SC confirms Amazon antitrust investigation, Flipkart
The Supreme Court (SC) has upheld investigations into the business practices of Amazon.com and Walmart-owned Flipkart to continue, a setback for the two e-commerce giants who previously urged the court to suspend the investigation.
The SC bench, led by Chief Justice NV Ramana, said it expects big organizations like Amazon and Flipkart to volunteer for “investigation and transparency,” Reuters had reported.
10-year Chinese treasury futures drop more than 0.5%
China’s 10-year Treasury futures, the most-traded contract, fell more than 0.5% on Monday, following the rise in the US Treasury yield after strong payroll data on Friday and trading conditions. tighter liquidity in Chinese domestic interbank markets, Reuters reported.
Private equity firms to review their strategy in China
Private equity firms are revising their investment strategies in China following a massive regulatory crackdown in various sectors, including technology and education.
Private equity and venture capital funds are moving away from data-hungry and mainstream internet companies to industries such as semiconductors and renewables, according to a Reuters report.
Sebi reflects on market makers to deepen corporate bond segment
Securities and Exchange Board of India (Sebi) is considering the creation of a set of “market makers”, with the aim of developing and strengthening the corporate bond segment, a PTI report noted.
“A proposed additional step aims to create a set of market makers who will be present in the market mostly on both the long side and the long side of investment grade corporate bonds,” Sebi said.
In addition, the regulator is in the process of finalizing the modalities for setting up a backstop mechanism for the purchase of corporate bonds.
It is also planning to revamp the corporate bond database which is accessible to all investors, Sebi said in its annual report for 2020-2021.
Retail auto sales accelerate in July as COVID-19 restrictions relax nationwide
The Federation of Automobile Dealers Associations (FADA) said on Monday that retail auto sales in India picked up sharply in July with the opening of dealerships across the country as restrictions imposed by COVID were relaxed in states. affected, a PTI report noted.
All vehicle segments, including passenger vehicles, two-wheelers and utility vehicles, saw strong sales growth last month.
Total sales increased 34% to 15,567,777 units in July, compared to 11,60,721 units in the previous year period.
The problem of the semiconductor shortage is emerging as a deeply rooted problem for the passenger vehicle segment which is now above the pre-pandemic mark, said Vinkesh Gulati, chairman of FADA, in a statement. communicated.
Warren Buffett’s Berkshire Hathaway Recovers from Coronavirus Slowdown
Warren Buffett’s Berkshire Hathaway Inc said on Saturday that many of its businesses were enjoying a strong recovery from the initial lows of the coronavirus pandemic, fueling rebounds in profits and revenues.
Berkshire said its BNSF railroad, eponymous car dealership and housing units were among many companies that were seeing “large” recoveries despite supply chain disruptions and higher costs, with both profits and incomes in some cases exceeding pre-pandemic levels, a Reuters report noted.
The company’s second-quarter operating profit rose 21% to $ 6.69 billion, from $ 5.51 billion a year earlier.
Berkshire’s net profit rose 7% to $ 28.1 billion, supported by unrealized gains on Berkshire’s $ 192 billion of investments in Apple, Bank of America and American Express. And its revenues jumped 22% to $ 69.1 billion.
French Renault and Chinese Geely to explore new hybrid-focused business
French group Renault said on Monday it was looking to revive business in China by forming a hybrid vehicle (JV) joint venture with Geely, a year after ending its previous operations in the world’s largest auto market.
The two companies signed an agreement to create the JV, which would manufacture and sell Renault-branded gasoline-electric hybrid cars in China using Geely’s technologies, supply chains and manufacturing facilities, while Renault would focus on sales and marketing, Reuters reported.
Geely and Renault also plan to develop fully electric battery-powered cars for the company, the the report noted, citing a source familiar with the matter.
Airbus sees 1,000 German jobs threatened without splitting parts unit
Airbus has warned employees of hundreds of possible job losses at its small parts manufacturing company in Germany if the unit is not split up in accordance with a cost-cutting strategy set in April, Reuters reported, citing a source close to the plan.
The group sees 1,000 of its 2,500 small parts manufacturing jobs in Germany at risk if it continues to manufacture parts within the group rather than parting ways, the report notes.
Rupee opens on a low note, slips early in trade
The Indian rupee opened weak at 74.21 against the US dollar on Monday, after closing at 74.15 on Friday.
