Brexit HIGHLIGHTS: Britain, EU reach deal; Boris Johnson hails ‘great’ move

Britain and the European Union said Thursday that they have struck an outline Brexit deal after days of intense see-saw negotiations though it must still be formally approved by the bloc and ratified by the European and U.K. Parliaments.

Johnson's op-ed appeared aimed at adding pressure on the EU to agree to his latest Brexit proposals as the deadline nears.
Johnson's op-ed appeared aimed at adding pressure on the EU to agree to his latest Brexit proposals as the deadline nears.
Johnson's op-ed appeared aimed at adding pressure on the EU to agree to his latest Brexit proposals as the deadline nears.
British Prime Minister Boris Johnson tweeted that the two sides had struck a “great new deal” and urged U.K. lawmakers to ratify it in a special session on Saturday.

Britain and the European Union said Thursday that they have struck an outline Brexit deal after days of intense see-saw negotiations though it must still be formally approved by the bloc and ratified by the European and U.K. Parliaments. Hours before a summit of all 28 EU national leaders, European Commission President Jean-Claude Juncker tweeted: “We have one! It’s a fair and balanced agreement for the EU and the UK and it is testament to our commitment to find solutions.” British Prime Minister Boris Johnson tweeted that the two sides had struck a “great new deal” and urged U.K. lawmakers to ratify it in a special session on Saturday.

Watch: The Economist – India Summit 2019

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16:21 (IST)17 Oct 2019
Nations should back the Brexit deal

EU Commission President Jean-Claude Juncker says in a letter that member nations should back the Brexit deal agreed early Thursday and that the 27 member states are “best served by an orderly and amicable withdrawal of the United Kingdom from our Union.”

16:12 (IST)17 Oct 2019
UK PM Johnson confident deal will be ratified by Oct 31

British Prime Minister Boris Johnson is confident his new Brexit deal can be ratified by the departure date of Oct. 31 and it will go forward for a vote in parliament on Saturday, his spokeswoman said. The spokeswoman added that the deal will ensure Britain leaves the European Union in an orderly way.

16:06 (IST)17 Oct 2019
Pound sinks as key ally rejects Johnson Brexit plan

Sterling tumbled Thursday after Prime Minister Boris Johnson’s key ally in parliament said it “could not support” his plans for a Brexit deal, throwing a spanner in the works just as Britain and the European Union were closing in on an agreement.

16:04 (IST)17 Oct 2019
Corbyn on Brexit deal

UK opposition leader Corbyn says that we are unhappy with this deal.

16:01 (IST)17 Oct 2019
Boris Johnson hails great new Brexit deal, Northern Ireland party holds off on sign-off

Talks between the UK’s Brexit team, led by secretary of state for leaving the EU Stephen Barclay, and the EU negotiators led by Michel Barnier entered a crunch phase on Wednesday to try and thrash out something that the leaders of the 28 EU member-countries can green-light during their two-day summit.

15:59 (IST)17 Oct 2019
Boris Johnson on Brexit

“Now parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment,” Boris Johnson.

15:55 (IST)17 Oct 2019
Brexit deal a great move, says Boris Johnson

Prime Minister Boris Johnson said on Thursday that Britain and the European Union had agreed a “great” new Brexit deal but still faced resistance from the Northern Irish Democratic Unionist Party (DUP) as he sought support for the deal.

15:41 (IST)17 Oct 2019
BSE live: Sensex soars 453 points, Nifty closes near 11,600; Yes Bank zooms 18%

The Sensex closed 454 points up at 39,052, while the Nifty ended the session near the the 11,600-mark. Yes Bank shares closed 15.31% higher at Rs 47.45 after meida reports said that Bharti Airtel’s Sunil Mittal and Hero’s Munjal are eyeing stake in private capacity. Yes Bank, Tata Motors, IndusInd Bank and Bajaj Auto were the biggest gainers in the Sensex pack, soaring up to 16 per cent. A look at Sensex heatmap at close.

