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October 4, 2021

Stocks Rebound but Still Close Out Worst Week Since Winter | Business News

By STAN CHOE, AP Business Author

Wall Avenue rebounded on Friday, led by organizations that would profit most from a healthier economic climate, but not by more than enough to keep the stock sector from its worst 7 days considering the fact that the winter.

The S&P 500 rose 49.50, or 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to 4,357.04 pursuing yet another choppy day of buying and selling. It swung among a decline of .4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and a achieve of 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} by the working day.

The Dow Jones Industrial Typical climbed 482.54 points, or 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to 34,326.46, and the Nasdaq composite gained 118.12, or .8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to 14,566.70.

Merck assisted pace the current market and leaped 8.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} immediately after it claimed its experimental tablet to treat COVID-19 slice hospitalizations and fatalities by fifty percent. Potential clients for an more resource to tame the pandemic served raise shares of airways, motels and firms hurt by constraints on vacation and other routines.

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United Airways soared 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, on line casino owner Caesars Entertainment swept 6.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} larger and Reside Nation Amusement jumped 8.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Vitality producers, fiscal firms and other organizations whose profits are usually carefully tied to the economy’s power were also helping to guide the way.

The market’s common gains weren’t adequate to make up for a dismal final several days. The S&P 500 however dropped to a weekly decline of 2.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, its worst given that February. A swift rise in fascination costs earlier this 7 days rattled the market place and pressured a reassessment of no matter whether stocks experienced developed much too expensive, especially the most popular types.

On Friday, the generate on the 10-calendar year Treasury fell back to 1.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 1.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} late Thursday. Which is continue to perfectly above its perch of 1.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from a 7 days and a half in the past.

September was also the worst month for the S&P 500 because March 2020, when marketplaces plunged as COVID-19 shutdowns took keep. Between the worries that have weighed on the market: The Federal Reserve is close to allowing off the accelerator on its assistance for marketplaces, financial data has not too long ago been combined pursuing an upturn in COVID-19 infections, corporate tax rates may possibly be established to rise and political turmoil carries on in Washington.

There’s also large inflation however enveloping the entire world. Oil charges rose around 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} this 7 days, approaching a seven-calendar year higher, while purely natural fuel price ranges had been up about 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The Federal Reserve has stated that it expects superior inflation to be only transitory and that it is really the outcome of an overall economy roaring back again to life from its earlier shutdown. But if it can be wrong, the Fed may have to increase curiosity charges previously or far more aggressively than it truly is telegraphed to marketplaces.

Economic experiences on Friday were combined. The nation’s manufacturing grew a lot quicker than anticipated last month, but an August examining for the Federal Reserve’s most popular evaluate for inflation was a little bit better than forecast. They stick to a disappointing report on Thursday displaying extra individuals submitted for unemployment rewards than expected.

Such info signifies “you hear the word ‘stagflation’ arrive up after in a though, which would be the worst outcome” reported Abundant Weiss, chief investment officer of multi-asset techniques at American Century Investments.

Stagflation is when financial growth stagnates but inflation remains high. Weiss does not assume that to occur, so extended as the pandemic doesn’t bring about much more worldwide shutdowns, but he also is not positioning his investments as if he’s optimistic about major upcoming gains for shares.

“We’re not swinging at the pitch suitable now,” he stated. “We are neutral.”

Weiss claimed the sector would need to have to drop by about a 3rd just before he’d simply call shares attractively valued centered on where curiosity rates are now, all else equal.

Asian stock markets fell before in the working day, inspite of Japan’s lifting of a pandemic state of emergency and a study of massive Japanese suppliers exhibiting sentiment at a practically a few-12 months superior.

Japan’s Nikkei 225 index slumped 2.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and South Korea’s Kospi fell 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

European stock indexes also fell.

AP Enterprise Author Elaine Kurtenbach contributed.

October 4, 2021

Johnson Eyes Post-COVID Economy as UK Conservatives Meet | Business News

By SYLVIA HUI, Linked Press

LONDON (AP) — British Prime Minister Boris Johnson reported he was all set to just take “bold decisions” to rebuild the economic climate following the coronavirus pandemic as his Conservative Party meets Sunday for its 1st annual meeting considering the fact that 2019.

The Tory conference opens Sunday in the northwestern metropolis of Manchester as a scarcity of truck drivers to shipping fuel throughout Britain carries on to induce vacant pumps and prolonged traces at lots of gas stations. Problems about broader labor shortages, greater taxes, rising energy costs and a slash in welfare payouts beginning this 7 days are among other worries struggling with Johnson.

Despite the financial anxieties, feeling surveys propose that Johnson and his Conservatives were polling ahead of the opposition Labour Get together.

In advance of the convention, Johnson explained he was ready to get the “big, daring conclusions on the priorities persons care about — like on social care, on supporting jobs, on weather alter, tackling criminal offense and leveling up.”

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Asked about the truck driver lack crisis, Johnson claimed it was a “chronic problem” affiliated with an overreliance on migrant personnel willing to work for low wages and poor problems. He mentioned he would not repeat that miscalculation.

“The way ahead for our country is not to just pull the major lever marked uncontrolled immigration, and permit in huge figures of men and women to do do the job,” he informed the BBC.

Referring to the 2016 referendum that led to Britain’s exit from the European Union, Johnson said: “When persons voted for improve in 2016 … they voted for the conclude of a damaged model of the U.K. economy that relied on lower wages and very low techniques and chronic reduced efficiency, and we’re going absent from that.”

Johnson reported Britain’s financial state is going via a “period of adjustment” put up-Brexit, and acknowledged that source chain complications and shortages in food items and gasoline could continue on till Xmas.

He also taken care of that the situation at fuel stations is enhancing following a lot more than a 7 days of disruptions — although retailers say drivers even now can not get fuel at several pumps in the London area and southeast England.

Britain has extensive endured from a shortage of truck motorists, but the issue has occur to a head with the mixture of Brexit, which finished the independence of motion of workers from the EU to Britain, and the pandemic, which seriously minimal journey and halted instruction for domestic motorists meant to change those who still left for their house countries.

Around 200 navy personnel, which includes 100 drivers, will choose to the streets beginning Monday to support ease gas offer shortages.

The Petrol Stores Affiliation has welcomed the transfer, but warned it would have a restricted effect given the fairly small figures concerned.

The federal government also said Friday that it was extending an emergency visa plan for 1000’s of foreign truck drivers.

October 4, 2021

Why Democrats’ Climate Goals May Test Their Latino Appeal | Business News

By WILL WEISSERT, Related Push

BROWNSVILLE, Texas (AP) — At a current residence get together close to the U.S.-Mexico border, the dialogue with Democratic congressional candidate Rochelle Garza flowed from educational institutions and taxes to immigration and initiatives to convert an old railway line into a climbing trail.

One particular matter that failed to come up that Friday night time in excess of Corona beers and Domino’s deep dish pizza: the hard work by Democrats in Washington to use a significant federal shelling out package to conquer again local climate change.