At the start of Monday’s session, the rupee depreciated 10 paise from its previous close, hitting 74.25 against the dollar.
According to Forex traders, falling crude oil prices and positive domestic stocks will limit the local unit’s depreciation bias, a PTI report noted.
US Senate to Pass $ 1 trillion Infrastructure Bill
The US Senate moved closer to passing a bipartisan $ 1,000 billion infrastructure bill on Sunday by blessing the details of the largest US investment in roads and bridges in decades, Reuters reported.
In a 69-28 vote, the Senate offered to support the provisions of a compromise that was the result of extensive discussions by a group of Republicans and Democrats.
The Senate was also expected to vote to limit debate on the comprehensive bill, which, if approved, could put it on track for a vote on adoption on Monday or Tuesday, and, in turn, the send to the House of Representatives, the report is noted.
Indian bankers in talks as court rulings threaten nearly 500 billion yen in loans
Informal talks are taking place to deal with fallout from two Supreme Court rulings that threaten repayment of loans totaling nearly 500 billion yen ($ 6.73 billion) to some of the country’s largest banks, Reuters reported, citing sources familiar with the matter.
The Supreme Court last week effectively blocked the sale of Future Group’s retail assets for $ 3.4 billion to Reliance Industries, jeopardizing nearly $ 2.69 billion the retail conglomerate owes banks. Indian.
The ruling came days after the Supreme Court dismissed a petition allowing telecommunications companies to contact the telecommunications ministry to renegotiate unpaid dues in a long-standing dispute with the country’s telecommunications players.
This raises concerns about whether Vodafone Idea will repay some 300 billion yen ($ 4.04 billion) it owes Indian banks and billions more in long-term government dues, the report notes.
Oil collapses on China travel restrictions and strong US dollar
Oil prices fell on Monday, extending last week’s steep losses amid a rising US dollar and fears that further pandemics in Asia, especially China, could dampen the global recovery in fuel demand, a Reuters report noted.
Brent crude oil futures fell 2% to $ 69.29 a barrel, while US West Texas Intermediate (WTI) crude oil futures slipped 1.9% to 66 , $ 96 per barrel.
Last week, Brent crude futures fell 6% in their biggest weekly loss in four months, while WTI futures plunged nearly 7% in their biggest drop. weekly in nine months.
Results announcements expected today
Several companies are expected to release their quarterly earnings report on Monday, including Astrazeneca Pharma India, Birla Tires, Bombay Dyeing, Chemcon Specialty Chemicals, Clean Science and Technology, Gati, Gujarat State Petronet, Indian Hotels, Laxmi Organic Industries, MRF, Nilkamal, Reliance Power, Satin Creditcare Network, Shalby, Shree Cement, Subex and Venky’s (India).
Indian benchmarks open higher, early trades rise
Indian indices opened higher on Monday. BSE Sensex opened at 54,385.71, up 107.99 points, while Nifty opened at 16,281.35, up 43.15 points.
At the start of Monday’s session (9:39 a.m.), Sensex gained 248.17 points or 0.46% to reach 54,525.89, while Nifty rose 63.20 points or 0.39% to reach 16,301 , 40.
On Friday, the 30-stock BSE index lost 215.12 points or 0.39% to close at 54,277.72, while the broader NSE Nifty index lost 56.40 points or 0.35% to 16 238.20.
Dollar hits four-month high against Euro as markets bet on expected Fed cut
The dollar hit a four-month high against the euro on Monday, as traders positioned themselves for an early cut in Federal Reserve stimulus measures.
The greenback strengthened to $ 1.1742 against the single currency, extending a 0.6% increase from Friday, when a strong U.S. jobs report bet it ” a reduction in asset purchases could start this year and that higher interest rates could follow as early as 2022, Reuters reported.
The dollar index, which tracks the US currency against six rivals, hit a two-week high at 92.915.
Traders will be closely watching a U.S. consumer price report on Wednesday, the report noted.
Asian stocks frightened by sudden drop in gold
Asian stocks faltered on Monday amid steep losses in gold and oil prices.
Sentiment was shaken by a sudden dip in gold as a $ 1,750 breakout triggered stop loss sales, a Reuters report noted.
Brent fell nearly 2% on fears that the spread of the Delta variant would dampen travel demand.
The holidays in Tokyo and Singapore created lean business conditions. Japan’s Nikkei was closed but futures were trading just below Friday’s close.