Name: #Breaking: Fiscal deficit widens, reaches 103.9% of full year target
Uploaded: 2018-11-30T06:02:49.fff+05:30
Duration: T00M15S
Channel: editorji
Description: Fiscal deficit at ₹6.48 lakh crore at the end of October GDP growth slowed in Q2 on weaker industrial activity Fiscal deficit reaches 103.9% of full year target in Oct

Fiscal deficit at ₹6.48 lakh crore at the end of October
GDP growth slowed in Q2 on weaker industrial activity
Fiscal deficit reaches 103.9% of full year target in Oct

Fiscal deficit at ₹6.48 lakh crore at the end of October GDP growth slowed in Q2 on weaker industrial activity Fiscal deficit reaches 103.9% of full year target in Oct

AP,&nbsp;Dubai: Saudi Aramco's net income plunged by 50% in the first half of the year, according to figures published on Sunday, offering a revealing glimpse into the impact of the coronavirus pandemic on one of the world's biggest oil producers.
Profits for the first six months of the year plunged to $23.2 billion, half of last year's $46.9 billion for the same time period.
The results were announced as Aramco's second quarter earnings dipped to $6.6 billion compared to $24.7 billion during the same time last year, reflecting a staggering 73% drop.
The majority state-owned company's financial health is crucial to Saudi Arabia's stability. Despite massive efforts by Saudi Crown Prince Mohammed bin Salman to diversify the economy, Saudi Arabia still depends heavily on oil exports to fuel government spending.
The price of Brent crude hovers just under $45 a barrel, significantly less than before the pandemic but up from a low of around $21 a barrel in April.
Aramco CEO Amin Nasser acknowledged the company's finances were impacted by &ldquo;strong headwinds from reduced demand and lower oil prices" sparked by the pandemic, which halted flights around the world and plunged economies into recession, including Saudi Arabia's.
The company said it will uphold its commitment to pay out dividends of $18.75 billion for the second quarter as part of its promise to pay $75 billion in annual dividends.
Nasser described Aramco's half-year earnings as &ldquo;solid&rdquo; and credited the company's low production costs and operational strength, which helped it to maintain its promised dividend payments.
Aramco was knocked out of it's top spot as the world's most valuable listed company by Apple in recent days.
It's stock price gained a little on Sunday, trading at around 33 riyals ($8.80) a share. At its highest, Aramco traded above $10 a share in December and at it lowest slipped to $7.20 a share in March.
Looking ahead, Nasser said the energy market is seeing a partial recovery as countries around the world ease restrictions and reboot their economies.
&ldquo;We are determined to emerge from the pandemic stronger and will continue making progress on our long-term strategic journey, through ongoing investments in our business,&rdquo; Nasser said.
Even before the half-year results were announced, it was clear Aramco's half-year earnings would take a hit with the company's first quarter profits down 25%.
Aramco, which floated a sliver of its shares on the local Saudi stock market last year, had long kept its financial details a closely-held secret until the company began preparations for its market debut.&nbsp;

Mukesh Ambani has surged past Europe's wealthiest man, making him the world's fourth-richest person. Reliance Industries Ltd.'s chairman is now worth $80.6 billion, after amassing $22 billion this year, according to the Bloomberg Billionaires Index. Ambani's wealth pile is npw bigger than French billionaire Bernard Arnault's fortune. India's richest person has already surpassed some of the biggest tycoons in recent weeks, including Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page, as well as Warren Buffett. Reliance shares have more than doubled since March as its digital unit Jio got billions in investments from companies including Facebook and Google.

The Delhi government has launched the Electric Vehicle Policy which will waive registration fee, road tax, and provide an incentive of up to&nbsp;₹1.5 lakh for new&nbsp;electric cars.
With this policy, the government aims to generate employment to give a boost to Delhi's economy and reduce pollution levels in the national capital. The policy also aims to constitute 25% electric vehicles by 2024, which is currently just 0.29% in the national capital.
Chief Minister Arvind&nbsp;Kejriwal said his government will also give low-interest loans on electric commercial vehicles and will also set up 200 charging stations in a year.

