Rewind 2014:India bets on reforms amid bureaucracy facelift

It was a stunning victory that saw Narendra Modi being sworn in as India's fifteenth Prime Minister, on the May 26. But the Modi juggernaut did not stop at the steps of 10 janpath. Within a fortnight, Modi reached out directly to secretaries of every ministry, urging them to work together to fulfil his party's myriad promises. It was a simple move, but one that worked wonders on bureaucratic morale.

As DIPP Secretary Amitabh Kanth tweeted: 1st time in my career free, frank & fearless interaction with d pm of d country. Highly motivating! Gr8 flow of ideas!

Sticking to his mantra of 'minimum government and maximum governance', the prime minister appointed a single cabinet minister for a cluster of ministries working in complimentary sectors. And with this new administrative structure in place, Modi's first big pitch to global industry came on Independence Day, in the form of his "Make in India" campaign.

Modi's 'Make in India' pitch was a move that caught the attention of corporate India.

Let no body have any doubt that we can be globally competitive at our on terms and that is why 'Make in India' is right. Also what is important is for the make in India movement it is imp to be open to capital and expertise from all over the globe.

And it was a mantra Modi did not hesitate to chant during his visits to Japan, to the US, and to Australia. But there were more demands from industry as well and the Modi government obliged with one of the key moves in this direction being 14 amendments to the New Companies Act. Industry's call also prompted Modi to set up a committee to review archaic laws, simplify business procedure, and reduce transaction costs.

To give a boost to infrastructure development, the government has also relaxed the FDI policy for construction, defence production and railways.

The roll out of the Digital India Mission has re-emphasised the government's commitment to information technology.

Taking the UPA agenda of financial inclusion forward, Modi launched the Pradhan Mantri Jan Dhan Yojna to bring India's 7.5 crore unbanked households into the banking loop by January 26, 2015 and the banking sector says it has seen a fabulous response.

As modi's various ministries worked to, among other things, push forward economic reforms, and repair India's image as an investment destination and an economy with superpower potential, the prime minister launched his next salvo - the Swachh Bharat mission, which saw top corporate honchos and Bollywood celebrities participate with gusto.

Prime Minister Narendra Modi has been able to create some high expectations during the past seven months... partly because of his charisma, but more so because his government has been seen making the right noises, and even moving forward to keep these promises. But the honeymoon period is coming to an end, and as 2015 unwinds, analysts and investors will be closely monitoring the outcomes of Modi's decisions, just how well new policy is being implemented, and whether the Modi juggernaut will run out of steam.

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2015 can be a game changer for FMCG sector: Experts

India's consumer story has just about managed to hold its head above water through 2014. But the coming year promises to be one of hope, with experts pointing to double-digit growth for the sector.

India's consumer story has just about managed to hold its head above water through 2014. But the coming year promises to be one of hope, with experts pointing to double-digit growth for the sector. CNBC-TV18's Zahra Khan and Archana Shukhla find out that a lot of this growth will be driven by improved consumer sentiment, and lower inflation.

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Spice Mobility independent director Saurabh Srivastava resigns

Spice Mobility has informed that Mr. Saurabh Srivastava, Independent Director has resigned from the Directorship of the Company with effect from December 27, 2014.

Spice Mobility Ltd has informed BSE that Mr. Saurabh Srivastava, Independent Director has resigned from the Directorship of the Company with effect from December 27, 2014.Source : BSE

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Shricon Industries: Outcome of board meeting

Shricon Industries at its meeting held on December 27, 2014, has appointed Manoj Jain as Chief Executive Officer (CEO) of the Company. Mr. Lokesh Tiwari as Chief Financial Officer (CFO) of the Company.

Shricon Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 27, 2014, inter alia, has appointed:1. Mr. Manoj Jain as Chief Executive Officer (CEO) of the Company.2. Mr. Lokesh Tiwari as Chief Financial Officer (CFO) of the Company.3. Mr. Inder Prakash Jain as Independent Director of the Company.4. Mr. Govind Nuwal as Independent Director of the Company.Source : BSE

Read all announcements in Shricon Ind

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Airlift under way for hundreds trapped on burning ferry off Greece

By Renee Maltezou

ATHENS (Reuters) - Italian and Greek helicopter crews prepared to work through the night to airlift passengers in pairs off a burning ferry adrift in the Adriatic Sea, battling darkness and bad weather that hampered rescue efforts by other ships throughout Sunday.

Helicopters were plucking passengers off the Italian-flagged Norman Atlantic and transferring them to a nearby vessel, after a dramatic day that began when a fire broke out on its lower deck in the early hours.

A Greek government official said one man had died but there were no other confirmed reports of casualties among almost 500 passengers and crew and as night fell, Greek authorities said 156 people were clear of the danger zone.

An official said 150 people had managed to get off the ship aboard a rescue boat earlier in the day.

After it drifted in fierce winds into Albanian waters, a tugboat was hoping to tow the ferry into Albania's main port of Durres, with another tug helping for part of the journey, Luan Kore, an official from another Albanian port said.

"We are making superhuman efforts in this extremely difficult operation," Greek coastguard spokesman Nikos Lagkadianos said. "Operations by air will continue throughout the night," he said.

A Greek Defence Ministry official said two Italian and two Greek Super Puma helicopters had been deployed, with each air transfer taking around 15 minutes as the pairs of passengers are bundled into a rescue basket and winched up from the vessel.

Earlier, Lagkadianos said the heavy rain that was hampering the rescue had helped contain the fire although the ship was still burning.

Terrified passengers told how they had to move higher and higher in the ship to escape the flames.

"We went to the deck where there were life boats, but at some point we felt the floor burning and we went higher up to the heliport," Rania Fireou told Greek television by phone before the airlifts began.

"There are many children and elderly people aboard," she said. "We have gathered all together and we are trying to warm ourselves."

COMPLICATED RESCUE

Greek Shipping Minister Miltiadis Varvitsiotis said the bad weather, with winds of up to 55 miles (88 km) per hour earlier, made the operation extremely difficult.

"We are doing everything we can to save those on board and no one, no one will be left helpless in this tough situation," he told reporters. "It is one of the most complicated rescue operations that we have ever done."

Coastguard officials said the Norman Atlantic, which was also carrying more than 200 vehicles, was 44 nautical miles northwest of the island of Corfu when it radioed for help. It had been travelling from Patras in western Greece to the Italian city of Ancona.

Command of the operation was transferred to Italy after winds took the helpless vessel out of Greek waters but officials were coordinating closely and an Albanian coastguard vessel was also taking part.

A coastguard official said nearby passenger and container ships had attempted to form a ring around the burning vessel to try to form a windbreak to allow small rescue boats to approach.

Officials said there were 478 passengers and crew on the Norman Atlantic, of whom 268 were Greek, while a foreign ministry official said there were also passengers from countries including Germany, Italy, Austria, Turkey, France and the Netherlands. Many appeared to be truck drivers.

The fire broke out in the lower deck garage of the vessel but there were differing accounts of when it started. Initial reports said the fire began at around 6.00 a.m. (0400 GMT) but Italian officials put the time at 4.30 a.m.

The Norman Atlantic is a 26,900-tonne, roll-on roll-off ferry chartered by Greek ferry company ANEK. According to marine traffic data, it was built in 2009 and previously operated in Italy. ANEK said in a statement it was cooperating with rescue authorities.

(Additional reporting by Angeliki Koutantou, Alkis Konstantinidis, Lefteris Papadimas and Benet Koleka in Vlore and Gavin Jones in Rome; Writing by James Mackenzie; Editing by Alison Williams)

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Crude bomb blast wounds two in Bengaluru

NEW DELHI (Reuters) - A crude bomb exploded outside a busy restaurant in India's high-tech capital of Bengaluru on Sunday, wounding two people, police said.

The low-intensity blast occurred in the centre of the city, packed with Sunday evening crowds. Police said the device had been placed near a drain behind the Coconut Grove restaurant.

Ramchandran Shetty, a police officer at the blast site, said preliminary investigation suggested it was an improvised explosive device filled with shrapnel.

Both the victims, one of whom was a woman, were walking past the restaurant when it went off.

Bengaluru, which was formerly known as Bangalore, has been on a general alert since police picked up an engineer for allegedly running a pro-Islamic State Twitter account that had tens of thousands of followers worldwide.

Soon after the arrest of Mehdi Masoor Biswas, state police had received threats that there would be retaliation.

At least 13 people were wounded in a powerful blast in Bengaluru in 2013.

(Reporting by Rupam Jain Nair; Writing by Sanjeev Miglani; Editing by Angus MacSwan)

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Global eco growth to remain anaemic in 2015: Kenneth Rogoff

Global economic growth will still be anaemic in 2015, Chinese slowdown will continue, believes Kenneth Rogoff, Professor - Economics, Harvard University.

Speaking to CNBC-TV18 on its special show 'The World Economy 2015,' Rogoff said there are still doubts whether Japan can recover at all with just quantitative easing or whether it will need some fundamental changes like allowing more women folk into work. Of the lot, Rogoff expects US to have the best growth, but low inflation may still keep the Fed from hiking rates or hiking rates more than once. He is hopeful that commodities fall will not continue into 2015 but could possibly recover.

Rogoff started as a professional chess player and became an international master and a grand master. He took a break and took to economics. He graduated from Yale and took his Doctoral degree from MIT.

Rogoff was economist at the IMF and member of the board of governors of the Fed. More recently, he became renowned as the co-author of the book "This Time is Different: Eight Centuries of Financial Folly." The book argued that too much public debt causes slow growth and even recession. Kenneth Rogoff is currently professor of economics at Harvard University.

