India U-19 Asia Cup Squad: Aaryavir Sehwag and Anvay Dravid picked; check full team

Anirudh Ravichander-Kavya Maran wedding celebrations begin: Jailer 2 composer grooves to dhol beats | See viral pics

'One little banana heist': UP Police shares elephant mom-calf clip to teach honesty, internet teaches it a lesson instead | Viral video

Anirudh Ravichander exits Shah Rukh Khan's King; here's why the composer stepped away: Report

‘Engage with open heart to avoid fresh election,’ Israel’s President Isaac Herzog tells parties

Halloween 2026: Robert Downey Jr and Pedro Pascal swap MCU roles, dress up as Doctor Doom and Mister Fantastic

Mahadev betting app promoter Sourabh Chandrakar extradited, brought from Oman to India

WATCH | Barack Obama’s slow-motion mic toss sends internet into a frenzy: ‘That man’s got swagger’

India become first team to smash 400 T20I sixes in a calendar year

‘Flop show, chairs empty’: BJP mocks Rahul Gandhi-led INDIA bloc rally against CEC at Ramlila Maidan

Ishan Kishan sets new record for most T20I runs by an Indian in a year

Doomsday warning? Why governments are warning people to stockpile emergency supplies for 72 hours

Marvel’s 2,000-drone show takes over Seoul’s Han River ahead of Avengers: Doomsday release | Watch

VIDEO: High speed SUV hits multiple cars in Gurugram, dashcam captures accident

Police called after 3-year-old scores 10 goals in 12 minutes at Florida youth soccer game

Mumbai lights up ahead of Shah Rukh Khan's 61st birthday: Mannat gets a giant screen, Bandra-Worli Sea Link displays King poster

Fires, clashes and arrests: France-inspired protests turn violent in Switzerland | WATCH

'Built as a team, won as a team': India head coach reacts to T20I series win

Jet fuel price rises ₹1.30 per litre, commercial LPG hiked by ₹10

Democrat Haley Stevens endorses GOP against El-Sayed in Michigan Senate race after feud over Israel

Five Kuki men killed in Manipur in ethnic clashes between Kuki and Naga groups

France opens ‘attempted murder’ probe after officer set ablaze in petrol bomb attack

Bangladesh garment workers defy wage board call, demand 30,000 taka minimum pay

US midterms: Prediction markets give Democrats 71% chance of Senate control, 95% for House

Is tokenisation future of finance? WION launches Finance Forward at India Blockchain Week

Israel Elections: Eisenkot vows to use Knesset majority against Netanyahu as Arab leader backs PM's ouster

Physicist predicted Friday the 13th 'doomsday' in 1960. It is 13 days away

Trump prepares for life after midterm defeat, says 'I'll become Mr Veto'

California desert lights up brighter than full moon as part of controversial project

Omar Abdullah marries journalist Nidhi Razdan, announces ‘new journey’ on social media

Iran says US has 'completely shifted tone' in JD Vance's letter on peace talks

US midterm elections 2026: THESE battleground counties could decide Trump’s Senate fate

Andhra chainsaw school attacker shot in police encounter while trying to flee

Volkswagen AG, the world's biggest automaker, is in talks to form a joint venture with China's Didi Chuxing to manage part of the ride-hailing company's fleet of cars and help develop "purpose-built" vehicles for Didi's services.

As part of the deal between Volkswagen and China's biggest ride-hailing service, expected to be signed early next month, the German automaker will initially manage a fleet of about 100,000 new vehicles for Didi, of which two-thirds will be Volkswagen Group cars, said a senior executive at the carmaker.

Volkswagen will also jointly buy some new cars with Didi to allow the Chinese company to expand its fleet. The two eventually plan to collaborate to design and develop dedicated vehicles, he said, speaking on condition of anonymity as the details are still private.

The executive did not give financial details of the deal but said that Volkswagen will get a slice of the revenue once the venture develops.

The growing popularity of ride-hailing services for commuting and running errands in congested cities such as Beijing and Shanghai is showing early signs of reducing private car ownership. This could have serious consequences for existing carmakers and is forcing companies like Volkswagen to reinvent their businesses and seek out future revenue streams.

"To succeed as a car company in this new ecosystem, we need to know who our customer is, what their journey is and what our strategy should be," the executive said.

He added that this deal will eventually give Volkswagen access to some of Didi's massive trove of data on customer behaviour collected through the 3 million rides Didi provides in China each day.

The ultimate goal is the production and use of autonomous cars, the Volkswagen executive said.

Volkswagen's partnership with Didi is the first known project Didi has begun pursuing as part of a broad alliance the Chinese company recently formed with 31 automakers and parts suppliers.

Didi has said it formed the alliance to collaborate on, among other things, eventually developing cars purpose-built for its services.

For instance, as many as 80 percent of Didi customers ride alone and don't need a big four-seater car, the Volkswagen executive said.

And current vehicles have engines and other technology that allow them to go as fast as 150 mph (250 kmph). Dedicated ride-sharing vehicles would always travel much slower, so they would not need to be aerodynamic or have a powerful engine. That could allow for fewer seats and more room for luggage.

Didi has also predicted much of its future fleet would be electric. The company has begun working with Chinese carmakers GAC Motor and CHJ Automotive to design electric vehicles, sources have told Reuters.

Three Didi officials said the ultimate shape of a new ride-sharing market is still unclear and no one knows what role car manufacturers and Didi itself will play in it.

Open questions for Didi are how to repair, maintain and direct a fleet of autonomous vehicles, one of the officials said.

"Our understanding right now is that probably automakers don't know 100 percent how to do all that. Didi also doesn't know either," the official said.

A spokesperson for Didi said both sides were still working out the details of how the partnership would look.

"Potentially, both parties will focus on building together a fleet operation business, and look into other potential areas such as designing new car models for ride-hailing," the spokesperson said.

The Didi officials did not want to be named because they are not authorised to talk to reporters.

After years of resistance and efforts to keep technology-based ride companies at arm's length and vowing never to be like contract manufacturers are to the mobile phone sellers, carmakers are becoming more flexible.

The car industry fears becoming like Taipei-headquartered electronics company Foxconn, which manufactures millions of phones for the likes of Apple Inc but only gets a slim share of the profits in return.

This year, automakers like Fiat, Jaguar Land Rover and Honda Motor entered into an agreement to provide thousands of cars to Alphabet Inc's self-driving unit, Waymo. Last year Volvo and Daimler AG said they would supply cars to Uber.

Volkswagen lags its rivals Daimler and BMW in embracing the transformation but has recently stepped up its efforts.

It has created a war chest of 15 billion euros ($18.2 billion), which it plans to use for investments in ride-hailing, autonomous driving, digitalisation, electric mobility and other services in China by 2022.

It has already invested in an artificial intelligence firm called Mobvoi, a car-sharing company Shouqi and a second-hand car buying company. Volkswagen is also in talks to invest in a luxury ride-hailing company and an electric car charging business, the executive said.

Once Volkswagen has access to customer data, it will be able to make better-informed decisions on future businesses and products.

"We will explore additional business models with Didi," the executive said, adding that these may not necessarily be focused only on China. Volkswagen is internally discussing bus and truck sharing.

"We don't need to have all the answers. The money we plan to put into the first phase should help us find some," he said.

The executive did not say whether the new cars provided by Volkswagen would be electric, hybrid or gasoline.

The executive did not give financial details of the deal but said that Volkswagen will get a slice of the revenue once the venture develops

Volkswagen AG, the world's biggest automaker, is in talks to form a joint venture with China's Didi Chuxing to manage part of the ride-hailing company's fleet of cars and help develop "purpose-built" vehicles for Didi's services. As part of the deal between Volkswagen and China's biggest ride-hailing service, expected to be signed early next month, the German automaker will initially manage a fleet of about 100,000 new vehicles for Didi, of which two-thirds will be Volkswagen Group cars, said a senior executive at the carmaker. Volkswagen will also jointly buy some new cars with Didi to allow the Chinese company to expand its fleet. The two eventually plan to collaborate to design and develop dedicated vehicles, he said, speaking on condition of anonymity as the details are still private. The executive did not give financial details of the deal but said that Volkswagen will get a slice of the revenue once the venture develops. The growing popularity of ride-hailing services for commuting and running errands in congested cities such as Beijing and Shanghai is showing early signs of reducing private car ownership. This could have serious consequences for existing carmakers and is forcing companies like Volkswagen to reinvent their businesses and seek out future revenue streams. "To succeed as a car company in this new ecosystem, we need to know who our customer is, what their journey is and what our strategy should be," the executive said. He added that this deal will eventually give Volkswagen access to some of Didi's massive trove of data on customer behaviour collected through the 3 million rides Didi provides in China each day. The ultimate goal is the production and use of autonomous cars, the Volkswagen executive said. Volkswagen's partnership with Didi is the first known project Didi has begun pursuing as part of a broad alliance the Chinese company recently formed with 31 automakers and parts suppliers. Didi has said it formed the alliance to collaborate on, among other things, eventually developing cars purpose-built for its services. For instance, as many as 80 percent of Didi customers ride alone and don't need a big four-seater car, the Volkswagen executive said. And current vehicles have engines and other technology that allow them to go as fast as 150 mph (250 kmph). Dedicated ride-sharing vehicles would always travel much slower, so they would not need to be aerodynamic or have a powerful engine. That could allow for fewer seats and more room for luggage. Didi has also predicted much of its future fleet would be electric. The company has begun working with Chinese carmakers GAC Motor and CHJ Automotive to design electric vehicles, sources have told Reuters. Three Didi officials said the ultimate shape of a new ride-sharing market is still unclear and no one knows what role car manufacturers and Didi itself will play in it. Open questions for Didi are how to repair, maintain and direct a fleet of autonomous vehicles, one of the officials said. "Our understanding right now is that probably automakers don't know 100 percent how to do all that. Didi also doesn't know either," the official said. A spokesperson for Didi said both sides were still working out the details of how the partnership would look. "Potentially, both parties will focus on building together a fleet operation business, and look into other potential areas such as designing new car models for ride-hailing," the spokesperson said. The Didi officials did not want to be named because they are not authorised to talk to reporters. After years of resistance and efforts to keep technology-based ride companies at arm's length and vowing never to be like contract manufacturers are to the mobile phone sellers, carmakers are becoming more flexible. The car industry fears becoming like Taipei-headquartered electronics company Foxconn, which manufactures millions of phones for the likes of Apple Inc but only gets a slim share of the profits in return. This year, automakers like Fiat, Jaguar Land Rover and Honda Motor entered into an agreement to provide thousands of cars to Alphabet Inc's self-driving unit, Waymo. Last year Volvo and Daimler AG said they would supply cars to Uber. Volkswagen lags its rivals Daimler and BMW in embracing the transformation but has recently stepped up its efforts. It has created a war chest of 15 billion euros ($18.2 billion), which it plans to use for investments in ride-hailing, autonomous driving, digitalisation, electric mobility and other services in China by 2022. It has already invested in an artificial intelligence firm called Mobvoi, a car-sharing company Shouqi and a second-hand car buying company. Volkswagen is also in talks to invest in a luxury ride-hailing company and an electric car charging business, the executive said. Once Volkswagen has access to customer data, it will be able to make better-informed decisions on future businesses and products. "We will explore additional business models with Didi," the executive said, adding that these may not necessarily be focused only on China. Volkswagen is internally discussing bus and truck sharing. "We don't need to have all the answers. The money we plan to put into the first phase should help us find some," he said. The executive did not say whether the new cars provided by Volkswagen would be electric, hybrid or gasoline.

