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While crores of people wait outside the banks across country to deposit and withdraw their hard-earned money, those in possession of black money have figured out a way to convert it into white.&nbsp;

WION got in touch with agents who have been involved&nbsp;in such murky dealings to understand the modus operandi of the entire process of converting black money into new legal tenders. (WION has audio recordings in possession).

The touts, who did not want to reveal their names, said they were in cahoots with bank managers as they provide them with whatever&nbsp;cash they require in new currency notes.&nbsp;

&quot;The bank manager has to be told a day in advance about the amount needed in new notes (to convert black money into white). The next morning, when RBI ( Reserve Bank Of India) sends money to his branch, the manager gives us the money and tells other customers who gather at the branch that they have a cash crunch and cannot dispense the amount they require,&quot; one of the agents said.&nbsp;

When asked about how managers manage to fudge the old and new cash balance,&nbsp;the agents said that they are in touch with different chartered accountants who have hundreds of bank accounts in different branches.&nbsp;

&quot;The bank managers make bogus entry under the accounts of these chartered accountants. In their records, they show that they exchanged certain amount of old currency into new currency for the chartered accountants and put the fake entries under the multiple accounts held by them,&quot; an agent explained.&nbsp;

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To substantiate the claim of these agents, WION spoke to customers visiting banks to get their currency exchanged.

Shaguna Kanwar, a social worker by profession, told us that she had to wait in a queue at a bank for nearly three hours and was then told that they have run out of new notes. She said she received Rs 15,000 in new currency only after she made a &quot;hue and cry&quot;.&nbsp;

&quot;It is suprising that the bank managed to find new notes for me when they officially declared that they are left with no more cash,&quot; Shaguna told WION.&nbsp;

The touts said the bank managers were charging 20 per cent in commission from them.

As for the agents, they ask for a 30 per cent commission from customers who want to legalise their unaccounted wealth.

&quot;This means that a person will have to pay Rs 4.5 crore in commission to us if he wants to convert Rs 15 crore&nbsp;into white money,&quot;&nbsp;an unnamed agent told WION.&nbsp;

If the claims made by the agents are true, it exposes and undermines the federal government&#39;s plan to crack down on black money.&nbsp;

(WION)

Agents explain how bank managers and chartered accountants are exploiting loopholes to help those with unaccounted wealth

While crores of people wait outside the banks across country to deposit and withdraw their hard-earned money, those in possession of black money have figured out a way to convert it into white. WION got in touch with agents who have been involved in such murky dealings to understand the modus operandi of the entire process of converting black money into new legal tenders. (WION has audio recordings in possession). The touts, who did not want to reveal their names, said they were in cahoots with bank managers as they provide them with whatever cash they require in new currency notes. "The bank manager has to be told a day in advance about the amount needed in new notes (to convert black money into white). The next morning, when RBI ( Reserve Bank Of India) sends money to his branch, the manager gives us the money and tells other customers who gather at the branch that they have a cash crunch and cannot dispense the amount they require," one of the agents said. When asked about how managers manage to fudge the old and new cash balance, the agents said that they are in touch with different chartered accountants who have hundreds of bank accounts in different branches. "The bank managers make bogus entry under the accounts of these chartered accountants. In their records, they show that they exchanged certain amount of old currency into new currency for the chartered accountants and put the fake entries under the multiple accounts held by them," an agent explained. To substantiate the claim of these agents, WION spoke to customers visiting banks to get their currency exchanged. Shaguna Kanwar, a social worker by profession, told us that she had to wait in a queue at a bank for nearly three hours and was then told that they have run out of new notes. She said she received Rs 15,000 in new currency only after she made a "hue and cry". "It is suprising that the bank managed to find new notes for me when they officially declared that they are left with no more cash," Shaguna told WION. The touts said the bank managers were charging 20 per cent in commission from them. As for the agents, they ask for a 30 per cent commission from customers who want to legalise their unaccounted wealth. "This means that a person will have to pay Rs 4.5 crore in commission to us if he wants to convert Rs 15 crore into white money," an unnamed agent told WION. If the claims made by the agents are true, it exposes and undermines the federal government's plan to crack down on black money. (WION)

Exclusive: Touts, bank managers beat the system to convert black money into white

The Indian rupee has clocked its record low&nbsp;of 68.86 against the US dollar. Just yesterday, we saw a sharp nine-month low set in. This has seen a decline in the equity markets as well in the intra-day trading session.&nbsp;

What has really triggered this depreciation of rupee against the dollar?

The rupee has plunged close to 3 per cent since US President-elect Donald Trump&#39;s victory. The foreign institutional investors have pulled out of bonds despite the bond rally on the back of 4 per cent fall in the yield differencial between the American and Indian government securities. The FII holdings in government and corporate bonds have dropped by 1.4 millions dollars in November and 1.7 dollars have been pulled out of Indian equities by FII&#39;s in the same period. The dollar index rally is almost close to a 14-year high.&nbsp;

The expectation of an interest rate hike by the US Federal Reserve is another reason why the rupee has come under pressure. The interest rate hike has strengthened the dollar.&nbsp;

The US bond yields have seen a sharp increase which leads global investors to pull out of India and redirect these funds into US bonds which fetch them a higher rate of return on their investment.&nbsp;

Now this is just a global factor. There are multiple domestic factors that are responsible for such volatility on this counter.

Most brokerage reports have reduced their earnings estimate for the next quarter and even H2FY17. FII&#39;s have reduced their exposure in equities and debt market. The value of portfolios for most investors and especially FII&#39;s stands to be in jeopardy as FII&#39;s now get lower return in dollar terms against the rupee. This also means that the demand curve of dollar rises, further weakening the rupee.&nbsp;

Rupee essentially in the past one to two months according to brokerage reports has outperformed other currencies of emerging markets. Hence, experts feel this could have well been overvalued to begin with.&nbsp;

It has been observed that the Reserve Bank of India is historically known to intervene to curb volatility. If the weakness on the currency&nbsp;is in line with the momentum with other weakening currencies, the RBI may not interfere much.&nbsp;

The weakening rupee can also be a deterrent&nbsp;for the RBI to cut the repo rate.&nbsp; 
&nbsp;

(WION)

The Indian rupee has clocked its record low?of 68.86 against the US dollar

The Indian rupee has clocked its record low of 68.86 against the US dollar. Just yesterday, we saw a sharp nine-month low set in. This has seen a decline in the equity markets as well in the intra-day trading session. What has really triggered this depreciation of rupee against the dollar? The rupee has plunged close to 3 per cent since US President-elect Donald Trump's victory. The foreign institutional investors have pulled out of bonds despite the bond rally on the back of 4 per cent fall in the yield differencial between the American and Indian government securities. The FII holdings in government and corporate bonds have dropped by 1.4 millions dollars in November and 1.7 dollars have been pulled out of Indian equities by FII's in the same period. The dollar index rally is almost close to a 14-year high. The expectation of an interest rate hike by the US Federal Reserve is another reason why the rupee has come under pressure. The interest rate hike has strengthened the dollar. The US bond yields have seen a sharp increase which leads global investors to pull out of India and redirect these funds into US bonds which fetch them a higher rate of return on their investment. Now this is just a global factor. There are multiple domestic factors that are responsible for such volatility on this counter. Most brokerage reports have reduced their earnings estimate for the next quarter and even H2FY17. FII's have reduced their exposure in equities and debt market. The value of portfolios for most investors and especially FII's stands to be in jeopardy as FII's now get lower return in dollar terms against the rupee. This also means that the demand curve of dollar rises, further weakening the rupee. Rupee essentially in the past one to two months according to brokerage reports has outperformed other currencies of emerging markets. Hence, experts feel this could have well been overvalued to begin with. It has been observed that the Reserve Bank of India is historically known to intervene to curb volatility. If the weakness on the currency is in line with the momentum with other weakening currencies, the RBI may not interfere much. The weakening rupee can also be a deterrent for the RBI to cut the repo rate. (WION)

What has really triggered this depreciation of rupee against the dollar?

The rupee crashed to a near&nbsp;39-month low of 68.84, plummeting by another 27&nbsp;paise against the US dollar in early trade today, close to surpassing its previous record low of 68.85 on&nbsp;August 28, 2013.&nbsp;

Demonetisation and outflows from emerging markets have hit the rupee hard this month, causing the Reserve Bank of India to intervene in the foreign exchange market.&nbsp;

Forex dealers said besides strong month-end demand for the dollar from importers, continued capital outflows by foreign funds and the dollar&#39;s bull run on an imminent hike in the Fed&#39;s interest rates weighed heavily on the rupee.

Further, a lower opening of the domestic equity market also put pressure on the rupee, they said.

The rupee had shed 31 paise to close at a new nine-month low of 68.56 against the dollar yesterday.

The Indian currency shrunk 2.92 per cent since Donald Trump&#39;s victory in the US Presidential polls earlier this month.

A huge outflow of capital by foreign investors has been weakening the rupee as they apprehend an impact on the economy in the short-term following the India&#39;s move to demonetise Rs 500 and Rs 1,000 banknotes.

Surging US bond yields and a strong dollar overseas are also contributing to the rupee&#39;s fall.

Meanwhile, the BSE Sensex fell by 145.97 points, or 0.56 per cent, to 25,905.84 points in early trade.

