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Tracking a firming trend overseas, silver prices shot up by 0.82 per cent to Rs 41,101 per kg in futures trade today as speculators raised their bets.

In futures trading at the Multi Commodity Exchange, silver for delivery in July jumped by Rs 335, or 0.82 per cent to Rs 41,101 per kg in a business turnover of 2,888 lots. 
 
On similar lines, the white metal for delivery in far-month September was trading higher by Rs 315, or 0.76 per cent to Rs 41,766 per kg in 167 lots. 
 
Market analysts said speculative position created by participants, driven by firm global trend, mainly pushed up silver prices at futures trade here. 
 
Meanwhile, silver rose 0.03 per cent to USD 17.01 an ounce in Singapore.

On similar lines, the white metal for delivery in far-month September was trading higher by Rs 315, or 0.76 per cent to Rs 41,766 per kg in 167 lots

Tracking a firming trend overseas, silver prices shot up by 0.82 per cent to Rs 41,101 per kg in futures trade today as speculators raised their bets. In futures trading at the Multi Commodity Exchange, silver for delivery in July jumped by Rs 335, or 0.82 per cent to Rs 41,101 per kg in a business turnover of 2,888 lots. On similar lines, the white metal for delivery in far-month September was trading higher by Rs 315, or 0.76 per cent to Rs 41,766 per kg in 167 lots. Market analysts said speculative position created by participants, driven by firm global trend, mainly pushed up silver prices at futures trade here. Meanwhile, silver rose 0.03 per cent to USD 17.01 an ounce in Singapore.

Positive global cues lift silver futures

Debt-ridden Reliance Communications (RCom) on Thursday said the number of employees has come down by over 48,000 to the current level of 3,400 people.

This is a reduction of a whopping 94 per cent from the peak level of around 52,000 employees.

"A total number of people in the RCom group: from a peak of approximately 52,000 to current 3,400, a reduction of approximately 94 per cent," RCom said in a BSE filing.

The company was estimated to be at its peak around 2008-10.

RCom, which is reeling under debt of around Rs 45,000 crore, closed it mobile services business in January this year and continues to provide business-to-business (B2B) telecom services.

The company in the filing said that its B2B unit is insulated from ongoing tariff war in the industry.&nbsp

"The tariff wars between the incumbents -- Airtel, Idea, Vodafone and the new entrant Reliance Jio continue unabated, further dragging down all key financial metrics of the wireless sector. However, post its wireless B2C business exit on January 2018, RCom is no longer affected by the severe and prolonged wireless sector hyper competition," the filing said.

RCom said it is evident from the latest sector revenue report released by the Telecom Regulatory Authority of India that the wireless sector continues to be on a downward spiral, with over 21 per cent revenue decline on an year-on-year basis.&nbsp

"The tariff wars between the incumbents -- Airtel, Idea, Vodafone and the new entrant Reliance Jio continue unabated, further dragging down all key financial metrics of the wireless sector. However, post its wireless B2C business exit on January 2018, RCom is no longer affected by the severe and prolonged wireless sector hyper competition," the filing said.

RCom said it is evident from the latest sector revenue report released by the Telecom Regulatory Authority of India that the wireless sector continues to be on a downward spiral, with over 21 per cent revenue decline on an year-on-year basis.&nbsp

Reliance Communications groups number of employees have come down to 3,400 people from over 48,000 people.

Debt-ridden Reliance Communications (RCom) on Thursday said the number of employees has come down by over 48,000 to the current level of 3,400 people. This is a reduction of a whopping 94 per cent from the peak level of around 52,000 employees. "A total number of people in the RCom group: from a peak of approximately 52,000 to current 3,400, a reduction of approximately 94 per cent," RCom said in a BSE filing. The company was estimated to be at its peak around 2008-10. RCom, which is reeling under debt of around Rs 45,000 crore, closed it mobile services business in January this year and continues to provide business-to-business (B2B) telecom services. The company in the filing said that its B2B unit is insulated from ongoing tariff war in the industry. "The tariff wars between the incumbents -- Airtel, Idea, Vodafone and the new entrant Reliance Jio continue unabated, further dragging down all key financial metrics of the wireless sector. However, post its wireless B2C business exit on January 2018, RCom is no longer affected by the severe and prolonged wireless sector hyper competition," the filing said. RCom said it is evident from the latest sector revenue report released by the Telecom Regulatory Authority of India that the wireless sector continues to be on a downward spiral, with over 21 per cent revenue decline on an year-on-year basis. "The tariff wars between the incumbents -- Airtel, Idea, Vodafone and the new entrant Reliance Jio continue unabated, further dragging down all key financial metrics of the wireless sector. However, post its wireless B2C business exit on January 2018, RCom is no longer affected by the severe and prolonged wireless sector hyper competition," the filing said. RCom said it is evident from the latest sector revenue report released by the Telecom Regulatory Authority of India that the wireless sector continues to be on a downward spiral, with over 21 per cent revenue decline on an year-on-year basis.

Reliance Communications group head count falls 94% to 3,400 people

Equities slipped back into the red today after a three-day winning run as investors turned cautious following US Federal Reserve's rate hike.

The BSE 30-share Sensex fell by 126.09, or 0.35 per cent to quote at 35,613.07 in early trade, with IT, PSU, oil and gas, teck, banking and realty indices trading in the negative zone.

The Sensex had gained 295.49 points in the last three sessions.

The NSE Nifty too slipped by 35.95 points, or 0.33 per cent, to 10,820.75.

Brokers said caution prevailed after the US Fed raised its key interest rate by 0.25 per cent yesterday, the second increase of the year, and signalled two more hikes in 2018 and four in 2019.

Laggards included Wipro, Axis Bank, TCS, NTPC, SBI, Reliance Industries, ICICI Bank, Adani Ports, Coal India, Asian Paints, Kotak Bank, IndusInd Bank, Hero MotoCorp and L&T, falling by up to 1.08 per cent.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 70.77 crore, while domestic institutional investors (DIIs) bought equities worth Rs 486.78 crore yesterday, as per provisional data.

In the Asian region, Hong Kong's Hang Seng was down 0.75 per cent, Japan's Nikkei fell 0.47 per cent and Shanghai Composite Index shed 0.28 per cent in early deals today.

The US Dow Jones Industrial Average ended 0.47 per cent lower in yesterday's trade.&nbsp;

The NSE Nifty too slipped by 35.95 points, or 0.33 per cent, to 10,820.75.

Equities slipped back into the red today after a three-day winning run as investors turned cautious following US Federal Reserve's rate hike. The BSE 30-share Sensex fell by 126.09, or 0.35 per cent to quote at 35,613.07 in early trade, with IT, PSU, oil and gas, teck, banking and realty indices trading in the negative zone. The Sensex had gained 295.49 points in the last three sessions. The NSE Nifty too slipped by 35.95 points, or 0.33 per cent, to 10,820.75. Brokers said caution prevailed after the US Fed raised its key interest rate by 0.25 per cent yesterday, the second increase of the year, and signalled two more hikes in 2018 and four in 2019. Laggards included Wipro, Axis Bank, TCS, NTPC, SBI, Reliance Industries, ICICI Bank, Adani Ports, Coal India, Asian Paints, Kotak Bank, IndusInd Bank, Hero MotoCorp and L&T, falling by up to 1.08 per cent. Foreign portfolio investors (FPIs) sold shares worth a net Rs 70.77 crore, while domestic institutional investors (DIIs) bought equities worth Rs 486.78 crore yesterday, as per provisional data. In the Asian region, Hong Kong's Hang Seng was down 0.75 per cent, Japan's Nikkei fell 0.47 per cent and Shanghai Composite Index shed 0.28 per cent in early deals today. The US Dow Jones Industrial Average ended 0.47 per cent lower in yesterday's trade.

Sensex falls 126 points as Federal hikes rate

Nissan Motor Co. aims to expand the company's footprints in African, Middle Eastern, and Indian markets as part of its six-year midterm plan.

It plans to maintain and build on solid profit margins in the region by developing a partnership with local talent to meet growing demand for automobiles.

Nissan has projected an increase of forty per cent in its regional sales by bringing more than 12 million vehicles by 2022.

It will further accelerate its Datsun brand's presence in new and existing markets and will continue to increase its market share in Turkey, Saudi Arabia, and India.

The product range provided under Nissan Intelligent Mobility will be expanded as new services in electrification, autonomous driving systems, and improved connectivity tools will be introduced.

Chairman of Nissan in Africa, Middle East, and India Peyman Kargar said, "Our ambitious plans reflect the exciting opportunities ahead. Nissan has already developed a strong presence within this fast-growing region, and we are well-positioned to maximize our growth and make an increasing and lasting contribution to Nissan's overall performance."

As per its mid-term plan, Nissan is targeting annual revenue of 16.5 trillion yen and an 8% core consolidated operating profit margin by the end of the fiscal year 2022.

The company has specific plans for each region.

Nissan plans to increase its market share in South Africa, now at 10%, substantially over the course of the plan. The company's sales in South Africa jumped by 26% as 53,400 vehicles are currently in the market in the fiscal year 2017. The introduction of new models, including the new Nissan Micra, is expected to boost demand further.

In India, the company will strengthen its dealership network and develop the power of the Datsun and Nissan brands through initiatives including sponsorship of the International Cricket Council. Nissan has built a strong foundation for growth in India with a 480,000-vehicle capacity plant, as well as a large research and development centre - both in Chennai and established with its Alliance partner, Renault.

In the Middle East, Nissan will add new models to its already strong presence in key segments, building on its fiscal year 2017 sales of 96,600 vehicles.

Nissan has projected an increase of forty per cent in its regional sales by bringing more than 12 million vehicles by 2022

Nissan Motor Co. aims to expand the company's footprints in African, Middle Eastern, and Indian markets as part of its six-year midterm plan. It plans to maintain and build on solid profit margins in the region by developing a partnership with local talent to meet growing demand for automobiles. Nissan has projected an increase of forty per cent in its regional sales by bringing more than 12 million vehicles by 2022. It will further accelerate its Datsun brand's presence in new and existing markets and will continue to increase its market share in Turkey, Saudi Arabia, and India. The product range provided under Nissan Intelligent Mobility will be expanded as new services in electrification, autonomous driving systems, and improved connectivity tools will be introduced. Chairman of Nissan in Africa, Middle East, and India Peyman Kargar said, "Our ambitious plans reflect the exciting opportunities ahead. Nissan has already developed a strong presence within this fast-growing region, and we are well-positioned to maximize our growth and make an increasing and lasting contribution to Nissan's overall performance." As per its mid-term plan, Nissan is targeting annual revenue of 16.5 trillion yen and an 8% core consolidated operating profit margin by the end of the fiscal year 2022. The company has specific plans for each region. Nissan plans to increase its market share in South Africa, now at 10%, substantially over the course of the plan. The company's sales in South Africa jumped by 26% as 53,400 vehicles are currently in the market in the fiscal year 2017. The introduction of new models, including the new Nissan Micra, is expected to boost demand further. In India, the company will strengthen its dealership network and develop the power of the Datsun and Nissan brands through initiatives including sponsorship of the International Cricket Council. Nissan has built a strong foundation for growth in India with a 480,000-vehicle capacity plant, as well as a large research and development centre - both in Chennai and established with its Alliance partner, Renault. In the Middle East, Nissan will add new models to its already strong presence in key segments, building on its fiscal year 2017 sales of 96,600 vehicles.

Nissan announces expansion plans in India, Africa, Middle East

Crude palm oil<a href="https://timesofindia.indiatimes.com/topic/iran-india-gas-field-row" pg="AS1_InlineMedia#AS1_https://timesofindia.indiatimes.com/business/india-business/crude-palm-oil-futures-gain-0-33-pc/articleshow/64583313.cms~oil-https://timesofindia.indiatimes.com/topic/iran-india-gas-field-row">&nbsp;</a>prices went up by 0.33 per cent to Rs 638.50 per 10 kg in futures trade today as speculators widened their positions amid firm demand at the spot market.

Besides, a positive trend in overseas markets supported the upmove. 
 
At the Multi commodity Exchange, crude panel oil for this month contract rose by Rs 2.10, or 0.33 per cent, to Rs 638.50 per 10 kg, in a business turnover of 60 lots. 
 
Similarly, the oil for delivery in July contract went up by Rs 1.90 or 0.30 per cent, to Rs 634.20 per 10 kg in 14 lots. 
 
Analysts said widening of positions by participants amid pick up in spot demand against tight stocks position on restricted supplies from overseas markets mainly kept crude palm oil prices higher at futures trade.

At the Multicommodity Exchange, crude panel oil for this month contract rose by Rs 2.10, or 0.33 per cent, to Rs 638.50 per 10 kg, in a business turnover of 60 lots

Crude palm oil prices went up by 0.33 per cent to Rs 638.50 per 10 kg in futures trade today as speculators widened their positions amid firm demand at the spot market. Besides, a positive trend in overseas markets supported the upmove. At the Multi commodity Exchange, crude panel oil for this month contract rose by Rs 2.10, or 0.33 per cent, to Rs 638.50 per 10 kg, in a business turnover of 60 lots. Similarly, the oil for delivery in July contract went up by Rs 1.90 or 0.30 per cent, to Rs 634.20 per 10 kg in 14 lots. Analysts said widening of positions by participants amid pick up in spot demand against tight stocks position on restricted supplies from overseas markets mainly kept crude palm oil prices higher at futures trade.