Below is verbatim transcript of the interview:

Q: Let me begin with US economy. The flow of data indicates that we will easily finish with over 3 percent growth in the current year. Are you sure that 2015 will be even more robust for the US economy?

A: I do. The US has very solid domestic demand, very broad based and there is good reason to be optimistic that growth will be 3 percent, maybe even a little better. It is a very asynchronous recovery in the world as a whole and that has a risk to the US. However, on the whole, the recovery is solidly ingrained and not about to come to an end.

Q: I was only wondering if US can grow in grand isolation. Can a slowing Chinese economy and recession in Europe in someway cast its shadows on the US? The dollar has been rising steadily and earlier this year Stanley Fischer worried if the strong dollar may not slowdown the US economy.

A: The US is a more closed economy than many others and fairly resilient to rises in the dollar. It affects individual manufacturers, exporters. However, the dollar is so dominant in world trade, many prices are indexed to the dollar and it doesn't pass through to relative prices, to competitiveness quite the way it does in smaller economies.

When you heard Stanley Fischer and Janet Yellen worry about the dollar they were sort of trying to find reasons that the Fed might hold back on tightening, trying to express their concerns about the fragility potentially of the economy. I do not think it is really the dollar per se.

If Europe goes into a more dramatic slowdown, if Japan doesn't continue atleast a decent growth, if China has a collapse that will hit the US, if those things don't happen, maybe growth will be even better. But it is moderate growth, a little above trend would be the order of the day most likely.

Q: If you are convinced about US growth what is your take on whether and when the Fed will hike rates in 2015?

A: This is a very tough call. It is clear that the economy is doing well. It is clear that labour markets are improving and if this were a normal recession the Fed would already have raised interest rates and be looking to raise them further. They are very nervous that they are not quite sure what is going on.

They do not know why global interest rates are so low. They do not know why inflation is quite as low as it is. It makes them more cautious. Also, Janet Yellen has been successful in pulling the committee towards her more dovish view point.

I see them holding off for as long as they can, looking hard at the data. When the data shows that inflation is rising and seems to be set to rise for quite a while broadly affecting expectations then they will move.

I do not think they will move until there is firm evidence that inflation is not just rising but rising on a sustained basis. I bet that does happen sometime in the second half of 2015 but a very early hike in 2015 right now would require much better data that current projections.

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Mahindra Adventure Authentic North East experience

It's when I'm piloting the big black Mahindra Adventure Thar with the word Lead' stickered onto it that it occurs to me that the participants on the Mahindra Adventure Authentic North East expedition certainly are terrific multitaskers. Of the 35 car convoy that comprises 70 odd people, there appear to be a sizeable portion who can manage to chuck their SUVs into corners, take in the scenery, overtake that dratted truck that's slowing them down, all the while carrying on a conversation on the radio with the rest of the convoy. I, as... Read More

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A look at the face-lifted version of the Porsche Cayenne

Porsche recently showcased the Cayenne at the Paris Motorshow and in just a couple of weeks, the SUV has made it here to India. This is a clear testament of the love for SUVs in India. Overdrive's Rohit Paradkar goes behind the wheels of the new Porsche Cayenne to give you his verdict.

Porsche recently showcased the Cayenne at the Paris Motorshow and in just a couple of weeks, the SUV has made it here to India. This is a clear testament of the love for SUVs in India. Overdrive's Rohit Paradkar goes behind the wheels of the new Porsche Cayenne to give you his verdict.

Watch accompanying video for more…

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Turnaround plan only by April 2016: Infosys' Vishal Sikka

2

2014 has been a game-changing year for IT giant Infosys . with the exit of the founders, the new man at the helm - Vishal Sikka has his task cut out for him. Here's a special report on Sikka's journey over the last one year.

S Gopalakrishnan, Former Exec Chairman, Infosys said, "I will continue to cheer you all from the outside. Once an Infocian, always an Infocion. It was the end of an era and beginning of another and he was the one to usher it in. Vishal Sikka, who took charge for the top job at India's leading it bellwether Infosys, from founders and stalwarts of the it industry."

Meanwhile, Sikka said, "I only feel a tremendous sense of excitement and privilege to help take this iconic company."

It was after serving 12 years at global software product giant SAP, he took over the reigns of Infosys on June 12, 2014. But it was a time when the it was struggling - sub par earnings, high attrition, a dwindling market share with competitors like cognizant surpassing Infosys in the pecking order and visa issues in the US. Add to that, his entry was preceded by exits of top brass like V Balakrishnan, Ashok Vemuri and BG Srinivas, who were earlier frontrunners for the top job. However, the executive search committee responsible for the selection of the heir were confident.

NR Narayana Murthy had earlier said, "I think I am so honoured and pleased that Vishal has agreed to join Infosys as the CEO."

Sikka, though was prepared to delve straight into troubleshooting. Right after taking charge, he began employee town hall meetings and round table sessions with clients to pinpoint the issues and tackle them. The first step was clearly to reboot confidence.

Few months back, he said, "There have been things that have been happening here around attrition, what you can call an issue with confidence. One of the key things I see is the opportunity to restore the confidence and everything follows from there."

In his meetings, he found out that Infosys' lack of innovation and ability to adapt to changes was weighing heavy on the minds of clients.

Sikka then began a journey that he termed 'renew and new'. His strategy will work around 'renewing' or restructuring old verticals by aligning them to newer technologies and entering 'new' emerging verticals like digital, SMAC, mobility. Infosys will look at building newer software products, IP's, and even expanding high margin businesses like consulting.

To arrest the bigger problem of attrition, he infused a fresh air by inviting employee participation in ideation and strategy development. He also roped in 10 of his old colleagues from SAP to assist him build on the new strategy, a move that, according to sources, didn't go down well with incumbents.

In his first 6 months, he has kicked off the drive to renew Infosys; a defined strategy for the company will only be prepared by April 2015. And although his critics question lack of a roadmap for financial turnaround, his supporters say be patient, Sikka may just recreate the magic that took SAP to its pinnacle with the 1.1 billion pound SAP HANA product.

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Assembly poll result: New game to fight alone,cohabit later

R Jagannathan
Firstpost.com

The Bharatiya Janata Party's bid for a majority government in Jharkhand appears likely to be achieved with the help of one pre-poll ally. The halfway mark in the assembly is 41 in an 81-seat assembly, and the BJP and its AJSU ally seemed likely to get at least 42 seats between them.

This means the next government will be a coalition led by the BJP, and the need for an additional ally or the crossover of independents may not be necessary for a stable government. At one stage, it seemed that the BJP would require the help of the Jharkhand Vikas Morcha (Prajatantrik), which is headed by ex-BJP Chief Minister Babulal Marandi.

Marandi fell out with the party some year ago after Arjun Munda and other MLAs brought his government down. Since then he has been running his own party, with varied success.

Given the strong showing of the Jharkhand Mukti Morcha (JMM) and Marandi's JVM (P), and given the Congress-RJD coalition's wins in some pockets, the new government will have a solid opposition. But there is no need for a shaky coalition of disparate parties and independents.

What the Jharkhand results prove is that the Modi wave has helped the BJP to emerge as the strongest party in the state, but the wave was not strong enough to beat back entirely the counter-waves of tribal loyalties and rival coalitions.

Just as BJP's Mission 44 failed in Jammu & Kashmir when the opposition recalibrated its strategy to stop Modi's surge, the party's showing in Jharkhand indicates that� Narendra Modi �will now have to spend time giving his allies due space and also rein in the hotheads in the Sangh parivar from taking the party towards Hindutva, sinking his governance agenda further.

The J&K and Jharkhand results are the first indications that the BJP, even though resurgent in most parts, has to recalibrate its strategy of going it alone all the time when the opposition to it is also beginning to see the need to work together.

In fact, if the JMM and JVM had fought the elections together, or the JMM and Congress/RJD alliances had entered into seat adjustments, the results could have been quite different. The rival combos would have equalled the BJP's solo vote share.

However, it is also possible that parties fighting separately can garner more votes than when fighting together. The Congress-JMM coalition, by breaking up before the elections, has managed to garner over 30 percent of the popular vote.

This has been the pattern in J&K too, where the National Conference and the Congress fought the elections separately to tell the voters different stories in the Kashmir valley and in Jammu.

The new game in town is to fight separately and cohabit afterwards.

The writer is editor-in-chief, digital and publishing, Network18 Group

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JK results 2014: BJP achieves Mission Kashmir

R Jagannathan
Firstpost.com

The Bharatiya Janata Party's Mission 44 in Jammu & Kashmir (J&K) has failed, but the party has established itself as a powerhouse in Jammu, relegating the Congress to fourth place. Mission 44 has enabled the success of Mission Kashmir with closer ties to Delhi.

The results and counting trends show that we are headed for a hung assembly in J&K, with the BJP and the PDP being the top two parties with 25 and 28 seats, and the National Conference (NC) and Congress being the runners up in the regional and national parties categories.

This means that the only viable coalition will be one between Mufti Mohammed Sayeed's People's Democratic Party (PDP) and the BJP, which will comfortably pass the halfway mark of 44 in an 87-member assembly. A PDP-Congress coalition is only an outside possibility, given the numbers. With PDP's 28, Congress' 12 and independents, this coalition will be on life-support from Day One.

How did we get this kind of result even though the BJP has emerged as the single-largest party in terms of vote share, with a 23 percent vote share - a nose ahead of the 22.7 percent? NC and Congress come next with 20.8 percent and 18 percent.

Two reasons can be adduced for the failure of BJP's Mission 44.

