National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

India's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data reviewed by Reuters showed.

India exported 319,000 tonnes of finished steel in May, down 28 per cent from the same month last year and the lowest level since April 2016, the data showed.&nbsp;

Steel exports to the EU dropped 55 per cent in May, led by fewer shipments to Italy, Belgium and Spain, which together made up about 80% of India's overall exports to the region.

That comes amid 'safeguard'&nbsp;measures by the EU that are designed to limit incoming steel and prevent a surge of imports as a result of Washington's 25 per cent import tariffs, which have effectively closed the U.S. market.

Indian exports to Italy slumped 65 per cent to 23,000 tonnes, according to the data. Exports to Spain fell 41% to 13,000 tonnes, while shipments to Belgium were down 42% at 25,000 tonnes.

India, which typically ships cold-rolled coil, galvanized steel and some long products such as bars and rods to the EU, saw a decline in these shipments by as much as 30 per cent.

Meanwhile, India's exports to Nepal, the top destination last year, were down 22 per cent&nbsp;at 63,000 tonnes.&nbsp;

Shipments were also substantially lower to Malaysia and Sri Lanka, which were among the top 10 export destinations last year.&nbsp;

Exports of steel plate, which is one of the flat products that comprise most of India's steel exports, fell 60 per cent&nbsp;to 14,000 tonnes, the data showed.

Shipments of pipes, which are typically the main steel product exported to the United States, dropped 97 per cent&nbsp;to 2,000 tonnes.&nbsp;

Overall, India's finished steel exports were down 30 per cent&nbsp;during April-May and the country remained a net importer.

Hit by low exports and facing higher imports, India's steel ministry has been pushing for higher import duties.&nbsp;

India's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data reviewed by Reuters showed.

India's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data reviewed by Reuters showed. India exported 319,000 tonnes of finished steel in May, down 28 per cent from the same month last year and the lowest level since April 2016, the data showed. Steel exports to the EU dropped 55 per cent in May, led by fewer shipments to Italy, Belgium and Spain, which together made up about 80% of India's overall exports to the region. That comes amid 'safeguard' measures by the EU that are designed to limit incoming steel and prevent a surge of imports as a result of Washington's 25 per cent import tariffs, which have effectively closed the U.S. market. Indian exports to Italy slumped 65 per cent to 23,000 tonnes, according to the data. Exports to Spain fell 41% to 13,000 tonnes, while shipments to Belgium were down 42% at 25,000 tonnes. India, which typically ships cold-rolled coil, galvanized steel and some long products such as bars and rods to the EU, saw a decline in these shipments by as much as 30 per cent. Meanwhile, India's exports to Nepal, the top destination last year, were down 22 per cent at 63,000 tonnes. Shipments were also substantially lower to Malaysia and Sri Lanka, which were among the top 10 export destinations last year. Exports of steel plate, which is one of the flat products that comprise most of India's steel exports, fell 60 per cent to 14,000 tonnes, the data showed. Shipments of pipes, which are typically the main steel product exported to the United States, dropped 97 per cent to 2,000 tonnes. Overall, India's finished steel exports were down 30 per cent during April-May and the country remained a net importer. Hit by low exports and facing higher imports, India's steel ministry has been pushing for higher import duties.

India's May steel exports drop to lowest in three years

Domestic equity benchmark BSE Sensex fell over 150 points in early trade Tuesday tracking losses in IT stocks amid weak cues from other Asian markets.

The 30-share index was trading 124.41 points, or 0.32 per cent, lower at 38,998.55 at 0930 hours. Similarly, the broader NSE Nifty was quoting 35.25 points, or 0.30 per cent, down at 11,664.40.

In the previous session Monday, the BSE gauge settled 71.53 points, or 0.18 per cent, lower at 39,122.96, and the Nifty dropped 24.45 points, or 0.21 per cent, to 11,699.65.

Top losers in the Sensex pack included HCL Tech, Sun Pharma, Hero MotoCorp, Asian Paints, Tata Steel, TechM, TCS and IndusInd Bank, shedding up to 1.44 per cent.

On the other hand, Vedanta, ONGC, PowerGrid, RIL, NTPC, Maruti and Kotak Bank, rising up to 1.31 per cent.

Domestic markets opened on a negative note following weak trade in other Asian equities, traders said.

Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly lower in their respective early sessions.

On Wall Street, S&amp;P500 and Nasdaq too ended in the red on Monday.

According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, multiple factors such as slowing economic growth, rising crude oil prices due to US- Iran skirmish and delay in monsoons are keeping domestic investor sentiment tepid.

"Also, the upcoming union budget remains the key near term event in the market and the government efforts to revive the economy will be watched closely by market participants," he added.&nbsp;&nbsp; &nbsp;

Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 207.33 crore, and domestic institutional investors purchased shares to the tune of Rs 984.43 crore, provisional data available with stock exchanges showed Monday.

The global oil benchmark Brent crude futures fell 0.93 per cent to 63.58 per barrel.

On the currency front, the Indian rupee appreciated 6 paise at 69.28 against the US dollar.&nbsp;

Domestic equity benchmark BSE Sensex fell over 150 points in early trade Tuesday tracking losses in IT stocks amid weak cues from other Asian markets. The 30-share index was trading 124.

Domestic equity benchmark BSE Sensex fell over 150 points in early trade Tuesday tracking losses in IT stocks amid weak cues from other Asian markets. The 30-share index was trading 124.41 points, or 0.32 per cent, lower at 38,998.55 at 0930 hours. Similarly, the broader NSE Nifty was quoting 35.25 points, or 0.30 per cent, down at 11,664.40. In the previous session Monday, the BSE gauge settled 71.53 points, or 0.18 per cent, lower at 39,122.96, and the Nifty dropped 24.45 points, or 0.21 per cent, to 11,699.65. Top losers in the Sensex pack included HCL Tech, Sun Pharma, Hero MotoCorp, Asian Paints, Tata Steel, TechM, TCS and IndusInd Bank, shedding up to 1.44 per cent. On the other hand, Vedanta, ONGC, PowerGrid, RIL, NTPC, Maruti and Kotak Bank, rising up to 1.31 per cent. Domestic markets opened on a negative note following weak trade in other Asian equities, traders said. Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly lower in their respective early sessions. On Wall Street, S&P500 and Nasdaq too ended in the red on Monday. According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, multiple factors such as slowing economic growth, rising crude oil prices due to US- Iran skirmish and delay in monsoons are keeping domestic investor sentiment tepid. "Also, the upcoming union budget remains the key near term event in the market and the government efforts to revive the economy will be watched closely by market participants," he added. Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 207.33 crore, and domestic institutional investors purchased shares to the tune of Rs 984.43 crore, provisional data available with stock exchanges showed Monday. The global oil benchmark Brent crude futures fell 0.93 per cent to 63.58 per barrel. On the currency front, the Indian rupee appreciated 6 paise at 69.28 against the US dollar.

Sensex falls over 150 points; IT stocks drag

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Monday amid weak cues from other Asian markets and rising crude prices.

The 30-share index was trading 50.59 points, or 0.13 per cent, higher at 39,245.08 at 0930 hours. Similarly, the broader NSE Nifty was quoting 5.55 points, or 0.05 per cent, up at 11,729.65.

In the previous session Friday, the BSE gauge settled 407.14 points, or 1.03 per cent, lower at 39,194.49, and the broader NSE Nifty tumbled 107.65 points, or 0.91 per cent, to 11,724.10.

Top gainers in the Sensex pack included IndusInd Bank, L&amp;T, Bharti Airtel, Asian Paints, TCS, NTPC, SBI, ITC, HDFC twins, ICICI Bank and Infosys, rising up to 1.35 per cent.

While, Bajaj Auto, Hero MotoCorp, TechM, ONGC, Sun Pharma, Tata Motors and RIL shed up to 2.31 per cent.

According to experts, volatility in crude oil prices due to global political uncertainty has dampened investor sentiment. Going ahead, the upcoming Union budget will remain the key event in the market.

The global oil benchmark Brent crude futures rose 0.40 per cent to 64.71 per barrel.

On the currency front, the Indian rupee was trading almost flat at 69.57 against the US dollar.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a positive note in their respective early sessions.

On Wall Street, S&amp;P500 and Nasdaq ended in the red on Friday.

Meanwhile, on a net basis, foreign institutional investors sold equity worth Rs 730.58 crore, while domestic institutional investors purchased shares to the tune of Rs 445.75 crore, provisional data available with stock exchanges showed Friday. 
&nbsp;

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Monday amid weak cues from other Asian markets and rising crude prices. The 30-share index was trading 50.

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Monday amid weak cues from other Asian markets and rising crude prices. The 30-share index was trading 50.59 points, or 0.13 per cent, higher at 39,245.08 at 0930 hours. Similarly, the broader NSE Nifty was quoting 5.55 points, or 0.05 per cent, up at 11,729.65. In the previous session Friday, the BSE gauge settled 407.14 points, or 1.03 per cent, lower at 39,194.49, and the broader NSE Nifty tumbled 107.65 points, or 0.91 per cent, to 11,724.10. Top gainers in the Sensex pack included IndusInd Bank, L&T, Bharti Airtel, Asian Paints, TCS, NTPC, SBI, ITC, HDFC twins, ICICI Bank and Infosys, rising up to 1.35 per cent. While, Bajaj Auto, Hero MotoCorp, TechM, ONGC, Sun Pharma, Tata Motors and RIL shed up to 2.31 per cent. According to experts, volatility in crude oil prices due to global political uncertainty has dampened investor sentiment. Going ahead, the upcoming Union budget will remain the key event in the market. The global oil benchmark Brent crude futures rose 0.40 per cent to 64.71 per barrel. On the currency front, the Indian rupee was trading almost flat at 69.57 against the US dollar. Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a positive note in their respective early sessions. On Wall Street, S&P500 and Nasdaq ended in the red on Friday. Meanwhile, on a net basis, foreign institutional investors sold equity worth Rs 730.58 crore, while domestic institutional investors purchased shares to the tune of Rs 445.75 crore, provisional data available with stock exchanges showed Friday.

Sensex, Nifty start on a cautious note

RBI Deputy Governor Viral Acharya, who was in-charge of the monetary policy department, has resigned six months before the scheduled end of his term, sources said Monday.

This is the second high profile resignation in the past six month at the Reserve Bank of India (RBI).&nbsp;

In December, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government.&nbsp;

Acharya had joined the central bank on January 23 last year after Patel was elevated to the post of governor in September 2016.

The RBI is now left with three deputy governors N S Vishwanathan, B P Kanungo and M K Jain.

Acharya, a New York University economics professor who once called himself the 'poor man's Raghuram Rajan', was appointed for three years.

He took over at a time when the central bank was facing criticism for repeated changes in the rules related to deposit and withdrawal of money, post-demonetisation.&nbsp; 
&nbsp;

RBI Deputy Governor Viral Acharya, who was in-charge of the monetary policy department, has resigned six months before the scheduled end of his term, sources said Monday.

RBI Deputy Governor Viral Acharya, who was in-charge of the monetary policy department, has resigned six months before the scheduled end of his term, sources said Monday. This is the second high profile resignation in the past six month at the Reserve Bank of India (RBI). In December, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government. Acharya had joined the central bank on January 23 last year after Patel was elevated to the post of governor in September 2016. The RBI is now left with three deputy governors N S Vishwanathan, B P Kanungo and M K Jain. Acharya, a New York University economics professor who once called himself the 'poor man's Raghuram Rajan', was appointed for three years. He took over at a time when the central bank was facing criticism for repeated changes in the rules related to deposit and withdrawal of money, post-demonetisation.

RBI Deputy Governor Viral Acharya quits 6 months before his term ends

The Income Tax department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore, Finance Minister Nirmala Sitharaman said Monday.

In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for the assessment year 2018-19 (the financial year 2017-18), up 18.65 per cent from over 5.47 crore in the assessment year 2017-18.

"The government has accorded high priority to issue refunds for all taxpayers including small taxpayers. Less than 0.5 per cent of income tax returns (ITRs) are selected for scrutiny, the majority of ITRs are processed expeditiously and refunds are issued," Sitharaman said, adding that with the increased use of technology the time taken to process ITRs is constantly reducing.

Refunds amounting to Rs 64,700 crore have already been issued in this financial year till June 18, 2019, and the total amount of refund released in the Financial year 2018-19, was over Rs 1.61 lakh crore.

Sitharaman further said that 26.9 crore SMS and emails were sent to taxpayers in 2018-19, reminding them to file their ITRs on time.

