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South Korean carmaker Kia Motors signed a deal on Thursday to invest about $1.1 billion to build its first factory in India, aiming to tap a fast growing market at a time when its China sales are sagging.

The Hyundai Motor affiliate posted a 19 per cent slump in first-quarter net profit as anti-Korean sentiment and a conflict with dealers hit its China sales, sending its shares down 2.2 per cent in a flat market.

Production at the factory in Anantapur district, Andhra Pradesh state, would begin in the second half of 2019, the company said.

Kia is expected to leverage Hyundai&#39;s supply chain network built around its factories in the neighbouring state of Tamil Nadu to gain a foothold in the Indian market, tipped to become the world&#39;s third-largest by 2020. Hyundai is India&#39;s second-largest automaker by sales. 
&nbsp; 
The plant, which will have production capacity of 300,000 vehicles a year, will produce a compact sedan and a sport utility vehicle tailored for the Indian market, Kia said in a statement. 
&nbsp; 
It will break ground in the fourth quarter of this year. 
&nbsp; 
&quot;Our new India plant will enable us to sell cars in the world&#39;s fifth-largest market, while providing greater flexibility for our global business,&quot; Kia Motors President Park Han-woo said in a statement. 
&nbsp; 
Reuters reported in February that Kia was close to finalising Andhra Pradesh as the site for its first Indian factory. 
&nbsp; 
The announcement came after Kia and Hyundai Motor suffered a March sales slump in China, their biggest market, and sharply cut production in the wake of Seoul`s decision to deploy a US anti-missile system, which angered China. 
&nbsp; 
&quot;The fall in consumer sentiment in China is stemming from a political issue, a situation which is beyond the control of an individual firm and is difficult to be resolved within the short term,&quot; Han Chun-soo, Kia&#39;s chief financial officer, said during an earnings conference call.

Kia would adjust its China production to reduce inventories, cut costs and launch new models including a small crossover to minimise the impact of the political row, he said.&nbsp;

Kia also said its first-quarter profit was hurt by a cost of 160 billion won ($141.53 million) to recall vehicles over an engine issue in North America and South Korea.

(Reuters)

The Hyundai Motor affiliate posted a 19 per cent slump in first-quarter net profit as anti-Korean sentiment and a conflict with dealers hit its China sales, sending its shares down 2.2 per cent in a flat market

South Korean carmaker Kia Motors signed a deal on Thursday to invest about $1.1 billion to build its first factory in India, aiming to tap a fast growing market at a time when its China sales are sagging. The Hyundai Motor affiliate posted a 19 per cent slump in first-quarter net profit as anti-Korean sentiment and a conflict with dealers hit its China sales, sending its shares down 2.2 per cent in a flat market. Production at the factory in Anantapur district, Andhra Pradesh state, would begin in the second half of 2019, the company said. Kia is expected to leverage Hyundai's supply chain network built around its factories in the neighbouring state of Tamil Nadu to gain a foothold in the Indian market, tipped to become the world's third-largest by 2020. Hyundai is India's second-largest automaker by sales. The plant, which will have production capacity of 300,000 vehicles a year, will produce a compact sedan and a sport utility vehicle tailored for the Indian market, Kia said in a statement. It will break ground in the fourth quarter of this year. "Our new India plant will enable us to sell cars in the world's fifth-largest market, while providing greater flexibility for our global business," Kia Motors President Park Han-woo said in a statement. Reuters reported in February that Kia was close to finalising Andhra Pradesh as the site for its first Indian factory. The announcement came after Kia and Hyundai Motor suffered a March sales slump in China, their biggest market, and sharply cut production in the wake of Seoul`s decision to deploy a US anti-missile system, which angered China. "The fall in consumer sentiment in China is stemming from a political issue, a situation which is beyond the control of an individual firm and is difficult to be resolved within the short term," Han Chun-soo, Kia's chief financial officer, said during an earnings conference call. Kia would adjust its China production to reduce inventories, cut costs and launch new models including a small crossover to minimise the impact of the political row, he said. Kia also said its first-quarter profit was hurt by a cost of 160 billion won ($141.53 million) to recall vehicles over an engine issue in North America and South Korea. (Reuters)

South Korean carmaker Kia to invest more than billion dollars in India

South Korea&#39;s biggest automaker Hyundai Motor posted a 21 per cent drop in first-quarter profits on Wednesday, hammered by the fallout from a diplomatic spat between Seoul and Beijing over a US missile defence system.

In a statement, Hyundai said it posted 1.46 trillion won (US$1.3 billion) in net profits during the January to March period, its 13th consecutive quarter of profit downturn.&nbsp;

&quot;Partial suspensions at factories increased cost burdens while bigger marketing fees were spent to overcome the global economic slowdown,&quot; the company said.

The firm said it recorded strong sales in emerging markets like Russia and Brazil but added that &quot;weak demand&quot; by Chinese consumers resulted in a drop in overseas sales.

Sales in China plunged 44 per cent last month. Beijing has been infuriated by the deployment of the THAAD missile defence system in the South and has imposed a series of measures seen as economic retaliation.

Seoul and Washington say the system is intended to guard against missile threats from the nuclear-armed North.

But China fears it will weaken its own ballistic capabilities and says it upsets the regional security balance.&nbsp;

Worldwide, Hyundai sold fewer than 1.1 million cars in the first quarter, 1.6 per cent fewer than the same period last year.

The company forecast more challenges ahead in the face of slow global growth and spreading trade protectionism.

(AFP)

In a statement, Hyundai said it posted 1.46 trillion won (US$1.3 billion) in net profits during the January to March period, its 13th consecutive quarter of profit downturn

South Korea's biggest automaker Hyundai Motor posted a 21 per cent drop in first-quarter profits on Wednesday, hammered by the fallout from a diplomatic spat between Seoul and Beijing over a US missile defence system. In a statement, Hyundai said it posted 1.46 trillion won (US$1.3 billion) in net profits during the January to March period, its 13th consecutive quarter of profit downturn. "Partial suspensions at factories increased cost burdens while bigger marketing fees were spent to overcome the global economic slowdown," the company said. The firm said it recorded strong sales in emerging markets like Russia and Brazil but added that "weak demand" by Chinese consumers resulted in a drop in overseas sales. Sales in China plunged 44 per cent last month. Beijing has been infuriated by the deployment of the THAAD missile defence system in the South and has imposed a series of measures seen as economic retaliation. Seoul and Washington say the system is intended to guard against missile threats from the nuclear-armed North. But China fears it will weaken its own ballistic capabilities and says it upsets the regional security balance. Worldwide, Hyundai sold fewer than 1.1 million cars in the first quarter, 1.6 per cent fewer than the same period last year. The company forecast more challenges ahead in the face of slow global growth and spreading trade protectionism. (AFP)

Hyundai Motor posts 21% drop in first-quarter profits

&nbsp;

Indian shares ended at a record closing highs on Wednesday, buoyed by solid company results and higher global markets.

The benchmark BSE Sensex closed up 0.63 per cent at a record closing high of 30,133.35. The index hit an all-time high of 30,167.09 earlier in the session, surpassing a record last hit in March 2015.&nbsp;The broader NSE Nifty gained 0.49 per cent to end at a record closing high of 9,351.85. The index hit an intraday high of 9,367, surpassing Tuesday&#39;s high.

Earlier in the day, the BSE Sensex rose as much as 0.4 per cent to hit a record high, surpassing its previous milestone hit in March 2015, while the rupee hit a 20-month against the dollar.

The market rally came&nbsp;after a string of solid domestic quarterly results, with&nbsp;hopes for additional foreign inflows to India having increased on renewed optimism about the US economy and after the first round of French&nbsp;election which went to the market`s preferred candidate.

The Sensex rose to a high of 30,071.77 points during the day. The broader NSE Nifty rose as much as 0.4 per cent to a record high of 9,343.15 points, its second consecutive all-time milestone.

(Reuters)

The market rally comes after a string of solid domestic quarterly results

Indian shares ended at a record closing highs on Wednesday, buoyed by solid company results and higher global markets. The benchmark BSE Sensex closed up 0.63 per cent at a record closing high of 30,133.35. The index hit an all-time high of 30,167.09 earlier in the session, surpassing a record last hit in March 2015. The broader NSE Nifty gained 0.49 per cent to end at a record closing high of 9,351.85. The index hit an intraday high of 9,367, surpassing Tuesday's high. Earlier in the day, the BSE Sensex rose as much as 0.4 per cent to hit a record high, surpassing its previous milestone hit in March 2015, while the rupee hit a 20-month against the dollar. The market rally came after a string of solid domestic quarterly results, with hopes for additional foreign inflows to India having increased on renewed optimism about the US economy and after the first round of French election which went to the market`s preferred candidate. The Sensex rose to a high of 30,071.77 points during the day. The broader NSE Nifty rose as much as 0.4 per cent to a record high of 9,343.15 points, its second consecutive all-time milestone. (Reuters)

Sensex scales 30k, Nifty closes at record high

British luxury retailer Jimmy Choo has put itself up for sale to try to maximise shareholder value as majority investor JAB increases its focus on consumer goods.

Jimmy Choo, famous for its stiletto shoes and accessories, has discussed its plans with 68 per cent shareholder JAB, which supports the process as part of a move away from a luxury sector it now considers &quot;non-core&quot;.

Jimmy Choo shares hit a record high, valuing the business at around $921 million.

Shares in Jimmy Choo, which floated on the London Stock Exchange at 140 pence in 2014, had increased 35 per cent over the last year prior to Monday&#39;s announcement. They rose as much as 11.3 per cent today, up 9.5 per cent at 185 pence.

