Abe has made a pillar of his economic plan. "Whale eating in a sense is ideal - it's different, it's well-known, and for better or worse, it's very famous," Morishita said. "Taking advantage of this IWC withdrawal, I think there are business changes that are viable." Whales Up Close For Rausu, on Hokkaido's remote Shiretoko Peninsula, the viable business is whale watching. Foxes run through the streets of the city's downtown, which clings to a narrow strip of land below mountains and faces the Nemuro Strait. Summer often brings thick fog, while winter storms can leave waist-high drifts. Though fishing was long Rausu's economic backbone, the industry has taken a hit from declining fish stocks, which locals blame on Russian trawlers and falling prices. The population has dropped by several hundred annually, slipping below 5,000 this year. Hasegawa, a fourth-generation fisherman, began his tour boat business in 2006. Though the first few years were a struggle, he is now happy with his choice as Rausu's reputation grows globally. On a recent weekday, customers packed the parking lot at a wharf lined with squid-fishing boats, waiting to board Hasegawa's boat and those of three other companies. Hasegawa's customers came from all over Japan and several foreign countries. "Today there were more (whale) jumps than usual; it was fantastic," said Kiyoko Ogi, a 47-year-old Tokyo bus driver who's been whale-watching in Rausu three times. "I'm opposed to commercial whaling; seeing whales close is so exciting." Whale hunting was never big in Rausu, and though Hasegawa said there once was "trouble" with people hunting small Baird's beaked whales nearby, those fishermen now stay far from the tours and will tell him where to find orcas and sperm whales. But he's dubious about whether demand for whale meat will ever pick up. Restaurants and hotels in Rausu avoid serving it. "We get a lot of kids in summer vacations. If you tell them on the boat that 'this is the whale we ate last night,' they'd cry," he said. "If they serve whale, nobody from overseas will come, especially Europeans," he added. "Given that the national government is trying to woo overseas tourists so much, its thinking (on whaling) seems a bit wrong."

In Japan, the business of watching whales overshadows resumption of hunt

<a href="https://www.wionews.com/world/apple-design-chief-jony-ive-steve-jobs-confidant-to-leave-and-start-own-firm-231020">Apple Inc</a> will likely see a surge in services revenue in the third quarter, charged by app store developer revenue and renewed growth in China, critical areas for the future as the iPhone maker faces a maturing smartphone market, Evercore ISI said on Tuesday.

Rosenblatt Securities on Monday downgraded Apple shares to "sell" from "neutral", citing the probability of disappointing new iPhone sales.

With Apple focusing more on the services business, Evercore said it expects total App Store developer revenue to grow 18 per cent to about $9 billion in the third quarter. Apple is due to report results on July 30.

"We think there is likely upside ahead when it comes to services revenues in the June-quarter, driven by a sizable acceleration in China-centric markets," analyst Amit Daryanani said in a note.

<a href="https://www.wionews.com/world/apple-explores-moving-15-30-of-production-capacity-from-china-to-southeast-asia-report-228703">China is a key market for Apple </a>as well as a major production center for its devices. The company earned nearly 18 per cent of its total revenue from Greater China in the quarter ended March.

"The reacceleration of growth in China is encouraging, while most other growth trends held stable," Daryanani said.

China and services revenue will be key areas as the company shifts its strategy from focusing on hardware sales.

App Store is a key driver of Apple's services segment, which brought in $37.1 billion in revenue last year. The company had earlier this year attempted to reintroduce itself as an entertainment and financial services company with new launches, including a TV streaming service.

Meanwhile, JP Morgan turned positive on its volume outlook for iPhone shipments in 2020 in a note on Monday. The brokerage raised its price target on the stock to $239 from $233.

Apple shares closed down 2.1 per cent at $200.20 on Monday, after Rosenblatt analyst Jun Zhang said: "new iPhone sales will be disappointing".

He expects the company to face "fundamental deterioration" in the next six to 12 months.

Evercore and JP Morgan have a buy or higher rating on the stock.

Apple Inc will likely see a surge in services revenue in the third quarter, charged by app store developer revenue and renewed growth in China, critical areas for the future as the iPhone maker faces a maturing smartphone market, Evercore ISI said on Tuesday.

Apple Inc will likely see a surge in services revenue in the third quarter, charged by app store developer revenue and renewed growth in China, critical areas for the future as the iPhone maker faces a maturing smartphone market, Evercore ISI said on Tuesday. Rosenblatt Securities on Monday downgraded Apple shares to "sell" from "neutral", citing the probability of disappointing new iPhone sales. With Apple focusing more on the services business, Evercore said it expects total App Store developer revenue to grow 18 per cent to about $9 billion in the third quarter. Apple is due to report results on July 30. "We think there is likely upside ahead when it comes to services revenues in the June-quarter, driven by a sizable acceleration in China-centric markets," analyst Amit Daryanani said in a note. China is a key market for Apple as well as a major production center for its devices. The company earned nearly 18 per cent of its total revenue from Greater China in the quarter ended March. "The reacceleration of growth in China is encouraging, while most other growth trends held stable," Daryanani said. China and services revenue will be key areas as the company shifts its strategy from focusing on hardware sales. App Store is a key driver of Apple's services segment, which brought in $37.1 billion in revenue last year. The company had earlier this year attempted to reintroduce itself as an entertainment and financial services company with new launches, including a TV streaming service. Meanwhile, JP Morgan turned positive on its volume outlook for iPhone shipments in 2020 in a note on Monday. The brokerage raised its price target on the stock to $239 from $233. Apple shares closed down 2.1 per cent at $200.20 on Monday, after Rosenblatt analyst Jun Zhang said: "new iPhone sales will be disappointing". He expects the company to face "fundamental deterioration" in the next six to 12 months. Evercore and JP Morgan have a buy or higher rating on the stock.

Apple likely to see surge in third quarter revenue charged by China: Analyst

<a href="https://www.wionews.com/business-economy/stock-markets-close-at-record-high-sensex-surges-553-points-nifty-ends-above-12000-for-first-time-223868">Hero MotoCorp Ltd</a> on Tuesday said it had appointed Rajat Bhargava as head of its newly created 'Emerging Mobility' unit as India's biggest motorcycle manufacturer looks to claim a slice of the country's electric vehicle (EV) market.

The government, in a bid to promote electric automobiles in polluted cities, last week proposed tax waivers on the purchase of EVs and removed import taxes on some auto components to help boost sales.

Reuters reported last month that the country's leading think-tank has proposed electrifying most motorbikes and scooters within the next six to eight years, helping reduce the world's third-biggest emitter of greenhouse gases dependence on fossil fuels.

The hero has created the Emerging Mobility business unit to give an impetus to new mobility trends such as Electric Vehicles, the company said in a statement.

The motorcycle manufacturer also appointed Vikram Kasbekar as its chief technology officer, replacing Markus Braunsperger.

Hero shares were up about 1.5 per cent during mid-day trade on Tuesday.

Hero MotoCorp Ltd on Tuesday said it had appointed Rajat Bhargava as head of its newly created 'Emerging Mobility' unit as India's biggest motorcycle manufacturer looks to claim a slice of the country's electric vehicle (EV) market.

Hero MotoCorp Ltd on Tuesday said it had appointed Rajat Bhargava as head of its newly created 'Emerging Mobility' unit as India's biggest motorcycle manufacturer looks to claim a slice of the country's electric vehicle (EV) market. The government, in a bid to promote electric automobiles in polluted cities, last week proposed tax waivers on the purchase of EVs and removed import taxes on some auto components to help boost sales. Reuters reported last month that the country's leading think-tank has proposed electrifying most motorbikes and scooters within the next six to eight years, helping reduce the world's third-biggest emitter of greenhouse gases dependence on fossil fuels. The hero has created the Emerging Mobility business unit to give an impetus to new mobility trends such as Electric Vehicles, the company said in a statement. The motorcycle manufacturer also appointed Vikram Kasbekar as its chief technology officer, replacing Markus Braunsperger. Hero shares were up about 1.5 per cent during mid-day trade on Tuesday.

Hero MotoCorp names Rajat Bhargava as head of electric vehicle business

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and <a href="https://www.wionews.com/world/oil-steadies-as-demand-concern-counters-middle-east-tensions-234074">Middle East</a> tensions outweighed the <a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112">US-China trade</a> dispute that has been dragging down the global economy and oil demand.

<a href="https://www.wionews.com/business-economy/opec-decides-to-extend-oil-output-cuts-after-saudi-arabia-russia-pact-232179">OPEC </a>and its allies agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East, especially concerns about the row over Iran's nuclear program.

Benchmark Brent crude rose 59 cents to $64.70 a barrel by 1033 GMT. The US West Texas Intermediate crude was up 46 cents to $58.12.

"OPEC and its allies are doing their best to support the market," said Tamas Varga, an analyst with PVM.

"Oil prices are to hold up reasonably well during the coming months or at least they are not to fall out of bed."

Rising tensions between Iran and the United States have brought the two countries close to conflict. Last month, President Donald Trump called off air strikes at the last minute in retaliation for Iran shooting down a US drone.

Iran threatened to restart deactivated centrifuges on Monday and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.

Oil also gained support from reports expected to show a drop in US crude inventories.

US crude stockpiles are forecast to fall 3.6 million barrels in a fourth consecutive weekly decline. The first of this week's two supply reports are due at 2030 GMT from the American Petroleum Institute, an industry group.

Russian oil output fell close to a three-year low in early July, industry sources told Reuters, dragged down by declining output from the largest producer Rosneft.

The decline follows the discovery of contaminated Urals crude that affected the Druzhba pipeline to Europe.

While supply and security concerns supported the market, gains were capped by the US-China trade war that has dampened prospects for global economic growth.

The world's two largest oil consumers are set to relaunch trade talks this week, although there are few signs their differences have narrowed a year after the dispute erupted.

"Demand is soft," said Olivier Jakob, an analyst at Petromatrix. "Generally, market participants find the market is fairly well balanced and don't seem to be too concerned about any potential supply disruptions."

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the US-China trade dispute that has been dragging down the global economy and oil demand.

