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The government is looking at bringing untaxed sectors in the tax net as well as improving compliance to raise the tax-to-GDP ratio, Revenue Secretary Ajay Bhushan Pandey said.

He also said <a href="http://www.wionews.com/india-news/opposition-ruled-states-oppose-rate-cuts-in-gst-citing-revenue-consideration-185889">GST officials </a>would ensure that taxpayers who are paying taxes honestly are not disturbed, but those who are defaulting in payment or not filing returns should be brought within the tax fold.

In an interview to PTI, Pandey, who took charge as the Revenue Secretary earlier this month, said the Income Tax Department will implement faceless assessment for all scrutiny cases over the next one year as it seeks to make the process objective without any scope for bias.

Asked how the government would go about increasing the tax-to-GDP ratio, Pandey said: "There are two issues to this. One involves the policy of the government as to which are the areas which are not taxed and should be brought into the tax net. The other involves wherever some steps are required to improve compliance, their compliance should be ensured.

"So in the areas where is there of scope taxation, and where it can be done without any adverse impact, such areas will have to be identified and accordingly we will have to work on this."

In the last four years, the country's tax-to-GDP ratio has improved from 10 per cent to 11.5 per cent.

<a href="http://www.wionews.com/india-news/future-roadmap-will-be-to-work-towards-a-single-standard-rate-instead-of-two-arun-jaitley-186136">Finance Minister Arun Jaitley</a> had earlier said that while the salaried class pays its due share of taxes, "most other sections" have to improve their tax payment record, which is keeping India "far from being a tax-compliant society".

Pandey said the number of income tax return filers has jumped 50 per cent to over 6 crores in the assessment year 2018-19 compared to the year-ago period.

He said in order to improve the tax compliance and also to facilitate honest taxpayers, various initiatives are being planned by the Central Board of Direct Taxes.

"Our endeavour is that over a period of next one year or so, we should move towards a system where the scrutiny will happen in a faceless manner where a person can be given a questionnaire of the points which have been raised in the scrutiny and then the person can reply on the portal or through the emails to the officer who can be located anywhere in the country so that the case of scrutiny is decided in a very, very objective manner without any scope for any bias or harassment," he said.

With regard to the Goods and Services Tax (GST), Pandey said tackling evasion would be one of the priority areas as it not only affects the revenue of the government but also makes those businesses which are honestly paying tax less competitive.

"Our effort is to bring in systems so that the tendency to evade is brought down so that those who are paying taxes honestly are not put at disadvantage.

"What we are trying to ensure is a large number of taxpayers who are paying taxes honestly, they are not to be disturbed. And those who are defaulting in payment or filing returns, or not filing correct returns, and not paying due taxes should be brought within the tax fold," he said.

Over 1.16 crore businesses are registered under GST, which was rolled out on July 1, 2017, after subsuming 17 local taxes, including excise duty, service tax and VAT.

Stating that only a "fraction of a per cent" of registered taxpayers would be asked for clarification in case of mismatch in returns, Pandey said in cases where clarification is not sufficient, further action would be taken.

"Whole purpose is no honest taxpayer should be disturbed and at the same time we have to discourage people who evade taxes so that government revenue is not impacted and competitiveness of honest businesses also does not suffer," he said.

The monthly GST revenues have averaged Rs 97,100 crore in the April-November period of the current fiscal, up from Rs 89,100 crore in the previous financial year.

The government is looking at bringing untaxed sectors in the tax net as well as improving compliance to raise the tax-to-GDP ratio, Revenue Secretary Ajay Bhushan Pandey said.

The government is looking at bringing untaxed sectors in the tax net as well as improving compliance to raise the tax-to-GDP ratio, Revenue Secretary Ajay Bhushan Pandey said. He also said GST officials would ensure that taxpayers who are paying taxes honestly are not disturbed, but those who are defaulting in payment or not filing returns should be brought within the tax fold. In an interview to PTI, Pandey, who took charge as the Revenue Secretary earlier this month, said the Income Tax Department will implement faceless assessment for all scrutiny cases over the next one year as it seeks to make the process objective without any scope for bias. Asked how the government would go about increasing the tax-to-GDP ratio, Pandey said: "There are two issues to this. One involves the policy of the government as to which are the areas which are not taxed and should be brought into the tax net. The other involves wherever some steps are required to improve compliance, their compliance should be ensured. "So in the areas where is there of scope taxation, and where it can be done without any adverse impact, such areas will have to be identified and accordingly we will have to work on this." In the last four years, the country's tax-to-GDP ratio has improved from 10 per cent to 11.5 per cent. Finance Minister Arun Jaitley had earlier said that while the salaried class pays its due share of taxes, "most other sections" have to improve their tax payment record, which is keeping India "far from being a tax-compliant society". Pandey said the number of income tax return filers has jumped 50 per cent to over 6 crores in the assessment year 2018-19 compared to the year-ago period. He said in order to improve the tax compliance and also to facilitate honest taxpayers, various initiatives are being planned by the Central Board of Direct Taxes. "Our endeavour is that over a period of next one year or so, we should move towards a system where the scrutiny will happen in a faceless manner where a person can be given a questionnaire of the points which have been raised in the scrutiny and then the person can reply on the portal or through the emails to the officer who can be located anywhere in the country so that the case of scrutiny is decided in a very, very objective manner without any scope for any bias or harassment," he said. With regard to the Goods and Services Tax (GST), Pandey said tackling evasion would be one of the priority areas as it not only affects the revenue of the government but also makes those businesses which are honestly paying tax less competitive. "Our effort is to bring in systems so that the tendency to evade is brought down so that those who are paying taxes honestly are not put at disadvantage. "What we are trying to ensure is a large number of taxpayers who are paying taxes honestly, they are not to be disturbed. And those who are defaulting in payment or filing returns, or not filing correct returns, and not paying due taxes should be brought within the tax fold," he said. Over 1.16 crore businesses are registered under GST, which was rolled out on July 1, 2017, after subsuming 17 local taxes, including excise duty, service tax and VAT. Stating that only a "fraction of a per cent" of registered taxpayers would be asked for clarification in case of mismatch in returns, Pandey said in cases where clarification is not sufficient, further action would be taken. "Whole purpose is no honest taxpayer should be disturbed and at the same time we have to discourage people who evade taxes so that government revenue is not impacted and competitiveness of honest businesses also does not suffer," he said. The monthly GST revenues have averaged Rs 97,100 crore in the April-November period of the current fiscal, up from Rs 89,100 crore in the previous financial year.

Focussing on improving compliance, identifying areas which escaped tax net: Revenue Secretary AB Pandey

A lawsuit filed against <a href="http://www.wionews.com/world/google-launches-artificial-intelligence-programme-in-thailand-to-screen-for-diabetic-eye-disease-183888">Google by consumers </a>who claimed the search engine's photo sharing and storage service violated their privacy was dismissed on Saturday by a US judge who cited a lack of "concrete injuries."

US District Judge Edmond Chang in Chicago granted a Google motion for summary judgment, saying the court lacked "subject matter jurisdiction because plaintiffs have not suffered concrete injuries."

The suit, filed in March 2016, alleged Alphabet Inc's Google violated Illinois state law by collecting and storing biometric data from people's photographs using facial recognition software without their permission through its Google Photos service.

Plaintiffs had sought more than $5 million collectively for the "hundreds of thousands" of state residents affected, according to court documents. Plaintiffs had asked the court for $5,000 for each intentional violation of the Illinois Biometric Information Privacy Act, or $1,000 for every negligent violation, court documents said.

Attorneys for the plaintiffs as well as officials with Google could not immediately be reached to comment. Google had argued in court documents that the plaintiffs were not entitled to money or injunctive relief because they had suffered no harm.

A lawsuit filed against Google by consumers who claimed the search engine's photo sharing and storage service violated their privacy was dismissed on Saturday by a US judge who cited a lack of "concrete injuries.

A lawsuit filed against Google by consumers who claimed the search engine's photo sharing and storage service violated their privacy was dismissed on Saturday by a US judge who cited a lack of "concrete injuries." US District Judge Edmond Chang in Chicago granted a Google motion for summary judgment, saying the court lacked "subject matter jurisdiction because plaintiffs have not suffered concrete injuries." The suit, filed in March 2016, alleged Alphabet Inc's Google violated Illinois state law by collecting and storing biometric data from people's photographs using facial recognition software without their permission through its Google Photos service. Plaintiffs had sought more than $5 million collectively for the "hundreds of thousands" of state residents affected, according to court documents. Plaintiffs had asked the court for $5,000 for each intentional violation of the Illinois Biometric Information Privacy Act, or $1,000 for every negligent violation, court documents said. Attorneys for the plaintiffs as well as officials with Google could not immediately be reached to comment. Google had argued in court documents that the plaintiffs were not entitled to money or injunctive relief because they had suffered no harm.

US judge dismisses suit vs Google over facial recognition software

Announcement of macroeconomic data points, global cues, movement of the rupee and crude oil will dictate <a href="http://www.wionews.com/business-economy/markets-open-in-green-sensex-up-by-over-250-points-rupee-strengthens-by-30-paise-186936">the stock market</a> trend in the first week of the new year, experts said.

PMI data for the manufacturing and services sectors are due this week, which will influence trading sentiment.

Besides, sales data from auto companies can trigger stock-specific action, they added.

"Market is expected to continue being volatile with selling occurring at higher levels. International factors will likewise influence domestic markets.&nbsp;

"Macros are nonetheless favourable but political uncertainty, strained global geopolitics and brewing trade wars will act as a catalyst for the negative sentiment prevailing in the equity markets," said Jimeet Modi, Founder and CEO, SAMCO Securities and StockNote.

"Consolidation in oil prices and strong rupee will provide stability in the macros which will provide confidence for investors," said Vinod Nair, Head of Research, Geojit Financial Services.

Investors will closely watch Q3 earnings, while global cues will dictate the direction of the market, he added.

Earnings season would kick-start from the second week of January, which will keep markets busy.

During the past week, the Sensex gained 334.65 points to finish at 36,076.72

Announcement of macroeconomic data points, global cues, movement of the rupee and crude oil will dictate the stock market trend in the first week of the new year, experts said.

Announcement of macroeconomic data points, global cues, movement of the rupee and crude oil will dictate the stock market trend in the first week of the new year, experts said. PMI data for the manufacturing and services sectors are due this week, which will influence trading sentiment. Besides, sales data from auto companies can trigger stock-specific action, they added. "Market is expected to continue being volatile with selling occurring at higher levels. International factors will likewise influence domestic markets. "Macros are nonetheless favourable but political uncertainty, strained global geopolitics and brewing trade wars will act as a catalyst for the negative sentiment prevailing in the equity markets," said Jimeet Modi, Founder and CEO, SAMCO Securities and StockNote. "Consolidation in oil prices and strong rupee will provide stability in the macros which will provide confidence for investors," said Vinod Nair, Head of Research, Geojit Financial Services. Investors will closely watch Q3 earnings, while global cues will dictate the direction of the market, he added. Earnings season would kick-start from the second week of January, which will keep markets busy. During the past week, the Sensex gained 334.65 points to finish at 36,076.72

Macro data, rupee, oil to guide markets this week: Experts

Over two dozen firms have evinced interest in being appointed as auditors to conduct the planned special audit of private telecom companies for period FY12 to FY18, and nearly 18 of them have been found to be technically qualified so far, according to a source in <a href="http://www.wionews.com/business-economy/government-approves-new-telecom-policy-aimed-attracting-100-billion-investment">the Department of Telecom</a>.

The bids are currently being evaluated, said the Department of Telecom (DoT) official who did not wish to be named. The official said that final shortlisted names — 4-5 firms are likely to be handed the mandate — will be based on multiple criteria including the wherewithal of the auditor, as also the fee quoted.

"About 26 firms came forward, and 18 have been found to be technically clear," the official source added.

The audits will be carried out to check for any under-reporting of revenue by telecom companies, an exercise that the DoT expects will be wrapped up by the middle of next year. Audits will be conducted for all large private telecom companies as also those which have announced an exit or are in the process of merging with bigger rivals.

An official familiar with the entire exercise has earlier said that the idea is to see whether there has been any concealment of revenue by operators.

"... Because our licence fee is based on their revenue. We want to ensure that the accounts reveal a fair and true picture of the revenue earned," the source had said.

Telecom service providers pay licence fees and spectrum usage charges to the government on the basis of their income.

The telecom sector has been bruised by falling tariffs, eroding profitability, and mounting debt in the face of stiff competition triggered by disruptive offerings of Reliance Jio, owned by Mukesh Ambani. The industry has been seeking urgent relief measures entailing debt restructuring, cut in levies, and release of GST input tax credit locked up with the government.

Reflecting the financial stress of the industry, the gross revenue of telecom service providers and licence fee paid to the government declined by around 10 per cent to Rs 58,401 crore and Rs 2,929 crore, respectively, in April-June 2018 compared to the year-ago period, according to recent data by telecom regulator Trai.

"Gross revenue (GR) and adjusted gross revenue (AGR) of the telecom service sector for the quarter ended June 2018 has been Rs 58,401 crore and Rs 36,552 crore, respectively," Telecom Regulatory Authority of India (Trai) had said in its Indian Telecom Services Performance Indicator report released in October.

The GR and AGR declined by 10 and 8.11 per cent, respectively, on a year-on-year basis. The decline in AGR — which is revenue earned from the sale of telecom services alone — led to a fall in licence fees paid to the government by around 10 per cent to Rs 2,929 crore.

Over two dozen firms have evinced interest in being appointed as auditors to conduct the planned special audit of private telecom companies for period FY12 to FY18, and nearly 18 of them have been found to be technically qualified so far, according to a source in the Department of Telecom.