Crude palm oil futures gain 0.33 per cent

Inflation based on wholesale prices shot up to a 14-month high of 4.43 per cent in May on increasing prices of petrol and diesel as well as vegetables.

The Wholesale Price Index (WPI) based inflation stood at 3.18 per cent in April and 2.26 per cent in May last year.

According to government data released today, inflation in food articles was at 1.60 per cent in May 2018, as against 0.87 per cent in the preceding month.

Inflation in vegetables climbed to 2.51 per cent in May, while in the previous month it was (-)0.89 per cent.

Inflation in 'fuel and power' basket rose sharply to 11.22 per cent in May from 7.85 per cent in April as prices of domestic fuel increased in line with rising global crude oil rates.

Potato inflation was at a peak of 81.93 per cent, against 67.94 per cent in April.

Price rise in fruits was in double digits at 15.40 per cent, while pulses saw a deflation of 21.13 per cent.

The WPI inflation for March was revised upwards to 2.74 per cent from the provisional estimate of 2.47 per cent.

May inflation at 4.43 per cent was a 14-month peak. The previous high was in March 2017, when the WPI inflation stood at 5.11 per cent.

In its second monetary policy review for the fiscal, the Reserve Bank earlier this month hiked interest rate by 0.25 per cent-- the first hike in more than four years -- due to growing concerns about inflation stoked by rising global crude oil prices as well as domestic price increases.

The price of Indian basket of crude surged from USD 66 a barrel in April to around USD 74 currently.

Data released earlier this week showed retail inflation jumped to a 4-month high of 4.87 per cent in May on costlier food items such as fruits, vegetables and fuel. RBI mainly takes into account retail inflation data while formulating monetary policy.

The Wholesale Price Index (WPI) based inflation stood at 3.18 per cent in April and 2.26 per cent in May last year

Inflation based on wholesale prices shot up to a 14-month high of 4.43 per cent in May on increasing prices of petrol and diesel as well as vegetables. The Wholesale Price Index (WPI) based inflation stood at 3.18 per cent in April and 2.26 per cent in May last year. According to government data released today, inflation in food articles was at 1.60 per cent in May 2018, as against 0.87 per cent in the preceding month. Inflation in vegetables climbed to 2.51 per cent in May, while in the previous month it was (-)0.89 per cent. Inflation in 'fuel and power' basket rose sharply to 11.22 per cent in May from 7.85 per cent in April as prices of domestic fuel increased in line with rising global crude oil rates. Potato inflation was at a peak of 81.93 per cent, against 67.94 per cent in April. Price rise in fruits was in double digits at 15.40 per cent, while pulses saw a deflation of 21.13 per cent. The WPI inflation for March was revised upwards to 2.74 per cent from the provisional estimate of 2.47 per cent. May inflation at 4.43 per cent was a 14-month peak. The previous high was in March 2017, when the WPI inflation stood at 5.11 per cent. In its second monetary policy review for the fiscal, the Reserve Bank earlier this month hiked interest rate by 0.25 per cent-- the first hike in more than four years -- due to growing concerns about inflation stoked by rising global crude oil prices as well as domestic price increases. The price of Indian basket of crude surged from USD 66 a barrel in April to around USD 74 currently. Data released earlier this week showed retail inflation jumped to a 4-month high of 4.87 per cent in May on costlier food items such as fruits, vegetables and fuel. RBI mainly takes into account retail inflation data while formulating monetary policy.

WPI inflation rises to 14-month high of 4.43% in May on costlier fuel, veggies

Washington, Jun 13 (PTI) India and the US have agreed to hold official-level comprehensive talks to address trade and economic issues, days after President Donald Trump accused New Delhi of charging 100 per cent tariff on some of the US' goods.

The decision in this regard was taken during a series of meetings visiting Commerce and Industry Minister Suresh Prabhu had with US Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer.

"We will now work together to expand (bilateral) trade," Prabhu told a group of Indian reporters here yesterday at the conclusion of his two-day trip to the US.&nbsp

India will send an official team to work out the details and initiate a comprehensive negotiation on all issues concerning trade and economic relationship between the two countries. "The team will come within the next few days," Prabhu said.&nbsp

Acknowledging that both sides have trade and tariff issues with each other, the minister said officials would hold talks on all of them.&nbsp

President Trump, in a press conference in Canada's Quebec City where he attended the G7 summit, took a swipe at India along with the world's other top economies and accused New Delhi of charging 100 per cent tariff on some of the US' goods, as he threatened to cut trade ties with countries who are robbing America.

Indian Ambassador to the US Navtej Singh Sarna said New Delhi has written to the US on steel and aluminum tariff.&nbsp

A full-fledged case has been made by India for waiver of steel and aluminum tariffs, he added. "It has been a very positive engagement."

In addition to Ross and Lighthizer, Prabhu held talks with Agriculture Secretary Sonny Perdue. He also met two powerful Senators John Cornyn and Mark Warner - the two co-chairs of the Senate India caucus.

"The meetings were held in a friendly and cordial atmosphere, with appreciation for each other's points of view. Discussions centered around bilateral trade and commercial relations between the two countries and focused on finding the way forward to address concerns of both sides," the Indian Embassy said in a readout of the meetings.

"In this context, it was agreed that Indian and US officials would meet at a senior level at an early date to discuss various issues of interest to both sides and carry forward the discussions in a positive, constructive and result oriented manner," it said.

During his two-day visit to Washington DC, Prabhu addressed business and industry leaders in meetings organised by US-India Business Council (USIBC) and US-India Strategic Partnership Forum (USISPF) and held meetings with other stakeholders.

"It's a great time to join hands with each other. And that's the realisation within the (Trump) administration as well. Therefore, we have really decided to move on. As you know, we always hear the trade disputes between US and India, but when I had meeting with the USTR, with the Commerce Secretary, with Agriculture Secretary, with Senators, it is very clear that we must move on, keep the issues behind," Prabhu told industry leaders at a reception hosted by USIBC in association with the FICCI and Manhattan Chamber of Commerce.

In his interaction with industry leaders at an event organised by the USISPF, Prabhu spoke about the improvements that have been made in the trade relationship, including trade deficit reduction.&nbsp

"Every great partnership has areas of agreement and disagreement. I'm hopeful that the US investment corridor is only going to grow, and I'm confident that we will be able to bridge our gaps," Prabhu noted.

The industry interaction included senior officials from leading US companies such as: Boston Scientific, FedEx, Walmart, Abbott, UTC, Honeywell, PhRMA, MoneyGram International, Lockheed Martin, Koch Industries, Amway, Uber, 21st Century Fox, and Medtronic.

Noting that India and the US have an important strategic relationship and shared goals, USIBC president Nisha Desai Biswal said the council is a constructive partner in achieving the full potential of the US-India commercial opportunity.

The USIBC roundtable organised in association with the CII comprised of US and Indian industry giants from the energy, aerospace, ICT, life sciences and defence sectors who reiterated India's position as a critical market while also raising issues facing their companies such as data localization and price controls, as well as public procurement and operational hurdles.

In engaging with critical stakeholders, Prabhu highlighted the ongoing policy reforms being pursued by India to improve its business climate and remove bureaucratic hurdles.&nbsp

Prabhu noted that India will soon release its new Industrial Policy, aimed at transforming India into a modern, flourishing, economic powerhouse.&nbsp

During the interaction, he emphasized the importance of a dispute redressal mechanism, and resolving such issues together in a way that does not derail but rather strengthens bilateral ties.&nbsp

Under Trump, trade dispute between India and the US has increased, with his administration asking New Delhi to lower its trade barriers and open up its market.&nbsp

Trump has repeatedly raked up the issue of India imposing high import duty on the iconic Harley-Davidson motorcycles and threatened to increase the import tariff on "thousands and thousands" of Indian motorcycles to the US.&nbsp

Trump had at the recent G7 summit taken a swipe at the world's top economies and India, accusing New Delhi of charging a 100 per cent tariff on some of the US' goods

Washington, Jun 13 (PTI) India and the US have agreed to hold official-level comprehensive talks to address trade and economic issues, days after President Donald Trump accused New Delhi of charging 100 per cent tariff on some of the US' goods. The decision in this regard was taken during a series of meetings visiting Commerce and Industry Minister Suresh Prabhu had with US Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer. "We will now work together to expand (bilateral) trade," Prabhu told a group of Indian reporters here yesterday at the conclusion of his two-day trip to the US. India will send an official team to work out the details and initiate a comprehensive negotiation on all issues concerning trade and economic relationship between the two countries. "The team will come within the next few days," Prabhu said. Acknowledging that both sides have trade and tariff issues with each other, the minister said officials would hold talks on all of them. President Trump, in a press conference in Canada's Quebec City where he attended the G7 summit, took a swipe at India along with the world's other top economies and accused New Delhi of charging 100 per cent tariff on some of the US' goods, as he threatened to cut trade ties with countries who are robbing America. Indian Ambassador to the US Navtej Singh Sarna said New Delhi has written to the US on steel and aluminum tariff. A full-fledged case has been made by India for waiver of steel and aluminum tariffs, he added. "It has been a very positive engagement." In addition to Ross and Lighthizer, Prabhu held talks with Agriculture Secretary Sonny Perdue. He also met two powerful Senators John Cornyn and Mark Warner - the two co-chairs of the Senate India caucus. "The meetings were held in a friendly and cordial atmosphere, with appreciation for each other's points of view. Discussions centered around bilateral trade and commercial relations between the two countries and focused on finding the way forward to address concerns of both sides," the Indian Embassy said in a readout of the meetings. "In this context, it was agreed that Indian and US officials would meet at a senior level at an early date to discuss various issues of interest to both sides and carry forward the discussions in a positive, constructive and result oriented manner," it said. During his two-day visit to Washington DC, Prabhu addressed business and industry leaders in meetings organised by US-India Business Council (USIBC) and US-India Strategic Partnership Forum (USISPF) and held meetings with other stakeholders. "It's a great time to join hands with each other. And that's the realisation within the (Trump) administration as well. Therefore, we have really decided to move on. As you know, we always hear the trade disputes between US and India, but when I had meeting with the USTR, with the Commerce Secretary, with Agriculture Secretary, with Senators, it is very clear that we must move on, keep the issues behind," Prabhu told industry leaders at a reception hosted by USIBC in association with the FICCI and Manhattan Chamber of Commerce. In his interaction with industry leaders at an event organised by the USISPF, Prabhu spoke about the improvements that have been made in the trade relationship, including trade deficit reduction. "Every great partnership has areas of agreement and disagreement. I'm hopeful that the US investment corridor is only going to grow, and I'm confident that we will be able to bridge our gaps," Prabhu noted. The industry interaction included senior officials from leading US companies such as: Boston Scientific, FedEx, Walmart, Abbott, UTC, Honeywell, PhRMA, MoneyGram International, Lockheed Martin, Koch Industries, Amway, Uber, 21st Century Fox, and Medtronic. Noting that India and the US have an important strategic relationship and shared goals, USIBC president Nisha Desai Biswal said the council is a constructive partner in achieving the full potential of the US-India commercial opportunity. The USIBC roundtable organised in association with the CII comprised of US and Indian industry giants from the energy, aerospace, ICT, life sciences and defence sectors who reiterated India's position as a critical market while also raising issues facing their companies such as data localization and price controls, as well as public procurement and operational hurdles. In engaging with critical stakeholders, Prabhu highlighted the ongoing policy reforms being pursued by India to improve its business climate and remove bureaucratic hurdles. Prabhu noted that India will soon release its new Industrial Policy, aimed at transforming India into a modern, flourishing, economic powerhouse. During the interaction, he emphasized the importance of a dispute redressal mechanism, and resolving such issues together in a way that does not derail but rather strengthens bilateral ties. Under Trump, trade dispute between India and the US has increased, with his administration asking New Delhi to lower its trade barriers and open up its market. Trump has repeatedly raked up the issue of India imposing high import duty on the iconic Harley-Davidson motorcycles and threatened to increase the import tariff on "thousands and thousands" of Indian motorcycles to the US.

After Trump accuses Delhi of high tariffs, US & India agree to hold trade talks

According to reports, as many as 10,000 Citibank employees may lose jobs in the next five years as the company braces up to introduce automation and replace workers with robots.&nbsp;

Jamie Forese, Citibank's chief executive officer, Institutional Clients Group, notes that the company's technological and operational positions are most apt for mechanical processing.

