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News highlights: WTO chief warns trade barriers will 'jeopardise global economy'

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

March 24, 2018 / 09:51 am IST

22:27 That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

21:52 Congress gives notice for moving no-confidence motion against the government
Congress today gave a notice for moving a no-confidence motion against the NDA government and wanted it to be taken up in Lok Sabha on March 27.According to Congress sources, the party submitted the notice in the office of the Lok Sabha Secretary General. The party has also issued a three-line whip to all its members in Lok Sabha to ensure their presence on Tuesday when the House meets again. The motion will be moved by Congress leader in the Lok Sabha Mallikarjun Kharge, who is reaching out to other opposition parties to garner support for the motion, they said."This House expresses No-Confidence in the Council of Ministers," reads the one line motion, notice for which has been given by Kharge.

21:38 WTO chief warns trade barriers will 'jeopardise global economy'
​The World Trade Organization chief warned states today that creating barriers to international trade would "jeopardise the global economy," after Washington slapped steep tariffs on Chinese imports, heightening fears of a trade war. "Disrupting trade flows will jeopardise the global economy at a time when economic recovery, though fragile, has been increasingly evident around the world," WTO Director-General Roberto Azevedo said in a statement, calling for "restraint and urgent dialogue"

21:28 SC verdict on SC/ST Act: Govt holding hectic parleys on seeking review
Hectic parleys are being held by the government on seeking review of the Supreme Court verdict "diluting" provisions of SC/ST (Prevention of Atrocities) Act, amid indications that the ministry of social justice is in favour of the move. The ministry feels that the apex court order may defeat the real purpose of the law which is to ensure swift justice for victims of atrocities against the SC/ST communities.According to sources, Union Minister for Social Justice and Empowerment Thaawarchand Gehlot recently met BJP chief Amit Shah, Law Minister Ravi Shankar Prasad and Finance Arun Jaitley to discuss the matter.

21:12 Trump says he is considering vetoing Omnibus Spending bill
President Donald Trump today said that is considering vetoing the USD 1.3 trillion Omnibus Spending Bill alleging that the 800,000 plus recipients of DACA have been totally abandoned by the opposition Democrats.DACA stands for Deferred Action for Childhood Arrivals, which was started by the previous Obama administration, which allows some individuals, under restrictive conditions, who entered the country as minors. Some 800,000 such people had registered under the DACA policy; however their actual number is quite higher. The program has now lapsed.

20:42 Reliance Industries integrates Jio Music with Saavn
Reliance Industries to integrate Jio Music and Saavn in a transaction valued at over USD 1 billion, with Reliance JioMusic's implied valuation at USD 670 million, according to a press release.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd

20:23 Desire peaceful ties with India; want to sort diplomats' harassment issue soon: Pak HC
Pakistan wants to sort out "as soon as possible" the issue of alleged harassment of diplomats, its High Commissioner to India Sohail Mahmood said today and asserted that his country desired "peaceful and good-neighbourly" relations with India.
Mahmood, who came back to India last night, a week after he was called to Islamabad for consultations amid the raging row between India and Pakistan over harassment of diplomats, said such issues affect the relations between the two countries.


20:06 JSW Energy appoints Sergio Luiz Pegoraro Rocha as COOJSW Energy today said it has appointed Sergio Luiz Pegoraro Rocha Chief Operating Officer to drive its the Electric Vehicles (EV) business. "Sergio Luiz Pegoraro Rocha has been appointed as Chief Operating Officer to drive the Electric Vehicles (EV) business of the Company," JSW Energy said in a BSE filing.He will be joining after completion of Indian immigration formalities and will report to Prashant Jain, JMD & CEO of JSW Energy Ltd, it said.