Volkswagen in talks to manage Didi fleet, co-develop self-driving cars

E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for "impairment of goodwill" of Rs 1,797 crore.

According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16.

The company's total income also declined by 12.6 per cent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year.

When contacted, Snapdeal spokesperson said the financial statement for the year 2016-17 "reflects the first stage of Snapdeal's focus on unit economics and business efficiencies".

"Key highlights in this regard are the reduction in fulfilment cost by more than 20 per cent (as a percentage of operating revenue) and reduction in operational losses by nearly 25 per cent (excluding non-recurring cost on account of impairment of assets)," the spokesperson said.

He added that the company continues to make "rapid progress in driving profitable growth, which will be reflected in the results for the financial year 2017-18".

Snapdeal has seen its business being impacted severely by the intense competition in the e-commerce segment. While players, including the likes of Amazon and Flipkart, have pumped in billions of dollars in investments, they continue to operate in losses. Analysts are of the view that it will be a couple of years before these players can hit profitability.

Last year, Snapdeal dumped the USD 950-million takeover offer from Flipkart with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market.

Last year, Snapdeal sold its payment services unit, Freecharge to Axis Bank for Rs 385 crore, almost 90 per cent lower than what it had paid for the firm in 2015.

In January this year, its logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore.

Snapdeal has also significantly reduced its headcount to rein in costs.

According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16

E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for "impairment of goodwill" of Rs 1,797 crore. According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16. The company's total income also declined by 12.6 per cent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year. When contacted, Snapdeal spokesperson said the financial statement for the year 2016-17 "reflects the first stage of Snapdeal's focus on unit economics and business efficiencies". "Key highlights in this regard are the reduction in fulfilment cost by more than 20 per cent (as a percentage of operating revenue) and reduction in operational losses by nearly 25 per cent (excluding non-recurring cost on account of impairment of assets)," the spokesperson said. He added that the company continues to make "rapid progress in driving profitable growth, which will be reflected in the results for the financial year 2017-18". Snapdeal has seen its business being impacted severely by the intense competition in the e-commerce segment. While players, including the likes of Amazon and Flipkart, have pumped in billions of dollars in investments, they continue to operate in losses. Analysts are of the view that it will be a couple of years before these players can hit profitability. Last year, Snapdeal dumped the USD 950-million takeover offer from Flipkart with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market. Last year, Snapdeal sold its payment services unit, Freecharge to Axis Bank for Rs 385 crore, almost 90 per cent lower than what it had paid for the firm in 2015. In January this year, its logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore. Snapdeal has also significantly reduced its headcount to rein in costs.

Snapdeal posts Rs 4,647 crore net loss in 2016-17

Telecom operator Idea Cellular continued to bleed in the sixth straight quarter as its consolidated loss widened to Rs 930.6 crore in the three-month period ended March 31, mainly on account of continued hyper competition and regulatory headwinds.

The company had posted a loss of Rs 325.6 crore in the same period previous fiscal.

Idea had reported first ever consolidated loss of Rs 383.87 crore in the October-December 2016 period.

The operating revenue dropped 24.47 per cent to Rs 6,137.3 crore in the March quarter of FY18.

The performance of the company, however, improved on sequential quarter basis. Idea registered a loss of Rs 1,285.6 crore in October-December 2017.

The loss for the full fiscal swelled to Rs 4,139.9 crore from Rs 404 crore in 2016-17. Revenue from operations came in at Rs 28,278.9 crore in 2017-18 from Rs 36,676.8 crore in the previous fiscal.

The company blamed hyper competition and high regulatory headwinds for aggravating the industry's financial stress.

"The Trai led regulation changes including reduction of domestic Mobile Termination Charge from 14 paisa to 6 paisa per minute and International mobile termination' settlement charges from 53 paisa to 30 paisa per minute further aggravated the financial stress for the existing industry operators," Idea Cellular said in a post-earnings statement. Despite increase in voice and data traffic on its network, Idea recorded 26 per cent dip in average revenue per user to Rs 105 in the reported quarter from Rs 142 a year ago.

Idea registered rise in voice usage per subscriber to 577 minutes, broadband data usage per subscriber to 7 GB from 1.4 GB on year-on-year basis. The company saw record wireless broadband data subscriber addition of 15.1 million in 2017-18.

The net debt of the company as on March 31, 2018 stood at Rs 52,330 crore. The company expects the debt to reduce significantly with monetisation of its stake in Indus Towers and completion of sale of its standalone mobile towers to America Tower Corporations.

Giving an update on its merger with Vodafone, Idea Cellular said the process is in the final stages and is expected to be completed by June 2018.

"The merger of Idea and Vodafone India is in the final leg of regulatory approvals and is expected to complete in H1CY18," it said.

Established operators like Bharti Airtel, Vodafone and Idea Cellular are in the midst of a bruising tariff war following the entry of Reliance Jio backed by India's richest businessman Mukesh Ambani.

Reliance Jio's free voice and dirt-cheap data offering have dented the financial metrics of incumbent operators, deepening the impact of regulatory decisions like cut in termination charges.

The company had posted a loss of Rs 325.6 crore in the same period previous fiscal

Telecom operator Idea Cellular continued to bleed in the sixth straight quarter as its consolidated loss widened to Rs 930.6 crore in the three-month period ended March 31, mainly on account of continued hyper competition and regulatory headwinds. The company had posted a loss of Rs 325.6 crore in the same period previous fiscal. Idea had reported first ever consolidated loss of Rs 383.87 crore in the October-December 2016 period. The operating revenue dropped 24.47 per cent to Rs 6,137.3 crore in the March quarter of FY18. The performance of the company, however, improved on sequential quarter basis. Idea registered a loss of Rs 1,285.6 crore in October-December 2017. The loss for the full fiscal swelled to Rs 4,139.9 crore from Rs 404 crore in 2016-17. Revenue from operations came in at Rs 28,278.9 crore in 2017-18 from Rs 36,676.8 crore in the previous fiscal. The company blamed hyper competition and high regulatory headwinds for aggravating the industry's financial stress. "The Trai led regulation changes including reduction of domestic Mobile Termination Charge from 14 paisa to 6 paisa per minute and International mobile termination' settlement charges from 53 paisa to 30 paisa per minute further aggravated the financial stress for the existing industry operators," Idea Cellular said in a post-earnings statement. Despite increase in voice and data traffic on its network, Idea recorded 26 per cent dip in average revenue per user to Rs 105 in the reported quarter from Rs 142 a year ago. Idea registered rise in voice usage per subscriber to 577 minutes, broadband data usage per subscriber to 7 GB from 1.4 GB on year-on-year basis. The company saw record wireless broadband data subscriber addition of 15.1 million in 2017-18. The net debt of the company as on March 31, 2018 stood at Rs 52,330 crore. The company expects the debt to reduce significantly with monetisation of its stake in Indus Towers and completion of sale of its standalone mobile towers to America Tower Corporations. Giving an update on its merger with Vodafone, Idea Cellular said the process is in the final stages and is expected to be completed by June 2018. "The merger of Idea and Vodafone India is in the final leg of regulatory approvals and is expected to complete in H1CY18," it said. Established operators like Bharti Airtel, Vodafone and Idea Cellular are in the midst of a bruising tariff war following the entry of Reliance Jio backed by India's richest businessman Mukesh Ambani. Reliance Jio's free voice and dirt-cheap data offering have dented the financial metrics of incumbent operators, deepening the impact of regulatory decisions like cut in termination charges.

Idea Cellular Q4 net loss widens nearly 3-fold to Rs 930 crore

The Sensex rallied about 180 points to 34,893.20 in early session today, maintaining its positive form for the second straight day as the May derivatives series took off on a strong footing amid encouraging earnings and positive Asian cues.

Unabated buying by domestic institutional fulled the uptrend, brokers said.

The 30-share Sensex, which gained 212.33 points in the previous session, added 179.60 points, or 0.51 per cent, at 34,893.20.

All sectoral indices of BSE led by realty, banking and metal were in the positive zone, rising by up to 1.07 per cent.

The NSE Nifty jumped 60 points, or 0.56 per cent, to 10,677.80.

Shares of Reliance Industries and Maruti Suzuki were higher by 2.66 per cent and 1.28 per cent ahead of earnings, to be announced later in the day.

Other gainers include Axis Bank, Yes Bank, ICICI Bank, Adani Bank, Tata Steel, L&T, Tata Motors, SBI, Dr Reddy's, Sun Pharma and Bajaj Auto, rising up to 3.66 per cent.

Brokers said investors were busy in creating new positions following the beginning of the May futures and options (F&O) series that led to the rally in the market.

Moreover, encouraging quarterly corporate earnings so far and data showing that domestic institutional investors continued their buying activity, buoyed sentiment.

A firming trend in the rest of Asia following overnight positive leads from the Wall Street on solid earnings and a rebound in technology stocks as the US bond yields pulled back, accelerated buying activity, they added.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 684.11 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,056.34 crore yesterday, provisional data showed.

Japan's Nikkei quoted 0.42 per cent higher while Hong Kong's Hang Seng gained 0.31 per cent in the early part but China's Shanghai Composite Index shed 0.22 per cent.

The US market ended 0.99 per cent higher yesterday.&nbsp

The US market ended 0.99 per cent higher yesterday

The Sensex rallied about 180 points to 34,893.20 in early session today, maintaining its positive form for the second straight day as the May derivatives series took off on a strong footing amid encouraging earnings and positive Asian cues. Unabated buying by domestic institutional fulled the uptrend, brokers said. The 30-share Sensex, which gained 212.33 points in the previous session, added 179.60 points, or 0.51 per cent, at 34,893.20. All sectoral indices of BSE led by realty, banking and metal were in the positive zone, rising by up to 1.07 per cent. The NSE Nifty jumped 60 points, or 0.56 per cent, to 10,677.80. Shares of Reliance Industries and Maruti Suzuki were higher by 2.66 per cent and 1.28 per cent ahead of earnings, to be announced later in the day. Other gainers include Axis Bank, Yes Bank, ICICI Bank, Adani Bank, Tata Steel, L&T, Tata Motors, SBI, Dr Reddy's, Sun Pharma and Bajaj Auto, rising up to 3.66 per cent. Brokers said investors were busy in creating new positions following the beginning of the May futures and options (F&O) series that led to the rally in the market. Moreover, encouraging quarterly corporate earnings so far and data showing that domestic institutional investors continued their buying activity, buoyed sentiment. A firming trend in the rest of Asia following overnight positive leads from the Wall Street on solid earnings and a rebound in technology stocks as the US bond yields pulled back, accelerated buying activity, they added. Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 684.11 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,056.34 crore yesterday, provisional data showed. Japan's Nikkei quoted 0.42 per cent higher while Hong Kong's Hang Seng gained 0.31 per cent in the early part but China's Shanghai Composite Index shed 0.22 per cent. The US market ended 0.99 per cent higher yesterday.

Sensex soars 180 points, Nifty jumped up 60

Asian shares edged higher on Friday after US&nbspequities were buoyed by solid quarterly earnings and a rebound in technology stocks, while all eyes in the region are on a historic summit between the two Koreas.

Japan's benchmark Nikkei stock average gained 0.4 percent, up 147.05 yen from the previous day at the opening of Tokyo stock market, news agency Reuters reported.