“It’s not that the district is far more moderate or moderately far more conservative,” mentioned Garza, 36, an immigration law firm jogging for the Home seat held by retiring centrist Democrat Filemon Vela. “Talking about how you are going to meaningfully affect households, and make much healthier families and healthier communities, I consider that issues to individuals a large amount additional than some of these scorching button concerns.”

Democrats nationally are poised to go greater than at any time on the surroundings as element of the sweeping shelling out bundle they are trying to muscle as a result of Congress. President Joe Biden has traveled the region sounding the alarm, blaming a warming world for devastation from wildfire-ravaged California to hurricane-battered New York and warning of a “code red for humanity.”

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But that target could make political issues in energy wealthy areas. That consists of South Texas, the place many Latino voters turned in opposition to Democrats during previous year’s presidential election and profitable them back could prove critical to the party’s hopes of retaining command of Congress all through the 2022 midterms.

“They’re really creating it quick on us,” explained Mayra Flores, a 35-12 months-previous respiratory care practitioner and organizer for Donald Trump’s 2020 presidential marketing campaign. Flores is also running for Vela’s seat and argues that Democrats are forcing Texans to opt for among their electrical power sector work opportunities and curbing climate change.

Trump received 38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the national Latino vote previous year, 10 share points much more from in 2016, in accordance to the Pew Research Centre. Some of his most extraordinary gains came in intensely Hispanic regions that make significant amounts of oil and gasoline, like the district Garza and Flores want to characterize.

It stretches from Brownsville, wherever there are proposals to make liquified organic gas terminals for export, additional than 150 miles (240 kilometers) north to sparsely populated parts of the hydraulic fracturing-dependent Eagle Ford Shale.

Last year, Biden gained Cameron County, which encompasses Brownsville and is about 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Hispanic. But Trump’s margin of the vote amplified there by 20 proportion points over 2016. Farther north, Trump flipped oil- and gasoline-making, but however heavily Hispanic, Jim Wells and Kleberg counties.

“We are pretty dependent on oil and gas. That is the cause you observed these figures,” mentioned Flores, who was born in Mexico, came to the United Condition at age 6 and picked cotton each and every summer time developing up after age 12. “That’s what persons do. That’s wherever they perform.”

Biden has signed an government buy halting new oil and gas leases in federal territory, while it was blocked by a court docket purchase this summer time.

The investing package deal currently being discussion in Congress seeks to force efforts to struggle weather modify into overdrive, having said that. It features language on instituting superior expenses for polluters and tax incentives for cleanse electrical power and electrical automobiles, although introducing new demands that the nation’s ability grid count a lot more closely on renewable power sources.

Rolando Lozano, a 62-yr-outdated supervisor at an electrical utility, was one of 200-as well as folks who lately loaded a neighborhood heart in the border town of Harlingen, west of Brownsville, to see Flores and other Latino Republican candidates. He claimed Democrats have moved so much to the left that “it seems anti-American.”

“It’s practically blatantly in the citizens’ encounter,” Lozano said. “You can connect with it by any other title, but, fundamentally, it appears incorrect.”

That sensation is far from universal among the Hispanics, on the other hand. An Associated Press-NORC Center for Public Affairs Research poll in September observed that 58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Hispanics say they approve of Biden’s managing of climate change, though 38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} disapprove.

Amanda Davé, a community wellness community campaign project manager in Brownsville, grew up in Houston, in which her father labored in the oil and fuel field. But she thinks shielding the natural environment is much more important than appeasing electricity pursuits.

“They test to put ahead this information of ‘We’re bringing jobs. We’re bringing jobs. We’re bringing jobs.’ But a whole lot of men and women now see it as, they are trying to exploit our pure means,” mentioned Davé, 35, who attended Garza’s household celebration. “I believe there is a consciousness which is acquiring close to how to defend what is here. What helps make it unique.”

Still, Gabriel Sanchez, govt director of the University of New Mexico’s Heart for Social Policy, reported threats of local weather transform historically poll as much more pressing worries among Latinos than the population at substantial — unless of course they are presented in phrases of work losses. He stated that in Texas, New Mexico, Colorado and other energy developing states, “you’ve experienced tension for awhile.”

“Latinos are extremely conscious on local climate alter and assist dang in close proximity to every single progressive coverage there is to suppress it,” Sanchez claimed. “But you juxtapose that with potential decline of employment, which is when you begin to see a substantially far more even perspective break up.”

Likely clashes concerning energy work opportunities and environmental improvements could also have an impact on the adjacent Household district, wherever Democratic Rep. Vicente Gonzalez — who founded the Household Oil and Gasoline Caucus and has urged the Biden administration not to go as well much to the still left on environmental concerns — was reelected by much less than 3 share points in 2020. Quickly-expanding Texas is gaining two new congressional seats soon after the 2020 census, and the Republican-managed Legislature has proposed redistricting maps building Gonzalez’s territory more pink.

The very same pressure already assisted choose a Dwelling seat that flipped Republican last calendar year. In New Mexico, Republican Yvette Herrell defeated Democratic incumbent Xochitl Torres Modest in a ordinarily conservative district that is about 55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Hispanic and incorporates element of the oil-abundant Permian Basin.

Through final year’s last presidential discussion, Biden promised to “transition” the country absent from fossil fuels. Torres Small responded that it was wrong to “demonize” the power marketplace and decried the notion of banning fracking, but nonetheless shed.

Flores claims Biden’s debate comment is even now reverberating throughout South Texas, also.

“I see this rise in the Republican Party,” said Flores, who strategies underneath the slogan “Make The united states Godly Again.” “People are going to go vote to get their employment back.”

Garza believes local climate change-combating efforts can build superior-spending careers, noting that the district has by now extra wind farms and could get pleasure from a lot more opportunities in photo voltaic ability.

“These are organic means that we can quickly get gain of to create jobs,” reported Garza. Amid the Trump administration’s previous crackdown on immigration, she would strategy teams of immigrants waiting around on bridges amongst Mexico and the U.S. and supply displays on asylum-seekers’ legal rights.

“I think it’s about focusing on the opportunities that we have,” Garza mentioned of national Democrats’ environmental thrust. “Republicans like to preach doom.”

Daniel Canales, 33, who is amongst work but attended the Harlingen conservatives’ event, mentioned he and some others aren’t opposed to new, far more environmentally friendly work opportunities, but normally battle with Democrats’ ideological concept.

“The difficulty is the Democrats appear to be to be also urban-oriented. They are also fixated on challenges the place they are living,” Canales stated. “Out in this article, that does not imply a lot.”

October 4, 2021

Top Business News of the Day: Credit profile of India Inc shows strong improvement in H1 FY22;Tata Sons top bidder for Air India; Petrol at all-time high, diesel crosses Rs 100-mark in MP, Raj, Odisha, AP and more.

4:56 P.M.

ATF price hiked by 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}; India, UAE free trade pact holds huge potential to boost trade, investment: Goyal and Sensex slumps 361 pts; Nifty ends below 17,550.

Maharashtra bags 2,823 Cr investment for vehicle manufacturing facility under EV Policy ; Credit profile of India Inc shows strong improvement in H1 FY22 and Elon Musk’s Starlink aims to start broadband service in India from Dec next year.