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the US-China trade dispute that has been dragging down the global economy and oil demand. OPEC and its allies agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East, especially concerns about the row over Iran's nuclear program. Benchmark Brent crude rose 59 cents to $64.70 a barrel by 1033 GMT. The US West Texas Intermediate crude was up 46 cents to $58.12. "OPEC and its allies are doing their best to support the market," said Tamas Varga, an analyst with PVM. "Oil prices are to hold up reasonably well during the coming months or at least they are not to fall out of bed." Rising tensions between Iran and the United States have brought the two countries close to conflict. Last month, President Donald Trump called off air strikes at the last minute in retaliation for Iran shooting down a US drone. Iran threatened to restart deactivated centrifuges on Monday and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year. Oil also gained support from reports expected to show a drop in US crude inventories. US crude stockpiles are forecast to fall 3.6 million barrels in a fourth consecutive weekly decline. The first of this week's two supply reports are due at 2030 GMT from the American Petroleum Institute, an industry group. Russian oil output fell close to a three-year low in early July, industry sources told Reuters, dragged down by declining output from the largest producer Rosneft. The decline follows the discovery of contaminated Urals crude that affected the Druzhba pipeline to Europe. While supply and security concerns supported the market, gains were capped by the US-China trade war that has dampened prospects for global economic growth. The world's two largest oil consumers are set to relaunch trade talks this week, although there are few signs their differences have narrowed a year after the dispute erupted. "Demand is soft," said Olivier Jakob, an analyst at Petromatrix. "Generally, market participants find the market is fairly well balanced and don't seem to be too concerned about any potential supply disruptions."

Oil rises towards $65 as supply concerns outweigh trade disputes

Equity benchmark indices ended flat after a volatile session on Tuesday with investors still trying to assess the impact of a proposed tax on super-rich and foreign portfolio investors.

Traders also awaited corporate results for the April to June quarter of the current financial year for further cues. Market sentiment indicated that provisions in the Union Budget FY 20 lack immediate measures to boost consumption and put the economy on a fast-track mode.

The BSE S&amp;P Sensex opened at 38,754, dipped to a low of 38,436 and closed at 38,731, up 10 points from its previous close. The Nifty 50 closed 3 points higher at 11,556.

The government`s proposal to increase minimum public shareholding in listed companies, a surcharge on foreign portfolio investors and 20 per cent tax on buyback of securities dealt a heavy blow on the stock market on Monday, wiping out nearly Rs 5 lakh crore of investors` wealth.

However, on Tuesday, sectoral indices at the National Stock Exchange were mixed. Nifty realty gained over 2.8 per cent, pharma by 2.7 per cent and PSU bank by 1.4 per cent.

All the others were in the red. Among stocks, Titan dropped 12.25 per cent after the company said that its first-quarter witnessed a tough macro-economic environment with consumption being hit.&nbsp;

Jewellery segment`s revenue increased 13 per cent but a sharp increase in gold prices dented consumer demand significantly in June.UPL, Tata Consultancy Services, GAIL and HCL Tech were down between 1.9 and 3.6 per cent.&nbsp;

However, Indian Oil Corporation bucked the trend and rose 5.7 per cent. Shares of Bajaj Finance rallied 6 per cent in the afternoon trade after the company updated its business first-quarter numbers. Its new loans booked during Q1 FY20 was 73 lakh as compared to 56 lakh in Q1 FY19.&nbsp;

Hero MotoCorp closed over 3 per cent higher after the company announced a new leadership team to take care of e-mobility solutions in line with government initiatives.&nbsp;

Reliance Industries, Sun Pharma, Larsen &amp; Toubro, Ultra Cements, Grasim and Adani Ports were the other prominent gainers. Meanwhile, Asian stocks struggled to rebound after low expectations that the US Federal Reserve will deliver a large interest rate cut at the end of July.

Equity benchmark indices ended flat after a volatile session on Tuesday with investors still trying to assess the impact of a proposed tax on super-rich and foreign portfolio investors.

Equity benchmark indices ended flat after a volatile session on Tuesday with investors still trying to assess the impact of a proposed tax on super-rich and foreign portfolio investors. Traders also awaited corporate results for the April to June quarter of the current financial year for further cues. Market sentiment indicated that provisions in the Union Budget FY 20 lack immediate measures to boost consumption and put the economy on a fast-track mode. The BSE S&P Sensex opened at 38,754, dipped to a low of 38,436 and closed at 38,731, up 10 points from its previous close. The Nifty 50 closed 3 points higher at 11,556. The government`s proposal to increase minimum public shareholding in listed companies, a surcharge on foreign portfolio investors and 20 per cent tax on buyback of securities dealt a heavy blow on the stock market on Monday, wiping out nearly Rs 5 lakh crore of investors` wealth. However, on Tuesday, sectoral indices at the National Stock Exchange were mixed. Nifty realty gained over 2.8 per cent, pharma by 2.7 per cent and PSU bank by 1.4 per cent. All the others were in the red. Among stocks, Titan dropped 12.25 per cent after the company said that its first-quarter witnessed a tough macro-economic environment with consumption being hit. Jewellery segment`s revenue increased 13 per cent but a sharp increase in gold prices dented consumer demand significantly in June.UPL, Tata Consultancy Services, GAIL and HCL Tech were down between 1.9 and 3.6 per cent. However, Indian Oil Corporation bucked the trend and rose 5.7 per cent. Shares of Bajaj Finance rallied 6 per cent in the afternoon trade after the company updated its business first-quarter numbers. Its new loans booked during Q1 FY20 was 73 lakh as compared to 56 lakh in Q1 FY19. Hero MotoCorp closed over 3 per cent higher after the company announced a new leadership team to take care of e-mobility solutions in line with government initiatives. Reliance Industries, Sun Pharma, Larsen & Toubro, Ultra Cements, Grasim and Adani Ports were the other prominent gainers. Meanwhile, Asian stocks struggled to rebound after low expectations that the US Federal Reserve will deliver a large interest rate cut at the end of July.

Equity gauges end flat, realty and pharma shine but Titan slips 12 per cent

<a href="https://www.wionews.com/business-economy/gold-rises-as-focus-returns-to-growth-concerns-fed-rate-cut-233960/amp">Gold prices</a> ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses.

Spot gold was down 0.2% at $1,393.03 per ounce as of 0740 GMT.

US&nbsp;gold futures fell 0.3% to $1,395.70 an ounce.

"Weakness in gold prices is largely due to an easing of rate cut expectations and bond yields are recovering. Markets continue to price in a 25 basis point cut but it looks like sentiment is easing and the dollar has rebounded," said Benjamin Lu, an analyst at Phillip Futures.

The dollar index hit a near three-week peak, making bullion expensive for holders of other currencies. The US Treasury yield curve hit its flattest level in more than a month after investors rolled back expectations for a sharp U.S. rate cut at the end of July. [USD/] [US/]

A week ago, the market forecast an 80.1% chance of a 25-basis-point cut, and a 19.9% chance of a 50-basis-point cut, according to CME Group's FedWatch tool. The chances are now 98% and 2%, respectively.

Adding to the reduced expectations for a larger cut, U.S. consumers in June lifted their inflation expectations for the first time in three months, New York Fed data showed on Monday.

However, the decline in gold prices was limited by weaker financial markets, with <a href="https://www.wionews.com/business-economy/asian-stocks-hobbled-by-fading-expectations-for-aggressive-fed-rate-cut-234146">Asian stocks</a> falling to their lowest in two-and-a-half weeks on Tuesday.

"We're seeing a lot of Fed policy uncertainty leak into the equation across risk assets in general. Equity markets falling is the most poignant example supporting gold prices," said Stephen Innes, managing partner at Vanguard Markets.

Market participants now await Fed Chairman Jerome Powell's two-day testimony before Congress, which starts on Wednesday for clues about a rate decrease.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.15% to 795.80 tonnes on Monday from 796.97 tonnes on Friday.

Hedge funds and money managers raised their bullish stance in COMEX gold in the week to July 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday in a report delayed because of the US Independence Day holiday.

On the technical side, spot gold may end its correction around a support at $1,387 and then retest a resistance at $1,421 per ounce, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver gained 0.1% to $15.04 per ounce.

Palladium slipped 0.4% to $1,555.32, and platinum fell 0.2% to $812.23

Gold prices ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses.

Gold prices ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses. Spot gold was down 0.2% at $1,393.03 per ounce as of 0740 GMT. US gold futures fell 0.3% to $1,395.70 an ounce. "Weakness in gold prices is largely due to an easing of rate cut expectations and bond yields are recovering. Markets continue to price in a 25 basis point cut but it looks like sentiment is easing and the dollar has rebounded," said Benjamin Lu, an analyst at Phillip Futures. The dollar index hit a near three-week peak, making bullion expensive for holders of other currencies. The US Treasury yield curve hit its flattest level in more than a month after investors rolled back expectations for a sharp U.S. rate cut at the end of July. [USD/] [US/] A week ago, the market forecast an 80.1% chance of a 25-basis-point cut, and a 19.9% chance of a 50-basis-point cut, according to CME Group's FedWatch tool. The chances are now 98% and 2%, respectively. Adding to the reduced expectations for a larger cut, U.S. consumers in June lifted their inflation expectations for the first time in three months, New York Fed data showed on Monday. However, the decline in gold prices was limited by weaker financial markets, with Asian stocks falling to their lowest in two-and-a-half weeks on Tuesday. "We're seeing a lot of Fed policy uncertainty leak into the equation across risk assets in general. Equity markets falling is the most poignant example supporting gold prices," said Stephen Innes, managing partner at Vanguard Markets. Market participants now await Fed Chairman Jerome Powell's two-day testimony before Congress, which starts on Wednesday for clues about a rate decrease. Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.15% to 795.80 tonnes on Monday from 796.97 tonnes on Friday. Hedge funds and money managers raised their bullish stance in COMEX gold in the week to July 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday in a report delayed because of the US Independence Day holiday. On the technical side, spot gold may end its correction around a support at $1,387 and then retest a resistance at $1,421 per ounce, according to Reuters technical analyst Wang Tao. Among other precious metals, silver gained 0.1% to $15.04 per ounce. Palladium slipped 0.4% to $1,555.32, and platinum fell 0.2% to $812.23

Gold edges lower as dollar firms; weaker equities limit losses

The BSE Sensex fell 638 points to 39,028.59 as <a href="https://www.wionews.com/business-economy/post-budget-sensex-slips-400-points-car-companies-bleed-233893">Dalal Street reacted to finance</a> minister Nirmala Sitharaman Budget on Friday. Nifty was down 193 points at 11, 617 as markets continued to tank.

