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Modi holds separate talks with presidents of Indonesia, Brazil; focus on bilateral ties, trade

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

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Summary

Prime Minister Narendra Modi met the presidents of Indonesia and Brazil separately on the sidelines of the G-20 Summit here Saturday, and discussed ways to boost bilateral ties and enhance cooperation in trade and investment.

Prime Minister Narendra Modi met the presidents of Indonesia and Brazil separately on the sidelines of the G-20 Summit here Saturday, and discussed ways to boost bilateral ties and enhance cooperation in trade and investment.

During his meeting with Indonesian president Joko Widodo, the prime minister discussed ways to deepen bilateral cooperation in trade and investment, defence and maritime fronts.

This was Modi’s first official engagement on the second day of the June 28-29 summit.

“Beginning Day 2 of the #G20 Summit by meeting a valued friend. PM @narendramodi holds talks with President @jokowi on ways to deepen India-Indonesia cooperation,” the prime minister’s office tweeted.

In a tweet, Ministry of External Affairs spokesperson Raveesh Kumar said, “Taking forward the comprehensive strategic partnership. PM @narendramodi had a productive meeting with Indonesian President @jokowi on margins of #G20Summit. Discussed expanding cooperation in trade & investment, defence, maritime, space & exchanged views on Indo-Pacific vision.”
Soon after, Modi met Brazil president Jair Bolsonaro.

“Deepening the close & multifaceted strategic partnership. PM @narendramodi & Brazilian President @jairbolsonaro held wide-ranging discussions on bilateral relationship, specially cooperation in trade & investment, agriculture & bio-fuels in the context of climate change,” Kumar tweeted.

Later in the day, the prime minister will meet leaders of Turkey and Australia among others.

On Friday, Modi held bilateral and plurilateral meetings with many leaders, including US President Donald Trump, Russian president Vladimir Putin and China’s Xi Jinping.

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

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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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Oil prices fall as market awaits G20, OPEC

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

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Summary

Brent crude futures were down 44 cents, or 0.7 percent, at $66.05 by 0059 GMT.

Oil fell on Thursday, erasing some of the previous session’s strong gains, as traders eye the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts.

Brent crude futures were down 44 cents, or 0.7 percent, at $66.05 by 0059 GMT.

US West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.7 percent, at $58.97.

Oil prices rose more than two percent on Wednesday and hit their highest in about a month, buoyed by US government data showing a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise drops in refined product stockpiles.

However, traders said concerns that a hoped-for breakthrough on trade at the G20 may not eventuate and some nervousness about continued output cuts were crimping follow-through buying.

“I think the length of the speculative positioning might be stretched too tight ahead of G20 and of course OPEC,” said Stephen Innes, managing partner at Vanguard Markets in Bangkok, said.

US President Donald Trump will meet with Chinese President Xi Jinping at the Group of 20 summit that starts on Friday in Osaka, Japan to seek a breakthrough in negotiations to end a trade war that has been hitting global economic growth.

Trump said on Wednesday that a deal was possible but also spoke of a Plan B that would involve reducing business ties with China.

“With Trump stirring up trade war dust via “Plan B” there is still that element of the unknown,” Innes said.

Almost immediately after the G20 summit ends on Saturday, the Organization of the Petroleum Exporting Countries (OPEC) meets on Monday to discuss an extension of production cuts to support prices.

The day after that OPEC members meet with other producers including Russia in a grouping known as OPEC+, which agreed in December to reduce supply by 1.2 million barrels per day from January 1. The agreement is due to expire on June 30.

Crude inventories in the United States, the largest producer and consumer of oil, fell 12.8 million barrels last week, the Energy Information Administration said, far surpassing analyst expectations for a decrease of 2.5 million barrels.

That was the most since September 2016, according to the statistical arm of the Department of Energy.

Net US crude imports fell last week by 1.2 million barrels per day (bpd). Overall crude exports rose to 3.8 million bpd, beating the previous record of 3.6 million bpd in February.

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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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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Global Markets: Asian shares going nowhere as G20 looms large

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

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Summary

President Donald Trump said on Wednesday that a trade deal with Chinese President Xi Jinping was possible this weekend but warned he was prepared to impose US tariffs on virtually all remaining Chinese imports if talks fail.

Asian markets were busy going nowhere on Thursday as confusion shrouded the chances of any progress in the Sino-US trade standoff, while bulls scaled back wagers for a drastic cut in US interest rates.