&quot;What remains to be seen is whether growing interest from Asia and the Middle-East for luxury UK brands, will see Jimmy Choo receiving offers from foreign buyers searching for well-known British brands,&quot; said Jonathan Buxton, partner and head of consumer at Cavendish Corporate Finance.

Last month Jimmy Choo reported a 15.7 per cent rise in annual core earnings to 59 million pounds, on revenue up 14.5 per cent.

JAB Luxury also said on Monday it was reviewing its ownership of Bally International, the Swiss luxury footwear and accessories company, clearing the way for a possible sale of that business too.

JAB Holdings, the investment vehicle of Germany&#39;s billionaire Reimann family, has been building up its coffee and food chains and agreed this month to buy bakery group Panera Bread for $7.2 billion.

JAB&#39;s luxury portfolio also includes British jacket brand Belstaff which could now be surplus to requirements. It indicated that it intended to retain its investment in beauty products maker Coty.

&quot;JAB has, therefore, made the strategic decision to focus on its successful core businesses of consumer goods, including Coty Inc,&quot; it said, adding that it expects the review to complete in the second half of 2017.

Jimmy Choo said Britain&#39;s takeover panel has agreed that any talks with third parties can be conducted within the context of a &quot;formal sale process&quot;. That enables talks with interested parties to take place on a confidential basis.

The firm said it is currently not in receipt of any approaches. The sale process will be run by BofA Merrill Lynch and Citigroup.

(Reuters)

Jimmy Choo has discussed plans with 68 per cent shareholder JAB, which supports the process as part of a move away from luxury sector

British luxury retailer Jimmy Choo has put itself up for sale to try to maximise shareholder value as majority investor JAB increases its focus on consumer goods. Jimmy Choo, famous for its stiletto shoes and accessories, has discussed its plans with 68 per cent shareholder JAB, which supports the process as part of a move away from a luxury sector it now considers "non-core". Jimmy Choo shares hit a record high, valuing the business at around $921 million. Shares in Jimmy Choo, which floated on the London Stock Exchange at 140 pence in 2014, had increased 35 per cent over the last year prior to Monday's announcement. They rose as much as 11.3 per cent today, up 9.5 per cent at 185 pence. "What remains to be seen is whether growing interest from Asia and the Middle-East for luxury UK brands, will see Jimmy Choo receiving offers from foreign buyers searching for well-known British brands," said Jonathan Buxton, partner and head of consumer at Cavendish Corporate Finance. Last month Jimmy Choo reported a 15.7 per cent rise in annual core earnings to 59 million pounds, on revenue up 14.5 per cent. JAB Luxury also said on Monday it was reviewing its ownership of Bally International, the Swiss luxury footwear and accessories company, clearing the way for a possible sale of that business too. JAB Holdings, the investment vehicle of Germany's billionaire Reimann family, has been building up its coffee and food chains and agreed this month to buy bakery group Panera Bread for $7.2 billion. JAB's luxury portfolio also includes British jacket brand Belstaff which could now be surplus to requirements. It indicated that it intended to retain its investment in beauty products maker Coty. "JAB has, therefore, made the strategic decision to focus on its successful core businesses of consumer goods, including Coty Inc," it said, adding that it expects the review to complete in the second half of 2017. Jimmy Choo said Britain's takeover panel has agreed that any talks with third parties can be conducted within the context of a "formal sale process". That enables talks with interested parties to take place on a confidential basis. The firm said it is currently not in receipt of any approaches. The sale process will be run by BofA Merrill Lynch and Citigroup. (Reuters)

British luxury shoe brand Jimmy Choo put up on sale

Stock markets mostly rose Tuesday following the previous session&#39;s record runs triggered by the first-round result of France&#39;s presidential election.

Gains were strongest in the US, where the Nasdaq surged above 6,000 for the first time and the blue-chip Dow index jumped more than one per cent following several strong earnings reports from big companies.

The increases were more modest among European equity indices, while the euro reached its highest level so far of 2017 against the dollar. &nbsp;

Global shares had soared Monday after centrist Emmanuel Macron topped the initial vote and looked well on course to beat far-right candidate Marine Le Pen in the May 7 run-off.

&quot;Markets have continued their push higher from yesterday, although at a much more relaxed pace,&quot; said Chris Beauchamp, chief market analyst at IG trading group.&nbsp;

&quot;The immediate impact of Macron&#39;s first-round success is wearing off, but the relief is still palpable among investors.&quot;

The outlook also improved for the euro currency, which no longer looks vulnerable to a so-called Frexit threatened by Le Pen.

&quot;The risk of both the euro zone and the broader European Union unraveling dissipated in a meaningful way with centrist Emmanuel Macron finishing first in last week&#39;s preliminary election and projected to take the next and final round of voting on May 7,&quot; said Joe Manimbo, senior market analyst at Western Union Business Solutions.

In the US, gains were propelled in part by strong earnings with three Dow members posting strong advances after reporting solid earnings. Industrial giant Caterpillar surged 7.9 per cent, DuPont 3.6 per cent and McDonald&#39;s 5.6 perc ent.

Analysts also have been heartened by talk in recent days from the White House touting news of a long-awaited tax cut plan, with President Donald Trump expected to release details on Wednesday.

Key figures&nbsp;at 2100 GMT&nbsp;

New York - Dow: UP 1.1 per cent at&nbsp;20,996.12 (close)

New York - S&amp;P 500: UP 0.6 per cent at 2,388.61 (close)

New York - Nasdaq: UP 0.7 per cent at 6,025.49 (close)

London - FTSE 100: UP 0.2&nbsp;per cent at 7,275.64 points (close)

Frankfurt - DAX 30: UP 0.1 per cent at 12,467.04 (close)

Paris - CAC 40: UP 0.2&nbsp;per cent at 5,277.88 (close)

EURO STOXX 50: UP 0.2&nbsp;per cent at 3,583.16

Tokyo - Nikkei 225: UP 1.1 per cent at 19,079.33 (close)

Hong Kong - Hang Seng: UP 1.3 per cent at 24,455.94 (close)

Shanghai - Composite: UP 0.2 per cent at 3,134.57 (close)

Euro/dollar: UP at $1.0934 from $1.0867 at 2100 GMT

Pound/dollar: UP at $1.2835 from $1.2793

Dollar/yen: UP at 111.12 yen from 109.78 yen

Oil - Brent North Sea: UP 50 cents at $52.10 per barrel

Oil - West Texas Intermediate: UP 33 cents at $49.56 per barrel&nbsp;

(AFP)

The outlook also improved for the euro currency, after Macron fared better than eurosceptic Marine Le Pen in the first round of French polls

Stock markets mostly rose Tuesday following the previous session's record runs triggered by the first-round result of France's presidential election. Gains were strongest in the US, where the Nasdaq surged above 6,000 for the first time and the blue-chip Dow index jumped more than one per cent following several strong earnings reports from big companies. The increases were more modest among European equity indices, while the euro reached its highest level so far of 2017 against the dollar. Global shares had soared Monday after centrist Emmanuel Macron topped the initial vote and looked well on course to beat far-right candidate Marine Le Pen in the May 7 run-off. "Markets have continued their push higher from yesterday, although at a much more relaxed pace," said Chris Beauchamp, chief market analyst at IG trading group. "The immediate impact of Macron's first-round success is wearing off, but the relief is still palpable among investors." The outlook also improved for the euro currency, which no longer looks vulnerable to a so-called Frexit threatened by Le Pen. "The risk of both the euro zone and the broader European Union unraveling dissipated in a meaningful way with centrist Emmanuel Macron finishing first in last week's preliminary election and projected to take the next and final round of voting on May 7," said Joe Manimbo, senior market analyst at Western Union Business Solutions. In the US, gains were propelled in part by strong earnings with three Dow members posting strong advances after reporting solid earnings. Industrial giant Caterpillar surged 7.9 per cent, DuPont 3.6 per cent and McDonald's 5.6 perc ent. Analysts also have been heartened by talk in recent days from the White House touting news of a long-awaited tax cut plan, with President Donald Trump expected to release details on Wednesday. Key figures at 2100 GMT New York - Dow: UP 1.1 per cent at 20,996.12 (close) New York - S&P 500: UP 0.6 per cent at 2,388.61 (close) New York - Nasdaq: UP 0.7 per cent at 6,025.49 (close) London - FTSE 100: UP 0.2 per cent at 7,275.64 points (close) Frankfurt - DAX 30: UP 0.1 per cent at 12,467.04 (close) Paris - CAC 40: UP 0.2 per cent at 5,277.88 (close) EURO STOXX 50: UP 0.2 per cent at 3,583.16 Tokyo - Nikkei 225: UP 1.1 per cent at 19,079.33 (close) Hong Kong - Hang Seng: UP 1.3 per cent at 24,455.94 (close) Shanghai - Composite: UP 0.2 per cent at 3,134.57 (close) Euro/dollar: UP at $1.0934 from $1.0867 at 2100 GMT Pound/dollar: UP at $1.2835 from $1.2793 Dollar/yen: UP at 111.12 yen from 109.78 yen Oil - Brent North Sea: UP 50 cents at $52.10 per barrel Oil - West Texas Intermediate: UP 33 cents at $49.56 per barrel (AFP)

French election result revs up global stocks; Nasdaq touches 6,000

Cautioning against protectionism, RBI Governor Urjit Patel has said where would giant American corporations like Apple, Cisco and IBM be if they had not sourced the best products and talent from across the world.

