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One of the top lawyers in the booming cryptocurrency industry says the legal structure he helped set up to raise funds for new virtual currencies is &quot;old, inflexible and stupid&quot; and may no longer be fit for purpose.

The Swiss lawyer&#39;s comments come as regulators around the world increase their scrutiny of initial coin offerings (ICOs), the digital fundraisers that precede a currency&#39;s launch.

There is also growing scrutiny from investors. The Zug-based Tezos Foundation is facing US&nbsp;class-action lawsuits from those who say they were misled and defrauded in its ICO.

Luka Mueller&#39;s MME law firm helped set up foundations in Switzerland for Tezos and some of the world&#39;s biggest ICOs, including those of Bancor and Ethereum. Many foundations applied for non-profit tax status. The money raised in the ICO is treated as a donation that may not be returned.

Regulators in the United States, the UK, and elsewhere are looking at whether an ICO should have similar investor protection to an initial public offering (IPO) for a company.

Mueller told Reuters cryptocurrency groups involving US&nbsp;participants or gaining backing from investors should set up companies instead of the Swiss foundations he helped popularize.

&quot;If you structure your token sale in a way that it would look like an initial public offering, then even if you launch a (blockchain) protocol, the foundation is maybe not suitable,&quot; he said.

&quot;If...the background is more an investor environment rather than a technical environment, yes, do all the registrations. If you want to sell it, if you want to be active and actively promoting it in the US, apply US&nbsp;law.&quot;

He said a foundation could still work for ICOs if a project is of interest mainly to technical experts rather than investors.

Bitcoin, the best-known cryptocurrency, exploded in value since it was launched in 2009. Its price increased from less than a cent in early 2010 to a record shy of $20,000 in December 2017.

The coins use encryption and a blockchain transaction database enabling fast and anonymous transfer of funds without centralized payment systems.

ICOs skyrocketed in 2017, reaching nearly $3 billion through September. Switzerland attracted around a quarter of the world&#39;s ICOs with nearly $650 million raised there in the first nine months of 2017, according to data compiled by cryptocurrency research firm Smith + Crown.

Blockchain groups have set up foundations in the Swiss &quot;Crypto Valley,&quot; but the model has also loosely been exported elsewhere including to the Seychelles, Mauritius and Singapore.

Tezos aims to be a blockchain that&#39;s more reliable than the ones behind bitcoin and ether. Its foundation raised $232 million last July.

It is now facing at least half a dozen class-action lawsuits in the United States. The plaintiffs are seeking a refund as well as damages.

They made non-refundable donations and expected to receive tokens called Tezzies when the network launched. But a former board member said the project is in a state of paralysis because of the lawsuits and a dispute between the developers and the foundation&#39;s president. The network has not yet launched.

Tezos Foundation officials have declined to comment on the lawsuits. An attorney for the founders, Kathleen and Arthur Breitman, said of the first lawsuit that is was without merit and that the couple would aggressively defend themselves.

Under MME&#39;s guidelines, tokens become property with an enforceable right once the blockchain launches and the token receives a spot on the first block. Before the launch contributors have no such rights.

Mueller said the foundation structure his team helped bring to cryptocurrency groups was initially conceived as a means to ensure funds were used for a set purpose and to protect developers from any liability over the project&#39;s success.

&quot;It&#39;s a concept of a donation, from which it is clear you donate,&quot; Mueller said. &quot;You donate into a structure and you donate to a team and to their idea.&quot;

By MME&#39;s definition, the developers behind the tokens are not liable for the projects and there is no counterparty to sue.

The Zug-based Tezos Foundation is facing US class-action lawsuits from those who say they were misled and defrauded in its ICO

One of the top lawyers in the booming cryptocurrency industry says the legal structure he helped set up to raise funds for new virtual currencies is "old, inflexible and stupid" and may no longer be fit for purpose. The Swiss lawyer's comments come as regulators around the world increase their scrutiny of initial coin offerings (ICOs), the digital fundraisers that precede a currency's launch. There is also growing scrutiny from investors. The Zug-based Tezos Foundation is facing US class-action lawsuits from those who say they were misled and defrauded in its ICO. Luka Mueller's MME law firm helped set up foundations in Switzerland for Tezos and some of the world's biggest ICOs, including those of Bancor and Ethereum. Many foundations applied for non-profit tax status. The money raised in the ICO is treated as a donation that may not be returned. Regulators in the United States, the UK, and elsewhere are looking at whether an ICO should have similar investor protection to an initial public offering (IPO) for a company. Mueller told Reuters cryptocurrency groups involving US participants or gaining backing from investors should set up companies instead of the Swiss foundations he helped popularize. "If you structure your token sale in a way that it would look like an initial public offering, then even if you launch a (blockchain) protocol, the foundation is maybe not suitable," he said. "If...the background is more an investor environment rather than a technical environment, yes, do all the registrations. If you want to sell it, if you want to be active and actively promoting it in the US, apply US law." He said a foundation could still work for ICOs if a project is of interest mainly to technical experts rather than investors. Bitcoin, the best-known cryptocurrency, exploded in value since it was launched in 2009. Its price increased from less than a cent in early 2010 to a record shy of $20,000 in December 2017. The coins use encryption and a blockchain transaction database enabling fast and anonymous transfer of funds without centralized payment systems. ICOs skyrocketed in 2017, reaching nearly $3 billion through September. Switzerland attracted around a quarter of the world's ICOs with nearly $650 million raised there in the first nine months of 2017, according to data compiled by cryptocurrency research firm Smith + Crown. Blockchain groups have set up foundations in the Swiss "Crypto Valley," but the model has also loosely been exported elsewhere including to the Seychelles, Mauritius and Singapore. Tezos aims to be a blockchain that's more reliable than the ones behind bitcoin and ether. Its foundation raised $232 million last July. It is now facing at least half a dozen class-action lawsuits in the United States. The plaintiffs are seeking a refund as well as damages. They made non-refundable donations and expected to receive tokens called Tezzies when the network launched. But a former board member said the project is in a state of paralysis because of the lawsuits and a dispute between the developers and the foundation's president. The network has not yet launched. Tezos Foundation officials have declined to comment on the lawsuits. An attorney for the founders, Kathleen and Arthur Breitman, said of the first lawsuit that is was without merit and that the couple would aggressively defend themselves. Under MME's guidelines, tokens become property with an enforceable right once the blockchain launches and the token receives a spot on the first block. Before the launch contributors have no such rights. Mueller said the foundation structure his team helped bring to cryptocurrency groups was initially conceived as a means to ensure funds were used for a set purpose and to protect developers from any liability over the project's success. "It's a concept of a donation, from which it is clear you donate," Mueller said. "You donate into a structure and you donate to a team and to their idea." By MME's definition, the developers behind the tokens are not liable for the projects and there is no counterparty to sue.

Swiss bitcoin foundation model old, inflexible and stupid: Top cryptocurrency lawyer

The Sensex breached the 36,000 mark for the first time Tuesday, following closely in the footsteps of the Nifty which crossed the 11,000 mark for the first time in early-morning trade Tuesday.&nbsp;

The Nifty opened at 10,997.40, quickly going on to hit a high of 11,023.&nbsp;

The Sensex meanwhile opened at 35,868.19, and then went on to hit an all-time high of 36,024.07.&nbsp;

The Sensex has been on a bull run of late, clocking in a number of record-setting sessions. It took only 17 sessions to get from the 34,000 mark to the 35,000 mark.&nbsp;

Uninterrupted foreign fund inflows amid strong corporate earnings and positive global leads drove the benchmark indices to fresh life time highs.

Trading sentiment remained extremely bullish backed by sustained capital inflows by foreign funds and widespread buying by retail investors, driven by strong earnings by some more bluechip companies that helped key indices to scale new peaks, brokers said.

Moreover, record closing on Wall Street as lawmakers&nbsp;agreed a budget deal to reopen the US government and a firming trend at other Asian markets too bolstered trading sentiment s here, they added.&nbsp;

(With inputs from PTI)

The Nifty opened at 10,997.40, quickly going on to hit a high of 11,023

The Sensex breached the 36,000 mark for the first time Tuesday, following closely in the footsteps of the Nifty which crossed the 11,000 mark for the first time in early-morning trade Tuesday. The Nifty opened at 10,997.40, quickly going on to hit a high of 11,023. The Sensex meanwhile opened at 35,868.19, and then went on to hit an all-time high of 36,024.07. The Sensex has been on a bull run of late, clocking in a number of record-setting sessions. It took only 17 sessions to get from the 34,000 mark to the 35,000 mark. Uninterrupted foreign fund inflows amid strong corporate earnings and positive global leads drove the benchmark indices to fresh life time highs. Trading sentiment remained extremely bullish backed by sustained capital inflows by foreign funds and widespread buying by retail investors, driven by strong earnings by some more bluechip companies that helped key indices to scale new peaks, brokers said. Moreover, record closing on Wall Street as lawmakers agreed a budget deal to reopen the US government and a firming trend at other Asian markets too bolstered trading sentiment s here, they added. (With inputs from PTI)

Sensex breaches 36,000 mark, Nifty 11,000 for first time

By:&nbsp;Prakash Priyadarshi

Payment of Gratuity (Amendment) Bill, 2017, which will make formal sector workers eligible for tax-free gratuity up to Rs 20 lakh, is likely to be introduced in the forthcoming budget session.&nbsp;

At present formal sector workers with five or more years of service are eligible for Rs 10 lakh tax-free gratuity after leaving the job or at time of superannuation.&nbsp;

According to a labour ministry source, the government wants to increase the limit of tax-free gratuity from Rs 10 lakh to Rs 20 lakh for workers in the organised sector.

Sources said that once the bill is passed by the Parliament, the government can increase the quantum of tax-free gratuity through a notification.&nbsp;

The bill was introduced in the Lok Sabha by labour minister Santosh Kumar Gangwar during the winter session of Parliament in December 2017.&nbsp;

What is Payment of Gratuity Act

The Payment of Gratuity Act 1972 provides for the payment of gratuity to employees engaged in industries including mines, oilfields, plantations, shops, factories, amongst others. The tax-free gratuity limit was raised to Rs 10 lakh through the Payment of Gratuity (Amendment) Bill, 2010.&nbsp;

The law is applicable to employees, who have completed at least five years of continuous service in an establishment that has ten or more employees.