Forese told the Financial Times that the company would slash up to half of its operational positions, however, it would continue to hire people for sales and research roles.&nbsp;

This is not the first time when an incident of robots and machines replacing manpower has surfaced, a Boston restaurant has already replaced staff with robots to serve&nbsp;nutritious, affordable meals.&nbsp;

A group of engineers from Massachusetts Institute of Technology (MIT) collaborated with Michelin-starred chef Daniel Boulud to bring to reality a one-of-a-kind restaurant that has replaced human staff with robots.&nbsp;

The co-founders note that as students they struggled to find decent meals at affordable prices. As robotics enthusiasts, they decided to work for creating meals that are cooked efficiently, quick to put together and affordable.&nbsp;

Robotics and technological innovations are set to eat up jobs in the coming future, as many as 800 million jobs in the coming decade, experts speculate.&nbsp;

This is not the first time when an incident of robots and machines replacing manpower has surfaced

According to reports, as many as 10,000 Citibank employees may lose jobs in the next five years as the company braces up to introduce automation and replace workers with robots. Jamie Forese, Citibank's chief executive officer, Institutional Clients Group, notes that the company's technological and operational positions are most apt for mechanical processing. Forese told the Financial Times that the company would slash up to half of its operational positions, however, it would continue to hire people for sales and research roles. This is not the first time when an incident of robots and machines replacing manpower has surfaced, a Boston restaurant has already replaced staff with robots to serve nutritious, affordable meals. A group of engineers from Massachusetts Institute of Technology (MIT) collaborated with Michelin-starred chef Daniel Boulud to bring to reality a one-of-a-kind restaurant that has replaced human staff with robots. The co-founders note that as students they struggled to find decent meals at affordable prices. As robotics enthusiasts, they decided to work for creating meals that are cooked efficiently, quick to put together and affordable. Robotics and technological innovations are set to eat up jobs in the coming future, as many as 800 million jobs in the coming decade, experts speculate.

Nearly 10,000 Citibank employees to lose jobs as bank plans to introduce robots

Benchmark indices BSE Sensex and NSE’s Nifty 50 traded higher on Wednesday after retail inflation in May rose to a four-month high on the back of higher fuel prices and a weak rupee.

Asian stocks declined as investors looked to the Federal Reserve policy decision later in the day and any clues it might give on future rate hikes, shifting focus away from the historic US-North Korea summit.

The Indian rupee weakened to a two-week low against the US dollar.

The Indian rupee weakened to a two-week low against the US dollar.

Benchmark indices BSE Sensex and NSE’s Nifty 50 traded higher on Wednesday after retail inflation in May rose to a four-month high on the back of higher fuel prices and a weak rupee. Asian stocks declined as investors looked to the Federal Reserve policy decision later in the day and any clues it might give on future rate hikes, shifting focus away from the historic US-North Korea summit. The Indian rupee weakened to a two-week low against the US dollar.

Sensex rises over 100 points, Nifty above 10,850

The United Forum of Bank Unions on Tuesday threatened to intensify their stir in July and August against the 'meagre' two per cent salary hike, officials said.

The bank employees had observed a two-day strike on May 30 and 31 against the hike.

The United Federation of Bank Unions, the umbrella organisation of nine bank unions, met here and congratulated the staff for observing the two-day strike, general secretary of the federation CH Venkatachalam said.&nbsp

"It has been decided to further continue the struggle with more strikes. Having regard to the need for an amicable solution, it was decided to meet the higher authorities in the government and the banks", he told PTI.

"However, if no solution is forthcoming in these meetings, the United Forum of Bank Unions will proceed and announce more agitations", he said.&nbsp

Meanwhile, a report from Tirupathi quoted senior vice-president of the National Confederation of Bank Employees, VVSR Sarma as saying that the bank staff would intensify the stir in a phased manner in July and August to press for their demands.

"Prior to intensifying our agitation, United Forum of Bank Unions decided to submit a memorandum on the wage hike issue and other banking developmental issues to finance minister Arun Jaitley by this month-end," he said.&nbsp

The United Federation of Bank Unions, the umbrella organisation of nine bank unions, met and congratulated the staff for observing the two-day strike

The United Forum of Bank Unions on Tuesday threatened to intensify their stir in July and August against the 'meagre' two per cent salary hike, officials said. The bank employees had observed a two-day strike on May 30 and 31 against the hike. The United Federation of Bank Unions, the umbrella organisation of nine bank unions, met here and congratulated the staff for observing the two-day strike, general secretary of the federation CH Venkatachalam said. "It has been decided to further continue the struggle with more strikes. Having regard to the need for an amicable solution, it was decided to meet the higher authorities in the government and the banks", he told PTI. "However, if no solution is forthcoming in these meetings, the United Forum of Bank Unions will proceed and announce more agitations", he said. Meanwhile, a report from Tirupathi quoted senior vice-president of the National Confederation of Bank Employees, VVSR Sarma as saying that the bank staff would intensify the stir in a phased manner in July and August to press for their demands. "Prior to intensifying our agitation, United Forum of Bank Unions decided to submit a memorandum on the wage hike issue and other banking developmental issues to finance minister Arun Jaitley by this month-end," he said.

Bank staff threaten to intensify stir in July, August

India is open to listing ailing state carrier Air India, a government source said&nbsp;on Wednesday, after failing to attract buyers for a 76 percent stake in the company.

While the government is considering several proposals related to reviving the divestment process, it will not allow complete foreign ownership of the airline, the source said, declining to be named before a final decision is reached.

One of the proposals could involve the government retaining a share in the debt-laden carrier and selling it at a later date so it can capitalise on any financial upside that may occur from listing the airline, the source said.&nbsp;

The government may also consider reducing the debt it passes on to potential buyers and restructuring the large workforce, another senior government official told Reuters.

"We will take a decision in next few days on changing conditions before inviting fresh bids," the official said, adding that the government is committed to selling its stake in the national carrier in the current financial year but could defer it if it fails to get the right price.

The government in March finalised plans to divest a majority stake in Air India and offload about $5.1 billion of its debt, but prospective buyers stayed away, with some citing onerous terms as a reason for their lack of interest.

The lack of buyers in a booming aviation market underlines the challenges the government faces in fixing the debt-laden national carrier, and is a setback for Prime Minister Narendra Modi`s credentials as a reformer willing to step away from running money-losing businesses.

Air India, known for its Maharaja mascot, has some of India`s most lucrative international and domestic landing and parking slots that are key for airlines.

While a buyer would have got management control and gained access to more than 2,500 international slots and over 3,700 domestic slots, it would also have been required to take on Air India`s 27,000 employees, 40 percent of whom are permanent staff.&nbsp;

The terms had also stipulated that the government would have continued to hold a 24 percent stake, with the need for the bidder to abide by conditions, not yet detailed, designed to safeguard employee interests.

The government will soon arrange a bank loan for Air India, the second official said, to meet working capital needs and buy time for a few months before inviting fresh bids.

"The heavens would not fall if the stake sale is deferred to the next fiscal year," the official said adding that ahead of national elections next year, the government could not take the risk of selling the national carrier at a low price.&nbsp;

This could cost the government politically and hurt the process of further privatisation of other state companies, he said.

Government will not allow complete foreign ownership of the airline

India is open to listing ailing state carrier Air India, a government source said on Wednesday, after failing to attract buyers for a 76 percent stake in the company. While the government is considering several proposals related to reviving the divestment process, it will not allow complete foreign ownership of the airline, the source said, declining to be named before a final decision is reached. One of the proposals could involve the government retaining a share in the debt-laden carrier and selling it at a later date so it can capitalise on any financial upside that may occur from listing the airline, the source said. The government may also consider reducing the debt it passes on to potential buyers and restructuring the large workforce, another senior government official told Reuters. "We will take a decision in next few days on changing conditions before inviting fresh bids," the official said, adding that the government is committed to selling its stake in the national carrier in the current financial year but could defer it if it fails to get the right price. The government in March finalised plans to divest a majority stake in Air India and offload about $5.1 billion of its debt, but prospective buyers stayed away, with some citing onerous terms as a reason for their lack of interest. The lack of buyers in a booming aviation market underlines the challenges the government faces in fixing the debt-laden national carrier, and is a setback for Prime Minister Narendra Modi`s credentials as a reformer willing to step away from running money-losing businesses. Air India, known for its Maharaja mascot, has some of India`s most lucrative international and domestic landing and parking slots that are key for airlines. While a buyer would have got management control and gained access to more than 2,500 international slots and over 3,700 domestic slots, it would also have been required to take on Air India`s 27,000 employees, 40 percent of whom are permanent staff. The terms had also stipulated that the government would have continued to hold a 24 percent stake, with the need for the bidder to abide by conditions, not yet detailed, designed to safeguard employee interests. The government will soon arrange a bank loan for Air India, the second official said, to meet working capital needs and buy time for a few months before inviting fresh bids. "The heavens would not fall if the stake sale is deferred to the next fiscal year," the official said adding that ahead of national elections next year, the government could not take the risk of selling the national carrier at a low price. This could cost the government politically and hurt the process of further privatisation of other state companies, he said.

India open to listing Air India after failed divestment: Government source

In present uncertain financial and political situation, it is certain that Pakistan Government will seek foreign aid and loans for survival.

According to informed sources in Islamabad, the government wants to acquire financial strength before the July 25 general elections.

Sources quoted economic pundits in the government as suggesting that the current account deficit can be stabilised by using rapidly dwindling foreign currency reserves.

There is growing speculation that the government will have to seek a loan package from the International Monetary Fund (IMF) following the elections, for the second time since 2013, amid fears of being faced with a balance of payments crisis.

Caretaker Finance Minister Shamshad Akhtar told a press conference in Islamabad on Tuesday that the government has to finance this trade deficit gap of USD 25 billion.

The announcement came hours after the State Bank of Pakistan devalued the rupee by 3.7 per cent, the third devaluation since December. It is also saddled with a heavy public debt - 70 per cent of GDP, according to Akhtar - along with a yawning fiscal deficit.

The economy grew by 5.8 per cent during 2017-18, missing a government target by two per cent, according to documents from the finance ministry. Plagued for years by a Taliban insurgency, it has been battling to get its shaky economy back on track and end the energy crisis crippling industry.

The growth in GDP comes amid structural reforms, an improved energy sector and China's ambitious multi-billion dollar infrastructure project - the China-Pakistan Economic Corridor - linking its western province of Xinjiang to the Arabian Sea via Pakistan. However, fears remain about Pakistan's ability to repay the Chinese loans, with much of their terms shrouded in secrecy.

The Pakistani rupee slumped 3.8 per cent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank amid a balance of payments crisis.

&nbsp;

The rupee drop threatens to squeeze consumers, coming just days before Eid-ul-Fitr and ahead of the July 25 general election.

The apparent devaluation shows signs of vulnerability in the country's nearly USD 300 billion economy, as dwindling foreign reserves and a widening current account deficit trigger speculation about going back to the International Monetary Fund for loans for the second time since 2013.

In December and March, the rupee was devalued, each time by about five percent by the central bank. Pakistan's economy is expected to expand by close to six percent this year, the fastest pace in more than a decade, but a widening of the current account deficit has brought new worries.

The current account deficit now stands at USD 14 billion, around 5.3 percent of gross domestic product, an SBP official said.

The economic outlook has been hurt by the fast depletion of foreign currency reserves, which now stand at just over USD 10 billion.

Pakistan is currently in discussions with China for loans to ease pressure on its foreign currency reserves. Over the weekend, the shortage of foreign currency widened the spread at which the rupee is traded in the open market and the interbank market to four rupees.

The Supreme Court on Monday summoned the governor of State Bank of Pakistan (SBP) and federal finance secretary to explain what steps were being taken for encouraging people to declare their foreign bank accounts and assets accumulated abroad.

Earlier, a three-judge bench headed by Chief Justice of Pakistan Mian Saqib Nisar expressed displeasure over the non-appearance of the SBP governor and the finance secretary.

The chief justice observed that the court was dealing with an important case and the SBP governor and the finance secretary did not bother to attend the proceedings.

Justice Umar Atta Bandial and Justice Ijazul Ahsan were the other members on the bench. Federal Board of Revenue (FBR) Chairman Tariq Pasha and a director of the SBP were present in the court.

Rejecting the suggested of an additional attorney general to postpone hearing for after the Eidul Fitr holidays, the bench sought appearance of both the SBP governor and finance secretary after two hours. Later, the bench adjourned hearing for Tuesday.

During Monday's hearing, Chief Justice Nisar regretted that every newborn in Pakistan was under huge loans due to wrong policies of the governments. "Dams are not being built, standard of education is going down, garbage is being disposed of into sea but people are allowed to take their money abroad unchecked," lamented the chief justice.

To a court query, the FBR chairman disclosed that Rs100 billion had been paid to tax filers under the head of sales tax return, however disbursement of Rs105 billion was still pending.

Chief Justice Nisar also expressed concern over decreasing exports and rampant smuggling in the country. FBR chief Pasha sought permission to give an in-camera briefing to the judges on the issue of smuggling, which was allowed by the chief justice.

The views expressed in the above article are that of Mr. M. Sarwar, Chief Editor, The Nation.