Over two dozen firms have evinced interest in being appointed as auditors to conduct the planned special audit of private telecom companies for period FY12 to FY18, and nearly 18 of them have been found to be technically qualified so far, according to a source in the Department of Telecom. The bids are currently being evaluated, said the Department of Telecom (DoT) official who did not wish to be named. The official said that final shortlisted names — 4-5 firms are likely to be handed the mandate — will be based on multiple criteria including the wherewithal of the auditor, as also the fee quoted. "About 26 firms came forward, and 18 have been found to be technically clear," the official source added. The audits will be carried out to check for any under-reporting of revenue by telecom companies, an exercise that the DoT expects will be wrapped up by the middle of next year. Audits will be conducted for all large private telecom companies as also those which have announced an exit or are in the process of merging with bigger rivals. An official familiar with the entire exercise has earlier said that the idea is to see whether there has been any concealment of revenue by operators. "... Because our licence fee is based on their revenue. We want to ensure that the accounts reveal a fair and true picture of the revenue earned," the source had said. Telecom service providers pay licence fees and spectrum usage charges to the government on the basis of their income. The telecom sector has been bruised by falling tariffs, eroding profitability, and mounting debt in the face of stiff competition triggered by disruptive offerings of Reliance Jio, owned by Mukesh Ambani. The industry has been seeking urgent relief measures entailing debt restructuring, cut in levies, and release of GST input tax credit locked up with the government. Reflecting the financial stress of the industry, the gross revenue of telecom service providers and licence fee paid to the government declined by around 10 per cent to Rs 58,401 crore and Rs 2,929 crore, respectively, in April-June 2018 compared to the year-ago period, according to recent data by telecom regulator Trai. "Gross revenue (GR) and adjusted gross revenue (AGR) of the telecom service sector for the quarter ended June 2018 has been Rs 58,401 crore and Rs 36,552 crore, respectively," Telecom Regulatory Authority of India (Trai) had said in its Indian Telecom Services Performance Indicator report released in October. The GR and AGR declined by 10 and 8.11 per cent, respectively, on a year-on-year basis. The decline in AGR — which is revenue earned from the sale of telecom services alone — led to a fall in licence fees paid to the government by around 10 per cent to Rs 2,929 crore.

26 firms evince interest in conducting special audit of telcos: DoT

Expressing concern over India tightening restrictions on foreign e-commerce companies operating in the country, leading American industry advocacy groups have said that such a move would have a long-term negative impact on the foreign direct investment as well as consumers.

Earlier this week, the government announced changes to the foreign direct investment policy for the ecommerce sector, which would end discounts and cashback offers that online platforms with foreign investment were offering.&nbsp;

Flipkart and US-based Amazon -- the two largest players in the burgeoning Indian e-commerce sector -- are expected to be hit the hardest once the new norms come into effect from February 2019.

"The new e-commerce restrictions announced by the government of India on December 26 are a cause for concern. While we are still trying to understand the full implications, we fear that these restrictions will have a far-reaching negative impact both on US investments and on Indian consumers," said Nisha Desai Biswal, president of US India Chambers of Commerce (USAIC), a wing of the US Chambers of Commerce.

The former Assistant Secretary of State for South and Central Asia said the US-India Business Council (USIBC) said that a February 1 deadline is too rushed and does not allow sufficient time for companies to analyse the policy and to comply.

"We urge the government to delay implementation and allow time for comment before the policy goes into effect,"&nbsp;Biswal said.

Mukesh Aghi, president of US India Strategic and Partnership Forum (USISPF) said "this is not in the best interest of the Indian consumers."&nbsp;

"Coming out with such a major policy change overnight without any consultative process eats into the predictability&nbsp;and reliability factor that all US companies are looking into India for any foreign direct investment," he said.

"I wish there was a little more consultative process, because you have companies like Walmart, which has put in $16 billion and they are in the process of putting more money to streamline their investment, it makes our job more difficult because how do I go and tell them please invest more and the policy would not change overnight,"&nbsp;said Aghi, who has been working with US companies to make large scale investment in India.&nbsp;

"I have embarked on a campaign convincing US company manufacturing in China to move it to India. How do I tell them, hey policies overnight would not change,"&nbsp;he said, adding that with such policy pronouncements, India can't have a "transparent, predictable environment"&nbsp;which is a must for any foreign company to invest.

Referring to Union Commerce and Industries Minister Suresh Prabhu's remarks that he wants to focus on bringing $100 billion FDI to India, Aghi said the first thing is to have a predictability in a regulatory environment.&nbsp;

This process sends the opposite message,&nbsp;he said.&nbsp;

Expressing concern over India tightening restrictions on foreign e-commerce companies operating in the country, leading American industry advocacy groups have said that such a move would have a long-term negative impact on the foreign direct investment as well as consumers.

Expressing concern over India tightening restrictions on foreign e-commerce companies operating in the country, leading American industry advocacy groups have said that such a move would have a long-term negative impact on the foreign direct investment as well as consumers. Earlier this week, the government announced changes to the foreign direct investment policy for the ecommerce sector, which would end discounts and cashback offers that online platforms with foreign investment were offering. Flipkart and US-based Amazon -- the two largest players in the burgeoning Indian e-commerce sector -- are expected to be hit the hardest once the new norms come into effect from February 2019. "The new e-commerce restrictions announced by the government of India on December 26 are a cause for concern. While we are still trying to understand the full implications, we fear that these restrictions will have a far-reaching negative impact both on US investments and on Indian consumers," said Nisha Desai Biswal, president of US India Chambers of Commerce (USAIC), a wing of the US Chambers of Commerce. The former Assistant Secretary of State for South and Central Asia said the US-India Business Council (USIBC) said that a February 1 deadline is too rushed and does not allow sufficient time for companies to analyse the policy and to comply. "We urge the government to delay implementation and allow time for comment before the policy goes into effect," Biswal said. Mukesh Aghi, president of US India Strategic and Partnership Forum (USISPF) said "this is not in the best interest of the Indian consumers." "Coming out with such a major policy change overnight without any consultative process eats into the predictability and reliability factor that all US companies are looking into India for any foreign direct investment," he said. "I wish there was a little more consultative process, because you have companies like Walmart, which has put in $16 billion and they are in the process of putting more money to streamline their investment, it makes our job more difficult because how do I go and tell them please invest more and the policy would not change overnight," said Aghi, who has been working with US companies to make large scale investment in India. "I have embarked on a campaign convincing US company manufacturing in China to move it to India. How do I tell them, hey policies overnight would not change," he said, adding that with such policy pronouncements, India can't have a "transparent, predictable environment" which is a must for any foreign company to invest. Referring to Union Commerce and Industries Minister Suresh Prabhu's remarks that he wants to focus on bringing $100 billion FDI to India, Aghi said the first thing is to have a predictability in a regulatory environment. This process sends the opposite message, he said.

Restrictions on foreign e-commerce companies to hit FDI in India: Report

<a href="http://www.wionews.com/world/global-markets-stocks-dip-ahead-of-federal-news-oil-prices-drop-185217">Global investors</a> gravitated toward safe-haven assets on Friday as worries about the world economy persisted, cutting short a two-day rebound in Wall Street stocks.

US stock indexes seesawed, making it difficult to end one of the most brutal December selloffs in memory on a high note.

"Markets will likely remain treacherous in the New Year," Marc Chandler, chief market strategist at Bannockburn Global Forex LLC, told clients.

After flirting with strong gains in the afternoon, the Dow Jones Industrial Average&nbsp;

MSCI's index of global equities gained 0.57 per cent to bring the global benchmark to a weekly advance near 2 per cent.

Markets swung wildly in a week shortened by the Christmas holiday, starting with Wall Street's worst-ever Christmas Eve drop, pushing the S&amp;P 500 to within a whisker of bear market territory.

But efforts at a late Santa Claus rally failed to salve investors after a year that brought gains for very few categories of financial assets, from stocks to bonds and commodities. The global MSCI index, the S&amp;P 500, the Dow and the Nasdaq are each headed for their worst years since the 2008 financial crisis.

The dollar index dipped 0.14 per cent, with the euro up 0.14 per cent to $1.1445 and Japanese yen strengthening 0.75 per cent against the greenback at 110.17 per dollar. The greenback is down 1 per cent this month against a basket of major currencies.

That has boosted gold, a traditional safe haven whose appeal this year was hit by a stronger dollar, which makes the yellow metal more expensive to buyers with other currencies. Gold is perched at six-month highs of $1,280.11 an ounce.&nbsp;

The steady drumbeat of disappointing economic data reinforced caution, including Japan's slowing industrial output and retail sales, declining German inflation and US data for November showing contracts to buy previously owned homes fell unexpectedly in the latest sign of housing market weakness.

Breaking with the bad news, the Chicago Purchasing Management Index came in ahead of consensus.

Chris Bailey, a strategist at brokerage Raymond James Financial Inc, said dollar weakness was good news for non-US assets.

"If we get the transmission mechanism of a lower dollar, stocks outside the US are set up for a good 2019," Bailey said. "Once people get their heads around the fact the US is not going to have yet another double-digit return year in 2019, you can look elsewhere."

That would be a relief to world markets that largely underperformed the United States in 2018.

Bonds have also been helped in recent weeks by risk aversion. US benchmark 10-year Treasury notes last rose 8/32 in price to yield 2.7146 per cent, compared with 2.743 per cent late on Thursday.&nbsp;

Oil prices lifted a bit off two-year lows after a near 40 per cent decline this quarter with US West Texas Intermediate crude futures settling up 1.6 per cent to $45.33 per barrel.

The Energy Information Administration reported US crude stocks fell modestly last week.&nbsp;

Global investors gravitated toward safe-haven assets on Friday as worries about the world economy persisted, cutting short a two-day rebound in Wall Street stocks.

Global investors gravitated toward safe-haven assets on Friday as worries about the world economy persisted, cutting short a two-day rebound in Wall Street stocks. US stock indexes seesawed, making it difficult to end one of the most brutal December selloffs in memory on a high note. "Markets will likely remain treacherous in the New Year," Marc Chandler, chief market strategist at Bannockburn Global Forex LLC, told clients. After flirting with strong gains in the afternoon, the Dow Jones Industrial Average MSCI's index of global equities gained 0.57 per cent to bring the global benchmark to a weekly advance near 2 per cent. Markets swung wildly in a week shortened by the Christmas holiday, starting with Wall Street's worst-ever Christmas Eve drop, pushing the S&P 500 to within a whisker of bear market territory. But efforts at a late Santa Claus rally failed to salve investors after a year that brought gains for very few categories of financial assets, from stocks to bonds and commodities. The global MSCI index, the S&P 500, the Dow and the Nasdaq are each headed for their worst years since the 2008 financial crisis. The dollar index dipped 0.14 per cent, with the euro up 0.14 per cent to $1.1445 and Japanese yen strengthening 0.75 per cent against the greenback at 110.17 per dollar. The greenback is down 1 per cent this month against a basket of major currencies. That has boosted gold, a traditional safe haven whose appeal this year was hit by a stronger dollar, which makes the yellow metal more expensive to buyers with other currencies. Gold is perched at six-month highs of $1,280.11 an ounce. The steady drumbeat of disappointing economic data reinforced caution, including Japan's slowing industrial output and retail sales, declining German inflation and US data for November showing contracts to buy previously owned homes fell unexpectedly in the latest sign of housing market weakness. Breaking with the bad news, the Chicago Purchasing Management Index came in ahead of consensus. Chris Bailey, a strategist at brokerage Raymond James Financial Inc, said dollar weakness was good news for non-US assets. "If we get the transmission mechanism of a lower dollar, stocks outside the US are set up for a good 2019," Bailey said. "Once people get their heads around the fact the US is not going to have yet another double-digit return year in 2019, you can look elsewhere." That would be a relief to world markets that largely underperformed the United States in 2018. Bonds have also been helped in recent weeks by risk aversion. US benchmark 10-year Treasury notes last rose 8/32 in price to yield 2.7146 per cent, compared with 2.743 per cent late on Thursday. Oil prices lifted a bit off two-year lows after a near 40 per cent decline this quarter with US West Texas Intermediate crude futures settling up 1.6 per cent to $45.33 per barrel. The Energy Information Administration reported US crude stocks fell modestly last week.

Global markets: Equities markets limp to finish line after volatile week

<a href="http://www.wionews.com/business-economy/sears-files-for-bankruptcy-set-to-close-142-stores-in-us-171553">Sears Holdings Corp Chairman Eddie Lampert</a> submitted a $4.4 billion takeover bid for the bankrupt US retailer, representing its only chance of escaping liquidation and laying off tens of thousands of workers, a spokesman for the billionaire's hedge fund said on Friday.

Lampert's bid is backed in part by $1.3 billion in financing from three different financial institutions, the spokesman for his hedge fund, ESL Investments Inc, said. It would preserve about 425 stores that Sears has yet to close and secure the jobs of up to 50,000 workers out of the 68,000 employed by the retailer. An affiliate of ESL, Transform Holdco LLC, submitted the bid, the spokesman said.

People familiar with the matter said the financing comes from Sears' existing lenders Bank of America Corp and Citigroup Inc, as well Royal Bank of Canada, which was not previously a lender, which together agreed to provide a $950 million asset-based loan and a $350 million revolving credit line.

Some of Lampert's bid relies on $1.8 billion of Sears debt that ESL already holds and plans to forgive to back the offer, the sources said. The bid also includes about $400 million in financing from non-bank lenders, the sources said.

