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Bitcoin`s value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals.

Virtual currencies, including the best-known and biggest, bitcoin, have been stuck in a downward trend for most of 2018 after last year`s frenzied interest fizzled.&nbsp

Recent hacks and the "cyber intrusion" of cryptocurrency exchanges in key Asian markets has also encouraged investors to exit.&nbsp

Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since Nov. 12. It was last up 0.7 percent at $5,891.&nbsp

So far in 2018, bitcoin has tumbled almost 60 percent after soaring more than 1,300 percent last year. It is now down 70 percent from its December peak.

Other cryptocurrencies also slid on Friday. Ethereum`s ether, the second-biggest cryptocurrency by value, fell 4 percent to $416, its weakest since April. Ripple`s XRP also dropped 4 percent to $0.44, a 2018 low, according to Coinmarketcap.com.&nbsp

"The frenzy surrounding crypto has ebbed and flowed with prices," said Will Hobbs, Head of Investment Strategy at Barclays Smart Investor.&nbsp

"None of the crypto currencies currently fulfil any of the criteria that we would look for in an investible asset and we would continue to advise extreme caution. The rout in crypto currencies is still not finished," he said.

The Bank of England on Thursday warned banks and insurers that they should be wary of crypto assets because they can be highly volatile and vulnerable to fraud.

After cryptocurrency prices surged in 2017 big institutional players were predicted to step into the industry, but most have waited on the sidelines amid regulatory worries and as they weight up whether investor interest is more than a fad.&nbsp

The total market capitalisation of cryptocurrencies has fallen to around $230 billion from a peak of around $800 billion in January.

Still, money continues to be plouged into the sales of new digital currencies. Sales jumped to $13.7 billion in the first five months of the year, nearly double the amount raised for the whole of 2017, according to a report released on Thursday.

Virtual currencies, including the best-known and biggest, bitcoin, have been stuck in a downward trend for most of 2018 after last year`s frenzied interest fizzle

Bitcoin`s value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals. Virtual currencies, including the best-known and biggest, bitcoin, have been stuck in a downward trend for most of 2018 after last year`s frenzied interest fizzled. Recent hacks and the "cyber intrusion" of cryptocurrency exchanges in key Asian markets has also encouraged investors to exit. Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since Nov. 12. It was last up 0.7 percent at $5,891. So far in 2018, bitcoin has tumbled almost 60 percent after soaring more than 1,300 percent last year. It is now down 70 percent from its December peak. Other cryptocurrencies also slid on Friday. Ethereum`s ether, the second-biggest cryptocurrency by value, fell 4 percent to $416, its weakest since April. Ripple`s XRP also dropped 4 percent to $0.44, a 2018 low, according to Coinmarketcap.com. "The frenzy surrounding crypto has ebbed and flowed with prices," said Will Hobbs, Head of Investment Strategy at Barclays Smart Investor. "None of the crypto currencies currently fulfil any of the criteria that we would look for in an investible asset and we would continue to advise extreme caution. The rout in crypto currencies is still not finished," he said. The Bank of England on Thursday warned banks and insurers that they should be wary of crypto assets because they can be highly volatile and vulnerable to fraud. After cryptocurrency prices surged in 2017 big institutional players were predicted to step into the industry, but most have waited on the sidelines amid regulatory worries and as they weight up whether investor interest is more than a fad. The total market capitalisation of cryptocurrencies has fallen to around $230 billion from a peak of around $800 billion in January. Still, money continues to be plouged into the sales of new digital currencies. Sales jumped to $13.7 billion in the first five months of the year, nearly double the amount raised for the whole of 2017, according to a report released on Thursday.

Bitcoin skids below $6,000, hits lowest level since November

Benchmark indices BSE Sensex and NSE’s Nifty 50 gained over 1% on Friday, breaking a two-day losing streak.

Recovering from two straight sessions of declines, led by gains in blue-chips such as Reliance Industries Ltd and Larsen & Toubro Ltd.

The broader NSE Nifty ended up 1.18 per cent at 10,714.30, yet posted losses for a second straight month.

The benchmark BSE Sensex closed 1.1 per cent higher at 35,423.48 and was up for a third straight month.

Asian markets were mixed as investors headed for the end of a tumultuous quarter that has seen sharp losses around the world, due to escalating trade tensions between the US and China.

Oil prices fell amid concerns about trade frictions between US and other major economies, although crude market conditions remain tight due to supply disruptions and generally high demand.

(With inputs from Agencies)

BSE Sensex closed 385.84 points higher at 35,423.48, while the Nifty 50 ended 125.20 points up at 10,714.30.

Benchmark indices BSE Sensex and NSE’s Nifty 50 gained over 1% on Friday, breaking a two-day losing streak. Recovering from two straight sessions of declines, led by gains in blue-chips such as Reliance Industries Ltd and Larsen & Toubro Ltd. The broader NSE Nifty ended up 1.18 per cent at 10,714.30, yet posted losses for a second straight month. The benchmark BSE Sensex closed 1.1 per cent higher at 35,423.48 and was up for a third straight month. Asian markets were mixed as investors headed for the end of a tumultuous quarter that has seen sharp losses around the world, due to escalating trade tensions between the US and China. Oil prices fell amid concerns about trade frictions between US and other major economies, although crude market conditions remain tight due to supply disruptions and generally high demand. (With inputs from Agencies)

Sensex closes at 35,423.48, Nifty ends at 10,714.30

Shortly after the launch of OnePlus' latest flagship device, OnePlus 6, company's CEO Pete Lau gave out details of its upcoming device, OnePlus 7.&nbsp;

Lau made the announcement at the ongoing Mobile World Congress Shanghai in China and stated that the smartphone making giant aims to produce a 5G smartphone next year.

OnePlus 7 is expected to be 5G ready with a possible partnership with a US carrier to further expand the company's reach.&nbsp;

Lau looked positive at rolling out a 5G compatible device, thanks to the affinity the company enjoys with Qualcomm.

Other competitors like Oppo, Samsung, are also eyeing to launch 5G compatible devices by next year.&nbsp;

OnePlus 7 is speculated to be unveiled around the same time next year.&nbsp;Its predecessor, OnePlus 6, was launched in India in May this year.&nbsp;

OnePlus 6 packs in dual-SIM (Nano) and is powered by Qualcomm Snapdragon 845 SoC. It runs on OxygenOS 5.1 based on Android 8.1 Oreo.&nbsp;

The smartphone sports a 6.28-inch full-HD+ (1080x2280 pixels) Full Optic AMOLED display with a 19:9 aspect ratio. The device is Gorilla Glass 5 protected and comes in three colour options.&nbsp;

The handset comes studded with features like slow motion video recording, &nbsp;in-device video editing, face-unlock feature, among other specifications.

Lau made the announcement at the ongoing Mobile World Congress Shanghai in China

Shortly after the launch of OnePlus' latest flagship device, OnePlus 6, company's CEO Pete Lau gave out details of its upcoming device, OnePlus 7. Lau made the announcement at the ongoing Mobile World Congress Shanghai in China and stated that the smartphone making giant aims to produce a 5G smartphone next year. OnePlus 7 is expected to be 5G ready with a possible partnership with a US carrier to further expand the company's reach. Lau looked positive at rolling out a 5G compatible device, thanks to the affinity the company enjoys with Qualcomm. Other competitors like Oppo, Samsung, are also eyeing to launch 5G compatible devices by next year. OnePlus 7 is speculated to be unveiled around the same time next year. Its predecessor, OnePlus 6, was launched in India in May this year. OnePlus 6 packs in dual-SIM (Nano) and is powered by Qualcomm Snapdragon 845 SoC. It runs on OxygenOS 5.1 based on Android 8.1 Oreo. The smartphone sports a 6.28-inch full-HD+ (1080x2280 pixels) Full Optic AMOLED display with a 19:9 aspect ratio. The device is Gorilla Glass 5 protected and comes in three colour options. The handset comes studded with features like slow motion video recording, in-device video editing, face-unlock feature, among other specifications.

OnePlus 7 will be 5G ready: CEO Pete Lau at Mobile World Congress

China could impose "special emissions restrictions" on industrial firms in as many as 80 cities, extending the programme from the current 28, an environment ministry spokesman said on Friday.

China said in January that it would force industrial firms in 28 northern Chinese cities to meet tough new emissions curbs in a bid to cut smog in the heavily polluted Beijing-Tianjin-Hebei region.

Enterprises in the thermal power, steel, petrochemical, chemical, non-ferrous metals and cement sectors will be forced to comply with as many as 25 new emissions standards by October, with coking coal producers given another year to make the required adjustments.

But some have expressed concern that the tougher emissions restrictions would undermine efforts to create a level playing field, raising production costs and making it harder to compete with rivals in other regions.

"As China increases curbs on emissions, I believe the measures will be expanded to more regions," said Tian Weiyong, head of environmental inspections at the Ministry of Ecology and Environment.

"But we might start with tighter emission standards in the 80 cities," he told reporters during a briefing in Beijing.

China's new three-year smog action plan will cover the major coal-producing regions of Shanxi and Shaanxi as well as the major manufacturing regions of Beijing-Tianjin-Hebei and the Yangtze river delta.

Inspectors will target small-scale, "scattered" coal users in Shanxi and Shaanxi, two major coal-producing regions, Tian said.

China has promised to end a "one size fits all" approach to curbing smog and will impose production curbs only on firms that fail to meet emission standards.

Tian of the environment ministry said China would also begin a round of inspections to ensure natural gas supplies are sufficient in northern China this winter.

Regulators are desperate to avoid a repetition of the fuel shortages that hit large parts of the region last winter, as overzealous officials rushed to comply with directives to convert from coal to cleaner-burning gas.

China has promised to end a 'one size fits all' approach to curbing smog

China could impose "special emissions restrictions" on industrial firms in as many as 80 cities, extending the programme from the current 28, an environment ministry spokesman said on Friday. China said in January that it would force industrial firms in 28 northern Chinese cities to meet tough new emissions curbs in a bid to cut smog in the heavily polluted Beijing-Tianjin-Hebei region. Enterprises in the thermal power, steel, petrochemical, chemical, non-ferrous metals and cement sectors will be forced to comply with as many as 25 new emissions standards by October, with coking coal producers given another year to make the required adjustments. But some have expressed concern that the tougher emissions restrictions would undermine efforts to create a level playing field, raising production costs and making it harder to compete with rivals in other regions. "As China increases curbs on emissions, I believe the measures will be expanded to more regions," said Tian Weiyong, head of environmental inspections at the Ministry of Ecology and Environment. "But we might start with tighter emission standards in the 80 cities," he told reporters during a briefing in Beijing. China's new three-year smog action plan will cover the major coal-producing regions of Shanxi and Shaanxi as well as the major manufacturing regions of Beijing-Tianjin-Hebei and the Yangtze river delta. Inspectors will target small-scale, "scattered" coal users in Shanxi and Shaanxi, two major coal-producing regions, Tian said. China has promised to end a "one size fits all" approach to curbing smog and will impose production curbs only on firms that fail to meet emission standards. Tian of the environment ministry said China would also begin a round of inspections to ensure natural gas supplies are sufficient in northern China this winter. Regulators are desperate to avoid a repetition of the fuel shortages that hit large parts of the region last winter, as overzealous officials rushed to comply with directives to convert from coal to cleaner-burning gas.

China could impose 'special emissions' limits on firms in up to 80 cities

Asian stocks slumped to nine-month lows on Thursday as investors worried that the Trump administration's approach to trade is harming global economic growth - even as the White House approach to Chinese investment in US&nbsptechnology companies appeared to be softening.

US&nbspoil prices hit a 3-1/2-year high as plunging US&nbspcrude stockpiles compounded supply worries in a market already uncertain about uncertain Libyan exports, a production disruption in Canada and Washington's demands that importers stop buying Iranian crude.

MSCI's broadest index of Asia-Pacific shares outside Japan fell as much as 0.52 per cent to hit a new near nine-month low, before it recovered some ground, while Japan's Nikkei average was flat after erasing earlier losses.

The US&nbspS&P 500 lost 0.60 per cent on Wednesday to one-month closing low.

MSCI's broadest gauge of the world's stock markets fell to its lowest level in almost three months, on course to post its fourth losing month in the last five. Its emerging market index hit its weakest level since mid-August.

In China, shares steadied after initial falls but remained fragile after taking a battering from worries about a wobbly yuan and the trade dispute with the United States, which has investors braced for a rocky second half of the year.

"Chinese stocks have already slid into bear market territory. I have a suspicion that investors are not worrying just about a trade war but are readying for the end of the technology-led bull market," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management in Tokyo.

"Although it is yet to be seen whether it's caused by short-term concerns over global trade, not many investors are in the mood to buy stocks today."

The Shanghai Composite index hit a fresh 25-month month low, with both the Shanghai and tech-heavy Shenzhen exchanges falling into bear market territory, although it was last up 0.21 per cent.

South Korea's tech-heavy KOSPI slipped as much as 0.97 per cent to hit its lowest in nearly 10 months.

Trump said on Wednesday he would use a strengthened national security review process to thwart Chinese acquisition of sensitive American technologies, a softer approach than imposing China-specific investment restrictions.

Although that lifted US&nbspstocks initially, optimism quickly evaporated after White House economic adviser Larry Kudlow said Trump's remarks did not indicate a softened stance on China.

Markets remain anxious about Trump's hard-line approach to trade relations, with early signs his stance may not only be backfiring on him but also hurting the global economy.

