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It is important for the Indian <a href="http://www.wionews.com/business-economy/rbi-to-pump-in-additional-liquidity-of-rs-40000-crore-in-december-179820">government to heed the RBI's message</a> on financial stability, IMF's Chief Economist Maurice Obstfeld said, amid reports of friction between the central bank and the finance ministry.&nbsp;

Addressing a group of journalists here, he also said the <a href="http://www.wionews.com/india-news/govt-does-not-need-extra-funds-from-rbi-to-meet-fiscal-deficit-target-arun-jaitley-179162">International Monetary Fund does not</a> want politicians "manipulating" central banks for political ends.

"There is debate over whether it's better for financial stability to be the remit of the central bank or an independent regulator...The UK in 1997, split them, then put them back together again. I'm not going to take a position on that...But I think...The central bank does have to be intimately concerned with financial stability to some degree and with the payment system," he said, responding to a specific question on the recent developments in India regarding the RBI and the government.

"We need to think about what is the best institutional framework in which financial policy can be set with regard to long-term stability of the economy, not just to performance over political horizon," Obstfeld said.&nbsp;

"Well, I think they (the RBI and the Indian government) have reached an agreement on how to proceed. I think their (RBI) message that financial stability is important is correct. And it is important for the government to heed that," he added.

Responding to a series of questions on the attempt in certain countries like the US, India, Argentina and Turkey to curb independence of central banks, Obstfeld said central banks' role as a financial regulator is critical.

Central banks have "much greater power than you thought". They are fundamentally involved in financial stability policy, in fiscal policy, he said.&nbsp;

Obstfeld said if one looks at the record, the decisions taken by central banks worldwide did stabilise the economy by avoiding much worse losses in output and employment.

However, at the same time, he said, their moves also raised questions of transparency and accountability.&nbsp;

"So, it's not a shock that people raise these questions and it does create a challenge for central banks to be more transparent and to communicate more effectively with a broader public about what they are about and what they are doing," Obstfeld said.

If the central bank cannot communicate more effectively about what it is doing, then there is a possibility of political manipulation where politicians attack the central bank and undermine it, he said.&nbsp;

"Clearly, we don't want politicians manipulating the central bank for political ends," Obstfeld added.&nbsp;

After serving as IMF's chief economist for more than three years, 66-year-old Obstfeld is set to retire this month-end and will return to the University of California, Berkley. Gita Gopinath, Indian American economist from the Harvard University, would replace him from the first week of January. &nbsp;

India's growth has been "very solid" over the past four years, IMF's chief economist Maurice Obstfeld added, praising the fundamental economic reforms like the GST and the Insolvency and Bankruptcy Code carried out by the government.

"India under the government of Prime Minister Narendra Modi has carried out some really fundamental reforms. These include the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code...A lot of what they have done on financial inclusion has been really important," Obstfeld told a group of journalists here.

He said one risk that has become much more evident in the last few years has been non-bank finance, usually called shadow banking. 
&nbsp; 
"There is a big challenge of stricter, oversight," the economist said.

Noting that there has long been a legacy of corporate debt associated with bad infrastructure projects in India, Obstfeld said it has been very concentrated in banking system.&nbsp;

"But as the government is trying to better oversee the banking system, these loans have migrated to shadow banking and that is an area where more needs to be done to contain financial pressures, which we are beginning to see in India," he said.

It is important for the Indian government to heed the RBI's message on financial stability, IMF's Chief Economist Maurice Obstfeld said, amid reports of friction between the central bank and the finance ministry.

It is important for the Indian government to heed the RBI's message on financial stability, IMF's Chief Economist Maurice Obstfeld said, amid reports of friction between the central bank and the finance ministry. Addressing a group of journalists here, he also said the International Monetary Fund does not want politicians "manipulating" central banks for political ends. "There is debate over whether it's better for financial stability to be the remit of the central bank or an independent regulator...The UK in 1997, split them, then put them back together again. I'm not going to take a position on that...But I think...The central bank does have to be intimately concerned with financial stability to some degree and with the payment system," he said, responding to a specific question on the recent developments in India regarding the RBI and the government. "We need to think about what is the best institutional framework in which financial policy can be set with regard to long-term stability of the economy, not just to performance over political horizon," Obstfeld said. "Well, I think they (the RBI and the Indian government) have reached an agreement on how to proceed. I think their (RBI) message that financial stability is important is correct. And it is important for the government to heed that," he added. Responding to a series of questions on the attempt in certain countries like the US, India, Argentina and Turkey to curb independence of central banks, Obstfeld said central banks' role as a financial regulator is critical. Central banks have "much greater power than you thought". They are fundamentally involved in financial stability policy, in fiscal policy, he said. Obstfeld said if one looks at the record, the decisions taken by central banks worldwide did stabilise the economy by avoiding much worse losses in output and employment. However, at the same time, he said, their moves also raised questions of transparency and accountability. "So, it's not a shock that people raise these questions and it does create a challenge for central banks to be more transparent and to communicate more effectively with a broader public about what they are about and what they are doing," Obstfeld said. If the central bank cannot communicate more effectively about what it is doing, then there is a possibility of political manipulation where politicians attack the central bank and undermine it, he said. "Clearly, we don't want politicians manipulating the central bank for political ends," Obstfeld added. After serving as IMF's chief economist for more than three years, 66-year-old Obstfeld is set to retire this month-end and will return to the University of California, Berkley. Gita Gopinath, Indian American economist from the Harvard University, would replace him from the first week of January. India's growth has been "very solid" over the past four years, IMF's chief economist Maurice Obstfeld added, praising the fundamental economic reforms like the GST and the Insolvency and Bankruptcy Code carried out by the government. "India under the government of Prime Minister Narendra Modi has carried out some really fundamental reforms. These include the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code...A lot of what they have done on financial inclusion has been really important," Obstfeld told a group of journalists here. He said one risk that has become much more evident in the last few years has been non-bank finance, usually called shadow banking. "There is a big challenge of stricter, oversight," the economist said. Noting that there has long been a legacy of corporate debt associated with bad infrastructure projects in India, Obstfeld said it has been very concentrated in banking system. "But as the government is trying to better oversee the banking system, these loans have migrated to shadow banking and that is an area where more needs to be done to contain financial pressures, which we are beginning to see in India," he said.

India's growth very solid, government should heed RBI's message: IMF

The Indian rupee Monday tumbled 50 paise to close at 71.32 against the US dollar as nagging worries on the global trade war front and uncertain crude prices hurt forex market sentiment.

Besides, the trading pattern in the forex market was impacted by massive sell-offs in domestic equities as investors panicked over exit polls suggesting the Congress giving a tough fight to the ruling BJP in state elections.

It was a virtual collapse for the Indian unit during the session as investors hit the panic button in view of several headwinds confronting trading sentiment.

The rupee opened lower at 71.28 against the US dollar and dropped further to 71.44. The Indian unit hit a high of 71.23 during the day.

However, global crude oil declined on Monday, in line with plunging global stock markets, wiping out the gains made last week when cartel OPEC and other non-members agreed to slash their crude production from January.

Brent crude oil was trading at $61.03, a decline of 1.04 per cent.

"Rupee and bond prices were under pressure also due to rising current account deficit...The 10-year government bond yield rose 13 bps at 7.59 per cent from its previous close of 7.464 per cent," an analyst said.

The Indian rupee is likely to face extreme volatility during Tuesday's session amid crucial event of state election results, he added.

Exit polls for the recently concluded assembly elections have predicted a tight finish between the ruling BJP and the Congress in Madhya Pradesh and Chhattisgarh and a win for the opposition party in Rajasthan, impacting trading pattern on the domestic bourses in a big way.

A heightened risk associated with the current account deficit against the grim backdrop of surging global crude prices and global turmoil have all contributed to excess volatility on the trading front.

Escalating global trade tensions could prompt further weakening the domestic currency along with the exodus of capital from a nation also added excess volatility.

The Financial Benchmarks India private limited (FBIL) meanwhile fixed the reference rate for the rupee/dollar at 71.3257 and for the rupee/euro at 81.5738. 
The reference rate for rupee/British pound was fixed at 90.9108 and for rupee/100 Japanese yen at 63.43. 
&nbsp;

The Indian rupee Monday tumbled 50 paise to close at 71.32 against the US dollar as nagging worries on the global trade war front and uncertain crude prices hurt forex market sentiment.

The Indian rupee Monday tumbled 50 paise to close at 71.32 against the US dollar as nagging worries on the global trade war front and uncertain crude prices hurt forex market sentiment. Besides, the trading pattern in the forex market was impacted by massive sell-offs in domestic equities as investors panicked over exit polls suggesting the Congress giving a tough fight to the ruling BJP in state elections. It was a virtual collapse for the Indian unit during the session as investors hit the panic button in view of several headwinds confronting trading sentiment. The rupee opened lower at 71.28 against the US dollar and dropped further to 71.44. The Indian unit hit a high of 71.23 during the day. However, global crude oil declined on Monday, in line with plunging global stock markets, wiping out the gains made last week when cartel OPEC and other non-members agreed to slash their crude production from January. Brent crude oil was trading at $61.03, a decline of 1.04 per cent. "Rupee and bond prices were under pressure also due to rising current account deficit...The 10-year government bond yield rose 13 bps at 7.59 per cent from its previous close of 7.464 per cent," an analyst said. The Indian rupee is likely to face extreme volatility during Tuesday's session amid crucial event of state election results, he added. Exit polls for the recently concluded assembly elections have predicted a tight finish between the ruling BJP and the Congress in Madhya Pradesh and Chhattisgarh and a win for the opposition party in Rajasthan, impacting trading pattern on the domestic bourses in a big way. A heightened risk associated with the current account deficit against the grim backdrop of surging global crude prices and global turmoil have all contributed to excess volatility on the trading front. Escalating global trade tensions could prompt further weakening the domestic currency along with the exodus of capital from a nation also added excess volatility. The Financial Benchmarks India private limited (FBIL) meanwhile fixed the reference rate for the rupee/dollar at 71.3257 and for the rupee/euro at 81.5738. The reference rate for rupee/British pound was fixed at 90.9108 and for rupee/100 Japanese yen at 63.43.

Rupee plunges 50 paise to 71.32 against US dollar

Gross direct tax collections surged 15.7 per cent to Rs 6.75 lakh crore for April-November, the finance ministry said Monday. Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.8 per cent higher than refunds issued in the same period last year. 
 
The provisional figures of direct tax collections up to November 2018, show that gross collections are at Rs 6.75 lakh crore which is 15.7 per cent higher than the gross collections for the corresponding period of last year, the finance ministry said in a statement. 
 
The net direct tax collections represent 48 per cent of the total budget estimates of direct taxes for the financial year 2018-19 (Rs 11.50 lakh crore). Gross collections in corporate income tax (CIT) and personal income tax (PIT) grew 17.7 per cent and 18.3 per cent, respectively. 
 
After adjustment of refunds, the net growth in CIT collections is 18.4 per cent and that in PIT collections is 16 per cent. 
 
The finance ministry said collections of the corresponding period of last fiscal also included extraordinary collections under the Income Declaration Scheme (IDS), 2016, amounting to Rs 10,833 crore (third and last instalment of IDS), which do not form part of the current year’s collections.

Gross direct tax collections surged 15.7 per cent to Rs 6.75 lakh crore for April-November, the finance ministry said Monday. Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.

Gross direct tax collections surged 15.7 per cent to Rs 6.75 lakh crore for April-November, the finance ministry said Monday. Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.8 per cent higher than refunds issued in the same period last year. The provisional figures of direct tax collections up to November 2018, show that gross collections are at Rs 6.75 lakh crore which is 15.7 per cent higher than the gross collections for the corresponding period of last year, the finance ministry said in a statement. The net direct tax collections represent 48 per cent of the total budget estimates of direct taxes for the financial year 2018-19 (Rs 11.50 lakh crore). Gross collections in corporate income tax (CIT) and personal income tax (PIT) grew 17.7 per cent and 18.3 per cent, respectively. After adjustment of refunds, the net growth in CIT collections is 18.4 per cent and that in PIT collections is 16 per cent. The finance ministry said collections of the corresponding period of last fiscal also included extraordinary collections under the Income Declaration Scheme (IDS), 2016, amounting to Rs 10,833 crore (third and last instalment of IDS), which do not form part of the current year’s collections.

