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The rupee fell 8 paise to trade at 69.03 against the US dollar in early trade today on appreciation of the American currency overseas and sustained foreign capital outflows.

This is the rupee's third straight slide, which dealers say is mostly due to demand for the US currency and a lower opening in the domestic equity market.

With the US set to impose tariffs on Chinese goods today, investors feared it could trigger a full scale global trade war.

Yesterday, the rupee had tumbled 21 paise to fresh closing low of 68.95, following a panic demand for the US dollar coupled with savage capital flight worries.

Foreign portfolio investors (FPIs) sold shares worth Rs 159.37 crore yesterday, as per provisional data.

Meanwhile, the benchmark Sensex down by 42.34 points, or 0.11 per cent, to 35,532.21 in early trade.

This is the rupee's third straight slide, which dealers say is mostly due to demand for the US currency and a lower opening in the domestic equity market

The rupee fell 8 paise to trade at 69.03 against the US dollar in early trade today on appreciation of the American currency overseas and sustained foreign capital outflows. This is the rupee's third straight slide, which dealers say is mostly due to demand for the US currency and a lower opening in the domestic equity market. With the US set to impose tariffs on Chinese goods today, investors feared it could trigger a full scale global trade war. Yesterday, the rupee had tumbled 21 paise to fresh closing low of 68.95, following a panic demand for the US dollar coupled with savage capital flight worries. Foreign portfolio investors (FPIs) sold shares worth Rs 159.37 crore yesterday, as per provisional data. Meanwhile, the benchmark Sensex down by 42.34 points, or 0.11 per cent, to 35,532.21 in early trade.

Rupee crosses 69 mark against US dollar in early trade, sheds 8 paise

The global economy is starting to show signs of strain from the "America First" push of US President Donald Trump who will hear renewed pleas to step back from a broader trade war when he visits Europe in the coming week.

Against a crescendo of measures and counter-measures, and threats of more to come, caution about investment is growing among employers in many countries around the world, including in the United States.

At the same time, central bankers on both sides of the Atlantic are sounding nervous about the risk of an escalation of the tensions.

Trump has vowed to stick to his promises of protection for US&nbspindustries against what he says is unfair competition from China, the European Union and beyond, even if many analysts say his punitive tariffs are likely to backfire on the U.S. economy.

Ripping up the play-book for global trade of recent decades, he hit metal imports with tariffs in June and has threatened to curb car imports from Europe with a 20 percent duty.

On Friday, Washington implemented tariffs of 25 percent on $34 billion of Chinese imports, part of a total $500 billion of goods from China that could be targeted for US&nbspduties. Beijing swiftly retaliated in kind.

"The world has to be prepared for an escalation of the trade conflict in the months to come," Raoul Leering, a trade analyst at ING bank said in a note to clients.

"For now, Trump's voters back his stance on trade, suggesting he's unlikely to back down, particularly ahead of the mid-term elections, where the Republicans will be fighting to hold on to a majority in the Senate."

However, after the elections in November it was possible that the economic costs of Trump's approach would be clearer and prompt a rethink, Leering said.

But trying to predict the White House's next moves has proven unwise.

Foreign capitals initially hoped that Trump, who basks in his reputation as a dealmaker, was merely talking tough on trade in order to win a few concessions from other countries.

But the talk is turning into real barriers to trade.

RHETORIC MEETS REALITY?

The US&nbspFederal Reserve said on Thursday it saw signs that worries among companies about trade were curbing investment, a cloud over the otherwise strong US&nbspeconomy.

On the same day, Bank of England Governor Mark Carney warned that uncertainty about trade could cause market interest rates to snap higher around the world.

That would further complicate the challenge for many economies, especially developing ones, which are already trying to cope with the impact of rising US&nbspinterest rates.

"At the moment, protectionism is largely just talk, and tweets," Carney said. "But what if rhetoric becomes reality?"

Even though the measures and counter-measures announced so far by the United States, the EU and China — plus Mexico and Canada as America's NAFTA trade deal partners —&nbspwould double bilateral tariffs and take U.S. duties to their highest levels in 50 years, their impact was unlikely to be major, Carney said.

But at least 1 percent of global economic output —&nbspand 2.5 percent of America's —&nbspcould be lost if the United States raised its tariffs by 10 percentage points against all its trading partners, a hit which would be amplified if other countries followed suit, Carney said.

The World Trade Organisation says the trade spat has already hurt forward-looking indicators, and business surveys showed a hit to manufacturing in Europe and Asia in June, with German factory growth at an 18-month low.

Trump kicks off his visit to Europe at a summit of leaders of NATO countries in Brussels on Wednesday and Thursday where he is expected to hammer home his calls on other countries to spend more on defence.

While not on the summit's official agenda, European leaders will voice their trade concerns to Trump, diplomats said.

Trump is then due to visit Britain where he will meet Prime Minister Theresa May —&nbspas well as Queen Elizabeth —&nbspbefore flying to Helsinki to meet Russian President Vladimir Putin.

In June, the British leader warned both Trump and EU leaders of the dangers of entering a tit-for-tat trade war.

She must tread a fine line when she hosts Trump, given the importance her government has placed on getting a trade deal with the United States after Britain leaves the EU.

Other European leaders are likely to be less inhibited when they meet Trump in Brussels, given the scale of alarm at the prospect of an isolationist America.

"There are no winners in a trade war, and the trend is pointing in the wrong direction," Steen Jakobsen, chief economist at Saxo Bank, said.

"The US, of course, is now actively breaking down the very international organisations that have supported growth and globalisation since the end of World War II and after the fall of the Berlin Wall."

Against a crescendo of tariffs and counter-tariffs, and threats of more to come, caution about investment is growing among employers in many countries around the world, including in the United States

The global economy is starting to show signs of strain from the "America First" push of US President Donald Trump who will hear renewed pleas to step back from a broader trade war when he visits Europe in the coming week. Against a crescendo of measures and counter-measures, and threats of more to come, caution about investment is growing among employers in many countries around the world, including in the United States. At the same time, central bankers on both sides of the Atlantic are sounding nervous about the risk of an escalation of the tensions. Trump has vowed to stick to his promises of protection for US&nbspindustries against what he says is unfair competition from China, the European Union and beyond, even if many analysts say his punitive tariffs are likely to backfire on the U.S. economy. Ripping up the play-book for global trade of recent decades, he hit metal imports with tariffs in June and has threatened to curb car imports from Europe with a 20 percent duty. On Friday, Washington implemented tariffs of 25 percent on $34 billion of Chinese imports, part of a total $500 billion of goods from China that could be targeted for US&nbspduties. Beijing swiftly retaliated in kind. "The world has to be prepared for an escalation of the trade conflict in the months to come," Raoul Leering, a trade analyst at ING bank said in a note to clients. "For now, Trump's voters back his stance on trade, suggesting he's unlikely to back down, particularly ahead of the mid-term elections, where the Republicans will be fighting to hold on to a majority in the Senate." However, after the elections in November it was possible that the economic costs of Trump's approach would be clearer and prompt a rethink, Leering said. But trying to predict the White House's next moves has proven unwise. Foreign capitals initially hoped that Trump, who basks in his reputation as a dealmaker, was merely talking tough on trade in order to win a few concessions from other countries. But the talk is turning into real barriers to trade. RHETORIC MEETS REALITY? The US&nbspFederal Reserve said on Thursday it saw signs that worries among companies about trade were curbing investment, a cloud over the otherwise strong US&nbspeconomy. On the same day, Bank of England Governor Mark Carney warned that uncertainty about trade could cause market interest rates to snap higher around the world. That would further complicate the challenge for many economies, especially developing ones, which are already trying to cope with the impact of rising US&nbspinterest rates. "At the moment, protectionism is largely just talk, and tweets," Carney said. "But what if rhetoric becomes reality?" Even though the measures and counter-measures announced so far by the United States, the EU and China — plus Mexico and Canada as America's NAFTA trade deal partners —&nbspwould double bilateral tariffs and take U.S. duties to their highest levels in 50 years, their impact was unlikely to be major, Carney said. But at least 1 percent of global economic output —&nbspand 2.5 percent of America's —&nbspcould be lost if the United States raised its tariffs by 10 percentage points against all its trading partners, a hit which would be amplified if other countries followed suit, Carney said. The World Trade Organisation says the trade spat has already hurt forward-looking indicators, and business surveys showed a hit to manufacturing in Europe and Asia in June, with German factory growth at an 18-month low. Trump kicks off his visit to Europe at a summit of leaders of NATO countries in Brussels on Wednesday and Thursday where he is expected to hammer home his calls on other countries to spend more on defence. While not on the summit's official agenda, European leaders will voice their trade concerns to Trump, diplomats said. Trump is then due to visit Britain where he will meet Prime Minister Theresa May —&nbspas well as Queen Elizabeth —&nbspbefore flying to Helsinki to meet Russian President Vladimir Putin. In June, the British leader warned both Trump and EU leaders of the dangers of entering a tit-for-tat trade war. She must tread a fine line when she hosts Trump, given the importance her government has placed on getting a trade deal with the United States after Britain leaves the EU. Other European leaders are likely to be less inhibited when they meet Trump in Brussels, given the scale of alarm at the prospect of an isolationist America. "There are no winners in a trade war, and the trend is pointing in the wrong direction," Steen Jakobsen, chief economist at Saxo Bank, said. "The US, of course, is now actively breaking down the very international organisations that have supported growth and globalisation since the end of World War II and after the fall of the Berlin Wall."

World economy begins to show signs of strain from Trump's 'America First' policy

Stocks rose and the euro climbed to a three-week peak as the imposition of tariffs by the United States and China on billions of dollars of trade was absorbed calmly by markets on Friday, though concerns about the conflict escalating capped appetite for risk.

World stocks rose 0.2 per cent to their highest level in a week while Asian stocks climbed nearly half a per cent led by a rebound in Chinese shares.

MSCI's main European Index edged a quarter of a per cent higher and held below a two-week peak partly on cautious hopes of a rapprochement between the United States and Europe on auto trade tariffs.

US&nbspequities looked set for a more cautious start, however, with stock futures down 0.2 per cent. Investors are looking at monthly US&nbspjobs data after US&nbspFederal Reserve minutes released overnight showed policymakers expressing concerns about the economy.

Signs of nervousness about the trade outlook were also evident elsewhere in global markets with the Japanese yen and the Swiss franc firm against the dollar while core US&nbspand German bonds in demand.

"Trade war concerns have shot up to the top of our concerns for investors," said Isabelle Mateos y Lago, chief multi-asset strategist at BlackRock Investment Institute in London.

"We have to be aware that we are only one tweet away from much broader tariffs becoming a reality," she said, adding that investors were trimming back broad exposure to riskier assets.

Latest flows data confirm that trend. Investors have pulled money out of emerging markets and European equities faster than in 2016 over the last two months, Bank of America Merrill Lynch strategists said on Friday in a weekly note.

The United States and China slapped tit-for-tat duties on $34 billion worth of the other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict.

MORE UNCERTAINTY, LESS VOLATILITY

But despite the threat of more tariffs, global markets remained broadly sanguine with gauges of market volatility in equities and currencies edging lower this week.

For example, implied volatility, a measure of expected market swings on the euro/dollar, has fallen to a one-month low this week while a market gauge on US&nbspequities has edged lower.

"What can definitively be said that we are entering a period of much greater uncertainty than before though this low volatility in markets is baffling," said Neil Mellor, a senior currency strategist at BNY Mellon in London.

In currency markets, the euro took cues from broadly firmer stocks and rose 0.1 per cent on the day to a fresh three-week high at $1.1727 with broadly strong German industrial data also helping.