One, the BJP's shock emergence as the biggest party in J&K during the Lok Sabha polls, and its expressly stated ambition of becoming a majority party in J&K with it Mission 44 gameplan (based on high turnouts in Jammu and low ones in the Kashmir Valley) put all it rivals on edge immediately. They worked hard to ensure that the mission is defeated by getting out the majority vote in the Kashmir valley. This is why we saw high turnouts in the Valley, despite muted calls for a boycott by the separatists. It is quite possible that the separatists held back their violence to enable the BJP to be stopped in its tracks.

Two, the National Conference-Congress break-up was critical to the blockade of the Modi wave in Jammu. By splitting up, the National Conference was able to concentrate its efforts in the Valley to stem the PDP's surge, and the Congress was able to slow down the BJP in Jammu.

During the campaign, the BJP was accused of trying to be pro-Hindu in Jammu and "secular" in the Valley as it did not tom-tom its threat to abolish article 370 while campaigning in the Valley. This may have cost it the chance of an overwhelming victory in its Jammu base.

However, the results show that the National Conference and the Congress played the same card – of courting the Muslim vote in the valley (by NC) and the Hindu vote in Jammu by the Congress.

This divide-to-deny-victory to BJP strategy was what killed Mission 44.

But the BJP has gained by registering a significant vote share in the Kashmir Valley. It has also established itself as the state's No 2 party, which cannot be ignored in any coalition.

Most important, by bringing out the vote, it has legitimised this election for the whole world. No one can now say that the Kashmir vote was a non-vote, with very few people voting.

It is clear that a BJP-PDP coalition is the state's best bet for a stable government as the parties comfortably cross the halfway mark.

This coalition would also have strong representation from both regions, the Kashmir Valley and Jammu, not to speak of Ladakh.

The betting should be on a PDP-BJP coalition as option 1.

The National Conference, of course, has no chance of forming a government, with or without Congress and independent support.

The BJP will be happy to join a J&K government. Not least because assemblies in J&K have a life of six years against the more normal five elsewhere.

This is what we should celebrate: by not achieving Mission 44, the BJP has effectively enabled a key role for itself in Kashmir. In short, Mission 44 was lost, but Mission Kashmir was accomplished.

The writer is editor-in-chief, digital and publishing, Network18 Group

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Mukand: Outcome of board meeting

Mukand has informed regarding the Outcome of Board Meeting of the Company held on December 22, 2014.

To read the full report click here

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Capital First: Outcome of board meeting - Resignation of Director

Capital First has informed that Mr. Anil Singhvi has resigned from the Board of Directors of the Company with effect from the conclusion of Board Meeting held on December 22, 2014.

Capital First Ltd has informed BSE that Mr. Anil Singhvi has resigned from the Board of Directors of the Company with effect from the conclusion of Board Meeting held on December 22, 2014.Source : BSE

Read all announcements in Capital First

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Tunisia's Essebsi campaign claims vote victory

By Patrick Markey and Tarek Amara

TUNIS (Reuters) - Tunisian presidential candidate Beji Caid Essebsi claimed victory in Sunday's run-off election, which is seen as the final step to full democracy nearly four years after an uprising ousted autocrat Zine El-Abidine Ben Ali.

Preliminary results were still to be released by election authorities, but soon after polls closed, Essebsi said he had beaten rival Moncef Marzouki, the incumbent president.

"I dedicate my victory to the martyrs of Tunisia. I thank Marzouki, and now we should work together without excluding anyone," Essebsi, a former parliament speaker under Ben Ali, told local television.

His campaign manager said "initial indications" showed the 88-year-old Essebsi had won without giving any details, as hundreds of celebrating supporters chanted "Beji President" and waved Tunisia's red and white national flag.

However, rival campaign manager for Marzouki, Adnen Monsar, dismissed the claims saying it was a very close call. "Nothing is confirmed so far," he told reporters.

With a new progressive constitution and a full parliament elected in October, Tunisia is hailed as an example of democratic change for a region still struggling with the aftermath of the 2011 Arab Spring revolts.

Tunisia avoided the bitter post-revolt divisions troubling Libya and Egypt, but tensions sporadically flare. One gunman was killed overnight and three arrested after they opened fire on a polling station in the central Kairouan governorate, a defence ministry official said.

Essebsi took 39 percent of votes in the first round ballot in November with Marzouki winning 33 percent.

As front runner, Essebsi dismissed critics who said victory for him would mark a return of the old regime stalwarts. He argued that he was the technocrat Tunisia needed following three messy years of an Islamist-led coalition government.

Marzouki, 69, is a former activist who once sought refuge in France during the Ben Ali era. He painted an Essebsi presidency as a setback for the "Jasmine Revolution" that forced the former leader to flee into exile.

"We need a president who looks after the people and is not interested only in power," said Ibrahim Ktiti, an electrician who voted in the poor Ettadhamen neighbourhood of Tunis. "The old regime won't make it back. Essebsi never excused himself for all the time he was with Ben Ali."

Yet many Tunisians tie Marzouki's own presidency to the Islamist party's government and the mistakes opponents said it made in controlling the influence of hardline Islamists in one of the Arab world's most secular countries.

Compromise has been important in Tunisian politics and Essebsi's Nidaa Tounes party reached a deal with the Islamist Ennahda party to overcome a crisis triggered by the murder of two secular leaders last year.

Ennahda stepped down at the start of this year to make way for a technocrat transitional cabinet until elections. But the Islamists remain a powerful force after winning the second largest number of seats in the new parliament.

Essebsi appeals to the more secular, liberal sections of Tunisian society, while analysts predicted that Marzouki would draw on support from more conservative rural areas, and from some members of Ennahda, which did not field a candidate.

The presidency post holds only limited powers over national defense and foreign policy. The parliament, led by Nidaa Tounes which won the most seats, will be key to selecting a prime minister to lead the government.

(Reporting by Tarek Amara; writing by Patrick Markey; editing by Andrew Hay, Jason Neely and Crispian Balmer)

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Forex - Yen weaker in early Asia in light data day

Investing.com - Investing.com - The yen was weaker in early Asia on Monday in a light data day while the Aussie also fell a tad.

USD/JPY traded at 119.52, up 0.05%%, while AUD/USD changed hands at 0.8140, down 0.07%.

Later, the Bank of Japan's Monthly Economic Report for December is due at 1400 Tokyo (0500 GMT).

Last week, the dollar traded higher against most major currencies on Friday in subdued trading after falling jobless assistance claims and reassurances from the Federal Reserve this week continued to stoke expectations for rate hikes in 2015.

The dollar enjoyed support after the U.S. Department of Labor said on Thursday that the number of individuals filing for initial jobless benefits in the week ending Dec. 12 fell by 6,000 to 289,000 from the previous week's revised total of 295,000. Economist had forecast an increase of 1,000.

The data came a day after the Fed said it would be "patient" before raising rates, guidance which it said is consistent with earlier assurances statement that rates would stay low "for a considerable time."

Fed Chair Janet Yellen said the central bank was unlikely to raise rates for the "next couple of meetings" indicating that a move in April at the earliest is possible.

Still, the dollar saw support on the notion that the days of rock-bottom interest rates are coming to an end.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, ended up last week 0.43% at 89.83.

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Richard Verma sworn in as US Ambassador to India

Richard Rahul Verma, who quietly played a key role in the Congressional passage of the civil nuclear deal and a strong advocate of deepening Indo-US ties, has been sworn in as the US Ambassador to New Delhi, becoming the first ever Indian-American to hold the post. The 46-year-old was sworn in by Secretary of State John Kerry at the State department.

Verma is scheduled to arrive in India ahead of Kerry's visit to Delhi next month. US President Barack Obama will arrive in late January to attend the Republic Day Parade on January 26 as the Chief Guest.

He was confirmed by the Senate by a voice vote last week.

Verma, who quietly played an important role in the Congressional passage of civil nuclear deal with India, had advocated for strong Indo-US ties when in the administration and recently started 'India 2020' project at the Centre for American Progress — a top American-think tank.

He will replace Nancy Powell, who resigned in March after a damaging row over the treatment of diplomat Devyani Khobragade over visa fraud charges.

The US Embassy in New Delhi is currently headed by a charge d'affaires, Kathleen Stephens. Verma's association with Obama goes back to 2008 when he worked on presidential debate preparations for the then Illinois senator.

He served as Assistant Secretary of State for Legislative Affairs under Hillary Clinton from 2009 to 2011, and was a senior counsellor at law firm Steptoe & Johnson as well as the Albright Stonebridge Group.

"Known as a talented leader and manager, he is recognised for his many years of experience working on high-level policy in the federal government, in the private sector and with non-governmental organisations, especially on matters relating to the affairs of South Asia and India, including political-military relations," according to his profile on the State Department Web site.

His knowledge and ability to set the agenda will enable him to strengthen bilateral relations with India, a pivotal nation of critical global importance to the US, it said. His parents went  to the US in the early 1960s.

"It is a day of celebration for Indian-Americans," said Dr Sampat Shivangi, national president of Indian American Forum for Political Education.

"Verma deserves this worthy appointment due to his dedication and well deserved respect he commands from President Obama and entire US Congress and the nation," said Shivangi, one of the few Indian-Americans invited to attend the swearing-in ceremony at the State Department yesterday.

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Do you invest to save tax?

Arnav Pandya

Sometimes an investment that cannot be bought due to unattractive returns and benefits it offers, is actually bought just for the purpose of saving tax. There is a clear way in which every individual has to approach this situation and here are some of the main points that can be considered in this analysis.

