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Monday, April 06, 2020

Gold firms on safe-haven demand, but stronger dollar caps gains

April 6, 2020 10:34:47 am

Spot gold rose 0.2% to $1,619.03 per ounce by 0314 GMT, after rising as much as 0.8% in the previous session. US gold futures were steady at $1,645.90.

Oil drops over $1 on oversupply after OPEC+ delays meeting

April 6, 2020 9:55:21 am

Brent crude slipped close to $30 a barrel in early trade and was at $32.82 by 0203 GMT, down $1.29, or 3.8%. West Texas Intermediate (WTI) crude fell $1.66, or 5.9%, to $26.68 a barrel, after earlier touching a low of $25.28.

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Crude oil skids on oversupply fears, stocks jump on coronavirus slowdown

April 6, 2020 9:31:20 am

In Asia, Australia's benchmark index added 0.5%, Japan's Nikkei was up 0.2% while South Korea's KOSPI index climbed 1.4%.

Arvind Mediratta: ‘Expect shortage of some essentials; seeing decline in footfalls of kirana customers’

April 6, 2020 3:48:41 am

The wholesale distribution system is not only reporting a hit in inflow of certain essential goods but also with retailers not turning up to restock their own supplies.

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Centre allows new lessees to mine for 2 yrs before getting fresh clearances

April 6, 2020 3:21:31 am

The Ministry’s move, in an order issued on March 28, was necessitated by the need to align government policies after the Mines and Minerals (Development and Regulation) Act, 1957, was amended in January 2020 to include provisions for transfer of statutory clearances.

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Reserve Bank setting up exclusive wing for banking fraud oversight

April 6, 2020 3:02:03 am

The banking regulator is also planning to bring in experts from the private sector working in all these domains to train the new members in the fraud oversight wing. These training sessions are will be repeated every year in the initial years, the sources said.

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Life insurance policyholders get additional 30 days to pay premium

April 5, 2020 5:05:07 pm

IRDAI further said that life insurers "may offer settlement options" in accordance with relevant regulation where unit-linked policies mature (up to May 31, 2020) and fund value is to be paid in lumpsum.

Trump says he will consider tariffs on oil imports to protect US jobs

April 5, 2020 3:40:06 pm

As oil prices drop, many heavily leveraged U.S. energy companies face bankruptcies and workers are at risk of layoffs.

GST: Centre relaxes e-way bill deadline, defers restriction of input tax credit

April 5, 2020 12:02:13 am

The rules also specify that the permits for conventional cargo (other than over-dimensional cargo) are valid for one day for the movement of goods for 100 km, and in the same proportion for following days.

Coronavirus outbreak: Crude oil prices rises as OPEC, allies work on big cut as demand slumps

Low crude oil prices, fall in imports, rise in value of gold help forex reserves surge

April 5, 2020 12:02:07 am

During the week ended March 27, while the value of gold reserves jumped by $3 billion, the foreign currency assets rose $2.5 billion. On the other hand, the net outflow by FPIs from debt and equity markets between March 20 and March 27 amounted to $3.5 billion.

107 cargo flights ferried over 138 tonnes of PPEs, enzymes, medical gear

April 5, 2020 12:02:06 am

These flights, flown by private carriers IndiGo and SpiceJet, in addition to Air India, Alliance Air and Indian Air Force, have been operated under the Ministry of Civil Aviation’s Lifeline Udan scheme.

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Govt relaxes e-way bill deadline, defers restriction of input tax credit

April 4, 2020 2:57:12 pm

With hundreds of trucks getting stranded across the country since March 15, The Indian Express had reported April 1 about transporters raising concerns over potential penalties arising from expired e-way bills.

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Fitch cuts 2020 GDP forecast to 30-year low of 2%

April 4, 2020 1:00:55 am

On the other hand, Acuite Ratings and Research has estimated that the 21-day lockdown will result in a loss of GDP of almost $98 billion.

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‘Delivering over 60 lakh LPG cylinders daily’

April 4, 2020 12:38:19 am

“Our team is doing great work in ensuring uninterrupted LPG supplies to all households in every corner of the country. More than 60 lakh cylinders are being delivered every day,” said Petroleum & Natural Gas Minister Dharmendra Pradhan.

Ecuador struggles to collect the dead as coronavirus spreads

Slowdown, COVID-19 pandemic take a toll— First time in 20 yrs: Direct tax mop-up declines by over 8%

April 4, 2020 9:06:24 am

All the major centres recorded a dip, with Mumbai seeing a fall of 12 per cent in its collections, while Bengaluru and Delhi recorded a slide of 10.1 per cent and 9 per cent in collections, respectively.

Market Plunge: Small investors are hit hard but coronavirus deeper worry than crash

Selling pressure continues: Sensex declines 674 points

April 4, 2020 12:27:47 am

Crude futures surged for a second day on Friday, with benchmark Brent up 10 per cent on hopes that a global deal to cut crude supply worldwide will emerge early next week.

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RBI cuts forex, money market trading hours

April 4, 2020 12:29:59 am

“The thinning out of activity is impacting market liquidity and increasing volatility in financial prices,” the RBI said.

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RBI reduces trade timing for currency and debt markets

April 3, 2020 5:16:55 pm

The revised timings come will come into effect from April 7 up to April 17, the Reserve Bank of India (RBI) said in a press release.

OPEC+ to hold virtual meeting Monday as Trump pushes for cut

April 3, 2020 1:53:44 pm

The guest list is crucial as Saudi Arabia has made clear it will only cut production if others, including the US, shoulder some of the burden. Saudi Arabia called for the meeting, saying it should aim for a “fair agreement.”

You may not have to pay EMIs for next 3 months, here's why

Bank shares tank after Moody’s changes outlook on Indian banks to negative

April 3, 2020 1:19:23 pm

Shares of RBL Bank tumbled 14.99 per cent, Kotak Mahindra Bank tanked 7.77 per cent, IndusInd Bank fell 7.33 per cent, ICICI Bank 6.56 per cent, SBI 4.34 per cent.