Direct tax collections surge 15.7% to Rs 6.75 lakh crore in April-November

Mobile chipmaker Qualcomm is hopeful that 5G technology would be deployed in India at the same pace 4G networks were rolled out and noted the new-age technology offered great potential for consumers and enterprises alike.

Speaking to PTI, Qualcomm Incorporated President Cristiano Amon said he is extremely happy with the pace at which India transitioned from 3G to 4G.

"When it happened, it happened very very fast. It's remarkable what Reliance Jio has done and I think it clearly surprised everyone in the industry," he noted.

Emphasising that 5G is going to have a "more profound impact on the industry", Amon said he "would like India to be a 5G market as fast as we saw with 4G".

He added that Qualcomm is working with ecosystem players like regulators and device makers, globally including India for deployment of the new-generation 5G technology.

"We feel we have a role in driving the ecosystem together and that means everyone ... Starting with regulators looking at the spectrum and all the changes required to promote new technology to device-makers to app developers to now other industries such as auto, industrial manufacturing and healthcare," Amon said.

Apart from higher Internet speeds, the advent of the fifth generation of the wireless system or 5G will also enable the massive Internet of Things (IoT) deployment that would significantly impact sectors like manufacturing, retail, education and healthcare, among others.

He pointed out that Qualcomm has been very active for almost two years now, "promoting 5G to the ecosystem and that includes India".

While he declined to comment on timelines he expected for 5G deployment in India, Amon said the technology should become more mainstream globally by 2020.

5G services which is expected to provide download speed over 1,000 megabits per second on mobile devices&nbsp;is expected to be deployed across countries like the US, Korea and China in 2019.

While the Indian government is yet to announce a specific timeline, the industry wants spectrum auction to be held in the later part of 2019, following which 5G services could be rolled out.

The Indian government is also upbeat on 5G deployment in the country with Telecom Minister Manoj Sinha recently saying that India "cannot afford to miss the 5G bus".

Amon said 5G will be a commercial reality starting in early 2019, with mobile device launches and network rollouts across the US, Europe, Japan, South Korea, Australia and China.

Mobile chipmaker Qualcomm is hopeful that 5G technology would be deployed in India at the same pace 4G networks were rolled out and noted the new-age technology offered great potential for consumers and enterprises alike.

Mobile chipmaker Qualcomm is hopeful that 5G technology would be deployed in India at the same pace 4G networks were rolled out and noted the new-age technology offered great potential for consumers and enterprises alike. Speaking to PTI, Qualcomm Incorporated President Cristiano Amon said he is extremely happy with the pace at which India transitioned from 3G to 4G. "When it happened, it happened very very fast. It's remarkable what Reliance Jio has done and I think it clearly surprised everyone in the industry," he noted. Emphasising that 5G is going to have a "more profound impact on the industry", Amon said he "would like India to be a 5G market as fast as we saw with 4G". He added that Qualcomm is working with ecosystem players like regulators and device makers, globally including India for deployment of the new-generation 5G technology. "We feel we have a role in driving the ecosystem together and that means everyone ... Starting with regulators looking at the spectrum and all the changes required to promote new technology to device-makers to app developers to now other industries such as auto, industrial manufacturing and healthcare," Amon said. Apart from higher Internet speeds, the advent of the fifth generation of the wireless system or 5G will also enable the massive Internet of Things (IoT) deployment that would significantly impact sectors like manufacturing, retail, education and healthcare, among others. He pointed out that Qualcomm has been very active for almost two years now, "promoting 5G to the ecosystem and that includes India". While he declined to comment on timelines he expected for 5G deployment in India, Amon said the technology should become more mainstream globally by 2020. 5G services which is expected to provide download speed over 1,000 megabits per second on mobile devices is expected to be deployed across countries like the US, Korea and China in 2019. While the Indian government is yet to announce a specific timeline, the industry wants spectrum auction to be held in the later part of 2019, following which 5G services could be rolled out. The Indian government is also upbeat on 5G deployment in the country with Telecom Minister Manoj Sinha recently saying that India "cannot afford to miss the 5G bus". Amon said 5G will be a commercial reality starting in early 2019, with mobile device launches and network rollouts across the US, Europe, Japan, South Korea, Australia and China.

Qualcomm hopeful of faster 5G deployment in India

China's factory inflation slowed in November, a sign demand remains weak amid Beijing's ongoing trade war with the United States, while consumer inflation also flagged, official data showed Sunday.

The producer price index an important barometer of the industrial sector that measures the cost of goods at the factory gate&nbsp;climbed 2.7% on-year in November.

It ticked down from 3.3% the previous month, recording its weakest growth since October 2016, while remaining in line with the forecast in a Bloomberg News survey.

A slowdown in factory gate inflation reflects sluggish demand.

The consumer price index (CPI) &nbsp;a key measure of retail inflation rose 2.2% on-year, compared with 2.5% in October.

Food prices, up 2.5%, rose quicker than non-food prices, which were up 2.1%. Energy prices fell over the month.

"The broad moderation in inflationary pressures appears to be a reflection of weaker demand growth over the past half a year and should alleviate concerns about possible stagflation," said Goldman Sachs Economic Research in a report.

The weak figures come as China's trade war with the US continues to bite and its economy shows signs of slowing. The Asian giant recorded a GDP growth of 6.5% in the third quarter its weakest in nine years.

The growth of China's trade with the rest of the world slowed last month, with exports up 5.4% and imports up 3% on-year&nbsp;compared with 15.6% and 21.4% respectively in October.

Washington and Beijing announced a tariff truce at the start of December, to allow for trade negotiations by delaying a hike in new duties by 90 days.

The US suspended its plans to raise tariffs on $200 billion in Chinese imports to 25 per cent beginning January 1, leaving them at the current 10 per cent rate.

China's factory inflation slowed in November, a sign demand remains weak amid Beijing's ongoing trade war with the United States, while consumer inflation also flagged, official data showed Sunday.

China's factory inflation slowed in November, a sign demand remains weak amid Beijing's ongoing trade war with the United States, while consumer inflation also flagged, official data showed Sunday. The producer price index an important barometer of the industrial sector that measures the cost of goods at the factory gate climbed 2.7% on-year in November. It ticked down from 3.3% the previous month, recording its weakest growth since October 2016, while remaining in line with the forecast in a Bloomberg News survey. A slowdown in factory gate inflation reflects sluggish demand. The consumer price index (CPI) a key measure of retail inflation rose 2.2% on-year, compared with 2.5% in October. Food prices, up 2.5%, rose quicker than non-food prices, which were up 2.1%. Energy prices fell over the month. "The broad moderation in inflationary pressures appears to be a reflection of weaker demand growth over the past half a year and should alleviate concerns about possible stagflation," said Goldman Sachs Economic Research in a report. The weak figures come as China's trade war with the US continues to bite and its economy shows signs of slowing. The Asian giant recorded a GDP growth of 6.5% in the third quarter its weakest in nine years. The growth of China's trade with the rest of the world slowed last month, with exports up 5.4% and imports up 3% on-year compared with 15.6% and 21.4% respectively in October. Washington and Beijing announced a tariff truce at the start of December, to allow for trade negotiations by delaying a hike in new duties by 90 days. The US suspended its plans to raise tariffs on $200 billion in Chinese imports to 25 per cent beginning January 1, leaving them at the current 10 per cent rate.

China's factory gate inflation eases

India's coal import rose 9.7 per cent to 156.08 million tonnes (MT) in the April-November period of the ongoing fiscal, as against 142.25 MT in the corresponding months a year ago, according to Mjunction Services Ltd, a joint venture between Tata Steel and SAIL.

Coal imports in November this year also increased 10.1 per cent to 19.47 MT, over 17.68 MT in the corresponding month of the last fiscal, mjunction data showed.

"Imports during November 2018 stood at 19.47 MT (provisional)...Earlier, coal and coke imports in November 2017 stood at 17.68 MT," it said.

Of the total imports last month, import of non-coking coal was at 14.24 MT, against 15.23 MT imported in October 2018.&nbsp;

Commenting on the coal import trend, mjunction CEO Vinaya Varma said, "The significant correction in thermal coal prices in November prompted buyers to take a wait and watch approach. There, however, was a stable trend in met coal market and this was reflected in the buying pattern.?&nbsp;

The import of coking coal was at 3.93 MT in November 2018, almost flat against 3.94 MT imported a month ago.&nbsp;

"Metallurgical coke imports during the month were at 0.50 MT, while 0.53 MT was imported in the previous month," it said.

India's coal and coke import during November 2018 through 31 major and non-major ports is estimated to have decreased by 5.32 per cent over October 2018, according to a provisional compilation by mjunction, based on monitoring of vessels' positions and data received from shipping companies.

Coal India accounts for over 80 per cent of the domestic coal output.&nbsp;

Coal India had earlier said there is a need to revisit the timeline of one billion tonnes of production target by state-owned CIL by&nbsp;2019-20.&nbsp;

India's coal import rose 9.7 per cent to 156.08 million tonnes (MT) in the April-November period of the ongoing fiscal, as against 142.25 MT in the corresponding months a year ago, according to Mjunction Services Ltd, a joint venture between Tata Steel and SAIL.

India's coal import rose 9.7 per cent to 156.08 million tonnes (MT) in the April-November period of the ongoing fiscal, as against 142.25 MT in the corresponding months a year ago, according to Mjunction Services Ltd, a joint venture between Tata Steel and SAIL. Coal imports in November this year also increased 10.1 per cent to 19.47 MT, over 17.68 MT in the corresponding month of the last fiscal, mjunction data showed. "Imports during November 2018 stood at 19.47 MT (provisional)...Earlier, coal and coke imports in November 2017 stood at 17.68 MT," it said. Of the total imports last month, import of non-coking coal was at 14.24 MT, against 15.23 MT imported in October 2018. Commenting on the coal import trend, mjunction CEO Vinaya Varma said, "The significant correction in thermal coal prices in November prompted buyers to take a wait and watch approach. There, however, was a stable trend in met coal market and this was reflected in the buying pattern.? The import of coking coal was at 3.93 MT in November 2018, almost flat against 3.94 MT imported a month ago. "Metallurgical coke imports during the month were at 0.50 MT, while 0.53 MT was imported in the previous month," it said. India's coal and coke import during November 2018 through 31 major and non-major ports is estimated to have decreased by 5.32 per cent over October 2018, according to a provisional compilation by mjunction, based on monitoring of vessels' positions and data received from shipping companies. Coal India accounts for over 80 per cent of the domestic coal output. Coal India had earlier said there is a need to revisit the timeline of one billion tonnes of production target by state-owned CIL by 2019-20.

India's coal output up 10% to 156 MT during April-November

The revenue department has laid down a detailed procedure for expeditious disposal of unclaimed cargo at various Customs stations as delays often result in loss to the government treasury.

In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said despite issuance of many circulars, the feedback relating to disposal of unclaimed/uncleared cargo at all Customs locations has not been satisfactory.&nbsp;

Sometime back, Central Vigilance Commission had appointed a committee of chief vigilance officers to examine the reasons of delay in disposing of unclaimed cargo.

The CBIC has revised the procedure in view of the observations made by the panel.

The new procedure will be applicable to unclaimed/uncleared cargo imported on or after April 1, 2018.&nbsp;

As per the revised norms, the concerned custodian of the Customs station will be required to prepare a list of cargo lying unclaimed in the bonded area of the Customs station for more than 30 days from the date of arrival of such cargo.

The list will have to be sent to the jurisdictional Commissioner of Customs to intimate as to whether listed goods/cargo can be taken up for disposal through public auction.&nbsp;

The new procedure prescribes stiff timeline for different stages for disposal of unclaimed cargo. These include the preparation of the inventory, sending notices to the importers to clear the cargo, and obtaining required no objection certificate from other departments (like FSSAI and drug controller).

The value of the shipment/lot included in the auction should be fixed within seven days by a panel of government-approved valuers appointed by the concerned custodian, the notification said.&nbsp;

The values assessed by the approved valuers should form the 'reserve price'.&nbsp;

The revenue department has laid down a detailed procedure for expeditious disposal of unclaimed cargo at various Customs stations as delays often result in loss to the government treasury.