The biggest loser was Punjab National Bank(PNB) stocks which fell over nine per cent. On Saturday, PNB had said it had reported a borrowing fraud of Rs 3,800 crore rupees in Bhushan Power &amp; Steel Ltd's account to the Reserve Bank of India (RBI). Bhushan Power and Steel, one of India's most indebted companies, was among the first 12 companies referred by the RBI India to a bankruptcy court.

Shares of Maruti Suzuki hit a <a href="https://www.wionews.com/business-economy/post-budget-sensex-slips-400-points-car-companies-bleed-233893">new low of Rs 6,151 falling </a>over three per cent post Budget on Monday. Other car stocks to fell with Hero Motorcorp and Tata Motors.

After the Budget on Friday, the Sensex had closed 0.99 per cent lower at 39,513.39. The broader Nifty had closed down 1.14 per cent at 11,811.15 points.

Meanwhile, international crude prices were little changed on Monday as traders weighed geopolitical risks against the impact of the China-US trade war on the global economy.

Brent crude futures were down 3 cents by 0300 GMT at $64.20. U.S. West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel.

Asian stocks were also hit on Monday after US jobs report dashed hopes that the Federal Reserve would slash interest rates this month with with Hong Kong down 1.8 per cent, Shanghai 2.4 per cent lower and Tokyo off 0.9 per cent.

The BSE Sensex fell 638 points to 39,028.59 as Dalal Street reacted to finance minister Nirmala Sitharaman Budget on Friday. Nifty was down 193 points at 11, 617 as markets continued to tank.

The BSE Sensex fell 638 points to 39,028.59 as Dalal Street reacted to finance minister Nirmala Sitharaman Budget on Friday. Nifty was down 193 points at 11, 617 as markets continued to tank. The biggest loser was Punjab National Bank(PNB) stocks which fell over nine per cent. On Saturday, PNB had said it had reported a borrowing fraud of Rs 3,800 crore rupees in Bhushan Power & Steel Ltd's account to the Reserve Bank of India (RBI). Bhushan Power and Steel, one of India's most indebted companies, was among the first 12 companies referred by the RBI India to a bankruptcy court. Shares of Maruti Suzuki hit a new low of Rs 6,151 falling over three per cent post Budget on Monday. Other car stocks to fell with Hero Motorcorp and Tata Motors. After the Budget on Friday, the Sensex had closed 0.99 per cent lower at 39,513.39. The broader Nifty had closed down 1.14 per cent at 11,811.15 points. Meanwhile, international crude prices were little changed on Monday as traders weighed geopolitical risks against the impact of the China-US trade war on the global economy. Brent crude futures were down 3 cents by 0300 GMT at $64.20. U.S. West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel. Asian stocks were also hit on Monday after US jobs report dashed hopes that the Federal Reserve would slash interest rates this month with with Hong Kong down 1.8 per cent, Shanghai 2.4 per cent lower and Tokyo off 0.9 per cent.

Post Budget, Sensex down over 630 points; PNB stocks fall further

<a href="https://www.wionews.com/business-economy/deutsche-bank-to-cut-18000-jobs-in-74-billion-euro-overhaul-233820">Germany's biggest lender Deutsche Bank</a> said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil.

The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche.

The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period.

"Today we have announced the most fundamental transformation of Deutsche Bank in decades," <a href="https://www.wionews.com/world/crisis-hit-deutsche-bank-pushes-out-british-ceo-129238">chief executive Christian Sewing</a> said, dubbing the scheme "a restart for Deutsche Bank".

The lender did not immediately make clear where the axe would fall.

But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home country Germany.

The new round of job cuts comes on top of some 6,000 already carried out over the past year.

Bosses expect the restructuring plan to sap second-quarter results by some three billion euros this year, making for a net loss of 2.8 billion.

Over the whole year, Deutsche is likely to plunge back into the red after a brief flirtation with profitability in 2018.

The bank does not plan to pay out dividends this year or next.

Last chance

The restructuring could be the last chance for Deutsche after much-hyped merger talks with crosstown rival Commerzbank fell through earlier this year.

Negotiations collapsed despite the backing of the finance ministry in Berlin, which feared to see a vital link in the financing of the country's economy bought up from abroad.

Over the past four years, the firm's market capitalization has fallen by 75 percent, making it a potential target for takeovers by bigger fish.

As markets closed Friday, Deutsche was worth 15 billion euros ($17 billion), placing it firmly at the back of the pack in a European industry dominated by the likes of HSBC (165 billion euros), Spain's Banco Santander (69 billion) and France's BNP Paribas (54 billion).

"Deutsche plays in the first division and should lay the foundations for things to stay that way" over the weekend, urged economy minister Peter Altmaier in the tabloid-style Bild's Sunday edition.

Since he took the helm in early 2018, Sewing has attempted to refocus the sprawling group on stable revenue-generating business areas, including retail banking and so-called transaction banking for businesses.

Meanwhile, Deutsche's focus has shifted from its attempt to compete with US-based global giants back to its home turf of Germany and Europe.

Investment banking burned&nbsp;

In particular, tough cuts to the former flagship investment banking unit have been on the agenda since May.

Sunday's announcements target the once-proud division.

Deutsche will stop almost all share trading activity and is in talks with France's BNP Paribas to sell off some of its business and staff in the field.

On Friday, Garth Ritchie, the head of Deutsche's South African investment banking unit, was first out of the door.

The unit's business had fallen back by 20 percent in the first quarter of 2018 alone, and it was no longer bringing in the fat profits of former years.

Especially in the US, it was for years plagued by lawsuits and scandals, including some linked to the so-called "Panama Papers" leak of sensitive documents about offshore dealings.

On top of the rank-and-file cuts, Deutsche is also rebuilding its board, sending away compliance chief Sylvie Matherat and two other executives.

The group will also create a so-called "bad bank" unit to host some 74 billion euros of low-quality assets, notably those linked to derivatives transactions -- highly speculative financial products.

Deutsche's woes are a microcosm of a struggling German banking sector that was once widely envied.

Last year, more than 32,000 jobs were cut in the industry, or 5.4 percent of the total workforce of 565,000, according to Barkow Consulting figures.

Bosses complain that low interest rates in the eurozone, sluggish economic growth, and competition from new online platforms are sapping their performance. 
&nbsp;

Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil.

Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil. The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche. The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period. "Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank". The lender did not immediately make clear where the axe would fall. But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home country Germany. The new round of job cuts comes on top of some 6,000 already carried out over the past year. Bosses expect the restructuring plan to sap second-quarter results by some three billion euros this year, making for a net loss of 2.8 billion. Over the whole year, Deutsche is likely to plunge back into the red after a brief flirtation with profitability in 2018. The bank does not plan to pay out dividends this year or next. Last chance The restructuring could be the last chance for Deutsche after much-hyped merger talks with crosstown rival Commerzbank fell through earlier this year. Negotiations collapsed despite the backing of the finance ministry in Berlin, which feared to see a vital link in the financing of the country's economy bought up from abroad. Over the past four years, the firm's market capitalization has fallen by 75 percent, making it a potential target for takeovers by bigger fish. As markets closed Friday, Deutsche was worth 15 billion euros ($17 billion), placing it firmly at the back of the pack in a European industry dominated by the likes of HSBC (165 billion euros), Spain's Banco Santander (69 billion) and France's BNP Paribas (54 billion). "Deutsche plays in the first division and should lay the foundations for things to stay that way" over the weekend, urged economy minister Peter Altmaier in the tabloid-style Bild's Sunday edition. Since he took the helm in early 2018, Sewing has attempted to refocus the sprawling group on stable revenue-generating business areas, including retail banking and so-called transaction banking for businesses. Meanwhile, Deutsche's focus has shifted from its attempt to compete with US-based global giants back to its home turf of Germany and Europe. Investment banking burned In particular, tough cuts to the former flagship investment banking unit have been on the agenda since May. Sunday's announcements target the once-proud division. Deutsche will stop almost all share trading activity and is in talks with France's BNP Paribas to sell off some of its business and staff in the field. On Friday, Garth Ritchie, the head of Deutsche's South African investment banking unit, was first out of the door. The unit's business had fallen back by 20 percent in the first quarter of 2018 alone, and it was no longer bringing in the fat profits of former years. Especially in the US, it was for years plagued by lawsuits and scandals, including some linked to the so-called "Panama Papers" leak of sensitive documents about offshore dealings. On top of the rank-and-file cuts, Deutsche is also rebuilding its board, sending away compliance chief Sylvie Matherat and two other executives. The group will also create a so-called "bad bank" unit to host some 74 billion euros of low-quality assets, notably those linked to derivatives transactions -- highly speculative financial products. Deutsche's woes are a microcosm of a struggling German banking sector that was once widely envied. Last year, more than 32,000 jobs were cut in the industry, or 5.4 percent of the total workforce of 565,000, according to Barkow Consulting figures. Bosses complain that low interest rates in the eurozone, sluggish economic growth, and competition from new online platforms are sapping their performance.

Deutsche Bank to slash 18,000 jobs by 2022

The BSE Sensex lost 400 points at 39,112 in early trade on Monday in the <a href="https://www.wionews.com/business-economy/sensex-falls-395-points-nifty-below-11900-as-budget-2019-fails-to-cheer-markets-233275">first post-Budget week</a>. The Nifty opened down as well trading 120 points down at 11,691 points.

After the Budget on Friday, the Sensex had closed 0.99 per cent lower at 39,513.39. The <a href="https://www.wionews.com/business-economy/sensex-slides-310-points-after-nirmala-sitharamans-budget-presentation-233221">broader Nifty had closed down </a>1.14 per cent at 11,811.15 points.

Monday morning saw car companies - &nbsp;<a href="https://www.wionews.com/business-economy/sensex-nifty-open-in-red-why-stock-markets-did-not-like-the-budget-233896">Hero MotoCorp, Maruti Suzuki, Tata Motors</a> - trading at low levels including Larsen and Toubro &amp; state-owned ONGC.&nbsp;

Punjab and National Bank(PNB) stocks were down seven per cent.&nbsp;PNB on Saturday had said it had reported a borrowing fraud of Rs 3,800 crore rupees in Bhushan Power &amp; Steel Ltd's account to the Reserve Bank of India (RBI).

PNB has been defrauded of over $2 billion in a separate scam that came to light last year. As a result, PNB stocks plunged on Monday.

The Rupee also opened lower at 68.57 against the US dollar gainst Friday's close of 68.42 against the dollar.

