5 Minutes Read

Europe opens lower as markets pause ahead of US jobs data

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The pan-European STOXX 600 index opened 0.09 percent lower with all sectors in negative territory except for autos, banks, financial services, insurance and utilities.

European stocks opened lower on Wednesday as global markets gear up for Friday’s US jobs report.

The pan-European STOXX 600 index opened 0.09 percent lower with all sectors in negative territory except for autos, banks, financial services, insurance and utilities.

Global markets appear to be turning cautious ahead of the all-important US jobs data due on Friday. The non-farm payrolls report will be eagerly watched by the US Federal Reserve and could determine whether the central bank increases interest rates in September.

Markets in Asia opened mixed on Wednesday, with Japanese shares gaining on the back of a weaker yen, while traders awaited the key August US nonfarm payroll data due Friday. Meanwhile in the US on Tuesday, stocks closed lower as investors analyzed strong consumer data and also looked ahead to the jobs report.

In business news, the fallout has continued from the European Commission’s ruling on Tuesday that Ireland must recover 13 billion euros ($14.5 billion) in back taxes from US tech giant Apple. Both Ireland and Apple have said they will appeal the decision and Washington criticized the move.

In other news, French Economy Minister Emanuel Macron resigned on Tuesday in order to work on his plan “to transform France” but there is speculation that he will run in the 2017 presidential election.

Meanwhile, British consumer confidence bounced back in August after a Brexit blip, a survey by GfK showed on Wednesday.

Flash euro zone inflation data for August and euro zone unemployment data for July are due on Wednesday but there are no major earnings.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Apple’s Irish tax bill could top $20 billion: Economist

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

On Tuesday, the European Commission, which is the legislative arm of the European Union, ruled that Ireland must recover up to 13 billion euros (USD 14.5 billion), as well as a sizable interest, in “illegal tax benefits” from the tech giant.

Apple’s Irish tax bill could top USD 20 billion if it does not succeed in overturning an European Commission ruling, one expert warned on Wednesday.

 
On Tuesday, the European Commission, which is the legislative arm of the European Union, ruled that Ireland must recover up to 13 billion euros (USD 14.5 billion), as well as a sizable interest, in “illegal tax benefits” from the tech giant.

Due to an unusual global tax structure, the iPhone maker’s effective tax rate in Ireland was a mere 0.005 percent in 2014.

Independent economist Seamus Coffey told CNBC’s “Squawk Box” that the final payment once interest penalties are taken into account, if ever paid, could amount to as much as 10 percent of Ireland’s national income. “The European Commission wanted to make a splash,” he said.

But Apple’s operations in Ireland, where about 6,000 people are employed, do little to contribute to the bulk of the company’s profits outside the Americas.

“In Ireland, you don’t have substantial Apple profits being generated,” said Coffey. “They handle the logistics, administration and the back office stuff. The research and development, manufacturing and key management decisions aren’t taking place [in the country].”

The European Commission’s ruling was widely criticized on both sides of the pond, but this was not the first instance of authorities looking into Apple’s unusual global tax structure.

Three years ago, a US senate investigation found Apple had used offshore entities to transfer assets and profits in order to minimize corporate tax liabilities stateside, including the creation of two subsidiaries in Ireland – Apple Sales International and Apple Operations Europe.

It was these Senate findings that likely gave the European Union the idea to open its investigations into the elaborate tax structures used by many multinationals that contribute to their extraordinary success, according to Daniel Shaviro, a professor of taxation at the New York University’s law school.

Shaviro told CNBC’s “Squawk Box” that while a large part of Apple’s success came from engineers in the West Coast developing new products, much of its profits tended to show up in places where there weren’t that many people working for the company.

While experts have known about these practices among large companies, Shaviro said “the public’s been increasingly catching on across the world, so I’m not shocked that it’s starting to have repercussions.”

Coffey said though this ruling is unlikely to have an impact on businesses that are currently invested in Ireland, it would likely make multinationals moving into the country think twice about the kind of pressures they might face.

But for the Irish government, there would be “massive reputational damage.”