The bill was introduced in the Lok Sabha by labour minister Santosh Kumar Gangwar during the winter session of Parliament in December 2017

By: Prakash Priyadarshi Payment of Gratuity (Amendment) Bill, 2017, which will make formal sector workers eligible for tax-free gratuity up to Rs 20 lakh, is likely to be introduced in the forthcoming budget session. At present formal sector workers with five or more years of service are eligible for Rs 10 lakh tax-free gratuity after leaving the job or at time of superannuation. According to a labour ministry source, the government wants to increase the limit of tax-free gratuity from Rs 10 lakh to Rs 20 lakh for workers in the organised sector. Sources said that once the bill is passed by the Parliament, the government can increase the quantum of tax-free gratuity through a notification. The bill was introduced in the Lok Sabha by labour minister Santosh Kumar Gangwar during the winter session of Parliament in December 2017. What is Payment of Gratuity Act The Payment of Gratuity Act 1972 provides for the payment of gratuity to employees engaged in industries including mines, oilfields, plantations, shops, factories, amongst others. The tax-free gratuity limit was raised to Rs 10 lakh through the Payment of Gratuity (Amendment) Bill, 2010. The law is applicable to employees, who have completed at least five years of continuous service in an establishment that has ten or more employees.

Tax-free gratuity limit set to go up to Rs 20 lakh: Labour Ministry Sources

Pitching India as an investment destination at the World Economic Forum in Davos, Prime Minister Narendra Modi on Tuesday told world leaders and global CEOs that the country has replaced the infamous bureaucratic red tape with a red carpet for businesses.

Hard selling India as an investment destination at the WEF, Modi said the government is following the principle of reform, perform and transform.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
The world applauds 1.3 bn people of India at the <a href="https://twitter.com/wef?ref_src=twsrc%5Etfw">@wef</a> in <a href="https://twitter.com/hashtag/Davos?src=hash&amp;ref_src=twsrc%5Etfw">#Davos</a> appreciating the remarkable transformation in improving the business climate. PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> interacting with the top global CEOs at the International Business Council event. <a href="https://twitter.com/hashtag/IndiaMeansBusiness?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaMeansBusiness</a> <a href="https://t.co/AfvfarnKGS">pic.twitter.com/AfvfarnKGS</a>
&mdash; Raveesh Kumar (@MEAIndia) <a href="https://twitter.com/MEAIndia/status/955795946369179648?ref_src=twsrc%5Etfw">January 23, 2018</a></blockquote>
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&quot;We have made it easier to invest in India, manufacture in India and work in India. We have decided to uproot licence and permit Raj. We are replacing red tape with red carpet,&quot; he added.

Stating that hundreds of reforms have been carried out by the central and state governments, the prime minister said 1,400 archaic laws that were becoming roadblocks in India&#39;s growth have been removed and the Goods and Services Tax (GST) has been implemented, among others.

Inclusive development is key to all government programmes, whether it is Jan Dhan Yojana, Beti Bachao Beti Padhao or Direct Benefit Transfer through digital infrastructure, he said.

Speaking in Hindi, PM Modi showcased the ease of doing business in India to world leaders and global CEOs, also calling for countries to unite to tackle what he called the three big challenges that the world faces - &quot;climate change, terrorism and a threat to globalisation with powers of protectionism rising.&quot;

PM Modi said the government is following the principle of reform, perform and transform

Pitching India as an investment destination at the World Economic Forum in Davos, Prime Minister Narendra Modi on Tuesday told world leaders and global CEOs that the country has replaced the infamous bureaucratic red tape with a red carpet for businesses. Hard selling India as an investment destination at the WEF, Modi said the government is following the principle of reform, perform and transform. The world applauds 1.3 bn people of India at the @wef in #Davos appreciating the remarkable transformation in improving the business climate. PM @narendramodi interacting with the top global CEOs at the International Business Council event. #IndiaMeansBusiness pic.twitter.com/AfvfarnKGS — Raveesh Kumar (@MEAIndia) January 23, 2018 × "We have made it easier to invest in India, manufacture in India and work in India. We have decided to uproot licence and permit Raj. We are replacing red tape with red carpet," he added. Stating that hundreds of reforms have been carried out by the central and state governments, the prime minister said 1,400 archaic laws that were becoming roadblocks in India's growth have been removed and the Goods and Services Tax (GST) has been implemented, among others. Inclusive development is key to all government programmes, whether it is Jan Dhan Yojana, Beti Bachao Beti Padhao or Direct Benefit Transfer through digital infrastructure, he said. Speaking in Hindi, PM Modi showcased the ease of doing business in India to world leaders and global CEOs, also calling for countries to unite to tackle what he called the three big challenges that the world faces - "climate change, terrorism and a threat to globalisation with powers of protectionism rising."

India replacing 'red tape' with 'red carpet': PM Modi at Davos

Facebook Inc is buying a software firm that specializes in authenticating government-issued identification cards, the two companies said on Tuesday, a step that may help the social media giant learn more about the people who buy ads on its network.

US&nbsp;lawmakers have expressed alarm at Facebook&#39;s limited ability to know who is buying advertisements, including election-related ads, on the world&#39;s largest social network.&nbsp;

Boston-based Confirm Inc, which is privately held, said on its website that the acquisition was the culmination of three years of work to build technology to keep people safe online.&nbsp;

Facebook said in a statement that Confirm`s &quot;technology and expertise will support our ongoing efforts to keep our community safe.&quot;

Terms of the deal and how Facebook would apply Confirm&#39;s software were not revealed.

Confirm will wind down its operations and its employees will join Facebook in Boston, a person familiar with the acquisition told Reuters.

Confirm&#39;s website listed 26 employees earlier this month, according to a version archived by the Google search engine. It says on its website that it has more than 750 clients.

Last year, Facebook said that suspected Russian agents had been paying to boost Facebook posts in the United States in an attempt to divide the electorate around the 2016 presidential election. Moscow denies the allegations.

The company later said that it would begin requiring organizations running election-related ads to confirm their identities.&nbsp;

Facebook has more than 6 million different advertisers, and buying ads has historically required little more than a Facebook page and a credit card.&nbsp;

Confirm says that its software allows for proof of identity for online transactions, allowing users to detect potentially fraudulent activity.

US lawmakers have expressed alarm at Facebook's limited ability to know who is buying advertisements, including election-related ads, on the world's largest social network

Facebook Inc is buying a software firm that specializes in authenticating government-issued identification cards, the two companies said on Tuesday, a step that may help the social media giant learn more about the people who buy ads on its network. US lawmakers have expressed alarm at Facebook's limited ability to know who is buying advertisements, including election-related ads, on the world's largest social network. Boston-based Confirm Inc, which is privately held, said on its website that the acquisition was the culmination of three years of work to build technology to keep people safe online. Facebook said in a statement that Confirm`s "technology and expertise will support our ongoing efforts to keep our community safe." Terms of the deal and how Facebook would apply Confirm's software were not revealed. Confirm will wind down its operations and its employees will join Facebook in Boston, a person familiar with the acquisition told Reuters. Confirm's website listed 26 employees earlier this month, according to a version archived by the Google search engine. It says on its website that it has more than 750 clients. Last year, Facebook said that suspected Russian agents had been paying to boost Facebook posts in the United States in an attempt to divide the electorate around the 2016 presidential election. Moscow denies the allegations. The company later said that it would begin requiring organizations running election-related ads to confirm their identities. Facebook has more than 6 million different advertisers, and buying ads has historically required little more than a Facebook page and a credit card. Confirm says that its software allows for proof of identity for online transactions, allowing users to detect potentially fraudulent activity.

Facebook buys Boston software company that authenticates IDs

The benchmark BSE Sensex opened lower today after a five-session record-setting spree as investors cashed profits in metal, capital goods, consumer durables, power and banking shares ahead of January month expiry in the derivatives segment tomorrow.

The BSE 30-share barometer dropped by 54.30 points or 0.15 per cent to 36,085.68 in opening trade as index major Reliance Industries, ICICI Bank and Bharti Airtel declined.

The gauge had rallied 1,368.93 points in the previous five back-to-back record-setting sessions on sustained foreign fund inflows. It had <a href="http://www.wionews.com/india-news/sensex-closes-at-36140-nifty-ends-above-11000-mark-30507" target="_blank">closed at a record high</a> of 36,139.98 yesterday after touching an intra-day high of 36,170.83.

The NSE Nifty index too retreated, falling by 26.45 points, or 0.23 per cent, at 11,057.25. Yesterday, it had closed at record high of 11,083.70 points after scaling an all-time high (intra- nay) of 11,092.90.

Brokers said investors turned cautious and preferred to log gains at record levels ahead of tomorrow&#39;s January expiry in the derivatives segment, pulling down the key indices from record highs.

Besides, a weak trend at most of other Asian markets too weighed on the sentiments here, they added.

The laggards were Bharti Airtel, ICICI Bank, Tata Motors, Coal India, Adani Ports, Tata Steel, Asian Paint, Reliance Industries, Infosys, L&amp;T and M&amp;M, falling up to 3.18 per cent.

Meanwhile, foreign portfolio investors (FPIs) continued their buying activity on the domestic bourses here. They bought shares worth a net Rs 1,229.35 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 169.03 crore yesterday, provisional data showed.

Globally, in the Asian region, Japan&#39;s Nikkei fell 0.56 per cent, while Hong Kong&#39;s Hang Seng shed 0.35 per cent in their early deals. Shanghai Composite Index, however, was up 0.09 per cent.

The US Dow Jones Industrial Average also ended a shade lower in yesterday&#39;s trade.

