Halting two months of decline, the GST collections gathered momentum in December, rising to Rs 86,703 crore.

&quot;Total revenue collections under GST for the month of December 2017 (received in December 2017/January up to January 24, 2018) has been Rs 86,703 crore till January 24, 2018,&quot; the finance ministry said in a statement.

Total collections under the Goods and Services Tax (GST) in November had slipped for the second straight month to Rs 80,808 crore, from over Rs 83,000 crore in October. In September, it was over Rs 92,150 crore.

The collections had declined in November after the GST Council cut rates on more than 200 items.

According to PwC leader Pratik Jain, increase in revenue collection is on the expected lines and it means that gradually GST is stabilising and transition issues are waning.

This, coupled with a few anti-evasion measures being taken by the government now, is likely to result in further increase of revenues in January to March 2018 quarter, he said.

The rollout of e-way bill on transport of goods having value exceeding Rs 50,000 from one state to another on PAN India basis from February 1, 2018 will further curb tax evasion and revenue will rise in upcoming months, Vishal Raheja, DGM, Taxmann, said.

The ministry further said that 1 crore taxpayers have been registered under GST till January 24, of which 17.11 lakh are composition dealers who are required to file returns every quarter.

As many as 56.30 lakh GSTR 3B returns have been filed for December, it said.

For the composition dealers, in the July-September quarter, the last date of filing GSTR 4 Returns was December 24, it said. A total of 8.10 lakh returns were filed by them amounting to Rs 335.86 crore.

For the October-December quarter, the last date for filing GSTR 4 returns was January 18, and a total of 9.25 lakh returns were filed by composition dealers paying a sum of Rs 421.35 crore, it added.

The collections had declined in November after the GST Council cut rates on more than 200 items

Halting two months of decline, the GST collections gathered momentum in December, rising to Rs 86,703 crore. "Total revenue collections under GST for the month of December 2017 (received in December 2017/January up to January 24, 2018) has been Rs 86,703 crore till January 24, 2018," the finance ministry said in a statement. Total collections under the Goods and Services Tax (GST) in November had slipped for the second straight month to Rs 80,808 crore, from over Rs 83,000 crore in October. In September, it was over Rs 92,150 crore. The collections had declined in November after the GST Council cut rates on more than 200 items. According to PwC leader Pratik Jain, increase in revenue collection is on the expected lines and it means that gradually GST is stabilising and transition issues are waning. This, coupled with a few anti-evasion measures being taken by the government now, is likely to result in further increase of revenues in January to March 2018 quarter, he said. The rollout of e-way bill on transport of goods having value exceeding Rs 50,000 from one state to another on PAN India basis from February 1, 2018 will further curb tax evasion and revenue will rise in upcoming months, Vishal Raheja, DGM, Taxmann, said. The ministry further said that 1 crore taxpayers have been registered under GST till January 24, of which 17.11 lakh are composition dealers who are required to file returns every quarter. As many as 56.30 lakh GSTR 3B returns have been filed for December, it said. For the composition dealers, in the July-September quarter, the last date of filing GSTR 4 Returns was December 24, it said. A total of 8.10 lakh returns were filed by them amounting to Rs 335.86 crore. For the October-December quarter, the last date for filing GSTR 4 returns was January 18, and a total of 9.25 lakh returns were filed by composition dealers paying a sum of Rs 421.35 crore, it added.

Budget 2018: GST collections reverse trend; rise to Rs 86,703 cr in December

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

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

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

Facebook buys Boston software company that authenticates IDs

Apple may discontinue its <a href="http://www.wionews.com/photos/the-big-apple-event-457#photo-25171">first-generation </a>&nbsp;<a href="http://www.wionews.com/photos/the-big-apple-event-457#photo-25171">iPhone</a><a href="http://www.wionews.com/photos/the-big-apple-event-457#photo-25171"> X</a> later this year.

The second generation Apple device is slated for a release this year.&nbsp;

Although <a href="http://www.wionews.com/world/google-releases-list-of-top-searches-in-2017-hurricane-irma-iphone-x-feature-on-top-26657">iPhone X was one of the most searched items on Google the past year</a> -- according to trends data released by Google -- the device did not manage to garner the expected response from the consumers.&nbsp;

<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/DBQkgb3SxeI" width="560"></iframe>

Experts believe that selling iPhone X at a lower price is not an option that the company is willing to explore as it will end up hurting its other products in the same segment.