“[They] have long said there’s no special deals available in Ireland, but here and now, you have the European Commission saying a special deal of up to USD 14.5 billion [in tax breaks] was available.”

Apple and the Irish government have said that they will appeal the decision.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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There is 80% chance of September hike: El-Erian

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

“What makes that probability go a lot higher a Friday report that has three things: job creation in excess of 180,000, wage growth going up and no significant move in the participation rate that pushes the unemployment rate up,” El-Erian said in an interview on CNBC’s “Fast Money” on Tuesday.

Mohamed El-Erian, chief economic adviser at Allianz said he currently sees a 60 percent chance of the Federal Reserve raising the federal funds rate at its September meeting, but those odds could rise as high as 80 percent.

“What makes that probability go a lot higher a Friday report that has three things: job creation in excess of 180,000, wage growth going up and no significant move in the participation rate that pushes the unemployment rate up,” El-Erian said in an interview on CNBC’s “Fast Money” on Tuesday.

If Friday’s jobs report meets all three of those conditions, “the case for not hiking would weaken tremendously,” El-Erian said.

“It’d be very hard for them not to hike if jobs, the participation rate and wages are all saying you got to go forward because we’re near full employment,” he explained. Even a jobs report that met two of the three conditions would probably push the Fed to raise interest rates, according to El-Erian.

What would concern him is if the report only meets one of the three conditions El-Erian listed. He said that the Federal Reserve “should be hiking at this point … because the domestic economy warrants it and because there’s a collateral damage of running a modern economy at too low interest rates for too long.”

The market doesn’t see the same odds as El-Erian, as it currently prices in just a 24 percent chance of a rate hike in September and a 55.9 percent chance of one in December, according to traders tracked by the CME Group. El-Erian said, however, that current chances of a September rate hike sit at 60 percent because of international economic conditions, not domestic ones.

“While domestic conditions are flashing green, international conditions are flashing yellow. So it is the international picture that is holding back the Fed,” El-Erian said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

EU asks Ireland to recover up to $14 bn in back taxes from Apple

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The executive arm of the European Union Tuesday concluded that Ireland granted undue tax benefits to the US tech giant – which is illegal under EU state aid rules.

The European Commission has ordered the Irish government to recover up to 13 billion euros (USD 14 billion) plus interest in back taxes from Apple.

The executive arm of the European Union Tuesday concluded that Ireland granted undue tax benefits to the US tech giant – which is illegal under EU state aid rules.

In a statement accompanying the ruling, EU Commissioner Margrethe Vestager, in charge of competition policy, said: “The Commission’s investigation concluded that Ireland granted illegal tax benefits to Apple, which enabled it to pay substantially less tax than other businesses over many years.”

“In fact, this selective treatment allowed Apple to pay an effective corporate tax rate of 1 percent on its European profits in 2003 down to 0.005 percent in 2014.”

The European Commission accused Ireland in 2014 of dodging international tax rules by letting Apple shelter profits worth tens of billions of dollars from tax collectors in return for maintaining jobs. Apple and Ireland rejected the accusation and have both said they will appeal any adverse ruling.

Apple was one of the first US companies relocate much of its earnings in Ireland, allowing the company to pay a much corporate lower tax rate in some years — as low as 2 percent, compared to 35 percent in the US

Even though Apple first relocated its overseas operations to Ireland in 1980, the tax arrangement is the result of a meeting between Apple and Irish officials in 1991, which set up the company’s tax arrangements with the country until 2007.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Not ruling out an oil price surge to $100: Tom Albanese

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Recent reports show that discoveries of new oil reserves have dropped to their lowest level for more than 60 years. The chief of one of the world’s largest diversified natural resources companies implied that this could potentially cause supply shortages.

Global oil markets could see an increased risk of another major jolt if prices continue to remain at current levels, Tom Albanese, the chief executive of Vedanta Resources told CNBC Tuesday.

Recent reports show that discoveries of new oil reserves have dropped to their lowest level for more than 60 years. The chief of one of the world’s largest diversified natural resources companies implied that this could potentially cause supply shortages.