The Chinese yuan weakened after choppy trade, keeping some distance from 11-month lows touched earlier this week while the dollar edged lower against a basket of currencies with US jobs data later ahead eyed.

The US&nbspLabor Department is expected to report non-farm payrolls grew by 195,000 in June after surging by 223,000 in May. Monthly average hourly earnings probably rose 0.3 per cent, taking the annual increase to 2.8 per cent from 2.7 per cent in May.

"Any misses in today’s data could spur a wave of profit-taking - given signs that the USD rally looks to be running out of steam," said analysts at ING.

US&nbspPresident Donald Trump has warned the United States may ultimately target over $500 billion worth of Chinese goods, an amount that roughly matches its total imports from China last year.

Copper, seen as a barometer of the world's economic strength because of its wide industrial use, on Friday fell to near a one-year low, at $6,221.50 per tonne, before recouping some losses.

The two-year US&nbspTreasury yield, which rises with traders' expectations of higher Fed fund rates, was at 2.553 per cent compared with a US&nbspclose of 2.561 per cent.

US&nbspcrude stood 0.2 percent higher at $73.09 a barrel. Brent crude was almost flat at $77.42 per barrel. For Reuters Live Markets blog on European and UK stock markets open a news window on Reuters Eikon by pressing F9 and type in 'Live Markets' in the search bar.

World stocks rose 0.2 per cent to their highest level in a week while Asian stocks climbed nearly half a per cent led by a rebound in Chinese shares

Stocks rose and the euro climbed to a three-week peak as the imposition of tariffs by the United States and China on billions of dollars of trade was absorbed calmly by markets on Friday, though concerns about the conflict escalating capped appetite for risk. World stocks rose 0.2 per cent to their highest level in a week while Asian stocks climbed nearly half a per cent led by a rebound in Chinese shares. MSCI's main European Index edged a quarter of a per cent higher and held below a two-week peak partly on cautious hopes of a rapprochement between the United States and Europe on auto trade tariffs. US&nbspequities looked set for a more cautious start, however, with stock futures down 0.2 per cent. Investors are looking at monthly US&nbspjobs data after US&nbspFederal Reserve minutes released overnight showed policymakers expressing concerns about the economy. Signs of nervousness about the trade outlook were also evident elsewhere in global markets with the Japanese yen and the Swiss franc firm against the dollar while core US&nbspand German bonds in demand. "Trade war concerns have shot up to the top of our concerns for investors," said Isabelle Mateos y Lago, chief multi-asset strategist at BlackRock Investment Institute in London. "We have to be aware that we are only one tweet away from much broader tariffs becoming a reality," she said, adding that investors were trimming back broad exposure to riskier assets. Latest flows data confirm that trend. Investors have pulled money out of emerging markets and European equities faster than in 2016 over the last two months, Bank of America Merrill Lynch strategists said on Friday in a weekly note. The United States and China slapped tit-for-tat duties on $34 billion worth of the other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict. MORE UNCERTAINTY, LESS VOLATILITY But despite the threat of more tariffs, global markets remained broadly sanguine with gauges of market volatility in equities and currencies edging lower this week. For example, implied volatility, a measure of expected market swings on the euro/dollar, has fallen to a one-month low this week while a market gauge on US&nbspequities has edged lower. "What can definitively be said that we are entering a period of much greater uncertainty than before though this low volatility in markets is baffling," said Neil Mellor, a senior currency strategist at BNY Mellon in London. In currency markets, the euro took cues from broadly firmer stocks and rose 0.1 per cent on the day to a fresh three-week high at $1.1727 with broadly strong German industrial data also helping. The Chinese yuan weakened after choppy trade, keeping some distance from 11-month lows touched earlier this week while the dollar edged lower against a basket of currencies with US jobs data later ahead eyed. The US&nbspLabor Department is expected to report non-farm payrolls grew by 195,000 in June after surging by 223,000 in May. Monthly average hourly earnings probably rose 0.3 per cent, taking the annual increase to 2.8 per cent from 2.7 per cent in May. "Any misses in today’s data could spur a wave of profit-taking - given signs that the USD rally looks to be running out of steam," said analysts at ING. US&nbspPresident Donald Trump has warned the United States may ultimately target over $500 billion worth of Chinese goods, an amount that roughly matches its total imports from China last year. Copper, seen as a barometer of the world's economic strength because of its wide industrial use, on Friday fell to near a one-year low, at $6,221.50 per tonne, before recouping some losses. The two-year US&nbspTreasury yield, which rises with traders' expectations of higher Fed fund rates, was at 2.553 per cent compared with a US&nbspclose of 2.561 per cent. US&nbspcrude stood 0.2 percent higher at $73.09 a barrel. Brent crude was almost flat at $77.42 per barrel. For Reuters Live Markets blog on European and UK stock markets open a news window on Reuters Eikon by pressing F9 and type in 'Live Markets' in the search bar.

Global stocks, euro survive first battle of US-China trade war

Russian Prime Minister Dmitry Medvedev has signed a decision imposing extra duties of 25-40 per cent on some imports from the United States in response to Washington's tariff move, the Russian economy ministry said on Friday.

The extra duties will apply to imports of fiber optics, equipment for road construction, oil and gas industry, metal processing and mining, according to an economy ministry statement.

Russia will impose duties on goods which have Russian-made substitutes, Economy Minister Maxim Oreshkin is quoted as saying in the statement.

The extra duties will apply to imports of fiber optics, equipment for road construction, oil and gas industry, metal processing and mining

Russian Prime Minister Dmitry Medvedev has signed a decision imposing extra duties of 25-40 per cent on some imports from the United States in response to Washington's tariff move, the Russian economy ministry said on Friday. The extra duties will apply to imports of fiber optics, equipment for road construction, oil and gas industry, metal processing and mining, according to an economy ministry statement. Russia will impose duties on goods which have Russian-made substitutes, Economy Minister Maxim Oreshkin is quoted as saying in the statement.

Russia raises duties on US goods in response to trade restrictions

Asian stocks edged down&nbsp;Thursday&nbsp;as investors fretted over US-China tariffs which are due to kick in within hours and threaten to trigger a trade war between the world's top two economies.

A public holiday in the US meant no lead from Wall Street for anxious traders to follow.

But with the US due to begin enforcing tariffs on more than $34 billion in Chinese imports from&nbsp;Friday, and Beijing vowing to respond with its own tariffs immediately, fears are growing over the consequences for global trade.&nbsp;

Greg McKenna, the chief market strategist at AxiTrader, said as the tariff deadline looms, "there has been a subtle but distinct shift in the number of voices who are now saying this could all end up in a big global mess with a huge hit to global growth".

Traders may have underestimated the resolve of the US administration to pursue President Donald Trump's protectionist agenda, he said.

Hong Kong shares were down 0.2 per cent, while Shanghai lost 0.1 per cent.

Tokyo slipped 0.2 per cent in morning trade, while Seoul and Taipei also posted losses.

Washington describes the tariffs as retribution for Beijing's theft of American technology and other unfair trade practices.

It has vowed to introduce even steeper US counter-measures, potentially covering another $400 billion in Chinese goods, if Beijing retaliates.

China's finance minister vowed this week that it "absolutely will not" fire the first shot, but had made preparations to take "necessary measures" against any US tariffs.

Meanwhile, oil prices eased off recent highs after Trump fired a warning shot at OPEC.

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help," Trump tweeted, adding: "REDUCE PRICING NOW!"

Shares in HKICIM, the Hong Kong-listed subsidiary of HNA Group whose co-founder died after falling off a wall in France&nbsp;Tuesday, lost 2.1 per cent.

The sprawling Chinese conglomerate had been selling assets including its shares in the Hilton hotel empire to pay down its loans, amid a Beijing crackdown on debt-fuelled financing.&nbsp;

Traders are also watching for key data from the US including payroll figures and Federal Reserve meeting minutes later this week.

China's finance minister vowed this week that it 'absolutely will not' fire the first shot, but had made preparations to take 'necessary measures' against any US tariffs

Asian stocks edged down Thursday as investors fretted over US-China tariffs which are due to kick in within hours and threaten to trigger a trade war between the world's top two economies. A public holiday in the US meant no lead from Wall Street for anxious traders to follow. But with the US due to begin enforcing tariffs on more than $34 billion in Chinese imports from Friday, and Beijing vowing to respond with its own tariffs immediately, fears are growing over the consequences for global trade. Greg McKenna, the chief market strategist at AxiTrader, said as the tariff deadline looms, "there has been a subtle but distinct shift in the number of voices who are now saying this could all end up in a big global mess with a huge hit to global growth". Traders may have underestimated the resolve of the US administration to pursue President Donald Trump's protectionist agenda, he said. Hong Kong shares were down 0.2 per cent, while Shanghai lost 0.1 per cent. Tokyo slipped 0.2 per cent in morning trade, while Seoul and Taipei also posted losses. Washington describes the tariffs as retribution for Beijing's theft of American technology and other unfair trade practices. It has vowed to introduce even steeper US counter-measures, potentially covering another $400 billion in Chinese goods, if Beijing retaliates. China's finance minister vowed this week that it "absolutely will not" fire the first shot, but had made preparations to take "necessary measures" against any US tariffs. Meanwhile, oil prices eased off recent highs after Trump fired a warning shot at OPEC. "The OPEC Monopoly must remember that gas prices are up & they are doing little to help," Trump tweeted, adding: "REDUCE PRICING NOW!" Shares in HKICIM, the Hong Kong-listed subsidiary of HNA Group whose co-founder died after falling off a wall in France Tuesday, lost 2.1 per cent. The sprawling Chinese conglomerate had been selling assets including its shares in the Hilton hotel empire to pay down its loans, amid a Beijing crackdown on debt-fuelled financing. Traders are also watching for key data from the US including payroll figures and Federal Reserve meeting minutes later this week.

Asian markets slip ahead of US-China tariff deadline

Petrol and diesel prices were on Thursday hiked for the first time in more than a month on the back of rising international rates and weakening rupee.

The increase of 16 paisa a litre in petrol and 12 paisa per litre in diesel came after an 8-day self-imposed hiatus in rate revisions by state-oil firms in anticipation of softening international rates due to OPEC decision to raise output by 1 million barrels per day.

The price of petrol in Delhi climbed to Rs 75.71 per litre from Rs 75.55 and diesel to Rs 67.50 a litre from Rs 67.38, according to price notification of Indian Oil Corp (IOC).

The three state-owned fuel retailers, IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since June 26.

"We had not changed prices for a few days in anticipation OPEC decision to raise production leading to softening of international rates. But the 1 million barrels of additional production, which was to kick-in from July, has been overdone by the Iran issue," IOC Chairman Sanjiv Singh told PTI here.

While the OPEC last month decided to raise production, the US is piling pressure on India, China, and other buyers to end all imports of Iranian oil by a November 4 deadline in a bid to choke the Persian Gulf state's economic lifeline with sanctions over its nuclear programme.

Singh said Iran produces around 2.3 to 2.5 million barrels per day and the world searching for alternates to replace those volumes has put pressure on the prices.

The decision to hold on to rates was taken without any elections looming around, he said, adding international prices have risen post-OPEC decision and oil companies have to "adjust retail rates accordingly".

State-owned oil firms, who had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions, had last changed prices on June 26 when petrol price was cut by 14 paise and diesel by 10 paise.

In the preceding month, or so rates had been cut in line with dropping international rates. Prices had hit an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 per litre for diesel on May 30.

That peak had triggered demands for a reduction in excise duty but the government had ruled out any immediate cut.

The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel.

Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

The increase of 16 paisa a litre in petrol and 12 paisa per litre in diesel came after an 8-day self-imposed hiatus in rate revisions by state-oil firms in anticipation of softening international rates due to OPEC decision to raise output by 1 million barrels per day

Petrol and diesel prices were on Thursday hiked for the first time in more than a month on the back of rising international rates and weakening rupee. The increase of 16 paisa a litre in petrol and 12 paisa per litre in diesel came after an 8-day self-imposed hiatus in rate revisions by state-oil firms in anticipation of softening international rates due to OPEC decision to raise output by 1 million barrels per day. The price of petrol in Delhi climbed to Rs 75.71 per litre from Rs 75.55 and diesel to Rs 67.50 a litre from Rs 67.38, according to price notification of Indian Oil Corp (IOC). The three state-owned fuel retailers, IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since June 26. "We had not changed prices for a few days in anticipation OPEC decision to raise production leading to softening of international rates. But the 1 million barrels of additional production, which was to kick-in from July, has been overdone by the Iran issue," IOC Chairman Sanjiv Singh told PTI here. While the OPEC last month decided to raise production, the US is piling pressure on India, China, and other buyers to end all imports of Iranian oil by a November 4 deadline in a bid to choke the Persian Gulf state's economic lifeline with sanctions over its nuclear programme. Singh said Iran produces around 2.3 to 2.5 million barrels per day and the world searching for alternates to replace those volumes has put pressure on the prices. The decision to hold on to rates was taken without any elections looming around, he said, adding international prices have risen post-OPEC decision and oil companies have to "adjust retail rates accordingly". State-owned oil firms, who had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions, had last changed prices on June 26 when petrol price was cut by 14 paise and diesel by 10 paise. In the preceding month, or so rates had been cut in line with dropping international rates. Prices had hit an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 per litre for diesel on May 30. That peak had triggered demands for a reduction in excise duty but the government had ruled out any immediate cut. The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. This led to its excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

Petrol, diesel price hiked for first time in over a month

In the 41st annual general meeting of the Reliance Industries held today in Mumbai, chairman of the company Mukhesh Ambani&nbsp;launched the updated version of the Jio Phone which is expected to hit the market in August.

The new cell phone called Jio Phone 2 will&nbsp;provide access to&nbsp;WhatsApp, Facebook, Youtube to its users and&nbsp;will be available at a price of Rs 2,999.

While addressing the meeting Ambani said, "We have more than 25 million Jio Phone users in India. We are now taking the Jio Phone to the next level, with added capabilities and functionalities. Jio has fastest speed data, widest network in India".

He further said, "Since I last spoke, we have doubled our [Jio] customer base to over 215 million now. 215 million customers within 22 months of start is a record that no technology company has been able to achieve anywhere in the world".

"As our Golden Decade rolls on, our consumer businesses will contribute nearly as much to the overall earnings of your company as our energy and petrochemical businesses".

He said, "Starting 15th August, we have another exciting offer for common Indians. They can purchase our Jiophone2 at an introductory price of only Rs 2,999".

"With the added functionalities and strong retail presence across India, the goal that I have now set for our Jio team is to enable 100 million users on this Jio Phone platform in the shortest possible time and create another world record". "Jio has enabled Reliance to strategically reinvent itself as a Technology Platform Company. Digital platforms have become the new-age factories and service providers", he said.

Besides the phone, the&nbsp;Chairman and managing director of the Reliance Industries also introduced&nbsp;a new optical line based service called JioGiga Fibre.

Referring to the "JioGigaFibre" he said that the&nbsp;optical line fixed fibre is the new future.

Ambani also said that his company had paid Rs 42,553 crores in Goods and Services Tax.

He further added that the profits of the Reliance industry grew by 20.6 per cent.&nbsp;

He said, "Our net profits grew by 20.6% to Rs 36,075 Crores. The company's consumer business, Jio and retail represents about 13% of consolidated EBITDA (Earnings before interest, taxes, depreciation, and amortization)"

The meeting was attended by&nbsp;Mukesh Ambani, Nita Ambani, Anant Ambani and Isha Ambani.

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The Jio Phone is expected to hit the market in August and will provide access to WhatsApp, Facebook, Youtube to its users

In the 41st annual general meeting of the Reliance Industries held today in Mumbai, chairman of the company Mukhesh Ambani launched the updated version of the Jio Phone which is expected to hit the market in August. The new cell phone called Jio Phone 2 will provide access to WhatsApp, Facebook, Youtube to its users and will be available at a price of Rs 2,999. While addressing the meeting Ambani said, "We have more than 25 million Jio Phone users in India. We are now taking the Jio Phone to the next level, with added capabilities and functionalities. Jio has fastest speed data, widest network in India". He further said, "Since I last spoke, we have doubled our [Jio] customer base to over 215 million now. 215 million customers within 22 months of start is a record that no technology company has been able to achieve anywhere in the world". "As our Golden Decade rolls on, our consumer businesses will contribute nearly as much to the overall earnings of your company as our energy and petrochemical businesses". He said, "Starting 15th August, we have another exciting offer for common Indians. They can purchase our Jiophone2 at an introductory price of only Rs 2,999". "With the added functionalities and strong retail presence across India, the goal that I have now set for our Jio team is to enable 100 million users on this Jio Phone platform in the shortest possible time and create another world record". "Jio has enabled Reliance to strategically reinvent itself as a Technology Platform Company. Digital platforms have become the new-age factories and service providers", he said. Besides the phone, the Chairman and managing director of the Reliance Industries also introduced a new optical line based service called JioGiga Fibre. Referring to the "JioGigaFibre" he said that the optical line fixed fibre is the new future. Ambani also said that his company had paid Rs 42,553 crores in Goods and Services Tax. He further added that the profits of the Reliance industry grew by 20.6 per cent. He said, "Our net profits grew by 20.6% to Rs 36,075 Crores. The company's consumer business, Jio and retail represents about 13% of consolidated EBITDA (Earnings before interest, taxes, depreciation, and amortization)" The meeting was attended by Mukesh Ambani, Nita Ambani, Anant Ambani and Isha Ambani. Our net profits grew by 20.6% to Rs 36,075 Crores. The company's consumer business, Jio and retail represents about 13% of consolidated EBITDA (Earnings before interest, taxes, depreciation, and amortization): Mukesh Ambani at Reliance Industries 41st annual general meeting pic.twitter.com/JUB75qqlJ4 — ANI (@ANI) July 5, 2018 × Mumbai: Mukesh Ambani, Neeta Ambani and Anant Ambani arrive for Reliance Industries’ 41st annual general meeting pic.twitter.com/oULCRqV8mQ — ANI (@ANI) July 5, 2018 ×

Reliance announces JioPhone 2 with additional features at Rs 2,999

Niti Aayog vice-chairman Rajiv Kumar today said weakening of rupee is not a cause of worry as it is still overvalued in terms of Real Effective Exchange Rate (REER).

The rupee is hovering around a low of 69 per dollar due to multiple headwinds, including concerns over inflation and weak global cues.

During the UPA-II regime in 2013, the rupee had weakened from 57 to 68 a dollar&nbsp;in three months, and hence the comparison would be misplaced, Kumar said in a press conference on initiatives taken by Niti Aayog. 
 
He was responding to criticism of the government on the issue of handling of the rupee.

“Rupee is overvalued in terms of&nbsp; REER. There is no reason to worry…RBI has maintained that it will not interfere to keep the rupee at any particular level,” Kumar said.

On the issue of the takeover of IDBI Bank by LIC, Kumar said: “LIC will make very good money by investing in IDBI. I see IDBI Bank’s turnaround soon and improvement in its market capitalization.” 
 
He further said the economy is likely to grow at 7.5 per cent in 2018-19, and in 2019-20, it may grow at 8 per cent. “By 2022, the country will start growing at 8.5 per cent, and thereafter it will sustain it,” he said.&nbsp;

The Niti Aayog vice chairman said no other government in the past has taken so many reforms as the Modi-led NDA government has taken in the last four years.

He also noted that there has been ample employment generation in the last 4 years in the country. Replying to a query on disinvestment of Air India, Kumar said: “The government is considering the whole issue afresh.”

The rupee is hovering around a low of 69 per dollar due to multiple headwinds, including concerns over inflation and weak global cues

Niti Aayog vice-chairman Rajiv Kumar today said weakening of rupee is not a cause of worry as it is still overvalued in terms of Real Effective Exchange Rate (REER). The rupee is hovering around a low of 69 per dollar due to multiple headwinds, including concerns over inflation and weak global cues. During the UPA-II regime in 2013, the rupee had weakened from 57 to 68 a dollar in three months, and hence the comparison would be misplaced, Kumar said in a press conference on initiatives taken by Niti Aayog. He was responding to criticism of the government on the issue of handling of the rupee. “Rupee is overvalued in terms of REER. There is no reason to worry…RBI has maintained that it will not interfere to keep the rupee at any particular level,” Kumar said. On the issue of the takeover of IDBI Bank by LIC, Kumar said: “LIC will make very good money by investing in IDBI. I see IDBI Bank’s turnaround soon and improvement in its market capitalization.” He further said the economy is likely to grow at 7.5 per cent in 2018-19, and in 2019-20, it may grow at 8 per cent. “By 2022, the country will start growing at 8.5 per cent, and thereafter it will sustain it,” he said. The Niti Aayog vice chairman said no other government in the past has taken so many reforms as the Modi-led NDA government has taken in the last four years. He also noted that there has been ample employment generation in the last 4 years in the country. Replying to a query on disinvestment of Air India, Kumar said: “The government is considering the whole issue afresh.”

During UPA-II, rupee crashed from 57 to 68 vs US dollar in 3 months, says Niti vice chairman

The BSE Sensex slipped over 47 points to 35,598.06 in early trade today, following intense selling pressure in consumer durables, metal and realty stocks amid sustained capital outflows by foreign funds.

A depreciating rupee against the dollar also dampened the sentiment.

Asian markets were trading lower as investors look for direction amid growing global trade war tensions.

Wall Street closed for a public holiday.&nbsp

US President Donald Trump's new tariffs on Chinese imports deadline also affected investors' sentiment world over, brokers said.

The 30-share index dropped 47.34 points or 0.13 per cent to 35,598.06. The gauge had gained 380.99 points in the previous two sessions.

Similarly, the NSE Nifty fell 13.55 points, or 0.12 per cent to 10,756.35.

Sectoral indices led by consumer durables, metal, realty, teck, capital goods, healthcare and IT were trading in the negative zone, falling up to 1.29 per cent.

Major losers were Tata Motors, Vedanta, Tata Steel, Bharti Airtel, Infosys, HDFC Ltd, Wipro, Asian Paints, Sun Pharma, L&T, Poweer Grid, HDFC Bank, Adani Ports, NTPC and SBI, falling up to 3.37 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 284.58 crore yesterday, while domestic institutional investors (DIIs) bought shares worth Rs 611.01 crore as per provisional data.

In the Asian region, Japan's Nikkei fell 0.36 per cent and Hong Kong's Hang Seng shed 0.66 per cent in early trade. China's Shanghai Composite index too was down 0.53 per cent.

A depreciating rupee against the dollar also dampened the sentiment

The BSE Sensex slipped over 47 points to 35,598.06 in early trade today, following intense selling pressure in consumer durables, metal and realty stocks amid sustained capital outflows by foreign funds. A depreciating rupee against the dollar also dampened the sentiment. Asian markets were trading lower as investors look for direction amid growing global trade war tensions. Wall Street closed for a public holiday. US President Donald Trump's new tariffs on Chinese imports deadline also affected investors' sentiment world over, brokers said. The 30-share index dropped 47.34 points or 0.13 per cent to 35,598.06. The gauge had gained 380.99 points in the previous two sessions. Similarly, the NSE Nifty fell 13.55 points, or 0.12 per cent to 10,756.35. Sectoral indices led by consumer durables, metal, realty, teck, capital goods, healthcare and IT were trading in the negative zone, falling up to 1.29 per cent. Major losers were Tata Motors, Vedanta, Tata Steel, Bharti Airtel, Infosys, HDFC Ltd, Wipro, Asian Paints, Sun Pharma, L&T, Poweer Grid, HDFC Bank, Adani Ports, NTPC and SBI, falling up to 3.37 per cent. Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 284.58 crore yesterday, while domestic institutional investors (DIIs) bought shares worth Rs 611.01 crore as per provisional data. In the Asian region, Japan's Nikkei fell 0.36 per cent and Hong Kong's Hang Seng shed 0.66 per cent in early trade. China's Shanghai Composite index too was down 0.53 per cent.