Two US&nbspmajor auto trade groups on Wednesday warned the administration that imposing tariffs of up to 25 per cent on imported vehicles would cost hundreds of thousands of auto jobs, dramatically hike prices on vehicles, and threaten industry spending on self-driving cars.

The move came after US&nbspmotorcycle maker Harley-Davidson Inc said earlier this week it would move production intended for European markets outside the United States to avoid retaliatory tariffs.

"Initially investors saw Trump's moves as negotiation tactics to get better deals. But now they are starting to worry about the damage to the economy," said Mutsumi Kagawa, chief global strategist at Rakuten Securities.

"People have long thought the US&nbspeconomy will eventually hit a recession at some point. But there are growing worries Trump's trade policies may hasten that. The fear now is that 'America First' may become 'America Worst'," he added.

The yield on 10-year US&nbspTreasuries dropped to 2.827 per cent, nearing its May 29 low of 2.759 per cent as bond prices.

In a worrying sign for some investors, the US&nbspyield curve flattened further, with the spread between the two and 10-year yields shrinking to a 10-year low of just 32 basis points, or 0.32 percentage point.

Historically, the US&nbspeconomy has tended to enter a recession after the spread had shrunk below zero per cent, inverting the yield curve.

The fall in US&nbspbonds yields came despite inflationary pressure stemming from rising oil prices.

US&nbspcrude futures surged 3.16 per cent on Wednesday, rising as high as $73.06 a barrel, the highest since Nov. 28, 2014, on signs of tight supply.

US&nbspcrude stocks fell nearly 10 million barrels last week while the fall in Canadian exports helped drain supplies of heavy crude across North America.

White House pressure on other countries to stop all imports of Iranian oil is seen as creating an oil a shortage while a power struggle in Libya has left it unclear whether the internationally recognised government or rebels will handle oil exports.

US&nbspcrude futures last traded at $72.51 a barrel, down 0.33 per cent in Asian trade.

Copper, seen as a barometer of the strength of global economy because of its wide industrial use, hit a near three-month low of $6,692.5 a tonne.

In the currency market, major currencies were treading water on uncertainties over escalating trade friction.

The euro was hit by concerns about political uncertainty in Germany although Chancellor Angela Merkel's coalition partner said it was not seeking to break up the government.

The common currency stood at $1.1565, edging near an 11-month low of $1.1508 set a week ago.

The dollar changed hands at 110.32 yen, up slightly but well within its narrow trading range over the past month. The currency is on course to post its smallest monthly range in nearly four years this month.

The yuan hit a six-month low as China set the yuan mid-point at its weakest since December 20, 2017.

US crude futures last traded at $72.51 a barrel, down 0.33 per cent in Asian trade

Asian stocks slumped to nine-month lows on Thursday as investors worried that the Trump administration's approach to trade is harming global economic growth - even as the White House approach to Chinese investment in US&nbsptechnology companies appeared to be softening. US&nbspoil prices hit a 3-1/2-year high as plunging US&nbspcrude stockpiles compounded supply worries in a market already uncertain about uncertain Libyan exports, a production disruption in Canada and Washington's demands that importers stop buying Iranian crude. MSCI's broadest index of Asia-Pacific shares outside Japan fell as much as 0.52 per cent to hit a new near nine-month low, before it recovered some ground, while Japan's Nikkei average was flat after erasing earlier losses. The US&nbspS&P 500 lost 0.60 per cent on Wednesday to one-month closing low. MSCI's broadest gauge of the world's stock markets fell to its lowest level in almost three months, on course to post its fourth losing month in the last five. Its emerging market index hit its weakest level since mid-August. In China, shares steadied after initial falls but remained fragile after taking a battering from worries about a wobbly yuan and the trade dispute with the United States, which has investors braced for a rocky second half of the year. "Chinese stocks have already slid into bear market territory. I have a suspicion that investors are not worrying just about a trade war but are readying for the end of the technology-led bull market," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management in Tokyo. "Although it is yet to be seen whether it's caused by short-term concerns over global trade, not many investors are in the mood to buy stocks today." The Shanghai Composite index hit a fresh 25-month month low, with both the Shanghai and tech-heavy Shenzhen exchanges falling into bear market territory, although it was last up 0.21 per cent. South Korea's tech-heavy KOSPI slipped as much as 0.97 per cent to hit its lowest in nearly 10 months. Trump said on Wednesday he would use a strengthened national security review process to thwart Chinese acquisition of sensitive American technologies, a softer approach than imposing China-specific investment restrictions. Although that lifted US&nbspstocks initially, optimism quickly evaporated after White House economic adviser Larry Kudlow said Trump's remarks did not indicate a softened stance on China. Markets remain anxious about Trump's hard-line approach to trade relations, with early signs his stance may not only be backfiring on him but also hurting the global economy. Two US&nbspmajor auto trade groups on Wednesday warned the administration that imposing tariffs of up to 25 per cent on imported vehicles would cost hundreds of thousands of auto jobs, dramatically hike prices on vehicles, and threaten industry spending on self-driving cars. The move came after US&nbspmotorcycle maker Harley-Davidson Inc said earlier this week it would move production intended for European markets outside the United States to avoid retaliatory tariffs. "Initially investors saw Trump's moves as negotiation tactics to get better deals. But now they are starting to worry about the damage to the economy," said Mutsumi Kagawa, chief global strategist at Rakuten Securities. "People have long thought the US&nbspeconomy will eventually hit a recession at some point. But there are growing worries Trump's trade policies may hasten that. The fear now is that 'America First' may become 'America Worst'," he added. The yield on 10-year US&nbspTreasuries dropped to 2.827 per cent, nearing its May 29 low of 2.759 per cent as bond prices. In a worrying sign for some investors, the US&nbspyield curve flattened further, with the spread between the two and 10-year yields shrinking to a 10-year low of just 32 basis points, or 0.32 percentage point. Historically, the US&nbspeconomy has tended to enter a recession after the spread had shrunk below zero per cent, inverting the yield curve. The fall in US&nbspbonds yields came despite inflationary pressure stemming from rising oil prices. US&nbspcrude futures surged 3.16 per cent on Wednesday, rising as high as $73.06 a barrel, the highest since Nov. 28, 2014, on signs of tight supply. US&nbspcrude stocks fell nearly 10 million barrels last week while the fall in Canadian exports helped drain supplies of heavy crude across North America. White House pressure on other countries to stop all imports of Iranian oil is seen as creating an oil a shortage while a power struggle in Libya has left it unclear whether the internationally recognised government or rebels will handle oil exports. US&nbspcrude futures last traded at $72.51 a barrel, down 0.33 per cent in Asian trade. Copper, seen as a barometer of the strength of global economy because of its wide industrial use, hit a near three-month low of $6,692.5 a tonne. In the currency market, major currencies were treading water on uncertainties over escalating trade friction. The euro was hit by concerns about political uncertainty in Germany although Chancellor Angela Merkel's coalition partner said it was not seeking to break up the government. The common currency stood at $1.1565, edging near an 11-month low of $1.1508 set a week ago. The dollar changed hands at 110.32 yen, up slightly but well within its narrow trading range over the past month. The currency is on course to post its smallest monthly range in nearly four years this month. The yuan hit a six-month low as China set the yuan mid-point at its weakest since December 20, 2017.

Global Markets: Asian shares flirt with 9-month low on mounting trade war fears

Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.

In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to the official annual data released today by Swiss National Bank (SNB), the central banking authority of the Alpine nation.

The surge in Indian money held with Swiss banks comes as a surprise given India's continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years.

The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to CHF 676 million (about Rs 4,500 crore) -- the lowest ever since the European nation began making the data public in 1987.

According to the SNB data, the total funds held by Indians directly with Swiss banks rose to 999 million Swiss franc (Rs 6,891 crore) in 2017, while the same held through fiduciaries or wealth managers increased to CHF 16.2 million (Rs 112 crore).

These figures stood at CHF 664.8 million and CHF 11 million, respectively, at the end of 2016.

As per the latest data, the Indian money in Swiss banks included CHF 464 million (Rs 3,200 crore) in the form of customer deposits, CHF 152 million (Rs 1,050 crore) through other banks and CHF 383 million (Rs 2,640 crore) as 'other liabilities' such as securities at the end of 2017.

The funds under all three heads have risen sharply, as against a huge plunge across all categories in the previous year, the SNB data showed.

The funds held through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown.

The total funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end, but came down to nearly one-tenth of that level in about a decade.

Since those record levels, this is only the third time when there has been a rise in Indians' money in Swiss banks -- in 2011 (12 per cent), 2013 (43 per cent) and now in 2017 by 50.2 per cent -- the maximum increase since 56 per cent way back in 2004.

The latest data from Zurich-based SNB comes months after a new framework having been put in place for automatic exchange of information between Switzerland and India to help check the black money menace.

While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange.

There were several rounds of discussions between Indian and Swiss government officials on the new framework and also for expediting the pending information requests about suspected illicit accounts of Indians in Swiss banks.

The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians there.

SNB's official figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.

Amid a decline seen in Indian money over the previous three years, there was a view that Indians who had allegedly parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global crackdown began on the mighty banking secrecy practices in Switzerland.

Swiss banks have earlier said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace.

On directions of the Supreme Court, India had constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland.

A number of strategies were deployed by the government to combat the stash-funds menace, in both overseas and domestic domain, which included enactment of a new law, amendments in the Anti-Money Laundering Act and compliance windows for people to declare their hidden assets.

The Tax department had detected suspected black money running into thousands of crores of rupees post investigations on global leaks about Indians stashing funds abroad and has launched prosecution against hundreds of them, including those with accounts in the Geneva branch of HSBC.

The issue of black money has always been a matter of big debate in India and Switzerland has been long perceived as one of the safest havens for such funds.

Earlier in 2015, the money held by Indians in Swiss banks had fallen by nearly one-third to CHF 1,217.6 million (over Rs 8,000 crore). Prior to that, these funds fell by 10 per cent to CHF 1.8 billion in 2014, after a rise of 43 per cent in 2013 to CHF 2.03 billion.

The total assets of Swiss banks in India, however, fell by about 18 per cent in 2017 to CHF 3.2 billion in second consecutive year of decline. This does not include any tangible assets like real estate and properties.

The amount owed by Indian clients to Swiss banks fell by 48 per cent in 2017 to CHF 210 million.&nbsp;

In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017

Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there. In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to the official annual data released today by Swiss National Bank (SNB), the central banking authority of the Alpine nation. The surge in Indian money held with Swiss banks comes as a surprise given India's continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years. The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to CHF 676 million (about Rs 4,500 crore) -- the lowest ever since the European nation began making the data public in 1987. According to the SNB data, the total funds held by Indians directly with Swiss banks rose to 999 million Swiss franc (Rs 6,891 crore) in 2017, while the same held through fiduciaries or wealth managers increased to CHF 16.2 million (Rs 112 crore). These figures stood at CHF 664.8 million and CHF 11 million, respectively, at the end of 2016. As per the latest data, the Indian money in Swiss banks included CHF 464 million (Rs 3,200 crore) in the form of customer deposits, CHF 152 million (Rs 1,050 crore) through other banks and CHF 383 million (Rs 2,640 crore) as 'other liabilities' such as securities at the end of 2017. The funds under all three heads have risen sharply, as against a huge plunge across all categories in the previous year, the SNB data showed. The funds held through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown. The total funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end, but came down to nearly one-tenth of that level in about a decade. Since those record levels, this is only the third time when there has been a rise in Indians' money in Swiss banks -- in 2011 (12 per cent), 2013 (43 per cent) and now in 2017 by 50.2 per cent -- the maximum increase since 56 per cent way back in 2004. The latest data from Zurich-based SNB comes months after a new framework having been put in place for automatic exchange of information between Switzerland and India to help check the black money menace. While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange. There were several rounds of discussions between Indian and Swiss government officials on the new framework and also for expediting the pending information requests about suspected illicit accounts of Indians in Swiss banks. The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians there. SNB's official figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries. Amid a decline seen in Indian money over the previous three years, there was a view that Indians who had allegedly parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global crackdown began on the mighty banking secrecy practices in Switzerland. Swiss banks have earlier said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace. On directions of the Supreme Court, India had constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland. A number of strategies were deployed by the government to combat the stash-funds menace, in both overseas and domestic domain, which included enactment of a new law, amendments in the Anti-Money Laundering Act and compliance windows for people to declare their hidden assets. The Tax department had detected suspected black money running into thousands of crores of rupees post investigations on global leaks about Indians stashing funds abroad and has launched prosecution against hundreds of them, including those with accounts in the Geneva branch of HSBC. The issue of black money has always been a matter of big debate in India and Switzerland has been long perceived as one of the safest havens for such funds. Earlier in 2015, the money held by Indians in Swiss banks had fallen by nearly one-third to CHF 1,217.6 million (over Rs 8,000 crore). Prior to that, these funds fell by 10 per cent to CHF 1.8 billion in 2014, after a rise of 43 per cent in 2013 to CHF 2.03 billion. The total assets of Swiss banks in India, however, fell by about 18 per cent in 2017 to CHF 3.2 billion in second consecutive year of decline. This does not include any tangible assets like real estate and properties. The amount owed by Indian clients to Swiss banks fell by 48 per cent in 2017 to CHF 210 million.

Money deposited by Indians in Swiss banks rises by over 50%

Benchmark Sensex fell over 90 points in early trade today after the rupee sank to a lifetime low of 69.10 against the US dollar amid firming crude oil prices.

There was also caution among investors on the expiry day of the June series derivatives contracts, brokers said.

