The London Stock Exchange Group Plc said on Friday it was in discussions to acquire financial data analytics provider Refinitiv Holdings Ltd for $27 billion, including debt.

The deal would come less than a year after buyout firm Blackstone Group Inc acquired a majority stake in Refinitiv from Thomson Reuters Corp, valuing the company at the time at $20 billion including debt.

LSE said it would pay for the deal with newly issued LSE shares as currency, turning Refinitiv's existing investors into LSE shareholders who would own about 37% of the combined company and hold less than 30% of the voting rights.

Thomson Reuters, a professional information company that is the parent of Reuters News, currently holds a 45% stake in Refinitiv. It confirmed the negotiations in a statement and said it will own a 15% stake in LSE if the deal is completed.

Based on the valuation the deal would assign to Refinitiv, Blackstone will have roughly doubled the value of its original investment in the company, according to a person familiar with the matter, who requested anonymity because the private equity firm keeps that number confidential.

Refinitiv had $12.2 billion in debt as of the end of December as a result of its leveraged buyout by Blackstone, which LSE would assume under the proposed deal.

LSE and Thomson Reuters both cautioned that there is no certainty that discussions between the parties will progress or that a transaction will be forthcoming.

A person familiar with the matter said on Friday that if the negotiations conclude successfully, a deal could be agreed next week.

Refinitiv did not immediately respond to a request for comment, while Blackstone declined to comment.

Refinitiv bonds rallied on the prospect of a deal.

Thomson Reuters shares hit a record high to end trading on Friday up 4.5% to C$92.74 in Toronto after the Financial Times first reported on the deal talks. The stock is up 62% since the end of January 2018, when Blackstone and Thomson Reuters announced the deal for Refinitiv.

A merger would significantly expand LSE's information services business, which the bourse operator has been building as a more stable source of cash flow than its primary transaction-reliant businesses.

"The global exchanges are focusing more and more on data and technology as revenue drivers, and less on the actual matching of buys and sells," said Kevin McPartland, head of market structure and technology research at Greenwich Associates.

LSE operates equity and derivatives markets that include the London Stock Exchange, Borsa Italiana, MTS and Turquoise. It is also the majority owner of LCH, which dominates euro swaps clearing. Its information services business includes financial indexing, benchmarking and analytics services.

The company has a market value of about 19.3 billion pounds ($23.9 billion) and net debt of about 1 billion pounds.

LSE Chief Executive David Schwimmer is a former Goldman Sachs Group Inc banker of 20 years who has raised expectations of big deals.

The LSE has failed several times to merge with rival Deutsche Boerse AG. Schwimmer was appointed CEO last August after the LSE's most recent attempt to do a deal with Deutsche Boerse failed.

Buying Refinitiv could help soften the blow for LSE from a bout of market volatility that is expected should Britain leave the European Union by an Oct. 31 deadline without an exit deal.

Schwimmer said last month that LSE was "very prepared" for Brexit. The exchange has had to open an EU base in Amsterdam for Turquoise, its London-based pan-European share trading platform.

QUICK FLIP

London-based Refinitiv provides financial markets data and infrastructure to more than 40,000 clients in over 190 countries, according to its website.

It caters to traders and investment professionals, who also use LSE's exchanges. It is the biggest client for news of Reuters News under a 30-year contract signed last year.

Thomson Reuters said in its statement on Friday that this contract will continue if Refinitiv's ownership changes.

Under Blackstone's majority ownership, Refinitiv has been shedding non-core assets. In April, it launched an initial public offering of Tradeweb Markets Inc, an electronic trading platform for bonds and derivative instruments.

It has also been in talks with Deutsche Boerse about selling its foreign exchange electronic trading platform FXall.

Deutsche Boerse said on Saturday it no longer expected to reach a deal to buy FXall.

Private equity firms such as Blackstone aim to buy businesses so they can subsequently sell them at a profit, typically between three and five years later.

A deal with London Stock Exchange for Refinitiv so soon after the carve-out from Thomson Reuters could prove to be a quick, profitable flip for Blackstone, which last week said its assets reached a record $545 billion.

The London Stock Exchange Group Plc said on Friday it was in discussions to acquire financial data analytics provider Refinitiv Holdings Ltd for $27 billion, including debt.

The London Stock Exchange Group Plc said on Friday it was in discussions to acquire financial data analytics provider Refinitiv Holdings Ltd for $27 billion, including debt. The deal would come less than a year after buyout firm Blackstone Group Inc acquired a majority stake in Refinitiv from Thomson Reuters Corp, valuing the company at the time at $20 billion including debt. LSE said it would pay for the deal with newly issued LSE shares as currency, turning Refinitiv's existing investors into LSE shareholders who would own about 37% of the combined company and hold less than 30% of the voting rights. Thomson Reuters, a professional information company that is the parent of Reuters News, currently holds a 45% stake in Refinitiv. It confirmed the negotiations in a statement and said it will own a 15% stake in LSE if the deal is completed. Based on the valuation the deal would assign to Refinitiv, Blackstone will have roughly doubled the value of its original investment in the company, according to a person familiar with the matter, who requested anonymity because the private equity firm keeps that number confidential. Refinitiv had $12.2 billion in debt as of the end of December as a result of its leveraged buyout by Blackstone, which LSE would assume under the proposed deal. LSE and Thomson Reuters both cautioned that there is no certainty that discussions between the parties will progress or that a transaction will be forthcoming. A person familiar with the matter said on Friday that if the negotiations conclude successfully, a deal could be agreed next week. Refinitiv did not immediately respond to a request for comment, while Blackstone declined to comment. Refinitiv bonds rallied on the prospect of a deal. Thomson Reuters shares hit a record high to end trading on Friday up 4.5% to C$92.74 in Toronto after the Financial Times first reported on the deal talks. The stock is up 62% since the end of January 2018, when Blackstone and Thomson Reuters announced the deal for Refinitiv. A merger would significantly expand LSE's information services business, which the bourse operator has been building as a more stable source of cash flow than its primary transaction-reliant businesses. "The global exchanges are focusing more and more on data and technology as revenue drivers, and less on the actual matching of buys and sells," said Kevin McPartland, head of market structure and technology research at Greenwich Associates. LSE operates equity and derivatives markets that include the London Stock Exchange, Borsa Italiana, MTS and Turquoise. It is also the majority owner of LCH, which dominates euro swaps clearing. Its information services business includes financial indexing, benchmarking and analytics services. The company has a market value of about 19.3 billion pounds ($23.9 billion) and net debt of about 1 billion pounds. LSE Chief Executive David Schwimmer is a former Goldman Sachs Group Inc banker of 20 years who has raised expectations of big deals. The LSE has failed several times to merge with rival Deutsche Boerse AG. Schwimmer was appointed CEO last August after the LSE's most recent attempt to do a deal with Deutsche Boerse failed. Buying Refinitiv could help soften the blow for LSE from a bout of market volatility that is expected should Britain leave the European Union by an Oct. 31 deadline without an exit deal. Schwimmer said last month that LSE was "very prepared" for Brexit. The exchange has had to open an EU base in Amsterdam for Turquoise, its London-based pan-European share trading platform. QUICK FLIP London-based Refinitiv provides financial markets data and infrastructure to more than 40,000 clients in over 190 countries, according to its website. It caters to traders and investment professionals, who also use LSE's exchanges. It is the biggest client for news of Reuters News under a 30-year contract signed last year. Thomson Reuters said in its statement on Friday that this contract will continue if Refinitiv's ownership changes. Under Blackstone's majority ownership, Refinitiv has been shedding non-core assets. In April, it launched an initial public offering of Tradeweb Markets Inc, an electronic trading platform for bonds and derivative instruments. It has also been in talks with Deutsche Boerse about selling its foreign exchange electronic trading platform FXall. Deutsche Boerse said on Saturday it no longer expected to reach a deal to buy FXall. Private equity firms such as Blackstone aim to buy businesses so they can subsequently sell them at a profit, typically between three and five years later. A deal with London Stock Exchange for Refinitiv so soon after the carve-out from Thomson Reuters could prove to be a quick, profitable flip for Blackstone, which last week said its assets reached a record $545 billion.

London Stock Exchange in talks to buy Refinitiv for $27 billion

Elon Musk's Boring Co raised about $117 million in its latest round of funding from 20 unnamed investors after offering to sell about $120 million in equity, the company disclosed in a regulatory filing on Friday.

The company had raised $112.5 million in equity in April last year, with Musk investing 90% of the amount, as the company seeks to build underground tunnels for a hyperloop transportation project.&nbsp;

Boring Co did not provide details on the funding.

Musk, who also leads electric-car maker Tesla Inc and rocket company SpaceX, has been seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop.&nbsp;

In the past, Musk has sold Boring Co's hats and flamethrowers to raise funds.&nbsp;

The company has completed its project Test Tunnel, located in Hawthorne, California, and other ongoing projects include the Chicago Express Loop and the Las Vegas Convention Center Loop.&nbsp;

Elon Musk's Boring Co raised about $117 million in its latest round of funding from 20 unnamed investors after offering to sell about $120 million in equity, the company disclosed in a regulatory filing on Friday.

Elon Musk's Boring Co raised about $117 million in its latest round of funding from 20 unnamed investors after offering to sell about $120 million in equity, the company disclosed in a regulatory filing on Friday. The company had raised $112.5 million in equity in April last year, with Musk investing 90% of the amount, as the company seeks to build underground tunnels for a hyperloop transportation project. Boring Co did not provide details on the funding. Musk, who also leads electric-car maker Tesla Inc and rocket company SpaceX, has been seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop. In the past, Musk has sold Boring Co's hats and flamethrowers to raise funds. The company has completed its project Test Tunnel, located in Hawthorne, California, and other ongoing projects include the Chicago Express Loop and the Las Vegas Convention Center Loop.

Elon Musk's Boring Co raises about $117 million in latest funding round

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.

Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement.

But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data.

ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion.

Quarterly provisions fell to $507 million from $865 million a year ago.&nbsp;

Net interest margin, a key indicator of the bank`s profitability, was 3.61% in the quarter, compared with 3.19% in the year-ago quarter.

Earlier in the week, ICICI's peer Kotak Mahindra Bank Ltd also reported a profit that fell marginally shy of estimates and joined the country`s largest private lender HDFC Bank in warning of the slowing pace of domestic growth.&nbsp;

The warnings from the private lenders in Asia's third-largest economy, which have been dealing with a large pile of stressed loans, have spooked investors.

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth. Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement. But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data. ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion. Quarterly provisions fell to $507 million from $865 million a year ago. Net interest margin, a key indicator of the bank`s profitability, was 3.61% in the quarter, compared with 3.19% in the year-ago quarter. Earlier in the week, ICICI's peer Kotak Mahindra Bank Ltd also reported a profit that fell marginally shy of estimates and joined the country`s largest private lender HDFC Bank in warning of the slowing pace of domestic growth. The warnings from the private lenders in Asia's third-largest economy, which have been dealing with a large pile of stressed loans, have spooked investors.

Lower provisions help ICICI bank swing to first-quarter profit

Kaydence Media Ventures - the media arm of the UAE based Kaydence and Kianna are all set to launch its innovative news and virtual incubation hub platform focused on start-ups - Incubees - in India, Middle East, North Africa and Asia-Pacific.

The 'Incubees'&nbsp;initiative and a prototype of its platform were recently displayed at the Investor Demo Day held at Forum of Innovation Incubation Research and Entrepreneurship (FIIRE) hub in Goa this week.

"Our aim is to find an idea, nurture it and give it winds beneath its wing to fly. India, MENA and Asia-Pacific are regions bustling with new ideas, energetic young minds and purpose-driven innovations to make their regions and the world a better place. We need to encourage the process of ideation and give them a platform to shares their ideas, find mentors to help take an idea and build it into an enterprise; find partners and investors that can make the idea into a reality. Incubees - is that angel in the media space that helps the idea find a reality", stated Savio Rodrigues, Founder, Kaydence Media Ventures.

In highly competitive and vibrant start-up markets in India, MENA and Asia-Pacific, the Incubees team believes its unique focus on individuals, ideas and markets will carve a niche for its platform, "Most news portals in India, MENA and Asia-Pacific tell you stories of start-ups in the seed or growth or scaling stage and maturity, exist, IPO or M&amp;A stage but we are focused on the concept or idea stage, pre-see or validation stage and seed or early traction stage.