In January 2019, the Government had approved integrated e-filing and Centralised Processing Centre (CPC) 2.0 project of the I-T department to process returns in a timely manner, the minister said.

The project envisages pre-filing of ITRs by the I-T department so as to improve the accuracy of the information contained in the return and drastically reduce the time taken to process returns and issue refunds.

The Income Tax department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore, Finance Minister Nirmala Sitharaman said Monday.

The Income Tax department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore, Finance Minister Nirmala Sitharaman said Monday. In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for the assessment year 2018-19 (the financial year 2017-18), up 18.65 per cent from over 5.47 crore in the assessment year 2017-18. "The government has accorded high priority to issue refunds for all taxpayers including small taxpayers. Less than 0.5 per cent of income tax returns (ITRs) are selected for scrutiny, the majority of ITRs are processed expeditiously and refunds are issued," Sitharaman said, adding that with the increased use of technology the time taken to process ITRs is constantly reducing. Refunds amounting to Rs 64,700 crore have already been issued in this financial year till June 18, 2019, and the total amount of refund released in the Financial year 2018-19, was over Rs 1.61 lakh crore. Sitharaman further said that 26.9 crore SMS and emails were sent to taxpayers in 2018-19, reminding them to file their ITRs on time. In January 2019, the Government had approved integrated e-filing and Centralised Processing Centre (CPC) 2.0 project of the I-T department to process returns in a timely manner, the minister said. The project envisages pre-filing of ITRs by the I-T department so as to improve the accuracy of the information contained in the return and drastically reduce the time taken to process returns and issue refunds.

Income Tax department issued Rs 64,700 crore refund between April 1 and June 18: Nirmala Sitharaman

Indian suppliers are an integral part of <a href="https://www.wionews.com/world/boeing-wins-65-billion-us-defense-contract-pentagon-227242">Boeing's global supply chain</a>, a top official of the aerospace major said as <a href="https://www.wionews.com/world/boeing-says-confident-us-china-trade-talks-will-succeed-218453">Boeing</a> and Hindustan Aeronautics Limited marked an important milestone in their collaboration.

Hindustan Aeronautics Limited (HAL) celebrated a milestone with Boeing with the delivery of the 150th gun bay door for the F/A-18 Super Hornet.

The Boeing F/A-18 Super Hornet is a twin-engine supersonic all-weather, carrier-capable multi-role combat jet delivering cutting-edge, next-generation multi-role strike fighter capability.

HAL has been Boeing's long-term supplier in India for over 25 years. Boeing awarded HAL the contract to manufacture gun bay doors for the Super Hornet in 2007.

"We are proud of our partnership with HAL. This delivery of the 150th gun bay door for the Super Hornet demonstrates that Indian suppliers are an integral part of Boeing's global supply chain," Salil Gupte, president, Boeing India, was quoted as saying in a statement.

"This milestone is yet another endorsement of our commitment to India, which is well recognised today because we've been investing and making in India for several years now," he said.

"Our investments in India are robust and ongoing, spanning technology, hi-tech innovation, production capacity, establishing a supply chain network, and developing skilling centres for aerospace manufacturing in India," Gupte added.

Boeing has offered to build a 21st-century aerospace ecosystem in India for manufacturing the F/A-18 Super Hornet with Indian partners, HAL and Mahindra Defence Systems (MDS), the statement said.

This production will create thousands of jobs and hundreds of suppliers in India, similar to the largest Boeing aerospace ecosystem that exists in the US, to help realise the Make in India vision to its full potential, it said.

Indian suppliers are an integral part of Boeing's global supply chain, a top official of the aerospace major said as Boeing and Hindustan Aeronautics Limited marked an important milestone in their collaboration.

Indian suppliers are an integral part of Boeing's global supply chain, a top official of the aerospace major said as Boeing and Hindustan Aeronautics Limited marked an important milestone in their collaboration. Hindustan Aeronautics Limited (HAL) celebrated a milestone with Boeing with the delivery of the 150th gun bay door for the F/A-18 Super Hornet. The Boeing F/A-18 Super Hornet is a twin-engine supersonic all-weather, carrier-capable multi-role combat jet delivering cutting-edge, next-generation multi-role strike fighter capability. HAL has been Boeing's long-term supplier in India for over 25 years. Boeing awarded HAL the contract to manufacture gun bay doors for the Super Hornet in 2007. "We are proud of our partnership with HAL. This delivery of the 150th gun bay door for the Super Hornet demonstrates that Indian suppliers are an integral part of Boeing's global supply chain," Salil Gupte, president, Boeing India, was quoted as saying in a statement. "This milestone is yet another endorsement of our commitment to India, which is well recognised today because we've been investing and making in India for several years now," he said. "Our investments in India are robust and ongoing, spanning technology, hi-tech innovation, production capacity, establishing a supply chain network, and developing skilling centres for aerospace manufacturing in India," Gupte added. Boeing has offered to build a 21st-century aerospace ecosystem in India for manufacturing the F/A-18 Super Hornet with Indian partners, HAL and Mahindra Defence Systems (MDS), the statement said. This production will create thousands of jobs and hundreds of suppliers in India, similar to the largest Boeing aerospace ecosystem that exists in the US, to help realise the Make in India vision to its full potential, it said.

Indian suppliers integral part of our global supply chain: Boeing 

Metro said that an unsolicited offer by two prominent investors to take over the German retailer substantially undervalues it and advised shareholders on Sunday to hold off on taking action until management comments further.

On Friday, EP Global Commerce, an acquisition vehicle owned by the Czech and Slovak investors, made the takeover offer, which valued the company at 5.8 billion euros ($6.6 billion).

The retailer, noting that the offer price was only 3% above the closing share price on Friday, said the bid "substantially undervalues the company and does not reflect its value creation plan".

Metro said management was continuing to transform the company. It said it would comment further once the full offer document was available and that shareholders should take no action in the meanwhile.

EP Global Commerce, which already held a stake of nearly 11% in Metro, said on Friday that its offer price of 16 euros for each ordinary share and 13.80 euros for each preferred share represented a 34.5% premium to when EP Global Commerce made its initial investment in August.

The firm, co-owned by Czech investor Daniel Kretinsky and Slovak partner Patrik Tkac, said the offer was "a compelling value and a unique opportunity" for shareholders given the difficult market and challenges facing Metro.

Once a sprawling retail conglomerate, Metro has in recent years been restructuring to focus on its core cash-and-carry business, selling off the Kaufhof department stores and then splitting from consumer electronics group Ceconomy.

It still operates in 26 countries with 771 stores and 150,000 employees, but it is trying to offload its loss-making Real hypermarkets chain, as well as its operations in China.

The Czech and Slovak bidders signalled that further changes were needed at Metro, though they said they would not close stores in Germany and its core markets, or cut jobs substantially.

"Metro needs to regain the capability to swiftly react," they said, adding that otherwise, it "would be exposed to significant risks due to stagnant or declining results." ($1 = 0.8798 euros)

Metro said that an unsolicited offer by two prominent investors to take over the German retailer substantially undervalues it and advised shareholders on Sunday to hold off on taking action until management comments further.

Metro said that an unsolicited offer by two prominent investors to take over the German retailer substantially undervalues it and advised shareholders on Sunday to hold off on taking action until management comments further. On Friday, EP Global Commerce, an acquisition vehicle owned by the Czech and Slovak investors, made the takeover offer, which valued the company at 5.8 billion euros ($6.6 billion). The retailer, noting that the offer price was only 3% above the closing share price on Friday, said the bid "substantially undervalues the company and does not reflect its value creation plan". Metro said management was continuing to transform the company. It said it would comment further once the full offer document was available and that shareholders should take no action in the meanwhile. EP Global Commerce, which already held a stake of nearly 11% in Metro, said on Friday that its offer price of 16 euros for each ordinary share and 13.80 euros for each preferred share represented a 34.5% premium to when EP Global Commerce made its initial investment in August. The firm, co-owned by Czech investor Daniel Kretinsky and Slovak partner Patrik Tkac, said the offer was "a compelling value and a unique opportunity" for shareholders given the difficult market and challenges facing Metro. Once a sprawling retail conglomerate, Metro has in recent years been restructuring to focus on its core cash-and-carry business, selling off the Kaufhof department stores and then splitting from consumer electronics group Ceconomy. It still operates in 26 countries with 771 stores and 150,000 employees, but it is trying to offload its loss-making Real hypermarkets chain, as well as its operations in China. The Czech and Slovak bidders signalled that further changes were needed at Metro, though they said they would not close stores in Germany and its core markets, or cut jobs substantially. "Metro needs to regain the capability to swiftly react," they said, adding that otherwise, it "would be exposed to significant risks due to stagnant or declining results." ($1 = 0.8798 euros)

Germany's Metro says $6.6 billion bid undervalues company

Think tank <a href="https://www.wionews.com/business-economy/circular-economy-can-generate-14-crore-jobs-in-next-5-7-years-niti-aayog-ceo-amitabh-kant-228151">Niti Aayog</a> Sunday said that expert panel for macroeconomics and employment came out with suggestions to achieve $5-trillion economy target during an interaction with Prime Minister Narendra Modi.

<a href="http://wionews.com/india-news/pm-economists-meet-single-minded-pursuit-for-growth-fdi-in-banking-divestment-discussed-229610">PM Modi on Saturday had an interaction</a> with economists and industry experts on India's current economic situation.&nbsp;

"Expert committee for Macroeconomics &amp; Employment presented their suggestions to PM @narendramodi for achieving the $5 Trillion economy target. Improvement of governance in PSU banks, enhancing the growth rate of exports &amp; employment generation were some of the key areas identified," the Aayog said in a tweet.

During the interactive session, ahead of the presentation of the Union Budget next month, all participants made a case for "single-minded pursuit" to achieve growth, according to sources.

A release issued by the Prime Minister's Office (PMO) had said that the session organised by Niti Aayog on 'Economic Policy - The Road Ahead' was attended by over 40 economists and sectoral experts.

Further opening of banking and insurance sectors for FDI, speeding up disinvestment process and management of water resources were also among the focus areas of Modi's interaction with economists and industry experts, they added.

"During the session, participants shared their views, in five distinct groups, on the economic themes of macro economy and employment, agriculture and water resources, exports, education and health," said the release.

N Chandrasekaran (Chairman, Tata Sons), T V Narendran (Global CEO and MD, Tata Steel), Anil Agarwal (Chairman, Vedanta Resources), Sanjiv Puri (Chairman and MD, ITC), and Vijay Shekhar Sharma (CEO, Paytm) were among the industry leaders who had put forth their views in the meeting.

Among the economists and experts who were present at the meeting were Bimal Jalan (former RBI Governor), Shankar Acharya (former Chief Economic Adviser), Surjit Bhalla (former PMEAC member), Vikram Limay (CEO, NSE), Sonal Varma (Chief Economist, Nomura), Shekhar Shah (DG, NCAER), and Bibek Debroy (Chairman, EAC-PM).&nbsp;

The PMO release had said the Prime Minister thanked all participants for their suggestions and observations on various aspects of the economy.&nbsp;

The Saturday meeting was also attended by Commerce and Industry Minister Piyush Goyal and Minister of State (independent charge) for Statistics and Programme Implementation Rao Inderjeet Singh.

Niti Aayog Vice Chairman Rajiv Kumar, CEO Amitabh Kant and senior government officials were also present.

Finance Minister Nirmala Sitharaman will be presenting the full Budget for 2019-20 on July 5 in the Lok Sabha.

It will be the first full Budget of the Modi 2.0 government.

Think tank Niti Aayog Sunday said that expert panel for macroeconomics and employment came out with suggestions to achieve $5-trillion economy target during an interaction with Prime Minister Narendra Modi.