Hong Kong's stock market opened with the benchmark Hang Seng Index also rising one percent to 30,300.83.

Australian shares followed Wall Street's strong earnings, with the S&P/ASX 200 index rising 0.3 percent or 18.2 points to 5,929 by 0248 GMT. The benchmark is on track to gain about one percent for the week.

Japan's benchmark Nikkei stock average gained 0.4 percent, up 147.05 yen from the previous day at the opening of Tokyo stock market.

Asian shares edged higher on Friday after US&nbspequities were buoyed by solid quarterly earnings and a rebound in technology stocks, while all eyes in the region are on a historic summit between the two Koreas. Japan's benchmark Nikkei stock average gained 0.4 percent, up 147.05 yen from the previous day at the opening of Tokyo stock market, news agency Reuters reported. Hong Kong's stock market opened with the benchmark Hang Seng Index also rising one percent to 30,300.83. Australian shares followed Wall Street's strong earnings, with the S&P/ASX 200 index rising 0.3 percent or 18.2 points to 5,929 by 0248 GMT. The benchmark is on track to gain about one percent for the week.

Asia shares rise as Koreas hold historic summit

Market barometer Sensex rallied over 256 points to end at a near three-month high of 34,969.70 on Friday as the May derivatives series got off to a strong start.

Financial stocks led by Axis Bank, SBI and ICICI Bank hogged the limelight, rising by up to about nine per cent.

Global cues were positive on the back of a historic meeting between the leaders of North and South Korea.

The 30-stock Sensex opened positive and rallied to reclaim the 35,000-mark, touching the session's high of 35,065.37.

However, profit-booking at some counters trimmed the gains as the gauge settled 256.10 points or 0.74 per cent higher at 34,969.70 -- a level last seen on February 2 when it had concluded at 35,066.77.

The index had rallied 212.33 points in the previous session on the back of strong earnings amid positive global cues.

The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55.

The benchmarks gained for the fifth week in a row - their longest winning streak in a year. The Sensex surged 554.12 points, or 1.61 per cent, while the Nifty gained 128.25 points, or 1.21 per cent, during this week.

Meanwhile, global credit rating agency Fitch today affirmed India's sovereign rating at 'BBB-' with 'stable' outlook, saying that the country's medium-term growth potential is strong.

'BBB-' rating indicates lowest investment grade.

The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55.

Market barometer Sensex rallied over 256 points to end at a near three-month high of 34,969.70 on Friday as the May derivatives series got off to a strong start. Financial stocks led by Axis Bank, SBI and ICICI Bank hogged the limelight, rising by up to about nine per cent. Global cues were positive on the back of a historic meeting between the leaders of North and South Korea. The 30-stock Sensex opened positive and rallied to reclaim the 35,000-mark, touching the session's high of 35,065.37. However, profit-booking at some counters trimmed the gains as the gauge settled 256.10 points or 0.74 per cent higher at 34,969.70 -- a level last seen on February 2 when it had concluded at 35,066.77. The index had rallied 212.33 points in the previous session on the back of strong earnings amid positive global cues. The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55. The benchmarks gained for the fifth week in a row - their longest winning streak in a year. The Sensex surged 554.12 points, or 1.61 per cent, while the Nifty gained 128.25 points, or 1.21 per cent, during this week. Meanwhile, global credit rating agency Fitch today affirmed India's sovereign rating at 'BBB-' with 'stable' outlook, saying that the country's medium-term growth potential is strong. 'BBB-' rating indicates lowest investment grade.

Sensex climbs 256 points to end week at near three-month high

According to the finance ministry, the government was able to mobilise Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18.

"During the year 2017-18, total revenue collections under GST in the period between August 2017 and March 2018 has been Rs 7.19 lakh crore. Including the collection of July, 2017, the total GST collections during the 2017-18 stands provisionally at Rs. 7.41 lakh crore," the Finance Ministry said in a tweet.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
During the year 2017-18, total Revenue Collections under GST in the period between August 2017 and March 2018 has been Rs. 7.19 Lakh Crore .
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/989738503264133120?ref_src=twsrc%5Etfw">April 27, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"This includes Rs 1.19 lakh crore of CGST, Rs.1.72 lakh crore of SGST, and Rs 3.66 lakh crore of IGST (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5,702 crore on imports)," it said.

According to the finance ministry, the average monthly collection during the August-March period has amounted to Rs 89,885 crore.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
The SGST Collection during the year 2017-18 including the settlement of IGST has been Rs. 2.91 Lakh Crore.
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/989741622186332160?ref_src=twsrc%5Etfw">April 27, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Total compensation released to the states for a period of eight months during 2017-18 was Rs 41,147 crore, this was to ensure that the revenue of the states is protected at the level of 14 per cent over the base year tax collection in 2015-16.

The ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Including the collection of July, 2017, the total GST Collections during the Financial Year 2017-18 stands provisionally at Rs. 7.41 Lakh Crore.
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/989739237217001472?ref_src=twsrc%5Etfw">April 27, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The GST was rolled out on July 1, 2017.

(With inputs from PTI)&nbsp;

The ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months

According to the finance ministry, the government was able to mobilise Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18. "During the year 2017-18, total revenue collections under GST in the period between August 2017 and March 2018 has been Rs 7.19 lakh crore. Including the collection of July, 2017, the total GST collections during the 2017-18 stands provisionally at Rs. 7.41 lakh crore," the Finance Ministry said in a tweet. During the year 2017-18, total Revenue Collections under GST in the period between August 2017 and March 2018 has been Rs. 7.19 Lakh Crore . — Ministry of Finance (@FinMinIndia) April 27, 2018 × "This includes Rs 1.19 lakh crore of CGST, Rs.1.72 lakh crore of SGST, and Rs 3.66 lakh crore of IGST (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5,702 crore on imports)," it said. According to the finance ministry, the average monthly collection during the August-March period has amounted to Rs 89,885 crore. The SGST Collection during the year 2017-18 including the settlement of IGST has been Rs. 2.91 Lakh Crore. — Ministry of Finance (@FinMinIndia) April 27, 2018 × Total compensation released to the states for a period of eight months during 2017-18 was Rs 41,147 crore, this was to ensure that the revenue of the states is protected at the level of 14 per cent over the base year tax collection in 2015-16. The ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months. Including the collection of July, 2017, the total GST Collections during the Financial Year 2017-18 stands provisionally at Rs. 7.41 Lakh Crore. — Ministry of Finance (@FinMinIndia) April 27, 2018 × The GST was rolled out on July 1, 2017. (With inputs from PTI)

Average monthly GST collection since rollout Rs 90,000 crore: Finance Ministry

Benchmark BSE Sensex rebounded over 57 points in early trade today on sustained buying by domestic institutional investors amid a mixed trend in other Asian bourses.

Short-covering of bets today being the last session of April expiry in the derivatives segment supported the recovery.

Asian markets were mixed as robust corporate earnings helped Wall Street calm concerns over the surge in US bond yields.

The 30-share Sensex recovered 57.35 points, or 0.16 per cent, to trade 34,558.62 in the opening session. It had lost 115.37 points in the previous session.&nbsp;

Realty, metal, healthcare, infrastructure, auto, FMCG and power sectors led the recovery.

The NSE Nifty was also trading higher by 32.70 points, or 0.30 per cent, at 10,586.90.

Brokers said sustained buying by domestic institutional investors and a mixed trend at other Asian bourses, tracking overnight gains at Wall Street, mainly influenced sentiment here.

Major gainers were M&M, TCS, Tata Steel, Sun Pharma, Yes Bank, RIL, HUL, Infosys, HDFC Bank, SBI, Asian Paints, Maruti Suzuki, IndusInd Bank, Bajaj Auto, Power Grids and Dr Reddy's, with gains of up to 0.98 per cent.

However, Wipro, tumbled 3.62 per cent to Rs 276.80 after the company yesterday reported over 20 per cent decline in its consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18.

The country's third-largest software services firm had registered a profit of Rs 2,267 crore in the year-ago period, as per Indian accounting norms.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 435.98 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 304.79 crore yesterday, provisional data showed.

In the Asian region, Japan's Nikkei was up 0.59 per cent but Hong Kong's Hang Seng shed 0.77 per cent and China's Shanghai Composite index too was down 0.98 per cent in their early deals.

The Dow Jones Industrial Average ended 0.25 per cent higher in yesterday's trade.

The Dow Jones Industrial Average ended 0.25 per cent higher in yesterday's trade

Benchmark BSE Sensex rebounded over 57 points in early trade today on sustained buying by domestic institutional investors amid a mixed trend in other Asian bourses. Short-covering of bets today being the last session of April expiry in the derivatives segment supported the recovery. Asian markets were mixed as robust corporate earnings helped Wall Street calm concerns over the surge in US bond yields. The 30-share Sensex recovered 57.35 points, or 0.16 per cent, to trade 34,558.62 in the opening session. It had lost 115.37 points in the previous session. Realty, metal, healthcare, infrastructure, auto, FMCG and power sectors led the recovery. The NSE Nifty was also trading higher by 32.70 points, or 0.30 per cent, at 10,586.90. Brokers said sustained buying by domestic institutional investors and a mixed trend at other Asian bourses, tracking overnight gains at Wall Street, mainly influenced sentiment here. Major gainers were M&M, TCS, Tata Steel, Sun Pharma, Yes Bank, RIL, HUL, Infosys, HDFC Bank, SBI, Asian Paints, Maruti Suzuki, IndusInd Bank, Bajaj Auto, Power Grids and Dr Reddy's, with gains of up to 0.98 per cent. However, Wipro, tumbled 3.62 per cent to Rs 276.80 after the company yesterday reported over 20 per cent decline in its consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18. The country's third-largest software services firm had registered a profit of Rs 2,267 crore in the year-ago period, as per Indian accounting norms. Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 435.98 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 304.79 crore yesterday, provisional data showed. In the Asian region, Japan's Nikkei was up 0.59 per cent but Hong Kong's Hang Seng shed 0.77 per cent and China's Shanghai Composite index too was down 0.98 per cent in their early deals. The Dow Jones Industrial Average ended 0.25 per cent higher in yesterday's trade.

Sensex recovers 57 points, Nifty up by 32

Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and continuing strong demand.

Brent crude oil futures were last up 90 cents at $74.90 a barrel at 1204 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 66 cents to $68.71 per barrel.

The oil price has risen by 15 percent in the last four weeks thanks to expectations that the United States will reimpose sanctions on Iran, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC).

French President Emmanuel Macron said on Wednesday he expected U.S. President Donald Trump to pull out of a deal with Iran reached in 2015 in which the Islamic Republic suspended its nuclear programme in return for Western powers lifting crippling sanctions.

Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would probably result in a reduction of Iranian oil exports.

"Geopolitical concerns in the Middle East, together with Venezuela’s deteriorating macroeconomic situation, are supporting oil prices. It is widely anticipated that President Trump will pull the U.S. out of the Iran nuclear deal, which is bullish for prices, said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics.

"However, (the) full impact of the move will not materialise unless it is supported by European allies of the U.S."

Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to a political and economic crisis.

Plunging Venezuelan output and looming U.S. sanctions against Iran come against a backdrop of strong demand, above all in Asia, the world's biggest oil-consuming region.

However, not all market indicators point towards tighter supplies.

US&nbspcrude oil inventories rose by 2.2 million barrels in the week to April 20 to 429.74 million barrels.

US&nbspcrude production rose by 46,000 bpd on the previous week, to 10.59 bpd.