The revenue department has laid down a detailed procedure for expeditious disposal of unclaimed cargo at various Customs stations as delays often result in loss to the government treasury. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said despite issuance of many circulars, the feedback relating to disposal of unclaimed/uncleared cargo at all Customs locations has not been satisfactory. Sometime back, Central Vigilance Commission had appointed a committee of chief vigilance officers to examine the reasons of delay in disposing of unclaimed cargo. The CBIC has revised the procedure in view of the observations made by the panel. The new procedure will be applicable to unclaimed/uncleared cargo imported on or after April 1, 2018. As per the revised norms, the concerned custodian of the Customs station will be required to prepare a list of cargo lying unclaimed in the bonded area of the Customs station for more than 30 days from the date of arrival of such cargo. The list will have to be sent to the jurisdictional Commissioner of Customs to intimate as to whether listed goods/cargo can be taken up for disposal through public auction. The new procedure prescribes stiff timeline for different stages for disposal of unclaimed cargo. These include the preparation of the inventory, sending notices to the importers to clear the cargo, and obtaining required no objection certificate from other departments (like FSSAI and drug controller). The value of the shipment/lot included in the auction should be fixed within seven days by a panel of government-approved valuers appointed by the concerned custodian, the notification said. The values assessed by the approved valuers should form the 'reserve price'.

CBIC prescribes norms for expeditious disposal of unclaimed cargo

Six of the 10 most valued Indian companies together lost Rs 54,916.4 crore in market valuation last week, with Reliance Industries taking the biggest hit.&nbsp;

ITC, HDFC Bank, SBI, HDFC and ICICI Bank were the other companies that witnessed a decline in their market capitalisation (m-cap), while TCS, HUL, Infosys and Kotak Mahindra Bank finished with gains for the trading week ended Friday.

The market valuation of RIL slumped by Rs 22,153.28 crore to Rs 7,18,317.52 crore while that of ITC plummeted Rs 14,877.75 crore to Rs 3,35,637.09 crore.

M-cap of HDFC went down by Rs 5,139.73 crore to Rs 3,35,611.54 crore. SBI's valuation declined by Rs 7,987.51 crore to reach Rs 2,45,783.14 crore.&nbsp;

HDFC Bank's valuation dived by Rs 3,080.47 crore to Rs 5,72,419.47 crore while that of ICICI Bank stood at Rs 2,26,769.52 crore after a loss of Rs 1,677.66 crore.

On the other hand, Tata Consultancy Services (TCS) added Rs 9,512.30 crore to its market valuation to reach Rs 7,48,957.23 crore while Infosys gained Rs 6,356.32 crore to Rs 2,97,523.86 crore.

M-cap of Hindustan Unilever (HUL) surged Rs 14,990.19 crore to Rs 3,94,583.03 crore and that of Kotak Mahindra Bank rose by Rs 9,516.85 crore to Rs 2,44,548.88 crore.

In the ranking of top-10 firms, TCS stood at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, State Bank of India (SBI), Kotak Mahindra Bank and ICICI Bank in that order.

Last week, the BSE Sensex fell by 521.05 points, or 1.43 per cent, to close at 35,673.25.

Six of the 10 most valued Indian companies together lost Rs 54,916.4 crore in market valuation last week, with Reliance Industries taking the biggest hit. ITC, HDFC Bank, SBI, HDFC and ICICI Bank were the other companies that witnessed a decline in their market capitalisation (m-cap), while TCS, HUL, Infosys and Kotak Mahindra Bank finished with gains for the trading week ended Friday.

Six of the 10 most valued Indian companies together lost Rs 54,916.4 crore in market valuation last week, with Reliance Industries taking the biggest hit. ITC, HDFC Bank, SBI, HDFC and ICICI Bank were the other companies that witnessed a decline in their market capitalisation (m-cap), while TCS, HUL, Infosys and Kotak Mahindra Bank finished with gains for the trading week ended Friday. The market valuation of RIL slumped by Rs 22,153.28 crore to Rs 7,18,317.52 crore while that of ITC plummeted Rs 14,877.75 crore to Rs 3,35,637.09 crore. M-cap of HDFC went down by Rs 5,139.73 crore to Rs 3,35,611.54 crore. SBI's valuation declined by Rs 7,987.51 crore to reach Rs 2,45,783.14 crore. HDFC Bank's valuation dived by Rs 3,080.47 crore to Rs 5,72,419.47 crore while that of ICICI Bank stood at Rs 2,26,769.52 crore after a loss of Rs 1,677.66 crore. On the other hand, Tata Consultancy Services (TCS) added Rs 9,512.30 crore to its market valuation to reach Rs 7,48,957.23 crore while Infosys gained Rs 6,356.32 crore to Rs 2,97,523.86 crore. M-cap of Hindustan Unilever (HUL) surged Rs 14,990.19 crore to Rs 3,94,583.03 crore and that of Kotak Mahindra Bank rose by Rs 9,516.85 crore to Rs 2,44,548.88 crore. In the ranking of top-10 firms, TCS stood at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, State Bank of India (SBI), Kotak Mahindra Bank and ICICI Bank in that order. Last week, the BSE Sensex fell by 521.05 points, or 1.43 per cent, to close at 35,673.25.

Six of top 10 companies lose Rs 54,916 crore in m-cap

Foreign investors have pulled out close to Rs 400 crore from the Indian stock market in the last five trading sessions amid weakness in global equities due to the arrest of a high-profile Chinese executive.

This comes following a net inflow of over Rs 6,900 crore in the equity market by Foreign Portfolio Investors (FPIs) on easing crude oil prices and a strengthening rupee.

According to depositories, FPIs withdrew a net amount of Rs 383 crore from equities from December 3-7.

However, they put in Rs 2,744 crore in the debt markets during the period under review.

After making a spirited comeback in November, FPIs have once again turned net sellers in the Indian equity markets in the month of December.

"In fact, the sell-off was triggered on Thursday, December 6, when FPIs sold net assets worth Rs 361 crore in a single day. This could be largely attributed to the weakness in the global markets due to the arrest of a high-profile Chinese executive which led to a sharp fall in the stock markets globally," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India.

"Investors fear that the relationship between the world's two biggest economies<a href="http://www.wionews.com/world/trump-upbeat-on-china-talks-aides-downplay-huawei-arrest-friction-182381"> US and China&nbsp;</a>could deteriorate following the arrest and hurt economic growth. Consequently, they chose to adopt a cautious stance and shun risky assets, such as their investments in emerging markets like India, which are more susceptible to weak global cues," he added.

The sell-off by FPIs was triggered after Chinese telecom giant<a href="http://www.wionews.com/world/huaweis-meng-wanzhou-faces-us-fraud-charges-linked-to-iran-bail-hearing-continues-monday-182324"> Huawei's CFO Meng Wanzhou</a>, who is also the company founder's daughter, was arrested in Canada for extradition to the US for suspected Iran sanctions violations.

FPIs have pulled out over Rs 85,600 crore from the capital markets so far this year. This includes more than Rs 35,600 crore from equities and Rs 50,000 crore from the debt market.

Foreign investors have pulled out close to Rs 400 crore from the Indian stock market in the last five trading sessions amid weakness in global equities due to the arrest of a high-profile Chinese executive.

Foreign investors have pulled out close to Rs 400 crore from the Indian stock market in the last five trading sessions amid weakness in global equities due to the arrest of a high-profile Chinese executive. This comes following a net inflow of over Rs 6,900 crore in the equity market by Foreign Portfolio Investors (FPIs) on easing crude oil prices and a strengthening rupee. According to depositories, FPIs withdrew a net amount of Rs 383 crore from equities from December 3-7. However, they put in Rs 2,744 crore in the debt markets during the period under review. After making a spirited comeback in November, FPIs have once again turned net sellers in the Indian equity markets in the month of December. "In fact, the sell-off was triggered on Thursday, December 6, when FPIs sold net assets worth Rs 361 crore in a single day. This could be largely attributed to the weakness in the global markets due to the arrest of a high-profile Chinese executive which led to a sharp fall in the stock markets globally," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India. "Investors fear that the relationship between the world's two biggest economies US and China could deteriorate following the arrest and hurt economic growth. Consequently, they chose to adopt a cautious stance and shun risky assets, such as their investments in emerging markets like India, which are more susceptible to weak global cues," he added. The sell-off by FPIs was triggered after Chinese telecom giant Huawei's CFO Meng Wanzhou, who is also the company founder's daughter, was arrested in Canada for extradition to the US for suspected Iran sanctions violations. FPIs have pulled out over Rs 85,600 crore from the capital markets so far this year. This includes more than Rs 35,600 crore from equities and Rs 50,000 crore from the debt market.

FPIs pull out nearly Rs 400 crore in just 5 sessions on global cues

In a series of reforms, capital markets regulator SEBI is planning to expand its Offer For Sale framework to more companies, relax its norms for clubbing of investment limits by established foreign investors and tighten insider trading rules.

The regulator is also planning to relax its disclosure norms for housing finance companies and systemically important NBFCs regarding pledged shares of listed firms and also provide for cancellation of an Offer For Sale (OFS) in case of limited interest from non-retail shareholders on the first day itself, officials said.

These proposals, along with several others, are likely to be discussed by SEBI's board at its meeting this week.

Officials said the Securities and Exchange Board of India (SEBI) is also considering changes in its regulatory framework for debenture trustees. Besides, it plans to allow custodial services in the commodity derivatives market to enable institutional participation.

Another proposal involves enabling mutual funds to undertake 'side pocketing' of debt and money market instruments in case of a credit event while ensuring fair treatment to all unitholders.

'Side pocketing' is a mechanism to separate distressed, illiquid and hard-to-value assets from other more liquid assets in a portfolio. It prevents the distressed assets from damaging the returns generated from more liquid and better-performing assets.

As per one proposal to amend the insider trading norms, entities belonging to promoter group will need to make initial and continuous disclosure about their shareholdings and the subsequent share transactions exceeding Rs 10 lakh.

Currently, such disclosure requirements are mandatory for promoters, key management personnel and directors of a company, but there is no obligation on entities belonging to promoter groups.

Officials said that SEBI is also of the view that an earlier proposed exercise for determining a uniform bond valuation methodology to be followed by all regulated entities across the financial sector may not be pursued.

Such an exercise was suggested by a Working Group on Development of Corporate Bond market in India, chaired by H R Khan.

However, SEBI will prescribe high-level principles to be followed uniformly across all mutual funds for strengthening the existing system of valuation of corporate bonds for mutual funds. Regarding the pricing agencies, SEBI plans to evolve a supervisory and regulatory framework.

In another key proposal, SEBI plans to relax the norms for clubbing of investment limits for FPIs.

Currently, the foreign portfolio investors are treated as part of the same investor group and the investment limits of all such entities are clubbed for deriving the investment limit as applicable to a single FPI, in case of the same set of ultimate beneficial owners investing through multiple entities.

Under the proposed norm, multiple entities having common ownership, directly or indirectly, of more than 50 per cent would be treated as part of the same investor group and their investment limits would be clubbed.

Besides, the clubbing of investment limit would not be applicable in case of entities having common control, if the FPIs are appropriately regulated public retail funds. Similar exemptions would be available to FPIs that are public retail funds majority owned by well-regulated public retail funds or those having well-regulated investment managers.

Public retail funds typically include insurance companies, pension funds and mutual funds or unit trusts that are open for retail subscriptions.

Regarding the changes in the OFS framework, officials said the proposed changes have been formulated as per suggestions from the Department of Investment and Public Asset Management (DIPAM) and other stakeholders.

The OFS norms will be eased to allow this mechanism for all companies with market cap of Rs 1,000 crore and above, as against a current limit of top 200 companies.

Also, if the seller fails to get sufficient demand from non-retail investors at or above the floor price on the first day of offer, then the seller may choose to cancel the officer post bidding in full (both retail and non-retail) on the first day itself and not proceed with the offer to retail investors on the second day.

Among other proposals, SEBI is looking at changes in norms requiring the filing of a fresh offer document in case of an OFS where there is a change in the number of shares offered for sale or the estimated issue size by more than 50 per cent.

