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China's Heilongjiang Province allocated and transported 15 million yuan in cash to Russia&nbsp;on Tuesday, marking the official establishment of a land route of transporting cash from&nbsp;China&nbsp;to Russia.

The trucks loaded with boxes of cash left&nbsp;China&nbsp;for Russia through Dongning Port in the city of Dongning, northeast&nbsp;China's Heilongjiang Province.

The cash transport is designed to meet the growing demand for the Chinese currency in Russia's Far East. The use of the renminbi will not only reduce foreign exchange costs and risks, bus also reduce the fees charged on cash payments in the renminbi market in Russia.

"Cross-border RMB settlements have changed the previous mode in which the US dollar is the only settlement currency in Sino-Russian economic and trade activities, achieving a diversified settlement mode for renminbi and ruble," said Wang Shoubin, the Director of the Finance Office of Dongning City.

Heilongjiang reported a 47.7 per cent annual growth in its trade with Russia in the first quarter of the year, with trade value reaching 27.1 billion yuan (about 4.3 billion US&nbsp;dollars).

"The thriving of Sino-Russian border trade has become a key driving force in promoting the healthy economic and social development in the neighbouring areas of&nbsp;China&nbsp;and Russia," Wang added.

According to Zhang Jianhui, chairman of Longjiang Bank, the cash transport will become more and more regular, to satisfy Russia's demand for renminbi cash.

The trucks loaded with boxes of cash left China for Russia through Dongning Port in the city of Dongning

China's Heilongjiang Province allocated and transported 15 million yuan in cash to Russia on Tuesday, marking the official establishment of a land route of transporting cash from China to Russia. The trucks loaded with boxes of cash left China for Russia through Dongning Port in the city of Dongning, northeast China's Heilongjiang Province. The cash transport is designed to meet the growing demand for the Chinese currency in Russia's Far East. The use of the renminbi will not only reduce foreign exchange costs and risks, bus also reduce the fees charged on cash payments in the renminbi market in Russia. "Cross-border RMB settlements have changed the previous mode in which the US dollar is the only settlement currency in Sino-Russian economic and trade activities, achieving a diversified settlement mode for renminbi and ruble," said Wang Shoubin, the Director of the Finance Office of Dongning City. Heilongjiang reported a 47.7 per cent annual growth in its trade with Russia in the first quarter of the year, with trade value reaching 27.1 billion yuan (about 4.3 billion US dollars). "The thriving of Sino-Russian border trade has become a key driving force in promoting the healthy economic and social development in the neighbouring areas of China and Russia," Wang added. According to Zhang Jianhui, chairman of Longjiang Bank, the cash transport will become more and more regular, to satisfy Russia's demand for renminbi cash.

China transports15 million yuan in cash to Russia

Benchmark Sensex declined by over 214 points in opening trade today, extending yesterday's fall, tracking a weak trend in global markets amid fresh concerns of a possible China-US trade war.

Unabated capital outflows by foreign funds and profit-booking by retail investors too dampened sentiments.

There was caution among investors ahead of the May month derivatives expiry tomorrow.

The 30-share index, which had lost 216.24 points in the previous session, drifted down by 214.13 points, or 0.61 per cent, to 34,735.11.

The NSE Nifty cracked below the 10,600-mark by falling 69.45 points, or 0.65 per cent, to 10,563.85.

All sectoral indices led by bank, oil & gas and capital goods were in the negative zone, slipping up to 1.02 per cent.

Brokers said sustained foreign funds outflows, weak trend at other Asian markets and overnight losses at the Wall Street, rattled by renewed concerns of a possible China-US trade war and political uncertainty in Italy, mainly triggered selling here.

Major losers included Hero MotoCorp, Tata Motors, ICICI Bank, Axis Bank, SBI, Bajaj Auto, Bharti Airtel, Adani Ports, Yes Bank, Dr Reddy's and HDFC Ltd, falling by up to 1.92 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 407.33 crore, while domestic institutional investors (DIIs) bought shares worth Rs 578.38 crore yesterday, provisional data showed.

Globally, Hong Kong's Hang Seng index was down 1.62 per cent, while Japan's Nikkei shed 1.79 per cent in early trade today. Shanghai Composite too was down by 2.04 per cent.

The US Dow Jones ended 1.58 per cent lower in yesterday's trade.&nbsp

The NSE Nifty cracked below the 10,600-mark by falling 69.45 points, or 0.65 per cent, to 10,563.85

Benchmark Sensex declined by over 214 points in opening trade today, extending yesterday's fall, tracking a weak trend in global markets amid fresh concerns of a possible China-US trade war. Unabated capital outflows by foreign funds and profit-booking by retail investors too dampened sentiments. There was caution among investors ahead of the May month derivatives expiry tomorrow. The 30-share index, which had lost 216.24 points in the previous session, drifted down by 214.13 points, or 0.61 per cent, to 34,735.11. The NSE Nifty cracked below the 10,600-mark by falling 69.45 points, or 0.65 per cent, to 10,563.85. All sectoral indices led by bank, oil & gas and capital goods were in the negative zone, slipping up to 1.02 per cent. Brokers said sustained foreign funds outflows, weak trend at other Asian markets and overnight losses at the Wall Street, rattled by renewed concerns of a possible China-US trade war and political uncertainty in Italy, mainly triggered selling here. Major losers included Hero MotoCorp, Tata Motors, ICICI Bank, Axis Bank, SBI, Bajaj Auto, Bharti Airtel, Adani Ports, Yes Bank, Dr Reddy's and HDFC Ltd, falling by up to 1.92 per cent. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 407.33 crore, while domestic institutional investors (DIIs) bought shares worth Rs 578.38 crore yesterday, provisional data showed. Globally, Hong Kong's Hang Seng index was down 1.62 per cent, while Japan's Nikkei shed 1.79 per cent in early trade today. Shanghai Composite too was down by 2.04 per cent. The US Dow Jones ended 1.58 per cent lower in yesterday's trade.

Sensex suffers more losses, slides 214 points on global cues

As public-sector banks across the country announced a two-day-long strike, banking services are likely to be impacted today and tomorrow. The nation-wide strike press for wage revision. As the two per cent wage hike failed to convince the bank unions, nearly 1 million bank employees will go on strike which kicks off today.

On May 5, the Indian Banks' Association (IBA) offered a 2 per cent hike which was rejected by unions calling it unjust. The latest round of wage revision for all banks is due from 1 November 2017.

The United Forum of Banking Unions (UFBU), an umbrella body of nine bank unions, has called for a nationwide bank strike against wage hike proposed by the Indian Banks' Association (IBA).

Vice-President of National Organisation of Bank Workers, Ashwani Rana told ANI, "On 30 and 31st May, 10 lakh bank employees all over India will be on strike over the issue of wage revision."

Withdrawal and cash deposit in the branches of public sector banks would be affected. Reportedly, the ATM security guards are also likely to participate in the protest. As protest dates coincide&nbsp;with the end of the month, salary withdrawals may get affected too.

Private banks, like ICICI, HDFC, Axis, Kotak Mahindra, among others are expected to operate normally except for delays in cheque clearances.

As many as 21 public sector banks control nearly 75 per cent of the total business in the country.

On May, the Indian Banks' Association (IBA) offered a 2 per cent hike which was rejected by unions calling it unjust

As public-sector banks across the country announced a two-day-long strike, banking services are likely to be impacted today and tomorrow. The nation-wide strike press for wage revision. As the two per cent wage hike failed to convince the bank unions, nearly 1 million bank employees will go on strike which kicks off today. On May 5, the Indian Banks' Association (IBA) offered a 2 per cent hike which was rejected by unions calling it unjust. The latest round of wage revision for all banks is due from 1 November 2017. The United Forum of Banking Unions (UFBU), an umbrella body of nine bank unions, has called for a nationwide bank strike against wage hike proposed by the Indian Banks' Association (IBA). Vice-President of National Organisation of Bank Workers, Ashwani Rana told ANI, "On 30 and 31st May, 10 lakh bank employees all over India will be on strike over the issue of wage revision." Withdrawal and cash deposit in the branches of public sector banks would be affected. Reportedly, the ATM security guards are also likely to participate in the protest. As protest dates coincide with the end of the month, salary withdrawals may get affected too. Private banks, like ICICI, HDFC, Axis, Kotak Mahindra, among others are expected to operate normally except for delays in cheque clearances. As many as 21 public sector banks control nearly 75 per cent of the total business in the country.

2-day bank strike from today, banking services likely to take hit

India's state-run banks posted a combined loss of 853.7 billion rupees or 8.5 lakh crore ($12.65 billion) in the fiscal year ended this March, according to data compiled by Reuters, as their provisions for bad loans surged following stricter central bank rules.

All but two of the 21 banks in which India owns a majority plunged into losses in the March quarter after the Reserve Bank of India in February withdrew half a dozen loan restructuring schemes and put in place other curbs.

For the fourth quarter alone, total losses in the state-run banking sector were 626.81 billion rupees or 6.26 lakh crore ($9.30 billion) - negating modest profits at Indian Bank and Vijaya Bank.

To be sure, state banks as a whole posted losses in the prior two years too, hurt mostly by bad loans. But the 2017/18 loss is the highest ever in their history.

Gross non-performing loans at the 21 banks rose about 15 per cent from three months earlier to 8.96 trillion rupees ($133 billion) at the end of March. Bad loans as a percentage of total loans also rose at most banks, with IDBI Bank clocking the highest bad-loan ratio of 27.95 per cent, followed by Indian Overseas Bank's 25.28 per cent.

The bad-loan surge and the record losses come at a time when New Delhi has drawn up a 2.11 trillion-rupee, two-year, plan to recapitalise the state lenders which account for two-thirds of the country's banking assets in its efforts to kick-start lending growth.

However, some fear that most of the banks will be left with no funds for growth after meeting provision requirements and higher capital ratios mandated by global Basel III banking rules to be fully effective by March 2019.

For the fourth quarter alone, total losses in the state-run banking sector were 626.81 billion rupees or 6.26 lakh crore.

India's state-run banks posted a combined loss of 853.7 billion rupees or 8.5 lakh crore ($12.65 billion) in the fiscal year ended this March, according to data compiled by Reuters, as their provisions for bad loans surged following stricter central bank rules. All but two of the 21 banks in which India owns a majority plunged into losses in the March quarter after the Reserve Bank of India in February withdrew half a dozen loan restructuring schemes and put in place other curbs. For the fourth quarter alone, total losses in the state-run banking sector were 626.81 billion rupees or 6.26 lakh crore ($9.30 billion) - negating modest profits at Indian Bank and Vijaya Bank. To be sure, state banks as a whole posted losses in the prior two years too, hurt mostly by bad loans. But the 2017/18 loss is the highest ever in their history. Gross non-performing loans at the 21 banks rose about 15 per cent from three months earlier to 8.96 trillion rupees ($133 billion) at the end of March. Bad loans as a percentage of total loans also rose at most banks, with IDBI Bank clocking the highest bad-loan ratio of 27.95 per cent, followed by Indian Overseas Bank's 25.28 per cent. The bad-loan surge and the record losses come at a time when New Delhi has drawn up a 2.11 trillion-rupee, two-year, plan to recapitalise the state lenders which account for two-thirds of the country's banking assets in its efforts to kick-start lending growth. However, some fear that most of the banks will be left with no funds for growth after meeting provision requirements and higher capital ratios mandated by global Basel III banking rules to be fully effective by March 2019.

Hurt by bad loans, India's public sector banks post highest ever loss of Rs 8.5 lakh crore in 2017-18

Around one million bank employees <a href="http://www.wionews.com/business-&-economy/bank-strike-may-hit-transactions-worth-rs-20k-crore-assocham-140991">went on strike</a> across India on Wednesday, a union representative said, demanding better pay and a government crackdown on companies who wilfully default on loan payments.