(PTI)&nbsp;

The previous record low was 68.85 on?August 28, 2013

The rupee crashed to a near 39-month low of 68.84, plummeting by another 27 paise against the US dollar in early trade today, close to surpassing its previous record low of 68.85 on August 28, 2013. Demonetisation and outflows from emerging markets have hit the rupee hard this month, causing the Reserve Bank of India to intervene in the foreign exchange market. Forex dealers said besides strong month-end demand for the dollar from importers, continued capital outflows by foreign funds and the dollar's bull run on an imminent hike in the Fed's interest rates weighed heavily on the rupee. Further, a lower opening of the domestic equity market also put pressure on the rupee, they said. The rupee had shed 31 paise to close at a new nine-month low of 68.56 against the dollar yesterday. The Indian currency shrunk 2.92 per cent since Donald Trump's victory in the US Presidential polls earlier this month. A huge outflow of capital by foreign investors has been weakening the rupee as they apprehend an impact on the economy in the short-term following the India's move to demonetise Rs 500 and Rs 1,000 banknotes. Surging US bond yields and a strong dollar overseas are also contributing to the rupee's fall. Meanwhile, the BSE Sensex fell by 145.97 points, or 0.56 per cent, to 25,905.84 points in early trade. (PTI)

Rupee near all-time low, tumbles 27 paise to 68.84

Iran expressed optimism that the Organisation of the Petroleum Exporting Countries (OPEC) can strike a deal on limiting oil supplies after a meeting with the Alegrian representative in Tehran.&nbsp;

Iranian oil minister Bijan Zanganeh said the Gulf state had plans to announce its own decision about any output curbs at the group&#39;s meeting next week. &nbsp;

&quot;We are to present our views about this proposal at the ... November 30 OPEC meeting,&quot; Zanganeh said. &quot;The general trend and public statements suggest that OPEC can reach a viable agreement for its production and market management.&quot;

Iran &quot;carefully studied&quot; the proposal by the Algerian energy minister Nouredine Bouterfa on the oil production of each country.&nbsp;

Media reports said the minister called for 1.1 million barrels per day (bpd) in cuts by OPEC members and decreases totalling 600,000 bpd by non-members.

&quot;If OPEC members ... agree, oil prices will reach $50 to $55 next year and $60 by the end of the year,&quot; Bouterfa was quoted as saying.

The OPEC is working to reach a deal to limit oil output since 2008 but has faced opposition from Iran, which wants certain exemptions.&nbsp;

&quot;If we can agree, and I am optimistic, (oil) prices will increase and this is also what the world economy demands,&quot; Zanganeh said.&nbsp;

(WION with inputs from Reuters)&nbsp; 
&nbsp;

Oil minister said Iran will announce its own decision about any output curbs at the OPEC meeting next week

Iran expressed optimism that the Organisation of the Petroleum Exporting Countries (OPEC) can strike a deal on limiting oil supplies after a meeting with the Alegrian representative in Tehran. Iranian oil minister Bijan Zanganeh said the Gulf state had plans to announce its own decision about any output curbs at the group's meeting next week. "We are to present our views about this proposal at the ... November 30 OPEC meeting," Zanganeh said. "The general trend and public statements suggest that OPEC can reach a viable agreement for its production and market management." Iran "carefully studied" the proposal by the Algerian energy minister Nouredine Bouterfa on the oil production of each country. Media reports said the minister called for 1.1 million barrels per day (bpd) in cuts by OPEC members and decreases totalling 600,000 bpd by non-members. "If OPEC members ... agree, oil prices will reach $50 to $55 next year and $60 by the end of the year," Bouterfa was quoted as saying. The OPEC is working to reach a deal to limit oil output since 2008 but has faced opposition from Iran, which wants certain exemptions. "If we can agree, and I am optimistic, (oil) prices will increase and this is also what the world economy demands," Zanganeh said. (WION with inputs from Reuters)

Iran optimistic on finalising OPEC deal to limit oil supplies

After calling for special relief measures for poor hit by demonetisation, industrialist Ratan Tata today termed the move as one of the three most important economic reforms that will help fight black money.

Tata, who is locked in a bitter boardroom battle over control of the Tata Group with his successor Cyrus P Mistry, said the government&#39;s bold implementation of the demonetisation programme needs the nation&#39;s support.

&quot;Demonetisation is amongst the three most important economic reforms in India&#39;s history, along with delicensing and GST,&quot; Tata said in a tweet.

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<blockquote class="twitter-tweet" data-lang="en">
The government&rsquo;s bold implementation of the demonetization programme needs the nation&rsquo;s support. <a href="https://t.co/tx1ZILSor8">pic.twitter.com/tx1ZILSor8</a>
&mdash; Ratan N. Tata (@RNTata2000) <a href="https://twitter.com/RNTata2000/status/802409025103020032">November 26, 2016</a></blockquote>
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The Prime Minister&#39;s recent focus on mobile and digital payments will also greatly facilitate the transition from a cash-driven economy to a cashless economy, which in the ling term will enormously benefit the poor and underprivileged, he added.

&quot;The government&#39;s firm resolve to fight and eliminate black money needs the support and cooperation of all like minded citizens of India who would like to see more equitable distribution of the nation&#39;s resources in a new India of tomorrow, based on merit and equal opportunity,&quot; Tata said.

He added that the parallel black money economy in India has fueled tax evasion, money laundering and corruption. &quot;The Prime Minister has displayed enormous courage in waging war on the black market economy in the country through the implementation of a major demonetisation programme,&quot; Tata said.

Earlier this week, the noted industrialist had asked the the government to consider special relief measures, similar to those employed at the time of national calamities, for the poor so as to lessen their hardships of currency crunch following demonetisation of high value notes.&nbsp; 
 
(PTI) 
&nbsp;

Ratan Tata says demonetisation is among the three most important economic reforms along with delicensing and the Goods and Services Tax

After calling for special relief measures for poor hit by demonetisation, industrialist Ratan Tata today termed the move as one of the three most important economic reforms that will help fight black money. Tata, who is locked in a bitter boardroom battle over control of the Tata Group with his successor Cyrus P Mistry, said the government's bold implementation of the demonetisation programme needs the nation's support. "Demonetisation is amongst the three most important economic reforms in India's history, along with delicensing and GST," Tata said in a tweet. The government’s bold implementation of the demonetization programme needs the nation’s support. pic.twitter.com/tx1ZILSor8 — Ratan N. Tata (@RNTata2000) November 26, 2016 × The Prime Minister's recent focus on mobile and digital payments will also greatly facilitate the transition from a cash-driven economy to a cashless economy, which in the ling term will enormously benefit the poor and underprivileged, he added. "The government's firm resolve to fight and eliminate black money needs the support and cooperation of all like minded citizens of India who would like to see more equitable distribution of the nation's resources in a new India of tomorrow, based on merit and equal opportunity," Tata said. He added that the parallel black money economy in India has fueled tax evasion, money laundering and corruption. "The Prime Minister has displayed enormous courage in waging war on the black market economy in the country through the implementation of a major demonetisation programme," Tata said. Earlier this week, the noted industrialist had asked the the government to consider special relief measures, similar to those employed at the time of national calamities, for the poor so as to lessen their hardships of currency crunch following demonetisation of high value notes. (PTI)

Demonetisation among 3 most important economic reforms in India's history: Ratan Tata

The Cockpit pilots&#39; union rejected Lufthansa&#39;s increased pay offer on Friday but suspended the extension of their strike beyond Saturday.

Lufthansa had offered pilots a new deal on wages to end a crippling three-day strike that has led to mass flight cancellations. The airline said it could offer a 2.4-per cent pay rise in 2016, going up by another two per cent to reach 4.4 per cent in 2017.

The pilots demand a pay rise of an average of 3.66 per cent per year, retroactive for the past five years.&nbsp;

More than 315,000 passengers were affected and 2,600 planes planes grounded due to the strike. The pilots had threatened to extend the strike beyond Saturday.

The union did not rule out further action in future however, but said that any strikes would be announced 24 hours in advance, news agency Reuters reported. It also dismissed the airline&#39;s offer as a &quot;public relations move&quot;.

Lufthansa had offered to also hire 1,000 junior pilots and to create up to 600 pilot traineeships over the next five years.

The improved deal was made possible through &quot;savings in other areas&quot; such as retirement provisions, said Bettina Volkens, Lufthansa&#39;s human resources chief, AFP reported.

This is the pilots&#39; 14 strike since 2014.

(With inputs from agencies)

Lufthansa said it could offer a 2.4-per cent pay rise in 2016, going up by another two percent to reach 4.4 per cent in 2017

The Cockpit pilots' union rejected Lufthansa's increased pay offer on Friday but suspended the extension of their strike beyond Saturday. Lufthansa had offered pilots a new deal on wages to end a crippling three-day strike that has led to mass flight cancellations. The airline said it could offer a 2.4-per cent pay rise in 2016, going up by another two per cent to reach 4.4 per cent in 2017. The pilots demand a pay rise of an average of 3.66 per cent per year, retroactive for the past five years. More than 315,000 passengers were affected and 2,600 planes planes grounded due to the strike. The pilots had threatened to extend the strike beyond Saturday. The union did not rule out further action in future however, but said that any strikes would be announced 24 hours in advance, news agency Reuters reported. It also dismissed the airline's offer as a "public relations move". Lufthansa had offered to also hire 1,000 junior pilots and to create up to 600 pilot traineeships over the next five years. The improved deal was made possible through "savings in other areas" such as retirement provisions, said Bettina Volkens, Lufthansa's human resources chief, AFP reported. This is the pilots' 14 strike since 2014. (With inputs from agencies)

Lufthansa pilot strike: Union rejects pay offer, suspends strike beyond Saturday

With exports showing signs of revival, Commerce Minister Nirmala Sitharaman has expressed hope that outbound shipments will see a steady growth in coming months and exceed last year&#39;s figures.