The device may go off-shelves from mid-2018 owing to a weakened demand.&nbsp;

The device may go off-shelves from mid-2018 owing to a weakened demand

Apple may discontinue its first-generation iPhone X later this year. The second generation Apple device is slated for a release this year. Although iPhone X was one of the most searched items on Google the past year -- according to trends data released by Google -- the device did not manage to garner the expected response from the consumers. Experts believe that selling iPhone X at a lower price is not an option that the company is willing to explore as it will end up hurting its other products in the same segment. The device may go off-shelves from mid-2018 owing to a weakened demand.

Apple may discontinue iPhone X owing to weakened demand

Germany&#39;s KBA automotive watchdog has detected illicit emission-control software in Audi&#39;s latest Euro-6 diesel models and has ordered a recall of 127,000 vehicles, Bild am Sonntag reported.

Audi, a unit of Volkswagen, said in a statement that the models had been included in a voluntary recall of 850,000 diesel vehicles with V6 and V8 TDI engines announced in July.

&quot;The engine control software for the vehicles in question will be completely revised, tested and submitted to the KBA for approval&quot;, Audi said in its statement.

It did not confirm more details of KBA&#39;s request.

Bild am Sonntag said road transport authority KBA had told Audi to respond by Feb. 2 on how it plans to update vehicle software controlling emissions, making sure the cars are unable to illegally manipulate emission controls.

Audi said it has been examining its diesel-fuelled cars for potential irregularities for months in close cooperation with the KBA.

&quot;As part of this systematic and detailed assessment, the KBA has now also issued a notice regarding Audi models with V6 TDI engines,&quot; the carmaker added.

In November, Audi announced a recall of 5,000 cars in Europe for a software fix after discovering they emitted too much nitrogen oxide, the polluting gas that parent Volkswagen concealed from US regulators in its devastating 2015 &quot;dieselgate&quot; scandal.

Volkswagen was found in 2015 to have illegally manipulated engine software so that vehicles would meet nitrogen oxide (NOx) emissions standards in laboratory testing but not in real-world conditions, where they could emit up to 40 times the permitted levels.

Several Audi models were affected and Audi has been accused in media reports of having devised the so-called defeat devices years earlier but not to have installed them in its vehicles at that time. Audi and Volkswagen have never commented on the matter.

Germany's KBA automotive watchdog has detected illicit emission-control software in Audi's latest Euro-6 diesel models and has ordered a recall of 127,000 vehicles

Germany's KBA automotive watchdog has detected illicit emission-control software in Audi's latest Euro-6 diesel models and has ordered a recall of 127,000 vehicles, Bild am Sonntag reported. Audi, a unit of Volkswagen, said in a statement that the models had been included in a voluntary recall of 850,000 diesel vehicles with V6 and V8 TDI engines announced in July. "The engine control software for the vehicles in question will be completely revised, tested and submitted to the KBA for approval", Audi said in its statement. It did not confirm more details of KBA's request. Bild am Sonntag said road transport authority KBA had told Audi to respond by Feb. 2 on how it plans to update vehicle software controlling emissions, making sure the cars are unable to illegally manipulate emission controls. Audi said it has been examining its diesel-fuelled cars for potential irregularities for months in close cooperation with the KBA. "As part of this systematic and detailed assessment, the KBA has now also issued a notice regarding Audi models with V6 TDI engines," the carmaker added. In November, Audi announced a recall of 5,000 cars in Europe for a software fix after discovering they emitted too much nitrogen oxide, the polluting gas that parent Volkswagen concealed from US regulators in its devastating 2015 "dieselgate" scandal. Volkswagen was found in 2015 to have illegally manipulated engine software so that vehicles would meet nitrogen oxide (NOx) emissions standards in laboratory testing but not in real-world conditions, where they could emit up to 40 times the permitted levels. Several Audi models were affected and Audi has been accused in media reports of having devised the so-called defeat devices years earlier but not to have installed them in its vehicles at that time. Audi and Volkswagen have never commented on the matter.

Audi ordered to recall 127,000 vehicles over emissions - Paper

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

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

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

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

PM Modi will be participating in the World Economic Forum at Davos, Switzerland on January 23, the last time an Indian PM showed up at the high table of economic greats was H.D. Deve Gowda in 1997.

The Davos forum will be attended by at least 350 leaders from around the world, including 60 heads of state.