Besides, norms would be eased for allocation in the net offer in fixed price issues in the SME segment.

Also, housing finance companies and systemically important NBFCs may be exempted from disclosure of increase or decrease in shareholding due to encumbrance or release of the encumbrance of shares. A similar exemption already available to scheduled commercial banks and public financial institutions. 
&nbsp;

In a series of reforms, capital markets regulator SEBI is planning to expand its Offer For Sale framework to more companies, relax its norms for clubbing of investment limits by established foreign investors and tighten insider trading rules.

In a series of reforms, capital markets regulator SEBI is planning to expand its Offer For Sale framework to more companies, relax its norms for clubbing of investment limits by established foreign investors and tighten insider trading rules. The regulator is also planning to relax its disclosure norms for housing finance companies and systemically important NBFCs regarding pledged shares of listed firms and also provide for cancellation of an Offer For Sale (OFS) in case of limited interest from non-retail shareholders on the first day itself, officials said. These proposals, along with several others, are likely to be discussed by SEBI's board at its meeting this week. Officials said the Securities and Exchange Board of India (SEBI) is also considering changes in its regulatory framework for debenture trustees. Besides, it plans to allow custodial services in the commodity derivatives market to enable institutional participation. Another proposal involves enabling mutual funds to undertake 'side pocketing' of debt and money market instruments in case of a credit event while ensuring fair treatment to all unitholders. 'Side pocketing' is a mechanism to separate distressed, illiquid and hard-to-value assets from other more liquid assets in a portfolio. It prevents the distressed assets from damaging the returns generated from more liquid and better-performing assets. As per one proposal to amend the insider trading norms, entities belonging to promoter group will need to make initial and continuous disclosure about their shareholdings and the subsequent share transactions exceeding Rs 10 lakh. Currently, such disclosure requirements are mandatory for promoters, key management personnel and directors of a company, but there is no obligation on entities belonging to promoter groups. Officials said that SEBI is also of the view that an earlier proposed exercise for determining a uniform bond valuation methodology to be followed by all regulated entities across the financial sector may not be pursued. Such an exercise was suggested by a Working Group on Development of Corporate Bond market in India, chaired by H R Khan. However, SEBI will prescribe high-level principles to be followed uniformly across all mutual funds for strengthening the existing system of valuation of corporate bonds for mutual funds. Regarding the pricing agencies, SEBI plans to evolve a supervisory and regulatory framework. In another key proposal, SEBI plans to relax the norms for clubbing of investment limits for FPIs. Currently, the foreign portfolio investors are treated as part of the same investor group and the investment limits of all such entities are clubbed for deriving the investment limit as applicable to a single FPI, in case of the same set of ultimate beneficial owners investing through multiple entities. Under the proposed norm, multiple entities having common ownership, directly or indirectly, of more than 50 per cent would be treated as part of the same investor group and their investment limits would be clubbed. Besides, the clubbing of investment limit would not be applicable in case of entities having common control, if the FPIs are appropriately regulated public retail funds. Similar exemptions would be available to FPIs that are public retail funds majority owned by well-regulated public retail funds or those having well-regulated investment managers. Public retail funds typically include insurance companies, pension funds and mutual funds or unit trusts that are open for retail subscriptions. Regarding the changes in the OFS framework, officials said the proposed changes have been formulated as per suggestions from the Department of Investment and Public Asset Management (DIPAM) and other stakeholders. The OFS norms will be eased to allow this mechanism for all companies with market cap of Rs 1,000 crore and above, as against a current limit of top 200 companies. Also, if the seller fails to get sufficient demand from non-retail investors at or above the floor price on the first day of offer, then the seller may choose to cancel the officer post bidding in full (both retail and non-retail) on the first day itself and not proceed with the offer to retail investors on the second day. Among other proposals, SEBI is looking at changes in norms requiring the filing of a fresh offer document in case of an OFS where there is a change in the number of shares offered for sale or the estimated issue size by more than 50 per cent. Besides, norms would be eased for allocation in the net offer in fixed price issues in the SME segment. Also, housing finance companies and systemically important NBFCs may be exempted from disclosure of increase or decrease in shareholding due to encumbrance or release of the encumbrance of shares. A similar exemption already available to scheduled commercial banks and public financial institutions.

SEBI to expand OFS framework, relax FPI investment clubbing norms

Concerns over China-US trade tensions gave European shares their worst week of losses in two months and sank US stocks on Friday, overshadowing the lift from higher oil prices and jobs data.

While Europe was higher on the day with a small recovery after three sessions of heavy losses, the trade standoff between Washington and Beijing was still a major lingering worry for investors.

"Volatility is high and investors are twitchy. It has been a dreadful week for European markets, and today’s positive move can`t mask the previous losses," said David Madden, market analyst at CMC Markets UK.

The pan-European STOXX 600 index rose 0.62 per cent, while an index of London`s 100 largest listed companies rose 1.1 per cent.

The Dow Jones Industrial Average fell 558.72 points, or 2.24 per cent, to 24,388.95, the S&amp;P 500 lost 62.87 points, or 2.33 per cent, to 2,633.08 and the Nasdaq Composite dropped 219.01 points, or 3.05 per cent, to 6,969.25.

Wall Street saw its biggest weekly losses since March, led by declines in big internet and technology shares.&nbsp;

The fall was a reversal from earlier in the day, when stocks were higher on US&nbsp;labor data that showed employers hired fewer workers than expected in November.

That supported a view that US growth is moderating and the Federal Reserve may stop raising rates sooner than previously thought.

Nonfarm payrolls increased by 155,000 last month, but missed economists` expectation for a rise of 200,000.

"It is still consistent with the Fed raising short-term interest rates, said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "But I think the main theme here is that investors are expecting the Fed to be even more gradual, a little bit more cautious, in raising interest rates in 2019."

Oil climbed after big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.&nbsp;

US crude rose 1.42 per cent to $52.22 per barrel and Brent was last at $61.39, up 2.21 per cent on the day.&nbsp;

MSCI`s gauge of stocks across the globe shed 1.11 per cent.

Stock markets around the world tumbled on Thursday after Canadian officials announced the Dec. 1 arrest of the chief financial officer of Chinese smartphone maker Huawei for extradition to the United States. The arrest was seen as an added threat to the resolution of a trade war between the world`s top two economies.

Also contributing to this week`s sell-off were rising concerns about a US economic slowdown signaled by a flattening Treasury yield curve.

The front half of the yield curve remained inverted after two-year and three-year yields rose above five-year yields for the first time in over a decade earlier this week.

That inversion has stoked speculation about whether a US recession is looming.&nbsp;

The US dollar weakened against major currencies after the US jobs data.

The dollar index, which tracks the greenback against a basket of six other currencies, fell 0.17 per cent, with the euro up 0.24 per cent to $1.1401.

Concerns over China-US trade tensions gave European shares their worst week of losses in two months and sank US stocks on Friday, overshadowing the lift from higher oil prices and jobs data.

Concerns over China-US trade tensions gave European shares their worst week of losses in two months and sank US stocks on Friday, overshadowing the lift from higher oil prices and jobs data. While Europe was higher on the day with a small recovery after three sessions of heavy losses, the trade standoff between Washington and Beijing was still a major lingering worry for investors. "Volatility is high and investors are twitchy. It has been a dreadful week for European markets, and today’s positive move can`t mask the previous losses," said David Madden, market analyst at CMC Markets UK. The pan-European STOXX 600 index rose 0.62 per cent, while an index of London`s 100 largest listed companies rose 1.1 per cent. The Dow Jones Industrial Average fell 558.72 points, or 2.24 per cent, to 24,388.95, the S&P 500 lost 62.87 points, or 2.33 per cent, to 2,633.08 and the Nasdaq Composite dropped 219.01 points, or 3.05 per cent, to 6,969.25. Wall Street saw its biggest weekly losses since March, led by declines in big internet and technology shares. The fall was a reversal from earlier in the day, when stocks were higher on US labor data that showed employers hired fewer workers than expected in November. That supported a view that US growth is moderating and the Federal Reserve may stop raising rates sooner than previously thought. Nonfarm payrolls increased by 155,000 last month, but missed economists` expectation for a rise of 200,000. "It is still consistent with the Fed raising short-term interest rates, said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "But I think the main theme here is that investors are expecting the Fed to be even more gradual, a little bit more cautious, in raising interest rates in 2019." Oil climbed after big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market. US crude rose 1.42 per cent to $52.22 per barrel and Brent was last at $61.39, up 2.21 per cent on the day. MSCI`s gauge of stocks across the globe shed 1.11 per cent. Stock markets around the world tumbled on Thursday after Canadian officials announced the Dec. 1 arrest of the chief financial officer of Chinese smartphone maker Huawei for extradition to the United States. The arrest was seen as an added threat to the resolution of a trade war between the world`s top two economies. Also contributing to this week`s sell-off were rising concerns about a US economic slowdown signaled by a flattening Treasury yield curve. The front half of the yield curve remained inverted after two-year and three-year yields rose above five-year yields for the first time in over a decade earlier this week. That inversion has stoked speculation about whether a US recession is looming. The US dollar weakened against major currencies after the US jobs data. The dollar index, which tracks the greenback against a basket of six other currencies, fell 0.17 per cent, with the euro up 0.24 per cent to $1.1401.

Global shares mixed as trade worries loom; oil surges

India will retain its position as the world's top recipient of remittances this year with its diaspora sending a whopping US $80 billion back home, the World Bank said in a report Saturday.

India is followed by China (US $67 billion), Mexico and the Philippines (US $34 billion each) and Egypt (US $26 billion), according to the global lender.

With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief.

The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach US $528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017.

Global remittances, which include flows to high-income countries, are projected to grow by 10.3 per cent to US $689 billion, it said.

Over the last three years, India has registered a significant flow of remittances from US $62.7 billion in 2016 to US $65.3 billion 2017. In 2017, remittances constituted 2.7 per cent of India's GDP, it said.

The Bank said remittances to South Asia are projected to increase by 13.5 per cent to US $132 billion in 2018, a stronger pace than the 5.7 per cent growth seen in 2017.

The upsurge is driven by stronger economic conditions in advanced economies, particularly the US, and the increase in oil prices having a positive impact on outflows from some GCC countries such as the UAE which reported a 13 per cent growth in outflows for the first half of 2018.

Bangladesh and Pakistan both experienced strong upticks of 17.9 per cent and 6.2 per cent in 2018, respectively, the Bank said.

For 2019, it is projected that remittances growth for the region will slow to 4.3 per cent due to a moderation of growth in advanced economies, lower migration to the GCC and the benefits from the oil price spurt dissipating.

The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

As global growth is projected to moderate, future remittances to low- and middle-income countries are expected to grow moderately by four per cent to reach US $549 billion in 2019. Global remittances are expected to grow 3.7 per cent to US $715 billion in 2019.

The Brief notes that the global average cost of sending US $200 remains high at 6.9 per cent in the third quarter of 2018. Reducing remittance flows to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7.

Increasing the volume of remittances is also a global goal under the proposals for raising financing for the SDGs, it said.

"Even with technological advances, remittances fees remain too high, double the SDG target of 3 per cent. Opening up markets to competition and promoting the use of low-cost technologies will ease the burden on poorer customers," said Mahmoud Mohieldin, Senior Vice President for the 2030 Development Agenda, United Nations Relations, and Partnerships at the Bank.

The average cost of remitting in South Asia was the lowest at 5.4 per cent, while Sub-Saharan Africa continued to have the highest at 9 per cent.

No solutions are yet in sight for practices that drive up costs, such as de-risking action of banks, which lead to closure of bank accounts of remittance service providers.

Another persistent factor that keeps fees high is the exclusive partnership between national post office systems and any single money transfer operator, as it allows the operator to charge higher fees to poorer customers dependent on post offices, the Bank said.

"The future growth of remittances is vulnerable to lower oil prices, restrictive migration policies, and an overall moderation of economic growth.

"Remittances have a direct impact on alleviating poverty for many households, and the World Bank is well positioned to work with countries to facilitate remittance flows," said Michal Rutkowski, Senior Director of the Social Protection and Jobs Global Practice at the World Bank.&nbsp;

India will retain its position as the world's top recipient of remittances this year with its diaspora sending a whopping US $80 billion back home, the World Bank said in a report Saturday.