Soaring U.S. output has made WTI crude around $6 per barrel cheaper than Brent and drawn exports to record highs.

Dutch bank ING said "the wide discount for WTI to Brent saw exports rising 582,000 bpd week-on-week to a record high of 2.33 million bpd."

With U.S. output and exports surging, some analysts warn that the 20 percent climb in Brent prices since February is starting to look overdone.

"The market does look a little&nbsptoppish," said Greg McKenna,&nbspchief&nbspmarket strategist at futures brokerage AxiTrader.

Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to a political and economic crisis.

Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and continuing strong demand. Brent crude oil futures were last up 90 cents at $74.90 a barrel at 1204 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 66 cents to $68.71 per barrel. The oil price has risen by 15 percent in the last four weeks thanks to expectations that the United States will reimpose sanctions on Iran, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC). French President Emmanuel Macron said on Wednesday he expected U.S. President Donald Trump to pull out of a deal with Iran reached in 2015 in which the Islamic Republic suspended its nuclear programme in return for Western powers lifting crippling sanctions. Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would probably result in a reduction of Iranian oil exports. "Geopolitical concerns in the Middle East, together with Venezuela’s deteriorating macroeconomic situation, are supporting oil prices. It is widely anticipated that President Trump will pull the U.S. out of the Iran nuclear deal, which is bullish for prices, said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics. "However, (the) full impact of the move will not materialise unless it is supported by European allies of the U.S." Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to a political and economic crisis. Plunging Venezuelan output and looming U.S. sanctions against Iran come against a backdrop of strong demand, above all in Asia, the world's biggest oil-consuming region. However, not all market indicators point towards tighter supplies. US&nbspcrude oil inventories rose by 2.2 million barrels in the week to April 20 to 429.74 million barrels. US&nbspcrude production rose by 46,000 bpd on the previous week, to 10.59 bpd. Soaring U.S. output has made WTI crude around $6 per barrel cheaper than Brent and drawn exports to record highs. Dutch bank ING said "the wide discount for WTI to Brent saw exports rising 582,000 bpd week-on-week to a record high of 2.33 million bpd." With U.S. output and exports surging, some analysts warn that the 20 percent climb in Brent prices since February is starting to look overdone. "The market does look a little&nbsptoppish," said Greg McKenna,&nbspchief&nbspmarket strategist at futures brokerage AxiTrader.

Oil rises as concern heats up over Iran sanctions, Venezuelan output

Gold prices hovered near five-week lows on Thursday as higher US&nbsp;bond yields and a stronger dollar dampened interest in bullion.

Worries about growing supply of U.S. government debt and inflationary pressures from rising oil prices this week pushed U.S. 10-year bond yields above 3 percent for the first time in four years.

That has reduced the attraction of non-yielding gold and helped to thrust the dollar to its strongest since January, making bullion more expensive for users of other currencies.

Spot gold was up 0.1 percent at $1,324.12 an ounce by 1310 GMT. On Wednesday gold touched its lowest since March 21 at $1,318.51.

U.S. gold futures were up 0.2 percent at $1,325.10.

Interest from physical buyers and technical support at gold's 100-day moving average of $1,319.55 was helping to prevent further falls.

"At these low (price) levels, the market could now attract some physical buying interest," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

"The market has a very good (physical) support at around $1,310-$1,315."

Gold has been stuck in a trading range between about $1,360 and $1,310 since hitting a 1-1/2 year high of $1,366.07 in January.

It is supported by geopolitical uncertainty, which has fuelled demand for gold as a safe haven, but prevented from moving higher by fears of rising U.S. interest rates that would push up bond yields and strengthen the dollar.

U.S. GDP and inflation data on Friday could give new direction to prices, said Mitsubishi analyst Jonathan Butler.

Stronger than expected economic growth or inflation would hurt gold by bolstering expectations of more rapid increases to interest rates.

Investors were also watching the European Central Bank on Thursday for clues on when it will signal an end-date for its 2.55 trillion euro ($3.2 trillion) asset-buying programme.

Analysts and traders polled by Reuters this month said that gold would average $1,334 an ounce this year and $1,352 an ounce next year, barely shifting from its current price.

They expected silver, which was up 0.2 percent at $16.55 an ounce on Thursday, to fare better, averaging $17.28 an ounce this year and $18 next year.

In other precious metals, platinum was up 0.3 percent at $906.30 and palladium slipped 0.3 percent to $973.97.

Analysts and traders polled by Reuters expected average prices of both metals to be higher this year and next.

Spot gold was up 0.1 percent at $1,324.12 an ounce by 1310 GMT. On Wednesday gold touched its lowest since March 21 at $1,318.51.

Gold prices hovered near five-week lows on Thursday as higher US bond yields and a stronger dollar dampened interest in bullion. Worries about growing supply of U.S. government debt and inflationary pressures from rising oil prices this week pushed U.S. 10-year bond yields above 3 percent for the first time in four years. That has reduced the attraction of non-yielding gold and helped to thrust the dollar to its strongest since January, making bullion more expensive for users of other currencies. Spot gold was up 0.1 percent at $1,324.12 an ounce by 1310 GMT. On Wednesday gold touched its lowest since March 21 at $1,318.51. U.S. gold futures were up 0.2 percent at $1,325.10. Interest from physical buyers and technical support at gold's 100-day moving average of $1,319.55 was helping to prevent further falls. "At these low (price) levels, the market could now attract some physical buying interest," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. "The market has a very good (physical) support at around $1,310-$1,315." Gold has been stuck in a trading range between about $1,360 and $1,310 since hitting a 1-1/2 year high of $1,366.07 in January. It is supported by geopolitical uncertainty, which has fuelled demand for gold as a safe haven, but prevented from moving higher by fears of rising U.S. interest rates that would push up bond yields and strengthen the dollar. U.S. GDP and inflation data on Friday could give new direction to prices, said Mitsubishi analyst Jonathan Butler. Stronger than expected economic growth or inflation would hurt gold by bolstering expectations of more rapid increases to interest rates. Investors were also watching the European Central Bank on Thursday for clues on when it will signal an end-date for its 2.55 trillion euro ($3.2 trillion) asset-buying programme. Analysts and traders polled by Reuters this month said that gold would average $1,334 an ounce this year and $1,352 an ounce next year, barely shifting from its current price. They expected silver, which was up 0.2 percent at $16.55 an ounce on Thursday, to fare better, averaging $17.28 an ounce this year and $18 next year. In other precious metals, platinum was up 0.3 percent at $906.30 and palladium slipped 0.3 percent to $973.97. Analysts and traders polled by Reuters expected average prices of both metals to be higher this year and next.

Stronger dollar traps gold near five-week lows

Having speeded up printing presses to refill banks' empty ATMs in some parts of the country, the Reserve Bank of India released data on Wednesday showing that people were still hoarding cash as withdrawals outpaced spending.

Typically, economists say, cash withdrawn from banks takes a few months to re-enter circulation as people spend. Because of these lags, the weekly reserve money figures don't tell exactly how much people have hoarded, but the data does give a strong sense of the trend.

The incremental increase in currency in circulation, a component of the data, shows how much people are withdrawing every week and the amount of new money the RBI is supplying to banks.

During the week to April 20, they took 163.4 billion rupees ($2.44 billion) out of the banks, bringing the total for the first three weeks of the month to 595.2 billion rupees, the RBI data showed. In the previous three weeks, withdrawals totalled 164.7 billion rupees.

Currency withdrawals in the January-March quarter stood at 1.4 trillion rupees, about 27 per cent more than in the same quarter of 2016.

Overall, the currency in circulation stood at 18.9 trillion rupees as of April 20, 18.9 per cent up since the beginning of last October when withdrawals began to gather pace.

Alarm bells only rang this month when cash dispensers began running dry in several states, including Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh and Bihar.

Neither the central bank nor commercial bankers appear to have a clear idea about this sudden pick up in withdrawals.

The RBI did not elaborate on Wednesday's reserve money data but in a circular last week it had said the shortage could be due to a delay in getting cash to the ATMs and that it has ramped up note printing.

But there is concern that Modi's audacious decision to take high-value banknotes out of circulation in late 2016 may be suffering a blowback, as Indians revert to old habits of keeping cash out of the banks, and out of sight of the taxman.

Rupa Rege Nitsure, a group chief economist at L&T Finance Holdings, suspected the spike in withdrawals could be a belated reaction after the government's so-called "demonetisation" move.

"Post demonetisation, there is a fear among people over the availability of cash and there could be a tendency of small businesses withdrawing money and hoarding cash given that bank credit is not easily available to them," she said.

Returning to normal

The government had wanted to push people toward making more transactions electronically, rather than rely on cash.

But the recent shortages of the new 2000 rupee bank notes has left analysts wondering if mattresses are being re-stuffed.

Analysts reckon a number of factors are behind the hoarding, including concerns over the health of Indian banks, avoidance of a new goods and services tax, preparations for campaign spending ahead of an election in the southern state Karnataka, and farmers withdrawing money during the harvest season of January to March.

Some analysts also say that, as economic growth managed to outpace the recovery in money supply after the 'demonetisation', there was always going to be a squeeze on demand for cash.

Afterall, it took until March for currency in circulation to rise above 17.98 trillion rupees level posted before the 2016 demonetisation.

"The currency supply by RBI has not kept pace with the growth in the economy and that is the reason the demand for cash has increased," said State Bank of India's chief economist Soumya Kanti Ghosh.

According to a note from SBI issued on April 18 the RBI still had to print an additional 700 billion rupees ($10.54 billion) to bridge the gap between demand and supply.

Neeraj Vyas, SBI's chief operating officer, told Reuters, that the downtime for ATMs out of money had reduced, but the situation should return to normal in "maybe another 5-7 days".

Currency withdrawals in the January-March quarter stood at 1.4 trillion rupees, about 27 percent more than in the same quarter of 2016

Having speeded up printing presses to refill banks' empty ATMs in some parts of the country, the Reserve Bank of India released data on Wednesday showing that people were still hoarding cash as withdrawals outpaced spending. Typically, economists say, cash withdrawn from banks takes a few months to re-enter circulation as people spend. Because of these lags, the weekly reserve money figures don't tell exactly how much people have hoarded, but the data does give a strong sense of the trend. The incremental increase in currency in circulation, a component of the data, shows how much people are withdrawing every week and the amount of new money the RBI is supplying to banks. During the week to April 20, they took 163.4 billion rupees ($2.44 billion) out of the banks, bringing the total for the first three weeks of the month to 595.2 billion rupees, the RBI data showed. In the previous three weeks, withdrawals totalled 164.7 billion rupees. Currency withdrawals in the January-March quarter stood at 1.4 trillion rupees, about 27 per cent more than in the same quarter of 2016. Overall, the currency in circulation stood at 18.9 trillion rupees as of April 20, 18.9 per cent up since the beginning of last October when withdrawals began to gather pace. Alarm bells only rang this month when cash dispensers began running dry in several states, including Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh and Bihar. Neither the central bank nor commercial bankers appear to have a clear idea about this sudden pick up in withdrawals. The RBI did not elaborate on Wednesday's reserve money data but in a circular last week it had said the shortage could be due to a delay in getting cash to the ATMs and that it has ramped up note printing. But there is concern that Modi's audacious decision to take high-value banknotes out of circulation in late 2016 may be suffering a blowback, as Indians revert to old habits of keeping cash out of the banks, and out of sight of the taxman. Rupa Rege Nitsure, a group chief economist at L&T Finance Holdings, suspected the spike in withdrawals could be a belated reaction after the government's so-called "demonetisation" move. "Post demonetisation, there is a fear among people over the availability of cash and there could be a tendency of small businesses withdrawing money and hoarding cash given that bank credit is not easily available to them," she said. Returning to normal The government had wanted to push people toward making more transactions electronically, rather than rely on cash. But the recent shortages of the new 2000 rupee bank notes has left analysts wondering if mattresses are being re-stuffed. Analysts reckon a number of factors are behind the hoarding, including concerns over the health of Indian banks, avoidance of a new goods and services tax, preparations for campaign spending ahead of an election in the southern state Karnataka, and farmers withdrawing money during the harvest season of January to March. Some analysts also say that, as economic growth managed to outpace the recovery in money supply after the 'demonetisation', there was always going to be a squeeze on demand for cash. Afterall, it took until March for currency in circulation to rise above 17.98 trillion rupees level posted before the 2016 demonetisation. "The currency supply by RBI has not kept pace with the growth in the economy and that is the reason the demand for cash has increased," said State Bank of India's chief economist Soumya Kanti Ghosh. According to a note from SBI issued on April 18 the RBI still had to print an additional 700 billion rupees ($10.54 billion) to bridge the gap between demand and supply. Neeraj Vyas, SBI's chief operating officer, told Reuters, that the downtime for ATMs out of money had reduced, but the situation should return to normal in "maybe another 5-7 days".

