July 29, 2019

The new cricket competition designed to re-energize the longest form of the game

The World Test Championship has been a long-term ambition of the ICC in order to preserve the traditional format of the game.
July 29, 2019

EU leaders will soon have to make up their minds if they want to avoid No Deal Brexit

EU leaders will soon have to make up their minds if they want to avoid No Deal BrexitOpen Europe's Pieter Cleppe analyses the latest developments in Brexit negotiations on Al Jazeera English on 29 July. The post EU leaders will soon have to make up their minds if they want to avoid No Deal Brexit appeared first on Open Europe.
July 28, 2019

Higher import duty could cut Indian gold demand by approximately 2.4% this year : WGC

MUMBAI: The increase in gold import duty to 12.5 per cent from 10 per cent by India from July 5 could cause consumer demand for the metal to reduce by approximately 2.4 per cent in 2019, miner’s lobby World Gold Council forecasts in its Gold Mid-Year Outlook 2019. WGC added that if the higher duty becomes permanent, long term consumer demand would reduce by “slightly,” less than 1 per cent a year. Consumer demand for gold in China was 994.3 tonnes against India’s demand of 760.4 tonnes in 2018. In the quarter through March 2019 demand in China stood at 255.3 tonnes against 159 tonnes for India . However, WGC expects that broad structural economic reforms being implemented in both India and China “will likely support long-term gold demand. In addition, we expect central bank gold demand — led by emerging markets — to remain positive for the foreseeable future,” added the council. The gold body cited that financial market uncertainty and accommodative monetary policy by central banks ..
July 28, 2019

Passive investing boom could cause a market bubble, but not in the stocks you would expect

Critics of passive investing argue it is inflating the prices of high-flying stocks such as Amazon and creating a bubble in those names. However, data compiled by Ned Davis Research shows the bubble may be forming elsewhere. The firm found that real estate and utilities stocks are the two sectors that have benefited the most from the rise of passive investing vehicles including exchange-traded funds. ETFs hold more than 11% of the real estate sector and 9.8% of the utilities sector. At the individual stock level, Tanger Factory Outlet Centers, a real estate company that invests in shopping centers, has had nearly 32% of its available stock, or float, taken over by ETFs, by far the most of any stock. American States Water and California Water Service Group, meanwhile, have more than 23% of their float held by ETFs. Washington Real Estate Investment Trust has nearly 23% of its float held by ETFs. By comparison, Amazon and other big tech names have a much lower portion of their float held..
July 28, 2019

After a year of Trump pressure, US Fed struggles to communicate

For the first time since the Great Recession a decade ago, the US Federal Reserve is poised to cut interest rates, shoring up America's defenses as the global economy weakens. It will mark a striking about-face for the central bank, reversing a rate increase announced just seven months ago. And the policy flip comes as the central bank has suffered a number of awkward stumbles in communications, as it has tried to communicate confidence in the economy, while at the same time a readiness to support continued expansion. Fed officials have had to backtrack and clarify recent statements, and amid President Donald Trump's blistering, year-long public campaign against Fed Chair Jerome Powell, one central banker seemed to offer himself as an alternative for the leadership position. Meanwhile, although the rate cut this week is almost universally expected, economists disagree on whether the Fed is making the right move. Indeed, cutting rates now could appear highly unusual: the F..
July 28, 2019

IDFC calls off plan to sell securities business to TCG

IDFC Ltd on Friday said it has called off plans to sell stake in its subsidiary IDFC Financial Holding Company Ltd (IFHCL) to The Chatterjee Group (TCG). This is to inform you that the agreement entered into between IFHCL and TCG expired on June 30, 2019, IDFC Ltd said in a regulatory filing. "Since then, the parties have been in talks to consider a suitable extension, however the same did not fructify and accordingly the Boards of IDFC Ltd and IFHCL have decided on July 25, 2019 that they will no longer be proceeding with TCG as originally envisaged," it said.
July 28, 2019

Trade setup: Nifty may head either way from here; stay cautious

The domestic stock market put up a dismal show last week with NSE benchmark Nifty plunging 135 points. However, some respite came on the last day of the week with the index posting a modest gain of 32.15 points or 0.29 per cent to 11,284.30. The 50-stock pack has breached some crucial levels on the weekly chart. At the same time, it remains oversold on a couple of lead indicators on the daily chart. This technical setup may result in the market at least arresting its downside and consolidating at current levels or even continue with its pullback. We expect a positive start to the week. Monday’s session is likely to see 11,325 and 11,370 levels act as resistance. Supports may come in at 11,210 and 11,170. The Relative Strength Index (RSI) on the daily chart stood at 33.2334 and remained neutral, showing no divergence against the price. The daily MACD stayed bearish and traded below its signal line. No other formation, apart from a white body, emerged on the candles. The pattern anal..
July 28, 2019

Tweet Buster: Tax cut on EVs is not enough; all eyes on RBI meet

NEW DELHI: Pessimism ran high on Dalal Street this week with benchmark indices ending lower in four out of five sessions. The last-minute respite on Friday came from a handful of stocks, not quelling away the fears of a bear market. Some of the top D-Street analysts believe that we are in this bear phase for the long haul and many blame government policies for the same. Besides FII outflows, a lot of corporate governance issues are plaguing the Street and over-leveraging is coming to haunt many top firms. Here’s sampling some of them: Professor Sanjay Bakshi said that the wealth destruction is on a massive scale and in most cases that not the damage is permanent. He listed over-leveraging and crookedness of the management as the causes. Wealth destruction on a massive scale. In most of these cases, the impairment is permanent. And the usual suspects… https://t.co/wBUzjvIHgA — Fundoo Professor (@Sanjay__Bakshi) 1563985758000 PMS fund manager Basant Maheshwari said the Street ..
July 27, 2019

ICICI Bank swings to profit in Q1

MUMBAI: ICICI Bank swung to a net profit in the first quarter ended June 2019 after a loss a year earlier as riding on improving asset quality, steady loan growth and higher fee income. The bank reported a net profit of Rs 1,908 crore compared to a loss of Rs 120 crore a year ago. Net NPA ratio decreased from 4.19% in June 2018 to 1.77% in June 2019, the lowest in 14 quarters reflecting the build up of provisions by the bank over the last year and a slower addition to NPAs. Provision coverage ratio on non-performing loans, including cumulative technical write-offs, improved to 83.4% from 66.1% a year ago. Additions to NPA at 2,779 crore during the quarter were also lower than the Rs 4,036 crore added in the first quarter last year and Rs 3,547 crore in the quarter ended March 2019. All these factors helped in improving net interest margins (NIM) to 3.61% from 3.19% a year earlier. Executive director (designate) Sandeep Batra said the bank is on track to achieve its target for ret..

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