&quot;I don&#39;t think that we have heard the last word on US policy talk about this because there is a push back internationally that the world has benefited from an open trading system,&quot; the Reserve Bank of India (RBI) governor said after delivering a lecture in New York.

He made the remarks in response to a question on the rise of protectionist tendencies in major world economies after he delivered the Third Kotak Family Distinguished Lecture, sponsored by the Raj Center on Indian Economic Policies at the Columbia University&#39;s School of International and Public Affairs.

He said the share prices of the most efficient corporations in the world, including in the US, are where they are because of the global supply chains.

&quot;Where would Apple be, where would Cisco be, where would IBM be if they were not sourcing the best products and talent from across the world. And if policies come in the way of that, then the big wealth creators in a country that advocates protectionism are ultimately affected,&quot; he said yesterday.

Patel said the calls for protectionism in the US&nbsp;were on account of equity and domestic distribution issues which &quot;textbook economics tells us should be addressed through domestic fiscal policy&quot; such as taxation and income transfers.

He noted that using trade instruments for protectionism may take a nation on a trajectory different from that of growth.

&quot;Using trade instruments like customs duties, border tax etc is not the most efficient way to do this. In fact, you could end up at somewhere else. You do not know what are the implications of some of these policies on equity and distribution besides objectives that you want to address,&quot; he said.

&quot;It should be a domestic policy issue, using domestic fiscal policy if those are the objectives that need to be addressed,&quot; Patel said.

(PTI)

Patel made the remarks in response to a question on the rise of protectionist tendencies in major world economies

Cautioning against protectionism, RBI Governor Urjit Patel has said where would giant American corporations like Apple, Cisco and IBM be if they had not sourced the best products and talent from across the world. "I don't think that we have heard the last word on US policy talk about this because there is a push back internationally that the world has benefited from an open trading system," the Reserve Bank of India (RBI) governor said after delivering a lecture in New York. He made the remarks in response to a question on the rise of protectionist tendencies in major world economies after he delivered the Third Kotak Family Distinguished Lecture, sponsored by the Raj Center on Indian Economic Policies at the Columbia University's School of International and Public Affairs. He said the share prices of the most efficient corporations in the world, including in the US, are where they are because of the global supply chains. "Where would Apple be, where would Cisco be, where would IBM be if they were not sourcing the best products and talent from across the world. And if policies come in the way of that, then the big wealth creators in a country that advocates protectionism are ultimately affected," he said yesterday. Patel said the calls for protectionism in the US were on account of equity and domestic distribution issues which "textbook economics tells us should be addressed through domestic fiscal policy" such as taxation and income transfers. He noted that using trade instruments for protectionism may take a nation on a trajectory different from that of growth. "Using trade instruments like customs duties, border tax etc is not the most efficient way to do this. In fact, you could end up at somewhere else. You do not know what are the implications of some of these policies on equity and distribution besides objectives that you want to address," he said. "It should be a domestic policy issue, using domestic fiscal policy if those are the objectives that need to be addressed," Patel said. (PTI)

Where would Apple, IBM be if not for talent from across globe: RBI chief Urjit Patel

The 50-share National Stock Exchange Nifty hit a fresh record high, spurting 50.90 points to 9,268.85 in the morning trade on Tuesday, spurred by strong fundamentals of Indian economy, stability in global markets and huge gush of global liquidity.

The 30-share benchmark Bombay Stock Exchange Sensex gained 170.42 points at 29,826.26&nbsp;as sentiments rose with Reliance Industries&#39; better-than-expected fourth quarter earnings numbers which were announced yesterday.

The midcap stocks did equally well, with the Nifty free float midcap index reaching a fresh high of 18,021.10. The BSE midcap index rose to a fresh record high to 14,723.94.

A firming trend in other Asian markets, taking strong cues from the US and European markets following Emmanuel Macron&#39;s first round presidential election win in France, also boosted trading sentiments.&nbsp;

Brokers said that continued buying by domestic institutional investors and retailers following Reliance Industry Limited&#39;s healthy numbers announced post trading hours yesterday, mainly lent momentum to trading activity.

RIL shares climbed 2.18 per cent, to Rs 1,447.30, in early trade after the company reported a 12.3 per cent jump in its January-March quarter net profit at Rs 8,046 crore on the back of higher refining and petrochemical margins.

Other gainers included M&amp;M, Wipro, HDFC Ltd, L&amp;T, ICICI Bank, Power Grid, Lupin and Dr Reddy&#39;s.

Globally, Japan&#39;s Nikkei was up 0.84 per cent while Hong Kong&#39;s Hang rose 0.98 per cent in early trade today. The Shanghai Composite Index gained 0.31 per cent.

The US Dow Jones Industrial Average had ended 1.05 per cent higher in yesterday&#39;s trade. 
 
(WION with inputs from PTI)

The 50-share National Stock Exchange Nifty hit a fresh record high, spurting 50.90 points to 9,268.85

The 50-share National Stock Exchange Nifty hit a fresh record high, spurting 50.90 points to 9,268.85 in the morning trade on Tuesday, spurred by strong fundamentals of Indian economy, stability in global markets and huge gush of global liquidity. The 30-share benchmark Bombay Stock Exchange Sensex gained 170.42 points at 29,826.26 as sentiments rose with Reliance Industries' better-than-expected fourth quarter earnings numbers which were announced yesterday. The midcap stocks did equally well, with the Nifty free float midcap index reaching a fresh high of 18,021.10. The BSE midcap index rose to a fresh record high to 14,723.94. A firming trend in other Asian markets, taking strong cues from the US and European markets following Emmanuel Macron's first round presidential election win in France, also boosted trading sentiments. Brokers said that continued buying by domestic institutional investors and retailers following Reliance Industry Limited's healthy numbers announced post trading hours yesterday, mainly lent momentum to trading activity. RIL shares climbed 2.18 per cent, to Rs 1,447.30, in early trade after the company reported a 12.3 per cent jump in its January-March quarter net profit at Rs 8,046 crore on the back of higher refining and petrochemical margins. Other gainers included M&M, Wipro, HDFC Ltd, L&T, ICICI Bank, Power Grid, Lupin and Dr Reddy's. Globally, Japan's Nikkei was up 0.84 per cent while Hong Kong's Hang rose 0.98 per cent in early trade today. The Shanghai Composite Index gained 0.31 per cent. The US Dow Jones Industrial Average had ended 1.05 per cent higher in yesterday's trade. (WION with inputs from PTI)

India: Nifty, midcap index hit record highs

Indian markets including Sensex and Nifty have ended higher today. The 30-share BSE Sensex was up 52.33 points and the Nifty up 17.30

Nifty closes above 9300 for the first time (WION Wallet)

Music sales rose robustly for a second straight year, posting growth not seen in two decades thanks to the rapid adoption of streaming, the global industry body said Tuesday.

Despite sliding CD sales and downloads, revenue from recorded music around the world grew 5.9 per cent in 2016 to total $15.7 billion, the International Federation of the Phonographic Industry said.

The growth tops the previous year&#39;s 3.2 per cent increase and marks the fastest rate since 1997 -- when the recorded music industry first suffered a jolt with the dawn of the internet age.

Streaming revenue jumped 60 per cent in 2016. Spotify led the way but the report said the market was buoyed by rising consumer choice among on-demand platforms including Apple Music, Tidal and Deezer.

Music executives cautioned that the market remained fragile and that the industry will need to keep adapting, with streaming only in its infancy.

&quot;Remember, we&#39;re only two years into our recovery after a decade and a half of decline,&quot; Stu Bergen, CEO for international and global commercial services at Warner Music Group, told reporters on a conference call.&nbsp;

&quot;We must remain alert, resourceful and ambitious. We&#39;re no longer running up a down escalator, but that doesn&#39;t mean we can relax,&quot; he said.&nbsp;

&nbsp;

Boom felt around the world

Frances Moore, CEO of the industry federation, said it was critical for the music business to keep investing in artists, who ultimately carry the industry&#39;s fortunes.

She also renewed calls for a global overhaul in regulations that allow internet companies to skirt most responsibility for users&#39; uploads -- which, music executives charge, leads to unfairly low revenue from omnipresent video site YouTube.

Music sales expanded in almost all major markets. Latin America had the highest rate of growth at 12 per cent, led by a boom in Mexico even as the region&#39;s largest market Brazil slipped slightly.

Revenue in China soared by more than 20 per cent as international music labels expand in the billion-plus country and leading local streaming company Tencent pulls in new customers.

The industry body saw the potential for major growth ahead in China, which despite its size remains only the 12th largest music market in the world.

Globally, downloading revenue from sites such as iTunes tumbled more than 20 per cent. Physical sales slipped 7.6 per cent although CDs remain a major force in the key markets of Japan and Germany.

Michael Nash, executive vice president for digital strategy at the world&#39;s largest music group Universal, said the balance among formats was complex, with downloads clearly slipping in the face of streaming but vinyl winning a growing market among collectors.

&quot;The digital transition is not a journey with a beginning, middle and end -- physical to download to streaming,&quot; he said. &quot;It is an ongoing transformation driven by a rate of technological change that shows no signs of decelerating,&quot; he said.

The report found that Canadian hip-hop superstar Drake was the most popular global artist of 2016 on the back of infectious singles such as the streaming sensation &quot;One Dance&quot;.

Rock legend David Bowie, who died last year, came in second, while Beyonce&#39;s conceptual &quot;Lemonade&quot; was the top-selling album worldwide.