Some 5,000 workers chanted slogans and waved banners at a protest in the financial capital Mumbai, head of the bank union Devidas Tuljapurkar said, as they claimed they were paying the price for India's mountain of bad debts.

The Asian giant's troubled lenders have some of the highest levels of debt in emerging markets, weighed down by billions of dollars of non-performing assets (NPAs) also known as <a href="www.wionews.com/india-news/rbi-discovers-rs-47000-crore-bad-loan-at-five-biggest-state-run-banks-140756">bad loans</a>.

The two-day strike, which ends on Thursday, led to tens of thousands of branches of public sector and commercial banks downing their shutters, paralysing operations in some parts of the country.

The strikers are unhappy with a proposed two per cent wage rise which they have been offered, noting that it is well below India's inflation rate of around 4.5 per cent.

"Bankers justification in offering the meagre wage rise is losses to the banks," Tuljapurkar, convenor of India's United Forum of Bank Unions, said in a statement.

"(However)... It is big corporates who are attributable for losses to the banks. But for no fault on their part ordinary employees and officers are being denied their due share in profits," he added.

India's bad loan problem received national attention in March 2016 when beer and airline tycoon Vijay Mallya fled to the UK to avoid paying nearly $1 billion in loans that he owed banks.

Earlier this year the government said banks' bad loans were worth more than $120 billion.

High debts mean banks are stretched too thin to lend funds for fresh investments, holding back economic growth.

The government is trying to help state-owned banks clean up their books and in October approved a $32 billion recapitalisation plan for struggling lenders.

It has also given India's central bank greater powers to intervene in cases of bad loans, and to order lenders to deal with their debts under new bankruptcy laws.

"We have been consistently demanding that the government should come down heavily against those big corporates (who default on payments). Without which Indian banking cannot be revived," Tuljapurkar said.

The union chief also said that bank employees' workloads had increased since Prime Minister Narendra Modi was elected four years ago and implemented a number of economic initiatives.

A sudden move in late 2016 to devalue 86 per cent of India's currency sparked long lines at ATMs and chaotic scenes at banks.

Many poorer Indians, reliant on cash, were left scrambling to buy basic necessities as their meagre savings evaporated in an instant.

Earlier this year the government said banks' bad loans were worth more than $120 billion.

Around one million bank employees went on strike across India on Wednesday, a union representative said, demanding better pay and a government crackdown on companies who wilfully default on loan payments. Some 5,000 workers chanted slogans and waved banners at a protest in the financial capital Mumbai, head of the bank union Devidas Tuljapurkar said, as they claimed they were paying the price for India's mountain of bad debts. The Asian giant's troubled lenders have some of the highest levels of debt in emerging markets, weighed down by billions of dollars of non-performing assets (NPAs) also known as bad loans. The two-day strike, which ends on Thursday, led to tens of thousands of branches of public sector and commercial banks downing their shutters, paralysing operations in some parts of the country. The strikers are unhappy with a proposed two per cent wage rise which they have been offered, noting that it is well below India's inflation rate of around 4.5 per cent. "Bankers justification in offering the meagre wage rise is losses to the banks," Tuljapurkar, convenor of India's United Forum of Bank Unions, said in a statement. "(However)... It is big corporates who are attributable for losses to the banks. But for no fault on their part ordinary employees and officers are being denied their due share in profits," he added. India's bad loan problem received national attention in March 2016 when beer and airline tycoon Vijay Mallya fled to the UK to avoid paying nearly $1 billion in loans that he owed banks. Earlier this year the government said banks' bad loans were worth more than $120 billion. High debts mean banks are stretched too thin to lend funds for fresh investments, holding back economic growth. The government is trying to help state-owned banks clean up their books and in October approved a $32 billion recapitalisation plan for struggling lenders. It has also given India's central bank greater powers to intervene in cases of bad loans, and to order lenders to deal with their debts under new bankruptcy laws. "We have been consistently demanding that the government should come down heavily against those big corporates (who default on payments). Without which Indian banking cannot be revived," Tuljapurkar said. The union chief also said that bank employees' workloads had increased since Prime Minister Narendra Modi was elected four years ago and implemented a number of economic initiatives. A sudden move in late 2016 to devalue 86 per cent of India's currency sparked long lines at ATMs and chaotic scenes at banks. Many poorer Indians, reliant on cash, were left scrambling to buy basic necessities as their meagre savings evaporated in an instant.

How strike by 1 million bank workers affected India on Day 1

Shares ended lower for the second day, weighed down by jittery global stocks on fears of repeat elections in the euro zone's third-largest economy, Italy, with investors trimming exposure to riskier assets.

Benchmark Sensex slipped over 43 points in volatile trade to end at 34,906.11 with no let-up in selling by investors ahead of May derivatives expiry amid weak global cues.

The cut in India's 2018 GDP growth forecast by Moody's also affected sentiment, brokers said.

The 30-share Sensex opened on a bearish note at 34,876.13 and slipped further to hit a low of 34,735.11 largely on sustained foreign fund outflows amid a global sell-off on political uncertainty in Italy and concerns of a possible China-US trade war.

However, short-covering by speculators ahead of May derivatives expiry tomorrow and recovery in the rupee reversed the early losses, with the gauge scaling a high 35,017.45. It finally ended at 34,906.11, down 43.13 points, or 0.12 per cent.

The Sensex swung over 280 points intra-day.

The barometer had lost 216.24 points in the previous session.

The 50-share NSE Nifty too settled 18.95 points, or 0.18 per cent, lower at 10,614.35. During the session, it moved between 10,648.70 and 10,558.45.

Moody's Investors Service today cut India's 2018 growth forecast to 7.3 per cent from the previous estimate of 7.5 per cent, saying the economy is in cyclical recovery but higher oil prices and tighter financial conditions will weigh on the pace of acceleration.

Brokers said the market sentiment was subdued due to lacklustre performance across the Asian markets and overnight losses at the Wall Street, rattled by renewed concerns of a possible China-US trade war and political uncertainty in Italy.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 407.33 crore, while domestic institutional investors (DIIs) bought shares worth Rs 578.38 crore yesterday, provisional data showed.

The 50-share NSE Nifty too settled 18.95 points, or 0.18 per cent, lower at 10,614.35. During the session, it moved between 10,648.70 and 10,558.45.

Shares ended lower for the second day, weighed down by jittery global stocks on fears of repeat elections in the euro zone's third-largest economy, Italy, with investors trimming exposure to riskier assets. Benchmark Sensex slipped over 43 points in volatile trade to end at 34,906.11 with no let-up in selling by investors ahead of May derivatives expiry amid weak global cues. The cut in India's 2018 GDP growth forecast by Moody's also affected sentiment, brokers said. The 30-share Sensex opened on a bearish note at 34,876.13 and slipped further to hit a low of 34,735.11 largely on sustained foreign fund outflows amid a global sell-off on political uncertainty in Italy and concerns of a possible China-US trade war. However, short-covering by speculators ahead of May derivatives expiry tomorrow and recovery in the rupee reversed the early losses, with the gauge scaling a high 35,017.45. It finally ended at 34,906.11, down 43.13 points, or 0.12 per cent. The Sensex swung over 280 points intra-day. The barometer had lost 216.24 points in the previous session. The 50-share NSE Nifty too settled 18.95 points, or 0.18 per cent, lower at 10,614.35. During the session, it moved between 10,648.70 and 10,558.45. Moody's Investors Service today cut India's 2018 growth forecast to 7.3 per cent from the previous estimate of 7.5 per cent, saying the economy is in cyclical recovery but higher oil prices and tighter financial conditions will weigh on the pace of acceleration. Brokers said the market sentiment was subdued due to lacklustre performance across the Asian markets and overnight losses at the Wall Street, rattled by renewed concerns of a possible China-US trade war and political uncertainty in Italy. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 407.33 crore, while domestic institutional investors (DIIs) bought shares worth Rs 578.38 crore yesterday, provisional data showed.

Markets end lower for 2nd day; Sensex closes at 34,906.11

ICICI Bank Ltd said on Wednesday it will institute an inquiry into the allegations raised by an anonymous whistleblower against Chief Executive Chanda Kochhar.

ICICI, India's third-biggest lender by assets, said the probe, headed by an independent person, would examine allegations that the chief executive did not adhere to provisions relating to the bank's code of conduct and whether her actions involved "conflict of interest".

ICICI had on May 25 said that Securities and Exchange Board of India (SEBI) had sought responses from the company and Kochhar on alleged non-compliance of the "erstwhile 'Listing Agreement' and the 'Listing Obligations and Disclosure Requirements) Regulations, 2015'".

According to a BSE filing, SEBI sought the reply via a notice issued to the private lender and its MD and CEO on May 24.

As per the securities market regulator's LODR regulations, all listed entities are mandated to immediately disclose relevant and important information to stock exchanges.

The notice by SEBI had been issued "based on information furnished by the bank or its MD and CEO to diverse queries made by SEBI concerning dealings between the bank and <a href="http://www.wionews.com/india-news/no-quid-pro-quo-icici-bank-gave-loan-on-merit-videocon-chief-venugopal-dhoot-127583">Videocon Group</a> and certain dealings allegedly between Videocon Group and <a href="http://www.wionews.com/india-news/icici-videocon-case-cbi-questions-cfo-of-nupower-renewables-131233">Nupower</a>, an entity in which Deepak Kochhar, spouse of MD and CEO has economic interests," the bank said.

The bank said that appropriate responses would be submitted to SEBI in accordance with regulation.

The SEBI notice comes more than a month after nepotism and conflict of interest allegations were levelled against Kochhar. It has been alleged that Kochhar had wrongfully granted a loan to Videocon Group and that her husband's company - NuPower Renewables - received a loan from the Videocon Group's Chairman Venugopal Dhoot on a quid-pro-quo basis.

Chanda Kochhar on May 7 had said that private lender works under and abides by all regulatory norms and that it has been fully cooperating with regulatory and investigative agencies.

The bank has backed Kochhar, calling the rumours "malicious and unfounded".

ICICI, India's third-biggest lender by assets, said the probe will be headed by an independent person.

ICICI Bank Ltd said on Wednesday it will institute an inquiry into the allegations raised by an anonymous whistleblower against Chief Executive Chanda Kochhar. ICICI, India's third-biggest lender by assets, said the probe, headed by an independent person, would examine allegations that the chief executive did not adhere to provisions relating to the bank's code of conduct and whether her actions involved "conflict of interest". ICICI had on May 25 said that Securities and Exchange Board of India (SEBI) had sought responses from the company and Kochhar on alleged non-compliance of the "erstwhile 'Listing Agreement' and the 'Listing Obligations and Disclosure Requirements) Regulations, 2015'". According to a BSE filing, SEBI sought the reply via a notice issued to the private lender and its MD and CEO on May 24. As per the securities market regulator's LODR regulations, all listed entities are mandated to immediately disclose relevant and important information to stock exchanges. The notice by SEBI had been issued "based on information furnished by the bank or its MD and CEO to diverse queries made by SEBI concerning dealings between the bank and Videocon Group and certain dealings allegedly between Videocon Group and Nupower, an entity in which Deepak Kochhar, spouse of MD and CEO has economic interests," the bank said. The bank said that appropriate responses would be submitted to SEBI in accordance with regulation. The SEBI notice comes more than a month after nepotism and conflict of interest allegations were levelled against Kochhar. It has been alleged that Kochhar had wrongfully granted a loan to Videocon Group and that her husband's company - NuPower Renewables - received a loan from the Videocon Group's Chairman Venugopal Dhoot on a quid-pro-quo basis. Chanda Kochhar on May 7 had said that private lender works under and abides by all regulatory norms and that it has been fully cooperating with regulatory and investigative agencies. The bank has backed Kochhar, calling the rumours "malicious and unfounded".

