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Indian shares rose for a second consecutive session as lenders such as State Bank of India rallied after finance minister Arun Jaitley said the government would soon announce new measures to tackle non-performing assets (NPAs).

The government and the Reserve Bank of India would announce the measures in &quot;a couple of days&quot;, Jaitley said at a CNBC-TV18 event.

Lenders also got a boost from expectation of good demand for Yes Bank&#39;s up to $750 million share sale announced on Thursday.

But broader sentiment remained cautious, with the NSE Nifty poised to record its first weekly loss in three, retreating from a record high hit last week.

&quot;Yes Bank&#39;s Qualified Institutional Placement yesterday was subscribed at almost 1,500 rupees per share and this has improved the sentiment in the sector, resulting in a rally in bank stocks. The finance minister&#39;s statement on the NPAs issue too was a positive,&quot; said Rakesh Tarway, head of research at Reliance Securities Ltd.

The broader Nifty was up 0.44 per cent at 9,126 by 0510 GMT, while the benchmark Sensex was 0.52 per cent higher at 29,484.97.

ICICI Bank and State Bank of India were among the top gainers on the Nifty 50 index, rising more than 2 per cent each after Jaitley&#39;s comments.

Yes Bank rose as much as 1.72 per cent.

Bharat Petroleum Corp was the top loser as oil retailers fell after CLSA analysts forecast a weak January-March quarter for major oil marketing companies.

(Reuters)

The finance minister on Thursday said the Indian government would soon announce new measures to tackle non-performing assets

Indian shares rose for a second consecutive session as lenders such as State Bank of India rallied after finance minister Arun Jaitley said the government would soon announce new measures to tackle non-performing assets (NPAs). The government and the Reserve Bank of India would announce the measures in "a couple of days", Jaitley said at a CNBC-TV18 event. Lenders also got a boost from expectation of good demand for Yes Bank's up to $750 million share sale announced on Thursday. But broader sentiment remained cautious, with the NSE Nifty poised to record its first weekly loss in three, retreating from a record high hit last week. "Yes Bank's Qualified Institutional Placement yesterday was subscribed at almost 1,500 rupees per share and this has improved the sentiment in the sector, resulting in a rally in bank stocks. The finance minister's statement on the NPAs issue too was a positive," said Rakesh Tarway, head of research at Reliance Securities Ltd. The broader Nifty was up 0.44 per cent at 9,126 by 0510 GMT, while the benchmark Sensex was 0.52 per cent higher at 29,484.97. ICICI Bank and State Bank of India were among the top gainers on the Nifty 50 index, rising more than 2 per cent each after Jaitley's comments. Yes Bank rose as much as 1.72 per cent. Bharat Petroleum Corp was the top loser as oil retailers fell after CLSA analysts forecast a weak January-March quarter for major oil marketing companies. (Reuters)

Sensex rises for second day as Jaitley's comment boosts lenders

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Taiwan announced a T$882.4 billion ($29 billion) stimulus package on Thursday to boost its export-driven economy in the face of uncertainty from its two largest trading partners, the United States and China.

Taiwan&#39;s trade-reliant economy is showing signs of recovery, but it is highly vulnerable to protectionist policies from US&nbsp;President Donald Trump and increasing competition from Chinese manufacturers, as well as political tensions with Beijing.

In a bid to make the economy more balanced, Taiwan&#39;s government is looking for domestic growth drivers that dovetail with President Tsai Ing-wen&#39;s push to roll out green energy, improved utilities, better transport and telecommunications networks, and innovative technology.

The stimulus package is expected to focus on infrastructure, with spending to be spread over eight years.

Premier Lin Chuan told reporters the plan could add nearly T$1 trillion to the island&#39;s gross domestic product (GDP), while conceding that growth will remain largely export driven.

&quot;But I must admit that when economic growth is not solid, it&#39;s still necessary to take this action to bolster the economy. It&#39;s better to do this sooner rather than later,&quot; the premier added.

Taiwan&#39;s central bank is widely expected to hold interest rates steady later in the day as the government turns to fiscal stimulus to keep the economic recovery on track.

Taiwan&#39;s export orders grew at their fastest pace in six-and-a-half years in February on strong global demand for electronics that&#39;s bolstering makers of memory chips, flat panels and smartphones.

&quot;It would be appropriate to expand consumption at home,&quot; central bank Governor Perng Fai-nan said in a statement earlier in the day, saying that would provide some cushion from external risks.

&quot;China has been upgrading its supply chains. President Trump is also asking for manufacturers to go back to the US,&quot; the governor said.

The stimulus package is subject to legislative approval.

(Reuters)

The stimulus package is expected to focus on infrastructure, with spending to be spread over eight years

Taiwan announced a T$882.4 billion ($29 billion) stimulus package on Thursday to boost its export-driven economy in the face of uncertainty from its two largest trading partners, the United States and China. Taiwan's trade-reliant economy is showing signs of recovery, but it is highly vulnerable to protectionist policies from US President Donald Trump and increasing competition from Chinese manufacturers, as well as political tensions with Beijing. In a bid to make the economy more balanced, Taiwan's government is looking for domestic growth drivers that dovetail with President Tsai Ing-wen's push to roll out green energy, improved utilities, better transport and telecommunications networks, and innovative technology. The stimulus package is expected to focus on infrastructure, with spending to be spread over eight years. Premier Lin Chuan told reporters the plan could add nearly T$1 trillion to the island's gross domestic product (GDP), while conceding that growth will remain largely export driven. "But I must admit that when economic growth is not solid, it's still necessary to take this action to bolster the economy. It's better to do this sooner rather than later," the premier added. Taiwan's central bank is widely expected to hold interest rates steady later in the day as the government turns to fiscal stimulus to keep the economic recovery on track. Taiwan's export orders grew at their fastest pace in six-and-a-half years in February on strong global demand for electronics that's bolstering makers of memory chips, flat panels and smartphones. "It would be appropriate to expand consumption at home," central bank Governor Perng Fai-nan said in a statement earlier in the day, saying that would provide some cushion from external risks. "China has been upgrading its supply chains. President Trump is also asking for manufacturers to go back to the US," the governor said. The stimulus package is subject to legislative approval. (Reuters)

Taiwan unveils US$29 billion stimulus amid uncertainty over China, US

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Indian shares dropped for a third straight session on Wednesday as banking and automobile shares fell, while regional markets were trading lower tracking overnight losses on Wall Street on doubts over US&nbsp;President Donald Trump&#39;s economic policies.

Asian stocks fell as doubts on Trump&#39;s economic growth agenda prompted investors to dump risky assets in search of safe havens such as government bonds.

Wall Street fell sharply on Tuesday with the S&amp;P 500 and Dow Jones Industrial Average losing over 1 per cent in their worst one-day performances since before Trump&#39;s election victory in November.

MSCI&#39;s broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent.

The broader NSE Nifty was down 0.85 per cent at 9,043.65 by 0520 GMT, its lowest since March 10, while the benchmark BSE Sensex was 0.81 per cent lower at 29,248.05.

&quot;The news from the US&nbsp;was the trigger today, but we were expecting corrective and sideways movement as the market was already in an overbought zone. Nifty is consolidating. Midcap stocks have done good run-up and some profit-booking cannot be ruled out,&quot; said Vaishali Parekh, research analyst at Prabhudas Lilladher Pvt Ltd.

&quot;Stocks in the metal and banking sectors had run up to a great extent and these sectors are feeling the pressure now,&quot; added Parekh.

On the Nifty 50, financial stocks contributed most to the losses, led by index heavyweight ICICI Bank which was down 1.6 per cent. The Nifty Finance index declined for a fourth consecutive session.

Auto stocks also lost traction with Mahindra &amp; Mahindra Ltd and Tata Motors falling 2 per cent and 1.4 per cent, respectively, to pull down the NSE index.

Telecom services provider Bharti Airtel was among the top losers on both the NSE and BSE indices, slipping around 3 per cent.

Market rumours that the company is planning to hike capex to 300 billion rupees in FY18 to take on the newly-formed Idea-Vodafone combine may be the reason behind the movement, said an analyst covering the stock, who did not wish to be named.

Only four stocks gained on the Nifty index with Axis Bank, up 1.58 per cent, leading the pack.

(Reuters)

Asian stocks fell as doubts on Trump's economic growth agenda prompted investors to dump risky assets in search of safe havens

Indian shares dropped for a third straight session on Wednesday as banking and automobile shares fell, while regional markets were trading lower tracking overnight losses on Wall Street on doubts over US President Donald Trump's economic policies. Asian stocks fell as doubts on Trump's economic growth agenda prompted investors to dump risky assets in search of safe havens such as government bonds. Wall Street fell sharply on Tuesday with the S&P 500 and Dow Jones Industrial Average losing over 1 per cent in their worst one-day performances since before Trump's election victory in November. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent. The broader NSE Nifty was down 0.85 per cent at 9,043.65 by 0520 GMT, its lowest since March 10, while the benchmark BSE Sensex was 0.81 per cent lower at 29,248.05. "The news from the US was the trigger today, but we were expecting corrective and sideways movement as the market was already in an overbought zone. Nifty is consolidating. Midcap stocks have done good run-up and some profit-booking cannot be ruled out," said Vaishali Parekh, research analyst at Prabhudas Lilladher Pvt Ltd. "Stocks in the metal and banking sectors had run up to a great extent and these sectors are feeling the pressure now," added Parekh. On the Nifty 50, financial stocks contributed most to the losses, led by index heavyweight ICICI Bank which was down 1.6 per cent. The Nifty Finance index declined for a fourth consecutive session. Auto stocks also lost traction with Mahindra & Mahindra Ltd and Tata Motors falling 2 per cent and 1.4 per cent, respectively, to pull down the NSE index. Telecom services provider Bharti Airtel was among the top losers on both the NSE and BSE indices, slipping around 3 per cent. Market rumours that the company is planning to hike capex to 300 billion rupees in FY18 to take on the newly-formed Idea-Vodafone combine may be the reason behind the movement, said an analyst covering the stock, who did not wish to be named. Only four stocks gained on the Nifty index with Axis Bank, up 1.58 per cent, leading the pack. (Reuters)

Sensex drops tracking global cues; banks, autos drag

2017 Forbes ranking of the<a href="https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/billionaires/list/3/&amp;refURL=http://www.forbesindia.com/article/special/101-indian-billionaires-on-forbess-list-of-worlds-richest-people/46365/1&amp;referrer=http://www.forbesindia.com/article/special/101-indian-billionaires-on-forbess-list-of-worlds-richest-people/46365/1#version:static_country:India"> richest billionaires has 101 Indians </a>making it to the list. The Indian ranking is led by Mukesh Ambani at a net worth of $23.2 billion followed by Lakshmi Mittal with a net worth of $16.4 billion.&nbsp;

But what&rsquo;s new about Forbes ranking this time?&nbsp;

The 101 list of Indian richest people, features four women billionaires we hardly ever hear about. These are women who are heading the biggest industries in the country and are at a crucial position:&nbsp;

<h3>Savitri Devi Jindal: #303</h3>

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Savitri Jindal (Source: Wikipedia) (Others)
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Her real time net worth is $5.8 billion&nbsp;as of 21st March, 2017&nbsp;

She is the mother of former Congress MP Naveen Jindal. Savitri Jindal is the richest women in India, serving as the non-executive chairperson of Jindal Steel &amp; Power Limited. The matriarch has seen the shares of the company fall and rise as soon she came to control things. She was a minister in Haryana government and a member of the Haryana Vidhan Sabha (Legislative Assembly) from Hisar constituency.&nbsp;

<h3>Smita Crishna-Godrej: #814&nbsp;&nbsp; &nbsp;</h3>

&nbsp;

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Smita Crishna Godrej (Source: Be Movement) (Others)
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Her real time net worth is $2.6&nbsp;billion&nbsp;as of 21st March, 2017.