(AFP)

Despite sliding CD sales and downloads the industry grew by 5.9% to $15.7 billion, mostly due to streaming

Music sales rose robustly for a second straight year, posting growth not seen in two decades thanks to the rapid adoption of streaming, the global industry body said Tuesday. Despite sliding CD sales and downloads, revenue from recorded music around the world grew 5.9 per cent in 2016 to total $15.7 billion, the International Federation of the Phonographic Industry said. The growth tops the previous year's 3.2 per cent increase and marks the fastest rate since 1997 -- when the recorded music industry first suffered a jolt with the dawn of the internet age. Streaming revenue jumped 60 per cent in 2016. Spotify led the way but the report said the market was buoyed by rising consumer choice among on-demand platforms including Apple Music, Tidal and Deezer. Music executives cautioned that the market remained fragile and that the industry will need to keep adapting, with streaming only in its infancy. "Remember, we're only two years into our recovery after a decade and a half of decline," Stu Bergen, CEO for international and global commercial services at Warner Music Group, told reporters on a conference call. "We must remain alert, resourceful and ambitious. We're no longer running up a down escalator, but that doesn't mean we can relax," he said. Boom felt around the world Frances Moore, CEO of the industry federation, said it was critical for the music business to keep investing in artists, who ultimately carry the industry's fortunes. She also renewed calls for a global overhaul in regulations that allow internet companies to skirt most responsibility for users' uploads -- which, music executives charge, leads to unfairly low revenue from omnipresent video site YouTube. Music sales expanded in almost all major markets. Latin America had the highest rate of growth at 12 per cent, led by a boom in Mexico even as the region's largest market Brazil slipped slightly. Revenue in China soared by more than 20 per cent as international music labels expand in the billion-plus country and leading local streaming company Tencent pulls in new customers. The industry body saw the potential for major growth ahead in China, which despite its size remains only the 12th largest music market in the world. Globally, downloading revenue from sites such as iTunes tumbled more than 20 per cent. Physical sales slipped 7.6 per cent although CDs remain a major force in the key markets of Japan and Germany. Michael Nash, executive vice president for digital strategy at the world's largest music group Universal, said the balance among formats was complex, with downloads clearly slipping in the face of streaming but vinyl winning a growing market among collectors. "The digital transition is not a journey with a beginning, middle and end -- physical to download to streaming," he said. "It is an ongoing transformation driven by a rate of technological change that shows no signs of decelerating," he said. The report found that Canadian hip-hop superstar Drake was the most popular global artist of 2016 on the back of infectious singles such as the streaming sensation "One Dance". Rock legend David Bowie, who died last year, came in second, while Beyonce's conceptual "Lemonade" was the top-selling album worldwide. (AFP)

Streaming services lead the way as global music sales grow robustly

Indian shares rose on Monday and the rupee strengthened as investors breathed a sigh of relief after the market&#39;s favoured candidate, Emmanuel Macron, won the first round of the French presidential election.

The outcome led to a mass unwinding of safe-haven trades in favour of riskier assets, although in India gains were tempered as investors awaited a slew of quarterly earnings reports, including that of Reliance Industries Ltd due later in the day.

&quot;There&#39;s a good chance in France for Macron to win, which is positive for global markets,&quot; said Neeraj Dewan, director at Quantum Securities.

Macron will now face far-right leader Marine Le Pen in a May 7 runoff, with opinion polls on Sunday predicting an easy win for him in the final clash.

The broader NSE Nifty rose 0.62 percent to 9,175.60 by 0622 GMT, while the benchmark BSE Sensex was 0.52 percent higher at 29,518.15.

The rupee strengthened to 64.4850/4900 per dollar from its close of 64.61/62 on Friday, but bonds fell, with the benchmark 10-year bond yield rising 2 basis points to 6.94 percent.

Cement stocks were among the biggest gainers on the NSE index, following better-than-expected quarterly results by ACC Ltd on Friday. The Nifty realty index climbed as much as 3.9 percent to its highest since July 2014.

ACC gained as much as 6.2 percent and was the top percentage gainer on the Nifty.

HDFC Bank Ltd rose as much as 2.8 percent to a record high after the country&#39;s second-biggest lender by assets on Friday reported higher-than-expected profit for the March quarter.

But IT stocks fell on continued concerns over U.S. President Donald Trump&#39;s order last week to a review the country&#39;s visa program to encourage hiring Americans. Tata Consultancy Services Ltd, Infosys Ltd, and Wipro Ltd dropped more than 1 percent each.

Indian firms like Tata Consultancy Services, Infosys, and Wipro are top beneficiaries of the H-1B visa programme, using it to send computer engineers to service clients in the U.S., their largest overseas market.

(Reuters)

The outcome led to a mass unwinding of safe-haven trades in favour of riskier assets

Indian shares rose on Monday and the rupee strengthened as investors breathed a sigh of relief after the market's favoured candidate, Emmanuel Macron, won the first round of the French presidential election. The outcome led to a mass unwinding of safe-haven trades in favour of riskier assets, although in India gains were tempered as investors awaited a slew of quarterly earnings reports, including that of Reliance Industries Ltd due later in the day. "There's a good chance in France for Macron to win, which is positive for global markets," said Neeraj Dewan, director at Quantum Securities. Macron will now face far-right leader Marine Le Pen in a May 7 runoff, with opinion polls on Sunday predicting an easy win for him in the final clash. The broader NSE Nifty rose 0.62 percent to 9,175.60 by 0622 GMT, while the benchmark BSE Sensex was 0.52 percent higher at 29,518.15. The rupee strengthened to 64.4850/4900 per dollar from its close of 64.61/62 on Friday, but bonds fell, with the benchmark 10-year bond yield rising 2 basis points to 6.94 percent. Cement stocks were among the biggest gainers on the NSE index, following better-than-expected quarterly results by ACC Ltd on Friday. The Nifty realty index climbed as much as 3.9 percent to its highest since July 2014. ACC gained as much as 6.2 percent and was the top percentage gainer on the Nifty. HDFC Bank Ltd rose as much as 2.8 percent to a record high after the country's second-biggest lender by assets on Friday reported higher-than-expected profit for the March quarter. But IT stocks fell on continued concerns over U.S. President Donald Trump's order last week to a review the country's visa program to encourage hiring Americans. Tata Consultancy Services Ltd, Infosys Ltd, and Wipro Ltd dropped more than 1 percent each. Indian firms like Tata Consultancy Services, Infosys, and Wipro are top beneficiaries of the H-1B visa programme, using it to send computer engineers to service clients in the U.S., their largest overseas market. (Reuters)

Sensex, rupee rise as French vote brings relief

Catch the latest news from the world of business, economy and more only on WION Wallet

Price war in India's luxury car market and more (WION Wallet)

Qatar Airways will finalise a long-negotiated agreement to buy 49 per cent of Italy&#39;s Meridiana in the coming days, and soon apply with Qatar&#39;s sovereign wealth fund to start an Indian airline.

Qatar Airways will sign the agreement with Italy&#39;s second biggest airline in the next &quot;few days&quot;, Chief Executive Akbar al-Baker told reporters in Dubai on Monday.

The airline has been negotiating to buy a stake in Meridiana for more than year, a deal that could help the loss-making Italian carrier&#39;s ability to compete in Europe.

Meridiana would operate as a full-service carrier to destinations in Europe and beyond, al-Baker said, with the airline taking delivery of 20 Boeing 737 MAXs from the second quarter of 2018.

The 737s will come from a Qatar Airways order of Boeing jets announced last October. Al-Baker declined to say how much Qatar Airways would invest in the Italian carrier.

Meridiana, which offers flights to and from the island of Sardinia and other destinations in Italy, is owned by the Aga Khan, a businessman and spiritual leader of the Ismaili Muslims.

Qatar Airways will also apply with the Qatar Investment Authority (QIA) for a domestic Indian airline operating licence in the next few weeks, al-Baker said.

The Indian carrier would be majority owned by QIA, with Qatar Airways controlling a minority interest, he said.

Manufacturers Airbus, Boeing, Bombardier and Embraer would be welcome to bid for orders from the Indian carrier, al-Baker said.

Qatar Airways has said it plans to operate a domestic Indian carrier with around 100 jets.

The Doha-based airline also announced on Monday 12 new destinations to start in 2018, including direct flights to San Francisco in the United States.

The US&nbsp;expansion contrasts with rival Emirates, which said this month it would cut flights on five US&nbsp;destinations from May due to a &quot;significant deterioration&quot; in bookings. This followed US&nbsp;President Donald Trump&#39;s attempts to restrict travel from some Muslim countries, which has hit demand from West Asia.

&quot;We didn&#39;t have massive declines like other carriers,&quot; al-Baker said. &quot;We will continue our expansion.&quot;

The airline has seen &quot;some decline&quot; in passenger demand on US&nbsp;routes, but he said this was manageable.

Qatar Airways has delayed plans to start flights to Las Vegas until the second quarter 2018, from the first quarter of that year, &quot;mainly due to technical reasons,&quot; al-Baker said without explaining further.

The airline, like Emirates and Etihad Airways, has faced more than two years of opposition in the United States led by major carriers American Airlines, United Airlines and Delta Air Lines .

The three US&nbsp;carriers have lobbied the US&nbsp;government to investigate claims the Middle East rivals have received billions of dollars in state aid, which those airlines deny.

&quot;We create jobs, we buy American, We invest in the United States and I think we outweigh whatever job creation these three American carriers are doing,&quot; al-Baker said.

