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China will adopt a more vigorous fiscal policy to help tackle external uncertainties without resorting to strong policy stimulus, state radio said on Monday, citing the cabinet.

Slowing economic growth has sparked a heated debate among government researchers on whether fiscal policy should play a bigger role in softening the impact of a trade war with the United States.

"The proactive fiscal policy will become more active," state radio cited a statement issued after a cabinet meeting, chaired by Premier Li Keqiang, as saying.

The fiscal policy will focus on cutting taxes for companies while the pace of local governments' special bond issuance will be quickened, it quoted the cabinet as saying.

The government will deliver a tax cut of 65 billion yuan ($9.6 billion) by expanding a preferential policy for small tech firms to all firms, on top of an initial goal of cutting taxes and fees by 1.1 trillion yuan this year, the cabinet said.

China will keep liquidity ample and maintain appropriate total social financing under its prudent monetary policy, which will be neither too tight nor too loose, it added.

Economic growth slowed slightly to 6.7 per cent in the second quarter as Beijing's efforts to contain debt hurt activity, while June factory output growth weakened to a two-year low, in a worrying sign for investment and exporters as a trade war with the United States intensified.

China's regulatory tightening has driven up corporate borrowing costs, prompting the central bank to cut banks' reserve requirements three times this year, with further cuts widely expected.

In March, Premier Li Keqiang announced a cut in the annual budget deficit target from 3 per cent of gross domestic product in 2017, the first since 2012, but the finance ministry said fiscal policy remained supportive for growth, given a jump in planned special bond issuance this year.

China will keep liquidity ample and maintain appropriate total social financing under its prudent monetary policy.

China will adopt a more vigorous fiscal policy to help tackle external uncertainties without resorting to strong policy stimulus, state radio said on Monday, citing the cabinet. Slowing economic growth has sparked a heated debate among government researchers on whether fiscal policy should play a bigger role in softening the impact of a trade war with the United States. "The proactive fiscal policy will become more active," state radio cited a statement issued after a cabinet meeting, chaired by Premier Li Keqiang, as saying. The fiscal policy will focus on cutting taxes for companies while the pace of local governments' special bond issuance will be quickened, it quoted the cabinet as saying. The government will deliver a tax cut of 65 billion yuan ($9.6 billion) by expanding a preferential policy for small tech firms to all firms, on top of an initial goal of cutting taxes and fees by 1.1 trillion yuan this year, the cabinet said. China will keep liquidity ample and maintain appropriate total social financing under its prudent monetary policy, which will be neither too tight nor too loose, it added. Economic growth slowed slightly to 6.7 per cent in the second quarter as Beijing's efforts to contain debt hurt activity, while June factory output growth weakened to a two-year low, in a worrying sign for investment and exporters as a trade war with the United States intensified. China's regulatory tightening has driven up corporate borrowing costs, prompting the central bank to cut banks' reserve requirements three times this year, with further cuts widely expected. In March, Premier Li Keqiang announced a cut in the annual budget deficit target from 3 per cent of gross domestic product in 2017, the first since 2012, but the finance ministry said fiscal policy remained supportive for growth, given a jump in planned special bond issuance this year.

China eyes more vigorous fiscal policy short of strong stimulus

Oil prices rose on Monday on worries over supply after tensions worsened between Iran and the United States, while some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea.

Iranian Supreme Leader Ayatollah Ali Khamenei on Saturday backed a suggestion by President Hassan Rouhani that Iran could block Gulf oil shipments if its exports were stopped.

The Iranian leadership was responding to the threat of US&nbspsanctions after President Donald Trump in May pulled out of a multinational agreement to trade with Tehran in return for its commitment not to develop nuclear weapons.

The Trump administration has launched an offensive of speeches and online communications meant to foment unrest and help pressure Iran to end its nuclear programme and its support of militant groups, US&nbspofficials said.

Benchmark Brent crude oil rose $1.43 a barrel to a high of $74.50 before easing to around $73.95 by 1230 GMT. US&nbsplight crude was up 90 cents at $69.16 a barrel.

"Potential Gulf supply is at risk - this is triggering the upward trend," said Tamas Varga, analyst at London brokerage PVM Oil Associates.

The rise also followed news of a 24-hour strike by 40 rig workers on three oil and gas platforms in the British North Sea. The dispute curbed gas flows to shore, but stored crude was expected to mitigate any oil supply disruption.

Limiting supply worries were concerns about the impact on global economic growth and energy demand of the escalating trade dispute between the United States and its trading partners.

Finance ministers and central bank governors from the world's 20 biggest economies ended a meeting in Buenos Aires over the weekend calling for more dialogue to prevent trade and geopolitical tensions from hurting growth.

"Downside risks over the short and medium term have increased," the finance leaders said in a statement.

The talks occurred amid escalating rhetoric in a trade dispute between the United States and China, the world's largest economies, which have already slapped tariffs on $34 billion worth of each other's goods.

Trump threatened on Friday to impose tariffs on all $500 billion of Chinese exports to the United States unless Beijing agreed major changes to its technology transfer, industrial subsidy and joint venture policies.

Economic and oil demand growth are correlated as expanding economies support fuel consumption for trade and travel, as well as for automobiles.

Benchmark Brent crude oil rose $1.43 a barrel to a high of $74.50 before easing to around $73.95.

Oil prices rose on Monday on worries over supply after tensions worsened between Iran and the United States, while some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea. Iranian Supreme Leader Ayatollah Ali Khamenei on Saturday backed a suggestion by President Hassan Rouhani that Iran could block Gulf oil shipments if its exports were stopped. The Iranian leadership was responding to the threat of US&nbspsanctions after President Donald Trump in May pulled out of a multinational agreement to trade with Tehran in return for its commitment not to develop nuclear weapons. The Trump administration has launched an offensive of speeches and online communications meant to foment unrest and help pressure Iran to end its nuclear programme and its support of militant groups, US&nbspofficials said. Benchmark Brent crude oil rose $1.43 a barrel to a high of $74.50 before easing to around $73.95 by 1230 GMT. US&nbsplight crude was up 90 cents at $69.16 a barrel. "Potential Gulf supply is at risk - this is triggering the upward trend," said Tamas Varga, analyst at London brokerage PVM Oil Associates. The rise also followed news of a 24-hour strike by 40 rig workers on three oil and gas platforms in the British North Sea. The dispute curbed gas flows to shore, but stored crude was expected to mitigate any oil supply disruption. Limiting supply worries were concerns about the impact on global economic growth and energy demand of the escalating trade dispute between the United States and its trading partners. Finance ministers and central bank governors from the world's 20 biggest economies ended a meeting in Buenos Aires over the weekend calling for more dialogue to prevent trade and geopolitical tensions from hurting growth. "Downside risks over the short and medium term have increased," the finance leaders said in a statement. The talks occurred amid escalating rhetoric in a trade dispute between the United States and China, the world's largest economies, which have already slapped tariffs on $34 billion worth of each other's goods. Trump threatened on Friday to impose tariffs on all $500 billion of Chinese exports to the United States unless Beijing agreed major changes to its technology transfer, industrial subsidy and joint venture policies. Economic and oil demand growth are correlated as expanding economies support fuel consumption for trade and travel, as well as for automobiles.

Oil higher on Middle East, North Sea supply worries

Stock benchmark indices BSE Sensex and NSE’s Nifty 50 opened higher on Monday as ongoing June quarter earnings season continue to support investor sentiment.&nbsp;

BSE Sensex rises over 70 points, while the Nifty 50 trades above 11,000.&nbsp;

The rupee strengthened against the US dollar, tracking gains in local equity and Asian currencies.&nbsp;

Asian stocks declined on fears of more protectionist measures from US while the dollar declined against major currencies after US President Donald Trump criticised the Federal Reserve’s tightening policy.

BSE Sensex rises over 70 points, while the Nifty 50 trades above 11,000.

Stock benchmark indices BSE Sensex and NSE’s Nifty 50 opened higher on Monday as ongoing June quarter earnings season continue to support investor sentiment. BSE Sensex rises over 70 points, while the Nifty 50 trades above 11,000. The rupee strengthened against the US dollar, tracking gains in local equity and Asian currencies. Asian stocks declined on fears of more protectionist measures from US while the dollar declined against major currencies after US President Donald Trump criticised the Federal Reserve’s tightening policy.

Sensex up 77 points on GST bonanza; FMCG stocks lead

In Dubai's posh Jumeirah Beach Residence district, luxury apartment rents are down about 15 per cent from a year ago - a sign, some fear, that the wealthy emirate's recipe for economic success is getting stale.

For over two decades, Dubai prospered as one of the world's most international cities, attracting people and capital from across the globe.

Nine years ago, it needed a $20 billion bailout from oil-rich Abu Dhabi to escape a debt crisis caused by collapsing property prices. Dubai's economy roared back and has grown by a third since then, buoyed by foreign trade, tourism and its status as the main regional hub for business services.

Now, however, Dubai is hitting another rough patch. Residential property prices have dropped by more than 15 per cent since late 2014 and are still falling. The stock market is down 13 per cent this year, the worst performance in the region.

Dubai issued 4,722 new business licences in the second quarter of 2018, down 26 per cent from the same period in 2016, the year when new licences peaked.

The falls may be temporary, the result of an economic slowdown in the Gulf caused by low oil prices. But other figures suggest some of Dubai's traditional growth engines are losing steam, which could mean a long-term slump.

Growth in passenger traffic through Dubai's international airport has fallen to near zero this year, after 15 years of strong increases. Increasingly long-range aircraft may loosen Dubai's dominance as a travel hub connecting Asia and Europe.

Official data shows Dubai's population continues to expand, by 3.5 per cent to 3.08 million in the first half of 2018. But most growth in recent years has been in lower-paid construction and services jobs, not in higher-paid white-collar posts.

"Perhaps the era when one could move to Dubai to make one's wealth is passing," said Hasnain Malik, Dubai-based global head of equity research and strategy at Exotix Capital.

He said the city was increasingly attractive as a base for rich people from around the world who wished to enjoy their wealth.

But it is not clear that Dubai's transport industries and business zones can continue growing fast enough to attract, and retain, the number of foreign white-collar workers needed to support demand in its real estate market, Malik said.

STRUCTURAL CHALLENGES

Economists see little risk of another financial crisis after restructuring billions of dollars of debt, Dubai's state-linked companies are less leveraged than they were a decade ago.

Nor has headline economic growth slowed greatly. International Monetary Fund officials have estimated gross domestic product will expand over 3 per cent this year.

"The emirate continues to attract businesses and investors as a competitive hub for sustainable business development," Dubai's Department of Economic Development said in a statement this week, adding that licensing figures showed "continued investment in all vital economic sectors in Dubai".

But much of this year's growth is due to a big rise in state spending as Dubai builds infrastructure to host the Expo 2020 world's fair its 2018 budget soared 19.5 per cent from 2017 to a record 56.6 billion dirhams ($15.4 billion). The government cannot keep boosting spending at that speed indefinitely.

Jim Krane, energy fellow at Rice University in Texas and author of "City of Gold: Dubai and the Dream of Capitalism", said the emirate faced structural challenges including an increasingly tough geopolitical environment.

In the past, Dubai thrived by keeping cordial relations with every country in the region, accepting trade and investment from all of them.

That has become impossible. Last year, the United Arab Emirates, Saudi Arabia and other countries cut diplomatic and transport ties with Qatar, ending Dubai's role as a base for business with the small but super-rich country.

Goods that were once shipped to Qatar via Dubai now move via other countries, such as Oman or India multinational firms use their European or U.S. offices, not their Dubai operations, to handle business with Qatar.

Meanwhile, the United States and Gulf allies, including the UAE, are trying to squeeze Iran's economy by reducing its financial and trade ties. The effort is more aggressive than Washington's previous attempt to isolate Iran several years ago, diplomats in the region say.

That matters because the UAE's exports and re-exports to Iran, the vast majority via Dubai, totalled $19.9 billion in 2017.

The chief executive of a foreign financial firm in Dubai said the emirate faced unprecedented competition from neighbouring countries for capital, as low oil prices forced those countries to develop their own non-oil industries.

Portfolio funds are already flowing from Dubai's stock market to Saudi Arabia's bourse. In coming years, direct investment may follow U.S. oilfield services firm McDermott International has said it expects to move business slowly from Dubai's Jebel Ali Port to a new Saudi facility by the mid-2020s.

Dubai is trying to shore up its competitive position. In the last few months, the government has said it will reduce municipal fees, scrap some aviation charges, freeze school costs and take other steps to aid foreign firms and residents.

Potentially the most far-reaching reform was announced by the UAE cabinet, chaired by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum. It promised to permit 100 per cent foreign ownership of some UAE-based businesses, up from the current 49 per cent limit, and grant long-term residency visas of up to 10 years to foreign investors and some professionals.

That could make foreign investment in Dubai more attractive and, by helping foreigners plan on long-term residence in the emirate, encourage them to buy homes.

But details of the new policy have not been released, and implementing it may be tricky. "Free zones" in Dubai already permit 100 per cent foreign ownership they could suffer if they no longer have that right exclusively. And many UAE citizens make money as silent partners with foreign businessmen.

"To some extent, the economy is based on people renting out their passports - disrupting that could cause economic pain among the local population," the financial executive said.

For over two decades, Dubai prospered as one of the world's most international cities, attracting people and capital from across the globe.