Sensex down 47 points in early trade

The rupee declined 12 paise to 68.86 against the US dollar in early trade today, pressured by a lower opening in the domestic stock market.

Increased demand for the American currency from importers and banks amid persistent foreign fund outflows also weighed on the rupee.

Foreign portfolio investors (FPIs) sold shares worth Rs 284.58 crore yesterday, as per provisional data.

Forex dealers said the rise of euro and yen against the greenback capped the rupee's fall.

Yesterday, the rupee had lost 17 paise at 68.74 against the dollar amid rising crude oil prices and inflationary concerns after MSP hike for&nbspkharif&nbspcrops by the government.

Meanwhile, the benchmark Sensex moved down by 25.12 points, or 0.07 per cent, at 35,620.28 in opening trade today

Increased demand for the American currency from importers and banks amid persistent foreign fund outflows also weighed on the rupee

The rupee declined 12 paise to 68.86 against the US dollar in early trade today, pressured by a lower opening in the domestic stock market. Increased demand for the American currency from importers and banks amid persistent foreign fund outflows also weighed on the rupee. Foreign portfolio investors (FPIs) sold shares worth Rs 284.58 crore yesterday, as per provisional data. Forex dealers said the rise of euro and yen against the greenback capped the rupee's fall. Yesterday, the rupee had lost 17 paise at 68.74 against the dollar amid rising crude oil prices and inflationary concerns after MSP hike for&nbspkharif&nbspcrops by the government. Meanwhile, the benchmark Sensex moved down by 25.12 points, or 0.07 per cent, at 35,620.28 in opening trade today

Rupee falls 12 paise to 68.86 against US dollar

Benchmark Sensex broke its two-day winning streak to end about 71 points lower at 35,574.55 today, tracking losses across Asian peers ahead of imposition of US tariffs on Chinese exports.

Index heavyweight Reliance Industries slumped 2.53 per cent after the conglomerate's Chairman Mukesh Ambani unveiled a mega fixed-line broadband initiative and announced plans for an e-commerce platform that may rival the likes of Amazon.

Consumer durables, realty, IT, metal, tech, pharma, capital goods, power and oil and gas suffered losses as participants pulled money off the table.

Unabated foreign fund outflows and a weak rupee added to the gloom, brokers said.

Asian stock markets mostly ended lower as caution crept in ahead of the July 6 deadline of the imposition of US tariffs on Chinese goods.

After opening higher, the 30-share Sensex quickly slipped into the red, largely in line with weak Asian cues, and hit a low of 35,517.79. It finally finished at 35,574.55, down by 70.85 points, or 0.20 per cent. Intra-day, it touched a high of 35,748.26.

The index had climbed 380.99 points in the past two sessions, spurred by sustained buying by domestic institutional investors (DIIs), encouraging services PMI data for June and higher MSP for kharif crops.

The wider NSE Nifty too fell by 20.15 points or 0.19 per cent to end at 10,749.75. It shuttled between 10,726.25 and 10,786.05 during the session.

Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 284.58 crore, while DIIs bought shares to the tune of Rs 611.01 crore in yesterday's trade, provisional data showed.

The benchmark BSE Sensex closed down 0.20 per cent at 35,574.55.

Benchmark Sensex broke its two-day winning streak to end about 71 points lower at 35,574.55 today, tracking losses across Asian peers ahead of imposition of US tariffs on Chinese exports. Index heavyweight Reliance Industries slumped 2.53 per cent after the conglomerate's Chairman Mukesh Ambani unveiled a mega fixed-line broadband initiative and announced plans for an e-commerce platform that may rival the likes of Amazon. Consumer durables, realty, IT, metal, tech, pharma, capital goods, power and oil and gas suffered losses as participants pulled money off the table. Unabated foreign fund outflows and a weak rupee added to the gloom, brokers said. Asian stock markets mostly ended lower as caution crept in ahead of the July 6 deadline of the imposition of US tariffs on Chinese goods. After opening higher, the 30-share Sensex quickly slipped into the red, largely in line with weak Asian cues, and hit a low of 35,517.79. It finally finished at 35,574.55, down by 70.85 points, or 0.20 per cent. Intra-day, it touched a high of 35,748.26. The index had climbed 380.99 points in the past two sessions, spurred by sustained buying by domestic institutional investors (DIIs), encouraging services PMI data for June and higher MSP for kharif crops. The wider NSE Nifty too fell by 20.15 points or 0.19 per cent to end at 10,749.75. It shuttled between 10,726.25 and 10,786.05 during the session. Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 284.58 crore, while DIIs bought shares to the tune of Rs 611.01 crore in yesterday's trade, provisional data showed.

Sensex snaps 2-day rising streak, slips 71 points

Singapore’s anti-trust body proposed fines on Grab and Uber Technologies and warned it may have to unwind the two ride-hailing firms’ merger as the deal substantially lessened competition.

Uber sold its Southeast Asian business to bigger regional rival Grab in March in exchange for a stake in the Singapore-based firm, marking the U.S. firm’s second-biggest retreat from an Asian market.

But the deal has invited regulatory scrutiny in the region, with the Competition and Consumer Commission of Singapore (CCCS), in a rare move, launching a probe into the deal, days after the transaction was announced.

The commission said on Thursday it proposed the fines because Uber and Grab carried out the transaction despite having anticipated potential competition concerns, leading to lesser competition in the sector in Singapore.

This is the first time the commission will impose fines on a merger transaction. The CCCS said it will consider the companies’ representations before it finalizes the actual amount of fines.

Grab and Uber did not have an immediate response.

CCCS has also proposed measures to address the lessening of competition, such as removing exclusivity obligations on drivers who use Grab’s ride-hailing platform as well as its exclusivity arrangements with taxi fleets.

The commission also proposed that Grab maintain its pre-transaction pricing algorithm and driver commission rates until competition is revived in the market.

CCCS has invited public feedback on the proposed remedies.

It said it may require the parties to unwind the transaction unless the feedback confirms that any of the proposed remedies, or any further remedies, are sufficient to address the competition concerns, and are implementable in practice.

Singapore’s anti-trust body proposed fines on Grab and Uber Technologies and warned it may have to unwind the two ride-hailing firms’ merger as the deal substantially lessened competition. Uber sold its Southeast Asian business to bigger regional rival Grab in March in exchange for a stake in the Singapore-based firm, marking the U.S. firm’s second-biggest retreat from an Asian market. But the deal has invited regulatory scrutiny in the region, with the Competition and Consumer Commission of Singapore (CCCS), in a rare move, launching a probe into the deal, days after the transaction was announced. The commission said on Thursday it proposed the fines because Uber and Grab carried out the transaction despite having anticipated potential competition concerns, leading to lesser competition in the sector in Singapore. This is the first time the commission will impose fines on a merger transaction. The CCCS said it will consider the companies’ representations before it finalizes the actual amount of fines. Grab and Uber did not have an immediate response. CCCS has also proposed measures to address the lessening of competition, such as removing exclusivity obligations on drivers who use Grab’s ride-hailing platform as well as its exclusivity arrangements with taxi fleets. The commission also proposed that Grab maintain its pre-transaction pricing algorithm and driver commission rates until competition is revived in the market. CCCS has invited public feedback on the proposed remedies. It said it may require the parties to unwind the transaction unless the feedback confirms that any of the proposed remedies, or any further remedies, are sufficient to address the competition concerns, and are implementable in practice.

Singapore watchdog says Grab-Uber deal hurts competition, proposes fines

By Hideyuki Sano 
TOKYO (Reuters) - Asian stocks slipped on Wednesday on heightened anxieties about Sino-U.S. trade tensions ahead Washington`s end-of-week deadline to impose tariffs on Chinese imports while the yuan rebounded after China`s central bank moved to calm nervous investors. 
European shares are expected to follow suit, with spread-betters expecting a fall of 0.2 percent in Germany`s DAX and 0.1 percent in Britain`s FTSE and France`s CAC. 
"Global tensions are ratcheting higher by the day, fuelled by the foolish policies of foolish leaders," warned Saxo Bank chief economist Steen Jakobsen in a quarterly outlook. 
"Tit-for-tat trade wars and agendas that pander only to self-interest are jeopardising the global economy." 
In Asia, MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.25 percent, a day after it hit a nine-month low. Japan`s Nikkei erased earlier losses to stand flat by late afternoon. 
Mainland Chinese shares dropped, with CSI300 Index off 0.7 percent. 
Wall Street shares declined on Tuesday, giving up early gains in a truncated session ahead of the Independence Day holiday on Wednesday, as technology shares came under pressure just a day after their solid start for the quarter on Monday. 
The S&P 500 gave up 0.49 percent while the Nasdaq Composite dropped 0.86 percent.&nbsp 
Facebook lost 2.3 percent after the Washington Post reported a federal probe on the data breach linked to Cambridge Analytica was broadened while Tesla fell 7.2 percent on questions over whether it could sustain the pace of making its Model 3 sedans. 
Micron Technology Inc fell 5.5 percent after a Chinese court temporarily barred the firm from selling 26 chip products in the mainland in a ruling over a patent infringement case with Taiwan`s United Microelectronics Corp (UMC). 
Coming on the heels of escalating tensions between the United States and China over tariffs and investment restrictions, the injunction sparked selling in other U.S. chipmakers. 
"We have the issue of Micron just when technology shares started to lose momentum after their stellar performance so far this year. If we see further profit-taking in the sector, that would be worrying given their heavy weighting in major indexes," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. 
Many investors fear Washington will go ahead with its plan to levy a 25 percent tariff on 818 product categories from China including cars on Friday, which Beijing has vowed to match with tariffs on U.S. products. 
They worry the move could spark a full-scale international trade war and harm the global economy, especially as the Trump administration has threatened tariffs on imports from many other major economies. 
The U.S. has listed another 284 product lines, valued at $16 billion, targeting semiconductors and a broad range of electronics, which it has said will go into effect after a public comment period, and threatened another 10 percent tariffs on up to $400 billion of Chinese goods. 
Washington has also launched a national security investigation into car and truck imports, with Trump threatening Europe with a 20 percent tariff on car imports while various countries have also already taken retaliatory steps against U.S. tariffs on steels and aluminium products.&nbsp 
Over 40 countries have voiced deep concern at the World Trade Organization (WTO) about possible U.S. measures. 
"Investors fret that global trade could shrink as countries impose tariffs one after another. They need to be defensive for the time being," said Yukino Yamada, senior strategist at Daiwa Securities.&nbsp 
In the currency market, the yuan bounced back from an 11-month low following moves by China`s central bank on Tuesday to calm jittery financial markets. 
The Chinese currency fetched 6.6318 per dollar in onshore trade, off Tuesday`s low of 6.7204. 
Major currencies were treading water as traders fretted about the fallout of the intensifying trade frictions between Washington and the rest of the world. 
The euro stood little changed at $1.1665 while the dollar changed hands at 110.40 yen, down 0.15 percent. 
Oil prices were supported as larger-than-expected fall in U.S. stockpiles data from the American Petroleum Institute confounded worries about supply shortage. 
U.S. light crude futures traded up 0.7 percent at $74.64 per barrel, after rising above $75 for the first time in more than three years on Tuesday. 
International benchmark Brent futures rose 0.5 percent to $78.17 a barrel. 
Copper, sometimes seen as barometer of the global economic strength given its wide use in power and construction, was soft, however, hitting nine-month low on Tuesday.&nbsp 
It fell to as low as $6,490 per tonne on Tuesday before bouncing back to $6,554 on Wednesday. 
The price ratio of copper and oil can be seen as a leading indicator of global growth, said Masanori Takada, quantitative strategist at Nomura Securities. That ratio is now at a 3-1/2 year low. 
"The latest divergence appears to be driven in part by oil-long, copper-short trading by CTAs (commodity trading advisors). If that is based on expectations of global slowdown, this could be an ominous sign for the global economy," he said.

n Asia, MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.25 percent, a day after it hit a nine-month low.

