Today's key economic news: Vodafone Idea stocks rise; Oil rises; New Boeing editions and more

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Segway-like vehicles were also used by the police to keep an eye on the large crowd on Marina Beach.

4:40 p.m.

India will switch to the world's cleanest gasoline, diesel, as of April 1st

India will switch to the cleanest gasoline and cleanest diesel in the world as of April 1st, as it is now transitioning directly to Euro IV class emission-compliant fuels – a feat achieved in just three years and in none of the world's major economies can be seen.

“We are absolutely on the right track to deliver BS VI fuel from April 1st. Almost all refineries have started supplying BS-VI fuel and the same has reached warehouses across the country, ”said Sanjiv Singh, chairman of Indian Oil Corp (IOC).

4:00 p.m.

Vodafone Idea surprises, share zooms 35%

Vodafone Idea saw a sharp rise in its share price compared to reports on Wednesday that the government is unlikely to take advantage of its bank guarantees for the time being. His shares were trading at Rs 4.08 per share, an increase of 35 percent over BSE.

When the government considered the possibility of using the telecommunications companies' bank guarantees to recover the legal fees, Vodafone Idea chairman Kumar Mangalam Birla met with telecommunications secretary Anshu Prakash on Tuesday on the EGR payment issue after speaking on Monday Had paid 2,500 rupees.

The company had asked the court not to honor Vodafone Idea's bank guarantee with the government. Birla has argued that if the EGR payment is not made easier, the going concern may not be able to continue. IANS

3:50 p.m.

More litigation likely to be highest in AGR, Vodafone Idea vulnerability

There will likely be further litigation due to EGR payment in the Indian telecommunications sector, but Airtel will overcome the storm while vulnerability to Vodafone Idea is highest in the industry dynamics, said analyst firm Credit Suisse.

Bharti Airtel's Rs 100 billion payment is on an ad hoc basis and is currently being valued itself. EGR fees will make final payments before the next court hearing scheduled for March 17, CS said.

“Bharti Airtel recently raised $ 3 billion to fund EGR payments. Although the EGR lawsuit dates back to 2003, Bharti Airtel provided 73 percent of the total $ 5 billion EGR fees in 9MFY20. Of this, $ 1.2 billion is attributable to principal liabilities, $ 2.3 billion to interest and $ 1.4 billion to penalties and penalties. According to the industry, 75 percent of EGR interest and penalty fees are likely to result in further litigation, including staggering payments, ”the report said.

“Amid the EGR risks, Bharti Airtel's 4G subs supplements were the highest at 21m in the third quarter of fiscal 20, and data traffic increased 15 percent from the previous quarter. In the 9MFY20 it gained 3 ppt of traffic. Given the changing industry dynamics and the vulnerability of Vodafone Idea due to out of control gears and delays in 4G as well as a higher load on the spectrum and the EGR, we are increasing our forecasts for Bharti Airtel overall / 4G subs by March 2022 by 7 to 14 percent at 325 m / 250 m. " IANS

3:40 p.m.

Coronavirus brings Adidas sales slump in China

German sporting goods manufacturer Adidas said that closing shops in China on Wednesday has led to a drop in sales since the new outbreak of the coronavirus began in late January.

"Our business in Greater China has been around 85 percent below the previous year's level since the Chinese New Year on January 25," says a statement by the Bavarian company.

Adidas said it had "a significant number of store closings" on its list of 500 stores and 11,500 franchises in China, while far fewer people shop from those that are still open.

The Group's Greater China region, which includes Taiwan and Hong Kong, has been one of the fastest growing regions in the world for Adidas sales for years. PTI

3:30 PM

The liquor industry urges the government not to cut tariffs during Trump's visit

Before US President Donald Trump's visit to India next week, the Indian alcoholic beverage industry has urged the government not to cut tariffs on wine and liquor.

The U.S. President has pushed for tariffs on American spirits, especially bourbon whiskey, to be cut, and Indian spirits manufacturers fear that any change in tariffs on U.S. imports would have a knock-on effect, as the European Union is also pushing for a cut would of customs duties.

"Prior to Trump's visitation discussions on tariff reduction, the Department of Commerce reappeared. If the government made concessions on US wines and spirits, it would open the locks because the European Union would push for similar concessions that we cannot allow. We always have wrote to Minister of Trade Piyush Goyal again, ”said Vinod Giri, Director General of the Confederation of Indian Alcoholic Beverage Companies (CIABC). IANS

3:20 p.m.