&quot;Many sectors are showing revival including petroleum based. So definitely, I can see a ray of hope that now it is going to be steady,&quot; Sitharaman told PTI in an interview.

When asked whether the export numbers would exceed last year&#39;s level, she said: &quot;Yes, because that (last year) was really dipping every month and now its picking up. In June, there was small growth, but 9.59 per cent in October is not a small figure. I hope we are able to keep that kind of a pace&quot;.

During the April-October period of current fiscal, exports dipped by 0.17 per cent to USD 154.91 billion. In 2015-16, the shipments stood at USD 262.29 billion.

Exporters&#39; body FIEO has said that exports may touch over USD 280 billion this fiscal.

The minister further said that exporters are making best efforts to be competitive in the global markets, ensuring that the currency fluctuations do not affect and also exploring newer markets.

&quot;We are hand holding them,&quot; she added.

Talking about the demand situation in the international markets, Sitharaman said that demand revival probably is &quot;patchy&quot;.

However, some signs of demand revival is there in economies which are giving some kind of impetus, she said adding that with increasing cost of labour in China, people see that India stands out in terms of competitiveness.

&quot;That may not be applicable for all sectors but considerably we are able to stand out even in this depressed demand global environment,&quot; Sitharaman said.

A strong show by engineering, petroleum and gems &amp; jewellery sectors pushed up exports for the second month in October by 9.59 per cent.

Exports of engineering products rose by 13.86 per cent, gems and jewellery by 21.84 per cent, petroleum by 7.24 per cent and chemicals by 6.65 per cent during the month.

From December 2014, exports had fallen for 18 straight months till May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year then entered again into negative zone in July and August.

(PTI)

Exporters' body FIEO has said that exports may touch over USD 280 billion this fiscal

With exports showing signs of revival, Commerce Minister Nirmala Sitharaman has expressed hope that outbound shipments will see a steady growth in coming months and exceed last year's figures. "Many sectors are showing revival including petroleum based. So definitely, I can see a ray of hope that now it is going to be steady," Sitharaman told PTI in an interview. When asked whether the export numbers would exceed last year's level, she said: "Yes, because that (last year) was really dipping every month and now its picking up. In June, there was small growth, but 9.59 per cent in October is not a small figure. I hope we are able to keep that kind of a pace". During the April-October period of current fiscal, exports dipped by 0.17 per cent to USD 154.91 billion. In 2015-16, the shipments stood at USD 262.29 billion. Exporters' body FIEO has said that exports may touch over USD 280 billion this fiscal. The minister further said that exporters are making best efforts to be competitive in the global markets, ensuring that the currency fluctuations do not affect and also exploring newer markets. "We are hand holding them," she added. Talking about the demand situation in the international markets, Sitharaman said that demand revival probably is "patchy". However, some signs of demand revival is there in economies which are giving some kind of impetus, she said adding that with increasing cost of labour in China, people see that India stands out in terms of competitiveness. "That may not be applicable for all sectors but considerably we are able to stand out even in this depressed demand global environment," Sitharaman said. A strong show by engineering, petroleum and gems & jewellery sectors pushed up exports for the second month in October by 9.59 per cent. Exports of engineering products rose by 13.86 per cent, gems and jewellery by 21.84 per cent, petroleum by 7.24 per cent and chemicals by 6.65 per cent during the month. From December 2014, exports had fallen for 18 straight months till May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year then entered again into negative zone in July and August. (PTI)

Exports to see steady growth, exceed last year's figure: India's commerce minister

In sharp escalation of boardroom brawl at India&#39;s largest conglomerate, Cyrus Mistry was today ousted as chairman of Tata Steel, the third Tata Group firm to do so, a move that Mistry-camp slammed as unprecedented erosion of core values.

The 10-member board of Tata Steel by &quot;majority consent&quot; removed Mistry as Chairman and named O P Bhatt, an independent director and former head of State Bank of India, as interim head.

Tata Steel in a regulatory filing said following leadership change at Tata Sons, the holding company of the group from where Mistry was abruptly ousted on October 24, it had received a notice from the principal promoter seeking convening of a shareholder meet to remove him as director of the company.

&quot;In view of the current situation ie the Special Notice and Requisition received from Tata Sons Ltd, the Board of Directors through circular resolutions dated November 25, 2016 passed by majority consent, has decided to replace Mr Cyrus P Mistry as the Chairman of the board with immediate effect,&quot; it said.

Tata Steel is the third group firm to remove Mistry as chairman. First Tata Consultancy Services (TCS) removed him as chairman but that ouster was not through a vote but by virtue of Tata Sons holding a commanding 73.26 per cent stake in the India&#39;s largest software services firm.

Then on November 15, seven out of 10 board members of Tata Global Beverages voted him out.

Slamming the latest move, sources close to Mistry said, &quot;We believe that this unprecedented erosion of core Tata Values, is seriously damaging Brand Tata. Each time one thinks the current standard of corporate governance in Tata Group listed companies under the leadership of the Interim Chairman (Ratan Tata) cannot hit a newer low, one has been belied.&quot;

They claimed a circular resolution for replacing Mistry as chairman was initiated just minutes before a pre-scheduled Board Meeting.

&quot;Those involved are representatives of Tata Sons, those drawing large remuneration from other Tata Trustee-controlled companies, and an &quot;independent&quot; director, who is the wife of a newly-inducted Tata trustee, who is also recently nominated director of Tata Sons,&quot; they claimed without naming anyone. (MORE) PTI RNK ANZ

Besides Bhatt, Tata Steel has Subodh Bhargava, Chairman Emeritus of Eicher Group, Andrew M Robb, Jacobus Schraven, Nusli Nevile Wadia and Mallika Srinivasan as independent directors.

Koushik Chatterjee is CFO and Tata veteran Ishaat Hussain is also on the board. T V Narendran is Managing Director of the company and D K Mehrota is the other non-executive director on the company board.

Mallika is wife of Venu Srinivasan who was inducted as non-executive director on Tata Sons after Ratan Tata was named interim chairman on removal of Mistry.

After returning, Tata is attempting to tighten his reins over the USD 103 billion group as Tata Sons has sought ouster of Mistry as director from group firms.

While the chairman remains in chair at the pleasure of the board members, a director on a company board can only be removed by shareholders.

On its instance, Tata Chemicals, TCS, Indian Hotels Co Ltd, Tata Motors and now Tata Steel have called extraordinary general meetings of shareholder to remove him.

In a separate filing, Tata Steel said its board has convened the EGM on December 21 for removal of Cyrus Mistry and Nusli Wadia as directors of the company.

Tata Sons holds 29.75 per cent stake in Tata Steel.

Tata Steel said its board took note of the leadership changes at Tata Sons and had received a special notice from the promoter and principal shareholder to convene an Extraordinary General Meeting (EGM) for removal of Cyrus Mistry and Nusli Wadia as its directors.

&quot;The board of directors through circular resolutions dated November 25, 2016 passed by majority consent, has decided to replace Cyrus P Mistry as chairman of the board with immediate effect and elected O P Bhatt, an independent director, as the chairman of the board,&quot; it said in a regulatory filing.

The firm said Bhatt has been appointed the chairman &quot;keeping in mind principles of good corporate governance and to provide impartial leadership to the company in its preparation and conduct of the EGM&quot;.

This decision was taken to also ensure stability to the company and in the larger interest of Tata Steel&#39;s stakeholders, including but not limited to employees, trading partners, financial stakeholders and local community around its operations, it added.

(PTI) 
&nbsp;

