Commodity Corner: Chinese commodities open flat as China retaliates against US duties

China imposed extra tariffs on 128 US products in retaliation to American President Donald Trump raising duties on imports of steel and aluminium, China’s finance ministry said.

Tariffs of up to 25% were imposed on products including frozen pork, wine and certain fruits and nuts.

“China’s suspension of its tariff concessions is a legitimate action adopted under WTO rules to safeguard China’s interests,” the Chinese finance ministry said. The tariffs come into effect on Monday.

Much of the Chinese commodities have opened flat or slightly in the negative as markets await for further response from US on this one.

Many of the important markets are shut because of Ester Monday so we are looking at lesser volumes.

US dollar is quite steady, that had gained half a percent in the previous week but when you look at the previous quarter, the US dollar index is down by nearly 2%. So this quarter, while we have started on a positive note, there is plenty happening in the sense of global trade wars and that is where the cues would come in from.

 

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Closing Bell: Auto, pharma, IT stocks help markets close in the green, banks recover after opening dip

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

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Summary

This blog will give you the latest market updates.

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

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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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H-1B application process begins today; to face unprecedented scrutiny

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

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Summary

A strong indication came from US Citizenship and Immigration Services (USCIS), the federal agency which is responsible to process all H-1B visas, that there will be zero tolerance by it for even minor errors.

The process of filing petitions for H-1B, considered as the most sought-after work visa among highly skilled Indian professionals, begins on Monday amidst unprecedented scrutiny by the Trump Administration.

A strong indication came from US Citizenship and Immigration Services (USCIS), the federal agency which is responsible to process all H-1B visas, that there will be zero tolerance by it for even minor errors.

Chatter at various social media platforms and groups indicate that immigration attorneys this time expect a much high rate of rejection.

The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.

The H1-B visa has an annual numerical limit cap of 65,000 visas each fiscal year as mandated by the Congress. The first 20,000 petitions filed on behalf of beneficiaries with a US master’s degree or higher are exempt from the cap.

Days ahead of the start of the H-1B visa application process for the fiscal year 2019, beginning October 1 this year; USCIS warned that all duplicate applications would be subject to rejection. In previous years filing of duplicate petitions, by companies, so that applicants could have greater chance in getting through the lottery had become a normal practice.

USCIS has also said that it will reject H-1B petitions requesting an earlier employment start date or a start date of “As Soon As Possible” or “ASAP.”

Expecting a huge rush of application beginning tomorrow and greater scrutiny of all petitions, which would require much more man hours, USCIS has also temporarily suspended premium processing.

“We will announce the start date for premium processing in the near future,” USCIS said.

As of now, USCIS has not indicated if it plans to go for a computerised draw of lots as has been the case in previous years after receiving several times more than the Congressional mandated cap of H-1B visas.

“Complete all sections of the form accurately The petitioner should include a copy of the beneficiary’s valid passport,” USCIS said.

If the applicant is seeking an extension of stay or change of status, he/she should include evidence to establish that the beneficiary will maintain a valid nonimmigrant status through the employment start date being requested, USCIS said in its filing tips.

Given the general campaign against highly skilled Indian professionals, the applications by Indian companies are likely to face a greater scrutiny of all these petitions. As in the previous years, Indian companies would have to pay much more fee per application than those from other countries. On an average they are required to pay USD 6,000 to the federal government per H-1B application.

And by then time the successful applicant appear before the American diplomatic missions — embassies and consulates – for a formal visa interview and stamping on their passport, they would have to be ready with details of the social media profile, emails and phone numbers in the last five years.

On Friday, the State Department issued a formal notification in this regard which would come into force after 90 days.

ALSO WATCH: Here’s what experts in India say about H-1B visa row

Ahead of the H-1B visa filing process, USCIS said this work visa should help US companies recruit highly-skilled foreign nationals when there is a shortage of qualified workers in the country.

“Yet, too many American workers who are as qualified, willing, and deserving to work in these fields have been ignored or unfairly disadvantaged. Employers who abuse the H-1B visa program may negatively affect US workers, decreasing wages and opportunities as they import more foreign workers,” it said.

Protecting American workers by combating fraud in our employment-based immigration programs is a priority for USCIS, it said, adding that it is furthering its efforts by enhancing and increasing site visits, interviews, and investigations of petitioners who use the H-1B visa programme.

“These efforts will help assist in the prosecution of program violators and ensure that American workers are not overlooked or replaced in the process,” USCIS 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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April 2018 series: What to expect?

With the eventful final series of FY17 now out of the way. What does the April series hold in store for us? Mangalam Maloo has a detailed analysis.

Last three April series – April 2015 series saw a cut of close to 2% but April 2016 and April 2017 have been good for markets. The market has seen gains of almost 1.5-2% in the last two April series.

The April moves mirrors the moves that we see in March so if March ended in the red, April ended in the red as well and this time March did end in the red close to 270 points.

April series becomes all the more important because the rollovers picked up over March series so we saw 69 percent of positions being rolled over.

 

 

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China imposes tariffs on 128 US products including meat, fruit

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

 Listen to the Article (6 Minutes)

Summary

The announcement comes after China warned the US for several weeks in reply to latter imposing tariffs on imported aluminium and steel.

China says it’s rolling out new tariffs on US meat, fruit and other products as retaliation against taxes approved by President Donald Trump on imported steel and aluminium.

The Chinese finance ministry said in a statement that the new tariffs will come into effect on Monday. The announcement follows warnings Chinese officials have made for several weeks in an escalating trade dispute with the United States.

China’s Customs Tariff Commission is increasing the tariff rate on eight imported US products, including pork, by 25%. It’s also imposing a new 15% tariff on 120 imported US commodities, including fruits.

The White House didn’t immediately respond to a message from The Associated Press seeking comment.

The tariffs mirror Trump’s 25% charge on imported steel and 15% hike on aluminum. Trump’s tariffs are partly a response to complaints that Beijing steals or pressures foreign companies to hand over technology.

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?

Videocon-ICICI Bank loan controversy: Here’s what experts have to say

The big story this morning remains the latest around ICICI Bank. The CBI has launched a preliminary inquiry into the Videocon loan case.

Ajay Srivastava of Dimensions Corporate Finance Services said that it’s going to be positive for the two banks because we might see the end of a questioned leadership at these two banks.

He further said that ICICI Bank is trading at rock bottom valuations currently.

“My belief is if there is a change and clean the leadership, I think that is very important because how could the bank Chairman give a clean chit when the inquiry is still on. The government hasnot cleaned up, the CBI hasn’t said this as a clean chit but the Chairman has said that it’s a clean chit. That is not the way banks work,” said Srivastava.

Sanjiv Bhasin of IIFL said that crony capitalism is the elephant in the room and change of leadership will surely help these stocks.

“On the stock side you have seen the Bank Nifty terribly underperform and this maybe the bottoming out process which is going to give investors a huge opportunity to buy some of the corporate lenders because on the macro side we think much more tailwinds are there rather than headwinds,” he said