(Reuters)

Qatar Airways will also apply for a domestic Indian airline operating licence in the next few weeks

Qatar Airways will finalise a long-negotiated agreement to buy 49 per cent of Italy's Meridiana in the coming days, and soon apply with Qatar's sovereign wealth fund to start an Indian airline. Qatar Airways will sign the agreement with Italy's second biggest airline in the next "few days", Chief Executive Akbar al-Baker told reporters in Dubai on Monday. The airline has been negotiating to buy a stake in Meridiana for more than year, a deal that could help the loss-making Italian carrier's ability to compete in Europe. Meridiana would operate as a full-service carrier to destinations in Europe and beyond, al-Baker said, with the airline taking delivery of 20 Boeing 737 MAXs from the second quarter of 2018. The 737s will come from a Qatar Airways order of Boeing jets announced last October. Al-Baker declined to say how much Qatar Airways would invest in the Italian carrier. Meridiana, which offers flights to and from the island of Sardinia and other destinations in Italy, is owned by the Aga Khan, a businessman and spiritual leader of the Ismaili Muslims. Qatar Airways will also apply with the Qatar Investment Authority (QIA) for a domestic Indian airline operating licence in the next few weeks, al-Baker said. The Indian carrier would be majority owned by QIA, with Qatar Airways controlling a minority interest, he said. Manufacturers Airbus, Boeing, Bombardier and Embraer would be welcome to bid for orders from the Indian carrier, al-Baker said. Qatar Airways has said it plans to operate a domestic Indian carrier with around 100 jets. The Doha-based airline also announced on Monday 12 new destinations to start in 2018, including direct flights to San Francisco in the United States. The US expansion contrasts with rival Emirates, which said this month it would cut flights on five US destinations from May due to a "significant deterioration" in bookings. This followed US President Donald Trump's attempts to restrict travel from some Muslim countries, which has hit demand from West Asia. "We didn't have massive declines like other carriers," al-Baker said. "We will continue our expansion." The airline has seen "some decline" in passenger demand on US routes, but he said this was manageable. Qatar Airways has delayed plans to start flights to Las Vegas until the second quarter 2018, from the first quarter of that year, "mainly due to technical reasons," al-Baker said without explaining further. The airline, like Emirates and Etihad Airways, has faced more than two years of opposition in the United States led by major carriers American Airlines, United Airlines and Delta Air Lines . The three US carriers have lobbied the US government to investigate claims the Middle East rivals have received billions of dollars in state aid, which those airlines deny. "We create jobs, we buy American, We invest in the United States and I think we outweigh whatever job creation these three American carriers are doing," al-Baker said. (Reuters)

Qatar Airways closes in on Italy deal, to own minority stake in Indian airline

The world&#39;s top diamond producers will try to spur demand in India with the launch of their &quot;Real is Rare&quot; slogan in September, after the withdrawal of high-value bank notes dented the world&#39;s third biggest diamond market.

The marketing slogan was launched in the United States in 2016 by the Diamond Producers Association (DPA), which groups the biggest producers including De Beers, part of Anglo American, Russia&#39;s Alrosa and Rio Tinto.

DPA Chief Executive Jean-Marc Lieberherr told Reuters early indications were that the slogan was effective and diamonds had captured the interest of the millennial generation, which the DPA&#39;s research found wants &quot;fewer and more meaningful things&quot;.

The Real is Rare slogan is intended to be international, but marketing campaigns will be tailored to specific markets with a DPA budget that Lieberherr said would see &quot;a large increase&quot; this year compared with last year&#39;s $12 million.

He said he could not disclose the precise figure yet.

Research has been carried out in India into the culture of diamond buying there, the nation where diamonds were first mined and where activities such as diamond cutting and polishing employ more than a million people.

Demand for diamonds in India slowed late last year following Prime Minister Narendra Modi&#39;s decision to scrap high value banknotes as part of a crackdown on tax evasion and counterfeiters. Most Indian people are paid in cash and buy what they need in cash.

After India, the ODA&#39;s next target will be China, the second biggest diamond market after the U.S. Lieberherr is seeking to recruit an advertising agency in China with a view to launching the Real is Rare concept in China in April 2018.

The marketing phrase complements De Beers&#39; &#39;A Diamond is Forever&#39;&nbsp;slogan, which dates from 1947 and is still used.

De Beers, the world&#39;s biggest diamond miner by value, said in an email it would release data for last year&#39;s diamond sales at the start of June, but it was already clear demand rose slightly last year driven by good growth in the US, which accounts for roughly 45 per cent of global diamond sales.&nbsp;

China represents 14 per cent and India 7 per cent.

Anglo American has placed diamonds at the heart of its mining portfolio, saying they provide balance because they can hold their value as a luxury good even when basic commodities crash.

(Reuters)

Demonetisation had dented India's diamond market, the third biggest in the world

The world's top diamond producers will try to spur demand in India with the launch of their "Real is Rare" slogan in September, after the withdrawal of high-value bank notes dented the world's third biggest diamond market. The marketing slogan was launched in the United States in 2016 by the Diamond Producers Association (DPA), which groups the biggest producers including De Beers, part of Anglo American, Russia's Alrosa and Rio Tinto. DPA Chief Executive Jean-Marc Lieberherr told Reuters early indications were that the slogan was effective and diamonds had captured the interest of the millennial generation, which the DPA's research found wants "fewer and more meaningful things". The Real is Rare slogan is intended to be international, but marketing campaigns will be tailored to specific markets with a DPA budget that Lieberherr said would see "a large increase" this year compared with last year's $12 million. He said he could not disclose the precise figure yet. Research has been carried out in India into the culture of diamond buying there, the nation where diamonds were first mined and where activities such as diamond cutting and polishing employ more than a million people. Demand for diamonds in India slowed late last year following Prime Minister Narendra Modi's decision to scrap high value banknotes as part of a crackdown on tax evasion and counterfeiters. Most Indian people are paid in cash and buy what they need in cash. After India, the ODA's next target will be China, the second biggest diamond market after the U.S. Lieberherr is seeking to recruit an advertising agency in China with a view to launching the Real is Rare concept in China in April 2018. The marketing phrase complements De Beers' 'A Diamond is Forever' slogan, which dates from 1947 and is still used. De Beers, the world's biggest diamond miner by value, said in an email it would release data for last year's diamond sales at the start of June, but it was already clear demand rose slightly last year driven by good growth in the US, which accounts for roughly 45 per cent of global diamond sales. China represents 14 per cent and India 7 per cent. Anglo American has placed diamonds at the heart of its mining portfolio, saying they provide balance because they can hold their value as a luxury good even when basic commodities crash. (Reuters)

Diamond miners have India in sight with 'Real is Rare' slogan

South-East Asia's potential beckons as global automakers look beyond China's massive market to extend their sales boom in the region, but executives say they face a struggle to match the explosive Chinese growth

International carmakers eye Asian markets for growth

The country&#39;s third largest software services firm Wipro is learnt to have fired hundreds of employees as part of its annual &quot;performance appraisal&quot;.

 
According to sources, Wipro has shown the door to about 600 employees, while speculation was rife that the number could go as high as 2,000.

 
At the end of December 2016, the Bengaluru-based company had over 1.79 lakh employees.&nbsp;When contacted, Wipro said it undertakes a &quot;rigorous performance appraisal process&quot; on a regular basis to align its workforce with business objectives, strategic priorities of the company, and client requirements.

 
&quot;The performance appraisal may also lead to the separation of some employees from the company and these numbers vary from year to year,&quot; it added.

 
The company, however, did not comment on the number of employees that have been asked to leave.

 
Wipro said its comprehensive performance evaluation process includes mentoring, re-training and upskilling of employees. The company is scheduled to report its fourth quarter and full-year numbers on April 25.

 
The development comes at a time when Indian IT companies are facing an uncertain environment given the curbs being proposed on worker visa norms by various countries like the US, Singapore, Australia and New Zealand.&nbsp;These companies use temporary work visas to send employees to work on client sites.

 
With visa programmes in these countries becoming more rigorous, Indian IT companies are likely to face challenges in the movement of labour as well as a spike in operational costs.&nbsp;Indian IT companies get over 60 per cent of their revenues from the North American market, about 20 per cent from Europe and the remaining from other economies.

 
Besides, higher adoption of technologies like automation and artificial intelligence is also reducing the need to have a large number of employees at client site.

(PTI)

India's third largest software services company is scheduled to report its fourth quarter and full-year numbers on April 25

The country's third largest software services firm Wipro is learnt to have fired hundreds of employees as part of its annual "performance appraisal". According to sources, Wipro has shown the door to about 600 employees, while speculation was rife that the number could go as high as 2,000. At the end of December 2016, the Bengaluru-based company had over 1.79 lakh employees. When contacted, Wipro said it undertakes a "rigorous performance appraisal process" on a regular basis to align its workforce with business objectives, strategic priorities of the company, and client requirements. "The performance appraisal may also lead to the separation of some employees from the company and these numbers vary from year to year," it added. The company, however, did not comment on the number of employees that have been asked to leave. Wipro said its comprehensive performance evaluation process includes mentoring, re-training and upskilling of employees. The company is scheduled to report its fourth quarter and full-year numbers on April 25. The development comes at a time when Indian IT companies are facing an uncertain environment given the curbs being proposed on worker visa norms by various countries like the US, Singapore, Australia and New Zealand. These companies use temporary work visas to send employees to work on client sites. With visa programmes in these countries becoming more rigorous, Indian IT companies are likely to face challenges in the movement of labour as well as a spike in operational costs. Indian IT companies get over 60 per cent of their revenues from the North American market, about 20 per cent from Europe and the remaining from other economies. Besides, higher adoption of technologies like automation and artificial intelligence is also reducing the need to have a large number of employees at client site. (PTI)

Wipro fires 600 employees after annual 'performance appraisal'

Catch the latest from the world of business and finance with WION's Sumit Chaturvedi

Asian market lose ground and more (WION Wallet)

The Indian government on Wednesday decided to extend the stock limit on sugar traders by another six months, up to October.&nbsp;The Cabinet Committee on Economic Affairs or CCEA approved the proposal as a measure to boost the availability of sugar in the open market and to prevent black-marketeers from cranking up prices by creating a false shortage.&nbsp;

Prime Minister Narendra Modi chaired the cabinet meeting in which the proposal was cleared.&nbsp;

&quot;The Union cabinet has given its approval for extending the validity of the existing Central Order in respect of sugar for a further period of six months from April 29 to October 28, 2017,&quot; an official statement said.&nbsp;

This move will enable state governments to impose stock limits and licensing requirements in respect of sugar if needed, it said.&nbsp;

The government feels that &quot;despite adequate availability of stocks for consumption in the current season, hoarding and consequent profiteering is anticipated due to drop in production over the previous year&quot;.&nbsp;

The sugar price rise appeared to be based more on sentiment than actual shortage, the government said. Fixing a stock limit is essential for regulating sugar supply and control of speculative prices.&nbsp;

Sugar is available for Rs 42-Rs 44 a kg, on an average, in most retail markets in India. However, prices are expected to be under pressure due to domestic fall, given the reported dip in production in top sugarcane growing states like Karnataka and Maharashtra.