Vistara plans to launch broadband service in-flight by the end of March

The full-service airline Vistara plans to offer broadband services on certain international routes by the end of March after Dreamliner and Airbus 321 aircraft were launched, a senior official told the airline on Wednesday.

Vistara is a joint venture between Tatas and Singapore Airlines and has partnered with Tata group company Nelco to provide in-flight connectivity services.

Vistara would also be the first domestic airline to provide flight bands for aviators. PTI

3:10 p.m.

The DoT demand announcement remains an event risk for three energy companies, GAIL, Oil India & Powergrid

Piyush Pandey reports:

All payments that three India-based companies – GAIL (India) Limited, Oil India Limited and Power Grid Corporation of India – are required to make at the request of the Department of Telecom (DoT) pose an event risk for the companies. Fitch ratings ratings.

Fitch does not take immediate rating action on the three companies as the Indian Supreme Court allowed the companies to withdraw their filing requests on February 14, 2020 and to resolve their dispute with the Department of Telecom outside the court.

This is in stark contrast to the court's decision to require the telecommunications companies involved in the dispute to make immediate payments.

The Department of Telecom has issued GAIL, OIL and Power Grid demand notices for Rs 1,83,100, Rs 48,000 crore and Rs 22,000 crore respectively.

3:00 p.m.

Current account surplus of the euro area 2019 stable at 3.1% of GDP: ECB

The Eurozone reported a current account surplus of 3.1% of its gross domestic product last year, which remained unchanged compared to 2018.

"According to preliminary results for 2019 as a whole, the current account recorded a surplus of EUR 362 billion (3.1% of euro area GDP) compared to a surplus of EUR 359 billion (3.1% of euro area GDP) in 2018. ”the ECB said in a press release. Reuters

2:50 p.m.

Yes, Bank will leave Nifty on March 27th

Yes. The bank will be excluded from the Nifty reference index effective March 27. The domestic lender will be replaced by Shree Cement, according to a statement from the National Stock Exchange.

Yes Bank has seen massive erosion in its valuation, with the stock price dropping from a high of Rs. 286 in April 2019 to the current Rs. 35.

2:45 p.m.

The chairman of Hyundai Motor gives up the seat on the board when succession is imminent

The Chairman of the Hyundai Motor Group, Mong-Koo Chung, plans to give up his seat on the board. This is the latest sign that the octagonal patriarch of the second largest South Korean conglomerate is preparing to hand over the reins to his son.

The company said on Wednesday that it would propose CFO Kim Sang Hyun to replace Chung on the board. Shareholders will vote on the proposal at a meeting on March 19.

Chung, the son of the founder of Hyundai, has withdrawn from the front in recent years.

His son and heir Euisun Chung has become increasingly visible since he was promoted to Executive Vice Chairman in 2018. Reuters

2.30

RBI nods for the dilution of the Kotak Mahindra Bank's promoter

Kotak Mahindra Bank announced on Wednesday that it had received the last nod from RBI regarding the organizers' dilution plan.

"The Reserve Bank of India has given final approval in its letter of February 18, 2020, regarding the dilution of promoters' holdings in the bank," Kotak Mahindra Bank said in a file.

Kotak Mahindra Bank shares rose over 2 percent on Wednesday after approval by the Reserve Bank of India (RBI), reaching a 52-week high of 1,739.95 rupees in early trading. According to their plan, the voting rights of the project promoters in the bank will be limited to 20 percent of the paid-up voting share capital by March 31, 2020 and to 15 percent from April 1, 2020. PTI

2:20 p.m.

India will switch to the world's cleanest gasoline, diesel, as of April 1st

India will switch to the cleanest gasoline and cleanest diesel in the world as of April 1st, as it is now transitioning directly to Euro IV class emission-compliant fuels – a feat achieved in just three years and in none of the world's major economies can be seen.

India will join the select League of Nations that uses 10 ppm sulfur gasoline and diesel to reduce vehicle emissions, which are considered to be one of the reasons for urban suffocation pollution.