Think tank Niti Aayog Sunday said that expert panel for macroeconomics and employment came out with suggestions to achieve $5-trillion economy target during an interaction with Prime Minister Narendra Modi. PM Modi on Saturday had an interaction with economists and industry experts on India's current economic situation. "Expert committee for Macroeconomics & Employment presented their suggestions to PM @narendramodi for achieving the $5 Trillion economy target. Improvement of governance in PSU banks, enhancing the growth rate of exports & employment generation were some of the key areas identified," the Aayog said in a tweet. During the interactive session, ahead of the presentation of the Union Budget next month, all participants made a case for "single-minded pursuit" to achieve growth, according to sources. A release issued by the Prime Minister's Office (PMO) had said that the session organised by Niti Aayog on 'Economic Policy - The Road Ahead' was attended by over 40 economists and sectoral experts. Further opening of banking and insurance sectors for FDI, speeding up disinvestment process and management of water resources were also among the focus areas of Modi's interaction with economists and industry experts, they added. "During the session, participants shared their views, in five distinct groups, on the economic themes of macro economy and employment, agriculture and water resources, exports, education and health," said the release. N Chandrasekaran (Chairman, Tata Sons), T V Narendran (Global CEO and MD, Tata Steel), Anil Agarwal (Chairman, Vedanta Resources), Sanjiv Puri (Chairman and MD, ITC), and Vijay Shekhar Sharma (CEO, Paytm) were among the industry leaders who had put forth their views in the meeting. Among the economists and experts who were present at the meeting were Bimal Jalan (former RBI Governor), Shankar Acharya (former Chief Economic Adviser), Surjit Bhalla (former PMEAC member), Vikram Limay (CEO, NSE), Sonal Varma (Chief Economist, Nomura), Shekhar Shah (DG, NCAER), and Bibek Debroy (Chairman, EAC-PM). The PMO release had said the Prime Minister thanked all participants for their suggestions and observations on various aspects of the economy. The Saturday meeting was also attended by Commerce and Industry Minister Piyush Goyal and Minister of State (independent charge) for Statistics and Programme Implementation Rao Inderjeet Singh. Niti Aayog Vice Chairman Rajiv Kumar, CEO Amitabh Kant and senior government officials were also present. Finance Minister Nirmala Sitharaman will be presenting the full Budget for 2019-20 on July 5 in the Lok Sabha. It will be the first full Budget of the Modi 2.0 government.

Expert panel suggests ways to achieve $5-trillion economy target: NITI Aayog

Insolvency proceedings have been initiated against debt-ridden <a href="http://wionews.com/business-economy/banks-vote-to-send-jet-airways-for-bankruptcy-to-recover-dues-228085">Jet Airways</a>, which formally stopped flying on April 17 and saw lenders voting for bankruptcy earlier this month.

The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by SBI on behalf of 26 lenders on June 20.

"Pursuant to an order dated June 20, 2019, of NCLT Mumbai Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Jet Airways (India) as per the provisions of Insolvency and Bankruptcy Code, 2016," Jet Airways said in a regulatory filing Sunday.

It further said that upon initiation of CIRP, the powers of the Board of Directors of the company have been suspended and shall be exercised by the Interim Resolution Professional.

Jet Airways owes more than Rs 8,000 crore to banks, and thousands of crores more in arrears to vendors, lessors and employees.&nbsp;

The airline formally stopped flying on April 17 and banks voted for bankruptcy on June 17.

The NCLT bench comprising VP Singh and Ravikumar Duraisamy set a 90-day deadline to resolution professional Ashish Chhauchharia of Grant Thornton to conclude the resolution process, even though the bankruptcy law allows 180 days for the same, saying "the matter is of national importance."&nbsp;

The bench also instructed the resolution professional to file fortnightly progress report and submit the first such report on July 5 when it will begin to hear the matter again.

Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on April 17 and saw lenders voting for bankruptcy earlier this month.

Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on April 17 and saw lenders voting for bankruptcy earlier this month. The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by SBI on behalf of 26 lenders on June 20. "Pursuant to an order dated June 20, 2019, of NCLT Mumbai Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Jet Airways (India) as per the provisions of Insolvency and Bankruptcy Code, 2016," Jet Airways said in a regulatory filing Sunday. It further said that upon initiation of CIRP, the powers of the Board of Directors of the company have been suspended and shall be exercised by the Interim Resolution Professional. Jet Airways owes more than Rs 8,000 crore to banks, and thousands of crores more in arrears to vendors, lessors and employees. The airline formally stopped flying on April 17 and banks voted for bankruptcy on June 17. The NCLT bench comprising VP Singh and Ravikumar Duraisamy set a 90-day deadline to resolution professional Ashish Chhauchharia of Grant Thornton to conclude the resolution process, even though the bankruptcy law allows 180 days for the same, saying "the matter is of national importance." The bench also instructed the resolution professional to file fortnightly progress report and submit the first such report on July 5 when it will begin to hear the matter again.

Insolvency proceedings initiated against Jet Airways

American retail giant Amazon has infused Rs 450 crore into its payments unit in India - Amazon Pay, according to regulatory documents.

Amazon Pay (India) has allotted 45 crore shares of Rs 10 each aggregating to Rs 450 crore to Amazon Corporate Holdings and Amazon.Com.Incs Ltd, documents filed with Corporate Affairs Ministry showed.

The documents, sourced by business intelligence platform Tofler, said the date of allotment was June 6, 2019.

Amazon Corporate Holdings has pumped in Rs 449.95 crore, while the remaining came from Amazon.Com.Incs Ltd. E-mails sent to Amazon India did not elicit a response.

The funding comes at a time when companies like Paytm, Flipkart-owned PhonePe, Google Pay and others are making significant investments to tap into the booming digital payments market in India.&nbsp;

Many of these firms have been offering significant cashbacks to woo customers to use their platforms to make payments for utilities and shopping.&nbsp;

American retail giant Amazon has infused Rs 450 crore into its payments unit in India - Amazon Pay, according to regulatory documents. Amazon Pay (India) has allotted 45 crore shares of Rs 10 each aggregating to Rs 450 crore to Amazon Corporate Holdings and Amazon.

American retail giant Amazon has infused Rs 450 crore into its payments unit in India - Amazon Pay, according to regulatory documents. Amazon Pay (India) has allotted 45 crore shares of Rs 10 each aggregating to Rs 450 crore to Amazon Corporate Holdings and Amazon.Com.Incs Ltd, documents filed with Corporate Affairs Ministry showed. The documents, sourced by business intelligence platform Tofler, said the date of allotment was June 6, 2019. Amazon Corporate Holdings has pumped in Rs 449.95 crore, while the remaining came from Amazon.Com.Incs Ltd. E-mails sent to Amazon India did not elicit a response. The funding comes at a time when companies like Paytm, Flipkart-owned PhonePe, Google Pay and others are making significant investments to tap into the booming digital payments market in India. Many of these firms have been offering significant cashbacks to woo customers to use their platforms to make payments for utilities and shopping.

Amazon invests Rs 450 crore in India payments unit

Daimler must recall 60,000 Mercedes diesel cars in Germany after regulators found that they were fitted with software aimed at distorting emissions tests, the Transportation Ministry said on Saturday.

The model affected is the Mercedes-Benz GLK 220 produced between 2012 and 2015.&nbsp;

Daimler confirmed that the recall was ordered on Friday but said that it would appeal against the decision while continuing to cooperate with regulators.

The ministry said that it was expanding its investigation into further models.&nbsp;

Since rival Volkswagen admitted in 2015 to cheating US emissions tests, the scandal has spread to other carmakers. Daimler has ordered the recall of 3 million vehicles to fix excess emissions coming from their diesel engines.

Germany`s Bild am Sonntag, which first reported the recall on Saturday, had reported in April that the German auto regulator was looking into suspicious software in the Mercedes-Benz GLK 220 CDI cars produced between 2012 and 2015, after tests showed they only meet emissions limits when a certain function is activated.

Daimler must recall 60,000 Mercedes diesel cars in Germany after regulators found that they were fitted with software aimed at distorting emissions tests, the Transportation Ministry said on Saturday.

Daimler must recall 60,000 Mercedes diesel cars in Germany after regulators found that they were fitted with software aimed at distorting emissions tests, the Transportation Ministry said on Saturday. The model affected is the Mercedes-Benz GLK 220 produced between 2012 and 2015. Daimler confirmed that the recall was ordered on Friday but said that it would appeal against the decision while continuing to cooperate with regulators. The ministry said that it was expanding its investigation into further models. Since rival Volkswagen admitted in 2015 to cheating US emissions tests, the scandal has spread to other carmakers. Daimler has ordered the recall of 3 million vehicles to fix excess emissions coming from their diesel engines. Germany`s Bild am Sonntag, which first reported the recall on Saturday, had reported in April that the German auto regulator was looking into suspicious software in the Mercedes-Benz GLK 220 CDI cars produced between 2012 and 2015, after tests showed they only meet emissions limits when a certain function is activated.

Daimler to recall 60,000 Mercedes diesels in Germany over emissions

IT czar and chairman of tech giant Infosys Nandan Nilekani Saturday said the company was fully aligned with its growth strategy and that he was very optimistic of things going well.

"Absolutely, stability is not a question. I think a way beyond that. The company is fully aligned. Salil Parekh, CEO and MD of the firm, has come in and articulated a great strategy," he said.

"You can see that in numbers - the company is growing very well, people are very motivated," he said in response to a question whether stability was back at the company.

Speaking to reporters on the sidelines of the 38th annual general meeting of Infosys, he said, "So I'm very optimistic, things are going well."

Nilekani was appointed as the chairman to steer the tech giant in August 2017, after months of acrimony between founders and the then management led by R Seshasayee (chairman) and Vishal Sikka (CEO and MD).

The IT major held its 38th AGM Saturday that was attended by hundreds of shareholders from the city and different parts of the country.

Responding to a question related to Panaya and Skava businesses by shareholders, Parekh during the AGM said as stated in the financial report and results, Panaya and Skava were not being held as assets for sale.

He said, We are now looking at how we are going to re-focus and repurpose activities within those businesses that will help in the areas that we are now looking to grow the company in and that's the activity that is starting."

"We have assigned the senior members of the leadership team one each for Panay and Skava, who are spending a lot of time with addition to their roles trying to see how for example we can combine these in what we are doing in terms of retail or manufacturing segment," he said.

"We hope to have better results from this focus in short and medium-term," he added.

Infosys had earlier too indicated that it has dropped plans to sell Panaya and two other subsidiaries Skava and Kallidus after it failed to find any potential buyers.

In April last, Infosys had announced its plan to sell Panaya - the Israeli firm whose acquisition became a contentious issue between the founders and the erstwhile management led by Vishal Sikka - along with Kallidus and Skava.

It expected the sale to be completed by March 2019.

A whistle-blower report in 2017 had alleged wrongdoings by Infosys and some officials in the USD 200- million acquisition of Israeli automation technology firm Panaya by the Bengaluru-based IT services firm.

An internal audit committee set up by Infosys found no evidence supporting the whistle-blowers allegations.

However, Infosys founder N R Narayana Murthy had demanded that the full report by Gibson, Dunn and Crutcher on the whistleblower allegations be made public.

Later in October 2017, the Infosys board - under its new chairman Nandan Nilekani -- gave a clean chit to the controversial Panaya acquisition, saying there was no merit in the allegations of wrongdoing.

Responding to investors regarding investigation report on Panaya not being made public, Nilekani said, The investigation report is a confidential document and many statements given during the process was given by people on the assurance of expectation of confidentiality. So the board is very comfortable with the decision to keep it as it is."

Earlier in his address to the AGM, Nilekani said Infosys was embracing the Live Enterprise vision and continuously changing to prepare for the new world.

"In fact, in the past year, we have done much to progress on this path. We've been working relentlessly to rebuild our 2,00,000-plus people organisation to operate with the speed and flexibility of a start-up, he said.

"Guided by the strategy articulated by Salil Parekh, we focussed on increasing our relevance to clients and building greater business model resilience, Nilekani said, On behalf of the board, I want to assure you all that we will do everything we can to build on the advantages and harness the vitality of this high-energy management team that is inspiring thousands of charged Infoscions to move forward and take the world with them.

"Our aspirations are ambitious and execution plans bold. Our motivation and commitment to take it forward is founded on the generous guidance and support of our partners, clients, co-founders and governments of the several countries and states that we operate in, he added.&nbsp;

IT czar and chairman of tech giant Infosys Nandan Nilekani Saturday said the company was fully aligned with its growth strategy and that he was very optimistic of things going well.