Tata Sons top bidder for Air India; DoT slaps Rs 3,050 cr penalty on Airtel, VIL and Airtel to approach court and Petrol at all-time high, diesel crosses Rs 100-mark in MP, Raj, Odisha, AP.

4:49 P.M.

ATF price hiked by 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

ATF or jet fuel price on Friday was hiked by a steep 5.8 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in line with rise in international oil prices.

Aviation turbine fuel (ATF) price in Delhi was increased by Rs 3,972.94 per kilolitre, or 5.79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} , to Rs 72,582.16 per kl, according to a price notification of state-owned fuel retailers, PTI reported.

4:47 P.M.

India, UAE free trade pact holds huge potential to boost trade, investment: Goyal

The proposed free trade agreement between India and the UAE holds huge potential for both the countries to boost trade and investment and the investors here are “very” positive about doing business in New Delhi, Union minister Piyush Goyal said on Friday.

Last month, India and the United Arab Emirates (UAE) formally launched negotiations on the pact, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA), PTI reported.

4:45 P.M.

Mahindra dispatches decline 22 pc in September

Mahindra & Mahindra Ltd on Friday reported a 21.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-on-year decline in total wholesales at 28,112 units in September. The company had dispatched a total of 35,920 units in September 2020.

Domestic commercial vehicle sales fell to 12,449 units last month from 19,494 units in September 2020. Exports rose to 2,529 units last month, up 61 per cent from 1,569 units in September 2020, PTI reported.

4:41 P.M.

TVS Motor reports 6 pc rise in sales for Sept

TVS Motor Company on Friday reported a 6 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in total sales at 3,47,156 units for September.

The company had dispatched a total of 3,27,692 units in the same month last year, TVS Motor Co said in a regulatory filing. Total two-wheeler sales were up 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 3,32,511 units last month, against sales of 3,13,332 units in September 2020, PTI reported.

4:21 P.M.

Sensex slumps 361 pts; Nifty ends below 17,550

Extending its losses for the fourth straight session, equity benchmark Sensex tumbled 361 points on Friday, weighed by HDFC twins, ICICI Bank and TCS amid a weak trend in global markets.

The 30-share BSE index ended 360.78 points or 0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lower at 58,765.58. Similarly, the NSE Nifty declined 86.10 points or 0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 17,532.05.

Bajaj Finserv was the top loser in the Sensex pack, followed by Maruti, Bharti Airtel, Asian Paints, Bajaj Finance and HDFC. On the other hand, M&M, Dr Reddy’s, UltraTech Cement and PowerGrid were among the gainers, PTI reported.

4:03 P.M.

Maharashtra bags 2,823 Cr investment for vehicle manufacturing facility under EV Policy

The Government of Maharashtra on Friday signed a MoU with Causis E-Mobility Pvt Ltd, for the setting up of a zero-emission EV manufacturing facility in the state, making it the first big-ticket investment under the recently announced Maharashtra EV Policy 2021.

The Government of Maharashtra had unveiled a comprehensive Electrical Vehicle Policy in July 2021, to stimulate manufacturing of Battery Electric Vehicles in the State.

Maharashtra’s second capital Nagpur, is the first city in India to pilot electric mass mobility with a fleet of 200 electric vehicles. With the use of one electric car saving an average 1.5 million grams of CO2, the equivalent of four return flights from Mumbai to Delhi, the Maharashtra EV Policy 2021 is also showing the way for cleaner streets.

“The investment of ₹ 2,800 cr will generate 1,250 employment opportunities and will help in climate action,” Shri Aaditya Thackeray, Hon’ble Minister for Environment, Tourism and Protocol, Government of Maharashtra said.

3:52 P.M.

Credit profile of India Inc shows strong improvement in H1 FY22: Rating agencies

Despite the severe second COVID wave, corporate credit profiles showed strong improvement, with more rating upgrades than downgrades witnessed in the first half of the current fiscal.

The increase in upgrades of corporates reflects a sharp and sustained recovery in demand, rating agencies said.

In the April-September period, Crisil Ratings saw its credit ratio increasing further to 2.96 times, with 488 upgrades and 165 downgrades. India Ratings and Research upgraded the ratings of 150 issuers while downgrading ratings of only 49 issuers during this period. Icra Ratings upgraded the ratings of 303 entities, with only 163 instances of downgrades in the first half of FY2022, PTI reported.

3:47 P.M.

Gold rallies Rs 555; silver jumps Rs 975

Gold in the national capital on Friday rallied Rs 555 to Rs 45,472 per 10 gram amid rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 44,917 per 10 grams.

Silver also jumped Rs 975 to Rs 58,400 per kilogram from Rs 57,425 per kilogram in the previous trade, PTI reported.

3:44 P.M.

India’s Gifting Giant, Ferns N Petals rolls out its first ever ESOP plan 2021

India’s gifting giant Ferns N Petals rolled out its first ever Employee Stock Ownership Plan (ESOP’s) worth 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the company’s outstanding shares, w.e.f. from September 2021, and is set to include first set of 35+ eligible employees under the program, as a reward for consolidating and strengthening the company’s leadership position.

The company comes with a workforce of 1000+ employees and has defined a set eligibility criteria for participation in the ESOP program. The company, which started with a single store in 1994, has grown into a reputed brand entailing 11 verticals, with a topline of INR 400 crore in FY 2020-21, PTI reported.

3:17 P.M.

Apple to avoid 600 MT of plastic by eliminating plastic wrap on iPhone 13 range

Tech giant Apple has redesigned packaging across its iPhone 13 lineup and by eliminating the outer plastic wrap, it has been able to avoid 600 metric tonnes of plastic over the lifetime of the products.

Apple, which has replaced the iPhone 13 box plastic wrap with a paper tab with a tear-off strip to ensure that any tampering is visible – aims to have its entire business carbon neutral by 2030, PTI reported.

3:00 P.M.

Elon Musk’s Starlink aims to start broadband service in India from Dec next year

Elon Musk-led SpaceX’s satellite broadband arm Starlink aims to start broadband service in India from December 2022, with 2 lakh active terminals subject to permission from the government, a top company official said on Friday.

Starlink Country Director for India Sanjay Bhargava in his social media post said that the pre-order from India has crossed 5,000 and the company is keen to work in rural areas for providing broadband services, PTI reported.

2:58 P.M.

CEOs to govts: Rise above geopolitical tensions, protectionism for trade reforms

Governments across the world must rise above geopolitical tensions to re-engage on trade reforms while refraining from protectionism, a group of nearly 30 CEOs said in a joint call to action on Friday.

The group of CEOs and chairpersons from some of the world’s biggest companies spread across 17 countries, brought together by the World Economic Forum (WEF), said the trading system must adapt to address new concerns of global resiliency, sustainability and inclusivity, PTI reported.

2:23 P.M.

Tata Sons top bidder for Air India

Tata Sons has emerged as the top bidder for the takeover of debt-laden state-run airline Air India but the bid is yet to be approved by a group of ministers headed by Home Minister Amit Shah, sources said.