15:12 (IST)17 Oct 2019
BSE live: Sensex, Nifty soar higher; Yes Bank jumps 18%

 The headline indices Sensex and Nifty extended gains in the afternoon trade on Thursday, after FM Nirmala Sitharaman’s comments on further economy boost. The Sensex was up about 400 points, while the Nifty eas trading near the 11,600-mark. Yes Bank shares gained more than 18% to hit the day’s high at Rs 48.20 after meida reports said that Bharti Airtel’s Sunil Mittal and Hero’s Munjal are eyeing stake in private capacity. However, Bharti Enterprises has refuted the reports. A look at LIVE Sensex heatmap.


14:55 (IST)17 Oct 2019
BSE live: FM Sitharaman says more reforms on cards; Sensex, Nifty soar higher; Yes Bank jumps 18%

The Sensex was up about 400 points, while the Nifty eas trading near the 11,600-mark. Yes Bank shares gained more than 18% to hit the day’s high at Rs 48.20 after meida reports said that Bharti Airtel’s Sunil Mittal and Hero’s Munjal are eyeing stake in private capacity. However, Bharti Enterprises has refuted the reports. A look at LIVE Sensex heatmap.

14:42 (IST)17 Oct 2019
Religare Finvest case: Delhi court sends ex-Fortis promoters Malvinder, Shivinder Singh to 14-day judicial custody

A Delhi court on Thursday remanded former Fortis Healthcare promoters Malvinder Singh and his brother Shivinder Singh to 14-day judicial custody for allegedly misappropriating funds of Religare Finvest Ltd (RFL). Metropolitan Magistrate Nishant Garg also sent three others, Sunil Godhwani, Kavi Arora and Anil Saxena to judicial custody till October 31.

14:31 (IST)17 Oct 2019
Tomato prices continue to rule high at Rs 60-80/kg in Delhi

Tomato prices in the retail markets of the national capital continue to rule high in the range of Rs 60-80/kg despite the government’s measures to boost tomato puree supply via Mother Dairy’s Safal outlets. Tomato prices have come under pressure in Delhi and the National Capital Region (NCR) due to supply disruption owing to heavy rains in producing states like Maharashtra and Karnataka. As per the data maintained by the Ministry of Consumer Affairs, the average retail price of tomato was at Rs 60/kg on Thursday, up from Rs 45/kg on October 1, this year. However, the key kitchen staple was being sold at up to Rs 80/kg in the unorganised sector, depending on the quality and locality. The prices have remained firm at higher levels in the last one week despite the central government intervention.

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14:27 (IST)17 Oct 2019
Share of financial assets on the rise: Karvy Private Wealth

Individual investors investing in the Indian markets continue to move their wealth from physical assets such as gold and real estate to financial assets like equities and mutual funds. The annual India Wealth Report done by Karvy Private Wealth shows that the proportion of investments in financial assets expanded to 61% in FY19, against 57.25% five years ago. The share of physical assets came down from 42.75% to 39.05% in the same period. According to the report, individual wealth in India is estimated to grow at a compounded annual growth rate of 13.19% over the next five years to reach a total of Rs 799 lakh crore. Direct equity, mutual funds and alternative funds will be the top growth drivers for financial assets over the next five years.

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14:24 (IST)17 Oct 2019
Sebi accepts Amfi proposal to levy exit loads in liquid schemes

Markets regulator Securities and Exchange Board of India (Sebi) has accepted the proposal of the Association of Mutual Funds in India (Amfi) regarding levy of exit loads on a graded basis in liquid funds. Market participants say this move will lead to outflows from liquid funds into overnight funds, but at the same time, it will make flows into liquid funds more stable. The graded exit load has been set at 0.0070% on Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6 and zero exit load from from Day 7 onwards. Generally, institutional investors like banks and corporates park their short-term money into liquid funds.

14:23 (IST)17 Oct 2019
Blue Star eyes 15% market share by FY24, to double outlets

Air-conditioning and commercial refrigeration major Blue Star on Wednesday said the company is putting in place new strategies to achieve 15% market share in the air-conditioning segment by the end of FY 2024. To achieve the target, Blue Star, which currently has a 12.5% market share, is planning to penetrate further, deeper across the country by doubling its outlets from the current 5,000, enhancing its share of trade in e-commerce from current 5% to 25%, and rolling out innovative products across all price points.