19:39 Telangana to reduce VAT on aircraft fuel to 1%
In a boost for airlines, the Telangana government today announced steep reduction in value added tax on aircraft fuel to 1 percent from 16 percent.The move will help airlines in bringing down their operational costs of which fuel expenses is a major component."I am happy to announce that VAT on aircraft fuel which is currently at 16 percent in the state of Telangana will be reduced to 1 per cent immediately," Telangana's minister K T Rama Rao said. Rao, who is the IT and Industries Minister, made the announcement at an event to celebrate the tenth anniversary of the Rajiv Gandhi International Airport here.
19:11 List steps taken to assure safety of P&W engines: HC to DGCA

The Bombay High Court today asked the Directorate General of Civil Aviation (DGCA) to list the steps being taken to check the airworthiness of all Pratt and Whitney 1100 engines that power A320neo aircraft.A bench of Justices Naresh Patil and G S Kulkarni also said that merely grounding some aircraft or following the directive of the European Air Safety Authority (EASA) against the use of P&W 1100 engines belonging to the '450 and beyond' series, was not enough.The court said it was the "duty" of the Union government (UoI) and the DGCA to ensure that all aircraft were safe for travel and passengers were assured of their safety.


18:38 Rupee at 1-week high of 65.01 as dollar slides on trade war worriesThe rupee today made an impressive recovery from early losses to close 10 paise higher at a one-week high of 65.01 against the US currency which suffered losses in global markets on intensifying trade war worries.
Fear and panic gripped the currency market sentiment initially after US President Donald Trump decided to slap tariffs on China. Weighed down by heavy dollar demand, the home currency plunged to an intra-day low of 65.21 before staging a rebound to a high of 64.97.The rupee finally settled with a gain of 10 paise at 65.01, a level last seen on March 16, when it had closed at 64.94.


18:18 SAARC fund commits $30 million for 2 energy projectsSAARC Development Fund (SDF) has activated its infrastructure window by giving in-principle approval to two energy projects in Nepal and Sri Lank with total commitment of USD 30 million.CEO of SDF Sunil Motiwal said the fund will have an exposure of USD 15 million in the Hydro-electric project (HEP) in Nepal. The electricity generated from the project is proposed to be supplied to the grids in Nepal, Bangladesh and India.

17:59 Tata Motors appoints Rajendra Petkar as CTO
Tata Motors has appointed Rajendra Petkar as its chief technology officer' and a member of the executive committee, effective April. Petkar has been officiating in this role since November 2017 prior to which he was the head of power systems engineering. Till a replacement is found, he will continue to oversee this vertical as well, the company said in a statement today. As the CTO, Petkar will be responsible for leading the product development & engineering function at Tata Motors, that involves design and development of a vast range of vehicles and components for the product portfolio.

17:56 Union Bank stock dives 8% on loan fraud worries
Shares of Union Bank of India today tanked over 8 per cent to hit a one-year low during the day amid concerns over losses incurred in a Rs 1,394-crore loan fraud case.The stock dived 8.29 percent to close at Rs 86.85 on BSE. Intra-day, it slumped 9.13 percent to Rs 86.05 -  its 52-week low.At NSE, shares of the company tumbled 8.28 percent to end at Rs 86.85.The company's market valuation declined Rs 670.78 crore to Rs 7,432.22 crore.

17:02Gunman holding people hostage in France, claims to be associated with Islamic State 

A gunman is holding many people hostage in a supermarket in Trèbes, France. The BBC reports that French media say that the man had earlier fired shots at policemen, wounding one of them. They were said to be jogging.

The elite police are said the have gone to the scene at Super U shop in Trèbes, near Carcassonne. A prosecutor says the gunman claims to be in the Islamic State group. An earlier hostage situation took place in 2015, where the perpetrator said he was affiliated to the Islamic State.

16:19 No proposal for merger of Canara, Dena Bank, says FinMin
The Finance Ministry said there is no proposal for merger of four public sector banks, including Canara Bank and Dena Bank. "Syndicate Bank, Canara Bank, Vijay Bank and Dena Bank have apprised that they have not made presentations about their merger or consolidation to the Ministry of Finance," Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Lok Sabha.

15:53 Nifty ends below 10K for the 1st time this year
Bears tightened their grip on the Dalal Street with the Sensex shedding 410 points and the Nifty closing below the 10,000 mark for the first time in 2018 on global trade war fears. All sectoral indices ended in the red, barring IT, which gained 0.4%. All Nifty bank stocks closed with sharp cuts.

Midcaps stocks recovered in the last hour of trade with the Nifty Midcap index trimming losses to 1.5% from 2.3%. Bharat Dynamics, which debuted at Rs 363.4 per share, finally ended nearly 9% lower, from its issue price of Rs 428 per share, at Rs 389.80 per share.