Financial bids put in by the salt-to-software conglomerate and SpiceJet promoter Ajay Singh were opened a few days back and were vetted by Core Group of Secretaries on Disinvestment headed by Cabinet Secretary on Wednesday, sources with knowledge of the matter said.

If its bid is accepted, Tata will take over the national carrier they once founded, PTI reported.

1:51 P.M.

DoT slaps Rs 3,050 cr penalty on Airtel, VIL; Airtel to approach court

The Department of Telecom (DoT) has slapped a penalty of Rs 2,000 crore on Vodafone Idea and Rs 1,050 crore on Bharti Airtel based on sector regulator Trai’s recommendation five years ago. The DoT has given three weeks time to the telecom operators to pay the penalty.

Trai’s recommendation had come on a complaint by Reliance Jio that over 75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of calls on its network were failing as incumbents were not releasing sufficient numbers of points of interface. In October 2016, Telecom Regulatory Authority of India (Trai) had recommended imposing a total penalty of Rs 3,050 crore on Airtel, Vodafone and Idea for allegedly denying inter-connectivity to Reliance Jio.

The regulator had, at that time, stopped short of recommending cancellation of their telecom licences saying it may lead to significant consumer inconvenience.

1:45 P.M.

Petrol at all-time high, diesel crosses Rs 100-mark in MP, Raj, Odisha, AP

Petrol and diesel price soared to an all-time high across the country on Friday after rates were hiked again by 25 paise and 30 paise a litre, respectively.

The price of petrol in Delhi rose it its highest ever level of Rs 101.89 a litre and to Rs 107.95 in Mumbai, according to a price notification of state-owned fuel retailers.

Diesel rates too touched a record high of Rs 90.17 in Delhi and Rs 97.84 in Mumbai. Prices differ from state to state depending on the incidence of local taxes, PTI reported.

1:42 P.M.

K Rajaraman takes charge as telecom secretary

Tamil Nadu cadre IAS officer K Rajaraman on Friday took charge as the new telecom secretary. His joining comes following the superannuation of Anshu Prakash on September 30.

Rajaraman joins as new secretary when the government is making efforts to help debt-ridden telecom operators sail through troubled waters with telecom reforms, while ensuring that there is no impact on the national exchequer from the relief given to them, PTI reported.

1:39 P.M.

Maruti Suzuki sales dip 46 pc to 86,380 units in Sep

The country’s largest carmaker Maruti Suzuki India (MSI) on Friday reported 46.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline in sales at 86,380 units in September. The company had sold 1,60,442 units in September last year, MSI said in a statement.

Domestic sales slipped 54.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 68,815 units last month as against 1,52,608 units in September 2020, PTI reported.

1:22 P.M.

Escorts posts 25.6 pc fall in tractor sales in Sept

Farm machinery and construction equipment major Escorts on Friday reported a 25.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline in total tractor sales at 8,816 units in September.

The company had sold a total of 11,851 units in the same month last year, Escorts said in a regulatory filing.

Domestic tractor sales last month stood at 7,975 units as against 11,453 units in September 2020, down 30.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} , PTI reported.

Major Asian markets plunged as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked. India’s Sensex and Nifty also opened on a negative note with Sensex falling 0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 58732.10 and the Nifty falling 0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 17508.20 points.

However, Oil prices dropped on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns. Major auto companies including Toyota, Nissan and Skoda India posted their sales data for the month of September for India.

Hospitality firm OYO filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,430 crore through an initial share-sale.

India’s Goods and Services Tax (GST) collection remained above the Rs 1-lakh-crore mark for third straight month in September at over Rs 1.17 lakh crore.

12:50 P.M.

Skoda Auto India posts over two-fold rise in sales in September

Skoda Auto India reported an over two-fold increase in sales at 3,027 units in September 2021, PTI reported.

The company had sold 1,312 units in the same month last year, Skoda Auto India said in a statement.

While Kushaq has fueled the growth for the brand in India, other models such as Superb, Octavia and Rapid have also contributed to the increase in sales volumes, it added.

12:40 P.M.

Oyo files draft papers for Rs 8,430-crore IPO

Hospitality firm OYO has filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,430 crore through an initial share-sale, PTI reported.

The initial public offer (IPO) comprises fresh issue of equity shares aggregating up to Rs 7,000 crore and offer for sale to the tune of Rs 1,430 crore, the draft red herring prospectus filed with Sebi showed on Thursday.

Proceeds from the issue would be used towards funding prepayment or repayment, in part, of certain borrowings availed by our subsidiaries amounting to Rs 2,441 crore, and funding company’s organic and inorganic growth initiatives amounting to Rs 2,900 crore, and balance towards general corporate purpose, it added.

12:25 P.M.

GST collection tops Rs 1 lakh cr for third straight month

India’s Goods and Services Tax (GST) collection remained above the Rs 1-lakh-crore mark for third straight month in September at over Rs 1.17 lakh crore, PTI reported citing the finance ministry.

The revenues for the month of September 2021, are 23 per cent higher than the GST revenues in September 2020.

“The gross GST revenue collected in the month of September 2021 is Rs 1,17,010 crore of which CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and Cess is Rs 8,754 crore (including Rs 623 crore collected on import of goods), the finance Ministry said in a statement.

12:10 P.M.

B C Patnaik takes charge as MD of LIC

nsurance behemoth LIC on Friday said B C Patnaik has taken charge as the managing director (MD) of the company, PTI reported.

He was appointed as Managing Director vide a government notification dated July 5, 2021, LIC said in a statement.

Prior to taking charge as MD of LIC, Patnaik was the Secretary General, Council for Insurance Ombudsman, (CIO) Mumbai, it said

11:55 A.M.

India coal crisis brews as power demand surges

Indian utilities are scrambling to secure coal supplies as inventories hit critical lows after a surge in power demand from industries and sluggish imports due to record global prices push power plants to the brink, Reuters reported.

Over half of India’s 135 coal-fired power plants have fuel stocks of less than three days, government data shows, far short of federal guidelines recommending supplies of at least two weeks.

Prices of power-generation fuels are surging globally as electricity demand rebounds with industrial growth, tightening supplies of coal and liquefied natural gas. India is competing against buyers such as China, the world’s largest coal consumer, which is under pressure to ramp up imports amid a severe power crunch.

11:45 A.M.

Piramal Capital & Housing Finance acquires DHFL

Piramal Enterprises said its subsidiary, Piramal Capital & Housing Finance Limited (PCHFL), has merged with debt-ridden Dewan Housing Finance (DHFL) after paying Rs 34,250 crore to the creditors of the troubled housing finance company, PTI reported.

PCHFL has merged into DHFL with effect from September 30, 2021 pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan, Piramal Enterprises said in a regulatory filing.

“Consequent to the Reverse Merger, DHFL shall issue such number of equity shares to the shareholders of PCHFL i.e. to Piramal Enterprises Limited (PEL), in accordance with the scheme of arrangement provided under the resolution plan,” it said.

11:30 A.M.

Nissan reports over three-fold increase in domestic sales in September

Automaker Nissan India said its domestic wholesales rose over three fold to 2,816 units in September, up from 780 units in the same month of last year, PTI reported.