In Dubai's posh Jumeirah Beach Residence district, luxury apartment rents are down about 15 per cent from a year ago - a sign, some fear, that the wealthy emirate's recipe for economic success is getting stale. For over two decades, Dubai prospered as one of the world's most international cities, attracting people and capital from across the globe. Nine years ago, it needed a $20 billion bailout from oil-rich Abu Dhabi to escape a debt crisis caused by collapsing property prices. Dubai's economy roared back and has grown by a third since then, buoyed by foreign trade, tourism and its status as the main regional hub for business services. Now, however, Dubai is hitting another rough patch. Residential property prices have dropped by more than 15 per cent since late 2014 and are still falling. The stock market is down 13 per cent this year, the worst performance in the region. Dubai issued 4,722 new business licences in the second quarter of 2018, down 26 per cent from the same period in 2016, the year when new licences peaked. The falls may be temporary, the result of an economic slowdown in the Gulf caused by low oil prices. But other figures suggest some of Dubai's traditional growth engines are losing steam, which could mean a long-term slump. Growth in passenger traffic through Dubai's international airport has fallen to near zero this year, after 15 years of strong increases. Increasingly long-range aircraft may loosen Dubai's dominance as a travel hub connecting Asia and Europe. Official data shows Dubai's population continues to expand, by 3.5 per cent to 3.08 million in the first half of 2018. But most growth in recent years has been in lower-paid construction and services jobs, not in higher-paid white-collar posts. "Perhaps the era when one could move to Dubai to make one's wealth is passing," said Hasnain Malik, Dubai-based global head of equity research and strategy at Exotix Capital. He said the city was increasingly attractive as a base for rich people from around the world who wished to enjoy their wealth. But it is not clear that Dubai's transport industries and business zones can continue growing fast enough to attract, and retain, the number of foreign white-collar workers needed to support demand in its real estate market, Malik said. STRUCTURAL CHALLENGES Economists see little risk of another financial crisis after restructuring billions of dollars of debt, Dubai's state-linked companies are less leveraged than they were a decade ago. Nor has headline economic growth slowed greatly. International Monetary Fund officials have estimated gross domestic product will expand over 3 per cent this year. "The emirate continues to attract businesses and investors as a competitive hub for sustainable business development," Dubai's Department of Economic Development said in a statement this week, adding that licensing figures showed "continued investment in all vital economic sectors in Dubai". But much of this year's growth is due to a big rise in state spending as Dubai builds infrastructure to host the Expo 2020 world's fair its 2018 budget soared 19.5 per cent from 2017 to a record 56.6 billion dirhams ($15.4 billion). The government cannot keep boosting spending at that speed indefinitely. Jim Krane, energy fellow at Rice University in Texas and author of "City of Gold: Dubai and the Dream of Capitalism", said the emirate faced structural challenges including an increasingly tough geopolitical environment. In the past, Dubai thrived by keeping cordial relations with every country in the region, accepting trade and investment from all of them. That has become impossible. Last year, the United Arab Emirates, Saudi Arabia and other countries cut diplomatic and transport ties with Qatar, ending Dubai's role as a base for business with the small but super-rich country. Goods that were once shipped to Qatar via Dubai now move via other countries, such as Oman or India multinational firms use their European or U.S. offices, not their Dubai operations, to handle business with Qatar. Meanwhile, the United States and Gulf allies, including the UAE, are trying to squeeze Iran's economy by reducing its financial and trade ties. The effort is more aggressive than Washington's previous attempt to isolate Iran several years ago, diplomats in the region say. That matters because the UAE's exports and re-exports to Iran, the vast majority via Dubai, totalled $19.9 billion in 2017. The chief executive of a foreign financial firm in Dubai said the emirate faced unprecedented competition from neighbouring countries for capital, as low oil prices forced those countries to develop their own non-oil industries. Portfolio funds are already flowing from Dubai's stock market to Saudi Arabia's bourse. In coming years, direct investment may follow U.S. oilfield services firm McDermott International has said it expects to move business slowly from Dubai's Jebel Ali Port to a new Saudi facility by the mid-2020s. Dubai is trying to shore up its competitive position. In the last few months, the government has said it will reduce municipal fees, scrap some aviation charges, freeze school costs and take other steps to aid foreign firms and residents. Potentially the most far-reaching reform was announced by the UAE cabinet, chaired by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum. It promised to permit 100 per cent foreign ownership of some UAE-based businesses, up from the current 49 per cent limit, and grant long-term residency visas of up to 10 years to foreign investors and some professionals. That could make foreign investment in Dubai more attractive and, by helping foreigners plan on long-term residence in the emirate, encourage them to buy homes. But details of the new policy have not been released, and implementing it may be tricky. "Free zones" in Dubai already permit 100 per cent foreign ownership they could suffer if they no longer have that right exclusively. And many UAE citizens make money as silent partners with foreign businessmen. "To some extent, the economy is based on people renting out their passports - disrupting that could cause economic pain among the local population," the financial executive said.

Dubai recipe for economic success looks stale as markets slump

Saudi Aramco's potential acquisition of a stake in petrochemicals maker SABIC would affect the timeframe of its own planned initial public offering, the firm's chief executive, Amin Nasser, said in a TV interview.

The offering is the centrepiece of an ambitious plan championed by Crown Prince Mohammed bin Salman to diversify Saudi Arabia's economy beyond oil, but preparations for the IPO, which could prove the biggest in history, have slowed.

Saudi-owned Al Arabiya television cited Nasser as saying that buying a stake in a petrochemicals company would make the state oil giant less vulnerable to price volatility.

"If the deal is completed, with relevant regulations taken into account, it will definitely affect the timeframe for the partial IPO of Saudi Aramco," he said in a transcript provided by the government media office.

Aramco said on Thursday it was looking to buy a strategic stake in SABIC, which could boost its market valuation ahead of a planned IPO.

When Aramco is ready to list, the IPO timing would be up to the government to decide, Nasser said.

"As I said in previous interviews, when Saudi Aramco is ready, the decision of going ahead with the IPO is for the state to make," he said

On Thursday, Aramco said it was in "very early-stage discussions" with the kingdom's Public Investment Fund (PIF) to acquire the SABIC stake in a private transaction, and had no plans to acquire any publicly held shares.

Riyadh-listed Saudi Basic Industries Corp (SABIC), the world's fourth-biggest petrochemicals company, is 70 percent owned by the PIF, Saudi Arabia's top sovereign wealth fund. It has a market capitalisation of 385.2 billion Saudi riyals ($103 billion).

Nasser also said Aramco had a long-term goal to convert 2 million to 3 million barrels of its oil products into chemicals.

Nasser said the proposed deal with Sabic would help balance revenues from excavation and production with those from refining and chemicals, that normally remain strong even when oil prices dip.

Reuters reported on Wednesday that Saudi Aramco had invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in SABIC, citing two sources with direct knowledge of the matter.

Some sources close to the Saudi Aramco IPO process have said the plans for a domestic and international listing might be pushed further into next year or beyond.

A final decision has yet to be made by Prince Mohammed, who oversees the kingdom's economic and oil policies, the sources said. Saudi Arabia's energy minister, Khalid al-Falih, said last month it would be "nice" to see Aramco floated in 2019, adding that the timing was not critical to the government.

Aramco plans to boost investments in refining and petrochemicals to secure new markets and sees growth in chemicals as central to its downstream strategy to cut the risk of an oil demand slowdown.

The offering is the centrepiece of an ambitious plan championed by Crown Prince Mohammed bin Salman to diversify Saudi Arabia's economy beyond oil, but preparations for the IPO, which could prove the biggest in history, have slowed.

Saudi Aramco's potential acquisition of a stake in petrochemicals maker SABIC would affect the timeframe of its own planned initial public offering, the firm's chief executive, Amin Nasser, said in a TV interview. The offering is the centrepiece of an ambitious plan championed by Crown Prince Mohammed bin Salman to diversify Saudi Arabia's economy beyond oil, but preparations for the IPO, which could prove the biggest in history, have slowed. Saudi-owned Al Arabiya television cited Nasser as saying that buying a stake in a petrochemicals company would make the state oil giant less vulnerable to price volatility. "If the deal is completed, with relevant regulations taken into account, it will definitely affect the timeframe for the partial IPO of Saudi Aramco," he said in a transcript provided by the government media office. Aramco said on Thursday it was looking to buy a strategic stake in SABIC, which could boost its market valuation ahead of a planned IPO. When Aramco is ready to list, the IPO timing would be up to the government to decide, Nasser said. "As I said in previous interviews, when Saudi Aramco is ready, the decision of going ahead with the IPO is for the state to make," he said On Thursday, Aramco said it was in "very early-stage discussions" with the kingdom's Public Investment Fund (PIF) to acquire the SABIC stake in a private transaction, and had no plans to acquire any publicly held shares. Riyadh-listed Saudi Basic Industries Corp (SABIC), the world's fourth-biggest petrochemicals company, is 70 percent owned by the PIF, Saudi Arabia's top sovereign wealth fund. It has a market capitalisation of 385.2 billion Saudi riyals ($103 billion). Nasser also said Aramco had a long-term goal to convert 2 million to 3 million barrels of its oil products into chemicals. Nasser said the proposed deal with Sabic would help balance revenues from excavation and production with those from refining and chemicals, that normally remain strong even when oil prices dip. Reuters reported on Wednesday that Saudi Aramco had invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in SABIC, citing two sources with direct knowledge of the matter. Some sources close to the Saudi Aramco IPO process have said the plans for a domestic and international listing might be pushed further into next year or beyond. A final decision has yet to be made by Prince Mohammed, who oversees the kingdom's economic and oil policies, the sources said. Saudi Arabia's energy minister, Khalid al-Falih, said last month it would be "nice" to see Aramco floated in 2019, adding that the timing was not critical to the government. Aramco plans to boost investments in refining and petrochemicals to secure new markets and sees growth in chemicals as central to its downstream strategy to cut the risk of an oil demand slowdown.

Aramco's potential SABIC deal to affect IPO timing, CEO says in interview

Microsoft Corp shares rose about 5 per cent to an all-time high on Friday, after investors cheered another blockbuster quarter, backed by growth in its legacy software business and Azure cloud computing services.

Shares of one of the technology world's oldest and best-known names rose nearly 4 per cent to $108.20 in early trade, adding more than $30 billion to a market capitalization that was already $802 billion at Thursday's close.

At least six brokerages raised their price targets on the company's stock after the results.

Helped by a boom in demand for cloud-based software, Microsoft has more than doubled in value since Satya Nadella took over as chief executive in 2014 and refocused the software behemoth on newer businesses.

While Microsoft's core productivity and business processes unit, which includes the Office 365 software suite, rose 13.1 per cent to $9.67 billion, revenue for the Azure cloud service jumped 89 per cent.

"Based on the results, they were able to beat on all major metrics that people were focusing on. I don't see anything that should raise an eyebrow of concern", said Daniel Morgan, a portfolio manager at Synovus Trust who holds 418,716 Microsoft shares.

Microsoft has been investing heavily to bolster the fast-growing cloud business and catch up with market leader Amazon.com Inc's Amazon Web Services (AWS).

"Given the competitive market and need to invest in both capex and operating expenses, profitability along AWS's level may prove elusive for Azure for several years, if not forever," Jefferies analysts said.

Microsoft also competes with Alphabet Inc, IBM and Alibaba.

According to research firm Canalys, AWS is beating the competition in terms of market share, followed by Microsoft, which continues to grow faster than AWS, as of April this year. Google was ranked third.

"Our early investments in the intelligent cloud and intelligent edge are paying off, and we will continue to expand our reach in large and growing markets with differentiated innovation," Nadella said on a conference call on Thursday.

Analysts expect the investments to pay off in the long run and provide rich dividends to shareholders, allowing Microsoft to rival Apple Inc and Amazon in the race to be the first company worth $1 trillion.

"Our view on MSFT is unchanged: the stock is our favourite large-cap name and we expect MSFT to deliver 10-20% annual stock price appreciation for the next several years," Canaccord Genuity analyst Richard Davis wrote in a client note.

Of the 35 analysts covering the stock, 31 have a "buy" or higher rating, three are on "hold" and only one on "strong sell".

"Microsoft has successfully come from behind to exceed Amazon's cloud revenue, and that gap is only increasing in Microsoft's favour," Mark Sami, vice president at consultancy firm SPR said.

"I predict that Microsoft's cloud market share will continue to grow and impress investors."

At least six brokerages raised their price targets on the company's stock after the results

Microsoft Corp shares rose about 5 per cent to an all-time high on Friday, after investors cheered another blockbuster quarter, backed by growth in its legacy software business and Azure cloud computing services. Shares of one of the technology world's oldest and best-known names rose nearly 4 per cent to $108.20 in early trade, adding more than $30 billion to a market capitalization that was already $802 billion at Thursday's close. At least six brokerages raised their price targets on the company's stock after the results. Helped by a boom in demand for cloud-based software, Microsoft has more than doubled in value since Satya Nadella took over as chief executive in 2014 and refocused the software behemoth on newer businesses. While Microsoft's core productivity and business processes unit, which includes the Office 365 software suite, rose 13.1 per cent to $9.67 billion, revenue for the Azure cloud service jumped 89 per cent. "Based on the results, they were able to beat on all major metrics that people were focusing on. I don't see anything that should raise an eyebrow of concern", said Daniel Morgan, a portfolio manager at Synovus Trust who holds 418,716 Microsoft shares. Microsoft has been investing heavily to bolster the fast-growing cloud business and catch up with market leader Amazon.com Inc's Amazon Web Services (AWS). "Given the competitive market and need to invest in both capex and operating expenses, profitability along AWS's level may prove elusive for Azure for several years, if not forever," Jefferies analysts said. Microsoft also competes with Alphabet Inc, IBM and Alibaba. According to research firm Canalys, AWS is beating the competition in terms of market share, followed by Microsoft, which continues to grow faster than AWS, as of April this year. Google was ranked third. "Our early investments in the intelligent cloud and intelligent edge are paying off, and we will continue to expand our reach in large and growing markets with differentiated innovation," Nadella said on a conference call on Thursday. Analysts expect the investments to pay off in the long run and provide rich dividends to shareholders, allowing Microsoft to rival Apple Inc and Amazon in the race to be the first company worth $1 trillion. "Our view on MSFT is unchanged: the stock is our favourite large-cap name and we expect MSFT to deliver 10-20% annual stock price appreciation for the next several years," Canaccord Genuity analyst Richard Davis wrote in a client note. Of the 35 analysts covering the stock, 31 have a "buy" or higher rating, three are on "hold" and only one on "strong sell". "Microsoft has successfully come from behind to exceed Amazon's cloud revenue, and that gap is only increasing in Microsoft's favour," Mark Sami, vice president at consultancy firm SPR said. "I predict that Microsoft's cloud market share will continue to grow and impress investors."

