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The Indian Express October 16, 2019 By Sowmiya Ashok Chinese Foreign Minister Wang Yi on Tuesday said President Xi Jinping, during his recent trip to India, referred to the strained relationship between India and Pakistan and encouraged all parties concerned to solve the current issue through dialogue. Briefing journalists on Xi’s three-day visit to India and Nepal, Wang said, “Both India and Pakistan are friendly neighbors of China, and the Chinese side hopes that the two countries can properly manage and control differences and improve their relations.” Without mentioning Kashmir, Wang said, “Prior to his trip to South Asia, President Xi Jinping listened to the views and propositions of the Pakistani side in his meeting with Prime Minister Imran Khan of Pakistan. In Chennai, President Xi Jinping had in-depth communication on the regional situation with Prime Minister Narendra Modi, and encouraged all parties concerned to solve the current issues through dialogue.”

The Economic Times October 16, 2019 The US -China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0 per cent , down from 3.2 per cent in a July forecast, largely due to increasing fallout from global trade friction. The forecasts set a gloomy backdrop for the IMF and World Bank annual meetings this week in Washington, where the Fund's new managing director, Kristalina Georgieva, is inheriting a range of problems, from stagnating trade to political backlash in some emerging market countries struggling with IMF-mandated austerity programs. The World Economic Outlook report spells out in sharp detail the economic difficulties caused by the US -China tariffs, including direct costs, market turmoil,

The Telegraph October 16, 2019 Global energy major Exxon Mobil may jointly bid with state-owned ONGC for hydrocarbon blocks in the coming rounds of oil and gas block bidding. ONGC on Tuesday signed a memorandum of understanding (MoU) with the US giant, which would offer its expertise to develop oil and gas resources off the east and west coasts, especially deep sea blocks, and also consider joint bidding for open acerage blocks in the country, the Indian company said in a statement. “This MoU will enable the two petroleum companies to undertake joint technical studies and co-operate in frontier areas like deep water and other petroleum exploration licence (PEL) blocks of ONGC in east and west coast and open acreage for joint bidding,” the statement said. The MoU was signed on the sidelines of an energy summit here by ONGC director (exploration) R.K. Srivastava and ExxonMobil CEO, South Asia, William P. Davis. The US-based energy major would later sign a defi

First Post October 16, 2019 Reuters Asian shares took off on Wednesday and sterling held near six-month highs as Britain and the EU made headway on a Brexit deal ahead of a leaders' summit though it remained unclear if London could avoid postponing its scheduled departure on Oct. 31. Officials and diplomats involved in negotiations over the acrimonious divorce between the world's fifth-largest economy and its biggest trading bloc said that differences over the terms of the split had narrowed significantly. The news lit a fire under European and U.S. equities, which jumped about 1% on Tuesday. The British pound rocketed to $1.28, a level not seen since May 21. It gave back some of those gains on Wednesday to be last at $1.2759. The pound has strengthened nearly 5% over the past week as investors rushed to reprice the prospect of a last-minute Brexit deal before the end-October deadline. The positive sentiment extended on Wednesday with MSCI's broa

Reuters October 15, 2019 By A. Ananthalakshmi and Krishna N. Das Malaysia is considering raising imports of raw sugar and buffalo meat from India, potentially easing trade tensions after reports New Delhi could restrict Malaysian palm oil imports following the country's criticism of India's actions in Kashmir. Malaysia is the world's second largest producer and exporter of palm oil after Indonesia. Its benchmark palm oil futures FCPOc3 recouped losses to end higher on Tuesday after the announcement by the country's government. The country's Ministry of Primary Industries, which handles palm oil matters, said in a statement that it made the decision in light of India's importance as Malaysia's third-largest export destination in 2018 for palm oil and palm-based products worth 6.84 billion ringgit ($1.63 billion). "The minister views with concern recent news reports regarding unfavorable bilateral relations between Malaysia and I

The Express Tribune October 16, 2019 By    Salman Siddiqui The State Bank of Pakistan (SBP) has issued fresh instructions to banks to strengthen their vigilance system to mitigate the risk of money laundering (ML) and terrorist financing (TF) in the name of import and export activities in the country. “Transferring value through legitimate trade transactions has become increasingly attractive avenue for money launderers (ML) and terrorist financiers (TF), as they are able to easily obscure their transactions in significant volumes of international trade and escape detection,” SBP said in ‘Framework for Managing Risks of Trade Based Money Laundering and Terrorist Financing’ on its website on Tuesday. “The main methods by which such people (ML/TF) transfer value through legitimate trade transactions are under invoicing, over invoicing, short/over shipment, obfuscation of type of goods/services etc” it added. The prime objective of this framework is to strengthen

Business Standard October 16, 2019 By Kartik Goyal, Bloomberg Most Indian traders are acting like the best days of the bond market are behind it as they wait for the government to blow out the budget. But Jayesh Mehta, a veteran trader at Bank of America Merrill Lynch is a rare bull in Mumbai’s fixed-income world. He thinks fresh gains are just around the corner. Sovereign debt sold off in the past two months on fears Prime Minister Narendra Modi will expand the record Rs 7.1 trillion ($100 billion) in borrowings to support a slowing economy. The rout diminished the impact of Asia’s most aggressive monetary-policy easing and a banking system that’s flushed with liquidity. “Bond traders are pricing in fiscal slippage and higher borrowings,” but “our view is that the government will meet its deficit targets,” said Mehta, BofAML’s country treasurer. ‘Right now, market is skeptical but I reckon it will eventually change and see the 10-year yield dip below 6 per cent by end o