The Sensex had closed at a record high of 36,139.98 Tuesday after touching an intra-day high of 36,170.83

The benchmark BSE Sensex opened lower today after a five-session record-setting spree as investors cashed profits in metal, capital goods, consumer durables, power and banking shares ahead of January month expiry in the derivatives segment tomorrow. The BSE 30-share barometer dropped by 54.30 points or 0.15 per cent to 36,085.68 in opening trade as index major Reliance Industries, ICICI Bank and Bharti Airtel declined. The gauge had rallied 1,368.93 points in the previous five back-to-back record-setting sessions on sustained foreign fund inflows. It had closed at a record high of 36,139.98 yesterday after touching an intra-day high of 36,170.83. The NSE Nifty index too retreated, falling by 26.45 points, or 0.23 per cent, at 11,057.25. Yesterday, it had closed at record high of 11,083.70 points after scaling an all-time high (intra- nay) of 11,092.90. Brokers said investors turned cautious and preferred to log gains at record levels ahead of tomorrow's January expiry in the derivatives segment, pulling down the key indices from record highs. Besides, a weak trend at most of other Asian markets too weighed on the sentiments here, they added. The laggards were Bharti Airtel, ICICI Bank, Tata Motors, Coal India, Adani Ports, Tata Steel, Asian Paint, Reliance Industries, Infosys, L&T and M&M, falling up to 3.18 per cent. Meanwhile, foreign portfolio investors (FPIs) continued their buying activity on the domestic bourses here. They bought shares worth a net Rs 1,229.35 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 169.03 crore yesterday, provisional data showed. Globally, in the Asian region, Japan's Nikkei fell 0.56 per cent, while Hong Kong's Hang Seng shed 0.35 per cent in their early deals. Shanghai Composite Index, however, was up 0.09 per cent. The US Dow Jones Industrial Average also ended a shade lower in yesterday's trade.

Sensex opens 54 points lower on profit booking

The government may marginally raise the corpus for Sugar Development Fund (SDF) to Rs 500 crore in the upcoming Budget for 2018-19.

SDF, managed by the food ministry, is used for lending money to mills at lower interest rates. Till last fiscal, the cess - collected from sugar mills - was deposited in it.

When GST kicked in, the sugar cess was scrapped and hence a separate budgetary provision of Rs 496 crore was made for SDF for 2017-18.

&quot;Most of the fund allocated for this fiscal under SDF has been utilised. There is a possibility that the budgetary allocation for SDF increase marginally to Rs 500 crore for the next fiscal,&quot; sources said.

It is a revolving fund. If sugar mills clear the loan, the same fund will be used for further lending else the availability of funds will be less, the sources said.

SDF was set up in 1982 to provide financial help for development of sugar industry. Since inception, about Rs 7,500 crore has been disbursed to sugar factories.

In recent years, SDF has been used to finance various interventions of the government to deal with the crisis in sugar industry.

Industry body ISMA has revised its sugar production estimate for the 2017-18 season (October-September) to around 261 lakh tonne, against the first advance estimate of 251 lakh tonne.&nbsp;

When GST kicked in, the sugar cess was scrapped and hence a separate budgetary provision of Rs 496 crore was made for SDF for 2017-18

The government may marginally raise the corpus for Sugar Development Fund (SDF) to Rs 500 crore in the upcoming Budget for 2018-19. SDF, managed by the food ministry, is used for lending money to mills at lower interest rates. Till last fiscal, the cess - collected from sugar mills - was deposited in it. When GST kicked in, the sugar cess was scrapped and hence a separate budgetary provision of Rs 496 crore was made for SDF for 2017-18. "Most of the fund allocated for this fiscal under SDF has been utilised. There is a possibility that the budgetary allocation for SDF increase marginally to Rs 500 crore for the next fiscal," sources said. It is a revolving fund. If sugar mills clear the loan, the same fund will be used for further lending else the availability of funds will be less, the sources said. SDF was set up in 1982 to provide financial help for development of sugar industry. Since inception, about Rs 7,500 crore has been disbursed to sugar factories. In recent years, SDF has been used to finance various interventions of the government to deal with the crisis in sugar industry. Industry body ISMA has revised its sugar production estimate for the 2017-18 season (October-September) to around 261 lakh tonne, against the first advance estimate of 251 lakh tonne.

Budget 2018: Govt may allot Rs 500cr for sugar development fund

Consumer durables and home appliances makers like Godrej Appliances, Panasonic, Philips Lighting and Intex want the government to lower taxes, give incentives to local manufacturing and increase customs duty on imports.

Besides, the ACE (Appliances &amp; Consumer Electronics) industry also wants the government to encourage manufacturing of energy-efficient products.

&quot;Consumer appliances as refrigerators, washing machines and ACs are no longer considered luxury items. Such consumer appliances need to be made more affordable to the consumers and be put in a lower tax bracket from 28 per cent to 18 per cent,&quot; said Godrej Appliances Business Head &amp; EVP Kamal Nandi.

The makers are also expecting tax reduction on the energy efficient 5-star and 4-star products to increase adoption by the consumers.

&quot;There should also be incentives for manufacturers to produce energy-efficient products which will be in line with the government&#39;s focus on sustainability as well as its Makein India initiative,&quot; Nandi added.

While Panasonic is looking for a hike in the customs duty for ACE products category such as washing machines and refrigerators to encourage local manufacturing.

&quot;With the BCD hiked on items such as smartphones, TV&#39;s microwaves and LED lamps, we expect the union government to take similar steps on other durable items as washing machines, and refrigerators to further encourage localised indigenous manufacturing,&quot; said Panasonic India and South Asia President and CEO Manish Sharma.

Expressing similar views, Philips Lighting India said customs duty on all finished lighting products and luminaries should be raised as the government had done on import of LED bulbs.&nbsp;

&quot;We also welcome the recent increase in customs duty for finished LED bulbs from 10 to 20 per cent and hope that the government will extend it to all finished lighting products and Luminaires,&quot; said Philips Lighting India Vice Chairman and Managing Director Sumit Joshi.

While, Intex has asked for the reduction of GST rates on parts and subparts as battery, shield used in the manufacturing of mobile phones to 12 per cent from the present 28 per cent.

&quot;All parts and subparts which are used in the manufacturing of mobile phones should be taxed at 12 per cent as similar to GST rates of mobile phone as higher GST rates increase the cost of mobile phones hampering the manufacturing of phones in India,&quot; said Intex CFO Rajeev Jain.&nbsp;

He further said that the GST rates for power banks, television tuner cards and webcams should also be reduced to 18 per cent.

The makers are also expecting tax reduction on the energy efficient 5 star and 4 star products to increase adoption by the consumers

Consumer durables and home appliances makers like Godrej Appliances, Panasonic, Philips Lighting and Intex want the government to lower taxes, give incentives to local manufacturing and increase customs duty on imports. Besides, the ACE (Appliances & Consumer Electronics) industry also wants the government to encourage manufacturing of energy-efficient products. "Consumer appliances as refrigerators, washing machines and ACs are no longer considered luxury items. Such consumer appliances need to be made more affordable to the consumers and be put in a lower tax bracket from 28 per cent to 18 per cent," said Godrej Appliances Business Head & EVP Kamal Nandi. The makers are also expecting tax reduction on the energy efficient 5-star and 4-star products to increase adoption by the consumers. "There should also be incentives for manufacturers to produce energy-efficient products which will be in line with the government's focus on sustainability as well as its Makein India initiative," Nandi added. While Panasonic is looking for a hike in the customs duty for ACE products category such as washing machines and refrigerators to encourage local manufacturing. "With the BCD hiked on items such as smartphones, TV's microwaves and LED lamps, we expect the union government to take similar steps on other durable items as washing machines, and refrigerators to further encourage localised indigenous manufacturing," said Panasonic India and South Asia President and CEO Manish Sharma. Expressing similar views, Philips Lighting India said customs duty on all finished lighting products and luminaries should be raised as the government had done on import of LED bulbs. "We also welcome the recent increase in customs duty for finished LED bulbs from 10 to 20 per cent and hope that the government will extend it to all finished lighting products and Luminaires," said Philips Lighting India Vice Chairman and Managing Director Sumit Joshi. While, Intex has asked for the reduction of GST rates on parts and subparts as battery, shield used in the manufacturing of mobile phones to 12 per cent from the present 28 per cent. "All parts and subparts which are used in the manufacturing of mobile phones should be taxed at 12 per cent as similar to GST rates of mobile phone as higher GST rates increase the cost of mobile phones hampering the manufacturing of phones in India," said Intex CFO Rajeev Jain. He further said that the GST rates for power banks, television tuner cards and webcams should also be reduced to 18 per cent.

Budget 2018: Home appliance makers seek tax incentives for local manufacturing

Benchmarks ended at record highs for the fourth session in a row today on sustained foreign fund inflows and persistent buying by domestic investors.

The BSE Sensex surged 286.43 points to close at 35,798.01 while the broader NSE Nifty ended at 10,966.20.

Shares have been on a record-setting spree, bolstered by a string of better-than-expected corporate earnings and recent government measures, including a cut in the Goods and Services Tax (GST) for certain sectors.

The 30-share Sensex, after opening on a strong footing, continued its upward march to hit an all-time high of 35,827.70.

It shed some ground on profit-booking, before finally ending 286.43 points, or 0.81 per cent higher at 35,798.01, smashing its previous record close of 35,511.58 reached on Friday.

The gauge had gained 740.53 points in the previous three sessions.

The NSE Nifty also hit a record intra-day high of 10,975.10, before finishing at 10,966.20, up 71.50 points, or 0.66 per cent.

It bettered its previous closing high of 10,894.70 reached in Friday&#39;s trade.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 988.25 crore, while domestic institutional investors (DIIs) made purchases worth Rs 209.86 crore in the previous session, as per provisional exchange data.

Benchmarks ended at record highs for the fourth session in a row today on sustained foreign fund inflows and persistent buying by domestic investors

Benchmarks ended at record highs for the fourth session in a row today on sustained foreign fund inflows and persistent buying by domestic investors. The BSE Sensex surged 286.43 points to close at 35,798.01 while the broader NSE Nifty ended at 10,966.20. Shares have been on a record-setting spree, bolstered by a string of better-than-expected corporate earnings and recent government measures, including a cut in the Goods and Services Tax (GST) for certain sectors. The 30-share Sensex, after opening on a strong footing, continued its upward march to hit an all-time high of 35,827.70. It shed some ground on profit-booking, before finally ending 286.43 points, or 0.81 per cent higher at 35,798.01, smashing its previous record close of 35,511.58 reached on Friday. The gauge had gained 740.53 points in the previous three sessions. The NSE Nifty also hit a record intra-day high of 10,975.10, before finishing at 10,966.20, up 71.50 points, or 0.66 per cent. It bettered its previous closing high of 10,894.70 reached in Friday's trade. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 988.25 crore, while domestic institutional investors (DIIs) made purchases worth Rs 209.86 crore in the previous session, as per provisional exchange data.