During the Budget, the BSE Sensex had fallen 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.20 after finance minister Nirmala Sitharaman had proposed increasing the minimum public shareholding in listed companies to 35 per cent from 25 per cent.

Eight of the eleven sector indexes compiled by the NSE closed in the red, while sixteen of the nineteen sector indexes compiled by BSE ended lower.

Shares of Tata Consultancy Services was the biggest drag on the index after it tumbled 3.6 per cent. India's IT index was down 2.5 per cent.

The BSE Sensex lost 400 points at 39,112 in early trade on Monday in the first post-Budget week. The Nifty opened down as well trading 120 points down at 11,691 points.

The BSE Sensex lost 400 points at 39,112 in early trade on Monday in the first post-Budget week. The Nifty opened down as well trading 120 points down at 11,691 points. After the Budget on Friday, the Sensex had closed 0.99 per cent lower at 39,513.39. The broader Nifty had closed down 1.14 per cent at 11,811.15 points. Monday morning saw car companies - Hero MotoCorp, Maruti Suzuki, Tata Motors - trading at low levels including Larsen and Toubro & state-owned ONGC. Punjab and National Bank(PNB) stocks were down seven per cent. PNB on Saturday had said it had reported a borrowing fraud of Rs 3,800 crore rupees in Bhushan Power & Steel Ltd's account to the Reserve Bank of India (RBI). PNB has been defrauded of over $2 billion in a separate scam that came to light last year. As a result, PNB stocks plunged on Monday. The Rupee also opened lower at 68.57 against the US dollar gainst Friday's close of 68.42 against the dollar. During the Budget, the BSE Sensex had fallen 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.20 after finance minister Nirmala Sitharaman had proposed increasing the minimum public shareholding in listed companies to 35 per cent from 25 per cent. Eight of the eleven sector indexes compiled by the NSE closed in the red, while sixteen of the nineteen sector indexes compiled by BSE ended lower. Shares of Tata Consultancy Services was the biggest drag on the index after it tumbled 3.6 per cent. India's IT index was down 2.5 per cent.

Post Budget, Sensex slips 400 points; car companies bleed

On Friday, Finance Minister Nirmala Sitharaman <a href="https://www.wionews.com/business-economy/sensex-falls-395-points-nifty-below-11900-as-budget-2019-fails-to-cheer-markets-233275">presented a Budget</a> that promised large infrastructure investment, offered a rescue package for the distressed NBFCs and allocated an unexpectedly higher - Rs 70,000 crore - towards recapitalisation of Public Sector Banks, but it disappointed the Dalal Street.

Sensex and Nifty <a href="https://www.wionews.com/business-economy/post-budget-sensex-slips-400-points-car-companies-bleed-233893">fell on Monday</a> morning over a percentage point each. While Sitharaman did not tinker with the Long-Term Capital Gains (LTCG) tax on equity as per the market expectations, she did tweak the STT or Securities Transaction Tax some bit, by announcing that it will now be levied only on the difference between strike price and settlement price.

Experts say while higher tax on HNIs or high net worth individuals and plan for higher public floating for listed companies did not go down well with investors, more than presence of negative news it is the absence of big positives that seems to have made the market turn southward, as valuations are high in certain pockets and there are no supportive factors to sustain those prices.

The Finance Minister's announcement asking stock market regulator Sebi to increase public shareholding from 25 per cent to 35 per cent was seen as the biggest wealth-shifting announcement, as this would bring in a lot of additional paper in the market, sucking out liquidity. Some analysts read it as a negative for the market and insisted that some of the businesses, especially in the case of mid-cap and small-cap, promoters would end up loosing more.

The BSE Sensex lost 400 points at 39,112 in early trade on Monday in the first post-Budget week. The Nifty opened down as well trading 120 points down at 11,691 points.

During the Budget, the BSE Sensex had fallen 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.20 after finance minister Nirmala Sitharaman had proposed increasing the minimum public shareholding in listed companies to 35 per cent from 25 per cent.

On Friday, Finance Minister Nirmala Sitharaman presented a Budget that promised large infrastructure investment, offered a rescue package for the distressed NBFCs and allocated an unexpectedly higher - Rs 70,000 crore - towards recapitalisation of Public Sector Banks, but it disappointed the Dalal Street.

On Friday, Finance Minister Nirmala Sitharaman presented a Budget that promised large infrastructure investment, offered a rescue package for the distressed NBFCs and allocated an unexpectedly higher - Rs 70,000 crore - towards recapitalisation of Public Sector Banks, but it disappointed the Dalal Street. Sensex and Nifty fell on Monday morning over a percentage point each. While Sitharaman did not tinker with the Long-Term Capital Gains (LTCG) tax on equity as per the market expectations, she did tweak the STT or Securities Transaction Tax some bit, by announcing that it will now be levied only on the difference between strike price and settlement price. Experts say while higher tax on HNIs or high net worth individuals and plan for higher public floating for listed companies did not go down well with investors, more than presence of negative news it is the absence of big positives that seems to have made the market turn southward, as valuations are high in certain pockets and there are no supportive factors to sustain those prices. The Finance Minister's announcement asking stock market regulator Sebi to increase public shareholding from 25 per cent to 35 per cent was seen as the biggest wealth-shifting announcement, as this would bring in a lot of additional paper in the market, sucking out liquidity. Some analysts read it as a negative for the market and insisted that some of the businesses, especially in the case of mid-cap and small-cap, promoters would end up loosing more. The BSE Sensex lost 400 points at 39,112 in early trade on Monday in the first post-Budget week. The Nifty opened down as well trading 120 points down at 11,691 points. During the Budget, the BSE Sensex had fallen 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.20 after finance minister Nirmala Sitharaman had proposed increasing the minimum public shareholding in listed companies to 35 per cent from 25 per cent.

Sensex, Nifty open in red: Why stock markets did not like the Budget

Crude prices were little changed on Monday as traders weighed geopolitical risks against the impact of the Sino-US trade war on the global economy, although last week's better-than-expected US jobs data offered some support.

Brent crude futures were down 3 cents by 0300 GMT at $64.20. US West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel.

"A very cautious open this morning supported by a better than expected (non-farm payrolls)," said Stephen Innes, managing partner at Vanguard Markets in Bangkok. "Traders remain incredibly cautious about the dimmer global economic overhang."

Both oil benchmarks fell last week as concerns about a slowing global economy outweighed risks to supply. Brent fell more than 3% and WTI shed more than 1.5%.

US job growth rebounded strongly in June, with government payrolls surging, the Labour Department's closely watched employment report showed on Friday, suggesting May's sharp slowdown in hiring was probably a one-off.

Employers added 224,000 jobs last month, the most in five months, the report showed.

But the US-China trade war has dampened prospects of global economic growth and oil demand.

The lack of concrete progress in resolving the acrimonious trade war between the United States and China, however, means the bar could be very high for the US Federal Reserve not to lower borrowing costs at its July 30-31 policy meeting.

White House Economic advisor Larry Kudlow has confirmed top representatives from the United States and China will meet in the coming week to continue trade talks.

Still, Japan's core machinery orders fell for the first time in four months in May, posing the biggest monthly drop in eight months in a worrying sign that global trade tensions are taking a toll on corporate investment.

Oil received some support from simmering tensions over Iran and after an extension last week to output cuts by OPEC and its allies.

Iran said on Sunday it will shortly boost its uranium enrichment above a cap set by a landmark 2015 nuclear deal, prompting a warning 'to be careful' from US President Donald Trump, who pulled out of the pact last year.

"Geopolitical risks remain plentiful, but the start of the week could see Iran worries ease," said Edward Moya, senior market analyst at OANDA.

Meanwhile, US energy companies this week reduced the number of oil rigs operating for the first time in three weeks as drillers follow through on plans to cut spending this year.

Crude prices were little changed on Monday as traders weighed geopolitical risks against the impact of the Sino-US trade war on the global economy, although last week's better-than-expected US jobs data offered some support.

Crude prices were little changed on Monday as traders weighed geopolitical risks against the impact of the Sino-US trade war on the global economy, although last week's better-than-expected US jobs data offered some support. Brent crude futures were down 3 cents by 0300 GMT at $64.20. US West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel. "A very cautious open this morning supported by a better than expected (non-farm payrolls)," said Stephen Innes, managing partner at Vanguard Markets in Bangkok. "Traders remain incredibly cautious about the dimmer global economic overhang." Both oil benchmarks fell last week as concerns about a slowing global economy outweighed risks to supply. Brent fell more than 3% and WTI shed more than 1.5%. US job growth rebounded strongly in June, with government payrolls surging, the Labour Department's closely watched employment report showed on Friday, suggesting May's sharp slowdown in hiring was probably a one-off. Employers added 224,000 jobs last month, the most in five months, the report showed. But the US-China trade war has dampened prospects of global economic growth and oil demand. The lack of concrete progress in resolving the acrimonious trade war between the United States and China, however, means the bar could be very high for the US Federal Reserve not to lower borrowing costs at its July 30-31 policy meeting. White House Economic advisor Larry Kudlow has confirmed top representatives from the United States and China will meet in the coming week to continue trade talks. Still, Japan's core machinery orders fell for the first time in four months in May, posing the biggest monthly drop in eight months in a worrying sign that global trade tensions are taking a toll on corporate investment. Oil received some support from simmering tensions over Iran and after an extension last week to output cuts by OPEC and its allies. Iran said on Sunday it will shortly boost its uranium enrichment above a cap set by a landmark 2015 nuclear deal, prompting a warning 'to be careful' from US President Donald Trump, who pulled out of the pact last year. "Geopolitical risks remain plentiful, but the start of the week could see Iran worries ease," said Edward Moya, senior market analyst at OANDA. Meanwhile, US energy companies this week reduced the number of oil rigs operating for the first time in three weeks as drillers follow through on plans to cut spending this year.

Oil prices tread water as market eyes global risks

Asian shares fell on Monday after strong US jobs data tempered expectations for a Fed rate cut, while the Turkish lira hovered near two-week lows on worries about central bank independence.

Share sentiment was also dampened by US investment bank Morgan Stanley's decision to reduce its exposure to global equities due to misgivings about the ability of policy easings to offset weaker economic data.

Asian shares were broadly weaker on Monday, tracking Wall Street which fell from record highs last week.

MSCI's broadest index of Asia-Pacific shares outside Japan lost more than 1%, with every market in the red.

Japan's Nikkei faltered 0.9%. Chinese shares started lower with the blue-chip index off 1.7% and Hong Kong's Hang Seng index down 1.5%.