ICICI Bank to probe allegations against CEO Chanda Kochhar

The two-day nationwide strike by employees of public sector banks (PSBs) may affect customer transactions worth up to Rs 20,000 crore, industry body Assocham said today, urging the United Forum of Bank Unions (UFBU) to call off the strike. 
 
The chamber also urged the government to come up with a stimulus plan for restoring the health of public sector banks. 
 
State-owned lenders are grappling with high levels of bad loans and as per reports their losses for the quarter ended March 2018 are set to hit a record Rs 50,000 crore which is more than double the losses of Rs 19,000 crore in preceding quarter ended December 2017, Assocham said in a statement. 
 
"Considering such a precarious situation, we at Assocham would urge the government to come up with a stimulus plan which must include restoring the PSBs to health," Assocham Secretary General D S Rawat said. 
 
"With about 10 lakh bank employees going on strike, banking operations such as cheque clearances, cash withdrawals and deposits at PSB branches across India will be affected," he added. 
 
The UFBU, an umbrella body of nine bank unions, has gone on strike against the proposed wage hike of 2 per cent as against 15 per cent given last time, All India Bank Employees Association general secretary C H Venkatachalam said. 
 
Consequently, banking activities in public sector banks across the country have been interrupted. 
 
However, operations in the new-generation private banks like ICICI Bank, HDFC Bank, Axis Bank were almost normal, barring few activities including cheque clearance. 
 
Since the strike coincides with the month-end, salary withdrawals from branches are likely to get affected. Some ATMs may also take a hit. 
Besides, deposit in branches, FD renewal, government treasury operation, money market operation would see the impact of the strike.

The chamber also urged the government to come up with a stimulus plan for restoring the health of public sector banks

The two-day nationwide strike by employees of public sector banks (PSBs) may affect customer transactions worth up to Rs 20,000 crore, industry body Assocham said today, urging the United Forum of Bank Unions (UFBU) to call off the strike. The chamber also urged the government to come up with a stimulus plan for restoring the health of public sector banks. State-owned lenders are grappling with high levels of bad loans and as per reports their losses for the quarter ended March 2018 are set to hit a record Rs 50,000 crore which is more than double the losses of Rs 19,000 crore in preceding quarter ended December 2017, Assocham said in a statement. "Considering such a precarious situation, we at Assocham would urge the government to come up with a stimulus plan which must include restoring the PSBs to health," Assocham Secretary General D S Rawat said. "With about 10 lakh bank employees going on strike, banking operations such as cheque clearances, cash withdrawals and deposits at PSB branches across India will be affected," he added. The UFBU, an umbrella body of nine bank unions, has gone on strike against the proposed wage hike of 2 per cent as against 15 per cent given last time, All India Bank Employees Association general secretary C H Venkatachalam said. Consequently, banking activities in public sector banks across the country have been interrupted. However, operations in the new-generation private banks like ICICI Bank, HDFC Bank, Axis Bank were almost normal, barring few activities including cheque clearance. Since the strike coincides with the month-end, salary withdrawals from branches are likely to get affected. Some ATMs may also take a hit. Besides, deposit in branches, FD renewal, government treasury operation, money market operation would see the impact of the strike.

Bank strike may hit transactions worth Rs 20k crore: Assocham

Asian stocks extended a global sell-off&nbsp;on Wednesday&nbsp;as Italy's political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as US&nbsp;Treasuries.

MSCI's broadest index of&nbsp;Asia-Pacific shares outside Japan tumbled 1.4 per cent, while Japan's Nikkei average sold off 1.5 per cent to a six-week low.

Chinese shares also headed south, with the Shanghai Composite index down 1.4 per cent. South Korea's KOSPI and Australia's S&P/ASX 200 slipped 2.0 per cent and 0.5 per cent, respectively.

Financial spread-betters expected a mixed opening in Europe, with London's FTSE to open 5 points lower at 7,627, Frankfurt's DAX to open 5 points higher at 12,671 and Paris CAC to open down 3 points at 5,435.

The sharp downturn in&nbsp;Asia&nbsp;followed from an equally harsh session on Wall Street&nbsp;on Tuesday, where the Dow Jones Industrial Average fell 1.6 per cent, the S&P 500 lost 1.2 per cent and the Nasdaq Composite dropped 0.5 per cent. The financial sector took the hardest hit.

Investors fear that repeat elections in the euro zone's third-largest economy - which could come as soon as July - may become a de-facto referendum on Italian membership of the currency bloc and its role in the European Union.

"The way Italy's short-term debt yields are spiking makes you think default risk is on the radar in the market. It tells how grave the situation is," said Makoto Noji, senior strategist at SMBC Nikko Securities.

"What the markets are starting to factor-in is not a default per se but an early election leading to a victory of eurosceptics and an exit from the euro."

Short-dated Italian bond yields - a sensitive gauge of political risk - soared 1.5 percentage points from&nbsp;Monday&nbsp;to their highest since 2013 in their biggest move in nearly 26 years.

Safe-haven US&nbsp;Treasury bonds and German bunds rallied, as did the Japanese yen, the US&nbsp;dollar and gold. The euro fell against the Swiss franc, Japanese yen and US&nbsp;dollar, nearing $1.15 and touching its lowest point since July.

US&nbsp;10-year Treasuries were yielding 2.817 per cent in the&nbsp;Asian afternoon, edging up from the U.S. close of 2.768 per cent, while S&P futures rose 0.2 per cent.

Earlier this week, there was talk that a new vote in Italy would not be held until late this year or early 2019, prolonging the uncertainty.

Kerry Craig, a global market analyst at JPMorgan Asset Management, noted that Italy's economy is in better shape that it was in 2011 when the eurozone was mired in a debt crisis.

But, he added, "Completely dismissing the risk that Italy poses would be an unwise move, especially given how the next election may play out and the prospect of a stronger eurosceptic position."

In&nbsp;Asia, traders also fretted over the on-again, off-again US-North Korean summit and the US-China trade relationship.

The United States said&nbsp;on Tuesday&nbsp;that it would continue pursuing actions on trade with China, prompting Chinese state media to slam the U.S. announcement.

Emerging market stocks lost 1.2 per cent, marking a new low point for the year, under continued pressure from a rising US&nbsp;dollar for countries that often borrow in that currency.

Indonesia's central bank is holding an out-of-cycle policy meeting&nbsp;on Wednesday and is expected to raise its benchmark interest rate for the second time&nbsp;in two weeks, according to a Reuters poll.

Oil struggled under pressure from expectations that Saudi Arabia and Russia would pump more oil to counter potential supply shortfalls from Venezuela and Iran, even as US&nbsp;output has surged in recent years.

US&nbsp;crude futures retreated 0.2 per cent to $66.58 per barrel, extending losses into a sixth consecutive sessions.

MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 1.4 per cent

Asian stocks extended a global sell-off on Wednesday as Italy's political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as US Treasuries. MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 1.4 per cent, while Japan's Nikkei average sold off 1.5 per cent to a six-week low. Chinese shares also headed south, with the Shanghai Composite index down 1.4 per cent. South Korea's KOSPI and Australia's S&P/ASX 200 slipped 2.0 per cent and 0.5 per cent, respectively. Financial spread-betters expected a mixed opening in Europe, with London's FTSE to open 5 points lower at 7,627, Frankfurt's DAX to open 5 points higher at 12,671 and Paris CAC to open down 3 points at 5,435. The sharp downturn in Asia followed from an equally harsh session on Wall Street on Tuesday, where the Dow Jones Industrial Average fell 1.6 per cent, the S&P 500 lost 1.2 per cent and the Nasdaq Composite dropped 0.5 per cent. The financial sector took the hardest hit. Investors fear that repeat elections in the euro zone's third-largest economy - which could come as soon as July - may become a de-facto referendum on Italian membership of the currency bloc and its role in the European Union. "The way Italy's short-term debt yields are spiking makes you think default risk is on the radar in the market. It tells how grave the situation is," said Makoto Noji, senior strategist at SMBC Nikko Securities. "What the markets are starting to factor-in is not a default per se but an early election leading to a victory of eurosceptics and an exit from the euro." Short-dated Italian bond yields - a sensitive gauge of political risk - soared 1.5 percentage points from Monday to their highest since 2013 in their biggest move in nearly 26 years. Safe-haven US Treasury bonds and German bunds rallied, as did the Japanese yen, the US dollar and gold. The euro fell against the Swiss franc, Japanese yen and US dollar, nearing $1.15 and touching its lowest point since July. US 10-year Treasuries were yielding 2.817 per cent in the Asian afternoon, edging up from the U.S. close of 2.768 per cent, while S&P futures rose 0.2 per cent. Earlier this week, there was talk that a new vote in Italy would not be held until late this year or early 2019, prolonging the uncertainty. Kerry Craig, a global market analyst at JPMorgan Asset Management, noted that Italy's economy is in better shape that it was in 2011 when the eurozone was mired in a debt crisis. But, he added, "Completely dismissing the risk that Italy poses would be an unwise move, especially given how the next election may play out and the prospect of a stronger eurosceptic position." In Asia, traders also fretted over the on-again, off-again US-North Korean summit and the US-China trade relationship. The United States said on Tuesday that it would continue pursuing actions on trade with China, prompting Chinese state media to slam the U.S. announcement. Emerging market stocks lost 1.2 per cent, marking a new low point for the year, under continued pressure from a rising US dollar for countries that often borrow in that currency. Indonesia's central bank is holding an out-of-cycle policy meeting on Wednesday and is expected to raise its benchmark interest rate for the second time in two weeks, according to a Reuters poll. Oil struggled under pressure from expectations that Saudi Arabia and Russia would pump more oil to counter potential supply shortfalls from Venezuela and Iran, even as US output has surged in recent years. US crude futures retreated 0.2 per cent to $66.58 per barrel, extending losses into a sixth consecutive sessions.

Global Markets: Stocks battered as Italian crisis deepens

The prospect of a trade war is threatening the global growth outlook, which otherwise is on course for a 40-year low in unemployment, the OECD said&nbsp;on Wednesday.

Global growth is set to nudge up from 3.8 per cent this year to 3.9 per cent in 2019, the Organisation for Economic Cooperation and Development forecast in its biannual Economic Outlook.

The Paris-based policy forum made up mainly of developed countries had in March pencilled in an estimate of 3.9 per cent for both years but trimmed its outlook for 2018 due to a weak start to the year because of temporary factors like bad weather.

The OECD said budgetary easing had taken over from central bank stimulus as the main motor of global growth with three-fourths of its member countries now estimated to be loosening purse-strings, led by massive US&nbsp;tax cuts.

Against that backdrop, the overall OECD unemployment rate was seen falling to five per cent by the end of 2019, hitting the lowest level since 1980 and setting the stage for so-far elusive growth in workers' wages.

"In spite of all this good news, risks loom large for the global outlook. What are these risks? First and foremost, an escalation of trade tensions should be avoided," acting OECD chief economist Alvaro Pereira wrote in an introduction to the organisation's biannual Economic Outlook.

The warning comes as European governments brace for the expiration of temporary exemptions on new US&nbsp;steel and aluminium tariffs on&nbsp;June 1, which has outraged Washington's closest allies.

Though the number of trade restrictions has crept higher over the last decade, further measures could create a significant drag on growth because the global economy is now more interconnected than ever before, the OECD said.

With tax cuts boosting US&nbsp;investment, the world's biggest economy was forecast to grow 2.9 per cent this year and 2.8 per cent next year.

As a result, the Federal Reserve was expected to keep gradually increasing its interest rates, bringing the Fed funds rate to 3.25 per cent by the end of 2019.