Markets at new highs on earnings boost; RIL, ONGC surge

Key Indian equity indices closed higher on Monday, with the barometer Sensex rising nearly 300 points.

Shares rose rebounding from their biggest weekly drop since August, but State Bank of India dropped after posting a surprise quarterly loss on Friday.

Last week on Friday, the key equities plunged into the negative territory amid a global sell-off.

The stock markets rose due to broadly positive Asian indices, coupled with healthy buying in capital goods, auto, healthcare and metal stocks.

The benchmark BSE Sensex closed up 0.87 percent at 34,300.47.

The broader NSE Nifty ended 0.81 percent higher at 10,539.75.

The stock markets rose due to broadly positive Asian indices, coupled with healthy buying in capital goods, auto, healthcare and metal stocks

Key Indian equity indices closed higher on Monday, with the barometer Sensex rising nearly 300 points. Shares rose rebounding from their biggest weekly drop since August, but State Bank of India dropped after posting a surprise quarterly loss on Friday. Last week on Friday, the key equities plunged into the negative territory amid a global sell-off. The stock markets rose due to broadly positive Asian indices, coupled with healthy buying in capital goods, auto, healthcare and metal stocks. The benchmark BSE Sensex closed up 0.87 percent at 34,300.47. The broader NSE Nifty ended 0.81 percent higher at 10,539.75.

Sensex closes 294 points higher, Nifty above 10,500

Stocks staged a strong comeback in early trade with the BSE Sensex gaining over 260 points and the Nifty recapturing the 10,500-level on continued buying by domestic funds ahead of inflation data to be released after market hours today.

Asian markets were also trading in the green after a late-day rally on Wall Street on Friday.

The 30-share Sensex recovered by 260.12 points, or 0.76 per cent, to 34,265.88 in opening trade. The index had lost 407.40 points or 1.18 per cent to settle at one month low of 34,005.76 on Friday.

All the sectoral indices led by metal, realty and infrastructure were trading in the green with gains up to 1.44 per cent.

The broad-based NSE Nifty went up by 81.65 points or 0.78 per cent to 10,536.60.

Major gainers were ONGC, Tata Steel, Sun Pharma, Bharti Airtel, Adani Ports, L&amp;T, HeromotoCorp and Axis Bank.

Larsen and Toubro rose by 1 per cent after it announced a Rs 2,200 crore order win by its wholly-owned arm L&amp;T Hydrocarbon Engineering from Abu Dhabi-based Al Dhafra Petroleum Operations Company Limited.

SBI, however, dropped 2.85 per cent following poor quarterly results. The PSU lender on Friday posted a net loss of Rs 1,886.57 crore after a massive under-reporting of dud assets in the past fiscal and reverses in treasury operations.

Brokers said sustained buying by domestic institutional investors amid a firm trend at other Asian bourses improved the market sentiment.

Domestic institutional investors bought shares worth a net Rs 588.42 crore while foreign portfolio investors sold shares worth a net Rs 1351.70 crore on Friday, provisional data showed.

In the Asian region, Hong Kong&#39;s Hang Seng was up 0.64 per cent and Shanghai Composite Index by 0.39 per cent in early trade. The US Dow Jones Industrial Average ended 1.38 per cent higher on Friday.

Asian markets were also trading in the green after a late-day rally on Wall Street on Friday

Stocks staged a strong comeback in early trade with the BSE Sensex gaining over 260 points and the Nifty recapturing the 10,500-level on continued buying by domestic funds ahead of inflation data to be released after market hours today. Asian markets were also trading in the green after a late-day rally on Wall Street on Friday. The 30-share Sensex recovered by 260.12 points, or 0.76 per cent, to 34,265.88 in opening trade. The index had lost 407.40 points or 1.18 per cent to settle at one month low of 34,005.76 on Friday. All the sectoral indices led by metal, realty and infrastructure were trading in the green with gains up to 1.44 per cent. The broad-based NSE Nifty went up by 81.65 points or 0.78 per cent to 10,536.60. Major gainers were ONGC, Tata Steel, Sun Pharma, Bharti Airtel, Adani Ports, L&T, HeromotoCorp and Axis Bank. Larsen and Toubro rose by 1 per cent after it announced a Rs 2,200 crore order win by its wholly-owned arm L&T Hydrocarbon Engineering from Abu Dhabi-based Al Dhafra Petroleum Operations Company Limited. SBI, however, dropped 2.85 per cent following poor quarterly results. The PSU lender on Friday posted a net loss of Rs 1,886.57 crore after a massive under-reporting of dud assets in the past fiscal and reverses in treasury operations. Brokers said sustained buying by domestic institutional investors amid a firm trend at other Asian bourses improved the market sentiment. Domestic institutional investors bought shares worth a net Rs 588.42 crore while foreign portfolio investors sold shares worth a net Rs 1351.70 crore on Friday, provisional data showed. In the Asian region, Hong Kong's Hang Seng was up 0.64 per cent and Shanghai Composite Index by 0.39 per cent in early trade. The US Dow Jones Industrial Average ended 1.38 per cent higher on Friday.

Sensex recovers 260 points, Nifty above 10,500-mark

The rupee recovered by 15 paise to 64.25 against the dollar in opening trade today on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets.

Forex dealers said the dollar&#39;s losses against major global currencies overseas after last week&#39;s rally supported the rupee.

On Friday, the rupee had dropped 14 paise against the greenback to end at a near two-month low of 64.40 on bouts of dollar demand from importers and banks.

Meanwhile, the benchmark BSE Sensex rose by 260.12 points or 0.78 per cent to trade at 34,265.88. The broad-based NSE Nifty was up 81.50 points, or 0.78 per cent at 10,536.45 in early trade.&nbsp;

The rupee recovered by 15 paise to 64.25 against the dollar in opening trade today on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets

The rupee recovered by 15 paise to 64.25 against the dollar in opening trade today on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets. Forex dealers said the dollar's losses against major global currencies overseas after last week's rally supported the rupee. On Friday, the rupee had dropped 14 paise against the greenback to end at a near two-month low of 64.40 on bouts of dollar demand from importers and banks. Meanwhile, the benchmark BSE Sensex rose by 260.12 points or 0.78 per cent to trade at 34,265.88. The broad-based NSE Nifty was up 81.50 points, or 0.78 per cent at 10,536.45 in early trade.

Rupee rebounds 15 paise in opening trade

The bloodbath on <a href="http://www.wionews.com/business-economy/wall-street-crash-dow-jones-plunges-to-historic-low-sp-500-nasdaq-hit-31929">Wall Street continued on Thursday </a>as the Dow nosedived again going down over 1,000 points as it repeated the feat when it plunged in&nbsp;similar manner on Monday.

Dow Jones Industrial Average dived 4.2 per cent to 23,860.46.

S&amp;P 500 also took a hit sinking &nbsp;3.8 per cent to 2,581.00, while the Nasdaq Composite Index plunged 3.9 per cent to 6,777.16.

Boeing and Caterpillar lost around five per cent, with Amazon and Facebook losing ground. Several companies listed on the Dow took a similar hit.

Just like Monday&#39;s fall, markets on Thursday fell due to treasury bond with investors concerned that the US Federal Reserve may accelerate rate hikes if inflation rises suddenly.

On Monday, both the Dow and S&amp;P went down in a similar fashion as the Dow fell &nbsp;4.6 per cent in a matter of hours.

The Dow had closed &nbsp;24,345.75 ending down 1,175.21 points with the S&amp;P 500 index losing 113.19 points, or 4.10 per cent, to end at 2,648.94.

Dow Jones Industrial Average dived 4.2 per cent to 23,860.46

The bloodbath on Wall Street continued on Thursday as the Dow nosedived again going down over 1,000 points as it repeated the feat when it plunged in similar manner on Monday. Dow Jones Industrial Average dived 4.2 per cent to 23,860.46. S&P 500 also took a hit sinking 3.8 per cent to 2,581.00, while the Nasdaq Composite Index plunged 3.9 per cent to 6,777.16. Boeing and Caterpillar lost around five per cent, with Amazon and Facebook losing ground. Several companies listed on the Dow took a similar hit. Just like Monday's fall, markets on Thursday fell due to treasury bond with investors concerned that the US Federal Reserve may accelerate rate hikes if inflation rises suddenly. On Monday, both the Dow and S&P went down in a similar fashion as the Dow fell 4.6 per cent in a matter of hours. The Dow had closed 24,345.75 ending down 1,175.21 points with the S&P 500 index losing 113.19 points, or 4.10 per cent, to end at 2,648.94.

Wall Street bloodbath: Dow plunges over 1,000 points, S&P sinks

India&#39;s three main stock exchanges said on Friday they would stop licensing their indexes and securities or providing data to foreign exchanges, saying such agreements had led trading to migrate outside of the country.

Foreign bourses currently offer dollar-based derivative contracts based on Indian indices, shares and other securities under licensing agreements with domestic exchanges, allowing overseas investors to gain exposure to Asia&#39;s third-largest economy without having to trade onshore.

These licensing agreements will now be terminated with immediate effect, subject to notice periods, the National Stock Exchange, BSE Ltd and Metropolitan Stock Exchange said in a joint statement late on Friday

The most popular of these contracts has long been the SGX Nifty 50 index futures offered by the Singapore Exchange under a licensing agreement with the National Stock Exchange, India&#39;s biggest bourse. It tracks the NSE&#39;s main index of its top 50 shares, the Nifty 50 index.

The actions would prevent SGX from offering the contract to overseas investors, who would be forced to buy into domestic derivatives to gain exposure to India, a country that has become an emerging market darling over recent years.

&quot;The volumes in derivative trading based on Indian securities including indices have reached large proportions in some of the foreign jurisdictions, resulting in migration of liquidity from India, which is not in the best interest of Indian markets,&quot; the statement said.

The latest move will not apply to exchange traded funds or similar products, the three stock exchanges said.

Although foreign investors have pumped into India more than $77 billion since 2012, exchanges have long felt they are missing out on more volumes as derivative contracts have tended to be more popular in Singapore, which is seen as offering lower tax and a more certain regulatory regime.