The 30-share index, which had lost 272.93 points in the previous session, fell further by 90.26 points, or 0.25 per cent to 35,126.85.

The NSE Nifty also dropped by 31.30 points, or 0.29 per cent, to 10,640.10.

Sectoral indices led by realty, capital goods, PSU, oil and gas, infrastructure, banking and power remained in the negative zone, declining up to 1.43 per cent.

Brokers said market sentiment was fragile following the rupee hitting a new low of 69.10 against the dollar amid rising crude oil rates.

Brent crude was trading at nearly USD 78 a barrel in Asian trade today.

Besides, lingering trade war concerns between the US and China accelerated selling on the domestic bourses, they added.

The laggards included NTPC, Coal India, L&T, Hero MotoCorp, ICICI Bank, Power Grid, SBI, Tata Motors, Adani Ports, Asian Paints, HDFC Ltd, Maruti Suzuki, Yes Bank and Bajaj Auto, falling up to 2.48 per cent.

Bucking the trend, stocks of software exporter such as Infosys, TCS and Wipro were trading higher by up to 2.12 per cent, largely supported by a weak rupee.

In Asia, Japan's Nikkei was down 0.20 per cent, while Hong Kong's Hang Seng index rose 0.44 per cent in early deals. Shanghai Composite Index too was up 0.20 per cent.

The US Dow Jones ended lower by 0.68 per cent in yesterday's trade.

The laggards included NTPC, Coal India, L&T, Hero MotoCorp, ICICI Bank, Power Grid, SBI, Tata Motors, Adani Ports, Asian Paints, HDFC Ltd, Maruti Suzuki, Yes Bank and Bajaj Auto, falling up to 2.48 per cent

Benchmark Sensex fell over 90 points in early trade today after the rupee sank to a lifetime low of 69.10 against the US dollar amid firming crude oil prices. There was also caution among investors on the expiry day of the June series derivatives contracts, brokers said. The 30-share index, which had lost 272.93 points in the previous session, fell further by 90.26 points, or 0.25 per cent to 35,126.85. The NSE Nifty also dropped by 31.30 points, or 0.29 per cent, to 10,640.10. Sectoral indices led by realty, capital goods, PSU, oil and gas, infrastructure, banking and power remained in the negative zone, declining up to 1.43 per cent. Brokers said market sentiment was fragile following the rupee hitting a new low of 69.10 against the dollar amid rising crude oil rates. Brent crude was trading at nearly USD 78 a barrel in Asian trade today. Besides, lingering trade war concerns between the US and China accelerated selling on the domestic bourses, they added. The laggards included NTPC, Coal India, L&T, Hero MotoCorp, ICICI Bank, Power Grid, SBI, Tata Motors, Adani Ports, Asian Paints, HDFC Ltd, Maruti Suzuki, Yes Bank and Bajaj Auto, falling up to 2.48 per cent. Bucking the trend, stocks of software exporter such as Infosys, TCS and Wipro were trading higher by up to 2.12 per cent, largely supported by a weak rupee. In Asia, Japan's Nikkei was down 0.20 per cent, while Hong Kong's Hang Seng index rose 0.44 per cent in early deals. Shanghai Composite Index too was up 0.20 per cent. The US Dow Jones ended lower by 0.68 per cent in yesterday's trade.

Sensex suffers more losses as rupee hits record low

The Indian rupee fell to an all-time low of 69.00 against the US dollar after closing at a low of 68.61 on Wednesday.

On Wednesday, the rupee had plunged by 37 paise or 0.54 per cent to settle at a 19-month low of 68.61 against the US dollar over rise in crude oil prices, widening current account deficit and a spike in inflation.

The rupee had strengthened 5.96 per cent against the US dollar in 2017 but has been on a downtrend this year.

It has now gone down over 8 per cent this year making it the worst currency in Asia this year.

It had touched a historic low of 68.86 on November 24, 2016 and a lifetime closing low of 68.80 in August 28, 2013.

The rupee had strengthened 5.96 per cent against the US dollar in 2017 but has been on a downtrend this year.

The Indian rupee fell to an all-time low of 69.00 against the US dollar after closing at a low of 68.61 on Wednesday. On Wednesday, the rupee had plunged by 37 paise or 0.54 per cent to settle at a 19-month low of 68.61 against the US dollar over rise in crude oil prices, widening current account deficit and a spike in inflation. The rupee had strengthened 5.96 per cent against the US dollar in 2017 but has been on a downtrend this year. It has now gone down over 8 per cent this year making it the worst currency in Asia this year. It had touched a historic low of 68.86 on November 24, 2016 and a lifetime closing low of 68.80 in August 28, 2013.

Indian rupee falls to all-time low against dollar

Oil prices jumped on Wednesday as plunging US crude stockpiles compounded supply worries in a market already uncertain about Libyan exports, a production disruption in Canada and Washington's demands that importers stop buying Iranian crude from November.

Little spare capacity remains to offset any further production disruptions, said John Kilduff, a partner at Again Capital Management.

"The bulls will run the table and are going to be helped out by random events that will come out of left field and keep this thing going," Kilduff said.

US crude futures rose $2.23, or 3.16 per cent, to settle at $72.76 a barrel. The contract touched $73.06 a barrel, the highest since Nov. 28, 2014. Brent crude rose $1.31, or 1.7 per cent, to settle at $77.62 a barrel.

Both contracts pared gains in post-settlement trade. US crude was up $1.77 at $72.30 a barrel and Brent trading up 90 cents at $77.21 a barrel by 3:51 p.m. EDT (1951 GMT).

Because prices gained sharply for two straight sessions, some long positions were exiting the market to capitalize on the move as the end of the quarter approaches, said Tariq Zahir, managing member of Tyche Capital in Laurel Hollow, New York.

US crude stocks fell nearly 10 million barrels last week, the most since Sept. 2016, while gasoline and distillate inventories rose less than expected, the Energy Information Administration said.&nbsp

Crude stocks at the Cushing, Oklahoma, delivery hub for the NYMEX futures contract fell 2.7 million barrels, EIA said.&nbsp

"Cushing is a whopper," said Bob Yawger, director of energy futures at Mizuho.

The reported Cushing draw reflected just one day of a production disruption at a supplier in Canada. Syncrude's oil sands facility was offline at least through July, after a power outage last week locked in 350,000 bpd.

"Next week, you’re going to have a Cushing storage number that includes seven days of the Syncude outage. The math there would imply that you’d get an even bigger draw than this week," Yawger said.

The front-month US crude contract traded at $4.67 above the sixth-month contract, the most since July 2014. This encourages further drawdowns from storage.

The fall in Canadian exports helped drain supplies of heavy crude across North America, analysts said. They also cited concern about the risk of a disruption to supplies from Africa and the Middle East.

In Libya, a power struggle has left it unclear whether the internationally recognized government or rebels will handle oil exports. The future of Iranian crude exports was also in doubt. The United States has told all countries to stop importing Iranian oil from November.

Trying to make up for disrupted supply, the Organization of the Petroleum Exporting Countries said last week it would increase output.

Saudi Arabia plans to pump a record 11 million bpd in July, up from 10.8 million bpd in June, an industry source familiar with Saudi plans told Reuters on Tuesday.

Despite widespread international opposition to the U.S. stance on Iran, analysts expect a significant reduction in exports from OPEC's third-biggest producer, perhaps in excess of 1 million bpd.

Iran pumped 3.8 million bpd in May, Reuters' monthly survey showed.

Goldman Sachs said the planned unilateral US sanctions against Iran would likely have a "high level of efficiency."

Risk consultancy Eurasia Group said: "We are increasing our estimate of oil likely to come off the market by November to about 700,000 bpd — another bullish factor for prices."

The front-month US crude contract traded at $4.67 above the sixth-month contract, the most since July 2014.

Oil prices jumped on Wednesday as plunging US crude stockpiles compounded supply worries in a market already uncertain about Libyan exports, a production disruption in Canada and Washington's demands that importers stop buying Iranian crude from November. Little spare capacity remains to offset any further production disruptions, said John Kilduff, a partner at Again Capital Management. "The bulls will run the table and are going to be helped out by random events that will come out of left field and keep this thing going," Kilduff said. US crude futures rose $2.23, or 3.16 per cent, to settle at $72.76 a barrel. The contract touched $73.06 a barrel, the highest since Nov. 28, 2014. Brent crude rose $1.31, or 1.7 per cent, to settle at $77.62 a barrel. Both contracts pared gains in post-settlement trade. US crude was up $1.77 at $72.30 a barrel and Brent trading up 90 cents at $77.21 a barrel by 3:51 p.m. EDT (1951 GMT). Because prices gained sharply for two straight sessions, some long positions were exiting the market to capitalize on the move as the end of the quarter approaches, said Tariq Zahir, managing member of Tyche Capital in Laurel Hollow, New York. US crude stocks fell nearly 10 million barrels last week, the most since Sept. 2016, while gasoline and distillate inventories rose less than expected, the Energy Information Administration said. Crude stocks at the Cushing, Oklahoma, delivery hub for the NYMEX futures contract fell 2.7 million barrels, EIA said. "Cushing is a whopper," said Bob Yawger, director of energy futures at Mizuho. The reported Cushing draw reflected just one day of a production disruption at a supplier in Canada. Syncrude's oil sands facility was offline at least through July, after a power outage last week locked in 350,000 bpd. "Next week, you’re going to have a Cushing storage number that includes seven days of the Syncude outage. The math there would imply that you’d get an even bigger draw than this week," Yawger said. The front-month US crude contract traded at $4.67 above the sixth-month contract, the most since July 2014. This encourages further drawdowns from storage. The fall in Canadian exports helped drain supplies of heavy crude across North America, analysts said. They also cited concern about the risk of a disruption to supplies from Africa and the Middle East. In Libya, a power struggle has left it unclear whether the internationally recognized government or rebels will handle oil exports. The future of Iranian crude exports was also in doubt. The United States has told all countries to stop importing Iranian oil from November. Trying to make up for disrupted supply, the Organization of the Petroleum Exporting Countries said last week it would increase output. Saudi Arabia plans to pump a record 11 million bpd in July, up from 10.8 million bpd in June, an industry source familiar with Saudi plans told Reuters on Tuesday. Despite widespread international opposition to the U.S. stance on Iran, analysts expect a significant reduction in exports from OPEC's third-biggest producer, perhaps in excess of 1 million bpd. Iran pumped 3.8 million bpd in May, Reuters' monthly survey showed. Goldman Sachs said the planned unilateral US sanctions against Iran would likely have a "high level of efficiency." Risk consultancy Eurasia Group said: "We are increasing our estimate of oil likely to come off the market by November to about 700,000 bpd — another bullish factor for prices."

US oil prices rise on oversupply disruption

The Indian rupee slumped to an all-time low against the US dollar on Thursday as the currency comes under increasing pressure from rising oil prices.

The rupee, Asia's worst performing currency according to Bloomberg News, fell to 69.10 against the greenback in early trade before recovering slightly to 68.93 later.

India is a massive importer of oil, securing more than two-thirds of its needs from abroad.&nbsp

A surge in oil prices over the past year to around $78 a barrel has meant more rupees are needed to purchase crude.

This has put pressure on the Indian currency, making it less appealing to investors who are betting less on the emerging markets as a whole.

That has contributed to a widening of India's current account deficit -- when the value of imports exceeds the value of exports.

The strong dollar is affecting the value of currencies across Asia.

On Thursday, Indonesia's rupiah fell to the lowest level since October 2015.

The rupee, Asia's worst performing currency according to Bloomberg News, fell to 69.10 against the greenback in early trade before recovering slightly to 68.93 later

The Indian rupee slumped to an all-time low against the US dollar on Thursday as the currency comes under increasing pressure from rising oil prices. The rupee, Asia's worst performing currency according to Bloomberg News, fell to 69.10 against the greenback in early trade before recovering slightly to 68.93 later. India is a massive importer of oil, securing more than two-thirds of its needs from abroad. A surge in oil prices over the past year to around $78 a barrel has meant more rupees are needed to purchase crude. This has put pressure on the Indian currency, making it less appealing to investors who are betting less on the emerging markets as a whole. That has contributed to a widening of India's current account deficit -- when the value of imports exceeds the value of exports. The strong dollar is affecting the value of currencies across Asia. On Thursday, Indonesia's rupiah fell to the lowest level since October 2015.

Indian rupee hits all-time low against US dollar

The BSE Sensex slumped over 179 points to end at 35,037.64 today after the rupee collapsed to a lifetime low against the US dollar amid firming crude oil prices.

Participants also offloaded their long bets in futures and options (F&O) segment instead of carrying them forward to the next series for July, brokers said.

The rupee plunged to a fresh record of 69.10 against the dollar in early trade today.

Global oil prices have climbed to about USD 78 a barrel after the US asked its allies to end all imports of Iranian oil by November. Concerns over supply disruptions in Libya and Canada also pushed prices higher.

The Sensex, which resumed lower at 35,207.19, continued its slide to crack the 35,000-mark and touched a low of 34,937.15 as selling intensified.

However, it recovered marginally on value-buying and covering-up of short positions to end at 35,037.64 -- down 179.47 points, or 0.51 per cent.

The gauge had lost 272.93 points in the previous session.

The broader NSE Nifty, after cracking the 10,600-mark, ended 82.30 points, or 0.77 per cent, lower at 10,589.10.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 67.44 crore on net basis, while domestic institutional investors (DIIs) also bought equities to the tune of Rs 84.31 crore yesterday, provisional data showed.