IT czar and chairman of tech giant Infosys Nandan Nilekani Saturday said the company was fully aligned with its growth strategy and that he was very optimistic of things going well. "Absolutely, stability is not a question. I think a way beyond that. The company is fully aligned. Salil Parekh, CEO and MD of the firm, has come in and articulated a great strategy," he said. "You can see that in numbers - the company is growing very well, people are very motivated," he said in response to a question whether stability was back at the company. Speaking to reporters on the sidelines of the 38th annual general meeting of Infosys, he said, "So I'm very optimistic, things are going well." Nilekani was appointed as the chairman to steer the tech giant in August 2017, after months of acrimony between founders and the then management led by R Seshasayee (chairman) and Vishal Sikka (CEO and MD). The IT major held its 38th AGM Saturday that was attended by hundreds of shareholders from the city and different parts of the country. Responding to a question related to Panaya and Skava businesses by shareholders, Parekh during the AGM said as stated in the financial report and results, Panaya and Skava were not being held as assets for sale. He said, We are now looking at how we are going to re-focus and repurpose activities within those businesses that will help in the areas that we are now looking to grow the company in and that's the activity that is starting." "We have assigned the senior members of the leadership team one each for Panay and Skava, who are spending a lot of time with addition to their roles trying to see how for example we can combine these in what we are doing in terms of retail or manufacturing segment," he said. "We hope to have better results from this focus in short and medium-term," he added. Infosys had earlier too indicated that it has dropped plans to sell Panaya and two other subsidiaries Skava and Kallidus after it failed to find any potential buyers. In April last, Infosys had announced its plan to sell Panaya - the Israeli firm whose acquisition became a contentious issue between the founders and the erstwhile management led by Vishal Sikka - along with Kallidus and Skava. It expected the sale to be completed by March 2019. A whistle-blower report in 2017 had alleged wrongdoings by Infosys and some officials in the USD 200- million acquisition of Israeli automation technology firm Panaya by the Bengaluru-based IT services firm. An internal audit committee set up by Infosys found no evidence supporting the whistle-blowers allegations. However, Infosys founder N R Narayana Murthy had demanded that the full report by Gibson, Dunn and Crutcher on the whistleblower allegations be made public. Later in October 2017, the Infosys board - under its new chairman Nandan Nilekani -- gave a clean chit to the controversial Panaya acquisition, saying there was no merit in the allegations of wrongdoing. Responding to investors regarding investigation report on Panaya not being made public, Nilekani said, The investigation report is a confidential document and many statements given during the process was given by people on the assurance of expectation of confidentiality. So the board is very comfortable with the decision to keep it as it is." Earlier in his address to the AGM, Nilekani said Infosys was embracing the Live Enterprise vision and continuously changing to prepare for the new world. "In fact, in the past year, we have done much to progress on this path. We've been working relentlessly to rebuild our 2,00,000-plus people organisation to operate with the speed and flexibility of a start-up, he said. "Guided by the strategy articulated by Salil Parekh, we focussed on increasing our relevance to clients and building greater business model resilience, Nilekani said, On behalf of the board, I want to assure you all that we will do everything we can to build on the advantages and harness the vitality of this high-energy management team that is inspiring thousands of charged Infoscions to move forward and take the world with them. "Our aspirations are ambitious and execution plans bold. Our motivation and commitment to take it forward is founded on the generous guidance and support of our partners, clients, co-founders and governments of the several countries and states that we operate in, he added.

We are right on growth strategy path: Infosys chairman Nandan Nilekani

The rupee Friday fell 28 paise to trade at 69.72 against the US dollar in early trade following foreign fund outflows and rising crude prices after Iran said it had shot down a US military drone.

Subdued sentiments in domestic equity markets also influenced the trading pattern in the currency market, forex traders said.

However, a weak dollar against major currencies overseas restricted the rupee's fall, they added.

At the interbank foreign exchange (forex) market, the domestic currency opened sharply lower at 69.75 against the dollar. However, it recovered some lost ground in the early deals to trade at 69.72, registering a fall of 28 paise.&nbsp;

The rupee had settled at 69.44 against the US dollar Thursday.

Political tensions in the Middle East intensified Thursday when Iran claimed it had shot down a US military drone that was violating its airspace. However, the US has refuted this claim.

Meanwhile, the US barred its civilian flights from Tehran-controlled airspace over the Gulf and Gulf of Oman.

Foreign funds pulled out Rs 438 crore from capital markets on a net basis Thursday, provisional data showed.

Brent crude futures, the global oil benchmark, rose by 0.61 per cent to trade at USD 64.84 per barrel.

The BSE Sensex was trading 136.59 points, or 0.34 per cent, lower at 39,465.04 at 0930 hours. Similarly, the broader NSE Nifty was quoting 32.25 points, or 0.27 per cent, down at 11,799.50.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.10 per cent to 96.53.&nbsp;

The rupee Friday fell 28 paise to trade at 69.72 against the US dollar in early trade following foreign fund outflows and rising crude prices after Iran said it had shot down a US military drone.

The rupee Friday fell 28 paise to trade at 69.72 against the US dollar in early trade following foreign fund outflows and rising crude prices after Iran said it had shot down a US military drone. Subdued sentiments in domestic equity markets also influenced the trading pattern in the currency market, forex traders said. However, a weak dollar against major currencies overseas restricted the rupee's fall, they added. At the interbank foreign exchange (forex) market, the domestic currency opened sharply lower at 69.75 against the dollar. However, it recovered some lost ground in the early deals to trade at 69.72, registering a fall of 28 paise. The rupee had settled at 69.44 against the US dollar Thursday. Political tensions in the Middle East intensified Thursday when Iran claimed it had shot down a US military drone that was violating its airspace. However, the US has refuted this claim. Meanwhile, the US barred its civilian flights from Tehran-controlled airspace over the Gulf and Gulf of Oman. Foreign funds pulled out Rs 438 crore from capital markets on a net basis Thursday, provisional data showed. Brent crude futures, the global oil benchmark, rose by 0.61 per cent to trade at USD 64.84 per barrel. The BSE Sensex was trading 136.59 points, or 0.34 per cent, lower at 39,465.04 at 0930 hours. Similarly, the broader NSE Nifty was quoting 32.25 points, or 0.27 per cent, down at 11,799.50. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.10 per cent to 96.53.

Rupee slips 28 paise against US dollar in early trade

Domestic equity benchmark BSE Sensex fell over 150 points Friday dragged by losses in index heavyweights HDFC, RIL, ITC and Maruti, amid weak cues from other Asian markets.

The 30-share index was trading 136.59 points, or 0.34 per cent, lower at 39,465.04 at 0930 hours. Similarly, the broader NSE Nifty was quoting 32.25 points, or 0.27 per cent, down at 11,799.50.

In the previous session Thursday, the BSE gauge settled 488.89 points, or 1.25 per cent, higher at 39,601.63; and the Nifty closed 140.30 points, or 1.20 per cent, up at 11,831.75.

Top losers in the Sensex pack included Maruti, Yes Bank, Tata Motors, Kotak Bank, ITC, HDFC, Axis Bank and Bajaj Auto shedding up to 2 per cent.

While, Vedanta, SBI, Coal India, L&amp;T, PowerGrid, IndusInd Bank, ICICI Bank and HCL Tech were among the gainers, rising up to 1 per cent.

According to experts, investors took weak cues from other Asian markets amid continued foreign fund outflow and a depreciating rupee.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a choppy note in their respective early sessions.

On Wall Street, S&amp;P500 ended at its record peak on Thursday, and Nasdaq rallied 0.80 per cent.

On a net basis, foreign institutional investors sold equity worth Rs 438.41 crore, while domestic institutional investors purchased shares to the tune of Rs 1,241.23 crore, provisional data available with stock exchanges showed on Thursday.

On the currency front, the Indian rupee depreciated 30 paise to 69.74 against the US dollar.

The global oil benchmark Brent crude futures were trading flat at 64.47 per barrel.

Domestic market was also cautious ahead of Finance Minister Nirmala Sitharaman's first meeting of the GST Council on Friday, traders said.

The council will consider slashing GST rate on electric vehicles to 5 per cent, from 12 per cent currently, along with extension of the tenure of the anti-profiteering authority by a year till November 2020, an official said.&nbsp;

Domestic equity benchmark BSE Sensex fell over 150 points Friday dragged by losses in index heavyweights HDFC, RIL, ITC and Maruti, amid weak cues from other Asian markets.

Domestic equity benchmark BSE Sensex fell over 150 points Friday dragged by losses in index heavyweights HDFC, RIL, ITC and Maruti, amid weak cues from other Asian markets. The 30-share index was trading 136.59 points, or 0.34 per cent, lower at 39,465.04 at 0930 hours. Similarly, the broader NSE Nifty was quoting 32.25 points, or 0.27 per cent, down at 11,799.50. In the previous session Thursday, the BSE gauge settled 488.89 points, or 1.25 per cent, higher at 39,601.63; and the Nifty closed 140.30 points, or 1.20 per cent, up at 11,831.75. Top losers in the Sensex pack included Maruti, Yes Bank, Tata Motors, Kotak Bank, ITC, HDFC, Axis Bank and Bajaj Auto shedding up to 2 per cent. While, Vedanta, SBI, Coal India, L&T, PowerGrid, IndusInd Bank, ICICI Bank and HCL Tech were among the gainers, rising up to 1 per cent. According to experts, investors took weak cues from other Asian markets amid continued foreign fund outflow and a depreciating rupee. Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a choppy note in their respective early sessions. On Wall Street, S&P500 ended at its record peak on Thursday, and Nasdaq rallied 0.80 per cent. On a net basis, foreign institutional investors sold equity worth Rs 438.41 crore, while domestic institutional investors purchased shares to the tune of Rs 1,241.23 crore, provisional data available with stock exchanges showed on Thursday. On the currency front, the Indian rupee depreciated 30 paise to 69.74 against the US dollar. The global oil benchmark Brent crude futures were trading flat at 64.47 per barrel. Domestic market was also cautious ahead of Finance Minister Nirmala Sitharaman's first meeting of the GST Council on Friday, traders said. The council will consider slashing GST rate on electric vehicles to 5 per cent, from 12 per cent currently, along with extension of the tenure of the anti-profiteering authority by a year till November 2020, an official said.

Sensex drops over 150 points; Nifty below 11,800

Oil prices rose on Friday, with Brent crude heading for its first weekly gain in five weeks on tensions in the Middle East after Iran shot down a US military drone and on hopes for a drop in US interest rates that may stimulate global growth.

While US President Donald Trump played down the destruction of the drone, tensions remain high after the latest incident in the Gulf, which followed tanker attacks last week that raised concerns about crucial oil supplies being disrupted.

The demand-side picture has also improved, with expectations that the US Federal Reserve will cut interest rates at its next meeting and with plans by Beijing and Washington to resume talks to resolve a trade war that has hit economic growth prospects.

Brent crude was up 39 cents, or 0.6%, at $64.84 a barrel by 0034 GMT. The global benchmark rose 4.3% on Thursday and is heading for a weekly gain of more than 4% after four weeks of decline.

US West Texas Intermediate crude was up 32 cents, or 0.6%, at $57.39 a barrel. The US benchmark rose 5.4% on Thursday and is on track for a nearly 10% increase this week.

Potential supply "disruptions have boosted energy prices combined with the dollar weakness after the Fed signalled an interest rate is near," Alfonso Esparza, senior market analyst at OANDA, said in a note.

A weaker greenback tends to support oil prices because crude is usually priced in dollars.

"Trade anxiety has died down, pushing energy prices higher as global growth will not be pressured by a prolonged tariff war," Esparza said.

Concern about slowing economic growth and a US-China trade dispute had pulled oil lower in recent weeks. That came after Brent reached a 2019-high above $75 in April.

Trump said on Thursday he suspected the drone was shot down by mistake and that "it would have made a big difference" to him if the remotely-controlled aircraft had been piloted.

While the comments appeared to suggest Trump was not eager to escalate the latest in a series of incidents with Iran, he also warned that: "This country will not stand for it".

Tehran said the unarmed Global Hawk surveillance drone was on a spy mission over its territory, but Washington said it was shot down over international airspace.

Several top US House Republicans said on Thursday the United States must undertake a "measured response" to Iran.

Tension has been rising in the Middle East, home to over 20% of the world's oil output, after attacks on two tankers near the Strait of Hormuz, a chokepoint for oil supplies.

Washington blamed Tehran for the tanker attacks. Iran denied any role.

A drop in US crude inventories has also supported prices.

Oil prices rose on Friday, with Brent crude heading for its first weekly gain in five weeks on tensions in the Middle East after Iran shot down a US military drone and on hopes for a drop in US interest rates that may stimulate global growth.