The company said its exports last month stood at 5,900 units, compared with 211 units in September 2020.

In the first half of the current financial year, the automaker said it has achieved domestic wholesales of 18,591 units with a growth of 459 per cent over last year.

11:20 A.M.

Paras Defence lists with over 171{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} premium

Shares of Paras Defence and Space Technologies made a dream debut and jumped over 171{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} against its issue price of Rs 175, PTI reported.

The stock listed at Rs 475, a jump of 171.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the issue price on BSE. It further soared 185{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to Rs 498.75. On NSE, it listed at Rs 469, rallying 168 per cent from the issue price.

The company commanded a market valuation of Rs 1,945.13 crore on the BSE.

11:10 A.M.

India’s power consumption up 1.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September

India’s power consumption grew 1.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September to 114.49 billion units (BU), showing subdued recovery according to power ministry data, PTI reported.

In the entire month of September last year, the power consumption was 112.43 BU, higher than 107.51 BU in the same month in 2019.

Experts say the recovery in power demand and consumption in September 2021 remained subdued mainly because of heavy rains in the month.

11:00 A.M.

Toyota Kirloskar posts 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth in domestic sales

Toyota Kirloskar Motor (TKM) reported 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth in its domestic wholesales to 9,284 units in September as compared with same month last year, PTI reported. The carmaker had dispatched 8,116 vehicles in September 2020.

“Demand in the personal mobility segment continues as we step into the festive months. Customer orders have been on a constant rise and we are witnessing a steady growth, ever since the second wave,” TKM Associate General Manager (Sales and Strategic Marketing) V Wiseline Sigamani said in a statement.

Crysta and Fortuner continue to dominate their respective segments, both garnering huge customer interests and orders, he added.

10:45 A.M.

India’s factory activity improved in September

India’s factory activity improved last month as a recovery in the economy from the pandemic-induced slump boosted demand and output, according to a private survey, Reuters reported.

That recovery might continue for at least a few months, supported by ultra-easy monetary policy and continued fiscal spending.

A hike in the Reserve Bank of India’s key interest rate looks to be a rare possibility until at least next fiscal year and India’s government said earlier this week it would continue with its borrowing-backed spending to revive the economy.

10:35 A.M.

Rupee slumps 12 paise to 74.35 against US dollar

The Indian rupee declined 12 paise to 74.35 against the US dollar in opening trade, tracking strength of the American currency in the overseas market and a muted trend in domestic equities, PTI reported.

At the interbank foreign exchange, the rupee opened at 74.33 against the dollar, then fell further to 74.35, registering a fall of 12 paise over its previous close. On Thursday, the rupee had settled at 74.23 against the US dollar.

10:00 A.M.

Ola Electric raises over $200 million

Ola Electric said it has raised over $200 million from Falcon Edge, SoftBank Group and others at a valuation of $3 billion.

In a statement, the company the funding will strengthen Ola’s Mission Electric which urges the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025.

“Ola will accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car,” Ola said.

9:25 A.M.

Sensex, Nifty open lower

The Indian benchmark equity indices, Sensex and Nifty opened the October series on a negative note. At 9:17 IST, the Sensex fell 0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} or 394.26 points to 58732.10 and the Nifty was down 0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} or 110 points at 17508.20 points.

About 807 shares advanced, 981 declined and 117 remain unchanged.

9:15 A.M.

Oil slips as OPEC+ weighs output boost

Oil prices dropped on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, Reuters reported.

U.S. West Texas Intermediate (WTI) crude futures slipped 5 cents to $74.98 a barrel, though the contract remained on track to post its sixth consecutive week of gains.

Brent crude futures fell 7 cents, or 0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to $78.24 a barrel, but was still heading for a small rise on the week, marking a fourth straight week of gains.

9:00 A.M.

Asian stocks extend global slide

Asian equities followed Wall Street sharply lower as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked, Reuters reported.

Japan’s Nikkei tumbled 1.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while the broader Topix slid 1.95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Australian stocks slumped 2.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and South Korea’s Kospi lost 1.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

An MSCI index of Asia-Pacific stocks dropped 1.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Chinese markets are closed for a week from Friday for the Golden Week holiday.

October 4, 2021

Top Business News of The Day: New auto debit rules of RBI to set in from Friday; Govt exempts COVID-19 vaccine from customs duty till Dec 31; Airtel’s Nxtra to invest Rs 5,000 cr to triple data centre capacity by 2025 and more.

5:10 P.M.

LIC invites application for post of CFO; India 4th largest producer of agrochemicals, huge potential for growth and Sensex tumbles 287 pts, Nifty slips below 17,650.

Govt exempts COVID-19 vaccine from customs duty till Dec 31; Skye Air, DroneeAcharya, Flipkart consortium to start drone-based delivery of vaccines in Telangana and Skye Air, DroneeAcharya, Flipkart consortium to start drone-based delivery of vaccines in Telangana.

PayU creates Zion, a new recurring payments platform amid new auto debit rules of RBI; Govt to make it mandatory for vehicle manufacturers to make flex-fuel engines: Gadkari and Airtel’s Nxtra to invest Rs 5,000 cr to triple data centre capacity by 2025.

4:42 P.M.

LIC invites application for post of CFO

IPO-bound insurance behemoth LIC has invited applications from eligible candidates for the post Chief Financial Officer (CFO). Life Insurance Corporation of India (LIC) in a public notice said that the post of CFO would be contractual in nature and the CFO would get remuneration of about Rs 75 lakh per annum.

The appointment would be for a period of three years or 63 years of age whichever is earlier, it said, adding, performance will be reviewed on a half-yearly basis. The last date for submitting application is October 12, 2021, it said.

The move to hire a CFO follows a decision to redesignate LIC’s top post to chief executive officer from chairman earlier this year following amendment to Life Insurance Corporation Act 1956 through the Finance Bill 2021, PTI reported.

4:38 P.M.

India 4th largest producer of agrochemicals, huge potential for growth: Tomar

India is the fourth-largest producer of agrochemicals in the world, and the sector has a huge potential for growth with the help of research, innovation and a speedy registration system, Agriculture Minister Narendra Singh Tomar has said.

Addressing the 41st AGM of CroplifeIndia, an apex body of 15 Crop science companies, Tomar said the Centre has launched a digital agriculture mission and focusing on the use of drones in the farm sector, PTI reported.

4:36 P.M.

Govt exempts COVID-19 vaccine from customs duty till Dec 31

The government has exempted customs duty on COVID-19 vaccines for three months till December 31, which will boost domestic availability and make them cheaper, PTI reported.

In a notification dated September 29, the Central Board of Indirect Taxes and Customs (CBIC) said the exemption would come into force on October 1, 2021, and remain in force up to December 31, 2021.

4:23 P.M.

Gold declines Rs 154; silver cracks Rs 1,337

Gold in the national capital on Thursday declined by Rs 154 to Rs 44,976 per 10 gram reflecting an overnight decline in international precious metal prices, according to HDFC Securities.