The rupee plunged to a fresh record of 69.10 against the dollar in early trade today

The BSE Sensex slumped over 179 points to end at 35,037.64 today after the rupee collapsed to a lifetime low against the US dollar amid firming crude oil prices. Participants also offloaded their long bets in futures and options (F&O) segment instead of carrying them forward to the next series for July, brokers said. The rupee plunged to a fresh record of 69.10 against the dollar in early trade today. Global oil prices have climbed to about USD 78 a barrel after the US asked its allies to end all imports of Iranian oil by November. Concerns over supply disruptions in Libya and Canada also pushed prices higher. The Sensex, which resumed lower at 35,207.19, continued its slide to crack the 35,000-mark and touched a low of 34,937.15 as selling intensified. However, it recovered marginally on value-buying and covering-up of short positions to end at 35,037.64 -- down 179.47 points, or 0.51 per cent. The gauge had lost 272.93 points in the previous session. The broader NSE Nifty, after cracking the 10,600-mark, ended 82.30 points, or 0.77 per cent, lower at 10,589.10. Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 67.44 crore on net basis, while domestic institutional investors (DIIs) also bought equities to the tune of Rs 84.31 crore yesterday, provisional data showed.

Sensex sheds 179 points on weak rupee, F&O expiry

For the third time, Pakistan has imposed anti-dumping duty on Chinese steel and steel products to protect local industry.

The anti-dumping duty of 24.04 per cent was imposed by the National Tariff Commission (NTC) for a period of five years effective from June 22.

The Nation quoted industry sources, as saying that in February 2017, the NTC had imposed an anti-dumping duty on import of galvanized steel coils and sheets from China. The duty, which was up to 40 percent, is in force for five years since February 8, 2017.

In 2015, 19.04 percent duty was imposed on Chinese cold rolled coils.

China is the world's biggest steel producer, accounting for nearly half of global supplies.

Some developed economies have already slapped as much as 266 percent anti-dumping duties on cheap Chinese steel products.

The steel demand in the country hovers around eight million tons against the production of six million tons. Imports meet the demand and supply shortfall.

Presently, around 600 steel mills, including furnaces and rolling mills are operating in the country.

The latest anti-dumping duty rates have been determined on cost and freight (C&F) value on ad volarem terms. However, said duty would not be applicable on i) non-Chinese billets, and ii) producers who import said goods as inputs in products destined solely for exports.&nbsp

The anti-dumping duty of 24.04 per cent was imposed by the National Tariff Commission (NTC) for a period of five years effective from June 22

For the third time, Pakistan has imposed anti-dumping duty on Chinese steel and steel products to protect local industry. The anti-dumping duty of 24.04 per cent was imposed by the National Tariff Commission (NTC) for a period of five years effective from June 22. The Nation quoted industry sources, as saying that in February 2017, the NTC had imposed an anti-dumping duty on import of galvanized steel coils and sheets from China. The duty, which was up to 40 percent, is in force for five years since February 8, 2017. In 2015, 19.04 percent duty was imposed on Chinese cold rolled coils. China is the world's biggest steel producer, accounting for nearly half of global supplies. Some developed economies have already slapped as much as 266 percent anti-dumping duties on cheap Chinese steel products. The steel demand in the country hovers around eight million tons against the production of six million tons. Imports meet the demand and supply shortfall. Presently, around 600 steel mills, including furnaces and rolling mills are operating in the country. The latest anti-dumping duty rates have been determined on cost and freight (C&F) value on ad volarem terms. However, said duty would not be applicable on i) non-Chinese billets, and ii) producers who import said goods as inputs in products destined solely for exports.

Pakistan imposes 24% anti-dumping duty on Chinese steel

China's commerce ministry said on Thursday it would carefully monitor US policies on inbound investments, stressing that the country opposes using national security as grounds to restrict foreign investments.

US President Donald Trump said on Wednesday he will use a strengthened national security review process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions.

The US Treasury Department has recommended that Trump use the Committee on Foreign Investment in the United States (CFIUS), whose authority would be enhanced by new legislation in Congress, to control investment deals. The legislation expands the scope of transactions reviewed by the interagency panel to address security concerns, Trump said.

"China will closely monitor the legislation process and evaluate its potential impact on Chinese companies," Chinese commerce ministry spokesman Gao Feng told reporters in a regular briefing in Beijing.

"China does not agree with (the US) tightening foreign investment conditions using national security as reasons," he said.

The proposed investment restrictions are part of the Trump administration's efforts to pressure Beijing into making major changes to its trade, technology transfer and industrial subsidy policies after US- complaints that China has unfairly acquired American intellectual property through joint venture requirements, unfair licensing and strategic acquisitions of US tech firms.

Commerce ministry's Gao also said cooperation between China and Europe would bring a "warm current" to the global economy as both parties strongly opposes unilateralism and protectionism.

On Monday, Chinese Premier Li Keqiang said at a joint news conference with French prime minister Edouard Philippe that he believed frictions and disputes between China and the United States could be resolved via talks.

"There are no winners from Fighting a trade war," he told reporters.

'China will closely monitor the legislation process and evaluate its potential impact on Chinese companies,' Chinese commerce ministry spokesman Gao Feng told reporters in a regular briefing in Beijing

China's commerce ministry said on Thursday it would carefully monitor US policies on inbound investments, stressing that the country opposes using national security as grounds to restrict foreign investments. US President Donald Trump said on Wednesday he will use a strengthened national security review process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions. The US Treasury Department has recommended that Trump use the Committee on Foreign Investment in the United States (CFIUS), whose authority would be enhanced by new legislation in Congress, to control investment deals. The legislation expands the scope of transactions reviewed by the interagency panel to address security concerns, Trump said. "China will closely monitor the legislation process and evaluate its potential impact on Chinese companies," Chinese commerce ministry spokesman Gao Feng told reporters in a regular briefing in Beijing. "China does not agree with (the US) tightening foreign investment conditions using national security as reasons," he said. The proposed investment restrictions are part of the Trump administration's efforts to pressure Beijing into making major changes to its trade, technology transfer and industrial subsidy policies after US- complaints that China has unfairly acquired American intellectual property through joint venture requirements, unfair licensing and strategic acquisitions of US tech firms. Commerce ministry's Gao also said cooperation between China and Europe would bring a "warm current" to the global economy as both parties strongly opposes unilateralism and protectionism. On Monday, Chinese Premier Li Keqiang said at a joint news conference with French prime minister Edouard Philippe that he believed frictions and disputes between China and the United States could be resolved via talks. "There are no winners from Fighting a trade war," he told reporters.

China says carefully monitoring US policies on inbound investments

The rupee recovered marginally from its lifetime low to trade at 68.95 per dollar in late morning deals today amid heavy month-end demand for the American currency from importers and banks.

The domestic unit plunged to a record low at 69.10 before gaining ground to 68.95 at 1030 hrs, still down by 34 paise.

The Indian unit resumed sharply lower at 68.89 from yesterday's closing level of 68.61 at the inter-bank foreign exchange here.

Rising crude oil prices have deepened concerns about the country's current account deficit and inflation.

Crude oil prices rose in Asia as the US pressured allies to stopped buying Iranian crude amid concerns over supply disruptions in Libya and Canada.

Brent crude futures surged to $ 77.50 a barrel, the highest since 2014, on tight supply.

Meanwhile, the US dollar was steady against its peers in early Asian trade, having failed to extend overnight gains amid conflicting signals from Washington on a proposal to restrict Chinese investment.

The 30-share BSE Sensex was trading up by 13.92 points or 0.04 per cent at 35,231.03 at 1105 hrs.&nbsp

The domestic unit plunged to a record low at 69.10 before gaining ground to 68.95 at 1030 hrs, still down by 34 paise

The rupee recovered marginally from its lifetime low to trade at 68.95 per dollar in late morning deals today amid heavy month-end demand for the American currency from importers and banks. The domestic unit plunged to a record low at 69.10 before gaining ground to 68.95 at 1030 hrs, still down by 34 paise. The Indian unit resumed sharply lower at 68.89 from yesterday's closing level of 68.61 at the inter-bank foreign exchange here. Rising crude oil prices have deepened concerns about the country's current account deficit and inflation. Crude oil prices rose in Asia as the US pressured allies to stopped buying Iranian crude amid concerns over supply disruptions in Libya and Canada. Brent crude futures surged to $ 77.50 a barrel, the highest since 2014, on tight supply. Meanwhile, the US dollar was steady against its peers in early Asian trade, having failed to extend overnight gains amid conflicting signals from Washington on a proposal to restrict Chinese investment. The 30-share BSE Sensex was trading up by 13.92 points or 0.04 per cent at 35,231.03 at 1105 hrs.

Rupee recovers marginally to 68.95 against dollar

Oil prices rose on Wednesday as a supply disruption in Canada tightened the market and after US officials told importers to stop buying Iranian crude from November.

Uncertainty over Libyan exports also supported crude, traders said.

Brent crude futures had risen 18 cents, or 0.2 per cent, from their last close to $76.49 per barrel by 0604 GMT.

US West Texas Intermediate (WTI) crude futures were at $70.69, up 16 cents, or 0.2 per cent.

The United States demanded all countries stop imports of Iranian oil from November, a State Department official said on Tuesday.

Oil markets did not react more strongly to Washington`s pressure as the move was expected.

In addition, top exporter Saudi Arabia plans to raise output to make up for lost supplies.

"It is very unlikely the US will succeed in ending Iranian oil sales on this timetable, but we are increasing our estimate of oil likely to come off the market by November to about 700,000 barrels per day (bpd) — another bullish factor for prices," said risk consultancy Eurasia Group.

During the last round of sanctions, which ended in 2016, several Asian countries received waivers from Washington allowing them to continue to import from Iran.

This time, Washington already hinted when announcing renewed sanctions in May that it was unwilling to grant waivers.

And while Tokyo and Seoul said on Wednesday they were still hoping to receive waivers from Washington, Japanese and South Korean buyers have already started dialling back purchases.

Tight Market

Beyond looming sanctions, other threats to supply are keeping markets on edge.

In Libya, a power struggle between the official government and rebels has left it unclear who will handle the country`s large oil exports, although as of Tuesday the oil ports of Hariga and Zueitina in eastern Libya were working normally.

In North America, a supply outage at Syncrude in Canada has locked in 350,000 bpd of crude, with repairs expected to last at least through July.

Stephen Innes of futures brokerage OANDA said the outage had contributed to a major draw in US crude oil inventories.

The American Petroleum Institute (API) on Tuesday reported a 9.2 million barrel reduction in U.S. crude inventories in the week to June 22 to 421.4 million barrels.

Trying to make up for disrupted supply, the Organization of the Petroleum Exporting Countries (OPEC) said late last week it would increase output.

Top exporter and de-facto OPEC leader Saudi Arabia plans to pump a record 11 million bpd in July, up from 10.8 million bpd in June.

Despite this, French bank BNP Paribas said the "agreement to elevate output still leaves production restraints in place, limiting the market`s ability to rebuild inventories."

"Considering significant future supply losses faced by Iran (under U.S. sanctions) and supply risks in Venezuela and Libya ... oil fundamentals still remain favourable for oil prices to rise over the next 6 months despite the OPEC+ decision," BNP said.

Oil prices rose on Wednesday as a supply disruption in Canada tightened the market and after US officials told importers to stop buying Iranian crude from November

Oil prices rose on Wednesday as a supply disruption in Canada tightened the market and after US officials told importers to stop buying Iranian crude from November. Uncertainty over Libyan exports also supported crude, traders said. Brent crude futures had risen 18 cents, or 0.2 per cent, from their last close to $76.49 per barrel by 0604 GMT. US West Texas Intermediate (WTI) crude futures were at $70.69, up 16 cents, or 0.2 per cent. The United States demanded all countries stop imports of Iranian oil from November, a State Department official said on Tuesday. Oil markets did not react more strongly to Washington`s pressure as the move was expected. In addition, top exporter Saudi Arabia plans to raise output to make up for lost supplies. "It is very unlikely the US will succeed in ending Iranian oil sales on this timetable, but we are increasing our estimate of oil likely to come off the market by November to about 700,000 barrels per day (bpd) — another bullish factor for prices," said risk consultancy Eurasia Group. During the last round of sanctions, which ended in 2016, several Asian countries received waivers from Washington allowing them to continue to import from Iran. This time, Washington already hinted when announcing renewed sanctions in May that it was unwilling to grant waivers. And while Tokyo and Seoul said on Wednesday they were still hoping to receive waivers from Washington, Japanese and South Korean buyers have already started dialling back purchases. Tight Market Beyond looming sanctions, other threats to supply are keeping markets on edge. In Libya, a power struggle between the official government and rebels has left it unclear who will handle the country`s large oil exports, although as of Tuesday the oil ports of Hariga and Zueitina in eastern Libya were working normally. In North America, a supply outage at Syncrude in Canada has locked in 350,000 bpd of crude, with repairs expected to last at least through July. Stephen Innes of futures brokerage OANDA said the outage had contributed to a major draw in US crude oil inventories. The American Petroleum Institute (API) on Tuesday reported a 9.2 million barrel reduction in U.S. crude inventories in the week to June 22 to 421.4 million barrels. Trying to make up for disrupted supply, the Organization of the Petroleum Exporting Countries (OPEC) said late last week it would increase output. Top exporter and de-facto OPEC leader Saudi Arabia plans to pump a record 11 million bpd in July, up from 10.8 million bpd in June. Despite this, French bank BNP Paribas said the "agreement to elevate output still leaves production restraints in place, limiting the market`s ability to rebuild inventories." "Considering significant future supply losses faced by Iran (under U.S. sanctions) and supply risks in Venezuela and Libya ... oil fundamentals still remain favourable for oil prices to rise over the next 6 months despite the OPEC+ decision," BNP said.