The government wants to acquire financial strength before the July 25 general elections

In present uncertain financial and political situation, it is certain that Pakistan Government will seek foreign aid and loans for survival. According to informed sources in Islamabad, the government wants to acquire financial strength before the July 25 general elections. Sources quoted economic pundits in the government as suggesting that the current account deficit can be stabilised by using rapidly dwindling foreign currency reserves. There is growing speculation that the government will have to seek a loan package from the International Monetary Fund (IMF) following the elections, for the second time since 2013, amid fears of being faced with a balance of payments crisis. Caretaker Finance Minister Shamshad Akhtar told a press conference in Islamabad on Tuesday that the government has to finance this trade deficit gap of USD 25 billion. The announcement came hours after the State Bank of Pakistan devalued the rupee by 3.7 per cent, the third devaluation since December. It is also saddled with a heavy public debt - 70 per cent of GDP, according to Akhtar - along with a yawning fiscal deficit. The economy grew by 5.8 per cent during 2017-18, missing a government target by two per cent, according to documents from the finance ministry. Plagued for years by a Taliban insurgency, it has been battling to get its shaky economy back on track and end the energy crisis crippling industry. The growth in GDP comes amid structural reforms, an improved energy sector and China's ambitious multi-billion dollar infrastructure project - the China-Pakistan Economic Corridor - linking its western province of Xinjiang to the Arabian Sea via Pakistan. However, fears remain about Pakistan's ability to repay the Chinese loans, with much of their terms shrouded in secrecy. The Pakistani rupee slumped 3.8 per cent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank amid a balance of payments crisis. The rupee drop threatens to squeeze consumers, coming just days before Eid-ul-Fitr and ahead of the July 25 general election. The apparent devaluation shows signs of vulnerability in the country's nearly USD 300 billion economy, as dwindling foreign reserves and a widening current account deficit trigger speculation about going back to the International Monetary Fund for loans for the second time since 2013. In December and March, the rupee was devalued, each time by about five percent by the central bank. Pakistan's economy is expected to expand by close to six percent this year, the fastest pace in more than a decade, but a widening of the current account deficit has brought new worries. The current account deficit now stands at USD 14 billion, around 5.3 percent of gross domestic product, an SBP official said. The economic outlook has been hurt by the fast depletion of foreign currency reserves, which now stand at just over USD 10 billion. Pakistan is currently in discussions with China for loans to ease pressure on its foreign currency reserves. Over the weekend, the shortage of foreign currency widened the spread at which the rupee is traded in the open market and the interbank market to four rupees. The Supreme Court on Monday summoned the governor of State Bank of Pakistan (SBP) and federal finance secretary to explain what steps were being taken for encouraging people to declare their foreign bank accounts and assets accumulated abroad. Earlier, a three-judge bench headed by Chief Justice of Pakistan Mian Saqib Nisar expressed displeasure over the non-appearance of the SBP governor and the finance secretary. The chief justice observed that the court was dealing with an important case and the SBP governor and the finance secretary did not bother to attend the proceedings. Justice Umar Atta Bandial and Justice Ijazul Ahsan were the other members on the bench. Federal Board of Revenue (FBR) Chairman Tariq Pasha and a director of the SBP were present in the court. Rejecting the suggested of an additional attorney general to postpone hearing for after the Eidul Fitr holidays, the bench sought appearance of both the SBP governor and finance secretary after two hours. Later, the bench adjourned hearing for Tuesday. During Monday's hearing, Chief Justice Nisar regretted that every newborn in Pakistan was under huge loans due to wrong policies of the governments. "Dams are not being built, standard of education is going down, garbage is being disposed of into sea but people are allowed to take their money abroad unchecked," lamented the chief justice. To a court query, the FBR chairman disclosed that Rs100 billion had been paid to tax filers under the head of sales tax return, however disbursement of Rs105 billion was still pending. Chief Justice Nisar also expressed concern over decreasing exports and rampant smuggling in the country. FBR chief Pasha sought permission to give an in-camera briefing to the judges on the issue of smuggling, which was allowed by the chief justice. The views expressed in the above article are that of Mr. M. Sarwar, Chief Editor, The Nation.

Pakistan's economy in limbo ahead of general elections

AT&T Inc won court approval on Tuesday to buy Time Warner Inc for $85 billion, rebuffing an attempt by U.S. President Donald Trump’s administration to block the deal and likely setting off a wave of corporate mergers.&nbsp

The deal, which could close next week, is seen as a turning point for a media industry that has been upended by companies like Netflix Inc and Alphabet Inc’s Google which produce content and sell it online directly to consumers, without requiring a pricey cable subscription. Cable, satellite and wireless carriers all see buying content companies as a way to add revenue.

Trump, a frequent detractor of Time Warner’s CNN and its coverage, denounced the deal when it was announced in October 2016. U.S. District Judge Richard Leon found little to support the government’s arguments that the deal would harm consumers, calling one position “gossamer thin” and another “poppycock.”

The ruling could also prompt a cascade of pay TV companies buying television and movie makers, with Comcast Corp’s bid for some Twenty-First Century Fox Inc assets potentially the first out of the gate.

The merger, including debt, would be the fourth largest deal ever attempted in the global telecom, media and entertainment space, according to Thomson Reuters data. It would also be the 12th largest deal in any sector, the data showed.

In a scathing opinion, Leon concluded that the government had failed to show competitive harm and urged the U.S. government not to seek a stay of his ruling pending a potential appeal, saying it would be "manifestly unjust" to do so and not likely to succeed.

“That’s a legal shocker,” said J.B. Heaton, an attorney and consultant on litigation and regulatory proceedings. “I think we’ll see now that companies will be much more confident about vertical mergers,” he added, referring to deals where a company merges with a supplier.

Shares of AT&T fell about 1.3 percent in after-hours trade following the decision, while Time Warner rose more than 5 percent.

Twenty-First Century Fox jumped 7 percent in extended trade after the ruling on expectations that Comcast and Walt Disney Co could start a bidding war to acquire its media assets. Comcast and Walt Disney dropped 4.3 percent and 1.8 percent, respectively.

Shares of other media and telecom companies also rose, including T-Mobile US Inc, Sprint Corp, CBS Corp, Dish Network Corp, Discovery Inc and Viacom Inc.

“This will be a blockbuster summer for media mergers,” said Mary Ann Halford, senior adviser to OC&C Strategy Consultants.

Shares of Express Scripts Holding Co, which is set to be bought by Cigna Corp for $52 billion, rose 4.8 percent, while shares of health insurer Aetna Inc, due to be acquired by CVS Health Corp for $69 billion, rose 3.6 percent.

Opponents of the AT&T decision also predicted more deals.

“Consumers should fear a cascade of unchecked mergers and acquisitions to further consolidate the telecom industry resulting in less choice, fewer competitors and higher prices,” Senator Richard Blumenthal, a Democrat, said in a statement.

The Justice Department filed a lawsuit to stop the deal in November 2017, saying that AT&T’s ownership of both DirecTV and Time Warner would give AT&T unfair leverage against rival cable providers that relied on Time Warner’s content, such as CNN and HBO’s “Game of Thrones.”

Leaving the courtroom, Makan Delrahim, head of the Justice department’s antitrust division, said that he would read the judge’s opinion before making a decision on an appeal.

The Justice Department is not likely to be put off by the loss, said Amy Ray of the law firm Cadwalader, Wickersham & Taft LLP, noting it had prevailed in stopping other mergers between rivals.

“Put me on the side of the fence of thinking that AAG (Makan) Delrahim is interested in challenging the next problematic vertical transaction,” she said.

Cornell law professor George Hay added that the ruling found the government’s evidence lacking, rather than a broader determination of how vertical mergers affected competition.

AT&T in a six-week trial argued that the purchase of Time Warner would allow it to gain information about viewers needed to target digital advertising, much like Facebook Inc and Google already do.

AT&T can use the content from Time Warner to fill its streaming services DirecTV Now and soon-to-be-launched AT&T Watch, which are cheaper online video packages with fewer channels. That could give it a leg up over rival live streaming platforms that do not own content, media analysts have said.

AT&T applauded the court’s decision and said it expected to close the merger before the June 21 contractual deadline.

The government estimated costs to industry rivals, such as Charter Communications Inc, would increase by $580 million a year if AT&T owned Time Warner.

Before the trial started, AT&T lawyers said the Time Warner deal may have been singled out for government enforcement but the judge rejected their bid to force the disclosure of White House communications that might have shed light on the matter.

The deal cost AT&T’s top lobbyist, Bob Quinn, his job in May after it became public that AT&T had paid Trump’s personal lawyer Michael Cohen $600,000 for advice on winning approval.

Burns McKinney, a portfolio manager at Allianz Global Investors who owns AT&T, said he would not say the telecoms company had won a huge victory.

“It’s more that they just didn’t lose. You always wonder in these cases if there’s a winner’s curse, given the risk (AT&T) can’t get the desired synergies and they’re taking on a lot of debt with the merger,” he said.

Trump, a frequent detractor of Time Warner’s CNN and its coverage, denounced the deal when it was announced in October 2016.

AT&T Inc won court approval on Tuesday to buy Time Warner Inc for $85 billion, rebuffing an attempt by U.S. President Donald Trump’s administration to block the deal and likely setting off a wave of corporate mergers. The deal, which could close next week, is seen as a turning point for a media industry that has been upended by companies like Netflix Inc and Alphabet Inc’s Google which produce content and sell it online directly to consumers, without requiring a pricey cable subscription. Cable, satellite and wireless carriers all see buying content companies as a way to add revenue. Trump, a frequent detractor of Time Warner’s CNN and its coverage, denounced the deal when it was announced in October 2016. U.S. District Judge Richard Leon found little to support the government’s arguments that the deal would harm consumers, calling one position “gossamer thin” and another “poppycock.” The ruling could also prompt a cascade of pay TV companies buying television and movie makers, with Comcast Corp’s bid for some Twenty-First Century Fox Inc assets potentially the first out of the gate. The merger, including debt, would be the fourth largest deal ever attempted in the global telecom, media and entertainment space, according to Thomson Reuters data. It would also be the 12th largest deal in any sector, the data showed. In a scathing opinion, Leon concluded that the government had failed to show competitive harm and urged the U.S. government not to seek a stay of his ruling pending a potential appeal, saying it would be "manifestly unjust" to do so and not likely to succeed. “That’s a legal shocker,” said J.B. Heaton, an attorney and consultant on litigation and regulatory proceedings. “I think we’ll see now that companies will be much more confident about vertical mergers,” he added, referring to deals where a company merges with a supplier. Shares of AT&T fell about 1.3 percent in after-hours trade following the decision, while Time Warner rose more than 5 percent. Twenty-First Century Fox jumped 7 percent in extended trade after the ruling on expectations that Comcast and Walt Disney Co could start a bidding war to acquire its media assets. Comcast and Walt Disney dropped 4.3 percent and 1.8 percent, respectively. Shares of other media and telecom companies also rose, including T-Mobile US Inc, Sprint Corp, CBS Corp, Dish Network Corp, Discovery Inc and Viacom Inc. “This will be a blockbuster summer for media mergers,” said Mary Ann Halford, senior adviser to OC&C Strategy Consultants. Shares of Express Scripts Holding Co, which is set to be bought by Cigna Corp for $52 billion, rose 4.8 percent, while shares of health insurer Aetna Inc, due to be acquired by CVS Health Corp for $69 billion, rose 3.6 percent. Opponents of the AT&T decision also predicted more deals. “Consumers should fear a cascade of unchecked mergers and acquisitions to further consolidate the telecom industry resulting in less choice, fewer competitors and higher prices,” Senator Richard Blumenthal, a Democrat, said in a statement. The Justice Department filed a lawsuit to stop the deal in November 2017, saying that AT&T’s ownership of both DirecTV and Time Warner would give AT&T unfair leverage against rival cable providers that relied on Time Warner’s content, such as CNN and HBO’s “Game of Thrones.” Leaving the courtroom, Makan Delrahim, head of the Justice department’s antitrust division, said that he would read the judge’s opinion before making a decision on an appeal. The Justice Department is not likely to be put off by the loss, said Amy Ray of the law firm Cadwalader, Wickersham & Taft LLP, noting it had prevailed in stopping other mergers between rivals. “Put me on the side of the fence of thinking that AAG (Makan) Delrahim is interested in challenging the next problematic vertical transaction,” she said. Cornell law professor George Hay added that the ruling found the government’s evidence lacking, rather than a broader determination of how vertical mergers affected competition. AT&T in a six-week trial argued that the purchase of Time Warner would allow it to gain information about viewers needed to target digital advertising, much like Facebook Inc and Google already do. AT&T can use the content from Time Warner to fill its streaming services DirecTV Now and soon-to-be-launched AT&T Watch, which are cheaper online video packages with fewer channels. That could give it a leg up over rival live streaming platforms that do not own content, media analysts have said. AT&T applauded the court’s decision and said it expected to close the merger before the June 21 contractual deadline. The government estimated costs to industry rivals, such as Charter Communications Inc, would increase by $580 million a year if AT&T owned Time Warner. Before the trial started, AT&T lawyers said the Time Warner deal may have been singled out for government enforcement but the judge rejected their bid to force the disclosure of White House communications that might have shed light on the matter. The deal cost AT&T’s top lobbyist, Bob Quinn, his job in May after it became public that AT&T had paid Trump’s personal lawyer Michael Cohen $600,000 for advice on winning approval. Burns McKinney, a portfolio manager at Allianz Global Investors who owns AT&T, said he would not say the telecoms company had won a huge victory. “It’s more that they just didn’t lose. You always wonder in these cases if there’s a winner’s curse, given the risk (AT&T) can’t get the desired synergies and they’re taking on a lot of debt with the merger,” he said.

AT&T wins court approval to buy Time Warner over Trump opposition

Indian shares ended higher for a third straight session&nbsp;on Wednesday, buoyed by gains in Tata Consultancy Services Ltd after the company said it would buy back stock, while robust monthly industrial growth data lifted sentiment.

Industrial output grew 4.9 percent in April from a year earlier, driven by a pick up in manufacturing, while annual retail inflation accelerated to a four-month high in May, underpinned by higher fuel prices and a depreciating rupee, government data showed&nbsp;on Tuesday.

The broader NSE Nifty ended 0.13 percent higher at 10,856.70, while the benchmark BSE Sensex closed up 0.13 percent at 35,739.16. Both indexes marked their highest closing levels since&nbsp;Feb. 1.