Microsoft shares at all-time high after bumper results

The rupee today staged an impressive rebound from life-time low levels, surging by 21 paise to end at 68.84 against the US dollar on suspected the central bank's intervention to check volatility in currency markets.

The sell-off in the rupee accelerated in early trade, with the local unit plunging to a new historic low of 69.13 before recouping losses.

Suspected intervention by the Reserve Bank of India (RBI) through state-run banks and short-selling the dollar by some foreign banks predominantly triggered the recovery momentum.

The greenback took a reverse turn and slipped below one-year high after President Donald Trump criticised the Federal Reserve's interest-rate increases and expressed concerns about strengthening currency, adding that it would put the US at a disadvantage to other economies.

The dollar index, which shows greenback's strength against a basket of currencies, fell by 0.66% to 94.53 today.&nbsp;

The US dollar has gained more than 5 per cent in the past three months on expectations the US central bank will keep raising interest rates in the coming months. The US Fed has raised interest rates five times since Trump took office in January 2017.

Forex sentiment turned highly volatile initially tracking the Chinese yuan's fall to its weakest in more than a year, as a trade dispute between the world's two largest economies intensified.

Deteriorating domestic macro scenario coupled with global uncertainty shocks could continue to keep the rupee under severe pressure in near term, a forex dealer commented.

Most Asian currencies were trading flat to higher against the dollar.

In the meantime, crude prices were little changed and set for a sharp weekly drop on concerns over oversupply and the ongoing trade conflict between the US and China.

The benchmark Brent was trading at USD 72.55 a barrel in early Asian trade.

At the Interbank Foreign Exchange (forex) market, the rupee opened marginally higher at 69.01 from overnight record low of 69.05.

But soon tilted to the downside with momentum swinging into the red and collapsed to a life-time low of 69.13 on the back of heavy dollar pressure.

However, the local unit made a strong comeback in mid morning deals after RBI stepped in by selling dollars to support the rupee.

After regaining session high of 68.82, it finally settled down at 68.84, revealing a steep rise of 0.21 paise, or 0.30 per cent.

For the week, the Indian unit retreated after a brief rebound and depreciated by 31 paise against the US dollar.

The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 68.8458 and for the euro at 80.3114.

The 10-year benchmark yield, in contrast held steady at 7.79 per cent.

Against a basket of other currencies, the dollar index is sharply down at 94.40.

In the cross currency trade, the rupee lost further ground against the pound sterling to end at 89.80 per pound from 89.69 and drifted further against the euro to finish at 80.25 as compared to 80.05 yesterday. It also weakened against the Japanese yen to close at 61.26 per 100 yens from 61.12.

In forward market today, premium for dollar declined due to mild receiving from exporters.

The benchmark six-month forward premium payable in November edged down to 103.25-105.25 paise from 105-107 paise and the far-forward May 2019 contract moved down to 252-254 paise from 255-257 paise earlier.&nbsp;

The sell-off in the rupee accelerated in early trade, with the local unit plunging to a new historic low of 69.13 before recouping losses.

The rupee today staged an impressive rebound from life-time low levels, surging by 21 paise to end at 68.84 against the US dollar on suspected the central bank's intervention to check volatility in currency markets. The sell-off in the rupee accelerated in early trade, with the local unit plunging to a new historic low of 69.13 before recouping losses. Suspected intervention by the Reserve Bank of India (RBI) through state-run banks and short-selling the dollar by some foreign banks predominantly triggered the recovery momentum. The greenback took a reverse turn and slipped below one-year high after President Donald Trump criticised the Federal Reserve's interest-rate increases and expressed concerns about strengthening currency, adding that it would put the US at a disadvantage to other economies. The dollar index, which shows greenback's strength against a basket of currencies, fell by 0.66% to 94.53 today. The US dollar has gained more than 5 per cent in the past three months on expectations the US central bank will keep raising interest rates in the coming months. The US Fed has raised interest rates five times since Trump took office in January 2017. Forex sentiment turned highly volatile initially tracking the Chinese yuan's fall to its weakest in more than a year, as a trade dispute between the world's two largest economies intensified. Deteriorating domestic macro scenario coupled with global uncertainty shocks could continue to keep the rupee under severe pressure in near term, a forex dealer commented. Most Asian currencies were trading flat to higher against the dollar. In the meantime, crude prices were little changed and set for a sharp weekly drop on concerns over oversupply and the ongoing trade conflict between the US and China. The benchmark Brent was trading at USD 72.55 a barrel in early Asian trade. At the Interbank Foreign Exchange (forex) market, the rupee opened marginally higher at 69.01 from overnight record low of 69.05. But soon tilted to the downside with momentum swinging into the red and collapsed to a life-time low of 69.13 on the back of heavy dollar pressure. However, the local unit made a strong comeback in mid morning deals after RBI stepped in by selling dollars to support the rupee. After regaining session high of 68.82, it finally settled down at 68.84, revealing a steep rise of 0.21 paise, or 0.30 per cent. For the week, the Indian unit retreated after a brief rebound and depreciated by 31 paise against the US dollar. The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 68.8458 and for the euro at 80.3114. The 10-year benchmark yield, in contrast held steady at 7.79 per cent. Against a basket of other currencies, the dollar index is sharply down at 94.40. In the cross currency trade, the rupee lost further ground against the pound sterling to end at 89.80 per pound from 89.69 and drifted further against the euro to finish at 80.25 as compared to 80.05 yesterday. It also weakened against the Japanese yen to close at 61.26 per 100 yens from 61.12. In forward market today, premium for dollar declined due to mild receiving from exporters. The benchmark six-month forward premium payable in November edged down to 103.25-105.25 paise from 105-107 paise and the far-forward May 2019 contract moved down to 252-254 paise from 255-257 paise earlier.

Rupee recovers from record lows against dollar

Domestic bourses recovered after falling for two straight sessions in early trade today as the benchmark Sensex recovered over 150 points driven by a fresh round of buying ahead of the no-confidence debate in Lok Sabha today.

Besides, persistent buying by domestic institutional investors (DIIs) too influenced sentiment.

The 30-share index, which had lost 168.73 points in the previous two sessions, was trading higher by 158.11 points, or 0.43 per cent, at 36,509.34.&nbsp

Sectoral indices led by IT, teck, capital goods, auto and banking stocks helped the recovery, rising by up to 1.31 per cent.

The 50-share NSE Nifty reclaimed the 11,000 mark, quoting higher by 43.45 points, or 0.39 per cent, at 11,000.55.

Major gainers in the Sensex pack were ICICI Bank, Infosys, Adani Ports, RIL, L&T, Axis Bank, Tata Steel, Wipro, SBI, TCS, Hero MotoCorp, SunPharma, Maruti Suzuki and ITC, rising up to 2.30 per cent.

Meanwhile, DIIs bought shares worth a net of Rs 470.02 crore yesterday, while foreign portfolio investors (FPIs) sold shares to the tune of Rs 315.69 crore, as per stock exchanges' data.

Brokers said, expectations of the Modi government winning the first no-confidence motion it's facing in four years in the Lok Sabha boosted investor sentiment.

However, a weak trend in other Asian markets after China allowed its yuan currency to slide further, forced investors on the domestic bourses to adopt a cautious approach, they added.

Meanwhile, following yuan's fall, the rupee plunged to record low of 69.12 (intra-day) against the dollar at the forex market today.

Elsewhere in Asia, Shanghai Composite Index shed 0.12 per cent, while Hong Kong's Hang Seng was down 0.60 per cent. Japan's Nikkei too fell 0.71 per cent.

The US Dow Jones Industrial Average ended 0.53 per cent down yesterday.&nbsp

 
&nbsp

Domestic bourses recovered after falling for two straight sessions in early trade today as the benchmark Sensex recovered over 150 points driven by a fresh round of buying ahead of the no-confidence debate in Lok Sabha today

Domestic bourses recovered after falling for two straight sessions in early trade today as the benchmark Sensex recovered over 150 points driven by a fresh round of buying ahead of the no-confidence debate in Lok Sabha today. Besides, persistent buying by domestic institutional investors (DIIs) too influenced sentiment. The 30-share index, which had lost 168.73 points in the previous two sessions, was trading higher by 158.11 points, or 0.43 per cent, at 36,509.34. Sectoral indices led by IT, teck, capital goods, auto and banking stocks helped the recovery, rising by up to 1.31 per cent. The 50-share NSE Nifty reclaimed the 11,000 mark, quoting higher by 43.45 points, or 0.39 per cent, at 11,000.55. Major gainers in the Sensex pack were ICICI Bank, Infosys, Adani Ports, RIL, L&T, Axis Bank, Tata Steel, Wipro, SBI, TCS, Hero MotoCorp, SunPharma, Maruti Suzuki and ITC, rising up to 2.30 per cent. Meanwhile, DIIs bought shares worth a net of Rs 470.02 crore yesterday, while foreign portfolio investors (FPIs) sold shares to the tune of Rs 315.69 crore, as per stock exchanges' data. Brokers said, expectations of the Modi government winning the first no-confidence motion it's facing in four years in the Lok Sabha boosted investor sentiment. However, a weak trend in other Asian markets after China allowed its yuan currency to slide further, forced investors on the domestic bourses to adopt a cautious approach, they added. Meanwhile, following yuan's fall, the rupee plunged to record low of 69.12 (intra-day) against the dollar at the forex market today. Elsewhere in Asia, Shanghai Composite Index shed 0.12 per cent, while Hong Kong's Hang Seng was down 0.60 per cent. Japan's Nikkei too fell 0.71 per cent. The US Dow Jones Industrial Average ended 0.53 per cent down yesterday.

Sensex regains strength, rises over 150 points

Gold prices eased for a sixth straight session on Friday, hovering near a one-year low hit in the previous session, as the dollar traded close to a one-year high.

Spot gold was down 0.3 per cent at $1,218.72 an ounce at 0352 GMT. In the previous session, it fell to its weakest since early July last year at $1,211.08 an ounce.&nbsp

US gold futures were down 0.5 per cent at $1,218.30 an ounce.&nbsp

"It seems gold cannot really get anything going on the upside," said INTL FCStone analyst Edward Meir.

"So nothing changed despite the flurry caused by the president`s remarks and so gold continues to labour under a stronger dollar, higher rates slated for the balance of this year and next and general fund disenchantment with the long side."

The dollar index, which measures the greenback against a basket of six major currencies, stood at 95.127. It dropped from a one-year high on Thursday after US President Donald Trump expressed concern about the currency`s strength and the Federal Reserve`s interest rate increases.

Trump on Thursday criticized Fed`s policy even though most economists believe the highest inflation in seven years and lowest unemployment in 40 years justify recent interest rate rises and a strong US dollar.

This comes after Fed Chairman Jerome Powell in a two-day congressional testimony said the US was on course for years more of steady growth and reaffirmed expectations for more interest rate rises.&nbsp

Rising US interest rates tend to boost the dollar and make gold more expensive for other holders.

Elsewhere, the European Union`s trade commissioner on Thursday said she hopes an EU mission to Washington will ease a transatlantic trade dispute but the bloc is preparing a list of US imports to hit if the United States imposes tariffs on EU cars.

The United States imposed tariffs on EU steel and aluminium on June 1, and Trump is threatening to extend them to EU cars and car parts.&nbsp

Financial leaders of the world`s 20 biggest economies meet in Buenos Aires this weekend for the first time since China and the United States put tariffs on $34 billion of each other`s goods.

Spot gold may test a support at $1,204.45 per ounce, a break below which could cause a loss to the next support at $1,194, Reuters technical analyst Wang Tao said.

Meanwhile, Holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, rose 0.52 per cent to 798.13 tonnes on Thursday.

In other precious metals, silver fell 0.2 per cent to $15.23 an ounce.

Platinum was 0.6 per cent lower at $799.45 per ounce, while palladium was up 0.7 per cent at $875.50 an ounce.

Spot gold was down 0.3 per cent at $1,218.72 an ounce at 0352 GMT. In the previous session, it fell to its weakest since early July last year at $1,211.08 an ounce

Gold prices eased for a sixth straight session on Friday, hovering near a one-year low hit in the previous session, as the dollar traded close to a one-year high. Spot gold was down 0.3 per cent at $1,218.72 an ounce at 0352 GMT. In the previous session, it fell to its weakest since early July last year at $1,211.08 an ounce. US gold futures were down 0.5 per cent at $1,218.30 an ounce. "It seems gold cannot really get anything going on the upside," said INTL FCStone analyst Edward Meir. "So nothing changed despite the flurry caused by the president`s remarks and so gold continues to labour under a stronger dollar, higher rates slated for the balance of this year and next and general fund disenchantment with the long side." The dollar index, which measures the greenback against a basket of six major currencies, stood at 95.127. It dropped from a one-year high on Thursday after US President Donald Trump expressed concern about the currency`s strength and the Federal Reserve`s interest rate increases. Trump on Thursday criticized Fed`s policy even though most economists believe the highest inflation in seven years and lowest unemployment in 40 years justify recent interest rate rises and a strong US dollar. This comes after Fed Chairman Jerome Powell in a two-day congressional testimony said the US was on course for years more of steady growth and reaffirmed expectations for more interest rate rises. Rising US interest rates tend to boost the dollar and make gold more expensive for other holders. Elsewhere, the European Union`s trade commissioner on Thursday said she hopes an EU mission to Washington will ease a transatlantic trade dispute but the bloc is preparing a list of US imports to hit if the United States imposes tariffs on EU cars. The United States imposed tariffs on EU steel and aluminium on June 1, and Trump is threatening to extend them to EU cars and car parts. Financial leaders of the world`s 20 biggest economies meet in Buenos Aires this weekend for the first time since China and the United States put tariffs on $34 billion of each other`s goods. Spot gold may test a support at $1,204.45 per ounce, a break below which could cause a loss to the next support at $1,194, Reuters technical analyst Wang Tao said. Meanwhile, Holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, rose 0.52 per cent to 798.13 tonnes on Thursday. In other precious metals, silver fell 0.2 per cent to $15.23 an ounce. Platinum was 0.6 per cent lower at $799.45 per ounce, while palladium was up 0.7 per cent at $875.50 an ounce.