Oil rises on supply disruptions, US push to shut out Iran

As the controversy over <a href="http://www.wionews.com/world/trump-says-no-harley-davidson-should-ever-be-built-in-us-warns-of-taxes-like-never-before-147229">Harley-Davidson's decision to move</a> some jobs from the US erupted, a US newspaper reported that the company could move its manufacturing to India.

The iconic motorcycle company has manufacturing facilities in Brazil, Thailand and India. India has become a very important market for the Wisconsin-based company after the country became the largest producer of motorcycles last year.&nbsp;

Harley-Davidson had opened its manufacturing hub in Gurgaon in 2009 under the Obama administration and has been producing several models for the European market, the US newspaper said.

The company does not have any manufacturing facility in Europe. Although Harley did not confirm about its next move, the newspaper said "Trump's trade disputes would have done little to save Harley-Davidson's U.S. jobs", it added that "in fact, they may end up helping to move them to the country he wanted to defend the company against."

Trump took the "tariff war" to India on Tuesday pointing out that "India charges as much as 100 per cent tariff", he called for the removal of tariffs.

The US president had mentioned India with regards to tariffs in February when he said "India gets away with" charging high tariffs for Harley-Davidson motorcycles. Trump had blamed India for charging 50 to 60 per cent tariffs on Harley-Davidson motorcycles.

"I don't know why people allowed them to get away with it. But there's an example that's very unfair," the president had said. India had ultimately slashed tariffs by 50 per cent, but the US newspaper said Trump was "still wasn't happy".

However, the US newspaper pointed out that "motorcycles don't even merit a mention in the Indian Ministry of Commerce and Industry's data on exports to the United States" and the vast majority of the Harley motorcycles sold in India is made in the Gurgaon facility, "so the Indian tariffs don't apply to them anyway", it said.

"The man occupying the most important office in the world was trying to fix a problem that didn't really exist at the time."&nbsp;

"Now, it does," the newspaper added ominously. 
&nbsp;

Harley-Davidson had opened its manufacturing hub in Gurgaon in 2009 under the Obama administration

As the controversy over Harley-Davidson's decision to move some jobs from the US erupted, a US newspaper reported that the company could move its manufacturing to India. The iconic motorcycle company has manufacturing facilities in Brazil, Thailand and India. India has become a very important market for the Wisconsin-based company after the country became the largest producer of motorcycles last year. Harley-Davidson had opened its manufacturing hub in Gurgaon in 2009 under the Obama administration and has been producing several models for the European market, the US newspaper said. The company does not have any manufacturing facility in Europe. Although Harley did not confirm about its next move, the newspaper said "Trump's trade disputes would have done little to save Harley-Davidson's U.S. jobs", it added that "in fact, they may end up helping to move them to the country he wanted to defend the company against." Trump took the "tariff war" to India on Tuesday pointing out that "India charges as much as 100 per cent tariff", he called for the removal of tariffs. The US president had mentioned India with regards to tariffs in February when he said "India gets away with" charging high tariffs for Harley-Davidson motorcycles. Trump had blamed India for charging 50 to 60 per cent tariffs on Harley-Davidson motorcycles. "I don't know why people allowed them to get away with it. But there's an example that's very unfair," the president had said. India had ultimately slashed tariffs by 50 per cent, but the US newspaper said Trump was "still wasn't happy". However, the US newspaper pointed out that "motorcycles don't even merit a mention in the Indian Ministry of Commerce and Industry's data on exports to the United States" and the vast majority of the Harley motorcycles sold in India is made in the Gurgaon facility, "so the Indian tariffs don't apply to them anyway", it said. "The man occupying the most important office in the world was trying to fix a problem that didn't really exist at the time." "Now, it does," the newspaper added ominously.

Harley-Davidson could move manufacturing to India: US report

Tightening of H-1B work visa norms by the US is likely to put cost pressures on the Indian IT services firms and impact their margins due to increase in compliances and rise in onsite hiring, according to a report.

However, the impact will be company specific and relative to H-1B visa dependence, rating agency Icra said in its report.

"The changes will disqualify certain positions currently eligible for H-1B visas, thereby impeding the movement of low-cost skilled labour from India and will have direct bearing on margins," said Gaurav Jain, vice-president, corporate sector ratings, Icra.

The US is also contemplating on awarding visas to the most skilled or to highest-paid beneficiaries.

Icra feels this move will work against the Indian IT services sector (H-1B dependent) as the average wage is approximately lower by 25 per cent compared to companies that are not dependent on H-1B visas as per estimates.

A firm is defined as H-1B dependent if more than 15 per cent of its US full-time employees are on an H-1B visa.

Jain said awarding of H-1B visas based on highest skill or compensation, will leave less headroom for Indian companies to get such visas. 
Consequently, increased onsite hiring or raising the compensation for H-1B visa applicants will impact companies' margins and will be credit negative, he said.

"However, the impact will be company specific and relative to H-1B visa dependence," he added. 
The US government is also planning to permanently end work authorisation (H-4 visa) granted to spouses of H-1B visa holders.

Icra feels revoking such visas will have an indirect negative impact on workers currently employed on H-1B visas or seeking such visas whose spouses are working professionals.

Jain said Indian companies have started to ramp up onshore hiring.

"Leading firms are also increasing their proportion of offshore work to reduce dependence on such visas, though the magnitude of such shifts is expected to be marginal as only certain services are amenable to higher offshoring (testing, IMS) compared to others," he said.

Overall, Icra expects a ramp up in onshore hiring, particularly for entry-level programmers to maintain a competitive cost structure, while reducing dependence on H-1B visas for such low-cost skilled labour.&nbsp;

However, the impact will be company specific and relative to H-1B visa dependence, rating agency Icra said in its report.

Tightening of H-1B work visa norms by the US is likely to put cost pressures on the Indian IT services firms and impact their margins due to increase in compliances and rise in onsite hiring, according to a report. However, the impact will be company specific and relative to H-1B visa dependence, rating agency Icra said in its report. "The changes will disqualify certain positions currently eligible for H-1B visas, thereby impeding the movement of low-cost skilled labour from India and will have direct bearing on margins," said Gaurav Jain, vice-president, corporate sector ratings, Icra. The US is also contemplating on awarding visas to the most skilled or to highest-paid beneficiaries. Icra feels this move will work against the Indian IT services sector (H-1B dependent) as the average wage is approximately lower by 25 per cent compared to companies that are not dependent on H-1B visas as per estimates. A firm is defined as H-1B dependent if more than 15 per cent of its US full-time employees are on an H-1B visa. Jain said awarding of H-1B visas based on highest skill or compensation, will leave less headroom for Indian companies to get such visas. Consequently, increased onsite hiring or raising the compensation for H-1B visa applicants will impact companies' margins and will be credit negative, he said. "However, the impact will be company specific and relative to H-1B visa dependence," he added. The US government is also planning to permanently end work authorisation (H-4 visa) granted to spouses of H-1B visa holders. Icra feels revoking such visas will have an indirect negative impact on workers currently employed on H-1B visas or seeking such visas whose spouses are working professionals. Jain said Indian companies have started to ramp up onshore hiring. "Leading firms are also increasing their proportion of offshore work to reduce dependence on such visas, though the magnitude of such shifts is expected to be marginal as only certain services are amenable to higher offshoring (testing, IMS) compared to others," he said. Overall, Icra expects a ramp up in onshore hiring, particularly for entry-level programmers to maintain a competitive cost structure, while reducing dependence on H-1B visas for such low-cost skilled labour.

Tightening of H-1B visa rules to hit Indian IT cost margins: Report

Retirement fund body EPFO decided on Tuesday to give its members an option to withdraw 75 per cent of their funds after one month of unemployment and keep their PF account with the body.

The members would also have an option to withdraw remaining 25 per cent of their funds and go for final settlement of account after completion of two months of unemployment under the new provision in the Employee Provident Fund Scheme 1952.&nbsp

"We have decided to amend the scheme to allow members to take advance from its account on one month of unemployment. He can withdraw 75 per cent of its funds as advance from its account after one month of unemployment and keep its account with the EPFO," Labour Minister Santosh Kumar Gangwar, who is also the Chairman of EPFO's Central Board of Trustees, told reporters after the trustees meet in New Delhi.

At present, in case of unemployment, a subscriber can withdraw his or her funds after two months of unemployment and settle the account in one go.&nbsp

The minister was of the view that this new provision would give an option to members to keep their account with the EPFO, which he can use after regaining employment again.

However, it was proposed that the members would be allowed to take 60 per cent of funds as advance on unemployment for not less than 30 days. But, the CBT raised the limit to 75 per cent in the meeting held on Tuesday.&nbsp

The minister further said, "We approved almost the entire agenda listed for the meeting of the CBT today. We have also given an extension of one year to ETF (exchange traded funds) manufacturers SBI and UTI Mutual funds till July 1, 2019. We have also extended the term of fund managers till December 31, 2018."

There was a proposal to give extension of six more months to its five fund managers SBI, ICICI Securities Primary Dealership, Reliance Capital, HSBC AMC and UTI AMC for managing its corpus.

The five fund managers were appointed for three years from April 1, 2015. They were given extension till June 30, 2018. The CBT has also approved the proposal to appoint consultant for selection of portfolio managers.

&nbspThe minister also said that the EPFO's ETF investment would soon cross Rs 1 lakh crore mark as its has already invested Rs 47,431.24 crore till May end this year earning a return of 16.07 per cent.

The EPFO has also extended the tenure of its consultant CRISIL for evaluation of performance of fund manager till December 31, 2018.&nbsp

On the widening of range of the ETF investments by the EPFO, a CBT member said that the agenda was deferred and the board was unanimous that a call will be taken on the advise of new fund managers and consultants to be appointed shortly.&nbsp

It was proposed to amend the investment pattern of the EPFO to enable the body to invest in equity index ETF beyond NIFTY 50 and Sensex ETF.

The members would also have an option to withdraw remaining 25 per cent of their funds and go for final settlement of account after completion of two months of unemployment under the new provision in the Employee Provident Fund Scheme 1952

Retirement fund body EPFO decided on Tuesday to give its members an option to withdraw 75 per cent of their funds after one month of unemployment and keep their PF account with the body. The members would also have an option to withdraw remaining 25 per cent of their funds and go for final settlement of account after completion of two months of unemployment under the new provision in the Employee Provident Fund Scheme 1952. "We have decided to amend the scheme to allow members to take advance from its account on one month of unemployment. He can withdraw 75 per cent of its funds as advance from its account after one month of unemployment and keep its account with the EPFO," Labour Minister Santosh Kumar Gangwar, who is also the Chairman of EPFO's Central Board of Trustees, told reporters after the trustees meet in New Delhi. At present, in case of unemployment, a subscriber can withdraw his or her funds after two months of unemployment and settle the account in one go. The minister was of the view that this new provision would give an option to members to keep their account with the EPFO, which he can use after regaining employment again. However, it was proposed that the members would be allowed to take 60 per cent of funds as advance on unemployment for not less than 30 days. But, the CBT raised the limit to 75 per cent in the meeting held on Tuesday. The minister further said, "We approved almost the entire agenda listed for the meeting of the CBT today. We have also given an extension of one year to ETF (exchange traded funds) manufacturers SBI and UTI Mutual funds till July 1, 2019. We have also extended the term of fund managers till December 31, 2018." There was a proposal to give extension of six more months to its five fund managers SBI, ICICI Securities Primary Dealership, Reliance Capital, HSBC AMC and UTI AMC for managing its corpus. The five fund managers were appointed for three years from April 1, 2015. They were given extension till June 30, 2018. The CBT has also approved the proposal to appoint consultant for selection of portfolio managers. &nbspThe minister also said that the EPFO's ETF investment would soon cross Rs 1 lakh crore mark as its has already invested Rs 47,431.24 crore till May end this year earning a return of 16.07 per cent. The EPFO has also extended the tenure of its consultant CRISIL for evaluation of performance of fund manager till December 31, 2018. On the widening of range of the ETF investments by the EPFO, a CBT member said that the agenda was deferred and the board was unanimous that a call will be taken on the advise of new fund managers and consultants to be appointed shortly. It was proposed to amend the investment pattern of the EPFO to enable the body to invest in equity index ETF beyond NIFTY 50 and Sensex ETF.

EPFO member can withdraw 75 per cent funds after 30 days of job loss

US sovereign debt is approaching historically high levels and in three decades debt service will cost as much as Social Security spending, the Congressional Budget Office reported Tuesday.

The annual projections from the independent congressional body drew a grim picture of America's fiscal situation, forecasting that interest costs as a share of GDP will double in the next 10 years -- rising to 3.1 per cent from 1.6 per cent this year.

Because of the sweeping corporate and individual income tax cuts enacted by President Donald Trump in December, government revenues will be flat for the next two years before rising in 2026, when personal income tax rates are due to rise again.

Interest payments are also projected to rise to a record 6.3 per cent by 2048 -- when, according to the CBO, they will exceed all discretionary spending and be "about equal" to spending on Social Security, the behemoth public retirement system that is one of the largest burdens on the US budget.

The forecasts presume the central bank will continue on its current path of raising rates in light of rising GDP growth and inflation and falling unemployment.

US sovereign debt is expected to reach 78 per cent of GDP this year, its highest level since World War II, approaching 100 per cent in a decade before reaching 152 per cent by 2028.