The euro area economy was seen growing 2.2 per cent this year and 2.1 per cent in 2019 as the labour market and wages recover. The European Central Bank was seen halting bond purchases this year and increasing its negative deposit rate in the second half of 2019.

Outside the euro area, the OECD marginally raised its outlook for Britain to 1.4 per cent growth this year and 1.3 per cent in 2019. The Bank of England was expected to only gradually raise interest rates given the uncertainty over Brexit.

Japanese growth was seen at 1.2 per cent both this and next year as growing labour shortages force companies to increase business investment and hire more workers.

Outside of the OECD, Chinese growth was expected to ease gradually from 6.7 per cent this year to 6.4 per cent in 2019 as infrastructure investment slows in the face of tighter lending conditions and tougher government project approvals.

Global growth is set to nudge up from 3.8 per cent this year to 3.9 per cent in 2019

The prospect of a trade war is threatening the global growth outlook, which otherwise is on course for a 40-year low in unemployment, the OECD said on Wednesday. Global growth is set to nudge up from 3.8 per cent this year to 3.9 per cent in 2019, the Organisation for Economic Cooperation and Development forecast in its biannual Economic Outlook. The Paris-based policy forum made up mainly of developed countries had in March pencilled in an estimate of 3.9 per cent for both years but trimmed its outlook for 2018 due to a weak start to the year because of temporary factors like bad weather. The OECD said budgetary easing had taken over from central bank stimulus as the main motor of global growth with three-fourths of its member countries now estimated to be loosening purse-strings, led by massive US tax cuts. Against that backdrop, the overall OECD unemployment rate was seen falling to five per cent by the end of 2019, hitting the lowest level since 1980 and setting the stage for so-far elusive growth in workers' wages. "In spite of all this good news, risks loom large for the global outlook. What are these risks? First and foremost, an escalation of trade tensions should be avoided," acting OECD chief economist Alvaro Pereira wrote in an introduction to the organisation's biannual Economic Outlook. The warning comes as European governments brace for the expiration of temporary exemptions on new US steel and aluminium tariffs on June 1, which has outraged Washington's closest allies. Though the number of trade restrictions has crept higher over the last decade, further measures could create a significant drag on growth because the global economy is now more interconnected than ever before, the OECD said. With tax cuts boosting US investment, the world's biggest economy was forecast to grow 2.9 per cent this year and 2.8 per cent next year. As a result, the Federal Reserve was expected to keep gradually increasing its interest rates, bringing the Fed funds rate to 3.25 per cent by the end of 2019. The euro area economy was seen growing 2.2 per cent this year and 2.1 per cent in 2019 as the labour market and wages recover. The European Central Bank was seen halting bond purchases this year and increasing its negative deposit rate in the second half of 2019. Outside the euro area, the OECD marginally raised its outlook for Britain to 1.4 per cent growth this year and 1.3 per cent in 2019. The Bank of England was expected to only gradually raise interest rates given the uncertainty over Brexit. Japanese growth was seen at 1.2 per cent both this and next year as growing labour shortages force companies to increase business investment and hire more workers. Outside of the OECD, Chinese growth was expected to ease gradually from 6.7 per cent this year to 6.4 per cent in 2019 as infrastructure investment slows in the face of tighter lending conditions and tougher government project approvals.

Trade war risk stalks global economic upturn: OECD

Bank of Montreal and Canadian Imperial Bank of Commerce said&nbsp;on Monday&nbsp;that cyber attackers may have stolen the data of nearly 90,000 customers in what appeared to be the first significant assault on financial institutions in the country.

Bank of Montreal, Canada's fourth-biggest lender, said&nbsp;on Monday&nbsp;it was contacted by fraudsters&nbsp;on Sunday&nbsp;who claimed they were in possession of the personal and financial information of a limited number of the bank's customers.

A spokesman for the bank said it believed that less than 50,000 of the bank's 8 million customers across Canada were hacked. He declined to say if any customers lost money as a result of the attack.

The fraudsters had threatened to make the data public, the spokesman said, adding that the bank was working with the authorities and conducting a thorough investigation.

Bank of Montreal said it believed the attack originated from outside the country and was confident the exposures that led to the theft of customer data had been closed off.

Canadian Imperial Bank of Commerce, Canada's fifth-biggest lender, said fraudsters contacted the lender&nbsp;on Sunday&nbsp;claiming they had electronically stolen personal and account information of 40,000 customers of its Simplii direct banking brand.

CIBC said it has not yet confirmed the cyber breach but is taking the claim seriously. CIBC said customers at its main banking division were not affected.

Both banks said they were contacting customers and advising them to monitor their accounts and report any suspicious activity.

Other Canadian banks said they had not been affected.

Shares in BMO were down 0.3 percent and CIBC was off 0.3 percent.

Canada's six biggest banks have been collaborating along with the Bank of Canada to enhance their defences against cyber attacks. The Bank of Canada said earlier this month that some attacks would inevitably succeed but it has recovery mechanisms in place to limit the damage.

Cyber attacks are increasingly common. Last year, credit monitoring firm Equifax said information on about 146.6 million names, 146.6 million dates of birth, 145.5 million U.S. social security numbers, 99 million addresses and 209,000 payment card numbers and expiration dates, were stolen in a cyber attack.

A spokesman for the bank said it believed that less than 50,000 of the bank's 8 million customers across Canada were hacked

Bank of Montreal and Canadian Imperial Bank of Commerce said on Monday that cyber attackers may have stolen the data of nearly 90,000 customers in what appeared to be the first significant assault on financial institutions in the country. Bank of Montreal, Canada's fourth-biggest lender, said on Monday it was contacted by fraudsters on Sunday who claimed they were in possession of the personal and financial information of a limited number of the bank's customers. A spokesman for the bank said it believed that less than 50,000 of the bank's 8 million customers across Canada were hacked. He declined to say if any customers lost money as a result of the attack. The fraudsters had threatened to make the data public, the spokesman said, adding that the bank was working with the authorities and conducting a thorough investigation. Bank of Montreal said it believed the attack originated from outside the country and was confident the exposures that led to the theft of customer data had been closed off. Canadian Imperial Bank of Commerce, Canada's fifth-biggest lender, said fraudsters contacted the lender on Sunday claiming they had electronically stolen personal and account information of 40,000 customers of its Simplii direct banking brand. CIBC said it has not yet confirmed the cyber breach but is taking the claim seriously. CIBC said customers at its main banking division were not affected. Both banks said they were contacting customers and advising them to monitor their accounts and report any suspicious activity. Other Canadian banks said they had not been affected. Shares in BMO were down 0.3 percent and CIBC was off 0.3 percent. Canada's six biggest banks have been collaborating along with the Bank of Canada to enhance their defences against cyber attacks. The Bank of Canada said earlier this month that some attacks would inevitably succeed but it has recovery mechanisms in place to limit the damage. Cyber attacks are increasingly common. Last year, credit monitoring firm Equifax said information on about 146.6 million names, 146.6 million dates of birth, 145.5 million U.S. social security numbers, 99 million addresses and 209,000 payment card numbers and expiration dates, were stolen in a cyber attack.

Cyber attackers may have stolen data of nearly 90,000 customers, say Canadian banks

A two-day nationwide bank strike has been called from tomorrow as the negotiations on a nominal 2% wage hike failed to convince the bank unions.

The bank employees’ strike will take place on May 30 and May 31 as they will be protesting the wage hike, which could impact ATM services along with some of the other banking operations.&nbsp

In the wage negotiation meeting held on May 5, 2018, IBA made a proposition to offer 2 per cent hike in the wage bill cost as on March 31, 2017.

It also maintained that the negotiations on officers demands would be restricted up to scale III officers only.

"It is only because of provisions towards NPA that banks have booked losses, and for this, bank employees are not responsible," United Forum of Bank Unions' convener Devidas Tuljapurkar told reporters here. He said in the last two-three years, bank employees have worked tirelessly for implementation of government initiatives such as Jan-Dhan, demonetisation, Mudra and Atal Pension Yojana, among others.

"This has resulted into huge increase in their workloads," he said.

In the last wage settlement, which was for the period November 1, 2012 to October 31, 2017, IBA had given a wage hike of 15 per cent.

Bank employees have organised a demonstration on May 29 at State Bank of India' branch main branch at Fort here.

UFBU is an umbrella body of nine unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).

In the last wage settlement, which was for the period November 1, 2012 to October 31, 2017, IBA had given a wage hike of 15 per cent.

A two-day nationwide bank strike has been called from tomorrow as the negotiations on a nominal 2% wage hike failed to convince the bank unions. The bank employees’ strike will take place on May 30 and May 31 as they will be protesting the wage hike, which could impact ATM services along with some of the other banking operations. In the wage negotiation meeting held on May 5, 2018, IBA made a proposition to offer 2 per cent hike in the wage bill cost as on March 31, 2017. It also maintained that the negotiations on officers demands would be restricted up to scale III officers only. "It is only because of provisions towards NPA that banks have booked losses, and for this, bank employees are not responsible," United Forum of Bank Unions' convener Devidas Tuljapurkar told reporters here. He said in the last two-three years, bank employees have worked tirelessly for implementation of government initiatives such as Jan-Dhan, demonetisation, Mudra and Atal Pension Yojana, among others. "This has resulted into huge increase in their workloads," he said. In the last wage settlement, which was for the period November 1, 2012 to October 31, 2017, IBA had given a wage hike of 15 per cent. Bank employees have organised a demonstration on May 29 at State Bank of India' branch main branch at Fort here. UFBU is an umbrella body of nine unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).

Bank strike on May 30-31: Salary withdrawal, ATM transactions may take a hit

Shares ended lower on Tuesday, snapping three sessions of gains, with lenders such as ICICI Bank Ltd and State Bank of India weighing on the indexes.

BSE Sensex closed 216.24 points lower at 34,949.24, while the Nifty 50 ended 55.35 points down at 10,633.30.&nbsp

Nifty bank index ended 1.4 percent lower and the Nifty PSU bank index dropped 2.95 percent.

Among the sectoral indices on BSE, oil and gas, IT, auto and telecom gained, while bankex, finance, realty and consumer durables declined most. On NSE, Nifty PSU Bank Index was down 2.95%. Mahindra, Bharti Airtel, Infosys and TCS were top gainers, whereas ICICI Bank, SBI, IndusInd Bank and Yes Bank were among the major losers.

On NSE, Nifty PSU Bank Index was down 2.95%. Mahindra, Bharti Airtel, Infosys and TCS were top gainers, whereas ICICI Bank, SBI, IndusInd Bank and Yes Bank were among the major losers.

Shares ended lower on Tuesday, snapping three sessions of gains, with lenders such as ICICI Bank Ltd and State Bank of India weighing on the indexes. BSE Sensex closed 216.24 points lower at 34,949.24, while the Nifty 50 ended 55.35 points down at 10,633.30. Nifty bank index ended 1.4 percent lower and the Nifty PSU bank index dropped 2.95 percent. Among the sectoral indices on BSE, oil and gas, IT, auto and telecom gained, while bankex, finance, realty and consumer durables declined most. On NSE, Nifty PSU Bank Index was down 2.95%. Mahindra, Bharti Airtel, Infosys and TCS were top gainers, whereas ICICI Bank, SBI, IndusInd Bank and Yes Bank were among the major losers.

Sensex slips below 35,000, Nifty settles at 10,633 due to banking stocks

In a bid to let users get rid of unwanted calls and text messages, the Telecom Regulatory Authority of India has proposed the use of blockchain technology.

The technology will help limit unwanted, unsolicited calls and SMSes that companies carry out for commercial communication and telemarketing.&nbsp;It will ensure that telemarketing calls and messages would go to only those who subscribe to them.&nbsp;

Blockchain technology, when applied, will make it mandatory for companies to seek subscriber's permission to be able to access their details and subsequently contact them for commercial communication via calls or texts. TRAI will be the first organisation to bring in this regulation.