South Korea's KOSPI was off 1.8% and Australian shares slipped about 1% to a five-week low.

"We are lowering our exposure to global equities to the range we consider 'underweight'," Morgan Stanley's London-based strategist Andrew Sheets said in a note. The previous range was 'neutral'.

Expensive valuations and pressure on earnings were among the reasons for the downgrade, Sheets said, while the bank increased its exposure to emerging markets sovereign credit and safe haven Japanese Government Bonds.

Global equities have generally been bolstered by expectations that central banks will keep interest rates at or near record lows to boost economic growth.

Those expectations were tempered by a US labour report that showed nonfarm payrolls jumped 224,000 in June, beating forecasts for 160,000, in a sign the world's largest economy still had fire.

Given the strength shown in that data, investors now expect US Federal Reserve chair Jerome Powell to go slow on rate cuts this year.

Bets for aggressive Fed easings are already off, with the market now pricing 27 basis points easing this month, from 33 basis points prior to payrolls.

Powell will provide further cues on the near-term outlook for monetary policy this week at his semi-annual testimony to the US Congress.

There was some positive news on the protracted China-US trade war with White House Economic advisor Larry Kudlow confirming that top representatives from the United States and China will meet in the coming week for trade talks.

"Whether the negotiators can find a solution to the difficult structural issues that remain between the two sides is another matter, and Kudlow cautioned there was 'no timeline' to reach an agreement," National Australia Bank strategist Rodrigo Catril said.

Currencies and geopolitics

In currency markets, action was in the Turkish lira which weakened to 5.8245 per dollar, the lowest since June 25 after Turkey's central bank governor Murat Cetinkaya, whose four-year term was due to run until 2020, was replaced by his deputy Murat Uysal.

President Tayyip Erdogan sacked Cetinkaya for refusing the government's repeated demands for rate cuts, raising questions about central bank independence.

The lira pared some of its losses to last hold near 5.7575.

The dollar index, which measures the greenback against a basket of major currencies, was a shade weaker at 97.239 after climbing to a 2-1/2 week top of 97.443 on Friday.

The euro was flat at $1.1226, not far from a 2-1/2-week low of $1.1205 touched on Friday.

The Australian dollar, which has been on an uptrend since June 18, slipped below 70 US cents to last trade at $0.6985.

Geopolitics may be in focus this week following news on Sunday that Iran will boost its uranium enrichment, in breach of a cap set by a landmark 2015 nuclear deal.

"So far US-Iran tensions have not had a material impact on markets, but if tensions escalate it could be a different story," said NAB's Catril.

In commodity markets, oil prices rose with Brent crude futures, the international benchmark for oil prices, up 16 cents at $64.39 per barrel while US crude added 22 cents to $57.73.

Spot gold fell 0.1% to $1,398.33 an ounce.

Asian shares fell on Monday after strong US jobs data tempered expectations for a Fed rate cut, while the Turkish lira hovered near two-week lows on worries about central bank independence.

Asian shares fell on Monday after strong US jobs data tempered expectations for a Fed rate cut, while the Turkish lira hovered near two-week lows on worries about central bank independence. Share sentiment was also dampened by US investment bank Morgan Stanley's decision to reduce its exposure to global equities due to misgivings about the ability of policy easings to offset weaker economic data. Asian shares were broadly weaker on Monday, tracking Wall Street which fell from record highs last week. MSCI's broadest index of Asia-Pacific shares outside Japan lost more than 1%, with every market in the red. Japan's Nikkei faltered 0.9%. Chinese shares started lower with the blue-chip index off 1.7% and Hong Kong's Hang Seng index down 1.5%. South Korea's KOSPI was off 1.8% and Australian shares slipped about 1% to a five-week low. "We are lowering our exposure to global equities to the range we consider 'underweight'," Morgan Stanley's London-based strategist Andrew Sheets said in a note. The previous range was 'neutral'. Expensive valuations and pressure on earnings were among the reasons for the downgrade, Sheets said, while the bank increased its exposure to emerging markets sovereign credit and safe haven Japanese Government Bonds. Global equities have generally been bolstered by expectations that central banks will keep interest rates at or near record lows to boost economic growth. Those expectations were tempered by a US labour report that showed nonfarm payrolls jumped 224,000 in June, beating forecasts for 160,000, in a sign the world's largest economy still had fire. Given the strength shown in that data, investors now expect US Federal Reserve chair Jerome Powell to go slow on rate cuts this year. Bets for aggressive Fed easings are already off, with the market now pricing 27 basis points easing this month, from 33 basis points prior to payrolls. Powell will provide further cues on the near-term outlook for monetary policy this week at his semi-annual testimony to the US Congress. There was some positive news on the protracted China-US trade war with White House Economic advisor Larry Kudlow confirming that top representatives from the United States and China will meet in the coming week for trade talks. "Whether the negotiators can find a solution to the difficult structural issues that remain between the two sides is another matter, and Kudlow cautioned there was 'no timeline' to reach an agreement," National Australia Bank strategist Rodrigo Catril said. Currencies and geopolitics In currency markets, action was in the Turkish lira which weakened to 5.8245 per dollar, the lowest since June 25 after Turkey's central bank governor Murat Cetinkaya, whose four-year term was due to run until 2020, was replaced by his deputy Murat Uysal. President Tayyip Erdogan sacked Cetinkaya for refusing the government's repeated demands for rate cuts, raising questions about central bank independence. The lira pared some of its losses to last hold near 5.7575. The dollar index, which measures the greenback against a basket of major currencies, was a shade weaker at 97.239 after climbing to a 2-1/2 week top of 97.443 on Friday. The euro was flat at $1.1226, not far from a 2-1/2-week low of $1.1205 touched on Friday. The Australian dollar, which has been on an uptrend since June 18, slipped below 70 US cents to last trade at $0.6985. Geopolitics may be in focus this week following news on Sunday that Iran will boost its uranium enrichment, in breach of a cap set by a landmark 2015 nuclear deal. "So far US-Iran tensions have not had a material impact on markets, but if tensions escalate it could be a different story," said NAB's Catril. In commodity markets, oil prices rose with Brent crude futures, the international benchmark for oil prices, up 16 cents at $64.39 per barrel while US crude added 22 cents to $57.73. Spot gold fell 0.1% to $1,398.33 an ounce.

Asian shares fall as bets off on sharp US rate cuts

<a href="https://www.wionews.com/sports/sports-minister-kiren-rijiju-extremely-optimistic-of-india-lifting-world-cup-233837">India's government</a> aims to rise to 150 billion rupees ($2.18 billion) by reducing its stake in 18 state firms to 75%, a finance ministry official involved in the matter said on Monday, as it looks to boost revenues and rein in the fiscal deficit.

<a href="https://www.wionews.com/business-economy/sensex-nifty-open-in-red-why-stock-markets-did-not-like-the-budget-233896">Finance Minister Nirmala Sitharaman</a> set an ambitious target of 1.05 trillion rupees ($15.33 billion) from the sale of stakes in state-run companies, compared with 850 billion rupees the previous year, in her budget on Friday for the fiscal year that began on April 1.

While a third of the divestment target will be met by the outright sale of state enterprises, including Air India, the other sales will be done through a rule under which all listed entities must have a public float of at least 25% after three years of listing.

But governments have been putting this off for state firms, winning extensions from the Securities Exchange Board of India (SEBI) each year.

"The government will aim to meet the SEBI norms in state-owned companies this fiscal," said the ministry official, who declined to be identified as he is not allowed to speak to the media, referring to the Securities and Exchange Board of India.

The government is planning to sell 10% each in state-owned reinsurers General Insurance Corporation of India (GIC) and New India Assurance (NIA) which will bring it's holding down to 75 percent in the two giant companies.

In her budget, Sitharaman proposed increasing the minimum public shareholding for listed entities to 35% from 25% as part of efforts to make the market more accessible to retail investors.

But the finance ministry official said the new regulation would require at least two years to go into force after approval by the SEBI.

Asia's third-largest economy is banking on state enterprise sales, dividends from the central bank and additional levies and taxes to meet a fiscal deficit target of 3.3% of gross domestic product from 3.4% previously announced.

The official said the government was willing to sell 100% of debt-ridden Air India after a previous offer of 76% control produced no buyers.

"Air India is our biggest bet," the official said. The government expects to get 150 billion rupees from selling the airline.

The government also plans to sell at least a 5% stake in Coal India and ONGC, the official said.

India's government aims to rise to 150 billion rupees ($2.18 billion) by reducing its stake in 18 state firms to 75%, a finance ministry official involved in the matter said on Monday, as it looks to boost revenues and rein in the fiscal deficit.

India's government aims to rise to 150 billion rupees ($2.18 billion) by reducing its stake in 18 state firms to 75%, a finance ministry official involved in the matter said on Monday, as it looks to boost revenues and rein in the fiscal deficit. Finance Minister Nirmala Sitharaman set an ambitious target of 1.05 trillion rupees ($15.33 billion) from the sale of stakes in state-run companies, compared with 850 billion rupees the previous year, in her budget on Friday for the fiscal year that began on April 1. While a third of the divestment target will be met by the outright sale of state enterprises, including Air India, the other sales will be done through a rule under which all listed entities must have a public float of at least 25% after three years of listing. But governments have been putting this off for state firms, winning extensions from the Securities Exchange Board of India (SEBI) each year. "The government will aim to meet the SEBI norms in state-owned companies this fiscal," said the ministry official, who declined to be identified as he is not allowed to speak to the media, referring to the Securities and Exchange Board of India. The government is planning to sell 10% each in state-owned reinsurers General Insurance Corporation of India (GIC) and New India Assurance (NIA) which will bring it's holding down to 75 percent in the two giant companies. In her budget, Sitharaman proposed increasing the minimum public shareholding for listed entities to 35% from 25% as part of efforts to make the market more accessible to retail investors. But the finance ministry official said the new regulation would require at least two years to go into force after approval by the SEBI. Asia's third-largest economy is banking on state enterprise sales, dividends from the central bank and additional levies and taxes to meet a fiscal deficit target of 3.3% of gross domestic product from 3.4% previously announced. The official said the government was willing to sell 100% of debt-ridden Air India after a previous offer of 76% control produced no buyers. "Air India is our biggest bet," the official said. The government expects to get 150 billion rupees from selling the airline. The government also plans to sell at least a 5% stake in Coal India and ONGC, the official said.