"That amount would be the highest in the nation's history by far," the statement said.

Overall federal spending is projected to rise from the current 19 per cent of GDP to 23 per cent over the next 30 years, principally due to spending on increasingly costly social programs for retirement, and health coverage for the poorest and elderly. 
&nbsp

The annual projections from the independent congressional body drew a grim picture of America's fiscal situation, forecasting that interest costs as a share of GDP will double in the next 10 years

US sovereign debt is approaching historically high levels and in three decades debt service will cost as much as Social Security spending, the Congressional Budget Office reported Tuesday. The annual projections from the independent congressional body drew a grim picture of America's fiscal situation, forecasting that interest costs as a share of GDP will double in the next 10 years -- rising to 3.1 per cent from 1.6 per cent this year. Because of the sweeping corporate and individual income tax cuts enacted by President Donald Trump in December, government revenues will be flat for the next two years before rising in 2026, when personal income tax rates are due to rise again. Interest payments are also projected to rise to a record 6.3 per cent by 2048 -- when, according to the CBO, they will exceed all discretionary spending and be "about equal" to spending on Social Security, the behemoth public retirement system that is one of the largest burdens on the US budget. The forecasts presume the central bank will continue on its current path of raising rates in light of rising GDP growth and inflation and falling unemployment. US sovereign debt is expected to reach 78 per cent of GDP this year, its highest level since World War II, approaching 100 per cent in a decade before reaching 152 per cent by 2028. "That amount would be the highest in the nation's history by far," the statement said. Overall federal spending is projected to rise from the current 19 per cent of GDP to 23 per cent over the next 30 years, principally due to spending on increasingly costly social programs for retirement, and health coverage for the poorest and elderly.

US debt highest of post-war era: Report

As Beijing and Washington veer towards a full-blown trade war, American brands in China face what may be an even bigger threat: local rivals armed with innovative products and the Chinese government's blessing.

American household names like Apple, Starbucks and Procter & Gamble's Pampers are seeing their dominance challenged, a potential threat to the hundreds of billions of dollars U.S. firms make in China.

According to an analysis of data from Bain and Kantar, local brands snatched almost three-quarters of China's 639 billion yuan ($97 billion) market for fast-moving consumer goods - a category that includes items like soft drinks and shampoo - last year, up from two-thirds in 2013.

The data, shared with Reuters, shows that U.S. products like Pampers, Colgate toothpaste and Mead Johnson infant formula saw their market share drop around 10 percentage points in the past five years. The data was based on a survey of 40,000 urban households.

At the same time, savvy Chinese brands like SeeYoung, offering a popular silicon-free shampoo, and Pechoin, a maker of skincare products that plays up local ingredients, gained rapidly.

"Local competition is now extremely high on the agenda of foreign firms in China," said Bruno Lannes, Shanghai-based partner with Bain & Co, the consultancy that co-authored the report.

"In order to win in China now they need to beat not just traditional competitors," he said. "But they need to win against local companies that are faster and more innovative than they had realized."

American brands have long enjoyed a vaunted status in China. U.S. fast food, beverages and coffee chains are ubiquitous in China's cities, while consumers lap up U.S.-branded infant formula, designer jeans, cars and smartphones.

That dominance, however, is threatened by China's push to bolster domestic brands by creating champions in certain categories and weeding out weaker players to improve quality.

Brewing trade tensions could exacerbate this slippage, threatening more than $180 billion in sales by U.S. firms in China last year, according to an analysis of 121 U.S.-listed American firms that broke out data for China sales in the most recent fiscal year.

The total is likely far higher as many U.S. firms with a major China presence - including Starbucks, McDonald's and Walmart - don't break out China sales.

Apple made $44.8 billion in China in the last fiscal year, P&G around $5.2 billion and the sports apparel maker Nike $4.2 billion.

A trade war now looks more likely after talks in Beijing and Washington failed to defuse grating issues between the two countries over a trade imbalance, technology transfers and barriers that firms face doing business in China.

GROWTH TO ZERO

But the bigger threat might be the advances made by Chinese rivals.

Apple's iconic iPhone has seen its share of the country's smartphone market stall at around 10 percent since 2012, according to data from the analytics firm Canalys, and has been overtaken by upstart domestic phone makers like Oppo, Vivo and the more established Huawei.

Starbucks, which boomed in China on the back of a budding coffee culture, said its same store sales growth in the country slowed to zero in the second quarter of 2018. The firm cited delivery issues, but it has also been facing a rising tide of small, fast-growing domestic rivals in China's big cities.

It's not only U.S. brands that are feeling the squeeze. A European trade body recently cited "stiffer competition" from Chinese rivals as one of the main anxieties felt by European brands.

And some firms have bucked the trend. The biscuit brand Oreo remains strong in the market, while Coca-Cola and Pepsi recovered last year after losing ground between 2012 and 2016 to juice and water drinks seen as more healthy.

Overall, local brands gained market share over international rivals last year in 21 product consumer product categories like skin care, shampoo and infant formula, according to the Bain report. Local brands grew 7.7 percent last year versus tepid 0.4 percent growth for overseas rivals.

"That's definitely a trend," said a senior executive at a major U.S. consumer goods firm, adding that the biggest challenge his firm faced in China was strong domestic rivals.

GOING LOCAL

Chinese brands are getting increasingly confident about taking on overseas brands, including in high-tech sectors.

In China's auto market, the world's largest, domestic car brands - helped by supportive policies - have sneaked up on foreign brands over the past five years, challenging Ford Motor Co, General Motors Co, and the electric carmaker Tesla Inc.

The government's promotion of electric vehicles as a key industry has lured dozens of new Chinese competitors to enter the market.

Ian Zhu, a partner at NIO Capital, the investment affiliate of NIO, a Chinese electric vehicle start-up, said a shift to smart, electric and autonomous cars would bolster local brands as the vehicles increasingly become entertainment and work spaces rather than just a means of transport.

"You have to know local tastes and the local environment really well," he said. "Foreign companies will have tremendous challenges in that."

China's "Made in China 2025" push, which includes strategic areas including new energy and smart vehicles, is also helping local brands.

In other high-tech areas like medical devices, semiconductors and pharmaceuticals, China is pushing its own domestic champions to trim reliance on overseas markets.

Many firms have responded by shifting production to China, which can give a brand quasi-local status.

"Most of what we sell is domestically produced," Ze Dias, China managing director for Kraft Heinz, told Reuters at the recent Shanghai launch of the firm's Jif Jaf biscuit, a China-only Oreo look-a-like with flavours including chocolate cheese and spicy chilli.

Dias said the firm was exposed to some fluctuations in the commodities market related to trade tensions. Longer-term, however, he hoped the United States and China would resolve their issues.

"There are short-term bumps in the road," he said, but the United States and China "will cooperate more than compete".

US products like Pampers, Colgate toothpaste and Mead Johnson infant formula have seen their market share drop around 10 percentage points in the last five years

As Beijing and Washington veer towards a full-blown trade war, American brands in China face what may be an even bigger threat: local rivals armed with innovative products and the Chinese government's blessing. American household names like Apple, Starbucks and Procter & Gamble's Pampers are seeing their dominance challenged, a potential threat to the hundreds of billions of dollars U.S. firms make in China. According to an analysis of data from Bain and Kantar, local brands snatched almost three-quarters of China's 639 billion yuan ($97 billion) market for fast-moving consumer goods - a category that includes items like soft drinks and shampoo - last year, up from two-thirds in 2013. The data, shared with Reuters, shows that U.S. products like Pampers, Colgate toothpaste and Mead Johnson infant formula saw their market share drop around 10 percentage points in the past five years. The data was based on a survey of 40,000 urban households. At the same time, savvy Chinese brands like SeeYoung, offering a popular silicon-free shampoo, and Pechoin, a maker of skincare products that plays up local ingredients, gained rapidly. "Local competition is now extremely high on the agenda of foreign firms in China," said Bruno Lannes, Shanghai-based partner with Bain & Co, the consultancy that co-authored the report. "In order to win in China now they need to beat not just traditional competitors," he said. "But they need to win against local companies that are faster and more innovative than they had realized." American brands have long enjoyed a vaunted status in China. U.S. fast food, beverages and coffee chains are ubiquitous in China's cities, while consumers lap up U.S.-branded infant formula, designer jeans, cars and smartphones. That dominance, however, is threatened by China's push to bolster domestic brands by creating champions in certain categories and weeding out weaker players to improve quality. Brewing trade tensions could exacerbate this slippage, threatening more than $180 billion in sales by U.S. firms in China last year, according to an analysis of 121 U.S.-listed American firms that broke out data for China sales in the most recent fiscal year. The total is likely far higher as many U.S. firms with a major China presence - including Starbucks, McDonald's and Walmart - don't break out China sales. Apple made $44.8 billion in China in the last fiscal year, P&G around $5.2 billion and the sports apparel maker Nike $4.2 billion. A trade war now looks more likely after talks in Beijing and Washington failed to defuse grating issues between the two countries over a trade imbalance, technology transfers and barriers that firms face doing business in China. GROWTH TO ZERO But the bigger threat might be the advances made by Chinese rivals. Apple's iconic iPhone has seen its share of the country's smartphone market stall at around 10 percent since 2012, according to data from the analytics firm Canalys, and has been overtaken by upstart domestic phone makers like Oppo, Vivo and the more established Huawei. Starbucks, which boomed in China on the back of a budding coffee culture, said its same store sales growth in the country slowed to zero in the second quarter of 2018. The firm cited delivery issues, but it has also been facing a rising tide of small, fast-growing domestic rivals in China's big cities. It's not only U.S. brands that are feeling the squeeze. A European trade body recently cited "stiffer competition" from Chinese rivals as one of the main anxieties felt by European brands. And some firms have bucked the trend. The biscuit brand Oreo remains strong in the market, while Coca-Cola and Pepsi recovered last year after losing ground between 2012 and 2016 to juice and water drinks seen as more healthy. Overall, local brands gained market share over international rivals last year in 21 product consumer product categories like skin care, shampoo and infant formula, according to the Bain report. Local brands grew 7.7 percent last year versus tepid 0.4 percent growth for overseas rivals. "That's definitely a trend," said a senior executive at a major U.S. consumer goods firm, adding that the biggest challenge his firm faced in China was strong domestic rivals. GOING LOCAL Chinese brands are getting increasingly confident about taking on overseas brands, including in high-tech sectors. In China's auto market, the world's largest, domestic car brands - helped by supportive policies - have sneaked up on foreign brands over the past five years, challenging Ford Motor Co, General Motors Co, and the electric carmaker Tesla Inc. The government's promotion of electric vehicles as a key industry has lured dozens of new Chinese competitors to enter the market. Ian Zhu, a partner at NIO Capital, the investment affiliate of NIO, a Chinese electric vehicle start-up, said a shift to smart, electric and autonomous cars would bolster local brands as the vehicles increasingly become entertainment and work spaces rather than just a means of transport. "You have to know local tastes and the local environment really well," he said. "Foreign companies will have tremendous challenges in that." China's "Made in China 2025" push, which includes strategic areas including new energy and smart vehicles, is also helping local brands. In other high-tech areas like medical devices, semiconductors and pharmaceuticals, China is pushing its own domestic champions to trim reliance on overseas markets. Many firms have responded by shifting production to China, which can give a brand quasi-local status. "Most of what we sell is domestically produced," Ze Dias, China managing director for Kraft Heinz, told Reuters at the recent Shanghai launch of the firm's Jif Jaf biscuit, a China-only Oreo look-a-like with flavours including chocolate cheese and spicy chilli. Dias said the firm was exposed to some fluctuations in the commodities market related to trade tensions. Longer-term, however, he hoped the United States and China would resolve their issues. "There are short-term bumps in the road," he said, but the United States and China "will cooperate more than compete".

US-China trade war: With govt's blessing, China Inc already reining in American brands

The BSE Sensex plunged nearly 273 points to close at a three-week low of 35,217.11 today while the Nifty finished below the 10,700-mark on widespread selling by investors rattled by higher crude prices and a weakening rupee.

The Indian currency hit one-and-a-half year lows against the US dollar intra-day amid persistent foreign capital outflows from emerging markets.

The 30-share Sensex opened in the green and hit a high of 35,618.85, but soon turned weaker on heavy selling. It finally ended at 35,217.11, down 272.93 points, or 0.77 per cent.&nbsp

This is its lowest closing since June 6, when it had settled at 35,178.88.

The wider NSE Nifty touched a low of 10,652.40 before finishing lower by 97.75 points, or 0.91 per cent at 10,671.40.

Sentiment took another hit after the Reserve Bank of India, in its Financial Stability Report (FSR) yesterday, said stress in the banking sector continues as gross non-performing assets (GNPA) ratio rises further.

State-run lenders came under heavy selling pressure, with PNB, Bank of Baroda, SBI, Syndicate Bank, Oriental Bank of Commerce and Union Bank of India falling up to 6.61 per cent.

The June month expiry in the derivatives segment tomorrow also forced investors to adopt a cautious stance.

