INSUBCONTINENT EXCLUSIVE:
>> Trade war fears return to haunt global markets after Trump tantrum at the G7
>> Government opens up 10 joint secretary-level posts for
private sector professionals
>> Fraud-hit PNB promises to deliver big profit in Q2
and
>> The Swiss have just rejected a plan to bar
commercial banks from creating money electronically
Good morning
You are with ETMarkets.com
And I am Prachi Sharma, your market jockey
As always, it's good to have you with us for the morning briefing
Stock markets moved gingerly this morning, as the outcome of the G7 summit
In Asia, Nikkei slipped 0.1 per cent while South Korea's KOSPI added 0.2 per cent
US's SP500 futures were down 0.17 per cent, and the dollar 0.15%.
Dalal Street was counting possible costs to Indian businesses after Trump
named the country on his target list for tariff review, accusing it of charging 100 per cent levy on some imports
banks, the US Fed and ECB, prepare to signal rollback of soft interest rate regimes through this week.
If all of that sounds depressing here
is good news
India is trying to change governance
The government has just opened up 10 joint-secretary level posts for private sector professionals, who will be hired on a contract basis for
up to five years.
And in another bold move, the Register of Companies is said to have started logging passport details of the top brass at
Indian companies, after some corporate honchos fled the country after committing frauds.
Reuters on Sunday reported that billionaire
jeweller Nirav Modi, who is at the heart of the $2 billion PNB fraud case, is seeking political asylum in the UK, claiming persecution.
PNB
is meanwhile trying hard to come out of the mess
The PSU lender last week submitted a turnaround plan to the government and RBI, promising to clock its largest-ever quarterly profit of at
least Rs 5,000 crore for second quarter.
Moving on.in corporate news,
>> buyout firm Carlyle is looking to sell its entire 33% stake in PNB
Housing Finance in a deal that would yield returns several times its investments.
>> ICICI Bank and its MD CEO Chanda Kochhar have come
under lens of the US securities regulator, even as India plans to seek foreign help in their own probes
>> Baba Ramdev's Patanjali and the
Adanis will put up fresh bids for bankruptcy-hit Ruchi Soya today as the lenders seek to maximise asset value and complete the resolution
process
Elsewhere
The Swiss have just rejected a radical plan to bar commercial banks from electronically creating money when they lend.
And
back home, the mobile wallet industry is eagerly waiting for RBI to release interoperability guidelines for the industry, which is likely to
come up in a month or so.
Lastly.
crude oil prices extended losses after retreating on Friday on concerns about surging US output and
Thank you for listening in
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Have a great weekend good bye