Nature of tax benefit

There can be two types of tax benefits that an individual can get when they make a certain investment. The first one involves the benefit at the time of making the investment. It is a deduction that is available when the money is invested. A deduction means that the amount is reduced from the taxable income of the individual so this would end up lowering the tax that has to be paid. This is the kind of benefit that one sees when there is an investment that is covered under Section 80C of the Income Tax Act in instruments like insurance premium, National Savings Certificates, PPF, EPF etc.

The other tax benefit is that the income that is earned on the investment has a beneficial tax treatment. This could either be a part of the income that is tax free or it could be that the entire income is tax free. There is also a chance that the income earned from a specific investment route has a tax rate applicable that is lower than what would be witnessed for similar earnings from other areas. All this would make the route slightly attractive for the investor. Both these types of tax benefits by themselves might not shift the decision to one of investing but it can sometimes help in the overall process.

Usage of limits

There is also a situation wherein there are limits that present for a specific benefit like the deduction under Section 80C where there is an overall limit of Rs 1.5 lakh. It could be that there are other elements or other routes wherein this limit is being used up and in such a position the additional tax benefit actually could be working out to be nothing for a specific investment because it is already being used up. Many times people do not realise this point and they keep making investments under the belief that there is a tax benefit coming to them when this might not be the case. Also it could be that there is a position where the savings in income tax due to the benefit on the income side is also not significant which can turn around the entire working. In such cases it would be better to stay away from the investment and use other options that are more suitable for achieving a specific goal.

Single or multiple investments

Various types of investments have different implications and one aspect that needs to be considered is the kind of money that would have to be invested by the individual over a period of time. Most people look at the present and what they see as the cost in terms of making the investment only immediately. But this need not be the whole story because it could be that there are several investments where there are regular payments that come in year after year. For example, buying a regular premium life insurance policy that expects buyer to pay for certain minimum number of years. In such a situation there is a longer and a larger investment commitment that the individual is making and this also needs to be factored in the calculations. It might not be prudent or suitable for everyone to make long term investment commitments and hence this should be brought into the investment decision making process.

08.10 | 0 komentar | Read More

Dollar extends gains on jobless claims data, Fed language

Investing.com - Investing.com - The dollar traded higher against most major currencies on Friday in subdued trading after falling jobless assistance claims and reassurances from the Federal Reserve this week continued to stoke expectations for rate hikes in 2015.

In U.S. trading on Friday, EUR/USD was down 0.49% at 1.2226.

The dollar enjoyed support after the U.S. Department of Labor said on Thursday that the number of individuals filing for initial jobless benefits in the week ending Dec. 12 fell by 6,000 to 289,000 from the previous week's revised total of 295,000. Economist had forecast an increase of 1,000.

The data came a day after the Fed said it would be "patient" before raising rates, guidance which it said is consistent with earlier assurances statement that rates would stay low "for a considerable time."

Fed Chair Janet Yellen said the central bank was unlikely to raise rates for the "next couple of meetings" indicating that a move in April at the earliest is possible.

Still, the dollar saw support on the notion that the days of rock-bottom interest rates are coming to an end.

Meanwhile in Europe, data released earlier revealed that the Gfk German consumer climate index rose to a six-month high of 9.0 in December from a reading of 8.7 the previous month. Analysts had expected the index to tick up to 8.9 this month.

The dollar was up against the yen, with USD/JPY up 0.62% at 119.58, and up against the Swiss franc, with USD/CHF up 0.43% at 0.9841.

The greenback was up against the pound, with GBP/USD down 0.20% at 1.5639.

The Office for National Statistics reported earlier that U.K. public sector net borrowing rose by £13.41 billion last month compared to expectations for an increase of £15.37 billion.

Separately, the Confederation of British Industry said its index of realized sales climbed to a 26-year high of 61 this month from 27 in November, blowing bast expectations for an increase to 30.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.20% at 1.1602, AUD/USD down 0.19% at 0.8148 and NZD/USD down 0.13% at 0.7752.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.44% at 89.84.

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U.S. stocks extend gains on Fed assurances; Dow gains 0.15%

Investing.com - Investing.com - U.S. stocks finished a three-day rally on Friday as investors continued to applaud the Federal Reserve's commitment to be patient when deciding when to hike interest rates.

At the close of U.S. trading, the Dow 30 rose 0.15%, the S&P 500 index rose 0.46%, while the Nasdaq Composite index rose 0.36%.

The S&P 500 VIX index, which measures the outlook for market volatility, was down 1.90% at 16.49.

The Federal Reserve said on Wednesday it was leaving its benchmark interest rate unchanged at 0.00-0.25% and added it will exercise patience when raising interest rates to make sure the economy continues to improve.

In past statements, the Fed said it would take "considerable time" to make sure recovery is underway before tightening policy.

In Wednesday's statement, the Fed left in that dovish phrase, though the context of the language suggested that the "considerable time" wordage applied to past statements, leaving markets to conclude that even though rate hikes are on the way, monetary authorities will be patient when acting.

The Fed's language sparked a three-day rally on Wall Street by fueling expectations that borrowing costs will remain low for some time to come while economic fundamentals continue to improve and bolster corporate top and bottom lines.

Thursday's upbeat data out of the labor market drew applause as well.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Dec. 12 fell by 6,000 to 289,000 from the previous week's revised total of 295,000. Economist had forecast an increase of 1,000.

Elsewhere, manufacturing activity in the Philadelphia-region slowed in December after expanding at the fastest rate since December 1993 last month, according to data released on Thursday.

The Federal Reserve Bank of Philadelphia said its manufacturing index came in 24.5 at this month, down from 40.8 in November.

Economists had forecast a decline to 26.6.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

Leading Dow Jones Industrial Average performers included Chevron Corporation (NYSE:CVX), up 3.58%, Exxon Mobil Corporation (NYSE:XOM), up 2.72%, and General Electric Company (NYSE:GE), up 1.91%.

The Dow Jones Industrial Average's worst performers included Nike Inc (NYSE:NKE), down 2.31%, Intel Corporation (NASDAQ:INTC), down 1.76%, and United Technologies Corporation (NYSE:UTX), down 1.18%.

European indices, meanwhile, ended the day largely lower.

After the close of European trade, the Euro Stoxx 50 fell 0.53%, France's CAC 40 fell 0.18%, while Germany's DAX 30 fell 0.25%. Meanwhile, in the U.K. the FTSE 100 rose 1.23%.

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Dollar firms on jobless claims data, Fed language

Investing.com - Investing.com - The dollar traded higher against most major currencies on Thursday after falling jobless assistance claims and a rather upbeat take on the economy from the Federal Reserve on Wednesday cemented expectations for rate hikes in 2015.

In U.S. trading on Thursday, EUR/USD was down 0.48% at 1.2284.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Dec. 12 fell by 6,000 to 289,000 from the previous week's revised total of 295,000. Economist had forecast an increase of 1,000, and the better-than-expected result firmed the dollar as did residual applause of the Federal Reserve's policy statement.

At the conclusion of its monthly policy meeting on Wednesday, the Fed said it would be "patient" before raising rates, guidance which it said is consistent with earlier assurances statement that rates would stay low "for a considerable time."

The U.S. central bank noted improvements taking place in the U.S. labor market and stressed that the economy is making progress toward its goals in inflation and employment, which gave the dollar support on the notion that while language is still accommodative, it's growing less dovish.

At the bank's post policy meeting press conference Fed Chair Janet Yellen said the Fed was unlikely to raise rates for the "next couple of meetings" indicating that a move in April at the earliest is possible.

Elsewhere, manufacturing activity in the Philadelphia-region slowed in December after expanding at the fastest rate since December 1993 last month, according to data released on Thursday.

The Federal Reserve Bank of Philadelphia said its manufacturing index came in 24.5 at this month, down from 40.8 in November.

Economists had forecast a decline to 26.6.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

The current new orders index, which reflects the demand for manufactured goods, fell to 15.7 from 35.7, while the employment index dropped to 7.2 from a three-and-a-half year high of 22.4 last month.

Meanwhile in Europe, the Ifo Institute said its business climate index for Germany rose to 105.5 this month from a reading of 104.7 in November. Analysts had expected the index to tick up to 105.4 in December, though U.S. monetary policy served as the region's chief steering current.

The dollar was up against the yen, with USD/JPY up 0.16% at 118.84, and up against the Swiss franc, with USD/CHF up 0.72% at 0.9800.

The greenback was down against the pound, with GBP/USD up 0.59% at 1.5670.

The pound saw support after the Office for National Statistics reported earlier that U.K. retail sales rose 1.6% last month, well above forecasts for a 0.3% gain. October's figure was revised up to an increase of 1.0% from a previously estimated 0.8% gain.

On a year-on-year basis, retail sales jumped 6.4% beating expectations for a 4.2% gain, after rising at an upwardly revised annual rate of 4.6% in October.

Core retail sales, which exclude automobile sales, were up 1.7% and rose 6.9% from a year earlier. Economists had forecast a monthly increase of 0.4% and an annual gain of 4.5%.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.26% at 1.1601, AUD/USD up 0.47% at 0.8164 and NZD/USD up 0.62% at 0.7756.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.23% at 89.47.

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Crude drops as rally cools, supply concerns reemerge

Investing.com - Investing.com - Oil prices fell on Thursday, wiping out an earlier rally stemming from a bullish U.S. inventory report, as concerns reemerged that global supply far outstrips demand.

In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in February traded down 3.54% at $54.78 a barrel during U.S. trading, up from a session low of $54.58 a barrel and off a high of $59.01 a barrel.

The February contract settled up 0.94% at $56.79 a barrel on Wednesday.

Support for the commodity was seen at $53.94 a barrel, Tuesday's low, and resistance at $59.27 a barrel, Wednesday's high.