The Davos meeting&nbsp;clearly hasn&#39;t&nbsp;captured the imagination of India&#39;s top men in the past.&nbsp;PM Modi has decided to seize the moment this time as &quot;India&#39;s representative&quot;.

Modi&#39;s agenda will involve networking with the world&#39;s best, including meeting Trump&#39;s business team.&nbsp;

Modi won&#39;t be turning up at Davos alone, he will be accompanied by a host of top ministers, including finance minister Arun Jaitley, Railway minister Suresh Prabhu, Commerce &amp; Industry minister Piyush Goyal, Petroleum minister Dharmendra Pradhan among others.

Modi&#39;s ministers are set to represent India in 25 sessions at Davos where they will share the PM&#39;s vision of transforming the country into a &quot;new India&quot; by 2022.

India&#39;s Chamber of Commerce and Industry(CII) will also chip in with roundtables with potential investors.

President Trump would be in Davos to promote&nbsp;&quot;America First&quot; as informed by the White House, Modi&#39;s pitch is expected to be similar. India needs more investment in virtually every sector, a fact pointed out by the World Bank.

India&#39;s pitch at Davos is likely to mirror Modi&#39;s campaign in the next 14 months in the run-up&nbsp;to the general elections in 2019. Post-demonisation, India&#39;s GDP has fallen and GST hasn&#39;t really taken off but the &quot;India story&quot; has resonated worldwide because of India&#39;s perceived stability and strong fundamentals, however, the road ahead could be rocky if India fails to get its act together, especially PM Modi.

It is time India moved away from merely being tagged as a &quot;potential&quot; growth engine considering the fact that next-door neighbour&nbsp;China is ready to replace the US in the growth story sweepstakes.

PM Modi will have to push ahead with his &quot;New India 2022&quot;&nbsp;vision soon, a delay could&nbsp;prove disastrous with elections around the corner.

The Modi government&#39;s four-year report card has been poor on generating growth, the only sweet spot being stability and continuity in economic growth but the government has mainly played it safe, avoiding&nbsp;big bang reforms.

Experts would be looking very closely at Modi in&nbsp;Davos, his meeting with Trump might get the eyeballs but the real battle would be behind the scenes, in closed-door meetings aimed at boosting investment in India.

The window of opportunity is rather small for the current government, India@2018 stands at&nbsp;crossroads, Modi&#39;s definition&nbsp;of India in the next 1 year could make-or-break India&#39;s economy.&nbsp;

&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL).

&nbsp;

 
&nbsp;

Modi's ministers are set to represent India in 25 sessions at Davos where they will share the PM's vision of transforming the country into a "new India" by 2022.

PM Modi will be participating in the World Economic Forum at Davos, Switzerland on January 23, the last time an Indian PM showed up at the high table of economic greats was H.D. Deve Gowda in 1997. The Davos forum will be attended by at least 350 leaders from around the world, including 60 heads of state. The Davos meeting clearly hasn't captured the imagination of India's top men in the past. PM Modi has decided to seize the moment this time as "India's representative". Modi's agenda will involve networking with the world's best, including meeting Trump's business team. Modi won't be turning up at Davos alone, he will be accompanied by a host of top ministers, including finance minister Arun Jaitley, Railway minister Suresh Prabhu, Commerce & Industry minister Piyush Goyal, Petroleum minister Dharmendra Pradhan among others. Modi's ministers are set to represent India in 25 sessions at Davos where they will share the PM's vision of transforming the country into a "new India" by 2022. India's Chamber of Commerce and Industry(CII) will also chip in with roundtables with potential investors. President Trump would be in Davos to promote "America First" as informed by the White House, Modi's pitch is expected to be similar. India needs more investment in virtually every sector, a fact pointed out by the World Bank. India's pitch at Davos is likely to mirror Modi's campaign in the next 14 months in the run-up to the general elections in 2019. Post-demonisation, India's GDP has fallen and GST hasn't really taken off but the "India story" has resonated worldwide because of India's perceived stability and strong fundamentals, however, the road ahead could be rocky if India fails to get its act together, especially PM Modi. It is time India moved away from merely being tagged as a "potential" growth engine considering the fact that next-door neighbour China is ready to replace the US in the growth story sweepstakes. PM Modi will have to push ahead with his "New India 2022" vision soon, a delay could prove disastrous with elections around the corner. The Modi government's four-year report card has been poor on generating growth, the only sweet spot being stability and continuity in economic growth but the government has mainly played it safe, avoiding big bang reforms. Experts would be looking very closely at Modi in Davos, his meeting with Trump might get the eyeballs but the real battle would be behind the scenes, in closed-door meetings aimed at boosting investment in India. The window of opportunity is rather small for the current government, India@2018 stands at crossroads, Modi's definition of India in the next 1 year could make-or-break India's economy. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL).