Silver also dipped Rs 1,337 to Rs 57,355 per kilogram from Rs 58,692 per kilogram in the previous trade.

In the international market, gold was trading with marginal gains at USD 1,733 per ounce and silver was flat at USD 21.64 per ounce, PTI reported.

4:17 P.M.

Skye Air, DroneeAcharya, Flipkart consortium to start drone-based delivery of vaccines in Telangana

Skye Air along with DroneAcharya, under Fipkart Air consortium, has commenced drone-based logistics transportation for delivery of vaccines in Telanganan.

Flipkart, the e-commerce giant, has partnered with the Telangana government to enable the drone deployment for the delivery of medical supplies in remote areas of the state amid the pandemic for its ‘Medicines from the Sky’ project, PTI reported.

4:15 P.M.

HDFC Bank, HDFC Securities invest USD 1 mn in Borderless Softtech

HDFC Bank and HDFC Securities invested about Rs 7.4 crore in Borderless Softtech, which runs global investment platform Stockal, as part of Pre-Series A funding.

Borderless Softtech is a subsidiary of US-based Borderless Investing Inc, PTI reported.

4:14 P.M.

Sensex tumbles 287 pts; Nifty slips below 17,650

Sliding for the third straight day, Sensex dropped 287 points on Thursday amid losses in index majors Reliance Industries, Infosys and ICICI Bank as monthly derivatives expired.

BSE index ended 286.91 points or 0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lower at 59,126.36. Similarly, the NSE Nifty declined 93.15 points or 0.53{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 17,618.15.

PowerGrid was the top loser in the Sensex pack followed by Asian Paints, Axis Bank, Kotak Bank, Bajaj Auto, SBI and M&M. On the other hand, Bajaj Finserv, Bajaj Finance, NTPC, Sun Pharma and HUL were among the gainers, PTI reported.

4:09 P.M.

PayU creates Zion, a new recurring payments platform amid new auto debit rules of RBI

PayU has created a recurring payments platform known as Zion. It provides multiple features with additional factor authentication, notifications to customers and dashboard for subscription management.

It is designed to adhere to all aspects of subscription payments with minimum integration effort required from banks. PayU is currently working with key banking institutions and issuers to enable them to integrate the new platform.

PayU is working towards introducing new innovations and making stakeholders future-ready to ensure technology readiness under RBI’s auto-debit guidelines, effective from Oct 1, 2021, Manas Mishra, Chief Product Officer, PayU said to The Hindu.

3:17 P.M.

Maruti Suzuki launches virtual car assistant ‘S-Assist’ for Nexa customers

India’s largest car maker Maruti Suzuki India Ltd on Thursday launched a virtual car assistant app called ‘S-Assist’ based on artificial intelligence to help in post-purchase experience to customers.

Available at free of cost to customers of the company’s cars sold through its premium outlet NEXA chain, the S-Assist provides multi-media content like do-it-yourself videos, digital literature, and workshop assistance on smartphones, PTI reported.

Besides, the app gives car owners access to over 4,120 Maruti Suzuki workshops across India, which enables customers to call and navigate to their nearest workshop , the company said in a statement.

3:14 P.M.

Govt to make it mandatory for vehicle manufacturers to make flex-fuel engines: Gadkari

Union minister Nitin Gadkari on Thursday said that the government will make it mandatory for all vehicle manufacturers to make flex-fuel engines, after it gets permission from the Supreme Court.

Flex-fuel, or flexible fuel, is an alternative fuel made of a combination of gasoline and methanol or ethanol, PTI reported.

3:13 P.M.

Max Life AUM crosses Rs 1 lakh crore, grows 6 times in over a decade

Max Life Insurance Co Ltd on Thursday said its assets under management (AUM) have now crossed Rs 1 lakh crore, registering a growth of six times in over a decade.

Max Life has scaled a significant business milestone by achieving Rs 1 lakh crore of AUM as of September 23, with an inordinate focus on financial protection, product innovation, and digitisation, PTI reported.

3:11 P.M.

New auto debit rules of RBI to set in from Friday

With the Reserve Bank of India’s (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication (AFA) will become mandatory from Friday.

On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021, PTI reported.

“The recurring payments economy has tremendous potential in a market like India. RBI’s initiatives will fuel sustainable growth and innovation in the subscription economy in the long run,” Manas Mishra, Chief Product Officer, PayU said to The Hindu.

3:10 P.M.

Financial services company FIS to hire 10,000 people in India

Global financial services provider FIS on Thursday announced plans to hire 10,000 people in India in the next one year amid increasing investment and growth prospects.

As part of its 12-month recruitment drive across India, the company plans to onboard more than 10,000 people at all levels and there will be a special focus to hire graduates from tier II and III cities, PTI reported.

3:08 P.M.

Hydro Projects: Govt issues guidelines for budgetary support for flood moderation

The power ministry has issued guidelines for budgetary support for flood moderation and to create enabling infrastructure like roads, bridges with regard to hydro power projects. According to a power ministry statement, the basic objective of the budgetary support for these components is to reduce tariff levels of these projects, thus ensuring that the consumers are charged cost related to power components only.

The financial value of flood moderation will be worked by technical agencies, like CWC, in accordance with the guidelines, PTI reported.

3:05 P.M.

Tata Steel divests 100 pc stake in NatSteel Holdings for 1,275 crore

Tata Steel on Thursday said it has divested its 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stake in NatSteel Holdings Pte Ltd, Singapore for about Rs 1,275 crore.

NatSteel Holdings is a steel-making unit under T S Global Holdings (TSGH) Singapore, a 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} indirect subsidiary of India-headquartered Tata Steel Limited, PTI reported.

2:06 P.M.

Airtel’s Nxtra to invest Rs 5,000 cr to triple data centre capacity by 2025

Bharti Airtel’s subsidiary Nxtra on Thursday said it will invest Rs 5,000 crore to triple its data centre capacity by 2025.

The company will set up 7 hyperscale campuses and increase the share of green power in running data centres to 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at present, PTI reported.

1:43 P.M.

Medanta brand-owner Global Health files IPO papers with Sebi

Global Health Limited, which operates and manages hospitals under the Medanta brand, has filed preliminary papers with capital market regulator Sebi to raise funds through an initial share-sale.

The initial public offering (IPO) consists of a fresh issue of equity shares aggregating to Rs 500 crore, and an offer for sale of up to 4.84 crore equity shares, according to the draft red herring prospectus (DRHP), PTI reported.

1:42 P.M.

India one of the fastest growing mkts with over 2,100 operational fintechs: Goyal

India is poised to become one of the largest digital markets with rapid expansion of mobile and internet as the country is one of the fastest growing markets with over 2,100 fintechs operational, Commerce and Industry Minister Piyush Goyal said on Thursday.

JAM (Jan Dhan, Aadhaar and Mobile) trinity has enabled India to leverage its technical capabilities for developing the fintech sector, he said at the Global Fintech Fest 2021, PTI reported.

1:38 P.M.

NTPC REL signs first green term loan pact of Rs 500 cr with Bank of India

State-run power giant NTPC on Thursday said its arm NTPC Renewable Energy Ltd (NTPC REL) has signed the first green term loan agreement of Rs 500 crore with Bank of India.