By Hideyuki Sano TOKYO (Reuters) - Asian stocks slipped on Wednesday on heightened anxieties about Sino-U.S. trade tensions ahead Washington`s end-of-week deadline to impose tariffs on Chinese imports while the yuan rebounded after China`s central bank moved to calm nervous investors. European shares are expected to follow suit, with spread-betters expecting a fall of 0.2 percent in Germany`s DAX and 0.1 percent in Britain`s FTSE and France`s CAC. "Global tensions are ratcheting higher by the day, fuelled by the foolish policies of foolish leaders," warned Saxo Bank chief economist Steen Jakobsen in a quarterly outlook. "Tit-for-tat trade wars and agendas that pander only to self-interest are jeopardising the global economy." In Asia, MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.25 percent, a day after it hit a nine-month low. Japan`s Nikkei erased earlier losses to stand flat by late afternoon. Mainland Chinese shares dropped, with CSI300 Index off 0.7 percent. Wall Street shares declined on Tuesday, giving up early gains in a truncated session ahead of the Independence Day holiday on Wednesday, as technology shares came under pressure just a day after their solid start for the quarter on Monday. The S&P 500 gave up 0.49 percent while the Nasdaq Composite dropped 0.86 percent. Facebook lost 2.3 percent after the Washington Post reported a federal probe on the data breach linked to Cambridge Analytica was broadened while Tesla fell 7.2 percent on questions over whether it could sustain the pace of making its Model 3 sedans. Micron Technology Inc fell 5.5 percent after a Chinese court temporarily barred the firm from selling 26 chip products in the mainland in a ruling over a patent infringement case with Taiwan`s United Microelectronics Corp (UMC). Coming on the heels of escalating tensions between the United States and China over tariffs and investment restrictions, the injunction sparked selling in other U.S. chipmakers. "We have the issue of Micron just when technology shares started to lose momentum after their stellar performance so far this year. If we see further profit-taking in the sector, that would be worrying given their heavy weighting in major indexes," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. Many investors fear Washington will go ahead with its plan to levy a 25 percent tariff on 818 product categories from China including cars on Friday, which Beijing has vowed to match with tariffs on U.S. products. They worry the move could spark a full-scale international trade war and harm the global economy, especially as the Trump administration has threatened tariffs on imports from many other major economies. The U.S. has listed another 284 product lines, valued at $16 billion, targeting semiconductors and a broad range of electronics, which it has said will go into effect after a public comment period, and threatened another 10 percent tariffs on up to $400 billion of Chinese goods. Washington has also launched a national security investigation into car and truck imports, with Trump threatening Europe with a 20 percent tariff on car imports while various countries have also already taken retaliatory steps against U.S. tariffs on steels and aluminium products. Over 40 countries have voiced deep concern at the World Trade Organization (WTO) about possible U.S. measures. "Investors fret that global trade could shrink as countries impose tariffs one after another. They need to be defensive for the time being," said Yukino Yamada, senior strategist at Daiwa Securities. In the currency market, the yuan bounced back from an 11-month low following moves by China`s central bank on Tuesday to calm jittery financial markets. The Chinese currency fetched 6.6318 per dollar in onshore trade, off Tuesday`s low of 6.7204. Major currencies were treading water as traders fretted about the fallout of the intensifying trade frictions between Washington and the rest of the world. The euro stood little changed at $1.1665 while the dollar changed hands at 110.40 yen, down 0.15 percent. Oil prices were supported as larger-than-expected fall in U.S. stockpiles data from the American Petroleum Institute confounded worries about supply shortage. U.S. light crude futures traded up 0.7 percent at $74.64 per barrel, after rising above $75 for the first time in more than three years on Tuesday. International benchmark Brent futures rose 0.5 percent to $78.17 a barrel. Copper, sometimes seen as barometer of the global economic strength given its wide use in power and construction, was soft, however, hitting nine-month low on Tuesday. It fell to as low as $6,490 per tonne on Tuesday before bouncing back to $6,554 on Wednesday. The price ratio of copper and oil can be seen as a leading indicator of global growth, said Masanori Takada, quantitative strategist at Nomura Securities. That ratio is now at a 3-1/2 year low. "The latest divergence appears to be driven in part by oil-long, copper-short trading by CTAs (commodity trading advisors). If that is based on expectations of global slowdown, this could be an ominous sign for the global economy," he said.

Global Markets: Asian shares slip on trade war anxiety, yuan steadies

The BSE Sensex turned negative after opening 59 points higher in the early trading session today on sustained capital outflows and weak global cues following rising concerns of a global trade war.

The 30-share index was trading lower by 54.01 points, or 0.15 per cent, at 35,324.59. The gauge had gained 114.19 points in the previous session.

Investor sentiment turned weak after most Asian stocks declined as trade jitters continued to simmer ahead of the July 6 deadline when US tariffs are due to take effect, brokers said.

The deadline is set to see the imposition of 25 per cent tariff on USD 34 billion worth of Chinese goods. China has also announced that it will retaliate against those measures.

Vedanta, ONGC, Tata Motors, Adani Ports, SBI, Yes Bank, Tata Steel, TCS, Bharti Airtel, Hero MotoCorp, Infosys, Asian Paints, ITC, L&T, ICICI Bank, Wipro and Coal India were among the top index losers, shedding up to 1.91 per cent.

On the other hand, Power Grid, Sun Pharma, HDFC Ltd, RIL, HUL and HDFC Bank, rose up to 1.11 per cent.

The NSE Nifty too edged lower by 18.65 points, or 0.17 per cent, to 10,681.25.

Sectoral indices, led by metals, realty, teck, PSU, IT, oil & gas, infrastructure, auto, capital goods and bankex stocks, fell by up to 1.20 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,043.31 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 278.84 crore yesterday, as per provisional data.

In the Asian region, Japan's Nikkei fell 0.48 per cent and Hong Kong's Hang Seng plunged 1.13 per cent in early trade. China's Shanghai Composite index, too, shed 0.68 per cent.

The Dow Jones Industrial Average ended 0.54 per cent lower in yesterday's trade.

The 30-share index was trading lower by 54.01 points, or 0.15 per cent, at 35,324.59. The gauge had gained 114.19 points in the previous session

The BSE Sensex turned negative after opening 59 points higher in the early trading session today on sustained capital outflows and weak global cues following rising concerns of a global trade war. The 30-share index was trading lower by 54.01 points, or 0.15 per cent, at 35,324.59. The gauge had gained 114.19 points in the previous session. Investor sentiment turned weak after most Asian stocks declined as trade jitters continued to simmer ahead of the July 6 deadline when US tariffs are due to take effect, brokers said. The deadline is set to see the imposition of 25 per cent tariff on USD 34 billion worth of Chinese goods. China has also announced that it will retaliate against those measures. Vedanta, ONGC, Tata Motors, Adani Ports, SBI, Yes Bank, Tata Steel, TCS, Bharti Airtel, Hero MotoCorp, Infosys, Asian Paints, ITC, L&T, ICICI Bank, Wipro and Coal India were among the top index losers, shedding up to 1.91 per cent. On the other hand, Power Grid, Sun Pharma, HDFC Ltd, RIL, HUL and HDFC Bank, rose up to 1.11 per cent. The NSE Nifty too edged lower by 18.65 points, or 0.17 per cent, to 10,681.25. Sectoral indices, led by metals, realty, teck, PSU, IT, oil & gas, infrastructure, auto, capital goods and bankex stocks, fell by up to 1.20 per cent. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,043.31 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 278.84 crore yesterday, as per provisional data. In the Asian region, Japan's Nikkei fell 0.48 per cent and Hong Kong's Hang Seng plunged 1.13 per cent in early trade. China's Shanghai Composite index, too, shed 0.68 per cent. The Dow Jones Industrial Average ended 0.54 per cent lower in yesterday's trade.

Sensex, Nifty turn choppy on weak global cues

The National Company Law Tribunal (NCLT) on Wednesday deferred to July 9 its judgement on a petition filed by Cyrus Mistry challenging his ouster as chairman of the Tata Sons group.

NCLT Mumbai's special bench of BS V Prakash Kumar and V Nallasenapathy was expected to deliver its order in the case today but adjourned it to July 9 as the judgement was not ready.

Mistry, in the petition filed under the Companies Act, claimed that his removal was due to a result of mismanagement by the board's trustees and oppression of minority shareholders of the group.

He had taken over as the chairman of Tata Sons group in 2012 after Ratan Tata announced his retirement. Mistry, who was the sixth chairman of the Tata Sons, was ousted from the position in October 2016.

Two months later, Mistry and his family-run investment firm, Cyrus Investments, approached the NCLT, as minority shareholders, against the corporate monolith and others including Ratan Tata alleging oppression and mismanagement.

Mistry in his plea claimed that his removal as chairman was without reason and amounted to the majority shareholders suppressing the right of the minority to ask questions about matters involving the company.

As per the plea, Mistry was five months later also removed from the post of director of Tata Sons' Board for approaching NCLT.

The Tata Group rebutted and said Mistry's removal was because the board had lost confidence in him.

He (Mistry) intentionally and in bad faith leaked sensitive and confidential information causing a loss in Tata Group's market value.

He was appointed at the behest of Tata Trusts and his removal cannot be questioned by minority shareholders, the group's counsel, Abhishek Manu Singhvi, had argued before the tribunal.

The Tata Group argued that the law clearly allows removal of a chairperson and director and Mistry was removed by a majority of 7 out of 9, as Mistry had not voted for his removal and another official had abstained.

The first allegation by Mistry was that his removal as chairman and subsequently as director of the board Tata Sons was a result of oppression by promoters, who are in turn owned by Tata Trusts that owns over 68 per cent in Tata Sons.

The second part of the plea focused on the alleged mismanagement by Tata Sons board and Ratan Tata which caused revenue loss for the group.

Mistry, in the petition filed under the Companies Act, claimed that his removal was due to a result of mismanagement by the board's trustees and oppression of minority shareholders of the group

The National Company Law Tribunal (NCLT) on Wednesday deferred to July 9 its judgement on a petition filed by Cyrus Mistry challenging his ouster as chairman of the Tata Sons group. NCLT Mumbai's special bench of BS V Prakash Kumar and V Nallasenapathy was expected to deliver its order in the case today but adjourned it to July 9 as the judgement was not ready. Mistry, in the petition filed under the Companies Act, claimed that his removal was due to a result of mismanagement by the board's trustees and oppression of minority shareholders of the group. He had taken over as the chairman of Tata Sons group in 2012 after Ratan Tata announced his retirement. Mistry, who was the sixth chairman of the Tata Sons, was ousted from the position in October 2016. Two months later, Mistry and his family-run investment firm, Cyrus Investments, approached the NCLT, as minority shareholders, against the corporate monolith and others including Ratan Tata alleging oppression and mismanagement. Mistry in his plea claimed that his removal as chairman was without reason and amounted to the majority shareholders suppressing the right of the minority to ask questions about matters involving the company. As per the plea, Mistry was five months later also removed from the post of director of Tata Sons' Board for approaching NCLT. The Tata Group rebutted and said Mistry's removal was because the board had lost confidence in him. He (Mistry) intentionally and in bad faith leaked sensitive and confidential information causing a loss in Tata Group's market value. He was appointed at the behest of Tata Trusts and his removal cannot be questioned by minority shareholders, the group's counsel, Abhishek Manu Singhvi, had argued before the tribunal. The Tata Group argued that the law clearly allows removal of a chairperson and director and Mistry was removed by a majority of 7 out of 9, as Mistry had not voted for his removal and another official had abstained. The first allegation by Mistry was that his removal as chairman and subsequently as director of the board Tata Sons was a result of oppression by promoters, who are in turn owned by Tata Trusts that owns over 68 per cent in Tata Sons. The second part of the plea focused on the alleged mismanagement by Tata Sons board and Ratan Tata which caused revenue loss for the group.