RBI data suggests Indians may have gone back to hoarding cash

The benchmark BSE Sensex started on a negative note, shedding over 100 points today, on weak global cues and rupee depreciation against the US dollar.

Asian shares fell across the board, following an overnight drop in US stocks. Rising US bond yields and crude oil prices too worried investors.

Market sentiment also turned cautious ahead of April derivatives expiry due tomorrow.

The 30-share index dropped 105.53 points, or 0.30 per cent, to 34,511.11. The gauge had gained 201.06 points in the previous two sessions.

Similarly, the NSE Nifty fell below the 10,600 mark, shedding 25.85 points, or 0.24 per cent, to 10,588.50.

Major losers were NTPC, Dr Reddy's, ONGC, Tata Steel, Asian Paint and Sun Pharma, falling up to 1.29 per cent.

Sectoral indices led by power, banking, capital goods, realty, IT, PSU and metal stocks were trading in the negative zone, falling up to 0.82 per cent.

On the other hand, Bharti Airtel was the biggest Sensex gainer, rising nearly 3 per cent.&nbsp;

The company, along with Idea Cellular and Vodafone Group, today announced an agreement for the merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China with over 163,000 towers across 22 telecom service areas.&nbsp;&nbsp; &nbsp;&nbsp;

Airtel, however, reported its lowest quarterly net profit in at least 14 years yesterday.

Other gainers were Wipro, TCS, Adani Ports, Infosys and RIL, rising up to 1.90 per cent.

Brokers said sentiment turned weak on sustained capital outflows by foreign funds amid a weak trend in other Asian markets following overnight weakness at Wall Street after the 10-year treasury yield briefly touched the 3 per cent level for the first time in four years.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 680.99 crore, while domestic institutional investors (DIIs) bought shares worth Rs 508.55 crore yesterday, provisional data showed.

In the Asian region, Japan's Nikkei fell 0.65 per cent, Hong Kong's Hang Seng shed 1.07 per cent in early trade. China's Shanghai Composite index too was down 0.59 per cent.

The Dow Jones Industrial Average ended 1.74 per cent lower in yesterday's trade.&nbsp;

Asian shares fell across the board, following an overnight drop in US stocks. Rising US bond yields and crude oil prices too worried investors.

The benchmark BSE Sensex started on a negative note, shedding over 100 points today, on weak global cues and rupee depreciation against the US dollar. Asian shares fell across the board, following an overnight drop in US stocks. Rising US bond yields and crude oil prices too worried investors. Market sentiment also turned cautious ahead of April derivatives expiry due tomorrow. The 30-share index dropped 105.53 points, or 0.30 per cent, to 34,511.11. The gauge had gained 201.06 points in the previous two sessions. Similarly, the NSE Nifty fell below the 10,600 mark, shedding 25.85 points, or 0.24 per cent, to 10,588.50. Major losers were NTPC, Dr Reddy's, ONGC, Tata Steel, Asian Paint and Sun Pharma, falling up to 1.29 per cent. Sectoral indices led by power, banking, capital goods, realty, IT, PSU and metal stocks were trading in the negative zone, falling up to 0.82 per cent. On the other hand, Bharti Airtel was the biggest Sensex gainer, rising nearly 3 per cent. The company, along with Idea Cellular and Vodafone Group, today announced an agreement for the merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China with over 163,000 towers across 22 telecom service areas. Airtel, however, reported its lowest quarterly net profit in at least 14 years yesterday. Other gainers were Wipro, TCS, Adani Ports, Infosys and RIL, rising up to 1.90 per cent. Brokers said sentiment turned weak on sustained capital outflows by foreign funds amid a weak trend in other Asian markets following overnight weakness at Wall Street after the 10-year treasury yield briefly touched the 3 per cent level for the first time in four years. Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 680.99 crore, while domestic institutional investors (DIIs) bought shares worth Rs 508.55 crore yesterday, provisional data showed. In the Asian region, Japan's Nikkei fell 0.65 per cent, Hong Kong's Hang Seng shed 1.07 per cent in early trade. China's Shanghai Composite index too was down 0.59 per cent. The Dow Jones Industrial Average ended 1.74 per cent lower in yesterday's trade.

Sensex, Nifty drop on weak global cues

The Indian state of Karnataka is due for elections in May. Both the top parties BJP and Congress are fighting for their victory. However the matter of concern is that people with massive money and criminal backgrounds are given tickets and this is a matter of huge concern.

Karnataka Elections 2018: Crime no bar in Karnataka elections?

Swaraj will co-chair the sixth round of the India-Mongolia Joint Consultative Committee with Mongolia’s Foreign Minister Damdin Tsogtbaatar.

Foreign Minister Sushma Swaraj visits Mongolia: India-Mongolia ties on upswing

PM Modi will be visiting China soon and this will be his fourth visit to China. Modi will be breaking the protocol this time and his visit to Wuhan is a strong signal for holding free talks with Xi Jinping.

PM Modi going to Wuhan is a strong signal for holding better relations with China

Tata Consultancy Services Ltd, India's biggest software services exporter, breached the 3,500 rupee ($52.87) per share mark on Monday for the first time, reaching $100 billion in market capitalisation.

Shares of the Mumbai-based company rose as much as 4.4 percent to a record high of 3,553 rupees, extending gains for a third straight session after the company posted its biggest-ever profit last week on new deals in the March quarter.

Net profit touched 69.04 billion rupees, beating analysts' average estimate of 67.98 billion rupees, according to Thomson Reuters data.

The Nifty IT index hit an all-time high on Monday.

($1 = 66.1950 Indian rupees)

Shares of the Mumbai-based company rose as much as 4.4 percent to a record high of 3,553 rupees, extending gains for a third straight session after the company posted its biggest-ever profit last week on new deals in the March quarter

Tata Consultancy Services Ltd, India's biggest software services exporter, breached the 3,500 rupee ($52.87) per share mark on Monday for the first time, reaching $100 billion in market capitalisation. Shares of the Mumbai-based company rose as much as 4.4 percent to a record high of 3,553 rupees, extending gains for a third straight session after the company posted its biggest-ever profit last week on new deals in the March quarter. Net profit touched 69.04 billion rupees, beating analysts' average estimate of 67.98 billion rupees, according to Thomson Reuters data. The Nifty IT index hit an all-time high on Monday. ($1 = 66.1950 Indian rupees)

TCS becomes first Indian company to hit market capitalisation of $100 billion

Domestic equities opened on a choppy note today tracking mixed cues from other Asian markets, ahead of F&O expiry later this week.

The benchmark BSE Sensex, which had lost 11.71 points in the previous session on Friday, rose 78.11 points, only to turn negative within minutes of session opening.&nbsp

The 30-share index was trading 15.24 points, or 0.04 per cent, lower at 34,400.34, with metals and banking stocks leading the losses.

The NSE Nifty opened 28.75 points, or 0.27 per cent, higher at 10,592.80.

Brokers said weakness in rupee and other Asian markets weighed on domestic equities, ahead of April futures and options (F&O) series this week.

ICICI Bank, Bajaj Auto, Hero MotoCorp, Coal India and Tata Steel were among the top losers, falling up to 2 per cent.

While, gainers included IndusInd Bank, Yes Bank, TCS, Bharti Airtel, L&T, M&M, Kotak Bank, Sun Pharma, HDFC, RIL, ONGC, NTPC, Bajaj Auto and Maruti Suzuki, rising up to 2 per cent.

HDFC shares climbed 1.17 per cent, to Rs 1,984, in early trade after it posted 20.3 per cent growth in its standalone net profit at Rs 4,799.3 crore for the quarter ended on March 31, 2018, compared to a year ago period.

Standalone total income for the quarter ended March 31, 2018 was Rs 25,549.7 crore, up from Rs 21 ,560.7 crore for the quarter ended on March 31, 2017, HDFC said in a statement Saturday.

On a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 111.01 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 21.02 crore on Friday, per provisional data showed.

Globally, Hong Kong's Hang Seng fell 0.23 per cent, Japan's Nikkei was down 0.34 per cent, while Shanghai Composite Index gained 0.14 per cent.

The US Dow Jones Industrial Average had ended 0.82 per cent lower in Friday's trade.&nbsp

Domestic equities opened on a choppy note today tracking mixed cues from other Asian markets, ahead of F&O expiry later this week

Domestic equities opened on a choppy note today tracking mixed cues from other Asian markets, ahead of F&O expiry later this week. The benchmark BSE Sensex, which had lost 11.71 points in the previous session on Friday, rose 78.11 points, only to turn negative within minutes of session opening. The 30-share index was trading 15.24 points, or 0.04 per cent, lower at 34,400.34, with metals and banking stocks leading the losses. The NSE Nifty opened 28.75 points, or 0.27 per cent, higher at 10,592.80. Brokers said weakness in rupee and other Asian markets weighed on domestic equities, ahead of April futures and options (F&O) series this week. ICICI Bank, Bajaj Auto, Hero MotoCorp, Coal India and Tata Steel were among the top losers, falling up to 2 per cent. While, gainers included IndusInd Bank, Yes Bank, TCS, Bharti Airtel, L&T, M&M, Kotak Bank, Sun Pharma, HDFC, RIL, ONGC, NTPC, Bajaj Auto and Maruti Suzuki, rising up to 2 per cent. HDFC shares climbed 1.17 per cent, to Rs 1,984, in early trade after it posted 20.3 per cent growth in its standalone net profit at Rs 4,799.3 crore for the quarter ended on March 31, 2018, compared to a year ago period. Standalone total income for the quarter ended March 31, 2018 was Rs 25,549.7 crore, up from Rs 21 ,560.7 crore for the quarter ended on March 31, 2017, HDFC said in a statement Saturday. On a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 111.01 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 21.02 crore on Friday, per provisional data showed. Globally, Hong Kong's Hang Seng fell 0.23 per cent, Japan's Nikkei was down 0.34 per cent, while Shanghai Composite Index gained 0.14 per cent. The US Dow Jones Industrial Average had ended 0.82 per cent lower in Friday's trade.