According to reports in the Indian media, production is down by a whopping 60 lakh tonne in Karnataka and Maharashtra that are among the top three sugarcane producing states. Sugarcane cultivation is irrigation intensive and is easily hit in the absence of abundant water supply.&nbsp;Both these states have been reeling from drought for the past two years.

The other major sugarcane producer, the north Indian state of Uttar Pradesh, had improved production this year, but the recovery accounts for only 16 lakh tonnes. The Bharatiya Janata Party-led Uttar Pradesh state government is trying to push sugar mill owners to pay the Rs 4,000-crore arrears it owes to farmers in a bid to ease farming distress.

The Indian sugar industry, however, has been allaying fears of a shortage. Indian Sugar Mills Association (ISMA) director general Abinash&nbsp;Varma&nbsp;was quoted in news reports as saying that India will tide over the production gap with a mix of &#39;domestic stocks and imports&#39;. ISMA represents non-cooperative private and public sugar mills in India. India yields an average of 250 lakh tonnes of sugar every year and is its second largest producer in the world after Brazil.

Currently, there is a stock limit of 500 tonnes and turnover limit of 30 days for sugar traders in the country with the exception of the eastern state of West Bengal. The stock limit for traders in West Bengal is 1,000 tonnes.&nbsp;

The country&#39;s sugar output is estimated to fall for the second consecutive year to about 20 million tonnes in 2016-17 season (October-September), much lower than the annual demand of 24-25 metric tonnes.&nbsp;

To boost domestic supply, the government has allowed duty-free import of 5,00,000 tonnes of raw sugar till June.

(WION with agency inputs) 
&nbsp;

Sugar production is down by 60 lakh tonnes due to drought in Karnataka, Maharashtra. Imports, domestic stocks are expected to plug the gap

The Indian government on Wednesday decided to extend the stock limit on sugar traders by another six months, up to October. The Cabinet Committee on Economic Affairs or CCEA approved the proposal as a measure to boost the availability of sugar in the open market and to prevent black-marketeers from cranking up prices by creating a false shortage. Prime Minister Narendra Modi chaired the cabinet meeting in which the proposal was cleared. "The Union cabinet has given its approval for extending the validity of the existing Central Order in respect of sugar for a further period of six months from April 29 to October 28, 2017," an official statement said. This move will enable state governments to impose stock limits and licensing requirements in respect of sugar if needed, it said. The government feels that "despite adequate availability of stocks for consumption in the current season, hoarding and consequent profiteering is anticipated due to drop in production over the previous year". The sugar price rise appeared to be based more on sentiment than actual shortage, the government said. Fixing a stock limit is essential for regulating sugar supply and control of speculative prices. Sugar is available for Rs 42-Rs 44 a kg, on an average, in most retail markets in India. However, prices are expected to be under pressure due to domestic fall, given the reported dip in production in top sugarcane growing states like Karnataka and Maharashtra. According to reports in the Indian media, production is down by a whopping 60 lakh tonne in Karnataka and Maharashtra that are among the top three sugarcane producing states. Sugarcane cultivation is irrigation intensive and is easily hit in the absence of abundant water supply. Both these states have been reeling from drought for the past two years. The other major sugarcane producer, the north Indian state of Uttar Pradesh, had improved production this year, but the recovery accounts for only 16 lakh tonnes. The Bharatiya Janata Party-led Uttar Pradesh state government is trying to push sugar mill owners to pay the Rs 4,000-crore arrears it owes to farmers in a bid to ease farming distress. The Indian sugar industry, however, has been allaying fears of a shortage. Indian Sugar Mills Association (ISMA) director general Abinash Varma was quoted in news reports as saying that India will tide over the production gap with a mix of 'domestic stocks and imports'. ISMA represents non-cooperative private and public sugar mills in India. India yields an average of 250 lakh tonnes of sugar every year and is its second largest producer in the world after Brazil. Currently, there is a stock limit of 500 tonnes and turnover limit of 30 days for sugar traders in the country with the exception of the eastern state of West Bengal. The stock limit for traders in West Bengal is 1,000 tonnes. The country's sugar output is estimated to fall for the second consecutive year to about 20 million tonnes in 2016-17 season (October-September), much lower than the annual demand of 24-25 metric tonnes. To boost domestic supply, the government has allowed duty-free import of 5,00,000 tonnes of raw sugar till June. (WION with agency inputs)

2nd largest sugar producer India imposes stock limit to control price rise, prevent black-marketing

Sterling surged by as much as 1.3 per cent against the dollar on Tuesday to hit its highest levels since mid-December, after British Prime Minister Theresa May surprised markets by calling an early parliamentary election for June.

The FTSE 100 suffered worst day since Brexit vote.&nbsp;The blue chip index ended the day down 2.46pc, a loss of 180.09 points, at 7,147.50. It marked its worst day since June 27 when the index plunged 2.55pc in the wake of the EU referendum.&nbsp;

Sterling jumped to as high as $1.2730, its strongest since Dec 14. It was on track for its biggest one-day rise since January.

Deutsche Bank, one the world&#39;s biggest sterling bears, said May&#39;s call for a general election was a &quot;game-changer&quot; for the currency, and that it would raise its forecasts for the pound in the coming days.

Analysts at the bank and elsewhere said May&#39;s move should result in a larger and more stable majority in parliament, thereby reducing the likelihood of a so-called &quot;hard Brexit&quot;.

On a trade-weighted basis, sterling jumped 1 per cent to a four-month high of 78.8.

(Reuters)

Sterling jumped to as high as $1.2730, its strongest since December 14

Sterling surged by as much as 1.3 per cent against the dollar on Tuesday to hit its highest levels since mid-December, after British Prime Minister Theresa May surprised markets by calling an early parliamentary election for June. The FTSE 100 suffered worst day since Brexit vote. The blue chip index ended the day down 2.46pc, a loss of 180.09 points, at 7,147.50. It marked its worst day since June 27 when the index plunged 2.55pc in the wake of the EU referendum. Sterling jumped to as high as $1.2730, its strongest since Dec 14. It was on track for its biggest one-day rise since January. Deutsche Bank, one the world's biggest sterling bears, said May's call for a general election was a "game-changer" for the currency, and that it would raise its forecasts for the pound in the coming days. Analysts at the bank and elsewhere said May's move should result in a larger and more stable majority in parliament, thereby reducing the likelihood of a so-called "hard Brexit". On a trade-weighted basis, sterling jumped 1 per cent to a four-month high of 78.8. (Reuters)

Sterling soars to highest since December after PM May calls early UK election

Shares of Snap Inc&nbsp;fell 1.5 per cent on Monday as the Snapchat owner faced criticism for comments allegedly made by its CEO about not prioritising growth in India and Spain because they were &quot;poor&quot; countries.

The dip put Snap on track to close at its lowest level in nearly a month, a bad sign following its $3.4 billion public listing that was the hottest by a technology company in three years.

Twitter users using the #boycottsnapchat hashtag called for uninstalling the Snapchat app after a legal document unsealed last week alleged that Snap Chief Executive Evan Spiegel in 2015 said he was uninterested in prioritising growth in India and Spain because they were &quot;poor&quot;.

The legal document filed in a Los Angeles state court concerns claims made in a lawsuit filed by an employee who left the company in 2015, and Snap has said it considers the litigation to be a publicity stunt.

&quot;This app is only for rich people. I don&#39;t want to expand into poor countries like India and Spain,&quot; Spiegel is alleged to have said.

&quot;Those words were written by a disgruntled former employee. We are grateful for our Snapchat community in India and around the world,&quot; Snap said in a statement.

Snapchat is popular among people under 30 for applying bunny faces and vomiting rainbows onto selfies, but many investors are critical of its slowing user growth. Snap has warned it may never become profitable.

Its stock was down 29 cents at $19.90. Shares of Snap have fallen 26 per cent from their highest closing price following the public listing, and they remain up 17 per cent from the company&#39;s $17 IPO price. 
 