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14:20 (IST)17 Oct 2019
Pakistan isolated by all countries in FATF; on verge of being in ‘Dark Grey’ list

Pakistan is on the verge of strong action by the international terror financing watchdog FATF and the country may be put in the ‘Dark Grey’ list, the last warning to improve. Officials attending the ongoing plenary of the Financial Action Task Force (FATF) in Paris said as per indications, Pakistan will be isolated by all members for not doing enough. Pakistan is on the verge of strong action by FATF, given its inadequate performance, whereby it managed to pass in only six of 27 items, an official privy to the development said. The FATF will finalise its decision on Pakistan on October 18.

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14:18 (IST)17 Oct 2019
Indian public sector banks had “worst phase” under Manmohan Singh, Raghuram Rajan: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has said that the Indian public sector banks had the “worst phase” under the combination of former Prime Minister Manmohan Singh and RBI Governor Raghuram Rajan. Delivering a lecture at the prestigious Columbia University’s School of International and Public Affairs here on Tuesday, Sitharaman said that giving all the public sector banks a “lifeline” is today her primary duty “I’m taking a minute to respond… I do respect Raghuram Rajan as a great scholar who chose to be in the central bank in India at a time when the Indian economy was all buoyant,” Sitharaman said during the lecture organised by the Deepak and Neera Raj Centre on Indian Economic Policies of the Columbia University.

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14:16 (IST)17 Oct 2019
GoAir pre-Diwali 2019 sale: Discount galore in flight ticket fares; check rates, dates and key details

In a good news for travellers planning to fly to international as well as domestic destinations, Go Air has started a pre-Diwali 24-hour sales. Under this offer, flight fares are starting at just Rs. 1296. The offer is valid on Go Air’s flights on international and domestic routes. The 24-hour pre-Diwali sale has begun at 3 pm on October 16. Booking period will end at 3 pm on October 17. The travel period is between October 20 and October 23.

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14:13 (IST)17 Oct 2019
Slowdown a blip: Cleartrip remains bullish on Indian travel | INTERVIEW

While several sectors have been facing slowdown blues, the travel industry has remained largely untouched by it, a top executive of a global travel firm said. However, the industry has its own share of woes that have been caused by low capacity expansion, Balu Ramachandran, Senior Vice President, Cleartrip told Financial Express Online. In an interview, he also talked about various issues ranging from the current slowdown, why Cleartrip remains bullish on India market potential, how Jet Airways grounding still haunts Indian aviation sector, Cleartrip’s hotel play and the company’s latest venture for MSME travellers.

Edited excerpts

14:11 (IST)17 Oct 2019
PMC Bank scam: Ex-director sent in police custody till Oct 22

The Mumbai Police will investigate how the Reserve Bank of India audit missed various irregularities in the PMC bank transactions, the metropolis police chief said on Wednesday. Mumbai Police Commissioner Sanjay Barve said this after meeting a group of PMC Bank depositors met him during the day at his office. While interacting with the depositors, Barve said the police are looking into why and how these irregularities in the functioning of the bank did not figure in RBI’s forensic audit report.

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14:06 (IST)17 Oct 2019
100 MSMEs to explore BSE SME listing this fiscal; number of firms shifting to main board to go up

The listing platform for small and mid-size enterprises (SME) at the Bombay Stock Exchange BSE SME launched in March 2012 has so far seen the listing of 312 SMEs while another around 100 are exploring listing by the end of the current financial year, according to BSE SME Head Ajay Thakur. “By March end we are expecting another 40-45 SMEs to file their prospectus while 60 companies have already filed it and are in line to get listed even as it depends on how the market behaves,” Thakur told Financial Express Online. According to the data available, the market cap of 312 listed SMEs so far is Rs 18,378.77 crore while the total money raised till date is Rs 3,183.80 crore. In terms of migration to the main board, so far 71 SMEs have made the switch while “another 10-12 companies may migrate to the main board by March,” Thakur added.