After a highly volatile session, stock markets ended Friday on a flat note. Even as banking and metal stocks supported the benchmarks, weak European and Asian peers continued to put pressure on investors' sentiment.
The Sensex&nbsp;ended 15 points in the green at 38,040 and the Nifty closed the day at 11,214, up 14 points.
Asian Paints, Bajaj&nbsp;Finance, UPL, Bajaj&nbsp;Finserv and IndusInd&nbsp;Bank were the top gainers. Whereas, Titan, HCL&nbsp;Tech, Infosys, Sun Pharma and M&amp;M were the top Nifty losers.
The rupee ended almost flat at 74.93 against the US dollar.

After a steep decline of over 50% in the June quarter, the India smartphone market is set for a gradual recovery in the second half as the country enters the festive season, private research firm&nbsp;IDC India said on Friday.
The online channel registered a high market share of 44.8% in June quarter but declined 39.9%&nbsp;in unit terms due to lockdown restrictions on the delivery of electronics.

Gold prices surged to a new all-time high on Friday as rising coronavirus cases and US-China tensions led to a huge&nbsp;rise in the demand for safe haven.
Gold Futures on the MCX&nbsp;touched a&nbsp;fresh&nbsp;high of ₹56,191 earlier in the session today.
Silver futures were trading at ₹76,350 per kg, after hitting a lifetime high of ₹77,949 in today's session.

Despite the coronavirus pandemic hitting global demand, exports from China have remained vigorous as medical supply exports jumped in the first half of the year.
China&rsquo;s dollar-denominated exports rose 7.2% while imports fell 1.4% in July from a year ago, data from the country&rsquo;s General Administration of Customs showed on Friday.
Economists polled by Reuters had expected China&rsquo;s dollar-denominated exports to fall by 0.2% year-on-year, while imports were predicted to have risen 1%.
In June,&nbsp;China&rsquo;s dollar-denominated exports posted a rise of 0.5% and imports rose 2.7%.

Two-wheeler industry unit sales are now likely to decline between 16 and 18% to around 17 million units in FY21, ICRA Ratings has said.
The rating agency had earlier estimated a decline of 11-13% but revised the forecast considering the Covid-19 demand-supply disruptions, looming income uncertainties and increased cost of ownership of BS-VI vehicles.
Accordingly, ICRA expects two-wheeler manufacturers to brace for another year of lower earnings and a decline in average operating margins by 150-200 basis points.

US markets surged on Thursday with Nasdaq&nbsp;Composite&nbsp;index closing above 11,000 level for the first time ever, bolstered by strong gains in tech companies.
The Dow Jones rose 185 points, the S&amp;P climbed 0.64% and the Nasdaq&nbsp;advanced 1% to close at record 11,108.
The FAANG&nbsp;group or the major US tech giants, Facebook, Apple, Amazon, Netflix&nbsp;and Google, posted strong gains.&nbsp;

Equities fell in the opening session on Friday led by IT and banking stocks. Asian markets also saw a sharp drop in the morning trade.
At 9:25 am, the Sensex was over 100 points in the red at 37,920 and the Nifty was at 11,171, down 0.25%.
HCL Tech, Infosys, HDFC&nbsp;Bank, Tata&nbsp;Steel and Hindalco&nbsp;were the top Nifty losers.
&nbsp;

Tech giant Facebook has announced that it is extending its work from home policy, to allow its employees to voluntarily work remotely, until July next year.
According to a Facebook spokesperson, the decision has been taken based on guidance from health and government experts in the wake of the Covid-19 pandemic.
The company will grant an additional $1,000 for the employees' home-office needs.
The move follows similar announcements by Google and Twitter, among other companies. Facebook expects to have nearly half of its workforce working remotely in the next 5-10 years.

Indian equities surged on Thursday to in the green as IT, metal and pharma&nbsp;stocks rallied. Positive commentary by the central bank governor Shaktikanta&nbsp;Das&nbsp;also lifted the sentiment.
The Sensex&nbsp;closed 362 points higher above 38,000-level and the Nifty jumped 0.89% to end the session at 11,200.
Tata&nbsp;Steel, Infosys, GAIL, Bajaj&nbsp;Finance and UPL were the top gainers.
The rupee settled for the day on a flat note at 74.94 against US dollar.