Opinion: Modi is the first PM in 20 years to visit World Economic Forum

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

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

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

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

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

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

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

Sensex opens 54 points lower on profit booking

India will overtake China to be the fastest growing large economy in 2018 and the country&#39;s equity market will become the fifth largest in the world, says a report.

According to a Sanctum Wealth Management report, when the rest of the world offers low growth and insufficient structural change, India, by contrast, is seen as a reforming economy with the prospect of strong long-term growth.

&quot;India will become the fastest growing large economy in the world, eclipsing China. Indian equity market will jump to become the fifth largest in the world,&quot; the report noted.

At a time when developed economies are cheering 2-3 per cent growth, India is focused on breaching 7.5 per cent, it said.

Moreover, India also benefits from a favourable contrast to other emerging markets. In particular, the fact that China is downshifting to a slower pace of growth.

&quot;Prospective returns for equities are much higher than the 6-8 per cent that one can expect from fixed income,&quot; it noted.

However, if inflation or rates rise, markets are not likely to register further gains.

Muted earning could also impact market performance.

&quot;Considering the fact that Nifty50 is in a broader uptrend, a sustained move beyond the 10,490-10,580 levels could lead to a rally towards 11,200-11,500 levels in the medium term,&quot; it noted.

As per the report, a major factor that has changed is that the domestic buyer now sets market prices. Domestic mutual funds bought equities worth $15.3 billion against $8 billion by foreign investors in 2017.

The report that identifies various big-picture trends at play this year in the domestic and global economy, noted that Aadhaar, Jan Dhan, demonetisation, GST, are working to create a new inclusive infrastructure in India.

&quot;Given the rapid pace at which the Indian economy is developing, investors today are faced with the need to make crucial investment decisions amidst multiple cross-currents, using a complex array of choices,&quot; Sanctum Wealth Management Chief Executive Officer Shiv Gupta said.

At a time when developed economies are cheering 2-3 per cent growth, India is focused on breaching 7.5 per cent, it said

India will overtake China to be the fastest growing large economy in 2018 and the country's equity market will become the fifth largest in the world, says a report. According to a Sanctum Wealth Management report, when the rest of the world offers low growth and insufficient structural change, India, by contrast, is seen as a reforming economy with the prospect of strong long-term growth. "India will become the fastest growing large economy in the world, eclipsing China. Indian equity market will jump to become the fifth largest in the world," the report noted. At a time when developed economies are cheering 2-3 per cent growth, India is focused on breaching 7.5 per cent, it said. Moreover, India also benefits from a favourable contrast to other emerging markets. In particular, the fact that China is downshifting to a slower pace of growth. "Prospective returns for equities are much higher than the 6-8 per cent that one can expect from fixed income," it noted. However, if inflation or rates rise, markets are not likely to register further gains. Muted earning could also impact market performance. "Considering the fact that Nifty50 is in a broader uptrend, a sustained move beyond the 10,490-10,580 levels could lead to a rally towards 11,200-11,500 levels in the medium term," it noted. As per the report, a major factor that has changed is that the domestic buyer now sets market prices. Domestic mutual funds bought equities worth $15.3 billion against $8 billion by foreign investors in 2017. The report that identifies various big-picture trends at play this year in the domestic and global economy, noted that Aadhaar, Jan Dhan, demonetisation, GST, are working to create a new inclusive infrastructure in India. "Given the rapid pace at which the Indian economy is developing, investors today are faced with the need to make crucial investment decisions amidst multiple cross-currents, using a complex array of choices," Sanctum Wealth Management Chief Executive Officer Shiv Gupta said.

India to overtake China as fastest growing large economy in 2018: Report

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

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

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

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

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

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

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

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

Now, Instagram users will be able to search GIFS and add them as stickers to their &#39;Insta Stories&#39;

The social media platform has rolled out a new feature wherein users will also get a GIF option when they try to add stickers to their Instagram &#39;stories&#39;.&nbsp;

The Facebook-owned app will also let users upload videos and pictures irrespective of their size. Instagram will provide gifs powered by GIPHY.&nbsp;

The GIF feature will be available on Instagram version 29 for iOS and Android devices.