(Reuters) 
&nbsp;

A legal document alleged that Snap CEO Evan Spiegel said he was uninterested in prioritising growth in India and Spain since they were poor

Shares of Snap Inc fell 1.5 per cent on Monday as the Snapchat owner faced criticism for comments allegedly made by its CEO about not prioritising growth in India and Spain because they were "poor" countries. The dip put Snap on track to close at its lowest level in nearly a month, a bad sign following its $3.4 billion public listing that was the hottest by a technology company in three years. Twitter users using the #boycottsnapchat hashtag called for uninstalling the Snapchat app after a legal document unsealed last week alleged that Snap Chief Executive Evan Spiegel in 2015 said he was uninterested in prioritising growth in India and Spain because they were "poor". The legal document filed in a Los Angeles state court concerns claims made in a lawsuit filed by an employee who left the company in 2015, and Snap has said it considers the litigation to be a publicity stunt. "This app is only for rich people. I don't want to expand into poor countries like India and Spain," Spiegel is alleged to have said. "Those words were written by a disgruntled former employee. We are grateful for our Snapchat community in India and around the world," Snap said in a statement. Snapchat is popular among people under 30 for applying bunny faces and vomiting rainbows onto selfies, but many investors are critical of its slowing user growth. Snap has warned it may never become profitable. Its stock was down 29 cents at $19.90. Shares of Snap have fallen 26 per cent from their highest closing price following the public listing, and they remain up 17 per cent from the company's $17 IPO price. (Reuters)

Snap stock falls after alleged CEO comments calling India, Spain 'poor' countries

The International Monetary Fund(IMF) today trimmed India&#39;s annual growth forecast by 0.4 percentage point to 7.2 per cent for 2017, citing the impact of demonetisation.

&quot;In India, the growth forecast for 2017 has been trimmed by 0.4 percentage point to 7.2 per cent, primarily because of the temporary negative consumption shock induced by cash shortages and payment disruptions from the recent currency exchange initiative,&quot; the International Monetary Fund (IMF) said in its latest annual World Economic Outlook (WEO).

However, the IMF gave India a favourable growth forecast in&nbsp;the medium term. 
&nbsp;&nbsp; 
&quot;Medium-term growth prospects are favourable, with growth forecast to rise to about eight per cent over the medium term due to the implementation of key reforms, loosening of supply-side bottlenecks, and appropriate fiscal and monetary policies,&quot; the IMF said.

The IMF also said China&#39;s strong growth was clouded in the medium term by &quot;growing vulnerabilities&quot; associated with its reliance on policy easing and credit-financed investment. This could prompt a sharp tightening of financial conditions that could cause spillovers to many other countries.

In its latest World Economic Outlook, it said chronically weak advanced economies are expected to benefit from a cyclical recovery in global manufacturing and trade that started to gain momentum last summer.

&quot;The economic upswing that we have expected for some time seems to be materializing,&quot; IMF chief economist Maurice Obstfeld wrote in the report.

The IMF lifted Japan&#39;s 2017 growth projection by 0.4 percentage point from January, to 1.2 per cent, while the eurozone and China both saw a 0.1 percentage point growth forecast increase to 1.7 per cent and 6.6 per cent, respectively.

It held the US growth forecast steady at 2.3 per cent, which still represents a substantial jump from 1.6 per cent growth in 2016, &nbsp;partly due to expectations that President Donald Trump will cut taxes and increase government spending.

The IMF also revised Britain&#39;s growth forecast to 2.0 per cent for 2017, up a half percentage point from January. The Fund said negative effects from the UK vote to leave the European Union are taking longer to materialize.

(Inputs: Reuters, PTI)

The International Monetary Fund said India's growth rate will fall by 0.4 percentage point to 7.2% this year

The International Monetary Fund(IMF) today trimmed India's annual growth forecast by 0.4 percentage point to 7.2 per cent for 2017, citing the impact of demonetisation. "In India, the growth forecast for 2017 has been trimmed by 0.4 percentage point to 7.2 per cent, primarily because of the temporary negative consumption shock induced by cash shortages and payment disruptions from the recent currency exchange initiative," the International Monetary Fund (IMF) said in its latest annual World Economic Outlook (WEO). However, the IMF gave India a favourable growth forecast in the medium term. "Medium-term growth prospects are favourable, with growth forecast to rise to about eight per cent over the medium term due to the implementation of key reforms, loosening of supply-side bottlenecks, and appropriate fiscal and monetary policies," the IMF said. The IMF also said China's strong growth was clouded in the medium term by "growing vulnerabilities" associated with its reliance on policy easing and credit-financed investment. This could prompt a sharp tightening of financial conditions that could cause spillovers to many other countries. In its latest World Economic Outlook, it said chronically weak advanced economies are expected to benefit from a cyclical recovery in global manufacturing and trade that started to gain momentum last summer. "The economic upswing that we have expected for some time seems to be materializing," IMF chief economist Maurice Obstfeld wrote in the report. The IMF lifted Japan's 2017 growth projection by 0.4 percentage point from January, to 1.2 per cent, while the eurozone and China both saw a 0.1 percentage point growth forecast increase to 1.7 per cent and 6.6 per cent, respectively. It held the US growth forecast steady at 2.3 per cent, which still represents a substantial jump from 1.6 per cent growth in 2016, partly due to expectations that President Donald Trump will cut taxes and increase government spending. The IMF also revised Britain's growth forecast to 2.0 per cent for 2017, up a half percentage point from January. The Fund said negative effects from the UK vote to leave the European Union are taking longer to materialize. (Inputs: Reuters, PTI)

Demonetisation effect: IMF cuts India growth forecast for 2017

Several mobile users uninstalled the app of e-commerce firm Snapdeal to protest unverified comments about the Indian market by the CEO of social networking platform Snapchat in a case of mistaken identity.

A report quoted a former Snapchat employee as saying that CEO Evan Spiegel had had told him the &quot;app is only for rich people&quot; and that he (Spiegel) was not interested in expanding to &quot;poor countries&quot; like India and Spain.

Snapchat rubbished the allegations but soon after the controversy erupted, #BoycottSnapchat became one of the top trending topics on Twitter. Many uninstalled the app and gave it poor ratings. &quot;Dear CEO of Snapchat...why don&#39;t you come to India and check out Indians&#39; phones,&quot; wrote a user. Many highlighted the fact that the CEOs of top tech firms like Microsoft and Google were Indians.

However, some mistook Snapchat to be Snapdeal and uninstalled the e-commerce app. This came to light after Netizens started posting pictures of the blunder on Twitter. Snapdeal co-founder and CEO Kunal Bahl then tweeted: &quot;Ppl asking us to make a statement that @snapdeal is not @snapchat was possibly the last thing I thought I would ever need to do.&quot;

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Some people ended up uninstalling e-retail platform Snapdeal. (Image source: Viral Indian) (Others)
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Some others also explained how the two were different. &quot;Time to balance the ratings...guys its Snapchat&#39;s CEO who said bad things. You are making Snapdeal pay that...please change your ratings,&quot; wrote one.

Many turned creative. A meme being circulated quipped: &quot;&nbsp;Hum James Bond se Gutka bikwate Hai&nbsp;(we make James Bond sell Gutka).&quot; The post appeared to allude to a controversy last year over Pierce Brosnan&#39;s ad of an Indian pan masala brand. The star had later claimed he was not told the product was a tobacco concoction and injurious to health.

Snapdeal, in the news recently over reports of a possible sellout to larger rival Flipkart, had faced a similar backlash and downgrade in 2015 when then brand ambassador Aamir Khan made a comment on growing &quot;intolerance in the country&quot;.

Today&#39;s mix-up coincided with reports that Snapdeal chief Bahl and two others have been summoned by a Delhi court after an entrepreneur alleged that they had cheated him of an idea to connect sellers and buyers through an e-platform.

In his complaint, Gaurav Dua said Bahl, COO Rohit Bansal and former chief financial officer Vijay Ajmera had usurped his concept, called &quot;non-inventory holding marketplace model for retail&quot;, in the garb of collaborating with him. Snapdeal dubbed the allegations &quot;baseless&quot;.

(PTI)

After Snapchat CEO's alleged comment some people in India ended up uninstalling snapdeal

Several mobile users uninstalled the app of e-commerce firm Snapdeal to protest unverified comments about the Indian market by the CEO of social networking platform Snapchat in a case of mistaken identity. A report quoted a former Snapchat employee as saying that CEO Evan Spiegel had had told him the "app is only for rich people" and that he (Spiegel) was not interested in expanding to "poor countries" like India and Spain. Snapchat rubbished the allegations but soon after the controversy erupted, #BoycottSnapchat became one of the top trending topics on Twitter. Many uninstalled the app and gave it poor ratings. "Dear CEO of Snapchat...why don't you come to India and check out Indians' phones," wrote a user. Many highlighted the fact that the CEOs of top tech firms like Microsoft and Google were Indians. However, some mistook Snapchat to be Snapdeal and uninstalled the e-commerce app. This came to light after Netizens started posting pictures of the blunder on Twitter. Snapdeal co-founder and CEO Kunal Bahl then tweeted: "Ppl asking us to make a statement that @snapdeal is not @snapchat was possibly the last thing I thought I would ever need to do." Some people ended up uninstalling e-retail platform Snapdeal. (Image source: Viral Indian) (Others) × Some others also explained how the two were different. "Time to balance the ratings...guys its Snapchat's CEO who said bad things. You are making Snapdeal pay that...please change your ratings," wrote one. Many turned creative. A meme being circulated quipped: " Hum James Bond se Gutka bikwate Hai (we make James Bond sell Gutka)." The post appeared to allude to a controversy last year over Pierce Brosnan's ad of an Indian pan masala brand. The star had later claimed he was not told the product was a tobacco concoction and injurious to health. Snapdeal, in the news recently over reports of a possible sellout to larger rival Flipkart, had faced a similar backlash and downgrade in 2015 when then brand ambassador Aamir Khan made a comment on growing "intolerance in the country". Today's mix-up coincided with reports that Snapdeal chief Bahl and two others have been summoned by a Delhi court after an entrepreneur alleged that they had cheated him of an idea to connect sellers and buyers through an e-platform. In his complaint, Gaurav Dua said Bahl, COO Rohit Bansal and former chief financial officer Vijay Ajmera had usurped his concept, called "non-inventory holding marketplace model for retail", in the garb of collaborating with him. Snapdeal dubbed the allegations "baseless". (PTI)

Snapdeal latest victim to Snapchat 'poor countries' fiasco

Indian shares ended lower on Monday as investors largely kept to the sidelines following a disappointing start to the earnings season last week after Infosys Ltd issued a lower-than-expected revenue guidance.&nbsp;

The Nifty closed down 0.13 per cent at 9,139.30, while the Sensex ended 0.16 per cent lower at 29,413.66.&nbsp; 
 
Investors waited for positive corporate results after a disappointing start to the earnings season last week when Infosys Ltd issued a lower-than-expected revenue guidance.