The bid contemplates assuming protection agreements Sears has previously sold to reassure customers who have bought appliances, televisions, lawn tractors and other big-ticket items, the ESL spokesman said.

"Factoring for all considerations, we believe that our going concern bid provides the best path forward for the company, the best option to save tens of thousands of jobs and is superior for all of Sears’ stakeholders to the alternative of complete liquidation," the ESL spokesman said. "Much work remains and there is no assurance our proposal will be completed."

Sears will now evaluate the bid to determine whether it is viable, and there remains a possibility the company could reject it, some of the sources said.

A Sears spokeswoman declined to comment. Bank representatives either had no immediate comment or did not immediately respond to requests for comment.

A US bankruptcy court judge must approve any sale of Sears. The judge will weigh the opinions of other stakeholders, including unsecured creditors who have argued they could recover more of their investment if the department store operator winds down.

Without the financing or another buyer, Sears faces the prospect of closing its doors for good and putting roughly 68,000 people out of work.

The 125-year-old retailer filed for bankruptcy on October 15 and developed plans to restructure around the sale of 500 stores and businesses including Kenmore, DieHard and the company's home services division. Only Lampert's ESL offered to buy the entire company.

The only other bids Sears has received are from suitors interested in pieces of the company and liquidators prepared to run going-out-of-business sales at stores and shut down the retailer.

Sears dates back to the late 1880s. Its mail-order catalogues with merchandise ranging from toys, medicine and gramophones to automobiles, kit houses and tombstones made it the Amazon.com Inc of its time.

But the iconic retailer gradually lost its shine as consumers increasingly favoured brick-and-mortar rivals such as Walmart Inc and Target Corp and e-commerce.

Lampert, who through ESL is Sears' biggest shareholder and creditor, formed Sears Holdings in 2005 by acquiring Sears Roebuck in an $11 billion deal and combining it with discount chain Kmart, which he had also taken over.

Lampert had pledged to restore Sears to its glory days when it owned the Sears Tower in Chicago, then the world's tallest building, and companies that included a radio station and Allstate insurance. But the company stopped turning a profit in 2011, and it gradually started to sell assets, such as its legendary Craftsman brand and many of its properties, to stay afloat.

Sears Holdings listed $6.9 billion in assets and $11.3 billion in liabilities in documents filed in the US Bankruptcy Court in the Southern District of New York.

The largest US toy retailer, Toys ‘R’ Us, tried to emerge from its 2017 bankruptcy filing but was forced to liquidate six months later after creditors lost confidence in its turnaround plan.

Sears Holdings Corp Chairman Eddie Lampert submitted a $4.4 billion takeover bid for the bankrupt US retailer, representing its only chance of escaping liquidation and laying off tens of thousands of workers, a spokesman for the billionaire's hedge fund said on Friday.

Sears Holdings Corp Chairman Eddie Lampert submitted a $4.4 billion takeover bid for the bankrupt US retailer, representing its only chance of escaping liquidation and laying off tens of thousands of workers, a spokesman for the billionaire's hedge fund said on Friday. Lampert's bid is backed in part by $1.3 billion in financing from three different financial institutions, the spokesman for his hedge fund, ESL Investments Inc, said. It would preserve about 425 stores that Sears has yet to close and secure the jobs of up to 50,000 workers out of the 68,000 employed by the retailer. An affiliate of ESL, Transform Holdco LLC, submitted the bid, the spokesman said. People familiar with the matter said the financing comes from Sears' existing lenders Bank of America Corp and Citigroup Inc, as well Royal Bank of Canada, which was not previously a lender, which together agreed to provide a $950 million asset-based loan and a $350 million revolving credit line. Some of Lampert's bid relies on $1.8 billion of Sears debt that ESL already holds and plans to forgive to back the offer, the sources said. The bid also includes about $400 million in financing from non-bank lenders, the sources said. The bid contemplates assuming protection agreements Sears has previously sold to reassure customers who have bought appliances, televisions, lawn tractors and other big-ticket items, the ESL spokesman said. "Factoring for all considerations, we believe that our going concern bid provides the best path forward for the company, the best option to save tens of thousands of jobs and is superior for all of Sears’ stakeholders to the alternative of complete liquidation," the ESL spokesman said. "Much work remains and there is no assurance our proposal will be completed." Sears will now evaluate the bid to determine whether it is viable, and there remains a possibility the company could reject it, some of the sources said. A Sears spokeswoman declined to comment. Bank representatives either had no immediate comment or did not immediately respond to requests for comment. A US bankruptcy court judge must approve any sale of Sears. The judge will weigh the opinions of other stakeholders, including unsecured creditors who have argued they could recover more of their investment if the department store operator winds down. Without the financing or another buyer, Sears faces the prospect of closing its doors for good and putting roughly 68,000 people out of work. The 125-year-old retailer filed for bankruptcy on October 15 and developed plans to restructure around the sale of 500 stores and businesses including Kenmore, DieHard and the company's home services division. Only Lampert's ESL offered to buy the entire company. The only other bids Sears has received are from suitors interested in pieces of the company and liquidators prepared to run going-out-of-business sales at stores and shut down the retailer. Sears dates back to the late 1880s. Its mail-order catalogues with merchandise ranging from toys, medicine and gramophones to automobiles, kit houses and tombstones made it the Amazon.com Inc of its time. But the iconic retailer gradually lost its shine as consumers increasingly favoured brick-and-mortar rivals such as Walmart Inc and Target Corp and e-commerce. Lampert, who through ESL is Sears' biggest shareholder and creditor, formed Sears Holdings in 2005 by acquiring Sears Roebuck in an $11 billion deal and combining it with discount chain Kmart, which he had also taken over. Lampert had pledged to restore Sears to its glory days when it owned the Sears Tower in Chicago, then the world's tallest building, and companies that included a radio station and Allstate insurance. But the company stopped turning a profit in 2011, and it gradually started to sell assets, such as its legendary Craftsman brand and many of its properties, to stay afloat. Sears Holdings listed $6.9 billion in assets and $11.3 billion in liabilities in documents filed in the US Bankruptcy Court in the Southern District of New York. The largest US toy retailer, Toys ‘R’ Us, tried to emerge from its 2017 bankruptcy filing but was forced to liquidate six months later after creditors lost confidence in its turnaround plan.

Sears Chairman Lampert makes $4.4 billion bid to keep retailer alive

Music retailer HMV said on Friday it was calling in the administrators, blaming a worsening market for entertainment CDs and DVDs, to become the latest victim of brutal trading conditions in Britain's retail sector.

The accounting firm KPMG has been named as the administrator and intends to keep the business running while it seeks a potential buyer, HMV said in a statement.

Will Wright, Neil Gostelow and David Pike from KPMG's Restructuring practice have been confirmed as joint administrators to HMV Retail Limited and HMV E-commerce Limited, KPMG said in a statement late Friday.

The retailer, one of Britain's best-known high street stores, went into administration in 2013 before its rescue by restructuring specialist Hilco, but it has since been hit by competition from online rivals and music streaming services.

Sky News earlier reported that about 2,200 jobs were at risk if HMV went into administration, adding that the company had been in talks with leading names in the recorded music industry for funding, but that those discussions came to nothing.

HMV was opened on London's Oxford Street by English composer Edward Elgar in 1921 and made famous by the image of the "dog and trumpet".

"During the key Christmas trading period, the market for DVDs fell by over 30 per cent compared to the previous year, and whilst HMV performed considerably better than that, such a deterioration in a key sector of the market is unsustainable," said Paul McGowan, Executive Chairman of HMV and its owner Hilco Capital, which paid around 50 million pounds ($63.47 million) for the group in 2013.

"The company has suffered from the ongoing wave of digital disruption sweeping across the entertainment industry", said Wright, a joint administrator and partner at KPMG.

"Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale", he added.

Britain's retailers had been hoping Christmas would revive spending after a year for much of the sector that has seen a string of store groups go out of business or closed shops.

Weakening consumer spending, uncertainty over Britain's exit from the European Union, rising labour costs and higher business property taxes, has spread gloom across the retail industry.

In the years running up to its first rescue in 2013, HMV struggled to hold its own against supermarkets and online services in sales of CDs, DVDs and video games.

More recently, traditional players in the music industry have been hit by the growing popularity of online streaming services such as Spotify and Apple Inc's Apple Music, which this year became the recording industry's single biggest revenue source.

HMV - which had a hand in The Beatles' big break in the 1960s, recommending the group's demo record to publishers - had around 230 stores and over 4,000 staff before it went into administration in 2013. It currently has 125 stores around Britain and employs 2,025 people.

Music retailer HMV said on Friday it was calling in the administrators, blaming a worsening market for entertainment CDs and DVDs, to become the latest victim of brutal trading conditions in Britain's retail sector.

Music retailer HMV said on Friday it was calling in the administrators, blaming a worsening market for entertainment CDs and DVDs, to become the latest victim of brutal trading conditions in Britain's retail sector. The accounting firm KPMG has been named as the administrator and intends to keep the business running while it seeks a potential buyer, HMV said in a statement. Will Wright, Neil Gostelow and David Pike from KPMG's Restructuring practice have been confirmed as joint administrators to HMV Retail Limited and HMV E-commerce Limited, KPMG said in a statement late Friday. The retailer, one of Britain's best-known high street stores, went into administration in 2013 before its rescue by restructuring specialist Hilco, but it has since been hit by competition from online rivals and music streaming services. Sky News earlier reported that about 2,200 jobs were at risk if HMV went into administration, adding that the company had been in talks with leading names in the recorded music industry for funding, but that those discussions came to nothing. HMV was opened on London's Oxford Street by English composer Edward Elgar in 1921 and made famous by the image of the "dog and trumpet". "During the key Christmas trading period, the market for DVDs fell by over 30 per cent compared to the previous year, and whilst HMV performed considerably better than that, such a deterioration in a key sector of the market is unsustainable," said Paul McGowan, Executive Chairman of HMV and its owner Hilco Capital, which paid around 50 million pounds ($63.47 million) for the group in 2013. "The company has suffered from the ongoing wave of digital disruption sweeping across the entertainment industry", said Wright, a joint administrator and partner at KPMG. "Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale", he added. Britain's retailers had been hoping Christmas would revive spending after a year for much of the sector that has seen a string of store groups go out of business or closed shops. Weakening consumer spending, uncertainty over Britain's exit from the European Union, rising labour costs and higher business property taxes, has spread gloom across the retail industry. In the years running up to its first rescue in 2013, HMV struggled to hold its own against supermarkets and online services in sales of CDs, DVDs and video games. More recently, traditional players in the music industry have been hit by the growing popularity of online streaming services such as Spotify and Apple Inc's Apple Music, which this year became the recording industry's single biggest revenue source. HMV - which had a hand in The Beatles' big break in the 1960s, recommending the group's demo record to publishers - had around 230 stores and over 4,000 staff before it went into administration in 2013. It currently has 125 stores around Britain and employs 2,025 people.

Britain's HMV faces the music as retailer calls in administrators

Commodity traders are in the dark because of the partial<a href="http://www.wionews.com/world/us-congress-meets-briefly-takes-no-action-on-shutdown-186889"> US government shutdown</a>, unable to see daily and weekly reports of agricultural exports to obtain clues as to whether China is following through with promises to buy grain and soy amid the ongoing trade war.

Traders have been anxiously awaiting proof from the <a href="http://www.wionews.com/world/explainer-how-partial-shutdown-of-us-government-could-play-out-186861">US Department</a> of Agriculture that China is ramping up purchases of grains and soy from US farmers, who are preparing their spring planting and trying to secure financing for seeds, fertiliser and land rents.

Now, trade experts and grain analysts warn the suspension of the reports is clouding the marketplace and potentially giving an advantage to big grain companies directly involved in the export trade. The government shut down partially at midnight on December 21.

"We're watching sales to China like a hawk," said Ted Seifried, vice president and chief ag market strategist for the Zaner Group.

Beijing resumed buying US cargoes earlier this month, after the two countries agreed on December 1 to a trade war truce. But hefty tariffs on US cargoes remain in place, and there is uncertainty over how much the top US soybean customer will purchase.

The gap also gives the large commercial grain merchants - such as Archer Daniels Midland Co, Bunge Ltd, Cargill Inc and Louis Dreyfus Corp - an advantage by allowing them to keep their export deals with countries like China and Mexico out of the public marketplace.

ADM and Cargill said on Friday they had no comment. The other two companies could not immediately be reached for comment.

Rich Feltes, vice president for research with Chicago-based brokerage R.J. O'Brien, said the absence of USDA export sales data can increase the risk involved in trading agricultural markets, pushing speculators to the side.

"It gives a little bit of unfair advantage to exporters who either are or are not making sales and can trade that information accordingly," he said.

Along with its weekly export sales reports, the USDA has issued daily announcements of grain and soybean sales over 100,000 tonnes since 1977. The reporting system was launched in response to the purchase of millions of tonnes of US grain by the Soviet Union in 1972 in deals that resulted in soaring US grain and food prices

FARMERS AT RISK

University of Illinois agricultural economist Scott Irwin said the partial shutdown could also deal a blow to farmers suffering from the US-China dispute, by delaying aid payments meant to help offset some of the losses for crops hit by retaliatory Chinese tariffs in a trade war launched by US President Donald Trump.

"If you're talking about cash in the farmer's pocket, the longer this goes on, the longer it's going to delay that program, which is really just getting ramped up," Irwin said.

The shutdown entered its seventh day on Friday and was on track to continue into next week and possibly longer. It affects about 800,000 employees of the Departments of Homeland Security, Justice, Agriculture, Commerce, and other agencies.