Top software services exporter Tata Consultancy Services closed up 2.4 percent after the company said it would consider a share buyback proposal&nbsp;on Friday.

Top software services exporter Tata Consultancy Services closed up 2.4 percent

Indian shares ended higher for a third straight session on Wednesday, buoyed by gains in Tata Consultancy Services Ltd after the company said it would buy back stock, while robust monthly industrial growth data lifted sentiment. Industrial output grew 4.9 percent in April from a year earlier, driven by a pick up in manufacturing, while annual retail inflation accelerated to a four-month high in May, underpinned by higher fuel prices and a depreciating rupee, government data showed on Tuesday. The broader NSE Nifty ended 0.13 percent higher at 10,856.70, while the benchmark BSE Sensex closed up 0.13 percent at 35,739.16. Both indexes marked their highest closing levels since Feb. 1. Top software services exporter Tata Consultancy Services closed up 2.4 percent after the company said it would consider a share buyback proposal on Friday.

Sensex ends higher for third session; TCS gains

Investors wiped about $3 billion off embattled Chinese telecommunications giant ZTE Corp's market value as it resumed trade&nbsp;on Wednesday&nbsp;after agreeing to pay up to $1.4 billion in penalties to the US&nbsp;government.

China's No. 2 telecommunications equipment maker was crippled when the United States imposed a seven-year supplier ban on the company in April after it broke an agreement to discipline executives who conspired to evade US&nbsp;sanctions on Iran and North Korea.

The ban, which has prevented ZTE from buying the US&nbsp;components it relies on to make smartphones and other devices, will not be lifted until ZTE pays a fine and places $400 million more in an escrow account in a US-approved bank. It was also ordered to radically overhaul its management.

"While the nightmare is now over, ZTE will likely have to deal with many changes," Jeffries said in a research report, adding that it expects significant near-term selling pressure on the company's shares.

Confirming details of the US&nbsp;deal, ZTE said late&nbsp;on Tuesday&nbsp;it would replace its board of directors and that of its import-export subsidiary ZTE Kangxun&nbsp;within 30 days&nbsp;of the June 8 order being signed by the United States.

All members of its leadership at or above the senior vice president level would be removed within the 30-day period, with a commitment that they would not be re-hired, along with any executives or officers tied to the wrongdoing, it said.

The US&nbsp;commerce department can exercise discretion in granting exceptions.

According to a Reuters estimate based on company filings and a source with knowledge of the matter, that could result in about 40 senior executives being replaced including its 14-person board, based on its current management structure.

ZTE has more than a dozen senior vice presidents, which is a level below executive vice president, said the company source who declined to be identified as they were not authorised to speak to the media.

As part of the US&nbsp;order, the Commerce Department also will select a monitor, known as a special compliance coordinator,&nbsp;within 30 days&nbsp;to report on compliance by ZTE and its affiliates worldwide for 10 years. The coordinator will have a staff of at least six employees funded by ZTE.

"The compliance monitor will be on the same level as ZTE's CEO and board on compliance matters. The new governance structure will pose challenges for the company's management in the future," Zhongtai Securities said in a note.

Shares plunge

The Hong Kong-listed shares of ZTE slid as much as 41 per cent to HK$14.98, their lowest in a year, following a two-month trading suspension. Its Shenzhen shares fell by their 10 per cent limit to 28.18 yuan after it confirmed details of the agreement publicised by the US&nbsp;government&nbsp;on Monday.

Hong Kong's benchmark Hang Seng index was down 0.6 per cent by the midday break.

During its trading halt, fund managers cut their valuations of ZTE shares, with some lowering valuations of its A-shares to 20.04 yuan per share, or a 36 per cent discount to the closing level on&nbsp;April 16.

ZTE also said in filings&nbsp;on Tuesday&nbsp;that it would work to resume operations as soon as possible after the ban gets lifted, and would republish its first-quarter financial results after assessing the impact of the ban and the settlement agreement.

Jeffries said it expected ZTE to pay its penalty in a few days and resume operations next week.

The case has become a focus of bargaining talks as Washington and Beijing look to avert a trade war.

US&nbsp;lawmakers have attacked Washington's agreement with ZTE and plan legislation to roll it back, citing intelligence warnings that ZTE poses a national security threat.

ZTE, with a market value of about $20 billion before its shares were suspended in April, is the world's No.4 telecom equipment maker after Huawei Technologies, Ericsson and Nokia.

The US commerce department can exercise discretion in granting exceptions

Investors wiped about $3 billion off embattled Chinese telecommunications giant ZTE Corp's market value as it resumed trade on Wednesday after agreeing to pay up to $1.4 billion in penalties to the US government. China's No. 2 telecommunications equipment maker was crippled when the United States imposed a seven-year supplier ban on the company in April after it broke an agreement to discipline executives who conspired to evade US sanctions on Iran and North Korea. The ban, which has prevented ZTE from buying the US components it relies on to make smartphones and other devices, will not be lifted until ZTE pays a fine and places $400 million more in an escrow account in a US-approved bank. It was also ordered to radically overhaul its management. "While the nightmare is now over, ZTE will likely have to deal with many changes," Jeffries said in a research report, adding that it expects significant near-term selling pressure on the company's shares. Confirming details of the US deal, ZTE said late on Tuesday it would replace its board of directors and that of its import-export subsidiary ZTE Kangxun within 30 days of the June 8 order being signed by the United States. All members of its leadership at or above the senior vice president level would be removed within the 30-day period, with a commitment that they would not be re-hired, along with any executives or officers tied to the wrongdoing, it said. The US commerce department can exercise discretion in granting exceptions. According to a Reuters estimate based on company filings and a source with knowledge of the matter, that could result in about 40 senior executives being replaced including its 14-person board, based on its current management structure. ZTE has more than a dozen senior vice presidents, which is a level below executive vice president, said the company source who declined to be identified as they were not authorised to speak to the media. As part of the US order, the Commerce Department also will select a monitor, known as a special compliance coordinator, within 30 days to report on compliance by ZTE and its affiliates worldwide for 10 years. The coordinator will have a staff of at least six employees funded by ZTE. "The compliance monitor will be on the same level as ZTE's CEO and board on compliance matters. The new governance structure will pose challenges for the company's management in the future," Zhongtai Securities said in a note. Shares plunge The Hong Kong-listed shares of ZTE slid as much as 41 per cent to HK$14.98, their lowest in a year, following a two-month trading suspension. Its Shenzhen shares fell by their 10 per cent limit to 28.18 yuan after it confirmed details of the agreement publicised by the US government on Monday. Hong Kong's benchmark Hang Seng index was down 0.6 per cent by the midday break. During its trading halt, fund managers cut their valuations of ZTE shares, with some lowering valuations of its A-shares to 20.04 yuan per share, or a 36 per cent discount to the closing level on April 16. ZTE also said in filings on Tuesday that it would work to resume operations as soon as possible after the ban gets lifted, and would republish its first-quarter financial results after assessing the impact of the ban and the settlement agreement. Jeffries said it expected ZTE to pay its penalty in a few days and resume operations next week. The case has become a focus of bargaining talks as Washington and Beijing look to avert a trade war. US lawmakers have attacked Washington's agreement with ZTE and plan legislation to roll it back, citing intelligence warnings that ZTE poses a national security threat. ZTE, with a market value of about $20 billion before its shares were suspended in April, is the world's No.4 telecom equipment maker after Huawei Technologies, Ericsson and Nokia.

Investors wipe $3 billion off China's ZTE as US settlement sinks in

Headline inflation surging to a four-month high of 4.87 per cent in May is likely to force the Reserve Bank of India (RBI) to hike rates once again at its August monetary policy review, analysts said.

The commentary comes a day after industry body Confederation of Indian Industry (CII) said that monetary policy tightening will increase the cost of doing business and force India Inc to slowdown on investments, which are critical for pushing the growth agenda.

"With both core and headline inflation only likely to face greater upside pressure from various factors in the coming months, we continue to expect one more 0.25 per cent rate hike from the RBI. This could occur as soon as the&nbsp;July 31-August 1&nbsp;meeting," analysts at the French brokerage BNP Paribas said in a note.

UBS Securities said a hike is "likely in August".

"If global crude prices remain at current levels and core inflation remains elevated, the next rate hike could be announced sooner (likely in August) than later," it said, adding that the announcement of minimum support prices for agri produce will be watched keenly.

Analysts at German brokerage Deutsche Bank also said they expect a 0.25 per cent rate hike by the RBI at the August review, saying an inflation targeting central bank will feel the need to tighten the policy based on these "signals" from inflation.

However, Bank of America Merill Lynch said base effects is driving up the inflation number and added that the RBI will be on "long hold".

Official data released yesterday said retail inflation jumped to a four-month high of 4.87 per cent in May on costlier food items such as fruits, vegetables and cereals, coupled with high fuel rates.

In May last year, the retail inflation was at a low of 2.18 per cent.

At its policy review last week, the apex bank had upped its retail inflation projection by 0.30 per cent and kept the policy stance in the neutral zone, even as it hiked the key rates by 0.25 per cent.&nbsp;

In May last year, the retail inflation was at a low of 2.18 per cent

Headline inflation surging to a four-month high of 4.87 per cent in May is likely to force the Reserve Bank of India (RBI) to hike rates once again at its August monetary policy review, analysts said. The commentary comes a day after industry body Confederation of Indian Industry (CII) said that monetary policy tightening will increase the cost of doing business and force India Inc to slowdown on investments, which are critical for pushing the growth agenda. "With both core and headline inflation only likely to face greater upside pressure from various factors in the coming months, we continue to expect one more 0.25 per cent rate hike from the RBI. This could occur as soon as the July 31-August 1 meeting," analysts at the French brokerage BNP Paribas said in a note. UBS Securities said a hike is "likely in August". "If global crude prices remain at current levels and core inflation remains elevated, the next rate hike could be announced sooner (likely in August) than later," it said, adding that the announcement of minimum support prices for agri produce will be watched keenly. Analysts at German brokerage Deutsche Bank also said they expect a 0.25 per cent rate hike by the RBI at the August review, saying an inflation targeting central bank will feel the need to tighten the policy based on these "signals" from inflation. However, Bank of America Merill Lynch said base effects is driving up the inflation number and added that the RBI will be on "long hold". Official data released yesterday said retail inflation jumped to a four-month high of 4.87 per cent in May on costlier food items such as fruits, vegetables and cereals, coupled with high fuel rates. In May last year, the retail inflation was at a low of 2.18 per cent. At its policy review last week, the apex bank had upped its retail inflation projection by 0.30 per cent and kept the policy stance in the neutral zone, even as it hiked the key rates by 0.25 per cent.

RBI may hike rates again in Aug on rise in inflation: Analysts

The president of Britain's main business lobby today warned that the country's car industry risked "becoming extinct" outside the EU's customs union.

"If we do not have a customs union, there are sectors of manufacturing society in the UK which risk becoming extinct," Confederation of British Industry (CBI) president Paul Dreschler told BBC Radio 4's Today programme.

He highlighted the car industry as being particularly threatened by any deal that did not secure "real frictionless trade" with the European Union post-Brexit.

Prime Minister Theresa May is under pressure to commit to some kind of customs partnership as she pushes key Brexit legislation through parliament, despite promising that Britain would make a clean break with the EU in order to strike trade deals with the rest of the world.

The CBI president claimed there was "zero evidence" that such deals would provide any economic benefit to Britain.

"There's zero evidence that independent trade deals will provide any economic benefit to the UK that's material. It's a myth," he said.

The uncertainty was also forcing companies to delay investment decisions, he added. "We already know tens of millions, in fact, hundreds of millions have been invested by UK pharmaceutical and finance companies to create continuity post a worse-case Brexit scenario," he said.

"We still haven't got clarity about the future direction, about where we're heading, what will the future relationship with Europe be, at a level of detail that matters for investment." Brexit campaigner Patrick Minford, from the

Economists for Free Trade group accused the CBI of doing the bidding of "vested interests that oppose the competition and productivity growth that free trade under Brexit will bring".

"Precisely what Brexit will do is remove the EU protectionism and excessive regulation that is holding back our economy," he told the BBC.

"The gains from our potential free trade agreements are well documented. Our calculations put them at 4 per cent of GDP," he added.

May yesterday avoided a major blow to her Brexit strategy after lawmakers rejected a plan that would have given parliament a veto on the final deal negotiated with Brussels, but only after reaching a backroom deal with potential rebels.