President Donald Trump said on Wednesday that a trade deal with Chinese President Xi Jinping was possible this weekend but warned he was prepared to impose US tariffs on virtually all remaining Chinese imports if talks fail.

Trump also raised the possibility that he may impose a lower, 10 percent duty on a $300 billion list of Chinese imports, instead of the proposed 25 percent rate.

Enroute to the G20 meeting in Japan on Air Force One, Trump later tweeted he was “off to save the Free World!”

“The best that can be hoped for is a ceasefire that avoids incremental tariffs and helps set the stage for further talks, and this isn’t a scenario that equities should necessarily be celebrating,” said analysts at JPMorgan in a note.

Investors were clearly on the sidelines with MSCI’s broadest index of Asia-Pacific shares outside Japan dipping 0.01 percent in very light trade.

Japan’s Nikkei added 0.3 percent, helped by a pullback in the yen, while Australian stocks eased 0.4 percent. E-Mini futures for the S&P 500 were 0.03 percent firmer.

Wall Street had been equally circumspect, with the Dow ending Wednesday down 0.04 percent, while the S&P 500 lost 0.12 percent and the Nasdaq rose 0.32 percent.

LESS THAN 50

Trump had also weighed into US monetary policy on Wednesday, accusing Federal Reserve Chairman Jerome Powell of doing a “bad job” and “out to prove how tough he is” by not cutting interest rates.

Markets are convinced the Fed will indeed ease at its next meeting in July, but had to scale back bets on a half-point cut following cautious comments from various policy makers.

Futures are 100 percent priced for a cut of 25 basis points, and imply a 22 percent chance of 50 basis points.

Treasury yields edged up in response, though the two-year is only just above 19-month lows at 1.77 percent.

That in turn eased the selling pressure on the US dollar, which inched up to 96.175 on a basket of currencies from a three-month trough of 95.843.

The dollar bounced modestly on the yen to 107.76 and away from a low of 106.77. The euro likewise eased back to $1.1371 from a top of $1.1412.

The dollar’s gains took a little of the shine off gold, which broke a six-session winning stretch and eased to $1,410.12 per ounce.

Oil prices ran into profit-taking in early Asia, having gained overnight on a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise falls in refined product stockpiles.

Brent crude futures eased 54 cents to $65.95, while US crude lost 48 cents to $58.84 a barrel.

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

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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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Investors with $34 trillion demand urgent climate change action

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

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Summary

Almost 200 nations agreed in Paris in 2015 to limit the global average temperature rise to well below 2 degrees Celsius above pre-industrial times. Current policies put the world on track for at least a 3C rise by the end of the century.

Investors managing more than $34 trillion in assets, nearly half the world’s invested capital, are demanding urgent action from governments on climate change, piling pressure on leaders of the world’s 20 biggest economies meeting this week.

In an open letter to the “governments of the world” seen by Reuters, groups representing 477 investors stressed “the urgency of decisive action” on climate change to achieve the Paris Agreement target.

Almost 200 nations agreed in Paris in 2015 to limit the global average temperature rise to well below 2 degrees Celsius above pre-industrial times. Current policies put the world on track for at least a 3C rise by the end of the century.

The letter comes ahead of a June 28-29 G20 summit in Japan and as United Nations Secretary-General Antonio Guterres urges countries to back more ambitious climate goals.

“There is an ambition gap… This ambition gap is of great concern to investors and needs to be addressed, with urgency,” a statement from the investors accompanying the letter said.

Governments were urged to strengthen their Paris Agreement targets by 2020; phase out thermal coal power and fossil fuel subsidies by set deadlines; set a robust global carbon price by 2020 and improve climate-related financial reporting.

“It is vital for our long-term planning and asset allocation decisions that governments work closely with investors to incorporate Paris-aligned climate scenarios into their policy frameworks and energy transition pathways,” the statement said.

The investor letter was signed by the chief executives of the seven founding partners of The Investor Agenda, including the Institutional Investors Group on Climate Change and the United Nations-backed Principles for Responsible Investment.

Large investors signing the statement included Legal & General Investment Management and the California Public Employees’ Retirement System (CalPERS), although the world’s two biggest asset managers, BlackRock and Vanguard, did not.

A BlackRock spokeswoman declined to give a specific reason for not supporting the call, but pointed to a statement from its annual report that said it typically does not join such initiatives. Reasons can include overlap with the company’s existing efforts or a misalignment of views.