Oil prices rose on Friday, with Brent crude heading for its first weekly gain in five weeks on tensions in the Middle East after Iran shot down a US military drone and on hopes for a drop in US interest rates that may stimulate global growth. While US President Donald Trump played down the destruction of the drone, tensions remain high after the latest incident in the Gulf, which followed tanker attacks last week that raised concerns about crucial oil supplies being disrupted. The demand-side picture has also improved, with expectations that the US Federal Reserve will cut interest rates at its next meeting and with plans by Beijing and Washington to resume talks to resolve a trade war that has hit economic growth prospects. Brent crude was up 39 cents, or 0.6%, at $64.84 a barrel by 0034 GMT. The global benchmark rose 4.3% on Thursday and is heading for a weekly gain of more than 4% after four weeks of decline. US West Texas Intermediate crude was up 32 cents, or 0.6%, at $57.39 a barrel. The US benchmark rose 5.4% on Thursday and is on track for a nearly 10% increase this week. Potential supply "disruptions have boosted energy prices combined with the dollar weakness after the Fed signalled an interest rate is near," Alfonso Esparza, senior market analyst at OANDA, said in a note. A weaker greenback tends to support oil prices because crude is usually priced in dollars. "Trade anxiety has died down, pushing energy prices higher as global growth will not be pressured by a prolonged tariff war," Esparza said. Concern about slowing economic growth and a US-China trade dispute had pulled oil lower in recent weeks. That came after Brent reached a 2019-high above $75 in April. Trump said on Thursday he suspected the drone was shot down by mistake and that "it would have made a big difference" to him if the remotely-controlled aircraft had been piloted. While the comments appeared to suggest Trump was not eager to escalate the latest in a series of incidents with Iran, he also warned that: "This country will not stand for it". Tehran said the unarmed Global Hawk surveillance drone was on a spy mission over its territory, but Washington said it was shot down over international airspace. Several top US House Republicans said on Thursday the United States must undertake a "measured response" to Iran. Tension has been rising in the Middle East, home to over 20% of the world's oil output, after attacks on two tankers near the Strait of Hormuz, a chokepoint for oil supplies. Washington blamed Tehran for the tanker attacks. Iran denied any role. A drop in US crude inventories has also supported prices.

Oil prices extend gains amid Middle East tensions, rate cut hopes

Asian stocks struggled on Friday to follow Wall Street's euphoria about a possible US rate cut next month as anxiety over Sino-US trade negotiations clouded investor sentiment in the region.

Also tempering appetite in Asia were fresh worries about the Middle East, after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington and pushing the crude oil price higher.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1%. The index was up about 4% on the week, during which it brushed its highest level since May 8.

The Shanghai Composite Index rose 0.4%, Australian stocks declined 0.3% and Japan's Nikkei shed 0.2% amid the yen's big surge.

The S&amp;P 500 hit a record high on Thursday after this week's Federal Reserve meeting boosted expectations that the central bank will cut interest rates as soon as next month to keep the US-China trade war from stalling economic growth.

The Fed signalled easing after the conclusion of its policy-setting meeting on Wednesday, saying it was ready to battle growing global and domestic economic risks.

"There is no doubt that this week's FOMC meeting outcome is positive for the financial markets including those in Asia," said Kota Hirayama, senior emerging-market economist at SMBC Nikko Securities in Tokyo.

"That said, the FOMC alone won't be able to sustain Asian equities indefinitely until some kind of solution can be worked out for the US-China trade war at the G20, since the region is particularly vulnerable to the conflict."

Investors have pinned hopes on the United States and China reaching some sort of compromise at the sidelines of the G20 summit in Japan on June 28-29.

In currency markets, the prospect of US interest rates being lowered put the dollar squarely on the defensive.

The dollar index against a basket of six major currencies fell to a two-week low of 96.495. The index has shed roughly 1% this week.

The greenback has fallen 1.3% versus the yen this week and slid to a six-month low of 107.12 yen on Friday.

The euro was a touch higher at $1.1302 after popping up to an eight-day high of $1.1317 in the previous session. The single currency was headed for a weekly gain of 0.8%.

With the Fed expected to ease policy soon, and with other central banks such as the European Central Bank and the Bank of Japan seen following in their wake, government bonds were on a bullish footing.

The benchmark 10-year US Treasury yield surged in price and its yield fell below 2% for the first time in 2-1/2 years on Thursday. It last stood at 2.007%.

The German 10-year bond yield touched a record low of minus 0.329% this week while Japan's 10-year yield fell to a near three-year trough of minus 0.185% overnight.

"In euroland and Japan, central banks are pedal-to-the-metal to revive dead economies after a dozen years of subpar growth," wrote Carl Weinberg, chief international economist at High Frequency Economics.

"In North America, the game has been to throttle well-performing economies before they overheat with inflation consequences."

In oil markets, crude rose to three-week highs after Iran shot down a US military drone, raising fears of about fresh conflict in the Middle East and supply constraints.

US crude oil futures were up 0.68% at $57.46 per barrel after rallying more than 5% the previous day.

Spot gold advanced to a six-year high of $1,410.78 an ounce as the prospect of lower US interest rates helped boost the non-yielding precious metal. Gold has soared nearly 5% this week.

Asian stocks struggled on Friday to follow Wall Street's euphoria about a possible US rate cut next month as anxiety over Sino-US trade negotiations clouded investor sentiment in the region.

Asian stocks struggled on Friday to follow Wall Street's euphoria about a possible US rate cut next month as anxiety over Sino-US trade negotiations clouded investor sentiment in the region. Also tempering appetite in Asia were fresh worries about the Middle East, after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington and pushing the crude oil price higher. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1%. The index was up about 4% on the week, during which it brushed its highest level since May 8. The Shanghai Composite Index rose 0.4%, Australian stocks declined 0.3% and Japan's Nikkei shed 0.2% amid the yen's big surge. The S&P 500 hit a record high on Thursday after this week's Federal Reserve meeting boosted expectations that the central bank will cut interest rates as soon as next month to keep the US-China trade war from stalling economic growth. The Fed signalled easing after the conclusion of its policy-setting meeting on Wednesday, saying it was ready to battle growing global and domestic economic risks. "There is no doubt that this week's FOMC meeting outcome is positive for the financial markets including those in Asia," said Kota Hirayama, senior emerging-market economist at SMBC Nikko Securities in Tokyo. "That said, the FOMC alone won't be able to sustain Asian equities indefinitely until some kind of solution can be worked out for the US-China trade war at the G20, since the region is particularly vulnerable to the conflict." Investors have pinned hopes on the United States and China reaching some sort of compromise at the sidelines of the G20 summit in Japan on June 28-29. In currency markets, the prospect of US interest rates being lowered put the dollar squarely on the defensive. The dollar index against a basket of six major currencies fell to a two-week low of 96.495. The index has shed roughly 1% this week. The greenback has fallen 1.3% versus the yen this week and slid to a six-month low of 107.12 yen on Friday. The euro was a touch higher at $1.1302 after popping up to an eight-day high of $1.1317 in the previous session. The single currency was headed for a weekly gain of 0.8%. With the Fed expected to ease policy soon, and with other central banks such as the European Central Bank and the Bank of Japan seen following in their wake, government bonds were on a bullish footing. The benchmark 10-year US Treasury yield surged in price and its yield fell below 2% for the first time in 2-1/2 years on Thursday. It last stood at 2.007%. The German 10-year bond yield touched a record low of minus 0.329% this week while Japan's 10-year yield fell to a near three-year trough of minus 0.185% overnight. "In euroland and Japan, central banks are pedal-to-the-metal to revive dead economies after a dozen years of subpar growth," wrote Carl Weinberg, chief international economist at High Frequency Economics. "In North America, the game has been to throttle well-performing economies before they overheat with inflation consequences." In oil markets, crude rose to three-week highs after Iran shot down a US military drone, raising fears of about fresh conflict in the Middle East and supply constraints. US crude oil futures were up 0.68% at $57.46 per barrel after rallying more than 5% the previous day. Spot gold advanced to a six-year high of $1,410.78 an ounce as the prospect of lower US interest rates helped boost the non-yielding precious metal. Gold has soared nearly 5% this week.

Asian stocks fail to catch Wall Street's Fed rally as trade angst persists

The all-powerful <a href="https://www.wionews.com/business-economy/gst-revenue-collections-cross-rs-1-lakh-crore-in-may-223440">GST</a> Council Friday extended the tenure of the anti-profiteering authority by two years and approved imposing a penalty of up to 10 per cent on entities not passing on benefits of <a href="https://www.wionews.com/opinions/impact-of-gst-on-the-formal-sector-179287">GST </a>rate cuts to consumers.

Briefing reporters after the 35th meeting of the Council, Revenue Secretary A B Pandey said it has been decided to allow the use of Aadhaar by businesses to register with GST-Network.

Also, it extended the date for filing annual returns under the Goods and Services Tax (GST) regime by two months to August 30, he said, adding the one-form new GST return filing system will be applicable from January 1, 2020.

The Council, which is headed by the Union Finance Minister and comprises representatives of all states and UTs, also approved an electronic invoicing system and e-ticketing in multiplexes.

Pandey said the proposal to reduce GST rate on EVs to 5 per cent from the current 12 per cent and that on electric charger to 12 per cent from 18 per cent to the fitment committee for fine-tuning.

The tenure of National Anti-Profiteering Authority (NAA) has been extended by two years till November 30, 2021.

Soon after the GST was rolled out from July 1, 2017, the government had approved setting up the NAA for two years to deal with complaints by consumers against companies for not passing on GST rate cut benefits.

The NAA came into existence on November 30, 2017, after its Chairman B N Sharma assumed charge. So far, the NAA has passed 67 orders in various cases and complaints still keep coming in.

The all-powerful GST Council Friday extended the tenure of the anti-profiteering authority by two years and approved imposing a penalty of up to 10 per cent on entities not passing on benefits of GST rate cuts to consumers.

The all-powerful GST Council Friday extended the tenure of the anti-profiteering authority by two years and approved imposing a penalty of up to 10 per cent on entities not passing on benefits of GST rate cuts to consumers. Briefing reporters after the 35th meeting of the Council, Revenue Secretary A B Pandey said it has been decided to allow the use of Aadhaar by businesses to register with GST-Network. Also, it extended the date for filing annual returns under the Goods and Services Tax (GST) regime by two months to August 30, he said, adding the one-form new GST return filing system will be applicable from January 1, 2020. The Council, which is headed by the Union Finance Minister and comprises representatives of all states and UTs, also approved an electronic invoicing system and e-ticketing in multiplexes. Pandey said the proposal to reduce GST rate on EVs to 5 per cent from the current 12 per cent and that on electric charger to 12 per cent from 18 per cent to the fitment committee for fine-tuning. The tenure of National Anti-Profiteering Authority (NAA) has been extended by two years till November 30, 2021. Soon after the GST was rolled out from July 1, 2017, the government had approved setting up the NAA for two years to deal with complaints by consumers against companies for not passing on GST rate cut benefits. The NAA came into existence on November 30, 2017, after its Chairman B N Sharma assumed charge. So far, the NAA has passed 67 orders in various cases and complaints still keep coming in.

GST Council extends anti-profiteering authority's tenure, sends rate cut on EVs to fitment panel

The BSE Sensex plunged 407 points Friday, dragged by heavy losses in index heavyweights HDFC and Reliance Industries amid rising geopolitical tensions in the Middle East.

The BSE gauge settled 407.14 points, or 1.03 per cent, lower at 39,194.49. The index hit an intra-day low of 39,121.30 and a high of 39,617.95.

Similarly, the broader NSE Nifty tumbled 107.65 points, or 0.91 per cent, to 11,724.10. During the day, the index touched a low of 11,705.10 and a high of 11,827.95.

Yes Bank was the top loser in the Sensex pack, dropping 4.36 per cent. 
Other losers included Maruti, HDFC, Hero MotoCorp, Sun Pharma, HUL, Kotak Bank, Coal India, RIL, TCS and Bharti Airtel, shedding up to 3.39 per cent.

SBI, IndusInd Bank, Vedanta, NTPC, M&amp;M and Axis Bank finished with gains of up to 1.28 per cent.

Market experts attributed the sharp fall in domestic bourses to rising tensions between the US and Iran.

Brent crude futures, the global oil benchmark, rose 0.51 per cent to USD 64.78 per barrel.

While bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a weak note, equity markets in Europe were trading in the green in early deals.

On the currency front, the Indian rupee depreciated 11 paise to 69.55 against the US dollar intra-day.

The BSE Sensex plunged 407 points Friday, dragged by heavy losses in index heavyweights HDFC and Reliance Industries amid rising geopolitical tensions in the Middle East.

The BSE Sensex plunged 407 points Friday, dragged by heavy losses in index heavyweights HDFC and Reliance Industries amid rising geopolitical tensions in the Middle East. The BSE gauge settled 407.14 points, or 1.03 per cent, lower at 39,194.49. The index hit an intra-day low of 39,121.30 and a high of 39,617.95. Similarly, the broader NSE Nifty tumbled 107.65 points, or 0.91 per cent, to 11,724.10. During the day, the index touched a low of 11,705.10 and a high of 11,827.95. Yes Bank was the top loser in the Sensex pack, dropping 4.36 per cent. Other losers included Maruti, HDFC, Hero MotoCorp, Sun Pharma, HUL, Kotak Bank, Coal India, RIL, TCS and Bharti Airtel, shedding up to 3.39 per cent. SBI, IndusInd Bank, Vedanta, NTPC, M&M and Axis Bank finished with gains of up to 1.28 per cent. Market experts attributed the sharp fall in domestic bourses to rising tensions between the US and Iran. Brent crude futures, the global oil benchmark, rose 0.51 per cent to USD 64.78 per barrel. While bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a weak note, equity markets in Europe were trading in the green in early deals. On the currency front, the Indian rupee depreciated 11 paise to 69.55 against the US dollar intra-day.