Tata Steel is the third Tata Group firm to oust Mistry

In sharp escalation of boardroom brawl at India's largest conglomerate, Cyrus Mistry was today ousted as chairman of Tata Steel, the third Tata Group firm to do so, a move that Mistry-camp slammed as unprecedented erosion of core values. The 10-member board of Tata Steel by "majority consent" removed Mistry as Chairman and named O P Bhatt, an independent director and former head of State Bank of India, as interim head. Tata Steel in a regulatory filing said following leadership change at Tata Sons, the holding company of the group from where Mistry was abruptly ousted on October 24, it had received a notice from the principal promoter seeking convening of a shareholder meet to remove him as director of the company. "In view of the current situation ie the Special Notice and Requisition received from Tata Sons Ltd, the Board of Directors through circular resolutions dated November 25, 2016 passed by majority consent, has decided to replace Mr Cyrus P Mistry as the Chairman of the board with immediate effect," it said. Tata Steel is the third group firm to remove Mistry as chairman. First Tata Consultancy Services (TCS) removed him as chairman but that ouster was not through a vote but by virtue of Tata Sons holding a commanding 73.26 per cent stake in the India's largest software services firm. Then on November 15, seven out of 10 board members of Tata Global Beverages voted him out. Slamming the latest move, sources close to Mistry said, "We believe that this unprecedented erosion of core Tata Values, is seriously damaging Brand Tata. Each time one thinks the current standard of corporate governance in Tata Group listed companies under the leadership of the Interim Chairman (Ratan Tata) cannot hit a newer low, one has been belied." They claimed a circular resolution for replacing Mistry as chairman was initiated just minutes before a pre-scheduled Board Meeting. "Those involved are representatives of Tata Sons, those drawing large remuneration from other Tata Trustee-controlled companies, and an "independent" director, who is the wife of a newly-inducted Tata trustee, who is also recently nominated director of Tata Sons," they claimed without naming anyone. (MORE) PTI RNK ANZ Besides Bhatt, Tata Steel has Subodh Bhargava, Chairman Emeritus of Eicher Group, Andrew M Robb, Jacobus Schraven, Nusli Nevile Wadia and Mallika Srinivasan as independent directors. Koushik Chatterjee is CFO and Tata veteran Ishaat Hussain is also on the board. T V Narendran is Managing Director of the company and D K Mehrota is the other non-executive director on the company board. Mallika is wife of Venu Srinivasan who was inducted as non-executive director on Tata Sons after Ratan Tata was named interim chairman on removal of Mistry. After returning, Tata is attempting to tighten his reins over the USD 103 billion group as Tata Sons has sought ouster of Mistry as director from group firms. While the chairman remains in chair at the pleasure of the board members, a director on a company board can only be removed by shareholders. On its instance, Tata Chemicals, TCS, Indian Hotels Co Ltd, Tata Motors and now Tata Steel have called extraordinary general meetings of shareholder to remove him. In a separate filing, Tata Steel said its board has convened the EGM on December 21 for removal of Cyrus Mistry and Nusli Wadia as directors of the company. Tata Sons holds 29.75 per cent stake in Tata Steel. Tata Steel said its board took note of the leadership changes at Tata Sons and had received a special notice from the promoter and principal shareholder to convene an Extraordinary General Meeting (EGM) for removal of Cyrus Mistry and Nusli Wadia as its directors. "The board of directors through circular resolutions dated November 25, 2016 passed by majority consent, has decided to replace Cyrus P Mistry as chairman of the board with immediate effect and elected O P Bhatt, an independent director, as the chairman of the board," it said in a regulatory filing. The firm said Bhatt has been appointed the chairman "keeping in mind principles of good corporate governance and to provide impartial leadership to the company in its preparation and conduct of the EGM". This decision was taken to also ensure stability to the company and in the larger interest of Tata Steel's stakeholders, including but not limited to employees, trading partners, financial stakeholders and local community around its operations, it added. (PTI)

India: Tata Steel removes Cyrus Mistry as chairman, O P Bhatt takes charge

The Indian Rupee is clocking in lows against the US Dollar. Just yesterday we saw a sharp 9 month low set in. Today the Rupee hit a record low of 68.86 to the Dollar.

Wion Wallet: Rupee clocking in lows against US Dollar

The rupee today collapsed to a fresh life-time low of 68.86 against the dollar by crashing 30 paise amid sustained foreign capital outflows with investors being inclined towards US dollar hoping protectionist measures by President-elect Donald Trump.

Investors also remained cautious weighing the impact of government&#39;s demonetisation move. Surging US bond yields have also contributed to the rupee&#39;s fall.

Moreover, the US currency was trading at multi-year highs against its major rivals in overseas markets.

The rupee had hit its all-time intra-day low of 68.85 and closed at 68.80 on August 28, 2013.

Expectations that Trump will adopt an expansionary fiscal measures -- which will drive inflation higher and lead to higher US interest rates -- are behind surging US yields that have attracted investors towards the dollar.

Consistent dollar demand from importers mainly kept the rupee under pressure.

At the interbank foreign exchange market, the rupee opened lower at 68.76 a dollar against 68.56 previously and and dropped to an all-time intra-day new low of 68.86 in the afternoon trade.

The Indian currency has shrunk 2.92 per cent since Donald Trump&#39;s victory in the US Presidential polls earlier this month. 
&nbsp;

Sentiment was mainly hit by the dollar surging to multi-year highs against a basket of major global currencies on better prospects for hike in US interest rates, banks forex dealers said.

The benchmark BSE Sensex was down by 193.42 points, or 0.74 per cent, at 25,858.39 in afternoon trade.

(PTI)

The rupee had hit its all-time intra-day low of 68.85 and closed at 68.80 on August 28, 2013

The rupee today collapsed to a fresh life-time low of 68.86 against the dollar by crashing 30 paise amid sustained foreign capital outflows with investors being inclined towards US dollar hoping protectionist measures by President-elect Donald Trump. Investors also remained cautious weighing the impact of government's demonetisation move. Surging US bond yields have also contributed to the rupee's fall. Moreover, the US currency was trading at multi-year highs against its major rivals in overseas markets. The rupee had hit its all-time intra-day low of 68.85 and closed at 68.80 on August 28, 2013. Expectations that Trump will adopt an expansionary fiscal measures -- which will drive inflation higher and lead to higher US interest rates -- are behind surging US yields that have attracted investors towards the dollar. Consistent dollar demand from importers mainly kept the rupee under pressure. At the interbank foreign exchange market, the rupee opened lower at 68.76 a dollar against 68.56 previously and and dropped to an all-time intra-day new low of 68.86 in the afternoon trade. The Indian currency has shrunk 2.92 per cent since Donald Trump's victory in the US Presidential polls earlier this month. Sentiment was mainly hit by the dollar surging to multi-year highs against a basket of major global currencies on better prospects for hike in US interest rates, banks forex dealers said. The benchmark BSE Sensex was down by 193.42 points, or 0.74 per cent, at 25,858.39 in afternoon trade. (PTI)

Rupee hits new record low of 68.86, plunges 30 paise

Thyssenkrupp has personal assurances from the new management of Tata that the Indian conglomerate is still interested in merging its European steel business with that of the German group, Thyssenkrupp&#39;s chief executive said.

Tata Sons this month put in place a new management team for the $100 billion steel-to-software group, days after its board ousted Chairman Cyrus Mistry and disbanded his advisory council, triggering a public spat between him and patriarch Ratan Tata.

&quot;The new management has told us personally it still sees the rationale,&quot; Heinrich Hiesinger told a news conference after Thyssenkrupp reported 2015/16 results on Thursday.

Thyssenkrupp and Tata Steel had been in talks to merge their European steel units - which include assets in Britain, Germany and the Netherlands - but the negotiations were disrupted by Britain&#39;s vote to leave the European Union and then thrown into question by the management turmoil at Tata.

(Reuters)

Thyssenkrupp and Tata Steel had been in talks to merge their European steel units but the negotiations were disrupted by Brexit

Thyssenkrupp has personal assurances from the new management of Tata that the Indian conglomerate is still interested in merging its European steel business with that of the German group, Thyssenkrupp's chief executive said. Tata Sons this month put in place a new management team for the $100 billion steel-to-software group, days after its board ousted Chairman Cyrus Mistry and disbanded his advisory council, triggering a public spat between him and patriarch Ratan Tata. "The new management has told us personally it still sees the rationale," Heinrich Hiesinger told a news conference after Thyssenkrupp reported 2015/16 results on Thursday. Thyssenkrupp and Tata Steel had been in talks to merge their European steel units - which include assets in Britain, Germany and the Netherlands - but the negotiations were disrupted by Britain's vote to leave the European Union and then thrown into question by the management turmoil at Tata. (Reuters)

Thyssenkrupp CEO says new Tata management still wants steel deal

India&#39;s market regulator on Wednesday relaxed rules for so-called angel funds in a bid to boost more investments into the country&#39;s start-ups, in what has been a key initiative under Chairman UK Sinha.

The Securities and Exchange Board of India (SEBI) raised the total number of angel investors allowed to invest in a scheme to 200 from 49 and reduced the minimum investment amount to 2.5 million rupees ($36,411.04) from 5 million rupees.

Angel investors will be allowed to invest up to 25 per cent of their funds in overseas start-ups, SEBI said in a statement after a board meeting on Wednesday.

The regulator allowed angel funds to invest in start-ups that were incorporated five years before the date of investment, compared with the previous limit of three years, and cut the lock-in period to one year from three years.

Under Sinha, SEBI has taken steps to promote start-ups, including an initiative to create a separate listing market that has so far failed to gain much traction.

SEBI also said listed companies owned by private equity (PE) firms have to seek shareholder approval before entering into performance-based compensation agreements with executives.

The final rules were broadly unchanged from draft guidelines issued in September, when SEBI had expressed concerns about potential corporate governance issues at listed companies owned by PE funds.

SEBI allowed foreign portfolio investors to invest in unlisted debt securities and securitised debt instruments as part of efforts to attract more flows into debt markets, in line with a recent announcement the country&#39;s central bank.

(Reuters)

SEBI raised the total number of angel investors allowed to invest in a scheme from from 49 to 200

India's market regulator on Wednesday relaxed rules for so-called angel funds in a bid to boost more investments into the country's start-ups, in what has been a key initiative under Chairman UK Sinha. The Securities and Exchange Board of India (SEBI) raised the total number of angel investors allowed to invest in a scheme to 200 from 49 and reduced the minimum investment amount to 2.5 million rupees ($36,411.04) from 5 million rupees. Angel investors will be allowed to invest up to 25 per cent of their funds in overseas start-ups, SEBI said in a statement after a board meeting on Wednesday. The regulator allowed angel funds to invest in start-ups that were incorporated five years before the date of investment, compared with the previous limit of three years, and cut the lock-in period to one year from three years. Under Sinha, SEBI has taken steps to promote start-ups, including an initiative to create a separate listing market that has so far failed to gain much traction. SEBI also said listed companies owned by private equity (PE) firms have to seek shareholder approval before entering into performance-based compensation agreements with executives. The final rules were broadly unchanged from draft guidelines issued in September, when SEBI had expressed concerns about potential corporate governance issues at listed companies owned by PE funds. SEBI allowed foreign portfolio investors to invest in unlisted debt securities and securitised debt instruments as part of efforts to attract more flows into debt markets, in line with a recent announcement the country's central bank. (Reuters)

India's market regulator eases norms for angel investors to boost start-ups

At least 912 flights under the German&nbsp;Lufthansa carrier are going to be cancelled on Thursday, grounding 115,000 more passengers, as the pilots extended their strike by a day more.