15:48 M&A volume at 7-year high in 2017 with 1,022 deals: EY
Corporate India's merger and acquisition (M&A) deal volume touched a seven-year high in 2017 with 1,022 transactions, and the outlook for this year looks promising as well, says an EY report. While the deal volume reached a record high (as compared to 895 deals in 2016) since 2010, the deal value was lower by 12% YoY at $46.8 billion.

15:21 MEP Infra bags 3 Maha road projects worth Rs 2,922 crore
Road toll management firm MEP Infrastructure Developers said it, along with its JV partner LongJian Road & Bridge Company, has bagged three road projects in Maharashtra worth Rs 2,922 crore from the National Highways Authority of India. To be developed under the hybrid annuity model, the project includes four laning of Ausa-Chakur section worth Rs 848.63 crore, four laning of Chakur-Loha section worth Rs 1,000.1 crore and four laning of Loha-Waranga section worth Rs 1073.1 crore, it said in a statement.

15:16 Union Bank of India shares crack over 9% on loan fraud worries
Shares of Union Bank of India tumbled over 9% to hit a one-year low amid concerns over losses incurred in a Rs 1,394-crore loan fraud case. The stock plunged 9.13% to Rs 86.05 to hit its 52-week low on BSE. On NSE, shares of the company dove 9.13% to hit its one-year low of Rs 86.05.

The CBI has booked a Hyderabad-based company Totem Infrastructure, and its promoters Tottempudi Salalith and Tottempudi Kavita, for allegedly defrauding a consortium of eight banks to the tune of over Rs 1,394 crore, officials said on Thursday. The bank alleged in the complaint that it suffered a loss of Rs 313.84 crore as the loans given to the company had become NPA in June, 2012.

15:07 Delhi HC orders attachment of Singh bros declared assets
The Delhi High Court ordered attachment of all declared assets of Singh brothers in a case related to the enforcement of a foreign arbitration award of Rs 3,500  crore by Japanese drug maker Daiichi Sankyo, reports CNBC-TV18. The court once again directed Malvinder Singh and Shivinder Singh, referred to as Singh brothers, to submit a list of unencumbered personal assets and directed appointment of a chartered accountant for valuing their assets. The court will resume hearing in the case on May 14.

14:58 CBI books Jignesh Shah in MCX exch launch case
The Central Bureau of Investigation has registered a fresh case against former MCX MD Jignesh Shah, four former chairpersons of the Forward Market Commission and six others for allegedly facilitating nationwide exchange status for the MCX, officials told Moneycontrol News’ Tarun Sharma. Searches were carried out at the office of Shah and others in nine locations in Mumbai, Gwalior and Shimla, the officials said. It is alleged that the accused had facilitated Multi Commodity of India (MCX) in getting Nationwide Multi Commodity Exchange status even though it did not fulfil the stipulated criteria.

14:51 AAP MLAs' membership restored in office-of-profit case
The Delhi High Court has set aside Centre's notification disqualifying 20 AAP MLAs in the office-of-profit case. It held the notification disqualifying AAP MLAs as bad in law and remands their plea back to the Election Commission which will hear it afresh, reports PTI. In its judgement, the court said there was violation of natural justice and no oral hearing was given to AAP MLAs before disqualifying them as legislators.

14:45 REC board okays Rs 60K cr borrowing plan for next fiscal
State-run Rural Electrification Corporation (REC) said its board has approved a Rs 60,000 crore borrowing plan for FY19.

14:32 Karti Chidambaram granted bail in INX Media case
The Delhi High Court has granted bail to Karti Chidambaram in the INX Media corruption case. The court has asked him to furnish an Rs 10 lakh bail bond.

14:20 GSK pulls out of $20bn race for Pfizer assets
GlaxoSmithKline has withdrawn from the race to buy Pfizer’s consumer healthcare business, the British drugs company said, endangering an auction for an asset some said could fetch as much as $20 billion, reports Reuters. GSK was seen as the front runner to buy the assets, which include Advil painkillers and Centrum vitamins, after main rival Reckitt Benckiser quit the race on Thursday.