A spokeswoman for Vanguard was not able to give a specific reason, but said it was concerned about the long-term impact of climate risk and was actively engaged on a number of climate related initiatives with an emphasis on good disclosure.

A UN-backed panel of scientists has said limiting global warming to 1.5C would cost at least $830 billion a year but the cost of inaction is thought to be much higher.

DIVESTING DRIVE

A number of institutional investors have already started to divest from fossil fuel companies due to the risk their assets will become stranded as the cost of renewable energy falls.

Last month, the UN’s Guterres urged countries to end approval for new coal-fired power plants beyond 2020, as well as fossil fuel subsidies.

Carola van Lamoen, Head of Active Ownership at global asset manager Robeco, said: “As investors, in our view the development of new coal power plants after 2020 puts at risk both the return on investment and the world’s chance of limiting global warming in line with the goals of the Paris Agreement.”

However, some countries argue that they need to keep using fossil fuels to power their economic development.

A report by researchers which tracks countries’ progress towards limiting global warming showed that only five out of 32 nations have targets in line with a 2C limit.

A report by the Overseas Development Institute think-tank said on Tuesday that G20 governments boosted backing for coal-fired power plants, particularly in poorer nations, from $17 billion to $47 billion a year from 2014 to 2017.

Japan, as host of the G20 summit in Osaka this week, has been criticised for its plans to continue using coal. It backs the use of carbon capture and storage to trap emissions, but the technology is costly and not yet commercial.

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

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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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Big plastic user Japan fights waste ahead of G-20 summit

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

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Summary

In a country where cleanliness and neat packaging have long been considered good service, almost everything, from single bananas to individual pieces of vegetables, pastries, pens and cosmetics is sold plastic-wrapped.

Japan has a plastic problem.

In a country where cleanliness and neat packaging have long been considered good service, almost everything, from single bananas to individual pieces of vegetables, pastries, pens and cosmetics is sold plastic-wrapped.

But as world leaders descend on Osaka for the two-day G-20 summit that starts Friday, Japan will attempt to become a leader in environmental policy at the same time it plays catch-up with countries that already have well-defined goals in place.

In the months leading up to the G-20 summit, Japanese officials have delivered full-throated endorsements of future bans on single-use plastics, beach cleanup efforts and more research into alternatives such as bioplastics. The problem is, the enforcement and timing of the directives have yet to match measures already in place in the EU — including sweeping legislation passed earlier this year that will ban single-use plastic in all member states by 2021.

Just last summer, Japan was criticized for failing to sign the G-7 Plastics Charter, the only country to do so besides the United States.

At a mid-June meeting of G-20 environmental ministers in Karuizawa, Japan brokered an agreement to begin sharing best practices and establishing standards for tracking marine plastic waste, but stopped short of setting numerical goals or a timeline for progress.

Japan is the world’s No. 2 consumer of single-use plastic packaging per person — the United States is No. 1 — according to a 2018 UN Environment Program report. G-20 nations produce half the world’s plastic waste, and Japanese Prime Minister Shinzo Abe, who will chair the summit, has made fixing the problem a top initiative, both at the summit and in Japan.

But Japanese promotional efforts, such as crafting next year’s Tokyo Olympic medals and champion podiums from recovered metals and plastics, have failed to impress experts who say that Japan cannot recycle its way out of a global plastic waste crisis, and that the country instead needs to focus on reducing plastic at the earlier end of the supply chain.

“What we are asking for is the reduction of plastic produced in the first place,” said Mageswari Sangararalingam, a Malaysian-based waste management expert.

There are signs that Japan is beginning to recognize its own difficulties.

Trade Minister Hiroshige Seko announced at the G-20 environment ministers’ meeting plans for a law that will require retailers to charge fees for plastic shopping bags as early as next April.

Seven & i Holdings Co., the Japanese operator of 7-Eleven convenience stores, announced a plan last month to replace all plastic shopping bags with paper by 2030 and all plastic packaging with paper, biodegradable or other reusable materials at its nearly 21,000 stores nationwide. Those goals are more ambitious than the government’s 2030 target for a 25% reduction in single-use plastic.

Selected 7-Eleven stores near Tokyo, including one at Yokohama, have started offering paper bags instead of plastic. Saemi Nakamura, a customer, said the change is welcome. “The world is talking about the use of plastic not being good. I think paper bags are better,” Nakamura said.

Another convenience store chain, Ministop, began charging 3 yen (3 cents) per plastic shopping bag in an experiment at two stores in Chiba, near Tokyo, which is to be expanded to about 40 outlets by early 2020.