More importantly, the platform has an inbuilt service of a Virtual Incubation Hub to reach out to young minds at their homes and garages where their ideas are germinating," expressed Rodrigues. India is currently home to over 14,600 start-ups, approximately 270 incubation and business acceleration programs according to the Start-up India 2018-19 Report.

"We want to focus on those bright minds that don't have the voice and opportunity to take forward their ideas from their homes to the world, connect them to strategic mentors and create an eco-system of ideation and implementation of ideas.

In our first phase, we are focusing on India and the Middle East and in the second phase on the Asia-Pacific markets", expressed Myrtle Rodrigues, Co-founder, Kaydence Media Ventures.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.

Kaydence Media Ventures - the media arm of the UAE based Kaydence and Kianna are all set to launch its innovative news and virtual incubation hub platform focused on start-ups - Incubees - in India, Middle East, North Africa and Asia-Pacific.

Kaydence Media Ventures - the media arm of the UAE based Kaydence and Kianna are all set to launch its innovative news and virtual incubation hub platform focused on start-ups - Incubees - in India, Middle East, North Africa and Asia-Pacific. The 'Incubees' initiative and a prototype of its platform were recently displayed at the Investor Demo Day held at Forum of Innovation Incubation Research and Entrepreneurship (FIIRE) hub in Goa this week. "Our aim is to find an idea, nurture it and give it winds beneath its wing to fly. India, MENA and Asia-Pacific are regions bustling with new ideas, energetic young minds and purpose-driven innovations to make their regions and the world a better place. We need to encourage the process of ideation and give them a platform to shares their ideas, find mentors to help take an idea and build it into an enterprise; find partners and investors that can make the idea into a reality. Incubees - is that angel in the media space that helps the idea find a reality", stated Savio Rodrigues, Founder, Kaydence Media Ventures. In highly competitive and vibrant start-up markets in India, MENA and Asia-Pacific, the Incubees team believes its unique focus on individuals, ideas and markets will carve a niche for its platform, "Most news portals in India, MENA and Asia-Pacific tell you stories of start-ups in the seed or growth or scaling stage and maturity, exist, IPO or M&A stage but we are focused on the concept or idea stage, pre-see or validation stage and seed or early traction stage. More importantly, the platform has an inbuilt service of a Virtual Incubation Hub to reach out to young minds at their homes and garages where their ideas are germinating," expressed Rodrigues. India is currently home to over 14,600 start-ups, approximately 270 incubation and business acceleration programs according to the Start-up India 2018-19 Report. "We want to focus on those bright minds that don't have the voice and opportunity to take forward their ideas from their homes to the world, connect them to strategic mentors and create an eco-system of ideation and implementation of ideas. In our first phase, we are focusing on India and the Middle East and in the second phase on the Asia-Pacific markets", expressed Myrtle Rodrigues, Co-founder, Kaydence Media Ventures. This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.

Kaydence Media Ventures to launch 'Incubees' in India, Middle East, North Africa, Asia Pacific

Is a peek into the future worth your privacy in the present? That concern was pushed to the spotlight this week with the resurgence of a smartphone app that uses artificial intelligence to transform your current face into your younger and older selves. People raised fears on Twitter and other social media sites that on iPhones, FaceApp would be able to see and upload all your photos, including screenshots with sensitive financial or health information or photos of children with the names of their schools in the background. That's not actually true, but the scuttle serves as a good reminder to think twice before downloading new apps. Even large, mainstream apps routinely collect user data.

Myths and risks seen in FaceApp use

<a href="https://www.wionews.com/india-news/supreme-court-refuses-to-entertain-pil-seeking-guidelines-for-frisking-of-students-during-examinations-235264/amp">Chief Justice of India (CJI) Ranjan Gogoi</a> on Friday said that Corporate Social Responsibility (CSR) should be integrated into modern business strategy.

Speaking at the second annual Dr APJ Abdul Kalam Memorial Lecture in Associated Chambers of Commerce of India (ASSOCHAM), Gogoi said, "In order to achieve the goal of <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/mayawati-weakening-fight-for-social-justice-says-sp-after-bsps-alliance-snub-229997&amp;sa=U&amp;ved=2ahUKEwjijufPvrHjAhXRaN4KHa2hAKE4ChAWMAV6BAgCEAI&amp;usg=AOvVaw0KclMUvVLLb_dlDdKPEr7c">social justice</a> in the best possible manner, it is necessary that CSR is integrated into our modern business strategy so as to make it sustainable."

"We can do that by making our business adopt, demonstrate and practice more holistic approaches to business where financial drivers together with sustainable development performance like a social utility, environmental protection, and economic growth are incorporated into mainstream business strategy and are embedded in organisational values," Gogoi said.&nbsp;

He further said that CSR goes beyond charity and requires the companies and businesses to act beyond their legal obligations and to integrate social, environmental and ethical concerns into a company`s business process.

"CSR at its best is about the corporate sector reaching out from within to society outside in order to benefit both business and social and physical environment from which it springs and within which it functions.&nbsp;

CSR does synergize social and business interests.&nbsp;

It is because of such interdependence of business and society in modern times that makes CSR exceedingly important and it is because of that reason that CSR has been made mandatory in our country," said Gogoi.

Terming the Companies Act 2013 as a historic milestone in the context of the growth of CSR, the CJI said the Act "provides an opportunity in the corporate sector to socialise its business operations.&nbsp;

The 2013 Act has introduced several provisions that will change the way Indian corporates do business and one such provision is spending on CSR activities.&nbsp;

Thus CSR which has largely been a voluntary contribution by corporates has now been mandated by law."

Chief Justice of India (CJI) Ranjan Gogoi on Friday said that Corporate Social Responsibility (CSR) should be integrated into modern business strategy. Speaking at the second annual Dr APJ Abdul Kalam Memorial Lecture in Associated Chambers of Commerce of India (ASSOCHAM), Gogoi said, "In order to achieve the goal of social justice in the best possible manner, it is necessary that CSR is integrated into our modern business strategy so as to make it sustainable.

Chief Justice of India (CJI) Ranjan Gogoi on Friday said that Corporate Social Responsibility (CSR) should be integrated into modern business strategy. Speaking at the second annual Dr APJ Abdul Kalam Memorial Lecture in Associated Chambers of Commerce of India (ASSOCHAM), Gogoi said, "In order to achieve the goal of social justice in the best possible manner, it is necessary that CSR is integrated into our modern business strategy so as to make it sustainable." "We can do that by making our business adopt, demonstrate and practice more holistic approaches to business where financial drivers together with sustainable development performance like a social utility, environmental protection, and economic growth are incorporated into mainstream business strategy and are embedded in organisational values," Gogoi said. He further said that CSR goes beyond charity and requires the companies and businesses to act beyond their legal obligations and to integrate social, environmental and ethical concerns into a company`s business process. "CSR at its best is about the corporate sector reaching out from within to society outside in order to benefit both business and social and physical environment from which it springs and within which it functions. CSR does synergize social and business interests. It is because of such interdependence of business and society in modern times that makes CSR exceedingly important and it is because of that reason that CSR has been made mandatory in our country," said Gogoi. Terming the Companies Act 2013 as a historic milestone in the context of the growth of CSR, the CJI said the Act "provides an opportunity in the corporate sector to socialise its business operations. The 2013 Act has introduced several provisions that will change the way Indian corporates do business and one such provision is spending on CSR activities. Thus CSR which has largely been a voluntary contribution by corporates has now been mandated by law."

CSR should be integrated into modern business strategy, says CJI Ranjan Gogoi

Know how this Budget 2019-20 will affect your life. What Will Become Costlier & Cheaper Now. Watch this video to know more.

Budget 2019-20: What Will Become Costlier & Cheaper Now

<a href="https://www.wionews.com/business-economy/ilfs-payment-default-crisis-enforcement-directorate-conducts-raid-on-former-directors-in-mumbai-220587">IL&amp;FS Financial Services</a> (IFIN) said this in a filing to exchanges, dated May 30, in response to media reports that probes had found discrepancies in loan accounts associated with IL&amp;FS.

The outcome of these investigations is still pending, IFIN said, adding that it had engaged Grant Thornton to conduct a forensic audit.

In March, Reuters reported that an interim report by Grant Thornton had found that a third of the total outstanding loans by IFIN to borrowers were either unsecured or had inadequate collateral.

On May 31, a leading daily reported that the Serious Fraud Investigation Office (SFIO) had filed charges against several people and entities associated with IL&amp;FS.

The newspaper also reported that the SFIO accused IL&amp;FS's auditors and others of concealing information and falsifying accounts.

A spokesman for IL&amp;FS did not respond to a Reuters request for comment on the SFIO charges.

The series of defaults by IL&amp;FS in 2018 led to a slew of credit rating downgrades on the company and its subsidiaries and triggered a massive sell-off in stock and debt markets.

The Indian government took control of IL&amp;FS in October and replaced its board in a bid to insulate the financial system from contagion, as it feared the lender's collapse would cause "catastrophic" damage to financial markets and the economy. 
&nbsp;

IL&FS Financial Services (IFIN) said this in a filing to exchanges, dated May 30, in response to media reports that probes had found discrepancies in loan accounts associated with IL&FS.

IL&FS Financial Services (IFIN) said this in a filing to exchanges, dated May 30, in response to media reports that probes had found discrepancies in loan accounts associated with IL&FS. The outcome of these investigations is still pending, IFIN said, adding that it had engaged Grant Thornton to conduct a forensic audit. In March, Reuters reported that an interim report by Grant Thornton had found that a third of the total outstanding loans by IFIN to borrowers were either unsecured or had inadequate collateral. On May 31, a leading daily reported that the Serious Fraud Investigation Office (SFIO) had filed charges against several people and entities associated with IL&FS. The newspaper also reported that the SFIO accused IL&FS's auditors and others of concealing information and falsifying accounts. A spokesman for IL&FS did not respond to a Reuters request for comment on the SFIO charges. The series of defaults by IL&FS in 2018 led to a slew of credit rating downgrades on the company and its subsidiaries and triggered a massive sell-off in stock and debt markets. The Indian government took control of IL&FS in October and replaced its board in a bid to insulate the financial system from contagion, as it feared the lender's collapse would cause "catastrophic" damage to financial markets and the economy.

IL&FS unit confirms investigations by government authorities

India fears China could soon start flooding excess steel into its market after the United States raised tariffs on Chinese products due to the escalating trade war between the world's two largest economies.

India worried of excess Chinese steel exports after US-China trade war

Amazon said Monday it was offering employees $10,000 to quit their jobs and become independent package delivery entrepreneurs for the online retail colossus.

An Amazon statement said the latest incentive would also include three months of wages for employees who want to start their own delivery enterprise, and that they would be assured "consistent delivery volume" from the company.

The move comes with Amazon seeking to reduce its dependence on services in the US Postal Service and FedEx. Amazon first launched the "delivery service partner" program in 2018, requiring employees to invest in their own start and estimating revenues for up to $300,000.

Since last year, some 200 people have begun Amazon delivery startups, and the company said it expects "hundreds" more with the added incentives, available in the United States, Britain and Spain.

"We received overwhelming interest from tens of thousands of individuals who applied to be part of the delivery service partner program, including many employees," said Dave Clark, senior vice president of worldwide operations.

"We've heard from associates that they want to participate in the program but struggled with the transition. Now we have a path for those associates with an appetite for opportunities to own their own businesses."

Amazon said it would offer access to the company's delivery technology, training, and discounts on assets and services, including Amazon-branded vans and uniforms.

Amazon said Monday it was offering employees $10,000 to quit their jobs and become independent package delivery entrepreneurs for the online retail colossus. An Amazon statement said the latest incentive would also include three months of wages for employees who want to start their own delivery enterprise, and that they would be assured "consistent delivery volume" from the company.

Amazon said Monday it was offering employees $10,000 to quit their jobs and become independent package delivery entrepreneurs for the online retail colossus. An Amazon statement said the latest incentive would also include three months of wages for employees who want to start their own delivery enterprise, and that they would be assured "consistent delivery volume" from the company. The move comes with Amazon seeking to reduce its dependence on services in the US Postal Service and FedEx. Amazon first launched the "delivery service partner" program in 2018, requiring employees to invest in their own start and estimating revenues for up to $300,000. Since last year, some 200 people have begun Amazon delivery startups, and the company said it expects "hundreds" more with the added incentives, available in the United States, Britain and Spain. "We received overwhelming interest from tens of thousands of individuals who applied to be part of the delivery service partner program, including many employees," said Dave Clark, senior vice president of worldwide operations. "We've heard from associates that they want to participate in the program but struggled with the transition. Now we have a path for those associates with an appetite for opportunities to own their own businesses." Amazon said it would offer access to the company's delivery technology, training, and discounts on assets and services, including Amazon-branded vans and uniforms.