14:11 Hospital refused to admit cashless claims? Situation to change
Two major Mumbai-based super-specialty hospitals are in talks with insurance companies to allow cashless facilities to all patients who have a health policy. Although claim settlement ratios have been high among standalone health insurers and general insurers, several hospitals across the country only accept reimburse claims due to fear of non-payment of dues, reports Moneycontrol News’ M Saraswathy.

14:06 PNB issued over 41k LoUs since 2011: FinMin
Scam-hit Punjab National Bank had issued as many as 41,178 Letters of Undertakings (LoUs) since 2011, of which 1,590 were given to Nirav ModiMehul Choksi and their associates, the Finance Ministry said. Minister of State for Finance Shiv Pratap Shukla said that as per PNB, the total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377. (PTI)

13:59 'PNB suffers Rs 14,506cr loss due to fraud in FY18'
State-owned Punjab National Bank (PNB) has witnessed losses to the tune of Rs 14,506.39 crore due to fraud so far in this fiscal, Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Rajya Sabha. "PNB has apprised that the total loss reported by it due to frauds was Rs 341.03 crore in FY16, Rs 2,633.82 crore in FY17, and Rs 14,506.39 crore (including contingent liability) in FY18 (till date)," he said.

13:57 Sensex down over 350 points, Nifty around 10K
The market continues to trade weak, but the bulls are putting up a tough fight. The Street is certainly off the day’s low, with IT stocks helping in reining in the fall. Selling pressure is visible in all sectoral indices, with PSU banks, metals, pharma and auto hit the most. Nifty IT index is the sole gainer, up around 0.1%. Midcaps, too, are trading weak, with the Nifty Midcap index up around 2%. Infosys and HCL Tech are leading the charts, while Axis Bank, Yes Bank, SBI, Tata Steel, HDFC and ITC dragging the indices lower.

13:48 Housing and Urban Affairs Minister Hardeep Singh Puri informed Parliament that the government would complete its target of building 11 million homes under the Pradhan Mantri Awas Yojna much before 2022.

13:44 Kamala Mills owner in SC against arrest, says it's illegal detention
Ravi Bhandari, the owner of Mumbai's Kamala Mills, moved the Supreme Court challenging his arrest in connection with a fire that claimed 14 lives in December last year, reports PTI. Senior advocate Mukul Rohatgi, appearing for Bhandari, said his arrest is illegal detention and he can't be booked for the offence of culpable homicide.

13:42 Cong MPs stage protest demanding review plea on SC verdict on SC/ST Act
Congress MPs, led by party chief Rahul Gandhi, staged a protest in front of Mahatma Gandhi's statue inside Parliament premises, demanding that the Centre seeks a review of the Supreme Court's verdict on the SC/ST (Prevention of Atrocities) Act, reports PTI. The apex court had on Tuesday diluted its stringent provisions mandating immediate arrest under the law in a bid to protect honest public servants discharging bona fide duties from being blackmailed with false cases under the SC/ST Act.

13:38 Govt cites height of database centre wall as Aadhaar leak shield
The Centre considers ensuring timely delivery of food for millions of poor more important than heeding to concerns over privacy, Attorney General KK Venugopal said while defending the unique digital identity programme or Aadhaarreports Bloomberg.

“Right to life is not merely a right to animal existence. It is a right to live with dignity, food and livelihood. If you have no food and shelter, where is the question of privacy of these people?” he said in the Supreme Court on Thursday.

In defending the security of the database, the attorney general focused more on its physical, rather than digital safety. "Our data centre has walls that are 13 feet high and 5 feet thickness. We have various safety precautions,” he stated.

13:11 Kumar Mangalam Birla to be Chairman of merged Vodafone-Idea entity
Telecom operators Vodafone India and Idea Cellular announced leadership team for their soon-to-be-merged entity, with Kumar Mangalam Birla as the non-executive Chairman and Balesh Sharma as the new CEO. Sharma, currently the Chief Operating Officer of Vodafone India, in his new role as the CEO of the combined entity will be responsible for driving the business' strategy and its execution.