NTPC REL will use this for its 470 MW solar project in Rajasthan and 200 MW solar project in Gujarat, a company statement said.

A green loan is a type of loan instrument that enables borrowers to finance projects that have an environmental impact, PTI reported.

1:34 P.M.

BP leads USD 25 mn funding round in EV ride-hailing start-up BluSmart

BP Ventures has made its first direct investment in India by pumping in USD 13 million in integrated EV ride-hailing and charging company BluSmart, PTI reported.

“BluSmart will use the capital to expand its fleet of electric vehicles and charging stations from its home city of Delhi to five additional Indian cities in the next two years,” the firm said.

BluSmart is India’s first and largest integrated EV ride-hailing and charging company, and aims to deliver safer, cleaner and more sustainable mobility.

1:30 P.M.

Facebook launches creator education programme in India to help creators earn, grow communities

Facebook on Thursday launched its largest creator education and enablement programme in India to provide content creators on its platform and Instagram an opportunity to learn, earn and grow their communities, PTI reported.

The programme will provide live master classes with experts, the latest information on trends, product updates and challenges to help creators keep up with what’s unfolding on Instagram. At the end of the course, the participants will receive a course completion letter as well, said Ajit Mohan, Facebook India Vice President and Managing Director.

It will also give creators the opportunity to real monetary opportunities through various programmes, he pointed out.

Asian shares calmed today after this week’s heavy China-driven losses although the dollar sat at a more than one-year high against major peers. India’s Sensex and Nifty opened flat tracking weakness in Asian markets. Chinese factory activity contracted in September for the first time since the height of its initial coronavirus outbreak in February 2020.

While the oil prices fell after official figures showed an unexpected rise in inventories in the United States, petrol and diesel prices in India neared record levels after rates were hiked by 25 paise and 30 paise a litre respectively.

Social commerce platform Meesho raised $570 million (about Rs 4,235.2 crore) in funding, led by Fidelity Management & Research Company and B Capital Group, taking its valuation to $4.9 billion in less than five months.

1:00 P.M.

HC dismisses Avantha Group promoter Gautam Thapar’s plea challenging arrest

The Delhi High Court Thursday dismissed a plea by Avantha Group promoter Gautam Thapar, arrested by the Enforcement Directorate in connection with a Rs 500-crore money laundering case, PTI reported.

Thapar challenged his arrest on the ground that he was produced before the trial court after the expiry of statutorily mandated 24 hours. He had approached the high court challenging a trial court’s August 5 order by which his plea to declare his arrest as illegal was dismissed without recording reasons.

12:50 P.M.

Diesel at record high, petrol nears all-time high

Petrol and diesel prices neared record levels across the country after rates were hiked by 25 paise and 30 paise a litre respectively, PTI reported.

The price of petrol was hiked to Rs 101.64 a litre in Delhi and to Rs 107.71 per litre in Mumbai, according to a price notification of state-owned fuel retailers.

Diesel rates increased to Rs 89.87 a litre in Delhi and Rs 97.52 in Mumbai. Prices differ from state to state depending on the incidence of local taxes.

12:45 P.M.

China’s electric carmakers make their move on Europe

China’s electric carmakers are darting into Europe, hoping to catch traditional auto giants cold and seize a slice of a market supercharged by the continent’s drive towards zero emissions, Reuters reported.

Nio Inc, among a small group of challengers, launches its ES8 electric SUV in Oslo on Thursday – the first foray outside China for a company that is virtually unheard of in Europe even though it’s valued at about $57 billion.

Other brands unfamiliar to many Europeans that have started selling or plan to sell cars on the continent include Aiways, BYD’s Tang, SAIC’s MG, Dongfeng’s VOYAH, and Great Wall’s ORA.

12:30 P.M.

IPOs slow down globally in Q3 after frenetic 2021 start

Initial public offerings (IPO) globally slowed in the third quarter of 2021 from their previous frenetic pace, but the number of listings in the first nine months of the year still was the highest since the dotcom bubble of 2000, Reuters reported.

IPOs in the third quarter raised a total of about $94.6 billion, down 26.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the second quarter, as activity cooled due to a summer slowdown and U.S. scrutiny of Chinese listings following Beijing’s crackdown on DiDi Global Inc just days after its New York IPO.

More than 2,000 IPOs have raised a combined $421 billion globally year-to-date, a record high, as private companies rushed to attain the soaring valuations of their publicly listed peers. That was more than double the proceeds raised during the same period last year.

11:55 A.M.

ABB launches world’s fastest electric car charger

ABB has launched the world’s fastest electric car charger as it presses ahead with plans to spin off the business which could be valued at around $3 billion, Reuters reported.

The Swiss engineering company said its new Terra 360 modular charger can charge up to four vehicles at once, and can fully charge any electric car within 15 minutes.

The device, which can deliver 100km of range in less than 3 minutes, will be available in Europe and the United States by the end of the year, it added. Latin America and the Asia Pacific regions are due to follow in

2022.

11:35 A.M.

Indian Overseas Bank shares jump 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Shares of Indian Overseas Bank jumped 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after the Reserve Bank removed it from the Prompt Corrective Action Framework (PCAF), PTI reported.

The stock climbed 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to Rs 24.60 on the BSE, and gained 19.80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to Rs 24.50 on NSE.

The Reserve Bank on Wednesday removed Indian Overseas Bank from the Prompt Corrective Action Framework (PCAF), following improvement in various parameters and a written commitment that the state-owned lender will comply with the minimum capital norms.

11:15 A.M.

Meesho raises $570 million funding, valuation reaches $4.9 billion

Social commerce platform Meesho has raised $570 million (about Rs 4,235.2 crore) in funding, led by Fidelity Management & Research Company and B Capital Group, PTI reported.

The recent funding has helped the company more than double its valuation to $4.9 billion in less than five months. Existing investors – Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in this round, a statement said.

In April, Meesho had raised $300 million (about Rs 2,201.7 crore) in a funding round from SoftBank Vision Fund 2 and others, which had pushed its valuation to $2.1 billion. Till date, the company has raised over USD 1 billion.

11:10 A.M.

Rupee falls 22 paise to 74.36 against US dollar

The Indian rupee depreciated 22 paise to 74.36 against the US dollar in opening trade on Thursday, amid a muted trend in domestic equities, PTI reported.

The rupee opened on a weak note at 74.28, and fell further to 74.36 against the dollar, registering a decline of 22 paise from the last close.

In the previous session on Wednesday, the rupee had settled at 74.14 against the US dollar.

11:00 A.M.

Free Trade Agreement is the next frontier in India-US relationship: USIBC president

A Free Trade Agreement is the next frontier in the India-US relationship, the head of a top India-centric business advocacy group has said, PTI reported.

Nisha Desai Biswal, president of US-India Business Council and a former US diplomat, at a dinner hosted by Indiaspora said it is not tenable for the two largest economies of the world to not have a trade architecture in place between them, though its path is riddled with “all kinds of obstacles”.

