Around the Globe

Around the Globe

Trump pulls US out of Trans-Pacific trade deal

President Donald Trump abruptly ended the decades-old US tilt toward free trade by signing an executive order to withdraw from an Asia-Pacific accord that was never ratified and promising to renegotiate the North American Free Trade Agreement.

Jaitley likely to retain CTT

The government is unlikely to make any changes in the commodities transaction tax (CTT) in the Union budget, amidst demand from exchanges to scrap the levy.
The imposition is said to be detrimental to the growth of futures trading in the country. There is no reason to suggest that CTT is detrimental and the tax has been there for the last few years, an official source said.

SC orders probe against former CBI director Sinha

A little over two years after he superannuated as CBI chief in a maze of controversy, the scrutiny is back on Ranjit Sinha (in pic) again. The Supreme Court on Monday constituted a special investigation team (SIT), to be headed by the CBI director, to look into the prima facie allegations against former CBI chief Ranjit Sinha, for trying to influence the probe in the coal scam cases.
A bench headed by justice MB Lokur said the CBI director could take the assistance of two officers of his choice after duly intimating the apex court.

‘I’ve a feeling we’re over frightened of DeMo’

Commerce and industry minister with independent charge Nirmala Sitharaman reckons that the deleterious impact of demonetisation is overplayed.
Talking to Financial Chronicle, she said, “I have a feeling we are over frightened. Of course, its negative impact will be visible in third quarter numbers, but the exports picture is contrarian, with the numbers being quite stable. The pick up in economic activity post December 25 has been good and the fourth quarter will reverse things. We are back on a high growth trajectory.”

JSW Steel in talks to buy out Bhushan’s Odisha unit for $3b

Sajjan Jindal-promoted JSW Steel may buy out promoters’ stake in the debt-ridden Bhushan Steel’s 5.6 million tonne Odisha unit for $3 billion. Sources privy to the development said the country’s largest private sector steel player is in discussions with lenders of Bhushan for acquiring the controlling stake in the Odisha unit through the strategic debt-restructuring (SDR) route.

‘Focus Should Be To Keep Cost Of Capital Low’

A look at the mix of earnings of Nifty constituents indicates that India’s budget has only a limited direct impact, but has a larger indirect impact through cost of capital and INR/USD rate. A large part of Nifty earnings (50 per cent to 60 per cent) are directly driven by factors that the Indian government has little control over, like commodity prices and global growth. The big delta in earnings in FY18 is likely to come from stocks which are globally linked, like Tata Motors, ONGC, Tata Steel and Coal India and from corporate banks.

Break from the past

This year’s Union Budget is unique for a number of reasons. It will be presented on the first day of February instead of the last. But that isn’t the only practice that is being done away with. The railway budget, which used to be presented separately, will now be part of the Union Budget for 2017-18.

TN Assembly unanimously passes Jallikattu Bill

The student power has ultimately won in Tamil Nadu, with the state legislative assembly unanimously passing the Jallikattu Bill on Monday evening, paving way for un-disrupted conduct of the ‘bull taming’ sport in the state. However, the ultimate victory did come with lot of bloodshed and violence, on a scale never before witnessed in the state in the recent past. By dusk, when the state assembly had passed the bill, large-scale violence had been witnessed across the state, even as life was thrown out of gear in the state capital.

India turns to AI as cyber threats grow

In the darkened offices of a tech start-up, a handful of computer engineers sifts through a mountain of intelligence data that would normally be the work of a small army of Indian security agents.

Solar-powered system to provide safe drinking water in India

Scientists are developing a low-cost, solar-powered water purification system that may help over 77 million people in remote parts of India get access to safe drinking water.

According to researchers at the University of Edinburgh in the UK, there is no systematic treatment of sewage in rural India.

The government has focused on purifying contaminated water in rivers and streams, but the situation could be greatly improved by tackling the problem at source, researchers said.

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