Sensex plunges 407 points; Yes Bank cracks 4%

The key domestic stock market indices on Thursday opened lower after the US Federal Reserve has left interest rates unchanged.

While the Sensex is trading at 38,942.82, 170 points down from the last close, Nifty is at 11,651.25, down 40.20 points from the previous settlement.&nbsp;

Today, the Rupee opened higher at 69.48 per dollar against the previous close of 69.68 per dollar amid positive global cues.&nbsp;

The key domestic stock market indices on Thursday opened lower after the US Federal Reserve has left interest rates unchanged. While the Sensex is trading at 38,942.

The key domestic stock market indices on Thursday opened lower after the US Federal Reserve has left interest rates unchanged. While the Sensex is trading at 38,942.82, 170 points down from the last close, Nifty is at 11,651.25, down 40.20 points from the previous settlement. Today, the Rupee opened higher at 69.48 per dollar against the previous close of 69.68 per dollar amid positive global cues.

Sensex drops over 100 points, Nifty down by 40.20 points

The Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth, said Reserve Bank of India Governor Shaktikanta Das while voting for a 25 basis points (bps) rate cut along with other five members at the MPC meet earlier this month.

Das, as per the minutes of the June 3-6 Monetary Policy Committee, said that since the last meeting of the rate-setting panel in April 2019, greater clarity has emerged about the evolving macroeconomic situation.

The RBI released the minutes of the meeting Thursday.

Overall, there is clear evidence of economic activity "losing traction" with the GDP growth in the fourth quarter of the last financial year slowing to 5.8 per cent, he said.

"In sum, growth impulses have clearly weakened, while the headline inflation trajectory is projected to remain below 4.0 per cent throughout 2019-20 even after considering the expected transmission of the past two policy rate cuts.

"Keeping in view the evolving growth inflation dynamics, there is a need for decisive monetary policy action. Hence, my vote is to reduce the policy repo rate by 25 basis points," he said.

He also favoured shifting the stance of monetary policy from neutral to accommodative to send a clear signal, indicating that more measures could be taken in the near future to boost growth.

It was for the third time in a row that the RBI cut the key lending rate (repo) by 25 bps.

MPC member and RBI Deputy Governor Viral Acharya said the mixed picture on economic growth has morphed into one where at least some aspects have weakened considerably over the past two quarters. He also flagged some upside risks, including deficiency in monsoon and volatality in crude oil prices, to inflation.

"In spite of my dilemma, I vote 'albeit with some hesitation'&nbsp;to frontload the policy rate cut from 6 per cent to 5.75 per cent..." the minutes quoted him as saying.

Another member and Executive Director Michael Debabrata Patra said the risks to the primary target of monetary policy are distinctly on the ebb.

Inflation expectations, he said, are also better anchored than before.

"In fact, if one were to step back a little in time, it is evident that if the 2019-20 projections materialise, the MPC would have steered inflation at or below target on average for four years in a row in its five-year term of office," he said.

Other three members of the MPC -- Ravindra H Dholakia, Pami Dua, and Chetan Ghate -- also voted in favour of reducing the key lending rate.

Das also said quite a sizable part of loan portfolio of banks continues at the base rate, which impedes monetary transmission.

Interest rates on small savings are also higher than the prescribed formula, he said.

The transmission of the cumulative reduction of 50 basis points in the policy repo rate in February and April 2019 to fresh rupee loans has been 21 basis points.

However, the weighted average lending rate on outstanding loans has increased by 4 basis points.

"Going forward, the transmission is expected to improve, given the lags with which banks adjust their deposit and lending rates in response to changes in the policy rate," the RBI governor said.

The Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth, said Reserve Bank of India Governor Shaktikanta Das while voting for a 25 basis points (bps) rate cut along with other five members at the MPC meet earlier this month.

The Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth, said Reserve Bank of India Governor Shaktikanta Das while voting for a 25 basis points (bps) rate cut along with other five members at the MPC meet earlier this month. Das, as per the minutes of the June 3-6 Monetary Policy Committee, said that since the last meeting of the rate-setting panel in April 2019, greater clarity has emerged about the evolving macroeconomic situation. The RBI released the minutes of the meeting Thursday. Overall, there is clear evidence of economic activity "losing traction" with the GDP growth in the fourth quarter of the last financial year slowing to 5.8 per cent, he said. "In sum, growth impulses have clearly weakened, while the headline inflation trajectory is projected to remain below 4.0 per cent throughout 2019-20 even after considering the expected transmission of the past two policy rate cuts. "Keeping in view the evolving growth inflation dynamics, there is a need for decisive monetary policy action. Hence, my vote is to reduce the policy repo rate by 25 basis points," he said. He also favoured shifting the stance of monetary policy from neutral to accommodative to send a clear signal, indicating that more measures could be taken in the near future to boost growth. It was for the third time in a row that the RBI cut the key lending rate (repo) by 25 bps. MPC member and RBI Deputy Governor Viral Acharya said the mixed picture on economic growth has morphed into one where at least some aspects have weakened considerably over the past two quarters. He also flagged some upside risks, including deficiency in monsoon and volatality in crude oil prices, to inflation. "In spite of my dilemma, I vote 'albeit with some hesitation' to frontload the policy rate cut from 6 per cent to 5.75 per cent..." the minutes quoted him as saying. Another member and Executive Director Michael Debabrata Patra said the risks to the primary target of monetary policy are distinctly on the ebb. Inflation expectations, he said, are also better anchored than before. "In fact, if one were to step back a little in time, it is evident that if the 2019-20 projections materialise, the MPC would have steered inflation at or below target on average for four years in a row in its five-year term of office," he said. Other three members of the MPC -- Ravindra H Dholakia, Pami Dua, and Chetan Ghate -- also voted in favour of reducing the key lending rate. Das also said quite a sizable part of loan portfolio of banks continues at the base rate, which impedes monetary transmission. Interest rates on small savings are also higher than the prescribed formula, he said. The transmission of the cumulative reduction of 50 basis points in the policy repo rate in February and April 2019 to fresh rupee loans has been 21 basis points. However, the weighted average lending rate on outstanding loans has increased by 4 basis points. "Going forward, the transmission is expected to improve, given the lags with which banks adjust their deposit and lending rates in response to changes in the policy rate," the RBI governor said.

Economic activity clearly losing traction: RBI Governor Shaktikanta Das at MPC meet

<a href="https://www.wionews.com/business-economy/sensex-gains-over-300-points-nifty-past-11750-228541">The BSE Sensex</a> rallied 489 points Thursday, driven by gains in banking, healthcare and auto stocks, amid strong cues from the global markets after the US Federal Reserve hinted at a rate cut shortly.

After gyrating over 700 points during the day, the BSE gauge settled 488.89 points or 1.25 per cent, higher at 39,601.63. The index hit an intra-day high of 39,638.64 and a low of 38,933.78.

Similarly, the broader NSE Nifty closed 140.30 points or 1.20 per cent, higher at 11,831.75. During the day, the index touched a high of 11,843.50 and a low of 11,635.05.

Yes, Bank was the biggest gainer in the Sensex pack, rallying 10.94 per cent.

Other gainers included Sun Pharma, IndusInd Bank, L&amp;T, ICICI Bank, Maruti, Bajaj Auto, Tata Motors and ONGC, rallying up to 4.01 per cent.

HUL, HDFC Bank, ITC and NTPC were the only losers in the index, shedding up to 0.26 per cent.

Meanwhile, shares of Jet Airways witnessed a massive rebound, ending 93 per cent higher, after taking nearly 90 per cent in the past 13 sessions.

According to experts, domestic investors took cues from firm global markets that rallied after the US Federal Reserve's policy outcome. 
The US central bank Wednesday left the interest rates unchanged but indicated it will not hesitate to cut rates to boost the economy amid growing uncertainties.

Bourses in Shanghai, Hong Kong, Tokyo, and Seoul ended significantly higher. Equity markets in Europe too were trading in the green in early deals.

Hopes of a breakthrough in US-China trade talks too boosted global investor sentiment, traders said.

On the currency front, the Indian rupee appreciated 11 paise to 69.57 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, rose 2.67 percent to USD 63.47 per barrel amid a flare-up in geopolitical tensions in the Middle East.&nbsp;

The BSE Sensex rallied 489 points Thursday, driven by gains in banking, healthcare and auto stocks, amid strong cues from the global markets after the US Federal Reserve hinted at a rate cut shortly.

The BSE Sensex rallied 489 points Thursday, driven by gains in banking, healthcare and auto stocks, amid strong cues from the global markets after the US Federal Reserve hinted at a rate cut shortly. After gyrating over 700 points during the day, the BSE gauge settled 488.89 points or 1.25 per cent, higher at 39,601.63. The index hit an intra-day high of 39,638.64 and a low of 38,933.78. Similarly, the broader NSE Nifty closed 140.30 points or 1.20 per cent, higher at 11,831.75. During the day, the index touched a high of 11,843.50 and a low of 11,635.05. Yes, Bank was the biggest gainer in the Sensex pack, rallying 10.94 per cent. Other gainers included Sun Pharma, IndusInd Bank, L&T, ICICI Bank, Maruti, Bajaj Auto, Tata Motors and ONGC, rallying up to 4.01 per cent. HUL, HDFC Bank, ITC and NTPC were the only losers in the index, shedding up to 0.26 per cent. Meanwhile, shares of Jet Airways witnessed a massive rebound, ending 93 per cent higher, after taking nearly 90 per cent in the past 13 sessions. According to experts, domestic investors took cues from firm global markets that rallied after the US Federal Reserve's policy outcome. The US central bank Wednesday left the interest rates unchanged but indicated it will not hesitate to cut rates to boost the economy amid growing uncertainties. Bourses in Shanghai, Hong Kong, Tokyo, and Seoul ended significantly higher. Equity markets in Europe too were trading in the green in early deals. Hopes of a breakthrough in US-China trade talks too boosted global investor sentiment, traders said. On the currency front, the Indian rupee appreciated 11 paise to 69.57 against the US dollar intra-day. Brent crude futures, the global oil benchmark, rose 2.67 percent to USD 63.47 per barrel amid a flare-up in geopolitical tensions in the Middle East.

Sensex soars 489 points as dovish Fed lifts global markets

<a href="https://www.wionews.com/world/us-oil-sanctions-wont-go-without-response-iran-213205">Oil jumped more</a> than 3% to above $63 a barrel on Thursday after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington.

Also supporting oil were expectations that the US Federal Reserve could cut interest rates at its next meeting, stimulating growth in the world's largest oil-consuming country, and a drop in US crude inventories.

Brent crude, the global benchmark, was up $1.38 at $63.20 a barrel at 0854 GMT, having risen 3.3% to $63.88 earlier in the session.

The US West Texas Intermediate crude rose $1.45 to $55.21.

"It's a combination of factors," Petromatrix analyst Olivier Jakob said of the price rise. "You have more supportive stocks data, the Fed indicating they will cut rates and the shooting down of the drone."

The drone was downed in international airspace over the Strait of Hormuz by an Iranian surface-to-air missile, a US official said. Iran's Revolutionary Guards said the drone was flying over southern Iran.

Tension has been rising in the Middle East, home to over 20% of the world's oil output, after attacks on two tankers near the Strait of Hormuz, a chokepoint for oil supplies. Washington blamed Tehran for the tanker attacks. Iran denied any role.

<a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779">Concern </a>about slowing economic growth and a US-China trade dispute has pulled oil lower in recent weeks. Brent reached a 2019 high of $75 in April.

Also propelling oil higher on Thursday was a larger-than-expected decline in US crude inventories and the prospect of prolonged supply restraint by producer group OPEC and its allies.

After swelling to near two-year highs, US crude stocks fell by 3.1 million barrels last week, compared with analyst expectations for a draw of 1.1 million barrels, the Energy Information Administration said on Wednesday.

The Organization of the Petroleum Exporting Countries and allies including Russia agreed this week to meet on July 1-2, ending a month of wrangling about the timing of the meeting.