If the shutdown persists, it also could jeopardise the release of a host of hotly anticipated monthly and quarterly grain supply and demand reports.

The USDA on Friday reiterated that the shutdown if it continues, would halt its World Agricultural Supply and Demand Estimates (WASDE) report and reports by its National Agricultural Statistics Service, which tracks quarterly US grain stocks and US winter wheat seedings.

Those reports, along with an annual summary of US crop production, were scheduled for release on January 11.

In the reports, Feltes said analysts expected to see the USDA trim its estimates of the average 2018 US corn and soybean yields, imply strong feed usage of corn in the first quarter, and shed light on how many acres of winter wheat farmers were able to plant this past autumn, given excessive rains in many areas.

"Those are all bullish influences that we are going to be denied confirmation of," he said.

Commodity traders are in the dark because of the partial US government shutdown, unable to see daily and weekly reports of agricultural exports to obtain clues as to whether China is following through with promises to buy grain and soy amid the ongoing trade war.

Commodity traders are in the dark because of the partial US government shutdown, unable to see daily and weekly reports of agricultural exports to obtain clues as to whether China is following through with promises to buy grain and soy amid the ongoing trade war. Traders have been anxiously awaiting proof from the US Department of Agriculture that China is ramping up purchases of grains and soy from US farmers, who are preparing their spring planting and trying to secure financing for seeds, fertiliser and land rents. Now, trade experts and grain analysts warn the suspension of the reports is clouding the marketplace and potentially giving an advantage to big grain companies directly involved in the export trade. The government shut down partially at midnight on December 21. "We're watching sales to China like a hawk," said Ted Seifried, vice president and chief ag market strategist for the Zaner Group. Beijing resumed buying US cargoes earlier this month, after the two countries agreed on December 1 to a trade war truce. But hefty tariffs on US cargoes remain in place, and there is uncertainty over how much the top US soybean customer will purchase. The gap also gives the large commercial grain merchants - such as Archer Daniels Midland Co, Bunge Ltd, Cargill Inc and Louis Dreyfus Corp - an advantage by allowing them to keep their export deals with countries like China and Mexico out of the public marketplace. ADM and Cargill said on Friday they had no comment. The other two companies could not immediately be reached for comment. Rich Feltes, vice president for research with Chicago-based brokerage R.J. O'Brien, said the absence of USDA export sales data can increase the risk involved in trading agricultural markets, pushing speculators to the side. "It gives a little bit of unfair advantage to exporters who either are or are not making sales and can trade that information accordingly," he said. Along with its weekly export sales reports, the USDA has issued daily announcements of grain and soybean sales over 100,000 tonnes since 1977. The reporting system was launched in response to the purchase of millions of tonnes of US grain by the Soviet Union in 1972 in deals that resulted in soaring US grain and food prices FARMERS AT RISK University of Illinois agricultural economist Scott Irwin said the partial shutdown could also deal a blow to farmers suffering from the US-China dispute, by delaying aid payments meant to help offset some of the losses for crops hit by retaliatory Chinese tariffs in a trade war launched by US President Donald Trump. "If you're talking about cash in the farmer's pocket, the longer this goes on, the longer it's going to delay that program, which is really just getting ramped up," Irwin said. The shutdown entered its seventh day on Friday and was on track to continue into next week and possibly longer. It affects about 800,000 employees of the Departments of Homeland Security, Justice, Agriculture, Commerce, and other agencies. If the shutdown persists, it also could jeopardise the release of a host of hotly anticipated monthly and quarterly grain supply and demand reports. The USDA on Friday reiterated that the shutdown if it continues, would halt its World Agricultural Supply and Demand Estimates (WASDE) report and reports by its National Agricultural Statistics Service, which tracks quarterly US grain stocks and US winter wheat seedings. Those reports, along with an annual summary of US crop production, were scheduled for release on January 11. In the reports, Feltes said analysts expected to see the USDA trim its estimates of the average 2018 US corn and soybean yields, imply strong feed usage of corn in the first quarter, and shed light on how many acres of winter wheat farmers were able to plant this past autumn, given excessive rains in many areas. "Those are all bullish influences that we are going to be denied confirmation of," he said.

Is China buying US soy? Washington shutdown keeps traders guessing

Domestic stock markets on Friday opened in green with BSE Sensex rising by over 250 points in early trade to touch 36,065.78. Nifty on the other hand, rose by 72 points at 10,852.05.

Meanwhile, the rupee rose on Friday by 30 paise to 70.05 against the US currency in opening trade aided by foreign fund inflows amid a weak dollar globally and sharp fall in crude oil prices.

Domestic stock markets, which opened with gains of up to 1 per cent, also supported the local currency.

On Thursday, rising for the second straight day, the BSE benchmark Sensex jumped 157 points amid expiry of December series derivatives contracts and positive global cues, news agency PTI reported.&nbsp;

After rallying close to 400 points earlier in the session, the 30-share index pared some gains but finished 157.34 points or 0.44 per cent, higher at 35,807.28.

The broader NSE Nifty rose 49.95 points, or 0.47 per cent, to 10,779.80.

(With inputs from PTI)&nbsp;

Domestic stock markets on Friday opened in green with BSE Sensex rising by over 250 points in early trade to touch 36,065.78. Nifty on the other hand, rose by 72 points at 10,852.

Domestic stock markets on Friday opened in green with BSE Sensex rising by over 250 points in early trade to touch 36,065.78. Nifty on the other hand, rose by 72 points at 10,852.05. Meanwhile, the rupee rose on Friday by 30 paise to 70.05 against the US currency in opening trade aided by foreign fund inflows amid a weak dollar globally and sharp fall in crude oil prices. Domestic stock markets, which opened with gains of up to 1 per cent, also supported the local currency. On Thursday, rising for the second straight day, the BSE benchmark Sensex jumped 157 points amid expiry of December series derivatives contracts and positive global cues, news agency PTI reported. After rallying close to 400 points earlier in the session, the 30-share index pared some gains but finished 157.34 points or 0.44 per cent, higher at 35,807.28. The broader NSE Nifty rose 49.95 points, or 0.47 per cent, to 10,779.80. (With inputs from PTI)

Markets open in green; Sensex up by over 250 points, rupee strengthens

World stocks rose to one-week highs on Friday and looked set to snap a three-week losing streak after a late-session bounce overnight on Wall Street filtered into Asian and European markets.

Safe-haven assets were also in demand amid broader doubts about the market stability that in turn eroded the dollar's appeal.

US shares appeared poised for another rise, with futures for the S&amp;P500, Dow Jones and Nasdaq indices all up around half a per cent while a pan-European benchmark rose 1.7 per cent, reversing Thursday's retreat.

That took MSCI's all-country equity index 0.6 per cent higher, for a weekly gain so far of almost 2 per cent.

Non-US&nbsp;equities have however not matched a two-day surge on Wall Street that saw the S&amp;P 500 gain 5.9 per cent, its best performance since August 2015.

While Wall Street's resilience has fuelled hope that some of the market pressure may be easing, investors remain wary.

"The volatility here at year-end is unlikely to be sustained, but without more encouraging signals from Washington, the markets will likely remain treacherous in the New Year," Marc Chandler at Bannockburn securities told clients.

Volatility in Europe and in the United States spiked to highs not seen since a global stock market correction in February, but the main volatility gauge has since subsided to one-week lows.

Among currencies, the dollar slipped 0.55 per cent to 110.40 yen and was on track to lose more than 2 per cent against the Japanese currency this month. Against the Swiss franc, it declined 0.3 per cent to 0.9853 francs.

Another safe-haven asset, gold, inched up to touch a six-month high of $1,282 an ounce.

The steady drumbeat of disappointing data continued to reinforce caution, with Japan's industrial output contracting in November and retail sales showing sharply.

In Europe, German annual inflation slowed sharply in December.

The euro and sterling both firmed 0.3 per cent against the soft dollar , while an index of emerging market currencies touched three-week highs.

Chris Bailey, a strategist at brokerage Raymond James, said dollar weakness was good news for non-US assets.

"My feeling is... if we get the transmission mechanism of a lower dollar, stocks outside the US are set up for a good 2019," Bailey said. "Once people get their heads around the fact the US is not going to have yet another double-digit return year in 2019, you can look elsewhere."

This year though, the annual picture for most assets remains grim, with world stocks, for instance, losing close to 12 per cent so far in 2018 and oil prices falling 30 per cent.

Brent crude futures, which had rebounded after Thursday's 4.2 per cent fall, eased back half a per cent to $51.9 a barrel as rising U.S. inventories and concern over global economic growth weighed

On bond markets, yields on safer debt from Germany and the United States rose slightly, though they remained near multi-month lows.

In Italy, 10-year yields are set for their biggest monthly drop since July 2015. The last auction of the year there saw investors willing to buy 10-year government bonds at 2.70 per cent, down from 3.24 per cent last month.

The auction could be a sign Italy has turned a corner after months of volatile trading amid fractious talks over its spending plans with Brussels.

Safe-haven assets were also in demand amid broader doubts about the market stability that in turn eroded the dollar's appeal.

World stocks rose to one-week highs on Friday and looked set to snap a three-week losing streak after a late-session bounce overnight on Wall Street filtered into Asian and European markets. Safe-haven assets were also in demand amid broader doubts about the market stability that in turn eroded the dollar's appeal. US shares appeared poised for another rise, with futures for the S&P500, Dow Jones and Nasdaq indices all up around half a per cent while a pan-European benchmark rose 1.7 per cent, reversing Thursday's retreat. That took MSCI's all-country equity index 0.6 per cent higher, for a weekly gain so far of almost 2 per cent. Non-US equities have however not matched a two-day surge on Wall Street that saw the S&P 500 gain 5.9 per cent, its best performance since August 2015. While Wall Street's resilience has fuelled hope that some of the market pressure may be easing, investors remain wary. "The volatility here at year-end is unlikely to be sustained, but without more encouraging signals from Washington, the markets will likely remain treacherous in the New Year," Marc Chandler at Bannockburn securities told clients. Volatility in Europe and in the United States spiked to highs not seen since a global stock market correction in February, but the main volatility gauge has since subsided to one-week lows. Among currencies, the dollar slipped 0.55 per cent to 110.40 yen and was on track to lose more than 2 per cent against the Japanese currency this month. Against the Swiss franc, it declined 0.3 per cent to 0.9853 francs. Another safe-haven asset, gold, inched up to touch a six-month high of $1,282 an ounce. The steady drumbeat of disappointing data continued to reinforce caution, with Japan's industrial output contracting in November and retail sales showing sharply. In Europe, German annual inflation slowed sharply in December. The euro and sterling both firmed 0.3 per cent against the soft dollar , while an index of emerging market currencies touched three-week highs. Chris Bailey, a strategist at brokerage Raymond James, said dollar weakness was good news for non-US assets. "My feeling is... if we get the transmission mechanism of a lower dollar, stocks outside the US are set up for a good 2019," Bailey said. "Once people get their heads around the fact the US is not going to have yet another double-digit return year in 2019, you can look elsewhere." This year though, the annual picture for most assets remains grim, with world stocks, for instance, losing close to 12 per cent so far in 2018 and oil prices falling 30 per cent. Brent crude futures, which had rebounded after Thursday's 4.2 per cent fall, eased back half a per cent to $51.9 a barrel as rising U.S. inventories and concern over global economic growth weighed On bond markets, yields on safer debt from Germany and the United States rose slightly, though they remained near multi-month lows. In Italy, 10-year yields are set for their biggest monthly drop since July 2015. The last auction of the year there saw investors willing to buy 10-year government bonds at 2.70 per cent, down from 3.24 per cent last month. The auction could be a sign Italy has turned a corner after months of volatile trading amid fractious talks over its spending plans with Brussels.

World stocks at one-week highs as Wall Street extends rebound

System-wide gross non-performing assets of banks rose to 11.2 per cent or at Rs 10.39 trillion in FY18 from 9.3 per cent a year ago, and the share of public sector banks stood at Rs 8.95 trillion, or at 14.6 per cent, according to the Reserve Bank data released Friday.

In FY17, system-wide gross NPAs stood at 9.3 per cent and that of state-run lenders stood at 11.7 per cent.

"During FY18, the GNPA ratio reached 14.6 per cent for state-run banks due to restructured advances slipping into NPAs and better NPA recognition," RBI said in its report on 'Trends &amp; Progress of Banking in 2017-18'.

In terms of the net NPA ratio, state-run banks saw significant deterioration at 8 per cent in FY18 from 6.9 per cent year-ago.

Private sector peers banks' GNPA ratio stood at a much lower level of 4.7 per cent as against 4.1 per cent in FY17.

"Resolute efforts on the part of private sector banks to clean up their balance sheets through higher write-offs and better recoveries also contributed to their lower GNPA ratios," the report said.

Asset quality of foreign banks improved marginally to 3.8 per cent in FY18 from 4 per cent in FY17.

In FY18, the share of doubtful advances in total gross NPAs increased sizeably to Rs 5.11 trillion or 6.7 per cent of the system, driven up by state-run banks whose ratio stood at 9 per cent.

In fiscal 2018, a share of sub-standard and loss assets in GNPAs of private banks declined to 1.1 per cent and 0.2 per cent, respectively due to aggressive write-offs.

During the year under review, the fresh slippages rose for state-run lenders on account of restructured advances slipping into NPAs and a decline in standard advances.

In the previous fiscal, the GNPA ratio of public sector banks arising from larger borrower accounts (exposure of Rs 5 crore and above) increased to 23.1 per cent from 18.1 per cent in the FY17.