Gold prices slip for sixth session as dollar trades near 1-year high

The Chinese yuan skidded to one-year lows on Friday, shaking up Asian share markets and stoking concerns Beijing`s currency management could become the next flash point in a fierce trade dispute with the United States.

As the yuan fell to as low as 6.8128 to the dollar, major state-owned Chinese banks were seen selling dollars in an apparent bid by authorities to prevent a rapid fall in the currency.

Most equity markets in the region were spooked by the yuan`s continued slide. MSCI`s broadest index of Asia-Pacific shares outside Japan was off 0.05 per cent in volatile trade.&nbsp

"There are several channels through which the yuan`s weakening is hitting Asian stocks. First, a weaker yuan challenges the competitiveness of other Asian economies," said Shusuke Yamada, currency and equity strategist at Bank of America Merrill Lynch in Tokyo.

"The weaker currency also causes fears of capital leaving China and disrupting their capital markets, which could have knock-on effects on Asia. Lastly, a weaker yuan deepens trade war concerns."

The Chinese currency fell to as low as 6.8128 to the dollar, its weakest level in more than a year, before paring some of losses to 6.7941 on yuan buying by the major state-owned Chinese banks.

Traders said the amount of dollar selling was not huge and appeared to be aimed at controlling the pace of depreciation of the yuan, which has been battered over the past several weeks by the heated Sino-US trade dispute.&nbsp

Global markets are sensitive to any sharp moves in the yuan. China`s unexpected devaluation of the yuan in 2015 and the subsequent sharp sell-off of the currency spread turmoil in global financial markets as investors worried about the stability of the world`s second-largest economy.&nbsp

Asian stock markets were already edgy after Wall Street shares declined overnight amid the latest flare-up in trade tensions, with the Dow shedding 0.53 per cent and the S&P 500 declining 0.39 per cent.&nbsp

Japan`s Nikkei lost 0.63 per cent while Hong Kong`s Hang Seng slipped 0.57 per cent. In mainland China, the Shanghai Composite Index was down 0.12 per cent.

Worries about a full-blown global trade war are likely to persist as officials from the EU Trade Commission, due to arrive in Washington next week for trade talks, are said to be preparing a list of tit-for-tat actions in response to proposed U.S. tariffs on EU cars.

In currencies, the dollar was on the defensive following U.S. President Donald Trump`s criticism of Federal Reserve policy.

Trump on Thursday criticised Fed policy and expressed concern about the potential impact of rising rates and a stronger dollar on the US economy and American corporate competitiveness.

The dollar index against a basket of six major currencies stood little changed at 95.114 after being knocked down from 95.652, its highest level since July 2017.

The dollar had reached that high after Federal Reserve Chairman Jerome Powell expressed confidence in the US economy and affirmed expectations that the central bank was on track to keep hiking interest rates gradually.

The euro was flat at $1.1650, lifted from a three-week trough of $1.1575 set overnight. The single currency has lost about 0.3 per cent this week.

The greenback was unchanged at 112.46 yen. It has been knocked away from one-year peak of 113.18 scaled on Thursday.&nbsp &nbsp

Brent crude futures stood flat at $72.59 a barrel, maintaining their gains so far this week, after Saudi Arabia`s OPEC governor said the kingdom`s exports are likely to fall next month.&nbsp

As the yuan fell to as low as 6.8128 to the dollar, major state-owned Chinese banks were seen selling dollars in an apparent bid by authorities to prevent a rapid fall in the currency

The Chinese yuan skidded to one-year lows on Friday, shaking up Asian share markets and stoking concerns Beijing`s currency management could become the next flash point in a fierce trade dispute with the United States. As the yuan fell to as low as 6.8128 to the dollar, major state-owned Chinese banks were seen selling dollars in an apparent bid by authorities to prevent a rapid fall in the currency. Most equity markets in the region were spooked by the yuan`s continued slide. MSCI`s broadest index of Asia-Pacific shares outside Japan was off 0.05 per cent in volatile trade. "There are several channels through which the yuan`s weakening is hitting Asian stocks. First, a weaker yuan challenges the competitiveness of other Asian economies," said Shusuke Yamada, currency and equity strategist at Bank of America Merrill Lynch in Tokyo. "The weaker currency also causes fears of capital leaving China and disrupting their capital markets, which could have knock-on effects on Asia. Lastly, a weaker yuan deepens trade war concerns." The Chinese currency fell to as low as 6.8128 to the dollar, its weakest level in more than a year, before paring some of losses to 6.7941 on yuan buying by the major state-owned Chinese banks. Traders said the amount of dollar selling was not huge and appeared to be aimed at controlling the pace of depreciation of the yuan, which has been battered over the past several weeks by the heated Sino-US trade dispute. Global markets are sensitive to any sharp moves in the yuan. China`s unexpected devaluation of the yuan in 2015 and the subsequent sharp sell-off of the currency spread turmoil in global financial markets as investors worried about the stability of the world`s second-largest economy. Asian stock markets were already edgy after Wall Street shares declined overnight amid the latest flare-up in trade tensions, with the Dow shedding 0.53 per cent and the S&P 500 declining 0.39 per cent. Japan`s Nikkei lost 0.63 per cent while Hong Kong`s Hang Seng slipped 0.57 per cent. In mainland China, the Shanghai Composite Index was down 0.12 per cent. Worries about a full-blown global trade war are likely to persist as officials from the EU Trade Commission, due to arrive in Washington next week for trade talks, are said to be preparing a list of tit-for-tat actions in response to proposed U.S. tariffs on EU cars. In currencies, the dollar was on the defensive following U.S. President Donald Trump`s criticism of Federal Reserve policy. Trump on Thursday criticised Fed policy and expressed concern about the potential impact of rising rates and a stronger dollar on the US economy and American corporate competitiveness. The dollar index against a basket of six major currencies stood little changed at 95.114 after being knocked down from 95.652, its highest level since July 2017. The dollar had reached that high after Federal Reserve Chairman Jerome Powell expressed confidence in the US economy and affirmed expectations that the central bank was on track to keep hiking interest rates gradually. The euro was flat at $1.1650, lifted from a three-week trough of $1.1575 set overnight. The single currency has lost about 0.3 per cent this week. The greenback was unchanged at 112.46 yen. It has been knocked away from one-year peak of 113.18 scaled on Thursday. Brent crude futures stood flat at $72.59 a barrel, maintaining their gains so far this week, after Saudi Arabia`s OPEC governor said the kingdom`s exports are likely to fall next month.

Global Markets: Chinese yuan slides, spooking Asian stocks, as trade war fears heighten

Continuing its slide for the third session, the rupee today collapsed to a life-time low of 69.12 against the US dollar after the Chinese central bank weakened its daily reference rate for the yuan by the most in two years.

The yuan dropped further by 0.28 per cent to 6.7943 per dollar, its lowest levels in a year following a rising slump in recent weeks as the trade war between US and China brewed.

At the interbank foreign exchange market, the rupee opened higher at 69 a dollar against 69.05 previously.&nbsp

However, following the plunge in the yuan, the domestic currency fell to an all-time intra-day low of 69.12 against the American currency, showing a fall of 7 paise.

The rupee's previous all-time intra-day low was 69.10, touched on June 28.

A mad rush for dollar was witnessed as importers expected further erosion in the rupee value, forex dealers said.

Yesterday, the rupee took a hard 43-paise knock to close below the 69 level for the first time at a historic low of 69.05 against the US currency as upbeat comments on the US economy by the Federal Reserve chairman drove the greenback to one-year high levels higher against global currencies.

Meanwhile, foreign Portfolio Investors (FPIs) sold shares worth a net of Rs 315.69 crore yesterday, provisional data showed.

The benchmark BSE Sensex rose by 71.68 points, or 0.20 per cent, at 36,422.91 in early trade today.

Continuing its slide for the third session, the rupee today collapsed to a life-time low of 69.12 against the US dollar after the Chinese central bank weakened its daily reference rate for the yuan by the most in two years

Continuing its slide for the third session, the rupee today collapsed to a life-time low of 69.12 against the US dollar after the Chinese central bank weakened its daily reference rate for the yuan by the most in two years. The yuan dropped further by 0.28 per cent to 6.7943 per dollar, its lowest levels in a year following a rising slump in recent weeks as the trade war between US and China brewed. At the interbank foreign exchange market, the rupee opened higher at 69 a dollar against 69.05 previously. However, following the plunge in the yuan, the domestic currency fell to an all-time intra-day low of 69.12 against the American currency, showing a fall of 7 paise. The rupee's previous all-time intra-day low was 69.10, touched on June 28. A mad rush for dollar was witnessed as importers expected further erosion in the rupee value, forex dealers said. Yesterday, the rupee took a hard 43-paise knock to close below the 69 level for the first time at a historic low of 69.05 against the US currency as upbeat comments on the US economy by the Federal Reserve chairman drove the greenback to one-year high levels higher against global currencies. Meanwhile, foreign Portfolio Investors (FPIs) sold shares worth a net of Rs 315.69 crore yesterday, provisional data showed. The benchmark BSE Sensex rose by 71.68 points, or 0.20 per cent, at 36,422.91 in early trade today.

Rupee hits all-time low of 69.12 against US dollar

The rupee today took a hard 43-paise knock to close below the 69 level for the first time at a historic low of 69.05 against the US currency as upbeat comments on the US economy by the Federal Reserve chairman drove the greenback to one-year high levels higher against global currencies.

This is the biggest single-day fall since May 29 and goes hand in hand with a stronger US dollar.&nbsp;

The domestic currency suffered a major setback as forex sentiment turned wobbled once again with a resurgent dollar and a slew of local issues sparking jitters among investors.

The US dollar surged to fresh one-year high after the Fed chief's testimony to the US Senate yesterday bolstered the expectations of interest rate hikes, though gradually.

The two-year Treasury yield was near the multi-year high mark of 2.624 per cent, hitting appeal of emerging market currencies.

Also, Parliament tomorrow will debate a no-confidence motion tabled by opposition parties against Prime Minister Narendra Modi's government, which weighed on forex market sentiment.&nbsp;

Traders and speculators saw no signs of intervention by monetary authorities into the foreign exchange market to support the local currency, pushing the Indian currency down to a low of 69.07 in day trade.

The rupee had touched an all-time low intra-day low of 69.10 on June 28 but had recovered later on suspected RBI intervention.&nbsp;

The market mood has somewhat worsened as China steps up its game against the US after the People's Bank of China devalued the Yuan once again in what many see as a move against the US.

Most Asian currencies also dropped against the dollar on as concerns over a tariff war between the US and China endured, keeping investors cautious on regional trades.

Extending its overnight bearish undertone, the rupee resumed substantially lower at 68.72 at the Interbank Foreign Exchange (forex) market on heavy demand for the American unit from importers and local banks.

It later took a deep slide to hit a session low of 69.07 in late afternoon trade before ending at 69.05, showing a sharp fall of 43 paise, or 0.63 per cent.

The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 68.8331 and for the euro at 80.1153.

The domestic bond market also showed volatile trading and the 10-year benchmark yield falling 4 bps to 7.79 per cent.

The dollar index, which measures the greenback's value against a basket of six major currencies, was up at 95.39.

In the cross-currency trade, the rupee also fell back against the pound sterling to finish at 89.69 per pound from 89.39 and dropped against the euro to close at 80.05 compared to 79.72 earlier.

The local unit also drifted against the Japanese yen to settle at 61.12 per 100 yens from 60.74.&nbsp;

In forward market today, the premium for dollar showed a mixed trend due to lack of market-moving factors.

The benchmark six-month forward premium payable in November eased to 105-107 paise from 106.75-108.75 paise, while the far-forward May 2019 contract edged up to 255-257 paise from 254.50-256.50 paise.&nbsp;

This is the biggest single-day fall since May 29 and goes hand in hand with a stronger US dollar.

The rupee today took a hard 43-paise knock to close below the 69 level for the first time at a historic low of 69.05 against the US currency as upbeat comments on the US economy by the Federal Reserve chairman drove the greenback to one-year high levels higher against global currencies. This is the biggest single-day fall since May 29 and goes hand in hand with a stronger US dollar. The domestic currency suffered a major setback as forex sentiment turned wobbled once again with a resurgent dollar and a slew of local issues sparking jitters among investors. The US dollar surged to fresh one-year high after the Fed chief's testimony to the US Senate yesterday bolstered the expectations of interest rate hikes, though gradually. The two-year Treasury yield was near the multi-year high mark of 2.624 per cent, hitting appeal of emerging market currencies. Also, Parliament tomorrow will debate a no-confidence motion tabled by opposition parties against Prime Minister Narendra Modi's government, which weighed on forex market sentiment. Traders and speculators saw no signs of intervention by monetary authorities into the foreign exchange market to support the local currency, pushing the Indian currency down to a low of 69.07 in day trade. The rupee had touched an all-time low intra-day low of 69.10 on June 28 but had recovered later on suspected RBI intervention. The market mood has somewhat worsened as China steps up its game against the US after the People's Bank of China devalued the Yuan once again in what many see as a move against the US. Most Asian currencies also dropped against the dollar on as concerns over a tariff war between the US and China endured, keeping investors cautious on regional trades. Extending its overnight bearish undertone, the rupee resumed substantially lower at 68.72 at the Interbank Foreign Exchange (forex) market on heavy demand for the American unit from importers and local banks. It later took a deep slide to hit a session low of 69.07 in late afternoon trade before ending at 69.05, showing a sharp fall of 43 paise, or 0.63 per cent. The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 68.8331 and for the euro at 80.1153. The domestic bond market also showed volatile trading and the 10-year benchmark yield falling 4 bps to 7.79 per cent. The dollar index, which measures the greenback's value against a basket of six major currencies, was up at 95.39. In the cross-currency trade, the rupee also fell back against the pound sterling to finish at 89.69 per pound from 89.39 and dropped against the euro to close at 80.05 compared to 79.72 earlier. The local unit also drifted against the Japanese yen to settle at 61.12 per 100 yens from 60.74. In forward market today, the premium for dollar showed a mixed trend due to lack of market-moving factors. The benchmark six-month forward premium payable in November eased to 105-107 paise from 106.75-108.75 paise, while the far-forward May 2019 contract edged up to 255-257 paise from 254.50-256.50 paise.