Smita Crishna-Godrej is industrialist Jamshyd Godrej&rsquo;s sister and is married to Vijay Crishna, a director on the board of Godrej Industries Limited. She has one-fifth stake in the family assets. She was in the news recently for having bought a heritage bungalow in south Mumbai in 2014 that once belonged to Homi Bhabha, India&#39;s atomic energy pioneer.

<h3>Kiran Mazumdar-Shaw: #973</h3>

&nbsp;

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Kiran Mazumdar Shaw (Source: Wikimedia Commons) (Others)
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Her real time net worth is $2.3&nbsp;billion&nbsp;as of 21st March, 2017.

Kiran Mazumdar Shaw carries the baton of being India&#39;s richest self-made woman. Her listed company Biocon has more than doubled in the past year. The company is Asia&#39;s largest insulin producer and aims to capture a 10% share of the global market. Mazumdar Shaw is the recipient of Chevalier de l&#39;Ordre National de la L&eacute;gion d&#39;Honneur, France&#39;s highest civilian honour, for her outstanding contribution to bioscience.

<h3>Leena Gandhi Tewari: #1030</h3>

&nbsp;

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Leena Gandhi Tewari (Source: Wikipedia) (Others)
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Her real time net worth is $2.1&nbsp;billion&nbsp;as of 21st March, 2017.

Leena Gandhi Tewari is the chairperson of USV Limited and one of the richest women in India. USV Limited is a leading pharmaceutical firm with leadership in diabetes and cardiovascular fields in India. Currently a $385 million revenue company, USV was started by her late father as a joint venture with Revlon in 1961.&nbsp;

(WION) 
&nbsp;

&nbsp;

There are 101 Indians in the 2017 Forbes richest billionaires list

2017 Forbes ranking of the richest billionaires has 101 Indians making it to the list. The Indian ranking is led by Mukesh Ambani at a net worth of $23.2 billion followed by Lakshmi Mittal with a net worth of $16.4 billion. But what’s new about Forbes ranking this time? The 101 list of Indian richest people, features four women billionaires we hardly ever hear about. These are women who are heading the biggest industries in the country and are at a crucial position: Savitri Devi Jindal: #303 Savitri Jindal (Source: Wikipedia) (Others) × Her real time net worth is $5.8 billion as of 21st March, 2017 She is the mother of former Congress MP Naveen Jindal. Savitri Jindal is the richest women in India, serving as the non-executive chairperson of Jindal Steel & Power Limited. The matriarch has seen the shares of the company fall and rise as soon she came to control things. She was a minister in Haryana government and a member of the Haryana Vidhan Sabha (Legislative Assembly) from Hisar constituency. Smita Crishna-Godrej: #814 Smita Crishna Godrej (Source: Be Movement) (Others) × Her real time net worth is $2.6 billion as of 21st March, 2017. Smita Crishna-Godrej is industrialist Jamshyd Godrej’s sister and is married to Vijay Crishna, a director on the board of Godrej Industries Limited. She has one-fifth stake in the family assets. She was in the news recently for having bought a heritage bungalow in south Mumbai in 2014 that once belonged to Homi Bhabha, India's atomic energy pioneer. Kiran Mazumdar-Shaw: #973 Kiran Mazumdar Shaw (Source: Wikimedia Commons) (Others) × Her real time net worth is $2.3 billion as of 21st March, 2017. Kiran Mazumdar Shaw carries the baton of being India's richest self-made woman. Her listed company Biocon has more than doubled in the past year. The company is Asia's largest insulin producer and aims to capture a 10% share of the global market. Mazumdar Shaw is the recipient of Chevalier de l'Ordre National de la Légion d'Honneur, France's highest civilian honour, for her outstanding contribution to bioscience. Leena Gandhi Tewari: #1030 Leena Gandhi Tewari (Source: Wikipedia) (Others) × Her real time net worth is $2.1 billion as of 21st March, 2017. Leena Gandhi Tewari is the chairperson of USV Limited and one of the richest women in India. USV Limited is a leading pharmaceutical firm with leadership in diabetes and cardiovascular fields in India. Currently a $385 million revenue company, USV was started by her late father as a joint venture with Revlon in 1961. (WION)

Four Indian women billionaires in the Forbes list you didn't know about!

Microsoft Co-Founder Bill Gates once again tops the Forbes Magazine List of the World's richest billionaires. All this and much more on today's edition of WION Wallet

Forbes 2017 Billionaires List and more (WION Wallet)

Britain&#39;s Vodafone Group will merge its Indian subsidiary with local rival Idea Cellular within two years,&nbsp;&nbsp;Idea said today. The new entity will compete with Reliance Jio that has unleashed a fierce price war.

Kumar Mangalam Birla will be the chairman of the merged entity.&nbsp;

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I am pleased and honoured to be the chairman of the new company: Kumar Mangalam Birla after Vodafone India-IDEA merger (file pic) <a href="https://t.co/p7csrklCuz">pic.twitter.com/p7csrklCuz</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/843710972409782272">March 20, 2017</a></blockquote>
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According to some reports, Idea said Vodafone will own 45.1 per cent of the merged entity, after it transfers about 4.9 per cent to promoters of Idea and/or their affiliates for 38.74 billion rupees ($592.15 million) in cash. PTI, however, says&nbsp;both companies will have an equal stake.&nbsp;

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<a href="https://twitter.com/hashtag/Vodafone?src=hash">#Vodafone</a>, <a href="https://twitter.com/hashtag/Idea?src=hash">#Idea</a> to have equal stakes in the merged entity over a period of time: chiefs of both companies.
&mdash; Press Trust of India (@PTI_News) <a href="https://twitter.com/PTI_News/status/843708844052242437">March 20, 2017</a></blockquote>
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The merger will see $10 billion&nbsp;in cost, capex synergies, reports said.

&quot;Vodafone Group Plc and Idea Cellular announced that they have reached an agreement to combine their operations in India,&quot; they said in a statement to the Bombay Stock Exchange (BSE).

&quot;The combined company would become the leading communications provider in India with almost 400 million customers, 35 per cent customer market share and 41 per cent revenue market share,&quot; the statement added.

The confirmation ended months of speculation that the two operators were ready to sign a deal to help fend off Reliance Jio, whose recent arrival has shaken up India&#39;s ultra-competitive mobile network market.

Shares in Idea rose as much as 14.25 per cent immediately after the merger news but gave up gains to be trading up 3.8 per cent.

The merger of Vodafone - the world&#39;s second-largest cellphone network operator - with the Aditya Birla Group firm - India&#39;s third-largest cellular operator - would create a company with around 387 million users and form one of the largest telecom companies in the world.

Since its entry in India in 2007, Vodafone has become the number-2 operator in the country, but its journey has been tumultuous as it is locked in a legal battle with the government over a $2 billion retrospective tax claim over its acquisition of Vodafone India from Hutchison in 2007.

It had written down value of business by 5 billion pound ($3.35 billion) late last year. The British firm has pumped in more than $7 billion into the India unit.

Backed by India&#39;s richest man Mukesh Ambani, Reliance Jio Infocomm is offering free voice calls and data till March and has notched up 74 million users. It has already invested over $25 billion and is investing another Rs 30,000 crore ($4.8 billion).

&nbsp;

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In what could be the biggest telecom operator merger in India, Idea Cellular has approved its amalgamation with Vodafone India. (WION)
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(WION)

The merger will create a company with around 387 million users?and form one of the largest telecom companies in the world.

Britain's Vodafone Group will merge its Indian subsidiary with local rival Idea Cellular within two years, Idea said today. The new entity will compete with Reliance Jio that has unleashed a fierce price war. Kumar Mangalam Birla will be the chairman of the merged entity. I am pleased and honoured to be the chairman of the new company: Kumar Mangalam Birla after Vodafone India-IDEA merger (file pic) pic.twitter.com/p7csrklCuz — ANI (@ANI_news) March 20, 2017 × According to some reports, Idea said Vodafone will own 45.1 per cent of the merged entity, after it transfers about 4.9 per cent to promoters of Idea and/or their affiliates for 38.74 billion rupees ($592.15 million) in cash. PTI, however, says both companies will have an equal stake. #Vodafone, #Idea to have equal stakes in the merged entity over a period of time: chiefs of both companies. — Press Trust of India (@PTI_News) March 20, 2017 × The merger will see $10 billion in cost, capex synergies, reports said. "Vodafone Group Plc and Idea Cellular announced that they have reached an agreement to combine their operations in India," they said in a statement to the Bombay Stock Exchange (BSE). "The combined company would become the leading communications provider in India with almost 400 million customers, 35 per cent customer market share and 41 per cent revenue market share," the statement added. The confirmation ended months of speculation that the two operators were ready to sign a deal to help fend off Reliance Jio, whose recent arrival has shaken up India's ultra-competitive mobile network market. Shares in Idea rose as much as 14.25 per cent immediately after the merger news but gave up gains to be trading up 3.8 per cent. The merger of Vodafone - the world's second-largest cellphone network operator - with the Aditya Birla Group firm - India's third-largest cellular operator - would create a company with around 387 million users and form one of the largest telecom companies in the world. Since its entry in India in 2007, Vodafone has become the number-2 operator in the country, but its journey has been tumultuous as it is locked in a legal battle with the government over a $2 billion retrospective tax claim over its acquisition of Vodafone India from Hutchison in 2007. It had written down value of business by 5 billion pound ($3.35 billion) late last year. The British firm has pumped in more than $7 billion into the India unit. Backed by India's richest man Mukesh Ambani, Reliance Jio Infocomm is offering free voice calls and data till March and has notched up 74 million users. It has already invested over $25 billion and is investing another Rs 30,000 crore ($4.8 billion). In what could be the biggest telecom operator merger in India, Idea Cellular has approved its amalgamation with Vodafone India. (WION) × (WION)

Vodafone, Idea Cellular to merge, set to become India?s largest telecom operator

In what could be the biggest telecom operator merger in India, Idea Cellular has approved its amalgamation with Vodafone India.

Idea announces merger with Vodafone

The NSE Nifty hit a record high while the rupee rose to its strongest level in nearly 17-months on Thursday after the U.S. Federal Reserve raised interest rates as expected but signalled no pick-up in the pace of tightening.&nbsp;

The NSE Nifty rose as much as 0.64 per cent to a record high of 9,143 points, and was up 0.59 per cent as of 0350 GMT. The benchmark BSE Sensex was up 0.55 per cent.

The partially convertible rupee hit as much as 65.2250 per dollar, its strongest since October 30, 2015. It was last trading at 65.32/33 compared to its 65.71/72 close.

Meanwhile the benchmark 10-year bond yield fell 4 basis points to 6.79 per cent.

(Reuters)

&nbsp;

The NSE Nifty rose as much as 0.64 per cent to a record high of 9,143 points, and was up 0.59 per cent as of 0350 GMT

The NSE Nifty hit a record high while the rupee rose to its strongest level in nearly 17-months on Thursday after the U.S. Federal Reserve raised interest rates as expected but signalled no pick-up in the pace of tightening. The NSE Nifty rose as much as 0.64 per cent to a record high of 9,143 points, and was up 0.59 per cent as of 0350 GMT. The benchmark BSE Sensex was up 0.55 per cent. The partially convertible rupee hit as much as 65.2250 per dollar, its strongest since October 30, 2015. It was last trading at 65.32/33 compared to its 65.71/72 close. Meanwhile the benchmark 10-year bond yield fell 4 basis points to 6.79 per cent. (Reuters)

Nifty hits record, rupee reaches 17-month high

Renault has cheated for more than 25 years on pollution tests for diesel and petrol engines with the knowledge of top management, according to a report by French fraud investigators obtained Wednesday by AFP.

&quot;The entire chain of management&quot; up to the French car maker&#39;s chief executive Carlos Ghosn was implicated in the &quot;fraudulent strategies&quot;, said the report, which led prosecutors to open a probe into Renault in January.

The car maker categorically denied the accusations.

&quot;Renault doesn&#39;t cheat,&quot; Thierry Bollore, the French company&#39;s second-in-command told AFP by telephone, saying all its cars complied with legal standards.