Sanjiv Singh, chairman of Indian Oil Corp (IOC) – the company that controls around half of the country's fuel market – said that almost all refineries produce extremely low-sulfur gasoline and diesel BS-VI (equivalent to Euro-VI -Quality) began in late 2019, the oil companies have now taken on the tedious task of replacing every drop of fuel in the country with the new one. PTI

2:15 p.m.

A large crude oil supply contract is expected during Trump's visit

India and the U.S. could conclude a large crude oil supply deal during President Donald Trump's visit later this month. Diplomatic sources indicate that American oil companies are making offers to make it attractive to Indian companies to increase oil imports from the United States despite long distances and high freight.

According to sources, major U.S. oil producers are ready to step up shale oil supply to India by offering import companies a discount of up to $ 5 a barrel compared to global benchmarks.

This should also make US oil attractive compared to crude oil from Dubai, which currently makes up the largest part of Indian oil imports. IANS

14:00 clock

Indian cartel investigators see no evidence of an agreement between IndiGo, SpiceJet and others

Investigators with India's antitrust watchdog have found no evidence that the country's largest airline, IndiGo, and four competing airlines have worked together to set ticket prices, three sources with direct knowledge of the matter told Reuters.

The Indian Competition Commission (CCI) ordered an investigation into allegations of anti-competitive practices in 2015 after IndiGo, SpiceJet, GoAir, state-owned Air India and Jet Airways offered similar fares on certain routes.

The CCI investigation, which included an analysis of the algorithms used by airlines to determine ticket prices, revealed that all five airlines worked independently, the three sources said.

"No direct evidence of carteling was found," said one of the sources who added the investigation, and also revealed no communication between airline executives to set prices. Reuters

1:35 p.m.

Hero MotoCorp invests £ 10,000 million in research and development

The country's largest two-wheeler manufacturer, Hero MotoCorp, announced on Tuesday that it would be investing £ 10,000bn in various activities, including research and development and the construction of new manufacturing facilities, over the next 5 to 7 years.

Chairman and CEO Pawan Munjal said that since the company began its solo journey after the separation from Japan's Honda in 2011, Hero MotoCorp has invested $ 1 billion in new equipment, machinery and product developments, while pumping another $ 600 million in research and development were.

Munjal said later this year the company is anticipating a combined turnover of 100 million since the company started its journey in 1985.

1:05 p.m.

The oil rises in the hope of a short-term economic success from the outbreak of the corona virus

The image is used for illustration purposes only. File photo.

The image is used for illustration purposes only. File photo.

| Photo credit:
Reuters

Oil prices rose on Wednesday, with Brent winning for a seventh day in a row, given the broad optimism that new coronavirus cases in China declined for a second day and supply concerns increased after the U.S. removed more Venezuelan crude oil from the market had taken. Reuters reported.

S & P Global Ratings anticipated that the corona virus would hit China's economic growth a "short-term blow" in the first quarter.

Brent has risen nearly 10% since last week and has bottomed out this year. Most recently, this was supported by a decision by the United States on Tuesday to blacklist a trading subsidiary of Russia's Rosneft, which, according to President Donald Trump's government, offers the Venezuelan government a financial lifeline.

12:25 p.m.

Vietnam plans to more than double its electricity generation capacity by 2030

FILE PHOTO: Workers repair a power grid in Hanoi, Vietnam.

FILE PHOTO: Workers repair a power grid in Hanoi, Vietnam.

| Photo credit:
Reuters

The Southeast Asian nation plans to increase capacity from the current 54 GW to 125 to 130 gigawatts (GW) by 2030, the Communist Party's powerful decision-making agency said in a document earlier this month.

The strategy aims to "ensure national energy security and provide enough electricity for rapid and sustainable socio-economic development," she added.

12:00

Twitter acquires Chroma Labs founded by Facebook veterans

Today's Business News: Vodafone Idea Shares Rise; Oil rises; Boeing's new editions and more

Twitter has acquired Chroma Labs, based in California, which develops tools for creating short-form videos and photos and was founded in 2018 by seven Facebook and Instagram employees.

With the Chroma Stories app, users can fill out stylish layout templates and frames to publish collages and more in Instagram Stories, Snapchat and more.

However, Twitter did not disclose the amount it had paid for the acquisition.

11:35 a.m.

China threatened to harm Czech companies due to visit to Taiwan

Photo for illustration purposes only.