Rupee suffers 43-paise knock to end at lifetime low of 69.05 against dollar

Benchmark BSE Sensex rebounded over 145 points to close at 36,496.37 today while the broader NSE Nifty settled above the 11,000-mark on widespread gains led by IT and pharma stocks.

Investors accumulated fresh positions ahead of the outcome of the no-confidence motion against the government in the Lok Sabha.

A sharp recovery in the rupee from its record low also supported the bounce back, brokers said.

The 30-share Sensex, after opening on a strong footing, continued its upward march to hit a high of 36,567.34 on value-buying in recent losers. It lost some ground on profit-booking, before finally ending 145.14 points, or 0.40 per cent higher at 36,496.37.

The gauge had lost 168.73 points in the previous two sessions.

The NSE Nifty, after touching a high of 11,030.25, ended 53.10 points, or 0.48 per cent higher at 11,010.20.

However, the benchmarks logged the first weekly loss in three weeks. The Sensex fell by 45.26 points or 0.12 per cent, while the Nifty lost 8.70 points, or 0.08 per cent, during the week.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 470.02 crore yesterday, while foreign portfolio investors (FPIs) sold equities to the tune of Rs 315.69 crore, as per stock exchanges' data.

The NSE Nifty, after touching a high of 11,030.25, ended 53.10 points, or 0.48 per cent higher at 11,010.20.

Benchmark BSE Sensex rebounded over 145 points to close at 36,496.37 today while the broader NSE Nifty settled above the 11,000-mark on widespread gains led by IT and pharma stocks. Investors accumulated fresh positions ahead of the outcome of the no-confidence motion against the government in the Lok Sabha. A sharp recovery in the rupee from its record low also supported the bounce back, brokers said. The 30-share Sensex, after opening on a strong footing, continued its upward march to hit a high of 36,567.34 on value-buying in recent losers. It lost some ground on profit-booking, before finally ending 145.14 points, or 0.40 per cent higher at 36,496.37. The gauge had lost 168.73 points in the previous two sessions. The NSE Nifty, after touching a high of 11,030.25, ended 53.10 points, or 0.48 per cent higher at 11,010.20. However, the benchmarks logged the first weekly loss in three weeks. The Sensex fell by 45.26 points or 0.12 per cent, while the Nifty lost 8.70 points, or 0.08 per cent, during the week. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 470.02 crore yesterday, while foreign portfolio investors (FPIs) sold equities to the tune of Rs 315.69 crore, as per stock exchanges' data.

Sensex rebounds; Nifty closes above 11,000 mark

The benchmark Sensex turned volatile after opening on a positive note in early trade today amid weakness in banking, pharma, metals, realty and IT stocks.&nbsp

The 30-share index was trading flat at 36,373.23 after beginning the session 142.14 points higher. The index had lost 146.52 points in the previous session.

All sectoral indices were trading in the red.&nbsp

Midcap stocks bled with MindTree, UBL, PC Jeweller falling up to 7 per cent.&nbsp

The NSE Nifty dropped below the 11,000 mark, falling 24.75 points, or 0.23 per cent, to 10,955.70.

HDFC, Kotak Bank, ITC, TCS, IndusInd Bank, L&T and SBI were among the top losers, shedding up to 1 per cent.&nbsp

Meanwhile, ONGC was the biggest gainer after the Cabinet yesterday tweaked pre-1999 oil and gas contracts to provide for proportionate sharing of statutory levies like royalty and cess between the operators of an area, and not put the entire burden on state-owned ONGC.

Shares of the company surged 2.03 per cent to Rs 163.55, followed by M&M 1.44 per cent to Rs 915.20. Oil India also gained 0.29 per cent to Rs 209.70.

Other gainers were Bharti Airtel, Vedanta, M&M, PowerGrid, Tata Motors, Adani Ports, HUL and RIL.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 111.01 crore, while foreign portfolio investors (FPIs) bought shares worth a net of Rs 95.68 crore yesterday, provisional data released by stock exchanges showed.

On the other hand, Asian stocks notched moderate gains, tracking increases seen on Wall Street overnight as the US Federal Reserve chief offered an upbeat assessment of the economy, also influenced the sentiments.

Hong Kong's Hang Seng was up 0.49 per cent and Shanghai Composite Index 0.13 per cent in early trade. Japan's Nikkei too gained 0.23 per cent.

The US Dow Jones Industrial Average ended 0.32 per cent higher yesterday. 
&nbsp

The 30-share index was trading flat at 36,373.23 after beginning the session 142.14 points higher. The index had lost 146.52 points in the previous session

The benchmark Sensex turned volatile after opening on a positive note in early trade today amid weakness in banking, pharma, metals, realty and IT stocks. The 30-share index was trading flat at 36,373.23 after beginning the session 142.14 points higher. The index had lost 146.52 points in the previous session. All sectoral indices were trading in the red. Midcap stocks bled with MindTree, UBL, PC Jeweller falling up to 7 per cent. The NSE Nifty dropped below the 11,000 mark, falling 24.75 points, or 0.23 per cent, to 10,955.70. HDFC, Kotak Bank, ITC, TCS, IndusInd Bank, L&T and SBI were among the top losers, shedding up to 1 per cent. Meanwhile, ONGC was the biggest gainer after the Cabinet yesterday tweaked pre-1999 oil and gas contracts to provide for proportionate sharing of statutory levies like royalty and cess between the operators of an area, and not put the entire burden on state-owned ONGC. Shares of the company surged 2.03 per cent to Rs 163.55, followed by M&M 1.44 per cent to Rs 915.20. Oil India also gained 0.29 per cent to Rs 209.70. Other gainers were Bharti Airtel, Vedanta, M&M, PowerGrid, Tata Motors, Adani Ports, HUL and RIL. Domestic institutional investors (DIIs) bought shares worth a net of Rs 111.01 crore, while foreign portfolio investors (FPIs) bought shares worth a net of Rs 95.68 crore yesterday, provisional data released by stock exchanges showed. On the other hand, Asian stocks notched moderate gains, tracking increases seen on Wall Street overnight as the US Federal Reserve chief offered an upbeat assessment of the economy, also influenced the sentiments. Hong Kong's Hang Seng was up 0.49 per cent and Shanghai Composite Index 0.13 per cent in early trade. Japan's Nikkei too gained 0.23 per cent. The US Dow Jones Industrial Average ended 0.32 per cent higher yesterday.

Sensex, Nifty turn volatile; midcap stocks crack

Asian shares extended early gains on Thursday as upbeat Wall Street earnings buoyed global investor sentiment, although trade war jitters pushed China's yuan to fresh one-year lows in both the onshore and offshore markets.

The dollar retreated from a three-week high as investors cashed in on gains the currency made after US Federal Reserve Chairman Jerome Powell`s two-day testimony reinforced a strong economic outlook.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.32 per cent, while Japan`s Nikkei and the Australian benchmark advanced 0.30 per cent and 0.40 per cent, respectively.

Bucking the regional rally, the Shanghai Composite index declined 0.13 per cent and the technology-heavy Shenzhen Composite shed 0.43 per cent.

"While strong US corporate earnings certainly helped boost sentiments, but that`s not enough to push the stocks meaningfully higher from here," said Yasuo Sakuma, chief investment officer at Libra Investments.

On Wall Street, the Dow Jones Industrial Average rose 0.32 per cent and the S&P 500 gained 0.22 per cent to hit a more than five-month high, while the Nasdaq Composite declined marginally by 0.01 per cent.

Stock markets were also supported by the Powell reiterating that the US economy was healthy, even though he warned that rising world protectionism would over time pose a risk to the global economic expansion.&nbsp

In the foreign exchange market, worries about the trade war between the United States and China kept the offshore yuan at 6.7695 per dollar and its onshore counterpart at 6.7408, both hitting their lowest levels since July 2017.

"Market players are looking at both the onshore and offshore exchange rate to determine whether or not the People`s Bank of China is intentionally allowing a weaker yuan," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank.

"If the difference between the two markets becomes too big, that could mean the PBOC is intervening in the market."

She noted that although the current spread between offshore and onshore yuan had widened recently, it was still far from the levels it hit during the Chinese financial market shock in 2015 when the central bank was seen intervening heavily.

The dollar index against a basket of six major currencies, rose to a three-week high of 95.4 and against the yen, the dollar hit a 6-1/2 month high of 113.140 yen on Wednesday.

In his two-day congressional testimony, the Fed`s Powell said he believed the United States was on course for years more of steady growth, and played down the risks to the US economy of an escalating trade conflict.

However, in the Fed`s Beige book released on Wednesday, manufacturers in every one of the central bank`s 12 districts expressed concern about the impact of tariffs, even as the US economy continued to expand at a moderate to modest pace.

"Trade war fears are something that won`t go away overnight. Investors need to be prepared for various possibilities, such as the United States versus China and the United States versus European Union," said Libra`s Sakuma.

Benchmark US 10-year notes fell in price to yield 2.875 per cent, from 2.862 per cent on Tuesday. The US yield curve remained near its flattest in nearly 11 years.

Oil prices rose 1.0 per cent overnight after US government data indicated bullish demand for gasoline and distillates, which overshadowed a surprise build in US crude inventories and US crude oil production`s hitting 11 million barrels per day for the first time.

US crude last traded at $68.86 per barrel, up 0.15 per cent on the day, and Brent was at $72.80, down 0.14 per cent, in Asian trade.

Spot gold dropped 0.24 per cent in Asian trade, after falling to a one-year intra-day low of $1221.50 per ounce on Wednesday.

The dollar retreated from a three-week high as investors cashed in on gains the currency made after US Federal Reserve Chairman Jerome Powell`s two-day testimony reinforced a strong economic outlook

Asian shares extended early gains on Thursday as upbeat Wall Street earnings buoyed global investor sentiment, although trade war jitters pushed China's yuan to fresh one-year lows in both the onshore and offshore markets. The dollar retreated from a three-week high as investors cashed in on gains the currency made after US Federal Reserve Chairman Jerome Powell`s two-day testimony reinforced a strong economic outlook. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.32 per cent, while Japan`s Nikkei and the Australian benchmark advanced 0.30 per cent and 0.40 per cent, respectively. Bucking the regional rally, the Shanghai Composite index declined 0.13 per cent and the technology-heavy Shenzhen Composite shed 0.43 per cent. "While strong US corporate earnings certainly helped boost sentiments, but that`s not enough to push the stocks meaningfully higher from here," said Yasuo Sakuma, chief investment officer at Libra Investments. On Wall Street, the Dow Jones Industrial Average rose 0.32 per cent and the S&P 500 gained 0.22 per cent to hit a more than five-month high, while the Nasdaq Composite declined marginally by 0.01 per cent. Stock markets were also supported by the Powell reiterating that the US economy was healthy, even though he warned that rising world protectionism would over time pose a risk to the global economic expansion. In the foreign exchange market, worries about the trade war between the United States and China kept the offshore yuan at 6.7695 per dollar and its onshore counterpart at 6.7408, both hitting their lowest levels since July 2017. "Market players are looking at both the onshore and offshore exchange rate to determine whether or not the People`s Bank of China is intentionally allowing a weaker yuan," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank. "If the difference between the two markets becomes too big, that could mean the PBOC is intervening in the market." She noted that although the current spread between offshore and onshore yuan had widened recently, it was still far from the levels it hit during the Chinese financial market shock in 2015 when the central bank was seen intervening heavily. The dollar index against a basket of six major currencies, rose to a three-week high of 95.4 and against the yen, the dollar hit a 6-1/2 month high of 113.140 yen on Wednesday. In his two-day congressional testimony, the Fed`s Powell said he believed the United States was on course for years more of steady growth, and played down the risks to the US economy of an escalating trade conflict. However, in the Fed`s Beige book released on Wednesday, manufacturers in every one of the central bank`s 12 districts expressed concern about the impact of tariffs, even as the US economy continued to expand at a moderate to modest pace. "Trade war fears are something that won`t go away overnight. Investors need to be prepared for various possibilities, such as the United States versus China and the United States versus European Union," said Libra`s Sakuma. Benchmark US 10-year notes fell in price to yield 2.875 per cent, from 2.862 per cent on Tuesday. The US yield curve remained near its flattest in nearly 11 years. Oil prices rose 1.0 per cent overnight after US government data indicated bullish demand for gasoline and distillates, which overshadowed a surprise build in US crude inventories and US crude oil production`s hitting 11 million barrels per day for the first time. US crude last traded at $68.86 per barrel, up 0.15 per cent on the day, and Brent was at $72.80, down 0.14 per cent, in Asian trade. Spot gold dropped 0.24 per cent in Asian trade, after falling to a one-year intra-day low of $1221.50 per ounce on Wednesday.

Global Markets: Asian shares rise on US earnings but trade worries rattle yuan

The rupee weakened by 12 paise to 68.74 against the US dollar today, hurt by fresh demand for the American currency from importers.

Traders said besides fresh demand of the US currency from importers, dollar's firmness against some currencies overseas weighed on the domestic unit. However, a higher opening of the stock market capped the rupee's fall.

The local currency had depreciated 17 paise to settle at 68.62 yesterday against the greenback.

The benchmark Sensex rose by 142.14 points, or 0.39 per cent, to 36,515.58 in early session today.

Traders said besides fresh demand of the US currency from importers, dollar's firmness against some currencies overseas weighed on the domestic unit. However, a higher opening of the stock market capped the rupee's fall

The rupee weakened by 12 paise to 68.74 against the US dollar today, hurt by fresh demand for the American currency from importers. Traders said besides fresh demand of the US currency from importers, dollar's firmness against some currencies overseas weighed on the domestic unit. However, a higher opening of the stock market capped the rupee's fall. The local currency had depreciated 17 paise to settle at 68.62 yesterday against the greenback. The benchmark Sensex rose by 142.14 points, or 0.39 per cent, to 36,515.58 in early session today.