India aims to raise $2.18 billion by cutting stakes in 18 firms to 75%

&nbsp;Global stocks were in a muted mood on Monday after strong US job gains tempered expectations the Federal Reserve will deliver a large rate cut, while <a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank </a>shares turned negative as it launched a major restructuring.

The sentiment was also dampened by US investment bank Morgan Stanley's decision to reduce its exposure to global equities due to misgivings about the ability of policy easing to offset weaker economic data.

In Turkey, the lira, stocks and government dollar bonds weakened after President Tayyip Erdogan dismissed the central bank governor, a move that fuelled worries about monetary policy independence.

After earlier touching their highest level since early May, Deutsche Bank shares slumped 3.3% as investor enthusiasm fizzled out for the bank's move to cut 18,000 jobs around the world as part of a restructuring plan that will cost 7.4 billion euros.

European stocks moved little, with the pan-European STOXX 600 index adding 0.04%.

Among top movers on the STOXX 600 were TGS Nopec, up 6.7% on a well-received earnings update.

US futures pointed to a lower opening for Wall Street, with E-Minis for the S&amp;P500 at -0.2%.

In Asia, there was a wide sell-off in stocks, with MSCI's broadest index of Asia-Pacific shares outside Japan losing 1.4% and China's blue-chip CSI300 index down 2.32%, its biggest daily loss since May 17.

"We are lowering our exposure to global equities to the range we consider 'underweight'," Morgan Stanley's London-based strategist Andrew Sheets said in a note. The previous range was "neutral".

Expensive valuations and pressure on earnings were among the reasons for the downgrade, Sheets said, while the bank increased its exposure to emerging markets sovereign credit and safe haven <a href="https://www.wionews.com/business-economy/asian-shares-fall-as-bets-off-on-sharp-us-rate-cuts-233889">Japanese government bonds</a>.

Since the start of the year, global equities have generally been bolstered by expectations that central banks will keep interesting rates at or near record lows to boost economic growth.

Those expectations were tempered by a US labour report on Friday that showed nonfarm payrolls jumped 224,000 in June, beating forecasts for 160,000, in a sign the world's largest economy still had some fire.

Given the strength shown in that data, investors now expect US Federal Reserve Chairman Jerome Powell to go slow on rate cuts this year.

"The re-adjustment in expectations did push the dollar higher and had a negative effect on Asia but Europe has been supported by investors saying 'whatever the Fed does, the ECB (European Central Bank) will still cut'," said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.

Trading is expected to be subdued ahead of Powell's semi-annual testimony to the US Congress on Wednesday, which will provide further clues on the near-term outlook for monetary policy.

The Greek stock index rallied at the open to hit a new February 2015 high before erasing gains and slipping 1.3% as traders booked profits after Greece's opposition conservatives returned to power with a landslide victory in snap elections on Sunday.

Greek 10-year bond yields fell by 14 basis points in early trade to hit new all-time lows of 2.016%, reversing the 12 basis point yield rise on Friday.

Currencies and geopolitics

There was some positive news on the protracted China-US trade war, with White House Economic adviser Larry Kudlow confirming that top representatives from the United States and China will meet in the coming week for trade talks.

"Whether the negotiators can find a solution to the difficult structural issues that remain between the two sides is another matter, and Kudlow cautioned there was 'no timeline' to reach an agreement," National Australia Bank strategist Rodrigo Catril said.

In currency markets, the action was in the Turkish lira which weakened as much as 2% against the dollar after Turkey's central bank governor Murat Cetinkaya, whose four-year term was due to run until 2020, was replaced by his deputy Murat Uysal.

Erdogan sacked Cetinkaya for refusing the government's repeated demands for rate cuts, laying bare differences between them over the timing of interest rate cuts to revive the recession-hit economy.

The dollar index stood at 97.233, down marginally on the day but near the 3-week high of 97.443 hits on Friday.

The euro, which dropped to $1.1208 on Friday, traded at $1.1225, unchanged on the day.

After hitting a six-month low to the dollar on Friday as a result of poor economic data and a rise in expectations that the Bank of England will cut interest rates, the British pound edged down to $1.2530.

Geopolitics may be in focus this week following news on Sunday that Iran will boost its uranium enrichment, in breach of a cap set by a landmark 2015 nuclear deal.

"So far US.-Iran tensions have not had a material impact on markets, but if tensions escalate it could be a different story," said NAB's Catril.

In commodity markets, oil prices edged down with Brent crude futures down 0.09% to $64.18. USA West Texas Intermediate (WTI) was 0.12% down at $57.44 a barrel.

Spot gold gained 0.4% to $1,404.48 an ounce.

Global stocks were in a muted mood on Monday after strong US job gains tempered expectations the Federal Reserve will deliver a large rate cut, while Deutsche Bank shares turned negative as it launched a major restructuring.

Global stocks were in a muted mood on Monday after strong US job gains tempered expectations the Federal Reserve will deliver a large rate cut, while Deutsche Bank shares turned negative as it launched a major restructuring. The sentiment was also dampened by US investment bank Morgan Stanley's decision to reduce its exposure to global equities due to misgivings about the ability of policy easing to offset weaker economic data. In Turkey, the lira, stocks and government dollar bonds weakened after President Tayyip Erdogan dismissed the central bank governor, a move that fuelled worries about monetary policy independence. After earlier touching their highest level since early May, Deutsche Bank shares slumped 3.3% as investor enthusiasm fizzled out for the bank's move to cut 18,000 jobs around the world as part of a restructuring plan that will cost 7.4 billion euros. European stocks moved little, with the pan-European STOXX 600 index adding 0.04%. Among top movers on the STOXX 600 were TGS Nopec, up 6.7% on a well-received earnings update. US futures pointed to a lower opening for Wall Street, with E-Minis for the S&P500 at -0.2%. In Asia, there was a wide sell-off in stocks, with MSCI's broadest index of Asia-Pacific shares outside Japan losing 1.4% and China's blue-chip CSI300 index down 2.32%, its biggest daily loss since May 17. "We are lowering our exposure to global equities to the range we consider 'underweight'," Morgan Stanley's London-based strategist Andrew Sheets said in a note. The previous range was "neutral". Expensive valuations and pressure on earnings were among the reasons for the downgrade, Sheets said, while the bank increased its exposure to emerging markets sovereign credit and safe haven Japanese government bonds. Since the start of the year, global equities have generally been bolstered by expectations that central banks will keep interesting rates at or near record lows to boost economic growth. Those expectations were tempered by a US labour report on Friday that showed nonfarm payrolls jumped 224,000 in June, beating forecasts for 160,000, in a sign the world's largest economy still had some fire. Given the strength shown in that data, investors now expect US Federal Reserve Chairman Jerome Powell to go slow on rate cuts this year. "The re-adjustment in expectations did push the dollar higher and had a negative effect on Asia but Europe has been supported by investors saying 'whatever the Fed does, the ECB (European Central Bank) will still cut'," said Andrew Milligan, head of global strategy at Aberdeen Standard Investments. Trading is expected to be subdued ahead of Powell's semi-annual testimony to the US Congress on Wednesday, which will provide further clues on the near-term outlook for monetary policy. The Greek stock index rallied at the open to hit a new February 2015 high before erasing gains and slipping 1.3% as traders booked profits after Greece's opposition conservatives returned to power with a landslide victory in snap elections on Sunday. Greek 10-year bond yields fell by 14 basis points in early trade to hit new all-time lows of 2.016%, reversing the 12 basis point yield rise on Friday. Currencies and geopolitics There was some positive news on the protracted China-US trade war, with White House Economic adviser Larry Kudlow confirming that top representatives from the United States and China will meet in the coming week for trade talks. "Whether the negotiators can find a solution to the difficult structural issues that remain between the two sides is another matter, and Kudlow cautioned there was 'no timeline' to reach an agreement," National Australia Bank strategist Rodrigo Catril said. In currency markets, the action was in the Turkish lira which weakened as much as 2% against the dollar after Turkey's central bank governor Murat Cetinkaya, whose four-year term was due to run until 2020, was replaced by his deputy Murat Uysal. Erdogan sacked Cetinkaya for refusing the government's repeated demands for rate cuts, laying bare differences between them over the timing of interest rate cuts to revive the recession-hit economy. The dollar index stood at 97.233, down marginally on the day but near the 3-week high of 97.443 hits on Friday. The euro, which dropped to $1.1208 on Friday, traded at $1.1225, unchanged on the day. After hitting a six-month low to the dollar on Friday as a result of poor economic data and a rise in expectations that the Bank of England will cut interest rates, the British pound edged down to $1.2530. Geopolitics may be in focus this week following news on Sunday that Iran will boost its uranium enrichment, in breach of a cap set by a landmark 2015 nuclear deal. "So far US.-Iran tensions have not had a material impact on markets, but if tensions escalate it could be a different story," said NAB's Catril. In commodity markets, oil prices edged down with Brent crude futures down 0.09% to $64.18. USA West Texas Intermediate (WTI) was 0.12% down at $57.44 a barrel. Spot gold gained 0.4% to $1,404.48 an ounce.

Global shares muted as prospect of sharp United States rate cut fades

Oil prices steadied on Monday as tensions over Iran's nuclear program were tempered by global economic growth concerns and consequently oil demand.

Brent crude futures were down 1 cent by 1122 GMT at $64.22 a barrel. US&nbsp;<a href="https://www.wionews.com/business-economy/post-budget-sensex-down-over-630-points-pnb-stocks-falls-further-233908">West Texas Intermediate</a> (WTI) was down 2 cents at $57.49.

Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.

Washington has imposed sanctions that eliminate benefits Iran was meant to receive in return for agreeing to curbs on its nuclear program under the 2015 deal with world powers. The confrontation has brought the United States and Iran close to the brink of conflict, with US&nbsp;President Donald Trump calling off air strikes last month minutes before impact.

On Sunday Trump issued another warning over Iran's nuclear activities. "They'd better be careful," he said.

However, oil prices continue to be pressured by lingering fears over demand.

"That the market reacts so little to the tense situation in the Middle East is a reflection of a very well-supplied market in general and a very relaxed market," said SEB chief commodities analyst Bjarne Schieldrop.

The <a href="https://www.wionews.com/world/in-jab-at-united-states-china-vice-president-wang-qishan-says-world-cannot-shut-china-out-233914">US-China trade</a> war has dampened prospects for global economic growth and <a href="https://www.wionews.com/business-economy/oil-prices-tread-water-as-market-eyes-global-risks-233891">oil demand</a>.