The report said there was no evidence of Ghosn having charged anybody else with approving the company&#39;s emissions control decisions, which therefore ultimately came under &quot;his responsibility&quot;.

&quot;Many vehicles&quot; were fitted with the device which allowed cars under testing to appear cleaner than they were on the road.

According to the document seen, there was a difference of up to 377 percent between the test levels of emissions performance of some of these cars and the on-road levels.

Renault shares plunge&nbsp;

Police suspect the automobile maker of putting in place the strategies &quot;with the objective of creating false results for antipollution tests&quot;, and so to be seen to be complying with European regulations.

The police enquiry is concentrating on the Euro 5 and Euro 6 diesel engines &nbsp;which were approved in 2009.

Renault shares plunged on the Paris stock exchange, closing 3.7 percent lower on a fairly stable market, after the Liberation daily first revealed the existence of the report earlier Wednesday.

The document concentrates on recent car models, but the fraud investigators -- helped by statements by a former Renault employee -- estimate that questionable policies had been in place since 1990.

Several Renault models were fitted with electronic devices which detected test conditions and then triggered a temporary reduction in harmful emissions for long enough to fool the testing equipment, the former employee claimed. &nbsp;

The first generation Renault Clio, which came out in 1990, is believed to be one of the models involved.

&#39;Dieselgate&#39;

The alleged fraudulent practice recalls the &quot;dieselgate&quot; scandal involving Germany&#39;s Volkswagen which admitted in late 2015 to installing so-called &quot;defeat devices&quot; into 11 million diesel vehicles worldwide, designed to reduce emissions of harmful nitrogen oxides while the engines were undergoing regulatory tests.

The German automaker last week pleaded guilty to criminal charges in the United States that it committed fraud by installing the devices and paid $4.3 billion in civil fines.

The guilty plea and fines were in addition to $17.5 billion that the company had already agreed to pay in settlements with car owners, dealers and for the environmental cleanup.

The CGT trade union confederation said it feared Renault&#39;s image could be &quot;seriously tarnished by these revelation&quot; and called on the company&#39;s management to shed light on the matter.

Lawyer Frederik-Karel Canoy said the serious allegations require a swift judicial response and compensation for civil parties, calling for owners of any Renault cars found to have been fitted with the emissions-cheating device to be fully compensated.

France Nature Environnement, which is also interested in a civil case, said the emissions were recognised as cancerous and &quot;directly endanger the health of citizens.&quot; &nbsp;&nbsp;

Earlier Wednesday, state prosecutors in southern Germany said they had searched offices belonging to carmaker Audi over parent company Volkswagen&#39;s emissions cheating scandal.

Investigators from Bavaria, Baden-Wuerttemberg and Lower Saxony states searched &quot;sites belonging to Audi AG and seven other locations&quot; on suspicion of &quot;fraud and illegal advertising&quot;, Munich prosecutors said in a statement. 
 
(AFP)

Renault management has been cheating on pollution tests for more than 25 years, the probe concludes

Renault has cheated for more than 25 years on pollution tests for diesel and petrol engines with the knowledge of top management, according to a report by French fraud investigators obtained Wednesday by AFP. "The entire chain of management" up to the French car maker's chief executive Carlos Ghosn was implicated in the "fraudulent strategies", said the report, which led prosecutors to open a probe into Renault in January. The car maker categorically denied the accusations. "Renault doesn't cheat," Thierry Bollore, the French company's second-in-command told AFP by telephone, saying all its cars complied with legal standards. The report said there was no evidence of Ghosn having charged anybody else with approving the company's emissions control decisions, which therefore ultimately came under "his responsibility". "Many vehicles" were fitted with the device which allowed cars under testing to appear cleaner than they were on the road. According to the document seen, there was a difference of up to 377 percent between the test levels of emissions performance of some of these cars and the on-road levels. Renault shares plunge Police suspect the automobile maker of putting in place the strategies "with the objective of creating false results for antipollution tests", and so to be seen to be complying with European regulations. The police enquiry is concentrating on the Euro 5 and Euro 6 diesel engines which were approved in 2009. Renault shares plunged on the Paris stock exchange, closing 3.7 percent lower on a fairly stable market, after the Liberation daily first revealed the existence of the report earlier Wednesday. The document concentrates on recent car models, but the fraud investigators -- helped by statements by a former Renault employee -- estimate that questionable policies had been in place since 1990. Several Renault models were fitted with electronic devices which detected test conditions and then triggered a temporary reduction in harmful emissions for long enough to fool the testing equipment, the former employee claimed. The first generation Renault Clio, which came out in 1990, is believed to be one of the models involved. 'Dieselgate' The alleged fraudulent practice recalls the "dieselgate" scandal involving Germany's Volkswagen which admitted in late 2015 to installing so-called "defeat devices" into 11 million diesel vehicles worldwide, designed to reduce emissions of harmful nitrogen oxides while the engines were undergoing regulatory tests. The German automaker last week pleaded guilty to criminal charges in the United States that it committed fraud by installing the devices and paid $4.3 billion in civil fines. The guilty plea and fines were in addition to $17.5 billion that the company had already agreed to pay in settlements with car owners, dealers and for the environmental cleanup. The CGT trade union confederation said it feared Renault's image could be "seriously tarnished by these revelation" and called on the company's management to shed light on the matter. Lawyer Frederik-Karel Canoy said the serious allegations require a swift judicial response and compensation for civil parties, calling for owners of any Renault cars found to have been fitted with the emissions-cheating device to be fully compensated. France Nature Environnement, which is also interested in a civil case, said the emissions were recognised as cancerous and "directly endanger the health of citizens." Earlier Wednesday, state prosecutors in southern Germany said they had searched offices belonging to carmaker Audi over parent company Volkswagen's emissions cheating scandal. Investigators from Bavaria, Baden-Wuerttemberg and Lower Saxony states searched "sites belonging to Audi AG and seven other locations" on suspicion of "fraud and illegal advertising", Munich prosecutors said in a statement. (AFP)

Renault chiefs guilty of cheating on pollution tests: French investigators

Chinese premier Li Keqiang on Wednesday warned the United States against starting a trade war while expressing optimism that the world&#39;s two largest economies could keep relations steady despite Trump-era frictions.

&quot;We don&rsquo;t want to see any trade war breaking out between the two countries. That wouldn&rsquo;t make our trade fairer,&quot; Li told reporters at a press conference closing China&#39;s annual parliamentary session.

&quot;No matter what bumps the China-US relationship may run into, we hope this relationship will continue to move forward in a positive direction.&quot;&nbsp;

China and the United States are currently discussing arrangements for a summit between President Donald Trump and his counterpart Xi Jinping that could help ease tensions stoked by Trump&#39;s fiery election campaign rhetoric.

Trump threatened to upend decades of multilateralism and raised fears of a trade war with China while on the campaign trail.

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After his election victory, he angered Beijing with a protocol-busting telephone conversation with the president of self-ruled Taiwan, which China claims as its own.

Trump and Xi subsequently smoothed over the dispute last month in a phone call in which the US leader reiterated Washington&#39;s adherence to the &quot;one-China&quot; policy that nominally endorses Beijing&#39;s claim to Taiwan.

In the wake of the Xi-Trump conversation, Li said he saw &quot;bright prospects&quot; for bilateral relations.

&quot;I believe whatever differences we have, we can still sit down and talk to each other and work together to find solutions,&quot; he said.

Li&#39;s parliament-ending press conference is the only time each year that foreign journalists are allowed to put questions to a member of China&#39;s elite leadership inner circle, though they are pre-approved.&nbsp;

Li is second only to Xi in the Communist Party hierarchy.

Fasten your seat belts

Li cited a report which he said indicated that if a trade war occurred, &quot;foreign-invested companies, in particular, US firms, would bear the brunt of it&quot;.

Li vowed that China would continue to act as a steady pillar of the global economy despite trimming its domestic economic growth forecast for this year.

Delivering his government&#39;s annual report to the rubber-stamp National People&#39;s Congress 10 days earlier, Li cited a &quot;more complicated and graver situation&quot; facing the global and domestic economy this year.

He said the government growth target for 2017 was &quot;around 6.5 percent, or higher if possible,&quot; a further deceleration after full-year growth last year came in at 6.7 percent, weakest since 1990.

He said Wednesday that achieving the 2016 target &quot;will not be easy&quot;, and warned that China faced a plethora of financial risks at home.

China is trying to pivot from hyper-fast growth based on investment, heavily-polluting industries, and exports towards a steadier consumer-driven model.

But the transition is complicated by the slowing growth, a slumping currency, bloated industrial firms, capital flight abroad, and fears of a looming housing bubble and bad-loan crisis.

Li said China would &quot;continue to be a strong driving force in the face of a sluggish global economy recovery.&quot;&nbsp;

But he added that Chinese policymakers need to &quot;take very seriously the risks we are facing on the domestic front, especially in the financial sector.&quot;

&quot;We need to fasten our seat belts and prevent any acute outburst of financial risks and we will also make sure that we prevent any regional and systemic risks,&quot; he said.

Trump&#39;s Secretary of State Rex Tillerson will visit Japan, South Korea and China beginning later this week, with tensions soaring in the region.

North Korea has caused alarm with its latest missile tests while US-South Korean military exercises have added to the discord.

China also has strongly hit back against the US deployment in South Korea of an anti-missile defence system aimed at the North Korean threat but which China says weakens its own defences.

Li issued a call for all sides to work toward defusing the situation, apparently speaking for China in saying &quot;no one wants to have chaos at their doorstep.&quot;

(AFP)

Li added that US firms based in China would likely bear the brunt of a trade war if it occurred in the future

Chinese premier Li Keqiang on Wednesday warned the United States against starting a trade war while expressing optimism that the world's two largest economies could keep relations steady despite Trump-era frictions. "We don’t want to see any trade war breaking out between the two countries. That wouldn’t make our trade fairer," Li told reporters at a press conference closing China's annual parliamentary session. "No matter what bumps the China-US relationship may run into, we hope this relationship will continue to move forward in a positive direction." China and the United States are currently discussing arrangements for a summit between President Donald Trump and his counterpart Xi Jinping that could help ease tensions stoked by Trump's fiery election campaign rhetoric. Trump threatened to upend decades of multilateralism and raised fears of a trade war with China while on the campaign trail. I believe whatever differences we have, we can still sit down and talk to each other and work together to find solutions × After his election victory, he angered Beijing with a protocol-busting telephone conversation with the president of self-ruled Taiwan, which China claims as its own. Trump and Xi subsequently smoothed over the dispute last month in a phone call in which the US leader reiterated Washington's adherence to the "one-China" policy that nominally endorses Beijing's claim to Taiwan. In the wake of the Xi-Trump conversation, Li said he saw "bright prospects" for bilateral relations. "I believe whatever differences we have, we can still sit down and talk to each other and work together to find solutions," he said. Li's parliament-ending press conference is the only time each year that foreign journalists are allowed to put questions to a member of China's elite leadership inner circle, though they are pre-approved. Li is second only to Xi in the Communist Party hierarchy. Fasten your seat belts Li cited a report which he said indicated that if a trade war occurred, "foreign-invested companies, in particular, US firms, would bear the brunt of it". Li vowed that China would continue to act as a steady pillar of the global economy despite trimming its domestic economic growth forecast for this year. Delivering his government's annual report to the rubber-stamp National People's Congress 10 days earlier, Li cited a "more complicated and graver situation" facing the global and domestic economy this year. He said the government growth target for 2017 was "around 6.5 percent, or higher if possible," a further deceleration after full-year growth last year came in at 6.7 percent, weakest since 1990. He said Wednesday that achieving the 2016 target "will not be easy", and warned that China faced a plethora of financial risks at home. China is trying to pivot from hyper-fast growth based on investment, heavily-polluting industries, and exports towards a steadier consumer-driven model. But the transition is complicated by the slowing growth, a slumping currency, bloated industrial firms, capital flight abroad, and fears of a looming housing bubble and bad-loan crisis. Li said China would "continue to be a strong driving force in the face of a sluggish global economy recovery." But he added that Chinese policymakers need to "take very seriously the risks we are facing on the domestic front, especially in the financial sector." "We need to fasten our seat belts and prevent any acute outburst of financial risks and we will also make sure that we prevent any regional and systemic risks," he said. Trump's Secretary of State Rex Tillerson will visit Japan, South Korea and China beginning later this week, with tensions soaring in the region. North Korea has caused alarm with its latest missile tests while US-South Korean military exercises have added to the discord. China also has strongly hit back against the US deployment in South Korea of an anti-missile defence system aimed at the North Korean threat but which China says weakens its own defences. Li issued a call for all sides to work toward defusing the situation, apparently speaking for China in saying "no one wants to have chaos at their doorstep." (AFP)

China premier Li Keqiang warns US against trade war

The US Federal Reserve raised interest rates on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank&#39;s target.