Rupee slips 12 paise to 68.74 against US dollar

Comcast Corp has dropped its pursuit of a group of media assets owned by Twenty-First Century Fox Inc on which it was bidding against Walt Disney, and instead focus on its offer for European pay-TV group Sky Plc .

Shares of Comcast were up 2.2 per cent in premarket trade, while Fox fell 1 per cent. Shares of Walt Disney were up marginally.

"Comcast does not intend to pursue further the acquisition of the Twenty-First Century Fox assets and instead will focus on our recommended offer for Sky," the company said on Thursday.

Disney fended off Comcast's $66 billion all-cash challenge to its deal for the Fox assets last month by sweetening its offer to $71 billion in cash-and-stock. Time had run out for Comcast to come back with a new offer, with Fox shareholders scheduled to vote on the Disney deal on July 27.

The cable operator will now focus on the $34 billion offer to acquire 61 per cent of Sky. Fox, which owns 39 per cent of Sky, has been also seeking to acquire the majority stake.

The fight for Sky is part of a bigger battle being waged in the entertainment industry as the world's media giants splash out tens of billions of dollars on deals to be able to compete with Netflix and Amazon.com.

Shares of Comcast were up 2.2 per cent in premarket trade, while Fox fell 1 per cent. Shares of Walt Disney were up marginally.

Comcast Corp has dropped its pursuit of a group of media assets owned by Twenty-First Century Fox Inc on which it was bidding against Walt Disney, and instead focus on its offer for European pay-TV group Sky Plc . Shares of Comcast were up 2.2 per cent in premarket trade, while Fox fell 1 per cent. Shares of Walt Disney were up marginally. "Comcast does not intend to pursue further the acquisition of the Twenty-First Century Fox assets and instead will focus on our recommended offer for Sky," the company said on Thursday. Disney fended off Comcast's $66 billion all-cash challenge to its deal for the Fox assets last month by sweetening its offer to $71 billion in cash-and-stock. Time had run out for Comcast to come back with a new offer, with Fox shareholders scheduled to vote on the Disney deal on July 27. The cable operator will now focus on the $34 billion offer to acquire 61 per cent of Sky. Fox, which owns 39 per cent of Sky, has been also seeking to acquire the majority stake. The fight for Sky is part of a bigger battle being waged in the entertainment industry as the world's media giants splash out tens of billions of dollars on deals to be able to compete with Netflix and Amazon.com.

Comcast drops pursuit for Fox assets, to focus on Sky offer

Commerce Secretary Rita Teaotia on Thursday said there was a "real" possibility that India could lose the trade dispute that the US had filed in the WTO on export subsidies.

The remarks came as&nbspincome levels in India had crossed the threshold for exports to be subsidised.

"There is a real possibility that India will lose the trade dispute with the US at WTO over subsidising exports," she said at an ICC interaction here.

However, India has been responding "very strongly" to the US allegations, Teaotia said.

She said while direct subsidy to exports cannot be given, the government can legitimately support regulatory compliances required in other countries.

"Benefits to services exports will remain untouched, and GST refunds to exporters will continue as well," she said.

Support for input subsidy is also legitimate, the commerce secretary said. "However, incentive only for exports is not eligible. There must be a cost incurred and then compensation."

The government has already set up an expert group to look at WTO-compliant support to exports, and a draft set of schemes will be announced for discussion, she said.

Teaotia said that the existing export subsidy schemes were continuing, as the dispute was yet to be resolved.&nbsp

The US in March this year dragged India to the WTO's dispute settlement mechanism over export subsidies, saying that these incentives were harming American companies.&nbsp

Washington challenged India's export subsidy programmes such as Merchandise Exports from India Scheme in the WTO, asserting that these initiatives harm its companies by creating an uneven playing field.&nbsp

The US said that thousands of Indian companies are receiving benefits totalling over&nbsp $7 billion annually under various export promotion programmes.

The remarks came as income levels in India had crossed the threshold for exports to be subsidised.

Commerce Secretary Rita Teaotia on Thursday said there was a "real" possibility that India could lose the trade dispute that the US had filed in the WTO on export subsidies. The remarks came as&nbspincome levels in India had crossed the threshold for exports to be subsidised. "There is a real possibility that India will lose the trade dispute with the US at WTO over subsidising exports," she said at an ICC interaction here. However, India has been responding "very strongly" to the US allegations, Teaotia said. She said while direct subsidy to exports cannot be given, the government can legitimately support regulatory compliances required in other countries. "Benefits to services exports will remain untouched, and GST refunds to exporters will continue as well," she said. Support for input subsidy is also legitimate, the commerce secretary said. "However, incentive only for exports is not eligible. There must be a cost incurred and then compensation." The government has already set up an expert group to look at WTO-compliant support to exports, and a draft set of schemes will be announced for discussion, she said. Teaotia said that the existing export subsidy schemes were continuing, as the dispute was yet to be resolved. The US in March this year dragged India to the WTO's dispute settlement mechanism over export subsidies, saying that these incentives were harming American companies. Washington challenged India's export subsidy programmes such as Merchandise Exports from India Scheme in the WTO, asserting that these initiatives harm its companies by creating an uneven playing field. The US said that thousands of Indian companies are receiving benefits totalling over $7 billion annually under various export promotion programmes.

Possibility of India losing US trade dispute in WTO: Commerce secretary

Malaysian budget airline AirAsia Thursday announced an additional order of 34 Airbus A330neo planes, bringing the total value of its expanded 100-plane order to $30 billion as it sets its sights on European routes.

The first delivery of the jets will arrive towards the end of 2019 and will allow the airline to take on longer non-stop routes to Europe, AirAsia boss Tony Fernandes said at a media event.

These will be used by its long-haul arm, AirAsia X, replacing its older first-generation A330s.

"We can now start the London route... This plane allows us to fly to Brazil, Namibia and anywhere we want," he said.

The Kuala Lumpur-London route was dropped in 2012 due to low demand and high fuel prices.

"We lobbied hard for the A330neo after seeing the success of the A320neo, and working closely with Airbus, we have arrived at an aircraft that we are confident will allow us to expand our low fares offering beyond Asia Pacific to the rest of the world," AirAsia X chief executive Kamarudin Meranun said.

The deal makes AirAsia the biggest Asian customer of European aviation giant Airbus, which has been locked in a tight battle for dominance with US rival Boeing.

The twin-aisled A330neos are a fuel-efficient upgrade of the current A330s operated by AirAsia. Fitted with Rolls Royce Trent 7000 engines, the planes will reduce fuel consumption by 25 percent, the planemakers said.

But the jet has been edged out by the newer Boeing 787 and was depending on AirAsia to revive sales of the upgraded long-haul plane.

Boeing on Thursday said it had firmed up an order for at least 10 787s from Hawaiian Airlines after the airline cancelled an order for the A330neo.

Fernandes also said Airasia and Airbus have began "talks" to explore cooperation to develop an industrial aviation centre in Malaysia which will include a repair and overhaul facility and a training centre.

AirAsia is Asia's largest budget carrier by fleet size but has been hit by some negative publicity recently.

In May, Indian authorities raided the airline's local offices and accused Fernandes of illegally obtaining operating licences.&nbsp

Earlier that month, Fernandes apologised for a controversial stunt endorsing Malaysia's scandal-tainted prime minister Najib Razak in the country's general election, in which he suffered a stunning defeat.

Fernandes, a millionaire ex-music executive, has styled himself as Asia's answer to British tycoon Richard Branson.

The first delivery of the jets will arrive towards the end of 2019 and will allow the airline to take on longer non-stop routes to Europe

Malaysian budget airline AirAsia Thursday announced an additional order of 34 Airbus A330neo planes, bringing the total value of its expanded 100-plane order to $30 billion as it sets its sights on European routes. The first delivery of the jets will arrive towards the end of 2019 and will allow the airline to take on longer non-stop routes to Europe, AirAsia boss Tony Fernandes said at a media event. These will be used by its long-haul arm, AirAsia X, replacing its older first-generation A330s. "We can now start the London route... This plane allows us to fly to Brazil, Namibia and anywhere we want," he said. The Kuala Lumpur-London route was dropped in 2012 due to low demand and high fuel prices. "We lobbied hard for the A330neo after seeing the success of the A320neo, and working closely with Airbus, we have arrived at an aircraft that we are confident will allow us to expand our low fares offering beyond Asia Pacific to the rest of the world," AirAsia X chief executive Kamarudin Meranun said. The deal makes AirAsia the biggest Asian customer of European aviation giant Airbus, which has been locked in a tight battle for dominance with US rival Boeing. The twin-aisled A330neos are a fuel-efficient upgrade of the current A330s operated by AirAsia. Fitted with Rolls Royce Trent 7000 engines, the planes will reduce fuel consumption by 25 percent, the planemakers said. But the jet has been edged out by the newer Boeing 787 and was depending on AirAsia to revive sales of the upgraded long-haul plane. Boeing on Thursday said it had firmed up an order for at least 10 787s from Hawaiian Airlines after the airline cancelled an order for the A330neo. Fernandes also said Airasia and Airbus have began "talks" to explore cooperation to develop an industrial aviation centre in Malaysia which will include a repair and overhaul facility and a training centre. AirAsia is Asia's largest budget carrier by fleet size but has been hit by some negative publicity recently. In May, Indian authorities raided the airline's local offices and accused Fernandes of illegally obtaining operating licences. Earlier that month, Fernandes apologised for a controversial stunt endorsing Malaysia's scandal-tainted prime minister Najib Razak in the country's general election, in which he suffered a stunning defeat. Fernandes, a millionaire ex-music executive, has styled himself as Asia's answer to British tycoon Richard Branson.

AirAsia announces $30billion deal for 100 Airbus planes

Oil giant BP's Eastern Trough Area Project off the coast of Scotland wasn't supposed to be viable beyond 2018.

But government and industry working together have given ETAP a new lease of life that is being closely watched by countries and companies eyeing other ageing projects around the world.

When ETAP has launched 20 years ago today, some experts predicted the UK sector of the North Sea would cease most production by 2030.

Government efforts to keep producers in the basin, home to the Brent crude that underpins the price benchmark, gained urgency with the 2014 oil price crash. Cheaper oil also forced the industry to upgrade technology and find more efficiencies.

From original plans to stop production at ETAP, BP decided to invest $1 billion in 2015.

"One has to take stock of the potential going forward and make an intervention that allows for the right investment to extend life," Ariel Flores, BP's North Sea Chief, told us. "We've done that on ETAP."

ETAP's example shows how efforts to extend the production in the North Sea are succeeding, providing lessons for producers in other fields near exhaustion such as those in the Gulf of Mexico and southeast Asia.

ETAP produces around 37,000 barrels per day of oil now against as much as 217,000 bpd in 2000. But BP production in the entirety of the North Sea is set to double in 2020 to 200,000 bpd from 2014 as fields such as Clair Ridge west of Shetland islands come online, Flores said.

"There are a number of fields in the central North Sea area waiting for final investment decisions (FIDs). And for some of those, the potential host is ETAP," Flores said.

Long-established oil giants such as BP, Royal Dutch Shell and Total as well as smaller, nimbler North Sea-focused producers such as Enquest and Premier Oil are all finding&nbsp;business&nbsp;opportunities in the area.

The region has also seen something of a changing of the guard in recent years. Shell, BP, OMV, and Engie have sold fields and infrastructure to smaller players, many of which are backed by private equity or specialise in squeezing more life out of mature assets, such as Chrysaor, Siccar Point and Neptune. Chrysaor acquired around half of Shell's North Sea portfolio last year and is now one of the largest operators in the basin, boosting reserves by drilling wells around ageing fields, such as the Armada field.

"Six years ago you went to the US raising money and everyone was talking about fiscal instability, decommissioning, a basin in decline, and that has completely changed," Chrysaor CEO Phil Kirk told us. "Now people talk about opportunity, about a change in the ownership of the basin."

<h4>GOVERNMENT</h4>

Oil and gas companies invested billions in the North Sea in the late 2000s to meet surging demand from Asia but the subsequent oil price rally masked huge inefficiencies and waste.

When the bottom fell out in 2014 as shale producers in the United States competed with OPEC for market share, output had already dwindled to around 1 million barrels per day from a peak of 2.6 million in 1999. Investments were drying up and many operators were focused on plugging wells and dismantling fields.

That's where the UK government stepped in.

Scottish oil and gas magnate Ian Wood was commissioned in 2013 to look at how the government could stem the outflow from an industry that provides 300,000 jobs in the region.

The 2014 Wood report led to the creation of the independent Oil and Gas Authority (OGA) and a regulatory overhaul, including scrapping a 50 per cent petroleum revenue tax and, starting in November, allowing the transfer of the tax history of an asset to the buyer who can then offset tax on decommissioning.

"On the decommissioning side&nbsp;they (operators) can see that it's more manageable, they can see there are improvements happening, they can see that the government has listened," OGA Director of Operations Gunther Newcombe told Reuters.

Tax cuts for the industry in 2015 and 2016 alone amounted to 2.7 billion pounds, the government says.

The OGA also started working hand-in-hand with North Sea operators to assemble and share cost benchmarks.

"Some thought&nbsp;the UK North Sea was facing a terminal decline but it wasn’t for lack of resource in the ground, it was investment appetite, it was portfolio issues and perceived barriers for investment," said Chrysaor's Kirk.

INDUSTRY

The industry made its own changes.

Using simpler field designs, replacing custom-made kit from paints to seabed pumps with off-the-shelf equipment, and increasing cooperation among producers to save on transportation and development costs, the North Sea today can compete with other offshore basins and in some cases, even onshore US&nbsp;shale.

Sensors that BP has installed on drilling equipment and pumps now detect minuscule vibrations that give engineers precious extra hours, or even minutes, to change a valve or shut down a unit, preventing serious damage and minimising downtime for a field, for example.