But this saw an improvement in FY18. "During the first half of FY18, NPAs in large borrower accounts of state-run banks and private sector banks declined to 21.6 per cent and 7 per cent, respectively," the report said.

The gems &amp; jewellery sector saw a significant increase in GNPAs during FY18 with the unearthing of frauds at PNB, which bore the brunt of the Rs 14,000 crore scam by Nirva Modi and his uncle Mehul Choksi.

"Frauds have emerged as the most serious concern in the management of operational risks, with 90 per cent of them located in the credit portfolio of banks," the report said.

Large value frauds involving Rs 50 crore and above constituted about 80 per cent of all the frauds during 2017-18. Nearly 93 per cent of the frauds worth Rs 10 lakh or more occurred in state-run lenders while private banks accounted for just 6 per cent.

"We will continue to monitor asset quality as well as resolution of stressed assets with a focus on implementation of the new resolution framework," the RBI said in the report.

The monetary authority also said it will look into implementation of Ind-As, corporate governance in banks and a revised framework for securitisation.

The central bank also intends to issue revised prudential regulations including guidelines on exposure/investment norms, risk management framework and select elements of Basel III capital framework, it said.

System-wide gross non-performing assets of banks rose to 11.2 per cent or at Rs 10.39 trillion in FY18 from 9.3 per cent a year ago, and the share of public sector banks stood at Rs 8.

System-wide gross non-performing assets of banks rose to 11.2 per cent or at Rs 10.39 trillion in FY18 from 9.3 per cent a year ago, and the share of public sector banks stood at Rs 8.95 trillion, or at 14.6 per cent, according to the Reserve Bank data released Friday. In FY17, system-wide gross NPAs stood at 9.3 per cent and that of state-run lenders stood at 11.7 per cent. "During FY18, the GNPA ratio reached 14.6 per cent for state-run banks due to restructured advances slipping into NPAs and better NPA recognition," RBI said in its report on 'Trends & Progress of Banking in 2017-18'. In terms of the net NPA ratio, state-run banks saw significant deterioration at 8 per cent in FY18 from 6.9 per cent year-ago. Private sector peers banks' GNPA ratio stood at a much lower level of 4.7 per cent as against 4.1 per cent in FY17. "Resolute efforts on the part of private sector banks to clean up their balance sheets through higher write-offs and better recoveries also contributed to their lower GNPA ratios," the report said. Asset quality of foreign banks improved marginally to 3.8 per cent in FY18 from 4 per cent in FY17. In FY18, the share of doubtful advances in total gross NPAs increased sizeably to Rs 5.11 trillion or 6.7 per cent of the system, driven up by state-run banks whose ratio stood at 9 per cent. In fiscal 2018, a share of sub-standard and loss assets in GNPAs of private banks declined to 1.1 per cent and 0.2 per cent, respectively due to aggressive write-offs. During the year under review, the fresh slippages rose for state-run lenders on account of restructured advances slipping into NPAs and a decline in standard advances. In the previous fiscal, the GNPA ratio of public sector banks arising from larger borrower accounts (exposure of Rs 5 crore and above) increased to 23.1 per cent from 18.1 per cent in the FY17. But this saw an improvement in FY18. "During the first half of FY18, NPAs in large borrower accounts of state-run banks and private sector banks declined to 21.6 per cent and 7 per cent, respectively," the report said. The gems & jewellery sector saw a significant increase in GNPAs during FY18 with the unearthing of frauds at PNB, which bore the brunt of the Rs 14,000 crore scam by Nirva Modi and his uncle Mehul Choksi. "Frauds have emerged as the most serious concern in the management of operational risks, with 90 per cent of them located in the credit portfolio of banks," the report said. Large value frauds involving Rs 50 crore and above constituted about 80 per cent of all the frauds during 2017-18. Nearly 93 per cent of the frauds worth Rs 10 lakh or more occurred in state-run lenders while private banks accounted for just 6 per cent. "We will continue to monitor asset quality as well as resolution of stressed assets with a focus on implementation of the new resolution framework," the RBI said in the report. The monetary authority also said it will look into implementation of Ind-As, corporate governance in banks and a revised framework for securitisation. The central bank also intends to issue revised prudential regulations including guidelines on exposure/investment norms, risk management framework and select elements of Basel III capital framework, it said.

Gross NPAs jump to 11.2% or Rs 10.39 trillion in FY18: RBI Report

Benchmark Sensex rose for the third straight session Friday to reclaim the 36,000-mark on across-the-board buying by foreign funds amid a rebound in the rupee.

After surging 400 points intra-day, the 30-share index pared some gains to end at 36,076.72, up 269.44 points or 0.75 per cent.

The broader NSE Nifty spurted 80.10 points, or 0.74 per cent, to 10,859.90.

During the week, the Sensex gained 334.65 points, while the Nifty advanced 105.9 points.

The biggest gainers in the Sensex pack in Friday's session were Sun Pharma, Bajaj Finance, Vedanta, Yes Bank, ICICI Bank, HDFC, Tata Motors, HCL Tech, IndusInd Bank and Axis Bank, rising up to 2.98 per cent.

On the other hand, TCS, Bajaj Auto, Hero MotoCorp, Bharti Airtel, PowerGrid and Infosys shed up to 0.70 per cent.

The gains were led by banking stocks, which rallied on reports that the government was likely to infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds by the end of this month.

Yes Bank, ICICI Bank, Bank of Baroda, SBI and Kotak Bank gained up to 2 per cent.

The rupee, meanwhile, strengthened against the US dollar and was trading 37 paise higher at 69.98.

Brent crude futures rose 1.95 per cent to USD 53.76 per barrel.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1,731.91 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 663.00 crore, provisional data available with BSE showed.

Elsewhere in Asia, Korea's Kospi ended 0.62 per cent higher, Hong Kong's Hang Seng gained 0.09 per cent and Shanghai Composite Index rose 0.44 per cent, while Japan's Nikkei slipped 0.31 per cent.

In Europe, Paris CAC rose 1.47 per cent, while Frankfurt's DAX fell 1.56 per cent. London's FTSE gained 1.67 per cent.

Benchmark Sensex rose for the third straight session Friday to reclaim the 36,000-mark on across-the-board buying by foreign funds amid a rebound in the rupee. After surging 400 points intra-day, the 30-share index pared some gains to end at 36,076.

Benchmark Sensex rose for the third straight session Friday to reclaim the 36,000-mark on across-the-board buying by foreign funds amid a rebound in the rupee. After surging 400 points intra-day, the 30-share index pared some gains to end at 36,076.72, up 269.44 points or 0.75 per cent. The broader NSE Nifty spurted 80.10 points, or 0.74 per cent, to 10,859.90. During the week, the Sensex gained 334.65 points, while the Nifty advanced 105.9 points. The biggest gainers in the Sensex pack in Friday's session were Sun Pharma, Bajaj Finance, Vedanta, Yes Bank, ICICI Bank, HDFC, Tata Motors, HCL Tech, IndusInd Bank and Axis Bank, rising up to 2.98 per cent. On the other hand, TCS, Bajaj Auto, Hero MotoCorp, Bharti Airtel, PowerGrid and Infosys shed up to 0.70 per cent. The gains were led by banking stocks, which rallied on reports that the government was likely to infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds by the end of this month. Yes Bank, ICICI Bank, Bank of Baroda, SBI and Kotak Bank gained up to 2 per cent. The rupee, meanwhile, strengthened against the US dollar and was trading 37 paise higher at 69.98. Brent crude futures rose 1.95 per cent to USD 53.76 per barrel. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1,731.91 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 663.00 crore, provisional data available with BSE showed. Elsewhere in Asia, Korea's Kospi ended 0.62 per cent higher, Hong Kong's Hang Seng gained 0.09 per cent and Shanghai Composite Index rose 0.44 per cent, while Japan's Nikkei slipped 0.31 per cent. In Europe, Paris CAC rose 1.47 per cent, while Frankfurt's DAX fell 1.56 per cent. London's FTSE gained 1.67 per cent.

Sensex vaults 269 points to reclaim 36,000-mark

The Universal Basic Income is simply a basic income. It is a program in which country's citizens or permanent residents receive a regular sum of money from a government source. UBI can be implemented nationally, regionally or locally.

In UBI a basic sum of money is provided to individuals regardless of their income, resources or employment status with a purpose to reduce poverty and increase equality among citizens.

The essential principle behind basic income is the idea that all citizens of the country are entitled to a livable income, whether or not they contribute to production and despite the particular circumstances into which they are born.

After the surprising defeat in the recent five state assembly elections, there are speculations that the Narendra Modi led government may hold a discussion on the implementation of UBI scheme, something which may turn out to be a game changer for the prime minister in upcoming general elections.

Meanwhile, experts are also seeing UBI as a more efficient medium of help to a large number of people, especially farmers than one-time universal loan waiver.

In UBI a basic sum of money is provided to individuals regardless of their income, resources or employment status with a purpose to reduce poverty and increase equality among citizens.

The Universal Basic Income is simply a basic income. It is a program in which country's citizens or permanent residents receive a regular sum of money from a government source. UBI can be implemented nationally, regionally or locally. In UBI a basic sum of money is provided to individuals regardless of their income, resources or employment status with a purpose to reduce poverty and increase equality among citizens. The essential principle behind basic income is the idea that all citizens of the country are entitled to a livable income, whether or not they contribute to production and despite the particular circumstances into which they are born. After the surprising defeat in the recent five state assembly elections, there are speculations that the Narendra Modi led government may hold a discussion on the implementation of UBI scheme, something which may turn out to be a game changer for the prime minister in upcoming general elections. Meanwhile, experts are also seeing UBI as a more efficient medium of help to a large number of people, especially farmers than one-time universal loan waiver.

What is Universal basic Income and why it is in news?

The rupee weakened by 19 paise to 70.25 against the US dollar in early trade Thursday due to fresh buying of the American currency by importers and banks.

A higher opening of domestic equity market, however, capped the loss, brokers said.

At the Interbank Foreign Exchange, the rupee opened sharp lower at 70.27 a dollar against the previous close of 70.06. The domestic unit moved in a tight range of 70.31 to 70.22 in the morning trade.

On Wednesday, the rupee trimmed its early gains to settle 8 paise higher at 70.06 against the US currency.

Brent crude, the international benchmark, was down 1.18 per cent at US $54.64 per barrel.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 80.28 crore Wednesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 137.63 crore.

Meanwhile, BSE benchmark Sensex rallied 391 points and NSE Nifty reclaimed the 10,800 level Thursday on positive cues from Wall Street.&nbsp;

The rupee weakened by 19 paise to 70.25 against the US dollar in early trade Thursday due to fresh buying of the American currency by importers and banks. A higher opening of domestic equity market, however, capped the loss, brokers said.

The rupee weakened by 19 paise to 70.25 against the US dollar in early trade Thursday due to fresh buying of the American currency by importers and banks. A higher opening of domestic equity market, however, capped the loss, brokers said. At the Interbank Foreign Exchange, the rupee opened sharp lower at 70.27 a dollar against the previous close of 70.06. The domestic unit moved in a tight range of 70.31 to 70.22 in the morning trade. On Wednesday, the rupee trimmed its early gains to settle 8 paise higher at 70.06 against the US currency. Brent crude, the international benchmark, was down 1.18 per cent at US $54.64 per barrel. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 80.28 crore Wednesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 137.63 crore. Meanwhile, BSE benchmark Sensex rallied 391 points and NSE Nifty reclaimed the 10,800 level Thursday on positive cues from Wall Street.

Rupee slips 19 paise against US dollar in early trade

Domestic markets on Thursday opened in green with BSE Sensex opening higher at 36,002.11 points as compared to its previous close of 35,649.94 points on Wednesday, registering a spike of around 300 points.&nbsp;

Nifty, on the other hand, went up by nearly 80 points in morning trade at 10,816.65 points. It had closed at 10,729.85 points on Wednesday.&nbsp;

After gyrating nearly 700 points Wednesday, benchmark equity indices reversed initial losses and ended higher driven by a rebound in banking stocks amid a firming trend in the US market.

The BSE Sensex broke its three-day falling streak by ending 179.79 points, or 0.51 per cent, higher at 35,649.94. It fell to a low of 35,010.82 during afternoon trade.

The broader NSE Nifty too recovered to reclaim the 10,700 level, rising 66.35 points, or 0.62 per cent, to 10,729.85, news agency PTI reported.&nbsp;

Meanwhile,&nbsp;<a href="http://www.wionews.com/business-economy/wall-street-roars-back-to-life-in-best-session-in-9-years-186751">Wall Street stocks roared back</a> to life on Wednesday, shaking off four straight routs following strong retail sales data and White House reassurances that Fed Chair Jay Powell won't be fired.

The Dow Jones Industrial Average finished up nearly 1,100 points, or about five per cent, at 22,878.45, news agency AFP reported.&nbsp;

Domestic markets on Thursday opened in green with BSE Sensex opening higher at 36,002.11 points as compared to its previous close of 35,649.94 points on Wednesday, registering a spike of around 300 points.

Domestic markets on Thursday opened in green with BSE Sensex opening higher at 36,002.11 points as compared to its previous close of 35,649.94 points on Wednesday, registering a spike of around 300 points. Nifty, on the other hand, went up by nearly 80 points in morning trade at 10,816.65 points. It had closed at 10,729.85 points on Wednesday. After gyrating nearly 700 points Wednesday, benchmark equity indices reversed initial losses and ended higher driven by a rebound in banking stocks amid a firming trend in the US market. The BSE Sensex broke its three-day falling streak by ending 179.79 points, or 0.51 per cent, higher at 35,649.94. It fell to a low of 35,010.82 during afternoon trade. The broader NSE Nifty too recovered to reclaim the 10,700 level, rising 66.35 points, or 0.62 per cent, to 10,729.85, news agency PTI reported. Meanwhile, Wall Street stocks roared back to life on Wednesday, shaking off four straight routs following strong retail sales data and White House reassurances that Fed Chair Jay Powell won't be fired. The Dow Jones Industrial Average finished up nearly 1,100 points, or about five per cent, at 22,878.45, news agency AFP reported.