13:00 JSPL to raise Rs 1,200cr via QIPJindal Steel & Power (JSPL) plans to raise Rs 1,200 crore through qualified institutional placement (QIP) and has set an issue price of Rs 233 per share. The company proposes to issue and allot up to 51,502,145 equity shares, it said in a BSE filing.


12:54 Sonia complains of restlessness, rushed to Delhi from ShimlaUPA chairperson Sonia Gandhi, who had come here to inspect her under-construction house at Chharabra, 15 km from Shimla, complained of restlessness last midnight, following which she was taken to Delhi, reports PTI.

12:51 Actor Zeenat Aman registers a rape case against a businessman at Juhu Police Station, reports ANI. Accused has been arrested and will be produced in court today.

12:48 SC asks 12 states why they have not appointed Lokayukta
The Supreme Court asked the chief secretaries of 12 states to specify why they have not appointed a Lokayukta, reports PTI. The 12 states which have been asked to give reasons for not appointing a  Lokayukta are Jammu & Kashmir, Manipur, MeghalayaMizoram, Nagaland, Puducherry, Tamil NaduTelangana, Tripura, Arunachal Pradesh, Delhi and West Bengal.

12:38 Trump temporarily excludes EU, six other allies from steel tariffs
US President Donald Trump has temporarily excluded six countries, including Canada and Mexico, and European Union states from higher US import duties on steel and aluminium meant to come into effect on Friday, reports Reuters.

11:57 Markets sink, Asia down 3-5%
Bears continue to maintain tight control over Dalal Street on US-China trade war concerns. The Sensex is down close to 500 points. Midcap continue to bleed with the NSE Midcap index down 2%. Asian markets like Nikkei, Shanghai, Hang Seng and Kospi are down anywhere between 3% and 5%.

11:42 The Congress party has filed a privilege notice against External Affairs Minister Sushma Swaraj over the Mosul Tragedy, reports CNN-News18.


Exclusive: M&M to charge up EVs with SUVs and sedansMahindra & Mahindra has committed launch of at least three new electric vehicles including two new sports utility vehicles using a battery pack that is more than four times more powerful than its current mini electric car e2oMoneycontrol News’ Swaraj Baggonkar reports that besides an electric SUV and sedan, M&M will also roll out an electric version of the KUV100. In addition, there will be two electric rickshaws and two electric buses.

Eco trivia: US consumer debt hits new highs
US consumer debt has exploded over the past 10 years and hit a post-crisis high. Student loans outstanding have hit $1.5 trillion, up from $589 billion 10 years ago. Auto loan debt just passed the $1.1 trillion mark, up from $781 billion a decade ago. And credit card debt is approaching the $800 billion mark, up from $311 billion 10 years ago.

11:08 US Congress approves $1.3-trillion spending bill, sends to Trump
The US Congress voted early on Friday to approve a $1.3-trillion government funding bill with large increases in military and non-defence spending, sending it to President Donald Trump, who is expected to sign it into law, reports Reuters. With Trump’s signature, the bill will avert a threatened government shutdown and keep federal agencies funded until September 30.

11:03 Venezuela knocks three zeros off ailing currency amid hyperinflation
Venezuela’s President Nicolas Maduro ordered a re-denomination of the ailing bolivar currency, by knocking three zeroes off amid hyperinflation and a crippling economic crisis, reports Reuters. The measure to divide the so-called bolivar fuerte - or ‘strong bolivar’ - currency by 1,000 would take effect from June 4, the socialist leader said. It would not have any impact on the bolivar’s value.

11:01 CBI conducts raids at Jignesh Shah premises, 63 Moons office in relation to MCX IPO case
The Central Bureau of Investigation is conducting raids at 63 Moons Technologies office in Mumbai in relation to the MCX IPO case. Raids are also ongoing at the premises of Jignesh Shah and Joseph Massey, reports Moneycontrol News' Tarun Sharma.


10:47 Binani Industries denies reports of fraudBinani Industries denied reports of fraud saying the accounts of the company and holding companies have been fully audited and all transactions have been disclosed. The stock exchanges had sought its response over news reports suggesting that resolution professional has alleged fraud by Binani Cement promoters.