Whether these investors would now be willing to come to India is uncertain. The country earlier this month unveiled a new 10 per cent tax on capital gains in securities held for more than a year, dismaying foreign investors.

India already taxes equity investments held for less than a year at 15 per cent and has a securities transaction tax, which makes it more expensive than most other major Asian countries.

India's three main stock exchanges said on Friday they would stop licensing their indexes and securities or providing data to foreign exchanges, saying such agreements had led trading to migrate outside of the country

India's three main stock exchanges said on Friday they would stop licensing their indexes and securities or providing data to foreign exchanges, saying such agreements had led trading to migrate outside of the country. Foreign bourses currently offer dollar-based derivative contracts based on Indian indices, shares and other securities under licensing agreements with domestic exchanges, allowing overseas investors to gain exposure to Asia's third-largest economy without having to trade onshore. These licensing agreements will now be terminated with immediate effect, subject to notice periods, the National Stock Exchange, BSE Ltd and Metropolitan Stock Exchange said in a joint statement late on Friday The most popular of these contracts has long been the SGX Nifty 50 index futures offered by the Singapore Exchange under a licensing agreement with the National Stock Exchange, India's biggest bourse. It tracks the NSE's main index of its top 50 shares, the Nifty 50 index. The actions would prevent SGX from offering the contract to overseas investors, who would be forced to buy into domestic derivatives to gain exposure to India, a country that has become an emerging market darling over recent years. "The volumes in derivative trading based on Indian securities including indices have reached large proportions in some of the foreign jurisdictions, resulting in migration of liquidity from India, which is not in the best interest of Indian markets," the statement said. The latest move will not apply to exchange traded funds or similar products, the three stock exchanges said. Although foreign investors have pumped into India more than $77 billion since 2012, exchanges have long felt they are missing out on more volumes as derivative contracts have tended to be more popular in Singapore, which is seen as offering lower tax and a more certain regulatory regime. Whether these investors would now be willing to come to India is uncertain. The country earlier this month unveiled a new 10 per cent tax on capital gains in securities held for more than a year, dismaying foreign investors. India already taxes equity investments held for less than a year at 15 per cent and has a securities transaction tax, which makes it more expensive than most other major Asian countries.

Indian bourses to stop licensing index, stock prices to foreign exchanges

After <a href="http://www.wionews.com/business-economy/wall-street-bloodbath-dow-plunges-over-1000-points-sp-sinks-32260">Wall Streets stocks fell </a>sharply on Thursday, BSE Sensex fell over 500 points on Friday with the Nifty also falling 167 points in opening trade.

The <a href="http://www.wionews.com/business-economy/after-wall-steet-plunge-asian-stocks-fall-32269">Dow nosedived again today</a> going down over 1,000 points repeating the downfall when it plunged in similar manner on Monday.

On Tuesday the Sensex had fallen over 1,000 points.

Dow Jones Industrial Average dived 4.2 per cent to 23,860.46.

S&amp;P 500 also took a hit sinking &nbsp;3.8 per cent to 2,581.00, while the Nasdaq Composite Index plunged 3.9 per cent to 6,777.16.

Asian stocks also opened sharply lower with&nbsp;Tokyo, Hong Kong and Shanghai were among the worst hit.

The Dow nosedived again today going down over 1,000 points

After Wall Streets stocks fell sharply on Thursday, BSE Sensex fell over 500 points on Friday with the Nifty also falling 167 points in opening trade. The Dow nosedived again today going down over 1,000 points repeating the downfall when it plunged in similar manner on Monday. On Tuesday the Sensex had fallen over 1,000 points. Dow Jones Industrial Average dived 4.2 per cent to 23,860.46. S&P 500 also took a hit sinking 3.8 per cent to 2,581.00, while the Nasdaq Composite Index plunged 3.9 per cent to 6,777.16. Asian stocks also opened sharply lower with Tokyo, Hong Kong and Shanghai were among the worst hit.

After Wall Street, Sensex plunges over 500 points in opening trade

Asian trading floors <a href="http://www.wionews.com/business-economy/wall-street-bloodbath-dow-plunges-over-1000-points-sp-sinks-32260">were a sea of red once again</a> on Friday as the global rout returned with a vengeance on intensifying fears about tighter US interest rates.

Tokyo, Hong Kong and Shanghai were among the worst hit as they each plunged more than three percent, while investors piled into safe-haven assets such as gold and the yen.

The sell-off followed another battering for Wall Street, where the Dow suffered its second-heaviest daily points fall on record -- the worst coming on Monday -- after key US Treasury bond yields spiked fuelling the prospect of higher borrowing costs.

After a blistering 2017 and January, markets worldwide have gone into a spasm in the past two weeks on fears that the booming global economy and rising inflation will lead to higher interest rates.

&quot;There&rsquo;s some big-money players that have really leveraged to the low rates forever, and they have to unwind those trades,&quot; Doug Cote, chief market strategist at Voya Investment Management, told Bloomberg News. &quot;They could be in full panic mode right now.&quot;

Japan&#39;s Nikkei is now at levels not seen since mid-October, Hong Kong is on course to wipe out its 2018 gains and Shanghai is around a seven-month trough.

Elsewhere Sydney fell 1.3 percent, Singapore shed 1.6 percent and Seoul was more than two percent off. Wellington, Manila and Taipei were also being battered.

A key trigger of the recent pullback was last Friday&#39;s strong US jobs report that also showed rising US wage growth, fuelling speculation the Federal Reserve will lift rates more than the three times already expected this year.

However, many analysts are upbeat about the future owing to healthy economic conditions in the US and global economies as well as the positive outlook for corporate earnings after Donald Trump&#39;s massive tax cuts in December.

Tokyo, Hong Kong and Shanghai were among the worst hit

Asian trading floors were a sea of red once again on Friday as the global rout returned with a vengeance on intensifying fears about tighter US interest rates. Tokyo, Hong Kong and Shanghai were among the worst hit as they each plunged more than three percent, while investors piled into safe-haven assets such as gold and the yen. The sell-off followed another battering for Wall Street, where the Dow suffered its second-heaviest daily points fall on record -- the worst coming on Monday -- after key US Treasury bond yields spiked fuelling the prospect of higher borrowing costs. After a blistering 2017 and January, markets worldwide have gone into a spasm in the past two weeks on fears that the booming global economy and rising inflation will lead to higher interest rates. "There’s some big-money players that have really leveraged to the low rates forever, and they have to unwind those trades," Doug Cote, chief market strategist at Voya Investment Management, told Bloomberg News. "They could be in full panic mode right now." Japan's Nikkei is now at levels not seen since mid-October, Hong Kong is on course to wipe out its 2018 gains and Shanghai is around a seven-month trough. Elsewhere Sydney fell 1.3 percent, Singapore shed 1.6 percent and Seoul was more than two percent off. Wellington, Manila and Taipei were also being battered. A key trigger of the recent pullback was last Friday's strong US jobs report that also showed rising US wage growth, fuelling speculation the Federal Reserve will lift rates more than the three times already expected this year. However, many analysts are upbeat about the future owing to healthy economic conditions in the US and global economies as well as the positive outlook for corporate earnings after Donald Trump's massive tax cuts in December.

After Wall Steet plunge, Asian stocks fall

US&nbsp;stock markets were set to open flat to lower on Friday, putting both the S&amp;P 500 and Dow Jones Industrial Average on course for their biggest weekly losses in at least six years.

Stocks plunged 4 percent on Thursday, overturning gains a day earlier and adding to the sense that rises in US&nbsp;government bond yields have begun a major correction to nine years of almost uninterrupted gains for Wall Street.

Both the Dow Jones Industrial Average and the benchmark S&amp;P 500 index are down more than 10 per cent since hitting record highs on January 26, and Thursday was the second time this week that the Dow fell more than 1,000 points.

If the Dow ends the day lower, it is likely to make the week its worst since the height of the financial crisis in October 2008.

&quot;The fact that Monday&#39;s lows were breached signals more trouble ahead and rallies are likely to give way to rising bond yields,&quot; said Peter Cardillo, Chief market economist at First Standard Financial in New York.

By 8:06 a.m. ET (1306 GMT), Dow e-minis was down 114 points, S&amp;P 500 e-minis was down 6.25 points and Nasdaq 100 e-minis was up 17.25 points.

At the heart of the pullback has been a rise in US&nbsp;bond yields due to growing expectations that a robustly performing economy will lead to higher inflation and a steady rise in official interest rates over this year.

The danger for stock market investors is that means the Federal Reserve - and other major central banks - reining in the vast supplies of cheap funds they have pumped into the global economy since the 2008-09 financial crisis.&nbsp;

The yield on benchmark 10-year US&nbsp;Treasuries, which tends to be the driver of global borrowing costs, was hovering at 2.825 percent, dipping after US&nbsp;Congress approved a bill to end the federal shutdown, but still near a four-year high of 2.885 per cent hit during Monday&#39;s selloff.

The US&nbsp;House of Representatives early on Friday approved a bill to fund the federal government through March 23 and to increase overall spending limits over two years, sending the legislation to President Donald Trump.

Investors also point to additional pressure from the violent unwinding of trades linked to bets on volatility staying low.

The market&#39;s main gauge of volatility, the CBOE Volatility Index, was at a relatively elevated 32.25 on Friday, nearly three times what it was a week ago but lower than a two-and-a-half-year high of 50.30 points hit on Tuesday.

The downturn in equities had been long awaited by investors, after a period of strong and fast gains. The S&amp;P&#39;s correction is the fifth of this bull market, according to Yardeni Research. The last bear market was during the 2008 financial crisis.

&quot;We&#39;re cheap now, but it`s just a matter of much more cheaper we have to get to attract buyers,&quot; said Robert Pavlik, chief investment strategist at SlateStone Wealth.

World stocks were also on track for their worst week since 2011, knocked by a 4 per cent decline in Chinese stocks.&nbsp;

With Wall Street&#39;s quarterly earnings season more than half-way through, 78.3 percent of the S&amp;P 500 companies that have reported so far have beaten profit expectations, above the 72 per cent beat-rate in the past four quarters.

Chipmaker Nvidia was up about 9 per cent in premarket trading after its upbeat results and forecast.