13:26 (IST)17 Oct 2019
Neelkanth Mishra, Nilesh Shah, Anantha Nageswaran inducted in PMEAC

A month after the PM Economic Advisory Council was rejigged, three new part-time members have been inducted into it. Economists Neelkanth Mishra, Nilesh Shah and V Anantha Nageswaran have been included for a period of two years, according to a notification by the Cabinet Secretariat. In September, two part-time members Rathin Roy and Shamika Ravi were dropped from Bibek Debroy-led PMEAC.

13:02 (IST)17 Oct 2019
Credit growth in MSMEs suffers despite govt’s push, low lending rates; here’s what RBI data shows

Even as Finance Minister Nirmala Sitharaman announced a slew of measures to boost credit growth in the MSME sector, the move did not improve the situation. The credit growth in the MSME sector has contracted by 3.85 per cent in the financial year so far. The contraction in the micro and small enterprises stood higher than that in the medium enterprises, says the RBI October bulletin report. The credit growth in the micro and small enterprises shrank 4.4 per cent from Rs 3.75 lakh crores in March 2019 to Rs 3.58 lakh crores in August 2019, while the credit growth in the medium enterprises shrank by 1.8 per cent. 

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13:00 (IST)17 Oct 2019
Recap: RBI extends restrictions over two Maharastra based cooperative banks

Following the expose of a major scam in Punjab and Maharashtra Cooperative Bank (PMC), the Reserve Bank of India has cracked the whip on cooperative banks. The Banking sector regulator extended the restrictions on two cooperative banks on Wednesday evening while it also imposed a penalty of Rs 3 crore on the SBM bank. Exercising its powers under section 35A and section 56 of Banking Regulation Act of 1949, the RBI extended the restrictions on two cooperative banks on Wednesday evening.

12:58 (IST)17 Oct 2019
Reliance Jio alleges rivals showing wirelines as mobile numbers for IUC rip-off

Amid the ongoing war of words over interconnect usage charges (IUC) among telcos, Reliance Jio has now alleged that the incumbent operators are fraudulently showing wireline numbers as mobile numbers to illegally extract 6 paise termination charge from it. For perspective, the IUC for mobile to mobile calls are 6 paise per minute, but if the calls are terminating on landlines, the rate is zero. In a letter to Telecom Regulatory Authority of India (Trai), Jio has said the operators including Bharti Airtel, Vodafone Idea and BSNL, have implemented a process under which various enterprises are offered mobile numbers as their customer care or helpline numbers like in case of 8888888888 by Just Dial and 9313931393 by Oyo.

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12:56 (IST)17 Oct 2019
DHFL reolution plan likely to get majority nod: Union Bank MD

Bankers expect to get the requisite numbers to clear a resolution plan for Dewan Housing Finance (DHFL), even as mutual funds (MFs) stay away from the inter creditor agreement (ICA), Union Bank of India managing director and chief executive officer Rajkiran Rai G said on Wednesday. He further said that loan pools bought from DHFL have been performing well and the recent downgrade of these pools by ICRA to default grade possibly takes into account the Bombay High Court order which temporarily restrains repayments by DHFL to its creditors.

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12:55 (IST)17 Oct 2019
With 21 unicorns, India third on list of billion-dollar tech start-ups; US, China lead

India, with 21 unicorns, stands a distant third to China and the US in the inaugural Hurun Global Unicorn List 2019, a ranking of the world’s billion-dollar tech start-ups compiled by the China-based Hurun Research Institute. China, with 206 unicorns and the US, with 203, dominate the list with over 80% of the world’s known unicorns, despite representing only half of the world’s GDP and a quarter of the world’s population. Hurun Research found 494 unicorns in the world, based in 25 countries and 118 cities. Set up seven years ago on an average, they are worth $$3.4 billion on average and $1.7 trillion in total. Valuations are a snapshot of June 30, 2019.