The coalition known as OPEC+ will discuss whether to extend throughout 2019 a deal on cutting 1.2 million barrels per day of production. The deal expires at the end of this month.

Momentum for an agreement appeared to be building as the United Arab Emirates' energy minister said extending the deal was "logical and reasonable".

Oil jumped more than 3% to above $63 a barrel on Thursday after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington.

Oil jumped more than 3% to above $63 a barrel on Thursday after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington. Also supporting oil were expectations that the US Federal Reserve could cut interest rates at its next meeting, stimulating growth in the world's largest oil-consuming country, and a drop in US crude inventories. Brent crude, the global benchmark, was up $1.38 at $63.20 a barrel at 0854 GMT, having risen 3.3% to $63.88 earlier in the session. The US West Texas Intermediate crude rose $1.45 to $55.21. "It's a combination of factors," Petromatrix analyst Olivier Jakob said of the price rise. "You have more supportive stocks data, the Fed indicating they will cut rates and the shooting down of the drone." The drone was downed in international airspace over the Strait of Hormuz by an Iranian surface-to-air missile, a US official said. Iran's Revolutionary Guards said the drone was flying over southern Iran. Tension has been rising in the Middle East, home to over 20% of the world's oil output, after attacks on two tankers near the Strait of Hormuz, a chokepoint for oil supplies. Washington blamed Tehran for the tanker attacks. Iran denied any role. Concern about slowing economic growth and a US-China trade dispute has pulled oil lower in recent weeks. Brent reached a 2019 high of $75 in April. Also propelling oil higher on Thursday was a larger-than-expected decline in US crude inventories and the prospect of prolonged supply restraint by producer group OPEC and its allies. After swelling to near two-year highs, US crude stocks fell by 3.1 million barrels last week, compared with analyst expectations for a draw of 1.1 million barrels, the Energy Information Administration said on Wednesday. The Organization of the Petroleum Exporting Countries and allies including Russia agreed this week to meet on July 1-2, ending a month of wrangling about the timing of the meeting. The coalition known as OPEC+ will discuss whether to extend throughout 2019 a deal on cutting 1.2 million barrels per day of production. The deal expires at the end of this month. Momentum for an agreement appeared to be building as the United Arab Emirates' energy minister said extending the deal was "logical and reasonable".

Oil prices surge as Iran shoots down US drone in Gulf

The annual Analytics and Data Science Industry In India: Study 2019 by Analytics India Magazine and Praxis Business School, now in its fifth year, identifies the key trends and revenue drivers for the analytics industry.&nbsp;

They took stock of the burgeoning analytics industry in India, domestic and outsourcing, the leading revenue generators, the geographies served and where the analytics market is heading.

In fact, analytics outsourcing takes a lead, indicated by more than $27 billion in revenue.

The study finds the biggest winners in the analytics outsourcing market are Indian IT bellwethers <a href="https://www.wionews.com/business-economy/sensex-rises-over-100-points-ahead-of-tcs-infy-earnings-209737">TCS</a>, <a href="https://www.wionews.com/business-economy/wipro-investigating-potential-breach-of-employee-accounts-210827">Wipro</a>, Genpact, <a href="https://www.wionews.com/business-economy/tech-mahindra-inks-defence-contract-worth-rs-300-crore-220483">Tech Mahindra</a> among others that form almost 35% of the analytics outsourcing market.

Here are the key highlights&nbsp;

The cumulative analytics market in India stands at $30 billion.

Outsourcing is the main driver of revenue for Indian vendors accounting for $27 billion in revenue.

The domestic analytics market stands at $3.03 billion in size and is expected to double by 2025.

Indian IT bellwethers are the leading revenue generators in the analytics market with TCS clocking nearly $2 billion from analytics services.

Sectors that are experiencing the highest growth are Finance &amp; Banking with 36 per cent adoption followed by Marketing &amp; Advertising that comes second at 25 per cent.

Bengaluru leads as an analytics hub with 28% of the market being captured by India's Silicon Valley. 
&nbsp; 
As companies expand their digital portfolio, India Inc led by TCS, Genpact, Wipro are investing heavily around data and analytics, increasing the range of services and also the scope of projects to corner a bigger chunk of share.&nbsp;

The numbers indicate that the upcoming years could see more outsourcing, especially in the areas of advanced analytics and cognitive automation.&nbsp;

Monetizing data has become a key priority among business leaders. Another top-of-the-mind issue for business leaders is the competition for talent with the right skill-set.&nbsp;

In that respect, large enterprises are winning the talent race with 38 per cent of analytics professionals working in large-sized companies as compared to 33 per cent of practitioners in mid-sized organisations.

"We believe increased adoption of analytics and advancement in AI will further drive the demand for analytics outsourcing in the coming years," said Bhasker Gupta, Founder &amp; CEO, Analytics India Magazine.

"I believe Data Science is poised for tremendous growth for the following three reasons: one, the data explosion that is yet to happen - we are probably at the tip of the iceberg with IoT and social media yet to achieve their full potential; two, continued improvements in machine learning software and algorithms which will make data science increasingly easier to use and more useful to apply; and three, development of better computing resources to keep pace with the data and machine learning algorithms.&nbsp;

A combination of these three will drive growth in data science, which is, in my opinion, just scratching the surface at this point in time," said Charanpreet Singh, Founder &amp; Director, Praxis Business School Foundation.

About Analytics India Magazine&nbsp;

Founded in 2012, Analytics India Magazine has since been dedicated to passionately championing and promoting the analytics ecosystem in India.&nbsp;

It chronicles the technological progress in the space of analytics, artificial intelligence, data science, big data by highlighting the innovations, players in the field, challenges shaping the future, through the promotion and discussion of ideas and thoughts by smart, ardent, action-oriented individuals who want to change the world.

About Praxis Business School&nbsp;

Praxis is a premier B School in Kolkata, India offering a 2-year full-time residential Post-Graduate Program in Business Management and a 1-year full-time Post Graduate Program in Business Analytics.&nbsp;

To address the community of working professionals who are keen to equip themselves with the skills of a data scientist but are not in a position to take a career break, Praxis offers intense weekend programs in Big Data and Analytics from city campuses at Kolkata and Bangalore.

Data Analytics Outsourcing Market in India is Worth $27 Billion: Study by AIM &amp; Praxis Business School.

The annual Analytics and Data Science Industry In India: Study 2019 by Analytics India Magazine and Praxis Business School, now in its fifth year, identifies the key trends and revenue drivers for the analytics industry.

The annual Analytics and Data Science Industry In India: Study 2019 by Analytics India Magazine and Praxis Business School, now in its fifth year, identifies the key trends and revenue drivers for the analytics industry. They took stock of the burgeoning analytics industry in India, domestic and outsourcing, the leading revenue generators, the geographies served and where the analytics market is heading. In fact, analytics outsourcing takes a lead, indicated by more than $27 billion in revenue. The study finds the biggest winners in the analytics outsourcing market are Indian IT bellwethers TCS, Wipro, Genpact, Tech Mahindra among others that form almost 35% of the analytics outsourcing market. Here are the key highlights The cumulative analytics market in India stands at $30 billion. Outsourcing is the main driver of revenue for Indian vendors accounting for $27 billion in revenue. The domestic analytics market stands at $3.03 billion in size and is expected to double by 2025. Indian IT bellwethers are the leading revenue generators in the analytics market with TCS clocking nearly $2 billion from analytics services. Sectors that are experiencing the highest growth are Finance & Banking with 36 per cent adoption followed by Marketing & Advertising that comes second at 25 per cent. Bengaluru leads as an analytics hub with 28% of the market being captured by India's Silicon Valley. As companies expand their digital portfolio, India Inc led by TCS, Genpact, Wipro are investing heavily around data and analytics, increasing the range of services and also the scope of projects to corner a bigger chunk of share. The numbers indicate that the upcoming years could see more outsourcing, especially in the areas of advanced analytics and cognitive automation. Monetizing data has become a key priority among business leaders. Another top-of-the-mind issue for business leaders is the competition for talent with the right skill-set. In that respect, large enterprises are winning the talent race with 38 per cent of analytics professionals working in large-sized companies as compared to 33 per cent of practitioners in mid-sized organisations. "We believe increased adoption of analytics and advancement in AI will further drive the demand for analytics outsourcing in the coming years," said Bhasker Gupta, Founder & CEO, Analytics India Magazine. "I believe Data Science is poised for tremendous growth for the following three reasons: one, the data explosion that is yet to happen - we are probably at the tip of the iceberg with IoT and social media yet to achieve their full potential; two, continued improvements in machine learning software and algorithms which will make data science increasingly easier to use and more useful to apply; and three, development of better computing resources to keep pace with the data and machine learning algorithms. A combination of these three will drive growth in data science, which is, in my opinion, just scratching the surface at this point in time," said Charanpreet Singh, Founder & Director, Praxis Business School Foundation. About Analytics India Magazine Founded in 2012, Analytics India Magazine has since been dedicated to passionately championing and promoting the analytics ecosystem in India. It chronicles the technological progress in the space of analytics, artificial intelligence, data science, big data by highlighting the innovations, players in the field, challenges shaping the future, through the promotion and discussion of ideas and thoughts by smart, ardent, action-oriented individuals who want to change the world. About Praxis Business School Praxis is a premier B School in Kolkata, India offering a 2-year full-time residential Post-Graduate Program in Business Management and a 1-year full-time Post Graduate Program in Business Analytics. To address the community of working professionals who are keen to equip themselves with the skills of a data scientist but are not in a position to take a career break, Praxis offers intense weekend programs in Big Data and Analytics from city campuses at Kolkata and Bangalore. Data Analytics Outsourcing Market in India is Worth $27 Billion: Study by AIM & Praxis Business School.

Data Analytics Outsourcing Market in India is Worth $27 Billion: Study by AIM & Praxis Business School

Oil prices extended gains on Wednesday after rising in the previous session on rekindled hopes for a US-China trade deal and on the potential for conflict between the US and Iran in the Middle East after tanker attacks there last week.

Brent crude futures were up 3 cents at $62.17 a barrel by 0330 GMT. They rose 2% on Tuesday.

US West Texas Intermediate crude gained 12 cents to $54.02 a barrel. The US benchmark surged 3.8% in the last session.

In a post on Twitter, US President Donald Trump said preparations were starting for him to meet Chinese President Xi Jinping at the G20 summit in Osaka, Japan, next week.

That comes after talks to reach a broad deal on trade between the United States and China broke down last month after Washington accused the Chinese of backing away from previously agreed commitments.

Interaction between the two sides since then has been limited, and Trump has threatened, repeatedly, to slap more tariffs on Chinese products in an escalation that businesses in both countries want to avoid.

"Global demand for crude got a boost on expectations that trade talks are showing some positive signs following President Trump's tweets," said Edward Moya, senior market analyst at OANDA in New York.

Both oil benchmarks gave up earlier gains in the Asian session after data showed that Japan's exports fell for a sixth straight month in May as China-bound shipments weakened, underlining the impact of the trade war.

Tensions in the Middle East after last week's tanker attacks remain high, with Trump saying he was prepared to take military action to stop Iran having a nuclear bomb but leaving open whether he would sanction the use of force to protect Gulf oil supplies.

Fears of a confrontation between Iran and the United States have mounted since last Thursday's attacks, which Washington has blamed on Tehran. Iran has denied involvement.

Iran said this week it would breach internationally agreed curbs on its stock of low-enriched uranium within 10 days, possibly paving the way for the country to develop a nuclear weapon, adding that European nations still had time to save a landmark nuclear deal.

The US is deploying about 1,000 more troops to the Middle East for what Washington said were defensive purposes, citing concerns about a threat from Iran.

Market participants are also waiting for a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, a group known as OPEC+, to decide whether to extend a supply reduction pact that ends this month.

OPEC and non-OPEC states are discussing holding meetings on July 10-12 in Vienna, a date range proposed by Iran, OPEC sources said on Tuesday. OPEC itself, however, is considering meeting on July 1-2 though it is still saying meeting will be held on June 25-26 on its website.

US crude stocks also fell by 812,000 barrels last week to 482 million, industry group the American Petroleum Institute said on Tuesday.

The report from the government's Energy Information Administration are due later on Wednesday.

Oil prices extended gains on Wednesday after rising in the previous session on rekindled hopes for a US-China trade deal and on the potential for conflict between the US and Iran in the Middle East after tanker attacks there last week.