Sensex, Nifty turn choppy on mixed global cues

Benchmark Nifty rose 20.65 points to end at 10,584.70 today, driven by buying in realty, pharma, IT, media, PSU bank and auto sectors.

Metal, FMCG, infrastructure and finance service counters witnessed hectic profit-booking.

The rupee falling to its weakest level since March, continued FII outflows and April derivative expiry day this week influenced trading sentiment, brokers said.&nbsp;

Overseas, European shares fell early today as results from Switzerland's biggest bank, UBS, disappointed investors. Asian stocks closed lower as investors kept an eye on rising US Treasury yields.

The Nifty 50 index rose 20.65 points or 0.20 per cent to close at 10,584.70, after moving in a range of 10,638.35 and 10,514.95. It witnessed an intra-day movement of about 123.40 points.

Sector-wise, Realty rose by 1.61 per cent, Pharma 1.48 per cent, IT 0.74 per cent, Media 0.71 per cent, PSU Bank 0.68 percent, Energy 0.61 per cent, Auto 0.50 per cent, Private Bank 0.25 per cent and Bank 0.07 per cent.

On the other hand, Metal fell by 0.77 per cent, FMCG 0.32 per cent, Finance Service 0.21 per cent and Infra 0.11 per cent.

Major gainers were IndusInd Bank, M&M, BPCL, HCL Tech, Cipla, Sun Pharma, HPCL, Yes Bank and UltraTech Cement.

The losers were Hindalco, Indiabulls Housing Finance, UPL, Grasim, Vedanta, Bharti Infratel, Wipro, ICICI Bank, HUL and HDFC Bank.

A total of 922 scrips advanced, 884 declined, while 77 remained unchanged. Total securities that hit their price bands were 191.

Turnover in the cash segment fell to Rs 32,294.16 crore, from Rs 34,021.46 crore last Friday.

A total of 11,906.35 lakh shares changed hands in 10,393,120 trades. The market capitalisation of listed firms stood at Rs 14,914,986.95 crore.&nbsp;

Turnover in the cash segment fell to Rs 32,294.16 crore, from Rs 34,021.46 crore last Friday

Benchmark Nifty rose 20.65 points to end at 10,584.70 today, driven by buying in realty, pharma, IT, media, PSU bank and auto sectors. Metal, FMCG, infrastructure and finance service counters witnessed hectic profit-booking. The rupee falling to its weakest level since March, continued FII outflows and April derivative expiry day this week influenced trading sentiment, brokers said. Overseas, European shares fell early today as results from Switzerland's biggest bank, UBS, disappointed investors. Asian stocks closed lower as investors kept an eye on rising US Treasury yields. The Nifty 50 index rose 20.65 points or 0.20 per cent to close at 10,584.70, after moving in a range of 10,638.35 and 10,514.95. It witnessed an intra-day movement of about 123.40 points. Sector-wise, Realty rose by 1.61 per cent, Pharma 1.48 per cent, IT 0.74 per cent, Media 0.71 per cent, PSU Bank 0.68 percent, Energy 0.61 per cent, Auto 0.50 per cent, Private Bank 0.25 per cent and Bank 0.07 per cent. On the other hand, Metal fell by 0.77 per cent, FMCG 0.32 per cent, Finance Service 0.21 per cent and Infra 0.11 per cent. Major gainers were IndusInd Bank, M&M, BPCL, HCL Tech, Cipla, Sun Pharma, HPCL, Yes Bank and UltraTech Cement. The losers were Hindalco, Indiabulls Housing Finance, UPL, Grasim, Vedanta, Bharti Infratel, Wipro, ICICI Bank, HUL and HDFC Bank. A total of 922 scrips advanced, 884 declined, while 77 remained unchanged. Total securities that hit their price bands were 191. Turnover in the cash segment fell to Rs 32,294.16 crore, from Rs 34,021.46 crore last Friday. A total of 11,906.35 lakh shares changed hands in 10,393,120 trades. The market capitalisation of listed firms stood at Rs 14,914,986.95 crore.

Nifty ends above 10,550, up 20 points

Walmart Inc could seal a deal to buy a more than 51% stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday.&nbsp;

The US retail giant has been in talks with Flipkart for months to acquire controlling stake as it looks to take on rival Amazon.com Inc head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade.&nbsp;

SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was offering to buy existing shares at a valuation of $12 billion, a price the Japanese tech investor considered low, it was reported.&nbsp;

But that stalemate between SoftBank and Walmart has ended, one of the sources said on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some shares in Flipkart.&nbsp;

Walmart's purchase of new equity is likely to value Flipkart at least $18 billion.&nbsp;

It was earlier reported that Walmart completed due diligence on Flipkart and had made a proposal to buy 51% or more for between $10 billion to $12billion.&nbsp;

A third source said a deal was close, but things could still drag into the first week of May.&nbsp;

Some of Flipkart's main investors - US hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to take a full exit as Walmart purchases their shares, as per sources.&nbsp;

Sachin and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India's tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said.&nbsp;

All sources declined to be named as the talks are not public. Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined to comment.

Walmart has been in talks with Flipkart for months to acquire a controlling stake in the firm as it looks to take on rival Amazon.com Inc head-on in India.

Walmart Inc could seal a deal to buy a more than 51% stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday. The US retail giant has been in talks with Flipkart for months to acquire controlling stake as it looks to take on rival Amazon.com Inc head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade. SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was offering to buy existing shares at a valuation of $12 billion, a price the Japanese tech investor considered low, it was reported. But that stalemate between SoftBank and Walmart has ended, one of the sources said on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some shares in Flipkart. Walmart's purchase of new equity is likely to value Flipkart at least $18 billion. It was earlier reported that Walmart completed due diligence on Flipkart and had made a proposal to buy 51% or more for between $10 billion to $12billion. A third source said a deal was close, but things could still drag into the first week of May. Some of Flipkart's main investors - US hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to take a full exit as Walmart purchases their shares, as per sources. Sachin and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India's tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said. All sources declined to be named as the talks are not public. Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined to comment.

Walmart could buy controlling stake in Flipkart by next week

The Delhi High Court Friday sought the response of Essar Group promoters Ravi Kant Ruia and Anshuman Ruia on a CBI plea challenging their acquittal in a case arising out of the probe in the 2G scam case.&nbsp

Justice S P Garg issued notice to the Ruias and six others and sought their replies by May 25 to the CBI’s appeal against the trial court decision of December 21, 2017.

Besides Ruias, the CBI has also appealed against the acquittal of promoters of Loop Telecom Ltd I P Khaitan and Kiran Khaitan, Essar Group Director (Strategy and Planning) Vikash Saraf and three telecom firms – Loop Telecom, Loop Mobile India and Essar Tele Holding.

The probe agency has said in its appeal that the special judge failed to appreciate the evidence and the law in proper perspective and the evidence on record clearly establishes the offence committed by the accused.

On December 21, last year, a special court had acquitted Essar Group promoters, Loop Telecom Promoters and others in a case arising out of the 2G scam probe. The court had charged them with the offence under section 120 B (criminal conspiracy) read with section 420 (cheating) of IPC, substantial charge of cheating was made out against Saraf.

The CBI had named them in its chargesheet on December 12, 2011, alleging they had cheated the Department of Telecommunication by using Loop Telecom as a “front” to secure 2G licences in 2008 in violation of Clause 8 of the Unified Access Service License Guidelines.

The probe agency has said in its appeal that the special judge failed to appreciate the evidence and the law in proper perspective and the evidence on record clearly establishes the offence committed by the accused.

The Delhi High Court Friday sought the response of Essar Group promoters Ravi Kant Ruia and Anshuman Ruia on a CBI plea challenging their acquittal in a case arising out of the probe in the 2G scam case. Justice S P Garg issued notice to the Ruias and six others and sought their replies by May 25 to the CBI’s appeal against the trial court decision of December 21, 2017. Besides Ruias, the CBI has also appealed against the acquittal of promoters of Loop Telecom Ltd I P Khaitan and Kiran Khaitan, Essar Group Director (Strategy and Planning) Vikash Saraf and three telecom firms – Loop Telecom, Loop Mobile India and Essar Tele Holding. The probe agency has said in its appeal that the special judge failed to appreciate the evidence and the law in proper perspective and the evidence on record clearly establishes the offence committed by the accused. On December 21, last year, a special court had acquitted Essar Group promoters, Loop Telecom Promoters and others in a case arising out of the 2G scam probe. The court had charged them with the offence under section 120 B (criminal conspiracy) read with section 420 (cheating) of IPC, substantial charge of cheating was made out against Saraf. The CBI had named them in its chargesheet on December 12, 2011, alleging they had cheated the Department of Telecommunication by using Loop Telecom as a “front” to secure 2G licences in 2008 in violation of Clause 8 of the Unified Access Service License Guidelines.

2G scam case: Delhi HC seeks response of Essar promoters on plea against their acquittal

Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as U.S. crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.&nbspBrent crude oil futures were at $73.79 per barrel at 0028 GMT, up 31 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.4 percent, at $68.76 a barrel.&nbspBrent on Wednesday marked its highest level since November, 2014 at $73.93 per barrel. WTI hit its strongest since December, 2014 at $68.91 a barrel.

Reuters reported on Wednesday that top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, which was seen as a sign that Riyadh will seek no changes to an OPEC supply-cutting deal that was introduced in 2017 to boost prices.

“The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold – and costly – reform programme. So they might continue to squeeze the lemon while they have the chance,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers that includes Russia started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014.

Since the start of the voluntary restraint, crude inventories have been gradually declining from record levels towards long-term average levels.&nbspFurther supporting oil prices is an expectation that the United States will re-introduce sanctions against OPEC-member Iran, which could result in further supply reductions from the Middle East.

In the United States, the Energy Information Administration (EIA) said on Wednesday that commercial crude stocks fell by 1.1 million barrels in the week to April 13, to 427.57 million barrels, which is close to the five-year average level around 420 million barrels.

With crude prices on the rise, those producers not participating in voluntary restraint are ramping up output.&nbspU.S. crude production &ltC-OUT-T-EIA&gt has jumped by a quarter since mid-2016, to a record 10.54 million barrels per day (bpd).&nbspThat’s more than Saudi Arabia produces. Only Russia churns out more oil, at almost 11 million bpd.

Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as U.S. crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.

Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as U.S. crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.&nbspBrent crude oil futures were at $73.79 per barrel at 0028 GMT, up 31 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.4 percent, at $68.76 a barrel.&nbspBrent on Wednesday marked its highest level since November, 2014 at $73.93 per barrel. WTI hit its strongest since December, 2014 at $68.91 a barrel. Reuters reported on Wednesday that top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, which was seen as a sign that Riyadh will seek no changes to an OPEC supply-cutting deal that was introduced in 2017 to boost prices. “The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold – and costly – reform programme. So they might continue to squeeze the lemon while they have the chance,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers that includes Russia started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014. Since the start of the voluntary restraint, crude inventories have been gradually declining from record levels towards long-term average levels.&nbspFurther supporting oil prices is an expectation that the United States will re-introduce sanctions against OPEC-member Iran, which could result in further supply reductions from the Middle East. In the United States, the Energy Information Administration (EIA) said on Wednesday that commercial crude stocks fell by 1.1 million barrels in the week to April 13, to 427.57 million barrels, which is close to the five-year average level around 420 million barrels. With crude prices on the rise, those producers not participating in voluntary restraint are ramping up output.&nbspU.S. crude production &ltC-OUT-T-EIA> has jumped by a quarter since mid-2016, to a record 10.54 million barrels per day (bpd).&nbspThat’s more than Saudi Arabia produces. Only Russia churns out more oil, at almost 11 million bpd.