The decision to lift the target overnight interest rate by 25 basis points to a range of 0.75 percent to 1.00 per cent marked one of the Fed&#39;s most convincing steps yet in the effort to return monetary policy to a more normal footing.

However, the Fed&#39;s policy-setting committee did not flag any plan to accelerate the pace of monetary tightening. Although inflation is &quot;close&quot; to the Fed&#39;s 2 per cent target, it noted that goal was &quot;symmetric,&quot; indicating a possible willingness to allow prices to rise at a slightly faster pace.

Further rate increases would only be &quot;gradual,&quot; the Fed said in its policy statement, with officials sticking to their outlook for two more rate hikes this year and three more in 2018. The Fed lifted rates once in 2016.

Business investment &quot;appears to have firmed somewhat,&quot; the Fed said in language that reflected a stronger sense of the economy&#39;s momentum.

Fresh economic forecasts released with the statement showed little change from those of the December policy meeting and gave little indication the Fed has a clear view of how the policies of Donald Trump&#39;s administration may impact the economy in 2017 and beyond.

&quot;With gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace,&quot; the Fed said, maintaining language it has used in previous statements.

Stock markets extended their gains and bond yields fell on the benign economic outlook and the continued steady path of interest rate rises signalled by the central bank.

&quot;It relieves some of the fears we&#39;ve had that perhaps the Fed was going to raise rates faster in the future. They&#39;ve chosen not to signal that,&quot; said Brad McMillan, Chief Investment Officer at Commonwealth Financial.

The Fed&#39;s projections showed the economy growing by 2.1 per cent in 2017, unchanged from the December forecast. The median estimate of the long-run interest rate, where monetary policy would be judged as having a neutral effect on the economy, held steady at 3.0 per cent.

The unemployment rate Fed officials expect by the end of the year was unchanged at 4.5 per cent, while core inflation was seen as slightly higher at 1.9 percent versus the previous 1.8 percent forecast.

Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m. (1830 GMT) to discuss the policy statement.

The rate increase comes amid a broad improvement in the world economic outlook and a sense among Fed policymakers that the US&nbsp;economy is close to the central bank&#39;s employment and inflation goals.

According to the policy statement, risks to the outlook remained &quot;roughly balanced,&quot; the Fed said.

Minneapolis Fed President Neel Kashkari was the only official to dissent in Wednesday&#39;s decision, saying he preferred to leave rates unchanged.

(Reuters) 
&nbsp;

Stock markets extended their gains and bond yields fell on the benign economic outlook

The US Federal Reserve raised interest rates on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank's target. The decision to lift the target overnight interest rate by 25 basis points to a range of 0.75 percent to 1.00 per cent marked one of the Fed's most convincing steps yet in the effort to return monetary policy to a more normal footing. However, the Fed's policy-setting committee did not flag any plan to accelerate the pace of monetary tightening. Although inflation is "close" to the Fed's 2 per cent target, it noted that goal was "symmetric," indicating a possible willingness to allow prices to rise at a slightly faster pace. Further rate increases would only be "gradual," the Fed said in its policy statement, with officials sticking to their outlook for two more rate hikes this year and three more in 2018. The Fed lifted rates once in 2016. Business investment "appears to have firmed somewhat," the Fed said in language that reflected a stronger sense of the economy's momentum. Fresh economic forecasts released with the statement showed little change from those of the December policy meeting and gave little indication the Fed has a clear view of how the policies of Donald Trump's administration may impact the economy in 2017 and beyond. "With gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace," the Fed said, maintaining language it has used in previous statements. Stock markets extended their gains and bond yields fell on the benign economic outlook and the continued steady path of interest rate rises signalled by the central bank. "It relieves some of the fears we've had that perhaps the Fed was going to raise rates faster in the future. They've chosen not to signal that," said Brad McMillan, Chief Investment Officer at Commonwealth Financial. The Fed's projections showed the economy growing by 2.1 per cent in 2017, unchanged from the December forecast. The median estimate of the long-run interest rate, where monetary policy would be judged as having a neutral effect on the economy, held steady at 3.0 per cent. The unemployment rate Fed officials expect by the end of the year was unchanged at 4.5 per cent, while core inflation was seen as slightly higher at 1.9 percent versus the previous 1.8 percent forecast. Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m. (1830 GMT) to discuss the policy statement. The rate increase comes amid a broad improvement in the world economic outlook and a sense among Fed policymakers that the US economy is close to the central bank's employment and inflation goals. According to the policy statement, risks to the outlook remained "roughly balanced," the Fed said. Minneapolis Fed President Neel Kashkari was the only official to dissent in Wednesday's decision, saying he preferred to leave rates unchanged. (Reuters)

US Fed raises key interest rate by 0.25% for the second time in three months

AT&amp;T Inc has won approval from the European Commission for its planned $85.4 billion acquisition of Time Warner Inc, the number two&nbsp;US&nbsp;wireless carrier said on Wednesday.

The merger was widely expected to be cleared in Europe but still requires approval from the US&nbsp;Department of Justice. The deal is expected to close by the end of the year, AT&amp;T said.

During his election campaign, US&nbsp;President Donald Trump had said that he opposed the merger, and in January, a transition official told Reuters that Trump was still against the deal.

The US&nbsp;Federal Communications Commission does not expect to review the deal, a spokesman for the agency said last month.

The Justice Department, which is reviewing documents submitted on the proposed merger, has to prove a proposed deal harms competition in order to block it.

&quot;I think what everybody is waiting for is (to see) whoever will become head of the anti-trust division of the Department of Justice,&quot; said Roger Entner, an analyst at Recon Analytics.

AT&amp;T shares rose 0.3 per cent to $42.21 in morning trading.

(Reuters)

US President Donald Trump had said that he opposed the merger between the Time Warner and the US's second-largest wireless carrier

AT&T Inc has won approval from the European Commission for its planned $85.4 billion acquisition of Time Warner Inc, the number two US wireless carrier said on Wednesday. The merger was widely expected to be cleared in Europe but still requires approval from the US Department of Justice. The deal is expected to close by the end of the year, AT&T said. During his election campaign, US President Donald Trump had said that he opposed the merger, and in January, a transition official told Reuters that Trump was still against the deal. The US Federal Communications Commission does not expect to review the deal, a spokesman for the agency said last month. The Justice Department, which is reviewing documents submitted on the proposed merger, has to prove a proposed deal harms competition in order to block it. "I think what everybody is waiting for is (to see) whoever will become head of the anti-trust division of the Department of Justice," said Roger Entner, an analyst at Recon Analytics. AT&T shares rose 0.3 per cent to $42.21 in morning trading. (Reuters)

AT&T's $85.4 billion deal for Time Warner wins EU approval

The US health regulator has proposed to lift the import alert on Sun Pharma&#39;s Mohali&nbsp;based manufacturing plant in the Indian state of Punjab..

The drug major has been informed by the US Food and Drug Administration (USFDA) that it will lift the import alert imposed on the Mohali plant and remove the facility from the Official Action Initiated (OAI) status, Sun Pharmaceutical Industries said in a regulatory filing.

&quot;This proposed action will clear the path for Sun Pharma to supply approved products from the Mohali facility to the US market, subject to normal USFDA regulatory requirements,&quot; it added.

The Mumbai-based drug major had inherited the Mohali facility as part of its acquisition of Ranbaxy Laboratories Ltd in 2015.

The USFDA had taken action against the Mohali facility in 2013 when it ordered the facility to be fully subject to Ranbaxy&#39;s Consent Decree of Permanent Injunction.

Certain conditions of the consent decree will continue to be applicable to the Mohali facility, Sun Pharma said.

&quot;This development illustrates Sun Pharma&#39;s commitment to work closely with the USFDA and strive for 100 per cent current good manufacturing practices (cGMP) compliance at its manufacturing facilities.

The stock of Sun Pharma was trading up 3.80 per cent at Rs 709.50 on BSE.

(PTI)

The action will allow the drug major to supply approved products from its Mohali plant to the US market

The US health regulator has proposed to lift the import alert on Sun Pharma's Mohali based manufacturing plant in the Indian state of Punjab.. The drug major has been informed by the US Food and Drug Administration (USFDA) that it will lift the import alert imposed on the Mohali plant and remove the facility from the Official Action Initiated (OAI) status, Sun Pharmaceutical Industries said in a regulatory filing. "This proposed action will clear the path for Sun Pharma to supply approved products from the Mohali facility to the US market, subject to normal USFDA regulatory requirements," it added. The Mumbai-based drug major had inherited the Mohali facility as part of its acquisition of Ranbaxy Laboratories Ltd in 2015. The USFDA had taken action against the Mohali facility in 2013 when it ordered the facility to be fully subject to Ranbaxy's Consent Decree of Permanent Injunction. Certain conditions of the consent decree will continue to be applicable to the Mohali facility, Sun Pharma said. "This development illustrates Sun Pharma's commitment to work closely with the USFDA and strive for 100 per cent current good manufacturing practices (cGMP) compliance at its manufacturing facilities. The stock of Sun Pharma was trading up 3.80 per cent at Rs 709.50 on BSE. (PTI)

USFDA to lift import alert on Sun Pharma's Mohali plant

The Sensex&#39;s gains slipped, but the gauge is still trading higher today by 482 points, powered by a huge sweep by the BJP in Uttar Pradesh&nbsp;and Uttarakhand and a higher probability of the party forming government in other states.

The broader Nifty came off from record highs while holding on to the key 9,000 level.

Solid IIP numbers and strong FII inflows bolstered sentiment too.

Barring telecom counters which witnessed profit- booking, buying was led by capital goods, financials, realty, industrials and auto, among others.

The Sensex opened gap-up at 29,437.23 and hovered in a range of 29,561.93 and 29,356.05 before trading at 29,428.40 at 1155 hours, a gain of 482.17 points, or 1.67 per cent.

The NSE 50-share Nifty was also up 146.65 points, or 1.64 per cent, to quote at 9,081.20 at 1155 hours.

Major gainers were ICICI bank (5.82 per cent), L&amp;T (4.17 per cent), HDFC (3.39 per cent), ITC (2.39 per cent) and Asian Paints (2.27 per cent).

Meanwhile, foreign funds bought net Rs 412.14 crore last Friday, as per the provisional figures.

India&#39;s wholesale prices rose a more-than-expected 6.55 per cent year-on-year in February, compared with a 0.85 per cent fall a year ago, driven by fuel and food prices, government data showed on Tuesday.

The data compares with a 5.90 per cent annual rise forecast by economists in a Reuters poll. In January, prices rose a provisional 5.25 per cent, the fastest pace in two-and-a-half years.

Last month, wholesale food prices rose 2.69 per cent year-on-year, compared with a provisional 0.56 per cent fall in January.

&nbsp;

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Annual rate of inflation, based on monthly WPI, stood at 6.55% for February, 2017 as compared to 5.25% for previous month.
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&nbsp;

Modi&#39;s victory &quot;is a huge confidence boost for reform and is another step on the way to a story that could place him as one of the most successful reformers in history,&quot; said Simon Quijano-Evans, investment strategist at Legal &amp; General Investment Management in London.

The prime minister&#39;s win should bode well for foreign portfolio investment in India.