Amazon offers employees $10,000 to quit, launch delivery business

The employees and the passengers are not the only ones feeling the domino effect of the Jet Airways crisis, businesses across the spectrum are also feeling the heat as the operations of the 25-year-old airline came to a grinding halt recently.

The grounding of Jet Airways flights has greatly affected the export of fresh produce to Europe.

Jet Airways had the highest capacity for Cargo. The airline had accounted for 50 per cent of exports from Mumbai to places like London, Amsterdam, Paris and Singapore.

Dubai based Emirates which has the second highest cargo capacity has in result hiked freight rates by 30 per cent to 40 per cent.

The freight rates on an average used to vary between 75 to 80 rupees per kg. But now they have risen to an excess of 100 rupees per kg.

The business community is cautious of the fact that if the status quo continues. This might have a long term impact on export volumes and price commitments.

The trouble at Jet Airways is also impacting the earnings of the hospitality industry.

The troubled airline owes a great deal of money to leading hotel chains and in-flight caterers.

Sources say&nbsp;that the suspended airline owes money to hotels like Marriott, taj, Hilton and Hyatt for crew accommodation that was booked in advance.

Air carriers don't often pay in advance. Billing cycle and room nights vary for each carrier. And bills are often sent to the companies later for payment.

&nbsp;

The employees and the passengers are not the only ones feeling the domino effect of the Jet Airways crisis, businesses across the spectrum are also feeling the heat as the operations of the 25-year-old airline came to a grinding halt recently.

The employees and the passengers are not the only ones feeling the domino effect of the Jet Airways crisis, businesses across the spectrum are also feeling the heat as the operations of the 25-year-old airline came to a grinding halt recently. The grounding of Jet Airways flights has greatly affected the export of fresh produce to Europe. Jet Airways had the highest capacity for Cargo. The airline had accounted for 50 per cent of exports from Mumbai to places like London, Amsterdam, Paris and Singapore. Dubai based Emirates which has the second highest cargo capacity has in result hiked freight rates by 30 per cent to 40 per cent. The freight rates on an average used to vary between 75 to 80 rupees per kg. But now they have risen to an excess of 100 rupees per kg. The business community is cautious of the fact that if the status quo continues. This might have a long term impact on export volumes and price commitments. The trouble at Jet Airways is also impacting the earnings of the hospitality industry. The troubled airline owes a great deal of money to leading hotel chains and in-flight caterers. Sources say that the suspended airline owes money to hotels like Marriott, taj, Hilton and Hyatt for crew accommodation that was booked in advance. Air carriers don't often pay in advance. Billing cycle and room nights vary for each carrier. And bills are often sent to the companies later for payment.

Jet Airways crisis seeps into allied business

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business.

The financial giant saw net income plunge to $2.1 billion, down 20.3 per cent from the same period of last year. At the same time revenues fell 12.7 per cent to $8.8 billion.

Goldman encountered sharp declines in key trading divisions, such as equities and bonds. Market conditions improved from the prior quarter, but volatility was low, crimping activity, the investment bank said.&nbsp;

A bright spot was financial advising for mergers and acquisitions where it scored a boost in revenues, while underwriting revenues fell.&nbsp;

Goldman, which has ramped up its consumer lending business through its online savings accounts, credit cards and other ventures, set aside $224 million for credit losses.

"We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," said Chief Executive David Solomon. "We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally."

Goldman's share prices rose 0.2 per cent to $208.22 in pre-market trading.

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business.

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business. The financial giant saw net income plunge to $2.1 billion, down 20.3 per cent from the same period of last year. At the same time revenues fell 12.7 per cent to $8.8 billion. Goldman encountered sharp declines in key trading divisions, such as equities and bonds. Market conditions improved from the prior quarter, but volatility was low, crimping activity, the investment bank said. A bright spot was financial advising for mergers and acquisitions where it scored a boost in revenues, while underwriting revenues fell. Goldman, which has ramped up its consumer lending business through its online savings accounts, credit cards and other ventures, set aside $224 million for credit losses. "We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," said Chief Executive David Solomon. "We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally." Goldman's share prices rose 0.2 per cent to $208.22 in pre-market trading.

Goldman Sachs earnings drop amid weak trading

WhatsApp Business launches on iPhones

The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the April-June quarter.

Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 8 per cent, while Kisan Vikas Patra (KVP) will give a yield of 7.7 per cent and mature in 112 months.

Interest rates for small savings schemes are notified on a quarterly basis.

"The rates of interest on various small savings schemes for the first quarter of the financial year 2019-20 starting April 1, 2019, and ending on June 30, 2019, shall remain unchanged from those notified for the fourth quarter of the financial year 2018-19," the finance ministry said in a notification issued Friday.

The interest rate for the five-year Senior Citizens Savings Scheme has been retained at 8.7 per cent. The interest on the senior citizens' scheme is paid quarterly. Interest on savings deposits has been retained at 4 per cent annually.

The girl child savings scheme Sukanya Samriddhi Yojana account will offer 8.5 per cent rate during the first quarter of the next fiscal.

Term deposits of 1-5 years will fetch interest rate in the range of 7-7.8 per cent, to be paid quarterly, while the five-year recurring deposit is pegged at 7.3 per cent.&nbsp;

The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the April-June quarter. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 8 per cent, while Kisan Vikas Patra (KVP) will give a yield of 7.

The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the April-June quarter. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 8 per cent, while Kisan Vikas Patra (KVP) will give a yield of 7.7 per cent and mature in 112 months. Interest rates for small savings schemes are notified on a quarterly basis. "The rates of interest on various small savings schemes for the first quarter of the financial year 2019-20 starting April 1, 2019, and ending on June 30, 2019, shall remain unchanged from those notified for the fourth quarter of the financial year 2018-19," the finance ministry said in a notification issued Friday. The interest rate for the five-year Senior Citizens Savings Scheme has been retained at 8.7 per cent. The interest on the senior citizens' scheme is paid quarterly. Interest on savings deposits has been retained at 4 per cent annually. The girl child savings scheme Sukanya Samriddhi Yojana account will offer 8.5 per cent rate during the first quarter of the next fiscal. Term deposits of 1-5 years will fetch interest rate in the range of 7-7.8 per cent, to be paid quarterly, while the five-year recurring deposit is pegged at 7.3 per cent.

Small savings schemes: Government keeps interest rates unchanged for April-June quarter

Asian stocks pulled ahead and safe-haven government bonds came under further pressure on Wednesday on optimism the United States and China might be able to hammer out a deal to resolve their nearly year-long trade dispute.&nbsp;

MSCI`s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent.

South Korea`s KOSPI gained 0.5 per cent and Japan`s Nikkei climbed 1 per cent.

Asia took its cue from Wall Street, where the Dow and Nasdaq each rallied about 1.5 per cent overnight on optimism over U.S.-China trade negotiations and a tentative US congressional spending deal to avert another partial government shutdown.&nbsp;

US President Donald Trump said on Tuesday that he could see letting the March 1 deadline for reaching a trade agreement with China slide a little if the two sides were close to a complete deal.

Officials in Washington and Beijing had expressed hopes that a new round of talks which began this week would bring them nearer to easing their seven-month trade war.

"We are currently seeing negative sentiment which had built up over trade concerns and US fiscal issues being unwound," said Soichiro Monji, senior economist at Daiwa SB Investments in Tokyo.

"For risk assets to move purely on optimism, the US-China trade row will need to see some kind of a closure in March. A more permanent solution to avoid a US government shutdown is also necessary. It has to be remembered that we are not there yet."

US congressional negotiators cobbled together a tentative bipartisan border security deal late on Monday to avert another partial government shutdown. However, Trump on Tuesday expressed displeasure with the agreement and said he had yet to decide whether to support it.

With risk aversion ebbing for the time being, safe-haven government bonds were sold and their yields rose. The 10-year US Treasury note yield extended an overnight rise and edged up to a near one-week high of 2.694 per cent.

The dollar was on the defensive as investors shifted their money to riskier assets amid the US-China trade-talk hopes.&nbsp;

The dollar index stood at 96.701 after its eight-day winning run came to an end overnight to push it away from a two-month peak.

The euro was a shade higher at $1.1333 having gained 0.5 per cent the previous day, when it bounced from a three-month low of $1.1258. 
The dollar was steady at 110.53 yen.

In commodities, US crude oil futures were up 0.73 per cent at $53.49 per barrel after rallying 1.3 per cent on Tuesday.

Oil prices surged on Tuesday after OPEC figures showed it cut production sharply in January, and as lead member Saudi Arabia said it would reduce its output in March by an additional 500,000 barrels.&nbsp;

Asian stocks pulled ahead and safe-haven government bonds came under further pressure on Wednesday on optimism the United States and China might be able to hammer out a deal to resolve their nearly year-long trade dispute.

Asian stocks pulled ahead and safe-haven government bonds came under further pressure on Wednesday on optimism the United States and China might be able to hammer out a deal to resolve their nearly year-long trade dispute. MSCI`s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent. South Korea`s KOSPI gained 0.5 per cent and Japan`s Nikkei climbed 1 per cent. Asia took its cue from Wall Street, where the Dow and Nasdaq each rallied about 1.5 per cent overnight on optimism over U.S.-China trade negotiations and a tentative US congressional spending deal to avert another partial government shutdown. US President Donald Trump said on Tuesday that he could see letting the March 1 deadline for reaching a trade agreement with China slide a little if the two sides were close to a complete deal. Officials in Washington and Beijing had expressed hopes that a new round of talks which began this week would bring them nearer to easing their seven-month trade war. "We are currently seeing negative sentiment which had built up over trade concerns and US fiscal issues being unwound," said Soichiro Monji, senior economist at Daiwa SB Investments in Tokyo. "For risk assets to move purely on optimism, the US-China trade row will need to see some kind of a closure in March. A more permanent solution to avoid a US government shutdown is also necessary. It has to be remembered that we are not there yet." US congressional negotiators cobbled together a tentative bipartisan border security deal late on Monday to avert another partial government shutdown. However, Trump on Tuesday expressed displeasure with the agreement and said he had yet to decide whether to support it. With risk aversion ebbing for the time being, safe-haven government bonds were sold and their yields rose. The 10-year US Treasury note yield extended an overnight rise and edged up to a near one-week high of 2.694 per cent. The dollar was on the defensive as investors shifted their money to riskier assets amid the US-China trade-talk hopes. The dollar index stood at 96.701 after its eight-day winning run came to an end overnight to push it away from a two-month peak. The euro was a shade higher at $1.1333 having gained 0.5 per cent the previous day, when it bounced from a three-month low of $1.1258. The dollar was steady at 110.53 yen. In commodities, US crude oil futures were up 0.73 per cent at $53.49 per barrel after rallying 1.3 per cent on Tuesday. Oil prices surged on Tuesday after OPEC figures showed it cut production sharply in January, and as lead member Saudi Arabia said it would reduce its output in March by an additional 500,000 barrels.

Asian stocks lifted by US-China trade talk hopes

Ryanair on Monday unveiled plans for an overhaul to create four subsidiaries, as the Irish no-frills airline revealed also a third-quarter loss of 20 million euros and said a no-deal Brexit "remains worryingly high".

Mirroring a set-up by British Airways and Iberia owner IAG, a statement said Ryanair planned to have four distinct operations, each with its own chief executive.

The airline's current chief executive, Michael O'Leary, will head up the overall group, Ryanair said. Under him will be Ryanair DAC overseeing the Irish operations and there will be also Ryanair UK, Laudamotion for its Austrian business and Ryanair Sun, or Polish unit.

"Having agreed to this group strategy as the best way to grow Ryanair, Sun, Lauda and other possible airline brands, Michael O'Leary has agreed a new five-year contract as group CEO," the statement said.

It added: "Over the next 12 months Ryanair Holdings Plc will move to a group structure not dissimilar to that of IAG.&nbsp;

"A small senior management team will oversee the development of four airline subsidiaries... (focusing) upon efficient capital allocation, cost reductions, aircraft acquisitions, and small scale M&amp;A opportunities," the statement said

On the latest group earnings performance, O'Leary said that while the 20 million euros ($23 million) net loss was "disappointing", the group takes "comfort that this was entirely due to weaker than expected airfares".