Markets open in green, Sensex gains around 300 points

Wall Street stocks roared back to life on Wednesday, shaking off four straight routs following strong retail sales data and White House reassurances that Fed Chair Jay Powell won't be fired.

The Dow Jones Industrial Average finished up nearly 1,100 points, or about five per cent, at 22,878.45.&nbsp;

The broad-based S&amp;P 500 also surged five per cent to 2,467.70, while the tech-rich Nasdaq Composite Index advanced 5.8 per cent to 6,554.36.

The US gains were the biggest for a single session on Wall Street in nine years, a surge analysts attributed in part to technical factors after days of selling.

"It's coming off of oversold conditions and it was frankly due for a bounce," said Matt Miskin, market strategist at John Hancock Investments.

"Sentiment can be fickle in times like these, so it's important to not get whipsawed."

Still, the session was not without its shaky moments. After opening solidly higher, the Dow briefly sank into the red in mid-morning before recovering and gathering steam throughout the day.&nbsp;

Earlier, Tokyo closed higher on Wednesday, logging its first positive finish in six sessions. Chinese stocks closed slightly lower, while Seoul also dropped.

Financial markets in Australia, Hong Kong were closed for a public holiday, along with bourses in London, Paris and Frankfurt.

More weakness ahead?

Many investors have been unnerved by a variety of factors, including the partial US government shutdown, the US-China trade war and Trump's ongoing criticism of Fed Chair Powell.

The sense of bearishness among investors is "just huge," said Karl Haeling of LBBW.

"From a tactical standpoint, you can expect a reflex rally," said Canaccord Genuity equity strategist Tony Dwyer in a note released ahead of Wednesday's session. "But it is hard to find an extreme oversold low that is not retested."

Yet some analysts have argued that the stock market's weakness in December has been disproportionate to economic conditions at a time when unemployment is low and growth is still solid.

"Our judgment is that the US economy remains solid at the moment," though investors need to pay attention to the possible impact of US trade rows with other countries on financial markets and business outlooks, said a report by Norio Miyagawa, senior economist at Mizuho Securities.

"As financial markets regain their calm, we expect US stocks and the dollar will track higher," he said.

Data from Mastercard SpendingPulse showed US holiday sales increased 5.1 per cent this holiday season to more than $850 billion, the biggest growth in the last six years.

White House economic advisor Kevin Hassett sought to reassure on Powell's prospects, telling ABC News the Fed chief is "100 per cent" safe. The remarks followed weekend media reports that US President Donald Trump has discussed firing Powell.

Analysts also took heart from a nearly nine per cent jump in US oil prices, the biggest in more than two years and another bounce back following recent weakness in petroleum markets.&nbsp;

Retailers were especially strong, with Amazon soaring 9.5 per cent after declaring that its notched new records in holiday sales, fueled by "tens of millions" of new subscriptions or free trials of its Prime service.

Petroleum-linked shares also had a good session, with Chevron winning 6.3 per cent and Halliburton 5.1 per cent following the rally in oil prices. 
&nbsp;

Wall Street stocks roared back to life on Wednesday, shaking off four straight routs following strong retail sales data and White House reassurances that Fed Chair Jay Powell won't be fired.

Wall Street stocks roared back to life on Wednesday, shaking off four straight routs following strong retail sales data and White House reassurances that Fed Chair Jay Powell won't be fired. The Dow Jones Industrial Average finished up nearly 1,100 points, or about five per cent, at 22,878.45. The broad-based S&P 500 also surged five per cent to 2,467.70, while the tech-rich Nasdaq Composite Index advanced 5.8 per cent to 6,554.36. The US gains were the biggest for a single session on Wall Street in nine years, a surge analysts attributed in part to technical factors after days of selling. "It's coming off of oversold conditions and it was frankly due for a bounce," said Matt Miskin, market strategist at John Hancock Investments. "Sentiment can be fickle in times like these, so it's important to not get whipsawed." Still, the session was not without its shaky moments. After opening solidly higher, the Dow briefly sank into the red in mid-morning before recovering and gathering steam throughout the day. Earlier, Tokyo closed higher on Wednesday, logging its first positive finish in six sessions. Chinese stocks closed slightly lower, while Seoul also dropped. Financial markets in Australia, Hong Kong were closed for a public holiday, along with bourses in London, Paris and Frankfurt. More weakness ahead? Many investors have been unnerved by a variety of factors, including the partial US government shutdown, the US-China trade war and Trump's ongoing criticism of Fed Chair Powell. The sense of bearishness among investors is "just huge," said Karl Haeling of LBBW. "From a tactical standpoint, you can expect a reflex rally," said Canaccord Genuity equity strategist Tony Dwyer in a note released ahead of Wednesday's session. "But it is hard to find an extreme oversold low that is not retested." Yet some analysts have argued that the stock market's weakness in December has been disproportionate to economic conditions at a time when unemployment is low and growth is still solid. "Our judgment is that the US economy remains solid at the moment," though investors need to pay attention to the possible impact of US trade rows with other countries on financial markets and business outlooks, said a report by Norio Miyagawa, senior economist at Mizuho Securities. "As financial markets regain their calm, we expect US stocks and the dollar will track higher," he said. Data from Mastercard SpendingPulse showed US holiday sales increased 5.1 per cent this holiday season to more than $850 billion, the biggest growth in the last six years. White House economic advisor Kevin Hassett sought to reassure on Powell's prospects, telling ABC News the Fed chief is "100 per cent" safe. The remarks followed weekend media reports that US President Donald Trump has discussed firing Powell. Analysts also took heart from a nearly nine per cent jump in US oil prices, the biggest in more than two years and another bounce back following recent weakness in petroleum markets. Retailers were especially strong, with Amazon soaring 9.5 per cent after declaring that its notched new records in holiday sales, fueled by "tens of millions" of new subscriptions or free trials of its Prime service. Petroleum-linked shares also had a good session, with Chevron winning 6.3 per cent and Halliburton 5.1 per cent following the rally in oil prices.

Wall Street roars back to life in best session in 9 years

Indian-American Rajesh Subramaniam has been named as the president and chief executive officer of US multinational courier delivery giant FedEx Express.

Subramaniam, currently the executive vice president, chief marketing and communications officer of FedEx Corporation, will assume his new role on January 1, 2019.

He replaces David L Cunningham at the Tennessee-headquartered company.

Subramaniam, an IIT-Bombay graduate from Thiruvananthapuram, has been with FedEx for more than 27 years. He has held various executive-level positions in the company.

He began his career in Memphis and subsequently moved to Hong Kong where he oversaw marketing and customer service for the Asia Pacific region.

Subramaniam then took over as the president of FedEx Express in Canada before moving back to the US as senior vice president of international marketing.

He was then promoted to executive vice president of marketing in 2013 at FedEx Services, prior to being named executive vice president and chief marketing and communications officer at FedEx Corporation in 2017.

"Raj's global vision and broad experience make him uniquely qualified to lead our largest operating company. We look forward to the continued growth of FedEx Express within our global portfolio as Raj takes on this critical role," David J Bronczek, president and chief operating officer, FedEx Corporation, said.

Subramaniam earned his Master of Science in Chemical Engineering from Syracuse University and MBA from the University of Texas in Austin.

Indian-American Rajesh Subramaniam has been named as the president and chief executive officer of US multinational courier delivery giant FedEx Express. Subramaniam, currently the executive vice president, chief marketing and communications officer of FedEx Corporation, will assume his new role on January 1, 2019.

Indian-American Rajesh Subramaniam has been named as the president and chief executive officer of US multinational courier delivery giant FedEx Express. Subramaniam, currently the executive vice president, chief marketing and communications officer of FedEx Corporation, will assume his new role on January 1, 2019. He replaces David L Cunningham at the Tennessee-headquartered company. Subramaniam, an IIT-Bombay graduate from Thiruvananthapuram, has been with FedEx for more than 27 years. He has held various executive-level positions in the company. He began his career in Memphis and subsequently moved to Hong Kong where he oversaw marketing and customer service for the Asia Pacific region. Subramaniam then took over as the president of FedEx Express in Canada before moving back to the US as senior vice president of international marketing. He was then promoted to executive vice president of marketing in 2013 at FedEx Services, prior to being named executive vice president and chief marketing and communications officer at FedEx Corporation in 2017. "Raj's global vision and broad experience make him uniquely qualified to lead our largest operating company. We look forward to the continued growth of FedEx Express within our global portfolio as Raj takes on this critical role," David J Bronczek, president and chief operating officer, FedEx Corporation, said. Subramaniam earned his Master of Science in Chemical Engineering from Syracuse University and MBA from the University of Texas in Austin.

Indian-American Rajesh Subramaniam named FedEx president

India will announce a new draft policy for<a href="http://www.wionews.com/business-economy/flipkart-amazon-sale-may-become-history-as-govt-tightens-e-commerce-norms-186710"> e-commerce in a few weeks</a>, a source in the government said on Thursday, a day after the country tweaked foreign investment rules for the burgeoning sector.

The new e-commerce policy could entail provisions for a regulator in the sector dominated by US tech giant Amazon.com and homegrown Flipkart, which was bought over by retail giant Walmart for $16 billion earlier this year.

India on Wednesday introduced changes to foreign direct investment rules, banning e-commerce players from selling products from entities in which they have an equity interest, a move the source said was aimed at preventing anti-competitive practices. The source declined to be named as the matter was not public.

Meanwhile, the Indian government said that the companies will be prevented from entering into exclusive agreements with sellers. The new rules will be applicable from February 1.

"An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity," the commerce ministry said in a statement.

E-commerce companies can make bulk purchases through their wholesale units or other group companies that in turn sell the products to select sellers, such as their affiliates or other companies with which they have agreements. Those sellers can then sell the products to other companies or direct to consumers, often at attractively low prices.

India will announce a new draft policy for e-commerce in a few weeks, a source in the government said on Thursday, a day after the country tweaked foreign investment rules for the burgeoning sector.

India will announce a new draft policy for e-commerce in a few weeks, a source in the government said on Thursday, a day after the country tweaked foreign investment rules for the burgeoning sector. The new e-commerce policy could entail provisions for a regulator in the sector dominated by US tech giant Amazon.com and homegrown Flipkart, which was bought over by retail giant Walmart for $16 billion earlier this year. India on Wednesday introduced changes to foreign direct investment rules, banning e-commerce players from selling products from entities in which they have an equity interest, a move the source said was aimed at preventing anti-competitive practices. The source declined to be named as the matter was not public. Meanwhile, the Indian government said that the companies will be prevented from entering into exclusive agreements with sellers. The new rules will be applicable from February 1. "An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity," the commerce ministry said in a statement. E-commerce companies can make bulk purchases through their wholesale units or other group companies that in turn sell the products to select sellers, such as their affiliates or other companies with which they have agreements. Those sellers can then sell the products to other companies or direct to consumers, often at attractively low prices.

Online shopping set to change: Govt to issue draft e-commerce policy in a few weeks

Rising for the second straight day, the BSE benchmark Sensex jumped 157 points Thursday amid expiry of December series derivatives contracts and positive global cues.

After rallying close to 400 points earlier in the session, the 30-share index pared some gains but finished 157.34 points, or 0.44 per cent, higher at 35,807.28.

The broader NSE Nifty rose 49.95 points, or 0.47 per cent, to 10,779.80.

The biggest gainers in the Sensex pack were Reliance Industries, Infosys, NTPC, ONGC, HUL, PowerGrid, Asian Paints, ITC and HCL Tech, rising up to 2.10 per cent.

On the other hand, Hero MotoCorp, Bharti Airtel, Tata Motors, Tata Steel and Maruti Suzuki fell up to 1.71 per cent.

Global sentiment improved as tensions between the White House and US Fed eased. Strong consumer spending data in the US also added to the momentum, said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

With two more trading days to go until the end of the year, liquidity and sentiment are set to drive market in short-term, he added.

Banking stocks fell amid reports that the government was likely to infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds by the end of this month.

The rupee, meanwhile, weakened against the US dollar, and was trading at 70.28 a dollar, down 0.27 per cent from its previous close.

Brent crude futures dropped 3.78 per cent to $53.20 per barrel.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 80.28 crore Wednesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 137.63 crore, provisional data available with BSE showed.

Elsewhere in Asia, Japan's Nikkei surged 3.88 per cent and Korea's Kospi ended 0.02 per cent higher, while Hong Kong's Hang Seng fell 0.67 per cent and Shanghai Composite Index slipped 0.61 per cent.

In Europe, Paris CAC rose 0.15 per cent, while Frankfurt's DAX fell 1.41 per cent. London's FTSE fell 0.63 per cent.&nbsp; 
&nbsp;

After rallying close to 400 points earlier in the session, the 30-share index pared some gains but finished 157.34 points, or 0.44 per cent, higher at 35,807.28.