Foreign investors have already started returning to the country, having bought a net $1.5 billion in equities and $887.3 million in debt in February, following four consecutive months of net sales. They have remained net buyers in March.

But expensive valuations and caution due to an anticipated rate hike by the US&nbsp;Federal Reserve this week could temper gains.

Indian shares are trading at a price-to-earnings ratio of 19.85 over the next 12 months, compared with their five-year historic average of 17.8, according to Thomson Reuters data.

(Agencies)

Investors are betting the victory in UP will embolden the ruling BJP to embark on more reforms including launching the GST

The Sensex's gains slipped, but the gauge is still trading higher today by 482 points, powered by a huge sweep by the BJP in Uttar Pradesh and Uttarakhand and a higher probability of the party forming government in other states. The broader Nifty came off from record highs while holding on to the key 9,000 level. Solid IIP numbers and strong FII inflows bolstered sentiment too. Barring telecom counters which witnessed profit- booking, buying was led by capital goods, financials, realty, industrials and auto, among others. The Sensex opened gap-up at 29,437.23 and hovered in a range of 29,561.93 and 29,356.05 before trading at 29,428.40 at 1155 hours, a gain of 482.17 points, or 1.67 per cent. The NSE 50-share Nifty was also up 146.65 points, or 1.64 per cent, to quote at 9,081.20 at 1155 hours. Major gainers were ICICI bank (5.82 per cent), L&T (4.17 per cent), HDFC (3.39 per cent), ITC (2.39 per cent) and Asian Paints (2.27 per cent). Meanwhile, foreign funds bought net Rs 412.14 crore last Friday, as per the provisional figures. India's wholesale prices rose a more-than-expected 6.55 per cent year-on-year in February, compared with a 0.85 per cent fall a year ago, driven by fuel and food prices, government data showed on Tuesday. The data compares with a 5.90 per cent annual rise forecast by economists in a Reuters poll. In January, prices rose a provisional 5.25 per cent, the fastest pace in two-and-a-half years. Last month, wholesale food prices rose 2.69 per cent year-on-year, compared with a provisional 0.56 per cent fall in January. Annual rate of inflation, based on monthly WPI, stood at 6.55% for February, 2017 as compared to 5.25% for previous month. — ANI (@ANI_news) March 14, 2017 × Modi's victory "is a huge confidence boost for reform and is another step on the way to a story that could place him as one of the most successful reformers in history," said Simon Quijano-Evans, investment strategist at Legal & General Investment Management in London. The prime minister's win should bode well for foreign portfolio investment in India. Foreign investors have already started returning to the country, having bought a net $1.5 billion in equities and $887.3 million in debt in February, following four consecutive months of net sales. They have remained net buyers in March. But expensive valuations and caution due to an anticipated rate hike by the US Federal Reserve this week could temper gains. Indian shares are trading at a price-to-earnings ratio of 19.85 over the next 12 months, compared with their five-year historic average of 17.8, according to Thomson Reuters data. (Agencies)

BJP's big UP victory boosts Sensex, Nifty

The European Union on Monday welcomed commitments by Russian state-owned gas giant Gazprom to allow for increased competition in east European markets, once its exclusive preserve.

The EU has been investigating Gazprom since 2015 over claims it abused its dominant position in these markets, with the dispute getting caught up in growing tensions between Brussels and Moscow over the Ukraine crisis.

EU Competition Commissioner Magrethe Vestager said Gazprom had now come forward with remedies meeting these concerns and invited competitors and customers to comment as part of the EU process of deciding whether they are acceptable.

&quot;We believe that Gazprom&#39;s commitments will enable the free flow of gas in Central and Eastern Europe at competitive prices,&quot; Vestager said in a statement.

&quot;They address our competition concerns and provide a forward looking solution in line with EU rules. In fact, they help to better integrate gas markets in the region,&quot; she said.

Gazprom is the dominant gas supplier in a number of central and eastern European countries.

When Commission launched its probe in 2015 it said it believed the company &quot;had been breaking EU antitrust rules by pursuing an overall strategy to partition central and eastern European gas markets.&quot;

The statement said the remedies offered should ensure that &quot;restrictions to re-sell gas cross-border are removed once and for all&quot; and that prices should accordingly come into line with competitive benchmarks.

Gazprom will also not be allowed to take undue advantage of infrastructure which it had &quot;obtained from customers by having leveraged its market position in gas supply,&quot; the statement said.

Under EU rules, a company found in breach of anti-competition rules is liable to a fine of up to 10 per cent of annual sales, in Gazprom&#39;s case nearly 83 billion euros in 2015.

Last week, Vestager also lifted EU objections to Russian investment in a controversial Hungarian nuclear plant project worth 12.5 billion euros.

(Reuters)

The EU has been investigating Gazprom since 2015 over claims it abused its dominant position in these markets

The European Union on Monday welcomed commitments by Russian state-owned gas giant Gazprom to allow for increased competition in east European markets, once its exclusive preserve. The EU has been investigating Gazprom since 2015 over claims it abused its dominant position in these markets, with the dispute getting caught up in growing tensions between Brussels and Moscow over the Ukraine crisis. EU Competition Commissioner Magrethe Vestager said Gazprom had now come forward with remedies meeting these concerns and invited competitors and customers to comment as part of the EU process of deciding whether they are acceptable. "We believe that Gazprom's commitments will enable the free flow of gas in Central and Eastern Europe at competitive prices," Vestager said in a statement. "They address our competition concerns and provide a forward looking solution in line with EU rules. In fact, they help to better integrate gas markets in the region," she said. Gazprom is the dominant gas supplier in a number of central and eastern European countries. When Commission launched its probe in 2015 it said it believed the company "had been breaking EU antitrust rules by pursuing an overall strategy to partition central and eastern European gas markets." The statement said the remedies offered should ensure that "restrictions to re-sell gas cross-border are removed once and for all" and that prices should accordingly come into line with competitive benchmarks. Gazprom will also not be allowed to take undue advantage of infrastructure which it had "obtained from customers by having leveraged its market position in gas supply," the statement said. Under EU rules, a company found in breach of anti-competition rules is liable to a fine of up to 10 per cent of annual sales, in Gazprom's case nearly 83 billion euros in 2015. Last week, Vestager also lifted EU objections to Russian investment in a controversial Hungarian nuclear plant project worth 12.5 billion euros. (Reuters)

EU welcomes Gazprom competition commitments

US oil prices closed below $50 a barrel for the first time in three months on Thursday amid worries about increased American shale production in the wake of ramped-up capital investment.

US benchmark West Texas Intermediate for April delivery, slid $1 to $49.28 a barrel, its first close under $50 since December 7.&nbsp;

That drop followed a decline of more than five per cent Wednesday after an oil inventory report showed US stocks rose by eight million barrels, on higher domestic production and increased stockpiling at the closely-watched Cushing, Oklahoma trading hub.

&quot;The sell-off is continuing in light of a significant increase in inventories yesterday,&quot; said Andy Lipow of Houston consultancy Lipow Oil Associates.

The pullback comes during a major energy industry conference in Houston that has featured commentary about increased investment in the industry following the recovery in oil prices since an OPEC agreement struck in November.

Analysts pointed to comments from leading shale producer Harold Hamm, chief executive of Continental Resources, who was quoted in news reports as saying higher US oil output could &quot;kill the market.&quot;

The US Energy Information Administration projected US oil output would rise&nbsp;to 9.7 million barrels per day in 2018 from 8.9 million in 2016, according its monthly report released Tuesday.

(AFP)

The slump comes amid worries about increased American shale production in the wake of ramped-up capital investment

US oil prices closed below $50 a barrel for the first time in three months on Thursday amid worries about increased American shale production in the wake of ramped-up capital investment. US benchmark West Texas Intermediate for April delivery, slid $1 to $49.28 a barrel, its first close under $50 since December 7. That drop followed a decline of more than five per cent Wednesday after an oil inventory report showed US stocks rose by eight million barrels, on higher domestic production and increased stockpiling at the closely-watched Cushing, Oklahoma trading hub. "The sell-off is continuing in light of a significant increase in inventories yesterday," said Andy Lipow of Houston consultancy Lipow Oil Associates. The pullback comes during a major energy industry conference in Houston that has featured commentary about increased investment in the industry following the recovery in oil prices since an OPEC agreement struck in November. Analysts pointed to comments from leading shale producer Harold Hamm, chief executive of Continental Resources, who was quoted in news reports as saying higher US oil output could "kill the market." The US Energy Information Administration projected US oil output would rise to 9.7 million barrels per day in 2018 from 8.9 million in 2016, according its monthly report released Tuesday. (AFP)

US oil prices close below $50 a barrel

US private-sector hiring posted the biggest increase in nearly six years last month, while the goods-producing sector saw record job growth, payroll services firm ADP reported Wednesday.

The second straight month of very strong jobs data will play into President Donald Trump&#39;s focus on manufacturing jobs, which he has promised to bring back to America.

But if the strong gains continue, it could mean lending rates will rise faster than currently expected, as the US central bank closely monitors the so-far tame inflation threat.

Total private payrolls increased an eye-popping 298,000 in the month, beating the consensus forecast for a 180,000 rise, and outpacing the strong 261,000 increase in January, which was revised up from the initial figure.

It was the biggest increase in private employment since April 2011.

But the highlight of the data was the goods-producing industries which posted&nbsp;the biggest increase in the history of the report, going back to April 2002. The sector added 106,000 workers last month, while services firms increased 193,000.&nbsp;

&quot;February proved to be an incredibly strong month for employment with increases we have not seen in years,&quot; said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

The data, which is extracted from ADP payroll data, is frequently seen as a predictor of the Labor Department&#39;s monthly employment report, which is due out Friday.&nbsp;

The consensus forecast is for an increase of 188,000 in total payrolls and 185,000 for private jobs, but economists may revise their estimates upward following the ADP report.

Trump has consistently repeated his campaign pledge to bring manufacturing jobs back to US shores, and has turned to Twitter frequently to pressure specific companies -- a tactic that has had some success.

ADP reported a gain of 32,000 manufacturing jobs, taking the sector to its highest level since January 2009.

In a tweet early Wednesday, prior to release of the ADP data, Trump touted a little-know Linkedin hiring report released Tuesday, showing jobs increases in January and February that were the &quot;strongest consecutive months of hiring since August and September 2015.&quot;

Fed could hike faster&nbsp;

The ADP report also is likely to increase confidence in markets that the Federal Reserve will raise interest rates next week, given the solid indications the economic recovery is picking up steam.&nbsp;

But the Fed&#39;s policy-setting Federal Open Market Committee, which meets March 14-15, may start thinking about more increases that the two to three expected for the year, if tightening labor markets fuel fears of accelerating wages that could lead to more inflation.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the strong hiring &quot;will push the&nbsp; unemployment rate down further, forcing the Fed to tighten more&nbsp; quickly than markets -- and policymakers -- currently expect.

He cautioned that the ADP report &quot;is not a consistent reliable guide to the initial official private payroll number, but it probably would be unwise to ignore it altogether.&quot;

Mickey Levy of Berenberg Capital Markets, agreed the Fed will be under more pressure to prevent the economy from overheating. &nbsp;

&quot;The Fed will certainly acknowledge the strong job gains along with other data and soaring confidence,&quot; he said in a research note.&nbsp; &quot;If job gains of this magnitude continue and wages tilt up and inflation pressures build, the Fed will be forced to hike more than expected in 2017-2018.&quot;

Mark Zandi, chief economist of Moody&#39;s Analytics said in the ADP statement,&nbsp;the unseasonably mild winter weather &quot;undoubtedly played a role&quot; in the strong ADP numbers.

&quot;But near record high job openings and record low layoffs underpin the entire job market,&quot; he said, noting strength in construction, mining and manufacturing.

Broken down by size, medium-sized business increased 122,000 and small businesses added 104,000. Large firms lagged with 72,000.