Expedia shares sank 16 per cent after the online travel services company said costs would outpace revenue growth this year as it battles rivals for market share. 
&nbsp;

If the Dow ends the day lower, it is likely to make the week its worst

US stock markets were set to open flat to lower on Friday, putting both the S&P 500 and Dow Jones Industrial Average on course for their biggest weekly losses in at least six years. Stocks plunged 4 percent on Thursday, overturning gains a day earlier and adding to the sense that rises in US government bond yields have begun a major correction to nine years of almost uninterrupted gains for Wall Street. Both the Dow Jones Industrial Average and the benchmark S&P 500 index are down more than 10 per cent since hitting record highs on January 26, and Thursday was the second time this week that the Dow fell more than 1,000 points. If the Dow ends the day lower, it is likely to make the week its worst since the height of the financial crisis in October 2008. "The fact that Monday's lows were breached signals more trouble ahead and rallies are likely to give way to rising bond yields," said Peter Cardillo, Chief market economist at First Standard Financial in New York. By 8:06 a.m. ET (1306 GMT), Dow e-minis was down 114 points, S&P 500 e-minis was down 6.25 points and Nasdaq 100 e-minis was up 17.25 points. At the heart of the pullback has been a rise in US bond yields due to growing expectations that a robustly performing economy will lead to higher inflation and a steady rise in official interest rates over this year. The danger for stock market investors is that means the Federal Reserve - and other major central banks - reining in the vast supplies of cheap funds they have pumped into the global economy since the 2008-09 financial crisis. The yield on benchmark 10-year US Treasuries, which tends to be the driver of global borrowing costs, was hovering at 2.825 percent, dipping after US Congress approved a bill to end the federal shutdown, but still near a four-year high of 2.885 per cent hit during Monday's selloff. The US House of Representatives early on Friday approved a bill to fund the federal government through March 23 and to increase overall spending limits over two years, sending the legislation to President Donald Trump. Investors also point to additional pressure from the violent unwinding of trades linked to bets on volatility staying low. The market's main gauge of volatility, the CBOE Volatility Index, was at a relatively elevated 32.25 on Friday, nearly three times what it was a week ago but lower than a two-and-a-half-year high of 50.30 points hit on Tuesday. The downturn in equities had been long awaited by investors, after a period of strong and fast gains. The S&P's correction is the fifth of this bull market, according to Yardeni Research. The last bear market was during the 2008 financial crisis. "We're cheap now, but it`s just a matter of much more cheaper we have to get to attract buyers," said Robert Pavlik, chief investment strategist at SlateStone Wealth. World stocks were also on track for their worst week since 2011, knocked by a 4 per cent decline in Chinese stocks. With Wall Street's quarterly earnings season more than half-way through, 78.3 percent of the S&P 500 companies that have reported so far have beaten profit expectations, above the 72 per cent beat-rate in the past four quarters. Chipmaker Nvidia was up about 9 per cent in premarket trading after its upbeat results and forecast. Expedia shares sank 16 per cent after the online travel services company said costs would outpace revenue growth this year as it battles rivals for market share.

Wall Street on course for worst week in six years

Finance Minister Arun Jaitley said Thursday that India would become the world&#39;s fastest-growing economy in two years.&nbsp;

Jaitley, who was speaking in the Lok Sabha, was quoting from IMF data.&nbsp;

Jaitley also answered the question of why his goods and services tax has five slabs, one of the harshest criticisms of the GST:&nbsp;

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I went to Singapore. There they levy 7% GST on both Mercedes and food. Can this be done in India, a country where a large population lives below the poverty line? How can same tax slab be implemented on a luxurious item &amp; a necessity?: FM Arun Jaitley in Lok Sabha <a href="https://t.co/UBBSFNPzZO">pic.twitter.com/UBBSFNPzZO</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/961575641899511810?ref_src=twsrc%5Etfw">February 8, 2018</a></blockquote>
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Jaitley added that &quot;within a matter of months, we have been able to stabilise GST. We reduced rate with increase in revenue.&quot;&nbsp;

Jaitley that &quot;structural reform may pose momentary difficulty initially but in the long run it will prove to be beneficial.&quot;&nbsp;

This is something the government has been saying for a while -- that the &quot;disruptions&quot; of GST and demonetisation will bear fruit in the long run. &nbsp;

Jaitley, who was speaking in the Lok Sabha, was quoting from IMF data

Finance Minister Arun Jaitley said Thursday that India would become the world's fastest-growing economy in two years. Jaitley, who was speaking in the Lok Sabha, was quoting from IMF data. Jaitley also answered the question of why his goods and services tax has five slabs, one of the harshest criticisms of the GST: I went to Singapore. There they levy 7% GST on both Mercedes and food. Can this be done in India, a country where a large population lives below the poverty line? How can same tax slab be implemented on a luxurious item & a necessity?: FM Arun Jaitley in Lok Sabha pic.twitter.com/UBBSFNPzZO — ANI (@ANI) February 8, 2018 × Jaitley added that "within a matter of months, we have been able to stabilise GST. We reduced rate with increase in revenue." Jaitley that "structural reform may pose momentary difficulty initially but in the long run it will prove to be beneficial." This is something the government has been saying for a while -- that the "disruptions" of GST and demonetisation will bear fruit in the long run.

India to become fastest-growing major economy in two years: Jaitley

The Sensex gained 330.45 points Thursday to close at 34,413.16.&nbsp;

The Nifty also jumped 100.15 points to close at 10,576.85.&nbsp;

The stock markets have <a href="http://www.wionews.com/business-economy/day-after-budget-sensex-nifty-nosedive-31587" target="_blank">taken a hammering</a> in recent days -- the Sensex fell for for seven consecutive sessions -- Finance Minister Arun Jaitley announced a 10% long-term capital gains tax on the sale of shares.&nbsp;

Jaitley&#39;s raising of the fiscal deficit target to 3.3% from the earlier 3% added to the markets nosediving.&nbsp;

Thursday was the first day the Sensex gained rather than having dropped points at the closing bell.&nbsp;

The Nifty also jumped 100.15 points to close at 10,576

The Sensex gained 330.45 points Thursday to close at 34,413.16. The Nifty also jumped 100.15 points to close at 10,576.85. The stock markets have taken a hammering in recent days -- the Sensex fell for for seven consecutive sessions -- Finance Minister Arun Jaitley announced a 10% long-term capital gains tax on the sale of shares. Jaitley's raising of the fiscal deficit target to 3.3% from the earlier 3% added to the markets nosediving. Thursday was the first day the Sensex gained rather than having dropped points at the closing bell.

Sensex breaks 7-day losing streak, gains 330.45 points to close at 34,413

Just a few years ago, Uber Technologies Inc saw itself as the little brother to Alphabet Inc, but that cosy bond quickly dissolved into a turf war and ultimately a high-stakes legal battle, a jury heard on Wednesday.

Former Uber Chief Executive Travis Kalanick described how his own relationship with Alphabet Chief Executive Larry Page deteriorated as their companies competed in ride-hailing and autonomous car development, producing a tense rivalry that eventually led to a lawsuit and trial in San Francisco federal court.

Alphabet&#39;s self-driving car unit Waymo sued Uber, a year ago saying that former Waymo engineer Anthony Levandowski downloaded more than 14,000 confidential documents in 2015 before leaving to found a self-driving startup that Uber snapped up in 2016.

Waymo has estimated damages in the case at about $1.9 billion, which Uber rejects. Levandowski is not a defendant in the case.

Kalanick&#39;s testimony on Tuesday and Wednesday is a crucial part of the trial, which promises to influence one of the most important and potentially lucrative races in Silicon Valley - to create fleets of self-driving cars.

Kalanick&#39;s testimony showed the personal nature of the lawsuit, which is as much about big personalities at wealthy technology companies as it is about the technology itself. Uber was once a prized investment Alphabet, whose venture capital arm made a $258 million bet on Uber in 2013.

In Uber&#39;s early days, its relationship with Google was &quot;like a little brother to a big brother,&quot; Kalanick said under questioning in court, and Page and Alphabet executive David Drummond were like mentors to the less-seasoned Kalanick.

After Uber heard Alphabet was dabbling in ride-hailing services, Uber&#39;s business, Uber moved into self-driving cars, a project Alphabet had been working on since 2009. Uber hired away 40 experts from Carnegie Mellon University to set up a self-driving car lab in Pennsylvania, a move that upset Page.

&quot;He sort of was a little angsty and said &#39;Why are you doing my thing?&#39; and was just upset,&quot; Kalanick testified.

Uber&#39;s acquisition of Levandowski&#39;s startup, Otto, only added to the animosity, and days after the deal was announced, Drummond resigned his seat on Uber&#39;s board of directors. Recalling Page&#39;s raw feelings that surfaced with the Carnegie hires, Kalanick feared a lawsuit was coming.

&#39;Second Place Is First Loser&#39;

Although famous for his hot-headed temperament, Kalanick kept his cool on Wednesday and offered short, subdued responses to Waymo&#39;s attorneys, whose questions focused on Kalanick&#39;s competitive nature.

Kalanick was ousted from Uber in June after a tumultuous period of scandals and investigations. The Otto acquisition and Uber&#39;s self-driving car development happened under Kalanick&#39;s direction.

Kalanick has said self-driving cars are existential to Uber and was rankled that Uber was trailing Waymo. In court, Waymo attorney Charles Verhoeven showed Kalanick a text message in which Levandowski told Kalanick: &quot;I just see this as a race and we need to win. Second place is the first loser.&quot;

When asked if he agreed with that sentiment, Kalanick said: &quot;Well, I first heard it from my high school football coach, but yes.&quot;

Waymo sought to portray Kalanick as so eager to improve Uber&#39;s autonomous car business that he quickly acquired Otto and hired Levandowski without properly assessing the risks. He was frustrated by the slow pace of Uber&#39;s self-driving program, which trailed Waymo, and thought Levandowski could turn it around, the 10-person jury heard on Tuesday.

Kalanick said Wednesday that he never read a due diligence report prepared by an outside firm that determined Levandowski did possess Google data.

But in a deposition last year, Benchmark venture capitalist Bill Gurley, an early Uber investor and former board member, said Kalanick told the board the diligence report was &quot;clean.&quot; Kalanick denied having said that. Gurley also said Kalanick &quot;crossed a line of violating fraud and fiduciary duty&quot; with the Otto acquisition.

