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NDTV Profit, Thomson Reuters, August 08, 2019 NEW DELHI:  The government is likely to exempt foreign portfolio investors (FPIs) from an increase in taxes in this year's Budget approved by Parliament, two government officials told Reuters, in comments that prompted a rally in stock markets. Finance Minister Nirmala Sitharaman faces pressure to roll back controversial tax measures introduced last month as foreign investors pull funds out of domestic markets and automakers and other manufacturers report falling sales and job cuts. Thursday's comments came after Reuters reported the government may hold back on two other budget measures - the issue of controversial overseas sovereign bonds and a rise in the minimum shareholding norm to 35 per cent from 25 per cent. The benchmark NSE index rose 1.78 per cent after the news. In the Budget last month, Ms Sitharaman proposed to hike taxes on those earning more than   R s.  2 crore ($282,925.45) annually, a s...

The Print, Enda Curran and Katia Dmitrieva, August 08, 2019 Hong Kong/Washington:  The escalating trade war between the U.S. and China is nudging the world economy toward its first recession in a decade with investors demanding politicians and central bankers act fast to change course. The latest setback hit German industrial production, which in June registered its biggest annual decline in almost a decade, highlighting the severity of a manufacturing slump in Europe’s largest economy. In the Asia-Pacific region, central banks in New Zealand, India and Thailand made surprise interest-rate cuts trying to safeguard their economies from global headwinds. In the U.S., recession risk is “much higher than it needs to be and much higher than it was two months ago,” Lawrence Summers, a former U.S. Treasury secretary and a White House economic adviser during the last downturn, told Bloomberg Television. “You can often play with fire and not have anything untoward happen, but if you...

Radio Pakistan, August 08, 2019 Saudi Arabia has expressed concerns over the latest developments in Occupied Jammu and Kashmir and has affirmed its stand that conflict should be settled through peaceful means in accordance with the relevant international resolutions.      Official source at the Saudi Arabia's Foreign Ministry said that it is following the current situation in Jammu and Kashmir resulting from India's abolition of Article 370 of the Constitution, which guarantees the autonomy of Jammu and Kashmir. It also called on the parties concerned to maintain peace and stability in the region and take into account the interests of the people of the region. Link: http://www.radio.gov.pk/08-08-2019/saudi-arabia-expresses-concerns-over-latest-developments-in-occupied-kashmir

Business Line, August 07, 2019 soybean meal exports dropped sharply to 26,006 tonnes India's oilmeal exports for July has reached the lowest level so far this year led by a sharp drop in the soybean meal exports. The oilmeal exports during July 2019 were reported at 166,301 tonnes as compared to 215,716 tonnes in July 2018, down 23 per cent, the Solvent Extractors' Association of India (SEA) revealed. The data by the trade body showed that the soybean meal exports dropped sharply to 26,006 tonnes for July, down from 62,524 tonnes in the previous month. For the period April-July, India's soybean meal exports fell to 182,631 tonnes, as compared to 312,126 tonnes in the corresponding period last year. Trade sources revealed that trade restrictions on Iran, one of the major buyers for soybean meal coupled with higher domestic rates have hampered the exports. Soybean meal rates hovered at USD 440 per tonne Freight on Board Indian port in July, up from USD 357 in Oct...

Business Line, Radhika Merkin, August 07, 2019 Banks have been lending only to good quality NBFCs; they may continue to be wary of risky assets. Aside from lowering repo rate and reducing risk weights for consumer credit to boost lending, the RBI also undertook two measures to ease the ongoing pain in the NBFC sector. In a bid to free up banks’ capital, the RBI raised the permissible bank’s exposure limit to single NBFC to 20 per cent of Tier I capital from 15 per cent earlier. It has also allowed bank lending to NBFCs for further on-lending to agriculture, micro and small enterprises and housing—to be counted as priority sector lending. Currently, all domestic and foreign banks with at least 20 branches are required to lend a minimum of 40 per cent of their total loans (Adjusted Net Bank Credit (ANBC) or credit equivalent amount of off-balance sheet exposure (whichever is higher)) to the priority sector (agriculture, micro enterprises, weaker sections etc). By counting a po...

The Telegraph, Anita Joshua, August 08, 2019 Pakistan on Wednesday expelled Indian high commissioner Ajay Bisaria as part of its decision to downgrade diplomatic ties with India after the scrapping of Jammu and Kashmir’s special status and statehood. Pakistan has also decided to suspend trade, which has anyway been tanking over the past few years, and review bilateral arrangements. Islamabad also informed New Delhi that it would not be sending its high commissioner-designate, Mueenul Haq, to take charge. Pakistan has closed a corridor in its airspace, which will result in an additional up to 12 minutes of flying time for overseas flights, PTI quoted an Air India official as saying on Wednesday night. New Delhi did not react immediately. Clouds have begun gathering over the two countries’ plans to open the Kartarpur Corridor in time for the celebration of Guru Nanak’s 550th birth anniversary. Pakistan’s announcements came after Prime Minister Imran Khan chaired a meeting...