“The time has come for us to get serious about where the next frontier is in US India ties. And neither for the United States, nor for India, is it tenable for two of the largest economies in the world to be outside of the TPP (Trans-Pacific Partnership) and to not have a trade architecture in place between the two of them,” Nisha Desai Biswal said.

10:45 A.M.

The king of oil bets on batteries

Alex Beard is losing his thirst for oil.

Once one of the world’s most powerful oil traders, the former Glencore executive is now raising money to build a portfolio of strategic battery sites across the United Kingdom to support the renewable energy industry, Reuters reported.

In his first interview since leaving the commodities giant in 2019, billionaire Beard said his Adaptogen Capital investment fund planned to build storage with a capacity of at least 500 megawatts (MW) to power homes when grid supplies fall short.

10:20 A.M.

Decision on Bharat Biotech’s Covaxin in October : WHO

A decision on Bharat Biotech’s submission seeking emergency use listing (EUL) for its Covaxin COVID-19 vaccine will be made in October, PTI reported citing the World Health Organisation.

Bharat Biotech had submitted EOI (Expression of Interest) on April 19 for its vaccine. The latest ‘Status of COVID-19 vaccines within WHO EUL/PQ evaluation process’ guidance document dated September 29 on the WHO website said that the decision date for Bharat Biotech’s Covaxin is “October 2021”.

The WHO said it began rolling data of the vaccine on July 6. Rolling data allows the WHO to start its review right away, as information continues to come in, to accelerate the overall review process.

10:10 A.M.

China factory activity shrinks for first time since February 2020

Chinese factory activity contracted in September for the first time since the height of its initial coronavirus outbreak in February 2020, AFP reported.

The Purchasing Managers’ Index (PMI) — a key gauge of manufacturing activity in the world’s second-largest economy — slipped to 49.6 from 50.1 in August, the National Bureau of Statistics said. A figure below the 50-point mark represents contraction, while above it indicates growth.

The growing power crisis, exacerbated by local government restrictions on factories to cut energy use, has led some major banks to lower their annual growth forecast for China, while there are also concerns about the impact on supply chains for global firms such as Apple and Tesla.

9:50 A.M.

Government begins Air India bid evaluation

The government has begun evaluation of financial bids received from Tata Group and SpiceJet founder for the acquisition of Air India, PTI reported.

With this, the privatisation process of the national flag carrier has moved to the next phase and the financial bids are being evaluated against an undisclosed reserve price. The bid offering the highest price above that benchmark would be accepted.

If successful, this will mark the return of Air India to Tata fold after 67 years.

9:25 A.M.

Sensex, Nifty open flat

The Indian equity benchmark indices opened on a flat note tracking weakness in Asian markets amid mixed global ciues.

At 9:16 IST, the Sensex was up 0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 59.456.56 and the Nifty was up 0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 17,719.40.

9:15 A.M.

Oil falls after U.S. inventories post surprise gain

Oil prices fell after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilised following a recent run of gains, Reuters reported.

Brent crude was down 11 cents at $78.53 a barrel while U.S. oil fell 5 cents to $74.78 a barrel.

U.S. oil and fuel stockpiles increased last week, the U.S. Energy Department’s Energy Information Administration (EIA) said on Wednesday.

9:00 A.M.

Asian stocks steady as calm returns

Asian shares found some calm following this week’s heavy China-driven losses although the dollar sat at a more than one-year high against major peers, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while the Nikkei lost 0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} a day after Japan’s ruling party chose softly spoken consensus-builder Fumio Kishida as its new leader and the country’s new prime minister.

Hong Kong stocks fell 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} but these were balanced by a 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise in Australia. Chinese blue chips gained 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after data published showed China’s services sector returned to expansion in September after COVID-19 outbreaks receded.

October 4, 2021

Dubai’s Expo 2020 Reveals 3 Worker Deaths From COVID-19 | Business News

By ISABEL DEBRE, Linked Press

DUBAI, United Arab Emirates (AP) — Dubai’s Expo 2020 acknowledged for the to start with time on Sunday that a few staff had died from the coronavirus in excess of the class of developing the world’s good all through the pandemic, as the prestigious party draws scrutiny of labor disorders in the United Arab Emirates.

When questioned at a press meeting about deaths amid Expo’s broad foreign workforce, spokesperson Sconaid McGeachin reported a few employees had died from the virus in addition to 3 from design incidents, with out specifying when. She declined to explain the extent of the coronavirus outbreak amongst staff on web page.

McGeachin once more claimed the information and facts about worker casualties was beforehand obtainable, with no elaborating. Nevertheless, authorities in the operate-up to the $7 billion reasonable did not give any in general data for employee fatalities, accidents or coronavirus bacterial infections regardless of repeated requests from The Related Push and other journalists.

The statement comes a day following Expo available conflicting studies about how lots of employees experienced died in industrial incidents on web site, before settling on a few.

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The UAE very long has faced criticism from human legal rights activists above its bad treatment of the legions of low-paid migrant laborers from Africa, Asia and the Middle East who electricity the country’s economic climate. Dubai has gambled billions on its elaborate Planet Expo, hoping to make it a massive vacationer attraction and symbol of the country’s allure.

But problems have emerged. The European Parliament very last month urged nations not to just take element in Expo, citing the UAE’s “inhumane methods in opposition to overseas workers” that it explained worsened throughout the pandemic.

To pay out tribute to the thousands of staff who toiled to develop the fairgrounds from scratch, Expo characteristics a worker’s monument, nestled involving a performance phase and a common Dubai bar chain.

Scores of somber stone columns jut up from the floor, wrapped with an incised roll connect with listing names of Expo laborers. The set up continues to be largely unmarked, save for a smaller plaque that reads: “Expo 2020 Dubai dedicates this monument to all our brothers and sisters who constructed the web-site.”

On Sunday, servicing personnel in shiny orange vests knelt beside the stones, squinting and hunting for names. When requested what they thought about the monument, the staff said they’d been regularly instructed by Expo authorities to direct all reporters who asked them thoughts to the event’s official media heart.

The world wide extravaganza also has renewed criticism from human legal rights groups of the UAE’s limitations on no cost expression.

At a press meeting Saturday, French Overseas Minister Jean-Yves Le Drian answered a concern about the European Parliament’s concerns over labor abuses in the UAE, saying that France would not join the Parliament’s contact for an Expo boycott and as an alternative elevate any probable concerns with Emirati authorities “behind shut doorways.” On the other hand, the sensitive trade was inexplicably missing from Expo’s official transcript of the information convention, elevating worries about transparency at the site.

“I will appear into that,” reported McGeachin when requested about the omission. “I would like to say that this is an oversight.”

Meanwhile, Uganda’s very long-serving President Yoweri Museveni flew in to tour his nation’s pavilion at Expo. He named the Emirati work to construct the Expo village “a problem to the Africans” as the UAE had “turned a desert into a centre of affluence.”

“Yesterday when I arrived, they took me for COVID test,” he reported. “In Africa, sometimes we say, ‘Big folks need to not be checked.’”

Affiliated Push author Jon Gambrell contributed to this report.