Tata-Mistry case: NCLT defers verdict to July 9 as judgement not ready

Gold prices rose to a one-week high early on Wednesday, rebounding from a seven-month low touched in the previous session, as the dollar softened, stoking some demand for the yellow metal.

Spot gold was up 0.3 per cent at $1,256.23 an ounce as of 0430 GMT. It earlier rose to as high as $1,260.43, a one-week high. The yellow metal fell to its lowest since December 12 at $1,237.32 in the previous session.

US gold futures for August delivery were 0.4per cent&nbsphigher at $1,258.10 an ounce.

"Today, there's very little happening ahead of the fourth of July holiday, but we are seeing some significant US dollar weakness come across the board against other currencies," a Sydney-based trader said.

The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 per cent at 94.536.

A weaker greenback supports bullion as the dollar-priced commodity becomes less expensive for investors holding other currencies.

Meanwhile, Asian stocks were on shaky ground on Wednesday as the spectre of a Sino-US trade war haunted investors ahead of an July 6 deadline for U.S. tariffs on billions of dollars worth of Chinese imports.

"Since the trade wars have been doing the rounds, if anything we've seen gold come lower. But if it continues to escalate gold could go only one way and that's higher," the trader said.

China is putting pressure on the European Union to issue a strong joint statement against President Donald Trump's trade policies at a summit later this month but is facing resistance, European officials said.

Investors are also awaiting minutes of the June US Federal Reserve meeting which is due on Thursday and the US non-farm payrolls data on Friday.

"Gold now has the potential to move back up to the $1,300 level, given market expectations appear to be becoming less hawkish on the interest rate outlook," said Alasdair Macleod, head of research with Toronto-based Goldmoney Inc.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund fell 0.73 per cent to 803.42 tonnes on Tuesday.

In other precious metals, silver was up 0.1 per cent to $16.04 an ounce and palladium gained 0.6 per cent to $945 per ounce.

Platinum was 0.1 per cent higher at $837.80 an ounce. The metal fell on Tuesday to the lowest since December 2008 at $793.

Spot gold was up 0.3 per cent at $1,256.23 an ounce as of 0430 GMT. It earlier rose to as high as $1,260.43, a one-week high. The yellow metal fell to its lowest since December 12 at $1,237.32 in the previous session

Gold prices rose to a one-week high early on Wednesday, rebounding from a seven-month low touched in the previous session, as the dollar softened, stoking some demand for the yellow metal. Spot gold was up 0.3 per cent at $1,256.23 an ounce as of 0430 GMT. It earlier rose to as high as $1,260.43, a one-week high. The yellow metal fell to its lowest since December 12 at $1,237.32 in the previous session. US gold futures for August delivery were 0.4per cent&nbsphigher at $1,258.10 an ounce. "Today, there's very little happening ahead of the fourth of July holiday, but we are seeing some significant US dollar weakness come across the board against other currencies," a Sydney-based trader said. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 per cent at 94.536. A weaker greenback supports bullion as the dollar-priced commodity becomes less expensive for investors holding other currencies. Meanwhile, Asian stocks were on shaky ground on Wednesday as the spectre of a Sino-US trade war haunted investors ahead of an July 6 deadline for U.S. tariffs on billions of dollars worth of Chinese imports. "Since the trade wars have been doing the rounds, if anything we've seen gold come lower. But if it continues to escalate gold could go only one way and that's higher," the trader said. China is putting pressure on the European Union to issue a strong joint statement against President Donald Trump's trade policies at a summit later this month but is facing resistance, European officials said. Investors are also awaiting minutes of the June US Federal Reserve meeting which is due on Thursday and the US non-farm payrolls data on Friday. "Gold now has the potential to move back up to the $1,300 level, given market expectations appear to be becoming less hawkish on the interest rate outlook," said Alasdair Macleod, head of research with Toronto-based Goldmoney Inc. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund fell 0.73 per cent to 803.42 tonnes on Tuesday. In other precious metals, silver was up 0.1 per cent to $16.04 an ounce and palladium gained 0.6 per cent to $945 per ounce. Platinum was 0.1 per cent higher at $837.80 an ounce. The metal fell on Tuesday to the lowest since December 2008 at $793.

Gold prices rise to one-week high as softer US dollar supports buying

Samsung Electronics is expected to post its smallest profit growth in more than a year in the second quarter, as lacklustre sales of its premium Galaxy smartphones overshadow its highly profitable chip business.

Analysts expect Samsung's smartphone sales to drop in the April-June quarter, following a more than 2 per cent drop in the previous quarter as consumers flock to cheaper models from Chinese rivals such as Xiaomi Corp.

Samsung's lead over Apple in the global smartphone market is under pressure after the US firm's iPhone X exceeded market expectations while a lack of technological innovation dogs Samsung offerings.

"Functions (that) Samsung's mobile phones have are not attractive enough for customers to spend more money on," said Song Myung-sup, analyst at HI Investment & Securities.

Samsung's latest Galaxy S9 flagship phone, launched in mid-March, boasts lots of software but little in the way of technological wizardry. It is on track to sell less in its launch year than its predecessor Galaxy S8 series sold in 2017 after its debut, analysts said.

This is expected to drag on profit growth when the Korean conglomerate posts second-quarter earnings on Friday.

Analysts expect an operating profit of 14.9 trillion won ($13.3 billion) for the quarter, up 5.7 per cent from a year earlier but less than the record 15.6 trillion won it posted in the March quarter, according to a Thomson Reuters poll.

Samsung, whose shares are down 9 per cent so far this year, is also expected to issue guidance for the April-June quarter on Friday, giving estimates for revenue and operating profit. It will disclose detailed results in late July.

Chinese Challengers

Samsung relies on traditional distribution to sell phones, whereas competitors have pulled ahead by leveraging online sales to provide high-end smartphones at competitive prices, Counterpoint analyst Shobhit Srivastava said.

Some investors are sceptical whether Samsung's upcoming line-up of foldable phones with sleek OLED screens will be innovative enough to gain traction with customers. The new Galaxy Note will debut on August 9 in New York.

"Samsung has to show something that will change the paradigm," said Park Jung-hoon, a fund manager at HDC Asset Management that owns Samsung Electronics shares.

"Market watchers don't have high expectations for its smartphone business at the moment, when Chinese players have already caught up in technology and ideas."

In China, the world's biggest smartphone market, Samsung's market share was just 1.3 per cent in the first quarter, according to data from research firm Strategy Analytics, compared with Huawei's [HWT.UL], 22.5 per cent.

Chinese smartphone makers - Huawei, Oppo, Vivo and Xiaomi - held the top spots in China, while Apple was the only foreign firm in the top five.

In India, Xiaomi displaced Samsung as market leader last year and continued to lead in the world's second-biggest smartphone market in the first quarter, according to a report from research firm Counterpoint.

To be sure, Samsung remains the world's largest smartphone maker, selling about 80 million gadgets a quarter and holding more than a fifth of the global market.

Its troubles in the mobile segment are overshadowing the success of its chips business, which generates about three quarters of Samsung's operating profit and about a third of its revenue.

Operating profit in the chips business is expected to grow about 50 per cent to a record 12.5 trillion won in the second quarter versus a year ago, according to analysts, as servers, gaming PCs and cryptocurrency mining devices demand more firepower to process streaming data.

Samsung Electronics is expected to post its smallest profit growth in more than a year in the second quarter, as lacklustre sales of its premium Galaxy smartphones overshadow its highly profitable chip business

Samsung Electronics is expected to post its smallest profit growth in more than a year in the second quarter, as lacklustre sales of its premium Galaxy smartphones overshadow its highly profitable chip business. Analysts expect Samsung's smartphone sales to drop in the April-June quarter, following a more than 2 per cent drop in the previous quarter as consumers flock to cheaper models from Chinese rivals such as Xiaomi Corp. Samsung's lead over Apple in the global smartphone market is under pressure after the US firm's iPhone X exceeded market expectations while a lack of technological innovation dogs Samsung offerings. "Functions (that) Samsung's mobile phones have are not attractive enough for customers to spend more money on," said Song Myung-sup, analyst at HI Investment & Securities. Samsung's latest Galaxy S9 flagship phone, launched in mid-March, boasts lots of software but little in the way of technological wizardry. It is on track to sell less in its launch year than its predecessor Galaxy S8 series sold in 2017 after its debut, analysts said. This is expected to drag on profit growth when the Korean conglomerate posts second-quarter earnings on Friday. Analysts expect an operating profit of 14.9 trillion won ($13.3 billion) for the quarter, up 5.7 per cent from a year earlier but less than the record 15.6 trillion won it posted in the March quarter, according to a Thomson Reuters poll. Samsung, whose shares are down 9 per cent so far this year, is also expected to issue guidance for the April-June quarter on Friday, giving estimates for revenue and operating profit. It will disclose detailed results in late July. Chinese Challengers Samsung relies on traditional distribution to sell phones, whereas competitors have pulled ahead by leveraging online sales to provide high-end smartphones at competitive prices, Counterpoint analyst Shobhit Srivastava said. Some investors are sceptical whether Samsung's upcoming line-up of foldable phones with sleek OLED screens will be innovative enough to gain traction with customers. The new Galaxy Note will debut on August 9 in New York. "Samsung has to show something that will change the paradigm," said Park Jung-hoon, a fund manager at HDC Asset Management that owns Samsung Electronics shares. "Market watchers don't have high expectations for its smartphone business at the moment, when Chinese players have already caught up in technology and ideas." In China, the world's biggest smartphone market, Samsung's market share was just 1.3 per cent in the first quarter, according to data from research firm Strategy Analytics, compared with Huawei's [HWT.UL], 22.5 per cent. Chinese smartphone makers - Huawei, Oppo, Vivo and Xiaomi - held the top spots in China, while Apple was the only foreign firm in the top five. In India, Xiaomi displaced Samsung as market leader last year and continued to lead in the world's second-biggest smartphone market in the first quarter, according to a report from research firm Counterpoint. To be sure, Samsung remains the world's largest smartphone maker, selling about 80 million gadgets a quarter and holding more than a fifth of the global market. Its troubles in the mobile segment are overshadowing the success of its chips business, which generates about three quarters of Samsung's operating profit and about a third of its revenue. Operating profit in the chips business is expected to grow about 50 per cent to a record 12.5 trillion won in the second quarter versus a year ago, according to analysts, as servers, gaming PCs and cryptocurrency mining devices demand more firepower to process streaming data.

Samsung's second quarter profit seen flagging as smartphone innovation dries up

The rupee firmed up further by 10 paise to 68.47 against the US dollar at the Interbank Foreign Exchange in the opening trade today on increased selling of the US currency by exporters and banks amid weakness in the greenback against other currencies overseas.