10:35 Congress issues whip to all party MPs in Rajya Sabha
The Congress has issued a three-line whip to all its MPs in the Rajya Sabha asking them to be present in the House at 11 am today in full strength and support the party's stand. Sources told PTI that the whip was issued last night as the opposition party seeks to corner the government on some burning issues.

10:29 Bharat Dynamics debuts at Rs 363.4/sh, falls 15% from issue price
State-owned defence company Bharat Dynamics’ share price opened sharply lower following weak market conditions and tepid investor response to the issue. The stock price debuted at Rs 363.4 per share on the National Stock Exchange, falling 15% from its issue price of Rs 428 per share.


10:12 Tata Steel wins lenders' approval to buy insolvent rival Bhushan SteelTata Steel said it had been selected as the successful resolution applicant for buying debt-laden Bhushan Steel. The Committee of Creditors of Bhushan Steel had on Thursday declared the Tata Group's steel business as the successful resolution applicant, subject to obtaining necessary regulatory approvals, it said in a stock exchange filing.


Exclusive: ArcelorMittal writes to Sebi, exchanges; requests for change in promoter status in Uttam GalvaArcelorMittal has approached market regulator Securities and Exchange Board of India (Sebi), National Stock Exchange and BSE, requesting them to change its 'promoter' status in Uttam Galva Steels, reports Moneycontrol News’ Tarun Sharma. Sources said the company wrote to the regulator and the exchanges in the first week of March.

09:53 Nifty breaks 10,000 on US-China trade war fears
Bears took control of Dalal Street with the Nifty breaching the psychological 10,000-mark for the first time in 2018 on the back of a global sell-off on concerns over a global trade war. The Sensex is down around 400 points. The Nifty Midcap is seeing huge selling, down 2%. All sectoral indices are in the red, falling up to 3%.


09:36 Fortis left with three directors on Board after one more director resignsFortis Healthcare, India's second largest healthcare provider, is left with three directors after Pradeep Ratilal Raniga, Non-Executive Independent Director, resigned from the company's Board, reports Moneycontrol News' Viswanath Pilla. The company said Raniga resigned due to personal reasons primarily increase in other work commitments in Australia and other parts of the world. With Raniga's resignation, Fortis Board is left with three directors that include Harpal Singh and Brian W Tempest.

09:14 Anna Hazare starts indefinite hunger strike for Lokpal
Social activist Anna Hazare has gone on an indefinite hunger strike against the Centre in Delhi, nearly seven years after his anti-corruption movement caught the imagination of millions of Indians and shook the then UPA government, reports PTIHazare has been pressing for setting up of the Lokpal at the Centre and Lokayuktas in the states, besides implementation of the Swaminathan Commission report, which has suggested ways to address the agrarian distress.

08:51 Trump says foreign policy hawk John Bolton will replace HR McMaster as national security advisor
US President Donald Trump shook up his foreign policy team again on Thursday, replacing HR McMaster as national security adviser with John Bolton, a hawk who has advocated using military force against North Korea and Iran, reports Reuters. The move came little more than a week after Trump fired Rex Tillerson as secretary of state and nominated Central Intelligence Agency Director Mike Pompeo to replace him.

08:34 Bitcoin falls back below $9,000 after Japan adds to regulatory uncertainty
Bitcoin failed to hold above $9,000 after reports of increased scrutiny on cryptocurrencies by Japanese regulators, reports CNBC. The cryptocurrency hit a low of $8,495.10 and was trading 3% lower near $8,600 as of 09:12 pm, according to CoinDesk's bitcoin price index. Japan's Financial Services Agency plans to issue a warning against Hong Kong-based cryptocurrency exchange Binance for operating in the country without registration, Reuters reported. If Binance does not heed the warning, the agency will file a criminal complaint.

08:12 Asian stocks sink as trade tensions escalate; yen firms
Asian markets slumped on Friday, tracking sharp falls in US and European stocks, which took a hit on fears of a potential trade war, reports CNBC. In Tokyo, the Nikkei 225 fell 3.59% in the morning after earlier dropping to its lowest levels in around five months. The broader Topix lost 2.88%.

Meanwhile, Seoul's benchmark Kospi index lost 2.25%, as shares fell broadly. Greater China markets plunged in early trade, with Hong Kong's Hang Seng Index sinking 3.09%. On the mainland, the Shanghai composite dropped 2.98% and the Shenzhen composite lost 3.3% as stocks came under pressure from mounting trade tensions.