As part of the Otto deal, Uber agreed to indemnify Levandowski against any legal action, Kalanick said. He conceded that the legal battle makes hiring Levandowski &quot;not as great as what we thought it was at the beginning.&quot;

&#39;X Factor&#39;

Uber was not the only company interested in Levandowski - rival Lyft Inc also made an offer to buy Levandowski&#39;s self-driving startup, Lior Ron, Otto co-founder and an Uber executive, testified on Wednesday. Levandowski turned down the offer.

Kalanick was shown in court an email from another executive, which said the &quot;X factor&quot; of acquiring Levandowski&#39;s company was the &quot;IP in their heads.&quot;

Kalanick said he did not remember the email but did not deny reading it. When questioned by Uber&#39;s lawyer, Kalanick said that &quot;to no extent at all&quot; did he hire Levandowski to get trade secrets and Levandowski never told him he would bring Waymo&#39;s secrets to Uber.

The trial is expected to continue through next week. The jury will have to decide whether the documents downloaded by Levandowski were indeed trade secrets and not common knowledge and whether Uber improperly acquired them, used them and benefited from them.

Uber was once a prized investment for Alphabet, whose venture capital arm made a $258 million bet on Uber in 2013

Just a few years ago, Uber Technologies Inc saw itself as the little brother to Alphabet Inc, but that cosy bond quickly dissolved into a turf war and ultimately a high-stakes legal battle, a jury heard on Wednesday. Former Uber Chief Executive Travis Kalanick described how his own relationship with Alphabet Chief Executive Larry Page deteriorated as their companies competed in ride-hailing and autonomous car development, producing a tense rivalry that eventually led to a lawsuit and trial in San Francisco federal court. Alphabet's self-driving car unit Waymo sued Uber, a year ago saying that former Waymo engineer Anthony Levandowski downloaded more than 14,000 confidential documents in 2015 before leaving to found a self-driving startup that Uber snapped up in 2016. Waymo has estimated damages in the case at about $1.9 billion, which Uber rejects. Levandowski is not a defendant in the case. Kalanick's testimony on Tuesday and Wednesday is a crucial part of the trial, which promises to influence one of the most important and potentially lucrative races in Silicon Valley - to create fleets of self-driving cars. Kalanick's testimony showed the personal nature of the lawsuit, which is as much about big personalities at wealthy technology companies as it is about the technology itself. Uber was once a prized investment Alphabet, whose venture capital arm made a $258 million bet on Uber in 2013. In Uber's early days, its relationship with Google was "like a little brother to a big brother," Kalanick said under questioning in court, and Page and Alphabet executive David Drummond were like mentors to the less-seasoned Kalanick. After Uber heard Alphabet was dabbling in ride-hailing services, Uber's business, Uber moved into self-driving cars, a project Alphabet had been working on since 2009. Uber hired away 40 experts from Carnegie Mellon University to set up a self-driving car lab in Pennsylvania, a move that upset Page. "He sort of was a little angsty and said 'Why are you doing my thing?' and was just upset," Kalanick testified. Uber's acquisition of Levandowski's startup, Otto, only added to the animosity, and days after the deal was announced, Drummond resigned his seat on Uber's board of directors. Recalling Page's raw feelings that surfaced with the Carnegie hires, Kalanick feared a lawsuit was coming. 'Second Place Is First Loser' Although famous for his hot-headed temperament, Kalanick kept his cool on Wednesday and offered short, subdued responses to Waymo's attorneys, whose questions focused on Kalanick's competitive nature. Kalanick was ousted from Uber in June after a tumultuous period of scandals and investigations. The Otto acquisition and Uber's self-driving car development happened under Kalanick's direction. Kalanick has said self-driving cars are existential to Uber and was rankled that Uber was trailing Waymo. In court, Waymo attorney Charles Verhoeven showed Kalanick a text message in which Levandowski told Kalanick: "I just see this as a race and we need to win. Second place is the first loser." When asked if he agreed with that sentiment, Kalanick said: "Well, I first heard it from my high school football coach, but yes." Waymo sought to portray Kalanick as so eager to improve Uber's autonomous car business that he quickly acquired Otto and hired Levandowski without properly assessing the risks. He was frustrated by the slow pace of Uber's self-driving program, which trailed Waymo, and thought Levandowski could turn it around, the 10-person jury heard on Tuesday. Kalanick said Wednesday that he never read a due diligence report prepared by an outside firm that determined Levandowski did possess Google data. But in a deposition last year, Benchmark venture capitalist Bill Gurley, an early Uber investor and former board member, said Kalanick told the board the diligence report was "clean." Kalanick denied having said that. Gurley also said Kalanick "crossed a line of violating fraud and fiduciary duty" with the Otto acquisition. As part of the Otto deal, Uber agreed to indemnify Levandowski against any legal action, Kalanick said. He conceded that the legal battle makes hiring Levandowski "not as great as what we thought it was at the beginning." 'X Factor' Uber was not the only company interested in Levandowski - rival Lyft Inc also made an offer to buy Levandowski's self-driving startup, Lior Ron, Otto co-founder and an Uber executive, testified on Wednesday. Levandowski turned down the offer. Kalanick was shown in court an email from another executive, which said the "X factor" of acquiring Levandowski's company was the "IP in their heads." Kalanick said he did not remember the email but did not deny reading it. When questioned by Uber's lawyer, Kalanick said that "to no extent at all" did he hire Levandowski to get trade secrets and Levandowski never told him he would bring Waymo's secrets to Uber. The trial is expected to continue through next week. The jury will have to decide whether the documents downloaded by Levandowski were indeed trade secrets and not common knowledge and whether Uber improperly acquired them, used them and benefited from them.

Before lawsuit, Uber fell out with 'big brother' Google, Kalanick testifies

Indian shares ended lower on Wednesday in their seventh consecutive sessions of losses, after the central bank said it would closely monitor accelerating inflation and kept its main repo rate on hold while retaining its &quot;neutral&quot; stance.

The benchmark BSE Sensex closed down 0.33 percent at 34,082.71, its lowest close since January 4.&nbsp;

The broader NSE Nifty ended 0.21 percent lower at 10,476.7, its lowest close since January 3.

The benchmark BSE Sensex closed down 0.33 percent at 34,082.71, its lowest close since January 4

Indian shares ended lower on Wednesday in their seventh consecutive sessions of losses, after the central bank said it would closely monitor accelerating inflation and kept its main repo rate on hold while retaining its "neutral" stance. The benchmark BSE Sensex closed down 0.33 percent at 34,082.71, its lowest close since January 4. The broader NSE Nifty ended 0.21 percent lower at 10,476.7, its lowest close since January 3.

Sensex ends lower after RBI policy meet

The Reserve Bank of India has decided to keep the repo rate and the reverse repo rate unchanged at 6 per cent and 5.75 per cent respectively for a third straight policy meeting.&nbsp;

The RBI retained its &quot;neutral&quot; stance on the interest rates with an aim to support economic growth even as inflation accelerated to a 17-month high.

Repo rate is the rate at which the RBI lends out finances to the banking sector while the reverse repo rate is the opposite of the same.&nbsp;

According to experts, a hike in the interest rates would have translated into an increase in inflation and escalating crude oil prices.&nbsp;

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WATCH: RBI Governor Urjit Patel addresses the media in Mumbai <a href="https://t.co/BRq38Fyypb">https://t.co/BRq38Fyypb</a>
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The Monetary Policy Committee (MPC) of the Reserve Bank of India had kept the interest rate unchanged in December over looming concerns of price rise.&nbsp;

RBI Governor Urjit Patel chaired the Monetary Policy Committee meeting today at 2.30pm.

&ldquo;The decision of the MPC is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2% while supporting growth,&rdquo; RBI noted.

&quot;The policy decision is in line with our expectation along with the hawkishness that is built into the statement. While we retain status quo from RBI for FY19, a risk to our call may come from higher inflation,&quot; shared Aditi Nayar, Principal Economist, ICRA Ltd in Gurgaon.&nbsp;

&quot;Despite the upward revision in the inflation forecast and concerns highlighted regarding growing inflation risks amid the crystallization of the fiscal slippage, the tone of the policy was not as hawkish as expected, given the comment that the nascent recovery needs to be carefully nurtured,&quot; Radhika Rao, Group Economist, DBS, Singapore told Reuters.&nbsp;

Ahead of the RBI&#39;s announcement, the Indian rupee traded down 11 paise against the US dollar at 64.14.&nbsp;

RBI Governor Urjit Patel chaired the Monetary Policy Committee meeting today at 2.30pm

The Reserve Bank of India has decided to keep the repo rate and the reverse repo rate unchanged at 6 per cent and 5.75 per cent respectively for a third straight policy meeting. The RBI retained its "neutral" stance on the interest rates with an aim to support economic growth even as inflation accelerated to a 17-month high. Repo rate is the rate at which the RBI lends out finances to the banking sector while the reverse repo rate is the opposite of the same. According to experts, a hike in the interest rates would have translated into an increase in inflation and escalating crude oil prices. WATCH: RBI Governor Urjit Patel addresses the media in Mumbai https://t.co/BRq38Fyypb — ANI (@ANI) February 7, 2018 × The Monetary Policy Committee (MPC) of the Reserve Bank of India had kept the interest rate unchanged in December over looming concerns of price rise. RBI Governor Urjit Patel chaired the Monetary Policy Committee meeting today at 2.30pm. “The decision of the MPC is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2% while supporting growth,” RBI noted. "The policy decision is in line with our expectation along with the hawkishness that is built into the statement. While we retain status quo from RBI for FY19, a risk to our call may come from higher inflation," shared Aditi Nayar, Principal Economist, ICRA Ltd in Gurgaon. "Despite the upward revision in the inflation forecast and concerns highlighted regarding growing inflation risks amid the crystallization of the fiscal slippage, the tone of the policy was not as hawkish as expected, given the comment that the nascent recovery needs to be carefully nurtured," Radhika Rao, Group Economist, DBS, Singapore told Reuters. Ahead of the RBI's announcement, the Indian rupee traded down 11 paise against the US dollar at 64.14.