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12:53 (IST)17 Oct 2019
Details of investment in Jammu and Kashmir would be available very soon, says Nirmala Sitharaman

The details of the government’s policy to attract more investments in Jammu and Kashmir would be available very soon, Finance Minister Nirmala Sitharaman said, listing out the potential the area carries for investors in sectors like tourism, handicrafts, silk, production of saffron and apple. Sitharaman made the comments while responding to a question during an interactive session with investors at the IMF headquarters here on Wednesday. The event was organized by the Federation of Indian Chambers of Commerce and Industry and US India Strategic and Partnership Forum. “We have started working in terms of making sure that the full potential of Jammu and Kashmir from various different aspects (is achieved),” she said.

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12:51 (IST)17 Oct 2019
UTI Mastershare Dividend 2019: 5.99 lakh investor accounts to receive dividends

There’s a good news for the unit holders of UTI Mastershare Unit Scheme, an equity oriented mutual fund. UTI AMC has declared dividend of of 26 per cent (Rs.2.60 per unit on face value of Rs.10) under dividend option-regular plan and dividend (gross distributable amount) of 15 per cent (Rs1.50 per unit on face value of Rs.10) under dividend option –direct plan. Incidentally, UTI Mastershare Unit Scheme is India’s first equity oriented scheme with its inception date being October 15, 1986.

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12:49 (IST)17 Oct 2019
IAG to sell entire 26% stake in SBI General Insurance to Premji lnvest, Warburg Pincus

Public sector lender SBI on Thursday said its joint venture partner IAG will sell entire 26 per cent stake in its subsidiary SBI General Insurance to Napean Opportunities and WP Honey Wheat lnvestment Ltd for an undisclosed amount. “IAG has entered into definitive agreements to sell the whole of its 26 per cent interest in SBI General via two transactions,” State Bank of India said in a regulatory filing. The country’s largest lender and lnsurance Australia Group (IAG) currently own 7O per cent and 26 per cent, respectively, in SBI General Insurance.

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12:46 (IST)17 Oct 2019
Pradhan Mantri Ujjwala Yojana brought Rs 3,000 cr investment, generated 3,000 jobs in Northeast

The Centre’s flagship scheme Pradhan Mantri Ujjwala Yojana (PMUY) has not only provided clean fuel to poor households, but also entailed an investment of over Rs 3,000 crore in the northeast, a senior official has said. It has created more than 3,000 jobs in the region during the last two-and-half years as well, he said. The ambitious programme, being implemented by the three PSU oil marketing companies IOCL, HPCL and BPCL, has increased the LPG customer base to over 94 lakh in October 2019 from 48.3 lakh on April 30, 2017, the official said.

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12:02 (IST)17 Oct 2019
Buying Gold on Dhanteras? Yellow metal has turned Rs 1.5 lakh into Rs 10 lakh in these years

Not many days are left for Dhanteras (October 25). It is the time of the year when millions of Indians buy gold, either for personal use or for investment purpose. If you are also planning to invest in Gold this Dhanteras, the following may excite you. In the last 16 years, Gold price has gone up by over six times. In 2004, the price of gold was around Rs 5850 for 10 gram. This has gone over Rs 39,000 per 10 gram now! If a person had invested Rs 1.5 lakh in Gold in 2004, he would have purchased 256.4 gram of the yellow metal. On today’s price, 256.4 gram of gold can fetch him more than Rs 10 lakh.

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12:00 (IST)17 Oct 2019
New employees can join National Pension System directly, EPF to NPS transfer application not needed: Draft code

Employees’ Provident Fund (EPF) to National Pension System (NPS) transfer law: The government is set to simplify the laws affecting employees through a new Code on Social Security 2019. A preliminary draft of the Code has been put in public domain till October 25 for comments and suggestions. The Code will amend and consolidate all laws relating to social security of workers and the connected matters. The Code on Social Security 2019 will be introduced in the parliament as a Bill, and upon passage in both Houses, it will become an Act and apply to the whole of India

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11:54 (IST)17 Oct 2019
SBI Recruitment 2019: Multiple posts on offer with salary upto Rs 15 lakh | Check details

The State Bank of India (SBI) has invited candidates to apply for a number of posts at Candidates interested in the posts on offer can visit the official website of the bank now and fill the application form. It is to be noted that the application process started today and candidates need to fill the form on or before the last date, i.e November 6, 2019. The applications have been invited for the selection of candidates for appointment in the below mentioned Specialist Cadre Officer posts on regular/ contract basis. Interested candidates can go through the below mentioned information nad then fill the application form on the official website.