The draft of the proposal will be open for public comment until June 11.

With the application of the new technology, all communication between subscribers and authorised telemarketing agencies will be recorded.

According to reports, TRAI already had a ‘Do Not Disturb’ app which lets users curb and avert unwanted commercial communication from companies.&nbsp;

The technology will ensure that telemarketing calls and messages would go to only those who subscribe to them

In a bid to let users get rid of unwanted calls and text messages, the Telecom Regulatory Authority of India has proposed the use of blockchain technology. The technology will help limit unwanted, unsolicited calls and SMSes that companies carry out for commercial communication and telemarketing. It will ensure that telemarketing calls and messages would go to only those who subscribe to them. Blockchain technology, when applied, will make it mandatory for companies to seek subscriber's permission to be able to access their details and subsequently contact them for commercial communication via calls or texts. TRAI will be the first organisation to bring in this regulation. The draft of the proposal will be open for public comment until June 11. With the application of the new technology, all communication between subscribers and authorised telemarketing agencies will be recorded. According to reports, TRAI already had a ‘Do Not Disturb’ app which lets users curb and avert unwanted commercial communication from companies.

TRAI proposes blockchain technology to curb telemarketing menace

The Sensex and Nifty rose slightly on Tuesday, helped by index heavyweight Larsen & Toubro Ltd on strong quarterly results and oil firms on declining crude prices.

However, gains were limited as financials declined. The NSE Bank Index slipped as much as 0.7 per cent after three straight sessions of gain, with ICICI Bank shedding nearly 2 percent.

"It's the continuation of Monday`s rally," said Hitesh Agarwal, EVP and head – retail research, Religare Broking.

"Correction in oil prices in the past couple of days have been a sentiment booster. However, it still remains a concern, hovering around $75 a barrel, as fuel prices are already very high," he said, adding that corporate earnings had been pretty good so far.

The broader Nifty was up 0.2 percent at 10,709.85 as of 0606 GMT, while the Sensex rose 0.13 percent to 35,212.50.

Shares of Larsen & Toubro rose as much as 3.5 per cent to their highest since Feb. 2, after the industrial group posted a 4.7 percent rise in quarterly net profit on Monday.

Shares of oil and gas companies extended their rally, with the Nifty Energy index rising for a third session in a row.&nbsp

Oil prices remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.&nbsp

Indian Oil Corp gained 1.9 percent, while Oil India Ltd climbed 3.5 percent.

Among losers, Vedanta Ltd plunged to its lowest since June 2017 after the southern state of Tamil Nadu ordered the permanent closure of a copper smelter run by its London-listed parent Vedanta Resources.

Aurobindo Pharma Ltd posted its sharpest intraday drop since November 2017, after the drugmaker reported March-quarter results below market expectations.

The Sensex and Nifty rose slightly on Tuesday, helped by index heavyweight Larsen & Toubro Ltd on strong quarterly results and oil firms on declining crude prices

The Sensex and Nifty rose slightly on Tuesday, helped by index heavyweight Larsen & Toubro Ltd on strong quarterly results and oil firms on declining crude prices. However, gains were limited as financials declined. The NSE Bank Index slipped as much as 0.7 per cent after three straight sessions of gain, with ICICI Bank shedding nearly 2 percent. "It's the continuation of Monday`s rally," said Hitesh Agarwal, EVP and head – retail research, Religare Broking. "Correction in oil prices in the past couple of days have been a sentiment booster. However, it still remains a concern, hovering around $75 a barrel, as fuel prices are already very high," he said, adding that corporate earnings had been pretty good so far. The broader Nifty was up 0.2 percent at 10,709.85 as of 0606 GMT, while the Sensex rose 0.13 percent to 35,212.50. Shares of Larsen & Toubro rose as much as 3.5 per cent to their highest since Feb. 2, after the industrial group posted a 4.7 percent rise in quarterly net profit on Monday. Shares of oil and gas companies extended their rally, with the Nifty Energy index rising for a third session in a row. Oil prices remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply. Indian Oil Corp gained 1.9 percent, while Oil India Ltd climbed 3.5 percent. Among losers, Vedanta Ltd plunged to its lowest since June 2017 after the southern state of Tamil Nadu ordered the permanent closure of a copper smelter run by its London-listed parent Vedanta Resources. Aurobindo Pharma Ltd posted its sharpest intraday drop since November 2017, after the drugmaker reported March-quarter results below market expectations.

Sensex, Nifty inch higher; L&T top boost

The benchmark BSE Sensex reclaimed the 35,000-mark by surging over 150 points in early trade today on easing geopolitical concerns and a sharp correction in global crude prices.

An appreciating rupee, encouraging earnings by some more companies and easing concerns over US-North Korea summit too boosted investor sentiment.

The 30-share index, which had gained 579.96 points in the previous two sessions, added 156.67 points, or 0.44 per cent, at 35,081.54.

The rupee strengthened by 39 paise to 67.39 against the dollar at the interbank forex market in early trade today.

Counters such as oil and gas, PSU, healthcare, realty, infrastructure, metal and banking were trading in the positive territory.

The NSE Nifty too edged up by 53.70 points, or 0.50 per cent, to 10,658.85.

Sun Pharma shares rose 4.66 per cent to Rs 488.30 after the drug maker on Friday posted 6.96 per cent increase in its consolidated net profit at Rs 1,308.96 crore for the fourth quarter ended March 2018.

Other major gainers that supported the indices were Yes Bank, SBI, Tata Steel, Axis Bank, Coal India, ONGC, NTPC, Maruti Suzuki, Asian Paint, HDFC Bank, Bharti Airtel, Dr Reddy's, Bajaj Auto and ITC, rising by up to 1.59 per cent.

Traders said building of fresh long positions amid continued buying by domestic institutional investors (DIIs) and Brent crude falling by 1.88 per cent to USD 75 per barrel in global markets, kept the bullish sentiment intact.

Meanwhile, on Friday, DIIs bought shares worth a net of Rs 887.76 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 768.29 crore, provisional data showed.

Among other Asian markets, Hong Kong's Hang Seng was up 0.47 per cent, Japan's Nikkei up 0.15 per cent in early trade today. Shanghai Composite Index rose 0.18 per cent

The US Dow Jones Industrial Average ended 0.24 per cent lower in Friday's trade.

The US Dow Jones Industrial Average ended 0.24 per cent lower in Friday's trade

The benchmark BSE Sensex reclaimed the 35,000-mark by surging over 150 points in early trade today on easing geopolitical concerns and a sharp correction in global crude prices. An appreciating rupee, encouraging earnings by some more companies and easing concerns over US-North Korea summit too boosted investor sentiment. The 30-share index, which had gained 579.96 points in the previous two sessions, added 156.67 points, or 0.44 per cent, at 35,081.54. The rupee strengthened by 39 paise to 67.39 against the dollar at the interbank forex market in early trade today. Counters such as oil and gas, PSU, healthcare, realty, infrastructure, metal and banking were trading in the positive territory. The NSE Nifty too edged up by 53.70 points, or 0.50 per cent, to 10,658.85. Sun Pharma shares rose 4.66 per cent to Rs 488.30 after the drug maker on Friday posted 6.96 per cent increase in its consolidated net profit at Rs 1,308.96 crore for the fourth quarter ended March 2018. Other major gainers that supported the indices were Yes Bank, SBI, Tata Steel, Axis Bank, Coal India, ONGC, NTPC, Maruti Suzuki, Asian Paint, HDFC Bank, Bharti Airtel, Dr Reddy's, Bajaj Auto and ITC, rising by up to 1.59 per cent. Traders said building of fresh long positions amid continued buying by domestic institutional investors (DIIs) and Brent crude falling by 1.88 per cent to USD 75 per barrel in global markets, kept the bullish sentiment intact. Meanwhile, on Friday, DIIs bought shares worth a net of Rs 887.76 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 768.29 crore, provisional data showed. Among other Asian markets, Hong Kong's Hang Seng was up 0.47 per cent, Japan's Nikkei up 0.15 per cent in early trade today. Shanghai Composite Index rose 0.18 per cent The US Dow Jones Industrial Average ended 0.24 per cent lower in Friday's trade.

Sensex reclaims 35 thousand mark, rises over 150 points

Gold prices eased on Friday on profit-taking, after breaking above $1,300 in the previous session when US&nbsp;President Donald Trump's decision to call off a meeting with North Korean leader Kim Jong Un triggered safe-haven buying.

Spot gold was down 0.2 per cent at $1,302.18 per ounce at 0312 GMT, after gaining nearly 1 per cent in the previous session in its biggest one-day percentage rise since April 11. It remains on track for a weekly advance.

US&nbsp;gold futures for June delivery fell 0.2 per cent to $1,301.80 per ounce.

"It is normal for some profit-taking to ensue after a surge (in prices). Still, gold appears to be anchored in the $1,300-range, especially with the recent uptick in geopolitical tensions," said OCBC analyst Barnabas Gan.

"The sustained uncertainty over (US-North Korea) negotiations will likely add further upside to gold prices given safe-haven demand," Gan said.

Gold is often seen as a safe investment during times of political and financial uncertainty, alongside the Japanese yen.

The dollar regained its footing on Friday after dropping to a 2-week low versus the yen in the previous session, as North Korea said it was open to resolving issues with the United States after Trump on Thursday called off a summit with the North, citing Pyongyang's "open hostility".

A stronger dollar makes dollar-denominated gold more expensive for holders of other currencies.

The North's conciliatory remarks and commitment to US-North Korea talks had eased some concern about the crisis and pressured gold, said Helen Lau, an analyst at Argonaut Securities.

Meanwhile, Trump's threat to impose tariffs on auto imports drew strong criticism abroad and at home where US&nbsp;business&nbsp;groups and members of his own Republican Party warned of damage to the industry and raised the prospect of a global trade war that would harm American interests.

Elsewhere, eurozone growth could slow further and uncertainty is on the rise but the bloc's expansion remains solid and broad-based, European Central Bank policymakers concluded in April, the minutes of the meeting showed on Thursday.

Among other precious metals, silver fell 0.3 per cent to $16.57 an ounce, while platinum edged down 0.1 per cent to $908.50 an ounce after touching its highest since May 14 at $914.30 in the previous session.

Palladium climbed about 0.2 per cent to $976.10 an ounce.

All three of those metals were on course for weekly gains.

Spot gold was down 0.2 per cent at $1,302.18 per ounce at 0312 GMT, after gaining nearly 1 percent in the previous session

Gold prices eased on Friday on profit-taking, after breaking above $1,300 in the previous session when US President Donald Trump's decision to call off a meeting with North Korean leader Kim Jong Un triggered safe-haven buying. Spot gold was down 0.2 per cent at $1,302.18 per ounce at 0312 GMT, after gaining nearly 1 per cent in the previous session in its biggest one-day percentage rise since April 11. It remains on track for a weekly advance. US gold futures for June delivery fell 0.2 per cent to $1,301.80 per ounce. "It is normal for some profit-taking to ensue after a surge (in prices). Still, gold appears to be anchored in the $1,300-range, especially with the recent uptick in geopolitical tensions," said OCBC analyst Barnabas Gan. "The sustained uncertainty over (US-North Korea) negotiations will likely add further upside to gold prices given safe-haven demand," Gan said. Gold is often seen as a safe investment during times of political and financial uncertainty, alongside the Japanese yen. The dollar regained its footing on Friday after dropping to a 2-week low versus the yen in the previous session, as North Korea said it was open to resolving issues with the United States after Trump on Thursday called off a summit with the North, citing Pyongyang's "open hostility". A stronger dollar makes dollar-denominated gold more expensive for holders of other currencies. The North's conciliatory remarks and commitment to US-North Korea talks had eased some concern about the crisis and pressured gold, said Helen Lau, an analyst at Argonaut Securities. Meanwhile, Trump's threat to impose tariffs on auto imports drew strong criticism abroad and at home where US business groups and members of his own Republican Party warned of damage to the industry and raised the prospect of a global trade war that would harm American interests. Elsewhere, eurozone growth could slow further and uncertainty is on the rise but the bloc's expansion remains solid and broad-based, European Central Bank policymakers concluded in April, the minutes of the meeting showed on Thursday. Among other precious metals, silver fell 0.3 per cent to $16.57 an ounce, while platinum edged down 0.1 per cent to $908.50 an ounce after touching its highest since May 14 at $914.30 in the previous session. Palladium climbed about 0.2 per cent to $976.10 an ounce. All three of those metals were on course for weekly gains.