“People are saying there’s no such thing as USD 100 oil coming again but the longer the prices stay low for this period of time you could see increased risk of a price shock coming in the future,” Albanese said.

However, he added that with Brent crude edging back over USD 50 a barrel then producers will start coming back online and adding to global supply.

“We’re all suffering these lower oil prices. But certainly it’s a better price environment than we were facing six months ago,” he said.

“We are at the cusp of a pricing environment that we can just about begin investing again. So I think that our situation is probably not that atypical, that at somewhere between USD 45 and USD 50 a barrel you may start seeing people coming back in spending a little more capital.”

Oil prices are up around 23 percent year-to-date after a dramatic plunge since the middle of 2014. OPEC’s reluctance to cut output has been seen as a key reason behind the fall, as well as weak global demand, a strong dollar and booming US oil production.

Record low since 1952

Volumes for conventional oil and gas discoveries made outside of North America have seen a multi-year decline, according to research by IHS Markit this summer. It said in May that “just 12 billion barrels of oil equivalent estimated recoverable resources were discovered in 2015.” A record low not seen since 1952.

Vedanta’s main interests lie in copper, zinc, silver, aluminium, oil and gas and iron ore. Its operations span India, Zambia, Namibia, South Africa, Liberia, Ireland and Australia and it is listed on the London Stock Exchange.

Albanese was previously CEO of Rio Tinto, from which he resigned in January 2013 after the Anglo-Australian mining giant clocked up around USD 14 billion in write-downs.

Major oil firms have been busy cutting costs since the downturn in prices and Albanese told CNBC that he expected that to conjecture in the near term. Tempering his earlier comments on a possible price shock, he added that oil traders “could be in somewhat of a volatile sideways market for some time.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Apple’s Irish tax threat: What you need to know

Apple is in line for a fine of at least a billion euros (USD 1.1 billion) following a long-awaited ruling later Tuesday from the European Commission over its tax bill in Ireland.

CNBC breaks down what you need to know about this crucial case.

What is Apple supposed to have done?

Following two tax rulings from Irish officials, one in 1991 and one in 2007, Apple, which employs around 5,500 people in Ireland in its European headquarters, gained an extremely low tax rate on its European earnings. The European Commission believes that this so-called “sweetheart” deal gave Apple an unfair advantage compared to other companies, and constitutes a breach of state aid rules.

In recent years, Apple has paid a tax rate of less than 1 percent on some of its European sales, via a complicated tax structure whereby its intellectual property is held in Irish subsidiaries, which are not resident anywhere under the US definition of the term. This compares to the more usual 12.5 percent corporation tax rate in Ireland, or 35 percent in the US

What does the US government think?

As one of the world’s most recognized companies, and the US company which holds most cash overseas, Apple has become a touchstone for US concerns about this issue. The iPhone maker holds USD 187 billion outside the US, as of its 2015 accounts. That’s close to one sixth of the cash all the US global companies have kept offshore as part of a standoff with US tax authorities over what is seen as a punitive 35 percent tax rate. The EU investigation came about following a 2013 US Senate hearing.

“The US is committed to tax fairness and we want to insure that the kinds of agreements you reach with other countries are not manipulated to allow certain companies to shirk their responsibilities,” Josh Earnest, the White House press secretary, said Monday night.

Why now?

Ireland’s low-tax status has come under the microscope internationally following its 2010 bailout by the European Union, with other European countries like France and Germany concerned that it kept its low corporation tax despite financial aid from the European Union. And the practice of holding profits off-shore by US companies has also come in for criticism.

What next?

Both Apple and the Irish government are expected to appeal the finding in European courts. While the legal battle continues, Apple may have to restate its profits to take the potential fine into account, and could have to pay an estimated sum into an escrow account. And the standoff between the US government and some of its biggest multinationals is likely to continue well into the next term of whoever wins the White House in November.

 5 Minutes Read

UK, Aus issue travel advisories for Singapore as Zika cases rise

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The new cases involved people who live or work in the Sims Drive and Aljunied Crescent area, and were detected from testings of potentially infected persons, according to a government statement.