She faces further battles today over how closely Britain stays aligned with the EU's economy after leaving.&nbsp;

Prime Minister Theresa May is under pressure to commit to some kind of customs partnership as she pushes key Brexit legislation through parliament

The president of Britain's main business lobby today warned that the country's car industry risked "becoming extinct" outside the EU's customs union. "If we do not have a customs union, there are sectors of manufacturing society in the UK which risk becoming extinct," Confederation of British Industry (CBI) president Paul Dreschler told BBC Radio 4's Today programme. He highlighted the car industry as being particularly threatened by any deal that did not secure "real frictionless trade" with the European Union post-Brexit. Prime Minister Theresa May is under pressure to commit to some kind of customs partnership as she pushes key Brexit legislation through parliament, despite promising that Britain would make a clean break with the EU in order to strike trade deals with the rest of the world. The CBI president claimed there was "zero evidence" that such deals would provide any economic benefit to Britain. "There's zero evidence that independent trade deals will provide any economic benefit to the UK that's material. It's a myth," he said. The uncertainty was also forcing companies to delay investment decisions, he added. "We already know tens of millions, in fact, hundreds of millions have been invested by UK pharmaceutical and finance companies to create continuity post a worse-case Brexit scenario," he said. "We still haven't got clarity about the future direction, about where we're heading, what will the future relationship with Europe be, at a level of detail that matters for investment." Brexit campaigner Patrick Minford, from the Economists for Free Trade group accused the CBI of doing the bidding of "vested interests that oppose the competition and productivity growth that free trade under Brexit will bring". "Precisely what Brexit will do is remove the EU protectionism and excessive regulation that is holding back our economy," he told the BBC. "The gains from our potential free trade agreements are well documented. Our calculations put them at 4 per cent of GDP," he added. May yesterday avoided a major blow to her Brexit strategy after lawmakers rejected a plan that would have given parliament a veto on the final deal negotiated with Brussels, but only after reaching a backroom deal with potential rebels. She faces further battles today over how closely Britain stays aligned with the EU's economy after leaving.

Brexit could make UK car sector 'extinct': Report

India's retail inflation rate accelerated to a four-month high of 4.87 per cent in May, government data showed on Tuesday, driven by higher fuel prices and a depreciating rupee.

Analysts polled by Reuters had forecast May's annual increase in the consumer price index at 4.83 per cent, compared with April's provisional 4.58 per cent. The forecast for May ranged from 4.1 per cent to 5.7 per cent.

India's retail inflation jumped further in May to a four-month high, primarily driven by a surge in energy prices, according to the Reuters poll, suggesting more policy tightening from the central bank is coming.

A Prasanna, Chief Economist, ICICI Securities Primary Dealership

"Both headline and core inflation are in line with our expectations. Although both these measures may peak in the next reading, core may turn out to be sticky around 5 per cent.

"Headline inflation could also remain around 5 per cent by March 2019, and could potentially edge higher depending on MSP decision by the government. Accordingly, we expect the Monetary Policy Committee to hike policy rates by 25 bps by October."

Shilan Shah, Senior India Economist, Capital Economics

"Predicting the exact path of headline inflation is difficult given the volatile nature of food and fuel prices. However, one thing that does look likely is that the core inflation will stay elevated. Even if the economy just maintains its current momentum, capacity utilisation would tighten further, which will boost the underlying pressure.

"In terms of what this means for policy, the Reserve Bank of India hiked its repo rate by 25 bps last week, and we think that the rise in inflation last month, as well as the outlook for underlying price pressures, will pave the way for further modest policy tightening over the next six months or so."

Rupa Rege Nitsure, Group Chief Economist, L&T Finance Holdings, Mumbai

"The growth-inflation dynamics have not changed much. The consumer price index has continued its northward journey and core inflation crossing 6 per cent is a warning for the Reserve Bank of India. Future monetary policy actions would depend on the progress of monsoons, oil price movement and fiscal slippage. I expect at least two more rate hikes during FY19."

Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities, Mumbai

"The August CPI inflation print warrants a cautious stance, though incremental data releases will need to be looked at. We keep our call for another 25 bps rate hike in August, but will be data-dependent as we move closer to the policy meeting.

"Core inflation is likely to remain sticky even though there should be some gradual moderation from the current levels. The pass-through of higher crude prices and rupee depreciation along with structural demand-supply mismatches in some of the components of the core inflation will restrict any downward bias. We expect core inflation in the range of 5.2 per cent to 6.5 per cent for the rest of FY2019."

Tushar Arora, Senior Economist, HDFC Bank, New Delhi

"Inflationary pressures are building up in the economy. Food prices are up after remaining subdued for four consecutive months. Meanwhile, there is pressure because of higher fuel prices as well. Next month's reading for the CPI could be even higher and could breach the Reserve Bank of India's estimated peak of 4.9 per cent for first-half. Thus, the possibility of one more rate hike cannot be ruled out this year."

India's retail inflation jumped further in May to a four-month high

India's retail inflation rate accelerated to a four-month high of 4.87 per cent in May, government data showed on Tuesday, driven by higher fuel prices and a depreciating rupee. Analysts polled by Reuters had forecast May's annual increase in the consumer price index at 4.83 per cent, compared with April's provisional 4.58 per cent. The forecast for May ranged from 4.1 per cent to 5.7 per cent. India's retail inflation jumped further in May to a four-month high, primarily driven by a surge in energy prices, according to the Reuters poll, suggesting more policy tightening from the central bank is coming. A Prasanna, Chief Economist, ICICI Securities Primary Dealership "Both headline and core inflation are in line with our expectations. Although both these measures may peak in the next reading, core may turn out to be sticky around 5 per cent. "Headline inflation could also remain around 5 per cent by March 2019, and could potentially edge higher depending on MSP decision by the government. Accordingly, we expect the Monetary Policy Committee to hike policy rates by 25 bps by October." Shilan Shah, Senior India Economist, Capital Economics "Predicting the exact path of headline inflation is difficult given the volatile nature of food and fuel prices. However, one thing that does look likely is that the core inflation will stay elevated. Even if the economy just maintains its current momentum, capacity utilisation would tighten further, which will boost the underlying pressure. "In terms of what this means for policy, the Reserve Bank of India hiked its repo rate by 25 bps last week, and we think that the rise in inflation last month, as well as the outlook for underlying price pressures, will pave the way for further modest policy tightening over the next six months or so." Rupa Rege Nitsure, Group Chief Economist, L&T Finance Holdings, Mumbai "The growth-inflation dynamics have not changed much. The consumer price index has continued its northward journey and core inflation crossing 6 per cent is a warning for the Reserve Bank of India. Future monetary policy actions would depend on the progress of monsoons, oil price movement and fiscal slippage. I expect at least two more rate hikes during FY19." Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities, Mumbai "The August CPI inflation print warrants a cautious stance, though incremental data releases will need to be looked at. We keep our call for another 25 bps rate hike in August, but will be data-dependent as we move closer to the policy meeting. "Core inflation is likely to remain sticky even though there should be some gradual moderation from the current levels. The pass-through of higher crude prices and rupee depreciation along with structural demand-supply mismatches in some of the components of the core inflation will restrict any downward bias. We expect core inflation in the range of 5.2 per cent to 6.5 per cent for the rest of FY2019." Tushar Arora, Senior Economist, HDFC Bank, New Delhi "Inflationary pressures are building up in the economy. Food prices are up after remaining subdued for four consecutive months. Meanwhile, there is pressure because of higher fuel prices as well. Next month's reading for the CPI could be even higher and could breach the Reserve Bank of India's estimated peak of 4.9 per cent for first-half. Thus, the possibility of one more rate hike cannot be ruled out this year."

India's retail inflation accelerates to 4.87% in May: Reports

Oil prices eased on Tuesday, paring earlier gains, although volatility subsided to its lowest in three weeks, as investors prepared for a key meeting of the OPEC producer group next week.

Crude remained in a tight trading range, in line with the broader financial markets, which were largely unruffled by a US-North Korea summit aimed at the denuclearisation of the Korean peninsula.

The Organization of the Petroleum Exporting Countries released its monthly report on Tuesday, in which it cited the high degree of uncertainty hanging over the global oil market this year.

Brent crude futures fell 29 cents to $76.17 a barrel by 1143 GMT, while US&nbsp;West Texas Intermediate crude futures eased 12 cents to $65.98.

"The market has been rangebound for two weeks and that is likely to remain the case," Ole Hansen, senior manager at Saxo Bank, said.

OPEC, together with partners including Russia, has cut oil output by 1.8 million barrels per day (bpd) since January 2017 in an effort to boost the market.

Volatility in oil prices has subsided due to caution around the group's meetings scheduled for June 22-23, at which it will decide on future supply policy.

With US&nbsp;sanctions threatening to cut Iranian exports and the potential for more declines in Venezuelan production, OPEC kingpin Saudi Arabia and Russia have indicated they would be willing to raise output to make up for any supply shortfall.

Russian production reportedly climbed to 11.1 million bpd in early June.

In the United States, output has risen by almost a third in the last two years, to a record 10.8 million bpd.

Top exporter Saudi Arabia - which has so far led OPEC's efforts to withhold supplies - is also showing signs of raising production.

OPEC said on Tuesday the outlook in the second half of the year is highly uncertain even though the oil producer group's figures show a global glut is gone, suggesting exporters will be in no rush to fully relax output curbs next week.

"Recently, crude oil futures have lost some momentum amid uncertainty as traders prepare for potentially more supply returning to the market," the group said.

"I feel that if they would like to be a responsible swing producer for the global oil market, based on their (demand) numbers, they should increase production by at least 1 million bpd from the current level," PVM Oil Associates strategist Tamas Varga said. 
&nbsp;

The Organization of the Petroleum Exporting Countries released its monthly report on Tuesday, in which it cited the high degree of uncertainty hanging over the global oil market this year

Oil prices eased on Tuesday, paring earlier gains, although volatility subsided to its lowest in three weeks, as investors prepared for a key meeting of the OPEC producer group next week. Crude remained in a tight trading range, in line with the broader financial markets, which were largely unruffled by a US-North Korea summit aimed at the denuclearisation of the Korean peninsula. The Organization of the Petroleum Exporting Countries released its monthly report on Tuesday, in which it cited the high degree of uncertainty hanging over the global oil market this year. Brent crude futures fell 29 cents to $76.17 a barrel by 1143 GMT, while US West Texas Intermediate crude futures eased 12 cents to $65.98. "The market has been rangebound for two weeks and that is likely to remain the case," Ole Hansen, senior manager at Saxo Bank, said. OPEC, together with partners including Russia, has cut oil output by 1.8 million barrels per day (bpd) since January 2017 in an effort to boost the market. Volatility in oil prices has subsided due to caution around the group's meetings scheduled for June 22-23, at which it will decide on future supply policy. With US sanctions threatening to cut Iranian exports and the potential for more declines in Venezuelan production, OPEC kingpin Saudi Arabia and Russia have indicated they would be willing to raise output to make up for any supply shortfall. Russian production reportedly climbed to 11.1 million bpd in early June. In the United States, output has risen by almost a third in the last two years, to a record 10.8 million bpd. Top exporter Saudi Arabia - which has so far led OPEC's efforts to withhold supplies - is also showing signs of raising production. OPEC said on Tuesday the outlook in the second half of the year is highly uncertain even though the oil producer group's figures show a global glut is gone, suggesting exporters will be in no rush to fully relax output curbs next week. "Recently, crude oil futures have lost some momentum amid uncertainty as traders prepare for potentially more supply returning to the market," the group said. "I feel that if they would like to be a responsible swing producer for the global oil market, based on their (demand) numbers, they should increase production by at least 1 million bpd from the current level," PVM Oil Associates strategist Tamas Varga said.

Oil eases; OPEC cites uncertain market outlook for 2018

Gold&nbsp;prices remained&nbsp;locked&nbsp;just&nbsp;below&nbsp;$1,300 an ounce on Tuesday as investors waited for clues on the pace of US&nbsp;interest rate rises from a&nbsp;Federal Reserve&nbsp;meeting this week.

A&nbsp;Fed&nbsp;statement and press conference expected from 1800 GMT on Wednesday could push&nbsp;gold out of the tight range of around $1,290-$1,305 in which it has been trapped since mid-May.

Gold&nbsp;is highly sensitive to interest rates because higher rates push up bond yields, making non-yielding&nbsp;gold&nbsp;less attractive, and tend to strengthen the dollar, increasing the cost of&nbsp;gold&nbsp;for buyers using other currencies.

Investors expect the&nbsp;Fed&nbsp;to increase rates on Wednesday but will be looking for hints at future policy. A more aggressive stance on monetary tightening would hurt&nbsp;gold.

"We are waiting for the FOMC," said Saxo Bank analyst Ole Hansen, referring to the&nbsp;Fed's policy committee.

Gold&nbsp;prices have tended to fall ahead of previous rate rises but recover afterwards, he said. "We're still erring towards the potential for a move higher here."

Spot&nbsp;gold&nbsp;was down 0.1 per cent at $1,298.15 an ounce at 1021 GMT, while US gold&nbsp;futures for August delivery were 0.1 per cent lower at $1,302 an ounce.

The dollar and US&nbsp;bond yields were also largely flat.

Adding to the wait-and-see mood for&nbsp;gold&nbsp;were expectations that the European Central Bank will signal a winding down of its vast bond-buying programme at a&nbsp;meeting&nbsp;on Thursday. This would likely help&nbsp;gold&nbsp;by boosting the euro and weakening the dollar.

Japan's central bank will also meet on June 14-15.

Gold&nbsp;did not react strongly to a pledge by the leaders of the United States and North Korea to work toward complete denuclearisation of the Korean peninsula.

The joint statement signed at the end of a summit in Singapore gave few details on how this goal would be achieved.

Gold&nbsp;is traditionally used as a safe place to invest money during times of uncertainty, and growing tensions over Korea have added to demand.

In other precious metals, silver was down 0.2 per cent at $16.86 an ounce after hitting a seven-week high of $16.95 on Monday.

Platinum was 0.2 per cent higher at $905.80 an ounce and palladium was down 0.3 per cent at $1,019 an ounce.