Check openings here

11:49 (IST)17 Oct 2019
Rs 2,000 note introduced to curb black money, hoarding stopped from printing for same reasons

The Rs 2,000 note, which was brought into the system after demonetisation to curb black money and hoarding, has now been completely stopped from printing due to promoting the same problems. Not even a single note is printed so far in this financial year. The officials have stated that a high circulation of Rs 2,000 notes may defeat the government’s objectives as they are easier to use for illegal purposes such as smuggling, according to a reply to an RTI filed by The New Indian Express. The officials cited the unaccounted cash of Rs 6 crore in Rs 2,000 notes seized at Andhra-Tamil Nadu border as an incident that inspired them to take this action. 

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11:37 (IST)17 Oct 2019
BSE live: Sensex, Nifty trade flat; IndusInd Bank, Asian Paints top gainers

The headline indices Sensex and Nifty were trading flat on Thursday morning, tracking cues. The Sensex was up about 15 points to 38,614, while the Nifty was trading near the 11,450-mark. Shares of IndusInd Bank, Asian Paints are trading up ti 1.5% up. A look at LIVE Sensex heatmap.

11:07 (IST)17 Oct 2019
Mutual Fund Investment: How to choose the right Systematic Investment Plan to match your portfolio

Mutual funds are one of the most trending investment avenues of late. Millennials prefer mutual funds over all other investment options. This may be because of the existence of systematic investment plans (SIPs) in mutual funds. SIPs allow investors to plan and tailor the mutual fund investment as per their comfort. These days, no matter what, people are not willing to compromise on their convenience, especially millennials. SIPs allow investors to invest a fixed sum regularly. The frequency of an SIP can be weekly, monthly, quarterly, bi-annually, or annually, as per your choice. Also, what gives investors a cushion of comfort is that SIPs can be initiated or terminated whenever they want, and there are no charges imposed on investors.

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10:24 (IST)17 Oct 2019
Hotels vs Zomato tiff deepens: More restaurants will follow, warns body; also asks for tweak in Gold

Even after months that food aggregator Zomato got embroiled in a controversy with thousands of restaurants across India, the issue has only worsened with more restaurant bodies joining the logout campaign. The restaurant bodies including FHRAI and NRAI have been persistent in their demands that food aggregators must stop extending deep discounts and also stop levying high commission rates, among others. The hotel bodies have also said that more restaurants will follow suit in the logging out campaign if their demands are not met. 

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10:03 (IST)17 Oct 2019
Oil prices fall as data points to huge build in US stocks

Oil prices slid on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, adding to concerns that demand for oil around the world may weaken amid further signs of a global economic slowdown. Global benchmark Brent crude oil futures had fallen by 40 cents, or 0.7%, to $59.02 a barrel by 0110 GMT. U.S. crude oil futures were down by 46 cents, or 0.9%, to $52.90. U.S. crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to Oct. 11, according to the American Petroleum Institute’s weekly report, published ahead of official government stocks data due on Thursday. Analysts had estimated U.S. crude inventories rose around 2.8 million barrels last week.

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10:02 (IST)17 Oct 2019
Discoms get relief as Andhra HC stays Centre’s order

In a move that could undermine the Centre’s efforts to ensure payment discipline among state power distribution entities, the Andhra Pradesh High Court on Wednesday stayed the Union power ministry’s order making it mandatory for the state’s discoms to provide letters of credit (LCs) in favour of wind and solar power producers for purchase of power. Though the court’s order is specific to the LCs with regard to the renewable units Andhra Pradesh buys power from and is in view of the fact the LC condition was waived by these units in the relevant power purchase agreement (PPA), it could be cited as a precedent by other states.

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