(AFP)

The second straight month of very strong jobs data will play into President Donald Trump's focus on manufacturing jobs

US private-sector hiring posted the biggest increase in nearly six years last month, while the goods-producing sector saw record job growth, payroll services firm ADP reported Wednesday. The second straight month of very strong jobs data will play into President Donald Trump's focus on manufacturing jobs, which he has promised to bring back to America. But if the strong gains continue, it could mean lending rates will rise faster than currently expected, as the US central bank closely monitors the so-far tame inflation threat. Total private payrolls increased an eye-popping 298,000 in the month, beating the consensus forecast for a 180,000 rise, and outpacing the strong 261,000 increase in January, which was revised up from the initial figure. It was the biggest increase in private employment since April 2011. But the highlight of the data was the goods-producing industries which posted the biggest increase in the history of the report, going back to April 2002. The sector added 106,000 workers last month, while services firms increased 193,000. "February proved to be an incredibly strong month for employment with increases we have not seen in years," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. The data, which is extracted from ADP payroll data, is frequently seen as a predictor of the Labor Department's monthly employment report, which is due out Friday. The consensus forecast is for an increase of 188,000 in total payrolls and 185,000 for private jobs, but economists may revise their estimates upward following the ADP report. Trump has consistently repeated his campaign pledge to bring manufacturing jobs back to US shores, and has turned to Twitter frequently to pressure specific companies -- a tactic that has had some success. ADP reported a gain of 32,000 manufacturing jobs, taking the sector to its highest level since January 2009. In a tweet early Wednesday, prior to release of the ADP data, Trump touted a little-know Linkedin hiring report released Tuesday, showing jobs increases in January and February that were the "strongest consecutive months of hiring since August and September 2015." Fed could hike faster The ADP report also is likely to increase confidence in markets that the Federal Reserve will raise interest rates next week, given the solid indications the economic recovery is picking up steam. But the Fed's policy-setting Federal Open Market Committee, which meets March 14-15, may start thinking about more increases that the two to three expected for the year, if tightening labor markets fuel fears of accelerating wages that could lead to more inflation. Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the strong hiring "will push the unemployment rate down further, forcing the Fed to tighten more quickly than markets -- and policymakers -- currently expect. He cautioned that the ADP report "is not a consistent reliable guide to the initial official private payroll number, but it probably would be unwise to ignore it altogether." Mickey Levy of Berenberg Capital Markets, agreed the Fed will be under more pressure to prevent the economy from overheating. "The Fed will certainly acknowledge the strong job gains along with other data and soaring confidence," he said in a research note. "If job gains of this magnitude continue and wages tilt up and inflation pressures build, the Fed will be forced to hike more than expected in 2017-2018." Mark Zandi, chief economist of Moody's Analytics said in the ADP statement, the unseasonably mild winter weather "undoubtedly played a role" in the strong ADP numbers. "But near record high job openings and record low layoffs underpin the entire job market," he said, noting strength in construction, mining and manufacturing. Broken down by size, medium-sized business increased 122,000 and small businesses added 104,000. Large firms lagged with 72,000. (AFP)

US private sector posts largest hiring in six years

US&nbsp;stocks retreated on Monday in a broad decline as investors took a dim view of the latest turbulence surrounding the Trump administration along with geopolitical tensions emanating from Asia.

The S&amp;P 500 has rallied 11 per cent in the wake of President Donald Trump&#39;s victory in November, with investors betting on the implementation of reduced regulations, lower taxes and increased infrastructure spending.

But a lack of detail on Trump&#39;s proposals, his isolationist stance and setbacks in filling his Cabinet have made investors question whether the post-election rally has run its course as stock valuations become stretched.

Trump accused predecessor Barack Obama on Saturday of wiretapping him during the late stages of the 2016 election campaign, but offered no evidence.

Some investors worried that the accusation could delay Trump&#39;s economic agenda.

&quot;The bottom line is, investors have predicated this rally on this new administration getting things done,&quot; said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.

&quot;The more news that circulates that is now whipping Washington into a frenzy, the less bandwidth they have to focus on getting these measures through.&quot;

Adding to investor caution were rising tensions in East Asia after North Korea fired four ballistic missiles into the sea off Japan&#39;s northwest.

Trump also signed a revised executive order on Monday for a 90-day travel ban to the United States from six Muslim-majority countries, removing Iraq from the list after his controversial first attempt was blocked in the courts.

Valuations are a cause for concern. The S&amp;P 500 is trading at nearly 18 times forward earnings estimates against the long-term average of about 15 times, according to Thomson Reuters data.

Investors are also grappling with the likelihood of an interest rate hike by the US&nbsp;Federal Reserve at its meeting next week, with traders now expecting about an 85-per cent chance of a hike versus roughly 30-percent at the start of last week.

The Dow Jones Industrial Average&nbsp;fell 41.33 points, or 0.2 per cent, to 20,964.38, the S&amp;P 500 lost 7.65 points, or 0.32 per cent, to 2,375.47 and the Nasdaq Composite dropped 21.07 points, or 0.36 per cent, to 5,849.69.

Of the 11 major S&amp;P sectors, only energy up 0.2 per cent, managed a modest advance.

Among stocks, Netflix, advanced 2 per cent to $141.94 following a UBS rating upgrade to &quot;buy&quot;.

Tyson Foods dropped 2.1 per cent at $2.26 after a strain of bird flu was detected in a chicken breeder flock on a Tennessee farm contracted with the company.

Declining issues outnumbered advancing ones on the NYSE by a 2.74-to-1 ratio; on Nasdaq, a 2.57-to-1 ratio favoured decliners.

The S&amp;P 500 posted 13 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 53 new highs and 54 new lows.

(Reuters)

A lack of detail on Trump's proposals, his isolationist stance and setbacks in filling his Cabinet have vexed the Wall Street

US stocks retreated on Monday in a broad decline as investors took a dim view of the latest turbulence surrounding the Trump administration along with geopolitical tensions emanating from Asia. The S&P 500 has rallied 11 per cent in the wake of President Donald Trump's victory in November, with investors betting on the implementation of reduced regulations, lower taxes and increased infrastructure spending. But a lack of detail on Trump's proposals, his isolationist stance and setbacks in filling his Cabinet have made investors question whether the post-election rally has run its course as stock valuations become stretched. Trump accused predecessor Barack Obama on Saturday of wiretapping him during the late stages of the 2016 election campaign, but offered no evidence. Some investors worried that the accusation could delay Trump's economic agenda. "The bottom line is, investors have predicated this rally on this new administration getting things done," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. "The more news that circulates that is now whipping Washington into a frenzy, the less bandwidth they have to focus on getting these measures through." Adding to investor caution were rising tensions in East Asia after North Korea fired four ballistic missiles into the sea off Japan's northwest. Trump also signed a revised executive order on Monday for a 90-day travel ban to the United States from six Muslim-majority countries, removing Iraq from the list after his controversial first attempt was blocked in the courts. Valuations are a cause for concern. The S&P 500 is trading at nearly 18 times forward earnings estimates against the long-term average of about 15 times, according to Thomson Reuters data. Investors are also grappling with the likelihood of an interest rate hike by the US Federal Reserve at its meeting next week, with traders now expecting about an 85-per cent chance of a hike versus roughly 30-percent at the start of last week. The Dow Jones Industrial Average fell 41.33 points, or 0.2 per cent, to 20,964.38, the S&P 500 lost 7.65 points, or 0.32 per cent, to 2,375.47 and the Nasdaq Composite dropped 21.07 points, or 0.36 per cent, to 5,849.69. Of the 11 major S&P sectors, only energy up 0.2 per cent, managed a modest advance. Among stocks, Netflix, advanced 2 per cent to $141.94 following a UBS rating upgrade to "buy". Tyson Foods dropped 2.1 per cent at $2.26 after a strain of bird flu was detected in a chicken breeder flock on a Tennessee farm contracted with the company. Declining issues outnumbered advancing ones on the NYSE by a 2.74-to-1 ratio; on Nasdaq, a 2.57-to-1 ratio favoured decliners. The S&P 500 posted 13 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 53 new highs and 54 new lows. (Reuters)

Trump's travel ban and North Korea tension tempers down US stocks

While cryptocurrencies are gaining popularity, and few countries are moving towards decentralisation, it&#39;s the blockchain that central banks and the governments all over the world seem curious about. But what really is a blockchain?

A blockchain is a database for storing data online, and it makes a promise that no information is erased from it. It can serve the base for notarization and contracts.

While Bitcoins and Etherium have already started making the early noise in cryptocurrency markets, the real invention behind this cryptocurrency is the blockchain.

<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/bqFXF2nJ-Z8" width="770"></iframe>

The love for Bitcoins and other virtual currencies is growing in India amidst demonetisation, but are we blockchain-ready in Indian financial markets?

Last year, ICICI bank started its early experiments with blockchain in India. But with no laws and regulations in India regarding cryptocurrency and blockchain markets, there are some fraudulent companies who are spoiling the use of this technology. As a result of this, the Bitcoins are being bought through Hawala without any proof of transactions. So, how can this be curbed without proper regulations and understanding the nature of this new technology? And what is mining? 
&nbsp;

&nbsp;

<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/SsAxBQ6kwkM" width="770"></iframe>

&nbsp;

Last year in India, demonetisation was aimed at the clearing of black money and to encourage people to transact through digital wallets. But before this happened, Switzerland also started experimenting with Bitcoins&#39; distribution and blockchain systems. Switzerland&#39;s national railways firm, SBB, has started a two-year experiment allowing riders to trade Swiss francs for Bitcoins at ticket kiosks. With the rise of FinTech in the world, Mayor Dolfi Mueller launched a perfect amalgamation of start-ups dealing with cryptocurrencies and block chain in Zug, Switzerland. Bitcoin was allowed in dealing with public services and Zug is known as Crypto-valley.

 
<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/Mju3EiNsxbA" width="770"></iframe>

 
More than experimenting with cryptocurrencies and blockchain, in some countries it is being used for marketing and attracting tourists. In Arnhem, Netherlands, BitcoinArnhemstaad has marketed Bitcoins in an adept manner. And it&#39;s now known as the world&#39;s most bitcoin-friendly place. They also created a payment wallet known as Bit Kassa for the merchants for easy transactions. There are over a hundred merchants accepting Bitcoins but with a small percentage of customers. Their hundredth merchant is none other than Burger King. 
 
<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/wki4DXPKqfk" width="770"></iframe>

&nbsp;

In India, a lot of people did not support the idea of demonetisation and termed it as a bad move towards the economy. Likewise, in some countries, the idea of Bitcoins and other cryptocurrencies and blockchain technologies is not being supported. Ottto de voogd had to leave his country Estonia and move to Arnhem in Netherlands as a refugee for practising Bitcoins. He calls himself as a &ldquo;Bitcoin refugee&rdquo;. Otto is a victim of how the centralised forces and power are fearing or against the idea of this decentralised world of cryptocurrencies and blockchain.

 
<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/r9W2l7zjYZw" width="770"></iframe>

In France, few politicians are sceptical about Bitcoins being used in terrorism and other criminal activities. With France set for elections this year and the Front National Party being viewed on the winning side of elections, will these technologies prevail in Marine Le pen&#39;s leadership? And is it true to say that the bitcoin is a haven for criminal activities?

&nbsp;

<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/dDXhzy67nhQ" width="770"></iframe>

 
But with this mixed bag of myths and facts, the obsession with cryptocurrencies and blockchain technologies has begun. With increasing internet penetration around the world, more and more people are using e-payment wallets for transactions, Martin Wismeijer believes that Bio-Payments could be the next frontier when it comes to E-Payments. He has NFC chip planted in his hands. 
 
&nbsp;

&nbsp;

<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/6UyoAJR_CAE" width="770"></iframe>

&nbsp;

With such obsessions, rise in FinTech, constant experiments and people slowly moving to cryptocurrencies, some banks should shed their conservative nature and quickly adapt to blockchain technologies and acknowledge the progress. In Africa, Senegal has already announced a blockchain-based national digital currency. But are other countries willing to follow this decentralised phenomenon of blockchain? 
 