A Fed statement and press conference expected from 1800 GMT on Wednesday could push gold out of the tight range of around $1,290-$1,305 in which it has been trapped since mid-May

Gold prices remained locked just below $1,300 an ounce on Tuesday as investors waited for clues on the pace of US interest rate rises from a Federal Reserve meeting this week. A Fed statement and press conference expected from 1800 GMT on Wednesday could push gold out of the tight range of around $1,290-$1,305 in which it has been trapped since mid-May. Gold is highly sensitive to interest rates because higher rates push up bond yields, making non-yielding gold less attractive, and tend to strengthen the dollar, increasing the cost of gold for buyers using other currencies. Investors expect the Fed to increase rates on Wednesday but will be looking for hints at future policy. A more aggressive stance on monetary tightening would hurt gold. "We are waiting for the FOMC," said Saxo Bank analyst Ole Hansen, referring to the Fed's policy committee. Gold prices have tended to fall ahead of previous rate rises but recover afterwards, he said. "We're still erring towards the potential for a move higher here." Spot gold was down 0.1 per cent at $1,298.15 an ounce at 1021 GMT, while US gold futures for August delivery were 0.1 per cent lower at $1,302 an ounce. The dollar and US bond yields were also largely flat. Adding to the wait-and-see mood for gold were expectations that the European Central Bank will signal a winding down of its vast bond-buying programme at a meeting on Thursday. This would likely help gold by boosting the euro and weakening the dollar. Japan's central bank will also meet on June 14-15. Gold did not react strongly to a pledge by the leaders of the United States and North Korea to work toward complete denuclearisation of the Korean peninsula. The joint statement signed at the end of a summit in Singapore gave few details on how this goal would be achieved. Gold is traditionally used as a safe place to invest money during times of uncertainty, and growing tensions over Korea have added to demand. In other precious metals, silver was down 0.2 per cent at $16.86 an ounce after hitting a seven-week high of $16.95 on Monday. Platinum was 0.2 per cent higher at $905.80 an ounce and palladium was down 0.3 per cent at $1,019 an ounce.

Gold locked below $1,300 as market braces for Federal Reserve meeting

Indian shares rose&nbsp;on Tuesday, in line with broader Asian peers, as sentiment turned upbeat after U.S. President Donald Trump and North Korean leader Kim Jong Un pledged to work towards complete denuclearization of the Korean peninsula.

The benchmark BSE Sensex closed up 0.59 per cent at 35,692.52, while the broader NSE Nifty ended 0.52 per cent higher at 10,842.85 ahead of retail inflation data that will be released later in the day.

Both indexes posted their highest closing level since&nbsp;Feb. 1.

Lupin Ltd led gains on the NSE index, ending 6.4 per cent higher. The Nifty Pharma index rose 2.58 per cent to close at its highest in over one month.

The benchmark BSE Sensex closed up 0.59 per cent at 35,692.52

Indian shares rose on Tuesday, in line with broader Asian peers, as sentiment turned upbeat after U.S. President Donald Trump and North Korean leader Kim Jong Un pledged to work towards complete denuclearization of the Korean peninsula. The benchmark BSE Sensex closed up 0.59 per cent at 35,692.52, while the broader NSE Nifty ended 0.52 per cent higher at 10,842.85 ahead of retail inflation data that will be released later in the day. Both indexes posted their highest closing level since Feb. 1. Lupin Ltd led gains on the NSE index, ending 6.4 per cent higher. The Nifty Pharma index rose 2.58 per cent to close at its highest in over one month.

Sensex hits four-month high over Kim-Trump talks

Israeli police questioned Prime Minister Benjamin Netanyahu on Tuesday over his alleged dealings with the country’s largest telecommunication company, Israel Radio said, one of three corruption cases weighing on his political future.

A vehicle carrying police officers pulled up at the entrance of the prime minister's official residence, where a clutch of protesters called for Netanyahu to resign over the investigations.

Police declined immediate comment, but Israel Radio said Netanyahu was being questioned over allegations he awarded regulatory favours to Bezeq Telecom Israel in return for favourable coverage on a news site the company’s owner controls.

Netanyahu, who has been questioned twice before in so-called Case 4000, and Bezeq have denied wrongdoing.

In February, police recommended Netanyahu be charged with bribery in two other cases. Israel's attorney-general is still weighing whether to indict him.

In the first investigation, known as Case 1000, he is suspected of bribery over gifts from wealthy businessmen, which police say were worth nearly $300,000.

The other, Case 2000, involves an alleged plot to win positive coverage in Israel’s biggest newspaper by offering to take measures to curtail the circulation of a rival daily.

In both those cases, lawyers for Netanyahu said he has committed no crimes.

Despite the probes, the right-wing leader's popularity has risen in the past few weeks, a reflection, commentators said, of his tough security policies, US&nbsp;withdrawal from the Iran nuclear deal he opposes, and the opening of the American Embassy in contested Jerusalem, a move Netanyahu has long advocated.

The surveys predicted that Netanyahu's Likud party, which heads a coalition largely comprised of right-wing and religious factions, would add up to four seats to the 30 it already holds in the 120-member parliament if an election were held now.

Israel is due to hold its next national ballot no later than November 2019.

A vehicle carrying police officers pulled up at the entrance of the prime minister's official residence, where a clutch of protesters called for Netanyahu to resign over the investigations

Israeli police questioned Prime Minister Benjamin Netanyahu on Tuesday over his alleged dealings with the country’s largest telecommunication company, Israel Radio said, one of three corruption cases weighing on his political future. A vehicle carrying police officers pulled up at the entrance of the prime minister's official residence, where a clutch of protesters called for Netanyahu to resign over the investigations. Police declined immediate comment, but Israel Radio said Netanyahu was being questioned over allegations he awarded regulatory favours to Bezeq Telecom Israel in return for favourable coverage on a news site the company’s owner controls. Netanyahu, who has been questioned twice before in so-called Case 4000, and Bezeq have denied wrongdoing. In February, police recommended Netanyahu be charged with bribery in two other cases. Israel's attorney-general is still weighing whether to indict him. In the first investigation, known as Case 1000, he is suspected of bribery over gifts from wealthy businessmen, which police say were worth nearly $300,000. The other, Case 2000, involves an alleged plot to win positive coverage in Israel’s biggest newspaper by offering to take measures to curtail the circulation of a rival daily. In both those cases, lawyers for Netanyahu said he has committed no crimes. Despite the probes, the right-wing leader's popularity has risen in the past few weeks, a reflection, commentators said, of his tough security policies, US withdrawal from the Iran nuclear deal he opposes, and the opening of the American Embassy in contested Jerusalem, a move Netanyahu has long advocated. The surveys predicted that Netanyahu's Likud party, which heads a coalition largely comprised of right-wing and religious factions, would add up to four seats to the 30 it already holds in the 120-member parliament if an election were held now. Israel is due to hold its next national ballot no later than November 2019.

Benjamin Netanyahu questioned by Israeli police in telecom corruption case

Asian refining margins for fuel oil are set to hold near their current strong levels through the summer as increased use of the fuel by utilities to power air conditioners for cooling and disruptions to trade flows shrink global supplies.

"Robust power generation demand in the Middle East (notably Saudi Arabia) should result in lower fuel oil outflows from the region," said Iman Nasseri, managing director of energy consultancy FGE's Middle East office.

While fuel oil markets typically strengthen during the northern hemisphere summer months, four trade sources said fuel oil margins have demonstrated additional strength this year by shrugging off sharp gains in crude oil prices, which in mid-May climbed to their highest since November 2014.

The trade sources declined to be identified as they are unauthorised to speak to the media.

"Fears over falling Iranian supply ... structural falls in global supply and a strong seasonal demand uptick in the Middle East for power generation are combining to provide support," Vienna-based consultancy JBC Energy said in a research note last week.

Lower fuel oil output in Venezuela due to refinery outages and a lack of crude oil, and refinery upgrades in Russia, the Middle East, India and South Korea have all contributed to tightening global supplies of the fuel, used to generate electricity and power industrial boilers and ships.

With the fuel oil surplus in the Middle East shrinking this year and next due to increased oil-fired power plant expansions, the region is projected to become a net fuel oil importer by mid-2019, though only for a short period of time, Nasseri said.

Increasing Saudi Arabian power demand amid falling supply from there, the United Arab Emirates and Kuwait underpin the big shift, he said.

The 180-centistoke high-sulphur fuel oil discount to Dubai crude&nbsp;on Monday&nbsp;settled at $3.21 a barrel, with Dubai crude holding above $74 a barrel.

In November 2014, when Dubai crude was last at similar levels, the same fuel oil crack or margin was at a discount wider than $6 a barrel.

Reflecting fuel oil's strength, the Singapore crack was the only one to post gains over the past few weeks, with ample supplies and rising crude prices weighing on other refined fuels, including gasoline and diesel.

"Fuel oil cracks should weaken as we move through (second-half 2018) as seasonal demand support wanes and destocking pressures from a highly backward&nbsp;market ... compensate for growing tightness in the fundamental balance," JBC said.

While strength in fuel oil markets subsides with the passing of peak utility demand, though, some analysts and traders see limited downside for fuel oil in the second half of the year.

In addition to tightening supplies, looming US&nbsp;sanctions on oil exports from Iran - a major fuel oil producer with exports of about 17 million tonnes in 2017 - could further limit fuel oil outflows, mainly to Asia.

Also, expectations of higher crude supplies in the second half of the year amid rising output from producers outside the Organization of the Petroleum Exporting Countries, including the United States and Russia, could weigh on crude prices, potentially lending support to fuel oil cracks.

The trade sources declined to be identified as they are unauthorised to speak to the media

Asian refining margins for fuel oil are set to hold near their current strong levels through the summer as increased use of the fuel by utilities to power air conditioners for cooling and disruptions to trade flows shrink global supplies. "Robust power generation demand in the Middle East (notably Saudi Arabia) should result in lower fuel oil outflows from the region," said Iman Nasseri, managing director of energy consultancy FGE's Middle East office. While fuel oil markets typically strengthen during the northern hemisphere summer months, four trade sources said fuel oil margins have demonstrated additional strength this year by shrugging off sharp gains in crude oil prices, which in mid-May climbed to their highest since November 2014. The trade sources declined to be identified as they are unauthorised to speak to the media. "Fears over falling Iranian supply ... structural falls in global supply and a strong seasonal demand uptick in the Middle East for power generation are combining to provide support," Vienna-based consultancy JBC Energy said in a research note last week. Lower fuel oil output in Venezuela due to refinery outages and a lack of crude oil, and refinery upgrades in Russia, the Middle East, India and South Korea have all contributed to tightening global supplies of the fuel, used to generate electricity and power industrial boilers and ships. With the fuel oil surplus in the Middle East shrinking this year and next due to increased oil-fired power plant expansions, the region is projected to become a net fuel oil importer by mid-2019, though only for a short period of time, Nasseri said. Increasing Saudi Arabian power demand amid falling supply from there, the United Arab Emirates and Kuwait underpin the big shift, he said. The 180-centistoke high-sulphur fuel oil discount to Dubai crude on Monday settled at $3.21 a barrel, with Dubai crude holding above $74 a barrel. In November 2014, when Dubai crude was last at similar levels, the same fuel oil crack or margin was at a discount wider than $6 a barrel. Reflecting fuel oil's strength, the Singapore crack was the only one to post gains over the past few weeks, with ample supplies and rising crude prices weighing on other refined fuels, including gasoline and diesel. "Fuel oil cracks should weaken as we move through (second-half 2018) as seasonal demand support wanes and destocking pressures from a highly backward market ... compensate for growing tightness in the fundamental balance," JBC said. While strength in fuel oil markets subsides with the passing of peak utility demand, though, some analysts and traders see limited downside for fuel oil in the second half of the year. In addition to tightening supplies, looming US sanctions on oil exports from Iran - a major fuel oil producer with exports of about 17 million tonnes in 2017 - could further limit fuel oil outflows, mainly to Asia. Also, expectations of higher crude supplies in the second half of the year amid rising output from producers outside the Organization of the Petroleum Exporting Countries, including the United States and Russia, could weigh on crude prices, potentially lending support to fuel oil cracks.

Asia fuel oil margins to be supported through mid-year on strong demand

The way the Internet is governed is about to change from today. The Federal Communications Commission (FCC) of the US initiated rollback of the rules, which were meant to keep the Internet service providers from slowing down or blocking internet traffic, in December and it will come into full effect from June 11.

Supporters of net neutrality say the concept will take a hit.

The rules were implemented in 2015, during Barak Obama's tenure, and FCC Chairman Ajit Pai had called these rules "heavy-handed" and "a mistake. In May this year, the FCC said the new regulations approved in December, will give providers broad new power over how consumers can access the internet.

The revised rules were a win for internet service providers, whose practices faced significant government oversight and FCC investigations under the 2015 order. But the new rules are opposed by internet firms like Facebook Inc and Alphabet Inc.

Comcast Corp, Verizon Communications Inc and AT&T Inc have pledged to not block or discriminate against legal content after the net neutrality rules expire. A group of 22 states have sued the FCC over the repeal.

AT&T has even said that it backs an open internet and "actual bipartisan legislation that applies to all internet companies and guarantees neutrality, transparency, openness, non-discrimination and privacy protections for all internet users."

The FCC decided in 2015 to reclassify internet service providers as common carriers under a 1996 law. But unlike how utilities are treated, the FCC decided not to impose rate regulations or require broadband providers to file notice of pricing plans.