However, lack of concrete progress in resolving the acrimonious trade war between the United States and China means the bar could be very high for the US Federal Reserve not to lower borrowing costs at its July 30-31 policy meeting.

Elsewhere, Japan's core machinery orders fell for the first time in four months in May, posting the biggest monthly drop in eight months in a worrying sign that global trade tensions are taking a toll on corporate investment.

"Concern for global growth is at the back of the mind of the whole market all the time these days," SEB's Schieldrop said.

Strong US economic data also put a floor under prices. US job growth rebounded strongly in June, with government payrolls surging, a closely watched employment report showed on Friday, suggesting that May's sharp slowdown in hiring was probably a one-off.

Employers added 224,000 jobs last month, the most in five months.

The owner of Britain's biggest oil pipeline, Ineos, on Sunday said it had started to reduce flows on the Forties pipeline system to about 150,000 barrels per day (bpd) until Tuesday to repair a processing unit at Scotland's Kinneil plant.

The pipeline system typically pumps about 450,000 bpd.

Meanwhile, US energy companies this week reduced the number of oil rigs operating for the first time in three weeks as drillers follow through on plans to cut spending this year.

Oil prices steadied on Monday as tensions over Iran's nuclear program were tempered by global economic growth concerns and consequently oil demand. Brent crude futures were down 1 cent by 1122 GMT at $64.

Oil prices steadied on Monday as tensions over Iran's nuclear program were tempered by global economic growth concerns and consequently oil demand. Brent crude futures were down 1 cent by 1122 GMT at $64.22 a barrel. US West Texas Intermediate (WTI) was down 2 cents at $57.49. Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year. Washington has imposed sanctions that eliminate benefits Iran was meant to receive in return for agreeing to curbs on its nuclear program under the 2015 deal with world powers. The confrontation has brought the United States and Iran close to the brink of conflict, with US President Donald Trump calling off air strikes last month minutes before impact. On Sunday Trump issued another warning over Iran's nuclear activities. "They'd better be careful," he said. However, oil prices continue to be pressured by lingering fears over demand. "That the market reacts so little to the tense situation in the Middle East is a reflection of a very well-supplied market in general and a very relaxed market," said SEB chief commodities analyst Bjarne Schieldrop. The US-China trade war has dampened prospects for global economic growth and oil demand. However, lack of concrete progress in resolving the acrimonious trade war between the United States and China means the bar could be very high for the US Federal Reserve not to lower borrowing costs at its July 30-31 policy meeting. Elsewhere, Japan's core machinery orders fell for the first time in four months in May, posting the biggest monthly drop in eight months in a worrying sign that global trade tensions are taking a toll on corporate investment. "Concern for global growth is at the back of the mind of the whole market all the time these days," SEB's Schieldrop said. Strong US economic data also put a floor under prices. US job growth rebounded strongly in June, with government payrolls surging, a closely watched employment report showed on Friday, suggesting that May's sharp slowdown in hiring was probably a one-off. Employers added 224,000 jobs last month, the most in five months. The owner of Britain's biggest oil pipeline, Ineos, on Sunday said it had started to reduce flows on the Forties pipeline system to about 150,000 barrels per day (bpd) until Tuesday to repair a processing unit at Scotland's Kinneil plant. The pipeline system typically pumps about 450,000 bpd. Meanwhile, US energy companies this week reduced the number of oil rigs operating for the first time in three weeks as drillers follow through on plans to cut spending this year.

Oil steadies as demand concern counters Middle East tensions

Indian markets fell sharply on Monday, disappointed by some Budget proposals in the Union Budget. Weak global markets also hurt sentiment.&nbsp;

The BSE Sensex fell 792.82 points or 2.01 per cent to end at 38,720.57 and the Nifty50 plunged 252.55 points to 11,558.60.

Equity indices extended losses with panic selling across sectors around noon today after the Union Budget for 2019-20 did not announce any measures to boost the auto sector.

At day’s low, the Sensex fell over 900 points and breached the 39,000 marks, extending its two-day loss to over 1,300 points. The Nifty slumped below 11,600.

Panic selling weighed in after Punjab National Bank reported a fraud of Rs 3,800 crore by Bhushan Power and Steel, saying the company misappropriated bank funds and manipulated books of accounts to raise funds from consortium lender banks.

PNB traded 11 per cent lower at Rs 72.75 per share while State Bank of India was down over 4 per cent at Rs 355.15 apiece. Finance Minister Nirmala Sitharaman presented the Union Budget last week on Friday, her first after the National Democratic Alliance led by Prime Minister Narendra Modi swung to power after a landslide victory in the general elections.

Heavy selling pressure was seen in auto stocks due to the absence of any conspicuous impetus in the Budget for the beleaguered sector. Hero Motorcorp was down 4.6 per cent, Tata Motors by 3.3 per cent and Maruti Suzuki by 3.2 per cent. Bajaj Finance slipped 5.6 per cent while ONGC suffered by 4.9 per cent.

Traders said the Budget proposals did not contain any concrete proposals to ease liquidity crunch facing the financial markets. Though corporate taxes were cut to 25 per cent, the government raised import tariffs on items such as gold and imposed additional duty on petrol and diesel which could fuel inflation.

However, Yes Bank was up 5.9 per cent. Other which showed gains were Bharti Infratel and IT stocks like HCL Tech, Tata Consultancy Services and Tech Mahindra.

Meanwhile, Asian shares were broadly weaker after tracking Wall Street which fell from record highs last week. Investors turned their attention to the upcoming testimony from US Federal Reserve Chairman after a strong jobs report cast doubt on the pace of interest rate cuts.

(With inputs from ANI)

Indian markets fell sharply on Monday, disappointed by some Budget proposals in the Union Budget. Weak global markets also hurt sentiment. The BSE Sensex fell 792.

Indian markets fell sharply on Monday, disappointed by some Budget proposals in the Union Budget. Weak global markets also hurt sentiment. The BSE Sensex fell 792.82 points or 2.01 per cent to end at 38,720.57 and the Nifty50 plunged 252.55 points to 11,558.60. Equity indices extended losses with panic selling across sectors around noon today after the Union Budget for 2019-20 did not announce any measures to boost the auto sector. At day’s low, the Sensex fell over 900 points and breached the 39,000 marks, extending its two-day loss to over 1,300 points. The Nifty slumped below 11,600. Panic selling weighed in after Punjab National Bank reported a fraud of Rs 3,800 crore by Bhushan Power and Steel, saying the company misappropriated bank funds and manipulated books of accounts to raise funds from consortium lender banks. PNB traded 11 per cent lower at Rs 72.75 per share while State Bank of India was down over 4 per cent at Rs 355.15 apiece. Finance Minister Nirmala Sitharaman presented the Union Budget last week on Friday, her first after the National Democratic Alliance led by Prime Minister Narendra Modi swung to power after a landslide victory in the general elections. Heavy selling pressure was seen in auto stocks due to the absence of any conspicuous impetus in the Budget for the beleaguered sector. Hero Motorcorp was down 4.6 per cent, Tata Motors by 3.3 per cent and Maruti Suzuki by 3.2 per cent. Bajaj Finance slipped 5.6 per cent while ONGC suffered by 4.9 per cent. Traders said the Budget proposals did not contain any concrete proposals to ease liquidity crunch facing the financial markets. Though corporate taxes were cut to 25 per cent, the government raised import tariffs on items such as gold and imposed additional duty on petrol and diesel which could fuel inflation. However, Yes Bank was up 5.9 per cent. Other which showed gains were Bharti Infratel and IT stocks like HCL Tech, Tata Consultancy Services and Tech Mahindra. Meanwhile, Asian shares were broadly weaker after tracking Wall Street which fell from record highs last week. Investors turned their attention to the upcoming testimony from US Federal Reserve Chairman after a strong jobs report cast doubt on the pace of interest rate cuts. (With inputs from ANI)

Sensex crashes over 750 points to close at 38,720, Nifty ends at 11,559

<a href="https://www.wionews.com/business-economy/gold-prices-subdued-on-firmer-dollar-fed-meeting-in-focus-227905">Gold prices</a> rose on Monday, shaking off early losses to consolidate above the $1,400 pivot, as focus shifted to global growth concerns and interest rate cuts by major central banks.

Spot gold was up 0.5% at $1,406.79 per ounce, as of 0721 GMT. US &nbsp;gold futures climbed 0.6% to $1,408.90 an ounce.

Also helping gold, the dollar eased from multi-week highs and global stock markets were in red, helping the metal reverse course following a more than 1% fall on Friday after strong US jobs data lowered the likelihood of an aggressive rate cut by the US Federal Reserve.

"Despite the strong (US jobs) numbers, the market is expecting a rate cut, just not as aggressive it would have been. We are still in a rate easing cycle right now," said Howie Lee, an economist at OCBC Bank.

"Additionally, $1,400 is a pretty strong support level for gold. Also, growth remains weak globally and we have geopolitical tension between the <a href="https://www.wionews.com/opinions/us-iran-tensions-and-why-india-needs-to-step-up-its-game-230035">US and Iran</a>. Overall factors are still supportive of higher gold prices," he added.

US non-farm payrolls rebounded in June to 224,000, the most in five months, data showed on Friday, beating economists' consensus estimate of 160,000.

Fed Chairman Jerome Powell is expected to provide further cues on the near-term outlook for monetary policy this week at his semi-annual testimony to the US Congress on the economy.

However, persistent moderate wage gains and mounting evidence the economy was losing momentum could still encourage the Fed to cut interest rates this month.

A rate cut by the Fed could also prompt China's central bank to cut its benchmark policy rate for the first time in four years to support the slowing economy, analysts say.

Lower interest rates would support gold because they reduce the opportunity cost of holding non-yielding bullion.

Also on investors' radar is US-Iran tensions, with Tehran saying on Sunday it will shortly boost its uranium enrichment above a cap set by a landmark 2015 nuclear deal, prompting a warning 'to be careful' from US President Donald Trump.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.18% to 796.97 tonnes on Friday from 798.44 tonnes on Wednesday.

On the technical front, spot gold may retest a resistance at $1,439 per ounce and as long as the metal stays above the support at $1,387, it may resume its uptrend towards $1,497, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver gained 0.6% to $15.06 per ounce, while palladium dipped 0.3% to $1,562.41.

Platinum rose 0.7% to $809.26, edging away from a more than one-week low touched in the previous session.