On Wednesday, 900 flights had already been scrapped affecting 100,000 passengers. The decision was made following a walkout by pilots over pay and working conditions.

The pilots demand a pay rise of an average of 3.66 per cent per year,&nbsp;retroactive for the past five years.

Their union says pilots have endured a wage freeze over that time and suffered a &quot;significant loss of purchasing power&quot; due to inflation, while Lufthansa has made billions in profits, news agency AFP reported.

The airline encouraged the Cockpit union to try to solve the problem rather than escalate the issue.

&quot;Cockpit`s demand for a pay rise... goes far above what other groups of employees have received. It is incomprehensible why the union is seeking the highest salary increase for the best paid group of employees,&quot; said Bettina Volkens, Lufthansa&#39;s human resources chief, AFP reported.

Sixty more flights were cancelled in a separate walkout by cabin crew at Lufthansa&#39;s low-cost airline Eurowings on Tuesday.

This week&#39;s two-day strike is the 14th by pilots&#39; union Cockpit since April 2014, AFP said.

The strike has had no effect on Lufthansa group`s other airlines - Germanwings, Swiss, Austrian Airlines, Air Dolomiti and Brussels Airlines.

(With inputs from AFP)

The pilots demand a pay rise of an average of 3.66 per cent per year,?retroactive for the past five years

At least 912 flights under the German Lufthansa carrier are going to be cancelled on Thursday, grounding 115,000 more passengers, as the pilots extended their strike by a day more. On Wednesday, 900 flights had already been scrapped affecting 100,000 passengers. The decision was made following a walkout by pilots over pay and working conditions. The pilots demand a pay rise of an average of 3.66 per cent per year, retroactive for the past five years. Their union says pilots have endured a wage freeze over that time and suffered a "significant loss of purchasing power" due to inflation, while Lufthansa has made billions in profits, news agency AFP reported. The airline encouraged the Cockpit union to try to solve the problem rather than escalate the issue. "Cockpit`s demand for a pay rise... goes far above what other groups of employees have received. It is incomprehensible why the union is seeking the highest salary increase for the best paid group of employees," said Bettina Volkens, Lufthansa's human resources chief, AFP reported. Sixty more flights were cancelled in a separate walkout by cabin crew at Lufthansa's low-cost airline Eurowings on Tuesday. This week's two-day strike is the 14th by pilots' union Cockpit since April 2014, AFP said. The strike has had no effect on Lufthansa group`s other airlines - Germanwings, Swiss, Austrian Airlines, Air Dolomiti and Brussels Airlines. (With inputs from AFP)

Lufthansa scraps 900 flights Thursday as pilots extend strike

South Korean prosecutors on Wednesday (November 23) raided the offices of Samsung Group, Yonhap news agency reported, over its alleged link with Choi Soon-sil, President Park Geun-hye&#39;s confidant who has been indicted in an influence-peddling scandal.

Prosecutors also raided the country&#39;s largest pension fund, National Pension Service (NPS), an NPS spokeswoman said. Yonhap reported that investigators were probing its decision to approve the $8 billion merger of Samsung C&amp;T Corp and Cheil Industries last year.

A Samsung Group spokeswoman confirmed prosecution officials had visited the group&#39;s headquarters, but she could not provide further details. The NPS spokeswoman said the raids took place in the city of Jeonju, where the pension fund&#39;s headquarters are located, and in Seoul, but she declined to give details.

Prosecutors in Seoul could not be immediately reached for comment.

Park and Choi are under investigation for allegedly improperly pressuring major conglomerates including the Samsung Group, South Korea&#39;s largest family-run conglomerate, to raise funds for foundations that backed Park&#39;s policy of promoting the cultural and sports communities.

Choi and former presidential aide An Chong-bum were indicted on Sunday and charged with abuse of power, in a major blow to the president&#39;s fight for political survival.

NPS had stakes in both firms and its backing was seen as crucial to the success of the merger.

It has defended its decision in the face of criticism that the deal helped the Samsung Group owner family to cement control of the merged firm at the expense of other shareholders.

(Reuters)

The multinational company was raided for suspected link with Choi Soon-sil, President Park Geun-hye's longtime confidant

South Korean prosecutors on Wednesday (November 23) raided the offices of Samsung Group, Yonhap news agency reported, over its alleged link with Choi Soon-sil, President Park Geun-hye's confidant who has been indicted in an influence-peddling scandal. Prosecutors also raided the country's largest pension fund, National Pension Service (NPS), an NPS spokeswoman said. Yonhap reported that investigators were probing its decision to approve the $8 billion merger of Samsung C&T Corp and Cheil Industries last year. A Samsung Group spokeswoman confirmed prosecution officials had visited the group's headquarters, but she could not provide further details. The NPS spokeswoman said the raids took place in the city of Jeonju, where the pension fund's headquarters are located, and in Seoul, but she declined to give details. Prosecutors in Seoul could not be immediately reached for comment. Park and Choi are under investigation for allegedly improperly pressuring major conglomerates including the Samsung Group, South Korea's largest family-run conglomerate, to raise funds for foundations that backed Park's policy of promoting the cultural and sports communities. Choi and former presidential aide An Chong-bum were indicted on Sunday and charged with abuse of power, in a major blow to the president's fight for political survival. NPS had stakes in both firms and its backing was seen as crucial to the success of the merger. It has defended its decision in the face of criticism that the deal helped the Samsung Group owner family to cement control of the merged firm at the expense of other shareholders. (Reuters)

South Korea: Prosecutors raid Samsung offices

Pottermore, JK Rowling&#39;s digital publishing company, expects to turn a profit in its current fiscal year, buoyed by rising sales of audio books and new ebooks that build on the nearly 20-year-old Harry Potter franchise, the company said on Tuesday.

Launched as a fan community site in 2012, Pottermore has evolved from a self-publishing site for one of the world&#39;s most popular authors into a firm that sells increasing volumes of ebooks and audio books via partnerships with online retailers.

Recognising the pitfalls of a purely go-it-alone, direct-to-fans approach, Pottermore revamped its strategy in 2015 to also sell through Amazon.com, Apple, Amazon&#39;s audio book unit Audible, Barnes &amp; Noble, Google and Rakuten-owned ebook publisher Kobo.

&quot;If ebooks can work for anyone, they are going to work for Harry Potter&quot;, said Joseph Evans, a technology analyst for media market research firm Enders Analysis. But he noted how a push by News Corp-owned publisher HarperCollins to create ebook destination sites for other top authors has failed to take off.

For the fiscal year ended in March 2016, Pottermore&#39;s revenue more than doubled year on year to 15.1 million pounds ($19 million). It narrowed its pretax loss to 4.9 million pounds from 6.0 million in fiscal 2015.

The company has been investing in revamping the site, publishing new digital editions of the original seven Harry Potter titles and ebook shorts by Rowling that delve into the stories, characters and settings imagined in the Potter realm.

&ldquo;The new strategic plan is not only driving increased revenue but is also putting us on the path to profitability for our financial year ending in March 2017,&rdquo; Pottermore Chief Executive Susan Jurevics said.

Pottermore is dwarfed by the broader Potter franchise of books, video games, films and related products, which is estimated to have generated as much as $15 billion in sales over nearly two decades.

Last week, Pottermore.com published Rowling&#39;s screenplay for the feature film &quot;Fantastic Beasts and Where to Find Them&quot;, the weekend&#39;s top box office draw, which took in $75 million for film studio Warner Bros. Pictures in its first three days.

Fantastic Beasts depicts a struggle between North American wizards and non-magical humans in New York in 1926, 70 years before the adventures of Harry Potter, and is the first in a planned five-part film series set to be released into the next decade.

&quot;There is huge interest in the Wizarding world,&quot; Jurevics said in an interview. &quot;This is a phenomenally evergreen publishing property with a long future roadmap.&quot;

The original Harry Potter series of seven books, published between 1997 and 2007, has sold more than 450 million copies worldwide.

In addition to her royalties from books and films, Rowling has retained ebook and audio book publishing rights to the Harry Potter books, which she sells through Pottermore.com.

Beyond the ecommerce offerings, much of the interactive content on the Pottermore site remains free to users, including new works and previously unpublished writing by Rowling, not to mention spells to charm and stupefy your friends.

Pottermore said results for the current 2017 fiscal year will also be boosted by the publication in July of an ebook version of the two-part play &quot;Harry Potter and the Cursed Child&quot;.