But plastic shopping bags and packaging are only a small part of the overall plastic waste problem, experts say. As much as 12.7 million tons of plastic waste end up in the ocean each year, of which up to 60,000 tons comes from Japan, according a study cited by the country’s Environment Ministry.

Japan is also the world’s No. 2 exporter of plastic waste. It used to export about 1.5 million tons per year, mainly to China. After China stopped accepting plastic imports in 2017, several Southeast Asian nations became new targets, but some countries, including Malaysia and the Philippines, are now turning the shipments back. They accused rich countries of pushing their garbage onto poorer nations.

Officials in Japan have scrambled to find a new home for the country’s used plastic by establishing a 1.9 billion yen ($18 million) emergency fund over the past two years and asking local authorities and waste handlers to shoulder additional loads for recycling and incineration. Japan’s plastic waste exports last year totaled 1 million tons, according to trade statistics, but experts say the decline could be linked to an increase in illegal exports or stockpiles at garbage dumps.

“We are trying to develop more domestic plastic recycling facilities and capabilities, but it takes some time,” said Hiroshi Ono, an Environment Ministry official.

At a factory on Tokyo Bay, one of more than a dozen operated by plastic recycling company Kyoei Industry Co., about 35 tons of PET bottles are processed daily. They come in hundreds of bales, each wrapped in plastic, and are then unraveled, sorted, pulverized, heated and minced. Next they’re turned into fine pellets and reborn as egg cartons, school uniforms, soccer jerseys and other sports equipment, as well as PET bottles, returning to store shelves, said company president Eiichi Furusawa.

“Even if we wanted to (export plastic waste), no country welcomes imports now,” Furusawa said. “We think we need to circulate plastic domestically.”

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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Trade restrictions among G20 at historic heights, says WTO

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

 Listen to the Article (6 Minutes)

Summary

The report found that trade coverage of 335.9 billion US dollars during the period is the second highest figure on record, after the 480.9 billion US dollars reported in the previous period.

The World Trade Organization’s (WTO) 21st Monitoring Report on G20 trade measures issued on Monday showed that trade coverage of new import-restrictive measures introduced in the October 2018 to May 2019 period was more than 3.5 times the average since May 2012.

The 2012 period was when the report started including trade coverage figures, said the WTO in the report issued ahead of the G20 summit in the Japanese city of Osaka on June 28 and 29, the Xinhua news agency reported.

The report found that trade coverage of 335.9 billion US dollars during the period is the second highest figure on record, after the 480.9 billion US dollars reported in the previous period.

“This report provides further evidence that the turbulence generated by current trade tensions is continuing, with trade flows being hit by new trade restrictions on a historically high level,” commented WTO Director-General Roberto Azevedo.

The WTO report covers new trade and trade-related measures implemented by G20 economies between October 16, 2018 and May 15, 2019.

During this period trade tensions continued to dominate the headlines and added to the uncertainty surrounding international trade and the world economy, said the WTO.

“The stable trend that we saw for almost a decade since the financial crisis has been replaced with a steep increase in the size and scale of trade-restrictive measures over the last year,” said the WTO chief.

The WTO said the periods mentioned in the report represent a dramatic spike in the trade coverage of import-restrictive measures and they led Azevedo to call on G20 economies to work together urgently to ease trade tensions.

“These findings should be of serious concern for the whole international community. We urgently need to see leadership from the G20 to ease trade tensions and follow through on their commitment to trade and to the rules-based international trading system,” said Azevedo.

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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Ahead of Mike Pompeo’s India visit, US says not aware of any plans to cap H-1B visas

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

 Listen to the Article (6 Minutes)

Summary

Hours after news agency Reuters reported that the US government was planning to cap H-1B visas for India as a counter to country’s data localisation norms, sources in the US government said they were unaware of any such plans.

Hours after news agency Reuters reported that the US government was planning to cap H-1B visas for India as a counter to country’s data localisation norms, sources in the US government said they were unaware of any such plans.

On H-1B visas, ministry of external affairs (MEA) spokesperson said, “There is no US official who has come up with this statement and we have not heard anything officially from America. We remain engaged with America and the US Congress, and always emphasised the contribution of Indian skilled professionals to the US economy. Reports are source based and nothing has been officially communicated.”

Talking on data localisation, the MEA said, “Consultations are taking place between the government and ecommerce companies. We remain engaged with the US and see how we can dispel any misconceptions.”