Oil near late-2014 highs as Saudi pushes for higher prices, US crude stocks decline

Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014, though the potential boost to inflation globally also pressured fixed-income assets. Brent crude futures climbed another 34 cents in early trade to $73.82 a barrel, adding to a 2.7 percent jump overnight. U.S. crude gained 30 cents to $68.77.

The surge came on a Reuters report that OPEC’s new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement’s original target is within sight.

“The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold – and costly – reform program,” said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader. “So, they might continue to squeeze the lemon while they have the chance and the hand.”

The leap in oil combined with fears that sanctions on Russia could hit supplies of other commodities to light a fire under the entire sector. Aluminium prices reached their highest since 2011, alumina touched an all-time peak and nickel jumped the most in 6-1/2 years. Such increases, if sustained, could fuel inflationary pressures and investors hedged by selling sovereign bonds.

Yields on U.S. two-year Treasuries climbed to levels last visited in 2008 at 2.43 percent while 10-year yields jumped 6 basis points to 2.87 percent. Resource stocks were the big winners driving Australia’s main index up 0.6 percent. Japan’s Nikkei gained 0.4 percent, led by a 1.8 percent rise in basic material stocks.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.15 percent, while E-Mini futures for the S&P 500 edged up 0.1 percent. Wall Street had also seen hefty gains in the energy and industrial indexes, though that was offset by softness in sectors such as consumer staples and financials.

IBM’s 7.5 percent drop was the biggest drag on the S&P after the technology company’s quarterly profit margins missed Wall Street targets. The Dow ended down 0.16 percent, while the S&P 500 gained 0.08 percent and the Nasdaq 0.19 percent.

In currency markets, the U.S. dollar remained very much range bound with its index flat at 89.623. It was a fraction firmer on the yen at 107.33 yen, but still short of recent peaks at 107.78. The euro hovered at $1.2379, after easing from the week’s top of $1.2413.

The Canadian dollar hit a one-week low after the Bank of Canada sounded more dovish than expected, saying it did not know when or how aggressive it would need to be on tightening in order to keep inflation in check.

Sterling was softer at $1.4205 after a surprisingly tame reading on inflation led the market to reconsider the likely pace of future rate rises from the Bank of England. Data out on New Zealand on Thursday showed annual inflation there had slowed to just 1.1 percent in the first quarter, underlining expectations that interest rates would remain at record lows for many more months to come.

Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014, though the potential boost to inflation globally also pressured fixed-income assets.

Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014, though the potential boost to inflation globally also pressured fixed-income assets. Brent crude futures climbed another 34 cents in early trade to $73.82 a barrel, adding to a 2.7 percent jump overnight. U.S. crude gained 30 cents to $68.77. The surge came on a Reuters report that OPEC’s new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement’s original target is within sight. “The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold – and costly – reform program,” said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader. “So, they might continue to squeeze the lemon while they have the chance and the hand.” The leap in oil combined with fears that sanctions on Russia could hit supplies of other commodities to light a fire under the entire sector. Aluminium prices reached their highest since 2011, alumina touched an all-time peak and nickel jumped the most in 6-1/2 years. Such increases, if sustained, could fuel inflationary pressures and investors hedged by selling sovereign bonds. Yields on U.S. two-year Treasuries climbed to levels last visited in 2008 at 2.43 percent while 10-year yields jumped 6 basis points to 2.87 percent. Resource stocks were the big winners driving Australia’s main index up 0.6 percent. Japan’s Nikkei gained 0.4 percent, led by a 1.8 percent rise in basic material stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.15 percent, while E-Mini futures for the S&P 500 edged up 0.1 percent. Wall Street had also seen hefty gains in the energy and industrial indexes, though that was offset by softness in sectors such as consumer staples and financials. IBM’s 7.5 percent drop was the biggest drag on the S&P after the technology company’s quarterly profit margins missed Wall Street targets. The Dow ended down 0.16 percent, while the S&P 500 gained 0.08 percent and the Nasdaq 0.19 percent. In currency markets, the U.S. dollar remained very much range bound with its index flat at 89.623. It was a fraction firmer on the yen at 107.33 yen, but still short of recent peaks at 107.78. The euro hovered at $1.2379, after easing from the week’s top of $1.2413. The Canadian dollar hit a one-week low after the Bank of Canada sounded more dovish than expected, saying it did not know when or how aggressive it would need to be on tightening in order to keep inflation in check. Sterling was softer at $1.4205 after a surprisingly tame reading on inflation led the market to reconsider the likely pace of future rate rises from the Bank of England. Data out on New Zealand on Thursday showed annual inflation there had slowed to just 1.1 percent in the first quarter, underlining expectations that interest rates would remain at record lows for many more months to come.

Global stocks: Resource stocks rally as oil surges, bonds suffer

Tesla Inc is being probed by a California agency for occupational safety after a report that the electric carmaker failed to disclose serious injuries at a Fremont factory.

The state’s Occupational Safety and Health Administration (Cal-OSHA) disclosed the inspection on Wednesday, two days after news website Reveal said that Tesla’s omissions in legally mandated reports made its safety record appear better than it was.

The probe began on Tuesday, Erika Monterroza, spokesperson for Cal/OSHA, said. The agency typically reviews an employer’s log of work-related injuries and illnesses to make sure that serious injuries are reported directly to the administration within eight hours, she added.

A Tesla spokesman said Cal-OSHA is required to investigate any claims, whether they have merit or are baseless.

“We have never in the entire history of our company received a violation for inaccurate or incomplete injury record-keeping,” he said in an emailed statement.

The injury rate at the Fremont factory, which it had taken over from General Motors Co and Toyota Motor Corp , is half what it was in its final years under the previous owners, the spokesman added.

Tesla Inc is being probed by a California agency for occupational safety after a report that the electric carmaker failed to disclose serious injuries at a Fremont factory.

Tesla Inc is being probed by a California agency for occupational safety after a report that the electric carmaker failed to disclose serious injuries at a Fremont factory. The state’s Occupational Safety and Health Administration (Cal-OSHA) disclosed the inspection on Wednesday, two days after news website Reveal said that Tesla’s omissions in legally mandated reports made its safety record appear better than it was. The probe began on Tuesday, Erika Monterroza, spokesperson for Cal/OSHA, said. The agency typically reviews an employer’s log of work-related injuries and illnesses to make sure that serious injuries are reported directly to the administration within eight hours, she added. A Tesla spokesman said Cal-OSHA is required to investigate any claims, whether they have merit or are baseless. “We have never in the entire history of our company received a violation for inaccurate or incomplete injury record-keeping,” he said in an emailed statement. The injury rate at the Fremont factory, which it had taken over from General Motors Co and Toyota Motor Corp , is half what it was in its final years under the previous owners, the spokesman added.

California agency probing Tesla on occupational safety

An Indian push to connect more cities via airports as an expanding middle class increasingly takes to the skies is set to help propel the country`s demand for jet fuel to record highs this year.

The rapid growth in appetite for aviation fuel means the country`s refiners are far less likely to send cargoes abroad, tightening markets from Asia to Europe. 
&nbsp; 
Years of breakneck economic expansion have helped India become the world`s fastest growing major domestic aviation market, according to the International Air Transport Association.

That has been underpinned by ambitious government plans to overhaul the nation`s infrastructure, including a push to build airports and offer airlines incentives to fly to smaller cities.

"The country`s air transport sector has huge potential to grow in the long-term given its large geographical expanse and growing consumer affluence," said Sri Paravaikkarasu, a Singapore-based analyst at energy consultancy FGE.

Average monthly demand for jet fuel could break through 700,000 tonnes this year, up from 2017`s record 623,000 tonnes and from 566,000 tonnes in 2016, several industry analysts estimated.

That would be an annual growth rate of around 12 percent, comparable to what China achieved during its main boom years in the early 2000s. 
India used 2.02 million tonnes of aviation fuel from January-March this year, up 9.4 percent from a year earlier, the latest government data showed.&nbsp;

FGE forecasts a 10.5-percent year-on-year increase in Indian demand for jet fuel in 2018, while energy consultancy Trifecta expects growth of 12-15 percent.&nbsp;

Under a flagship government scheme, the Airports Authority of India (AAI) is set to invest 175 billion rupees ($2.7 billion) in upgrading airport infrastructure over 2019-20.

"Both passenger and freight miles should benefit from the state-led build out in related infrastructure and improving domestic interconnectivity," said Emma Richards, a senior oil and gas analyst in London at BMI Research.

In a round of bidding for air routes concluded earlier this year, the AAI awarded over 400,000 kilometres per week to connect smaller cities, known as `Tier 2` destinations.

Top Indian carrier Interglobe Aviation, which operates as IndiGo and won most of the tenders, said new routes would include flying from Bhopal in central India to Nashik in the west.&nbsp;

India`s domestic air traffic for the first two months of 2018 jumped nearly 22 percent from the year before to 22.2 million passengers, according to data from the Directorate General of Civil Aviation.

The country`s top five busiest airports - Delhi, Mumbai, Bengaluru, Chennai and Kolkata - handled 31.9 million passengers this January and February, up 15.3 percent from the same period last year.

Indian oil refineries such as Reliance Industries and Essar Oil are significant exporters of petroleum products including jet fuel. Thomson Reuters data shows India is one of the top three Asian suppliers of jet fuel.

But exports are set to slow as local demand surges. "Domestic demand growth will certainly limit its ability to service other markets in the region," said Richards at BMI.

Already, India`s monthly exports dropped by more than 7 percent year-on-year in 2017.

To deal with rising consumption, India`s refineries are expanding. 
India`s Ratnagiri Refinery & Petrochemicals - a joint venture between Indian Oil, Hindustan Petroleum and Bharat Petroleum - in April signed an initial deal with Saudi Aramco to build a huge refinery in the western state of Maharashtra.

Reliance Industries, operator of the world`s largest refinery, plans to expand its oil processing capacity by over 40 percent by 2030.