Foreign portfolio investors (FPIs) sold shares worth Rs 538.40 crore, while domestic institutional investors (DIIs) bought shares worth Rs 238.05 crore yesterday, as per provisional data.&nbsp

Most Asian markets, led by China, ended lower as jitters over trade conflicts between the US and other major economies lingered.&nbsp

The Indian currency hit one-and-a-half year lows against the US dollar intra-day amid persistent foreign capital outflows from emerging markets

The BSE Sensex plunged nearly 273 points to close at a three-week low of 35,217.11 today while the Nifty finished below the 10,700-mark on widespread selling by investors rattled by higher crude prices and a weakening rupee. The Indian currency hit one-and-a-half year lows against the US dollar intra-day amid persistent foreign capital outflows from emerging markets. The 30-share Sensex opened in the green and hit a high of 35,618.85, but soon turned weaker on heavy selling. It finally ended at 35,217.11, down 272.93 points, or 0.77 per cent. This is its lowest closing since June 6, when it had settled at 35,178.88. The wider NSE Nifty touched a low of 10,652.40 before finishing lower by 97.75 points, or 0.91 per cent at 10,671.40. Sentiment took another hit after the Reserve Bank of India, in its Financial Stability Report (FSR) yesterday, said stress in the banking sector continues as gross non-performing assets (GNPA) ratio rises further. State-run lenders came under heavy selling pressure, with PNB, Bank of Baroda, SBI, Syndicate Bank, Oriental Bank of Commerce and Union Bank of India falling up to 6.61 per cent. The June month expiry in the derivatives segment tomorrow also forced investors to adopt a cautious stance. Foreign portfolio investors (FPIs) sold shares worth Rs 538.40 crore, while domestic institutional investors (DIIs) bought shares worth Rs 238.05 crore yesterday, as per provisional data. Most Asian markets, led by China, ended lower as jitters over trade conflicts between the US and other major economies lingered.

Sensex tanks 273 points on macro concerns

The BSE Sensex fell over 132 points in opening trade today as investors pared their bets, tracking sharp losses in global markets on worries about an intensifying trade conflict between the US and its trade partners.

Cutting down of positions by participants in view of approaching June derivatives contract expiry on Thursday added to the downward pressure, brokers said.

The BSE 30-share barometer fell 132.26 points, or 0.37 per cent, to 35,338.09. The gauge had lost 219.25 points in the previous session.

The laggards were Tata Motors, Vedanta, Hero MotoCorp, ICICI Bank, PowerGrid, SBI, Adani Ports, RIL, Sun Pharma, HDFC Bank, Maruti Suzuki and IndusInd Bank, declining up to 1.74 per cent.

Sectoral indices led by consumer durables, power, banking, auto, metal and PSU stocks were in the negative terrain, falling by up to 0.59 per cent.

The NSE Nifty also slipped 29.90 points, or 0.27 per cent, to 10,732.55.

Meanwhile, domestic institutional investors (DIIs) sold shares worth a net Rs 86.22 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 198.68 crore yesterday, as per provisional data released by the stock exchanges.

A weak trend at other Asian bourses following overnight losses in US markets dampened sentiment.

Hong Kong's Hang Seng was down 0.92 per cent while Shanghai Composite fell 0.83 per cent in early trade today. Japan's Nikkei edged lower by 0.30 per cent.

The US Dow Jones Industrial Average finished 1.33 per cent lower yesterday.&nbsp

The laggards were Tata Motors, Vedanta, Hero MotoCorp, ICICI Bank, PowerGrid, SBI, Adani Ports, RIL, Sun Pharma, HDFC Bank, Maruti Suzuki and IndusInd Bank, declining up to 1.74 per cent

The BSE Sensex fell over 132 points in opening trade today as investors pared their bets, tracking sharp losses in global markets on worries about an intensifying trade conflict between the US and its trade partners. Cutting down of positions by participants in view of approaching June derivatives contract expiry on Thursday added to the downward pressure, brokers said. The BSE 30-share barometer fell 132.26 points, or 0.37 per cent, to 35,338.09. The gauge had lost 219.25 points in the previous session. The laggards were Tata Motors, Vedanta, Hero MotoCorp, ICICI Bank, PowerGrid, SBI, Adani Ports, RIL, Sun Pharma, HDFC Bank, Maruti Suzuki and IndusInd Bank, declining up to 1.74 per cent. Sectoral indices led by consumer durables, power, banking, auto, metal and PSU stocks were in the negative terrain, falling by up to 0.59 per cent. The NSE Nifty also slipped 29.90 points, or 0.27 per cent, to 10,732.55. Meanwhile, domestic institutional investors (DIIs) sold shares worth a net Rs 86.22 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 198.68 crore yesterday, as per provisional data released by the stock exchanges. A weak trend at other Asian bourses following overnight losses in US markets dampened sentiment. Hong Kong's Hang Seng was down 0.92 per cent while Shanghai Composite fell 0.83 per cent in early trade today. Japan's Nikkei edged lower by 0.30 per cent. The US Dow Jones Industrial Average finished 1.33 per cent lower yesterday.

Sensex extends losses on global trade war worries

Eleven public sector banks that are under the RBI's watchlist for mounting bad loans on Tuesday expressed confidence before a parliamentary committee that these would emerge out of the central bank's Prompt Corrective Action (PCA) framework by 2020, sources said.

Concerns were also raised about the "stagnation in lending operations" of state-owned banks during the meeting of the Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily.

Sources said top officials of the 11-banks -- IDBI Bank, UCO Bank, Central Bank of India, Bank of India, Indian Overseas Bank, Dena Bank, Oriental Bank of Commerce, Bank of Maharashtra, United Bank of India, Corporation Bank and Allahabad Bank -- made presentations before the panel and responded to queries.

"They (the banks under PCA) talked about the roadmap to deal with their NPAs and expressed confidence of coming out the RBI's Promot Corrective Action framework by 2020," sources said after the meeting.

Under the PCA, banks face restrictions on distributing dividends and remitting profits. The owner may be asked to infuse capital into the lender.&nbsp;

That apart, lenders will also be stopped from expanding their branch networks. These would need to maintain higher provisions, and management compensation and directors' fee will be capped.

Banks have to comply with the global norms on capital adequacy (Basel III) and make provision for non-performing assets, which have constrained lending operations. Besides, arrests and spate of cases against current and former bankers have created scare among the banks hitting the lending operations.

Representatives of the 11 banks were called by the standing committee, which is looking into 'Banking Sector in India- Issues, Challenges and the Way Forward, including Non- Performing Assets/ Stressed Assets in Banks/Financial Institutions'.

The banking sector is grappling with rising NPAs, which touched Rs 8.99 lakh crore or 10.11 per cent of total advances at December-end 2017. Of the total gross NPAs, public sector banks accounted for Rs 7.77 lakh crore.&nbsp;

The rising number of frauds has also become a serious cause of concern. 
The number of frauds reported by banks increased from 4,693 in 2015-16 to 5,904 in 2017-18. The fraud amount at end-March 2018 was Rs 32,361.27 crore, up from Rs 18,698.8 crore at the end of 2015-16.

Meanwhile, the committee also desires that RBI Governor Urjit Patel should follow the customary practice of briefing the panel on the state of economy at least twice a year, sources said.

As per the revised PCA guidelines released last year, if a bank enters 'Risk Threshold 3', it may be a candidate for amalgamation, reconstruction or even be wound up. Among the many metrics that are used to gauge how weak a lender is are capital, net NPAs, RoA and Tier 1 leverage ratio etc.

Concerns were also raised about the "stagnation in lending operations" of state-owned banks during the meeting of the Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily.

Eleven public sector banks that are under the RBI's watchlist for mounting bad loans on Tuesday expressed confidence before a parliamentary committee that these would emerge out of the central bank's Prompt Corrective Action (PCA) framework by 2020, sources said. Concerns were also raised about the "stagnation in lending operations" of state-owned banks during the meeting of the Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily. Sources said top officials of the 11-banks -- IDBI Bank, UCO Bank, Central Bank of India, Bank of India, Indian Overseas Bank, Dena Bank, Oriental Bank of Commerce, Bank of Maharashtra, United Bank of India, Corporation Bank and Allahabad Bank -- made presentations before the panel and responded to queries. "They (the banks under PCA) talked about the roadmap to deal with their NPAs and expressed confidence of coming out the RBI's Promot Corrective Action framework by 2020," sources said after the meeting. Under the PCA, banks face restrictions on distributing dividends and remitting profits. The owner may be asked to infuse capital into the lender. That apart, lenders will also be stopped from expanding their branch networks. These would need to maintain higher provisions, and management compensation and directors' fee will be capped. Banks have to comply with the global norms on capital adequacy (Basel III) and make provision for non-performing assets, which have constrained lending operations. Besides, arrests and spate of cases against current and former bankers have created scare among the banks hitting the lending operations. Representatives of the 11 banks were called by the standing committee, which is looking into 'Banking Sector in India- Issues, Challenges and the Way Forward, including Non- Performing Assets/ Stressed Assets in Banks/Financial Institutions'. The banking sector is grappling with rising NPAs, which touched Rs 8.99 lakh crore or 10.11 per cent of total advances at December-end 2017. Of the total gross NPAs, public sector banks accounted for Rs 7.77 lakh crore. The rising number of frauds has also become a serious cause of concern. The number of frauds reported by banks increased from 4,693 in 2015-16 to 5,904 in 2017-18. The fraud amount at end-March 2018 was Rs 32,361.27 crore, up from Rs 18,698.8 crore at the end of 2015-16. Meanwhile, the committee also desires that RBI Governor Urjit Patel should follow the customary practice of briefing the panel on the state of economy at least twice a year, sources said. As per the revised PCA guidelines released last year, if a bank enters 'Risk Threshold 3', it may be a candidate for amalgamation, reconstruction or even be wound up. Among the many metrics that are used to gauge how weak a lender is are capital, net NPAs, RoA and Tier 1 leverage ratio etc.

State-run banks hopeful of getting off RBI's watchlist by 2020

Finance Secretary Hasmukh Adhia on Tuesday said Goods and Services Tax (GST) has entered a “smooth phase” within a year of its rollout, with “pretty good” tax compliance and the efforts will now be to simplify tax return forms.

Biggest tax reform since Independence, the GST was rolled out on July 1, 2017 which subsumed over a dozen local taxes. It transformed India into a single market for movement of goods and services.

Over 1.11 crore businesses have registered themselves under GST. The average monthly compliance of return filing and tax payment is going up in a staggered manner and over a period it is expected to be around 96 per cent, Adhia said.

Adhia, in an interview to PTI on one year of GST, listed out the benefits of the new tax regime saying it has reduced plethora of taxes, removed cascading effect of taxation and state check post, increased taxpayer base with much less possibility of evasion and brought about end-to-end electronic filing.

“Of course, for any new system there will always be initial glitches. These glitches were also mainly on account of lack of information and so the moment information gap was removed, people felt more comfortable. I think all the glitches are over and we are in a smooth phase of implementation,” said Adhia, who also holds the charge of Revenue Secretary.

Asked what would be the focus in the second year of the GST regime, the Secretary said the tax officers are working on a single page return form which will be modular in nature and “user-friendly”.

“This year’s main agenda would be to implement the new and simple system of filing of returns,” he said.

Asked about critics saying that GST has not led to the intended formalisation of economy, Adhia said the “data suggests otherwise” as the number of people coming into the tax net has gone up post the rollout of the new indirect tax regime.

“Pre-GST there were about 60-65 lakh businesses who were migrated and the remaining (nearly 48 lakh) are all new. So this many new dealers or businesses coming into the tax net, and that percentage wise is quite high. If it is not formalisation, what is it?,” Adhia questioned. He said 25 per cent of the businesses who file GST returns have zero tax liability and hence file returns with a lag as there is very less penalty.

“Compliance is pretty good. There is only a delay in compliance. For July 2017, out of people who were supposed to file GSTR-3B, 93.63 per cent have already filed over a period. But if you take March 2018, 79 per cent had filed. Over a period all these percentage will be 96 per cent,” Adhia said.

He said as many as 94 per cent of registered businesses filed returns in August and the number is 92 per cent for September, for October is was 89 per cent, November (86 per cent), December (85 per cent), January (83 per cent) and February (81 per cent). &nbsp“It (percentage of return filed) keeps on increasing over a period. So compliance is pretty good now,” the Secretary said.

Elaborating on the simplified return form, Adhia said the one-page return form will be modular in nature.

“So if you are B2C (business to consumer), then many of the sections (in return form) will not open for you at all. If B2C, then only one form will open, a small table. It will be user-friendly,” he said.

He said the return form will have two sections– a table to show tax liability and the input tax credit (ITC) being claimed, and another part where there will be invoice wise details to be uploaded in a tabular form which B2B (business to business) has to fill.

The GST Council had in its last meeting on May 4 approved the design of new return forms. It was decided that the current system of filing summary returns (GSTR-3B) and final sales return (GSTR-1) would continue for 6 months.

Post that, a new return software would be ready and in the second phase, the new return will have a facility for invoice-wise data upload and also facility for claiming input tax credit on self-declaration basis, as in the case of GSTR-3B now.

During this stage 2, the dealer will be informed about the gap between credit available to them as per invoices uploaded by their sellers and the provisional credit being claimed by them.

After 6 months of this phase 2, the facility of provisional credit will get withdrawn and input tax credit will only be limited to the invoices uploaded by the sellers from whom the dealer has purchased goods.

Over 1.11 crore businesses have registered themselves under GST. The average monthly compliance of return filing and tax payment is going up in a staggered manner and over a period it is expected to be around 96 per cent, Adhia said.