Last month, Ryanair cut its annual profit forecast for a second time, blaming lower airfares caused by overcapacity in the European short-haul sector.

Following Monday's update, Ryanair's share price slumped 4.4 per cent to 10.94 euros.

“For all the controversy and success, investors are entitled to at least question if O'Leary is the right man to take the company forward given the patchy recent track record and a stalling share price," said Russ Mould, investment director at AJ Bell.

"A new management structure... will probably put some distance between him and the unions."

Ryanair's recent performance has been hit also by pan-European strikes last year that forced it to cancel flights, affecting thousands of passengers, and offer improved pay deals to staff via landmark deals with unions.

On Monday meanwhile, the Dublin-based airline again spoke out on Brexit.

"The risk of a 'no-deal' Brexit remains worryingly high. While we hope that common sense will prevail and lead to either a delay in Brexit or agreement on the 21-month transition deal currently on the table, we have taken all necessary steps to protect Ryanair’s business in a no-deal environment," the statement said.&nbsp;

Britain accounts for about one-quarter of revenues at Ryanair, causing the airline to warn frequently about potential fallout from the UK's rocky path to exiting the European Union.

And while the airline sector as a whole took a knock last year from high oil prices, a sharp reduction in fuel costs in recent months has removed such pressures.

But the European short-haul sector remains weighed down by fierce competition despite some consolidation, including Ryanair's purchase of Austrian carrier Laudamotion in 2018.&nbsp;

Ryanair on Monday unveiled plans for an overhaul to create four subsidiaries, as the Irish no-frills airline revealed also a third-quarter loss of 20 million euros and said a no-deal Brexit "remains worryingly high".

Ryanair on Monday unveiled plans for an overhaul to create four subsidiaries, as the Irish no-frills airline revealed also a third-quarter loss of 20 million euros and said a no-deal Brexit "remains worryingly high". Mirroring a set-up by British Airways and Iberia owner IAG, a statement said Ryanair planned to have four distinct operations, each with its own chief executive. The airline's current chief executive, Michael O'Leary, will head up the overall group, Ryanair said. Under him will be Ryanair DAC overseeing the Irish operations and there will be also Ryanair UK, Laudamotion for its Austrian business and Ryanair Sun, or Polish unit. "Having agreed to this group strategy as the best way to grow Ryanair, Sun, Lauda and other possible airline brands, Michael O'Leary has agreed a new five-year contract as group CEO," the statement said. It added: "Over the next 12 months Ryanair Holdings Plc will move to a group structure not dissimilar to that of IAG. "A small senior management team will oversee the development of four airline subsidiaries... (focusing) upon efficient capital allocation, cost reductions, aircraft acquisitions, and small scale M&A opportunities," the statement said On the latest group earnings performance, O'Leary said that while the 20 million euros ($23 million) net loss was "disappointing", the group takes "comfort that this was entirely due to weaker than expected airfares". Last month, Ryanair cut its annual profit forecast for a second time, blaming lower airfares caused by overcapacity in the European short-haul sector. Following Monday's update, Ryanair's share price slumped 4.4 per cent to 10.94 euros. “For all the controversy and success, investors are entitled to at least question if O'Leary is the right man to take the company forward given the patchy recent track record and a stalling share price," said Russ Mould, investment director at AJ Bell. "A new management structure... will probably put some distance between him and the unions." Ryanair's recent performance has been hit also by pan-European strikes last year that forced it to cancel flights, affecting thousands of passengers, and offer improved pay deals to staff via landmark deals with unions. On Monday meanwhile, the Dublin-based airline again spoke out on Brexit. "The risk of a 'no-deal' Brexit remains worryingly high. While we hope that common sense will prevail and lead to either a delay in Brexit or agreement on the 21-month transition deal currently on the table, we have taken all necessary steps to protect Ryanair’s business in a no-deal environment," the statement said. Britain accounts for about one-quarter of revenues at Ryanair, causing the airline to warn frequently about potential fallout from the UK's rocky path to exiting the European Union. And while the airline sector as a whole took a knock last year from high oil prices, a sharp reduction in fuel costs in recent months has removed such pressures. But the European short-haul sector remains weighed down by fierce competition despite some consolidation, including Ryanair's purchase of Austrian carrier Laudamotion in 2018.

Ryanair to restructure, posts quarterly loss

Myanmar leader Aung San Suu Kyi on Monday urged global investors to put their money into Myanmar, seeking to offset the negative impact of the Rohingya crisis and slow pace of economic reforms.

Suu Kyi touted Myanmar's economic potential, its attractive geographical location, expanding domestic markets and young population. She also listed some of the reforms undertaken by her government since coming to power in 2016.

"I stand here to reaffirm our commitment to continue our reform and to build an investment-friendly environment," Suu Kyi said in the capital Naypyitaw, launching the first official investment conference hosted by her administration.

"Please do come to Myanmar, soak in an atmosphere brimming with opportunities and witness our new-found economic vibrancy with your own eyes," she told a crowd of business people, diplomats and journalists gathered at a conference hall.

While there were relatively few details on planned reforms, the conference itself could signal a shift in the government's approach to the business community.

Until now, investors have complained the government has focused largely on ending the country's myriad armed conflicts, neglecting economic reforms and their needs.

Suu Kyi did not mention in her speech the Rohingya crisis and the chilling impact it has had on investment. Many businesses worry that some of the Western sanctions that stifled the economy under army rule could be reinstated.

About 730,000 Rohingya Muslims have fled from western Rakhine State into Bangladesh since a military crackdown in 2017 after Rohingya insurgents attacked security posts.

A UN-mandated fact-finding mission said that Myanmar's military carried out mass killings and gang rapes of Rohingya with "genocidal intent" and called for top generals to be prosecuted. Myanmar rejected the findings.

The International Monetary Fund said last year its data indicated that some foreign investors were delaying final approval of projects until there was clarity about how the situation may unfold.

The European Union is considering trade sanctions on Myanmar over the crisis, potentially stripping the country of tariff-free access to the world's largest trading bloc. The measures could include Myanmar's lucrative textile industry and potentially put thousands of jobs at risk.

Separately this month, the EU imposed tariffs on rice from Myanmar and Cambodia to curb a surge in imports.

Suu Kyi did not mention the EU measures in her speech.

The World Bank said last month it expected Myanmar's gross domestic product to fall to 6.2 per cent in 2018-19 fiscal year from 6.8 per cent the year before. It saw "elevated downside risks from intensifying impacts of the Rakhine crisis," among other factors contributing to slowing growth.

Investors have credited the government's appointment of a new finance minister, Soe Win, who has a background in international finance.

The government has also continued to reform the legal framework for investing and establishing companies, liberalizing some of the junta-era restrictions on investment, and has created a bank of key projects it wants to implement.

Myanmar leader Aung San Suu Kyi on Monday urged global investors to put their money into Myanmar, seeking to offset the negative impact of the Rohingya crisis and slow pace of economic reforms.

Myanmar leader Aung San Suu Kyi on Monday urged global investors to put their money into Myanmar, seeking to offset the negative impact of the Rohingya crisis and slow pace of economic reforms. Suu Kyi touted Myanmar's economic potential, its attractive geographical location, expanding domestic markets and young population. She also listed some of the reforms undertaken by her government since coming to power in 2016. "I stand here to reaffirm our commitment to continue our reform and to build an investment-friendly environment," Suu Kyi said in the capital Naypyitaw, launching the first official investment conference hosted by her administration. "Please do come to Myanmar, soak in an atmosphere brimming with opportunities and witness our new-found economic vibrancy with your own eyes," she told a crowd of business people, diplomats and journalists gathered at a conference hall. While there were relatively few details on planned reforms, the conference itself could signal a shift in the government's approach to the business community. Until now, investors have complained the government has focused largely on ending the country's myriad armed conflicts, neglecting economic reforms and their needs. Suu Kyi did not mention in her speech the Rohingya crisis and the chilling impact it has had on investment. Many businesses worry that some of the Western sanctions that stifled the economy under army rule could be reinstated. About 730,000 Rohingya Muslims have fled from western Rakhine State into Bangladesh since a military crackdown in 2017 after Rohingya insurgents attacked security posts. A UN-mandated fact-finding mission said that Myanmar's military carried out mass killings and gang rapes of Rohingya with "genocidal intent" and called for top generals to be prosecuted. Myanmar rejected the findings. The International Monetary Fund said last year its data indicated that some foreign investors were delaying final approval of projects until there was clarity about how the situation may unfold. The European Union is considering trade sanctions on Myanmar over the crisis, potentially stripping the country of tariff-free access to the world's largest trading bloc. The measures could include Myanmar's lucrative textile industry and potentially put thousands of jobs at risk. Separately this month, the EU imposed tariffs on rice from Myanmar and Cambodia to curb a surge in imports. Suu Kyi did not mention the EU measures in her speech. The World Bank said last month it expected Myanmar's gross domestic product to fall to 6.2 per cent in 2018-19 fiscal year from 6.8 per cent the year before. It saw "elevated downside risks from intensifying impacts of the Rakhine crisis," among other factors contributing to slowing growth. Investors have credited the government's appointment of a new finance minister, Soe Win, who has a background in international finance. The government has also continued to reform the legal framework for investing and establishing companies, liberalizing some of the junta-era restrictions on investment, and has created a bank of key projects it wants to implement.

Suu Kyi to investors: Myanmar is open for business

The benchmark BSE Sensex fell over 100 points Tuesday after a five-session winning spree as investors cashed profits in IT, metal, banking, consumer durables, power and auto shares amid sustained foreign fund outflows.

Cues from other Asian markets were weak too.

The BSE 30-share barometer dropped 134.05 points, or 0.37 per cent, to 36,444.91 in early trade as index major Reliance Industries, Tata Steel, Tata Motors, ICICI Bank and Maruti Suzuki declined.&nbsp;

The gauge had rallied over 725 points in the previous five sessions.

The NSE Nifty index too slipped by 45.90 points, or 0.42 per cent, to 10,915.95.

Brokers said investors turned cautious and preferred to log profits in recent gainers, dragging down key indices.

Besides, a weak trend at most of the other Asian markets on concerns about the global economic outlook, after the International Monetary fund (IMF) slashed its world economic forecast Monday, weighed on the sentiments here, they added.

The IMF lowered its global growth projections for 2019 and 2020 to 3.5 per cent and 3.6 per cent respectively, citing a slowdown in several advanced economies around the world more rapidly than previously anticipated.

The laggards were Tata Steel, IndusInd Bank, Vedanta, M&amp;M, Yes Bank, Bajaj Auto, Coal India, Maruti Suzuki, RIL, Axis Bank, Infosys, HCL Tech, HDFC, HDFC Bank, PowerGrid, Asian Paint, HUL and SBI, falling up to 1.70 per cent.

Meanwhile, foreign portfolio investors (FPIs) continued their selling activity on domestic bourses here. They sold shares worth a net Rs 29.79 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 520.80 crore Monday, provisional data showed.

Elsewhere in Asia, Shanghai Composite Index fell 0.73 per cent, Korea's Kospi was down 0.65 per cent and Taiwan's index shed 0.21 per cent. Hong Kong's Hang Seng fell 0.88 per cent and Japan's Nikkei fell 0.06 per cent.&nbsp;

The rupee edged 5 paise higher to 71.23 against the US dollar in early session at the interbank forex market Tuesday on fresh selling of the American currency by exporters and banks.&nbsp;

The benchmark BSE Sensex fell over 100 points Tuesday after a five-session winning spree as investors cashed profits in IT, metal, banking, consumer durables, power and auto shares amid sustained foreign fund outflows.