(WION)

While Bitcoins and Etherium have already started making the early noise in cryptocurrency markets, the real invention behind this cryptocurrency is the blockchain

While cryptocurrencies are gaining popularity, and few countries are moving towards decentralisation, it's the blockchain that central banks and the governments all over the world seem curious about. But what really is a blockchain? A blockchain is a database for storing data online, and it makes a promise that no information is erased from it. It can serve the base for notarization and contracts. While Bitcoins and Etherium have already started making the early noise in cryptocurrency markets, the real invention behind this cryptocurrency is the blockchain. The love for Bitcoins and other virtual currencies is growing in India amidst demonetisation, but are we blockchain-ready in Indian financial markets? Last year, ICICI bank started its early experiments with blockchain in India. But with no laws and regulations in India regarding cryptocurrency and blockchain markets, there are some fraudulent companies who are spoiling the use of this technology. As a result of this, the Bitcoins are being bought through Hawala without any proof of transactions. So, how can this be curbed without proper regulations and understanding the nature of this new technology? And what is mining? Last year in India, demonetisation was aimed at the clearing of black money and to encourage people to transact through digital wallets. But before this happened, Switzerland also started experimenting with Bitcoins' distribution and blockchain systems. Switzerland's national railways firm, SBB, has started a two-year experiment allowing riders to trade Swiss francs for Bitcoins at ticket kiosks. With the rise of FinTech in the world, Mayor Dolfi Mueller launched a perfect amalgamation of start-ups dealing with cryptocurrencies and block chain in Zug, Switzerland. Bitcoin was allowed in dealing with public services and Zug is known as Crypto-valley. More than experimenting with cryptocurrencies and blockchain, in some countries it is being used for marketing and attracting tourists. In Arnhem, Netherlands, BitcoinArnhemstaad has marketed Bitcoins in an adept manner. And it's now known as the world's most bitcoin-friendly place. They also created a payment wallet known as Bit Kassa for the merchants for easy transactions. There are over a hundred merchants accepting Bitcoins but with a small percentage of customers. Their hundredth merchant is none other than Burger King. In India, a lot of people did not support the idea of demonetisation and termed it as a bad move towards the economy. Likewise, in some countries, the idea of Bitcoins and other cryptocurrencies and blockchain technologies is not being supported. Ottto de voogd had to leave his country Estonia and move to Arnhem in Netherlands as a refugee for practising Bitcoins. He calls himself as a “Bitcoin refugee”. Otto is a victim of how the centralised forces and power are fearing or against the idea of this decentralised world of cryptocurrencies and blockchain. In France, few politicians are sceptical about Bitcoins being used in terrorism and other criminal activities. With France set for elections this year and the Front National Party being viewed on the winning side of elections, will these technologies prevail in Marine Le pen's leadership? And is it true to say that the bitcoin is a haven for criminal activities? But with this mixed bag of myths and facts, the obsession with cryptocurrencies and blockchain technologies has begun. With increasing internet penetration around the world, more and more people are using e-payment wallets for transactions, Martin Wismeijer believes that Bio-Payments could be the next frontier when it comes to E-Payments. He has NFC chip planted in his hands. With such obsessions, rise in FinTech, constant experiments and people slowly moving to cryptocurrencies, some banks should shed their conservative nature and quickly adapt to blockchain technologies and acknowledge the progress. In Africa, Senegal has already announced a blockchain-based national digital currency. But are other countries willing to follow this decentralised phenomenon of blockchain? (WION)

Is the world ready for blockchain-based national digital currency?

Ratan Tata's Jaguar has introduced its new model Land Rover Velar and bookings are open for the customers. Also, WION team finds out the reason behind the season of share buyback

WION Wallet: The new Range Rover Velar and the season of share buyback

After four cash deposits or withdrawals a month, HDFC bank will charge customers a minimum of Rs 150 on every cash transaction.&nbsp;

The charges will be levied on both savings and salary accounts but they will be applicable only on cash transactions at bank branches, not on ATM transactions.&nbsp;

HDFC made the announcement today in a circular. The charges will be effective immediately.&nbsp;

Some other banks, including ICICI bank and Axis bank, had started imposing the fee in early January.&nbsp;

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Banks such as ICICI and Axis had already levied the charges in January, whereas HDFC has now done the same. The charges will be applicable only on cash transactions at bank branches and not ATM&#39;s (WION)
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HDFC has also decided to cap third party cash transactions at Rs 25,000 per day, while cash handling charges have been withdrawn. For basic accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

ICICI bank website stated there will be no charge for first four transactions in a month at branches in a person&#39;s home city while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month.

or non-home branches, ICICI bank would not charge anything for first cash withdrawal during the month but Rs 5 per thousand rupees would be levied thereafter, subject to a minimum of Rs 150.&nbsp;ICICI has kept the third party limit at Rs 50,000 per day.

For cash deposits elsewhere, ICICI bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at cash acceptance machine would be free of charge for first cash deposit in the month and Rs 5 per thousand thereafter.&nbsp;

At Axis bank, the first five transactions or Rs 10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.

However, there is still no information on whether the public sector banks will also impose these new charges.

(WION with PTI inputs)

The banks will charge a minimum of Rs 150 on every cash deposit and withdrawal after the first four transactions

After four cash deposits or withdrawals a month, HDFC bank will charge customers a minimum of Rs 150 on every cash transaction. The charges will be levied on both savings and salary accounts but they will be applicable only on cash transactions at bank branches, not on ATM transactions. HDFC made the announcement today in a circular. The charges will be effective immediately. Some other banks, including ICICI bank and Axis bank, had started imposing the fee in early January. Banks such as ICICI and Axis had already levied the charges in January, whereas HDFC has now done the same. The charges will be applicable only on cash transactions at bank branches and not ATM's (WION) × HDFC has also decided to cap third party cash transactions at Rs 25,000 per day, while cash handling charges have been withdrawn. For basic accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits. ICICI bank website stated there will be no charge for first four transactions in a month at branches in a person's home city while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. or non-home branches, ICICI bank would not charge anything for first cash withdrawal during the month but Rs 5 per thousand rupees would be levied thereafter, subject to a minimum of Rs 150. ICICI has kept the third party limit at Rs 50,000 per day. For cash deposits elsewhere, ICICI bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at cash acceptance machine would be free of charge for first cash deposit in the month and Rs 5 per thousand thereafter. At Axis bank, the first five transactions or Rs 10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher. However, there is still no information on whether the public sector banks will also impose these new charges. (WION with PTI inputs)

HDFC, ICICI, Axis Bank to impose charges on cash transactions

India defied expectations on Tuesday to retain the title of the world&#39;s fastest growing major economy, despite the pain caused by Prime Minister Narendra Modi&#39;s shock crackdown on cash.

Annual gross domestic product (GDP) growth for the October-December period came in at 7.0 percent, a tad slower than 7.4 percent in the previous quarter but much faster than the 6.4 percent expansion forecast by economists in a Reuters poll.

It was also higher than China&#39;s 6.8 percent growth for the last three months of 2016.

PM Modi&#39;s decision last November to outlaw old 500 rupee and 1,000 rupee banknotes was widely expected to exact a heavy toll on an economy where most people are paid in cash and buy what they need with cash.

Little surprise, then, that Tuesday&#39;s robust GDP figures have left economists dazed, and have also raised fresh doubts about the quality of India&#39;s official economic data reporting.

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<h5>Perhaps this data is not capturing the impact of demonetisation,&#39; said Aneesh Srivastava, chief investment officer, IDBI Federal Life Insurance Co. &#39;I am totally surprised and stunned to see this number&#39;</h5>
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&quot;Perhaps this data is not capturing the impact of demonetisation,&quot; said Aneesh Srivastava, chief investment officer, IDBI Federal Life Insurance Co.

&quot;I am totally surprised and stunned to see this number.&quot;

Vindication

PM Modi had received flak for his shock monetary therapy from political opponents as well as prominent economists such as Amartya Sen and Paul Krugman. The move sucked 86 percent of the currency out of circulation virtually overnight and left many companies, farmers and households in misery.

Anecdotal evidence suggested massive job losses following the cash crunch in India&#39;s vast informal sector, which not only supports the formal sector but also employs nine out of 10 workers.

The government as well as the Reserve Bank of India (RBI), however, all maintained the pain would be short-lived and predicted a sharp economic rebound.

The latest GDP data vindicated their assessment.

&quot;The numbers completely negate the kind of negative projections and speculations which were made about the impact of demonetisation,&quot; Economic Affairs Secretary Shaktikanta Das told reporters after the data release.

The strong performance in the Oct-Dec period allowed the government statistics office to retain its growth forecast for the fiscal year that ends in March 2017 at 7.1 percent.

Strong growth figures would also dash hopes of further interest rate cuts by the central bank, which has shifted its focus squarely to inflation.

The Reserve Bank of India (RBI) left the policy repo rate on hold at 6.25 percent for a second meeting in a row this month and signalled an end to its longest easing cycle since the global financial crisis, citing growing inflationary risks.

&quot;With inflation pressures also building, we think that the RBI could begin hiking rates over the next 12-18 months,&quot; analysts at Capital Economics wrote in a note.

Credibilty

The strong data have also reignited the debate about the credibility as well as the quality of the official GDP data.

Ever since India changed its methodology to measure economic activity two years back, which transformed a sluggish economy into the world&#39;s fastest-growing major economy overnight, private economists have been struggling to square it with the not so rosy reality on the ground.

The latest data has only added to the confusion.

For example, the official figures show economic growth was primarily driven by consumer spending, offsetting a fall in government expenditure. However, this is not backed up by the earnings of consumer goods firms in the last quarter.

As cash-strapped households turned wary, sales of various goods from beverages to domestic appliances to cars all plunged. The lacklustre consumer spending prompted several companies to trim their revenue outlook.

Consumer confidence also fell sharply, with households uncertain about their income, employment and spending capability, according to an RBI survey published this month.

&quot;There are widespread doubts about the accuracy of the national accounts numbers,&quot; analysts at Capital Economics wrote. &quot;The unexpected strength of today&#39;s data will do nothing to allay these concerns.&quot;

(Reuters)

Tuesday's GDP figures have left economists dazed & raised fresh doubts about the quality of the country's official economic data reporting

India defied expectations on Tuesday to retain the title of the world's fastest growing major economy, despite the pain caused by Prime Minister Narendra Modi's shock crackdown on cash. Annual gross domestic product (GDP) growth for the October-December period came in at 7.0 percent, a tad slower than 7.4 percent in the previous quarter but much faster than the 6.4 percent expansion forecast by economists in a Reuters poll. It was also higher than China's 6.8 percent growth for the last three months of 2016. PM Modi's decision last November to outlaw old 500 rupee and 1,000 rupee banknotes was widely expected to exact a heavy toll on an economy where most people are paid in cash and buy what they need with cash. Little surprise, then, that Tuesday's robust GDP figures have left economists dazed, and have also raised fresh doubts about the quality of India's official economic data reporting. Perhaps this data is not capturing the impact of demonetisation,' said Aneesh Srivastava, chief investment officer, IDBI Federal Life Insurance Co. 'I am totally surprised and stunned to see this number' × "Perhaps this data is not capturing the impact of demonetisation," said Aneesh Srivastava, chief investment officer, IDBI Federal Life Insurance Co. "I am totally surprised and stunned to see this number." Vindication PM Modi had received flak for his shock monetary therapy from political opponents as well as prominent economists such as Amartya Sen and Paul Krugman. The move sucked 86 percent of the currency out of circulation virtually overnight and left many companies, farmers and households in misery. Anecdotal evidence suggested massive job losses following the cash crunch in India's vast informal sector, which not only supports the formal sector but also employs nine out of 10 workers. The government as well as the Reserve Bank of India (RBI), however, all maintained the pain would be short-lived and predicted a sharp economic rebound. The latest GDP data vindicated their assessment. "The numbers completely negate the kind of negative projections and speculations which were made about the impact of demonetisation," Economic Affairs Secretary Shaktikanta Das told reporters after the data release. The strong performance in the Oct-Dec period allowed the government statistics office to retain its growth forecast for the fiscal year that ends in March 2017 at 7.1 percent. Strong growth figures would also dash hopes of further interest rate cuts by the central bank, which has shifted its focus squarely to inflation. The Reserve Bank of India (RBI) left the policy repo rate on hold at 6.25 percent for a second meeting in a row this month and signalled an end to its longest easing cycle since the global financial crisis, citing growing inflationary risks. "With inflation pressures also building, we think that the RBI could begin hiking rates over the next 12-18 months," analysts at Capital Economics wrote in a note. Credibilty The strong data have also reignited the debate about the credibility as well as the quality of the official GDP data. Ever since India changed its methodology to measure economic activity two years back, which transformed a sluggish economy into the world's fastest-growing major economy overnight, private economists have been struggling to square it with the not so rosy reality on the ground. The latest data has only added to the confusion. For example, the official figures show economic growth was primarily driven by consumer spending, offsetting a fall in government expenditure. However, this is not backed up by the earnings of consumer goods firms in the last quarter. As cash-strapped households turned wary, sales of various goods from beverages to domestic appliances to cars all plunged. The lacklustre consumer spending prompted several companies to trim their revenue outlook. Consumer confidence also fell sharply, with households uncertain about their income, employment and spending capability, according to an RBI survey published this month. "There are widespread doubts about the accuracy of the national accounts numbers," analysts at Capital Economics wrote. "The unexpected strength of today's data will do nothing to allay these concerns." (Reuters)

Govt says India grew at 7% but was the data right?