 
&nbsp;

The Facebook-owned app will also let users upload videos and pictures irrespective of their size

Now, Instagram users will be able to search GIFS and add them as stickers to their 'Insta Stories' The social media platform has rolled out a new feature wherein users will also get a GIF option when they try to add stickers to their Instagram 'stories'. The Facebook-owned app will also let users upload videos and pictures irrespective of their size. Instagram will provide gifs powered by GIPHY. The GIF feature will be available on Instagram version 29 for iOS and Android devices.

Instagram rolls out GIF option for 'Insta Stories'

The benchmark BSE Sensex rose by 85 points to 36,247.02 in opening trade today on gains banking and pharma stocks.

Short-covering of bets, today being the last session of January expiry in the derivatives segment, kept the overall sentiment positive.

The 30-share index spurted by 85.38 points or 0.23 per cent at 36,247.02.

The gauge had gained 1,390.53 points in the previous six record-setting sessions and closed at an all-time high of 36,161.64 points after scaling a new peak of 36,268.19 in yesterday&#39;s session.

Metal, capital goods, oil and gas, Infrastructure, power and auto sector stocks were leading the rally, which lifted sentiments.

The NSE Nifty was also trading higher by 9.60 points, or 0.08 per cent, at 11,095.60.

Brokers said that the market mood remained buoyant, bolstered by continued capital inflows by foreign institutional investors (FIIs) and domestic investors.

According to provisional exchange data, FIIs put in a net Rs 776.4 crore in stocks yesterday.

In the Asian region, Hong Kong&#39;s Hang Seng was down 0.40 per cent, Japan&#39;s Nikkei shed 0.91 per cent while Shanghai Composite index fell by 0.34 per cent in early trade today.

The US Dow Jones Industrial Average ended at new high by rising 0.16 per cent in yesterday&#39;s trade. PTI&nbsp;

Short-covering of bets, today being the last session of January expiry in the derivatives segment, kept the overall sentiment positive

The benchmark BSE Sensex rose by 85 points to 36,247.02 in opening trade today on gains banking and pharma stocks. Short-covering of bets, today being the last session of January expiry in the derivatives segment, kept the overall sentiment positive. The 30-share index spurted by 85.38 points or 0.23 per cent at 36,247.02. The gauge had gained 1,390.53 points in the previous six record-setting sessions and closed at an all-time high of 36,161.64 points after scaling a new peak of 36,268.19 in yesterday's session. Metal, capital goods, oil and gas, Infrastructure, power and auto sector stocks were leading the rally, which lifted sentiments. The NSE Nifty was also trading higher by 9.60 points, or 0.08 per cent, at 11,095.60. Brokers said that the market mood remained buoyant, bolstered by continued capital inflows by foreign institutional investors (FIIs) and domestic investors. According to provisional exchange data, FIIs put in a net Rs 776.4 crore in stocks yesterday. In the Asian region, Hong Kong's Hang Seng was down 0.40 per cent, Japan's Nikkei shed 0.91 per cent while Shanghai Composite index fell by 0.34 per cent in early trade today. The US Dow Jones Industrial Average ended at new high by rising 0.16 per cent in yesterday's trade. PTI

Sensex builds on gains, up 85 points on fund inflows

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

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

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

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

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

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

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

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

Tech giant Microsoft launched gaming console <a href="http://www.wionews.com/india-news/microsoft-may-launch-gaming-console-xbox-one-x-in-india-on-january-23-30393" target="_blank">Xbox One X</a> for Rs 44,990 in India.

It is the smallest and most feature-rich Xbox ever launched by the multinational company.

The console is designed for being immersive 4K gaming and 4K entertainment.

It will provide an access to most diverse games lineup including Forza Motorsport 7, Assassin&#39;s Creed: Origins, Cuphead and Super Lucky&#39;s Tale.

The gaming console&nbsp;is already launched in the international market and within months of its international launch, it is now set to enter the Indian markets.&nbsp;

Its competitor in the Indian market is Sony&#39;s PS4 Pro Console which supports up to 4.2 teraflops while the Xbox One X is designed to offer up to 6 teraflops.&nbsp;

The Microsoft Xbox One provides games for PC also whereas the Sony does not.

The console comes with some 100 odd games which would consume quite high volumes of the internet for downloading.&nbsp;

It will be available online on Microsoft India store, Amazon India and Flipkart.