Gold slips, but demand keeps prices above $1,300

The BSE Sensex rose over 187 points in early trade today, extending yesterday's rally on robust buying in IT, energy and banking stocks amid unabated purchases by domestic institutional investors.

Asian shares were mixed after US President Donald Trump cancelled a planned meeting with North Korean leader Kim Jong Un.

The 30-share index jumped 187.14 points, or 0.54 per cent, to 34,850.25 with sectoral indices led by IT, teck, power, realty, infrastructure, capital goods, banking and auto trading in the positive zone, rising up to 1.38 per cent.

The gauge had gained 318.20 points in the previous session.

The NSE Nifty too climbed 48.70 points, or 0.46 per cent, to 10,562.55.

Major gainers were TCS, Infosys, Tata Steel, NTPC, HDFC Bank, Yes Bank, M&M, HDFC Ltd, Coal India, Bharti Airtel, Axis Bank, Dr Reddy's, RIL and Maruti Suzuki, rising up to 1.83 per cent.

State-owned oil companies IOC, OIL and BPCL recovered after a sharp decline yesterday.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 1,480.51, while foreign portfolio investors (FPIs) sold shares worth Rs 701.93 crore yesterday, as per provisional data.

In Asia, Japan's Nikkei rose 0.09 per cent, while Shanghai Composite Index fell 0.24 per cent. Hong Kong's Hang Seng was down 0.49 cent in early trade today.

The Dow Jones Industrial Average ended 0.30 per cent lower in yesterday's trade on a sharp decline in energy-related shares.

State-owned oil companies IOC, OIL and BPCL recovered after a sharp decline yesterday

The BSE Sensex rose over 187 points in early trade today, extending yesterday's rally on robust buying in IT, energy and banking stocks amid unabated purchases by domestic institutional investors. Asian shares were mixed after US President Donald Trump cancelled a planned meeting with North Korean leader Kim Jong Un. The 30-share index jumped 187.14 points, or 0.54 per cent, to 34,850.25 with sectoral indices led by IT, teck, power, realty, infrastructure, capital goods, banking and auto trading in the positive zone, rising up to 1.38 per cent. The gauge had gained 318.20 points in the previous session. The NSE Nifty too climbed 48.70 points, or 0.46 per cent, to 10,562.55. Major gainers were TCS, Infosys, Tata Steel, NTPC, HDFC Bank, Yes Bank, M&M, HDFC Ltd, Coal India, Bharti Airtel, Axis Bank, Dr Reddy's, RIL and Maruti Suzuki, rising up to 1.83 per cent. State-owned oil companies IOC, OIL and BPCL recovered after a sharp decline yesterday. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 1,480.51, while foreign portfolio investors (FPIs) sold shares worth Rs 701.93 crore yesterday, as per provisional data. In Asia, Japan's Nikkei rose 0.09 per cent, while Shanghai Composite Index fell 0.24 per cent. Hong Kong's Hang Seng was down 0.49 cent in early trade today. The Dow Jones Industrial Average ended 0.30 per cent lower in yesterday's trade on a sharp decline in energy-related shares.

Sensex builds on gains, up 187 points in early trade

The US jury on Thursday directed Samsung to pay US $539 million to Apple Inc for copying patented smartphone designs and features, bringing a years-long feud between the technology companies into its final stages.

The award appeared to be a bit of a victory for Apple, which had argued in court that design was essential to the iPhone. The case was keenly watched as a precedent for whether design is so important that it could actually be considered the "article of design" even in a product as complex as a smartphone.&nbsp;

"We don't think it is supported by the evidence," Samsung attorney John Quinn told US District Court Judge Lucy Koh after the verdict was read in her courtroom in Silicon Valley.

"We have every concern about the determinations about the article of manufacture."

Quinn declined an offer by the judge to send jurors back for further deliberation, saying Samsung would pursue post-trial motions to address its concerns about the verdict.

Juror Christine Calderon said the panel agreed that one of the design patents - the grid of coloured icons - did represent the whole phone, while the other two at issue in the trial were seen as the display assembly that gave the iPhone its look.

The world’s top smartphone rivals have been in court over patents since 2011, when Apple filed a lawsuit alleging Samsung’s smartphones and tablets “slavishly” copied its products. Samsung was found liable in a 2012 trial, but a disagreement over the amount to be paid led to the current retrial over damages where arguments ended on May 18.

Samsung previously paid Apple $399 million to compensate Apple for infringement of some of the patents at issue in the case. The jury has been deliberating the case since last week.

In a statement, Apple said it was pleased that the members of the jury "agree that Samsung should pay for copying our products."

"We believe deeply in the value of design," Apple said in its statement. "This case has always been about more than money."

The new jury verdict followed a trial in San Jose, California, before Judge Lucy Koh that focused on how much Samsung should pay for infringing Apple patents covering aspects of the iPhone's design. The jury awarded Apple $533.3 million for Samsung's violation of so-called design patents and $5.3 million for the violation of so-called utility patents.

Apple this year told jurors it was entitled to $1 billion in profits Samsung made from selling infringing phones, saying the iPhone's design was crucial to their success.

Samsung sought to limit damages to about $28 million, saying it should only pay for profits attributable to the components of its phones that infringed Apple patents.

The case was keenly watched as a precedent for whether design is so important that it could actually be considered the "article of design" even in a product as complex as a smartphone

The US jury on Thursday directed Samsung to pay US $539 million to Apple Inc for copying patented smartphone designs and features, bringing a years-long feud between the technology companies into its final stages. The award appeared to be a bit of a victory for Apple, which had argued in court that design was essential to the iPhone. The case was keenly watched as a precedent for whether design is so important that it could actually be considered the "article of design" even in a product as complex as a smartphone. "We don't think it is supported by the evidence," Samsung attorney John Quinn told US District Court Judge Lucy Koh after the verdict was read in her courtroom in Silicon Valley. "We have every concern about the determinations about the article of manufacture." Quinn declined an offer by the judge to send jurors back for further deliberation, saying Samsung would pursue post-trial motions to address its concerns about the verdict. Juror Christine Calderon said the panel agreed that one of the design patents - the grid of coloured icons - did represent the whole phone, while the other two at issue in the trial were seen as the display assembly that gave the iPhone its look. The world’s top smartphone rivals have been in court over patents since 2011, when Apple filed a lawsuit alleging Samsung’s smartphones and tablets “slavishly” copied its products. Samsung was found liable in a 2012 trial, but a disagreement over the amount to be paid led to the current retrial over damages where arguments ended on May 18. Samsung previously paid Apple $399 million to compensate Apple for infringement of some of the patents at issue in the case. The jury has been deliberating the case since last week. In a statement, Apple said it was pleased that the members of the jury "agree that Samsung should pay for copying our products." "We believe deeply in the value of design," Apple said in its statement. "This case has always been about more than money." The new jury verdict followed a trial in San Jose, California, before Judge Lucy Koh that focused on how much Samsung should pay for infringing Apple patents covering aspects of the iPhone's design. The jury awarded Apple $533.3 million for Samsung's violation of so-called design patents and $5.3 million for the violation of so-called utility patents. Apple this year told jurors it was entitled to $1 billion in profits Samsung made from selling infringing phones, saying the iPhone's design was crucial to their success. Samsung sought to limit damages to about $28 million, saying it should only pay for profits attributable to the components of its phones that infringed Apple patents.

Samsung to pay $539 million to Apple for copying patented smartphone designs, features

India's 2017/18 cotton exports are likely to jump nearly 30 per cent from the year before to a four-year high of 7.5 million bales, as climbing global prices and a weaker rupee boost overseas demand, the head of an industry body told Reuters.

Increased supply from India could drag on a rally in international prices&nbsp;for the commodity&nbsp;and would likely compete with shipments to&nbsp;Asia&nbsp;from exporters like the United States, Brazil and Australia.

"We can end the season with exports of 7.5 million bales," said Atul Ganatra, president of the Cotton Association of India (CAI), adding that higher international prices would drive up shipments.

The country has exported 6.3 million bales so far in the marketing year that started on October 1, he added. Each bale contains 170 kg of cotton.

India shipped 5.82 million bales of cotton overseas last marketing year, according to data compiled by the state-run textile commissioner's office.

ICE cotton futures hit four-year highs earlier this week on buying from Chinese hedge funds, amid expectations of an increase in exports from the United States after trade war fears with China receded.

The Indian rupee has fallen more than 6 per cent in 2018, making Indian cotton cheaper for overseas buyers, said Nayan&nbsp;Mirani, partner at leading&nbsp;cotton&nbsp;exporter Khimji Visram & Sons.

"There is export demand but the supply of good quality cotton is limited as the season is coming to an end," he said.

Pakistan, Bangladesh, China and Vietnam are the main buyers of Indian fibre.

Indian cotton is being offered around 84 to 86 cents per lb on a cost and freight basis (C&F) to buyers in Bangladesh and Vietnam, compared to over 92 cents from the United States and Brazil, said a Mumbai-based dealer with a global trading firm. He declined to be identified as he was not authorised to speak with media.

Meanwhile, the country's cotton imports could drop to 1.2 million bales in 2017/18 from 3 million bales the year before, said Ganatra at CAI.

The&nbsp;South&nbsp;Asian country usually imports long staple cotton from the United States and Egypt.

And a pick-up in local consumption amid higher exports is likely to erode India's cotton stockpile, Mirani said.

India's cotton consumption is likely to rise 5.3 per cent in 2017/18 from the year before to 32.4 million bales, CAI estimates.

The country could end the 2017/18 season with closing stocks of less than 2 million tonnes, the lowest in decades, Ganatra estimates.

The country has exported 6.3 million bales so far in the marketing year that started on October 1, each bale contains 170 kg of cotton

India's 2017/18 cotton exports are likely to jump nearly 30 per cent from the year before to a four-year high of 7.5 million bales, as climbing global prices and a weaker rupee boost overseas demand, the head of an industry body told Reuters. Increased supply from India could drag on a rally in international prices for the commodity and would likely compete with shipments to Asia from exporters like the United States, Brazil and Australia. "We can end the season with exports of 7.5 million bales," said Atul Ganatra, president of the Cotton Association of India (CAI), adding that higher international prices would drive up shipments. The country has exported 6.3 million bales so far in the marketing year that started on October 1, he added. Each bale contains 170 kg of cotton. India shipped 5.82 million bales of cotton overseas last marketing year, according to data compiled by the state-run textile commissioner's office. ICE cotton futures hit four-year highs earlier this week on buying from Chinese hedge funds, amid expectations of an increase in exports from the United States after trade war fears with China receded. The Indian rupee has fallen more than 6 per cent in 2018, making Indian cotton cheaper for overseas buyers, said Nayan Mirani, partner at leading cotton exporter Khimji Visram & Sons. "There is export demand but the supply of good quality cotton is limited as the season is coming to an end," he said. Pakistan, Bangladesh, China and Vietnam are the main buyers of Indian fibre. Indian cotton is being offered around 84 to 86 cents per lb on a cost and freight basis (C&F) to buyers in Bangladesh and Vietnam, compared to over 92 cents from the United States and Brazil, said a Mumbai-based dealer with a global trading firm. He declined to be identified as he was not authorised to speak with media. Meanwhile, the country's cotton imports could drop to 1.2 million bales in 2017/18 from 3 million bales the year before, said Ganatra at CAI. The South Asian country usually imports long staple cotton from the United States and Egypt. And a pick-up in local consumption amid higher exports is likely to erode India's cotton stockpile, Mirani said. India's cotton consumption is likely to rise 5.3 per cent in 2017/18 from the year before to 32.4 million bales, CAI estimates. The country could end the 2017/18 season with closing stocks of less than 2 million tonnes, the lowest in decades, Ganatra estimates.