India&#39;s economic growth rate fell to seven percent in the third quarter of the financial year after the controversial ban on high-value banks notes in November, the government said Tuesday.

Gross domestic product in one of the world&#39;s fastest growing economies expanded 7.0 percent year-on-year in the three months to the end of December, down from 7.3 percent in the previous quarter, official figures showed.

While growth came in lower than the previous quarter, it exceeded most analysts&#39;&nbsp;predictions in the wake of the government&#39;s shock move to remove all 500 and 1,000 rupee notes from circulation immediately.

Prime Minister Narendra Modi has defended his so-called demonetisation scheme as a necessary strike against corruption.

But the move triggered massive lines outside banks in the weeks afterwards as authorities struggled to print replacement notes fast enough.&nbsp;

India&#39;s chief statistician TCA Anant told reporters after the data was announced on Tuesday that it was difficult to assess the full impact of demonetisation, which the government had already acknowledged has hit growth.

&quot;Policies like demonetisation are very difficult to assess without a lot of data,&quot; Anant told a press conference.

&quot;We will keep evaluating the numbers. I will not like to draw any conclusions at this stage.&quot;

Anant said some sectors such as agriculture and mining had in fact performed better than expected in the third quarter.

&quot;The only two sectors in which it is distinctly worse is finance and the real estate category,&quot; he added.

&quot;The aggregate of deposits and credits is comparable but on the lower side.&quot;

(AFP)

Most analysts had predicted a much larger slump in growth because of the note ban

India's economic growth rate fell to seven percent in the third quarter of the financial year after the controversial ban on high-value banks notes in November, the government said Tuesday. Gross domestic product in one of the world's fastest growing economies expanded 7.0 percent year-on-year in the three months to the end of December, down from 7.3 percent in the previous quarter, official figures showed. While growth came in lower than the previous quarter, it exceeded most analysts' predictions in the wake of the government's shock move to remove all 500 and 1,000 rupee notes from circulation immediately. Prime Minister Narendra Modi has defended his so-called demonetisation scheme as a necessary strike against corruption. But the move triggered massive lines outside banks in the weeks afterwards as authorities struggled to print replacement notes fast enough. India's chief statistician TCA Anant told reporters after the data was announced on Tuesday that it was difficult to assess the full impact of demonetisation, which the government had already acknowledged has hit growth. "Policies like demonetisation are very difficult to assess without a lot of data," Anant told a press conference. "We will keep evaluating the numbers. I will not like to draw any conclusions at this stage." Anant said some sectors such as agriculture and mining had in fact performed better than expected in the third quarter. "The only two sectors in which it is distinctly worse is finance and the real estate category," he added. "The aggregate of deposits and credits is comparable but on the lower side." (AFP)

Government says India grew at 7% between Oct-Dec despite demonetisation

Warren&nbsp;Buffett, chairman and chief executive of Berkshire Hathaway Inc, told CNBC on Monday that his conglomerate had purchased about 120 million shares of Apple Inc. in 2017 and that U.S. stocks were not in &quot;bubble territory.&quot;

&quot;Apple strikes me as having quite a sticky product and an enormously useful product to people that use it, not that I do,&quot;&nbsp;Buffett&nbsp;said. He said Berkshire&#39;s Apple stake, at 133 million shares, was worth about $17 billion and amounted to Berkshire&#39;s second-biggest holding.

Apple Chief Executive Tim Cook had done a &quot;terrific job,&quot;&nbsp;Buffett&nbsp;said, but added he had not bought shares since the company&#39;s earnings report.

Berkshire revealed in its annual report on Saturday that its massive stake in Apple stock, as of Dec. 31, had risen to 61.2 million shares for a total of $6.75 billion.

Buffett, who told the cable television network that Berkshire had spent about $20 billion on stocks since just before the November 8 US&nbsp;election, also said the US&nbsp;stock market was cheap with interest rates at current levels.

Benchmark 10-year US&nbsp;Treasury notes last yielded 2.333 per cent in morning US&nbsp;trading.

The billionaire investor said it was extremely difficult to attempt to find a floor in stock prices and that he did not know what would happen in the near term in the equity market.

He said US&nbsp;shares could conceivably &quot;go down 20 per cent tomorrow.&quot;

Buffett&nbsp;said Berkshire&#39;s positions in airlines remained unchanged. He said pricing shares of airlines has historically been a &quot;very tough game&quot; and he had never met the chief executives of the four airlines in which Berkshire holds stakes.

Berkshire reported a $9.3 billion airline stake at the end of Dec. 31, according to Securities and Exchange Commission filings, with investments topping $2.1 billion in each of American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co and United Continental Holdings Inc.

Buffett, who was a vocal supporter of Democratic presidential candidate Hillary Clinton, said he would judge US&nbsp;President Donald Trump based on how safe the country is in four years. He said he would also judge the Republican president according to how the US&nbsp;economy performs overall and how wide participation in a better economy extends.

Despite his disagreement with some of Trump&#39;s policies,&nbsp;Buffett&nbsp;said the US&nbsp;economy would be better off in four years under any president. He said that US&nbsp;Secretary of State Rex Tillerson made &quot;a lot of sense.&quot;

On Kraft Heinz&#39;s snubbed bid for Unilever,&nbsp;Buffett&nbsp;said it was never intended to be a hostile offer and that there was not a &quot;backup deal.&quot; Berkshire is a key investor in Kraft Heinz.

&quot;Will there be another deal at Kraft Heinz some day? My guess is yes, but who knows when, I mean, there&rsquo;s no backup deal, and again, it would have to be friendly and frankly, the prices in that field make it very, very, very tough to make an intelligent deal.&quot;

Asked about Berkshire&#39;s $86 billion cash pile, he said the conglomerate was &quot;always looking&quot; for acquisitions but that there was &quot;nothing close.&quot;

Buffett&nbsp;said it was enormously important for the US&nbsp;economy to have 30-year government-guaranteed mortgages, but that mortgage giants Fannie Mae and Freddie Mac were not necessary in order to accomplish that.

On 30-year US&nbsp;Treasury bonds,&nbsp;Buffett&nbsp;said: &quot;It absolutely baffles me who buys the 30-year bond&quot; and that doing so was not sensible at current yields. US&nbsp;30-year government bonds last yielded 2.964 per cent.

Buffett&nbsp;reiterated that Americans are better off buying plain-vanilla index funds than committing money to active managers. He added that the hedge fund industry&#39;s standard fee structure of 2 per cent of assets and 20 per cent of investment gains &quot;borders on obscene.&quot;

In an annual letter to shareholders on Saturday,&nbsp;Buffett&nbsp;slammed fee-hungry investment managers: &quot;When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients.&quot;

Buffett&nbsp;praised Amazon Chief Executive Jeff Bezos as possibly the best manager he had ever seen and said Berkshire &quot;missed big time&quot; by not purchasing Amazon shares early on.&nbsp;Buffettsaid the US&nbsp;economy was doing &quot;terrific,&quot; even at just 2 per cent growth per year.

(Reuters)

Berkshire's Apple stake is the company's second-biggest holding

Warren Buffett, chairman and chief executive of Berkshire Hathaway Inc, told CNBC on Monday that his conglomerate had purchased about 120 million shares of Apple Inc. in 2017 and that U.S. stocks were not in "bubble territory." "Apple strikes me as having quite a sticky product and an enormously useful product to people that use it, not that I do," Buffett said. He said Berkshire's Apple stake, at 133 million shares, was worth about $17 billion and amounted to Berkshire's second-biggest holding. Apple Chief Executive Tim Cook had done a "terrific job," Buffett said, but added he had not bought shares since the company's earnings report. Berkshire revealed in its annual report on Saturday that its massive stake in Apple stock, as of Dec. 31, had risen to 61.2 million shares for a total of $6.75 billion. Buffett, who told the cable television network that Berkshire had spent about $20 billion on stocks since just before the November 8 US election, also said the US stock market was cheap with interest rates at current levels. Benchmark 10-year US Treasury notes last yielded 2.333 per cent in morning US trading. The billionaire investor said it was extremely difficult to attempt to find a floor in stock prices and that he did not know what would happen in the near term in the equity market. He said US shares could conceivably "go down 20 per cent tomorrow." Buffett said Berkshire's positions in airlines remained unchanged. He said pricing shares of airlines has historically been a "very tough game" and he had never met the chief executives of the four airlines in which Berkshire holds stakes. Berkshire reported a $9.3 billion airline stake at the end of Dec. 31, according to Securities and Exchange Commission filings, with investments topping $2.1 billion in each of American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co and United Continental Holdings Inc. Buffett, who was a vocal supporter of Democratic presidential candidate Hillary Clinton, said he would judge US President Donald Trump based on how safe the country is in four years. He said he would also judge the Republican president according to how the US economy performs overall and how wide participation in a better economy extends. Despite his disagreement with some of Trump's policies, Buffett said the US economy would be better off in four years under any president. He said that US Secretary of State Rex Tillerson made "a lot of sense." On Kraft Heinz's snubbed bid for Unilever, Buffett said it was never intended to be a hostile offer and that there was not a "backup deal." Berkshire is a key investor in Kraft Heinz. "Will there be another deal at Kraft Heinz some day? My guess is yes, but who knows when, I mean, there’s no backup deal, and again, it would have to be friendly and frankly, the prices in that field make it very, very, very tough to make an intelligent deal." Asked about Berkshire's $86 billion cash pile, he said the conglomerate was "always looking" for acquisitions but that there was "nothing close." Buffett said it was enormously important for the US economy to have 30-year government-guaranteed mortgages, but that mortgage giants Fannie Mae and Freddie Mac were not necessary in order to accomplish that. On 30-year US Treasury bonds, Buffett said: "It absolutely baffles me who buys the 30-year bond" and that doing so was not sensible at current yields. US 30-year government bonds last yielded 2.964 per cent. Buffett reiterated that Americans are better off buying plain-vanilla index funds than committing money to active managers. He added that the hedge fund industry's standard fee structure of 2 per cent of assets and 20 per cent of investment gains "borders on obscene." In an annual letter to shareholders on Saturday, Buffett slammed fee-hungry investment managers: "When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients." Buffett praised Amazon Chief Executive Jeff Bezos as possibly the best manager he had ever seen and said Berkshire "missed big time" by not purchasing Amazon shares early on. Buffettsaid the US economy was doing "terrific," even at just 2 per cent growth per year. (Reuters)

Berkshire bought 120 million Apple shares, says Buffett