RBI leaves repo rate, reverse repo rate unchanged at 6 & 5.75%

India&#39;s second-leading car manufacturer Hyundai Motor India on Wednesday unveiled the much-awaited facelift of 2018 Elite i20 premium hatchback at the Auto Expo 2018, on Wednesday. &nbsp;

The i20 facelift is similar to the details and the images already leaked online.&nbsp;

Priced at Rs 5.34 Lakh, the new Hyundai Elite i20 is among the handful of cars that Hyundai is showcasing at &nbsp;Auto Expo, which also includes the all-new Hyundai Santro, Hyundai Ioniq crossover, as well as its Hyundai N performance cars.&nbsp;

Also read:&nbsp;

The 2018 Hyundai Elite i20 got a facelift and a design refresh which has remained unchanged since 2014. The car will also be available in the new colour &ndash; orange.&nbsp;

The front bumper and fog lamp inserts also got minor changes but more or less the front end of the car remains similar to the outgoing version.

The interiors of the i20 Elite remains familiar with a high-quality dual-tone finish. However, the touchscreen infotainment unit on the center console is larger than the one in the pre-facelift model.&nbsp;

This infotainment gains new features such as Android Auto and Apple CarPlay connectivity options.

The facelift brings a new large V-shaped grille finished in black to the Elite i20, and does not bear a chrome frame as the outgoing version.&nbsp;

Fog lamps pods, the air dam also receive a redesign. Headlamps now sport C-shaped chrome inserts and LED DRLs. The Asta variant spied in these shots also features projector headlamps. The rear bumper also gets a do-over with new black inserts and a revised tailgate.&nbsp;

The taillamps now extend down all the way to the tailgate. There are new alloys too, with a twin five-spoke design and gunmetal finish.

Mechanical changes on the car will be limited to the addition of a new CVT automatic gearbox on the 1.2 liter Kappa VTVT petrol engine that makes 82 Bhp-115 Nm.&nbsp;

Hyundai will no longer fit the i20 Elite with the larger, 1.4 liter petrol engine. The 1.4 liter turbocharged CRDI diesel engine with 89 Bhp-220 Nm will be retained, with a 6-speed manual gearbox as standard.

Hyundai i20 was a major show-stopper at the Hyundai&rsquo;s stall and features new alloy wheels.

Priced at Rs 5.34 Lakh, the new Hyundai Elite i20 is among the handful of cars that Hyundai India will bring to the Auto Expo, which also includes the all-new Hyundai Santro, Hyundai Ioniq crossover, as well as its Hyundai N performance cars.

India's second-leading car manufacturer Hyundai Motor India on Wednesday unveiled the much-awaited facelift of 2018 Elite i20 premium hatchback at the Auto Expo 2018, on Wednesday. The i20 facelift is similar to the details and the images already leaked online. Priced at Rs 5.34 Lakh, the new Hyundai Elite i20 is among the handful of cars that Hyundai is showcasing at Auto Expo, which also includes the all-new Hyundai Santro, Hyundai Ioniq crossover, as well as its Hyundai N performance cars. Also read: The 2018 Hyundai Elite i20 got a facelift and a design refresh which has remained unchanged since 2014. The car will also be available in the new colour – orange. The front bumper and fog lamp inserts also got minor changes but more or less the front end of the car remains similar to the outgoing version. The interiors of the i20 Elite remains familiar with a high-quality dual-tone finish. However, the touchscreen infotainment unit on the center console is larger than the one in the pre-facelift model. This infotainment gains new features such as Android Auto and Apple CarPlay connectivity options. The facelift brings a new large V-shaped grille finished in black to the Elite i20, and does not bear a chrome frame as the outgoing version. Fog lamps pods, the air dam also receive a redesign. Headlamps now sport C-shaped chrome inserts and LED DRLs. The Asta variant spied in these shots also features projector headlamps. The rear bumper also gets a do-over with new black inserts and a revised tailgate. The taillamps now extend down all the way to the tailgate. There are new alloys too, with a twin five-spoke design and gunmetal finish. Mechanical changes on the car will be limited to the addition of a new CVT automatic gearbox on the 1.2 liter Kappa VTVT petrol engine that makes 82 Bhp-115 Nm. Hyundai will no longer fit the i20 Elite with the larger, 1.4 liter petrol engine. The 1.4 liter turbocharged CRDI diesel engine with 89 Bhp-220 Nm will be retained, with a 6-speed manual gearbox as standard. Hyundai i20 was a major show-stopper at the Hyundai’s stall and features new alloy wheels.

Auto Expo 2018: Hyundai Motor India unveils all-new Elite i20 for Rs 5.34 Lakh

Maruti Suzuki unveiled its first in-house developed crossover Concept Future-S, which is a cross between a hatchback and a sports utility vehicle, at the Auto Expo 2018.

Auto Expo 2018: Maruti Suzuki unveils compact car Concept Future-S

Google is reported to be developing a subscription-based game streaming service.&nbsp;

The service is likely to be compatible with its Chromecast or a Google-made console.

Alphabet Inc. announced on Wednesday its plan of developing a new service codenamed &#39;Yeti&#39;.

&#39;Yeti&#39; would put Google at the forefront of the video game market that enables the users to play while the games are being streamed. The new service aims at rendering the need for downloading games or using the disks versions unnecessary.

The service will make use of Google&#39;s cloud servers to broadcast the games to users over the internet.

According to reports, Google has already discussed &#39;Yeti&#39; with game developers. It is not clear if the developers will create a game especially for &#39;Yeti&#39;&nbsp;or make existing streamed games available.

The service is likely to be compatible with its Chromecast or a Google-made console

Google is reported to be developing a subscription-based game streaming service. The service is likely to be compatible with its Chromecast or a Google-made console. Alphabet Inc. announced on Wednesday its plan of developing a new service codenamed 'Yeti'. 'Yeti' would put Google at the forefront of the video game market that enables the users to play while the games are being streamed. The new service aims at rendering the need for downloading games or using the disks versions unnecessary. The service will make use of Google's cloud servers to broadcast the games to users over the internet. According to reports, Google has already discussed 'Yeti' with game developers. It is not clear if the developers will create a game especially for 'Yeti' or make existing streamed games available.

Google to break into gaming market with 'Yeti' streaming service

The Reserve Bank of India, meeting amid a global market storm, is widely expected to keep its key rate on hold on Wednesday, but toughen its rhetoric as inflation has accelerated sharply, making an increasing number of analysts see a hike this year. 
 
A Reuters poll showed 58 of 60 economists expect the repo rate to be kept at 6.00 per cent, the lowest since November 2010, and the reverse repo rate at 5.75 per cent. The other two predicted a 25 basis points hike. 
 
But more analysts now believe tightening looms down the road after surging oil and food prices led consumer inflation in the country to a 17-month high of 5.21 per cent in December - well above the RBI&#39;s 4 per cent target. 
 
Inflation is expected to accelerate after the government&#39;s budget last week widened its fiscal deficit target for the fiscal year starting in April to help finance a sharp increase in spending in the rural areas and on healthcare. 
 
Bond investors are already pricing in rate hikes, with benchmark 10-year bond yields rising over 80 basis points since July, the biggest move since the 2013 rupee crisis. 
 
The Reuters poll showed 14 out of 35 analysts believe the RBI will hike rates by the end of 2018, up from 7 out of 27 in December.

New inflation risks?

But questions remain about how soon the RBI can tighten, given the economy is expected to grow only 6.7 per cent in the current fiscal year - the slowest pace in about three years.

The RBI&#39;s policy stance is currently &quot;neutral&quot;.

&quot;New inflation risks are emerging post-budget, so it will have to sound hawkish - but not overly so,&quot; BNP Paribas told clients on Tuesday, adding it expects two 25-bps rate hikes in 2018&#39;s second half.

The RBI has held the repo at 6.0 per cent since a 25 bps cut in August, having taken advantage of a period of extraordinary low inflation to cut rates by 200 bps since early 2015.

For sure, a rate hike in 2018 is far from certain, as the RBI has to be careful not to slow an economy that needs rapid growth to create jobs. The RBI will also be mindful of the global economy, in case of a sharp downturn that impacts India.

Although any move to raise rates could make yields more attractive overseas, it could also undermine confidence in the economy, adding more uncertainty to monetary policy.

Inflation is expected to accelerate after the government’s budget last week widened its fiscal deficit target for the fiscal year starting in April to help finance a sharp increase in spending in the rural areas and on healthcare

The Reserve Bank of India, meeting amid a global market storm, is widely expected to keep its key rate on hold on Wednesday, but toughen its rhetoric as inflation has accelerated sharply, making an increasing number of analysts see a hike this year. A Reuters poll showed 58 of 60 economists expect the repo rate to be kept at 6.00 per cent, the lowest since November 2010, and the reverse repo rate at 5.75 per cent. The other two predicted a 25 basis points hike. But more analysts now believe tightening looms down the road after surging oil and food prices led consumer inflation in the country to a 17-month high of 5.21 per cent in December - well above the RBI's 4 per cent target. Inflation is expected to accelerate after the government's budget last week widened its fiscal deficit target for the fiscal year starting in April to help finance a sharp increase in spending in the rural areas and on healthcare. Bond investors are already pricing in rate hikes, with benchmark 10-year bond yields rising over 80 basis points since July, the biggest move since the 2013 rupee crisis. The Reuters poll showed 14 out of 35 analysts believe the RBI will hike rates by the end of 2018, up from 7 out of 27 in December. New inflation risks? But questions remain about how soon the RBI can tighten, given the economy is expected to grow only 6.7 per cent in the current fiscal year - the slowest pace in about three years. The RBI's policy stance is currently "neutral". "New inflation risks are emerging post-budget, so it will have to sound hawkish - but not overly so," BNP Paribas told clients on Tuesday, adding it expects two 25-bps rate hikes in 2018's second half. The RBI has held the repo at 6.0 per cent since a 25 bps cut in August, having taken advantage of a period of extraordinary low inflation to cut rates by 200 bps since early 2015. For sure, a rate hike in 2018 is far from certain, as the RBI has to be careful not to slow an economy that needs rapid growth to create jobs. The RBI will also be mindful of the global economy, in case of a sharp downturn that impacts India. Although any move to raise rates could make yields more attractive overseas, it could also undermine confidence in the economy, adding more uncertainty to monetary policy.

RBI expected to keep rates on hold in policy decision