India's cotton exports could hit four-year high on price rally, weak rupee

Debt growth for Chinese companies has slowed to the lowest rate in more than a decade, which could provide relief for policymakers worried about the fallout from years of loose lending practices across the economy.

But this growing caution about taking on new debt, along with tighter profit margins and slowing revenue growth, could point to rising risks facing the world's second-largest economy amid fears of a slowing growth.

The overall debt levels of Chinese companies grew three per cent in the first quarter of this year&nbsp;of 1,843 firms listed in Shanghai and Shenzhen, the slowest pace in at least 13 years.

Combined total debts - including borrowing via loans and bond issuances - amounted to 13.2 trillion yuan ($2.1 trillion) at the end of March, the slowest pace of growth year-on-year since at least 2005, the analysis showed.

That amount was down 6.2 per&nbsp;cent from the fourth quarter, a steep drop after companies ramped up leverage during 2017.

Revenue growth, meanwhile, more than halved to 12.3 per cent in the first three months of 2018 from 26.7 per cent a year ago. Net profit margins were also squeezed to their lowest level&nbsp;in two years, with sectors like information technology particularly hard hit.

"What it says to me is that many of these companies are quite cautious in terms of expansion and taking on new debt," said Christopher Lee, Hong Kong-based managing director for corporate ratings at S&P Global, referring to the data.

"The side effects will be slower industrial growth and slower GDP growth than what was achieved in 2017," he added.

The signs of slowing revenue growth add to a series of data pointing to vulnerabilities in China's economy, even as policymakers try to navigate debt risks and defuse a trade row with the United States.

Despite the stronger-than-expected first-quarter economic growth, economists, still expect a gradual slowdown to around 6.5 per cent this year from 6.9 per cent in 2017, as rising borrowing costs weigh on consumption and investment.

China saw fixed asset investment grow at its slowest rate since 1999 in April, while retail sales growth hit a four-month low. Home sales have also slowed as the government tightens controls in order to fight speculation and tame property prices.

Firms, meanwhile, are worrying about higher financing costs, as the government cracks down on riskier lending practices.

"As soon as we have the cash then we'll make repayments because if our debt-to-asset ratio is too high then our costs are also high," said an official at Xinjiang Youhao Group, which runs supermarkets and malls. "We need to think about financing costs."&nbsp;

The retailer's total debt of 1.3 billion yuan is at its lowest level since 2012.

The slower growth could put credit in the spotlight. Cutting debt levels has been Beijing's aim, but any signs that this may have gone too far - risking a broader drag on the economy - could prompt a rethink about financial tightening.

"The stronger-than-expected credit slowdown since December 2017 has led policymakers to take some action towards easing," Oxford Economics said in a report this week, pointing to overall credit growth slowing more than expected this year.

Borrowing costs are on the rise. The weighted average lending rate for non-financial firms, a key indicator reflecting corporate funding costs, rose 22 basis points in the first quarter.

The proportion of loans priced above the benchmark borrowing rate also jumped by 9.9 per centage points to 74.4 per cent in the first quarter, the highest since China started releasing such numbers in 2004, according to Nomura.

Creditors and investors have also become more picky about where they put their money as credit risks have climbed, making it harder for some corporate issuers to raise funds.

Last month, 81 Chinese bond issues worth 47 billion yuan were postponed or cancelled. That followed 47.4 billion yuan of bond issues that suffered a similar fate in March.

Beijing Orient Landscape & Environment Co Ltd this month attracted just 50 million yuan for a bond issue that was meant to raise as much as 1 billion yuan.&nbsp;

A spate of bond defaults hasn't helped, with 11 companies in China defaulting on bond payments since January.

Beijing is already working to reduce business costs, cutting electricity prices twice in recent months, and is trying to channel more bank funding to smaller firms, which hasn't done much yet to ease concerns over rising costs.

"Because of rising defaults many investors are taking another look at the market and are becoming much more cautious in committing new investment," said S&P's Lee.

"Many investors now realize this deleveraging campaign and liquidity tightening is affecting a much broader number of companies than was initially thought."&nbsp;

The overall debt levels of Chinese companies grew three per cent in the first quarter of this year

Debt growth for Chinese companies has slowed to the lowest rate in more than a decade, which could provide relief for policymakers worried about the fallout from years of loose lending practices across the economy. But this growing caution about taking on new debt, along with tighter profit margins and slowing revenue growth, could point to rising risks facing the world's second-largest economy amid fears of a slowing growth. The overall debt levels of Chinese companies grew three per cent in the first quarter of this year of 1,843 firms listed in Shanghai and Shenzhen, the slowest pace in at least 13 years. Combined total debts - including borrowing via loans and bond issuances - amounted to 13.2 trillion yuan ($2.1 trillion) at the end of March, the slowest pace of growth year-on-year since at least 2005, the analysis showed. That amount was down 6.2 per cent from the fourth quarter, a steep drop after companies ramped up leverage during 2017. Revenue growth, meanwhile, more than halved to 12.3 per cent in the first three months of 2018 from 26.7 per cent a year ago. Net profit margins were also squeezed to their lowest level in two years, with sectors like information technology particularly hard hit. "What it says to me is that many of these companies are quite cautious in terms of expansion and taking on new debt," said Christopher Lee, Hong Kong-based managing director for corporate ratings at S&P Global, referring to the data. "The side effects will be slower industrial growth and slower GDP growth than what was achieved in 2017," he added. The signs of slowing revenue growth add to a series of data pointing to vulnerabilities in China's economy, even as policymakers try to navigate debt risks and defuse a trade row with the United States. Despite the stronger-than-expected first-quarter economic growth, economists, still expect a gradual slowdown to around 6.5 per cent this year from 6.9 per cent in 2017, as rising borrowing costs weigh on consumption and investment. China saw fixed asset investment grow at its slowest rate since 1999 in April, while retail sales growth hit a four-month low. Home sales have also slowed as the government tightens controls in order to fight speculation and tame property prices. Firms, meanwhile, are worrying about higher financing costs, as the government cracks down on riskier lending practices. "As soon as we have the cash then we'll make repayments because if our debt-to-asset ratio is too high then our costs are also high," said an official at Xinjiang Youhao Group, which runs supermarkets and malls. "We need to think about financing costs." The retailer's total debt of 1.3 billion yuan is at its lowest level since 2012. The slower growth could put credit in the spotlight. Cutting debt levels has been Beijing's aim, but any signs that this may have gone too far - risking a broader drag on the economy - could prompt a rethink about financial tightening. "The stronger-than-expected credit slowdown since December 2017 has led policymakers to take some action towards easing," Oxford Economics said in a report this week, pointing to overall credit growth slowing more than expected this year. Borrowing costs are on the rise. The weighted average lending rate for non-financial firms, a key indicator reflecting corporate funding costs, rose 22 basis points in the first quarter. The proportion of loans priced above the benchmark borrowing rate also jumped by 9.9 per centage points to 74.4 per cent in the first quarter, the highest since China started releasing such numbers in 2004, according to Nomura. Creditors and investors have also become more picky about where they put their money as credit risks have climbed, making it harder for some corporate issuers to raise funds. Last month, 81 Chinese bond issues worth 47 billion yuan were postponed or cancelled. That followed 47.4 billion yuan of bond issues that suffered a similar fate in March. Beijing Orient Landscape & Environment Co Ltd this month attracted just 50 million yuan for a bond issue that was meant to raise as much as 1 billion yuan. A spate of bond defaults hasn't helped, with 11 companies in China defaulting on bond payments since January. Beijing is already working to reduce business costs, cutting electricity prices twice in recent months, and is trying to channel more bank funding to smaller firms, which hasn't done much yet to ease concerns over rising costs. "Because of rising defaults many investors are taking another look at the market and are becoming much more cautious in committing new investment," said S&P's Lee. "Many investors now realize this deleveraging campaign and liquidity tightening is affecting a much broader number of companies than was initially thought."

China Inc tightens reins on debt, raises spectre of slowdown

China has given Pakistan a credit line worth $1.6 billion to stave off a balance of payments crisis, two Pakistani central bank sources said&nbsp;on Thursday, with cash earmarked for boosting fast-depleting foreign currency reserves.

Two State Bank of Pakistan (SBP) sources told Reuters the credit facility that accompanies a currency swap agreement between SBP and China`s central bank has been hiked to 20 billion yuan ($3.13 billion) from 10 billion yuan.

"This arrangement has been finalised," said one SBP source, who spoke on condition of anonymity. A second source confirmed the agreement and the figures.

China has given Pakistan a credit line worth $1.6 billion to stave off a balance of payments crisis

China has given Pakistan a credit line worth $1.6 billion to stave off a balance of payments crisis, two Pakistani central bank sources said on Thursday, with cash earmarked for boosting fast-depleting foreign currency reserves. Two State Bank of Pakistan (SBP) sources told Reuters the credit facility that accompanies a currency swap agreement between SBP and China`s central bank has been hiked to 20 billion yuan ($3.13 billion) from 10 billion yuan. "This arrangement has been finalised," said one SBP source, who spoke on condition of anonymity. A second source confirmed the agreement and the figures.

China gives Pakistan $1.6 billion credit line to boost currency reserves

Oil prices eased&nbsp;on Friday&nbsp;as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017.

Brent crude futures were at $78.63 per barrel at 0534 GMT, down 16 cents from their last close, and more than 2.2 percent below the $80.50 multi-year high they reached on May 17. Brent broke through $80 for the first time in more than three years earlier in May.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $70.60 a barrel, down 11 cents from their last settlement.

"Oil prices are now starting to drift a little," said Greg McKenna,&nbsp;chief&nbsp;market strategist at futures brokerage AxiTrader, adding that this was due to OPEC's and Russia's "moves toward an increase in production" at a meeting scheduled for next month.

The Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), as well as a group of non-OPEC producers led by Russia, started withholding output in 2017 to tighten the market and prop up prices.

But Russia, in particular, has been floating a potential end to the production cuts, with energy minister Alexander Novak saying&nbsp;on Thursday&nbsp;that restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June.

"The Russians have always struck me as production cut tourists keen to get off the boat and crank up production as soon as inventories were stabilised and prices once again elevated ... That possibility is top of the mind for traders and as result&nbsp;oil prices are slipping," McKenna said.

Still, the downside risk to oil prices could be limited by geopolitical factors.&nbsp;

"Oil prices, however, look primed to withstand the slip as heightened geopolitical risks from the Middle East, (and) raised prospects of a supply squeeze in Venezuela and Iran permeates global market sentiment," Benjamin Lu, an investment analyst at Phillip Futures in Singapore said in a note to clients.

While Russia and OPEC benefit from higher oil prices, which have risen by almost 20 percent since the end of last year, their voluntary output cuts have opened the door to other producers to ramp up output and gain market share.

US&nbsp;crude oil production has risen by more than a quarter in the last two years, to 10.73 million barrels per day (bpd). Only Russia produces more, at around 11 million bpd.

Output by producers like the United States, Canada or Brazil which are not bound by the OPEC/Russian led agreement to cut, will likely rise further as higher crude prices improve their profitability.