The benchmark BSE Sensex fell over 100 points Tuesday after a five-session winning spree as investors cashed profits in IT, metal, banking, consumer durables, power and auto shares amid sustained foreign fund outflows. Cues from other Asian markets were weak too. The BSE 30-share barometer dropped 134.05 points, or 0.37 per cent, to 36,444.91 in early trade as index major Reliance Industries, Tata Steel, Tata Motors, ICICI Bank and Maruti Suzuki declined. The gauge had rallied over 725 points in the previous five sessions. The NSE Nifty index too slipped by 45.90 points, or 0.42 per cent, to 10,915.95. Brokers said investors turned cautious and preferred to log profits in recent gainers, dragging down key indices. Besides, a weak trend at most of the other Asian markets on concerns about the global economic outlook, after the International Monetary fund (IMF) slashed its world economic forecast Monday, weighed on the sentiments here, they added. The IMF lowered its global growth projections for 2019 and 2020 to 3.5 per cent and 3.6 per cent respectively, citing a slowdown in several advanced economies around the world more rapidly than previously anticipated. The laggards were Tata Steel, IndusInd Bank, Vedanta, M&M, Yes Bank, Bajaj Auto, Coal India, Maruti Suzuki, RIL, Axis Bank, Infosys, HCL Tech, HDFC, HDFC Bank, PowerGrid, Asian Paint, HUL and SBI, falling up to 1.70 per cent. Meanwhile, foreign portfolio investors (FPIs) continued their selling activity on domestic bourses here. They sold shares worth a net Rs 29.79 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 520.80 crore Monday, provisional data showed. Elsewhere in Asia, Shanghai Composite Index fell 0.73 per cent, Korea's Kospi was down 0.65 per cent and Taiwan's index shed 0.21 per cent. Hong Kong's Hang Seng fell 0.88 per cent and Japan's Nikkei fell 0.06 per cent. The rupee edged 5 paise higher to 71.23 against the US dollar in early session at the interbank forex market Tuesday on fresh selling of the American currency by exporters and banks.

Sensex drops over 100 points on profit-booking, weak global cues

The rupee edged 5 paise higher to 71.23 against the US dollar in early session at the interbank forex market Tuesday on fresh selling of the American currency by exporters and banks.

Besides, the dollar's weakness against some other currencies amid lingering worries about a global slowdown supported the rupee, forex dealers said.

However, a weak trend in domestic equities in early trade limited the rupee's gain.

On Monday, the rupee had ended lower by 9 paise at 71.28 against the US currency amid the&nbsp;rise in demand for the greenback.

Meanwhile, benchmark BSE Sensex fell 71.47 points, or 0.18 per cent, to 36,507.49 and the NSE Nifty was down by 30.95 points, or 0.29 per cent, at 10,930.90 in opening trade Tuesday.&nbsp;

The rupee edged 5 paise higher to 71.23 against the US dollar in early session at the interbank forex market Tuesday on fresh selling of the American currency by exporters and banks.

The rupee edged 5 paise higher to 71.23 against the US dollar in early session at the interbank forex market Tuesday on fresh selling of the American currency by exporters and banks. Besides, the dollar's weakness against some other currencies amid lingering worries about a global slowdown supported the rupee, forex dealers said. However, a weak trend in domestic equities in early trade limited the rupee's gain. On Monday, the rupee had ended lower by 9 paise at 71.28 against the US currency amid the rise in demand for the greenback. Meanwhile, benchmark BSE Sensex fell 71.47 points, or 0.18 per cent, to 36,507.49 and the NSE Nifty was down by 30.95 points, or 0.29 per cent, at 10,930.90 in opening trade Tuesday.

Rupee rises 5 paise against dollar to 71.23

The BSE benchmark Sensex and NSE Nifty Friday started on a volatile note tracking heavy selling on pharma and banking counters amid weakening rupee.

After opening marginally higher, the 30-share index turned negative and was trading 79.53 points, or 0.22 per cent, lower at 36,294.55 in early trade. Similarly, the NSE Nifty slipped 16.25 points, or 0.15 per cent, to 10,888.95.

On Thursday, the Sensex settled 52.79 points, or 0.15 per cent, higher at 36,374.08; and the broader NSE Nifty inched up 14.90 points, or 0.14 per cent, to 10,905.20.

In morning session on Friday, Sun Pharma was the biggest loser on Sensex, cracking up to 10 per cent.

Other losers were Yes Bank, Bharti Airtel, HUL, Axis Bank, M&amp;M, Coal India, Asian Paints, Tata Motors and TCS, shedding up to 1.49 per cent.

ONGC, PowerGrid, RIL, Vedanta and Maruti were the top gainers, rising up to 1 per cent.

On a net basis, foreign portfolio investors (FPIs) purchased shares worth Rs 842.13 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 727.46 crore, provisional data available with BSE showed.

According to analysts, global trade tensions and risk of recession will cast cloud over the sentiment; while lack of major triggers in the domestic market could steer a range bound movement in the near term.

The rupee, meanwhile, depreciated 18 paise against the US dollar to 71.21.

The benchmark Brent crude futures rose 0.88 per cent to $61.72 per barrel.

Elsewhere in Asia, Hong Kong's Hang Seng was up 0.94 per cent, Shanghai Composite Index was trading 0.79 per cent higher, Kospi rose 0.55 per cent in early trade and Japan's Nikkei rallied 1.26 per cent.

On Wall Street, Dow Jones Industrial Average ended 0.67 per cent higher at 24,370.10 points on Thursday.

The BSE benchmark Sensex and NSE Nifty Friday started on a volatile note tracking heavy selling on pharma and banking counters amid weakening rupee. After opening marginally higher, the 30-share index turned negative and was trading 79.

The BSE benchmark Sensex and NSE Nifty Friday started on a volatile note tracking heavy selling on pharma and banking counters amid weakening rupee. After opening marginally higher, the 30-share index turned negative and was trading 79.53 points, or 0.22 per cent, lower at 36,294.55 in early trade. Similarly, the NSE Nifty slipped 16.25 points, or 0.15 per cent, to 10,888.95. On Thursday, the Sensex settled 52.79 points, or 0.15 per cent, higher at 36,374.08; and the broader NSE Nifty inched up 14.90 points, or 0.14 per cent, to 10,905.20. In morning session on Friday, Sun Pharma was the biggest loser on Sensex, cracking up to 10 per cent. Other losers were Yes Bank, Bharti Airtel, HUL, Axis Bank, M&M, Coal India, Asian Paints, Tata Motors and TCS, shedding up to 1.49 per cent. ONGC, PowerGrid, RIL, Vedanta and Maruti were the top gainers, rising up to 1 per cent. On a net basis, foreign portfolio investors (FPIs) purchased shares worth Rs 842.13 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 727.46 crore, provisional data available with BSE showed. According to analysts, global trade tensions and risk of recession will cast cloud over the sentiment; while lack of major triggers in the domestic market could steer a range bound movement in the near term. The rupee, meanwhile, depreciated 18 paise against the US dollar to 71.21. The benchmark Brent crude futures rose 0.88 per cent to $61.72 per barrel. Elsewhere in Asia, Hong Kong's Hang Seng was up 0.94 per cent, Shanghai Composite Index was trading 0.79 per cent higher, Kospi rose 0.55 per cent in early trade and Japan's Nikkei rallied 1.26 per cent. On Wall Street, Dow Jones Industrial Average ended 0.67 per cent higher at 24,370.10 points on Thursday.

Sensex, Nifty start on volatile note amid weakening rupee

<a href="http://www.wionews.com/entertainment/pm-modi-to-unveil-national-film-museum-in-mumbai-191225">Prime Minister Narendra Modi </a>Friday said India is aiming at being in the list of top 50 countries next year in the 'ease of doing business' category.

The country's ranking has jumped 75 places in the World Bank's ease of doing business rankings, Modi said. India is now ranked 77th in the list.

"I have asked my team to work harder so that India is in the 'Top 50' list in ease of doing business next year. I want our regulations and processes to compare with the best in the world. We have also made doing business cheaper," Modi said in his inaugural address at the 9th edition of the Vibrant Gujarat Global Summit here.

Modi said his government is focused on removing the barriers which were preventing the country from achieving its potential and will continue with the pace of reforms and deregulation.

Implementation of Goods and Services Tax and measures of simplification and consolidation of taxes have reduced transaction costs and made processes efficient, he said.

Digital processes, online transactions and single- point interfaces have also helped in doing business faster, he said.

Modi said doing business smarter has also been the focus of his government. IT-based transactions in procurement and purchases by the government and digital payments have been steps in this direction. He added.

Addressing the gathering in the presence of political and business leaders from different countries, Modi said Indian administration has worked with a focus to reduce government and enhance governance, with the mantra of 'reform, perform, transform and further perform'.

He said the change in terms of direction and intensity has been quite visible since the last four years after his government came to power.

Modi said his government has taken several drastic steps and deeper structural reforms adding to the strength of India and its economy.

Among these reforms was removing the barriers that prevented India from&nbsp; 
achieving full potential, he said.

This has led major global financial institutions like the World Bank and the IMF as well as agencies like Moodys to express confidence in India's economic journey, he said.

We will continue the pace and process of reforms and deregulation, he said.

Modi said his governments' policies have helped bring in a foreign direct investment worth USD 263 billion in the last four years, which he said is 45 per cent of the FDI received in the last 18 years.

"Most sectors of our economy are now open for FDI. More than 90 per cent approvals have been put on the automatic route. Such measures have propelled our economy to a high growth path, he said.

With an average growth rate at 7.3 per cent per year in the last four years, GDP expansion has been the highest since 1991, Modi said.

He said that challenge for India remains the need to grow horizontally as well as vertically.

Horizontally, we have to spread the benefits of development to regions and communities that have lagged behind. Vertically, we have to meet enhanced expectations in terms of quality of life, quality of services and quality of infrastructure," he said.

Expressing the need to create job opportunities for the young population, Modi said his governments' decisions have been directed not just for doing business but also for ease of life of our people.

"We also understand that being a young nation, we need to create job opportunities and better infrastructure. Both are linked with investments. Therefore, in recent years, there has been an unprecedented focus on manufacturing and infrastructure, he said.

Modi said his government is keen to raise investment in next-generation infrastructure in roads, ports, railways, airports, telecom, digital networks and energy to help a 'New India' take shape that will be modern and competitive and yet caring and compassionate.

The Vibrant Gujarat Summit was conceptualised in 2003 by Modi who was then Gujarat chief minister to re-establish the state as a preferred investment destination within India.

The event has evolved into a platform for brainstorming on agendas of global socio-economic development, in addition to being a facilitator for knowledge sharing and forging effective partnerships.

Prime Minister Narendra Modi Friday said India is aiming at being in the list of top 50 countries next year in the 'ease of doing business' category. The country's ranking has jumped 75 places in the World Bank's ease of doing business rankings, Modi said.

Prime Minister Narendra Modi Friday said India is aiming at being in the list of top 50 countries next year in the 'ease of doing business' category. The country's ranking has jumped 75 places in the World Bank's ease of doing business rankings, Modi said. India is now ranked 77th in the list. "I have asked my team to work harder so that India is in the 'Top 50' list in ease of doing business next year. I want our regulations and processes to compare with the best in the world. We have also made doing business cheaper," Modi said in his inaugural address at the 9th edition of the Vibrant Gujarat Global Summit here. Modi said his government is focused on removing the barriers which were preventing the country from achieving its potential and will continue with the pace of reforms and deregulation. Implementation of Goods and Services Tax and measures of simplification and consolidation of taxes have reduced transaction costs and made processes efficient, he said. Digital processes, online transactions and single- point interfaces have also helped in doing business faster, he said. Modi said doing business smarter has also been the focus of his government. IT-based transactions in procurement and purchases by the government and digital payments have been steps in this direction. He added. Addressing the gathering in the presence of political and business leaders from different countries, Modi said Indian administration has worked with a focus to reduce government and enhance governance, with the mantra of 'reform, perform, transform and further perform'. He said the change in terms of direction and intensity has been quite visible since the last four years after his government came to power. Modi said his government has taken several drastic steps and deeper structural reforms adding to the strength of India and its economy. Among these reforms was removing the barriers that prevented India from achieving full potential, he said. This has led major global financial institutions like the World Bank and the IMF as well as agencies like Moodys to express confidence in India's economic journey, he said. We will continue the pace and process of reforms and deregulation, he said. Modi said his governments' policies have helped bring in a foreign direct investment worth USD 263 billion in the last four years, which he said is 45 per cent of the FDI received in the last 18 years. "Most sectors of our economy are now open for FDI. More than 90 per cent approvals have been put on the automatic route. Such measures have propelled our economy to a high growth path, he said. With an average growth rate at 7.3 per cent per year in the last four years, GDP expansion has been the highest since 1991, Modi said. He said that challenge for India remains the need to grow horizontally as well as vertically. Horizontally, we have to spread the benefits of development to regions and communities that have lagged behind. Vertically, we have to meet enhanced expectations in terms of quality of life, quality of services and quality of infrastructure," he said. Expressing the need to create job opportunities for the young population, Modi said his governments' decisions have been directed not just for doing business but also for ease of life of our people. "We also understand that being a young nation, we need to create job opportunities and better infrastructure. Both are linked with investments. Therefore, in recent years, there has been an unprecedented focus on manufacturing and infrastructure, he said. Modi said his government is keen to raise investment in next-generation infrastructure in roads, ports, railways, airports, telecom, digital networks and energy to help a 'New India' take shape that will be modern and competitive and yet caring and compassionate. The Vibrant Gujarat Summit was conceptualised in 2003 by Modi who was then Gujarat chief minister to re-establish the state as a preferred investment destination within India. The event has evolved into a platform for brainstorming on agendas of global socio-economic development, in addition to being a facilitator for knowledge sharing and forging effective partnerships.

