August 20, 2019

Trump says he’s ‘thinking about’ a payroll tax cut — a day after the White House denies it

US President Donald Trump takes part in a meeting with Romania's President Klaus Iohannis(not shown) in the Oval Office of the White House in Washington, DC on August 20, 2019.Mandal Ngan | AFP | Getty ImagesPresident Donald Trump on Tuesday said he was "thinking about" cutting payroll taxes, less than a day after the White House denied that a payroll tax cut was under consideration. "Payroll tax is something we think about, and a lot of people would like to see that, and that very much affects the workers of our country," Trump told reporters at the White House. Trump went on to say that he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession." His remarks were at odds with a White House official's statement to CNBC on Monday evening: "More tax cuts for the American people are certainly on the table, but cutting payroll taxes is not something under consideration at ..
August 20, 2019

Amazon and SoftBank help UK tech start-ups score record foreign investment

U.S. and Asian investors poured $3.7 billion into U.K. tech start-ups in the first seven months of 2019, research shows.
August 20, 2019

Pimco’s Ivascyn warns US-China trade breakthrough could trigger a ‘powerful snapback’ in yields

Dan Ivascyn, chief investment officer of PIMCO.Kyle Grillot | Bloomberg | Getty ImagesThe world's largest actively managed fixed-income fund has scaled back its positions in government debt, according to a report published by the Financial Times on Tuesday, citing fears that a breakthrough in U.S.-China trade talks could spark a dramatic market sell-off. Dan Ivascyn, chief investment officer of Pimco group, reportedly said that while he remains confident bond yields will remain relatively low over the coming months, the power of the market rally over the summer had shifted the balance of risks. "We are lot a more defensive… Even if we get a narrow trade agreement (between the U.S. and China) we could see a pretty powerful snapback in yields," Ivascyn said in an interview, as reported by the Financial Times. His comments come at a time when many investors expect government bond yields to continue to sag lower, with major economies seen pushing through a fresh wave of stimulus to t..
August 19, 2019

From tsunami to ripples: Other emerging markets surf Argentina’s latest shock

LONDON: Argentina's latest financial market shock has failed to swamp other emerging markets in the way its previous plunges have done - in part due to the increasing isolation of the country's credit and investments from the rest of the pool. Argentina's economy and banking system are probably too small to cause significant ripple effects by themselves. And while emerging economies are clearly under pressure from global trade and recession fears, they have not yet been materially infected by Argentina's latest shock. An estimated $3.4 billion has exited emerging markets outside Latin America so far this week, Institute of International Finance data shows, but analysts say only a part of that outflow is likely due to fallout from Argentine President Mauricio Macri's heavy defeat in Sunday's primary election - a result that's seen the peso lose more than a third of its value in just three days. Argentina's currency plunge has echoes of its prev..
August 19, 2019

India notifies imports of 30k tonne crude soya oil from Paraguay

New Delhi: India on Monday notified imports of 30,000 tonne of crude soya oil from Paraguay at concessional customs duty rate of 10 per cent under a trade agreement. "TRQ (tariff rate quota) quota for import of 30,000 tonne of crude soya oil from Paraguay under India-Mercosur trade agreement is notified," the Directorate General of Foreign Trade (DGFT) said in a notice. TRQ is a quota for specified volume of exports that enter India at relatively low import duty. After the quota is reached, a higher tariff applies on additional imports. India has a preferential trade agreement with MERCOSUR, a six-country trade bloc, including Brazil, Argentina, Paraguay and Uruguay. The pact came into existence from June 2009. India's bilateral trade with MERCOSUR was $10 billion in 2015-16 as compared to $14.24 billion in 2014-15. Under the pact, both the sides have reduced or eliminated customs duties on certain number of goods traded between them. India and the bloc are discussing ways t..
August 19, 2019