What is net neutrality?

It is a move to prevent internet service providers from manipulating connection to certain websites - especially the ones in paid-partnerships with the carriers.

Net neutrality pressed for equal access and speed to all Web pages alike with an aim to fight against any influences from deep-pocketed companies.

What can happen after the new rules come into effect?

A move against net neutrality creates a scenario that empowers carriers and internet service providers to deliberately bolster established online platforms and entities like YouTube over emerging ones like Vimeo.

Some countries may even use the power to throttle access to some of the most popular online platforms to promote their local social networking platforms instead.

The Telecom Regulatory Authority of India (TRAI) has spoken in favour of free and non-discriminating internet space.

The revised rules were a win for internet service providers, whose practices faced significant government oversight and FCC investigations under the 2015 order.

The way the Internet is governed is about to change from today. The Federal Communications Commission (FCC) of the US initiated rollback of the rules, which were meant to keep the Internet service providers from slowing down or blocking internet traffic, in December and it will come into full effect from June 11. Supporters of net neutrality say the concept will take a hit. The rules were implemented in 2015, during Barak Obama's tenure, and FCC Chairman Ajit Pai had called these rules "heavy-handed" and "a mistake. In May this year, the FCC said the new regulations approved in December, will give providers broad new power over how consumers can access the internet. The revised rules were a win for internet service providers, whose practices faced significant government oversight and FCC investigations under the 2015 order. But the new rules are opposed by internet firms like Facebook Inc and Alphabet Inc. Comcast Corp, Verizon Communications Inc and AT&T Inc have pledged to not block or discriminate against legal content after the net neutrality rules expire. A group of 22 states have sued the FCC over the repeal. AT&T has even said that it backs an open internet and "actual bipartisan legislation that applies to all internet companies and guarantees neutrality, transparency, openness, non-discrimination and privacy protections for all internet users." The FCC decided in 2015 to reclassify internet service providers as common carriers under a 1996 law. But unlike how utilities are treated, the FCC decided not to impose rate regulations or require broadband providers to file notice of pricing plans. What is net neutrality? It is a move to prevent internet service providers from manipulating connection to certain websites - especially the ones in paid-partnerships with the carriers. Net neutrality pressed for equal access and speed to all Web pages alike with an aim to fight against any influences from deep-pocketed companies. What can happen after the new rules come into effect? A move against net neutrality creates a scenario that empowers carriers and internet service providers to deliberately bolster established online platforms and entities like YouTube over emerging ones like Vimeo. Some countries may even use the power to throttle access to some of the most popular online platforms to promote their local social networking platforms instead. The Telecom Regulatory Authority of India (TRAI) has spoken in favour of free and non-discriminating internet space.

Net neutrality repeal takes into effect from today: What it means for you

Currency with the public has amounted to a record high of over Rs 18.5 lakh crore - more than double of Rs 7.8 lakh crore it had right after demonetisation in 2016, data by RBI revealed.&nbsp;

As per reports, the total currency put in circulation by the RBI has also doubled, reaching ti Rs 19.3 lakh crore from Rs 8.9 lakh crore after demonetisation.&nbsp;

This high level of currency available with the public is in contrast to the reported cash crunch in various parts of the country a few months ago.&nbsp;

The figures for both 'currency with the public' and 'currency in circulation' have also exceeded the levels seen before the government's demonetisation decision on November 8, 2016, that saw nearly 86 per cent of the currency in circulation at that time being invalidated overnight by scrapping the then Rs. 500/1,000 banknotes.

The public was given time to deposit the invalidated notes in banks, which saw nearly 99 per cent of banned notes coming back into the system.

As per the RBI's latest disclosure in this regard, people had returned Rs. 15.28 lakh crore as on June 30, 2017, of the Rs. 15.44 lakh crore banned currency, or 98.96 per cent, of the scrapped notes to the banking system.

Since then, the RBI has introduced new denominations of Rs. 2,000 and Rs. 200, among others, besides a new Rs. 500 note. After the recent cash crunch, the government had announced that printing of Rs. 500 notes would be stepped up.

While the RBI is yet to announce its final word on processing and verification of all the returned notes, the latest 'money supply' data from the central bank puts the "currency with the public" at over Rs. 18.5 lakh crore as on May 25, 2018 -- up more than 31 per cent from year-ago level.

This is an over two-fold jump from Rs. 7.8 lakh crore as on December 9, 2016 -- the lowest level it had seen after the announcement of the demonetisation decision as people rushed to deposit the scrapped notes with banks and the RBI.

Prior to demonetisation, the currency with the public stood at about Rs. 17 lakh crore.

The total money supply, described as M3 by the RBI, now stands at over Rs. 140 lakh crore -- nearly 11 per cent higher than the year-ago level. It stood at about Rs. 120 lakh crore during the demonetisation period and was below Rs. 100 lakh crore level before the Modi government came to power.

The M3 includes currency with the public, deposit money of the public (demand deposits with the banking system plus 'other' deposits with the RBI) and the time deposits with the banking system.

This figure is equivalent to the net bank credit to the government, plus the bank credit to the commercial sector, plus net foreign exchange assets of the banking sector, plus government's currency liabilities to the public, minus the net non-monetary liabilities of the banking sector.

The government's currency liabilities to the public comprise rupee coins and small coins.

The total currency put in circulation by the RBI has also doubled, reaching ti Rs 19.3 lakh crore from Rs 8.9 lakh crore after demonetisation.

Currency with the public has amounted to a record high of over Rs 18.5 lakh crore - more than double of Rs 7.8 lakh crore it had right after demonetisation in 2016, data by RBI revealed. As per reports, the total currency put in circulation by the RBI has also doubled, reaching ti Rs 19.3 lakh crore from Rs 8.9 lakh crore after demonetisation. This high level of currency available with the public is in contrast to the reported cash crunch in various parts of the country a few months ago. The figures for both 'currency with the public' and 'currency in circulation' have also exceeded the levels seen before the government's demonetisation decision on November 8, 2016, that saw nearly 86 per cent of the currency in circulation at that time being invalidated overnight by scrapping the then Rs. 500/1,000 banknotes. The public was given time to deposit the invalidated notes in banks, which saw nearly 99 per cent of banned notes coming back into the system. As per the RBI's latest disclosure in this regard, people had returned Rs. 15.28 lakh crore as on June 30, 2017, of the Rs. 15.44 lakh crore banned currency, or 98.96 per cent, of the scrapped notes to the banking system. Since then, the RBI has introduced new denominations of Rs. 2,000 and Rs. 200, among others, besides a new Rs. 500 note. After the recent cash crunch, the government had announced that printing of Rs. 500 notes would be stepped up. While the RBI is yet to announce its final word on processing and verification of all the returned notes, the latest 'money supply' data from the central bank puts the "currency with the public" at over Rs. 18.5 lakh crore as on May 25, 2018 -- up more than 31 per cent from year-ago level. This is an over two-fold jump from Rs. 7.8 lakh crore as on December 9, 2016 -- the lowest level it had seen after the announcement of the demonetisation decision as people rushed to deposit the scrapped notes with banks and the RBI. Prior to demonetisation, the currency with the public stood at about Rs. 17 lakh crore. The total money supply, described as M3 by the RBI, now stands at over Rs. 140 lakh crore -- nearly 11 per cent higher than the year-ago level. It stood at about Rs. 120 lakh crore during the demonetisation period and was below Rs. 100 lakh crore level before the Modi government came to power. The M3 includes currency with the public, deposit money of the public (demand deposits with the banking system plus 'other' deposits with the RBI) and the time deposits with the banking system. This figure is equivalent to the net bank credit to the government, plus the bank credit to the commercial sector, plus net foreign exchange assets of the banking sector, plus government's currency liabilities to the public, minus the net non-monetary liabilities of the banking sector. The government's currency liabilities to the public comprise rupee coins and small coins.

Currency with public reaches record high of Rs 18.5 lakh crore: RBI data

India's retail inflation jumped further in May to a four-month high, primarily driven by a surge in energy prices, according to a Reuters poll of economists, suggesting more policy tightening from the central bank is coming.

On June 6, the Reserve Bank of India (RBI) raised the repo rate for the first time since 2014, by 25 basis points to 6.25 percent, as recent data showed significant increases for both inflation and growth. But the central bank kept its "neutral" policy stance unchanged.

Mounting price pressure is a concern for the RBI, with its own projections for inflation raised compared with the ones made in May.

The poll of more than 30 economists taken June 4-8 showed annual consumer price inflation likely increased to 4.83 percent last month, the highest since January and above April's 4.58 percent.

If that predicted pace is realised, May will be the seventh month in a row with inflation higher than the RBI's medium-term target of 4 percent.

"Consumer price inflation is likely to have accelerated in May, due in large part to a rise in fuel inflation," noted Shilan Shah, a senior India economist at Capital Economics. "Core inflation will also have remained elevated, and this is likely to be the case for some time."

Poll forecasts for the data, due to be released on Tuesday June 12 at 1200 GMT, ranged from 4.1 percent to 5.7 percent.

Oil prices hit a 3-1/2-year high last month, led by increasing worries of supply constraints from U.S. President Donald Trump's decision to withdraw from the 2015 Iran nuclear agreement.

India imports almost 80 percent of its oil needs and that surge poses a threat not just to inflation but also to the recovering economy, which still is the fastest-growing major economy.

"Rising crude prices would not only impact headline inflation but would also put pressure on price levels as the twin deficit goes up," noted Kunal Kundu, an economist at Societe Generale, referring to India's budget and current account gaps.

The government's plan to increase rural spending and the minimum support price for farmers ahead of general elections next year will exacerbate price pressures, and is likely to blow out the fiscal deficit target.

What has also not helped is the weakening rupee, which has shed 5.7 percent against the dollar this year.

The currency's fall is also inflationary, and increases concern about capital outflows from Asia's third-largest economy - another reason that some expect more rate hikes by the RBI.

The poll also showed the wholesale prices index likely hit a six-month high of 3.82 percent in May.

"The outlook for core inflation suggests that (the June 6) rate hike by the central bank marks the start of a modest tightening cycle rather than being a case of a one-off move," noted Shah. "We are penciling in two further 25 basis point increases in the repo rate over the next six months or so."

The poll also predicted industrial output to have risen 5.2 percent in April from a year earlier, up from 4.4 percent in March. That was likely driven by the increase in output of eight core factories - which account for nearly 40 percent of total industrial production - by 4.7 percent in April from a year earlier. The March increase was 4.4 percent.

On June 6, the Reserve Bank of India (RBI) raised the repo rate for the first time since 2014, by 25 basis points to 6.25 percent, as recent data showed significant increases for both inflation and growth. But the central bank kept its 'neutral' policy stance unchanged

India's retail inflation jumped further in May to a four-month high, primarily driven by a surge in energy prices, according to a Reuters poll of economists, suggesting more policy tightening from the central bank is coming. On June 6, the Reserve Bank of India (RBI) raised the repo rate for the first time since 2014, by 25 basis points to 6.25 percent, as recent data showed significant increases for both inflation and growth. But the central bank kept its "neutral" policy stance unchanged. Mounting price pressure is a concern for the RBI, with its own projections for inflation raised compared with the ones made in May. The poll of more than 30 economists taken June 4-8 showed annual consumer price inflation likely increased to 4.83 percent last month, the highest since January and above April's 4.58 percent. If that predicted pace is realised, May will be the seventh month in a row with inflation higher than the RBI's medium-term target of 4 percent. "Consumer price inflation is likely to have accelerated in May, due in large part to a rise in fuel inflation," noted Shilan Shah, a senior India economist at Capital Economics. "Core inflation will also have remained elevated, and this is likely to be the case for some time." Poll forecasts for the data, due to be released on Tuesday June 12 at 1200 GMT, ranged from 4.1 percent to 5.7 percent. Oil prices hit a 3-1/2-year high last month, led by increasing worries of supply constraints from U.S. President Donald Trump's decision to withdraw from the 2015 Iran nuclear agreement. India imports almost 80 percent of its oil needs and that surge poses a threat not just to inflation but also to the recovering economy, which still is the fastest-growing major economy. "Rising crude prices would not only impact headline inflation but would also put pressure on price levels as the twin deficit goes up," noted Kunal Kundu, an economist at Societe Generale, referring to India's budget and current account gaps. The government's plan to increase rural spending and the minimum support price for farmers ahead of general elections next year will exacerbate price pressures, and is likely to blow out the fiscal deficit target. What has also not helped is the weakening rupee, which has shed 5.7 percent against the dollar this year. The currency's fall is also inflationary, and increases concern about capital outflows from Asia's third-largest economy - another reason that some expect more rate hikes by the RBI. The poll also showed the wholesale prices index likely hit a six-month high of 3.82 percent in May. "The outlook for core inflation suggests that (the June 6) rate hike by the central bank marks the start of a modest tightening cycle rather than being a case of a one-off move," noted Shah. "We are penciling in two further 25 basis point increases in the repo rate over the next six months or so." The poll also predicted industrial output to have risen 5.2 percent in April from a year earlier, up from 4.4 percent in March. That was likely driven by the increase in output of eight core factories - which account for nearly 40 percent of total industrial production - by 4.7 percent in April from a year earlier. The March increase was 4.4 percent.

India May inflation likely hit a four-month high on oil price surge