For the fiscal year ended in March 2016, Pottermore's revenue more than doubled year on year to 15.1 million pounds

Pottermore, JK Rowling's digital publishing company, expects to turn a profit in its current fiscal year, buoyed by rising sales of audio books and new ebooks that build on the nearly 20-year-old Harry Potter franchise, the company said on Tuesday. Launched as a fan community site in 2012, Pottermore has evolved from a self-publishing site for one of the world's most popular authors into a firm that sells increasing volumes of ebooks and audio books via partnerships with online retailers. Recognising the pitfalls of a purely go-it-alone, direct-to-fans approach, Pottermore revamped its strategy in 2015 to also sell through Amazon.com, Apple, Amazon's audio book unit Audible, Barnes & Noble, Google and Rakuten-owned ebook publisher Kobo. "If ebooks can work for anyone, they are going to work for Harry Potter", said Joseph Evans, a technology analyst for media market research firm Enders Analysis. But he noted how a push by News Corp-owned publisher HarperCollins to create ebook destination sites for other top authors has failed to take off. For the fiscal year ended in March 2016, Pottermore's revenue more than doubled year on year to 15.1 million pounds ($19 million). It narrowed its pretax loss to 4.9 million pounds from 6.0 million in fiscal 2015. The company has been investing in revamping the site, publishing new digital editions of the original seven Harry Potter titles and ebook shorts by Rowling that delve into the stories, characters and settings imagined in the Potter realm. “The new strategic plan is not only driving increased revenue but is also putting us on the path to profitability for our financial year ending in March 2017,” Pottermore Chief Executive Susan Jurevics said. Pottermore is dwarfed by the broader Potter franchise of books, video games, films and related products, which is estimated to have generated as much as $15 billion in sales over nearly two decades. Last week, Pottermore.com published Rowling's screenplay for the feature film "Fantastic Beasts and Where to Find Them", the weekend's top box office draw, which took in $75 million for film studio Warner Bros. Pictures in its first three days. Fantastic Beasts depicts a struggle between North American wizards and non-magical humans in New York in 1926, 70 years before the adventures of Harry Potter, and is the first in a planned five-part film series set to be released into the next decade. "There is huge interest in the Wizarding world," Jurevics said in an interview. "This is a phenomenally evergreen publishing property with a long future roadmap." The original Harry Potter series of seven books, published between 1997 and 2007, has sold more than 450 million copies worldwide. In addition to her royalties from books and films, Rowling has retained ebook and audio book publishing rights to the Harry Potter books, which she sells through Pottermore.com. Beyond the ecommerce offerings, much of the interactive content on the Pottermore site remains free to users, including new works and previously unpublished writing by Rowling, not to mention spells to charm and stupefy your friends. Pottermore said results for the current 2017 fiscal year will also be boosted by the publication in July of an ebook version of the two-part play "Harry Potter and the Cursed Child".

JK Rowling's Pottermore doubles profits in 2015-16

The&nbsp;Reserve Bank of India (RBI) may cut repo and reverse repo rate owing to the rise in new&nbsp;deposits with the banks at the back&nbsp;of demonetisation.&nbsp;

While the central bank could cut its repo rate, the rate at which RBI&nbsp;lends to banks; there could also be a cut in the&nbsp;reverse repo rate&nbsp;as the banks are most likely to park their additional liquidity with the RBI.

In the reverse repo, banks park their excess funds with the RBI in exchange for government bonds. The reverse repo rate is the interest&nbsp;rate that the banks earn from the RBI on these funds.

Deflationary pressures&nbsp;could cloud the economy in the short term; the effects of which can be disruptive for the economy. With that in mind, the monetary policy committe may cut the&nbsp;repo and reverse repo rate&nbsp;at its December 6th meeting.

Various data records show that banks have received deposits of around 5.12 trillion rupees between November 10 and 18.

The &nbsp;current repo rate stands at 6.25 per cent as on October 4, down 25 basis points while the reverse repo rate currently stands at 5.75 per cent.

 
(WION)

 
&nbsp;

The near-term deflation could cloud the economy in the short term; the effects of which can be disruptive for the economy

The Reserve Bank of India (RBI) may cut repo and reverse repo rate owing to the rise in new deposits with the banks at the back of demonetisation. While the central bank could cut its repo rate, the rate at which RBI lends to banks; there could also be a cut in the reverse repo rate as the banks are most likely to park their additional liquidity with the RBI. In the reverse repo, banks park their excess funds with the RBI in exchange for government bonds. The reverse repo rate is the interest rate that the banks earn from the RBI on these funds. Deflationary pressures could cloud the economy in the short term; the effects of which can be disruptive for the economy. With that in mind, the monetary policy committe may cut the repo and reverse repo rate at its December 6th meeting. Various data records show that banks have received deposits of around 5.12 trillion rupees between November 10 and 18. The current repo rate stands at 6.25 per cent as on October 4, down 25 basis points while the reverse repo rate currently stands at 5.75 per cent. (WION)

Demonetisation: Reserve Bank of India may cut repo rates due to new?deposits with banks

Here are a few facts to bear in mind before you head to a bank or an ATM machine to withdraw or exchange your money. Saurabh Goenka reports

Demonetisation: A ready reckoner

Further relaxing cash withdrawal norms, the Reserve Bank of India has said that overdraft and cash credit account holders can now withdraw up to Rs 50,000 in a week.

Earlier, current account holders were allowed to withdraw up to Rs 50,000 in cash, in a week.&nbsp;

&quot;On a review, it has been decided to extend this facility to overdraft and cash credit accounts also,&quot; the central bank said.&nbsp;

Accordingly, holders of current/overdraft/cash credit accounts, which are operational for the last three months or more, may now withdraw up to Rs 50,000 in cash, in a week.&nbsp;

However, this enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts.&nbsp;

The Reserve Bank further said the Rs 50,000 withdrawals may be disbursed predominantly in Rs 2,000 denomination bank notes.

Government has taken several decisions to ease withdrawal restrictions for farmers, small traders, Group &#39;C&#39; employees of Central Government including equivalent levels in the defence and paramilitary forces, railways and CPSEs in the aftermath of the cancellation of the legal tender character of the old Rs 500 and Rs 1,000 notes.

(PTI)

Earlier, current account holders were allowed to withdraw up to Rs 50,000 in cash, in a week

Further relaxing cash withdrawal norms, the Reserve Bank of India has said that overdraft and cash credit account holders can now withdraw up to Rs 50,000 in a week. Earlier, current account holders were allowed to withdraw up to Rs 50,000 in cash, in a week. "On a review, it has been decided to extend this facility to overdraft and cash credit accounts also," the central bank said. Accordingly, holders of current/overdraft/cash credit accounts, which are operational for the last three months or more, may now withdraw up to Rs 50,000 in cash, in a week. However, this enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts. The Reserve Bank further said the Rs 50,000 withdrawals may be disbursed predominantly in Rs 2,000 denomination bank notes. Government has taken several decisions to ease withdrawal restrictions for farmers, small traders, Group 'C' employees of Central Government including equivalent levels in the defence and paramilitary forces, railways and CPSEs in the aftermath of the cancellation of the legal tender character of the old Rs 500 and Rs 1,000 notes. (PTI)

Reserve Bank of India allows Rs 50,000 a week withdrawal from overdraft accounts

National capital&#39;s upscale Khan Market has slipped two positions to the world&#39;s 28th most expensive retail location, even as it continues to be the costliest place to hire a shop in the country, says Cushman &amp; Wakefield.

Monthly rentals at Khan market stood at Rs 1250 per sq ft annually.

&quot;New Delhi&#39;s Khan Market has moved down 2 spots on its global retail ranking to become the world&#39;s 28th most expensive retail location globally,&quot; real estate consultant Cushman &amp; Wakefield said in a statement.

&quot;Back home in India, Khan Market continues to be the most expensive retail location with rentals of INR 1,250/sq ft/ year,&quot; it added.

New York&#39;s Upper 5th Avenue continued to remain the world&#39;s most expensive retail location, narrowly ahead of Hong Kong&#39;s Causeway Bay.

Paris&#39; The Avenue des Champs-&Eacute;lys&eacute;es, London&#39;s New Bond Street and Tokyo&#39;s Ginza were at third, fourth and fifth positions, according to Cushman &amp; Wakefield&#39;s annual report &#39;Main Streets Across the world&#39; that tracks 462 of the top retail locations around the globe, ranking them by their prime rental value.

&quot;Despite witnessing stable rental values, Khan Market&#39;s position slipped two places, due to marginal increases in rentals of other countries,&quot; the consultant said.

The micro market has been the most expensive market in India for more than five years as demand for retail space has remained steady on account of its location and current occupier profile.

The area, which is centrally located within the city of New Delhi, is flanked on all sides by high-end residential catchment areas.

Within Asia Pacific too, Khan Market slipped down by a rank to be the 15th most expensive location, as Vietnam&#39;s Ho Chi Minh City overtook Khan Market&#39;s rentals this year.

In India, the three most expensive retail micro-markets are located in Delhi-NCR. Khan Market and Connaught Place in New Delhi demand the highest rentals of Rs 1,250 a sq ft per year and Rs 850 per sq ft a year respectively. These are followed by DLF Galleria in Gurgaon, which emerged as the 3rd most expensive location.

C&amp;W MD India Anshul Jain said: &quot;India&#39;s retail real estate is going through rapid changes with consumer behaviour evolving faster than the sector can adapt to. The game changing phenomenon has been the rapid forward movement by e-commerce, which is challenging the existing brick and mortar format.&quot;

&quot;Having said that, main streets have not seen a significant erosion in attractiveness. These continue to see interest from retailers, albeit most locations have no vacancy, which keeps the rentals status of these locations stable,&quot; he added.