Oil prices rallied on Wednesday due to short covering and on U.S. supply data.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 0.847 million barrels in the week ending Dec, 12.

The draw fell short of expectations for a decline of 2.36 million barrels, though oil prices shot up as investors viewed an earlier American Petroleum Institute report revealing an unexpected 1.9 million barrel increase in U.S. oil stockpiles as an anomaly.

By Thursday, prices fell anew on concerns of a global supply glut, with investors searching for new support levels.

Despite an improving U.S. economy, headwinds continue to cool European and Asian economies and hamper demand for fuel and energy, while unrest in the Middle East and Ukraine has failed to disrupt supply as once feared.

Separately, on the ICE Futures Exchange in London, Brent oil futures for January delivery were down 2.80% at US$59.47 a barrel, while the spread between Brent and U.S. crude contracts stood at $4.69.

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Moneycontrol Latest News

Latest News from Moneycontrol.com http://www.moneycontrol.com Thu, 18 Dec 2014 06:30:01 +0530 Moneycontrol.com http://img1.moneycontrol.com/images/top2010/moneycontrol_logo.jpg http://www.moneycontrol.com Feed provided by Moneycontrol. http://www.moneycontrol.com/news/international-markets/us-stocks-rallyfed-assurances-dow-climbs-169_1255662.html <img src="http://www.moneycontrol.com/news_image_files/investing2.jpg" alt="U.S. stocks rally on Fed assurances; Dow climbs 1.69%" title="U.S. stocks rally on Fed assurances; Dow climbs 1.69%" border="0" width="75" height="75" align=" left" hspace="5"/> U.S. stocks rally on Fed assurances; Dow climbs 1.69% Thu, 18 Dec 2014 03:25:00 +0530 http://www.moneycontrol.com/news/international-markets/us-stocks-rallyfed-assurances-dow-climbs-169_1255662.html http://www.moneycontrol.com/news/rupee/dollar-firmsas-fed-downplays-oft-used-dovish-language_1255663.html <img src="http://www.moneycontrol.com/news_image_files/investing2.jpg" alt="Dollar firms on as Fed downplays oft-used dovish language" title="Dollar firms on as Fed downplays oft-used dovish language" border="0" width="75" height="75" align=" left" hspace="5"/> Dollar firms on as Fed downplays oft-used dovish language Thu, 18 Dec 2014 01:25:00 +0530 http://www.moneycontrol.com/news/rupee/dollar-firmsas-fed-downplays-oft-used-dovish-language_1255663.html http://www.moneycontrol.com/news/commodities/gold-edges-lower-aheadfederal-reserve-statement_1255664.html <img src="http://www.moneycontrol.com/news_image_files/investing2.jpg" alt="Gold edges lower ahead of Federal Reserve statement" title="Gold edges lower ahead of Federal Reserve statement" border="0" width="75" height="75" align=" left" hspace="5"/> Gold edges lower ahead of Federal Reserve statement Thu, 18 Dec 2014 00:22:00 +0530 http://www.moneycontrol.com/news/commodities/gold-edges-lower-aheadfederal-reserve-statement_1255664.html http://www.moneycontrol.com/news/business/tata-steel-restarts-ore-productiontwo-odisha-mines_1255574.html <img src="http://www.moneycontrol.com/news_image_files/2014/t/Tata_Steel3_200.jpg" alt="Tata Steel restarts ore production from two Odisha mines" title="Tata Steel restarts ore production from two Odisha mines" border="0" width="75" height="75" align=" left" hspace="5"/> Earlier, the state government had ordered Tata Steel to stop operations at four mines - Bamebari, Katamati, Joda East and Joda West - after the steel major failed to meet the November 15 deadline for forest and environment clearances. Wed, 17 Dec 2014 22:35:51 +0530 http://www.moneycontrol.com/news/business/tata-steel-restarts-ore-productiontwo-odisha-mines_1255574.html http://www.moneycontrol.com/news/business/one-more-cci-hurdle-for-private-equity-firms_1255570.html <img src="http://www.moneycontrol.com/news_image_files/2014/p/Payaswini-Red-200.jpg" alt="Payaswini Upadhyay" title="Payaswini Upadhyay" border="0" width="75" height="75" align=" left" hspace="5"/> Ashok Chawla, chairman, CII has a very clear mantra for companies to follow when it comes to investing in other companies - it's better to ask for permission, than to apologies. Wed, 17 Dec 2014 22:26:31 +0530 http://www.moneycontrol.com/news/business/one-more-cci-hurdle-for-private-equity-firms_1255570.html http://www.moneycontrol.com/news/economy/are-signals-forrate-cut-slowly-turning-green-all-over_1255534.html <img src="http://www.moneycontrol.com/news_image_files/2014/i/inflation5_356_200_0547.jpg" alt="R Jagannathan " title="R Jagannathan " border="0" width="75" height="75" align=" left" hspace="5"/> Inflation is being tamed, if not dead. We only need the confirmatory signals from December and January to know if it is going to lie low or rear its ugly head again. Wed, 17 Dec 2014 22:11:11 +0530 http://www.moneycontrol.com/news/economy/are-signals-forrate-cut-slowly-turning-green-all-over_1255534.html http://www.moneycontrol.com/news/announcements/uttam-sugar-mills-outcomeagm_1255550.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Uttam Sugar Mills: Outcome of AGM" title="Uttam Sugar Mills: Outcome of AGM" border="0" width="75" height="75" align=" left" hspace="5"/> Uttam Sugar Mills has informed that the 19th Annual General Meeting (AGM) of the Company was held on December 15, 2014. Wed, 17 Dec 2014 22:10:44 +0530 http://www.moneycontrol.com/news/announcements/uttam-sugar-mills-outcomeagm_1255550.html http://www.moneycontrol.com/news/announcements/mahindra-ugine-steel-company-director-ajay-kadhao-resigns_1255549.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Mahindra Ugine Steel Company director Ajay Kadhao resigns" title="Mahindra Ugine Steel Company director Ajay Kadhao resigns" border="0" width="75" height="75" align=" left" hspace="5"/> Mahindra CIE Automotive has informed that Mr. Ajay Kadhao as the Company Secretary and compliance officer of Mahindra Ugine Steel Company Limited has resigned with effect from December 12, 2014, which is now merged pursuant to the scheme of Amalgamation between Mahindra Ugine Steel Company Limited with the Company. Wed, 17 Dec 2014 22:10:07 +0530 http://www.moneycontrol.com/news/announcements/mahindra-ugine-steel-company-director-ajay-kadhao-resigns_1255549.html http://www.moneycontrol.com/news/announcements/future-consumer-enterprise-outcomecommittee-meeting_1255548.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Future Consumer Enterprise: Outcome of committee meeting" title="Future Consumer Enterprise: Outcome of committee meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Future Consumer Enterprise has informed that the Nomination and Remuneration / Compensation Committee of the
Board of Directors held on December 16, 2014, has considered / approved cancellation of 3,50,000 Options granted to an employee who has ceased to be in employment with the Company. Wed, 17 Dec 2014 22:10:03 +0530 http://www.moneycontrol.com/news/announcements/future-consumer-enterprise-outcomecommittee-meeting_1255548.html http://www.moneycontrol.com/news/announcements/nucleus-software-exports-outcomeboard-meeting_1255547.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Nucleus Software Exports: Outcome of board meeting" title="Nucleus Software Exports: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Nucleus Software Exports in its meeting held on Dec 17, 2014, has approved, pursuant to Section 110 and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 22 of the Companies Rules, 2014, the proposal for conducting Postal Ballot for obtaining approval of Shareholders to pass the resolution. Wed, 17 Dec 2014 22:09:58 +0530 http://www.moneycontrol.com/news/announcements/nucleus-software-exports-outcomeboard-meeting_1255547.html http://www.moneycontrol.com/news/announcements/aikyam-intellectual-property-consultancy-auditor-deepak-oza-resigns_1255546.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Aikyam Intellectual Property Consultancy auditor Deepak Oza resigns" title="Aikyam Intellectual Property Consultancy auditor Deepak Oza resigns" border="0" width="75" height="75" align=" left" hspace="5"/> Aikyam Intellectual Property Consultancy has informed that the Company's Statutory Auditor, Mr. Deepak Oza have put up its resignation as Statutory Auditor of the Company. The Company have taken note of the same and in the process of appointing new Auditor. Wed, 17 Dec 2014 22:09:28 +0530 http://www.moneycontrol.com/news/announcements/aikyam-intellectual-property-consultancy-auditor-deepak-oza-resigns_1255546.html http://www.moneycontrol.com/news/announcements/onesource-techmedia-outcomeboard-meeting_1255545.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Onesource Techmedia: Outcome of board meeting" title="Onesource Techmedia: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Onesource Techmedia at its meeting held on December 17, 2014, has considered and approved the appointment of Mr. Fayaz Usman Faheed as Additional Director of the Company with immediate effect. Resignation of Mr. S. Krishna Rao Whole-Time Director, from the directorship of the Company, with effect from December 17, 2014. Wed, 17 Dec 2014 22:09:24 +0530 http://www.moneycontrol.com/news/announcements/onesource-techmedia-outcomeboard-meeting_1255545.html http://www.moneycontrol.com/news/announcements/broadcast-initiatives-company-secretaryco-ms-gandhali-bage-resign_1255544.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Broadcast Initiatives company Secretary and CO Ms. Gandhali Bage resign" title="Broadcast Initiatives company Secretary and CO Ms. Gandhali Bage resign" border="0" width="75" height="75" align=" left" hspace="5"/> Broadcast Initiatives has informed that Ms. Gandhali Bage, Company Secretary and Compliance Officer has resigned from the Company w.e.f. December 17, 2014. Wed, 17 Dec 2014 22:09:20 +0530 http://www.moneycontrol.com/news/announcements/broadcast-initiatives-company-secretaryco-ms-gandhali-bage-resign_1255544.html http://www.moneycontrol.com/news/announcements/onesource-techmedia-updatesoutcomeboard-meeting_1255543.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Onesource Techmedia: Updates on outcome of board meeting" title="Onesource Techmedia: Updates on outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Onesource Techmedia has informed that due to the resignation of Mr. S. Krishna Rao from the post of Whole Time Director cum Compliance Officer of the Company w.e.f. December 17, 2014, the Board of the Directors of the Company at the meeting of held on December 17, 2014 has appointed Mr. Fayaz Usman Faheed, as the Managing Director of the Company. Wed, 17 Dec 2014 22:09:16 +0530 http://www.moneycontrol.com/news/announcements/onesource-techmedia-updatesoutcomeboard-meeting_1255543.html http://www.moneycontrol.com/news/announcements/d-v-dharmik-ceases-to-be-independent-directorsjvn_1255542.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="D. V. Dharmik ceases to be independent director of SJVN" title="D. V. Dharmik ceases to be independent director of SJVN" border="0" width="75" height="75" align=" left" hspace="5"/> SJVN has informed that Shri D. V. Dharmik has ceased to be an Independent director on the Board w.e.f. December 13, 2014 on completion of his tenure of appointment fixed vide appointment letter dated, December 14, 2011 issued by the Ministry of Power, Government of India. Wed, 17 Dec 2014 22:09:12 +0530 http://www.moneycontrol.com/news/announcements/d-v-dharmik-ceases-to-be-independent-directorsjvn_1255542.html