India aims 'Top 50' rank next year in ease of doing business: PM Modi

The continued decline in food prices pulled down retail inflation to an 18-month low of 2.19 per cent in December 2018, creating headroom for the RBI to cut interest rate in its monetary policy review next month.

Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December on softening fuel and food prices.

The inflation based on the Consumer Price Index (CPI) was 2.33 per cent in November and 5.21 per cent in December 2017.

According to the data released by the Ministry of Statistics and Programme Implementation, food inflation remained in the negative zone at 2.51 per cent compared to (-) 2.61 per cent in November.

The rate of price rise in vegetables, fruits and protein-rich eggs continued to decline.

However, there was a marginal increase in the prices of meat, fish, and pulses.

Fuel and light inflation was 4.54 per cent in December, down from 7.39 per cent in November on back of reduction in prices of petrol and diesel.&nbsp;

The Reserve Bank of India, which mainly factors in retail inflation, has been tasked by the government to maintain the inflation near 4 per cent.

The central bank, under new Governor Shaktikanta Das, is scheduled to announce the next set its bi-monthly monetary policy on February 7 and industry expects that it will cut the key lending rate.

Commenting on the data, industry chamber CII said the decline in the inflation reading, which is well within the central bank's medium-term inflation target, should induce the RBI to resume the accommodative policy stance to trigger the investment cycle and support growth by lowering the borrowing costs of industry.

The factory output based on movement in Index of Industrial Production (IIP) slumped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods.

Another industry body Assocham also made a case for easing of policy stance by the RBI.

In its December monetary policy review, the RBI had kept interest rates unchanged but held out a promise to cut them if the upside risks to the inflation do not materialise.

Having raised rates twice this year, the central bank had retained its 'calibrated tightening' policy stance.

Shubhada Rao, Chief Economist, Yes Bank expects that going forward the inflation is expected to be closer to 3.5- 3.7 per cent band.

"This paves way for the MPC to not just change its stance to neutral but also mull over a possible rate cut. The inflation trajectory looks below 4 per cent over the next quarter," he said.

Wholesale inflation continued to decline for the second consecutive month in December due to cheaper fuel and vegetables. The Wholesale Price Index-based inflation was 4.64 per cent in November 2018 and 5.54 per cent in October.&nbsp;

In December 2017, WPI inflation stood at 3.58 per cent.

Deflation in food articles stood at 0.07 per cent in December, against 3.31 per cent in November. Vegetables continued the deflationary trend for six months and prices declined 17.55 per cent in December, compared to 26.98 per cent contraction in the previous month.

Inflation in the 'fuel and power' basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November. This was on account of lowering of prices of petrol and diesel through December.

"The continuing deceleration in the growth of WPI and softening of global fuel prices provide ample opportunity to MPC (monetary policy committee) to cut down policy rate at earliest which will kick start investment and revival in overall industrial growth," Assocham said.

The continued decline in food prices pulled down retail inflation to an 18-month low of 2.19 per cent in December 2018, creating headroom for the RBI to cut interest rate in its monetary policy review next month.

The continued decline in food prices pulled down retail inflation to an 18-month low of 2.19 per cent in December 2018, creating headroom for the RBI to cut interest rate in its monetary policy review next month. Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December on softening fuel and food prices. The inflation based on the Consumer Price Index (CPI) was 2.33 per cent in November and 5.21 per cent in December 2017. According to the data released by the Ministry of Statistics and Programme Implementation, food inflation remained in the negative zone at 2.51 per cent compared to (-) 2.61 per cent in November. The rate of price rise in vegetables, fruits and protein-rich eggs continued to decline. However, there was a marginal increase in the prices of meat, fish, and pulses. Fuel and light inflation was 4.54 per cent in December, down from 7.39 per cent in November on back of reduction in prices of petrol and diesel. The Reserve Bank of India, which mainly factors in retail inflation, has been tasked by the government to maintain the inflation near 4 per cent. The central bank, under new Governor Shaktikanta Das, is scheduled to announce the next set its bi-monthly monetary policy on February 7 and industry expects that it will cut the key lending rate. Commenting on the data, industry chamber CII said the decline in the inflation reading, which is well within the central bank's medium-term inflation target, should induce the RBI to resume the accommodative policy stance to trigger the investment cycle and support growth by lowering the borrowing costs of industry. The factory output based on movement in Index of Industrial Production (IIP) slumped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods. Another industry body Assocham also made a case for easing of policy stance by the RBI. In its December monetary policy review, the RBI had kept interest rates unchanged but held out a promise to cut them if the upside risks to the inflation do not materialise. Having raised rates twice this year, the central bank had retained its 'calibrated tightening' policy stance. Shubhada Rao, Chief Economist, Yes Bank expects that going forward the inflation is expected to be closer to 3.5- 3.7 per cent band. "This paves way for the MPC to not just change its stance to neutral but also mull over a possible rate cut. The inflation trajectory looks below 4 per cent over the next quarter," he said. Wholesale inflation continued to decline for the second consecutive month in December due to cheaper fuel and vegetables. The Wholesale Price Index-based inflation was 4.64 per cent in November 2018 and 5.54 per cent in October. In December 2017, WPI inflation stood at 3.58 per cent. Deflation in food articles stood at 0.07 per cent in December, against 3.31 per cent in November. Vegetables continued the deflationary trend for six months and prices declined 17.55 per cent in December, compared to 26.98 per cent contraction in the previous month. Inflation in the 'fuel and power' basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November. This was on account of lowering of prices of petrol and diesel through December. "The continuing deceleration in the growth of WPI and softening of global fuel prices provide ample opportunity to MPC (monetary policy committee) to cut down policy rate at earliest which will kick start investment and revival in overall industrial growth," Assocham said.

Retail inflation drops to 2.19% in December, lowest since June 2017

The government wants to focus on the districts as part of a bottom-up approach for boosting growth, industry minister Suresh Prabhu said here Saturday.

The idea is to focus on one district at a time and increase its GDP growth by 3-4 percentage points annually, which will help increase the national GDP, the minister said speaking at an Association of National Exchanges Members of India event here.

Accordingly, the government has identified six districts, mapped its baseline of their economy with help from reputed bodies like IIM and NCAER and then work on specifics to increase their economic output.

"We've been focusing on the macro all these while, and while that continues, now we feel the need to also have the micro or the bottom," said Prabhu, who also heads the commerce and aviation ministries.

He said the chosen districts are in Maharashtra, Andhra Pradesh, Bihar, Himachal Pradesh, and Uttar Pradesh, and these districts will get special attention in ease of doing business.

The minister said it is now a certainty that the $2.6-trillion economy will scale the $5-trillion mount over the next seven-nine years, and touch the $10 trillion mark by the turn of 2035.

The measures being undertaken to push growth at district level are aimed at achieving this higher target earlier, he said, adding there will be a launch event in the financial capital next Tuesday regarding the same.

Prabhu said the country is now targeting to increase the annual FDI inflows to $100 billion.

The government has identified the sectors which can attract investments and has prepared a list of 150 companies sitting with huge cash balance which will be targeted to get investments, he said.

He said a vibrant capital market is essential both for mobilising capital as well as make it work effectively, such that it delivers the maximum returns for the economy.

The minister also assured government help to ensure that the capital markets keep performing better.

Prabhu said it is one of the most challenging times for global trade and we'll have to increase our focus on services and merchandise exports and that government has asked Exim Bank to undertake an analysis both from a product as well a geographical perspective to increase exports.

Addressing the event, a top Anmi functionary flagged taxation issues being faced by investors, terming it as a price for transparency which domestic investors have to play and sought to be heard as the government is currently preparing the direct tax code.

M Damodaran, a former Sebi chairman, said he has reservations on self-regulatory organisations and pointed to the lack of success on this front at the chartered accountants, medicines and the legal profession.

The government wants to focus on the districts as part of a bottom-up approach for boosting growth, industry minister Suresh Prabhu said here Saturday. The idea is to focus on one district at a time and increase its GDP growth by 3-4 percentage points annually, which will help increase the national GDP, the minister said speaking at an Association of National Exchanges Members of India event here.

The government wants to focus on the districts as part of a bottom-up approach for boosting growth, industry minister Suresh Prabhu said here Saturday. The idea is to focus on one district at a time and increase its GDP growth by 3-4 percentage points annually, which will help increase the national GDP, the minister said speaking at an Association of National Exchanges Members of India event here. Accordingly, the government has identified six districts, mapped its baseline of their economy with help from reputed bodies like IIM and NCAER and then work on specifics to increase their economic output. "We've been focusing on the macro all these while, and while that continues, now we feel the need to also have the micro or the bottom," said Prabhu, who also heads the commerce and aviation ministries. He said the chosen districts are in Maharashtra, Andhra Pradesh, Bihar, Himachal Pradesh, and Uttar Pradesh, and these districts will get special attention in ease of doing business. The minister said it is now a certainty that the $2.6-trillion economy will scale the $5-trillion mount over the next seven-nine years, and touch the $10 trillion mark by the turn of 2035. The measures being undertaken to push growth at district level are aimed at achieving this higher target earlier, he said, adding there will be a launch event in the financial capital next Tuesday regarding the same. Prabhu said the country is now targeting to increase the annual FDI inflows to $100 billion. The government has identified the sectors which can attract investments and has prepared a list of 150 companies sitting with huge cash balance which will be targeted to get investments, he said. He said a vibrant capital market is essential both for mobilising capital as well as make it work effectively, such that it delivers the maximum returns for the economy. The minister also assured government help to ensure that the capital markets keep performing better. Prabhu said it is one of the most challenging times for global trade and we'll have to increase our focus on services and merchandise exports and that government has asked Exim Bank to undertake an analysis both from a product as well a geographical perspective to increase exports. Addressing the event, a top Anmi functionary flagged taxation issues being faced by investors, terming it as a price for transparency which domestic investors have to play and sought to be heard as the government is currently preparing the direct tax code. M Damodaran, a former Sebi chairman, said he has reservations on self-regulatory organisations and pointed to the lack of success on this front at the chartered accountants, medicines and the legal profession.

District-focused approach to boost GDP growth faster: Suresh Prabhu

Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 per cent fall in third-quarter net profit, well below market expectations.

Profit attributable for the three months through December 31 was 36.09 billion rupees ($511.94 million), missing the average estimate of 41.31 billion rupees from 25 analysts compiled by Refinitiv Eikon.

Last year, it made a profit of 51.29 billion rupees, helped by tax benefits from the firm's deal with the US&nbsp;Internal Revenue Service.

India's second-biggest software services exporter by market cap after Tata Consultancy Services Ltd said revenue from operations in the quarter rose 20.3 per cent to 214 billion rupees.

Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 per cent fall in third-quarter net profit, well below market expectations. Profit attributable for the three months through December 31 was 36.

Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 per cent fall in third-quarter net profit, well below market expectations. Profit attributable for the three months through December 31 was 36.09 billion rupees ($511.94 million), missing the average estimate of 41.31 billion rupees from 25 analysts compiled by Refinitiv Eikon. Last year, it made a profit of 51.29 billion rupees, helped by tax benefits from the firm's deal with the US Internal Revenue Service. India's second-biggest software services exporter by market cap after Tata Consultancy Services Ltd said revenue from operations in the quarter rose 20.3 per cent to 214 billion rupees.

Infosys third-quarter profit falls 29.6%, misses estimates

The world expects China to chart a different path of development and spread its development lessons all around the globe, said World Bank Group President Jim Yong Kim as he spoke highly of China's win-win solutions on the 40th anniversary of its reform and opening-up.