Hindustan Times, Shishir Gupta August 08, 2019 The Narendra Modi government has decided to cut the roots of terror funding by concertedly targeting drug smuggling in which, according to the Narcotics Control Bureau (NCB), Delhi and Punjab have emerged as the principal fulcrums as hubs of both distribution and consumption of opium-based drugs. According to home ministry officials, a joint coordination committee, formed only last month under NCB director general Rakesh Asthana, met on Wednesday for the first time to discuss ways to curb the  drug trade . According to estimates, India is abusing 36 tons of heroin each year. The market value of 1 kg of heroin is Rs 1 crore, putting the value of heroin consumed in the country at Rs 36,000 crore (1 ton is equivalent to 1,000 kg). “The drug survey conducted in February 2019 showed 20 lakh abusers of  heroin , who conservatively are consuming 0.5 gram of drug. This means the total consumption is 360 tons but given the fact...

Firstpost:    FP Staff  : August 08, 2019 Pakistan on Wednesday decided to take several steps against India — including downgrading of diplomatic relations and suspension of bilateral trade — to lodge its protest against New Delhi's move to revoke Jammu and Kashmir's special status. Islamabad also announced that its airspace would be partially closed to India, for a month. Pakistan prime minister Imran Khan chaired a crucial meeting of the National Security Committee (NSC) in Islamabad which was attended by the top civil and military leadership. After the meeting, Pakistani foreign minister Shah Mahmood Qureshi said that they will send India's High Commissioner to Pakistan Ajay Bisaria back to India. Meanwhile, Moin-ul-Haq, Pakistan’s newly appointed ambassador to India who has yet to take up his post, will now not move to New Delhi, Islamabad's statement was quoted as saying by Reuters. “It is very obvious that our ambassador won't be in Delhi, an...

The Indian Express: August 08, 2019 A day after Parliament ratified the government’s decision to end the special status of Jammu and Kashmir and bifurcate the state into two Union Territories, Pakistan Wednesday announced it was downgrading diplomatic relations with India, and asked Delhi to withdraw its High Commissioner from Islamabad. Pakistan also said it would not be sending its High Commissioner-designate to India. Delhi chose not to respond Wednesday with sources indicating that it did not want to fall for what it considers a bait, and a desperate bid by Islamabad to internationalise the issue. India considers its move against Article 370 as an internal matter, and this has been conveyed to the global community. Islamabad also announced suspension of bilateral trade with India, review of bilateral arrangements, approaching the United Nations, while declaring that it would observe August 14, its independence day, as a Black Day. Sources told The Indian Express that ...

The Indian Express: August 08, 2019 In its monetary policy review Wednesday, the Monetary Policy Committee of the RBI decided to cut the repo rate by 35 basis points (bps). Repo rate is the rate at which the RBI lends money to commercial banks. 100 bps make a full percentage point. The RBI’s repo rate has now fallen 110 basis points since February. The RBI also announced some measures to boost economic activity. In any economy, economic activity, which is measured by gross domestic product or GDP, happens by one of four ways. One, private individuals and households spend money on consumption. Two, the government spends on its agenda. Three, private sector businesses “invest” in their productive capacity. And four, the net exports — which is the difference between what all of them spend on imports as against what they earn from exports.  Monetary policy essentially answers that question. In every country, the central bank is mandated to decide the cost of money, which ...

The Indian Express: August 08, 2019 Players from the auto sector have petitioned the government seeking assistance, including a GST reduction on vehicles, given the sharp slump in sales reported by the industry. In a meeting with Finance Minister Nirmala Sitharaman, industry leaders, including Maruti Suzuki Chairman R C Bhargava, M&M President — Automotive Sector Rajan Wadhera, who is also president of Society of Indian Automobile Manufacturers (SIAM), along with representatives from components sector body ACMA and dealers body FADA drew attention to the challenges, including job losses, faced by the industry. “Yes, we have asked for certain enablers for the auto industry and they have thought on it. I am very hopeful that there will be a stimulus package (for the auto industry) coming soon,” Wadhera told PTI. The government wanted to understand from the industry about reasons for the slump in demand and possible solutions to the issue, he said, adding that the heavy ...

Hindustan Times:  Shishir Gupta, August 08, 2019 The Narendra Modi government has decided to cut the roots of terror funding by concertedly targeting drug smuggling in which, according to the Narcotics Control Bureau (NCB), Delhi and Punjab have emerged as the principal fulcrums as hubs of both distribution and consumption of opium-based drugs. According to home ministry officials, a joint coordination committee, formed only last month under NCB director general Rakesh Asthana, met on Wednesday for the first time to discuss ways to curb the drug trade. According to estimates, India is abusing 36 tons of heroin each year. The market value of 1 kg of heroin is Rs 1 crore, putting the value of heroin consumed in the country at Rs 36,000 crore (1 ton is equivalent to 1,000 kg). “The drug survey conducted in February 2019 showed 20 lakh abusers of heroin, who conservatively are consuming 0.5 gram of drug. This means the total consumption is 360 tons but given the fact ...

The Telegraph: Anita Joshua: August 08, 2019 Pakistan on Wednesday expelled Indian high commissioner Ajay Bisaria as part of its decision to downgrade diplomatic ties with India after the scrapping of Jammu and Kashmir’s special status and statehood. Pakistan has also decided to suspend trade, which has anyway been tanking over the past few years, and review bilateral arrangements. Islamabad also informed New Delhi that it would not be sending its high commissioner-designate, Mueenul Haq, to take charge. Pakistan has closed a corridor in its airspace, which will result in an additional up to 12 minutes of flying time for overseas flights, PTI quoted an Air India official as saying on Wednesday night. New Delhi did not react immediately. Clouds have begun gathering over the two countries’ plans to open the Kartarpur Corridor in time for the celebration of Guru Nanak’s 550th birth anniversary. Pakistan’s announcements came after Prime Minister Imran Khan cha...