August 19, 2019

The world’s ‘largest all-electric ferry’ has completed its maiden voyage

As technology develops, the way that larger types of transport are powered is changing.
August 19, 2019

Trade war impasse casts a ‘dark cloud’ over outlook for US oil shipments, analysts warn

Matthew Smith, director of commodity research at ClipperData, told CNBC via email that it was still "too early" to tell whether China's intake of U.S. crude imports had fallen away in recent weeks.Arterra | Universal Images Group | Getty ImagesAn escalating trade war between the world's two largest economies is negatively impacting the outlook for U.S. crude shipments, energy analysts have warned, amid fears that China could soon dramatically reduce its intake of American oil. Trade tensions between Washington and Beijing prompted some external observers to warn the outlook for China-bound U.S. crude shipments was firmly skewed to the downside. "Casting another dark cloud over the outlook for U.S. crude shipments is the ongoing U.S.-China trade impasse," Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note. It was around this time last year that China emerged as the biggest buyer of U.S. crude, Brennock said, but Chinese buyers were now seen as a "vir..
August 19, 2019

Amazon is passing along costs of a new digital tax to thousands of French sellers

Amazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.
August 18, 2019

Trade setup: Broader market setup weak, but Nifty may attempt pullback

In a three-day working week, the domestic stock market moved on the expected lines and stayed within a limited range. As anticipated, the Nifty did not make any directional move and remained within the 50-week and 100-week moving averages. After flirting with the 50-week moving average, which stands at 11,140, and testing weekly high of 11,144, the headline index retraced and ended with a net weekly loss of 61.85 points or 0.56 per cent. As mentioned in the previous weekly note, the broader technical setup continues to be weak. However, few indicators suggest the market may attempt some bounce. If it happens, it will be limited, and Nifty will continue to face pressure at higher levels. On the downside, the 100-week moving average, which is at 10,870 currently, will remain a crucial level to watch in the coming days. The global setup has improved a bit over the weekend, and this may reflect on the opening of Asian markets. The Indian market, too, is set to see a stable opening and m..
August 18, 2019

RBI directs banks to be more proactive on GMS

Mumbai: The Reserve Bank of India’s direction to all lenders to promote and publicise the Gold Monetisation Scheme (GMS) from their branches underscores the intent of the banking regulator to make the Scheme a success, said officials from two private banks. The Reserve Bank of India (RBI) on August 16 directed all scheduled commercial banks (except regional rural banks) to promote the Gold Monetisation Scheme that was introduced on October 22, 2015 to replace the Gold Deposit Scheme, 1999. “All designated banks shall give adequate publicity to the Scheme through their branches, websites and other channels,” said the RBI. An official from a private sector bank said this “underscored” the importance RBI was giving to the Scheme. Until the August 16 circular, banks were accepting gold deposits under the Scheme but were not actively promoting it, added the banker. “Now as per the RBI missive, banks will have to identify at least one branch in a state or UT where they are present in to ..
August 18, 2019

Ujjivan Small Finance Bank files DRHP for Rs 1,200 crore IPO

USFB, which caters to the unbanked urban poor and young middle class customers, filed its DRHP with the SEBI for its proposed IPO. According to the DRHP, the company seeks to raise Rs 1200 crore, including reservation of equity shares of up to Rs 120 crore by eligible UFSL shareholders. The equity shares being offered are at a face value of Rs 10 each. According to the DRHP filed by USFB, it may, in consultation with the BRLMs, consider a pre-issue placement of an aggregate amount not exceeding Rs. 300 crore( PRE- IPO Placement). The PRE-IPO Placement, if undertaken, will be at a price to be decided by USFB in consultation with the BRLMs and the PRE-IPO Placement will be undertaken prior to filing of the Red Herring Prospectus with the ROC. USFB has appointed Kotak Mahindra Capital Company Limited, IIFL Securities Limited and JM Financial Limited as the running lead managers to the issue.
August 18, 2019

Global factors to determine market trend this week

New Delhi: Amid lack of domestic triggers, equity markets would focus on global cues such as FPI investment trend, US-China trade talks and movement of oil and rupee this week, say experts. Participants are also awaiting measures from the government to boost growth and revive consumer sentiment, they added. "The result season has come to an end and majority of the companies delivered a disappointing quarter. With the slowdown looming on the economy, the companies could do very little to revive this quarter and are now mostly dependent on the government to boost sentiment and bring about a change at the grassroot level. "Markets are likely to receive some boost this week due to government's impetus unless the trade war issue intensifies further," said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote. Ajit Mishra, Vice President - Research, Religare Broking Ltd, said, "The earnings season has ended and there are no fresh key domestic triggers. Hence, the focus will now s..
August 18, 2019

9 of the top 10 firms lose Rs 84,354 crore in market valuation last week

New Delhi: 9 of the 10 most valued Indian companies suffered a combined loss of Rs 84,354.1 crore in their market valuation last week mainly dragged down by Tata Consultancy Services (TCS). During the holiday-curtailed week, the BSE Sensex lost 231.58 points. Reliance Industries Ltd (RIL) was the only firm among the top 10 companies to post a gain in its market valuation. The market capitalisation (m-cap) of RIL zoomed Rs 72,153.08 crore to Rs 8,09,755.16 crore at close on Friday after the announcement of a host of investor-friendly proposals at its annual general meeting early last week. TCS, HDFC Bank, Hindustan Unilever Limited (HUL), HDFC, Infosys, ITC, Kotak Mahindra Bank, ICICI Bank and SBI closed the week with losses. The m-cap of TCS tanked Rs 30,807.1 crore to Rs 8,11,828.43 crore for the week ended Friday. HDFC's valuation tumbled Rs 19,495.4 crore to Rs 3,62,123.92 crore and that of HDFC Bank by Rs 15,065.8 crore to Rs 6,08,826.25 crore. Infosys' m-cap erode..
August 18, 2019

$20 million Porsche flops in auction snafu

Attendees view the 1939 Type 64 coupe, designed and driven by Porsche AG automobiles founder Ferdinand Porsche, displayed during the RM Sotheby's auction at the 2019 Pebble Beach Concours d'Elegance in Pebble Beach, California, U.S., on Saturday, Aug. 17, 2019.Bloomberg | Bloomberg | Getty ImagesA Porsche that was expected to sell for over $20 million flopped on the auction block Saturday night, after the sale was thrown into disarray by a technical error. The car, a 1939 Porsche "Type 64" that was already facing controversy in the collecting world, hit the auction block Saturday night at RM Sotheby's in Monterey, California, as part of the sales surrounding the Concours D'Elegance car extravaganza. RM Sotheby's auctioneer started the bidding at $13 million. But the giant screen display in the auction room showed the first bid as $30 million. The next bid was $14 million, but the screen showed $40 million — an error that continued all the way up $17 million, wh..

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