Shares of Infosys, the country`s second-biggest software services exporter, were down 0.7 percent after falling 3.87 percent on Thursday. Markets were closed on Friday for a public holiday.&nbsp;

The weak guidance raised concerns about earnings, with Tata Consultancy Services Ltd, Yes Bank Ltd, and HDFC Bank Ltd due to report this week.

&quot;With the earnings season having just begun, markets need to see some kind of confirmation that growth will come,&quot; said Saurabh Jain, assistant vice-president of research at SMC Global Securities.

&quot;Broadly, markets are consolidating and are finding it difficult to sustain fresh highs, and profit-booking is coming in.&quot;&nbsp;

(Reuters)

The Nifty closed down 0.13 per cent at 9,139.30, while the Sensex ended 0.16 per cent lower at 29,413.66

Indian shares ended lower on Monday as investors largely kept to the sidelines following a disappointing start to the earnings season last week after Infosys Ltd issued a lower-than-expected revenue guidance. The Nifty closed down 0.13 per cent at 9,139.30, while the Sensex ended 0.16 per cent lower at 29,413.66. Investors waited for positive corporate results after a disappointing start to the earnings season last week when Infosys Ltd issued a lower-than-expected revenue guidance. Shares of Infosys, the country`s second-biggest software services exporter, were down 0.7 percent after falling 3.87 percent on Thursday. Markets were closed on Friday for a public holiday. The weak guidance raised concerns about earnings, with Tata Consultancy Services Ltd, Yes Bank Ltd, and HDFC Bank Ltd due to report this week. "With the earnings season having just begun, markets need to see some kind of confirmation that growth will come," said Saurabh Jain, assistant vice-president of research at SMC Global Securities. "Broadly, markets are consolidating and are finding it difficult to sustain fresh highs, and profit-booking is coming in." (Reuters)

Infosys pulls down Sensex as investors turn cautious

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The country&#39;s second-largest IT services firm Infosys today reported a marginal growth in consolidated net profit at Rs 3,603 crore for the quarter ended March 2017.

Infosys will also pay up to Rs 13,000 crore to shareholders during 2017-18 by way of dividend and/or share buyback. It has named Independent Director Ravi Venkatesan co-Chairman of the company.

Net profit came in 0.2 per cent higher than Rs 3,597 crore in the same period previous year, according to a BSE filing by Infosys.

Revenue of the Bengaluru-based company grew 3.4 per cent to Rs 17,120 crore in the March quarter compared to Rs 16,550 crore in the same period of 2015-16, it added.

The company expects its 2017-18 revenue to grow between 6.1 per cent and 8.1 per cent in dollar terms and 6.5-8.5 per cent in constant currency terms.

On a sequential basis, Infosys&#39; net profit fell 2.8 per cent while revenue declined 0.9 per cent.

Infosys CEO Vishal Sikka said, &quot;Unanticipated execution challenges and distractions in a seasonally soft quarter affected our overall performance.&quot;

He added: &quot;Looking ahead, it is imperative that we increase our resilience to the dynamics of our environment and we remain resolute in executing our strategy, path to transform Infosys and drive long term value for all stakeholders.&quot;

In US dollars, Infosys net profit was up 1.8 per cent at USD 543 million for the March quarter while revenue grew 5 per cent to USD 2.5 billion.

For the full year, net profit grew 4.3 per cent to USD 2.1 billion while revenue was up 7.4 per cent to USD 10.2 billion.

The board has recommended a final dividend of Rs 14.75 per share for 2016-17.

(PTI)

Infosys will also pay up to Rs 13,000 crore to shareholders during 2017-18 by way of dividend and/or share buyback

The country's second-largest IT services firm Infosys today reported a marginal growth in consolidated net profit at Rs 3,603 crore for the quarter ended March 2017. Infosys will also pay up to Rs 13,000 crore to shareholders during 2017-18 by way of dividend and/or share buyback. It has named Independent Director Ravi Venkatesan co-Chairman of the company. Net profit came in 0.2 per cent higher than Rs 3,597 crore in the same period previous year, according to a BSE filing by Infosys. Revenue of the Bengaluru-based company grew 3.4 per cent to Rs 17,120 crore in the March quarter compared to Rs 16,550 crore in the same period of 2015-16, it added. The company expects its 2017-18 revenue to grow between 6.1 per cent and 8.1 per cent in dollar terms and 6.5-8.5 per cent in constant currency terms. On a sequential basis, Infosys' net profit fell 2.8 per cent while revenue declined 0.9 per cent. Infosys CEO Vishal Sikka said, "Unanticipated execution challenges and distractions in a seasonally soft quarter affected our overall performance." He added: "Looking ahead, it is imperative that we increase our resilience to the dynamics of our environment and we remain resolute in executing our strategy, path to transform Infosys and drive long term value for all stakeholders." In US dollars, Infosys net profit was up 1.8 per cent at USD 543 million for the March quarter while revenue grew 5 per cent to USD 2.5 billion. For the full year, net profit grew 4.3 per cent to USD 2.1 billion while revenue was up 7.4 per cent to USD 10.2 billion. The board has recommended a final dividend of Rs 14.75 per share for 2016-17. (PTI)

Infosys Q4 net profit at Rs 36 billion, up 0.2% on year

United debacle: Buffet loses $58 mn and more (WION Wallet)

Accounts of individuals and entities in India opened between July 1, 2014 to August 31, 2016 will have to be self certified by the account holders or face closure by April 30, the country&#39;s Central Board of Direct Taxes said in a statement Wednesday.

The tax department has asked financial institutions&nbsp;to obtain self-certification from account holders in order to comply with the Foreign Accounts Tax Compliance Act (FATCA) provision and avoid the blocking of accounts.

The FATCA allows automatic exchange of financial information between India and the US. &nbsp;

Under the FATCA provisions, financial institutions are required to obtain self-certification and documentation or else they were required to close the accounts and report the ones found to be &quot;reportable accounts&quot; as per the prescribed due diligence procedure for a pre-existing account.

&quot;The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts,&quot; the Central Board of Direct Taxes (CBDT) said in a statement.

The CBDT also advised all financial institutions that all efforts should be made by them to obtain self-certification.&nbsp;

India had entered into an agreement with the US for the implementation of the Foreign Accounts Tax Compliance Act with effect from August 31, 2015.

Under the Income Tax rules, the financial institutions had to obtain self-certification from account holders by August 31, 2016, for all individual and entity accounts opened from July 1, 2014 to August 31, 2015.

However, in view of difficulties faced by stakeholders, the tax department indefinitely extended the deadline for complying with self-certification norms on August 31 last year.

The CBDT said in today&#39;s statement that it had received queries from&nbsp;financial institutions regarding the revised time lines for completion of due diligence.

It said if the account is blocked due to lack of self-certification, then the transactions by the account holder in such blocked accounts will be permitted once the self-certification is obtained and due diligence is completed.

(WION with inputs from PTI) 
&nbsp;

Financial institutions have to obtain self-certification for all individual and entity accounts opened between 2014 and 2015

Accounts of individuals and entities in India opened between July 1, 2014 to August 31, 2016 will have to be self certified by the account holders or face closure by April 30, the country's Central Board of Direct Taxes said in a statement Wednesday. The tax department has asked financial institutions to obtain self-certification from account holders in order to comply with the Foreign Accounts Tax Compliance Act (FATCA) provision and avoid the blocking of accounts. The FATCA allows automatic exchange of financial information between India and the US. Under the FATCA provisions, financial institutions are required to obtain self-certification and documentation or else they were required to close the accounts and report the ones found to be "reportable accounts" as per the prescribed due diligence procedure for a pre-existing account. "The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts," the Central Board of Direct Taxes (CBDT) said in a statement. The CBDT also advised all financial institutions that all efforts should be made by them to obtain self-certification. India had entered into an agreement with the US for the implementation of the Foreign Accounts Tax Compliance Act with effect from August 31, 2015. Under the Income Tax rules, the financial institutions had to obtain self-certification from account holders by August 31, 2016, for all individual and entity accounts opened from July 1, 2014 to August 31, 2015. However, in view of difficulties faced by stakeholders, the tax department indefinitely extended the deadline for complying with self-certification norms on August 31 last year. The CBDT said in today's statement that it had received queries from financial institutions regarding the revised time lines for completion of due diligence. It said if the account is blocked due to lack of self-certification, then the transactions by the account holder in such blocked accounts will be permitted once the self-certification is obtained and due diligence is completed. (WION with inputs from PTI)

India: Bank accounts not self-certified by April 30 to be blocked