VIVA “The Pinnacle” Economy Indias manufacturing, services output expand at slower pace than China •Emerging markets registered stronger growth in manufacturing as well as services sector during August but India expanded at a slower pace than China during the month. The HSBC Emerging Markets Index (EMI), a monthly indicator derived from Purchasing Managers Index surveys, rose to a 17 month high of 52.5 in August, up from 51.7 in July APA accord between India and Switzerland to usher in new era of tax cooperation between the nations • India and Switzerland are finding it difficult to break a deadlock over sharing information on secret bank accounts held in the European nation but both sides are close to finalising the first accord on a bilateral advance pricing agreement that will allow taxpayers to calculate tax liability beforehand RBI eases rules for ECB lenders to extend loans in rupees •Relaxing norms for external borrowings, the RBI on Wednesday allowed ECB lenders to now extend loans in Indian rupees to domestic businesses. With a view to providing greater flexibility for structuring of external commercial borrowings (ECB) arrangements, it has been decided that recognised non-resident ECB lenders may extend loans in Indian rupees Capital Market JSW interested in buying Italys Ilva steel plant •JSW Steel is considering buying the Ilva steel plant in Italy, union sources said on Thursday. Ilva, privately-owned by the Riva family, is Europes largest steel plant by output capacity and is of strategic importance to the southern European steel sector, where it supplies carmakers and other manufacturers. Fund raising via preferential allotment drops 34 per cent •Fund raising by issuance of shares to promoters and shareholders on preferential basis has plunged by 34 per cent to Rs 2,159 crore in July as compared to the preceding month. However, fund raising through preferential allotments is expected to increase in the coming months as many companies have lined-up their plans. International US private sector hiring slows; trade deficit at 6-mth low •US companies hired fewer workers than expected in August, but the trend in job growth remained consistent with a sturdy economic performance in the third quarter. That view was reinforced by other data on Thursday showing only a slight increase in the number of Americans filing for unemployment benefits last week and a decline in the trade deficit to its lowest point in six months in July. Asian markets mixed; Shanghai gains, Straits Times falls •Asian stocks were mixed on Friday following the European Central Banks surprise rate cut overnight and amid caution ahead of a key US jobs report. European Central Bank (ECB) chief Mario Draghi caught markets off guard on Thursday by cutting interest rates to a record low of 0.05 percent and the overnight rate to negative 0.2 percent, further penalizing banks for parking money at the central bank. The ECB also said it would launch a program next month to buy asset-backed securities. Currency Dollar extends gains, hits 6-year high against yen • The dollar rose to a six-year high versus the yen on Friday, drawing broad support after the European Central Banks latest monetary easing as traders waited for the US jobs report later in the day. The dollar climbed to as high as 105.71 yen, its highest level since October 2008, and last stood at 105.60 yen, up 0.3 per cent on the day. Commodity Gold extends weakness on sluggish demand •Extending losses for the fifth straight day, gold prices today declined by Rs 90 to close at Rs 27,860 per ten gram in the national capital owing to fall in demand from jewellers and retailers, even as the metal recovered in global markets.
Posted on: Fri, 05 Sep 2014 06:06:20 +0000
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