08:03 Dow drops over 700 points on trade fears, posts worst day since Feb 8
US stocks fell sharply on Thursday, pressured by worries of a potential trade war and a decline in tech shares, reports CNBC. The Dow Jones Industrial Average dropped 724.42 points to close at 23,957.89. The 2.9% decline was the worst since February 8. The S&P 500 fell 2.5% to 2,643.69, with seven of 11 sectors dropping more than 2%. The Nasdaq Composite pulled back 2.3% to close at 7,166.68.

07:53 India may be in a position to retaliate: US on tariff hikes 
India may be in a position where it would want to retaliate, a top Trump administration official said, even as the US continues to be on the cusp of triggering a global trade war by unveiling high import tariffs on a number of items. The US Trade Representative (USTR), Robert Lighthizer, told lawmakers during a Congressional hearing that India's system is not open and has a lot of ‘vulnerabilities’. He was responding to a question from Senator Ben Cardin from Maryland, who shared concerns of the American spice industry that depend largely on countries such as India on the import of spices and are now fearing a retaliatory action from them.

07:33 The SGX Nifty is currently trading at 10,011, down 106.5 points, or 1.05%.

07:26 China strikes back in trade spat, aims tariffs at $3bn US goods
China unveiled plans to impose tariffs on US imports worth $3 billion in retaliation against US tariffs on Chinese steel and aluminium products, as the world’s two largest economies stood on the brink of a trade war, reports Reuters. China was considering a 15% tariff on US products including dried fruit, wine and steel pipes and a 25% tariff on pork products and recycled aluminium, the commerce ministry said in a statement. It has assembled a list of 128 US products in total that could be targeted if the two countries are unable to reach an agreement on trade issues, the ministry added.

07:20 Trump announces $60bn tariffs on Chinese imports
President Donald Trump signed an executive memorandum on Thursday that would impose retaliatory tariffs on Chinese imports worth $60 billion, reports CNBC. "This is the first of many" trade actions, Trump said as he signed the memo. The new measures are designed to penalise China for trade practices that the Trump administration says involve stealing American companies' intellectual property. They will primarily target certain products in the technology sector where China holds an advantage over the US.

The new measures follow a so-called 301 investigation led by US Trade Representative Robert Lighthizer into China's potentially unfair trade practices with the US. Lighthizer's office will publish a list of targeted products in 15 days, and there will be a 30-day period for public comment, according to senior administration officials. The US Trade Representative's yet-to-be-released report covers 1,300 product lines, they said.

  • News highlights: WTO chief warns trade barriers will 'jeopardise global economy'
    Moneycontrol.com

  • ​TheWorld Trade Organization chief warned states today that creating barriers to international trade would "jeopardisethe global economy," after Washington slapped steep tariffs on Chinese imports, heightening fears of a trade war. "Disrupting trade flows willjeopardisethe global economy at a time when economic recovery, though fragile, has been increasingly evident around the world," WTO Director-General RobertoAzevedosaid in a statement, calling for "restraint and urgent dialogue".

  • That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.


  • Congress today gave a notice for moving a no-confidence motion against the NDA government and wanted it to be taken up in Lok Sabha on March 27.
    According to Congress sources, the party submitted the notice in the office of the Lok Sabha Secretary General. The party has also issued a three-line whip to all its members in Lok Sabha to ensure their presence on Tuesday when the House meets again. The motion will be moved by Congress leader in the Lok Sabha Mallikarjun Kharge, who is reaching out to other opposition parties to garner support for the motion, they said."This House expresses No-Confidence in the Council of Ministers," reads the one line motion, notice for which has been given by Kharge.

  • verdict on SC/ST Act: Govt holding hectic parleys on seeking review
    Hectic parleys are being held by the government on seeking review of the Supreme Court verdict "diluting" provisions of SC/ST (Prevention of Atrocities) Act, amid indications that the ministry of social justice is in favour of the move. The ministry feels that the apex court order may defeat the real purpose of the law which is to ensure swift justice for victims of atrocities against the SC/ST communities.According to sources, Union Minister for Social Justice and Empowerment Thaawarchand Gehlot recently met BJP chief Amit Shah, Law Minister Ravi Shankar Prasad and Finance Arun Jaitley to discuss the matter.