Besides, selling of the American currency by exporters and banks and a higher opening in the domestic equity market influenced the rupee uptrend, forex dealers said.

Yesterday, the rupee had gained 23 paise to end at 68.57 on fresh dollar selling by exporters and corporates.

Meanwhile, the benchmark BSE Sensex rose by 59.33 points, or 0.16 per cent, at 35,437.93 in the opening trade today.

&nbsp

The rupee firmed up further by 10 paise to 68.47 against the US dollar at the Interbank Foreign Exchange in the opening trade today on increased selling of the US currency by exporters and banks amid weakness in the greenback against other currencies overseas

The rupee firmed up further by 10 paise to 68.47 against the US dollar at the Interbank Foreign Exchange in the opening trade today on increased selling of the US currency by exporters and banks amid weakness in the greenback against other currencies overseas. Besides, selling of the American currency by exporters and banks and a higher opening in the domestic equity market influenced the rupee uptrend, forex dealers said. Yesterday, the rupee had gained 23 paise to end at 68.57 on fresh dollar selling by exporters and corporates. Meanwhile, the benchmark BSE Sensex rose by 59.33 points, or 0.16 per cent, at 35,437.93 in the opening trade today.

Rupee gains 10 paise in opening trade

Income Tax refunds worth over Rs 70,000 crore have been issued to the taxpayers and nearly all refund claims pending as on June-end has been processed, the Central Board of Direct Taxes (CBDT) said today.

The Income Tax Department had observed a dedicated fortnight from June 1-15, which was later extended to June 30 in certain regions, to expeditiously clear pending matters of appeal effect and rectification.

More than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due. 
 
The CBDT said large amounts of refunds have also been issued consequent to the processing of income-tax returns. “More than 99 per cent of all refund claims pending for processing as on June 30, 2018, have already been processed and the refunds due have been issued to the taxpayers,” the CBDT said in a statement. 
 
In all, refunds in 45.07 lakh cases have been issued during April-June, 2018, which is 9 lakh more than the refunds issued during the same period last year, it added.

Over 3 lakh refunds of Assessment Year 2018-19, for which returns have been filed only in last few weeks, have also been issued, the CBDT said. 
 
“More than Rs 70,000 crore of refunds have been issued to the taxpayers as a result of the special drive and expeditious processing of returns involving a claim of refunds,” it said. “CBDT is committed to constantly reducing the service delivery timelines, expeditiously resolving the grievances of the taxpayers and improving the overall level of taxpayer service,” the statement added.&nbsp; 
&nbsp;

More than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due

Income Tax refunds worth over Rs 70,000 crore have been issued to the taxpayers and nearly all refund claims pending as on June-end has been processed, the Central Board of Direct Taxes (CBDT) said today. The Income Tax Department had observed a dedicated fortnight from June 1-15, which was later extended to June 30 in certain regions, to expeditiously clear pending matters of appeal effect and rectification. More than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due. The CBDT said large amounts of refunds have also been issued consequent to the processing of income-tax returns. “More than 99 per cent of all refund claims pending for processing as on June 30, 2018, have already been processed and the refunds due have been issued to the taxpayers,” the CBDT said in a statement. In all, refunds in 45.07 lakh cases have been issued during April-June, 2018, which is 9 lakh more than the refunds issued during the same period last year, it added. Over 3 lakh refunds of Assessment Year 2018-19, for which returns have been filed only in last few weeks, have also been issued, the CBDT said. “More than Rs 70,000 crore of refunds have been issued to the taxpayers as a result of the special drive and expeditious processing of returns involving a claim of refunds,” it said. “CBDT is committed to constantly reducing the service delivery timelines, expeditiously resolving the grievances of the taxpayers and improving the overall level of taxpayer service,” the statement added.

Income Tax refunds worth Rs 70,000 crore issued, 99% claims processed, says CBDT

The market benchmark Sensex on Wednesday spurted by 266.80 points to close at 35,645.40, led by gains mainly in auto, bank and energy stocks despite weak global cues amid concerns related to trade war and macro conditions.

Both key indices Sensex and Nifty posted gains for the second straight session, with consistent buying by domestic institutional investors and encouraging services PMI data for June lifting trading sentiment, said brokers.

The services sector returned to growth during June and registered the fastest rate of expansion in a year, supported by robust increase in new business orders, said a monthly survey.

Agri-linked stocks like Kohinoor foods, LT foods, Chamanlal Setia Exports and KRBL rallied up to over 12 per cent after the government today hiked the minimum support price for paddy.

The paddy MSP was raised by a steep Rs 200 per quintal. The Cabinet Committee on Economic Affairs (CCEA) at its meeting today approved the MSP of 14 Kharif (summer) crops.

The BSE 30-share Sensex started on a positive note at 35,385.52 and advanced to the day's high of 35,667.31 before ending at 35,645.40, up 266.80 points, or 0.75 per cent.

However, the gauge touched the day's low of 35,309.67. It had gained 114.19 points in the previous session. The NSE Nifty, after hitting a high of 10,777.15, closed at 10,769.90, up 70 points, or 0.65 per cent. It touched a low of 10,677.75 intra-day.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 278.84 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 1,043.31 crore on Tuesday, provisional data showed. European markets fell at the start of trade, tracking weak global cues.

NSE Nifty, after hitting a high of 10,777.15, closed at 10,769.90, up 70 points, or 0.65 per cent.

The market benchmark Sensex on Wednesday spurted by 266.80 points to close at 35,645.40, led by gains mainly in auto, bank and energy stocks despite weak global cues amid concerns related to trade war and macro conditions. Both key indices Sensex and Nifty posted gains for the second straight session, with consistent buying by domestic institutional investors and encouraging services PMI data for June lifting trading sentiment, said brokers. The services sector returned to growth during June and registered the fastest rate of expansion in a year, supported by robust increase in new business orders, said a monthly survey. Agri-linked stocks like Kohinoor foods, LT foods, Chamanlal Setia Exports and KRBL rallied up to over 12 per cent after the government today hiked the minimum support price for paddy. The paddy MSP was raised by a steep Rs 200 per quintal. The Cabinet Committee on Economic Affairs (CCEA) at its meeting today approved the MSP of 14 Kharif (summer) crops. The BSE 30-share Sensex started on a positive note at 35,385.52 and advanced to the day's high of 35,667.31 before ending at 35,645.40, up 266.80 points, or 0.75 per cent. However, the gauge touched the day's low of 35,309.67. It had gained 114.19 points in the previous session. The NSE Nifty, after hitting a high of 10,777.15, closed at 10,769.90, up 70 points, or 0.65 per cent. It touched a low of 10,677.75 intra-day. Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 278.84 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 1,043.31 crore on Tuesday, provisional data showed. European markets fell at the start of trade, tracking weak global cues.

Sensex rises for 2nd day; bank, auto stocks lead rally

The benchmark BSE Sensex shed about 68 points to trade at 35,196.44 in early deals today on sustained capital outflows by foreign funds amid selling pressure on some counters and weak Asian cues.

Deprecating rupee against the dollar also added to the dampened sentiment.

Most Asian shares dropped as sentiment remained fragile in the face of tense trade relations between the US and major economies, with investors braced for another potentially rocky day for Chinese markets, broker said.

The 30-share index dropped 67.97 points or 0.19 per cent to 35,196.44. The gauge had lost 159.07 points in the previous session yesterday.

In a similar fashion, the NSE Nifty fell 12 points or 0.11 per cent to 10,645.30.

Sectoral indices led by realty, power, metal, healthcare, PSU, consumder durable, FMCG and banking were trading in the negative zone with fall of up to 0.79 per cent.

Major losers were Vedanta, Power Grids, ICICI Bank, NTPC, HDFC Ltd, ITC, Wipro, M&M, Kotak Bank, Coal India, IndusInd Bank, Sun Pharma, Maruti Suzuki and Adani ports, falling up to 3.31 per cent.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,205.12 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 366.94 crore yesterday as per provisional data.

In the Asian region, Japan's Nikkei fell 0.60 per cent, Hong Kong's Hang Seng shed 3.02 per cent in early trade. China's Shanghai Composite index too plunged 1.63 per cent.

The Dow Jones Industrial Average, however, ended 0.15 per cent higher in yesterday's trade.

In a similar fashion, the NSE Nifty fell 12 points or 0.11 per cent to 10,645.30

The benchmark BSE Sensex shed about 68 points to trade at 35,196.44 in early deals today on sustained capital outflows by foreign funds amid selling pressure on some counters and weak Asian cues. Deprecating rupee against the dollar also added to the dampened sentiment. Most Asian shares dropped as sentiment remained fragile in the face of tense trade relations between the US and major economies, with investors braced for another potentially rocky day for Chinese markets, broker said. The 30-share index dropped 67.97 points or 0.19 per cent to 35,196.44. The gauge had lost 159.07 points in the previous session yesterday. In a similar fashion, the NSE Nifty fell 12 points or 0.11 per cent to 10,645.30. Sectoral indices led by realty, power, metal, healthcare, PSU, consumder durable, FMCG and banking were trading in the negative zone with fall of up to 0.79 per cent. Major losers were Vedanta, Power Grids, ICICI Bank, NTPC, HDFC Ltd, ITC, Wipro, M&M, Kotak Bank, Coal India, IndusInd Bank, Sun Pharma, Maruti Suzuki and Adani ports, falling up to 3.31 per cent. Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,205.12 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 366.94 crore yesterday as per provisional data. In the Asian region, Japan's Nikkei fell 0.60 per cent, Hong Kong's Hang Seng shed 3.02 per cent in early trade. China's Shanghai Composite index too plunged 1.63 per cent. The Dow Jones Industrial Average, however, ended 0.15 per cent higher in yesterday's trade.

Sensex down 68 points on weak Asian cues

The US Chamber of Commerce on Monday denounced President Donald Trump’s handling of global trade disputes, issuing a report that argued tariffs imposed by Washington and retaliation by its partners would boomerang badly on the American economy.

Trump has slapped tariffs on billions of dollars worth of steel and aluminum imports from China, the European Union, Canada and others, prompting retaliation against US products. He is considering extending the levies to the auto sector.

According to a World Trade Organisation report, the United States was involved in 52 trade disputes with the European Union - it brought 33 of those while 19 were brought against it.

There were 32 disputes in total involving trade with China while with Canada, there were 26, most of which were brought by the US.

The latest United States and China trade dispute has worried investors and affected stock prices and the indexes that measure them.

International trade dispute is a situation when one country believes that another country is violating an agreement it has made in the World Trade Organisation (WTO).

Here is a recent analysis from reporters and economists about the trade disputes the United States of America has with other countries.

1: Including India, US has trade disputes with 10 major countries. 
2: Total number of case and as complainant and respondents are 253. 
3: 74 cases are against the US and rest were brought by the US govt.

However, some business experts say the US could gain from the dispute, especially with China. But Historically, trade wars have come at a great economic cost.

According to a World Trade Organisation report, the United States was involved in 52 trade disputes with the European Union - it brought 33 of those while 19 were brought against it.

The US Chamber of Commerce on Monday denounced President Donald Trump’s handling of global trade disputes, issuing a report that argued tariffs imposed by Washington and retaliation by its partners would boomerang badly on the American economy. Trump has slapped tariffs on billions of dollars worth of steel and aluminum imports from China, the European Union, Canada and others, prompting retaliation against US products. He is considering extending the levies to the auto sector. According to a World Trade Organisation report, the United States was involved in 52 trade disputes with the European Union - it brought 33 of those while 19 were brought against it. There were 32 disputes in total involving trade with China while with Canada, there were 26, most of which were brought by the US. The latest United States and China trade dispute has worried investors and affected stock prices and the indexes that measure them. International trade dispute is a situation when one country believes that another country is violating an agreement it has made in the World Trade Organisation (WTO). Here is a recent analysis from reporters and economists about the trade disputes the United States of America has with other countries. 1: Including India, US has trade disputes with 10 major countries. 2: Total number of case and as complainant and respondents are 253. 3: 74 cases are against the US and rest were brought by the US govt. However, some business experts say the US could gain from the dispute, especially with China. But Historically, trade wars have come at a great economic cost.

