Brent and WTI surged on the last trading day of 2018 on Monday, on hints of progress on the US and China trade deal, which has hit crude prices for most of the year. Crude was trading higher with Brent and WTI up but is on track for the biggest yearly decline in three years. Brent lost 20 per cent while WTI was down 24 per cent in 2018 but the downward pressure will not sustain from January when the OPEC-led supply cuts will commence.  

Even&nbsp;as most of the world is still struggling with massive economic slowdowns&nbsp;with the coronavirus pandemic, China seems to be&nbsp;proving that a fast economic rebound is possible when the virus is brought firmly under control.
The Chinese economy surged 4.9% in the July-to-September quarter compared with the same months last year. The robust growth brings China almost back up to the roughly 6% pace of growth that it was reporting before the pandemic.
The United States and other nations are expected to report a third-quarter surge too, but they are still behind or just catching up to pre-pandemic levels.
China&rsquo;s lead could widen further in the months to come, say experts. It has almost no local transmission of the virus now, while the United States and Europe face another accelerating wave of cases.

PTI,&nbsp;New Delhi: The CBI has booked BSP MLA Vinay Shankar Tiwari and his wife Rita Tiwari in connection with an alleged bank fraud to the tune of Rs 754.25 crore involving a company, officials said Monday.
The CBI on Monday started a search operation at the residence of Chillupar (Gorakhpur) MLA Tiwari, who is son of former minister and a strongman from Gorakhpur, Hari Shankar Tiwari, and the office of the company, Gangotri Enterprises, in Lucknow.
The searches were also spread out in Noida at the premises of another accused company, Royal Empire Marketing pvt Ltd, and another accused director in Gangotri Enterprises, Ajit Pandey.&nbsp;

Equity markets closed with sharp gains on Monday led by heavy buying in banking and financial stocks.
The Sensex&nbsp;finished the day 448 points up at 40,431 and the Nifty surged 0.94% to end at 11,873.
ICICI&nbsp;Bank, Nestle India, GAIL, Axis Bank and SBI were the top gainers.
The rupee fell 2 paise to 73.37 against the US dollar.

Multiple automakers have complained of not being issued the necessary licences to import certain tyres from China, Economic Times reported.
Vehicle manufacturers claim that while they have been granted licences to import certain high-performance tyres meant for vehicles to be exported, the same is not being extended for vehicles to be sold in India, the report mentioned.
The government had moved the import of vehicle tyres to the restricted category in June to prevent dumping of cheap imports &ndash; a bulk of which came from China.
&nbsp;

Union minister Nitin Gadkari on Sunday made a pitch for 'swadeshi' production and said imports need to end, while exports should increase. He also suggested setting up of an import substitute and export-oriented department with separate funds earmarked for it.
The transport and MSME&nbsp;minister&nbsp;added that the&nbsp;country would become the world's largest e-vehicle manufacturing hub in the next five years with products ranging from two-wheelers, three-wheelers and cars to construction equipment.
However, former RBI&nbsp;governor Raghuram&nbsp;Rajan,&nbsp;earlier this month, warned that the Atmanirbhar Bharat campaign should not lead to protectionism as such policies had not worked in the past.

The country's largest private-sector lender&nbsp;HDFC&nbsp;Bank has reported a 18.4% year-on-year jump in its September quarter net profits at ₹7,513 crore.
Net interest income increased by 16.7% y-o-y to ₹15,776&nbsp;crore&nbsp;driven by asset growth of 21.5% and a net interest margin for the quarter at 4.1%.
It registered a 15.8% y-o-y growth in advances, while deposits rose&nbsp;20.3% y-o-y.
The gross non-performing assets ratio fell 28 basis points quarter-on-quarter to 1.08%, while the net NPA ratio&nbsp;declined 16 bps sequentially to 0.17%.

Even as the Asian markets remained mixed, Indian equity benchmarks edged higher in the opening session on Monday led by strong momentum in banking and financial stocks.
At 9:20 am, the Sensex was 336 points in the green at 40,319 and the Nifty was trading at 11,835, up 0.62%.
ONGC, HDFC, DrReddy, HDFC&nbsp;Bank, and ICICI&nbsp;Bank were the top five index movers.

Jet Airways' committee of creditors on Saturday&nbsp;approved a resolution plan submitted by&nbsp;a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.&nbsp;
The domestic airline&nbsp;was forced to ground all flights in April 2019, crippled by mounting losses as it attempted to compete with low-cost rivals.
The airline's financial and operational creditors were owed nearly&nbsp;₹30,000 crore&nbsp;after the operations were halted.

Passenger vehicle sales rose 17% in the second quarter of current financial year, according to the Society of Indian Automobile Manufacturers. Over 7 lakh 26 thousand units were sold in the July-September quarter up from over 6 lakh and 20 thousand units sold during the same period last year. However, commercial vehicle sales came in at 1,33,524 units registering a de-growth of 20 per cent, SIAM data showed. Car sales in the July-September period rose 16%, while two wheelers saw a marginal rise in sales in the second quarter over the same period last year.