India will retain its position as the world's top recipient of remittances this year with its diaspora sending a whopping US $80 billion back home, the World Bank said in a report Saturday. India is followed by China (US $67 billion), Mexico and the Philippines (US $34 billion each) and Egypt (US $26 billion), according to the global lender. With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief. The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach US $528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017. Global remittances, which include flows to high-income countries, are projected to grow by 10.3 per cent to US $689 billion, it said. Over the last three years, India has registered a significant flow of remittances from US $62.7 billion in 2016 to US $65.3 billion 2017. In 2017, remittances constituted 2.7 per cent of India's GDP, it said. The Bank said remittances to South Asia are projected to increase by 13.5 per cent to US $132 billion in 2018, a stronger pace than the 5.7 per cent growth seen in 2017. The upsurge is driven by stronger economic conditions in advanced economies, particularly the US, and the increase in oil prices having a positive impact on outflows from some GCC countries such as the UAE which reported a 13 per cent growth in outflows for the first half of 2018. Bangladesh and Pakistan both experienced strong upticks of 17.9 per cent and 6.2 per cent in 2018, respectively, the Bank said. For 2019, it is projected that remittances growth for the region will slow to 4.3 per cent due to a moderation of growth in advanced economies, lower migration to the GCC and the benefits from the oil price spurt dissipating. The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. As global growth is projected to moderate, future remittances to low- and middle-income countries are expected to grow moderately by four per cent to reach US $549 billion in 2019. Global remittances are expected to grow 3.7 per cent to US $715 billion in 2019. The Brief notes that the global average cost of sending US $200 remains high at 6.9 per cent in the third quarter of 2018. Reducing remittance flows to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7. Increasing the volume of remittances is also a global goal under the proposals for raising financing for the SDGs, it said. "Even with technological advances, remittances fees remain too high, double the SDG target of 3 per cent. Opening up markets to competition and promoting the use of low-cost technologies will ease the burden on poorer customers," said Mahmoud Mohieldin, Senior Vice President for the 2030 Development Agenda, United Nations Relations, and Partnerships at the Bank. The average cost of remitting in South Asia was the lowest at 5.4 per cent, while Sub-Saharan Africa continued to have the highest at 9 per cent. No solutions are yet in sight for practices that drive up costs, such as de-risking action of banks, which lead to closure of bank accounts of remittance service providers. Another persistent factor that keeps fees high is the exclusive partnership between national post office systems and any single money transfer operator, as it allows the operator to charge higher fees to poorer customers dependent on post offices, the Bank said. "The future growth of remittances is vulnerable to lower oil prices, restrictive migration policies, and an overall moderation of economic growth. "Remittances have a direct impact on alleviating poverty for many households, and the World Bank is well positioned to work with countries to facilitate remittance flows," said Michal Rutkowski, Senior Director of the Social Protection and Jobs Global Practice at the World Bank.

India to retain top position in remittances with US $80 billion: World Bank

Finance Minister Arun Jaitley Friday said the number of income tax-payers can double to almost 12 crore with the increased formalisation of the economy.

As many as 6.86 crore I-T returns have been filed this year and the number is expected to go up to 7.6 crore before the present government completes its five-year term, he said.

"3.8 crore people filed I-T returns in 2014 when the NDA government came to power. There are 25-26 crore families here. The country is capable of having a 10-11-12 crore tax payer base," Jaitley said at the 'Jagran Conclave' here.

India's normal rate of growth is 7.5-8 per cent and the country will continue to grow at this rate, despite some deviation in one or two quarters, he said.

"Oil prices are a drag.... India can continue to grow at the same pace for two decades, but we need mature leadership for that," the minister said.

The Indian economy grew at 6.7 per cent in 2017-18 fiscal. In the April-June and July-September quarters of the current financial year, the GDP expanded by 8.2 per cent and 7.1 per cent respectively.

Jaitley said India has the capacity to grow at least 5 per cent more than the average growth rate of the rest of the world.

Fitch Ratings in its Global Economic Outlook Thursday forecast global GDP growth at 3.3 per cent for 2018. India, it said, will grow at 7.2 per cent in the current fiscal ending March 2019.&nbsp;

Finance Minister Arun Jaitley Friday said the number of income tax-payers can double to almost 12 crore with the increased formalisation of the economy. As many as 6.

Finance Minister Arun Jaitley Friday said the number of income tax-payers can double to almost 12 crore with the increased formalisation of the economy. As many as 6.86 crore I-T returns have been filed this year and the number is expected to go up to 7.6 crore before the present government completes its five-year term, he said. "3.8 crore people filed I-T returns in 2014 when the NDA government came to power. There are 25-26 crore families here. The country is capable of having a 10-11-12 crore tax payer base," Jaitley said at the 'Jagran Conclave' here. India's normal rate of growth is 7.5-8 per cent and the country will continue to grow at this rate, despite some deviation in one or two quarters, he said. "Oil prices are a drag.... India can continue to grow at the same pace for two decades, but we need mature leadership for that," the minister said. The Indian economy grew at 6.7 per cent in 2017-18 fiscal. In the April-June and July-September quarters of the current financial year, the GDP expanded by 8.2 per cent and 7.1 per cent respectively. Jaitley said India has the capacity to grow at least 5 per cent more than the average growth rate of the rest of the world. Fitch Ratings in its Global Economic Outlook Thursday forecast global GDP growth at 3.3 per cent for 2018. India, it said, will grow at 7.2 per cent in the current fiscal ending March 2019.

Number of income tax payers can double to 12 crore: Jaitley

Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.

International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel at 0144 GMT, down 56 cents, or 0.9 per cent from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $51.24 per barrel, down 25 cents, or 0.5 per cent.

The declines came after crude slumped by almost 3 per cent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday.

"OPEC has decided to meet Friday again...(as) Russia remains the sticking point," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.

Analysts still expect some form of supply reduction to be decided.

"We are beginning to witness the outline of the next iteration of production cuts, with OPEC conforming to cut its own production by around 1 million barrels per day, with the cartel lobbying non-OPEC members to contribute more," Japanese bank MUFG said in a note.

Supply surge, prince plunge

Oil producers have been hit by a 30-per cent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.

Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 per cent of global consumption.

That increase alone is equivalent to the output of major OPEC producer the United Arab Emirates.

The surge is largely down to soaring U.S. crude oil production, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the world's biggest oil producer.

As a result, the United States last week exported more crude oil and fuel than it imported for the first time on records going back to 1973, according to data released on Thursday.

Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.

Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel at 0144 GMT, down 56 cents, or 0.9 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $51.24 per barrel, down 25 cents, or 0.5 per cent. The declines came after crude slumped by almost 3 per cent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday. "OPEC has decided to meet Friday again...(as) Russia remains the sticking point," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore. Analysts still expect some form of supply reduction to be decided. "We are beginning to witness the outline of the next iteration of production cuts, with OPEC conforming to cut its own production by around 1 million barrels per day, with the cartel lobbying non-OPEC members to contribute more," Japanese bank MUFG said in a note. Supply surge, prince plunge Oil producers have been hit by a 30-per cent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown. Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 per cent of global consumption. That increase alone is equivalent to the output of major OPEC producer the United Arab Emirates. The surge is largely down to soaring U.S. crude oil production, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the world's biggest oil producer. As a result, the United States last week exported more crude oil and fuel than it imported for the first time on records going back to 1973, according to data released on Thursday.

Oil drops as OPEC makes supply cut dependent on Russian support

The BSE benchmark Sensex rebounded over 200 points to 35,540.49 Friday on fall in global crude oil prices and strengthening rupee against the US dollar.

Investors also took positive cues from Asian equities after US Fed Chairman Jerome Powell signalled that the three-year tightening cycle was drawing to a close, and IMF chief Christine Lagarde said that the US was not likely to see an economic contraction in the near term.

The rupee appreciated by 46 paise to 70.44 against the US dollar in early trade amid weakness in the greenback against some currencies overseas.

Oil prices extended their losses on worries that a meeting of Opec and non-Opec producers will not agree to a cut in output. Brent crude, the international benchmark, was trading 0.72 per cent lower at USD 59.63 per barrel.

The 30-share Sensex was trading 152.48 points, or 0.43 per cent, higher at 35,464.61. The index plunged 572.28 points, or 1.59 per cent, to close at 35,312.13 on Thursday.

The NSE Nifty was trading 38.55 points, or 0.36 per cent, higher at 10,639.70.

Top gainers include Asian Paints, ITC, Bajaj Auto, M&amp;M, ICICI Bank, Kotak Bank, Maruti, HDFC Bank, Hero MotoCorp, Infosys and Tata Motors, rising over 1.13 per cent. 
While top losers were Wipro, Coal India, ONGC, Tata Steel, HUL and TCS, falling up to 1.87 per cent.

Shares of HCL Technologies opened over 6 per cent lower after the company said it will acquire select IBM software products for USD 1.8 billion (over Rs 12,700 crore) in an all-cash deal.

The deal will be funded largely through internal accruals, with US $300 million of debt, HCL Tech said, adding that nearly half of the total amount will be paid at close of the deal.

This is the biggest acquisition for HCL Tech till date, and among the largest by an Indian tech company.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 72.47 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 389.78 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong's Hang Seng was up 0.27 per cent, Japan's Nikkei rose 0.45 per cent and Shanghai Composite Index edged higher by 0.07 per cent in early trade.

On Wall Street, the Dow Jones Industrial Average index fell 79.40 points, or 0.32 per cent, to 24,947.67 on Thursday.&nbsp;

The BSE benchmark Sensex rebounded over 200 points to 35,540.49 Friday on fall in global crude oil prices and strengthening rupee against the US dollar. Investors also took positive cues from Asian equities after US Fed Chairman Jerome Powell signalled that the three-year tightening cycle was drawing to a close, and IMF chief Christine Lagarde said that the US was not likely to see an economic contraction in the near term.

The BSE benchmark Sensex rebounded over 200 points to 35,540.49 Friday on fall in global crude oil prices and strengthening rupee against the US dollar. Investors also took positive cues from Asian equities after US Fed Chairman Jerome Powell signalled that the three-year tightening cycle was drawing to a close, and IMF chief Christine Lagarde said that the US was not likely to see an economic contraction in the near term. The rupee appreciated by 46 paise to 70.44 against the US dollar in early trade amid weakness in the greenback against some currencies overseas. Oil prices extended their losses on worries that a meeting of Opec and non-Opec producers will not agree to a cut in output. Brent crude, the international benchmark, was trading 0.72 per cent lower at USD 59.63 per barrel. The 30-share Sensex was trading 152.48 points, or 0.43 per cent, higher at 35,464.61. The index plunged 572.28 points, or 1.59 per cent, to close at 35,312.13 on Thursday. The NSE Nifty was trading 38.55 points, or 0.36 per cent, higher at 10,639.70. Top gainers include Asian Paints, ITC, Bajaj Auto, M&M, ICICI Bank, Kotak Bank, Maruti, HDFC Bank, Hero MotoCorp, Infosys and Tata Motors, rising over 1.13 per cent. While top losers were Wipro, Coal India, ONGC, Tata Steel, HUL and TCS, falling up to 1.87 per cent. Shares of HCL Technologies opened over 6 per cent lower after the company said it will acquire select IBM software products for USD 1.8 billion (over Rs 12,700 crore) in an all-cash deal. The deal will be funded largely through internal accruals, with US $300 million of debt, HCL Tech said, adding that nearly half of the total amount will be paid at close of the deal. This is the biggest acquisition for HCL Tech till date, and among the largest by an Indian tech company. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 72.47 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 389.78 crore, provisional data available with BSE showed. Elsewhere in Asia, Hong Kong's Hang Seng was up 0.27 per cent, Japan's Nikkei rose 0.45 per cent and Shanghai Composite Index edged higher by 0.07 per cent in early trade. On Wall Street, the Dow Jones Industrial Average index fell 79.40 points, or 0.32 per cent, to 24,947.67 on Thursday.

Market rebounds on easing crude, firming rupee; HCL Tech cracks 6 points

The rupee appreciated by 46 paise to 70.44 against the US dollar in early trade Friday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.