Countries including the UK, Australia and Taiwan have issued travel advisories for tourists to Singapore after the city-state announced a further increase in Zika cases.

Singapore’s Ministry of Health confirmed 15 more cases of locally-transmitted Zika virus on Monday, bringing the total number of affected to 56.

The new cases involved people who live or work in the Sims Drive and Aljunied Crescent area, and were detected from testings of potentially infected persons, according to a government statement.

The various travel advisories issued Monday warn expecting mothers to exercise caution and defer all non-essential travel to Singapore.

The Zika virus is transmitted mainly by Aedes mosquitoes, and has been linked to a rare birth effect, known as microcephaly, in babies whose mothers suffered from the virus while pregnant. Symptoms include fever, skin rash, red eyes, muscle and joint pain, malaise or headaches.

There is currently no cure or vaccine to prevent Zika infection, and treatments are focused on relieving symptoms.

Malaysia, which shares a border with Singapore, Monday announced an increase of precautionary measures such as thermal scanners to detect fever at major entry points in the state of Johor and various airports, reported The Straits Times.

An average of nearly 296,000 people pass through the Johor-Singapore customs border daily, according to Malaysia’s Immigration Department records.

About 3,600 premises in Singapore’s affected regions were checked for mosquito breeding, and 36 mosquito breeding habitats were detected and destroyed, according to a joint Ministry of Health and National Environment Agency statement released on Monday.

The government has also been stepping up on precautionary measures such as thermal fogging, misting and indoor spraying of insecticides at inspected premises.

Singapore had reported a case of Zika in May, in a man who had been to Brazil, the country at the center of the global Zika outbreak.

Last week Hong Kong reported what was thought to be its first locally-transmitted Zika case but that person has since tested negative for the virus.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Here’s what’s expected in the iPhone 7

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

While the iPhone maker has been tight-lipped on what its newest flagship product will look like, reports abound online. Here are a few highlights expected from what would be the iPhone 7, if convention holds. It’s expected to be unveiled next week at Apple’s newly announced event on September 7 in San Francisco.

A dual-lens camera, a thinner, water-resistant chassis but no 3.5-mm headphone jack are among the rumored changes to Apple’s upcoming iPhone.

While the iPhone maker has been tight-lipped on what its newest flagship product will look like, reports abound online. Here are a few highlights expected from what would be the iPhone 7, if convention holds. It’s expected to be unveiled next week at Apple’s newly announced event on September 7 in San Francisco.

The iPhone 7 could include updates like “professional class” waterproofing, stereo sound, a touch-sensitive home button, and a darker color option, according to supply chain checks by Deutsche Bank .

The displays will remain the same size, but the headphone jack will be removed, unnamed sources told The Wall Street Journal.

It’s also expected to have a dual-lens camera, according to reports from sites like Mac Rumors.

The starting point for storage on the new entry-level iPhone will be 32GB, up from 16GB, according to the Journal.

The phone will be thinner, expects KGI Securities analyst Ming-Chi Kuo, as reported by 9to5Mac, and faster.

The most controversial feature — the possible removal of the headphone jack — has some worried that even loyal Apple customers will be pushed too far.

Alongside the new phone, the Apple Watch 2 and new MacBook Pros may also be revealed at the event, technology blog 9to5Mac reports. The wearable may include speed improvements and a GPS chip, according to 9to5Mac, while a slimmer design, Touch ID and a touch panel in place of hardware keys could all be in store for the revamped MacBook.

Wall Street will watch closely to gauge whether new iPhone features are likely to prompt upgrades of the company’s best-selling device, or whether the Watch and laptop can supplement a saturated smartphone market and boost Apple’s revenues.

Given rumors of the new devices, analysts so far have been split on Apple’s prospects as a company. A UBS report estimates that iPhone growth is “a matter of when, not if,” while Cowen analysts have seen an older user base that is “ripe for upgrades.” BGC’s Colin Gillis, on the other hand, wrote that “dynamics of the next iPhone cycle may underwhelm.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Oil prices are poised for a 2010-style rally: BofA ML analyst

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In recent weeks traders have been hanging on every word from ministers of petro-states after officials confirmed earlier this month they would speak on the sidelines of the International Energy Forum next month about taking measures to prop up oil prices.