Latest News from Moneycontrol.com http://www.moneycontrol.com Thu, 18 Dec 2014 06:30:01 +0530 Moneycontrol.com http://img1.moneycontrol.com/images/top2010/moneycontrol_logo.jpg http://www.moneycontrol.com Feed provided by Moneycontrol. http://www.moneycontrol.com/news/international-markets/us-stocks-rallyfed-assurances-dow-climbs-169_1255662.html <img src="http://www.moneycontrol.com/news_image_files/investing2.jpg" alt="U.S. stocks rally on Fed assurances; Dow climbs 1.69%" title="U.S. stocks rally on Fed assurances; Dow climbs 1.69%" border="0" width="75" height="75" align=" left" hspace="5"/> U.S. stocks rally on Fed assurances; Dow climbs 1.69% Thu, 18 Dec 2014 03:25:00 +0530 http://www.moneycontrol.com/news/international-markets/us-stocks-rallyfed-assurances-dow-climbs-169_1255662.html http://www.moneycontrol.com/news/rupee/dollar-firmsas-fed-downplays-oft-used-dovish-language_1255663.html <img src="http://www.moneycontrol.com/news_image_files/investing2.jpg" alt="Dollar firms on as Fed downplays oft-used dovish language" title="Dollar firms on as Fed downplays oft-used dovish language" border="0" width="75" height="75" align=" left" hspace="5"/> Dollar firms on as Fed downplays oft-used dovish language Thu, 18 Dec 2014 01:25:00 +0530 http://www.moneycontrol.com/news/rupee/dollar-firmsas-fed-downplays-oft-used-dovish-language_1255663.html http://www.moneycontrol.com/news/commodities/gold-edges-lower-aheadfederal-reserve-statement_1255664.html <img src="http://www.moneycontrol.com/news_image_files/investing2.jpg" alt="Gold edges lower ahead of Federal Reserve statement" title="Gold edges lower ahead of Federal Reserve statement" border="0" width="75" height="75" align=" left" hspace="5"/> Gold edges lower ahead of Federal Reserve statement Thu, 18 Dec 2014 00:22:00 +0530 http://www.moneycontrol.com/news/commodities/gold-edges-lower-aheadfederal-reserve-statement_1255664.html http://www.moneycontrol.com/news/business/tata-steel-restarts-ore-productiontwo-odisha-mines_1255574.html <img src="http://www.moneycontrol.com/news_image_files/2014/t/Tata_Steel3_200.jpg" alt="Tata Steel restarts ore production from two Odisha mines" title="Tata Steel restarts ore production from two Odisha mines" border="0" width="75" height="75" align=" left" hspace="5"/> Earlier, the state government had ordered Tata Steel to stop operations at four mines - Bamebari, Katamati, Joda East and Joda West - after the steel major failed to meet the November 15 deadline for forest and environment clearances. Wed, 17 Dec 2014 22:35:51 +0530 http://www.moneycontrol.com/news/business/tata-steel-restarts-ore-productiontwo-odisha-mines_1255574.html http://www.moneycontrol.com/news/business/one-more-cci-hurdle-for-private-equity-firms_1255570.html <img src="http://www.moneycontrol.com/news_image_files/2014/p/Payaswini-Red-200.jpg" alt="Payaswini Upadhyay" title="Payaswini Upadhyay" border="0" width="75" height="75" align=" left" hspace="5"/> Ashok Chawla, chairman, CII has a very clear mantra for companies to follow when it comes to investing in other companies - it's better to ask for permission, than to apologies. Wed, 17 Dec 2014 22:26:31 +0530 http://www.moneycontrol.com/news/business/one-more-cci-hurdle-for-private-equity-firms_1255570.html http://www.moneycontrol.com/news/economy/are-signals-forrate-cut-slowly-turning-green-all-over_1255534.html <img src="http://www.moneycontrol.com/news_image_files/2014/i/inflation5_356_200_0547.jpg" alt="R Jagannathan " title="R Jagannathan " border="0" width="75" height="75" align=" left" hspace="5"/> Inflation is being tamed, if not dead. We only need the confirmatory signals from December and January to know if it is going to lie low or rear its ugly head again. Wed, 17 Dec 2014 22:11:11 +0530 http://www.moneycontrol.com/news/economy/are-signals-forrate-cut-slowly-turning-green-all-over_1255534.html http://www.moneycontrol.com/news/announcements/uttam-sugar-mills-outcomeagm_1255550.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Uttam Sugar Mills: Outcome of AGM" title="Uttam Sugar Mills: Outcome of AGM" border="0" width="75" height="75" align=" left" hspace="5"/> Uttam Sugar Mills has informed that the 19th Annual General Meeting (AGM) of the Company was held on December 15, 2014. Wed, 17 Dec 2014 22:10:44 +0530 http://www.moneycontrol.com/news/announcements/uttam-sugar-mills-outcomeagm_1255550.html http://www.moneycontrol.com/news/announcements/mahindra-ugine-steel-company-director-ajay-kadhao-resigns_1255549.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Mahindra Ugine Steel Company director Ajay Kadhao resigns" title="Mahindra Ugine Steel Company director Ajay Kadhao resigns" border="0" width="75" height="75" align=" left" hspace="5"/> Mahindra CIE Automotive has informed that Mr. Ajay Kadhao as the Company Secretary and compliance officer of Mahindra Ugine Steel Company Limited has resigned with effect from December 12, 2014, which is now merged pursuant to the scheme of Amalgamation between Mahindra Ugine Steel Company Limited with the Company. Wed, 17 Dec 2014 22:10:07 +0530 http://www.moneycontrol.com/news/announcements/mahindra-ugine-steel-company-director-ajay-kadhao-resigns_1255549.html http://www.moneycontrol.com/news/announcements/future-consumer-enterprise-outcomecommittee-meeting_1255548.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Future Consumer Enterprise: Outcome of committee meeting" title="Future Consumer Enterprise: Outcome of committee meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Future Consumer Enterprise has informed that the Nomination and Remuneration / Compensation Committee of the
Board of Directors held on December 16, 2014, has considered / approved cancellation of 3,50,000 Options granted to an employee who has ceased to be in employment with the Company. Wed, 17 Dec 2014 22:10:03 +0530 http://www.moneycontrol.com/news/announcements/future-consumer-enterprise-outcomecommittee-meeting_1255548.html http://www.moneycontrol.com/news/announcements/nucleus-software-exports-outcomeboard-meeting_1255547.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Nucleus Software Exports: Outcome of board meeting" title="Nucleus Software Exports: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Nucleus Software Exports in its meeting held on Dec 17, 2014, has approved, pursuant to Section 110 and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 22 of the Companies Rules, 2014, the proposal for conducting Postal Ballot for obtaining approval of Shareholders to pass the resolution. Wed, 17 Dec 2014 22:09:58 +0530 http://www.moneycontrol.com/news/announcements/nucleus-software-exports-outcomeboard-meeting_1255547.html http://www.moneycontrol.com/news/announcements/aikyam-intellectual-property-consultancy-auditor-deepak-oza-resigns_1255546.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Aikyam Intellectual Property Consultancy auditor Deepak Oza resigns" title="Aikyam Intellectual Property Consultancy auditor Deepak Oza resigns" border="0" width="75" height="75" align=" left" hspace="5"/> Aikyam Intellectual Property Consultancy has informed that the Company's Statutory Auditor, Mr. Deepak Oza have put up its resignation as Statutory Auditor of the Company. The Company have taken note of the same and in the process of appointing new Auditor. Wed, 17 Dec 2014 22:09:28 +0530 http://www.moneycontrol.com/news/announcements/aikyam-intellectual-property-consultancy-auditor-deepak-oza-resigns_1255546.html http://www.moneycontrol.com/news/announcements/onesource-techmedia-outcomeboard-meeting_1255545.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Onesource Techmedia: Outcome of board meeting" title="Onesource Techmedia: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Onesource Techmedia at its meeting held on December 17, 2014, has considered and approved the appointment of Mr. Fayaz Usman Faheed as Additional Director of the Company with immediate effect. Resignation of Mr. S. Krishna Rao Whole-Time Director, from the directorship of the Company, with effect from December 17, 2014. Wed, 17 Dec 2014 22:09:24 +0530 http://www.moneycontrol.com/news/announcements/onesource-techmedia-outcomeboard-meeting_1255545.html http://www.moneycontrol.com/news/announcements/broadcast-initiatives-company-secretaryco-ms-gandhali-bage-resign_1255544.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Broadcast Initiatives company Secretary and CO Ms. Gandhali Bage resign" title="Broadcast Initiatives company Secretary and CO Ms. Gandhali Bage resign" border="0" width="75" height="75" align=" left" hspace="5"/> Broadcast Initiatives has informed that Ms. Gandhali Bage, Company Secretary and Compliance Officer has resigned from the Company w.e.f. December 17, 2014. Wed, 17 Dec 2014 22:09:20 +0530 http://www.moneycontrol.com/news/announcements/broadcast-initiatives-company-secretaryco-ms-gandhali-bage-resign_1255544.html http://www.moneycontrol.com/news/announcements/onesource-techmedia-updatesoutcomeboard-meeting_1255543.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Onesource Techmedia: Updates on outcome of board meeting" title="Onesource Techmedia: Updates on outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Onesource Techmedia has informed that due to the resignation of Mr. S. Krishna Rao from the post of Whole Time Director cum Compliance Officer of the Company w.e.f. December 17, 2014, the Board of the Directors of the Company at the meeting of held on December 17, 2014 has appointed Mr. Fayaz Usman Faheed, as the Managing Director of the Company. Wed, 17 Dec 2014 22:09:16 +0530 http://www.moneycontrol.com/news/announcements/onesource-techmedia-updatesoutcomeboard-meeting_1255543.html http://www.moneycontrol.com/news/announcements/d-v-dharmik-ceases-to-be-independent-directorsjvn_1255542.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="D. V. Dharmik ceases to be independent director of SJVN" title="D. V. Dharmik ceases to be independent director of SJVN" border="0" width="75" height="75" align=" left" hspace="5"/> SJVN has informed that Shri D. V. Dharmik has ceased to be an Independent director on the Board w.e.f. December 13, 2014 on completion of his tenure of appointment fixed vide appointment letter dated, December 14, 2011 issued by the Ministry of Power, Government of India. Wed, 17 Dec 2014 22:09:12 +0530 http://www.moneycontrol.com/news/announcements/d-v-dharmik-ceases-to-be-independent-directorsjvn_1255542.html