Business Standard October 15, 2019 As Facebook readies to launch its answer to bitcoin, China is set to introduce its own digital currency -- one that could allow the government and the central bank to see what people spend their money on, according to analysts. Far from the libertarian ideals of cryptocurrencies, whose anonymity allows users to buy and sell without leaving a digital trail, China's mooted e-cash system will be tightly regulated, experts say, and run by the People's Bank of China, the central bank. It "would give the PBoC greater insight into transactions throughout the country," analysts at Beijing-based research firm Trivium China said in a note. In late September, central bank governor Yi Gang said China's new currency may be associated with existing electronic payment systems, such as the popular WeChat and AliPay phone apps, which are widespread and allow yuan transactions via bank accounts. While he gave no timetab

Hindustan Times October 16, 2019 By Reuters, New York India wants to comply with global sanctions, including U.S. sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests, Finance Minister Nirmala Sitharaman said in an interview on Tuesday. The United States in January imposed the toughest sanctions yet on Venezuela’s oil industry. The move has scared away some global customers, but with few alternative suppliers of heavy oil, Indian refiner Reliance Industries Ltd has been buying Venezuelan crude from Russian major Rosneft. The company is set to resume direct oil loadings in the South American nation after a four-month pause. Sitharaman said the Indian government has expressed its view to the United States. “In specific issues which are critical for India’s strategic interests, we have explained to the United States that India is a strategic partner for the United States of America and you want a strategic partner

Hindustan Times October 16, 2019 By Anonna Dutt The Global Hunger Index 2019 has ranked India 102 among the 117 countries in which hunger levels were studied. With a score of 30.3, the index states that the hunger level in the country is “serious”. The score has reduced from 2005, when India was in the “alarming hunger” level category. Although the proportion of people that are undernourished, prevalence of stunting (or being short for the age) in children, and under-five mortality have gone down, the wasting (or weighing less for age) has shown an increase, the GHI report shows. “Yes, there has been an increase in wasting. All the studies -- the state level burden of disease, the National Family Health Survey 4 -- show this. A temporary increase or stagnation in wasting when stunting is declining has been reported previously. Stunting is an indicator of chronic malnutrition, whereas wasting is that of acute malnutrition. But we need to be able to pick up childr

The Print October 16, 2019 French energy giant Total SA is spending $600 million to expand its presence in one of the world’s fastest growing natural gas markets. Total agreed to purchase a 37.4% stake in India’s Adani Gas Ltd., a distributor of the fuel that is developing import terminals and a national chain of vehicle-filling outlets. The deal gives the world’s second-largest LNG player a footprint in a market where annual LNG demand will hit 28 million tons by 2023, making it the fourth biggest importer of the fuel, according to BloombergNEF. India is one of the fastest growing LNG markets in the world  Total is the latest energy major seeking to expand its presence in India, where population growth and economic development are luring some of the biggest oil and gas producers. In August, Reliance Industries Ltd. said Saudi Arabian Oil Co. may buy 20% of its oil-to-chemical business at an enterprise value of $75 billion. “Energy needs in India are immense,” Total Chief Exe

The Print October 15, 2019 Sydney: For decades, travelers have stoically endured jet lag as an unavoidable menace on long journeys. Now, as airlines push for record-breaking non-stop flights halfway around the planet, efforts to counter the debilitating symptoms are turning into a billion-dollar industry. Fresh insight into the physical and emotional toll of ultra-long haul travel should emerge this weekend when Qantas Airways Ltd. flies direct from New York to Sydney. No airline has ever completed that route without stopping. At nearly 20 hours, it’s set to be the world’s longest flight, leaving the U.S. on Friday and landing in Australia during its Sunday morning. This will be more than an endurance exercise. Scientists and medical researchers in the cabin will turn Qantas’s brand-new Boeing Co. Dreamliner into a high-altitude laboratory. They’ll screen the brains of the pilots for alertness, while monitoring the food, sleep and activity of the few dozen passengers — in

Financial Express October 15, 2019 Despite lowering the interest rates by linking the repo rate, credit flow to industries and services sector are shrinking, according to an RBI report. Finance Minister Nirmala Sitharaman has been taking extensive measures to boost credit growth in the economy, but the credit flow continues to remain tepid. Despite lowering the interest rates by linking the repo rate, credit flow to industries and services sector are shrinking, according to an RBI report. To review the credit growth in the economy, the minister has met the heads of PSU banks yesterday for the second time since the past 30 days. As an outcome of the meeting, the bank representatives said that there is sufficient liquidity in the system. However, despite the availability of liquidity, the credit growth in almost all the quarters of the industry, including construction, infrastructure, petroleum, and food processing, are negative in the current financial year so far.   Cre

Economic Times October 15, 2019 State-owned Saudi Aramco may be in the fray to buy out Indian government’s stake of Bharat Petroleum Co. ltd, as it gives the oil giant an opportunity to pierce into one of the world’s biggest oil retail markets, sources privy to the matter said. The Indian government is looking at selling its 53.29 percent stake in BPCL to a strategic investor in the biggest privatisation bid in the history of India. It aims to garner 1.05 lakh crore in divestment proceeds which includes privatisation of BPCL, Container Corp of India and Shipping Corp of India. Sources said Aramco currently is evaluating its Indian investments, including its possible partnership with Reliance India Ltd, and views buying out BPCL as a good opportunity. Sources said that the Aramco’s is currently evaluating the BPCL bid and it is at an early stage of consideration. Aramco, which is currently in the process of an IPO that could value the company at $1.5 trillion