Jain said however that very few new locations have been added to the retail geography of India in the last few years, owing to the cautious outlook by retailers.&nbsp;

(PTI)

New York's Upper 5th Avenue continued to remain the world's most expensive retail location, a real estate consultant said

National capital's upscale Khan Market has slipped two positions to the world's 28th most expensive retail location, even as it continues to be the costliest place to hire a shop in the country, says Cushman & Wakefield. Monthly rentals at Khan market stood at Rs 1250 per sq ft annually. "New Delhi's Khan Market has moved down 2 spots on its global retail ranking to become the world's 28th most expensive retail location globally," real estate consultant Cushman & Wakefield said in a statement. "Back home in India, Khan Market continues to be the most expensive retail location with rentals of INR 1,250/sq ft/ year," it added. New York's Upper 5th Avenue continued to remain the world's most expensive retail location, narrowly ahead of Hong Kong's Causeway Bay. Paris' The Avenue des Champs-Élysées, London's New Bond Street and Tokyo's Ginza were at third, fourth and fifth positions, according to Cushman & Wakefield's annual report 'Main Streets Across the world' that tracks 462 of the top retail locations around the globe, ranking them by their prime rental value. "Despite witnessing stable rental values, Khan Market's position slipped two places, due to marginal increases in rentals of other countries," the consultant said. The micro market has been the most expensive market in India for more than five years as demand for retail space has remained steady on account of its location and current occupier profile. The area, which is centrally located within the city of New Delhi, is flanked on all sides by high-end residential catchment areas. Within Asia Pacific too, Khan Market slipped down by a rank to be the 15th most expensive location, as Vietnam's Ho Chi Minh City overtook Khan Market's rentals this year. In India, the three most expensive retail micro-markets are located in Delhi-NCR. Khan Market and Connaught Place in New Delhi demand the highest rentals of Rs 1,250 a sq ft per year and Rs 850 per sq ft a year respectively. These are followed by DLF Galleria in Gurgaon, which emerged as the 3rd most expensive location. C&W MD India Anshul Jain said: "India's retail real estate is going through rapid changes with consumer behaviour evolving faster than the sector can adapt to. The game changing phenomenon has been the rapid forward movement by e-commerce, which is challenging the existing brick and mortar format." "Having said that, main streets have not seen a significant erosion in attractiveness. These continue to see interest from retailers, albeit most locations have no vacancy, which keeps the rentals status of these locations stable," he added. Jain said however that very few new locations have been added to the retail geography of India in the last few years, owing to the cautious outlook by retailers. (PTI)

'India's Khan Market is world's 28th most expensive retail location'

Ratan Tata&#39;s decision to acquire steelmaker Corus for more than $12 billion, when a year earlier it was available at half the price, went against the reservations of some board members and senior executives, Cyrus Mistry said on Tuesday.

Mistry, who was last month ousted as chairman of Tata Sons, the holding firm for the $100 billion steel-to-software Tata empire, said in a statement that this decision made it harder to invest in the acquired assets and placed jobs at risk.

In the statement Mistry also defended his involvement in growing the revenues and profits at two key group companies, Tata Consultancy Services and Tata Motors, that make up the bulk of Tata&#39;s $100 billion revenues. 
 
(Reuters)

Cyrus Mistry said Ratan Tata's decision made it harder to invest in the acquired assets and placed jobs at risk

Ratan Tata's decision to acquire steelmaker Corus for more than $12 billion, when a year earlier it was available at half the price, went against the reservations of some board members and senior executives, Cyrus Mistry said on Tuesday. Mistry, who was last month ousted as chairman of Tata Sons, the holding firm for the $100 billion steel-to-software Tata empire, said in a statement that this decision made it harder to invest in the acquired assets and placed jobs at risk. In the statement Mistry also defended his involvement in growing the revenues and profits at two key group companies, Tata Consultancy Services and Tata Motors, that make up the bulk of Tata's $100 billion revenues. (Reuters)

Cyrus Mistry says Ratan Tata's $12 bn Corus purchase made despite board's reservations

India will start getting financial information of accounts held by Indians in Swiss banks on automatic basis from September 2019, a move that will help fight the menace of black money stashed abroad.

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra and Deputy Chief of Mission of Swiss Embassy in India, Gilles Roduit, today signed the &#39;Joint Declaration&#39; for the implementation of Automatic Exchange of Information (AEOI) between the two nations.

&quot;As a result, it will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis,&quot; the Finance Ministry said in a statement.

It further said that fighting the menace of black money stashed in offshore accounts has been a key priority area for this government.

The &#39;Joint Declaration&#39; will further the goal of dealing with black money stashed in foreign accounts.

On June 6, Prime Minister Narendra Modi had met Swiss President Johann Schneider-Ammann at Geneva and discussed the need for expeditious exchange of information for combating tax evasion together with an early start to negotiations on the Agreement for Automatic Exchange of Information.

As a follow up, Revenue Secretary Hasmukh Adhia and Switzerland&#39;s State Secretary for International Financial Matters Jacques de Watteville met on June 15 and agreed to move towards an early agreement for the implementation of AEOI between the two countries.

Following the government&#39;s demonetisation of high value currency notes earlier this month as a crack down on domestic black money, some opposition parties have been demanding that the government take action to bring back the unaccounted Indian money stashed abroad, particularly in Swiss banks. 
 
(PTI)

India will receive financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years

India will start getting financial information of accounts held by Indians in Swiss banks on automatic basis from September 2019, a move that will help fight the menace of black money stashed abroad. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra and Deputy Chief of Mission of Swiss Embassy in India, Gilles Roduit, today signed the 'Joint Declaration' for the implementation of Automatic Exchange of Information (AEOI) between the two nations. "As a result, it will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis," the Finance Ministry said in a statement. It further said that fighting the menace of black money stashed in offshore accounts has been a key priority area for this government. The 'Joint Declaration' will further the goal of dealing with black money stashed in foreign accounts. On June 6, Prime Minister Narendra Modi had met Swiss President Johann Schneider-Ammann at Geneva and discussed the need for expeditious exchange of information for combating tax evasion together with an early start to negotiations on the Agreement for Automatic Exchange of Information. As a follow up, Revenue Secretary Hasmukh Adhia and Switzerland's State Secretary for International Financial Matters Jacques de Watteville met on June 15 and agreed to move towards an early agreement for the implementation of AEOI between the two countries. Following the government's demonetisation of high value currency notes earlier this month as a crack down on domestic black money, some opposition parties have been demanding that the government take action to bring back the unaccounted Indian money stashed abroad, particularly in Swiss banks. (PTI)

Swiss banks to provide information on Indian account holders from 2019

The Reserve Bank of India (RBI) has proposed opening of &quot;Islamic window&quot; in conventional banks for &quot;gradual&quot; introduction of Sharia-compliant or interest-free banking in the country.

Both the Centre and RBI are exploring the possibility of introduction of Islamic banking for long to ensure financial inclusion of those sections of the society that remain excluded due to religious reasons.

&quot;In our considered opinion, given the complexities of Islamic finance and various regulatory and supervisory challenges involved in the matter and also due to the fact that Indian banks have no experience in this field, Islamic banking may be introduced in India in a gradual manner.

&quot;Initially, a few simple products which are similar to conventional banking products may be considered for introduction through Islamic window of the conventional banks after necessary notification by the government.

&quot;Introduction of full-fledged Islamic banking with profit-loss sharing complex products may be considered at a later stage on the basis of experience gained in course of time,&quot; the RBI has told Finance Ministry in a letter, a copy of which was received in response to an RTI query filed by PTI.

Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam.

&quot;It is also our understanding that interest-free banking for financial inclusion will require a proper process of the product being certified as Sharia compliant will be required both on the asset and liability side and the funds received under the interest-free banking could not be mingled with other funds and therefore, this banking will have to be conducted under a separate window,&quot; it said.

The central bank&#39;s proposal is based on examination of legal, technical and regulatory issues regarding feasibility of introducing Islamic banking in India on the basis of recommendation of the Inter Departmental Group (IDG).

RBI has also prepared a technical analysis report which has been sent to the Finance Ministry.

&quot;In case it is decided to introduce Islamic banking product in India as suggested, RBI would require to undertake further work to put in place the operational and regulatory framework to facilitate introduction of such products by banks in India,&quot; the letter said.

(PTI)

Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam

The Reserve Bank of India (RBI) has proposed opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country. Both the Centre and RBI are exploring the possibility of introduction of Islamic banking for long to ensure financial inclusion of those sections of the society that remain excluded due to religious reasons. "In our considered opinion, given the complexities of Islamic finance and various regulatory and supervisory challenges involved in the matter and also due to the fact that Indian banks have no experience in this field, Islamic banking may be introduced in India in a gradual manner. "Initially, a few simple products which are similar to conventional banking products may be considered for introduction through Islamic window of the conventional banks after necessary notification by the government. "Introduction of full-fledged Islamic banking with profit-loss sharing complex products may be considered at a later stage on the basis of experience gained in course of time," the RBI has told Finance Ministry in a letter, a copy of which was received in response to an RTI query filed by PTI. Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. "It is also our understanding that interest-free banking for financial inclusion will require a proper process of the product being certified as Sharia compliant will be required both on the asset and liability side and the funds received under the interest-free banking could not be mingled with other funds and therefore, this banking will have to be conducted under a separate window," it said. The central bank's proposal is based on examination of legal, technical and regulatory issues regarding feasibility of introducing Islamic banking in India on the basis of recommendation of the Inter Departmental Group (IDG). RBI has also prepared a technical analysis report which has been sent to the Finance Ministry. "In case it is decided to introduce Islamic banking product in India as suggested, RBI would require to undertake further work to put in place the operational and regulatory framework to facilitate introduction of such products by banks in India," the letter said. (PTI)

Sharia banking: Reserve Bank of India proposes 'Islamic window' in banks

The Reserve Bank of India on Monday relaxed rules for classifying bad loans for small borrowers saying they may need more time to repay their loan dues after the government withdrew higher-value banknotes of Rs 500 and Rs 1000.