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U.S. stocks fall on Russian concerns, Fed uncertainty; Dow sinks 0.65%

Investing.com - Investing.com - Concerns that Russia's economic woes may slow global growth coupled with uncertainty as to how upbeat the Federal Reserve will view the U.S. economy in its Wednesday policy statement sent Wall Street stocks falling on Tuesday.

At the close of U.S. trading, the Dow 30 fell 0.65%, the S&P 500 index fell 0.85%, while the Nasdaq Composite index fell 1.24%.

The S&P 500 VIX index, which measures the outlook for market volatility, was up 14.99% at 23.48.

Russia's central bank hiked interest rates earlier though the ruble continued to plunge on fears falling oil prices and sanctions slapped on the country for its alleged meddling in Ukraine will damage the economy.

U.S. stocks slid on concerns Russia's problems could slow global growth, possibly prompting the Federal Reserve to account for such headwinds in its statement on interest rates and monetary policy due out on Wednesday.

Soft U.S. housing data added to Tuesday's declines.

The Census Bureau reported earlier that the number of housing starts fell to 1.028 million units in November from 1.045 million in the preceding month, whose figure was revised up from 1.009 million.

Analysts had expected the number of housing starts to rise to 1.030 million last month.

Building permits took a similar turn for the worse.

The Census Bureau reported that the number of building permits issued in November fell to 1.035 million from 1.080 million in the preceding month.

Analysts were expecting the number of building permits issued to fall to 1.060 million last month.

While a broader analysis of the U.S. housing sector still points to recovery, many investors jumped to the sidelines to await the Federal Reserve's statement on Wednesday.

Leading Dow Jones Industrial Average performers included Boeing Company (NYSE:BA), up 1.78%, 3M Company (NYSE:MMM), up 1.40%, and United Technologies Corporation (NYSE:UTX), up 1.18%.

The Dow Jones Industrial Average's worst performers included Microsoft Corporation (NASDAQ:MSFT), down 3.11%, Home Depot Inc (NYSE:HD), down 2.99%, and UnitedHealth Group Incorporated (NYSE:UNH), down 2.46%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the Euro Stoxx 50 rose 2.25%, France's CAC 40 rose 2.19%, while Germany's DAX 30 rose 2.46%. Meanwhile, in the U.K. the FTSE 100 rose 2.41%.

On Wednesday, expect markets to move on the Federal Reserve's statement on monetary policy and interest rates.

Elsewhere, the U.S. is to release data on consumer inflation and the current account.

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Forex - Kiwi slightly weaker after balance of payments deficit

Investing.com - Investing.com - The New Zealand dollar eased slightly in Asia early Wednesday as the balance of payments came in near expectations.

New Zealand recorded a third quarter current account deficit of NZ$5 billion, compared to a gap of NZ$5.35 billion expected, and 2.6% of GDP.

NZD/USD traded at 0.7795, down 0.02%, after the data. AUD/USD traded at 0.8219, down 0.01% and USD/JPY held at 116.43, up 0.01% ahead of data sets in both countries.

Australia has the Westpac Leading Index for November at 1030 local (2330 GMT). In Japan, trade data for November is due at 0850 Tokyo (2350 GMT), and machine tool orders for November are seen at 1500 local (0600 GMT).

Overnight, the dollar traded largely lower against most major currencies on Tuesday after data revealed groundbreaking on new homes in the U.S. came in softer than expected in November.

U.S. housing starts fell unexpectedly last month, official data showed on Tuesday.

The Census Bureau reported earlier that the number of housing starts fell to 1.028 million units in November from 1.045 million in the preceding month, whose figure was revised up from 1.009 million.

Analysts had expected the number of housing starts to rise to 1.030 million last month.

Building permits took a similar turn for the worse.

The Census Bureau reported that the number of building permits issued in November fell to 1.035 million from 1.080 million in the preceding month .

Analysts were expecting the number of building permits issued to fall to 1.060 million last month.

While a broader analysis of the U.S. housing sector still points to recovery, setbacks such as Tuesday's reports softened the greenback, namely as investors jumped to the sidelines to await the Federal Reserve's statement on monetary policy and interest rates due out on Wednesday.

Meanwhile in Europe, the single currency saw support after data revealed German economic sentiment in December improved to its highest level since May, indicating that conditions are becoming more favorable.

The ZEW Centre for Economic Research said that its index of German economic sentiment jumped to 34.9 in December from 11.5 in November, beating consensus forecasts for a 20.8 reading.

The report came after survey data showed that euro zone private sector activity grew at a slightly faster rate in December, but the rate of expansion was still one of the weakest seen over the past year.

The euro area composite output purchasing managers' index, which measures the combined output of both the manufacturing and service sectors, rose to a two month high of 51.7, off November's 16-month low of 51.1 and better than market calls for a 51.3 reading.

Germany's private sector expanded at the slowest rate in 18 months while French private sector activity remained in contraction territory, though the euro held firm.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.05% at 88.10.

On Wednesday, expect markets to move on the Federal Reserve's statement on monetary policy and interest rates.

Elsewhere, the U.S. is to release data on consumer inflation and the current account.

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Crude drops as OPEC reiterates no output cuts

Investing.com - Investing.com - Oil prices tumbled on Monday after a key OPEC country said the oil cartel won't trim output to shore up prices, which fueled ongoing concerns that supply far outstrips demand.

In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in February traded down 2.31% at $56.74 a barrel during U.S. trading, up from a session low of $56.25 a barrel and off a high of $59.00 a barrel.

The February contract settled down 3.51% at $58.08 a barrel on Friday.

Support for the commodity was seen at $56.07 a barrel, the low from May 15, 2009, and resistance at $65.61 a barrel, last Monday's high.

The United Arab Emirates said earlier that OPEC will stand by its recent decision not to trim output to shore up slumping oil prices, news that sent crude futures plunging on Monday.

London-traded Brent prices have fallen nearly 47% since June, when the commodity hit $115.71, while WTI futures are down almost 46% from a peak of $107.50 in June.

Oil prices firmed earlier this year on expectations for a more robust U.S. economy to consume more fuel and energy as well as on geopolitical concerns.

While the U.S. economy continues to expand, other major economies are seeing their growth rates cool, which has softened oil prices.

Furthermore, military conflicts in the Ukraine, Syria, Iraq and elsewhere have not disrupted supply as once feared, which is allowing oil prices to slide further.

OPEC countries are presumably allowing prices to fall with the aim of sideling U.S. shale producers, who cost more to produce oil.

On Friday the International Energy Agency said oil supply will remain ample for some time to come.

"Barring a disorderly production response, it may well take some time for supply and demand to respond to the price rout," the IEA said in its report.

"When it comes to supply, lower oil prices are already slashing producers' spending, but this is more likely to affect medium- and long-term output than short-term supplies. So long is the lead of oil projects that price swings can take time to work their way through to supply. Projects that have already been funded will for the most part go on."

Non-OPEC countries will also contribute to global supply.