Both issues related to immigration and data localisation are likely to figure prominently in discussions between US secretary of state Mike Pompeo and external affairs minister S Jaishankar on June 26. Pompeo will be in India from June 25 to 27 for the first major Indo US engagement after the new government was sworn in.

Ahead of the high-level visit, senior bureaucrats from MEA, petroleum, finance, defence, commerce and telecom are meeting almost regularly. Pompeo’s visit will set the tone for the meeting between US President Donald Trump and Prime Minister Narendra Modi on the sidelines of the G20 in the last week of June.

Bridging the $24 billion trade deficit is likely to dominate the agenda and the US is likely to drive a hard bargain. Withdrawal of GSP benefits and India’s retaliatory tariffs, Indian ecommerce rules, US warning to Indian companies on Huawei, tariffs on Harley Davidson motorcycles, import of Iran oil and the S400 deal are some of the differences that may come up for discussion.

The US would like India to buy more defence equipment from its companies. In the high-level meeting, Pompeo is likely to articulate its expectations from India in South East Asia and the Indo Pacific, sources privy to the developments told CNBC-TV18.

A senior official speaking on the condition of anonymity said the recent withdrawal of GSP benefits was not a setback. “This is not a setback for the relationship. We will see how much we can accommodate and the effort would be to arrive at a solution that is acceptable to both countries”, he said.

The official added that while there were minor irritants in the relationship, the broad trajectory remains positive.

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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United States warns China meddling in Hong Kong hurting business confidence

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

 Listen to the Article (6 Minutes)

Summary

The US State Department report cited incidents such as the expulsion of Financial Times editor Victor Mallet, the banning of a pro-independence political party, the jailing of young democracy activists and barring people from local elections.

The United States warned in a report on Friday that increased meddling from China in Hong Kong had adversely impacted the city, straining international business confidence in the Asian financial hub.

The US State Department report cited incidents such as the expulsion of Financial Times editor Victor Mallet, the banning of a pro-independence political party, the jailing of young democracy activists and barring people from local elections.

The city is now also seeking to amend laws to allow individuals to be extradited to mainland China, despite grave human rights concerns towards Beijing.

“The tempo of mainland central government intervention in Hong Kong affairs – and actions by the Hong Kong government consistent with mainland direction – increased, accelerating negative trends seen in previous periods,” the US State Department said in its 2019 report on the Hong Kong Policy Act.

“Growing political restrictions in Hong Kong may be straining the confidence of the international business community.”

In Beijing, Chinese Foreign Ministry spokesman Geng Shuang said Hong Kong matters were an internal affair for China and foreign governments had no right to interfere.

“The report issued by the US government ignores the facts and makes thoughtless remarks about Hong Kong’s affairs,” Geng said. “China is strongly dissatisfied with this and strongly opposed to it.”

The 1992 US-Hong Kong policy act allows Washington to engage with Hong Kong as a non-sovereign entity distinct from China on matters of trade and economics.

The areas of special treatment for Hong Kong are fairly broad and now include visas, law enforcement including extraditions, and investment.

“Policies and practices of the mainland central government adversely impacted Hong Kong in multiple areas, and mainland pressure resulted in new constraints on Hong Kong’s political space,” the report said.

“In some particularly concerning instances, Hong Kong authorities took actions aligned with mainland priorities at the expense of human rights and fundamental freedoms.”

The continuation of the US Congress enacted policy is predicated upon China and Hong Kong maintaining a so-called “one country, two systems” arrangement.

This mode of governance, that came into effect after Hong Kong reverted from British to Chinese rule in 1997, grants the city a high degree of autonomy, the rule of law and freedoms not allowed under the Communist China controlled mainland.

Some critics, including pro-independence activist Andy Chan, have called on the US to review the viability of this act in future, given China’s tightening grip on the city’s freedoms.

Hong Kong, which has long acted as a leading re-export and entrepot hub for US-China trade, has largely escaped the brunt of current US-China trade tensions, given its special status as a separate customs entity.

Should the policy act be reviewed, however, the economic impact could be much larger, say observers.

In 2018, the United States’ largest worldwide bilateral trade-in-goods surplus was with Hong Kong, at $25.9 billion, the report said.

The US Consul General in Hong Kong Kurt Tong in February expressed concerns about Hong Kong’s autonomy, noting erosions to the “one country, two systems” formula.

