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News update for May 16, 2018
1. Rupee at its lowest since Jan 2017, Rupee falls below 68/$ to become Asia’s worst performer in 2018: The currency remained volatile through the session as markets digested the outcome of the state elections in Karnataka, where the ruling Bharatiya Janata Party won enough seats to become the single largest party but fell short of winning a majority.
2. Trade deficit increased: India’s trade deficit widened the most in three months in April as rising crude prices weighed on the world’s third-biggest oil consumer.
OIL & GAS
1. First crude oil cargo departs from Abu Dhabi for Mangalore’s strategic oil reserve.
The first consignment of 2 million barrels of crude oil from UAE for India is in route. It will help in supply side disruption. The cargo is the first under an agreement between Abu Dhabi Oil Company and Indian strategic petroleum reserves ltd. India is 82% dependent on imports to fulfill our need, out of that 8% is imported from UAE.
2. Indian Oil hikes petrol and diesel prices for second day.
Indian Oil continued to hike prices of petrol and diesel for second straight day. The company raised price of petrol and diesel by 15 paise a litre and 23 paise a litre respectively. On Monday, prices of petrol and diesel hiked by 17 paise a litre and 21 paise a litre respectively.
1. Volkswagen India is expected to post its first time ever decline in production in seven years as falling demand in the South America market is calling for lower shipment to Maxico.
1. The next CEO of Vodafone group will be dealing first dealing with Liberty Global Plc and Idea Cellular. He previously ran Vodafone’s emerging markets and UK divisions.
2. The bankruptcy court has admitted three insolvency petitions filed against RCOM and its subsidiary, by telecom gear maker Ericsson.
1. Indian Railway plans several projects worth Rs. 40,000 crore to connect capital cities of five North Eastern states and areas bordering China, Myanmar and Bangladesh.
1. America and India have sparred on the issues of intellectual property rights (IPR) on the Pharma sector, Trump is redrawing his statement as “America first” as their global trade map and also labelled Indian food substitutes as trade-distorting at the WTO.
2. India’s decision to put cap on the prices of stent didn’t make any significant impact on costs of angioplasties falling or even in the number of angioplasties takes post the announcement.
3. Exports in India rose by about 5.2% y-o-y to $25.9 Billion in April 2018 in sectors such as engineering, pharmaceuticals and chemicals but the gap between exports and imports have increased as well since Imports increased by about 4.6% y-o-y to $39.6 Billion in April 2018.
1. While India is facing job opportunities problems in the IT sector, Germany had almost 314,800 vacant job positions for the year ending April 2018 in the STEM (sciences, technology, engineering and mathematics) sector.
1. Deutsche Bank which is Germany’s Largest lender by assets, has acquired Mumbai based four year old fintechstartupQuantiguous Solutions which enable it to provide open banking solutions to its clients across the world.
2. CBI received an FIR of IDBI Bank which resulted into stepping down of two independent directors i.e. S Ravi and NinadKarpe.
1. Britannia, India’s leading cookies maker has decided to consolidate its global procurement operations to reduce costs and acquire synergies offered by a reformed tax environment that recognises a uniform producer levy.
1. India's real estate sector limps back to life: Anarock Property Consultants report
According to the report by Anarock Property Consultants the real estate market is seeing an upward movement. The report says that positive consumer sentiments and favourable policies have helped the Indian real estate sector coming back on track. The report further states that, new housing supply stock increased by 6 per cent in this one month alone. Anarock data indicated that the new housing supply infusion was highest in NCR, followed closely by Hyderabad, Bengaluru, and the Mumbai Metropolitan Region (MMR).