Oil prices extended gains on Wednesday after rising in the previous session on rekindled hopes for a US-China trade deal and on the potential for conflict between the US and Iran in the Middle East after tanker attacks there last week. Brent crude futures were up 3 cents at $62.17 a barrel by 0330 GMT. They rose 2% on Tuesday. US West Texas Intermediate crude gained 12 cents to $54.02 a barrel. The US benchmark surged 3.8% in the last session. In a post on Twitter, US President Donald Trump said preparations were starting for him to meet Chinese President Xi Jinping at the G20 summit in Osaka, Japan, next week. That comes after talks to reach a broad deal on trade between the United States and China broke down last month after Washington accused the Chinese of backing away from previously agreed commitments. Interaction between the two sides since then has been limited, and Trump has threatened, repeatedly, to slap more tariffs on Chinese products in an escalation that businesses in both countries want to avoid. "Global demand for crude got a boost on expectations that trade talks are showing some positive signs following President Trump's tweets," said Edward Moya, senior market analyst at OANDA in New York. Both oil benchmarks gave up earlier gains in the Asian session after data showed that Japan's exports fell for a sixth straight month in May as China-bound shipments weakened, underlining the impact of the trade war. Tensions in the Middle East after last week's tanker attacks remain high, with Trump saying he was prepared to take military action to stop Iran having a nuclear bomb but leaving open whether he would sanction the use of force to protect Gulf oil supplies. Fears of a confrontation between Iran and the United States have mounted since last Thursday's attacks, which Washington has blamed on Tehran. Iran has denied involvement. Iran said this week it would breach internationally agreed curbs on its stock of low-enriched uranium within 10 days, possibly paving the way for the country to develop a nuclear weapon, adding that European nations still had time to save a landmark nuclear deal. The US is deploying about 1,000 more troops to the Middle East for what Washington said were defensive purposes, citing concerns about a threat from Iran. Market participants are also waiting for a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, a group known as OPEC+, to decide whether to extend a supply reduction pact that ends this month. OPEC and non-OPEC states are discussing holding meetings on July 10-12 in Vienna, a date range proposed by Iran, OPEC sources said on Tuesday. OPEC itself, however, is considering meeting on July 1-2 though it is still saying meeting will be held on June 25-26 on its website. US crude stocks also fell by 812,000 barrels last week to 482 million, industry group the American Petroleum Institute said on Tuesday. The report from the government's Energy Information Administration are due later on Wednesday.

Oil gains amid Middle East tensions, US-China trade deal hopes

Asian shares hit five-week highs on Wednesday as investors hoped the Federal Reserve would follow the lead of the European Central Bank and open the door to future rate cuts at its policy meeting later in the day.

Indeed, ECB President Mario Draghi's shock about-face on easing fuelled talk of a worldwide wave of central bank stimulus, firing up stocks, bonds and commodities.

Adding to the cheer was news US President Donald Trump would meet with Chinese President Xi Jinping at the G20 summit later this month, and that trade talks would restart after a recent lull. But most analysts do not expect a decisive breakthrough.

"We expect no real change following the G20 sideline meeting. (But) the fact that both sides are talking should at least postpone thoughts of a further increase in tariffs, for a while at least...," ING's Greater China economist Iris Pang said in a note.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.5% to a five-week top. Shanghai blue chips firmed 1.7% to a six-week peak.

Japan's Nikkei rose 1.6%, while Australia added 1% to its highest in 11 years. E-Mini futures for the S&amp;P 500 were a fraction firmer after an upbeat Wall Street session.

The Dow ended Tuesday with gains of 1.35%, while the S&amp;P 500 rose 0.97% and the Nasdaq 1.39%. The S&amp;P 500 has surged 6% so far this month to be 1% from the all-time high hit in early May.

All eyes are now upon the Fed which is scheduled to release a statement at 1800 GMT on Wednesday, followed by a press conference by Chairman Jerome Powell shortly after.

Yet the heightened anticipation also creates risks the Fed might fail to meet investors' high expectations.

"Market expectations for a dovish shift are nearly universal, the only question seems to be the degree," said Blake Gwinn, head of front-end rates at NatWest Markets.

Futures are almost fully priced for a quarter-point easing in July and imply more than 60 basis points of cuts by Christmas.

"Markets will be looking for validation of this pricing," he added. "We think this represents a fairly high bar for the Fed to deliver a dovish surprise."

Sub-zero yields

BofA Merrill Lynch's latest fund manager survey spoke volumes about the sea change in sentiment.

Allocation to global equities dropped 32 points to a net 21% underweight, the lowest since March 2009, while the bond allocation hit the highest since September 2011.

Interest rate expectations collapsed, while concerns about a trade war soared to be the top risk for investors, ahead of monetary policy impotence, US politics and a slower China.

The shift was clear in bond markets where German yields hit record lows deep in negative territory, while Japanese yields sank to the lowest since August 2016 at -0.145%.

Yields on the US 10-year note reached the lowest since September 2017 at 2.016%, a world away from the 3.25% top touched in November last year.

The fallout in currencies was significantly less, in large part because it was hard for one to gain when all the major central banks were under pressure to ease.

The euro did pull back a bit after Draghi's comments, but at $1.1192 was still well within the recent trading range of $1.1106-$1.1347.

The dollar remained sidelined against the yen at 108.49, and a shade firmer on a basket of currencies at 97.657. The yuan picked up to 6.905 to the dollar on the trade news.

In commodity markets, the rate-cut buzz kept gold near 14-month highs at $1,344.20 per ounce.

Michael Hsueh, an analyst at Deutsche, noted the decisively dovish shift in central bank expectations was bullish for gold.

"This provides the desired backdrop - one in which investors are less likely to be concerned about the opportunity cost of holding a non-yielding asset, particularly versus the increasing stock of negative-yielding debt," he said.

Reflation trades helped steady oil prices, as did hopes for a thaw in Sino-US tensions.

Brent crude futures were off 6 cents at $62.06, while US crude firmed 3 cents to $53.93 a barrel.

Confidence among Asian companies in the second quarter fell to its lowest since the 2008-09 financial crisis, as the trade war disrupts global supply chains and shows little sign of easing soon, a Thomson Reuters/INSEAD survey found.

Asian shares hit five-week highs on Wednesday as investors hoped the Federal Reserve would follow the lead of the European Central Bank and open the door to future rate cuts at its policy meeting later in the day.

Asian shares hit five-week highs on Wednesday as investors hoped the Federal Reserve would follow the lead of the European Central Bank and open the door to future rate cuts at its policy meeting later in the day. Indeed, ECB President Mario Draghi's shock about-face on easing fuelled talk of a worldwide wave of central bank stimulus, firing up stocks, bonds and commodities. Adding to the cheer was news US President Donald Trump would meet with Chinese President Xi Jinping at the G20 summit later this month, and that trade talks would restart after a recent lull. But most analysts do not expect a decisive breakthrough. "We expect no real change following the G20 sideline meeting. (But) the fact that both sides are talking should at least postpone thoughts of a further increase in tariffs, for a while at least...," ING's Greater China economist Iris Pang said in a note. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.5% to a five-week top. Shanghai blue chips firmed 1.7% to a six-week peak. Japan's Nikkei rose 1.6%, while Australia added 1% to its highest in 11 years. E-Mini futures for the S&P 500 were a fraction firmer after an upbeat Wall Street session. The Dow ended Tuesday with gains of 1.35%, while the S&P 500 rose 0.97% and the Nasdaq 1.39%. The S&P 500 has surged 6% so far this month to be 1% from the all-time high hit in early May. All eyes are now upon the Fed which is scheduled to release a statement at 1800 GMT on Wednesday, followed by a press conference by Chairman Jerome Powell shortly after. Yet the heightened anticipation also creates risks the Fed might fail to meet investors' high expectations. "Market expectations for a dovish shift are nearly universal, the only question seems to be the degree," said Blake Gwinn, head of front-end rates at NatWest Markets. Futures are almost fully priced for a quarter-point easing in July and imply more than 60 basis points of cuts by Christmas. "Markets will be looking for validation of this pricing," he added. "We think this represents a fairly high bar for the Fed to deliver a dovish surprise." Sub-zero yields BofA Merrill Lynch's latest fund manager survey spoke volumes about the sea change in sentiment. Allocation to global equities dropped 32 points to a net 21% underweight, the lowest since March 2009, while the bond allocation hit the highest since September 2011. Interest rate expectations collapsed, while concerns about a trade war soared to be the top risk for investors, ahead of monetary policy impotence, US politics and a slower China. The shift was clear in bond markets where German yields hit record lows deep in negative territory, while Japanese yields sank to the lowest since August 2016 at -0.145%. Yields on the US 10-year note reached the lowest since September 2017 at 2.016%, a world away from the 3.25% top touched in November last year. The fallout in currencies was significantly less, in large part because it was hard for one to gain when all the major central banks were under pressure to ease. The euro did pull back a bit after Draghi's comments, but at $1.1192 was still well within the recent trading range of $1.1106-$1.1347. The dollar remained sidelined against the yen at 108.49, and a shade firmer on a basket of currencies at 97.657. The yuan picked up to 6.905 to the dollar on the trade news. In commodity markets, the rate-cut buzz kept gold near 14-month highs at $1,344.20 per ounce. Michael Hsueh, an analyst at Deutsche, noted the decisively dovish shift in central bank expectations was bullish for gold. "This provides the desired backdrop - one in which investors are less likely to be concerned about the opportunity cost of holding a non-yielding asset, particularly versus the increasing stock of negative-yielding debt," he said. Reflation trades helped steady oil prices, as did hopes for a thaw in Sino-US tensions. Brent crude futures were off 6 cents at $62.06, while US crude firmed 3 cents to $53.93 a barrel. Confidence among Asian companies in the second quarter fell to its lowest since the 2008-09 financial crisis, as the trade war disrupts global supply chains and shows little sign of easing soon, a Thomson Reuters/INSEAD survey found.

Asian shares climb, wager all on dovish Fed, trade hopes revive

Boeing’s grounded 737 MAX jet received a boost on Tuesday after British Airways-owner IAG (International Airlines Group) signed a letter of intent to <a href="https://www.wionews.com/world/virgin-australia-delays-boeing-737-max-order-over-safety-concerns-214663">order</a> 200 of the planes and said it was confident that it would return to service in the coming months.

Boeing said the deal had a value of more than $24 billion at list prices.

IAG said the mix of 737-8 and 737-10 aircraft, to be delivered between 2023 and 2027, would be powered by CFM Leap engines and used across a number of its airlines including British Airways, Vueling and Level.

The MAX 737 was grounded in March following two deadly crashes, and Boeing has been working on a software fix to get the jet back flying by the end of the year.

IAG Chief Executive Willie Walsh said he had experienced Boeing’s MCAS (Maneuvering Characteristics Augmentation System) anti-stall software in person, adding it was "very helpful to see it in operation" and to "understand the changes" that Boeing was proposing.

"It gave me confidence both in terms of the aircraft and the changes that Boeing introduced," he said at the announcement of the deal at the Paris Airshow.

"I am confident in Boeing," Willie Walsh said.

Boeing shares rose 2 per cent on the announcement. The company is working towards a certification flight with regulators soon.

Boeing commercial airplanes boss Kevin McAllister said the decision of when the MAX flies again was in the hands of the regulators.

Boeing’s grounded 737 MAX jet received a boost on Tuesday after British Airways-owner IAG (International Airlines Group) signed a letter of intent to order 200 of the planes and said it was confident that it would return to service in the coming months.

Boeing’s grounded 737 MAX jet received a boost on Tuesday after British Airways-owner IAG (International Airlines Group) signed a letter of intent to order 200 of the planes and said it was confident that it would return to service in the coming months. Boeing said the deal had a value of more than $24 billion at list prices. IAG said the mix of 737-8 and 737-10 aircraft, to be delivered between 2023 and 2027, would be powered by CFM Leap engines and used across a number of its airlines including British Airways, Vueling and Level. The MAX 737 was grounded in March following two deadly crashes, and Boeing has been working on a software fix to get the jet back flying by the end of the year. IAG Chief Executive Willie Walsh said he had experienced Boeing’s MCAS (Maneuvering Characteristics Augmentation System) anti-stall software in person, adding it was "very helpful to see it in operation" and to "understand the changes" that Boeing was proposing. "It gave me confidence both in terms of the aircraft and the changes that Boeing introduced," he said at the announcement of the deal at the Paris Airshow. "I am confident in Boeing," Willie Walsh said. Boeing shares rose 2 per cent on the announcement. The company is working towards a certification flight with regulators soon. Boeing commercial airplanes boss Kevin McAllister said the decision of when the MAX flies again was in the hands of the regulators.

Boeing's troubled 737 MAX gets huge vote of confidence from IAG, signs first deal since crash