To incentivise purchase of electric vehicles, the Delhi Government has exempted battery operated vehicles from registration fee. The Capital's AAP govt had earlier this week exempted electric vehicles from road tax on October 11. The chief minister had in August announced the Delhi Electric Vehicle Policy 2020, promising to waive road tax and registration fee and to provide an incentive of up to Rs 1.5 lakh for new cars. The govt has been incentivising&nbsp;electric vehicles to curb pollution in the city.

After a ten-day gaining streak , a selloff in IT and financial stocks pulled the markets lower on Thursday. Sensex &amp; Nifty erased nearly 40% of gains seen in previous ten sessions. The Sensex closed 1,066.33 points or 2.61 per cent lower at 39,728.41, while the Nifty settled at 11,680.35 for the day, down 2.43 per cent from its previous close. Record number of new COVID-19 infections in parts of Europe spooked investors across the globe. 47 Nifty stocks closed in the red with Bajaj Finance, Tech Mahindra, ICICI Bank being the top losers.

As the new normal takes over amid the Covid&nbsp;crisis, start-ups have gradually recovered to the pre-Covid levels in the July-September quarter, according to a report in Financial Express. Firms managed to raise about $2.79 billion in the 3rd quarter of the year, more than double the $1.33 billion funding it secured in the 2nd quarter.&nbsp;While the online services mostly remained unhindered, edtech, grocery,&nbsp;and gaming companies have expanded their user base. The report also pointed out that the digital health segment had also seen considerable demand for remote diagnosis, tele-consultation, and online pharmacy services.

Indian government is going ahead with its plan to sell Air India as it turns down the options of either running the airlines for the next 2-3 years or shutting it down completely, reported TOI. The government is not willing to reduce the rupees 23,286 crore&nbsp;debt&nbsp;and is expected&nbsp;to ask suitors to bid based on combined equity and debt value. The deadline for submission of interest for the national carrier has been extended again to&nbsp;October 30.&nbsp;&nbsp;

The world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank President David Malpass has said. The World Bank has termed the pandemic a "catastrophic event" for many developing and the poorest countries. He told reporters at the start of the annual meetings of the IMF and the World Bank that given the extent of the economic contraction, there was a rising risk of disruptive debt crises in countries. Malpass added that the World Bank is building a big growth programme for countries in this fiscal year.

Rejecting to grant a month's time, the Supreme Court on Wednesday asked the central government to implement the interest waiver scheme at the earliest.
The apex court also told the Solicitor General that common persons'&nbsp;Diwali is in the government's hand now.
The centre had agreed to waive compounded interest for loans up to ₹2 crore&nbsp;for the six-month moratorium period.
The bench listed the case on November 2 and said that they expect the government to come back with an appropriate decision.

Wholesale price inflation rose to 1.32% in September, against 0.16% in August, the government data showed on Wednesday.
Inflation in food articles during the month was at 8.17%, as against 3.84% in August. Vegetables inflation&nbsp;touched a high of 36.54% in September. Potato price skyrocketed by 107.63% from a year-ago period. However, onions prices saw a deflation at 31.64%. The cost of pulses went up by 12.53%.
In the manufactured products category, inflation during the month rose to 1.61%, from 1.27% a month ago.

Equity benchmarks&nbsp;ended higher on Wednesday led by a&nbsp;strong rally in banking and financial stocks. IT and pharma, however, remained on the losing side.&nbsp;
The Sensex&nbsp;ended 169 points higher at 40,794 and the Nifty closed the trade rising 0.31% at 11,971.
Bajaj&nbsp;Finserv, SBI&nbsp;Life, Bajaj&nbsp;Finance, IndusInd&nbsp;Bank and ICICI&nbsp;Bank were the top market movers.
Asian bourses&nbsp;were mixed while a strong upside was seen in the European markets.
The rupee edged 4 paise higher to close at 73.31 against the US dollar.
&nbsp;

The coming festive season is likely to witness a surge in demand for residential properties and the housing sales may rise 35% sequentially across the top seven cities during the October-December period, according to Anarock Property Consultants.
The reason for the rise is the prevailing lowest-ever home loan interest rates, developers' willingness to offer good deals and discounts, coupled with limited-period government incentives such as reduced stamp duty and registration charges in markets, the report said.

Congress leader Rahul Gandhi on Wednesday took a jibe at the&nbsp;government over the latest&nbsp;IMF growth projections that show Bangladesh is set to beat India in terms of per capita&nbsp;GDP.
The IMF sees India's per capita GDP&nbsp;falling to $1,877 in 2020. For Bangladesh, the corresponding figure is seen growing to $1,888. If IMF's forecast hits the mark, India will only be ahead of Pakistan and Nepal in the South Asia region.
The opposition leader hit out at the government saying it was the doing of BJP's 'hate-filled cultural nationalism'.

The pandemic-induced one-time loan restructuring will spike the system-wide gross non-performing assets to 11.5% by March, Care Rating said.
The rating agency expects 4-5% of the existing loans to be stressed and opt for restructurings through the course of the year.
The system-wide GNPAs stood at 8.2% in Q1FY21, down from 9.5% in Q1FY20, thanks to the recoveries and higher write-offs during the period.

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Oil prices set for biggest decline since 2015

Dec 31, 2018 12:51 IST

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