The console is designed for being immersive 4K gaming and 4K entertainment

Tech giant Microsoft launched gaming console Xbox One X for Rs 44,990 in India. It is the smallest and most feature-rich Xbox ever launched by the multinational company. The console is designed for being immersive 4K gaming and 4K entertainment. It will provide an access to most diverse games lineup including Forza Motorsport 7, Assassin's Creed: Origins, Cuphead and Super Lucky's Tale. The gaming console is already launched in the international market and within months of its international launch, it is now set to enter the Indian markets. Its competitor in the Indian market is Sony's PS4 Pro Console which supports up to 4.2 teraflops while the Xbox One X is designed to offer up to 6 teraflops. The Microsoft Xbox One provides games for PC also whereas the Sony does not. The console comes with some 100 odd games which would consume quite high volumes of the internet for downloading. It will be available online on Microsoft India store, Amazon India and Flipkart.

Microsoft launches Xbox One X for Rs 44,990 in India

Netflix Inc snagged 2 million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world.

The results drove Netflix to a market capitalisation of more than $100 billion for the first time. Shares jumped 9 percent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 percent last year.&nbsp;

The company has signed up more than half of all U.S. broadband households and is building its customer base in 190 countries by spending billions on programming.

Netflix picked up 6.36 million subscribers in international markets from October through December, when it released new seasons of critically acclaimed shows &quot;Stranger Things&quot; and &quot;The Crown&quot; as well as Will Smith action movie &quot;Bright.&quot; That topped Wall Street expectations of 5.1 million, according to FactSet.

Along with 1.98 million customer additions in the United States, the company ended the year with 117.58 million streaming subscribers around the globe, despite a price hike in October.

&quot;Netflix is pouring more and more money into making content, and it is directly translating into more subscribers,&quot; BTIG analyst Richard Greenfield said. &quot;They see a huge opportunity and they are moving as fast as they can to attack it.&quot;

Also read:&nbsp;<a href="http://www.wionews.com/life-fun/recommended-10-indian-documentaries-on-netflix-that-you-must-watch-15467" target="_blank">10 Indian documentaries on Netflix that you must watch</a>

The company also said it took a $39 million non-cash charge for &quot;unreleased content we&rsquo;ve decided not to move forward with.&quot; A source familiar with the matter said the charge was related to content starring Kevin Spacey, with whom Netflix cut ties after he was accused of sexual misconduct.

Netflix temporarily halted production of &quot;House of Cards&quot; to write out Spacey&#39;s character and decided not to release the film &quot;Gore,&quot; which starred Spacey as Gore Vidal.

Spacey has apologised to one of his accusers, and according to his representatives is seeking unspecified treatment. Reuters was unable to independently confirm the accusations.

The charge is one of the first signs of costs faced by companies in the wake of a widespread campaign against sexual harassment.

Netflix turned a DVD-by-mail business into an online competitor of movie channel HBO. As it grew it began licensing its own original shows to ensure a stream of new offerings if studio suppliers ended deals.

In fact, Walt Disney Co is making a major push into online streaming and will pull its first-run shows and movies from Netflix in 2019 as Hollywood fights for audiences.

Netflix plans to spend up to $8 billion this year on TV shows and movies to fend off Disney, Amazon.com Inc, studios-owned Hulu and local competitors that are jumping into online video, and it is turning more and more to high-budget projects, such as the roughly $90 million &quot;Bright.&quot;

In 2017, Netflix recorded its first full-year profit in international markets. The company has said it is aiming for steady improvements in profitability overseas this year.

&quot;We believe our big investments in content are paying off,&quot; Netflix said in a quarterly letter to shareholders.

Netflix is raising its marketing budget faster than revenue is growing and will spend about $2 billion this year. The company expects negative cash flow in 2018 of $3 billion to $4 billion, up from $2 billion in 2017.

Last October, Netflix raised prices for two of its three main subscription plans to help fund the substantial content investment. The earnings report showed customers took it in stride.

&quot;Consumers are tolerant as long as something&#39;s improving,&quot; Netflix CEO Reed Hastings, on a post-earnings webcast, said of the price increase.

For the December quarter, Netflix reported diluted earnings-per-share of 41 cents, even with the expectations of analysts polled by Thomson Reuters I/B/E/S.

Revenue for the three months totalled $3.286 billion, in line with forecasts.

