Dec 11- Indian markets clawed back from sharp falls early in the session on Tuesday, recovering from the shock of an abrupt departure of Reserve Bank of India Governor Urjit Patel, while votecount of the state elections pointed to a potential loss for the ruling party. India's ruling Bhartiya Janata Party could lose power in three key states, four TV networks said...
Dec 11- Indian markets clawed back from sharp falls early in the session on Tuesday, recovering from the shock of an abrupt departure of Reserve Bank of India Governor Urjit Patel, while results of crucial state elections pointed to a loss for the ruling party. India's ruling Bhartiya Janata Party could lose power in three key states, four TV networks said on...
Dec 11- India's central bank governor Urjit Patel resigned abruptly on Monday citing "personal reasons", after a protracted tussle over policy with Prime Minister Narendra Modi's government that has raised concerns about the bank's independence as a national election nears. Government officials have been pressuring the Reserve Bank of India to allow some...
*China currently recycles less than a third of its slag. ANSHAN, China/ MANILA, Dec 10- China's self-styled war on pollution is extending to a new front: the solid waste that makes up thousands of slag heaps around the country, a byproduct of its record steel output. "We will spare no effort in addressing solid waste-related environmental issues by strengthening...
MUMBAI, Dec 10- The Governor of India's central bank, Urjit Patel, resigned abruptly on Monday after a months-long tussle over policy with the government that has raised concerns about the bank's independence as a national election nears. Government officials have been pressuring the Reserve Bank of India to allow some bad-debt-laden public sector banks to...
*Patel's resignation expected to roil India markets- analysts. MUMBAI, Dec 10- The Governor of the Reserve Bank of India, Urjit Patel, resigned suddenly on Monday, following months of pressure from Prime Minister Narendra Modi's government that is threatening the independence of the central bank, sending the rupee tumbling. Modi's ruling Hindu nationalist...
*Spot gold may rise into $1,258- $1,266 range- technicals. Spot gold was steady at $1,247.99 per ounce, as of 0700 GMT, after hitting its highest since July 11 at $1,250.55 earlier in the session. Weak data points from the United States have been putting pressure on the dollar index which is proving to be positive for gold, said Ajay Kedia, director at Kedia Commodities...
*China currently recycles less than a third of its slag. ANSHAN, China/ MANILA, Dec 10- China's self-styled war on pollution is extending to a new front: the solid waste that makes up thousands of slag heaps around the country, a byproduct of its record steel output. "We will spare no effort in addressing solid waste-related environmental issues by strengthening...
SUNDAY, DECEMBER 9 SYDNEY- RBA Assistant Governor Christopher Kent delivers speech on US Monetary Policy and Australian Financial Conditions at the Bloomberg event, Sydney- 2130 GMT. MONDAY, DECEMBER 10 ISTANBUL- Bank of Canada Deputy Governor Timothy Lane participates in a panel discussion at Toronto Centre and Central Bank of the Republic of Turkey,...
NEW YORK, Dec 7- Utilities are shutting down at least 18 of General Electric Co's newest gas turbines for repairs at power plants from Taiwan to France, according to more than a dozen interviews with plant operators and industry experts. The shutdowns, which follow a recent GE turbine blade failure in Texas, come as GE grapples with financial losses and a drop in...
VANCOUVER/ LONDON, Dec 7- U.S. prosecutors want to extradite a top executive of China's Huawei Technologies Co Ltd to face accusations she covered up links to a company that sold equipment to Iran despite U.S. sanctions, a Vancouver court heard on Friday. She was arrested in Canada on Dec. 1 at the request of the United States, a move that has roiled global stock markets...
MUMBAI, Dec 7- High oil prices pushed India's current account deficit in July-September to its widest in over four years, according to data released by the central bank on Friday. "The current account deficit has peaked," said Shubhada Rao, chief economist at Yes Bank in Mumbai. India's trade deficit in July-September widened to $50 billion from $32.5 billion a year...
MUMBAI, Dec 7- High oil prices pushed India's current account deficit in July-September to its widest in over four years, according to data released by the central bank on Friday. "The current account deficit has peaked," said Shubhada Rao, chief economist at Yes Bank in Mumbai. India's trade deficit in July-September widened to $50 billion from $32.5 billion a year...
*India discount at $1.5 versus $2 premium last week. Dec 7- Gold was sold at a discount this week in India for the first time in a month as a rebound in local prices prompted jewellers to postpone purchases, while demand improved in top consumer China due to seasonal buying. Dealers in India were offering a discount of up to $1.5 an ounce over official domestic prices...
*Iran, hit by U.S. sanctions, agrees with OPEC on deal. *OPEC to cut 0.8 mln bpd, wants 0.4 mln from non- OPEC. VIENNA, Dec 7- Iran gave OPEC the green light on Friday to reduce oil output by around 0.8 million barrels per day from 2019 after finding a compromise with rival Saudi Arabia over a possible exemption from the cuts, an OPEC source said.
MUMBAI/ BENGALURU, Dec 7- HCL Technologies will buy some software assets from U.S.-based IBM Corp for $1.8 billion, the companies said on Friday, marking the largest purchase ever by an Indian IT services firm. The deal will also help HCL collect additional revenue of about $650 million in the second year of the acquisition on a run-rate basis, though sales would...
*OPEC agrees supply cut but wants support from Russia. LONDON, Dec 7- Brent oil futures edged higher on Friday after Russia seemed likely to contribute a bigger output cut to an OPEC and non- OPEC deal, but Saudi Arabia voiced pessimism on whether an agreement could be reached as Iran insisted on an exemption. Iran appeared on Friday to be the main obstacle for an OPEC...
*OPEC yet to agree own deal before meeting non- OPEC. The Organization of the Petroleum Exporting Countries resumed discussions in Vienna at around 0900 GMT, before a meeting later in the day with non- OPEC oil producers led by Russia. On Thursday, OPEC tentatively agreed an oil output cut but could not decide concrete parameters for reductions as it was waiting for...
*OPEC yet to agree own deal before meeting non- OPEC. VIENNA, Dec 7- Iran appeared on Friday to be the main obstacle for an OPEC deal to cut oil production as the group's leader Saudi Arabia had yet to agree exemptions for sanctions-hit Tehran, two OPEC sources said. On Thursday, OPEC tentatively agreed an oil output cut but could not decide concrete parameters for...
*OPEC yet to agree own deal before meeting non- OPEC. VIENNA, Dec 7- Iran appeared on Friday to be the main obstacle for an OPEC deal to cut oil production as the group's leader Saudi Arabia had yet to agree exemptions for sanctions-hit Tehran, two OPEC sources said. On Thursday, OPEC tentatively agreed an oil output cut but could not decide concrete parameters for...
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