Yes Securities upgrades KNR Constructions to buy, target price Rs 293

After the recent correction in stock price, Yes Securities has upgraded the KNR Constructions stock to a buy for target price of Rs 293 (based on SOTP valuation). The stock is currently trading at 13.9x FY21E P/E. The stock traded 1.49% higher at Rs 366.85 on Monday whike the Sensex was almost 50 points up at 37400. Company Financials KNR Constructions Ltd reported subdued performance during Q1 FY20 largely impacted by delays in receipt of appointed dates for certain Hybrid Annuity (HAM) projects. During the quarter, topline degrew ~17% yoy to Rs.4.6 bn. Operating margin remained at elevated levels of ~19.5% aided by certain projects nearing completion. Weak operating performance and higher interest costs impacted bottomline performance. The company’s order book as at end of Jun’19 continues to remain healthy at ~Rs.65bn (including EPC value of 6 HAM projects). The Company is targeting order inflow to the tune of ~Rs.15 bn during the remaining period of FY20. With projects coming und..
August 19, 2019

Agri Commodities: Soybean, guar gum, guar seed futures up on spot demand

New Delhi: Soybean prices inched up by Rs 34 to Rs 3,825 per quintal in futures trade on Monday supported by a strong spot demand. Marketmen said, widening of portfolios by investors mainly gave push to soybean prices at futures trade here. On the National Commodity and Derivatives Exchange, soybean to be delivered in August moved up by Rs 34, or 0.9 per cent, to Rs 3,825 per quintal with an open interest of 9,220 lots. Refined soya oil New Delhi, Aug 19 (PTI) Refined soya oil prices dipped 0.15 per cent to Rs 758.05 per 10 kg in futures trade on Monday as speculators trimmed their bets on adequate supply at the spot market. On the National Commodity and Derivatives Exchange, refined soya oil for August contracts declined by Rs 1.15, or 0.15 per cent, to Rs 758.05 per 10 kg with an open interest of 3,870 lots. Market analysts said cutting down of positions by participants against ample stocks mainly influenced prices. Coriander Coriander prices fell by 0.14 per cent to Rs 5,872..
August 19, 2019

PE-VC investment zooms to all-time high of $8.3 billion in July

New Delhi: Private equity and venture capital investments in India crossed $8 billion in July -- the highest fund infusion in a month by PE/VC funds -- amid strong investment activity in infrastructure and real estate asset classes, a report said on Monday. According to EY's private equity deal tracker, July 2019 recorded investments worth $8.3 billion across 106 deals against $1.8 billion in July 2018 through 70 deals. "The $8.3 billion worth of PE/VC investments in India in July 2019 is the highest value of monthly investments by PE/VC funds ever recorded, eclipsing the previous historical monthly high of $7.1 billion invested in March 2019," said Vivek Soni, Partner and National Leader Private Equity Services, EY. According to the report, strong investment activity in infrastructure and real estate asset classes drove the overall deal tally as there were $4.7 billion worth of mega deals in the infrastructure sector in July 2019. "With this, the year to date cumulative PE/VC..
August 19, 2019

Ex-SEC chief: Markopolos targeting GE for a short-seller and not as a whistleblower ‘suspicious’

Former SEC Chairman Harvey Pitt on Monday questioned the motivation of Harry Markopolos, the Bernie Madoff whistleblower who unveiled a long list of allegations against General Electric last week in an investigation for a short seller. "One of the ways you can test Markopolos' bona fides, however, is the fact that the SEC has a whistleblower provision. And if he had brought all of his data to the SEC first, he would reap potentially up to 30% of the potential recovery that the SEC might obtain in connection with this case, " Pitt told CNBC. "Instead what he did was go public, blast the company without giving the company a chance even to address his concerns," Pitt said. "Those are factors that make this look suspicious." Jacob Frenkel, former senior counsel for the SEC Division of Enforcement, said Markopolos "stepped up the risk to himself, and to others, by going public as opposed to letting the SEC run its process." Frenkel said that regulators are going to want to know the "..

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