Banks and other financiers will get an additional 60 days for recognising certain loans of up to 10 million rupees ($146,800) as substandard, the RBI said in a notification.

The above relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less, PTI reported.

Term loans, whether business or personal, secured or otherwise, the original sanctioned amount of Rs 1 crore or less, on the books of any bank or any NBFC, including NBFC (MFI) would also get benefit of this relaxation.&nbsp;

This will also include housing loans and agriculture loans, it said.

The relaxation will apply to dues payable between November 1 and December 31, said a Reuters report.

The demonetisation of higher value currency notes has affected normal banking activities including clearing of cheques. Besides, borrowers are unable to get payments from their creditors due to various restrictions including cash withdrawal limit of Rs 24,000 (USD 352) per week, limiting their options to repay their dues.&nbsp; 
 
(WION with inputs from agencies)

Banks and other financiers will get the extension for car, housing, farm and other loans of up to Rs 10 million (USD 146,800)

The Reserve Bank of India on Monday relaxed rules for classifying bad loans for small borrowers saying they may need more time to repay their loan dues after the government withdrew higher-value banknotes of Rs 500 and Rs 1000. Banks and other financiers will get an additional 60 days for recognising certain loans of up to 10 million rupees ($146,800) as substandard, the RBI said in a notification. The above relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less, PTI reported. Term loans, whether business or personal, secured or otherwise, the original sanctioned amount of Rs 1 crore or less, on the books of any bank or any NBFC, including NBFC (MFI) would also get benefit of this relaxation. This will also include housing loans and agriculture loans, it said. The relaxation will apply to dues payable between November 1 and December 31, said a Reuters report. The demonetisation of higher value currency notes has affected normal banking activities including clearing of cheques. Besides, borrowers are unable to get payments from their creditors due to various restrictions including cash withdrawal limit of Rs 24,000 (USD 352) per week, limiting their options to repay their dues. (WION with inputs from agencies)

Demonetisation: Reserve Bank of India grants 60-day repayment relief to small loan borrowers

&nbsp;

India&rsquo;s largest mobile payments and commerce platform Paytm has announced registering over seven million transactions worth Rs 120 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm payment platform for the first time.

The company is currently doing more transactions than the combined average daily usage of Credit and Debit Cards in India.

Backed by a strong payment ecosystem of customers and merchants, Paytm was able to serve over 45 million users in last 10 days alone and over five million new users added since the demonetisation drive.

With offline transactions now contributing to over 65 per cent of the overall business, the company has also expanded its merchant network by 150,000 additional merchants. This will ensure consumers have more shops in their neighbourhood accepting Paytm than ever before.

&quot;From consumers being able to pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in Kurnool, we are witnessing an exponential increase in adoption of Paytm as a way to pay by both consumers and merchants alike. We are working around the clock to ensure we can enable users and merchants to complete everyday transactions seamlessly,&quot; said Vice President - Paytm, Sudhanshu Gupta.

Over 10 lakh offline merchants across India now accept Paytm as their preferred payment mode. Paytm is accepted everywhere including taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops and many more.

Paytm can also be used to pay at thousands of apps and websites for services like recharges and bill payments, movie tickets, travel bookings, food ordering and shopping. With its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India.

(ANI)

&nbsp;

Paytm is currently doing more transactions than the combined average daily usage of Credit and Debit Cards in India.

India’s largest mobile payments and commerce platform Paytm has announced registering over seven million transactions worth Rs 120 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm payment platform for the first time. The company is currently doing more transactions than the combined average daily usage of Credit and Debit Cards in India. Backed by a strong payment ecosystem of customers and merchants, Paytm was able to serve over 45 million users in last 10 days alone and over five million new users added since the demonetisation drive. With offline transactions now contributing to over 65 per cent of the overall business, the company has also expanded its merchant network by 150,000 additional merchants. This will ensure consumers have more shops in their neighbourhood accepting Paytm than ever before. "From consumers being able to pay for a cup of coffee in metros, to farmers purchasing seeds using Paytm in Kurnool, we are witnessing an exponential increase in adoption of Paytm as a way to pay by both consumers and merchants alike. We are working around the clock to ensure we can enable users and merchants to complete everyday transactions seamlessly," said Vice President - Paytm, Sudhanshu Gupta. Over 10 lakh offline merchants across India now accept Paytm as their preferred payment mode. Paytm is accepted everywhere including taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops and many more. Paytm can also be used to pay at thousands of apps and websites for services like recharges and bill payments, movie tickets, travel bookings, food ordering and shopping. With its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India. (ANI)

Paytm registers 7 million transactions worth Rs 120 crore in a day

Social media giant Facebook on Friday set a $6 billion buyback programme for its Class A shares, beginning in the first quarter of 2017.

Facebook&#39;s shares were up 1.1 per cent at $118.24 in after-hours trading. The company had a market value of about $337 billion at close.

The company also said Chief Accounting Officer Jas Athwal had resigned, effective February&nbsp;17.&nbsp;

Athwal has spent nearly nine years at the company and was formerly the director of revenue at Yahoo.&nbsp;

The company said it planned to launch a search for a replacement.

(Reuters)

The social media giant's shares were up 1.1 per cent at $118.24 in after-hours trading

Social media giant Facebook on Friday set a $6 billion buyback programme for its Class A shares, beginning in the first quarter of 2017. Facebook's shares were up 1.1 per cent at $118.24 in after-hours trading. The company had a market value of about $337 billion at close. The company also said Chief Accounting Officer Jas Athwal had resigned, effective February 17. Athwal has spent nearly nine years at the company and was formerly the director of revenue at Yahoo. The company said it planned to launch a search for a replacement. (Reuters)

Facebook sets $6 billion buyback; accounting chief to leave

German carmaker&nbsp;Volkswagen&nbsp;and its labour unions have agreed to 30,000 job cuts by 2021 at its VW brand as part of a plan to boost profitability and fund a shift to electric and self-driving cars after its emissions scandal, a source told Reuters on Friday.

Europe&#39;s largest automaker is trying to increase savings at its biggest unit in Germany, where its costs are high, while needing to find billions of euros to pay for the cleanup related to its diesel emissions cheating scandal.

The agreement, details of which are to be announced at a news conference at 9.30 am local time (0830 GMT), foresees 3.7 billion euros ($3.9 billion) in annual savings at VW&#39;s namesake brand, which will involve 23,000 job cuts in Germany alone, another source said.

VW Group, which has 610,076 employees world-wide, declined to comment.

The so-called future pact, which the two sides have been hammering out since June, aims to increase the brand&#39;s operating margin from an expected 2 per cent this year.

Labour leaders agreed to the cuts in exchange for a management pledge to create new jobs and invest in electric cars, mainly at factories in Germany.

At the same time as cutting traditional jobs, the VW brand will create 9,000 new jobs through investments in electric car technology, the source said.

VW managers have agreed to build an electric sports utility vehicle at the company&#39;s main plant in Wolfsburg and a smaller electric vehicle, known as the I.D., in the eastern German city of Zwickau, the first source said.

Electric motors will be built in Kassel, and VW will start battery cell production in Salzgitter. It will build full battery packs at its plant in Braunschweig, the first source said.

German newspaper Handelsblatt reported earlier that up to 30,000 jobs would be cut by 2020 to save up to 4 billion euros. It also said some 10,000 jobs would be axed outside of Germany, mainly in North and South America.

(Reuters)

The agreement foresees $3.9 billion in annual savings at VW's namesake brand, which will involve 23,000 job cuts in Germany alone

German carmaker Volkswagen and its labour unions have agreed to 30,000 job cuts by 2021 at its VW brand as part of a plan to boost profitability and fund a shift to electric and self-driving cars after its emissions scandal, a source told Reuters on Friday. Europe's largest automaker is trying to increase savings at its biggest unit in Germany, where its costs are high, while needing to find billions of euros to pay for the cleanup related to its diesel emissions cheating scandal. The agreement, details of which are to be announced at a news conference at 9.30 am local time (0830 GMT), foresees 3.7 billion euros ($3.9 billion) in annual savings at VW's namesake brand, which will involve 23,000 job cuts in Germany alone, another source said. VW Group, which has 610,076 employees world-wide, declined to comment. The so-called future pact, which the two sides have been hammering out since June, aims to increase the brand's operating margin from an expected 2 per cent this year. Labour leaders agreed to the cuts in exchange for a management pledge to create new jobs and invest in electric cars, mainly at factories in Germany. At the same time as cutting traditional jobs, the VW brand will create 9,000 new jobs through investments in electric car technology, the source said. VW managers have agreed to build an electric sports utility vehicle at the company's main plant in Wolfsburg and a smaller electric vehicle, known as the I.D., in the eastern German city of Zwickau, the first source said. Electric motors will be built in Kassel, and VW will start battery cell production in Salzgitter. It will build full battery packs at its plant in Braunschweig, the first source said. German newspaper Handelsblatt reported earlier that up to 30,000 jobs would be cut by 2020 to save up to 4 billion euros. It also said some 10,000 jobs would be axed outside of Germany, mainly in North and South America. (Reuters)

Volkswagen to cut 30,000 jobs at VW brand by 2021 to boost profits: Source