China entered the World Bank Group in 1980 as the country started to engage more widely in the global economic system. With this year marking the 40th anniversary since the beginning of China's reform and opening-up process, the World Bank chief also praised China's achievements over the past decades.

Speaking in an interview with China Global Television Network (CGTN), Kim said the relationship between China and the World Bank Group has evolved over the years.

"At first we were involved in things like setting up the special economic zones, in establishing the capital markets. But then China joined the World Trade Organization, another very important step in China's development. And recently we are now focusing with China on specific areas that it has set for itself as targets for improvements," said the World Bank chief.

He also listed a few areas of focus including the change in economic growth strategy, urbanization and health care, which have seen some of the biggest reform.

Kim noted that China's role in the World Bank Group has also changed over the years, evolving from being a recipient of loans and assistance, to becoming a major contributor and donor.

"China has now become much more interested in our knowledge and our knowledge is unique at the World Bank Group because what we are hoping to provide for every single country is we take all the experiences that we've had, all the things that we've learned from countries all around the world and then bring them to see if any of these examples of success and failure might be relevant. So we do the same thing for China. But now China has become an extremely important source of just those kinds of innovations. So we are now taking the lessons from China and helping to spread those lessons all over the world. So China has become much more of a knowledge partner than before. But China has also become a donor," said Kim.

The World Bank chief added that China has been one of the fastest-growing countries in terms of donations to the International Development Association (IDA), the World Bank's fund for the poorest countries.

As China now has greater voting power at the World Bank, Kim said the rest of the world is now looking towards China for leadership in setting the tone for how future global development will evolve.

"President Xi has said on many occasions that what China is looking for are win-win solutions. And so with the Belt and Road Initiative, and with the direct assistance, the provision of loans from China directly to countries, I think all of those things, everyone in the world is waiting and hoping and expecting that China will continue to emphasize this notion of win-win solutions and chart a path for development that will look different," he said.

Kim said different from the traditional development path where wealthy countries provide grants and loans to the poor countries, China is proposing solutions that everyone will benefit if they work together on developing the poorest countries.

He is optimistic about China's development in the future.

"That approach of using small and medium enterprises to drive economic growth and job creation is fully alive and functioning in China. Automation, heavy industry is fully alive and functioning in China. China is trying to get the right balance between state intervention, the use of state resources, and market forces and these things are all central to how China will do in the future," said Kim.

The World Bank chief said that his optimism is based on the fact that there are so many different drivers of economic growth already thriving in China, and believes the country has a good chance of continuing to grow whatever global or political challenges it faces.

"I think that the most important message I can send on this 40th anniversary of China opening to the world is that China is now communicating about a leadership strategy that's very different from the traditional leadership strategy. It's not about rich countries providing benefits to poor countries. It's about a country that has gone from being extremely poor to much wealthier in a very short period of time now saying 'we need to find win-win situations.' This is what we do at the world bank every single day -- can we find win-win situations? This is something that we look forward to continuing to do with China," said Kim.

The world expects China to chart a different path of development and spread its development lessons all around the globe, said World Bank Group President Jim Yong Kim as he spoke highly of China's win-win solutions on the 40th anniversary of its reform and opening-up.

The world expects China to chart a different path of development and spread its development lessons all around the globe, said World Bank Group President Jim Yong Kim as he spoke highly of China's win-win solutions on the 40th anniversary of its reform and opening-up. China entered the World Bank Group in 1980 as the country started to engage more widely in the global economic system. With this year marking the 40th anniversary since the beginning of China's reform and opening-up process, the World Bank chief also praised China's achievements over the past decades. Speaking in an interview with China Global Television Network (CGTN), Kim said the relationship between China and the World Bank Group has evolved over the years. "At first we were involved in things like setting up the special economic zones, in establishing the capital markets. But then China joined the World Trade Organization, another very important step in China's development. And recently we are now focusing with China on specific areas that it has set for itself as targets for improvements," said the World Bank chief. He also listed a few areas of focus including the change in economic growth strategy, urbanization and health care, which have seen some of the biggest reform. Kim noted that China's role in the World Bank Group has also changed over the years, evolving from being a recipient of loans and assistance, to becoming a major contributor and donor. "China has now become much more interested in our knowledge and our knowledge is unique at the World Bank Group because what we are hoping to provide for every single country is we take all the experiences that we've had, all the things that we've learned from countries all around the world and then bring them to see if any of these examples of success and failure might be relevant. So we do the same thing for China. But now China has become an extremely important source of just those kinds of innovations. So we are now taking the lessons from China and helping to spread those lessons all over the world. So China has become much more of a knowledge partner than before. But China has also become a donor," said Kim. The World Bank chief added that China has been one of the fastest-growing countries in terms of donations to the International Development Association (IDA), the World Bank's fund for the poorest countries. As China now has greater voting power at the World Bank, Kim said the rest of the world is now looking towards China for leadership in setting the tone for how future global development will evolve. "President Xi has said on many occasions that what China is looking for are win-win solutions. And so with the Belt and Road Initiative, and with the direct assistance, the provision of loans from China directly to countries, I think all of those things, everyone in the world is waiting and hoping and expecting that China will continue to emphasize this notion of win-win solutions and chart a path for development that will look different," he said. Kim said different from the traditional development path where wealthy countries provide grants and loans to the poor countries, China is proposing solutions that everyone will benefit if they work together on developing the poorest countries. He is optimistic about China's development in the future. "That approach of using small and medium enterprises to drive economic growth and job creation is fully alive and functioning in China. Automation, heavy industry is fully alive and functioning in China. China is trying to get the right balance between state intervention, the use of state resources, and market forces and these things are all central to how China will do in the future," said Kim. The World Bank chief said that his optimism is based on the fact that there are so many different drivers of economic growth already thriving in China, and believes the country has a good chance of continuing to grow whatever global or political challenges it faces. "I think that the most important message I can send on this 40th anniversary of China opening to the world is that China is now communicating about a leadership strategy that's very different from the traditional leadership strategy. It's not about rich countries providing benefits to poor countries. It's about a country that has gone from being extremely poor to much wealthier in a very short period of time now saying 'we need to find win-win situations.' This is what we do at the world bank every single day -- can we find win-win situations? This is something that we look forward to continuing to do with China," said Kim.

China expected to continue win-win solutions for world development: World Bank

The rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets capped the losses.

The rupee opened lower at 69.87 against the dollar then dropped further to quote at 70.08, down 50 paise over its previous close.

The rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the US currency Friday.

The benchmark BSE Sensex opened over 250 points higher Monday on positive global cues after US President Donald Trump and his Chinese counterpart

Xi Jinping ended the trade war and agreed to a truce.&nbsp;

The 30-share index was trading 132.25 points or 0.37 per cent, higher at 36,326.55. In a similar movement, the NSE Nifty was trading 30.80 points, or 0.28 per cent, up at 10,907.55.&nbsp;

Forex traders said a rise in crude oil prices and foreign fund outflows also weighed on the domestic currency.

On net basis, foreign funds sold shares worth Rs 332.62 crore, while DIIs purchased share to the tune of Rs 1,489.65 crore Friday, provisional data showed.

Globally, Brent crude, the international benchmark, was trading 4.78 per cent up at 62.30 per barrel.&nbsp; 
&nbsp;

The rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

The rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas. Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets capped the losses. The rupee opened lower at 69.87 against the dollar then dropped further to quote at 70.08, down 50 paise over its previous close. The rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the US currency Friday. The benchmark BSE Sensex opened over 250 points higher Monday on positive global cues after US President Donald Trump and his Chinese counterpart Xi Jinping ended the trade war and agreed to a truce. The 30-share index was trading 132.25 points or 0.37 per cent, higher at 36,326.55. In a similar movement, the NSE Nifty was trading 30.80 points, or 0.28 per cent, up at 10,907.55. Forex traders said a rise in crude oil prices and foreign fund outflows also weighed on the domestic currency. On net basis, foreign funds sold shares worth Rs 332.62 crore, while DIIs purchased share to the tune of Rs 1,489.65 crore Friday, provisional data showed. Globally, Brent crude, the international benchmark, was trading 4.78 per cent up at 62.30 per barrel.

Rupee falls 50 paise to 70.08 against strengthening dollar

India has asked Ethiopian authorities to investigate a report that employees of an Indian company, Infrastructure Leasing and Financial Services (IL&amp;FS), have been taken hostage by staff in Ethiopia, an Indian government source said on Saturday.

Seven Indian employees of the debt-laden IL&amp;FS company have been held hostage by Ethiopian staff because of non-payment of salaries, according to messages posted on Twitter by those saying they were being held.

An Indian foreign ministry official said India was discussing the matter "on priority" with Ethiopian authorities and the management of IL&amp;FS.

"We are doing our best to ensure a settlement of this matter," said the official, who declined to be identified. An IL&amp;FS spokesman in India declined to comment.

The Indian government took control of IL&amp;FS last month after it defaulted on some of its debt, triggering wider concerns about risk in the country's financial system.&nbsp;

The infrastructure financing and development company had over the years developed road, township and water-treatment projects in India and abroad.

Neeraj Raghuwanshi, who said he was one of the seven employees held hostage, has been calling for help on Twitter since November 27.

"Situations are beyond our control, please #help before mishappening," Raghuwanshi said late on Friday in a tweet, calling Prime Minister Narendra Modi and the foreign minister to intervene.

Raghuwanshi said the seven IL&amp;FS employees were held in three different locations in Ethiopia, following delayed salaries to staff and non-payment of local government taxes.

Another IL&amp;FS member of staff who said he was being hostage, Khurram Imam, wrote on Twitter they were facing "lots of problems like foods, water, electricity".

Reuters could not independently verify the authenticity of the tweets or claims made by people saying they were held hostage.&nbsp;

Raghuwanshi did not respond to an email seeking comment while Imam could not be reached for a comment. 
&nbsp;

India has asked Ethiopian authorities to investigate a report that employees of an Indian company, Infrastructure Leasing and Financial Services (IL&FS), have been taken hostage by staff in Ethiopia, an Indian government source said on Saturday.

India has asked Ethiopian authorities to investigate a report that employees of an Indian company, Infrastructure Leasing and Financial Services (IL&FS), have been taken hostage by staff in Ethiopia, an Indian government source said on Saturday. Seven Indian employees of the debt-laden IL&FS company have been held hostage by Ethiopian staff because of non-payment of salaries, according to messages posted on Twitter by those saying they were being held. An Indian foreign ministry official said India was discussing the matter "on priority" with Ethiopian authorities and the management of IL&FS. "We are doing our best to ensure a settlement of this matter," said the official, who declined to be identified. An IL&FS spokesman in India declined to comment. The Indian government took control of IL&FS last month after it defaulted on some of its debt, triggering wider concerns about risk in the country's financial system. The infrastructure financing and development company had over the years developed road, township and water-treatment projects in India and abroad. Neeraj Raghuwanshi, who said he was one of the seven employees held hostage, has been calling for help on Twitter since November 27. "Situations are beyond our control, please #help before mishappening," Raghuwanshi said late on Friday in a tweet, calling Prime Minister Narendra Modi and the foreign minister to intervene. Raghuwanshi said the seven IL&FS employees were held in three different locations in Ethiopia, following delayed salaries to staff and non-payment of local government taxes. Another IL&FS member of staff who said he was being hostage, Khurram Imam, wrote on Twitter they were facing "lots of problems like foods, water, electricity". Reuters could not independently verify the authenticity of the tweets or claims made by people saying they were held hostage. Raghuwanshi did not respond to an email seeking comment while Imam could not be reached for a comment.

India checking report IL&FS employees held hostage by staff in Ethiopia

The BSE benchmark Sensex extended losses for the second session Wednesday by declining over 250 points on heavy selling in IT, teck, metal and auto stocks amid weak global cues. 
Besides, fresh foreign fund outflows further hurt trading sentiments.

However, crude oil's fall to one-year low in the global market on excess supply concerns, capped the fall in the indices.

The 30-share, after rising briefly to 35,494.25 at the outset, quickly slipped into the negative terrain in line with a weak trend at other Asian markets and touched a low of 35,112.49.

However, it pared early losses on emergence of buying after a higher opening of European shares. The index closed 274.71 points, or 0.77 per cent, down at 35,199.80. The gauge had lost 300.37 points Tuesday.

Also, the broader NSE Nifty, after shuttling between 10,562.35 and 10,671.30 points, finally settled 56.15 points, or 0.53 per cent down at 10,600.05.

Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth, brokers said.