US had 253 trade disputes with WTO members in 2018

Tesla on Monday confirmed that the head of Model 3 production, who went on leave after chief executive Elon Musk took over his duties, will not be returning.

The departure of engineering senior vice president Doug Field came as California-based Tesla appeared to have finally hit a self-imposed goal of cranking out 5,000 Model 3 electric cars in a week.

Tesla co-founder Musk fired off a Twitter post over the weekend saying "7,000 cars, 7 days."

In a note to investors on Monday, Analyst Trip Chowdhry of Global Equities said that in the preceding week, Tesla produced 5,000 of its Model 3 cars, along with a combined total of 2,000 Model S and Model X vehicles.

Tesla has been under pressure to increase production to show it can operate profitably and at the kind of scale needed to be considered a major auto company.

Musk has been managing the Tesla production line, which has been rejiggered to pump out cars faster.

Field will not be returning to the company, according to Tesla.

"After almost five years at Tesla, Doug Field is moving on," a company spokesman said.

"We'd like to thank Doug for his hard work over the years and for everything he has done for Tesla."

Tesla announced in June that it was cutting nine per cent of its workforce to enhance profitability, but said the move would not affect an ambitious production ramp-up of its Model 3 sedan.

The job cuts are part of a company-wide restructuring to address excess staff in some areas due to the company's speedy growth, Musk said in an email to employees.

The cuts concern salaried staff but not production workers and will not affect Model 3 output targets, said Musk, who characterized the downsizing as an acknowledgement of the need to focus more on costs.

"Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us," Musk said in the message.

"What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable."

Shares of Tesla closed the formal trading day down 2.3 per cent to $335.07 but regained some of that ground in after-market trades.

The departure of engineering senior vice president Doug Field came as California-based Tesla appeared to have finally hit a self-imposed goal of cranking out 5,000 Model 3 electric cars in a week

Tesla on Monday confirmed that the head of Model 3 production, who went on leave after chief executive Elon Musk took over his duties, will not be returning. The departure of engineering senior vice president Doug Field came as California-based Tesla appeared to have finally hit a self-imposed goal of cranking out 5,000 Model 3 electric cars in a week. Tesla co-founder Musk fired off a Twitter post over the weekend saying "7,000 cars, 7 days." In a note to investors on Monday, Analyst Trip Chowdhry of Global Equities said that in the preceding week, Tesla produced 5,000 of its Model 3 cars, along with a combined total of 2,000 Model S and Model X vehicles. Tesla has been under pressure to increase production to show it can operate profitably and at the kind of scale needed to be considered a major auto company. Musk has been managing the Tesla production line, which has been rejiggered to pump out cars faster. Field will not be returning to the company, according to Tesla. "After almost five years at Tesla, Doug Field is moving on," a company spokesman said. "We'd like to thank Doug for his hard work over the years and for everything he has done for Tesla." Tesla announced in June that it was cutting nine per cent of its workforce to enhance profitability, but said the move would not affect an ambitious production ramp-up of its Model 3 sedan. The job cuts are part of a company-wide restructuring to address excess staff in some areas due to the company's speedy growth, Musk said in an email to employees. The cuts concern salaried staff but not production workers and will not affect Model 3 output targets, said Musk, who characterized the downsizing as an acknowledgement of the need to focus more on costs. "Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us," Musk said in the message. "What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable." Shares of Tesla closed the formal trading day down 2.3 per cent to $335.07 but regained some of that ground in after-market trades.

Tesla production leader Doug Field exits company

Shares of Facebook Inc fell more than 1 percent in premarket trade on Tuesday, after a report said that a federal probe on the data breach linked to Cambridge Analytica was broadened and will include more government agencies.

Facebook faced intense scrutiny from the embarrassing scandal that affected millions of users whose data was improperly accessed by the political consultancy.

The Federal Bureau of Investigation, the Securities and Exchange Commission and the Federal Trade Commission have joined the Department of Justice in its inquiries about the two companies and the sharing of personal information of 71 million Americans, the Washington Post reported citing five people.

A Facebook spokesperson told Reuters on late Monday that it is cooperating with officials in the US, UK and beyond.

"We've provided public testimony, answered questions, and pledged to continue our assistance as their work continues," the spokesperson said.

The emphasis has been on Facebook's sharing of information square with the underlying facts and whether the company made sufficiently complete and timely disclosures to the public and investors, according to the Washington Post.

Facebook shares were down 1.4 per cent at $194.64 in premarket trading on the Nasdaq.

The stock lost about 18 per cent of its value in the seven trading days after the data scandal broke, but has since gained about 30 per cent.

Facebook faced intense scrutiny from the embarrassing scandal that affected millions of users whose data was improperly accessed by the political consultancy.

Shares of Facebook Inc fell more than 1 percent in premarket trade on Tuesday, after a report said that a federal probe on the data breach linked to Cambridge Analytica was broadened and will include more government agencies. Facebook faced intense scrutiny from the embarrassing scandal that affected millions of users whose data was improperly accessed by the political consultancy. The Federal Bureau of Investigation, the Securities and Exchange Commission and the Federal Trade Commission have joined the Department of Justice in its inquiries about the two companies and the sharing of personal information of 71 million Americans, the Washington Post reported citing five people. A Facebook spokesperson told Reuters on late Monday that it is cooperating with officials in the US, UK and beyond. "We've provided public testimony, answered questions, and pledged to continue our assistance as their work continues," the spokesperson said. The emphasis has been on Facebook's sharing of information square with the underlying facts and whether the company made sufficiently complete and timely disclosures to the public and investors, according to the Washington Post. Facebook shares were down 1.4 per cent at $194.64 in premarket trading on the Nasdaq. The stock lost about 18 per cent of its value in the seven trading days after the data scandal broke, but has since gained about 30 per cent.

Facebook shares slip on report of widened probe on data scandal

The key Indian equity indices closed on a positive note on Tuesday, supported by healthy buying in the auto, healthcare and oil and gas stocks.

The indices had, however, opened on a flat-to-negative note, tracking mixed Asian markets where caution prevailed due to the ongoing trade war concerns.

Markets benefited from value buying in recently battered stocks amid mixed overseas cues, brokers said.

The rupee recovering from record lows against the US dollar bolstered sentiment, they added.

The Sensex shrugged of its weak start and touched a high of 35,445.21 on robust buying in pharma and IT stocks. It finally settled at 35,378.60, showing a gain of 114.19 points, or 0.32 per cent.

The index had lost 159 points in the previous session as investors scrambled to unwind bets amid global trade tensions and unabated foreign capital outflows.

The broader NSE Nifty also went up by 42.60 points or 0.40 to end at Rs 10,699.90 after shuttling between 10,630.25 and 10,713.30. 
Sun Pharma, Maruti Suzuki, Infosys, ONGC, Kotak Bank, ITC, Tata Steel, Tata Motors, RIL, TCS, Bajaj Auto, Hero Motocorp, NTPC, M&M, , Bharti Airtel, HDFC Ltd, IndusInd Bank and Wipro ended in the positive zone, rising up to 1.79 per cent.

On the other hand, Vedanta, ICICI Bank, SBI, Power Grid, Yes Bank, Adani Ports, HUL, Asian Paints, L&T, Coal India and Axis Bank were among the losers, falling up to 3.25 per cent.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 366.94 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,205.12 crore yesterday, as per provisional data.

(With inputs from Agencies)

The Sensex shrugged of its weak start and touched a high of 35,445.21 on robust buying in pharma and IT stocks.

The key Indian equity indices closed on a positive note on Tuesday, supported by healthy buying in the auto, healthcare and oil and gas stocks. The indices had, however, opened on a flat-to-negative note, tracking mixed Asian markets where caution prevailed due to the ongoing trade war concerns. Markets benefited from value buying in recently battered stocks amid mixed overseas cues, brokers said. The rupee recovering from record lows against the US dollar bolstered sentiment, they added. The Sensex shrugged of its weak start and touched a high of 35,445.21 on robust buying in pharma and IT stocks. It finally settled at 35,378.60, showing a gain of 114.19 points, or 0.32 per cent. The index had lost 159 points in the previous session as investors scrambled to unwind bets amid global trade tensions and unabated foreign capital outflows. The broader NSE Nifty also went up by 42.60 points or 0.40 to end at Rs 10,699.90 after shuttling between 10,630.25 and 10,713.30. Sun Pharma, Maruti Suzuki, Infosys, ONGC, Kotak Bank, ITC, Tata Steel, Tata Motors, RIL, TCS, Bajaj Auto, Hero Motocorp, NTPC, M&M, , Bharti Airtel, HDFC Ltd, IndusInd Bank and Wipro ended in the positive zone, rising up to 1.79 per cent. On the other hand, Vedanta, ICICI Bank, SBI, Power Grid, Yes Bank, Adani Ports, HUL, Asian Paints, L&T, Coal India and Axis Bank were among the losers, falling up to 3.25 per cent. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 366.94 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,205.12 crore yesterday, as per provisional data. (With inputs from Agencies)

Sensex rises 114 points, Nifty ends at 10,700

The Tokyo Stock Market registered a drop&nbsp;on Tuesday&nbsp;owing to a crash in Hong Kong stocks as concerns rose over an ongoing trade dispute between China and the United States.

The benchmark index Nikkei 225 dropped 26.39 points or 0.12 per cent to close at 21,785.54 points, while the second indicator Topix, which tracks stocks of the First Section, lost 2.49 per cent or 0.15 per cent and stood at 1,692.80 points.

Tokyo stocks had opened in the green - boosted by good Wall Street results the night before and bargain-hunting investors - after it had slumped by more than 2 per cent, reaching its lowest level in two and a half months,&nbsp;on Sunday.

The index kept losing ground for the rest of the day, dragged down by the Hong Kong Stock Exchange, which had fallen 2.73 per cent by mid-session.

The US government, led by President Donald Trump,&nbsp;on Tuesday,&nbsp;recommended that state-owned China Mobile, the world's biggest cell phone carrier, be denied a license to operate in the US, citing national security reasons.

The decision followed ongoing trade tensions between Washington and Beijing after the Trump administration had imposed import tariffs worth billions of dollars on its major trade partners.

The benchmark index Nikkei 225 dropped 26.39 points or 0.12 per cent to close at 21,785.54 points

The Tokyo Stock Market registered a drop on Tuesday owing to a crash in Hong Kong stocks as concerns rose over an ongoing trade dispute between China and the United States. The benchmark index Nikkei 225 dropped 26.39 points or 0.12 per cent to close at 21,785.54 points, while the second indicator Topix, which tracks stocks of the First Section, lost 2.49 per cent or 0.15 per cent and stood at 1,692.80 points. Tokyo stocks had opened in the green - boosted by good Wall Street results the night before and bargain-hunting investors - after it had slumped by more than 2 per cent, reaching its lowest level in two and a half months, on Sunday. The index kept losing ground for the rest of the day, dragged down by the Hong Kong Stock Exchange, which had fallen 2.73 per cent by mid-session. The US government, led by President Donald Trump, on Tuesday, recommended that state-owned China Mobile, the world's biggest cell phone carrier, be denied a license to operate in the US, citing national security reasons. The decision followed ongoing trade tensions between Washington and Beijing after the Trump administration had imposed import tariffs worth billions of dollars on its major trade partners.

Tokyo stocks fall after Hong Kong crash over US, China trade row