Top Business News of The Day: WTO Agreement on Agriculture tilted against developing countries,says Goyal; KPMG highlights the need for Inventor Remuneration Law in India; Kremlin foes accuse Google and Apple of bowing to censorship and more.

A view of the BSE building in Mumbai. File   | Photo Credit: PTI

5:30 P.M.

PNB cuts repo-based lending rate by 25 bps to 6.55 pc; KPMG highlights the need for Inventor Remuneration Law in India and Indian airlines fly high as August passenger traffic surges.

WTO Agreement on Agriculture tilted against developing countries: Goyal; Kremlin foes accuse Google and Apple of bowing to censorship and JPMorgan to launch digital bank Chase in Britain next week.

Coal India arm ECL installs 250 kW rooftop solar project; CII Institute of Logistics, Bridgestone India roll out programme to felicitate drivers in transport sector and Reform package will sustain telcos' biz, support 3+1 players structure: Moody's.

5:15 P.M.

PNB cuts repo-based lending rate by 25 bps to 6.55 pc

State-owned Punjab National Bank (PNB) on Friday said it has slashed the repo-based lending rate by 25 basis points (bps) to 6.55%

"The repo-linked lending rate (RLLR) has been changed from 6.80% to 6.55% , with effect from September 17, 2021 (Friday)," PNB said in a regulatory filing.

The RLLR was introduced in October 2019. It is a floating rate-based personal or retail loan that is linked to external benchmarks, such as the repo rate of the Reserve Bank of India, PTI reported.

5:07 P.M.

KPMG highlights the need for Inventor Remuneration Law in India

Global consultancy firm, KPMG has urged to recognise and incentivise researchers, innovators, inventors, and developers to protect their intellectual property. It believes that it is important to recognise them as innovation drives economies and organisations to create an evolved societal structure.

It has laid down the significance of this in a report on ‘Need for inventor Remuneration Law in India’ in collaboration with NIPO, The Indian IPR foundation.

“Over the years, employee remuneration plans have acted as a stimulus to enhance employee motivation, morale and retention and have been a catalyst in employee performance. This report aims as guiding corporates and start-ups looking at establishing leading compensation practices, by providing them with a preview to current global trends and at the same time shining light on jurisdictions offering incentives to their inventors," said Ritesh Tiwari, Partner, Advisory, KPMG in India.

4:41 P.M.

WTO Agreement on Agriculture tilted against developing countries: Goyal

The Agreement on Agriculture at the WTO was riddled with deep imbalances, which favour the developed countries and have tilted the rules against many developing countries, Commerce and Industry Minister Piyush Goyal has said.

He said that historical asymmetries and imbalances must be corrected to ensure a rule-based, fair and equitable order. Goyal said this while addressing the G-33 Virtual Informal Ministerial Meeting, PTI reported.

4:33 P.M.

Sensex ends 125 pts lower; Nifty slips below 17,600

Equity benchmark Sensex ended 125 points lower on Friday after scaling a fresh record peak of 59,737 in early trade, as investors booked profits at higher levels.

The 30-share BSE index settled 125.27 points or 0.21% lower at 59,015.89. NSE Nifty slipped 44.35 points or 0.25% to 17,585.15.

Kotak Bank was the top gainer in the Sensex pack, followed by Bharti Airtel, HDFC Bank, Maruti, Axis Bank and Nestle India. On the other hand, Tata Steel, SBI, TCS and Reliance Industries were among the laggards, PTI reported.

4:24 P.M.

Dollar holds near three-week high after U.S. data boost

The dollar held near three-week highs on Friday after better-than-expected retail sales numbers in the United States boosted bets on the strength of the U.S. economy and earlier monetary policy tightening.

The euro pulled itself into positive territory by the European mid-morning but at $1.1783 remained close to a three-week low, Reuters reported.

4:20 P.M.

I get Rs 4 lakh royalty per month from YouTube for lecture videos: Gadkari

Union Minister Nitin Gadkari on Friday said he gets Rs 4 lakh every month as royalty from YouTube, as viewership of his lecture videos posted on the platform has increased during the pandemic period, PTI reported.

3:31 P.M.

PFRDA pension subscriber base rises 24 pc to 4.53 cr till Aug

The Pension Fund Regulatory and Development Authority (PFRDA) on Friday said subscriber base under its flagship pension schemes rose by 24 per cent in August this year to over 4.53 crore.

The PFRDA administers two pension schemes -- National Pension System (NPS) and Atal Pension Yojana (APY), PTI reported.

3:25 P.M.

JPMorgan to launch digital bank Chase in Britain next week

JPMorgan is set to launch its big assault on British high street banks and online lenders from next week, with the launch of its long-planned digital retail bank Chase.

The venture - JPMorgan's first overseas retail business - is set to launch its smartphone app initially offering current accounts on Tuesday, Reuters reported.

3:17 P.M.

Kremlin foes accuse Google and Apple of bowing to censorship

Opposition activists in Russia accused Alphabet's Google and Apple of caving in to Kremlin pressure on Friday after they removed an anti-government tactical voting app from their stores on the first day of a parliamentary election.