At the interbank forex market, the rupee opened higher at 70.58 and rose further to quote at 70.44, showing a rise of 46 paise over its previous close.

On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90.

The local unit also gathered momentum following easing crude oil prices.&nbsp;

Globally, Brent crude, the international benchmark, was trading 0.53 per cent down at USD 59.74 per barrel.

Meanwhile, on net basis, foreign funds bought shares worth Rs 72.47 crore, while DIIs sold share to the tune of Rs 389.78 crore Thursday, provisional data showed.

The 30-share index rose 157.23 points, or 0.45 per cent, to trade at 35,469.36. In similar movement, the NSE Nifty was trading 50.45 points, or 0.37 per cent, higher at 10,640.70. 
&nbsp;

The rupee appreciated by 46 paise to 70.44 against the US dollar in early trade Friday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

The rupee appreciated by 46 paise to 70.44 against the US dollar in early trade Friday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities. Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency. At the interbank forex market, the rupee opened higher at 70.58 and rose further to quote at 70.44, showing a rise of 46 paise over its previous close. On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90. The local unit also gathered momentum following easing crude oil prices. Globally, Brent crude, the international benchmark, was trading 0.53 per cent down at USD 59.74 per barrel. Meanwhile, on net basis, foreign funds bought shares worth Rs 72.47 crore, while DIIs sold share to the tune of Rs 389.78 crore Thursday, provisional data showed. The 30-share index rose 157.23 points, or 0.45 per cent, to trade at 35,469.36. In similar movement, the NSE Nifty was trading 50.45 points, or 0.37 per cent, higher at 10,640.70.

Rupee rises 46 paise to 70.44 against US dollar in early trade

OPEC and its Russia-led allies agreed on Friday to slash <a href="http://www.wionews.com/world/iranian-petroleum-minister-says-us-should-stop-interfering-in-opec-affairs-182193">oil production by more than the</a> market had expected despite pressure from US&nbsp;President Donald Trump to reduce the price of crude.

The producer club will curb output by 0.8 million barrels per day from January while non-OPEC allies contribute an additional 0.4 million bpd of cuts, Iraqi oil minister Thamer Ghadhban said after OPEC concluded two days of talks in Vienna.

Oil prices jumped about 5 per cent to more than $63 a barrel by 1500 GMT as the combined cut of 1.2 million bpd was larger than the minimum 1 million bpd that the market had expected.

Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has faced demands from Trump to help the global economy by refraining from cutting supplies.

An output reduction also would provide support to Iran by increasing the price of oil amid attempts by Washington to squeeze the economy of OPEC's third-largest producer.

"We will never address geopolitical issues at OPEC," United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui told a news conference.

Russian energy minister Alexander Novak praised the ability of his Saudi counterpart Khalid al-Falih "to find a solution in the most difficult situation", indicating Russia was on board.

The OPEC deal had hung in the balance for two days - first on fears that Russia would cut too little, and later on concerns that Iran, whose crude exports have been depleted by US&nbsp;sanctions, would receive no exemption and block the agreement.

But after hours of talks, Iran gave OPEC the green light and Russia indicated it was ready to cut more.

A meeting of OPEC and non-OPEC producers quickly approved the deal, according to two OPEC sources.

The cut will last for six months from January, Ghadhban said, and take October as the baseline. OPEC and Russian output was lower in October than in November. However, OPEC might not disclose individual output quotas, sources said.

"The OPEC+ cut is fuzzy on details and will likely result in less reduction than the headline figure of 1.2 million bpd," said Bob McNally, president of US-based Rapidan Energy Group.

"President Trump will not be happy to see today’s headlines, but how strongly he reacts depends mainly on whether crude prices rise strongly as a result in coming days and weeks."

Washington added fuel to the fire when US&nbsp;special representative for Iran Brian Hook met Falih in Vienna this week, in an unprecedented development ahead of an OPEC meeting.

Saudi Arabia first denied the Hook-Falih discussion took place but later confirmed it.

"U.S. political pressure is clearly a dominant factor at this OPEC meeting, limiting the scope of Saudi actions to rebalance the market," said Gary Ross, chief executive of Black Gold Investors and a veteran OPEC watcher.

The price of crude has fallen almost a third since October as Saudi Arabia, Russia and the United Arab Emirates raised output to offset lower exports from Iran.

The price decline prompted OPEC and Russia to start discussing an output cut, but Russia long resisted any deep reduction.

Novak met Russian President Vladimir Putin in St Petersburg on Thursday and returned to the Austrian capital on Friday.

A Russian energy ministry source said Moscow was ready to contribute a cut of around 200,000 bpd - more than the initially suggested figure of 150,000 bpd. An OPEC source later said Russia had agreed to cut by 230,000 bpd.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry.

On Thursday, US&nbsp;government figures showed the country had become a net exporter of crude oil and refined products for the first time on record, underscoring how the surge in production has altered the supply equation in world markets.

OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude.

OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude. The producer club will curb output by 0.8 million barrels per day from January while non-OPEC allies contribute an additional 0.4 million bpd of cuts, Iraqi oil minister Thamer Ghadhban said after OPEC concluded two days of talks in Vienna. Oil prices jumped about 5 per cent to more than $63 a barrel by 1500 GMT as the combined cut of 1.2 million bpd was larger than the minimum 1 million bpd that the market had expected. Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has faced demands from Trump to help the global economy by refraining from cutting supplies. An output reduction also would provide support to Iran by increasing the price of oil amid attempts by Washington to squeeze the economy of OPEC's third-largest producer. "We will never address geopolitical issues at OPEC," United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui told a news conference. Russian energy minister Alexander Novak praised the ability of his Saudi counterpart Khalid al-Falih "to find a solution in the most difficult situation", indicating Russia was on board. The OPEC deal had hung in the balance for two days - first on fears that Russia would cut too little, and later on concerns that Iran, whose crude exports have been depleted by US sanctions, would receive no exemption and block the agreement. But after hours of talks, Iran gave OPEC the green light and Russia indicated it was ready to cut more. A meeting of OPEC and non-OPEC producers quickly approved the deal, according to two OPEC sources. The cut will last for six months from January, Ghadhban said, and take October as the baseline. OPEC and Russian output was lower in October than in November. However, OPEC might not disclose individual output quotas, sources said. "The OPEC+ cut is fuzzy on details and will likely result in less reduction than the headline figure of 1.2 million bpd," said Bob McNally, president of US-based Rapidan Energy Group. "President Trump will not be happy to see today’s headlines, but how strongly he reacts depends mainly on whether crude prices rise strongly as a result in coming days and weeks." Washington added fuel to the fire when US special representative for Iran Brian Hook met Falih in Vienna this week, in an unprecedented development ahead of an OPEC meeting. Saudi Arabia first denied the Hook-Falih discussion took place but later confirmed it. "U.S. political pressure is clearly a dominant factor at this OPEC meeting, limiting the scope of Saudi actions to rebalance the market," said Gary Ross, chief executive of Black Gold Investors and a veteran OPEC watcher. The price of crude has fallen almost a third since October as Saudi Arabia, Russia and the United Arab Emirates raised output to offset lower exports from Iran. The price decline prompted OPEC and Russia to start discussing an output cut, but Russia long resisted any deep reduction. Novak met Russian President Vladimir Putin in St Petersburg on Thursday and returned to the Austrian capital on Friday. A Russian energy ministry source said Moscow was ready to contribute a cut of around 200,000 bpd - more than the initially suggested figure of 150,000 bpd. An OPEC source later said Russia had agreed to cut by 230,000 bpd. Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. On Thursday, US government figures showed the country had become a net exporter of crude oil and refined products for the first time on record, underscoring how the surge in production has altered the supply equation in world markets.

OPEC, Russia agree to cut oil production after Vienna talks; prices jump

The Indian rupee Friday recuperated by 8 paise to close at 70.82 against the US dollar in line with rally in domestic stocks and positive global cues.

Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year.

At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.58 against the US dollar and surged further to touch a high of 70.44 during the day.

The local unit finally settled for the day at 70.82, higher by 8 paise over its previous closing price. On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90.

The BSE Sensex rallied 361.12 points, or 1.02 per cent, to close at 35,673.25. Similarly, the broader NSE Nifty jumped 92.55 points, or 0.87 per cent, to 10,693.70.

Meanwhile, Brent crude, the international oil benchmark, was trading 0.52 per cent higher at USD 60.37 per barrel Friday.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.5663 and for rupee/euro at 80.2245. The reference rate for rupee/British pound was fixed at 90.1212 and for rupee/100 Japanese yen at 62.53.&nbsp;

The Indian rupee Friday recuperated by 8 paise to close at 70.82 against the US dollar in line with rally in domestic stocks and positive global cues. Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year.

The Indian rupee Friday recuperated by 8 paise to close at 70.82 against the US dollar in line with rally in domestic stocks and positive global cues. Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year. At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.58 against the US dollar and surged further to touch a high of 70.44 during the day. The local unit finally settled for the day at 70.82, higher by 8 paise over its previous closing price. On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90. The BSE Sensex rallied 361.12 points, or 1.02 per cent, to close at 35,673.25. Similarly, the broader NSE Nifty jumped 92.55 points, or 0.87 per cent, to 10,693.70. Meanwhile, Brent crude, the international oil benchmark, was trading 0.52 per cent higher at USD 60.37 per barrel Friday. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.5663 and for rupee/euro at 80.2245. The reference rate for rupee/British pound was fixed at 90.1212 and for rupee/100 Japanese yen at 62.53.

Rupee claws back some lost ground, rises 8 paise against US dollar 

India's current account deficit (CAD) widened to 2.9 per cent of the GDP in the second quarter of the fiscal compared to 1.1 per cent in the year-ago period, mainly due to a large trade deficit, the RBI said Friday.

The CAD, or the difference between outflow and inflow of foreign exchange in the country's current account, was $19.1 billion during the quarter ended September 30, 2018.

It increased from $6.9 billion or 1.1 per cent of GDP in the second quarter of 2017-18. The CAD stood at $15.9 billion (2.4 per cent of GDP) in the April-June quarter.

"India's current account deficit (CAD) at US$ 19.1 billion (2.9 per cent of GDP) in Q2 of 2018-19 increased from US$ 6.9 billion (1.1 per cent of GDP) in Q2 of 2017-18 and US$ 15.9 billion (2.4 per cent of GDP) in the preceding quarter," the RBI said.

The CAD has increased to 2.7 per cent of GDP in first half of 2018-19 from 1.8 per cent in the corresponding period of 2017-18 on the back of widening of the trade deficit.

As per the central bank, the widening of the CAD on a year-on-year basis was primarily on account of a higher trade deficit at $50 billion as compared to $32.5 billion a year ago.

RBI's preliminary data on India's balance of payments (BoP) for July-September 2018-19 further revealed that net services receipts increased by 10.2 per cent on a year-on-year basis, mainly on the back of a rise in net earnings from software and financial services.

Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $20.9 billion during the quarter, increasing by 19.8 per cent from their level a year ago.

In the financial account, net foreign direct investment at $7.9 billion in the second quarter of 2018-19 moderated from $12.4 billion in the similar period of last fiscal.

RBI said portfolio investment recorded net outflow of $1.6 billion as compared to an inflow of $2.1 billion in the second quarter last year on account of net sales in both the debt and equity markets.

Further, net receipts on account of non-resident deposits increased to $3.3 billion in the second quarter of 2018-19 from $0.7 billion a year ago.

In July-September this fiscal, there was a depletion of $1.9 billion of the foreign exchange reserves (on BoP basis) as against an accretion of $9.5 billion in the year-ago period.&nbsp;

India's current account deficit (CAD) widened to 2.9 per cent of the GDP in the second quarter of the fiscal compared to 1.1 per cent in the year-ago period, mainly due to a large trade deficit, the RBI said Friday.