Finance Secretary Hasmukh Adhia on Tuesday said Goods and Services Tax (GST) has entered a “smooth phase” within a year of its rollout, with “pretty good” tax compliance and the efforts will now be to simplify tax return forms. Biggest tax reform since Independence, the GST was rolled out on July 1, 2017 which subsumed over a dozen local taxes. It transformed India into a single market for movement of goods and services. Over 1.11 crore businesses have registered themselves under GST. The average monthly compliance of return filing and tax payment is going up in a staggered manner and over a period it is expected to be around 96 per cent, Adhia said. Adhia, in an interview to PTI on one year of GST, listed out the benefits of the new tax regime saying it has reduced plethora of taxes, removed cascading effect of taxation and state check post, increased taxpayer base with much less possibility of evasion and brought about end-to-end electronic filing. “Of course, for any new system there will always be initial glitches. These glitches were also mainly on account of lack of information and so the moment information gap was removed, people felt more comfortable. I think all the glitches are over and we are in a smooth phase of implementation,” said Adhia, who also holds the charge of Revenue Secretary. Asked what would be the focus in the second year of the GST regime, the Secretary said the tax officers are working on a single page return form which will be modular in nature and “user-friendly”. “This year’s main agenda would be to implement the new and simple system of filing of returns,” he said. Asked about critics saying that GST has not led to the intended formalisation of economy, Adhia said the “data suggests otherwise” as the number of people coming into the tax net has gone up post the rollout of the new indirect tax regime. “Pre-GST there were about 60-65 lakh businesses who were migrated and the remaining (nearly 48 lakh) are all new. So this many new dealers or businesses coming into the tax net, and that percentage wise is quite high. If it is not formalisation, what is it?,” Adhia questioned. He said 25 per cent of the businesses who file GST returns have zero tax liability and hence file returns with a lag as there is very less penalty. “Compliance is pretty good. There is only a delay in compliance. For July 2017, out of people who were supposed to file GSTR-3B, 93.63 per cent have already filed over a period. But if you take March 2018, 79 per cent had filed. Over a period all these percentage will be 96 per cent,” Adhia said. He said as many as 94 per cent of registered businesses filed returns in August and the number is 92 per cent for September, for October is was 89 per cent, November (86 per cent), December (85 per cent), January (83 per cent) and February (81 per cent). “It (percentage of return filed) keeps on increasing over a period. So compliance is pretty good now,” the Secretary said. Elaborating on the simplified return form, Adhia said the one-page return form will be modular in nature. “So if you are B2C (business to consumer), then many of the sections (in return form) will not open for you at all. If B2C, then only one form will open, a small table. It will be user-friendly,” he said. He said the return form will have two sections– a table to show tax liability and the input tax credit (ITC) being claimed, and another part where there will be invoice wise details to be uploaded in a tabular form which B2B (business to business) has to fill. The GST Council had in its last meeting on May 4 approved the design of new return forms. It was decided that the current system of filing summary returns (GSTR-3B) and final sales return (GSTR-1) would continue for 6 months. Post that, a new return software would be ready and in the second phase, the new return will have a facility for invoice-wise data upload and also facility for claiming input tax credit on self-declaration basis, as in the case of GSTR-3B now. During this stage 2, the dealer will be informed about the gap between credit available to them as per invoices uploaded by their sellers and the provisional credit being claimed by them. After 6 months of this phase 2, the facility of provisional credit will get withdrawn and input tax credit will only be limited to the invoices uploaded by the sellers from whom the dealer has purchased goods.

GST in ‘smooth phase’, return simplification high on agenda, says finance secretary Hasmukh Adhia

Microsoft Corp on Tuesday said it will partner with India-based mobile ad tech company InMobi, seeking to provide Azure cloud customers artificial intelligence-backed marketing insights.

InMobi, which has around 40,000 to 50,000 enterprise customers, enables companies to gather insight on its customer base thereby helping them gauge marketing possibilities.

Under the partnership, InMobi will expand its platform for marketers via the InMobi Marketing Cloud, with its advertising cloud moving to Azure.

"With Microsoft's global reach, alongside InMobi's mobile-first technology, we can truly disrupt the marketing ecosystem," InMobi founder and Chief Executive Officer Naveen Tewari told Reuters, adding that there has been a fundamental shift in the advertising and marketing industry with customers available on multiple connected devices.

Tewari, a Harvard Business School alumni, said the marketing cloud will be launched in phases worldwide over the next six months. The roll outs are likely to start in the United States, Australia and parts of Asia and later in China.

"The combination of Microsoft Azure with InMobi's marketing platforms will deliver new intelligent customer experiences and business insights to organizations around the world," Microsoft Chief Executive Officer Satya Nadella said in a statement.

Much of Microsoft's recent growth has been fueled by its cloud computing business as more enterprise companies seek to cut data storage costs by adopting cloud-based software and moving their applications to data centers.

The company's flagship cloud product Azure, which competes with Amazon.com Inc's dominant cloud infrastructure offering Amazon Web Services, recorded revenue growth of 93 percent in the latest third quarter ended March 31.

"Azure's hyper scale and distinctive worldwide go-to-market capabilities will enable rapid scaling of new growth pivots to fuel InMobi's global ambitions," Anant Maheshwari, President, Microsoft India, said.

As a part of the partnership Microsoft and InMobi would collaborate on developing artificial intelligence and blockchain capabilities. Maheshwari said India remains a big opportunity for AI with its huge population.

InMobi, launched in 2007, has seen investments from Japan's SoftBank Group and venture capital firm Sherpalo among others.

InMobi, which has around 40,000 to 50,000 enterprise customers, enables companies to gather insight on its customer base thereby helping them gauge marketing possibilities

Microsoft Corp on Tuesday said it will partner with India-based mobile ad tech company InMobi, seeking to provide Azure cloud customers artificial intelligence-backed marketing insights. InMobi, which has around 40,000 to 50,000 enterprise customers, enables companies to gather insight on its customer base thereby helping them gauge marketing possibilities. Under the partnership, InMobi will expand its platform for marketers via the InMobi Marketing Cloud, with its advertising cloud moving to Azure. "With Microsoft's global reach, alongside InMobi's mobile-first technology, we can truly disrupt the marketing ecosystem," InMobi founder and Chief Executive Officer Naveen Tewari told Reuters, adding that there has been a fundamental shift in the advertising and marketing industry with customers available on multiple connected devices. Tewari, a Harvard Business School alumni, said the marketing cloud will be launched in phases worldwide over the next six months. The roll outs are likely to start in the United States, Australia and parts of Asia and later in China. "The combination of Microsoft Azure with InMobi's marketing platforms will deliver new intelligent customer experiences and business insights to organizations around the world," Microsoft Chief Executive Officer Satya Nadella said in a statement. Much of Microsoft's recent growth has been fueled by its cloud computing business as more enterprise companies seek to cut data storage costs by adopting cloud-based software and moving their applications to data centers. The company's flagship cloud product Azure, which competes with Amazon.com Inc's dominant cloud infrastructure offering Amazon Web Services, recorded revenue growth of 93 percent in the latest third quarter ended March 31. "Azure's hyper scale and distinctive worldwide go-to-market capabilities will enable rapid scaling of new growth pivots to fuel InMobi's global ambitions," Anant Maheshwari, President, Microsoft India, said. As a part of the partnership Microsoft and InMobi would collaborate on developing artificial intelligence and blockchain capabilities. Maheshwari said India remains a big opportunity for AI with its huge population. InMobi, launched in 2007, has seen investments from Japan's SoftBank Group and venture capital firm Sherpalo among others.

Microsoft, InMobi collaborate to offer marketing capabilities to enterprise customers

Prospective home buyers are looking for bigger flats at an affordable price as the average unit size demanded across major cities has increased by 4 per cent to 1,300 sq ft in the last one year, according to a research by Housing.com and Makaan.com.

“With increased aspirations and changing lifestyles, most prospective homebuyers in India want bigger and better homes… Indians are looking for homes that are 1,300 sq. ft, up by 4 per cent in January-March 2018 in comparison to January-March 2017,” the report said.

The cities in the study include Mumbai, Kolkata, Chennai, Delhi, Bangalore, Hyderabad, Noida, Gurugram, Greater Noida and Pune. Singapore-based Elara Technologies is the owner of three realty portals PropTiger.com, Housing.com and Makaan.com. It provides digital real estate marketing and transactions services.

“Bigger homes, combined with affordability, is a growing trend witnessed by the Indian real estate sector. Large scale of urbanisation combined with the rise of salaried and educated homebuyers has led a surge in demand for bigger homes in cities like Hyderabad, Pune, and Chennai,” said Ravi Bhushan, the group chief product and technology officer of the three portals. He said real estate developers need to change their approach and adopt smarter strategies to tap this opportunity.

According to the report, Hyderabad is making the most of its affordability advantage and registered the highest demand for bigger homes. The average unit size demanded in the city is 1,757 sq ft, up from 1,710 sq ft a year-ago. In Pune, the size demanded is up by 5.2 per cent at 1,027 sq ft, while Chennai has clocked a similar growth of 5.1 per cent at 1,186 sq ft.

In terms of size, Gurugram is at number two with potential buyers demanding on an average homes as big as 1,600 sq ft. Bengaluru is also keeping it big with its demand for homes where the average size is 1,409 sq ft. Homes as big as 1,322 sq ft are in demand in Greater Noida, while Noida buyers are also demanding homes as big as 1,319 sq ft.

Delhi has seen a growth of 1.5 per cent over last year, but the average size of a unit remains under 1,000 sq ft at around 900 sq ft. Housing units and size demanded in Mumbai is at 875 sq ft, down by 8.2 per cent.

“Cities that have cut down on their space needs include Bengaluru, Greater Noida, and Gurgaon. However, in these cities, spacious homes (above the national average) are still in demand. Therefore, it looks like more of a space rationalisation and optimisation than negative growth,” the report said. The report said that in some of the cities developers are addressing the demand for bigger homes.

In 2018, the demand for homes in Bengaluru is in the size range of 1,409 sq ft. On the supply side, India’s Silicon Valley seems to have grasped the pulse of homebuyers with residential projects having an average size range of 1,428 sq ft.

In Chennai, developers have tweaked their strategy to build bigger homes. The supply on an average is at 1,210 sq ft, which is close to an average demand of 1,186 sq ft. However, there are some cities where the supply is not matching demand. “Delhi is demanding small homes with an average size of 900 sq ft, but developers don’t seem to be keeping pace with that expectation as the supply is still on the higher side with a size of 1,227 sq ft,” the report said.

In Mumbai, the demand is for 875 sq ft flat, but supply is for homes with sizes bigger than 1,000 sq ft on average.

Indians are looking for homes that are 1,300 sq. ft, up by 4 per cent in January-March 2018 in comparison to January-March 2017," the report said.

Prospective home buyers are looking for bigger flats at an affordable price as the average unit size demanded across major cities has increased by 4 per cent to 1,300 sq ft in the last one year, according to a research by Housing.com and Makaan.com. “With increased aspirations and changing lifestyles, most prospective homebuyers in India want bigger and better homes… Indians are looking for homes that are 1,300 sq. ft, up by 4 per cent in January-March 2018 in comparison to January-March 2017,” the report said. The cities in the study include Mumbai, Kolkata, Chennai, Delhi, Bangalore, Hyderabad, Noida, Gurugram, Greater Noida and Pune. Singapore-based Elara Technologies is the owner of three realty portals PropTiger.com, Housing.com and Makaan.com. It provides digital real estate marketing and transactions services. “Bigger homes, combined with affordability, is a growing trend witnessed by the Indian real estate sector. Large scale of urbanisation combined with the rise of salaried and educated homebuyers has led a surge in demand for bigger homes in cities like Hyderabad, Pune, and Chennai,” said Ravi Bhushan, the group chief product and technology officer of the three portals. He said real estate developers need to change their approach and adopt smarter strategies to tap this opportunity. According to the report, Hyderabad is making the most of its affordability advantage and registered the highest demand for bigger homes. The average unit size demanded in the city is 1,757 sq ft, up from 1,710 sq ft a year-ago. In Pune, the size demanded is up by 5.2 per cent at 1,027 sq ft, while Chennai has clocked a similar growth of 5.1 per cent at 1,186 sq ft. In terms of size, Gurugram is at number two with potential buyers demanding on an average homes as big as 1,600 sq ft. Bengaluru is also keeping it big with its demand for homes where the average size is 1,409 sq ft. Homes as big as 1,322 sq ft are in demand in Greater Noida, while Noida buyers are also demanding homes as big as 1,319 sq ft. Delhi has seen a growth of 1.5 per cent over last year, but the average size of a unit remains under 1,000 sq ft at around 900 sq ft. Housing units and size demanded in Mumbai is at 875 sq ft, down by 8.2 per cent. “Cities that have cut down on their space needs include Bengaluru, Greater Noida, and Gurgaon. However, in these cities, spacious homes (above the national average) are still in demand. Therefore, it looks like more of a space rationalisation and optimisation than negative growth,” the report said. The report said that in some of the cities developers are addressing the demand for bigger homes. In 2018, the demand for homes in Bengaluru is in the size range of 1,409 sq ft. On the supply side, India’s Silicon Valley seems to have grasped the pulse of homebuyers with residential projects having an average size range of 1,428 sq ft. In Chennai, developers have tweaked their strategy to build bigger homes. The supply on an average is at 1,210 sq ft, which is close to an average demand of 1,186 sq ft. However, there are some cities where the supply is not matching demand. “Delhi is demanding small homes with an average size of 900 sq ft, but developers don’t seem to be keeping pace with that expectation as the supply is still on the higher side with a size of 1,227 sq ft,” the report said. In Mumbai, the demand is for 875 sq ft flat, but supply is for homes with sizes bigger than 1,000 sq ft on average.

Home buyers looking for bigger flats of avg 1,300 sq ft size in top cities