  • The Delhi government today accused the Haryana government of giving political patronage to polluting industries that release ammonia in the Yamuna leading to a scarcity of potable water in the national capital. Delhi Urban Development Minister Satyendar Jain said that the Haryana government should shut those industries that have caused the level of ammonia to increase in the Yamuna. The Yamuna is one of the main source of potable water to the residents of Delhi. Water supply in the national capital is often hit as a result of increase in the level of ammonia in the river.


  • President Donald Trump today said that is considering vetoing the USD 1.3 trillion Omnibus Spending Bill alleging that the 800,000 plus recipients of DACA have been totally abandoned by the opposition Democrats.DACA stands for Deferred Action for Childhood Arrivals, which was started by the previous Obama administration, which allows some individuals, under restrictive conditions, who entered the country as minors. Some 800,000 such people had registered under the DACA policy; however their actual number is quite higher. The program has now lapsed.


  • Pakistan wants to sort out "as soon as possible" the issue of alleged harassment of diplomats, its High Commissioner to India Sohail Mahmood said today and asserted that his country desired "peaceful and good-neighbourly" relations with India.
    Mahmood, who came back to India last night, a week after he was called to Islamabad for consultations amid the raging row between India and Pakistan over harassment of diplomats, said such issues affect the relations between the two countries.


  • Reliance Industries to integrateJioMusic andSaavnin a transaction valued at over USD 1 billion, with RelianceJioMusic'simplied valuation at USD 670 million, according to a press release.

    Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controlsNetwork18 Media & Investments Ltd


  • JSW Energy today said it has appointed Sergio Luiz Pegoraro Rocha Chief Operating Officer to drive its the Electric Vehicles (EV) business. "Sergio Luiz Pegoraro Rocha has been appointed as Chief Operating Officer to drive the Electric Vehicles (EV) business of the Company," JSW Energy said in a BSE filing.He will be joining after completion of Indian immigration formalities and will report to Prashant Jain, JMD & CEO of JSW Energy Ltd, it said.



  • In a boost for airlines, the Telangana government today announced steep reduction in value added tax on aircraft fuel to 1 percent from 16 percent.The move will help airlines in bringing down their operational costs of which fuel expenses is a major component."I am happy to announce that VAT on aircraft fuel which is currently at 16 percent in the state of Telangana will be reduced to 1 per cent immediately," Telangana's minister K T Rama Rao said. Rao, who is the IT and Industries Minister, made the announcement at an event to celebrate the tenth anniversary of the Rajiv Gandhi International Airport here.


  • The Bombay High Court today asked the Directorate General of Civil Aviation (DGCA) to list the steps being taken to check the airworthiness of all Pratt and Whitney 1100 engines that power A320neo aircraft.A bench of Justices Naresh Patil and G S Kulkarni also said that merely grounding some aircraft or following the directive of the European Air Safety Authority (EASA) against the use of P&W 1100 engines belonging to the '450 and beyond' series, was not enough.The court said it was the "duty" of the Union government (UoI) and the DGCA to ensure that all aircraft were safe for travel and passengers were assured of their safety.


  • The rupee today made an impressive recovery from early losses to close 10 paise higher at a one-week high of 65.01 against the US currency which suffered losses in global markets on intensifying trade war worries.
    Fear and panic gripped the currency market sentiment initially after US President Donald Trump decided to slap tariffs on China. Weighed down by heavy dollar demand, the home currency plunged to an intra-day low of 65.21 before staging a rebound to a high of 64.97.The rupee finally settled with a gain of 10 paise at 65.01, a level last seen on March 16, when it had closed at 64.94.


  • SAARC Development Fund (SDF) has activated its infrastructure window by giving in-principle approval to two energy projects in Nepal and Sri Lank with total commitment of USD 30 million.CEO of SDF Sunil Motiwal said the fund will have an exposure of USD 15 million in the Hydro-electric project (HEP) in Nepal.
    The electricity generated from the project is proposed to be supplied to the grids in Nepal, Bangladesh and India.

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