The app, devised by allies of jailed Kremlin critic Alexei Navalny, gives people detailed recommendations on who to vote for in an effort to thwart the electoral chances of the ruling United Russia party which supports President Vladimir Putin, Reuters reported.

3:14 P.M.

Coal India arm ECL installs 250 kW rooftop solar project

Eastern Coalfields Ltd (ECL), a subsidiary of Coal India, has commissioned a 250-kilowatt (kW) rooftop solar power project, ramping up its total installed solar rooftop capacity to 692 kW, according to a statement.

The implemented through the Solar Energy Corporation of India (SECI), the newly installed 250 kW plant set up at ECL's headquarters in Sanctoria for captive consumption, has an average generation of 3.65 lakh units per annum, PTI reported.

3:09 P.M.

CII Institute of Logistics, Bridgestone India roll out programme to felicitate drivers in transport sector

Confederation of Indian Industry Institute of Logistics (CII IL) and tyre major Bridgestone on Friday launched a road transport and logistics excellence initiative aimed at recognising the key role played by the drivers in the road transport sector.

A professional drivers' platform -- 'Driver's Guild' would be established under the initiative to connect multiple locations, expand developmental initiatives in association with various regional stakeholders in the road transport sector, PTI reported.

2:08 P.M.

Need trainers in huge numbers to impart skill to 50 cr people: Skill Development Secy

About 50 crore people need to be skilled in the next few years and for that there is a need of lakhs of trainers, Skill Development and Entrepreneurship Secretary Ravi Mital said in Friday.

Speaking at the occassion, Skill Development and Entrepreneurship Minister Dharmendra Pradhan called for focusing on standardisation of trainers and finding of demands in both domestic and world markets for skilled people, PTI reported.

1:53 P.M.

Indian airlines fly high as August passenger traffic surges

Shares of Indian airlines InterGlobe Aviation and SpiceJet surged on Friday after regulatory data showed that passenger growth jumped 136.6% last month as the government started to ease COVID-related travel restrictions.

Domestic airlines carried 6.7 million passengers in August, compared with 2.8 million passengers in the year-ago period,Reuters reported.

1:49 P.M.

Reform package will sustain telcos' biz, support 3+1 players structure: Moody's

The telecom sector reforms package announced by the government will sustain telcos' businesses, is credit positive for operators, including Airtel and Jio, and provides support for 3+1 players structure, Moody's Investors Service said on Friday.

The views come against the backdrop of a blockbuster relief package announced earlier this week for the telecom sector that includes a four-year break for companies from paying statutory dues, permission to share scarce airwaves, change in the definition of revenue on which levies are paid, and 100 per cent foreign investment through the automatic route, PTI reported.

1:27 P.M.

Comm min fixes Dec 31 as deadline for exporters to submit applications for pending dues

The last date for exporters to submit online applications to claim their pending dues under different export promotion schemes will be December 31, according to a notification of the commerce ministry.

On September 9, the government announced to release Rs 56,027 crore against pending tax refunds of exporters under different export incentive schemes, PTI reported.

1:24 P.M.

DHL Express to hike prices in India by 6.9 pc on average next year

DHL Express will hike its prices in India by 6.9 % on an average from January 1, 2022, as part of its annual price revision exercise globally, PTI reported.

"The annual price adjustment allows us to invest more towards digital tools, to invest in facility and fleet expansion. This includes state-of-the-art aircraft and vehicles as well as the expansion of our hubs and gateways to increase capacity as demand for the fastest possible cross-border shipping continues to grow,” said R S Subramanian, Senior Vice President and Managing Director, DHL Express India.

1:18 P.M.

Ola co-founder says Electric scooters sales crossed ₹1,100 cr in 2 days; Kerala to oppose move to bring petrol and diesel under GST and Govt guarantee of ₹30,600 cr for acquiring stressed assets: FM

China sets up platform to police gaming firm violations; World Bank kills ease of doing business reports and Oil falls as supply returns slowly.

12:50 P.M.

China sets up platform to police gaming firm violations

Chinese regulators have set up a platform that allows the public to report on gaming companies they believe are violating restrictions on online game times for children, PTI reported.

It enables holders of Chinese ID cards to report violations and furnish proof, effectively giving the public the power to police gaming firms such as Tencent and NetEase.

This follows China's decision to impose the time limits of just three hours a week for minors to combat internet games addiction in children. Gaming companies are expected to enforce the limit of 1 hour of online games on Friday, Saturday and Sunday between 8 p.m. and 9 p.m. An earlier limit allowed 90 minutes on most days.

12:40 P.M.

GST Council meet begins

The meeting of the GST Council to decide on extending tax concession to 11 COVID-19 drugs, and review tax rates of over 4-dozen items, like oncology medicine and coconut oil, began today, PTI reported.

The 45th meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state finance ministers, is the first physical meeting since the onset of the COVID-19 pandemic. The last such meeting took place 20 months ago on December 18, 2019.

Since then the council has been meeting via video-conferencing.

12:30 P.M.