India's current account deficit (CAD) widened to 2.9 per cent of the GDP in the second quarter of the fiscal compared to 1.1 per cent in the year-ago period, mainly due to a large trade deficit, the RBI said Friday. The CAD, or the difference between outflow and inflow of foreign exchange in the country's current account, was $19.1 billion during the quarter ended September 30, 2018. It increased from $6.9 billion or 1.1 per cent of GDP in the second quarter of 2017-18. The CAD stood at $15.9 billion (2.4 per cent of GDP) in the April-June quarter. "India's current account deficit (CAD) at US$ 19.1 billion (2.9 per cent of GDP) in Q2 of 2018-19 increased from US$ 6.9 billion (1.1 per cent of GDP) in Q2 of 2017-18 and US$ 15.9 billion (2.4 per cent of GDP) in the preceding quarter," the RBI said. The CAD has increased to 2.7 per cent of GDP in first half of 2018-19 from 1.8 per cent in the corresponding period of 2017-18 on the back of widening of the trade deficit. As per the central bank, the widening of the CAD on a year-on-year basis was primarily on account of a higher trade deficit at $50 billion as compared to $32.5 billion a year ago. RBI's preliminary data on India's balance of payments (BoP) for July-September 2018-19 further revealed that net services receipts increased by 10.2 per cent on a year-on-year basis, mainly on the back of a rise in net earnings from software and financial services. Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $20.9 billion during the quarter, increasing by 19.8 per cent from their level a year ago. In the financial account, net foreign direct investment at $7.9 billion in the second quarter of 2018-19 moderated from $12.4 billion in the similar period of last fiscal. RBI said portfolio investment recorded net outflow of $1.6 billion as compared to an inflow of $2.1 billion in the second quarter last year on account of net sales in both the debt and equity markets. Further, net receipts on account of non-resident deposits increased to $3.3 billion in the second quarter of 2018-19 from $0.7 billion a year ago. In July-September this fiscal, there was a depletion of $1.9 billion of the foreign exchange reserves (on BoP basis) as against an accretion of $9.5 billion in the year-ago period.

Current account deficit widens to 2.9% of GDP in Q2

Oil Minister&nbsp;Dharmendra Pradhan&nbsp;said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers'&nbsp;interests before deciding to<a href="http://www.wionews.com/world/opec-and-partners-face-steep-challenge-to-reach-oil-cut-deal-182079"> cut crude oil production</a>.

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Union Petroleum &amp; Gas Minister Dharmendra Pradhan on OPEC Summit: Through the statements of the Saudi Oil Minister yesterday, it can be inferred that they will not take any decision overlooking the favours of the consuming countries. <a href="https://t.co/QdmRNfamkT">pic.twitter.com/QdmRNfamkT</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1071014401216401409?ref_src=twsrc%5Etfw">December 7, 2018</a></blockquote>
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<a href="http://www.wionews.com/world/iranian-petroleum-minister-says-us-should-stop-interfering-in-opec-affairs-182193">OPEC</a> tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.

Oil Minister Dharmendra Pradhan said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers' interests before deciding to cut crude oil production.

Oil Minister Dharmendra Pradhan said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers' interests before deciding to cut crude oil production. Union Petroleum & Gas Minister Dharmendra Pradhan on OPEC Summit: Through the statements of the Saudi Oil Minister yesterday, it can be inferred that they will not take any decision overlooking the favours of the consuming countries. pic.twitter.com/QdmRNfamkT — ANI (@ANI) December 7, 2018 × OPEC tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.

Hope OPEC will remember consumers when cutting output: Dharmendra Pradhan

Krishnamurthy Subramanian, a professor from the Indian School of Business, has been appointed as the new chief economic adviser.

Krishnamurthy Subramanian took charge as his predecessor, Arvind Subramanian, abruptly left the country's finance ministry in June, news agency Reuters reported.&nbsp;

As per Krishnamurthy's profile on ISB's website, he serves as Associate Professor &amp; Executive Director, Centre For Analytical Finance and Executive Director, Centre for Analytical Finance.&nbsp;

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Dr. Krishnamurthy Subramanian appointed as the new Chief Economic Advisor (CEA) for three years. <a href="https://t.co/3sLQ97gh8v">pic.twitter.com/3sLQ97gh8v</a>
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"His services on the expert committees on Corporate Governance for the Securities and Exchange Board of India (SEBI) and on Governance of Banks for The Reserve Bank of India (RBI) have established him as one of the chief architects of corporate governance and banking reforms in India. He serves as a member of SEBI’s Standing Committees on Alternative Investment Policy, Primary Markets, Secondary Markets and Research," as mentioned on the website.&nbsp;

He has a PhD from Chicago Booth School of Business and is a top-ranking IIT-IIM alumnus. He is one of the world’s leading experts in banking, corporate governance and economic policy.&nbsp;&nbsp; &nbsp;

Subramanian worked as a consultant with JPMorgan Chase in New York before starting his career in academics.&nbsp;

Krishnamurthy Subramanian, a professor from the Indian School of Business, has been appointed as the new chief economic adviser. Krishnamurthy Subramanian took charge as his predecessor, Arvind Subramanian, abruptly left the country's finance ministry in June, news agency Reuters reported.

Krishnamurthy Subramanian, a professor from the Indian School of Business, has been appointed as the new chief economic adviser. Krishnamurthy Subramanian took charge as his predecessor, Arvind Subramanian, abruptly left the country's finance ministry in June, news agency Reuters reported. As per Krishnamurthy's profile on ISB's website, he serves as Associate Professor & Executive Director, Centre For Analytical Finance and Executive Director, Centre for Analytical Finance. Dr. Krishnamurthy Subramanian appointed as the new Chief Economic Advisor (CEA) for three years. pic.twitter.com/3sLQ97gh8v — ANI (@ANI) December 7, 2018 × "His services on the expert committees on Corporate Governance for the Securities and Exchange Board of India (SEBI) and on Governance of Banks for The Reserve Bank of India (RBI) have established him as one of the chief architects of corporate governance and banking reforms in India. He serves as a member of SEBI’s Standing Committees on Alternative Investment Policy, Primary Markets, Secondary Markets and Research," as mentioned on the website. He has a PhD from Chicago Booth School of Business and is a top-ranking IIT-IIM alumnus. He is one of the world’s leading experts in banking, corporate governance and economic policy. Subramanian worked as a consultant with JPMorgan Chase in New York before starting his career in academics.

Krishnamurthy Subramanian takes charge as chief economic adviser

Indian shares ended higher on Friday, boosted by a surge in Kotak Mahindra Bank Ltd shares on a report that Warren Buffett's Berkshire Hathaway Inc might take a stake in the private-sector lender.

The broader NSE Nifty closed 0.87 per cent higher at 10,693.70, while the benchmark BSE Sensex ended up 1.02 per cent at 35,673.25.

For the week, the Nifty ended 1.7 per cent lower, while the BSE index saw a fall of 1.4 per cent.

Kotak Mahindra shares closed 8.8 per cent higher, after surging as much as 14 per cent in their sharpest intraday gain in nearly nine years.

Indian shares ended higher on Friday, boosted by a surge in Kotak Mahindra Bank Ltd shares on a report that Warren Buffett's Berkshire Hathaway Inc might take a stake in the private-sector lender.

Indian shares ended higher on Friday, boosted by a surge in Kotak Mahindra Bank Ltd shares on a report that Warren Buffett's Berkshire Hathaway Inc might take a stake in the private-sector lender. The broader NSE Nifty closed 0.87 per cent higher at 10,693.70, while the benchmark BSE Sensex ended up 1.02 per cent at 35,673.25. For the week, the Nifty ended 1.7 per cent lower, while the BSE index saw a fall of 1.4 per cent. Kotak Mahindra shares closed 8.8 per cent higher, after surging as much as 14 per cent in their sharpest intraday gain in nearly nine years.

Markets end higher; Sensex up by 1.02% at closing

The credit rating agency Moody's Investors Service on Thursday predicted a stable outlook for banks across Asia-Pacific over the next 12 months but warned that operating conditions could become increasingly demanding.

"The banks' creditworthiness will stay broadly stable in 2019 because of the still-healthy economic fundamentals and good credit buffers," said Moody's Vice President Eugene Tarzimanov in a statement.

The agency said the capital, provisions and profits of Asia-Pacific banks guarantee them a sufficient margin to absorb losses, while funding and liquidity will remain stable.

He also highlighted his conviction that government support to these banks will remain strong and that their senior creditors will not be required to pay bailouts, with the exception of Hong Kong.

At the same time, Moody's indicated that GDP growth in the region “has peaked and will moderate,” and that “credit expansion will continue to slow,” with the US-China trade conflict posing a risk for banks.

The agency also warned of the high private sector leverage in many of the regional economies, “exposing banks to the risk of asset quality impairment” as interest rates rise.

It also warned about the exposure of banks to real-estate sector risks despite the fall or moderation of prices, and highlighted loans for sector investment purposes as the greatest risk for banks of Australia, New Zealand, South Korea and Malaysia.

"Overall, the banks will have sufficient buffers against growing risks," said Moody's in the statement where it added that digitization will help "banks scale down their branch networks and lower costs."

The credit rating agency Moody's Investors Service on Thursday predicted a stable outlook for banks across Asia-Pacific over the next 12 months but warned that operating conditions could become increasingly demanding.

The credit rating agency Moody's Investors Service on Thursday predicted a stable outlook for banks across Asia-Pacific over the next 12 months but warned that operating conditions could become increasingly demanding. "The banks' creditworthiness will stay broadly stable in 2019 because of the still-healthy economic fundamentals and good credit buffers," said Moody's Vice President Eugene Tarzimanov in a statement. The agency said the capital, provisions and profits of Asia-Pacific banks guarantee them a sufficient margin to absorb losses, while funding and liquidity will remain stable. He also highlighted his conviction that government support to these banks will remain strong and that their senior creditors will not be required to pay bailouts, with the exception of Hong Kong. At the same time, Moody's indicated that GDP growth in the region “has peaked and will moderate,” and that “credit expansion will continue to slow,” with the US-China trade conflict posing a risk for banks. The agency also warned of the high private sector leverage in many of the regional economies, “exposing banks to the risk of asset quality impairment” as interest rates rise. It also warned about the exposure of banks to real-estate sector risks despite the fall or moderation of prices, and highlighted loans for sector investment purposes as the greatest risk for banks of Australia, New Zealand, South Korea and Malaysia. "Overall, the banks will have sufficient buffers against growing risks," said Moody's in the statement where it added that digitization will help "banks scale down their branch networks and lower costs."

Moody's forecasts stable outlook for Asia-Pacific banks in 2019

Part of the US Treasury yield curve "inverted" this week, setting off debate over whether it is delivering a classic signal of oncoming recession or it has just developed a short-term kink that can be explained away by technical reasons.

Whatever the reason, investors and economists ignore this message from the bond market at their peril: yield curve inversions - when shorter-dated securities yield more than longer maturities - have preceded every US recession in recent memory by anywhere from 15 months to around two years.

"The yield curve has sent a chill down investors' spines in regard to the future outlook of the US economy," said Chad Morganlander, senior portfolio manager at Washington Crossing Advisors in New Jersey. "It's the what-if scenario."

To be sure, this week's inversion has been limited so far to the front-end of the yield curve rather than more closely studied recession harbingers such as the gap between 2-year and 10-year note yields. In the current instance, yields on five-year notes have dropped below those on both two-year and three-year securities.

Still, in December 2005, for instance, a comparable inversion at the front of the curve was followed shortly afterward by an inversion between 2- and 10-year yields. The Great Recession began in December 2007.

That pattern was also evident in late 1988 in advance of the 1990 recession. Ahead of the 2001 recession, the entire curve dropped into inversion in sync in February 2000.

TECHNICAL GLITCH OR FUNDAMENTAL WARNING?

In the current instance, investors and economists are debating whether this warns of economic weakness ahead or if it reflects other factors, such as a recent reversal of large speculative bets on declining bond prices and the Federal Reserve's large holdings of Treasuries.

A central focus is whether it means the market is second guessing the Fed, which has been raising interest rates for three years and is expected to lift them further, including at their next meeting in two weeks.

Jeffrey Gundlach, chief executive officer of DoubleLine Capital and a closely watched bond investor, comes down on the side of it being a fundamental signal. It reflects "total bond market disbelief in the Federal Reserve's prior plans to raise rates through 2019," he told Reuters.

At the same time, this week's move does coincide with an ongoing positioning shift in the Treasury market.

Hedge funds and other speculators had amassed a record level of bets on declines in Treasury prices through the futures market, with the heaviest bets lodged against 5-year maturities. But they have slashed those by more than half in the last few weeks, and that may have contributed to the out-sized rally in 5-year note prices in particular. Bond prices and yields move in opposite directions.