Rising for the second straight day, the BSE benchmark Sensex jumped 157 points Thursday amid expiry of December series derivatives contracts and positive global cues. After rallying close to 400 points earlier in the session, the 30-share index pared some gains but finished 157.34 points, or 0.44 per cent, higher at 35,807.28. The broader NSE Nifty rose 49.95 points, or 0.47 per cent, to 10,779.80. The biggest gainers in the Sensex pack were Reliance Industries, Infosys, NTPC, ONGC, HUL, PowerGrid, Asian Paints, ITC and HCL Tech, rising up to 2.10 per cent. On the other hand, Hero MotoCorp, Bharti Airtel, Tata Motors, Tata Steel and Maruti Suzuki fell up to 1.71 per cent. Global sentiment improved as tensions between the White House and US Fed eased. Strong consumer spending data in the US also added to the momentum, said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. With two more trading days to go until the end of the year, liquidity and sentiment are set to drive market in short-term, he added. Banking stocks fell amid reports that the government was likely to infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds by the end of this month. The rupee, meanwhile, weakened against the US dollar, and was trading at 70.28 a dollar, down 0.27 per cent from its previous close. Brent crude futures dropped 3.78 per cent to $53.20 per barrel. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 80.28 crore Wednesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 137.63 crore, provisional data available with BSE showed. Elsewhere in Asia, Japan's Nikkei surged 3.88 per cent and Korea's Kospi ended 0.02 per cent higher, while Hong Kong's Hang Seng fell 0.67 per cent and Shanghai Composite Index slipped 0.61 per cent. In Europe, Paris CAC rose 0.15 per cent, while Frankfurt's DAX fell 1.41 per cent. London's FTSE fell 0.63 per cent.

Sensex gains 157 points on F&O expiry, positive global cues

Banking operations will be affected Wednesday as close to 10 lakh employees of various public sector and some of the private and foreign banks are on a day-long strike to <a href="http://www.wionews.com/india-news/psu-bank-officers-to-observe-strike-today-185652">protest the proposed merger</a> of Vijaya Bank and Dena Bank with Bank of Baroda.

The nation-wide strike would impact banking services like deposits and withdrawal at branches, cheque clearances and issuance of demand drafts, among others.

In September, the government had announced a merger of state-owned Vijaya Bank and Dena Bank with the larger peer Bank of Baroda.

The merged entity will have a combined business of Rs 14.82 trillion, making it the third largest bank after State Bank of India (SBI) and HDFC Bank.

The unions are claiming that the merger is not in the interest of banks or their customers and will, in fact, be detrimental to both.

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<blockquote class="twitter-tweet" data-lang="en">
Tamil Nadu: Visuals of bank strike from Coimbatore. Nine bank associations are protesting against the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda <a href="https://t.co/nqCvQXrGcU">pic.twitter.com/nqCvQXrGcU</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1077794391895482368?ref_src=twsrc%5Etfw">December 26, 2018</a></blockquote>
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The government wants banks to grow in size through this amalgamation but even if all public sector banks are bundled into one, the merged entity cannot find a place among the top 10 globally, said United Forum of Bank Unions (UFBU), which has called for the one-day strike.

"This merger will see a large number of branches getting closed and customers will have to face hardships as already banks are burdened with the implementation of various government schemes such as Jan Dhan Yojana, Mudra, social security insurance, and Prime Minister's housing scheme, among others," the union said.

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<a href="https://twitter.com/hashtag/MadhyaPradesh?src=hash&amp;ref_src=twsrc%5Etfw">#MadhyaPradesh</a>: United Forum of Bank Union (UFBU) protesting against the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda, in Bhopal <a href="https://t.co/R0zP2P6BWp">pic.twitter.com/R0zP2P6BWp</a>
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UFBU is an umbrella organisation of nine unions, including the All-India Bank Officers Confederation, the All- India Bank Employees Association and the National Organisation of Bank Workers, among others.

Last week, public sector lender Bank of Baroda said the 'alternative mechanism' of the finance ministry had accorded in-principle approval for its merger with Dena Bank and Vijaya Bank.

The 'alternative mechanism' headed by Finance Minister Arun Jaitley had decided to merge the three banks with a view to creating a lender with considerable size, which will be stronger and sustainable.

The merger comes after the largest lender SBI merging its five subsidiary banks and taking over the Bharatiya Mahila Bank last year, which catapulted it to be among top 50 global lenders.

Last week, around 3.20 lakh bank officers from various state-run banks were on a one-day strike opposing the proposed merger and also seeking immediate wage revision.

Bank management has mandated the industry lobby Indian Bank Association (IBA) to negotiate the wages for employees in the scales 1-3 but the unions want this to be raised up to scale 7.

The wage talks are on for the past 13 months between the unions and IBA, the latter has offered a wage revision of 8 per cent.

In the past wage settlement, which was for the period from November 1, 2012, to October 31, 2017, the employees got a 15 per cent hike.

Banking operations will be affected Wednesday as close to 10 lakh employees of various public sector and some of the private and foreign banks are on a day-long strike to protest the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda.

Banking operations will be affected Wednesday as close to 10 lakh employees of various public sector and some of the private and foreign banks are on a day-long strike to protest the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda. The nation-wide strike would impact banking services like deposits and withdrawal at branches, cheque clearances and issuance of demand drafts, among others. In September, the government had announced a merger of state-owned Vijaya Bank and Dena Bank with the larger peer Bank of Baroda. The merged entity will have a combined business of Rs 14.82 trillion, making it the third largest bank after State Bank of India (SBI) and HDFC Bank. The unions are claiming that the merger is not in the interest of banks or their customers and will, in fact, be detrimental to both. Tamil Nadu: Visuals of bank strike from Coimbatore. Nine bank associations are protesting against the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda pic.twitter.com/nqCvQXrGcU — ANI (@ANI) December 26, 2018 × The government wants banks to grow in size through this amalgamation but even if all public sector banks are bundled into one, the merged entity cannot find a place among the top 10 globally, said United Forum of Bank Unions (UFBU), which has called for the one-day strike. "This merger will see a large number of branches getting closed and customers will have to face hardships as already banks are burdened with the implementation of various government schemes such as Jan Dhan Yojana, Mudra, social security insurance, and Prime Minister's housing scheme, among others," the union said. #MadhyaPradesh: United Forum of Bank Union (UFBU) protesting against the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda, in Bhopal pic.twitter.com/R0zP2P6BWp — ANI (@ANI) December 26, 2018 × UFBU is an umbrella organisation of nine unions, including the All-India Bank Officers Confederation, the All- India Bank Employees Association and the National Organisation of Bank Workers, among others. Last week, public sector lender Bank of Baroda said the 'alternative mechanism' of the finance ministry had accorded in-principle approval for its merger with Dena Bank and Vijaya Bank. The 'alternative mechanism' headed by Finance Minister Arun Jaitley had decided to merge the three banks with a view to creating a lender with considerable size, which will be stronger and sustainable. The merger comes after the largest lender SBI merging its five subsidiary banks and taking over the Bharatiya Mahila Bank last year, which catapulted it to be among top 50 global lenders. Last week, around 3.20 lakh bank officers from various state-run banks were on a one-day strike opposing the proposed merger and also seeking immediate wage revision. Bank management has mandated the industry lobby Indian Bank Association (IBA) to negotiate the wages for employees in the scales 1-3 but the unions want this to be raised up to scale 7. The wage talks are on for the past 13 months between the unions and IBA, the latter has offered a wage revision of 8 per cent. In the past wage settlement, which was for the period from November 1, 2012, to October 31, 2017, the employees got a 15 per cent hike.

Bank workers observe second nation-wide strike within week

Gold prices hit a six-month high on Wednesday as concerns over global growth and a partial government shutdown in the United States fuelled risk aversion, prompting investors to seek refuge in the metal.

Spot gold climbed 0.3 per cent to $1,271.85 per ounce as at 0429 GMT. The metal hit $1272.56 in early trade, its highest since June 20.

US&nbsp;gold futures were up 0.3 per cent at $1,275.8 per ounce.

Investors are uneasy about global economic growth and are seeking gold as a safe-haven, said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank, adding the sharp sell-off in stock markets has also lent support.

"We always see good demand for gold in the year-end. I would not be surprised if we see gold surpass $1,300 in the near future."

Asian equities were shaky following a Christmas eve US&nbsp;stocks plunge. Wall Street has dropped sharply in recent weeks on concerns over weaker economic growth, compounded by political instability in the United States after a partial government shutdown.

The US&nbsp;Senate has been unable to break an impasse over&nbsp;Trump's demand for more funds for a wall on the border with Mexico, and a senior official said the shutdown could continue until January 3.

Tensions between the White House and the US&nbsp;Federal Reserve over monetary policy tightening also weighed on sentiment in the wider markets.

President Donald&nbsp;Trump&nbsp;largely laid the blame for economic headwinds on the Fed, openly criticizing its chairman, Jerome Powell, whom he appointed.

"The latest move on gold should be a stark reminder to investors that gold in any form should be an essential part of any long-term investment strategy as again they yellow metal has proven its weight when markets turn turbulent," Stephen Innes, APAC trading head at OANDA in Singapore, said in a note.

Among other metals, silver rose 0.5 per cent to $14.80 per ounce, while platinum rose 0.3 per cent to $784.50.

Palladium was up 0.5 per cent to $1,252.24 per ounce.

Gold prices hit a six-month high on Wednesday as concerns over global growth and a partial government shutdown in the United States fuelled risk aversion, prompting investors to seek refuge in the metal.

Gold prices hit a six-month high on Wednesday as concerns over global growth and a partial government shutdown in the United States fuelled risk aversion, prompting investors to seek refuge in the metal. Spot gold climbed 0.3 per cent to $1,271.85 per ounce as at 0429 GMT. The metal hit $1272.56 in early trade, its highest since June 20. US gold futures were up 0.3 per cent at $1,275.8 per ounce. Investors are uneasy about global economic growth and are seeking gold as a safe-haven, said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank, adding the sharp sell-off in stock markets has also lent support. "We always see good demand for gold in the year-end. I would not be surprised if we see gold surpass $1,300 in the near future." Asian equities were shaky following a Christmas eve US stocks plunge. Wall Street has dropped sharply in recent weeks on concerns over weaker economic growth, compounded by political instability in the United States after a partial government shutdown. The US Senate has been unable to break an impasse over Trump's demand for more funds for a wall on the border with Mexico, and a senior official said the shutdown could continue until January 3. Tensions between the White House and the US Federal Reserve over monetary policy tightening also weighed on sentiment in the wider markets. President Donald Trump largely laid the blame for economic headwinds on the Fed, openly criticizing its chairman, Jerome Powell, whom he appointed. "The latest move on gold should be a stark reminder to investors that gold in any form should be an essential part of any long-term investment strategy as again they yellow metal has proven its weight when markets turn turbulent," Stephen Innes, APAC trading head at OANDA in Singapore, said in a note. Among other metals, silver rose 0.5 per cent to $14.80 per ounce, while platinum rose 0.3 per cent to $784.50. Palladium was up 0.5 per cent to $1,252.24 per ounce.

Gold climbs to six-month peak on waning risk appetite

<a href="http://www.wionews.com/world/oil-prices-rise-as-opec-output-cuts-seen-deeper-than-previously-expected-185630">Oil prices</a> were mixed in thin trading on Wednesday as the US&nbsp;benchmark rebounded from steep losses in the previous session, even though concern over the health of the global economy continued to overshadow the market in the longer term.

US&nbsp;West Texas Intermediate (WTI) crude futures, were up 29 cents, or 0.68 per cent, at $42.82 per barrel, at 0355 GMT, having at one point risen as high as 2 per cent from the last close. They had slumped 6.7 per cent in the previous session to $42.53 a barrel - the lowest since June 2017.

Meanwhile, Brent crude oil futures were down 11 cents or 0.22 per cent at $50.36 a barrel, having skidded 6.2 per cent in the previous session to $50.47 a barrel, the weakest since August 2017.

"$50 is a psychological support level (for Brent)," said Margaret Yang, market analyst for CMC Markets in Singapore.

"But market confidence needs to be restored for oil price...that includes an equity market rebound and/or a bigger production cut from major oil exporters," Yang said, referring to an OPEC-led agreement to lower output from next month.

Broader financial markets have been under pressure on worries about a global economic slowdown amid higher US&nbsp;interest rates and the US-China trade dispute.

"US&nbsp;equity futures are trading a bit firmer this morning triggering some little buying interest in the oil markets," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

But Innes added macroeconomics fears will continue unless the Organization of the Petroleum Exporting Countries (OPEC) "reassures markets the viability of their supply cuts and even impose deeper ones as some members have suggested". OPEC and allies led by Russia agreed this month to cut oil production by 1.2 million barrels per day from January.

Russian Energy Minister Alexander Novak said on Tuesday that oil prices would become more stable in the first half of 2019, supported by OPEC and non-OPEC countries' joint efforts to cut output.

Elsewhere, US&nbsp;political turmoil triggered by the partial shutdown of the federal government is also adding to market concerns. President Donald&nbsp;Trump&nbsp;said on Tuesday that shutdown could last until his demand for US-Mexico border wall money is met.

Oil prices were mixed in thin trading on Wednesday as the US benchmark rebounded from steep losses in the previous session, even though concern over the health of the global economy continued to overshadow the market in the longer term.

