Tuesday, 8 November 2016
Hillary Clinton leading Donald Trump by four points
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Democratic presidential candidate Hillary Clinton is leading her Republican rival Donald Trump by four percentage points, a latest poll said today on the eve of the elections which would elect the next US president. Clinton has the support of 45 percent of likely voters as against 41 percent for Trump, CBS News said in its latest weekly poll.
She had a similar lead over Trump in the last weekly poll. This poll was conducted by telephone November 2-6, 2016 among a random sample of 1,753 adults nationwide, including 1,426 registered voters. CBS said Trump leads among white men, whites without a college degree, and seniors.
Rupee gains 7 paise against dollar in early trade
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The Indian rupee was trading nearly 4 paise higher against the US dollar in early trade on Tuesday on account of selling of American currency by banks and exporters amid a positive start of domestic equity markets. The local currency was trading 3 paise higher at 66.71 at 9.14 am.
Meanwhile, the BSE Sensex opened 78.27 points, or 0.29 per cent, up at 27,537.26, while the Nifty50 index opened 42.95 points, or 0.51 per cent, up at 8,540.
Defying a recovery in domestic equity markets, Indian currency on Monday settled 4 paise down at 66.74 against the US dollar.
The rupee is likely to trade in 66.50-67.30 band and 10-year government security at 6.78-6.89 per cent range this week ahead of the outcome of the US presidential elections to be held on November 8, according to India Ratings.
Softbank writes off $555 mn of its investments in Ola, Snapdeal
Japan’s Softbank Corp has written off investments totaling USD 555 million in Indian cab-hailing company Ola and e-commerce major Snapdeal, says an article in The Mint today quoting Softbank’s half-yearly earnings report. The bank's results report quoted changes in fair value of preferred stock of financial assets including those at two of its biggest Indian assets.
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BigBasket may consider raising $150 mn post March
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Online grocer BigBasket is on the lookout to raise another round of funding of USD 150 million sometime after March next year, an article in Mint today said . According to sources, this may be the last round of fund-raising before the company considers an initial public offer. BigBasket, which is believed to have recently achieved breakeven in the Bengaluru market reportedly has enough cash on books to sustain operations for at least another 18 months.
It had raised a similar USD 150 million this March as well taking the total funding till date to USD 296 million. The fresh funds will be utilised to develop its private label brands, which has been growing revenues steadily and significantly added to margins. Private labels contributed Rs 750 crore to BigBasket’s sales in the last financial year.
UK raises Vodafone tax dispute; wants early resolution
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Raising the multi-billion dollar Vodafone tax issue, the UK today asked for speeding up the arbitration process to resolve the dispute even as India assured that it will not resort to retrospective taxation route in such cases. Britain's minister for international trade Liam Fox, during his bilateral meeting with Commerce and Industry Minister Nirmala Siatharaman, flagged the Cairn Energy and Vodafone issues, demanding they be resolved expeditiously.
"Their request was at least in the Vodafone case, would we (India) please not delay or would you (India) please expedite the arbitration, so that (the case) gets a closure," Sitharaman told. She said they wanted the Vodafone case to be expedited without further delays.
OPEC chief says oil cooperation with non-members 'vital'
Coordination between members of oil-exporting cartel OPEC and non-member producers is "vital" to rebalance the market, OPEC chief Mohammad Barkindo said today. OPEC chief says oil cooperation with non-members vital Coordination between members of oil-exporting cartel OPEC and non-member producers is "vital" to rebalance the market, OPEC chief Mohammad Barkindo said today. "We believe it is vital that both OPEC and non-OPEC countries come together and take coordinated, action to rebalance this market for the common good of all," OPEC's secretary general said at a forum in Abu Dhabi. OPEC pledged after a meeting in Algiers on September 29 to cut production for the first time in eight years on the back of a sustained depression in global prices. "The agreement underlined the organisation's commitment to sustainability of oil markets," Barkindo said.
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Levy 1.25% GST rate on jewellery industry
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A jeweller’s body demanded that the GST rate on the jewellery sector should be 1.25 percent if the government wants the industry to be "compliant and organised". "We are now gearing up for GST and have proposed that the GST rate for the gems and jewellery sector should be 1.25 percent if the government expects the industry to be compliant and organised," All India Gems and Jewellery Trade Federation (GJF) Chairman Sreedhar G V said in a release.
BSE to suspend trading in 17 cos from November 29
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Leading stock exchange BSE will suspend trading in securities of 17 companies from November 29 for not complying with provision of listing regulations and failing to pay the mandatory fines for non-compliance. The exchange will suspend trading in seven companies that had submitted their financial results but did not pay the applicable fines. The 10 companies that did not comply with the listing regulations are Mysore Paper Mills, Premier Energy and Infrastructure, Ranjeev Alloys, RCL Foods, Soma Papers & Industries, Sudar Industries, Sunrise Asian, SVOGL Oil Gas And Energy, Techtran Polylenses and Valecha Engineering.
Trading in securities of the companies will be suspended from November 29 on account of non-compliance with Regulation 33 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters to March and June 2016, BSE said in a circular.
China October exports fall more than expected
China's October exports fell 7.3 percent on-year on a dollar-denominated basis, improving from September's 10 percent on-year plunge, citing official data. Imports meanwhile declined 1.4 percent, following the previous month's 1.9 percent drop. That brought the October trade surplus to USD 49.06 billion, versus September's USD 41.99 billion. A 6 percent tumble for exports, a 1 percent slide for imports and a USD 51.70 billion trade surplus.
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