"With oil prices rising more than costs, average industry profitability has turned positive this year," Bernstein Energy said in a note this week, adding that the 50 largest listed oil companies globally "need $47 per barrel oil prices to break even in aggregate".

US West Texas Intermediate (WTI) crude futures were at $70.60 a barrel, down 11 cents from their last settlement

Oil prices eased on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017. Brent crude futures were at $78.63 per barrel at 0534 GMT, down 16 cents from their last close, and more than 2.2 percent below the $80.50 multi-year high they reached on May 17. Brent broke through $80 for the first time in more than three years earlier in May. US West Texas Intermediate (WTI) crude futures were at $70.60 a barrel, down 11 cents from their last settlement. "Oil prices are now starting to drift a little," said Greg McKenna, chief market strategist at futures brokerage AxiTrader, adding that this was due to OPEC's and Russia's "moves toward an increase in production" at a meeting scheduled for next month. The Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), as well as a group of non-OPEC producers led by Russia, started withholding output in 2017 to tighten the market and prop up prices. But Russia, in particular, has been floating a potential end to the production cuts, with energy minister Alexander Novak saying on Thursday that restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June. "The Russians have always struck me as production cut tourists keen to get off the boat and crank up production as soon as inventories were stabilised and prices once again elevated ... That possibility is top of the mind for traders and as result oil prices are slipping," McKenna said. Still, the downside risk to oil prices could be limited by geopolitical factors. "Oil prices, however, look primed to withstand the slip as heightened geopolitical risks from the Middle East, (and) raised prospects of a supply squeeze in Venezuela and Iran permeates global market sentiment," Benjamin Lu, an investment analyst at Phillip Futures in Singapore said in a note to clients. While Russia and OPEC benefit from higher oil prices, which have risen by almost 20 percent since the end of last year, their voluntary output cuts have opened the door to other producers to ramp up output and gain market share. US crude oil production has risen by more than a quarter in the last two years, to 10.73 million barrels per day (bpd). Only Russia produces more, at around 11 million bpd. Output by producers like the United States, Canada or Brazil which are not bound by the OPEC/Russian led agreement to cut, will likely rise further as higher crude prices improve their profitability. "With oil prices rising more than costs, average industry profitability has turned positive this year," Bernstein Energy said in a note this week, adding that the 50 largest listed oil companies globally "need $47 per barrel oil prices to break even in aggregate".

Oil prices fall as Russia warns of gradual output increase

Singapore's third derivatives exchange kicked off trading&nbsp;on Friday&nbsp;with the launch of palm oil futures, as the largely China-backed bourse looks to get a foothold in the region in preparation for other contracts down the line.

The Asia Pacific Exchange (APEX) hopes the US&nbsp;dollar-denominated palm olein futures will give traders another option beyond benchmark ringgit-denominated contracts and is touting the market as a place for Southeast Asian sellers and other international players to get access to Chinese buyers.

"Right now, China's market is more domestic, we are trying to bring out the Chinese market to international players," APEX's Chief Executive Eugene Zhu told reporters after the launch.

APEX's September palm olein futures contract opened at $635 a tonne and was last down 0.3 percent. A November contract was up 1.7 percent after opening at $650 a tonne.

"Traded volume in the first half-hour seems very good, but we need to see if this is just first-day euphoria or if the market can sustain," said a palm oil futures trader in Kuala Lumpur. He declined to be identified as he was not authorised to speak with media.

Under the contracts, palm olein is for physical delivery, on a Free on Board (FOB) basis, at Pasir Gudang and Port Klang in Malaysia, while in Indonesia, it is for delivery at Belawan and Dumai ports. Those two countries produce nearly 90 percent of the world's palm oil, used to churn out products ranging from chocolate to soap.

APEX's major shareholders include Chinese conglomerate CEFC China Energy, Chinese futures commission merchant Xinhua Group and other international investment funds.

China is the world's No.2 buyer of palm oil, with the commodity comprising about 70 percent of its edible oil imports.

Zhu, the former head of the Dalian Commodity Exchange (DCE), said the palm futures would complement other exchanges in the region.

"There will arbitrage opportunities and it will help to generate more volumes for all the exchanges," Zhu said.

The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was trading down 1.1 percent&nbsp;on Friday, while the most-active palm olein contract on the DCE had eased slightly.

Bursa Malaysia launched dollar-denominated crude palm oil and palm olein contracts over the last decade, but Kuala Lumpur-based traders said trading volumes for both contracts are close to zero due to a lack of market makers.

APEX plans to offer other futures and options based on commodities from sectors including agriculture, energy, petrochemicals and metals, as well as on interest rates and stock indices.

'Right now, China's market is more domestic, we are trying to bring out the Chinese market to international players,' APEX's Chief Executive Eugene Zhu said

Singapore's third derivatives exchange kicked off trading on Friday with the launch of palm oil futures, as the largely China-backed bourse looks to get a foothold in the region in preparation for other contracts down the line. The Asia Pacific Exchange (APEX) hopes the US dollar-denominated palm olein futures will give traders another option beyond benchmark ringgit-denominated contracts and is touting the market as a place for Southeast Asian sellers and other international players to get access to Chinese buyers. "Right now, China's market is more domestic, we are trying to bring out the Chinese market to international players," APEX's Chief Executive Eugene Zhu told reporters after the launch. APEX's September palm olein futures contract opened at $635 a tonne and was last down 0.3 percent. A November contract was up 1.7 percent after opening at $650 a tonne. "Traded volume in the first half-hour seems very good, but we need to see if this is just first-day euphoria or if the market can sustain," said a palm oil futures trader in Kuala Lumpur. He declined to be identified as he was not authorised to speak with media. Under the contracts, palm olein is for physical delivery, on a Free on Board (FOB) basis, at Pasir Gudang and Port Klang in Malaysia, while in Indonesia, it is for delivery at Belawan and Dumai ports. Those two countries produce nearly 90 percent of the world's palm oil, used to churn out products ranging from chocolate to soap. APEX's major shareholders include Chinese conglomerate CEFC China Energy, Chinese futures commission merchant Xinhua Group and other international investment funds. China is the world's No.2 buyer of palm oil, with the commodity comprising about 70 percent of its edible oil imports. Zhu, the former head of the Dalian Commodity Exchange (DCE), said the palm futures would complement other exchanges in the region. "There will arbitrage opportunities and it will help to generate more volumes for all the exchanges," Zhu said. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was trading down 1.1 percent on Friday, while the most-active palm olein contract on the DCE had eased slightly. Bursa Malaysia launched dollar-denominated crude palm oil and palm olein contracts over the last decade, but Kuala Lumpur-based traders said trading volumes for both contracts are close to zero due to a lack of market makers. APEX plans to offer other futures and options based on commodities from sectors including agriculture, energy, petrochemicals and metals, as well as on interest rates and stock indices.

New Singapore exchange kicks off trading with palm oil futures

The rupee recovered from a near 18-month low by rising 12 paise to 68.30 against the dollar in opening trade today at the forex market on fresh selling of the US currency by exporters and banks.

The minutes from the US Federal Reserve's meeting yesterday appeared to have reassured investors that the central bank will not be too aggressive with raising interest rates, forex dealers said.

Besides selling of the American currency by exporters and banks, weakness in the dollar against some other currencies overseas propped the rupee, they said.

Further, a higher opening in the domestic equity market too influenced the rupee uptrend, they added.

Yesterday, the rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows amid concerns over macro conditions and surging crude oil prices.

Meanwhile, the benchmark BSE Sensex rose 119.56 points, or 0.34 percent, to 34,464.47 in early trade today.

The rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows

The rupee recovered from a near 18-month low by rising 12 paise to 68.30 against the dollar in opening trade today at the forex market on fresh selling of the US currency by exporters and banks. The minutes from the US Federal Reserve's meeting yesterday appeared to have reassured investors that the central bank will not be too aggressive with raising interest rates, forex dealers said. Besides selling of the American currency by exporters and banks, weakness in the dollar against some other currencies overseas propped the rupee, they said. Further, a higher opening in the domestic equity market too influenced the rupee uptrend, they added. Yesterday, the rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows amid concerns over macro conditions and surging crude oil prices. Meanwhile, the benchmark BSE Sensex rose 119.56 points, or 0.34 percent, to 34,464.47 in early trade today.

Rupee rises by 12 paise against dollar

The BSE Sensex rebounded about 153 points in opening trade today on fresh buying in IT, teck, capital goods and healthcare counters amid mixed overseas cues.

Buying by domestic institutional investors and strengthening rupee also supported the recovery, brokers said.

Asian stocks traded mixed amid caution over US-China trade relations.

US stocks closed higher yesterday after minutes from the Federal Reserve's meeting reassured investors that the central bank will not be too aggressive with raising interest rates.

The 30-share Sensex rose 152.81 points, or 0.44 per cent, to 34,497.72, with sectoral indices IT, teck, capital goods, healthcare, power, consumer durables, bankex and realty advancing by up to 1.77 per cent.

The gauge had lost 306.33 points in the previous session.

The NSE Nifty also moved up by 38.15 points, or 0.36 per cent, to 10,468.50.

Major gainers were Infosys, Tata Steel, TCS, HDFC Ltd, Bharti Airtel, Coal India, Sun Pharma, Wipro, Yes Bank, Power Grid, Axis Bank and RIL, gaining up to 2.38 per cent

State-run lender SBI also extended its gaining streak for the third straight session, inching up 0.32 per cent to Rs 264.05.

However, Tata Motors plunged 4.41 per cent after the company yesterday reported a 49.82 per cent decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and

Europe, in addition to one time impairment charge.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 789.78 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 311.11 crore yesterday, as per provisional data.

Elsewhere in Asia, Hong Kong's Hang Seng rose 0.32 per cent while Shanghai Composite index was up 0.04 per cent in early trade today. However, Japan's Nikkei fell 1.10 per cent.

The Dow Jones Industrial Average ended 0.21 per cent higher in yesterday's trade but geopolitical and trade concerns continued to dent investor sentiment.&nbsp

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 789.78 crore

The BSE Sensex rebounded about 153 points in opening trade today on fresh buying in IT, teck, capital goods and healthcare counters amid mixed overseas cues. Buying by domestic institutional investors and strengthening rupee also supported the recovery, brokers said. Asian stocks traded mixed amid caution over US-China trade relations. US stocks closed higher yesterday after minutes from the Federal Reserve's meeting reassured investors that the central bank will not be too aggressive with raising interest rates. The 30-share Sensex rose 152.81 points, or 0.44 per cent, to 34,497.72, with sectoral indices IT, teck, capital goods, healthcare, power, consumer durables, bankex and realty advancing by up to 1.77 per cent. The gauge had lost 306.33 points in the previous session. The NSE Nifty also moved up by 38.15 points, or 0.36 per cent, to 10,468.50. Major gainers were Infosys, Tata Steel, TCS, HDFC Ltd, Bharti Airtel, Coal India, Sun Pharma, Wipro, Yes Bank, Power Grid, Axis Bank and RIL, gaining up to 2.38 per cent State-run lender SBI also extended its gaining streak for the third straight session, inching up 0.32 per cent to Rs 264.05. However, Tata Motors plunged 4.41 per cent after the company yesterday reported a 49.82 per cent decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and Europe, in addition to one time impairment charge. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 789.78 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 311.11 crore yesterday, as per provisional data. Elsewhere in Asia, Hong Kong's Hang Seng rose 0.32 per cent while Shanghai Composite index was up 0.04 per cent in early trade today. However, Japan's Nikkei fell 1.10 per cent. The Dow Jones Industrial Average ended 0.21 per cent higher in yesterday's trade but geopolitical and trade concerns continued to dent investor sentiment.

Sensex recoups 153 points on global cues