Poonawalla Fincorp shares plunge 5% to its lower circuit

Shares of Poonawalla Fincorp continued to decline and further tumbled 5% to its lowest trading limit after its Managing Director Abhay Bhutada stepped down from the company following Sebi action, PTI reported.

The stock fell 5% to its lower circuit of ₹163.55 on the BSE and plunged 4.97% to ₹163.35 at the NSE.

The company's shares had fallen 5% on Thursday as well.

12:15 P.M.

World Bank kills ease of doing business reports

The World Bank Group on Thursday ended publication of its "Doing Business" report on country investment climates Reuters reported.

After a probe, it was found that top bank officials including then-Chief Executive Kristalina Georgieva put undue pressure to boost China's ranking in 2017.

The World Bank said in a statement that the decision came after internal audit reports had raised "ethical matters, including the conduct of former Board officials as well as current and/or former Bank staff" and a board investigation conducted by the law firm WilmerHale.

11:45 A.M.

Ola co-founder says Electric scooters sales crossed ₹1,100 cr in 2 days

Ola co-founder Bhavish Aggarwal said sales of its electric scooters crossed ₹1,100 crore in two days.

Aggarwal noted that company has stopped the buying for now and will reopen the purchase window on November 1.

The company had started the sale of its electric scooters on Wednesday. Ola said it sold scooters worth ₹600 crore on day one.

11:15 A.M.

Kerala to oppose move to bring petrol and diesel under GST

Kerala will vehemently oppose any move to bring petrol and diesel under the GST regime as that will further reduce revenue generation for the state, PTI reported.

 The state asserted that the Centre should reduce its levies on the two commodities to provide relief to the common people.

Central excise and state VAT (Value Added Tax) make up for almost half of the retail selling price of petrol and diesel. Bringing them under the Goods and Services Tax (GST) would impact revenue generation for the states.

10:45 A.M.

Transport Ministry in talks with one foreign firm for Delhi-Jaipur electric highway

Union Road Transport and Highways Minister Nitin Gadkari has said that his ministry is in talks with a foreign company to construct an electric highway from Delhi to Jaipur, PTI reported.

While reviewing the progress of Delhi-Mumbai Expressway (DME) at Dausa, in Rajasthan, Gadkari said like electric railway engines, buses and trucks will also be powered by electricity.

"It is my dream to build an electric highway from Delhi to Jaipur. It is still a proposed project. We are in discussion with a foreign company," he said. Gadkari said as a transport minister, he has taken a resolution to bring an end to use of petrol and diesel in the country.

10:30 A.M.

China applies to join Pacific trade pact in bid to boost economic clout

China has filed an application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the country's commerce ministry said on Thursday, Reuters said.

Commerce Minister Wang Wentao submitted China's application to join the free trade agreement in a letter to New Zealand's trade minister, Damien O'Connor.

The CPTPP was signed by 11 countries including Australia, Canada, Chile, Japan and New Zealand in 2018.

10:00 A.M.

Govt guarantee of ₹30,600 cr for acquiring stressed assets: FM

Finance Minister Nirmala Sitharaman on Thursday announced a ₹30,600 crore government guarantee for the National Asset Reconstruction Company Limited (NARCL) for acquiring stressed loan assets, PTI reported.

The finance minister in Budget 2021-22 announced setting up of a bad bank as part of resolution of bad loans worth about ₹2 lakh crore.

The bad bank or NARCL will pay up to 15% of the agreed value for the loans in cash and the remaining 85% t would be government-guaranteed security receipts. The government guarantee would be invoked if there is loss against the threshold value.

9:30 A.M.

Sensex, Nifty open at fresh record high

Indian benchmark equity indices, Sensex and Nifty opened at fresh record high after touching record high the previous day. At 9:15, Sensex was up 0.45% at 59,409.98 and Nifty opened 0.45% higher at 17,709.65.

PSU Banks, financial services, FMCG, IT gained the most and Nifty Bank approached the 38,000-mark. 

9:15 A.M.

Asian shares steady amid global growth fears

Asian shares steadied in early trade after falling earlier in the weak, but global growth fears played on investors' mind, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 2.7% on the week. Hong Kong's Hang Seng Index rose 0.5% after posting its lowest close in 10 months the day before.

Australian shares fell 1.03% while Chinese blue chips eked out a 0.26% rise and Japan's Nikkei rose 0.42% to head back towards a 31-year high hit on Monday.

9:00 A.M.

Oil falls as supply returns slowly

Oil prices fell after more supply came online in the U.S. Gulf of Mexico after two hurricanes, Reuters reported.

Brent crude fell 0.2% to $75.33 a barrel and U.S. West Texas Intermediate (WTI) also dropped 0.2% to $72.50 a barrel. However. both contracts were on course to surge 4% for the week.

Output in Gulf of Mexico has recovered more slowly than expected and about 28% of the crude production in the region remained offline as of Thursday.

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Printable version | Oct 21, 2021 5:41:40 AM | https://www.thehindu.com/business/business-news-live-oil-falls-as-supply-returns-slowly/article36509146.ece

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