Crude prices could rise to as much at USD 70 a barrel during the peak summer driving season next year as the oil market swings from a surplus to a significant deficit, said Francisco Blanch, head of global commodities and derivatives research at Bank of America Merrill Lynch.

In recent weeks traders have been hanging on every word from ministers of petro-states after officials confirmed earlier this month they would speak on the sidelines of the International Energy Forum next month about taking measures to prop up oil prices.

Blanch reiterated his view that OPEC is essentially finished as a cartel, as competing agendas among member states leave little room for compromise.

But even absent an OPEC deal, Merrill believes demand will outstrip supply by 800,000 barrels per day next year as deep cuts to capital spending bite into production, Blanch told CNBC’s “Squawk on the Street” on Monday. He noted the last time markets saw such a large deficit was 2010, when oil prices rose from about USD 78 a barrel to USD 95.

Meanwhile, car sales and fuel consumption in emerging markets should hold up as low interest rates push more capital into riskier developing nation assets, according to Blanch.

At the same time, Merrill believes the Federal Reserve is likely to raise interest rates only gradually, keeping a lid on the dollar and preventing crude from getting too pricey for holders of other currencies.

“That’s why we think the natural rebalancing mechanism of the market is going to continue throughout the next five or six quarters, so stronger demand and stagnating supply leads to higher price,” he said.

“We see a pretty robust demand expansion into next year as long as monetary policy remains accommodative,” he said.

It will be a long four weeks for oil markets in the lead-up to a gathering of OPEC members and other crude-producing nations, but the meeting will ultimately result in nothing, according to Matt Smith, director of commodity research at ClipperData.

Smith noted that Saudi Arabia’s crude production recently hit a record high. Its exports have increased by about 1 million barrels per day since early 2015 to 7.5 million barrels per day, according to ClipperData research.

“They’re just putting more oil onto the market. We’re seeing more oil coming onto the market from Iran, as well, and from Iraq, and so the rhetoric and the actual actions are very different,” he told CNBC’s “Squawk Box” on Monday.

Without a deal, oil prices are likely to remain stuck in a range between USD 40 and USD 50 a barrel into next year, when the impact of delaying big drilling projects finally shows up in reduced output, Smith said.

Until then, crude futures’ 200-day moving average will provide a technical level that is likely to keep prices above USD 40, he added. When oil nears USD 50, U.S. shale drillers will continue to add more rigs to take advantage of higher prices, particularly in regions with low-cost wells like the Permian Basin in Texas and New Mexico, Smith said.

That increased drilling puts pressure on prices as traders fret over increased production in a market that has struggled to work through oversupply for roughly two years.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Police respond to reports of gunman at LA International Airport

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Police responded to multiple 911 calls from multiple locations at the airport about a possible armed suspect, but police have not found any evidence of an armed suspect, a shooting or anyone who was injured, multiple law enforcement sources told NBC News.

Passengers at Los Angeles International Airport were seen running from a terminal and onto a tarmac after reports were made of an armed suspect at the facility, authorities said, but police said no gunman was immediately found.

Police responded to multiple 911 calls from multiple locations at the airport about a possible armed suspect, but police have not found any evidence of an armed suspect, a shooting or anyone who was injured, multiple law enforcement sources told NBC News.

People poured out of Terminal 4 onto the tarmac, and a security officer said shots were fired.

Video posted on Twitter showed people fleeing a terminal and others on a runway after the report at around 9 p.m. local time (midnight ET).

Los Angeles Airport Police said on Twitter that reports were unconfirmed. It said police were searching the airport and urged people to remain calm.

Traffic was backed up leading to the airport as police responded to the scene.

In 2013, a gunman opened fire at the airport and killed a TSA officer. Alleged gunman Paul Anthony Ciancia wounded two other TSA agents and another person. He was shot and wounded by police but survived.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?