Oil prices were mixed in thin trading on Wednesday as the US benchmark rebounded from steep losses in the previous session, even though concern over the health of the global economy continued to overshadow the market in the longer term. US West Texas Intermediate (WTI) crude futures, were up 29 cents, or 0.68 per cent, at $42.82 per barrel, at 0355 GMT, having at one point risen as high as 2 per cent from the last close. They had slumped 6.7 per cent in the previous session to $42.53 a barrel - the lowest since June 2017. Meanwhile, Brent crude oil futures were down 11 cents or 0.22 per cent at $50.36 a barrel, having skidded 6.2 per cent in the previous session to $50.47 a barrel, the weakest since August 2017. "$50 is a psychological support level (for Brent)," said Margaret Yang, market analyst for CMC Markets in Singapore. "But market confidence needs to be restored for oil price...that includes an equity market rebound and/or a bigger production cut from major oil exporters," Yang said, referring to an OPEC-led agreement to lower output from next month. Broader financial markets have been under pressure on worries about a global economic slowdown amid higher US interest rates and the US-China trade dispute. "US equity futures are trading a bit firmer this morning triggering some little buying interest in the oil markets," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. But Innes added macroeconomics fears will continue unless the Organization of the Petroleum Exporting Countries (OPEC) "reassures markets the viability of their supply cuts and even impose deeper ones as some members have suggested". OPEC and allies led by Russia agreed this month to cut oil production by 1.2 million barrels per day from January. Russian Energy Minister Alexander Novak said on Tuesday that oil prices would become more stable in the first half of 2019, supported by OPEC and non-OPEC countries' joint efforts to cut output. Elsewhere, US political turmoil triggered by the partial shutdown of the federal government is also adding to market concerns. President Donald Trump said on Tuesday that shutdown could last until his demand for US-Mexico border wall money is met.

US  oil prices rebound after tumbling to lowest since June 2017 on economy fears

Tightening norms for e-commerce firms having foreign investment, the government Wednesday barred online marketplaces like Flipkart and Amazon from selling products of companies where they hold stakes and banned exclusive marketing arrangements that could influence product price.

The revised policy on foreign direct investment in online retail, issued by the commerce and industry ministry, also said that these firms have to offer equal services or facilities to all its vendors without discrimination.

The revised norms are aimed at protecting the interest of domestic players, who have to face tough competition from e-retailers having deep pockets from foreign investors, the ministry said.

The policy would be effective from February 2019.

"The move would completely prevent influencing prices by e-commerce players. This will also ensure better enforcement of FDI guidelines in e-commerce companies," a senior official said.

The policy says a vendor will not be permitted to sell more than 25 per cent of its products on an online platform of a single e-marketplace firm.

"Inventory of a vendor will be deemed to be controlled by e-commerce marketplace entity if more than 25 per cent of purchases of such vendor is from the marketplace entity or its group companies," the commerce and industry ministry's press note said.

"An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity".

E-commerce marketplace entity "will not mandate" any seller to sell any good "exclusively" on its platform "only", the note said.

Any service like logistics provided by e-commerce companies to vendors in which they have direct or indirect equity participation or common control stake should be fair and non-discriminatory.

These services include logistics, warehousing, advertisement, marketing, payments, financing etc.

It said that cash back provided by group companies of marketplace entity to buyers should be fair and non-discriminatory.

"For the purposes of this clause, provision of services to any vendor on such terms which are not made available to other vendors in similar circumstances will be deemed unfair and discriminatory," it added.

It further said that these companies will have to file a certificate along with a report of the statutory auditor to the RBI, confirming compliance of guidelines by September 30th of every year for the preceding fiscal.

The decision comes against the backdrop of several complaints being flagged by domestic traders on heavy discounts being given by e-commerce players to consumers.

According to the current policy, 100 per cent FDI is permitted in marketplace e-commerce activities. It is prohibited in inventory-based activities.

Welcoming the move, Snapdeal CEO Kunal Bahl tweeted that "Marketplaces are meant for genuine, independent sellers, many of whom are MSMEs. These changes will enable a level playing field for all sellers, helping them leverage the reach of e-commerce".

Amazon India spokesperson said: "We are evaluating the circular". 
A senior e-commerce industry executive of another company said that the move could adversely impact investments being made to bring new sellers on board.&nbsp;

Traders body CAIT said if the steps are implemented in proper spirit, mal-practices and predatory pricing policy and deep discounting of e-commerce players will be a matter of past.

The CAIT also demanded the introduction of an e-commerce policy and a regulator to monitor the sector.

Tightening norms for e-commerce firms having foreign investment, the government Wednesday barred online marketplaces like Flipkart and Amazon from selling products of companies where they hold stakes and banned exclusive marketing arrangements that could influence product price.

Tightening norms for e-commerce firms having foreign investment, the government Wednesday barred online marketplaces like Flipkart and Amazon from selling products of companies where they hold stakes and banned exclusive marketing arrangements that could influence product price. The revised policy on foreign direct investment in online retail, issued by the commerce and industry ministry, also said that these firms have to offer equal services or facilities to all its vendors without discrimination. The revised norms are aimed at protecting the interest of domestic players, who have to face tough competition from e-retailers having deep pockets from foreign investors, the ministry said. The policy would be effective from February 2019. "The move would completely prevent influencing prices by e-commerce players. This will also ensure better enforcement of FDI guidelines in e-commerce companies," a senior official said. The policy says a vendor will not be permitted to sell more than 25 per cent of its products on an online platform of a single e-marketplace firm. "Inventory of a vendor will be deemed to be controlled by e-commerce marketplace entity if more than 25 per cent of purchases of such vendor is from the marketplace entity or its group companies," the commerce and industry ministry's press note said. "An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity". E-commerce marketplace entity "will not mandate" any seller to sell any good "exclusively" on its platform "only", the note said. Any service like logistics provided by e-commerce companies to vendors in which they have direct or indirect equity participation or common control stake should be fair and non-discriminatory. These services include logistics, warehousing, advertisement, marketing, payments, financing etc. It said that cash back provided by group companies of marketplace entity to buyers should be fair and non-discriminatory. "For the purposes of this clause, provision of services to any vendor on such terms which are not made available to other vendors in similar circumstances will be deemed unfair and discriminatory," it added. It further said that these companies will have to file a certificate along with a report of the statutory auditor to the RBI, confirming compliance of guidelines by September 30th of every year for the preceding fiscal. The decision comes against the backdrop of several complaints being flagged by domestic traders on heavy discounts being given by e-commerce players to consumers. According to the current policy, 100 per cent FDI is permitted in marketplace e-commerce activities. It is prohibited in inventory-based activities. Welcoming the move, Snapdeal CEO Kunal Bahl tweeted that "Marketplaces are meant for genuine, independent sellers, many of whom are MSMEs. These changes will enable a level playing field for all sellers, helping them leverage the reach of e-commerce". Amazon India spokesperson said: "We are evaluating the circular". A senior e-commerce industry executive of another company said that the move could adversely impact investments being made to bring new sellers on board. Traders body CAIT said if the steps are implemented in proper spirit, mal-practices and predatory pricing policy and deep discounting of e-commerce players will be a matter of past. The CAIT also demanded the introduction of an e-commerce policy and a regulator to monitor the sector.

Flipkart, Amazon sale may become history as govt tightens e-commerce norms

The rupee gained 19 paise against the US dollar Wednesday to trade at 69.95 after increased selling of the US currency by exporters and banks.

However, a lower opening of the domestic equity markets capped the rise, dealers said.

At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.79 a dollar against the previous close of 70.14. Further, the domestic unit surrendered early gains to quote at 69.95, showing a gain of 19 paise.

Financial markets were closed on Tuesday on account of Christmas.

On Monday, the <a href="http://www.wionews.com/business-economy/rupee-recovers-4-paise-on-weak-dollar-falling-crude-186203">rupee had recovered 4 paise</a> to close at 70.14 against the American currency, following weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US.

Meanwhile, the benchmark BSE Sensex plunged over 350 points as investors turned jittery over political uncertainty in the US and fears of a global economic slowdown amid heavy selloff by foreign investors.&nbsp;

The rupee gained 19 paise against the US dollar Wednesday to trade at 69.95 after increased selling of the US currency by exporters and banks. However, a lower opening of the domestic equity markets capped the rise, dealers said.

The rupee gained 19 paise against the US dollar Wednesday to trade at 69.95 after increased selling of the US currency by exporters and banks. However, a lower opening of the domestic equity markets capped the rise, dealers said. At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.79 a dollar against the previous close of 70.14. Further, the domestic unit surrendered early gains to quote at 69.95, showing a gain of 19 paise. Financial markets were closed on Tuesday on account of Christmas. On Monday, the rupee had recovered 4 paise to close at 70.14 against the American currency, following weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US. Meanwhile, the benchmark BSE Sensex plunged over 350 points as investors turned jittery over political uncertainty in the US and fears of a global economic slowdown amid heavy selloff by foreign investors.

Rupee surges 19 paise against dollar despite low opening of domestic markets

Global stock markets headed into the year-end under a heavy cloud after another rout this week as US political uncertainty added to heightened concerns over slowing global economic growth.

Asian equities were shaky on Wednesday following a Christmas eve Wall Street plunge, as investors were unnerved by US political developments including a US federal government shutdown and President Donald Trump's hostile stance towards the Federal Reserve chairman.

US Treasury Secretary Steven Mnuchin had also raised market concerns by convening a crisis group amid the pullback in stocks.

S&amp;P 500 emini futures moved in and out of the red and were last down 0.1 per cent, pointing towards a subdued start for Wall Street when the US market reopens after Christmas Day, when many of the world's financial markets were shut.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.15 per cent.

The Shanghai Composite Index inched down 0.1 per cent while South Korea's KOSPI shed more than 1 per cent.

Japan's Nikkei bounced 0.75 per cent after diving 5 per cent the previous day to a 20-month low and slipping into bear market territory.

"In addition to concerns towards the US economy, the markets are now having to grapple with growing turmoil in the White House which has raised political risk ahead of the year-end," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

US stocks have dropped sharply in recent weeks on concerns over weaker economic growth. Trump has largely laid the blame for economic headwinds on the Fed, openly criticizing its chairman, Jerome Powell, whom he appointed.

That has further rattled investors as they grappled with fears of slowing global growth, corporate earnings and US-China trade tensions.

In an effort to reassure investors, Treasury Secretary Mnuchin spoke on Sunday with the heads of the six largest US banks, who confirmed they have enough liquidity to continue lending and that "the markets continue to function properly."

US bond yields have declined as the market rout, including a steep sell-off in oil, prompted investors to move into safe-haven government debt, adding to the growing pressure on the dollar.

The dollar traded at 110.44 yen after retreating to a four-month low of 110.00 overnight against its Japanese peer, which tends to attract demand as a perceived safe-haven during times of market volatility and economic stress.

The euro was 0.2 per cent higher at $1.1412.

The 10-year US Treasury note yield stood at 2.745 per cent following a descent on Monday to 2.733 per cent, its lowest since early April.

In commodities, US crude futures were up 0.95 per cent at $42.94 per barrel after tumbling 6.7 per cent on Monday.

US crude futures plunged to the lowest level since June 2017 on Monday, as bearish stocks added to fears of an economic slowdown.

Brent crude futures were down 0.35 per cent at $50.29 a barrel, having skidded 6.2 per cent in the previous session to their weakest since August 2017.

Safe-haven gold was well bid, with spot prices brushing a six-month peak of $1,272.11 per ounce.

Global stock markets headed into the year-end under a heavy cloud after another rout this week as US political uncertainty added to heightened concerns over slowing global economic growth.

Global stock markets headed into the year-end under a heavy cloud after another rout this week as US political uncertainty added to heightened concerns over slowing global economic growth. Asian equities were shaky on Wednesday following a Christmas eve Wall Street plunge, as investors were unnerved by US political developments including a US federal government shutdown and President Donald Trump's hostile stance towards the Federal Reserve chairman. US Treasury Secretary Steven Mnuchin had also raised market concerns by convening a crisis group amid the pullback in stocks. S&P 500 emini futures moved in and out of the red and were last down 0.1 per cent, pointing towards a subdued start for Wall Street when the US market reopens after Christmas Day, when many of the world's financial markets were shut. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.15 per cent. The Shanghai Composite Index inched down 0.1 per cent while South Korea's KOSPI shed more than 1 per cent. Japan's Nikkei bounced 0.75 per cent after diving 5 per cent the previous day to a 20-month low and slipping into bear market territory. "In addition to concerns towards the US economy, the markets are now having to grapple with growing turmoil in the White House which has raised political risk ahead of the year-end," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. US stocks have dropped sharply in recent weeks on concerns over weaker economic growth. Trump has largely laid the blame for economic headwinds on the Fed, openly criticizing its chairman, Jerome Powell, whom he appointed. That has further rattled investors as they grappled with fears of slowing global growth, corporate earnings and US-China trade tensions. In an effort to reassure investors, Treasury Secretary Mnuchin spoke on Sunday with the heads of the six largest US banks, who confirmed they have enough liquidity to continue lending and that "the markets continue to function properly." US bond yields have declined as the market rout, including a steep sell-off in oil, prompted investors to move into safe-haven government debt, adding to the growing pressure on the dollar. The dollar traded at 110.44 yen after retreating to a four-month low of 110.00 overnight against its Japanese peer, which tends to attract demand as a perceived safe-haven during times of market volatility and economic stress. The euro was 0.2 per cent higher at $1.1412. The 10-year US Treasury note yield stood at 2.745 per cent following a descent on Monday to 2.733 per cent, its lowest since early April. In commodities, US crude futures were up 0.95 per cent at $42.94 per barrel after tumbling 6.7 per cent on Monday. US crude futures plunged to the lowest level since June 2017 on Monday, as bearish stocks added to fears of an economic slowdown. Brent crude futures were down 0.35 per cent at $50.29 a barrel, having skidded 6.2 per cent in the previous session to their weakest since August 2017. Safe-haven gold was well bid, with spot prices brushing a six-month peak of $1,272.11 per ounce.

Global stocks under a cloud as US political tumult adds to growth anxiety