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
Quiz
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Davos 2019: Japan’s Shinzo Abe to put trade, climate at centre of G20 agenda

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

 Listen to the Article (6 Minutes)

Summary

Japanese Prime Minister Shinzo Abe said on Wednesday he will seek to use his chairmanship of the Group of 20 leading economies to rebuild trust in the global trade system.

Japanese Prime Minister Shinzo Abe said on Wednesday he will seek to use his chairmanship of the Group of 20 leading economies to rebuild trust in the global trade system.

His speech to the World Economic Forum in the Swiss Alps was significant at a time when a bitter Sino-US trade dispute is one of several factors threatening to bring about a sharp slowdown in global growth.

“Japan is determined to preserve and committed to enhancing the free, open, and rules-based international order,” he told delegates.

“I call on all of you … to rebuild trust toward the system for international trade. That should be a system that is fair, transparent, and effective in protecting intellectual property rights and also in such areas as e-commerce and government procurement.”

With the French, British and US leaders cancelling their visits because of more pressing concerns at home, Abe is one of only three Group of Seven leaders attending the annual event in Davos, where business executives are worried about the damage that populism and trade protectionism are inflicting on the global economy.

Abe said Japan, as chair of this year’s gathering of the Group of 20 (G20), will also seek to spearhead discussions on climate change and ways to facilitate use of digital data while protecting intellectual property.

The comments underscore Japan’s hope to rally support from some of its G20 counterparts in pushing for a multilateral approach in solving trade frictions.

That could help Tokyo fend off pressure from Washington to open up its politically sensitive agriculture market and take other steps to fix bilateral trade imbalances, analysts say.

Japan has to be consistent on the need to promote free trade “and shouldn’t change this stance even if the United States is always talking about doing a bilateral deal,” said Takeshi Niinami, head of brewer Suntory Holdings Ltd and an economic adviser to Abe.

Australia, Singapore and other Trans-Pacific Partnership (TPP) countries could help Japan make free trade a key topic of debate at the G20, he told Reuters.

At his previous Davos visit in 2014, Abe pledged to pull the economy out of stagnation with his “Abenomics” mix of fiscal spending, ultra-easy monetary policy and steps to boost Japan’s potential growth via labour market reform and deregulation.

Five years later, the boost to growth from Abenomics is fading, inflation remains far below the Bank of Japan’s target and critics point to a lack of progress on deregulation.

Abe sought to counter such criticism, saying that through job-creating policies he had demolished “a wall of despair and pessimism on Japan” that had existed five years ago.

He said Japan hoped to build a G20 consensus on the need to reduce plastic waste flowing into the oceans, and coordinate on global usage of digital data without infringing on personal privacy and intellectual property.

“I must say that spending money for a green earth and a blue ocean, once deemed costly, is now a growth generator,” he said.

“Decarbonisation and profit making can happen in tandem. We policy makers must be held responsible to make it happen, as I will be stressing in Osaka this year.”

People close to the premier have said Abe is keen to use the G20 summit in Osaka, western Japan, in June to boost his poll ratings ahead of an upper house election looming mid-year.

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
Quiz
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Trump-Xi trade ceasefire isn’t the end of problems between US and China, says Lakefield Partners

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

 Listen to the Article (6 Minutes)

Summary

Global equities rallied on Monday after the US President Donald Trump and Chinese President Xi Jinping agreed to a 90-day on further tariffs in their trade war. To discuss the global news flow and its impact on equity markets world over, CNBC-TV18 spoke with Bruno Verstraete, a partner  of Lakefield Partners.

Global equities rallied on Monday after the US President Donald Trump and Chinese President Xi Jinping agreed to a 90-day on further tariffs in their trade war.

To discuss the global news flow and its impact on equity markets world over, CNBC-TV18 spoke with Bruno Verstraete, a partner at Lakefield. He said the 90-day ceasefire is not the end of the problems between US and China.

“There are many outstanding items that need to be solved within 90-days. The market knows that nothing much is going to change until then and that has an impact on the technology sector in the US, which would have a relief rally on that news,” Verstraete said on Monday.

According to him, “The emerging markets in general could be the most interesting place from equity point of view for 2019 given high growth and low valuations.”

“With regards to India, it has an advantage or disadvantage however you look at it. India is one of the markets with high technology weight and that sector for next few years is going to benefit from a lot of growth. It needs to be seen how these stocks remain relatively attractively priced in order to be attractive to foreign investors,” said Verstraete.

“The disadvantage is if the US Fed quantitative tightening will reduce the attractiveness and the inflows into emerging markets.”

 

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
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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?