Looking ahead, Netflix forecast streaming customer additions of 6.35 million for the first quarter, above analysts&#39; expectation of 5.01 million, according to FactSet.

Investors appear confident in Netflix&#39;s ability to grow. Netflix recently traded at 91 times expected earnings for the next 12 months, versus Amazon at 152 times earnings and Disney at 17 times earnings, according to Thomson Reuters data.

Netflix also said Monday that Rodolphe Belmer, CEO of global satellite company Eutelsat, had joined the company&#39;s board.

Netflix shares jumped 9 per cent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 per cent last year

Netflix Inc snagged 2 million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world. The results drove Netflix to a market capitalisation of more than $100 billion for the first time. Shares jumped 9 percent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 percent last year. The company has signed up more than half of all U.S. broadband households and is building its customer base in 190 countries by spending billions on programming. Netflix picked up 6.36 million subscribers in international markets from October through December, when it released new seasons of critically acclaimed shows "Stranger Things" and "The Crown" as well as Will Smith action movie "Bright." That topped Wall Street expectations of 5.1 million, according to FactSet. Along with 1.98 million customer additions in the United States, the company ended the year with 117.58 million streaming subscribers around the globe, despite a price hike in October. "Netflix is pouring more and more money into making content, and it is directly translating into more subscribers," BTIG analyst Richard Greenfield said. "They see a huge opportunity and they are moving as fast as they can to attack it." Also read: 10 Indian documentaries on Netflix that you must watch The company also said it took a $39 million non-cash charge for "unreleased content we’ve decided not to move forward with." A source familiar with the matter said the charge was related to content starring Kevin Spacey, with whom Netflix cut ties after he was accused of sexual misconduct. Netflix temporarily halted production of "House of Cards" to write out Spacey's character and decided not to release the film "Gore," which starred Spacey as Gore Vidal. Spacey has apologised to one of his accusers, and according to his representatives is seeking unspecified treatment. Reuters was unable to independently confirm the accusations. The charge is one of the first signs of costs faced by companies in the wake of a widespread campaign against sexual harassment. Netflix turned a DVD-by-mail business into an online competitor of movie channel HBO. As it grew it began licensing its own original shows to ensure a stream of new offerings if studio suppliers ended deals. In fact, Walt Disney Co is making a major push into online streaming and will pull its first-run shows and movies from Netflix in 2019 as Hollywood fights for audiences. Netflix plans to spend up to $8 billion this year on TV shows and movies to fend off Disney, Amazon.com Inc, studios-owned Hulu and local competitors that are jumping into online video, and it is turning more and more to high-budget projects, such as the roughly $90 million "Bright." In 2017, Netflix recorded its first full-year profit in international markets. The company has said it is aiming for steady improvements in profitability overseas this year. "We believe our big investments in content are paying off," Netflix said in a quarterly letter to shareholders. Netflix is raising its marketing budget faster than revenue is growing and will spend about $2 billion this year. The company expects negative cash flow in 2018 of $3 billion to $4 billion, up from $2 billion in 2017. Last October, Netflix raised prices for two of its three main subscription plans to help fund the substantial content investment. The earnings report showed customers took it in stride. "Consumers are tolerant as long as something's improving," Netflix CEO Reed Hastings, on a post-earnings webcast, said of the price increase. For the December quarter, Netflix reported diluted earnings-per-share of 41 cents, even with the expectations of analysts polled by Thomson Reuters I/B/E/S. Revenue for the three months totalled $3.286 billion, in line with forecasts. Looking ahead, Netflix forecast streaming customer additions of 6.35 million for the first quarter, above analysts' expectation of 5.01 million, according to FactSet. Investors appear confident in Netflix's ability to grow. Netflix recently traded at 91 times expected earnings for the next 12 months, versus Amazon at 152 times earnings and Disney at 17 times earnings, according to Thomson Reuters data. Netflix also said Monday that Rodolphe Belmer, CEO of global satellite company Eutelsat, had joined the company's board.

Netflix crosses $100 billion market capitalisation as subscribers surge

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

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

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

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

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

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

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

Sensex closes 294 points higher, Nifty above 10,500

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

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

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

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

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

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

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

Rupee rebounds 15 paise in opening trade

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

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

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

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

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

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

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

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

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

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

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

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

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

Tokyo, Hong Kong and Shanghai were among the worst hit

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

After Wall Steet plunge, Asian stocks fall

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

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

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

Wall Street on course for worst week in six years