The Reserve Bank of India on Thursday added additional shine to gold ornaments and jewellery by allowing banks to give loans up to 90% of the value of such items pledged by borrowers.
At present, loans sanctioned by banks against pledge of gold ornaments and jewellery is up to 75% of the value of such items.&nbsp;The enhanced loan-to-value ratio will be applicable up to March 31, 2021.
The additional loan against jewellery is expected to mitigate the economic impact of the Covid-19 pandemic on households, entrepreneurs and small businesses and help them tide over their temporary liquidity mismatches.
&nbsp;

TikTok has announced its plans to build a $500m data centre in Ireland.
It will store videos, messages and other data generated by European users from the short-form video-sharing app.
Until now all of its users' records were stored in the US, with a back-up copy held in Singapore.
The move comes at a time when President Trump has threatened to ban the app in the US on the grounds of its Chinese ownership which makes it a national security risk.
TikTok's&nbsp;parent company Bytedance&nbsp;is in talks to sell its US, Canada, Australia and New Zealand operations to Microsoft.

Bharti Airtel&nbsp;and Amazon Web Services&nbsp;will join forces to develop the Indian telecom&nbsp;firm&rsquo;s cloud business, allowing it to offer a wider range of products to its enterprise clients, the two companies said on Wednesday.
Airtel Cloud currently provides data centre and cloud services to companies and governments via different partnerships.
The tie up with Bharti will offer Amazon&rsquo;s web services business direct access to the Indian firm&rsquo;s more than 2,500 large enterprise customers and over a million emerging businesses.

The Reserve Bank of India has&nbsp;decided that stressed MSME borrowers will be made eligible for restructuring their debt under the existing framework, provided their accounts with the concerned lender were classified as standard as on March 1, 2020. This restructuring will have to be implemented by March 31, 2021.
A restructuring framework for MSMEs that were in default but &lsquo;standard&rsquo; as on January 1, 2020 is already in place. The scheme has provided relief to a large number of MSMEs.&nbsp;

The central bank on Thursday announced that an additional special liquidity facility of ₹10,000 crore will be provided at the policy repo rate.
This will consist of ₹5,000 crore to the National Housing Bank to shield the housing sector from liquidity disruptions and augment the flow of finance to the sector through housing finance companies.
The National Bank for Agriculture and Rural Development (NABARD) will get&nbsp;₹5,000 crore&nbsp;to ease the stress being faced by smaller NBFCs&nbsp;and micro-finance institutions.

The central bank's&nbsp;Monetary Policy Committee led by RBI Governor Shaktikantha Das&nbsp;on Thursday announced to&nbsp;leave the repo rate unchanged at 4%. The reverse&nbsp;repo rate also remained unchanged at 3.3%.
The Committee has maintained its accommodative stance. While space for further monetary policy action is available it is important to use it judicially to maximise the beneficial effects on the underlying economy, Das said
&nbsp;
&nbsp;&nbsp;

Ratan Tata has filed an affidavit with the Supreme Court rebutting claims made by Cyrus Mistry and accusing the latter of &ldquo;creating a smokescreen of oppression and mismanagement.&rdquo;
In his petition, Tata said Cyrus&rsquo; case was &ldquo;essentially about personal grievance for&nbsp;loss of office,&rdquo; said a&nbsp;report&nbsp;by Hindu BusinessLine.
Ratan Tata&nbsp;cited the surge in the shareholding value of Cyrus Mistry's family in Tata Sons to counter Mistry's allegations of oppression of minority shareholders in the group.

The revenue of mall operators is set to halve this fiscal due to the Covid-19 pandemic-driven lockdowns, rating agency Crisil said on Wednesday.
Much of the impact on mall revenue is because multiplexes, food courts, restaurants and gaming zones have not yet opened in many locations as per government orders.
For the other categories, such as apparel, cosmetics, electronics, and bookstores, which contribute 75% of mall revenues, consumption is still low at 30-35% of previous years' numbers, the report said.

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#Breaking: Fiscal deficit widens, reaches 103.9% of full year target

Nov 30, 2018 18:02 IST

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