The IEA also said it had cut its 2015 global oil demand growth forecast by 230,000 barrels per day to 0.9 million bpd.

Elsewhere, fears of supply disruptions in Libya due to renewed conflict there failed to overshadow the announcement out of the United Arab Emirates.

Separately, on the ICE Futures Exchange in London, Brent oil futures for January delivery were down 1.18% at US$61.42 a barrel, while the spread between Brent and U.S. crude contracts stood at $4.68.

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U.S. stocks fall on plunging oil in volatile session; Dow sinks 0.58%

Investing.com - Investing.com - Falling oil prices sent U.S. stocks falling on Monday in a volatile session with hopes for more discretionary spending giving stocks a boost, though concerns cheaper crude stems from a cooling global economy sent equities falling at the closing bell.

At the close of U.S. trading, the Dow 30 fell 0.58%, the S&P 500 index fell 0.63%, while the Nasdaq Composite index fell 1.04%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was down 3.13% at 20.42.

Oil prices have fallen in recent months on concerns that supply far outstrips demand, and a recent OPEC decision to leave output unchanged has exacerbated losses.

The United Arab Emirates said earlier that OPEC will stand by its recent decision not to trim output to shore up slumping oil prices, news that sent crude futures plunging on Monday.

London-traded Brent prices have fallen nearly 47% since June, when the commodity hit $115.71, while WTI futures are down almost 46% from a peak of $107.50 in June.

While cheaper gasoline prices may give U.S. consumers more discretionary income for holiday shopping, stocks fell on concerns that falling oil prices are also the product of a cooler global economy, which rattled nerves on Wall Street.

Mixed U.S. data added to Monday's volatility.

The Federal Reserve reported earlier that industrial production rose by 1.3% in November, beating expectations for a gain of 0.7%.

Industrial production for October was revised up to 0.1% from a previously reported decline of 0.1%.

The report added that the capacity utilization rate, a measure of how full firms are using their resources, rose to 80.1% last month from an upwardly revised 79.3% in October, beating market calls for an unchanged reading.

On the flip side, the New York Federal Reserve's index of manufacturing conditions fell unexpectedly in December, dropping into negative territory for the first time in almost two years.

The Federal Reserve Bank of New York reported that its index of general business conditions came in at -3.6 this month, down from 10.16 in November. Analysts had expected the index to rise to 12.52.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

The Empire State manufacturing index is seen as an early forecast of the Institute for Supply Managements factory survey.

Leading Dow Jones Industrial Average performers included Boeing Company (NYSE:BA), up 1.08%, Exxon Mobil Corporation (NYSE:XOM), up 0.35%, and AT&T Inc (NYSE:T), up 0.28%.

The Dow Jones Industrial Average's worst performers included McDonald's Corporation (NYSE:MCD), down 2.38%, Goldman Sachs Group Inc (NYSE:GS), down 1.74%, and International Business Machines (NYSE:IBM), down 1.49%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the Euro Stoxx 50 fell 2.75%, France's CAC 40 fell 2.52%, while Germany's DAX 30 fell 2.72%. Meanwhile, in the U.K. the FTSE 100 fell 1.87%.

On Tuesday, the U.S. is to publish reports on building permits and housing starts.

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SUN-RANBAXY @ CCI: 1st Structural Remedy!

Published on Sat, Dec 13,2014 | 20:41, Updated at Sat, Dec 13 at 20:41Source : CNBC-TV18 |   Watch Video :

It's the first time that India's competition regulator has ordered the sale of certain assets before approving a merger. CCI gave the 4 billion dollar Sun-Ranbaxy deal conditional approval. The 2 companies must sell certain select products identified by the CCI, before the merger can take place. This CCI order will set precedent for other such deals in India and hence today we are going to examine what it says and what means. First. here's a brief look at the highlights of the order.

Sun and Ranbaxy are both leading generic pharmaceutical players with most of their revenue from international sales. The CCI examined how a merger between the 2 would impact the Indian pharma market. To do so, it first defined relevant product market based on the molecule. Thereafter CCI examined 51 molecules or relevant markets where the combination would have a more than 15% market share. it found that in 7, the combined entity will have an adverse impact on competition. This determination was made not just on the basis of the market share of the merged entity but also taking into account the market share of competitors and number of significant players in the relevant market. For instance, in one of the 7 molecules, the merged entity's share adds up to just 40—45%, less than half the market. But there are only 2 other significant competitors and one of them has seen market share decline over the last 4 years. Based on this analysis, Ranbaxy has been asked to sell its product based on this molecule, before the merger is consummated. In total, Ranbaxy is to sell 5 products and Sun 2.

How will this CCI order impact future deals? To discuss that, CNBC-TV18's Menaka Doshi spoke to Amitabh Kumar of JSA and Samir Gandhi of AZB.

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The Ashok Chawla Interview!

Friday: 10.30 pm, Saturday: 11.30 am

Sunday: 9:30am & 11.00pm

Published on Sat, Dec 13,2014 | 20:41, Updated at Sat, Dec 13 at 20:41Source : CNBC-TV18 |   Watch Video :

Constitutional challenge to Competition Act, a word of caution for the Private Equity Industry, possible solution for the Thomas Cook problem, explanation to the Tesco surprise and the upset created by COMPAT's DLF order- CCI Chairman Ashok Chawla spoke to CNBC-TV18's Payaswini Upadhyay on all this and more.

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U.S. stocks fall on coattails of plunging oil; Dow drops 1.79%

Investing.com - Investing.com - Falling oil prices slammed U.S. stocks on Friday by stoking concerns that assets in general may be overvalued in wake of years of ultra-loose monetary policy, with disappointing U.S. and Chinese data adding to the day's selloff.

At the close of U.S. trading, the Dow Jones Industrial Average index fell 1.79%, the S&P 500 index fell 1.62%, while the Nasdaq Composite index fell 1.16%.

The S&P 500 VIX index, which measures the outlook for market volatility, was up 4.98% at 21.08.

Oil prices have fallen in recent months on concerns that supply far outstrips demand, and a recent OPEC decision to leave output unchanged has exacerbated losses.

Don't expect the supply glut to abate anytime soon, the International Energy Agency said in its December report released earlier Friday, as more oil is still in the global pipeline.

"Barring a disorderly production response, it may well take some time for supply and demand to respond to the price rout," the IEA said in its report.

"When it comes to supply, lower oil prices are already slashing producers' spending, but this is more likely to affect medium- and long-term output than short-term supplies. So long is the lead of oil projects that price swings can take time to work their way through to supply. Projects that have already been funded will for the most part go on."

The IEA also said it had cut its 2015 global oil demand growth forecast by 230,000 barrels per day to 0.9 million bpd, which hammered stocks by stoking concerns headwinds may be cooling the global economy at a time when many assets may be overvalued due to years of low interest rates and loose monetary policies.

Meanwhile in the U.S., mixed data sent investors heading for the exit door.

The Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to a nearly eight-year high of 93.8 this month from 88.8 in November. Analysts had expected the index to rise to 89.7 in December.

However, the U.S. Department of Labor reported that the U.S. producer price index fell 0.2% last month, surpassing expectations for a 0.1% downtick, after rising 0.2% in October.

Core producer price inflation, which excludes food, energy and trade, was flat in November, confounding expectations for a 0.1% rise, after an increase of 0.4% the previous month.

Elsewhere, China reported that its industrial production rose 7.2% in November, missing expectations for an increase of 7.5%, after a 7.7% gain in October, which added to Friday's losses.

Leading Dow Jones Industrial Average performers included Wal-Mart Stores Inc (NYSE:WMT), down 0.02%, Walt Disney Company (NYSE:DIS), which was down 0.28%, and Microsoft Corporation (NASDAQ:MSFT), down 0.32%.

The Dow Jones Industrial Average's worst performers included International Business Machines (NYSE:IBM), down 3.53%, DuPont (NYSE:DD), down 3.18%, and Exxon Mobil Corporation (NYSE:XOM), down 2.91%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the Euro Stoxx 50 fell 2.91%, France's CAC 40 fell 2.77%, while Germany's DAX 30 fell 2.72%. Meanwhile, in the U.K. the FTSE 100 fell 2.49%.

On Friday, the U.S. is to round up the week with data on producer prices and a preliminary report on consumer sentiment.

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CFTC - week ending December 9: speculators less bearish on Euro, Yen

Investing.com - Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending December 9 on Friday.

Speculative positioning in the CME currency, commodity and index futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	-136.9k	-159.3k	22.4k	58.3k	1.0k	195.2k	-21.3k
GBP	-23.6k	-31.0k	7.4k	37.7k	-0.9k	61.3k	-8.3k
JPY	-104.1k	-111.2k	7.0k	38.1k	-3.5k	142.2k	-10.5k
CHF	-22.1k	-22.9k	0.8k	9.0k	0.3k	31.1k	-0.5k
CAD	-14.4k	-18.4k	4.0k	33.4k	4.9k	47.8k	0.8k
AUD	-45.0k	-41.1k	-3.9k	17.4k	3.8k	62.4k	7.7k
NZD	-2.3k	-1.7k	-0.6k	9.8k	0.5k	12.1k	1.1k
MXN	-48.6k	-43.0k	-5.6k	32.1k	1.9k	80.7k	7.5k
S&P	31.4k	42.8k	-11.3k	508.1k	-48.0k	476.7k	-36.7k
Gold	114.9k	89.3k	25.5k	186.9k	16.2k	72.0k	-9.3k
Silver	28.5k	21.6k	6.9k	52.1k	1.4k	23.7k	-5.4k
Copper	-33.0k	-34.2k	1.2k	47.2k	-3.6k	80.1k	-4.8k

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