Photo for illustration purposes only.

| Photo credit:
Reuters

The January 10 letter sent by the Chinese Embassy in Prague to the Czech President's office indicated that automaker Skoda, lender Home Credit Group and musical instrument maker Petrof Pianos would suffer if the late Czech legislator Jaroslav Kubera would visit the self-governing island as planned, Reuters reported.

The debate was questioned when Kubera died unexpectedly on January 20 before the planned trip, but the letter shows how clear Beijing was about who would suffer if the visit progressed.

11:00 O'CLOCK

PetroChina resumes construction of the Guangdong refinery after a long vacation

A liquefied natural gas (LNG) tanker leaves the dock after being unloaded at the PetroChina reception terminal in Dalian, Liaoning. Two years ago, Chinese planners said they would invest billions of dollars by 2019 to revive the economy in northeast China. file

A liquefied natural gas (LNG) tanker leaves the dock after being unloaded at the PetroChina reception terminal in Dalian, Liaoning. Two years ago, Chinese planners said they would invest billions of dollars by 2019 to revive the economy in northeast China. file

| Photo credit:
REUTERS

Asia's largest oil and gas company, PetroChina, resumed construction of its oil refinery and petrochemical project in Guangdong province, southern China, as new coronavirus cases declined for a second day in a row. Reuters reported.

The $ 10 billion refinery project in Jieyang City is expected to begin construction again at the end of February, the company said in a statement on Wednesday.

To curb the spread of the virus, China extended the New Year holidays and asked companies to quarantine workers returning from their hometown.

10:35 a.m.

Boeing finds a new problem with Max, debris in fuel tanks

Boeing employees work at the rear of a Boeing 737 NG at the Boeing plant in Renton, Washington

Boeing employees work at the rear of a Boeing 737 NG at the Boeing plant in Renton, Washington

| Photo credit:
REUTERS

A Boeing official said the debris was discovered in "multiple" aircraft, but did not provide an exact number. Boeing built approximately 400 undelivered max jets before production was temporarily halted last month.

The debris from the fuel tank was discovered during maintenance in parked aircraft, and Boeing said it immediately corrected its production system to prevent it from happening again.

A FAA spokesman said the agency knew that Boeing was conducting a voluntary inspection of undelivered Max aircraft.

10:05 a.m.

Sensex rises by over 400 points in early trading

A view of the BSE building in Mumbai. file

A view of the BSE building in Mumbai. file

| Photo credit:
PTI

The Sensex BSE benchmark rose over 408 points in early trade in line with Asian competitors as global investors weighed up China's measures to support the coronavirus-affected economy.

Asian stocks were cautiously higher on Wednesday as investors tried to shake off coronavirus concerns despite rising virus cases.

10:00 A.M

Forex market closed

India's foreign exchange market is closed on Wednesday due to Chhatrapati Shivaji Maharaj Jayanti.

9:50 a.m.

Facebook is "deeply concerned" about Singapore's order to block the page

FILE PHOTO: AP

FILE PHOTO: AP

Facebook Inc said it was "deeply concerned" about an order by the Singapore government to block access to a blog page on its social media website under a controversial law on fake news.

The government had instructed Facebook this week to block the States Times Review page in Singapore. The blog has repeatedly submitted falsehoods and has not followed any instructions given to it under the Online Untruth and Manipulation Act (POFMA).

9:25 a.m.

Saving the "big trade agreement" with India for later: Trump

Preparations: Workers are finishing the Sardar Patel Stadium in Motera in Ahmedabad. US President Donald Trump and Prime Minister Narendra Modi will hold the Namasthe Trump event at the stadium on February 24. Around 1.25 lakh are witness to the special program.

Preparations: Workers are finishing the Sardar Patel Stadium in Motera in Ahmedabad. US President Donald Trump and Prime Minister Narendra Modi will hold the Namasthe Trump event at the stadium on February 24. Around 1.25 lakh are witness to the special program.
| Photo credit:
The Hindu

US President Donald Trump said he "saved the big deal" with India for later and he "doesn't know" if this will happen before the November presidential election, which clearly indicates that his visit to Delhi was a major bilateral one Trade deal exists next week might not be on the cards.

"We can have a trade agreement with India. But I really save the big deal for later, ”he told reporters at Andrews Joint Base on Tuesday afternoon (local time).

India will switch to the world's cleanest gasoline, diesel, as of April 1st