Gold prices rose on Monday, shaking off early losses to consolidate above the $1,400 pivot, as focus shifted to global growth concerns and interest rate cuts by major central banks.

Gold prices rose on Monday, shaking off early losses to consolidate above the $1,400 pivot, as focus shifted to global growth concerns and interest rate cuts by major central banks. Spot gold was up 0.5% at $1,406.79 per ounce, as of 0721 GMT. US gold futures climbed 0.6% to $1,408.90 an ounce. Also helping gold, the dollar eased from multi-week highs and global stock markets were in red, helping the metal reverse course following a more than 1% fall on Friday after strong US jobs data lowered the likelihood of an aggressive rate cut by the US Federal Reserve. "Despite the strong (US jobs) numbers, the market is expecting a rate cut, just not as aggressive it would have been. We are still in a rate easing cycle right now," said Howie Lee, an economist at OCBC Bank. "Additionally, $1,400 is a pretty strong support level for gold. Also, growth remains weak globally and we have geopolitical tension between the US and Iran. Overall factors are still supportive of higher gold prices," he added. US non-farm payrolls rebounded in June to 224,000, the most in five months, data showed on Friday, beating economists' consensus estimate of 160,000. Fed Chairman Jerome Powell is expected to provide further cues on the near-term outlook for monetary policy this week at his semi-annual testimony to the US Congress on the economy. However, persistent moderate wage gains and mounting evidence the economy was losing momentum could still encourage the Fed to cut interest rates this month. A rate cut by the Fed could also prompt China's central bank to cut its benchmark policy rate for the first time in four years to support the slowing economy, analysts say. Lower interest rates would support gold because they reduce the opportunity cost of holding non-yielding bullion. Also on investors' radar is US-Iran tensions, with Tehran saying on Sunday it will shortly boost its uranium enrichment above a cap set by a landmark 2015 nuclear deal, prompting a warning 'to be careful' from US President Donald Trump. Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.18% to 796.97 tonnes on Friday from 798.44 tonnes on Wednesday. On the technical front, spot gold may retest a resistance at $1,439 per ounce and as long as the metal stays above the support at $1,387, it may resume its uptrend towards $1,497, according to Reuters technical analyst Wang Tao. Among other precious metals, silver gained 0.6% to $15.06 per ounce, while palladium dipped 0.3% to $1,562.41. Platinum rose 0.7% to $809.26, edging away from a more than one-week low touched in the previous session.

Gold rises as focus returns to growth concerns, Fed rate cut

The speed with which government's disinvestment programme kicks off as well as interest shown by potential buyers in public sector units being offered for strategic sale will be crucial to prevent a slippage in non-loan capital receipts, according to investment information and rating agency ICRA.

Finance Minister Nirmala Sitharaman on Friday increased the disinvestment target to Rs 1.05 lakh crore for financial year 2019-20, over 16 per cent from the interim <a href="https://www.wionews.com/india-news/union-budget-2019-rightly-gives-top-priority-to-infrastructure-arun-jaitley-233533">Budget target</a>.

She said strategic disinvestment of select central public sector enterprises like Air India will continue to remain a priority for the government.

The revised <a href="https://www.wionews.com/india-news/union-budget-2019-sets-a-clear-action-plan-for-making-india-5-trillion-economy-ficci-cii-233534">Budget</a> estimates for FY 20 indicate a rise in fiscal deficit at an absolute level to Rs 7 lakh crore from Rs 6.6 lakh crore in FY 2019.

However, the government has forecast a mild dip in fiscal deficit target to 3.3 per cent of GDP in FY 20 from 3.4 per cent of GDP in FY 19.

ICRA said the revenue receipts are estimated to grow by 25.6 per cent with a considerable 25.3 per cent rise in net tax revenues and a significant 27.2 per cent expansion in non-tax revenues.

The revised Budget estimate for FY 20 has projected an increase of 27.2 per cent in non-tax revenues to Rs 3.1 lakh crore from Rs 2.5 lakh crore in FY 19.

Revenues from communication services are estimated to increase to Rs 50,519 crore in FY 20 from Rs 39,245 crore in the previous fiscal.

Assuming no spectrum auctions, ICRA's estimate for non-tax revenue from telecom receipts in FY 20 is Rs 39,000 crore to 41,000 crore, based on the deferred payments pertaining to earlier auctions and normal fees such as spectrum usage charges and licence fees.

The receipts from dividends and surplus from Reserve Bank of India (RBI), nationalised banks, financial institutions and public sector enterprises are estimated to increase by 37.1 per cent led primarily by higher surplus transfer expected from the RBI, nationalised banks and financial institutions to Rs 1.1 lakh crore in FY 20.

Awaited recommendations of the Jalan Committee, which was appointed to review the economic capital framework for the central bank with respect to the transfer of the RBI's surplus to the government, may crucially influence the government's collections from this source in the ongoing fiscal.

Dividends and profits from other public sector enterprises are estimated to rise by 27.4 per cent to Rs 57,000 crore from Rs 45,000 crore in FY 19.

Moreover, the revised Budget estimate for non-loan capital receipts at Rs 1.2 lakh crore is 16.5 per cent higher than the Rs 1 lakh crore included in provisional estimates for FY 19.

The former includes Rs 1.05 lakh crore as receipts from disinvestment of the government's stake in public sector units, 23.5 per cent higher than the Rs 85,050 crore included in FY 19.

"The speed with which the disinvestment programme kicks off, as well as the interest shown by potential buyers in public sector units being offered for strategic disinvestment such as Air India, will be crucial to prevent a slippage relative to this target," said ICRA.

Overall, the realisation of direct taxes and Goods and Services Tax collections, dividends and surplus from the RBI, nationalised banks and financial institutions and public sector enterprises, the revenues raised from telecom sector and disinvestment proceeds will also be crucial to prevent a revenue slippage in FY 20, it said.&nbsp;

 
&nbsp;

The speed with which government's disinvestment programme kicks off as well as interest shown by potential buyers in public sector units being offered for strategic sale will be crucial to prevent a slippage in non-loan capital receipts, according to investment information and rating agency ICRA.

The speed with which government's disinvestment programme kicks off as well as interest shown by potential buyers in public sector units being offered for strategic sale will be crucial to prevent a slippage in non-loan capital receipts, according to investment information and rating agency ICRA. Finance Minister Nirmala Sitharaman on Friday increased the disinvestment target to Rs 1.05 lakh crore for financial year 2019-20, over 16 per cent from the interim Budget target. She said strategic disinvestment of select central public sector enterprises like Air India will continue to remain a priority for the government. The revised Budget estimates for FY 20 indicate a rise in fiscal deficit at an absolute level to Rs 7 lakh crore from Rs 6.6 lakh crore in FY 2019. However, the government has forecast a mild dip in fiscal deficit target to 3.3 per cent of GDP in FY 20 from 3.4 per cent of GDP in FY 19. ICRA said the revenue receipts are estimated to grow by 25.6 per cent with a considerable 25.3 per cent rise in net tax revenues and a significant 27.2 per cent expansion in non-tax revenues. The revised Budget estimate for FY 20 has projected an increase of 27.2 per cent in non-tax revenues to Rs 3.1 lakh crore from Rs 2.5 lakh crore in FY 19. Revenues from communication services are estimated to increase to Rs 50,519 crore in FY 20 from Rs 39,245 crore in the previous fiscal. Assuming no spectrum auctions, ICRA's estimate for non-tax revenue from telecom receipts in FY 20 is Rs 39,000 crore to 41,000 crore, based on the deferred payments pertaining to earlier auctions and normal fees such as spectrum usage charges and licence fees. The receipts from dividends and surplus from Reserve Bank of India (RBI), nationalised banks, financial institutions and public sector enterprises are estimated to increase by 37.1 per cent led primarily by higher surplus transfer expected from the RBI, nationalised banks and financial institutions to Rs 1.1 lakh crore in FY 20. Awaited recommendations of the Jalan Committee, which was appointed to review the economic capital framework for the central bank with respect to the transfer of the RBI's surplus to the government, may crucially influence the government's collections from this source in the ongoing fiscal. Dividends and profits from other public sector enterprises are estimated to rise by 27.4 per cent to Rs 57,000 crore from Rs 45,000 crore in FY 19. Moreover, the revised Budget estimate for non-loan capital receipts at Rs 1.2 lakh crore is 16.5 per cent higher than the Rs 1 lakh crore included in provisional estimates for FY 19. The former includes Rs 1.05 lakh crore as receipts from disinvestment of the government's stake in public sector units, 23.5 per cent higher than the Rs 85,050 crore included in FY 19. "The speed with which the disinvestment programme kicks off, as well as the interest shown by potential buyers in public sector units being offered for strategic disinvestment such as Air India, will be crucial to prevent a slippage relative to this target," said ICRA. Overall, the realisation of direct taxes and Goods and Services Tax collections, dividends and surplus from the RBI, nationalised banks and financial institutions and public sector enterprises, the revenues raised from telecom sector and disinvestment proceeds will also be crucial to prevent a revenue slippage in FY 20, it said.

Disinvestment plan key to avert revenue slippages in FY 20: ICRA

Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany's struggling flagship lender

The bank will also scrap its global equities business and scale back its investment bank. It expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of restructuring charges.

Deutsche said that it would also cut its fixed income operations, especially its rates business. It will also create a new unit to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.

Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders "tough cutbacks" to the investment bank. The pledge came after Deutsche failed to agree a merger with rival Commerzbank.

Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs -- more than one in five of its 91,500 employees.

In the event, the bank said it would reduce headcount to 74,000 employees by 2022.

The bank's supervisory board met on Sunday to agree the proposed changes, one of the biggest shake-ups in the industry since the financial crisis. ($1 = 0.8909 euros)

Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany's struggling flagship lender The bank will also scrap its global equities business and scale back its investment bank.

Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany's struggling flagship lender The bank will also scrap its global equities business and scale back its investment bank. It expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of restructuring charges. Deutsche said that it would also cut its fixed income operations, especially its rates business. It will also create a new unit to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets. Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders "tough cutbacks" to the investment bank. The pledge came after Deutsche failed to agree a merger with rival Commerzbank. Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs -- more than one in five of its 91,500 employees. In the event, the bank said it would reduce headcount to 74,000 employees by 2022. The bank's supervisory board met on Sunday to agree the proposed changes, one of the biggest shake-ups in the industry since the financial crisis. ($1 = 0.8909 euros)

Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul