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The rupee firmed 10 paise to 71.87 against the US dollar Friday on increased selling of the US currency by exporters and banks.

Besides, weakness in the greenback against some currencies overseas, increased foreign fund inflows and a higher opening of domestic equities supported the rupee, traders said.

Foreign funds bought shares worth a net of Rs 2,043.06 crore Thursday, as per provisional data.

At the interbank forex market, the rupee opened higher at 71.94, and advanced 10 paise to 71.87 against the US dollar.

The rupee had vaulted 34 paise to close at a two-month high of 71.97 against the US dollar Thursday on robust foreign fund inflows amid low crude oil prices.

Meanwhile, the benchmark BSE Sensex rose 96.29 points, or 0.28 per cent, to 35,356.83 in early session Friday.

The rupee firmed 10 paise to 71.87 against the US dollar Friday on increased selling of the US currency by exporters and banks. Besides, weakness in the greenback against some currencies overseas, increased foreign fund inflows and a higher opening of domestic equities supported the rupee, traders said.

The rupee firmed 10 paise to 71.87 against the US dollar Friday on increased selling of the US currency by exporters and banks. Besides, weakness in the greenback against some currencies overseas, increased foreign fund inflows and a higher opening of domestic equities supported the rupee, traders said. Foreign funds bought shares worth a net of Rs 2,043.06 crore Thursday, as per provisional data. At the interbank forex market, the rupee opened higher at 71.94, and advanced 10 paise to 71.87 against the US dollar. The rupee had vaulted 34 paise to close at a two-month high of 71.97 against the US dollar Thursday on robust foreign fund inflows amid low crude oil prices. Meanwhile, the benchmark BSE Sensex rose 96.29 points, or 0.28 per cent, to 35,356.83 in early session Friday.

Rupee rises 10 paise against US dollar to 71.87

Tata Sons Friday confirmed its interest in acquiring the beleaguered Jet Airways but said no concrete "proposal" has been made by the group so far.

The Tatas, which already run two carriers-- the full- service Vistara in a joint venture with Singapore Airlines (SIA) and AirAsia India in a similar arrangement with Malaysian carrier Air Asia--have widely speculated to be planning to acquire Naresh Goyal-controlled airline with it's the Singaporean partner.

"Over the last few days there has been growing speculation about Tata's interest in Jet Airways. We would like to clarify that any such discussions (to acquire Jet Airways) have been preliminary and no proposal has been made," Tata Sons said in a statement after a marathon five-hour board meeting at the headquarters here.

Addressing the analysts at the post-earnings concall, earlier this week, Jet Airways' deputy chief executive and chief financial officer Amit Agarwal had admitted that the airline was in talks with "multiple interested parties" for fund infusion as well as stake in its loyalty progarmme Jet Privilege.

Besides Goyal,who along with his family owns 51 per cent stake in the company, Gulf carrier Etihad Airways owns 24 per cent in the cash-strapped airline which has been delaying salaries and payments to vendors for many months now.

Media reports suggest that the parent company of Vistara, Tata Sons-Singapore Airlines, is looking at an all- stock merger of Jet Airways as part of the Tata group's plans to board Goyal's full service carrier, which is grappling with cash crunch and mounting losses.

The airline earlier this week reported a net loss of Rs 1,261 crore in the September quarter against a profit of Rs 71 crore y-o-y, making it the third straight quarters of heavy losses.

The two sides are reportedly inching towards a two- step transaction that would first see Jet merging with Tata- SIA joint venture through a share swap to form a new JV, which will have the Goyal family, Etihad, Tata Sons and Singapore Airlines as its partners. But a bone of contention is the Tatas' insistence on Goyal completely leaving the airline which he built 25 years ago.

However, in an exchange filing Thursday, Jet Airways described the media reports as speculative.

Reports also suggest in the eventuality of the Tata Group taking over Jet Airways, it might exit from AirAsia India, which has so far not been very aggressive in a market that has been clipping at 20 per cent on the back of a prolonged low-fare regime.

Jet, which along with its subsidiary JetLite flies 66 domestic and international destinations, has a combined fleet of 124 planes and enjoys 15.8 per cent market share, while Vistara, which has a low 3.8 per cent market share, on a fleet of 22 planes and flies to as many destinations.

On the other hand, AirAsia India accounts for just 4.4 per cent of the total domestic passenger traffic with a fleet of 19 planes. 
Besides, a merger of the two carriers will also allow Vistara will propel its plans to go international, which are currently reportedly stuck in the Rajiv Bhawan (which house civil aviation ministry) files.

Way back in 2008, the erstwhile Kingfisher Airlines had resorted to a similar move when it acquired the domestic low-cost pioneer Air Deccan to go international as it had not completed five years into domestic flying, which was mandatory for airlines at that time for overseas operations.

The merger talks have sent the Jet counter soaring over 40 per cent in the past five trading sessions alone. It soared over 26.41 per cent Thursday and rallied over 14 percent early Friday but closed with an over 8 per cent gain at Rs 346.85 on the BSE, whose index jumped 0.56 percent.

There are also rumours that the Tatas are being nudged by government. However, government has denied that it is brokering the deal or asked has bankers to take a haircut on Jet debt to sweeten the deal.

"The aviation ministry is not involved in this process so far. Hence any question of haircut (by banks and other stakeholders like Airports Authority) etc does not arise," aviation secretary RN Choubey told PTI Thursday.&nbsp;

Tata Sons Friday confirmed its interest in acquiring the beleaguered Jet Airways but said no concrete "proposal" has been made by the group so far. The Tatas, which already run two carriers-- the full- service Vistara in a joint venture with Singapore Airlines (SIA) and AirAsia India in a similar arrangement with Malaysian carrier Air Asia--have widely speculated to be planning to acquire Naresh Goyal-controlled airline with it's the Singaporean partner.

Tata Sons Friday confirmed its interest in acquiring the beleaguered Jet Airways but said no concrete "proposal" has been made by the group so far. The Tatas, which already run two carriers-- the full- service Vistara in a joint venture with Singapore Airlines (SIA) and AirAsia India in a similar arrangement with Malaysian carrier Air Asia--have widely speculated to be planning to acquire Naresh Goyal-controlled airline with it's the Singaporean partner. "Over the last few days there has been growing speculation about Tata's interest in Jet Airways. We would like to clarify that any such discussions (to acquire Jet Airways) have been preliminary and no proposal has been made," Tata Sons said in a statement after a marathon five-hour board meeting at the headquarters here. Addressing the analysts at the post-earnings concall, earlier this week, Jet Airways' deputy chief executive and chief financial officer Amit Agarwal had admitted that the airline was in talks with "multiple interested parties" for fund infusion as well as stake in its loyalty progarmme Jet Privilege. Besides Goyal,who along with his family owns 51 per cent stake in the company, Gulf carrier Etihad Airways owns 24 per cent in the cash-strapped airline which has been delaying salaries and payments to vendors for many months now. Media reports suggest that the parent company of Vistara, Tata Sons-Singapore Airlines, is looking at an all- stock merger of Jet Airways as part of the Tata group's plans to board Goyal's full service carrier, which is grappling with cash crunch and mounting losses. The airline earlier this week reported a net loss of Rs 1,261 crore in the September quarter against a profit of Rs 71 crore y-o-y, making it the third straight quarters of heavy losses. The two sides are reportedly inching towards a two- step transaction that would first see Jet merging with Tata- SIA joint venture through a share swap to form a new JV, which will have the Goyal family, Etihad, Tata Sons and Singapore Airlines as its partners. But a bone of contention is the Tatas' insistence on Goyal completely leaving the airline which he built 25 years ago. However, in an exchange filing Thursday, Jet Airways described the media reports as speculative. Reports also suggest in the eventuality of the Tata Group taking over Jet Airways, it might exit from AirAsia India, which has so far not been very aggressive in a market that has been clipping at 20 per cent on the back of a prolonged low-fare regime. Jet, which along with its subsidiary JetLite flies 66 domestic and international destinations, has a combined fleet of 124 planes and enjoys 15.8 per cent market share, while Vistara, which has a low 3.8 per cent market share, on a fleet of 22 planes and flies to as many destinations. On the other hand, AirAsia India accounts for just 4.4 per cent of the total domestic passenger traffic with a fleet of 19 planes. Besides, a merger of the two carriers will also allow Vistara will propel its plans to go international, which are currently reportedly stuck in the Rajiv Bhawan (which house civil aviation ministry) files. Way back in 2008, the erstwhile Kingfisher Airlines had resorted to a similar move when it acquired the domestic low-cost pioneer Air Deccan to go international as it had not completed five years into domestic flying, which was mandatory for airlines at that time for overseas operations. The merger talks have sent the Jet counter soaring over 40 per cent in the past five trading sessions alone. It soared over 26.41 per cent Thursday and rallied over 14 percent early Friday but closed with an over 8 per cent gain at Rs 346.85 on the BSE, whose index jumped 0.56 percent. There are also rumours that the Tatas are being nudged by government. However, government has denied that it is brokering the deal or asked has bankers to take a haircut on Jet debt to sweeten the deal. "The aviation ministry is not involved in this process so far. Hence any question of haircut (by banks and other stakeholders like Airports Authority) etc does not arise," aviation secretary RN Choubey told PTI Thursday.

Tatas confirm in preliminary talks with Jet Airways for a deal

The British pound lay battered and bruised in Asia on Friday after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal.

Asian share markets fared better as hopes for a thaw in Sino-US trade relations gave Wall Street a fillip, though there were duelling reports on the prospects for an actual agreement.

MSCI's broadest index of Asia-Pacific shares outside Japan was ahead 0.26 per cent in early trade, while Japan's Nikkei added 0.2 per cent.

Still, sterling stole the limelight after a rash of resignations rocked Prime Minister Theresa May's government and threw into doubt her long-awaited Brexit agreement just hours after it was unveiled.

Fears that May's hard-fought deal could collapse sent British markets into gyrations not seen since the June 2016 referendum on EU membership.

The pound suffered its biggest one-day loss against the euro since October 2016 and was last at 88.63 pence. Against the dollar, it was huddled at $1.2777 after shedding 1.6 per cent overnight.

Joseph Capurso, a senior currency strategist at CBA, listed just some of sterling's woes.

"If and when a vote on the withdrawal agreement occurs is uncertain. Whether the withdrawal bill is passed by both houses of Parliament is uncertain," Capurso said in a note.

"Whether the Prime Minister resigns or is challenged for the leadership is uncertain. And, whether there is a second referendum and/or an election is uncertain."

All of which helped British bonds rally sharply as investors wagered the political chaos and risk of a hard Brexit would deter the Bank of England from tightening anytime soon.

Yields on 5-year paper staged the largest one-day decline since the Brexit vote at almost 15 basis points.

DID HE? OR DIDN'T HE?

Absent the British drama, investors chose to be optimistic on the chance of progress on tariffs between the United States and China.

A Financial Times report said US Trade Representative Robert Lighthizer has told some industry executives that another round of US tariffs on Chinese imports has been put on hold.

CNBC later reported that Lighthizer's office had denied the story, but markets were cheered anyway.

The benchmark S&amp;P 500 index gained 1.06 per cent to snap five days of losses, while the Dow rose 0.83 per cent and the Nasdaq 1.72 per cent.&nbsp;

The plunge in sterling lifted the dollar against a basket of currencies to 97.06, even as the euro firmed a touch to $1.1328.

Also underwater was the cryptocurrency Bitcoin which hit a one-year trough overnight after tumbling 10 per cent early in the week when support at $6,000 gave way. It was last changing hands at $5,563.46 on the Bitstamp platform.

In commodity markets, gold was up a shade at $1,214.30.

Oil prices regained a little composure after their recent drubbing, helped by a decline in US fuel stockpiles and the possibility of a cut in OPEC output.&nbsp;

US crude was trading up 3 cents at $56.49. Brent crude was yet to trade but had ended Thursday up 58 cents at $66.70 a barrel.

The British pound lay battered and bruised in Asia on Friday after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal.

The British pound lay battered and bruised in Asia on Friday after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal. Asian share markets fared better as hopes for a thaw in Sino-US trade relations gave Wall Street a fillip, though there were duelling reports on the prospects for an actual agreement. MSCI's broadest index of Asia-Pacific shares outside Japan was ahead 0.26 per cent in early trade, while Japan's Nikkei added 0.2 per cent. Still, sterling stole the limelight after a rash of resignations rocked Prime Minister Theresa May's government and threw into doubt her long-awaited Brexit agreement just hours after it was unveiled. Fears that May's hard-fought deal could collapse sent British markets into gyrations not seen since the June 2016 referendum on EU membership. The pound suffered its biggest one-day loss against the euro since October 2016 and was last at 88.63 pence. Against the dollar, it was huddled at $1.2777 after shedding 1.6 per cent overnight. Joseph Capurso, a senior currency strategist at CBA, listed just some of sterling's woes. "If and when a vote on the withdrawal agreement occurs is uncertain. Whether the withdrawal bill is passed by both houses of Parliament is uncertain," Capurso said in a note. "Whether the Prime Minister resigns or is challenged for the leadership is uncertain. And, whether there is a second referendum and/or an election is uncertain." All of which helped British bonds rally sharply as investors wagered the political chaos and risk of a hard Brexit would deter the Bank of England from tightening anytime soon. Yields on 5-year paper staged the largest one-day decline since the Brexit vote at almost 15 basis points. DID HE? OR DIDN'T HE? Absent the British drama, investors chose to be optimistic on the chance of progress on tariffs between the United States and China. A Financial Times report said US Trade Representative Robert Lighthizer has told some industry executives that another round of US tariffs on Chinese imports has been put on hold. CNBC later reported that Lighthizer's office had denied the story, but markets were cheered anyway. The benchmark S&P 500 index gained 1.06 per cent to snap five days of losses, while the Dow rose 0.83 per cent and the Nasdaq 1.72 per cent. The plunge in sterling lifted the dollar against a basket of currencies to 97.06, even as the euro firmed a touch to $1.1328. Also underwater was the cryptocurrency Bitcoin which hit a one-year trough overnight after tumbling 10 per cent early in the week when support at $6,000 gave way. It was last changing hands at $5,563.46 on the Bitstamp platform. In commodity markets, gold was up a shade at $1,214.30. Oil prices regained a little composure after their recent drubbing, helped by a decline in US fuel stockpiles and the possibility of a cut in OPEC output. US crude was trading up 3 cents at $56.49. Brent crude was yet to trade but had ended Thursday up 58 cents at $66.70 a barrel.

Sterling scarred by Brexit turmoil; Asia shares cling to trade hopes

The pound rebounded slightly Friday after Britain's currency was hammered by Brexit fears, while stock markets diverged and oil prices rallied once more.

Around 1145 GMT, the pound was up about 0.35 per cent against the dollar and euro.

The UK currency had slumped 1.7 per cent against the dollar on Thursday, the biggest drop for more than two years.

The same day, the euro jumped 1.9 per cent against the pound, its strongest performance since June 2016, or immediate aftermath of the Brexit referendum.

"Stability in the pound... could be short-lived, with clamours for a vote of no confidence from Conservative Brexiteers meaning the political upheaval will continue as we end the week," noted Joshua Mahony, market analyst at IG trading group.

British Prime Minister Theresa May faced the public on Friday to defend her Brexit deal as she battles to salvage the agreement and her own political future.

May made a rare outing on a radio phone-in during which she faced a call to step down after a tumultuous Thursday in which ministers resigned and members of her own party plotted to oust her.

Brexiteer MPs fear the draft deal would keep Britain shackled to the Brussels, while EU supporters say it would leave the UK on worse terms than it has inside the bloc.

Elsewhere on Friday, European stock markets traded narrowly mixed.

European Central Bank President Mario Draghi on Friday said that he saw "no reason" why growth in the eurozone should wither even after a sharp slowdown in the third quarter.

Asian stock markets meanwhile swung throughout Friday as investors weighed China-US trade speculation.

Hopes that the world's top two economies are making efforts to resolve their painful tariffs standoff provided support to global markets, though conflicting reports were keeping any optimism in check.

On Thursday it was reported that China had handed the US a number of trade concessions as part of a move to smooth relations ahead of a G20 summit where Donald Trump is expected to meet Chinese President Xi Jinping.

The Financial Times said the two sides were stepping up efforts and that US Trade Representative Robert Lighthizer had told business leaders the next round of tariffs would be put on hold. While Lighthizer's office denied that, observers said the news still provided some hope.

In commodities trading, oil prices rose strongly, having been hammered by oversupply and weak demand concerns earlier this week.

Despite data showing another jump in US stockpiles the commodity is enjoying some much-needed buying interest after kingpin Saudi Arabia said it plans to cut output and called on other producers to follow suit.

Adding to the upward pressure on crude futures are simmering tensions between Riyadh and Washington over the death of journalist Jamal Khashoggi, with the US imposing sanctions on several senior officials in the Saudi government.

Rob Thummel, managing director at Tortoise, said the imposition of the sanctions "puts some risk back into the market", which had been hit by a continuous build-up in US inventories.

Bitcoin meanwhile recovered to stand at $5,499.49.

Key figures around 1135 GMT

Pound/dollar: UP at $1.2812 from $1.2778 at 2200 GMT

Euro/pound: DOWN at 88.43 pence from 88.64 pence

Euro/dollar: UP at $1.1329 from $1.1325&nbsp;

London - FTSE 100: DOWN 0.4 per cent at 7,012.05 points

Frankfurt - DAX 30: UP 0.1 per cent at 11,359.91

Paris - CAC 40: DOWN 0.1 per cent at 5,029.29

EURO STOXX 50: DOWN 0.1 per cent at 3,186.63&nbsp;

Tokyo - Nikkei 225: DOWN 0.6 per cent at 21,680.34 (close)

Hong Kong - Hang Seng: UP 0.3 per cent at 26,183.53 (close)

Shanghai - Composite: UP 0.4 per cent at 2,679.11 (close)

New York - Dow: UP 0.8 per cent at 25,290.39 (close)

Oil - Brent Crude: UP $1.13 at $67.75 per barrel

Oil - West Texas Intermediate: UP 92 cents at $57.38

The pound rebounded slightly Friday after Britain's currency was hammered by Brexit fears, while stock markets diverged and oil prices rallied once more. Around 1145 GMT, the pound was up about 0.

The pound rebounded slightly Friday after Britain's currency was hammered by Brexit fears, while stock markets diverged and oil prices rallied once more. Around 1145 GMT, the pound was up about 0.35 per cent against the dollar and euro. The UK currency had slumped 1.7 per cent against the dollar on Thursday, the biggest drop for more than two years. The same day, the euro jumped 1.9 per cent against the pound, its strongest performance since June 2016, or immediate aftermath of the Brexit referendum. "Stability in the pound... could be short-lived, with clamours for a vote of no confidence from Conservative Brexiteers meaning the political upheaval will continue as we end the week," noted Joshua Mahony, market analyst at IG trading group. British Prime Minister Theresa May faced the public on Friday to defend her Brexit deal as she battles to salvage the agreement and her own political future. May made a rare outing on a radio phone-in during which she faced a call to step down after a tumultuous Thursday in which ministers resigned and members of her own party plotted to oust her. Brexiteer MPs fear the draft deal would keep Britain shackled to the Brussels, while EU supporters say it would leave the UK on worse terms than it has inside the bloc. Elsewhere on Friday, European stock markets traded narrowly mixed. European Central Bank President Mario Draghi on Friday said that he saw "no reason" why growth in the eurozone should wither even after a sharp slowdown in the third quarter. Asian stock markets meanwhile swung throughout Friday as investors weighed China-US trade speculation. Hopes that the world's top two economies are making efforts to resolve their painful tariffs standoff provided support to global markets, though conflicting reports were keeping any optimism in check. On Thursday it was reported that China had handed the US a number of trade concessions as part of a move to smooth relations ahead of a G20 summit where Donald Trump is expected to meet Chinese President Xi Jinping. The Financial Times said the two sides were stepping up efforts and that US Trade Representative Robert Lighthizer had told business leaders the next round of tariffs would be put on hold. While Lighthizer's office denied that, observers said the news still provided some hope. In commodities trading, oil prices rose strongly, having been hammered by oversupply and weak demand concerns earlier this week. Despite data showing another jump in US stockpiles the commodity is enjoying some much-needed buying interest after kingpin Saudi Arabia said it plans to cut output and called on other producers to follow suit. Adding to the upward pressure on crude futures are simmering tensions between Riyadh and Washington over the death of journalist Jamal Khashoggi, with the US imposing sanctions on several senior officials in the Saudi government. Rob Thummel, managing director at Tortoise, said the imposition of the sanctions "puts some risk back into the market", which had been hit by a continuous build-up in US inventories. Bitcoin meanwhile recovered to stand at $5,499.49. Key figures around 1135 GMT Pound/dollar: UP at $1.2812 from $1.2778 at 2200 GMT Euro/pound: DOWN at 88.43 pence from 88.64 pence Euro/dollar: UP at $1.1329 from $1.1325 London - FTSE 100: DOWN 0.4 per cent at 7,012.05 points Frankfurt - DAX 30: UP 0.1 per cent at 11,359.91 Paris - CAC 40: DOWN 0.1 per cent at 5,029.29 EURO STOXX 50: DOWN 0.1 per cent at 3,186.63 Tokyo - Nikkei 225: DOWN 0.6 per cent at 21,680.34 (close) Hong Kong - Hang Seng: UP 0.3 per cent at 26,183.53 (close) Shanghai - Composite: UP 0.4 per cent at 2,679.11 (close) New York - Dow: UP 0.8 per cent at 25,290.39 (close) Oil - Brent Crude: UP $1.13 at $67.75 per barrel Oil - West Texas Intermediate: UP 92 cents at $57.38

Pound rebounds after Brexit upheaval rout

The BSE Sensex Friday continued its rising streak for the second day to end at near a four-week high of 35,436.33, fuelled by gains in Reliance Industries and other blue-chips amid continued foreign fund inflows and strengthening rupee.

A higher opening in European shares too influenced sentiments here.

Both benchmark indices - Sensex and Nifty - recorded their third straight weekly gains by rising 298.61 points and 97 points, respectively.

The Sensex opened higher and advanced further to scale the day's high of 35,545.85, but settled at 35,457.16 points, a gain of 196.62 points, or 0.56 per cent, due to profit-taking activity.

This is the highest closing since October 17, when it had closed at 34,779.58. The gauge had risen 119 points in Thursday's trade.

The 50-share NSE Nifty settled 65.50 points, or 0.62 per cent higher, at 10,682.20 after shuttling between 10,695.15 and 10,631.15.

Meanwhile, the rupee was trading higher by 25 paise at 71.72 against the American currency (intra-day) Friday.

Positive leads from other Asian markets tracking overnight gains at Wall Street also boosted investor sentiment.

Continued capital inflows by foreign funds and retail investors kept market's mood upbeat, traders said.

Foreign institutional investors (FIIs) accumulated shares worth a net of Rs 2,043.06 crore, while domestic institutional investors (DIIs) sold shares worth Rs 165.31 crore Thursday, provisional data showed.&nbsp;

The BSE Sensex Friday continued its rising streak for the second day to end at near a four-week high of 35,436.33, fuelled by gains in Reliance Industries and other blue-chips amid continued foreign fund inflows and strengthening rupee.

The BSE Sensex Friday continued its rising streak for the second day to end at near a four-week high of 35,436.33, fuelled by gains in Reliance Industries and other blue-chips amid continued foreign fund inflows and strengthening rupee. A higher opening in European shares too influenced sentiments here. Both benchmark indices - Sensex and Nifty - recorded their third straight weekly gains by rising 298.61 points and 97 points, respectively. The Sensex opened higher and advanced further to scale the day's high of 35,545.85, but settled at 35,457.16 points, a gain of 196.62 points, or 0.56 per cent, due to profit-taking activity. This is the highest closing since October 17, when it had closed at 34,779.58. The gauge had risen 119 points in Thursday's trade. The 50-share NSE Nifty settled 65.50 points, or 0.62 per cent higher, at 10,682.20 after shuttling between 10,695.15 and 10,631.15. Meanwhile, the rupee was trading higher by 25 paise at 71.72 against the American currency (intra-day) Friday. Positive leads from other Asian markets tracking overnight gains at Wall Street also boosted investor sentiment. Continued capital inflows by foreign funds and retail investors kept market's mood upbeat, traders said. Foreign institutional investors (FIIs) accumulated shares worth a net of Rs 2,043.06 crore, while domestic institutional investors (DIIs) sold shares worth Rs 165.31 crore Thursday, provisional data showed.

Sensex, Nifty end higher for 2nd session on strong fund inflow, firm rupee

The BSE benchmark Sensex rose over 100 points to 35,257.88 and the NSE Nifty regained 10,600-mark Thursday backed by gains in auto, pharma, energy and financial stocks amid fresh foreign fund inflows and easing global crude prices.

The <a href="http://www.wionews.com/business-economy/rupee-rises-24-paise-against-us-dollar-on-fresh-fund-inflow-easing-crude-prices-177427">appreciating rupee</a> and mixed leads from other Asian markets too influenced sentiment.

The 30-share Sensex rose 115.89 points, or 0.33 per cent, to 35,257.88. It had shed 2.50 points on Wednesday in choppy trade.

The NSE Nifty was trading higher by 30.25 points, or 0.29 per cent, at 10,606.55.

Sentiment turned positive after foreign investors pumped fresh funds into the market and global crude prices eased further, traders said.

Foreign institutional investors (FIIs) bought shares worth a net of Rs 277.38 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 272.34 crore Wednesday, provisional data showed.

Brent crude, the international benchmark fell 0.47 per cent to $ 65.81 per barrel.

The rupee strengthened further by 24 paise to trade at 72.07 against the dollar in the forex market.&nbsp;&nbsp; &nbsp;&nbsp;

Major gainers were Hero MotoCorp, Tata Motors, Infosys, L&amp;T, NTPC, Kotak Bank, HDFC Bank, Axis Bank, TCS, Adani Ports, RIL and PowerGrid, rising up to 1.61 per cent.

While Yes Bank, ONGC, M&amp;M and Tata Steel were the top losers, falling up to 6 per cent.

Sectorally, the BSE IT, teck, consumer durables, capital goods, healthcare, realty and auto indices were trading higher up to 0.73 per cent.

Elsewhere in Asia, Shanghai Composite Index was up 0.58 per cent, while Hong Kong's Hang Seng gained 0.11 per cent. Japan's Nikkei, however, was down 0.25 per cent in the late morning session.

The US Dow Jones Industrial Average had lost 0.81 per cent Wednesday amid ongoing concerns over trade, politics and economic growth.&nbsp;

The BSE benchmark Sensex rose over 100 points to 35,257.88 and the NSE Nifty regained 10,600-mark Thursday backed by gains in auto, pharma, energy and financial stocks amid fresh foreign fund inflows and easing global crude prices.

The BSE benchmark Sensex rose over 100 points to 35,257.88 and the NSE Nifty regained 10,600-mark Thursday backed by gains in auto, pharma, energy and financial stocks amid fresh foreign fund inflows and easing global crude prices. The appreciating rupee and mixed leads from other Asian markets too influenced sentiment. The 30-share Sensex rose 115.89 points, or 0.33 per cent, to 35,257.88. It had shed 2.50 points on Wednesday in choppy trade. The NSE Nifty was trading higher by 30.25 points, or 0.29 per cent, at 10,606.55. Sentiment turned positive after foreign investors pumped fresh funds into the market and global crude prices eased further, traders said. Foreign institutional investors (FIIs) bought shares worth a net of Rs 277.38 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 272.34 crore Wednesday, provisional data showed. Brent crude, the international benchmark fell 0.47 per cent to $ 65.81 per barrel. The rupee strengthened further by 24 paise to trade at 72.07 against the dollar in the forex market. Major gainers were Hero MotoCorp, Tata Motors, Infosys, L&T, NTPC, Kotak Bank, HDFC Bank, Axis Bank, TCS, Adani Ports, RIL and PowerGrid, rising up to 1.61 per cent. While Yes Bank, ONGC, M&M and Tata Steel were the top losers, falling up to 6 per cent. Sectorally, the BSE IT, teck, consumer durables, capital goods, healthcare, realty and auto indices were trading higher up to 0.73 per cent. Elsewhere in Asia, Shanghai Composite Index was up 0.58 per cent, while Hong Kong's Hang Seng gained 0.11 per cent. Japan's Nikkei, however, was down 0.25 per cent in the late morning session. The US Dow Jones Industrial Average had lost 0.81 per cent Wednesday amid ongoing concerns over trade, politics and economic growth.

Sensex rises over 100 points on fresh fund inflow, Nifty regains 10,600-mark

RBI Board member S Gurumurthy said Thursday that the government is not eyeing the RBI's surplus cash reserves but only looking at the formulation of a policy that would define how much of a cash reserve the bank needed to keep with it.&nbsp;

The RBI has a board meeting coming up on November 19 at which news reports had earlier said <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-could-resign-on-november-19-report-175967">RBI Governor Urjit Patel might quit</a>. (The latest reports have since said that threat is off the table.)&nbsp;

The government and the RBI are currently embroiled in a protracted tiff over the central bank's cash reserves, with recent reports saying the government would like the central bank to hand those reserves over.&nbsp;

The government would also like the RBI to ease its lending norms so that more credit is available in the market which would in turn enourage growth.&nbsp;

On the matter of the cash reserves, Gurumurthy said Thursday that there were two studies on the matter — one suggesting 12 per cent reserves and the other 18.76 per cent reserves while the RBI, according to its latest balance sheets, currently holds a 27-28 per cent cash reserve.

On the matter of loosening lending norms, he said restricting banks in a bank-driven economy was like restricting the economy itself.

Gurumurthy made his comments in Delhi where he was delivering a lecture on "State of the Economy: India and the World" at the Vivekananda International Foundation (VIF).&nbsp;

Gurumurthy added Thursday that the current standoff between the government and the central bank was not a happy thing at all, and a part of India`s thinking ecosystem which depends on American ideas.&nbsp;

The government appointed Gurumurthy as a part-time director on the RBI Board in August this year.&nbsp;

Gurumurthy is the editor of Tamil political weekly Thuglaq and the co-convenor of the RSS affiliate Swadesh Jagran Manch.&nbsp; 
&nbsp;

RBI Board member S Gurumurthy said Thursday that the government is not eyeing the RBI's surplus cash reserves but only looking at the formulation of a policy that would define how much of a cash reserve the bank needed to keep with it.

RBI Board member S Gurumurthy said Thursday that the government is not eyeing the RBI's surplus cash reserves but only looking at the formulation of a policy that would define how much of a cash reserve the bank needed to keep with it. The RBI has a board meeting coming up on November 19 at which news reports had earlier said RBI Governor Urjit Patel might quit. (The latest reports have since said that threat is off the table.) The government and the RBI are currently embroiled in a protracted tiff over the central bank's cash reserves, with recent reports saying the government would like the central bank to hand those reserves over. The government would also like the RBI to ease its lending norms so that more credit is available in the market which would in turn enourage growth. On the matter of the cash reserves, Gurumurthy said Thursday that there were two studies on the matter — one suggesting 12 per cent reserves and the other 18.76 per cent reserves while the RBI, according to its latest balance sheets, currently holds a 27-28 per cent cash reserve. On the matter of loosening lending norms, he said restricting banks in a bank-driven economy was like restricting the economy itself. Gurumurthy made his comments in Delhi where he was delivering a lecture on "State of the Economy: India and the World" at the Vivekananda International Foundation (VIF). Gurumurthy added Thursday that the current standoff between the government and the central bank was not a happy thing at all, and a part of India`s thinking ecosystem which depends on American ideas. The government appointed Gurumurthy as a part-time director on the RBI Board in August this year. Gurumurthy is the editor of Tamil political weekly Thuglaq and the co-convenor of the RSS affiliate Swadesh Jagran Manch.

Govt wants policy on how much cash reserve RBI should have: Board member S Gurumurthy

The rupee appreciated 24 paise to 72.07 against the US dollar at the interbank foreign exchange Thursday on fresh foreign fund inflows and easing crude oil prices.

Foreign institutional investors (FIIs) bought shares worth Rs 277.38 crore Wednesday, provisional data showed.

Dealers said the strength in the rupee was also supported by increased selling of dollars by exporters and the American currency's weakness against some currencies overseas.

A higher opening of the domestic equity market too influenced the rupee, they said.

The benchmark BSE Sensex was up 67.09 points, or 0.19 per cent, to quote at 35,209.08 in early trade.&nbsp;

The rupee had gained 36 paise to end at 72.31 against the US dollar Wednesday as global crude oil prices hovered near one-year lows, easing concerns over expanding current account deficit and inflation.

Brent crude, the international benchmark, fell eased by 0.47 per cent to $65.81 a barrel.

The rupee appreciated 24 paise to 72.07 against the US dollar at the interbank foreign exchange Thursday on fresh foreign fund inflows and easing crude oil prices.

The rupee appreciated 24 paise to 72.07 against the US dollar at the interbank foreign exchange Thursday on fresh foreign fund inflows and easing crude oil prices. Foreign institutional investors (FIIs) bought shares worth Rs 277.38 crore Wednesday, provisional data showed. Dealers said the strength in the rupee was also supported by increased selling of dollars by exporters and the American currency's weakness against some currencies overseas. A higher opening of the domestic equity market too influenced the rupee, they said. The benchmark BSE Sensex was up 67.09 points, or 0.19 per cent, to quote at 35,209.08 in early trade. The rupee had gained 36 paise to end at 72.31 against the US dollar Wednesday as global crude oil prices hovered near one-year lows, easing concerns over expanding current account deficit and inflation. Brent crude, the international benchmark, fell eased by 0.47 per cent to $65.81 a barrel.

Rupee rises 24 paise against US dollar on fresh fund inflow, easing crude prices

The pound dived Thursday as a string of British government resignations appeared to put a draft Brexit deal in serious jeopardy, dealers said.

The UK currency was pummelled as ministers, including Brexit secretary Dominic Raab, quit in protest against the DRAFT EU exit deal, sparking concern that Prime Minister Theresa May could face a no-confidence vote.

"This departure (of Raab) could put at risk the Brexit deal and traders are selling the British currency due to growing uncertainty about the future of the UK," said ActivTrades analyst Carlo Alberto De Casa.

The pound plunged more than 1.5 per cent to a one-month low at $1.2777, while the euro jumped to a two-week peak at 88.52 pence.

"The performance of the pound seems to perfectly reflect the mood in parliament and everywhere else right now. Even the weather is grey and gloomy," Oanda analyst Craig Erlam told AFP.

May had been preparing to sell her Brexit deal to parliament, boosted by news that Europe is preparing a rapid summit to sign off on the agreement.

However, her efforts unravelled spectacularly as Raab resigned along with work and pensions secretary Esther McVey and junior Northern Ireland minister Shailesh Vara.

'Dead duck'

"The pound is under heavy pressure... as the UK-EU deal begins to look like a dead duck," noted IG analyst Chris Beauchamp.

"As the steady drip of resignations hits the government, the UK's deal with the EU appears to be dead in the water already."

The British currency was hit also by news that retail sales slid by 0.5 per cent in October compared with September.

However, London's FTSE 100 index of major companies edged ahead on the weaker pound, which boosts London-listed multinationals whose earnings abroad are converted back into sterling.

"The FTSE has long had an inverse relationship with the pound, most notably in the aftermath of Brexit, due to the significant proportion of profits that are generated abroad by those within it," said Erlam.

Nevertheless, Europe's other major stock markets languished in the red, amid uncertainty surrounding Brexit and Italy's fiscal troubles.

Asian equities mostly rose Thursday, with Hong Kong and Shanghai rallying on hopes for an easing of the China-US trade war, while energy firms also enjoyed a much-needed bounce as oil prices stabilised.

Elsewhere, bitcoin extend a sharp descent to stand around $5,400.

Key figures around 1145 GMT

Pound/dollar: DOWN at $1.2796 from $1.2977 Wednesday at 2200 GMT

Euro/pound: UP at 88.39 pence from 87.05 pence

Euro/dollar: UP at $1.1311 from $1.1310

Dollar/yen: DOWN at 113.46 yen from 113.63 yen

London - FTSE 100: UP 0.2 per cent at 7,045.60

Frankfurt - DAX 30: DOWN 0.1 per cent at 11,406.32

Paris - CAC 40: DOWN 0.4 per cent at 5,049.73

Milan - FTSE MIB: DOWN 0.6 per cent at 18,971.47 points

EURO STOXX 50: DOWN 0.2 per cent at 3,199.13&nbsp;

Tokyo - Nikkei 225: DOWN 0.2 per cent at 21,803.62 (close)

Hong Kong - Hang Seng: UP 1.8 per cent at 26,103.34 (close)

Shanghai - Composite: UP 1.4 per cent at 2,668.17 (close)

New York - Dow: DOWN 0.8 per cent at 25,080.50 (close)

Oil - Brent Crude: UP 25 cents at $66.37 per barrel

Oil - West Texas Intermediate: DOWN 17 cents at $56.08&nbsp;

The pound dived Thursday as a string of British government resignations appeared to put a draft Brexit deal in serious jeopardy, dealers said. The UK currency was pummelled as ministers, including Brexit secretary Dominic Raab, quit in protest against the DRAFT EU exit deal, sparking concern that Prime Minister Theresa May could face a no-confidence vote.

The pound dived Thursday as a string of British government resignations appeared to put a draft Brexit deal in serious jeopardy, dealers said. The UK currency was pummelled as ministers, including Brexit secretary Dominic Raab, quit in protest against the DRAFT EU exit deal, sparking concern that Prime Minister Theresa May could face a no-confidence vote. "This departure (of Raab) could put at risk the Brexit deal and traders are selling the British currency due to growing uncertainty about the future of the UK," said ActivTrades analyst Carlo Alberto De Casa. The pound plunged more than 1.5 per cent to a one-month low at $1.2777, while the euro jumped to a two-week peak at 88.52 pence. "The performance of the pound seems to perfectly reflect the mood in parliament and everywhere else right now. Even the weather is grey and gloomy," Oanda analyst Craig Erlam told AFP. May had been preparing to sell her Brexit deal to parliament, boosted by news that Europe is preparing a rapid summit to sign off on the agreement. However, her efforts unravelled spectacularly as Raab resigned along with work and pensions secretary Esther McVey and junior Northern Ireland minister Shailesh Vara. 'Dead duck' "The pound is under heavy pressure... as the UK-EU deal begins to look like a dead duck," noted IG analyst Chris Beauchamp. "As the steady drip of resignations hits the government, the UK's deal with the EU appears to be dead in the water already." The British currency was hit also by news that retail sales slid by 0.5 per cent in October compared with September. However, London's FTSE 100 index of major companies edged ahead on the weaker pound, which boosts London-listed multinationals whose earnings abroad are converted back into sterling. "The FTSE has long had an inverse relationship with the pound, most notably in the aftermath of Brexit, due to the significant proportion of profits that are generated abroad by those within it," said Erlam. Nevertheless, Europe's other major stock markets languished in the red, amid uncertainty surrounding Brexit and Italy's fiscal troubles. Asian equities mostly rose Thursday, with Hong Kong and Shanghai rallying on hopes for an easing of the China-US trade war, while energy firms also enjoyed a much-needed bounce as oil prices stabilised. Elsewhere, bitcoin extend a sharp descent to stand around $5,400. Key figures around 1145 GMT Pound/dollar: DOWN at $1.2796 from $1.2977 Wednesday at 2200 GMT Euro/pound: UP at 88.39 pence from 87.05 pence Euro/dollar: UP at $1.1311 from $1.1310 Dollar/yen: DOWN at 113.46 yen from 113.63 yen London - FTSE 100: UP 0.2 per cent at 7,045.60 Frankfurt - DAX 30: DOWN 0.1 per cent at 11,406.32 Paris - CAC 40: DOWN 0.4 per cent at 5,049.73 Milan - FTSE MIB: DOWN 0.6 per cent at 18,971.47 points EURO STOXX 50: DOWN 0.2 per cent at 3,199.13 Tokyo - Nikkei 225: DOWN 0.2 per cent at 21,803.62 (close) Hong Kong - Hang Seng: UP 1.8 per cent at 26,103.34 (close) Shanghai - Composite: UP 1.4 per cent at 2,668.17 (close) New York - Dow: DOWN 0.8 per cent at 25,080.50 (close) Oil - Brent Crude: UP 25 cents at $66.37 per barrel Oil - West Texas Intermediate: DOWN 17 cents at $56.08

Brexit turmoil hammers pound but stocks hold steady

Emirates Airline on Thursday posted an 86 per cent drop in half-year profits as the Middle East's leading carrier was hit by a hike in oil prices and currency devaluations.

The Dubai-based airline in a statement its net profit in the six months to September 30 was also impacted by other challenges and expected tough months ahead.

Emirates said it recorded a profit of just $62 million in the first half of the 2018-2019 fiscal year compared with $452 million in the same period last year.

"The high fuel cost as well as currency devaluations in markets like India, Brazil, Angola and Iran, wiped approximately 4.6 billion dirhams ($1.25 billion) from our profits," said Sheikh Ahmed bin Saeed Al-Maktoum, chairman and chief executive of Emirates Group.

Emirates, one of the world's biggest airlines, said fuel costs rose by 42 per cent compared with the same period last year.

The company, which flies to more than 150 destinations, said the cost of fuel amounted to a third of its expenses.

Emirates is the world's largest operator of Airbus A380s with more than 100 of the superjumbos in its fleet.

"The next six months will be tough, but the Emirates Group's foundations remain strong," Sheikh Ahmed said in a statement.

In the six months to September 30, the airline carried 30.1 million passengers, a rise of three per cent on the last fiscal year, the company said.

Emirates' revenues were 10 per cent higher than the previous year at $13.3 billion.

"We are proactively managing the myriad challenges faced by the airline and travel industry, including the relentless downward pressure on yields and uncertain economic and political realities in our region and in other parts of the world," said Sheikh Ahmed.

Profit for the Emirates Group, which also includes Dnata, a leading air services provider, was also down by 53 per cent to $296 million.

Emirates Airline on Thursday posted an 86 per cent drop in half-year profits as the Middle East's leading carrier was hit by a hike in oil prices and currency devaluations.

Emirates Airline on Thursday posted an 86 per cent drop in half-year profits as the Middle East's leading carrier was hit by a hike in oil prices and currency devaluations. The Dubai-based airline in a statement its net profit in the six months to September 30 was also impacted by other challenges and expected tough months ahead. Emirates said it recorded a profit of just $62 million in the first half of the 2018-2019 fiscal year compared with $452 million in the same period last year. "The high fuel cost as well as currency devaluations in markets like India, Brazil, Angola and Iran, wiped approximately 4.6 billion dirhams ($1.25 billion) from our profits," said Sheikh Ahmed bin Saeed Al-Maktoum, chairman and chief executive of Emirates Group. Emirates, one of the world's biggest airlines, said fuel costs rose by 42 per cent compared with the same period last year. The company, which flies to more than 150 destinations, said the cost of fuel amounted to a third of its expenses. Emirates is the world's largest operator of Airbus A380s with more than 100 of the superjumbos in its fleet. "The next six months will be tough, but the Emirates Group's foundations remain strong," Sheikh Ahmed said in a statement. In the six months to September 30, the airline carried 30.1 million passengers, a rise of three per cent on the last fiscal year, the company said. Emirates' revenues were 10 per cent higher than the previous year at $13.3 billion. "We are proactively managing the myriad challenges faced by the airline and travel industry, including the relentless downward pressure on yields and uncertain economic and political realities in our region and in other parts of the world," said Sheikh Ahmed. Profit for the Emirates Group, which also includes Dnata, a leading air services provider, was also down by 53 per cent to $296 million.

Emirates Airline half-year profit slides 86% on oil hike

The BSE benchmark Sensex ended 119 points higher Thursday and the broader Nifty went past the 10,600 mark on positive investor sentiment amid easing crude oil prices and firm rupee.

The 30-share index opened a shade higher at 35,145.75 points, hovered in the range of 35,402 and 35,118.42, before ending the session at 35,260.54, with a gain of 118.55 points, or 0.34 per cent, over its previous close.

The gauge had shed 2.50 points Wednesday in a highly volatile session.

The NSE Nifty also closed 40.40 points, or 0.38 per cent, higher at 10,616.70 after shuttling between 10,646.50 and 10,557.50.

The appreciation in rupee, firming trend in other Asian markets and a higher opening of European equities too influenced market mood here.

Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.

Global crude oil prices have fallen nearly 30 per cent to USD 65 per barrel from over USD 86 in early October. Brent crude fell 0.47 per cent to USD 65.81 per barrel.

Meanwhile, the rupee strengthened further by 44 paise to trade at 71.87 against the dollar in late afternoon trade in the forex market.

However, profit-booking at higher levels by speculators at the fag-end of the session trimmed some of the day's gains, traders added.

According to analysts, a drop in US 10-year bond yield, followed by the gradual pick up in foreign institutional investor (FII) inflow to domestic market and slide in oil prices eased the concerns of liquidity.

The BSE benchmark Sensex ended 119 points higher Thursday and the broader Nifty went past the 10,600 mark on positive investor sentiment amid easing crude oil prices and firm rupee.

The BSE benchmark Sensex ended 119 points higher Thursday and the broader Nifty went past the 10,600 mark on positive investor sentiment amid easing crude oil prices and firm rupee. The 30-share index opened a shade higher at 35,145.75 points, hovered in the range of 35,402 and 35,118.42, before ending the session at 35,260.54, with a gain of 118.55 points, or 0.34 per cent, over its previous close. The gauge had shed 2.50 points Wednesday in a highly volatile session. The NSE Nifty also closed 40.40 points, or 0.38 per cent, higher at 10,616.70 after shuttling between 10,646.50 and 10,557.50. The appreciation in rupee, firming trend in other Asian markets and a higher opening of European equities too influenced market mood here. Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns. Global crude oil prices have fallen nearly 30 per cent to USD 65 per barrel from over USD 86 in early October. Brent crude fell 0.47 per cent to USD 65.81 per barrel. Meanwhile, the rupee strengthened further by 44 paise to trade at 71.87 against the dollar in late afternoon trade in the forex market. However, profit-booking at higher levels by speculators at the fag-end of the session trimmed some of the day's gains, traders added. According to analysts, a drop in US 10-year bond yield, followed by the gradual pick up in foreign institutional investor (FII) inflow to domestic market and slide in oil prices eased the concerns of liquidity.

Sensex ends 119 points higher, Nifty breaches 10,600 mark

A high rate of growth is necessary to alleviate poverty and ensure that benefits of development reach the poor, Finance Minister Arun Jaitley said Thursday.

Addressing the 25th World Congress of Savings and Retail Banks in Delhi, he also said an aspirational society cannot wait indefinitely for the benefits of growth to improve the quality of life of the poor.

"Economies like ours all over the world need a high rate of growth. We want to use growth as a mechanism to pull the maximum number of people out of poverty, improve upon the quality of life but we are conscious of the fact that dangers of development and progress benefiting a few and leaving many others out of inclusion system are also there," he said.

Therefore, he said, "the penetration effect of growth will certainly take place but it will be a slow process and aspirational society is not willing to wait indefinitely."

Talking about the financial inclusion drive of the Narendra Modi government since 2014, he said the ultimate objective was to bank the unbanked, secure the unsecured, fund the unfunded and service the unserviced areas.&nbsp;

Banks, especially public sector banks, opened 330 million accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in a few months, he said.&nbsp;

Initially, it was zero balance accounts and gradually people started putting in money.

To incentivise operational accounts, he said an overdraft facility was provided to them.

Noting that India predominately is an uninsured and unpensioned society, he said the government offered insurance at a very affordable premium as part of the social security system through the PMJDY account.

A total of 141 million people are enrolled under accident insurance while 55 million have availed life insurance under the scheme, he said.

Besides, a low premium pension policy called Atal Pension Yojana was launched, targeted at providing sustenance pension after 60 years of age.&nbsp; 
For funding the unfunded, the government introduced the Mudra scheme.

Once these accounts became operational, he said the government moved towards formalising and digitising the economy.&nbsp;

"To formalise the economy, the government demonetised high-value currency which compelled people to put all their cash into the banking system," he said.&nbsp;

The government also introduced a new taxation regime -- the Goods and Services Tax (GST) -- where multiple taxes were combined into one, he said, adding the tax system became completely online and brought many activities into the formal system.

This is still work on progress, Jaitley added.

Speaking at the occasion, Financial Services Secretary Rajiv Kumar said enthused by the success of PMJDY, the government recently launched its second phase with a target of providing bank accounts to all individuals and doubling overdraft facility to Rs 10,000.&nbsp;

A high rate of growth is necessary to alleviate poverty and ensure that benefits of development reach the poor, Finance Minister Arun Jaitley said Thursday. Addressing the 25th World Congress of Savings and Retail Banks in Delhi, he also said an aspirational society cannot wait indefinitely for the benefits of growth to improve the quality of life of the poor.

A high rate of growth is necessary to alleviate poverty and ensure that benefits of development reach the poor, Finance Minister Arun Jaitley said Thursday. Addressing the 25th World Congress of Savings and Retail Banks in Delhi, he also said an aspirational society cannot wait indefinitely for the benefits of growth to improve the quality of life of the poor. "Economies like ours all over the world need a high rate of growth. We want to use growth as a mechanism to pull the maximum number of people out of poverty, improve upon the quality of life but we are conscious of the fact that dangers of development and progress benefiting a few and leaving many others out of inclusion system are also there," he said. Therefore, he said, "the penetration effect of growth will certainly take place but it will be a slow process and aspirational society is not willing to wait indefinitely." Talking about the financial inclusion drive of the Narendra Modi government since 2014, he said the ultimate objective was to bank the unbanked, secure the unsecured, fund the unfunded and service the unserviced areas. Banks, especially public sector banks, opened 330 million accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in a few months, he said. Initially, it was zero balance accounts and gradually people started putting in money. To incentivise operational accounts, he said an overdraft facility was provided to them. Noting that India predominately is an uninsured and unpensioned society, he said the government offered insurance at a very affordable premium as part of the social security system through the PMJDY account. A total of 141 million people are enrolled under accident insurance while 55 million have availed life insurance under the scheme, he said. Besides, a low premium pension policy called Atal Pension Yojana was launched, targeted at providing sustenance pension after 60 years of age. For funding the unfunded, the government introduced the Mudra scheme. Once these accounts became operational, he said the government moved towards formalising and digitising the economy. "To formalise the economy, the government demonetised high-value currency which compelled people to put all their cash into the banking system," he said. The government also introduced a new taxation regime -- the Goods and Services Tax (GST) -- where multiple taxes were combined into one, he said, adding the tax system became completely online and brought many activities into the formal system. This is still work on progress, Jaitley added. Speaking at the occasion, Financial Services Secretary Rajiv Kumar said enthused by the success of PMJDY, the government recently launched its second phase with a target of providing bank accounts to all individuals and doubling overdraft facility to Rs 10,000.

High growth necessary for poverty alleviation: Arun Jaitley

The widely-famous photo-sharing app, Instagram has finally introduced a new feature call "Your Activity" to help users to keep a tab on the time they spend on Instagram.&nbsp;

The new feature can be accessed by clicking on the menu at the upper right corner of your profile page, from there you can find the feature under "Your Activity"&nbsp;which will show you how much time you have spent on the app on average and how much you use it daily.

The official announcement&nbsp;was made in August but&nbsp;the company has&nbsp;started rolling out the feature now.

The new "Your Activity" feature also allows users to restrict their usage, similar to Apple's Screen Time, which prompts a message on the screen you if a user exceeds the permitted time limit.

It also has a feature to temporarily mute push notifications.

The new feature is aimed to give users more control over the app usage amid the discussions related to social media addiction and its effects on mental health worldwide.

According to reports, Facebook will also roll out the same feature soon.&nbsp;

Google is also planning to launch a similar feature with its new Android 9.0. The new Android update is also expected to roll out soon.

The widely-famous photo-sharing app, Instagram has finally introduced a new feature call "Your Activity" to help users to keep a tab on the time they spend on Instagram.

The widely-famous photo-sharing app, Instagram has finally introduced a new feature call "Your Activity" to help users to keep a tab on the time they spend on Instagram. The new feature can be accessed by clicking on the menu at the upper right corner of your profile page, from there you can find the feature under "Your Activity" which will show you how much time you have spent on the app on average and how much you use it daily. The official announcement was made in August but the company has started rolling out the feature now. The new "Your Activity" feature also allows users to restrict their usage, similar to Apple's Screen Time, which prompts a message on the screen you if a user exceeds the permitted time limit. It also has a feature to temporarily mute push notifications. The new feature is aimed to give users more control over the app usage amid the discussions related to social media addiction and its effects on mental health worldwide. According to reports, Facebook will also roll out the same feature soon. Google is also planning to launch a similar feature with its new Android 9.0. The new Android update is also expected to roll out soon.

Now, Instagram lets you check your obsession with new 'Your Activity' feature

The Sensex turned lower after hitting over 200 points in early trade due to profit-booking by investors at higher levels.

At 10.25 am, the Sensex was trading down by 92.12 points or 0.26 per cent at 35,052.37 and the Nifty down 17.9 points or 0.17 per cent at 10,564.60.

The gauge had gained 332 points on Tuesday.

The NSE Nifty too witnessed similar movement and was trading 1.85 points higher at 10,584.35. The index had risen 68.25 points, or 0.64 per cent, to 10,650.75 in the opening session.

Investors began booking profits at higher levels as indices rallied after Brent crude plunged nearly 7 per cent to a one-year low of USD 65 a barrel, traders said.

Strengthening the rupee, which jumped 67 paise to 72 against the dollar in the forex market, and mixed Asian cues too influenced sentiment. 
Sectorally, oil and gas, PSU, metal indices and bankex were trading in the positive zone with gains of up to 3.26 per cent.

In the Sensex kitty, Sun Pharma, TCS, Infosys, Wipro and Adani Ports dragged benchmark indices by falling up to 4.25 per cent.

While, Asian Paint, Maruti Suzuki, HUL, ONGC, IndusInd Bank, Hero MotoCorp, NTPC, HDFC Ltd, ICICI Bank, HDFC Bank, Yes Bank, RIL, SBI, PowerGrid, Kotak Bank and Vedanta were major gainers, rising by up to 3.89 per cent.

Shares of Tata Steel surged 2.94 per cent after the company Tuesday posted a three-fold surge in consolidated net profit to Rs 3,116.2 crore for the quarter ended September 30, 2018.

Shares of oil marketing companies and aviation operators made further headway on falling crude oil prices.

State-run HPCL, BPCL and IOC were trading higher up to 9.39 per cent. 
In the aviation sector, shares of Interglobe Avialtion and Jet Airways gained up to 5.18 per cent.

On a net basis, domestic institutional investors (DIIs) bought shares worth Rs 335.78 crore Monday, while foreign institutional Investors (FIIs) offloaded shares worth Rs 494.95 crore, as per provisional data.

Elsewhere in Asia, Japan's Nikkei rose 0.31 per cent, Taiwan Index up 0.14 per cent, while Shanghai Composite Index shed 0.06 per cent.

The US Dow Jones Industrial Average ended 0.40 per cent lower Tuesday.&nbsp;

The Sensex turned lower after hitting over 200 points in early trade due to profit-booking by investors at higher levels. At 10.25 am, the Sensex was trading down by 92.

The Sensex turned lower after hitting over 200 points in early trade due to profit-booking by investors at higher levels. At 10.25 am, the Sensex was trading down by 92.12 points or 0.26 per cent at 35,052.37 and the Nifty down 17.9 points or 0.17 per cent at 10,564.60. The gauge had gained 332 points on Tuesday. The NSE Nifty too witnessed similar movement and was trading 1.85 points higher at 10,584.35. The index had risen 68.25 points, or 0.64 per cent, to 10,650.75 in the opening session. Investors began booking profits at higher levels as indices rallied after Brent crude plunged nearly 7 per cent to a one-year low of USD 65 a barrel, traders said. Strengthening the rupee, which jumped 67 paise to 72 against the dollar in the forex market, and mixed Asian cues too influenced sentiment. Sectorally, oil and gas, PSU, metal indices and bankex were trading in the positive zone with gains of up to 3.26 per cent. In the Sensex kitty, Sun Pharma, TCS, Infosys, Wipro and Adani Ports dragged benchmark indices by falling up to 4.25 per cent. While, Asian Paint, Maruti Suzuki, HUL, ONGC, IndusInd Bank, Hero MotoCorp, NTPC, HDFC Ltd, ICICI Bank, HDFC Bank, Yes Bank, RIL, SBI, PowerGrid, Kotak Bank and Vedanta were major gainers, rising by up to 3.89 per cent. Shares of Tata Steel surged 2.94 per cent after the company Tuesday posted a three-fold surge in consolidated net profit to Rs 3,116.2 crore for the quarter ended September 30, 2018. Shares of oil marketing companies and aviation operators made further headway on falling crude oil prices. State-run HPCL, BPCL and IOC were trading higher up to 9.39 per cent. In the aviation sector, shares of Interglobe Avialtion and Jet Airways gained up to 5.18 per cent. On a net basis, domestic institutional investors (DIIs) bought shares worth Rs 335.78 crore Monday, while foreign institutional Investors (FIIs) offloaded shares worth Rs 494.95 crore, as per provisional data. Elsewhere in Asia, Japan's Nikkei rose 0.31 per cent, Taiwan Index up 0.14 per cent, while Shanghai Composite Index shed 0.06 per cent. The US Dow Jones Industrial Average ended 0.40 per cent lower Tuesday.

Profit-booking pulls Sensex down 92 points

Rupee and bonds rose in early trade on Wednesday, boosted by a fall in global oil prices and on the central bank`s announcement to buy bonds via open market purchases.

The rupee opened at 72.18 to the dollar, its strongest since Sept. 21 and compared with 72.6750 on Tuesday, while the 10-year benchmark bond yield fell to as much as 7.70 per cent, its lowest since Aug. 2. The paper had ended at 7.76 per cent on Tuesday.

The Reserve Bank of India will buy 120 billion rupees ($1.65 billion) of government bonds on Thursday via open market operations.

Oil markets struggled to find their footing on Wednesday after plunging 7 per cent in the previous session, with surging supply and the spectre of faltering demand keeping investors on the edge.

Rupee and bonds rose in early trade on Wednesday, boosted by a fall in global oil prices and on the central bank`s announcement to buy bonds via open market purchases.

Rupee and bonds rose in early trade on Wednesday, boosted by a fall in global oil prices and on the central bank`s announcement to buy bonds via open market purchases. The rupee opened at 72.18 to the dollar, its strongest since Sept. 21 and compared with 72.6750 on Tuesday, while the 10-year benchmark bond yield fell to as much as 7.70 per cent, its lowest since Aug. 2. The paper had ended at 7.76 per cent on Tuesday. The Reserve Bank of India will buy 120 billion rupees ($1.65 billion) of government bonds on Thursday via open market operations. Oil markets struggled to find their footing on Wednesday after plunging 7 per cent in the previous session, with surging supply and the spectre of faltering demand keeping investors on the edge.

Rupee, bonds surge on lower oil prices, RBI bond buy announcement

Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply.

US crude futures dived 7 per cent the previous day, suffering their biggest one-day loss in more than three years. The contracts last stood at $55.72 per barrel following a descent to $54.75 overnight, their lowest since November 2017.

OPEC warned on Tuesday that a supply glut could emerge in 2019 as the world economy slows and rivals increase production more quickly than expected.

The concerns about global growth pushed MSCI's broadest index of Asia-Pacific shares outside Japan down 0.07 per cent.

Australian stocks fell 0.5 per cent, South Korea's KOSPI lost 0.2 per cent and Japan's Nikkei added 0.3 per cent.

The Dow and S&amp;P 500&nbsp;ended slightly lower on Tuesday as lower oil prices took a toll on energy shares, offsetting a small gain in technology stocks and renewed hopes for progress in US-China trade talks.

The Nasdaq managed to end essentially flat on Tuesday as a rebound in technology stocks kept the index out of negative territory.

Riskier assets have been under intense selling pressure over the past two months as worries about a peak in earnings growth added to international trade tensions and signs of slowing in global investment and growth.

"The markets would have reacted more positively to US-China trade and Brexit-related headlines a few months ago," said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities in Tokyo.

"But currently there is more focus on the possibility of both the US and Chinese leaders maintaining their tough stance, with a compromise eluding them, and Brexit bogging down. Market sentiment is clearly cooling down."

The United Kingdom and European Union agreed on the text for a Brexit divorce deal on Tuesday. Prime Minister Theresa May will present the draft withdrawal agreement to her senior ministers on Wednesday for discussion and then decide on the next steps.

Lifted by the latest hopes for a Brexit deal, the pound extended overnight gains and was last 0.35 per cent higher at $1.3016.

Brexit hopes also supported the euro. The single currency was up 0.2 per cent at $1.1310 pulling back from a 17-month trough of $1.1216 brushed on Monday.

The euro's gains, however, were tempered by concerns over Italy's budget proposals. The European Commission rejected Italy's plan last month and has threatened to impose penalties if it is not revised to conform with EU regulations - something Rome has indicated it is unwilling to do.

The dollar index, which measures the greenback's strength against six major currencies, slipped overnight to 97.303.

The index had steadily climbed to a 16-month peak of 97.693 on Monday amid the ongoing US-China trade dispute and the Federal Reserve's commitment to keep gradually raising interest rates.

Also weighing on the dollar, US Treasury yields slid to more than one-week lows overnight as the sharp drop in oil prices suggested a more subdued inflation outlook.&nbsp;

Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply. US crude futures dived 7 per cent the previous day, suffering their biggest one-day loss in more than three years.

Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply. US crude futures dived 7 per cent the previous day, suffering their biggest one-day loss in more than three years. The contracts last stood at $55.72 per barrel following a descent to $54.75 overnight, their lowest since November 2017. OPEC warned on Tuesday that a supply glut could emerge in 2019 as the world economy slows and rivals increase production more quickly than expected. The concerns about global growth pushed MSCI's broadest index of Asia-Pacific shares outside Japan down 0.07 per cent. Australian stocks fell 0.5 per cent, South Korea's KOSPI lost 0.2 per cent and Japan's Nikkei added 0.3 per cent. The Dow and S&P 500 ended slightly lower on Tuesday as lower oil prices took a toll on energy shares, offsetting a small gain in technology stocks and renewed hopes for progress in US-China trade talks. The Nasdaq managed to end essentially flat on Tuesday as a rebound in technology stocks kept the index out of negative territory. Riskier assets have been under intense selling pressure over the past two months as worries about a peak in earnings growth added to international trade tensions and signs of slowing in global investment and growth. "The markets would have reacted more positively to US-China trade and Brexit-related headlines a few months ago," said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities in Tokyo. "But currently there is more focus on the possibility of both the US and Chinese leaders maintaining their tough stance, with a compromise eluding them, and Brexit bogging down. Market sentiment is clearly cooling down." The United Kingdom and European Union agreed on the text for a Brexit divorce deal on Tuesday. Prime Minister Theresa May will present the draft withdrawal agreement to her senior ministers on Wednesday for discussion and then decide on the next steps. Lifted by the latest hopes for a Brexit deal, the pound extended overnight gains and was last 0.35 per cent higher at $1.3016. Brexit hopes also supported the euro. The single currency was up 0.2 per cent at $1.1310 pulling back from a 17-month trough of $1.1216 brushed on Monday. The euro's gains, however, were tempered by concerns over Italy's budget proposals. The European Commission rejected Italy's plan last month and has threatened to impose penalties if it is not revised to conform with EU regulations - something Rome has indicated it is unwilling to do. The dollar index, which measures the greenback's strength against six major currencies, slipped overnight to 97.303. The index had steadily climbed to a 16-month peak of 97.693 on Monday amid the ongoing US-China trade dispute and the Federal Reserve's commitment to keep gradually raising interest rates. Also weighing on the dollar, US Treasury yields slid to more than one-week lows overnight as the sharp drop in oil prices suggested a more subdued inflation outlook.

Asia stocks shaken by plunge in crude oil, growth worries

Benchmark equity indices gave up early gains to end marginally lower at 35,141.99 after a highly volatile session Wednesday as losses in pharma and information technology shares offset gains in energy, banking and metal stocks, amid weak global cues.

The BSE Sensex swung nearly 365 points both sides on heavy buying and selling during the session.

The 30-share index, after a gap-up opening at 35,330.14 points, hit a high of 35,351.88 points at the outset on the back of sliding global crude oil prices and recovery in rupee.

However, a weak trend in most other Asian markets and a lower opening of European markets, triggered selling on the domestic bourses, dragging the Sensex into negative terrain to hit a low of 34,986.86.

The index finally settled 2.50 points, or 0.01 per cent down at 35,141.99. It had rallied 332 points on Tuesday.

Similarly, the broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.

Benchmark equity indices gave up early gains to end marginally lower at 35,141.99 after a highly volatile session Wednesday as losses in pharma and information technology shares offset gains in energy, banking and metal stocks, amid weak global cues.

Benchmark equity indices gave up early gains to end marginally lower at 35,141.99 after a highly volatile session Wednesday as losses in pharma and information technology shares offset gains in energy, banking and metal stocks, amid weak global cues. The BSE Sensex swung nearly 365 points both sides on heavy buying and selling during the session. The 30-share index, after a gap-up opening at 35,330.14 points, hit a high of 35,351.88 points at the outset on the back of sliding global crude oil prices and recovery in rupee. However, a weak trend in most other Asian markets and a lower opening of European markets, triggered selling on the domestic bourses, dragging the Sensex into negative terrain to hit a low of 34,986.86. The index finally settled 2.50 points, or 0.01 per cent down at 35,141.99. It had rallied 332 points on Tuesday. Similarly, the broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.

Market ends flat after choppy session; pharma, IT stocks crack

Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday.

In its monthly report, the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption.

"In 1H19, based on our outlook for non-OPEC production and global demand, and assuming flat OPEC production ... the implied stock build is currently 2 million bpd," the IEA said.

Output around the world has swelled since the middle of the year, while an escalating trade dispute between the United States and China threatens global economic growth.

Since early October, the oil price has fallen by a quarter to below $70 a barrel, its lowest in eight months, which may protect demand to an extent, the IEA said.

"While slower economic growth in some countries reduces the outlook for oil demand, a significant downward revision to our price assumption is supportive," it added.

The agency raised its forecast for oil output growth from countries outside the Organization of the Petroleum Exporting Countries to 2.4 million bpd this year and 1.9 million bpd next year, versus its previous estimate of 2.2 million bpd and 1.8 million bpd, respectively.

The United States will lead output growth. The IEA estimates total US&nbsp;oil supply will rise by 2.1 million bpd this year and another 1.3 million bpd in 2019, from a current record of more than 11 million bpd.

OPEC crude output rose by 200,000 bpd in October to 32.99 million bpd, up 240,000 bpd on a year ago, as losses of 400,000 bpd from Iran and 600,000 bpd from Venezuela were easily offset by increases from others, such as Saudi Arabia or the United Arab Emirates.

"Next year, there is expected to be even less need for OPEC oil due to relentless growth in non-OPEC supply," the IEA said, adding that it had cut its forecast for demand for OPEC crude by 300,000 bpd to 31.3 million bpd in 2019.

Inventories of oil in OECD countries rose by 12.1 million barrels in September to 2.875 billion barrels, the IEA said, adding that for the third quarter as a whole, stocks rose 58.1 million barrels, or at a rate of 630,000 bpd, the biggest increase since 2015.

"Storage tanks are filling up as global oil supply far outpaces demand, prompting talk of a possible 1 million bpd OPEC/non-OPEC production cut," the agency said.

OPEC, led by Saudi Arabia, and rival producers such as Russia, have floated the possibility of cutting oil production next year to prevent an unwelcome build-up in global inventories, even as Iran now faces US&nbsp;sanctions on its exports.

Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday.

Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday. In its monthly report, the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption. "In 1H19, based on our outlook for non-OPEC production and global demand, and assuming flat OPEC production ... the implied stock build is currently 2 million bpd," the IEA said. Output around the world has swelled since the middle of the year, while an escalating trade dispute between the United States and China threatens global economic growth. Since early October, the oil price has fallen by a quarter to below $70 a barrel, its lowest in eight months, which may protect demand to an extent, the IEA said. "While slower economic growth in some countries reduces the outlook for oil demand, a significant downward revision to our price assumption is supportive," it added. The agency raised its forecast for oil output growth from countries outside the Organization of the Petroleum Exporting Countries to 2.4 million bpd this year and 1.9 million bpd next year, versus its previous estimate of 2.2 million bpd and 1.8 million bpd, respectively. The United States will lead output growth. The IEA estimates total US oil supply will rise by 2.1 million bpd this year and another 1.3 million bpd in 2019, from a current record of more than 11 million bpd. OPEC crude output rose by 200,000 bpd in October to 32.99 million bpd, up 240,000 bpd on a year ago, as losses of 400,000 bpd from Iran and 600,000 bpd from Venezuela were easily offset by increases from others, such as Saudi Arabia or the United Arab Emirates. "Next year, there is expected to be even less need for OPEC oil due to relentless growth in non-OPEC supply," the IEA said, adding that it had cut its forecast for demand for OPEC crude by 300,000 bpd to 31.3 million bpd in 2019. Inventories of oil in OECD countries rose by 12.1 million barrels in September to 2.875 billion barrels, the IEA said, adding that for the third quarter as a whole, stocks rose 58.1 million barrels, or at a rate of 630,000 bpd, the biggest increase since 2015. "Storage tanks are filling up as global oil supply far outpaces demand, prompting talk of a possible 1 million bpd OPEC/non-OPEC production cut," the agency said. OPEC, led by Saudi Arabia, and rival producers such as Russia, have floated the possibility of cutting oil production next year to prevent an unwelcome build-up in global inventories, even as Iran now faces US sanctions on its exports.

Global oil market faces surplus throughout 2019 as demand slows

RBI Governor Urjit Patel is believed to have met Prime Minister Narendra Modi last week in a bid to work out a solution on contentious issues that have been flash point between the central bank and the government during the last few weeks.

Sources said Patel was in the national capital on Friday and met senior officials in the Prime Minister's Office (PMO).

The meetings, which some said also included with the Prime Minister, came amid a face-off between the central bank and the finance ministry over issues ranging from the appropriate size of reserves that RBI must maintain to ease of lending norms to step up growth in an election year.

Sources said there are indications that the RBI may create a special dispensation for lending to small and medium enterprises, but it was not immediately clear if an agreement has been worked out to ease liquidity situation for non-banking finance companies (NBFCs) and the RBI parting with its substantial part of its surplus.

Tensions between the RBI and the government have escalated recently, with the Finance Ministry initiating discussion under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor.

RBI Deputy Governor Viral Acharya had in a speech last month talked about the independence of the central bank, arguing that any compromise could be "potentially catastrophic" for the economy.

Last week, Economic Affairs Secretary Subhash Chandra Garg had said the government was not in any dire need of funds and that there was no proposal to ask the RBI to transfer Rs 3.6 lakh crore.

He further said the only proposal "under discussion is to fix appropriate economic capital framework of RBI".

Economic capital framework refers to the risk capital required by the central bank while taking into account different risks. The Reserve Bank of India (RBI) has a massive Rs 9.59 lakh crore reserves.

Patel's meetings at the PMO came days before the RBI's crucial board meeting on November 19 during which contentious issues are likely to come up for discussion.

Sources said the government nominee directors and a few independent directors could raise the issue of interim dividend along with the capital framework of RBI.

However, any change in the central bank's economic capital framework can be carried out only after making amendments to the RBI Act, 1934.

Other issues which could be raised include alignment of capital adequacy norms with those in advanced countries and some relaxation in the Prompt Corrective Action framework, sources said, adding more measures to enhance lending to MSMEs and NBFCs may also be discussed.

RBI Governor Urjit Patel is believed to have met Prime Minister Narendra Modi last week in a bid to work out a solution on contentious issues that have been flash point between the central bank and the government during the last few weeks.

RBI Governor Urjit Patel is believed to have met Prime Minister Narendra Modi last week in a bid to work out a solution on contentious issues that have been flash point between the central bank and the government during the last few weeks. Sources said Patel was in the national capital on Friday and met senior officials in the Prime Minister's Office (PMO). The meetings, which some said also included with the Prime Minister, came amid a face-off between the central bank and the finance ministry over issues ranging from the appropriate size of reserves that RBI must maintain to ease of lending norms to step up growth in an election year. Sources said there are indications that the RBI may create a special dispensation for lending to small and medium enterprises, but it was not immediately clear if an agreement has been worked out to ease liquidity situation for non-banking finance companies (NBFCs) and the RBI parting with its substantial part of its surplus. Tensions between the RBI and the government have escalated recently, with the Finance Ministry initiating discussion under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor. RBI Deputy Governor Viral Acharya had in a speech last month talked about the independence of the central bank, arguing that any compromise could be "potentially catastrophic" for the economy. Last week, Economic Affairs Secretary Subhash Chandra Garg had said the government was not in any dire need of funds and that there was no proposal to ask the RBI to transfer Rs 3.6 lakh crore. He further said the only proposal "under discussion is to fix appropriate economic capital framework of RBI". Economic capital framework refers to the risk capital required by the central bank while taking into account different risks. The Reserve Bank of India (RBI) has a massive Rs 9.59 lakh crore reserves. Patel's meetings at the PMO came days before the RBI's crucial board meeting on November 19 during which contentious issues are likely to come up for discussion. Sources said the government nominee directors and a few independent directors could raise the issue of interim dividend along with the capital framework of RBI. However, any change in the central bank's economic capital framework can be carried out only after making amendments to the RBI Act, 1934. Other issues which could be raised include alignment of capital adequacy norms with those in advanced countries and some relaxation in the Prompt Corrective Action framework, sources said, adding more measures to enhance lending to MSMEs and NBFCs may also be discussed.

RBI Governor Urjit Patel had met PM Modi possibly to sort out differences with Centre

Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct.&nbsp;

According to a press statement released by Walmart, Bansal's decision came after an independent investigation was launched against him on behalf of Flipkart and Walmart probing an allegation of "serious personal misconduct.”&nbsp;

"His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct," Walmart's statement read.

According to reports, Bansal had denied the allegations.

Meanwhile, a source familiar with the incident told Reuters that the allegations&nbsp;levelled against Bansal were of sexual misconduct.&nbsp;

"In late July ... an allegation came to us. It was a claim of sexual assault against Binny," the source told Reuters, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation.

"The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part."

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In August, US-based retail giant Walmart Inc completed a deal with Flipkart, capturing 77 per cent stake in the Indian e-commerce major.

"With the completion of the investment, Walmart now holds approximately 77 per cent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp," a statement said.

Binny Bansal, Flipkart co-founder and group chief executive officer, said by combining Walmart's omnichannel retail expertise, supply-chain knowledge and financial strength with Flipkart's talent, technology and local insights, "we are confident that together we can drive the next wave of retail in India".

37-year-old Bansal hails from Chandigarh Punjab and is an IIT Delhi alumnus. Bansal co-founded e-commerce platform Flipkart along with Sachin Bansal in the year 2007.&nbsp;

Binny Bansal served as Flipkart's chief operating officer until 11 January 2016 and was later stepped up as the CEO.&nbsp;

 
&nbsp;

Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct. According to a press statement released by Walmart, Bansal's decision came after an independent investigation was launched against him on behalf of Flipkart and Walmart probing an allegation of "serious personal misconduct.

Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct. According to a press statement released by Walmart, Bansal's decision came after an independent investigation was launched against him on behalf of Flipkart and Walmart probing an allegation of "serious personal misconduct.” "His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct," Walmart's statement read. According to reports, Bansal had denied the allegations. Meanwhile, a source familiar with the incident told Reuters that the allegations levelled against Bansal were of sexual misconduct. "In late July ... an allegation came to us. It was a claim of sexual assault against Binny," the source told Reuters, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation. "The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part." Flipkart Group CEO Binny Bansal resigns after misconduct probe, reports Reuters pic.twitter.com/XB5kUTp5H2 — ANI (@ANI) November 13, 2018 × In August, US-based retail giant Walmart Inc completed a deal with Flipkart, capturing 77 per cent stake in the Indian e-commerce major. "With the completion of the investment, Walmart now holds approximately 77 per cent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp," a statement said. Binny Bansal, Flipkart co-founder and group chief executive officer, said by combining Walmart's omnichannel retail expertise, supply-chain knowledge and financial strength with Flipkart's talent, technology and local insights, "we are confident that together we can drive the next wave of retail in India". 37-year-old Bansal hails from Chandigarh Punjab and is an IIT Delhi alumnus. Bansal co-founded e-commerce platform Flipkart along with Sachin Bansal in the year 2007. Binny Bansal served as Flipkart's chief operating officer until 11 January 2016 and was later stepped up as the CEO.

Flipkart CEO Binny Bansal has resigned after personal misconduct allegations: Walmart

The benchmark indices turned choppy in morning trade Tuesday and oscillated between gains and losses, driven by better-than-expected macroeconomic data and fresh foreign fund inflows amid global sell-off.

The 30-share index fell over 140 points in opening trade but soon recovered the lost ground to quote higher by 46.12 points or 0.13 per cent at 34,859.11.

Similar movement was seen on the wide-based Nifty, which fell by 42 points, but soon gathered momentum and was trading higher by 21.45 points or 0.20 per cent at 10,503.65.

Traders said the benchmarks opened lower tracking global sell-off, but better-than-expected macroeconomic data supported investor sentiment.

Besides, easing global crude oil prices, which slipped below the USD 70 a barrel mark and recovery in the rupee also supported the uptrend.

The global benchmark, Brent crude was trading down 0.98 per cent at USD 69.43 per barrel.

Meanwhile, the rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday.

The 30 share index had lost 425 points in the previous two days.

Sectoral index, led by oil &amp; gas, PSU, metal, power and IT gained up to 1.06 per cent.

Major gainers include Asian Paints, Coal India, Axis Bank, Adani Port, Vedanta, PowerGrid, TCS, Tata Steel and ONGC, rising up to 1.14 per cent.

The losers include, Tata Motors, Sun Pharma, Bharti Airtel, Hindustan Unilever, IndusInd Bank, Bajaj Auto and Wipro falling up to 2.26 per cent.

Meanwhile, retail inflation fell to a one-year low of 3.31 per cent in October on the back of cheaper kitchen staples, fruits and protein-rich items, official data released Monday showed.

Industrial production grew at the slowest pace in four months at 4.5 per cent in September mainly due to the poor performance of the mining sector and lower offtake of capital goods.

The industrial production measured in terms of Index of Industrial Production (IIP) was 4.1 per cent in September 2017.

Meanwhile, on a net basis, Foreign Institutional Investors (FIIs) bought shares worth Rs 832.15 crore, while domestic institutional investors (DIIs) sold shares of Rs 1,073.84 crore Monday, provisional data showed.

Asian markets were trading lower tracking losses at Wall Street.

Japan's Nikkei plunged 3.21 per cent, Korea's KOSPI fell 1.52 per cent, Hong Kong's Hang Seng down 1.23 per cent and Shanghai Composite Index shed 0.21 per cent in early trade Tuesday.

The US Dow Jones Industrial Average tumbled 2.32 per cent Monday.&nbsp;

The benchmark indices turned choppy in morning trade Tuesday and oscillated between gains and losses, driven by better-than-expected macroeconomic data and fresh foreign fund inflows amid global sell-off.

The benchmark indices turned choppy in morning trade Tuesday and oscillated between gains and losses, driven by better-than-expected macroeconomic data and fresh foreign fund inflows amid global sell-off. The 30-share index fell over 140 points in opening trade but soon recovered the lost ground to quote higher by 46.12 points or 0.13 per cent at 34,859.11. Similar movement was seen on the wide-based Nifty, which fell by 42 points, but soon gathered momentum and was trading higher by 21.45 points or 0.20 per cent at 10,503.65. Traders said the benchmarks opened lower tracking global sell-off, but better-than-expected macroeconomic data supported investor sentiment. Besides, easing global crude oil prices, which slipped below the USD 70 a barrel mark and recovery in the rupee also supported the uptrend. The global benchmark, Brent crude was trading down 0.98 per cent at USD 69.43 per barrel. Meanwhile, the rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday. The 30 share index had lost 425 points in the previous two days. Sectoral index, led by oil & gas, PSU, metal, power and IT gained up to 1.06 per cent. Major gainers include Asian Paints, Coal India, Axis Bank, Adani Port, Vedanta, PowerGrid, TCS, Tata Steel and ONGC, rising up to 1.14 per cent. The losers include, Tata Motors, Sun Pharma, Bharti Airtel, Hindustan Unilever, IndusInd Bank, Bajaj Auto and Wipro falling up to 2.26 per cent. Meanwhile, retail inflation fell to a one-year low of 3.31 per cent in October on the back of cheaper kitchen staples, fruits and protein-rich items, official data released Monday showed. Industrial production grew at the slowest pace in four months at 4.5 per cent in September mainly due to the poor performance of the mining sector and lower offtake of capital goods. The industrial production measured in terms of Index of Industrial Production (IIP) was 4.1 per cent in September 2017. Meanwhile, on a net basis, Foreign Institutional Investors (FIIs) bought shares worth Rs 832.15 crore, while domestic institutional investors (DIIs) sold shares of Rs 1,073.84 crore Monday, provisional data showed. Asian markets were trading lower tracking losses at Wall Street. Japan's Nikkei plunged 3.21 per cent, Korea's KOSPI fell 1.52 per cent, Hong Kong's Hang Seng down 1.23 per cent and Shanghai Composite Index shed 0.21 per cent in early trade Tuesday. The US Dow Jones Industrial Average tumbled 2.32 per cent Monday.

Sensex up 46 points in choppy trade on better macro-data

The rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday, owing to easing global crude oil prices and better-than-expected macro economic data on the domestic front.

Besides, fund inflows by foreign investors and the US dollar's weakness against some currencies overseas also supported the domestic unit, dealers said.

At the Interbank forex market, the rupee opened with strength at 72.81 and advanced to 72.60 against the dollar, showing a rise of 29 paise over its previous close of 72.89.

Retail inflation fell to a one-year low of 3.31 per cent in October on the back of cheaper kitchen staples, fruits and protein-rich items, official data released Monday showed.

Industrial production grew at the slowest pace in four months at 4.5 per cent in September mainly due to poor performance of mining sector and lower offtake of capital goods.

The industrial production measured in terms of Index of Industrial Production (IIP) was 4.1 per cent in September 2017.

Meanwhile, the international benchmark, Brent crude slipped below the USD 70-mark by falling 0.84 per cent, to USD 69.53 a barrel in Asian trade Tuesday.

Monday, the rupee dropped by 39 paise to settle at 72.89 against the US currency as oil prices rebounded after Saudi Arabia announced plans to cut production and the dollar strengthened in global markets.

Foreign institutional investors (FIis) bought shares worth Rs 832.15 crore Monday, provisional data showed.

The benchmark BSE Sensex fell by 56.31 points, or 0.16 per cent to 34,756.68 in early trade.

The rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday, owing to easing global crude oil prices and better-than-expected macro economic data on the domestic front.

The rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday, owing to easing global crude oil prices and better-than-expected macro economic data on the domestic front. Besides, fund inflows by foreign investors and the US dollar's weakness against some currencies overseas also supported the domestic unit, dealers said. At the Interbank forex market, the rupee opened with strength at 72.81 and advanced to 72.60 against the dollar, showing a rise of 29 paise over its previous close of 72.89. Retail inflation fell to a one-year low of 3.31 per cent in October on the back of cheaper kitchen staples, fruits and protein-rich items, official data released Monday showed. Industrial production grew at the slowest pace in four months at 4.5 per cent in September mainly due to poor performance of mining sector and lower offtake of capital goods. The industrial production measured in terms of Index of Industrial Production (IIP) was 4.1 per cent in September 2017. Meanwhile, the international benchmark, Brent crude slipped below the USD 70-mark by falling 0.84 per cent, to USD 69.53 a barrel in Asian trade Tuesday. Monday, the rupee dropped by 39 paise to settle at 72.89 against the US currency as oil prices rebounded after Saudi Arabia announced plans to cut production and the dollar strengthened in global markets. Foreign institutional investors (FIis) bought shares worth Rs 832.15 crore Monday, provisional data showed. The benchmark BSE Sensex fell by 56.31 points, or 0.16 per cent to 34,756.68 in early trade.

Rupee recovers 29 paise to 72.60 against dollar

Shortly after Walmart Inc. released a statement noting that Flipkart CEO Binny Bansal has <a href="http://www.wionews.com/business-economy/flipkart-ceo-binny-bansal-resigns-after-misconduct-probe-walmart-177091">stepped down over "serious personal misconduct</a>" charges, a source told Reuters that the allegation&nbsp;against Bansal was of sexual assault.&nbsp;

"In late July ... an allegation came to us. It was a claim of sexual assault against Binny," the source told Reuters, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation.

"The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part."

Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct.&nbsp;

According to a press statement released by Walmart, Bansal's decision came after an independent investigation was launched against him on behalf of Flipkart and Walmart probing the allegation of personal misconduct.&nbsp;&nbsp;

"His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct," Walmart's statement read.

According to reports, Bansal had denied the allegations.

(With inputs from Reuters)&nbsp;

Shortly after Walmart Inc. released a statement noting that Flipkart CEO Binny Bansal has stepped down over "serious personal misconduct" charges, a source told Reuters that the allegation against Bansal was of sexual assault.

Shortly after Walmart Inc. released a statement noting that Flipkart CEO Binny Bansal has stepped down over "serious personal misconduct" charges, a source told Reuters that the allegation against Bansal was of sexual assault. "In late July ... an allegation came to us. It was a claim of sexual assault against Binny," the source told Reuters, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation. "The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part." Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct. According to a press statement released by Walmart, Bansal's decision came after an independent investigation was launched against him on behalf of Flipkart and Walmart probing the allegation of personal misconduct. "His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct," Walmart's statement read. According to reports, Bansal had denied the allegations. (With inputs from Reuters)

Allegation against Binny Bansal was of sexual assault: Source

Wall Street crumbled on Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output.

European equities also closed lower with Frankfurt and Paris weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU-deadline for Rome to revise its 2019 budget.

Trading got off to a bad start in New York, with Apple shares declining after a key parts supplier said a client had cut orders significantly, stoking fears of waning demand for iPhones.

"The ecosystem of the supply chain around Apple is starting to feel the slide of demand," Matt Miskin of John Hancock told AFP, noting that he still expected robust holiday season performance in the tech sector.

"With a weaker global growth, tech companies are starting to get repriced lower."

But a general rout ensued for stocks. Investment bank Goldman Sachs also fell 7.5 per cent, weighing on the financial sector, while embattled engineering giant General Electric had its lowest close in nearly a decade.

The Dow and S&amp;P 500 both lost two per cent or more while the tech-heavy Nasdaq dropped 2.8 per cent. Shares in Apple closed down more than five per cent.

Treasury bond markets closed for a public holiday.

By mid-afternoon, the broad-based slide prompted President Donald Trump to point the finger, while citing no evidence, at congressional Democrats, who won control of the House of Representatives in last week's elections.

"The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!" he wrote on Twitter. Markets had rallied the day after the vote.

Meanwhile, Bloomberg reported Monday afternoon that Trump was considering unveiling fresh auto tariffs, erasing gains by General Motors and helping push markets even lower.

Earlier in the Eurozone, the Frankfurt and Paris stock markets had dropped as well, weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU deadline for Rome to revise its 2019 budget.

The dollar continued to strengthen against its major rivals, meanwhile, hitting its highest levels since the first half of 2017.

The European Union's chief Brexit negotiator warned ministers from the other 27 member states on Monday that no deal has been sealed on Britain's departure from the bloc.

Elsewhere, Saudi Arabia's energy minister called for a global output cut of a million barrels per day to re-balance the market, as Riyadh unveiled plans to trim its own production by 500,000 barrels per day from December.

Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to reduce supply in 2019.

Benchmark crude prices still finished lower in New York and London. Oil prices have shed about one-fifth of their value over the past month on oversupplies and signs of a softer-than-expected impact from US sanctions on Iranian crude exports.

Last week, higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent dropped below $70 a barrel for the first time since April.

Tobacco stocks also suffered following media reports that US health regulators expect to announce plans as soon as this week to seek a ban on menthol cigarettes and to limit sales of e-cigarettes.

British American Tobacco shedding 10.62 per cent to £29.96 and Imperial Tobacco losing almost 2.2 per cent on reports of a planned US ban on menthol cigarettes, which researchers have said pose a greater health risk than traditional ones.

American tobacco producers likewise headed south on the news.

Wall Street crumbled on Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output.

Wall Street crumbled on Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output. European equities also closed lower with Frankfurt and Paris weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU-deadline for Rome to revise its 2019 budget. Trading got off to a bad start in New York, with Apple shares declining after a key parts supplier said a client had cut orders significantly, stoking fears of waning demand for iPhones. "The ecosystem of the supply chain around Apple is starting to feel the slide of demand," Matt Miskin of John Hancock told AFP, noting that he still expected robust holiday season performance in the tech sector. "With a weaker global growth, tech companies are starting to get repriced lower." But a general rout ensued for stocks. Investment bank Goldman Sachs also fell 7.5 per cent, weighing on the financial sector, while embattled engineering giant General Electric had its lowest close in nearly a decade. The Dow and S&P 500 both lost two per cent or more while the tech-heavy Nasdaq dropped 2.8 per cent. Shares in Apple closed down more than five per cent. Treasury bond markets closed for a public holiday. By mid-afternoon, the broad-based slide prompted President Donald Trump to point the finger, while citing no evidence, at congressional Democrats, who won control of the House of Representatives in last week's elections. "The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!" he wrote on Twitter. Markets had rallied the day after the vote. Meanwhile, Bloomberg reported Monday afternoon that Trump was considering unveiling fresh auto tariffs, erasing gains by General Motors and helping push markets even lower. Earlier in the Eurozone, the Frankfurt and Paris stock markets had dropped as well, weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU deadline for Rome to revise its 2019 budget. The dollar continued to strengthen against its major rivals, meanwhile, hitting its highest levels since the first half of 2017. The European Union's chief Brexit negotiator warned ministers from the other 27 member states on Monday that no deal has been sealed on Britain's departure from the bloc. Elsewhere, Saudi Arabia's energy minister called for a global output cut of a million barrels per day to re-balance the market, as Riyadh unveiled plans to trim its own production by 500,000 barrels per day from December. Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to reduce supply in 2019. Benchmark crude prices still finished lower in New York and London. Oil prices have shed about one-fifth of their value over the past month on oversupplies and signs of a softer-than-expected impact from US sanctions on Iranian crude exports. Last week, higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent dropped below $70 a barrel for the first time since April. Tobacco stocks also suffered following media reports that US health regulators expect to announce plans as soon as this week to seek a ban on menthol cigarettes and to limit sales of e-cigarettes. British American Tobacco shedding 10.62 per cent to £29.96 and Imperial Tobacco losing almost 2.2 per cent on reports of a planned US ban on menthol cigarettes, which researchers have said pose a greater health risk than traditional ones. American tobacco producers likewise headed south on the news.

Wall Street stocks: Dow & Nasdaq tumble; oil prices continue to slide

Continuing the declining trend that has been going for the past couple of days, oil marketing firms across the country once again slashed the rates for transportation fuels on Tuesday.

In Delhi, petrol is being sold at Rs 77.43 whereas diesel is available at Rs 72.19 per litre. Yesterday, commuters in the national capital shelled out Rs Rs 77.56 and Rs 72.31 &nbsp;for a litre of petrol and diesel respectively.

In the financial capital Mumbai, petrol price has slipped to Rs 82.94 per litre and diesel to Rs 75.64. On Monday, the petrol cost at Rs 83.07 and diesel at Rs 75.76 per litre here.

The rates of the fuel across India have been slashing due to the slip in the prices of crude oil prices. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

(With inputs from ANI)

Continuing the declining trend that has been going for the past couple of days, oil marketing firms across the country once again slashed the rates for transportation fuels on Tuesday.

Continuing the declining trend that has been going for the past couple of days, oil marketing firms across the country once again slashed the rates for transportation fuels on Tuesday. In Delhi, petrol is being sold at Rs 77.43 whereas diesel is available at Rs 72.19 per litre. Yesterday, commuters in the national capital shelled out Rs Rs 77.56 and Rs 72.31 for a litre of petrol and diesel respectively. In the financial capital Mumbai, petrol price has slipped to Rs 82.94 per litre and diesel to Rs 75.64. On Monday, the petrol cost at Rs 83.07 and diesel at Rs 75.76 per litre here. The rates of the fuel across India have been slashing due to the slip in the prices of crude oil prices. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan. (With inputs from ANI)

Petrol, diesel prices dip further for 6th straight day

Natural gas is expected to overtake coal as the world's second-largest energy source after oil by 2030 due to a drive to cut air pollution and the rise in liquefied natural gas (LNG) use, the International Energy Agency (IEA) said on Tuesday,

The Paris-based IEA said in its World Energy Outlook 2018 that energy demand would grow by more than a quarter between 2017 and 2040 assuming more efficient use of energy - but would rise by twice that much without such improvements.

Global gas demand would increase by 1.6 per cent a year to 2040 and would be 45 per cent higher by then than today, it said.

The estimates are based on the IEA's "New Policies Scenario" that takes into account legislation and policies to reduce emissions and fight climate change. They also assume more energy efficiencies in fuel use, buildings and other factors.

"Natural gas is the fastest growing fossil fuel in the New Policies Scenario, overtaking coal by 2030 to become the second-largest source of energy after oil," the report said.

China, already the world's biggest oil and coal importer, would soon become the largest importer of gas and net imports would approach the level of the European Union by 2040, the IEA said.

According to Reuters calculations, based on China's General Administration of Customs data, China has already overtaken Japan as the world's top natural gas importer.

Although China is the world's third-biggest user of natural gas behind the United States and Russia, it has to import about 40 per cent of its needs as local production cannot keep pace.

Emerging economies in Asia would account for about half of total global gas demand growth and their share of LNG imports would double to 60 per cent by 2040, the IEA report said.

"Although talk of a global gas market similar to that of oil is premature, LNG trade has expanded substantially in volume since 2010 and has reached previously isolated markets," it said.

LNG involves cooling gas to a liquid so it can transported by ship.

The United States would account for 40 per cent of total gas production growth to 2025, the IEA said, while other sources would take over as US shale gas output flattened and other nations started turning to unconventional methods of gas production, such as hydraulic fracturing or fracking.

Global electricity demand will grow 2.1 per cent a year, mostly driven by rising use in developing economies. Electricity will account for a quarter of energy used by end users such as consumers and industry by 2040, it said.

Coal and renewables will swap their positions in the power generation mix. The share of coal is forecast to fall from about 40 percent today to a quarter in 2040 while renewables would grow to just over 40 per cent from a quarter now.

Energy-related carbon dioxide emissions will continue to grow at a slow but steady pace to 2040. From 2017 levels, the IEA said CO2 emissions would rise by 10 per cent to 36 gigatonnes in 2040, mostly driven by growth in oil and gas.

This trajectory was "far out of step" with what scientific knowledge says would be required to tackle climate change, the report said.

Natural gas is expected to overtake coal as the world's second-largest energy source after oil by 2030 due to a drive to cut air pollution and the rise in liquefied natural gas (LNG) use, the International Energy Agency (IEA) said on Tuesday, The Paris-based IEA said in its World Energy Outlook 2018 that energy demand would grow by more than a quarter between 2017 and 2040 assuming more efficient use of energy - but would rise by twice that much without such improvements.

Natural gas is expected to overtake coal as the world's second-largest energy source after oil by 2030 due to a drive to cut air pollution and the rise in liquefied natural gas (LNG) use, the International Energy Agency (IEA) said on Tuesday, The Paris-based IEA said in its World Energy Outlook 2018 that energy demand would grow by more than a quarter between 2017 and 2040 assuming more efficient use of energy - but would rise by twice that much without such improvements. Global gas demand would increase by 1.6 per cent a year to 2040 and would be 45 per cent higher by then than today, it said. The estimates are based on the IEA's "New Policies Scenario" that takes into account legislation and policies to reduce emissions and fight climate change. They also assume more energy efficiencies in fuel use, buildings and other factors. "Natural gas is the fastest growing fossil fuel in the New Policies Scenario, overtaking coal by 2030 to become the second-largest source of energy after oil," the report said. China, already the world's biggest oil and coal importer, would soon become the largest importer of gas and net imports would approach the level of the European Union by 2040, the IEA said. According to Reuters calculations, based on China's General Administration of Customs data, China has already overtaken Japan as the world's top natural gas importer. Although China is the world's third-biggest user of natural gas behind the United States and Russia, it has to import about 40 per cent of its needs as local production cannot keep pace. Emerging economies in Asia would account for about half of total global gas demand growth and their share of LNG imports would double to 60 per cent by 2040, the IEA report said. "Although talk of a global gas market similar to that of oil is premature, LNG trade has expanded substantially in volume since 2010 and has reached previously isolated markets," it said. LNG involves cooling gas to a liquid so it can transported by ship. The United States would account for 40 per cent of total gas production growth to 2025, the IEA said, while other sources would take over as US shale gas output flattened and other nations started turning to unconventional methods of gas production, such as hydraulic fracturing or fracking. Global electricity demand will grow 2.1 per cent a year, mostly driven by rising use in developing economies. Electricity will account for a quarter of energy used by end users such as consumers and industry by 2040, it said. Coal and renewables will swap their positions in the power generation mix. The share of coal is forecast to fall from about 40 percent today to a quarter in 2040 while renewables would grow to just over 40 per cent from a quarter now. Energy-related carbon dioxide emissions will continue to grow at a slow but steady pace to 2040. From 2017 levels, the IEA said CO2 emissions would rise by 10 per cent to 36 gigatonnes in 2040, mostly driven by growth in oil and gas. This trajectory was "far out of step" with what scientific knowledge says would be required to tackle climate change, the report said.

Natural gas to overtake coal as world's second largest energy source: IEA