"A lot of it is momentum," said John Canavan, market strategist with Stone &amp; McCarthy Research Associates in New York. "I do think it's overdone with short-covering and unwinding of money-losing positions."

Another current factor that was absent in previous inversion episodes is the Fed's $3.92 trillion stockpile of bonds accumulated to soften the effects of the 2008 financial crisis. While it has been shrinking its holdings for more than a year, its bond portfolio remains the world's largest and is seen as a force in suppressing longer-dated yields.

RECORD ECONOMIC EXPANSION

Those potential explanations aside, the US economy is in the middle of its second-longest expansion on record, and economists and investors are mindful that a downturn is inevitable.

Some business sectors like auto and housing are flagging due partly to rising interest rates, while debt-laden companies have raised concerns whether they could keep up with their debt payments as borrowing costs are rising.

Fed officials have cited these developments that bear watching, but several of them have repeatedly cautioned about the inversion of yield curve as the most reliable indicator that a recession is on the horizon.

Some traders said the dramatic curve flattening may be overdone and may revert if the government's November payrolls report out on Friday were to show solid jobs and wage growth.

While the risk of the entire yield curve inverting grows in anticipation of slower domestic growth, the economy appears on sure footing due to a solid job market and mild inflation.

Last year's massive federal tax cut has bolstered business confidence, but trade tension between Washington and major US trade partners looms as a possible economic drag, analysts said.

And, even if the latest kink in the yield curve is indeed the first signal of a downturn as many suspect, it does not indicate when it will actually begin nor how severe it will be.

"It’s a sloppy predictor because at some point after yield curve inversion you could get a recession that could be one year, two year, three years," said Nicholas Colas, co-founder at DataTrek Research in New York. "And as far as what it means to markets, you could still have another very solid year after inversion."

Part of the US Treasury yield curve "inverted" this week, setting off debate over whether it is delivering a classic signal of oncoming recession or it has just developed a short-term kink that can be explained away by technical reasons.

Part of the US Treasury yield curve "inverted" this week, setting off debate over whether it is delivering a classic signal of oncoming recession or it has just developed a short-term kink that can be explained away by technical reasons. Whatever the reason, investors and economists ignore this message from the bond market at their peril: yield curve inversions - when shorter-dated securities yield more than longer maturities - have preceded every US recession in recent memory by anywhere from 15 months to around two years. "The yield curve has sent a chill down investors' spines in regard to the future outlook of the US economy," said Chad Morganlander, senior portfolio manager at Washington Crossing Advisors in New Jersey. "It's the what-if scenario." To be sure, this week's inversion has been limited so far to the front-end of the yield curve rather than more closely studied recession harbingers such as the gap between 2-year and 10-year note yields. In the current instance, yields on five-year notes have dropped below those on both two-year and three-year securities. Still, in December 2005, for instance, a comparable inversion at the front of the curve was followed shortly afterward by an inversion between 2- and 10-year yields. The Great Recession began in December 2007. That pattern was also evident in late 1988 in advance of the 1990 recession. Ahead of the 2001 recession, the entire curve dropped into inversion in sync in February 2000. TECHNICAL GLITCH OR FUNDAMENTAL WARNING? In the current instance, investors and economists are debating whether this warns of economic weakness ahead or if it reflects other factors, such as a recent reversal of large speculative bets on declining bond prices and the Federal Reserve's large holdings of Treasuries. A central focus is whether it means the market is second guessing the Fed, which has been raising interest rates for three years and is expected to lift them further, including at their next meeting in two weeks. Jeffrey Gundlach, chief executive officer of DoubleLine Capital and a closely watched bond investor, comes down on the side of it being a fundamental signal. It reflects "total bond market disbelief in the Federal Reserve's prior plans to raise rates through 2019," he told Reuters. At the same time, this week's move does coincide with an ongoing positioning shift in the Treasury market. Hedge funds and other speculators had amassed a record level of bets on declines in Treasury prices through the futures market, with the heaviest bets lodged against 5-year maturities. But they have slashed those by more than half in the last few weeks, and that may have contributed to the out-sized rally in 5-year note prices in particular. Bond prices and yields move in opposite directions. "A lot of it is momentum," said John Canavan, market strategist with Stone & McCarthy Research Associates in New York. "I do think it's overdone with short-covering and unwinding of money-losing positions." Another current factor that was absent in previous inversion episodes is the Fed's $3.92 trillion stockpile of bonds accumulated to soften the effects of the 2008 financial crisis. While it has been shrinking its holdings for more than a year, its bond portfolio remains the world's largest and is seen as a force in suppressing longer-dated yields. RECORD ECONOMIC EXPANSION Those potential explanations aside, the US economy is in the middle of its second-longest expansion on record, and economists and investors are mindful that a downturn is inevitable. Some business sectors like auto and housing are flagging due partly to rising interest rates, while debt-laden companies have raised concerns whether they could keep up with their debt payments as borrowing costs are rising. Fed officials have cited these developments that bear watching, but several of them have repeatedly cautioned about the inversion of yield curve as the most reliable indicator that a recession is on the horizon. Some traders said the dramatic curve flattening may be overdone and may revert if the government's November payrolls report out on Friday were to show solid jobs and wage growth. While the risk of the entire yield curve inverting grows in anticipation of slower domestic growth, the economy appears on sure footing due to a solid job market and mild inflation. Last year's massive federal tax cut has bolstered business confidence, but trade tension between Washington and major US trade partners looms as a possible economic drag, analysts said. And, even if the latest kink in the yield curve is indeed the first signal of a downturn as many suspect, it does not indicate when it will actually begin nor how severe it will be. "It’s a sloppy predictor because at some point after yield curve inversion you could get a recession that could be one year, two year, three years," said Nicholas Colas, co-founder at DataTrek Research in New York. "And as far as what it means to markets, you could still have another very solid year after inversion."

Is recession setting in? Analysing the inverted US yield curve

Losses on Wall Street deepened in late-morning trade on Thursday as the arrest of a key Chinese executive at the urging of the United States exacerbated trade war fears.

Near 1630 GMT, the Dow Jones Industrial Average was down 2.3 per cent at 24,446.09 after earlier falling more than three per cent. The blue-chip index has lost almost 1,400 points in the last two sessions.

The broad-based S&amp;P slid 2.0 per cent to 2,645.74, while the tech-heavy Nasdaq Composite Index shed 2.4 per cent to 6,998.19.

The drops, which pushed both the Dow and S&amp;P 500 into the red for 2018, came after the arrest of Huawei executive Meng Wanzhou in Canada for extradition to the United States in an investigation into suspected Iran sanctions violations by the telecom giant.

The Meng arrest stirred tensions just as the United States and China agreed to a ceasefire in their trade spat while negotiators seek a deal within three months.

"The concept of getting a quick resolution is fading," said Art Hogan, chief market strategist at B&nbsp;Riley FBR.&nbsp;

After rallying on Monday following the US-China ceasefire on tariffs announced over the weekend, US markets had fallen sharply on Tuesday on scepticism about the agreement.&nbsp;

US markets were closed on Wednesday because of the funeral of former President George HW&nbsp;Bush but resumed their downward move on Thursday following the Meng arrest.

Other headwinds facing stocks include worries over slowing US growth that is prompting greater uncertainty on whether the Federal Reserve will increase interest rates later this month.

Petroleum-linked stocks were also down amid a pullback in oil prices as OPEC members debated a production cut.

Large banks were particularly weak, with Bank of America losing four per cent, Citigroup 5.6 per cent and JPMorgan Chase 3.5 per cent as investors now view the odds of a Fed rate hike on December 19 at 69.8 per cent, down from 82.7 per cent a week ago, according to futures markets.

Boeing also suffered outsized losses, shedding 6.2 per cent on trade war fears and as the aerospace giant continues to face scrutiny following an October 29 accident in Indonesia in which 189 people died.&nbsp;

The head of the carrier, Lion Mentari Airlines, has reportedly threatened to cancel orders of additional Boeing planes.

Losses on Wall Street deepened in late-morning trade on Thursday as the arrest of a key Chinese executive at the urging of the United States exacerbated trade war fears.

Losses on Wall Street deepened in late-morning trade on Thursday as the arrest of a key Chinese executive at the urging of the United States exacerbated trade war fears. Near 1630 GMT, the Dow Jones Industrial Average was down 2.3 per cent at 24,446.09 after earlier falling more than three per cent. The blue-chip index has lost almost 1,400 points in the last two sessions. The broad-based S&P slid 2.0 per cent to 2,645.74, while the tech-heavy Nasdaq Composite Index shed 2.4 per cent to 6,998.19. The drops, which pushed both the Dow and S&P 500 into the red for 2018, came after the arrest of Huawei executive Meng Wanzhou in Canada for extradition to the United States in an investigation into suspected Iran sanctions violations by the telecom giant. The Meng arrest stirred tensions just as the United States and China agreed to a ceasefire in their trade spat while negotiators seek a deal within three months. "The concept of getting a quick resolution is fading," said Art Hogan, chief market strategist at B Riley FBR. After rallying on Monday following the US-China ceasefire on tariffs announced over the weekend, US markets had fallen sharply on Tuesday on scepticism about the agreement. US markets were closed on Wednesday because of the funeral of former President George HW Bush but resumed their downward move on Thursday following the Meng arrest. Other headwinds facing stocks include worries over slowing US growth that is prompting greater uncertainty on whether the Federal Reserve will increase interest rates later this month. Petroleum-linked stocks were also down amid a pullback in oil prices as OPEC members debated a production cut. Large banks were particularly weak, with Bank of America losing four per cent, Citigroup 5.6 per cent and JPMorgan Chase 3.5 per cent as investors now view the odds of a Fed rate hike on December 19 at 69.8 per cent, down from 82.7 per cent a week ago, according to futures markets. Boeing also suffered outsized losses, shedding 6.2 per cent on trade war fears and as the aerospace giant continues to face scrutiny following an October 29 accident in Indonesia in which 189 people died. The head of the carrier, Lion Mentari Airlines, has reportedly threatened to cancel orders of additional Boeing planes.

Wall Street stocks suffer losses after Huawei CFO Meng Wanzhou's arrest

IT firm Infosys Thursday announced inauguration of its new technology and innovation hub in Hartford in the US.

The company also announced that it has hired more than 7,000 American workers in the last 18 months as a part of its ongoing commitment to accelerate the pace of digital innovation for American enterprises.

"The Hartford hub...Will help Infosys work more closely with its clients in the region and will serve as the global Hub for Infosys' InsurTech and HealthTech efforts. The hub will feature living labs for the future of insurance, the future of healthcare and the future of manufacturing amongst others," Infosys said in a BSE filing.

Infosys COO UB Pravin Rao said the inauguration of Hartford technology and innovation hub is an important milestone in the company's ongoing efforts to help American enterprises revitalise their core businesses.

"This hub, along with five other hubs around the country, will help us to seamlessly collaborate with our clients to develop agile, cross-functional digital solutions to today's most pressing business needs," he added.

IT firm Infosys Thursday announced inauguration of its new technology and innovation hub in Hartford in the US. The company also announced that it has hired more than 7,000 American workers in the last 18 months as a part of its ongoing commitment to accelerate the pace of digital innovation for American enterprises.

IT firm Infosys Thursday announced inauguration of its new technology and innovation hub in Hartford in the US. The company also announced that it has hired more than 7,000 American workers in the last 18 months as a part of its ongoing commitment to accelerate the pace of digital innovation for American enterprises. "The Hartford hub...Will help Infosys work more closely with its clients in the region and will serve as the global Hub for Infosys' InsurTech and HealthTech efforts. The hub will feature living labs for the future of insurance, the future of healthcare and the future of manufacturing amongst others," Infosys said in a BSE filing. Infosys COO UB Pravin Rao said the inauguration of Hartford technology and innovation hub is an important milestone in the company's ongoing efforts to help American enterprises revitalise their core businesses. "This hub, along with five other hubs around the country, will help us to seamlessly collaborate with our clients to develop agile, cross-functional digital solutions to today's most pressing business needs," he added.

Infosys inaugurates new technology, innovation hub in US