"Wednesday's action accentuates the recent divergence we have witnessed between India and advanced economies. While the Nasdaq Composite is down 7.2 per cent in the past month and the S&amp;P 500 is down 4.6 per cent, the Nifty50 is up 2.8 per cent in the same time," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.&nbsp;

During the day, midcaps rallied strongly while the Nifty ended lower. Separately, the action in PSU banks and financials also suggests that market fears around liquidity and credit rollovers are abating, he added.

Persistent fall in technology stocks globally, and rupee appreciating against the dollar in the past few days, are the key factors fuelling the negative sentiment in IT stocks, brokers said.

Stocks of software services exporter such as TCS, Infosys, Wipro and Tech Mahindra were the worst hit on the bourses with shares falling up to 3.55 per cent.

Other laggards were PowerGrid, RIL, Bajaj Auto, Tata Steel, M&amp;M, Hero MotoCorp, Vedanta, NTPC, IndusInd Bank, L&amp;T, ONGC, HDFC Ltd, ITC Ltd, ICICI Bank, HUL, Bharti Airtel and Coal India, falling up to 2.77 per cent.

Among the gainers, shares of private lender Yes Bank was the top performer, climbing 2.83 per cent after it reassured that the recent resignations bear no impact on the CEO selection process and that efforts are underway for mutual resolution with co-promoter Madhu Kapur and family.

Axis Bank, Adani Ports, SBI, Asian Paints, Maruti Suzuki, Sun Pharma, Tata Motors, HDFC Bank and Kotak Bank also ended higher with gains up to 2.20 per cent. 
 
Shares of aviation and oil marketing companies surged due to sharp drop of nearly 7 per cent in global crude oil prices.

Spicejet, Jet Airways and InterGlobe rose up to 5.63 per cent.

Shares of state-run oil marketing companies such as IOC, HPCL and BPCL, gained up to 1.76 per cent.

Brent crude, the oil prices international benchmark, fell 6.92 per cent to USD 62.17 a barrel on Tuesday on excess supply concerns.

Sector-wise, the BSE IT index emerged biggest loser by plunging 2.92 per cent, followed by teck 2.47 per cent, power 1.04 per cent, metal 0.78 per cent, capital goods 0.58 per cent and FMCG 0.26 per cent, oil&amp;gas 0.12 per cent and auto 0.08 per cent.

In contrast, realty, healthcare, consumer durables, bankex, PSU and infrastructure ended higher, rising up to 1.53 per cent.

Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 753.17 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 44.06 crore Tuesday, as per provisional data.

Elsewhere in Asia, Japan's Nikkei fell 0.35 per cent, Korea's KOSPI down 0.29 per cent and Taiwan fell 0.03 per cent. However, Hong Kong's Hang Seng rose 0.51 per cent and Shanghai Composite Index up 0.21 per cent.

In Europe, most markets remained firm in their early session. Frankfurt's DAX rose 0.86 per cent, while Paris CAC up 0.58 per cent. London's FTSE too gained 0.83 per cent.&nbsp;

The BSE benchmark Sensex extended losses for the second session Wednesday by declining over 250 points on heavy selling in IT, teck, metal and auto stocks amid weak global cues.

The BSE benchmark Sensex extended losses for the second session Wednesday by declining over 250 points on heavy selling in IT, teck, metal and auto stocks amid weak global cues. Besides, fresh foreign fund outflows further hurt trading sentiments. However, crude oil's fall to one-year low in the global market on excess supply concerns, capped the fall in the indices. The 30-share, after rising briefly to 35,494.25 at the outset, quickly slipped into the negative terrain in line with a weak trend at other Asian markets and touched a low of 35,112.49. However, it pared early losses on emergence of buying after a higher opening of European shares. The index closed 274.71 points, or 0.77 per cent, down at 35,199.80. The gauge had lost 300.37 points Tuesday. Also, the broader NSE Nifty, after shuttling between 10,562.35 and 10,671.30 points, finally settled 56.15 points, or 0.53 per cent down at 10,600.05. Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth, brokers said. "Wednesday's action accentuates the recent divergence we have witnessed between India and advanced economies. While the Nasdaq Composite is down 7.2 per cent in the past month and the S&P 500 is down 4.6 per cent, the Nifty50 is up 2.8 per cent in the same time," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. During the day, midcaps rallied strongly while the Nifty ended lower. Separately, the action in PSU banks and financials also suggests that market fears around liquidity and credit rollovers are abating, he added. Persistent fall in technology stocks globally, and rupee appreciating against the dollar in the past few days, are the key factors fuelling the negative sentiment in IT stocks, brokers said. Stocks of software services exporter such as TCS, Infosys, Wipro and Tech Mahindra were the worst hit on the bourses with shares falling up to 3.55 per cent. Other laggards were PowerGrid, RIL, Bajaj Auto, Tata Steel, M&M, Hero MotoCorp, Vedanta, NTPC, IndusInd Bank, L&T, ONGC, HDFC Ltd, ITC Ltd, ICICI Bank, HUL, Bharti Airtel and Coal India, falling up to 2.77 per cent. Among the gainers, shares of private lender Yes Bank was the top performer, climbing 2.83 per cent after it reassured that the recent resignations bear no impact on the CEO selection process and that efforts are underway for mutual resolution with co-promoter Madhu Kapur and family. Axis Bank, Adani Ports, SBI, Asian Paints, Maruti Suzuki, Sun Pharma, Tata Motors, HDFC Bank and Kotak Bank also ended higher with gains up to 2.20 per cent. Shares of aviation and oil marketing companies surged due to sharp drop of nearly 7 per cent in global crude oil prices. Spicejet, Jet Airways and InterGlobe rose up to 5.63 per cent. Shares of state-run oil marketing companies such as IOC, HPCL and BPCL, gained up to 1.76 per cent. Brent crude, the oil prices international benchmark, fell 6.92 per cent to USD 62.17 a barrel on Tuesday on excess supply concerns. Sector-wise, the BSE IT index emerged biggest loser by plunging 2.92 per cent, followed by teck 2.47 per cent, power 1.04 per cent, metal 0.78 per cent, capital goods 0.58 per cent and FMCG 0.26 per cent, oil&gas 0.12 per cent and auto 0.08 per cent. In contrast, realty, healthcare, consumer durables, bankex, PSU and infrastructure ended higher, rising up to 1.53 per cent. Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 753.17 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 44.06 crore Tuesday, as per provisional data. Elsewhere in Asia, Japan's Nikkei fell 0.35 per cent, Korea's KOSPI down 0.29 per cent and Taiwan fell 0.03 per cent. However, Hong Kong's Hang Seng rose 0.51 per cent and Shanghai Composite Index up 0.21 per cent. In Europe, most markets remained firm in their early session. Frankfurt's DAX rose 0.86 per cent, while Paris CAC up 0.58 per cent. London's FTSE too gained 0.83 per cent.

Sensex drops 275 points, Nifty slips below 10,600 on global sell-off

The Sri Lankan rupee fell to a record low against the dollar on Wednesday, a day after Moody's downgraded the country's credit rating, as a political crisis worsens a rout in the currency.

The rupee hit a record low of 178.00 against the US&nbsp;dollar on Wednesday, compared with Monday's close at 177.30/50. The previous record low was 177.35 hit on Monday. Sri Lanka's markets were closed for a holiday on Tuesday.

The rupee has fallen 15.9 per cent so far this year, Refinitiv Eikon data showed.

Moody's downgraded Sri Lanka on Tuesday for the first time since it started rating the country in 2010, blaming the political crisis for aggravating already problematic finances.

The downgrade coincided with a decision by the International Monetary Fund to delay discussions on its loan tranche to Sri Lanka.

A bitter row over President Maithripala Sirisena's sacking of Prime Minister Ranil Wickremesinghe on Oct. 26 and the competing influences of China and India have shattered the island's fragile ruling coalition. 
&nbsp;

The Sri Lankan rupee fell to a record low against the dollar on Wednesday, a day after Moody's downgraded the country's credit rating, as a political crisis worsens a rout in the currency.

The Sri Lankan rupee fell to a record low against the dollar on Wednesday, a day after Moody's downgraded the country's credit rating, as a political crisis worsens a rout in the currency. The rupee hit a record low of 178.00 against the US dollar on Wednesday, compared with Monday's close at 177.30/50. The previous record low was 177.35 hit on Monday. Sri Lanka's markets were closed for a holiday on Tuesday. The rupee has fallen 15.9 per cent so far this year, Refinitiv Eikon data showed. Moody's downgraded Sri Lanka on Tuesday for the first time since it started rating the country in 2010, blaming the political crisis for aggravating already problematic finances. The downgrade coincided with a decision by the International Monetary Fund to delay discussions on its loan tranche to Sri Lanka. A bitter row over President Maithripala Sirisena's sacking of Prime Minister Ranil Wickremesinghe on Oct. 26 and the competing influences of China and India have shattered the island's fragile ruling coalition.

Sri Lankan rupee hits record low of 178.00 against dollar

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017.

Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum. As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017. Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Bitcoin breaches $5,000, plumbs fresh 13-month low

The board of the Reserve Bank of India (RBI) on Monday agreed to ease liquidity for the financial sector and increase credit to small businesses, two sources present at the meeting said.

The move comes in response to pressure from Prime Minister Narendra Modi's government which faces a general election by next May and is concerned that low farm prices and difficulties small businesses face in borrowing, may hurt its prospects with voters.

Some more contentious issues were kicked down the road to be discussed by newly formed committees, the sources said.

The government has been pressuring the RBI to reduce capital ratios for banks to speed up loans to small businesses. There are five key state elections in the next few weeks and a general election due by May.

"The meeting happened in a very cordial environment. Most of the issues were resolved in an amicable manner," a board member, who attended the meeting, told Reuters.

"A panel will be formed to work out a framework to determine the reserves requirements of the RBI and transfer surplus funds to the government," the board member said.

A litany of demands from top finance ministry officials prompted warnings from RBI Deputy Governor Viral Acharya last month that undermining central bank independence could be "catastrophic," triggering a public feud between the bank and the government.

Expert panel to examine economic capital framework

The Reserve Bank of India said on Monday it has decided to set up an expert panel to examine the economic capital framework of the central bank, in a move that could prompt a rethink of what constitutes adequate capital reserves for the central bank.

For weeks, government officials have been pressuring the RBI to accede to a range of demands, from easing lending curbs to handing over surplus reserves to the government.

The government and the central bank will jointly decide on the members of the panel and the scope of the panel, the RBI said in a statement late on Monday.

In addition, the RBI said its financial supervision board will examine the issue around easing of the prompt corrective action plan for some banks - another key of contention between the government and the central bank.

The board of the Reserve Bank of India (RBI) on Monday agreed to ease liquidity for the financial sector and increase credit to small businesses, two sources present at the meeting said.

The board of the Reserve Bank of India (RBI) on Monday agreed to ease liquidity for the financial sector and increase credit to small businesses, two sources present at the meeting said. The move comes in response to pressure from Prime Minister Narendra Modi's government which faces a general election by next May and is concerned that low farm prices and difficulties small businesses face in borrowing, may hurt its prospects with voters. Some more contentious issues were kicked down the road to be discussed by newly formed committees, the sources said. The government has been pressuring the RBI to reduce capital ratios for banks to speed up loans to small businesses. There are five key state elections in the next few weeks and a general election due by May. "The meeting happened in a very cordial environment. Most of the issues were resolved in an amicable manner," a board member, who attended the meeting, told Reuters. "A panel will be formed to work out a framework to determine the reserves requirements of the RBI and transfer surplus funds to the government," the board member said. A litany of demands from top finance ministry officials prompted warnings from RBI Deputy Governor Viral Acharya last month that undermining central bank independence could be "catastrophic," triggering a public feud between the bank and the government. Expert panel to examine economic capital framework The Reserve Bank of India said on Monday it has decided to set up an expert panel to examine the economic capital framework of the central bank, in a move that could prompt a rethink of what constitutes adequate capital reserves for the central bank. For weeks, government officials have been pressuring the RBI to accede to a range of demands, from easing lending curbs to handing over surplus reserves to the government. The government and the central bank will jointly decide on the members of the panel and the scope of the panel, the RBI said in a statement late on Monday. In addition, the RBI said its financial supervision board will examine the issue around easing of the prompt corrective action plan for some banks - another key of contention between the government and the central bank.

After marathon meeting, RBI board agrees to improve liquidity

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