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Business Line Reuters S&P 500 touches fresh high; financial index closes at record. Wall Street's major indexes inched higher on Tuesday, extending their record-setting rally, as strong housing and manufacturing data bolstered investors' confidence in the U.S. economy. The benchmark S&P 500 hit a record high for a fourth straight session, building on its 27% gain this year, which has been driven by progress toward a U.S.-China trade agreement, a dovish Federal Reserve and upbeat economic indicators. U.S. housing starts increased more than expected in November, and building permits rose that month to the highest level since May 2007. Data from the Federal Reserve also showed manufacturing output picked up more than expected in November, as the end of a strike at General Motors Co boosted automobile production. Most of the data is showing that the global economy is stabilizing and the U.S. economy is on a solid footing,” said Keith Lerner, chief market ...

The Economioc Times July 15, 2019 By Saloni Sukhla A State Bank of India NSE -0.98 % commissioned forensic audit of Jet AirwaysNSE -4.97 % books has revealed misappropriation of funds relating to provision of loans and fraudulent billing for JP Miles, according to two people with direct knowledge of the matter.  The report also highlights that invoices raised were not verified leading to excess billing and fuel expenses were raised substantially for Jet even when they remained static for other airlines.  “Provision has been made for Rs 3,353-crore loan given to Jet Lite over four years. Board resolution, shareholder approval for making the provision was not made available to the auditors,” the forensic audit conducted by EY says. ET has seen a copy of the report. “Loans were given to Jet Lite despite Jet Airways recording losses in fiscal year 2015 and declining profit over the years,” the report added.  The government had recently ordered a p...

The Indian Express ENS Economic Bureau September 22, 2018 The Securities and Exchange Board of India (Sebi) on Friday unveiled revised KYC norms for foreign portfolio investors (FPIs). In what could be a big relief to FPIs , Sebi has accepted some of the key recommendations of the HR Khan Committee on FPIs. According to the new norms, certain categories of FPIs such as trusts, banks, mutual funds, investment managers among others will be required to maintain a list of beneficial owners and report it to the regulator. “Category II and III FPIs registered prior to this circular (existing FPIs) should provide the list of beneficial ownerships (BOs) and applicable KYC (know-your-client) documentation within six months,” said Sebi said in the circular. C The norms said that contributions from a single NRI/OCI/Resident Investor should be below 25 per cent and their aggregate contribution should be below 50 per cent of FPI corpus. Apart from this, investment managers owned by NRIs, OC...

The Indian Express ENS Economic Bureau September 22, 2018 About one in every four cases admitted under the Corporate Insolvency and Resolution Process (CIRP) since the implementation of the Insolvency and Bankruptcy Code (IBC) in 2016 have been closed till June 2018. While that is a positive, what is worrying for policymakers is the fact that a majority of the cases that have been closed involves liquidation of the corporate debtor, resulting in lower value realisation for stakeholders alongside payment uncertainties. Significantly, given the average duration of resolution of about 280 days (for all resolved cases till the first quarter of FY19) from date of admission points to a higher chance of cases facing liquidation under the National Company Law Tribunal (NCLT) route going forward. Also, haircut on all resolved cases was around 45 per cent for financial creditors on the admitted claims. Of the 977 companies admitted under the Corporate Insolvency and Resolution Process ...

By Our Correspondent/ August 12, 2018 Caretaker finance minister Dr Shamshad Akhtar has hinted Pakistan is in contact with the Asian Development Bank (ADB) for possible technical assistance and capacity building. Dr Akhtar, who has served the Manila-based financial institution in various positions during 1990-2011, said she is also playing an active role in connecting the new government with the ADB. She said this during a meeting with the Pakistan Stock Exchange’s (PSX) board of directors on Saturday. ADB confident of continued growth in Asia “The minister apprised that she is in contact with the finance minister-designate of the newly-elected government, as well as ADB for possible support in the areas of technical assistance and capacity-building,” stated the PSX in a press statement. At present, Pakistan is in contact with multiple international financial institutions and friendly countries, including the Islamic Development Bank (IDB), China and Saudi Arabi...

The Quint, February 16, 2018 Indian stock exchanges’ decision to stop sharing data with overseas peers threatens nearly $13 billion invested in India by overseas funds tracking the MSCI Emerging Markets Index. MSCI Inc. in a letter on Feb. 15 called Indian bourses and regulator’s move to restrict access to data anti-competitive and warned that it could lead to a change in market classification for India, currently clubbed with emerging nations. It asked them to reconsider the decision. The letter is a warning, Tushar Mahajan, head of Futures and Options at Nomura India, told Bloomberg Quint. “We have to take it as that. It cannot be dismissed as just another letter. I am hoping that at some point exchanges and the MSCI will be able to reach a solution.” Three Indian stock exchanges—National Stock Exchange, Bombay Stock Exchange and Metropolitan Stock Exchange—terminated licencing pacts with their foreign counterparts to prevent from trading volumes moving offshore and pro...

FirstPost   Vivek Kaul   Feb 06, 2018  It took the BSE Sensex, India’s premier stock market index, nine months to rise from 30,000 mark to higher than 36,000 level. This meant a return of more than 20 percent from April 2017 to January 2018. In an era when fixed deposits give a post-tax return of 5 percent per year, a return of 20 percent in less than a year has to be fantastic. Of course, there are many listed stocks which have given more than 20 percent returns in during the same period. Between 29 January and 6 February, 2018, the BSE Sensex fell by around 5.8 percent and wiped out one-third of the gains in the nine months mentioned earlier. his means a week’s fall has wiped off one-third of the gains over a period of nine months. When the stock market falls, a new set of investors learn, the same set of lessons all over again. What does this mean? The price to earnings ratio of the BSE Sensex crossed 26 in late January 2018. This basically means an inves...

The Economic Times December 29, 2017 In a sweeping reform, the market regulator Securities and Exchange Board of India (Sebi) on Thursday approved convergence of stock and commodity bourse from October 2018. The move will allow bourses like the NSE and BSE to launch commodity products on their platforms.  According to market experts the convergence will help an individual to have one account to trade in all asset classes.  However, the highly anticipated rules on default disclosures were deferred by the market regulator.  According to market reports, Sebi in its board meet today was expected to mandate all the listed entities to start disclosing the first instance of a loan default to a bank or financial institution within one working day. The regulation would have tightened the noose around loan defaulters.  The market regulator now will hold further talks on the norms.  In another key decision, the regulator said that rating agencies cann...