"We are looking at things more collaboratively, trusting contractors to be able to come up with solutions for us," Flores said. "At times there had been a duplication of work, checking and recalculating calculations. Now there’s a drive towards eliminating that."

BP's operating efficiency in the North Sea is now more than 80 per cent, up from 65 per cent earlier this decade, he said.

For the UK oil sector as a whole, including the North Sea, production efficiency, measured as a percentage of potential maximum output, is now 74 per cent compared to a low of 60 per cent in 2012, the OGA said this week. Industry body UK Oil and Gas say unit operating costs last year were around $15 per barrel of oil equivalent, half that in 2014.

Producers have also become effective in slowing the natural decline of fields, according to the Bernstein brokerage and research group. The rate of output decline has come down to 5 per cent in 2017 from 18 per cent in 2012.

NEW INTEREST

In the ultimate show of confidence, companies are green-lighting new projects.

Dozens of companies competed for 229 blocks to explore and develop new fields in May. Another licensing round for 1,766 blocks will close in November.

"We're finding a huge appetite for the UK We're looking currently at possibly sanctioning 14 projects this year," said the OGA's Newcombe.

"We've got around 50 that we're looking at right now. Last year we sanctioned two. This year we sanctioned five already."

Shell in February decided to go ahead with the development of the Penguins, its first new project in the basin&nbsp;in six years, followed by the FID in June on the Fram condensate field.

BP has approved the development of the Alligin and Vorlich fields west of the Shetlands.

"Two FIDs&nbsp;in six months&nbsp;tells you that the North Sea competes for capital against other opportunities in other jurisdictions, helped enormously by the government's commitment," said Sinead Lynch, Shell's UK country chair.

Total expenditure in the North Sea in 2017, including exploration, development and decommissioning, was half that of 2014 at around 14 billion pounds. But the production of both oil and gas is expected to grow to around 1.7 million of oil equivalent per day this year from 1.4 million in 2014, the OGA said.

"I don't think the UK North Sea is ready to turn its lights out for some years to come," said Premier chief Tony Durrant.

&nbsp;

Home to the Brent crude that underpins the price benchmark, gained urgency with the 2014 oil price crash. Cheaper oil also forced the industry to upgrade technology and find more efficiencies.

Oil giant BP's Eastern Trough Area Project off the coast of Scotland wasn't supposed to be viable beyond 2018. But government and industry working together have given ETAP a new lease of life that is being closely watched by countries and companies eyeing other ageing projects around the world. When ETAP has launched 20 years ago today, some experts predicted the UK sector of the North Sea would cease most production by 2030. Government efforts to keep producers in the basin, home to the Brent crude that underpins the price benchmark, gained urgency with the 2014 oil price crash. Cheaper oil also forced the industry to upgrade technology and find more efficiencies. From original plans to stop production at ETAP, BP decided to invest $1 billion in 2015. "One has to take stock of the potential going forward and make an intervention that allows for the right investment to extend life," Ariel Flores, BP's North Sea Chief, told us. "We've done that on ETAP." ETAP's example shows how efforts to extend the production in the North Sea are succeeding, providing lessons for producers in other fields near exhaustion such as those in the Gulf of Mexico and southeast Asia. ETAP produces around 37,000 barrels per day of oil now against as much as 217,000 bpd in 2000. But BP production in the entirety of the North Sea is set to double in 2020 to 200,000 bpd from 2014 as fields such as Clair Ridge west of Shetland islands come online, Flores said. "There are a number of fields in the central North Sea area waiting for final investment decisions (FIDs). And for some of those, the potential host is ETAP," Flores said. Long-established oil giants such as BP, Royal Dutch Shell and Total as well as smaller, nimbler North Sea-focused producers such as Enquest and Premier Oil are all finding business opportunities in the area. The region has also seen something of a changing of the guard in recent years. Shell, BP, OMV, and Engie have sold fields and infrastructure to smaller players, many of which are backed by private equity or specialise in squeezing more life out of mature assets, such as Chrysaor, Siccar Point and Neptune. Chrysaor acquired around half of Shell's North Sea portfolio last year and is now one of the largest operators in the basin, boosting reserves by drilling wells around ageing fields, such as the Armada field. "Six years ago you went to the US raising money and everyone was talking about fiscal instability, decommissioning, a basin in decline, and that has completely changed," Chrysaor CEO Phil Kirk told us. "Now people talk about opportunity, about a change in the ownership of the basin." GOVERNMENT Oil and gas companies invested billions in the North Sea in the late 2000s to meet surging demand from Asia but the subsequent oil price rally masked huge inefficiencies and waste. When the bottom fell out in 2014 as shale producers in the United States competed with OPEC for market share, output had already dwindled to around 1 million barrels per day from a peak of 2.6 million in 1999. Investments were drying up and many operators were focused on plugging wells and dismantling fields. That's where the UK government stepped in. Scottish oil and gas magnate Ian Wood was commissioned in 2013 to look at how the government could stem the outflow from an industry that provides 300,000 jobs in the region. The 2014 Wood report led to the creation of the independent Oil and Gas Authority (OGA) and a regulatory overhaul, including scrapping a 50 per cent petroleum revenue tax and, starting in November, allowing the transfer of the tax history of an asset to the buyer who can then offset tax on decommissioning. "On the decommissioning side they (operators) can see that it's more manageable, they can see there are improvements happening, they can see that the government has listened," OGA Director of Operations Gunther Newcombe told Reuters. Tax cuts for the industry in 2015 and 2016 alone amounted to 2.7 billion pounds, the government says. The OGA also started working hand-in-hand with North Sea operators to assemble and share cost benchmarks. "Some thought the UK North Sea was facing a terminal decline but it wasn’t for lack of resource in the ground, it was investment appetite, it was portfolio issues and perceived barriers for investment," said Chrysaor's Kirk. INDUSTRY The industry made its own changes. Using simpler field designs, replacing custom-made kit from paints to seabed pumps with off-the-shelf equipment, and increasing cooperation among producers to save on transportation and development costs, the North Sea today can compete with other offshore basins and in some cases, even onshore US shale. Sensors that BP has installed on drilling equipment and pumps now detect minuscule vibrations that give engineers precious extra hours, or even minutes, to change a valve or shut down a unit, preventing serious damage and minimising downtime for a field, for example. "We are looking at things more collaboratively, trusting contractors to be able to come up with solutions for us," Flores said. "At times there had been a duplication of work, checking and recalculating calculations. Now there’s a drive towards eliminating that." BP's operating efficiency in the North Sea is now more than 80 per cent, up from 65 per cent earlier this decade, he said. For the UK oil sector as a whole, including the North Sea, production efficiency, measured as a percentage of potential maximum output, is now 74 per cent compared to a low of 60 per cent in 2012, the OGA said this week. Industry body UK Oil and Gas say unit operating costs last year were around $15 per barrel of oil equivalent, half that in 2014. Producers have also become effective in slowing the natural decline of fields, according to the Bernstein brokerage and research group. The rate of output decline has come down to 5 per cent in 2017 from 18 per cent in 2012. NEW INTEREST In the ultimate show of confidence, companies are green-lighting new projects. Dozens of companies competed for 229 blocks to explore and develop new fields in May. Another licensing round for 1,766 blocks will close in November. "We're finding a huge appetite for the UK We're looking currently at possibly sanctioning 14 projects this year," said the OGA's Newcombe. "We've got around 50 that we're looking at right now. Last year we sanctioned two. This year we sanctioned five already." Shell in February decided to go ahead with the development of the Penguins, its first new project in the basin in six years, followed by the FID in June on the Fram condensate field. BP has approved the development of the Alligin and Vorlich fields west of the Shetlands. "Two FIDs in six months tells you that the North Sea competes for capital against other opportunities in other jurisdictions, helped enormously by the government's commitment," said Sinead Lynch, Shell's UK country chair. Total expenditure in the North Sea in 2017, including exploration, development and decommissioning, was half that of 2014 at around 14 billion pounds. But the production of both oil and gas is expected to grow to around 1.7 million of oil equivalent per day this year from 1.4 million in 2014, the OGA said. "I don't think the UK North Sea is ready to turn its lights out for some years to come," said Premier chief Tony Durrant.

Not dead yet: Home of Brent crude gets new lease of life

Trade tensions are posing the biggest risk to global growth, said chief economist of the International Monetary Fund (IMF) Maurice Obstfeld on Monday.

Obstfeld made the remarks during an interview with China Central Television (CCTV) as the IMF released its updated World Economic Outlook report on Monday. The IMF kept its growth forecasts for the global economy unchanged for this year and the next year, but warned of escalating trade tensions that could derail the global recovery.

"There are a number of challenges, I think the biggest is around trade policy and trade tensions, where there is a real big risk to global growth if the threatened measures and countermeasures all come to pass and the&nbspbusiness&nbspconfidence suffers as a result. There are other risks out there for high levels of private and public debts in many economies, as interest rates rise could cause problems. The strong dollar that we are seeing is having an effective tightening financial condition in emerging and frontier markets. And that is affecting a few of them right now. If interest rates in the U.S. rise very sharply, that could be a bigger effect down the road," said Obstfeld.

The IMF report came after the Trump administration unilaterally imposed high tariffs on imported steel and aluminum products, provoking strong opposition from the domesticbusiness&nbspcommunity and retaliatory measures from US&nbsptrading partners.

The risk that current trade tensions escalate further -- with adverse effects on confidence, asset prices and investment -- is the greatest near-term threat to global growth, Obstfeld warned at a briefing, adding that countries must resist inward-looking thinking.

"Well, what we would like to see is a move to strengthen the multilateral system that has been so successful in promoting trade expansion throughout the entire post-war period. To address some of their concerns, whether it's about intellectual property, whether it's about support by state-owned enterprises in the Chinese case, I don't think the steel and aluminum issues are beyond being resolved also if countries will work together," said Obstfeld.

The IMF report came after the Trump administration unilaterally imposed high tariffs on imported steel and aluminum products, provoking strong opposition from the domesticbusiness community and retaliatory measures from US trading partners.

Trade tensions are posing the biggest risk to global growth, said chief economist of the International Monetary Fund (IMF) Maurice Obstfeld on Monday. Obstfeld made the remarks during an interview with China Central Television (CCTV) as the IMF released its updated World Economic Outlook report on Monday. The IMF kept its growth forecasts for the global economy unchanged for this year and the next year, but warned of escalating trade tensions that could derail the global recovery. "There are a number of challenges, I think the biggest is around trade policy and trade tensions, where there is a real big risk to global growth if the threatened measures and countermeasures all come to pass and the&nbspbusiness&nbspconfidence suffers as a result. There are other risks out there for high levels of private and public debts in many economies, as interest rates rise could cause problems. The strong dollar that we are seeing is having an effective tightening financial condition in emerging and frontier markets. And that is affecting a few of them right now. If interest rates in the U.S. rise very sharply, that could be a bigger effect down the road," said Obstfeld. The IMF report came after the Trump administration unilaterally imposed high tariffs on imported steel and aluminum products, provoking strong opposition from the domesticbusiness&nbspcommunity and retaliatory measures from US&nbsptrading partners. The risk that current trade tensions escalate further -- with adverse effects on confidence, asset prices and investment -- is the greatest near-term threat to global growth, Obstfeld warned at a briefing, adding that countries must resist inward-looking thinking. "Well, what we would like to see is a move to strengthen the multilateral system that has been so successful in promoting trade expansion throughout the entire post-war period. To address some of their concerns, whether it's about intellectual property, whether it's about support by state-owned enterprises in the Chinese case, I don't think the steel and aluminum issues are beyond being resolved also if countries will work together," said Obstfeld.

Trade tensions biggest risk to global growth: IMF chief economist

Extending yesterday's rally, the benchmark BSE Sensex jumped over 200 points to record a new high of 36,747.87 in early trade today amid buying by domestic institutional investors and easing global crude oil prices.

The market rally was driven by strong buying on the oil & gas, banking, PSU and realty counters and strength in the rupee.

The 30-share BSE index spurted by 227.91 points, or 0.62 per cent, to hit new high of 36,747.87, surpassing its previous record of 36,740.07 recorded on July 13.

However, at 0950hrs, the index pared some gains and was trading 108.72 points, or 0.30 per cent, higher at 36,628.68.

The gauge had gained 196.19 points in the previous session.

The 50-share NSE Nifty also rose by 62.05 points, or 0.56 per cent, to 11,070.10.

Traders said positive cues from other Asian markets, tracking overnight gains in the US market following upbeat remarks from Federal Reserve Chairman Jerome Powell during his congressional testimony boosted investor sentiment.

Domestic institutional investors (DIIs) bought shares worth a net pf Rs 840.06 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 673.99 crore yesterday, provisional data released by stock exchanges showed.

Major gainers include Adani Ports, HDFC Bank, Sun Pharma, ONGC, Coal India, HDFC Ltd, Asian Paint, Wipro, Bajaj Auto, Hero MotoCorp, Maruti Suzuki, Infosys, PowerGrid, L&T, RIL and TCS, rising up to 1.65 per cent.

Sectoral indices led by oil & gas, PSU, realty and banking stocks gained up to 1.12 per cent.

Other Asian markets were trading higher too. Key indices such Japan's Nikkei rose 0.90 per cent, Shanghai Composite Index 0.43 per cent and Hong Kong's Hang Seng 0.29 per cent in early trade.

The US Dow Jones Industrial Average ended 0.22 per cent higher yesterday.

The market rally was driven by strong buying on the oil & gas, banking, PSU and realty counters and strength in the rupee.