The rapid growth in appetite for aviation fuel means the country`s refiners are far less likely to send cargoes abroad, tightening markets from Asia to Europe

An Indian push to connect more cities via airports as an expanding middle class increasingly takes to the skies is set to help propel the country`s demand for jet fuel to record highs this year. The rapid growth in appetite for aviation fuel means the country`s refiners are far less likely to send cargoes abroad, tightening markets from Asia to Europe. Years of breakneck economic expansion have helped India become the world`s fastest growing major domestic aviation market, according to the International Air Transport Association. That has been underpinned by ambitious government plans to overhaul the nation`s infrastructure, including a push to build airports and offer airlines incentives to fly to smaller cities. "The country`s air transport sector has huge potential to grow in the long-term given its large geographical expanse and growing consumer affluence," said Sri Paravaikkarasu, a Singapore-based analyst at energy consultancy FGE. Average monthly demand for jet fuel could break through 700,000 tonnes this year, up from 2017`s record 623,000 tonnes and from 566,000 tonnes in 2016, several industry analysts estimated. That would be an annual growth rate of around 12 percent, comparable to what China achieved during its main boom years in the early 2000s. India used 2.02 million tonnes of aviation fuel from January-March this year, up 9.4 percent from a year earlier, the latest government data showed. FGE forecasts a 10.5-percent year-on-year increase in Indian demand for jet fuel in 2018, while energy consultancy Trifecta expects growth of 12-15 percent. Under a flagship government scheme, the Airports Authority of India (AAI) is set to invest 175 billion rupees ($2.7 billion) in upgrading airport infrastructure over 2019-20. "Both passenger and freight miles should benefit from the state-led build out in related infrastructure and improving domestic interconnectivity," said Emma Richards, a senior oil and gas analyst in London at BMI Research. In a round of bidding for air routes concluded earlier this year, the AAI awarded over 400,000 kilometres per week to connect smaller cities, known as `Tier 2` destinations. Top Indian carrier Interglobe Aviation, which operates as IndiGo and won most of the tenders, said new routes would include flying from Bhopal in central India to Nashik in the west. India`s domestic air traffic for the first two months of 2018 jumped nearly 22 percent from the year before to 22.2 million passengers, according to data from the Directorate General of Civil Aviation. The country`s top five busiest airports - Delhi, Mumbai, Bengaluru, Chennai and Kolkata - handled 31.9 million passengers this January and February, up 15.3 percent from the same period last year. Indian oil refineries such as Reliance Industries and Essar Oil are significant exporters of petroleum products including jet fuel. Thomson Reuters data shows India is one of the top three Asian suppliers of jet fuel. But exports are set to slow as local demand surges. "Domestic demand growth will certainly limit its ability to service other markets in the region," said Richards at BMI. Already, India`s monthly exports dropped by more than 7 percent year-on-year in 2017. To deal with rising consumption, India`s refineries are expanding. India`s Ratnagiri Refinery & Petrochemicals - a joint venture between Indian Oil, Hindustan Petroleum and Bharat Petroleum - in April signed an initial deal with Saudi Aramco to build a huge refinery in the western state of Maharashtra. Reliance Industries, operator of the world`s largest refinery, plans to expand its oil processing capacity by over 40 percent by 2030.

India jet fuel demand to soar as domestic air travel takes off

Amazon.com Inc has launched an international shopping feature that will enable customers across the world to shop more than 45 million items that can be shipped to their country from the United States.

The international shopping feature, which is available on a mobile browser and the mobile app for both iOS and Android devices, has been extended to users to purchase products outside their home markets and is available in five languages, including Spanish, English, simplified Chinese, Brazilian Portuguese and German, Amazon said on Tuesday.

It will allow customers to shop in 25 currencies, with more languages and currencies to be added in 2018.

Customers can also choose from different shipping options and delivery speeds.

The international shopping feature will display pricing, shipping costs and import duty estimates, with Amazon managing courier service and customs clearance in case of potential surprises at the time of purchase or delivery.

Amazon.com Inc has launched an international shopping feature that will enable customers across the world to shop more than 45 million items that can be shipped to their country from the United States

Amazon.com Inc has launched an international shopping feature that will enable customers across the world to shop more than 45 million items that can be shipped to their country from the United States. The international shopping feature, which is available on a mobile browser and the mobile app for both iOS and Android devices, has been extended to users to purchase products outside their home markets and is available in five languages, including Spanish, English, simplified Chinese, Brazilian Portuguese and German, Amazon said on Tuesday. It will allow customers to shop in 25 currencies, with more languages and currencies to be added in 2018. Customers can also choose from different shipping options and delivery speeds. The international shopping feature will display pricing, shipping costs and import duty estimates, with Amazon managing courier service and customs clearance in case of potential surprises at the time of purchase or delivery.

Amazon launches international shopping from United States

You must have heard what Donald Trump has been doing over the past few weeks or from the time he became US President i.e. taking crazy decisions in the name of 'Let's make America great again'. We understand that he wants to help the steel and aluminum industry, and therefore he's announced plans for protective tariffs, claiming that "Trade wars are good and easy to win". He is also correct when he says that this has been a problem for decades.

However, while he has the right intentions and he took the decision which also looks right as well, yet he made the mistake which most of us do by 'thinking only at the first level'.

First level thinking talks about not diving deeper into the issues and not understanding the implications of our actions but taking the decisions on their face value. We will talk more about first order thinking, but let's first talk about 'US's tryst with Protectionism'.

Let's go back to the Second World War. During that era the US used to produce three-fourth of the steel worldwide and it was felt that the same situation will continue for a long time. However, after the World War, the US kept working with its old technologies and Europe & other countries moved to newer technologies which were 50 per cent cheaper than that employed by the US.

In 1959, the Congress felt that the US is losing its dominance and called for a meeting of all the big steel barons who said, "We have examined the production capabilities of other countries though they don't match up with the capabilities of the US firm."

In 1960s they finally realised their mistake, but were too late as the countries from Europe and other parts of the world had started dominating the steel space. But, there is a twist in the story. In the 1960s, a man named Ken Iverson started a steel business that became Nucor. Iverson started making steel using the electric arc process, building the first American facility in 1969. It began growing at an exponential rate, competing rather effectively with foreign producers, to say nothing of other American producers.

As other steel producers begged for protectionist policy, Iverson mocked the idea. In an interview in 1986, Iverson noted that protectionist measures already instituted hadn't had the desired effect. "As soon as prices began to rise and the steel companies began to be profitable, they stopped modernising," he said. "It's only under intense competitive pressure - both internally from the mini-mills, and externally from the Japanese and the Koreans - that the big steel companies have been forced to modernise."

Nucor has since become the nation's largest domestic steel producer. Yet, it has started to act like the Big Old Steel boys of US. After Trump announced the tariff, Nucor's CEO vigorously applauded the move, claiming it was long overdue.

But before Nucor joins the protectionist parade, it might want to recall the words of Iverson, who died in 2002, when his company was on the way to the top: "Unless you're under intense competitive pressure and it becomes a question of the survival of the business to do it, you're just going to lapse back into your old ways. There's no other answer."

The moral of the story is that if Trump had gone a bit deeper into the issue and looked at the trade restrictions imposed by his predecessors George W Bush and Barack Obama, he would have realised that trade restrictions end up doing more harm than good. Lightly informed economic adventurism by the US President is not good for the US and it is not good for the world.

Coming back to the second-order thinking, Howard Marks explains the concept as "First-level thinking is simplistic and superficial, and just about everyone can do it (a bad sign for anything involving an attempt at superiority). All the first-level thinker needs is an opinion about the future, as in 'The outlook for the company is favourable, meaning the stock will go up'. Second-level thinking is deep, complex and convoluted."

Second-order thinkers take into account a lot of what we put into our decision journals. Things like what are the key variables and how do they interact? Where is the leverage? And if I take this action, what happens next?

First-order thinkers look for things that are simple, easy, and defendable. They fail to realise that they are dealing with complex systems, or if they do realise it, they mistake cause-and-effect relationships. They are incapable of thinking in terms of second and subsequent steps. And, more fundamentally, they are generally unaware of the need to think in terms of second steps.

Second-order thinkers, on the other hand, think in terms of interactions, time, and system dynamics. They are aware of iatrogenics (when a treatment causes more harm than benefit) and our bias toward intervention.

First-level thinkers all look alike. They think the same way other first-level thinkers do, and they usually reach the same conclusions. This is where things get interesting. Extraordinary performance comes from being different. It must be that way. Of course, below average performance comes from being different, too - on the downside. But the road to out-thinking people can't come from first-order thinking. It must come from second-order thinking.

So next time you need to think about something, do one of two things: First, start digging below the surface of people's opinions and ask them why they think what they think. And second, ask them to take the other side of the argument.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

First-level thinkers all look alike. They think the same way other first-level thinkers do, and they usually reach the same conclusions.

You must have heard what Donald Trump has been doing over the past few weeks or from the time he became US President i.e. taking crazy decisions in the name of 'Let's make America great again'. We understand that he wants to help the steel and aluminum industry, and therefore he's announced plans for protective tariffs, claiming that "Trade wars are good and easy to win". He is also correct when he says that this has been a problem for decades. However, while he has the right intentions and he took the decision which also looks right as well, yet he made the mistake which most of us do by 'thinking only at the first level'. First level thinking talks about not diving deeper into the issues and not understanding the implications of our actions but taking the decisions on their face value. We will talk more about first order thinking, but let's first talk about 'US's tryst with Protectionism'. Let's go back to the Second World War. During that era the US used to produce three-fourth of the steel worldwide and it was felt that the same situation will continue for a long time. However, after the World War, the US kept working with its old technologies and Europe & other countries moved to newer technologies which were 50 per cent cheaper than that employed by the US. In 1959, the Congress felt that the US is losing its dominance and called for a meeting of all the big steel barons who said, "We have examined the production capabilities of other countries though they don't match up with the capabilities of the US firm." In 1960s they finally realised their mistake, but were too late as the countries from Europe and other parts of the world had started dominating the steel space. But, there is a twist in the story. In the 1960s, a man named Ken Iverson started a steel business that became Nucor. Iverson started making steel using the electric arc process, building the first American facility in 1969. It began growing at an exponential rate, competing rather effectively with foreign producers, to say nothing of other American producers. As other steel producers begged for protectionist policy, Iverson mocked the idea. In an interview in 1986, Iverson noted that protectionist measures already instituted hadn't had the desired effect. "As soon as prices began to rise and the steel companies began to be profitable, they stopped modernising," he said. "It's only under intense competitive pressure - both internally from the mini-mills, and externally from the Japanese and the Koreans - that the big steel companies have been forced to modernise." Nucor has since become the nation's largest domestic steel producer. Yet, it has started to act like the Big Old Steel boys of US. After Trump announced the tariff, Nucor's CEO vigorously applauded the move, claiming it was long overdue. But before Nucor joins the protectionist parade, it might want to recall the words of Iverson, who died in 2002, when his company was on the way to the top: "Unless you're under intense competitive pressure and it becomes a question of the survival of the business to do it, you're just going to lapse back into your old ways. There's no other answer." The moral of the story is that if Trump had gone a bit deeper into the issue and looked at the trade restrictions imposed by his predecessors George W Bush and Barack Obama, he would have realised that trade restrictions end up doing more harm than good. Lightly informed economic adventurism by the US President is not good for the US and it is not good for the world. Coming back to the second-order thinking, Howard Marks explains the concept as "First-level thinking is simplistic and superficial, and just about everyone can do it (a bad sign for anything involving an attempt at superiority). All the first-level thinker needs is an opinion about the future, as in 'The outlook for the company is favourable, meaning the stock will go up'. Second-level thinking is deep, complex and convoluted." Second-order thinkers take into account a lot of what we put into our decision journals. Things like what are the key variables and how do they interact? Where is the leverage? And if I take this action, what happens next? First-order thinkers look for things that are simple, easy, and defendable. They fail to realise that they are dealing with complex systems, or if they do realise it, they mistake cause-and-effect relationships. They are incapable of thinking in terms of second and subsequent steps. And, more fundamentally, they are generally unaware of the need to think in terms of second steps. Second-order thinkers, on the other hand, think in terms of interactions, time, and system dynamics. They are aware of iatrogenics (when a treatment causes more harm than benefit) and our bias toward intervention. First-level thinkers all look alike. They think the same way other first-level thinkers do, and they usually reach the same conclusions. This is where things get interesting. Extraordinary performance comes from being different. It must be that way. Of course, below average performance comes from being different, too - on the downside. But the road to out-thinking people can't come from first-order thinking. It must come from second-order thinking. So next time you need to think about something, do one of two things: First, start digging below the surface of people's opinions and ask them why they think what they think. And second, ask them to take the other side of the argument. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Donald Trump and the second order thinking