Extending yesterday's rally, the benchmark BSE Sensex jumped over 200 points to record a new high of 36,747.87 in early trade today amid buying by domestic institutional investors and easing global crude oil prices. The market rally was driven by strong buying on the oil & gas, banking, PSU and realty counters and strength in the rupee. The 30-share BSE index spurted by 227.91 points, or 0.62 per cent, to hit new high of 36,747.87, surpassing its previous record of 36,740.07 recorded on July 13. However, at 0950hrs, the index pared some gains and was trading 108.72 points, or 0.30 per cent, higher at 36,628.68. The gauge had gained 196.19 points in the previous session. The 50-share NSE Nifty also rose by 62.05 points, or 0.56 per cent, to 11,070.10. Traders said positive cues from other Asian markets, tracking overnight gains in the US market following upbeat remarks from Federal Reserve Chairman Jerome Powell during his congressional testimony boosted investor sentiment. Domestic institutional investors (DIIs) bought shares worth a net pf Rs 840.06 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 673.99 crore yesterday, provisional data released by stock exchanges showed. Major gainers include Adani Ports, HDFC Bank, Sun Pharma, ONGC, Coal India, HDFC Ltd, Asian Paint, Wipro, Bajaj Auto, Hero MotoCorp, Maruti Suzuki, Infosys, PowerGrid, L&T, RIL and TCS, rising up to 1.65 per cent. Sectoral indices led by oil & gas, PSU, realty and banking stocks gained up to 1.12 per cent. Other Asian markets were trading higher too. Key indices such Japan's Nikkei rose 0.90 per cent, Shanghai Composite Index 0.43 per cent and Hong Kong's Hang Seng 0.29 per cent in early trade. The US Dow Jones Industrial Average ended 0.22 per cent higher yesterday.

Sensex records new high, Nifty holds above 11,000

Retirement fund body EPFO has invested Rs 48,946 crore in exchange-traded funds (ETFs) till June 30, 2018, parliament was informed today.&nbsp;

The Employees’ Provident Fund Organisation (EPFO) is investing in ETFs based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs) and Bharat 22 indices. The body does not invest in shares and equities of individual companies.&nbsp;

“The total amount invested by EPFO in ETFs as on June 2018 is Rs. 48,946 crore,” Labour Minister Santosh Gangwar said in written reply in the Rajya Sabha.

The EPFO’s apex decision-making body the Central Board of Trustees (CBT) at its 207th meeting held on March 31, 2015, decided to invest only in ETFs in the category of equity and related investments.&nbsp;

In a separate reply, the minister said,” The CBT in its 222nd meeting held on June 26, 2018, has considered a proposal for insertion of paragraph 68HH in the EPF Scheme, 1952 to enable a member who is no longer in employment for a continuous period of one month, to avail (withdraw) 75 per cent of the total fund standing to his credit.”

According to Paragraph 69(2) of Employees’ Provident Funds (EPF) Scheme, 1952, a member can withdraw the full amount standing to his credit in the fund on ceasing to be an employee in an establishment for a continuous period of two months immediately preceding the date on which he makes an application for withdrawal.&nbsp;

The requirement of two months waiting period shall not, however, apply in cases of female members resigning from the services of the establishment for the purpose of getting married.

Retirement fund body EPFO has invested Rs 48,946 crore in exchange traded funds (ETFs) till June 30, 2018, parliament was informed today.

Retirement fund body EPFO has invested Rs 48,946 crore in exchange-traded funds (ETFs) till June 30, 2018, parliament was informed today. The Employees’ Provident Fund Organisation (EPFO) is investing in ETFs based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs) and Bharat 22 indices. The body does not invest in shares and equities of individual companies. “The total amount invested by EPFO in ETFs as on June 2018 is Rs. 48,946 crore,” Labour Minister Santosh Gangwar said in written reply in the Rajya Sabha. The EPFO’s apex decision-making body the Central Board of Trustees (CBT) at its 207th meeting held on March 31, 2015, decided to invest only in ETFs in the category of equity and related investments. In a separate reply, the minister said,” The CBT in its 222nd meeting held on June 26, 2018, has considered a proposal for insertion of paragraph 68HH in the EPF Scheme, 1952 to enable a member who is no longer in employment for a continuous period of one month, to avail (withdraw) 75 per cent of the total fund standing to his credit.” According to Paragraph 69(2) of Employees’ Provident Funds (EPF) Scheme, 1952, a member can withdraw the full amount standing to his credit in the fund on ceasing to be an employee in an establishment for a continuous period of two months immediately preceding the date on which he makes an application for withdrawal. The requirement of two months waiting period shall not, however, apply in cases of female members resigning from the services of the establishment for the purpose of getting married.

EPFO invested nearly Rs 50,000 crore in ETFs till June 30: Government

After approving capital support for five public sector banks (PSBs), the finance ministry is assessing the needs of 2-3 more banks and fund infusion in them would be done by the end of the second quarter of the current fiscal.&nbsp

The ministry has already finalised capital infusion of Rs 11,336 crore in five PSBs to help them meet their interest payment commitments without impacting their regulatory capital requirements, a senior government official said.

Two or three more banks will need capital to meet the norms in the coming few weeks, the official said, adding that they would get funds by September. These banks have come under pressure because of interest paid to their bondholders of Additional Tier 1 (AT-1) bonds.

As a result, they were facing the risk of breaching the regulatory capital requirement, sources said, adding that the ministry has decided to provide capital to 4-5 banks which are facing “acute shortage”. Banks raise capital through AT1 bonds, which are perpetual in nature and therefore provide a higher interest rate to investors. A high level of bad loans and widening losses have made it difficult for banks to service these bonds from their own earnings.

Five banks which will soon get capital include Punjab National Bank (PNB), hit by Nirav Modi scam, which will get the highest amount of Rs 2,816 crore out, while Allahabad Bank to get Rs 1,790 crore. Besides, Andhra Bank to get Rs 2,019 crore, Indian Overseas Bank – Rs 2,157 crore and Corporation Bank – Rs 2,555 crore.

The infusion would be part of the remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion over two financial years. In the second half of the current fiscal, the official said, banks will get growth capital to enable them to expand lending activity.

The government announced Rs 2.11 lakh crore capital infusion programme October last year. As per the plan, the PSBs were to get Rs 1.35 lakh crore through re-capitalisation bonds, and the balance Rs 58,000 crore through raising of capital from the market.

Out of the Rs 1.35 lakh crore, the government has already infused about Rs 71,000 crore through recap bonds in the banks and balance would be done during this fiscal. Besides, PSBs are also planning to tap the markets to raise more than Rs 50,000 crore this fiscal to shore up their capital base for business growth and meeting regulatory global risk norms.

Capital is very much required for these banks as they are saddled with non-performing assets (NPAs) or bad loans of about Rs 10 lakh crore. Out of 21 public sector banks, 13 have already taken the approval of their boards or shareholders for raising capital through the equity market. The combined value of the shares sales of these banks is upwards of Rs 50,000 crore.

Leading the pack is the Central Bank of India, which has already got shareholders’ approval for raising Rs 8,000 crore equity capital through various means, including a follow-on public offer, rights issue or a qualified institutional placement (QIP), to shore up its capital base.

After approving capital support for five public sector banks (PSBs), the finance ministry is assessing the needs of 2-3 more banks and fund infusion in them would be done by the end of the second quarter of the current fiscal.

After approving capital support for five public sector banks (PSBs), the finance ministry is assessing the needs of 2-3 more banks and fund infusion in them would be done by the end of the second quarter of the current fiscal. The ministry has already finalised capital infusion of Rs 11,336 crore in five PSBs to help them meet their interest payment commitments without impacting their regulatory capital requirements, a senior government official said. Two or three more banks will need capital to meet the norms in the coming few weeks, the official said, adding that they would get funds by September. These banks have come under pressure because of interest paid to their bondholders of Additional Tier 1 (AT-1) bonds. As a result, they were facing the risk of breaching the regulatory capital requirement, sources said, adding that the ministry has decided to provide capital to 4-5 banks which are facing “acute shortage”. Banks raise capital through AT1 bonds, which are perpetual in nature and therefore provide a higher interest rate to investors. A high level of bad loans and widening losses have made it difficult for banks to service these bonds from their own earnings. Five banks which will soon get capital include Punjab National Bank (PNB), hit by Nirav Modi scam, which will get the highest amount of Rs 2,816 crore out, while Allahabad Bank to get Rs 1,790 crore. Besides, Andhra Bank to get Rs 2,019 crore, Indian Overseas Bank – Rs 2,157 crore and Corporation Bank – Rs 2,555 crore. The infusion would be part of the remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion over two financial years. In the second half of the current fiscal, the official said, banks will get growth capital to enable them to expand lending activity. The government announced Rs 2.11 lakh crore capital infusion programme October last year. As per the plan, the PSBs were to get Rs 1.35 lakh crore through re-capitalisation bonds, and the balance Rs 58,000 crore through raising of capital from the market. Out of the Rs 1.35 lakh crore, the government has already infused about Rs 71,000 crore through recap bonds in the banks and balance would be done during this fiscal. Besides, PSBs are also planning to tap the markets to raise more than Rs 50,000 crore this fiscal to shore up their capital base for business growth and meeting regulatory global risk norms. Capital is very much required for these banks as they are saddled with non-performing assets (NPAs) or bad loans of about Rs 10 lakh crore. Out of 21 public sector banks, 13 have already taken the approval of their boards or shareholders for raising capital through the equity market. The combined value of the shares sales of these banks is upwards of Rs 50,000 crore. Leading the pack is the Central Bank of India, which has already got shareholders’ approval for raising Rs 8,000 crore equity capital through various means, including a follow-on public offer, rights issue or a qualified institutional placement (QIP), to shore up its capital base.

PSB bailout: 5 get Rs 11,000 crore; capital infusion in more banks by September

The US-driven trade war has become the biggest "confidence killer" for the global economy, China`s foreign ministry warned on Wednesday, saying the whole world would fight back if the United States continued to be "wilful".&nbsp

Foreign ministry spokeswoman Hua Chunying told reporters at a regular press briefing that the United States is fabricating all kinds of justifications for its trade actions, including that of national security.

Earlier this month the United States and China slapped tariffs on $34 billion of each other`s imports in an escalating trade tussle that has roiled financial markets.&nbsp

US&nbspPresident Donald Trump has threatened further tariffs unless Beijing agrees to change its intellectual property practices and high-technology industrial subsidy plans.

Trump has also hit European metal imports with tariffs and has threatened to curb car imports from Europe with a 20 per cent duty.&nbsp

"The US&nbsptrade war is not just with China but with the rest of the world. By regarding the rest of the world as adversaries, the US&nbsphas dragged the entire global economy into a place of danger," Hua said.&nbsp

The European Commission last week cut its forecasts for the euro zone`s economic growth this year, saying the main causes for the revision were trade tensions with the United States as well as higher oil prices.

China`s economy grew at a slower pace in the second quarter, data on Monday showed, with Beijing`s trade dispute with Washington challenging the growth outlook for the world`s second-biggest economy.

"If the US&nbspcontinues to be wilful, countries around the world will only harden their resolve to hit back," Hua said.&nbsp

Foreign ministry spokeswoman Hua Chunying told reporters at a regular press briefing that the United States is fabricating all kinds of justifications for its trade actions, including that of national security.

The US-driven trade war has become the biggest "confidence killer" for the global economy, China`s foreign ministry warned on Wednesday, saying the whole world would fight back if the United States continued to be "wilful". Foreign ministry spokeswoman Hua Chunying told reporters at a regular press briefing that the United States is fabricating all kinds of justifications for its trade actions, including that of national security. Earlier this month the United States and China slapped tariffs on $34 billion of each other`s imports in an escalating trade tussle that has roiled financial markets. US&nbspPresident Donald Trump has threatened further tariffs unless Beijing agrees to change its intellectual property practices and high-technology industrial subsidy plans. Trump has also hit European metal imports with tariffs and has threatened to curb car imports from Europe with a 20 per cent duty. "The US&nbsptrade war is not just with China but with the rest of the world. By regarding the rest of the world as adversaries, the US&nbsphas dragged the entire global economy into a place of danger," Hua said. The European Commission last week cut its forecasts for the euro zone`s economic growth this year, saying the main causes for the revision were trade tensions with the United States as well as higher oil prices. China`s economy grew at a slower pace in the second quarter, data on Monday showed, with Beijing`s trade dispute with Washington challenging the growth outlook for the world`s second-biggest economy. "If the US&nbspcontinues to be wilful, countries around the world will only harden their resolve to hit back," Hua said.

China says US-led trade war has become biggest 'confidence killer' for world economy

Stock benchmark indices BSE Sensex and NSE’s Nifty 50 declined on Wednesday after Parliament speaker admits no-confidence motion against the Modi government.&nbsp

BSE Sensex tumbled from its all-time high to end 147 points lower at 36,373.44 in choppy trade today.

BSE Sensex closed lower by 146.52 points, or 0.40%, to 36,373.44, while the Nifty 50 fell 27.60 points, or 0.25%, to close at 10,980.45.

All the sectoral indices on BSE, except oil and gas, declined with metal falling most at 3.12% followed by reality, basic materials, telecom, industrials and auto. Oil and gas gained 1.07%.

ONGC, BPCL, Asian Paints, Yes Bank and HDFC were among the top gainers, whereas Tata Steel, Vedanta, Axis Bank, Tata Motors and Hindustan Unilever were among the top losers.

BSE Sensex closed 146.52 points down at 36,373.44, while the Nifty 50 ended 27.60 points lower at 10,980.45. Here are the highlights from the markets

Stock benchmark indices BSE Sensex and NSE’s Nifty 50 declined on Wednesday after Parliament speaker admits no-confidence motion against the Modi government. BSE Sensex tumbled from its all-time high to end 147 points lower at 36,373.44 in choppy trade today. BSE Sensex closed lower by 146.52 points, or 0.40%, to 36,373.44, while the Nifty 50 fell 27.60 points, or 0.25%, to close at 10,980.45. All the sectoral indices on BSE, except oil and gas, declined with metal falling most at 3.12% followed by reality, basic materials, telecom, industrials and auto. Oil and gas gained 1.07%. ONGC, BPCL, Asian Paints, Yes Bank and HDFC were among the top gainers, whereas Tata Steel, Vedanta, Axis Bank, Tata Motors and Hindustan Unilever were among the top losers.

Sensex falls 146 points, Nifty ends below 11000