India, World Bank sign USD 200 million loan deal for national nutrition mission -The Total Investment & Insurance Solutions

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8 May 2018

 

World bank (The Total Investment & Insurance Solutions)

India signed an agreement with the World Bank on Monday for a $200-million loan for the National Nutrition Mission (POSHAN Abhiyaan) to achieve its goal of reducing stunting in children aged 0-6 years from 38.4 per cent to 25 per cent by 2022. The Total Investment & Insurance Solutions

The loan will support the first phase of scaling up of interventions in 315 districts across all states and union territories, according to an official statement.

POSHAN Abhiyaan was launched by Prime Minister Narendra Modi on March 8 in Jhunjhunu in Rajasthan. The Total Investment & Insurance Solutions

A large component of POSHAN Abhiyaan involves gradual scaling-up of the interventions supported by the ongoing World Bank-assisted Integrated Child Development Services (ICDS) Systems Strengthening and Nutrition Improvement Project (ISSNIP) to all districts in the country over a three-year period.

With a focus on improving the coverage and quality of ICDS nutrition services to pregnant and lactating women and children under three years of age, the project will include investments in improving the skills and capacities of ICDS staff and community nutrition workers, and grievance redress and establishing mobile technology based tools for improved monitoring and management of services for better outreach to beneficiaries during the critical 1,000 day window for nutrition impact, the statement said. The Total Investment & Insurance Solutions

The project will additionally ensure convergence of all nutrition-related schemes and provide performance-based incentives to states and community nutrition and health workers, facilitating a focus on results.The Total Investment & Insurance Solutions

Indian tea industry records highest ever production -The Total Investment & Insurance Solutions

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8 May 2018

 

Tea garden(The Total Investment & Insurance Solutions)

Achieving a historic feat, the Indian tea industry recorded the highest ever production of 1,325.05 million kg as well as export of 256.57 million kg during the financial year 2017-18, official figures released on Tuesday revealed.

The total tea production in 2017-18 went up by 74.56 million kg or 5.96 per cent, as compared to the corresponding figure in 2016-17, according to Tea Board India. The Total Investment & Insurance Solutions

In 2016-17, India produced 1,250.49 million kg of tea.

Similarly, the total quantity of tea exports during the 2017-18 fiscal increased by 28.94 million kg or 12.71 per cent as compared to the last corresponding period. The tea exports stood at 227.63 million kg in 2016-17.

The foreign exchange realised from tea exports was $785.92 million in 2017-18, a rise of $95.19 million or 13.78 per cent over 2016-17 when it had earned $690.73 million. The Total Investment & Insurance Solutions

In rupee terms, the total value of the exports was pegged at Rs 5,064.88 crore during 2017-18. The Total Investment & Insurance Solutions

The value realisation increased by Rs 432.38 crore or 9.33 per cent over 2016-17 (Rs 4,632.50 crore). The Total Investment & Insurance Solutions

The growth in exports was majorly driven by five countries - Egypt (7.49 million kg), Iran 6.95 million kg), Pakistan (4.96 million kg), China (2.91 million kg) and Russia (2.89 million kg). The Total Investment & Insurance Solutions

The earlier record for the highest quantity of tea exports was during the financial year 1976-77 when the total quantity exported was 242.42 million kg.

According to Tea Board India, the trend towards a new record in exports was evident in 2017 (January-December) itself as the total quantity of exports stood at 251.91 million kg, an increase of 29.46 million kgs or 13.24 per cent over 2016, with value realisation at $766.06 million, rising by $100.90 million, a rise of 15.17 per cent. The Total Investment & Insurance Solutions

During the calendar year 2016, the total exports were 222.45 million kg, with value realisation at $665.16 million. The Total Investment & Insurance Solutions

The previous highest export quantity for a calendar year was in 1981 when the total tea exports had reached 241.25 million kg.The Total Investment & Insurance Solutions

GST, bank balance sheet problems pushed India's economic growth downward but gradual recovery expected: UN-The Total Investment & Insurance Solutions

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8 May 2018

Growthindia (The Total Investment & Insurance Solutions)

The Goods and Services Tax (GST) as well as protracted issues of corporate and bank balance sheet problems pushed India's economic growth downward in 2017 but a gradual recovery is expected and the country's economy is forecast to grow at 7.2 percent in 2018, according to a UN report.

According to estimates in the UN Economic and Social Commission for Asia and the Pacific's (ESCAP) flagship publication the Economic and Social Survey of Asia and the Pacific, India's GDP grew at 6.6 percent in 2017, down from 7.1 percent in 2016. The Total Investment & Insurance Solutions

The report said that India's GDP is forecast to grow 7.2 percent in 2018 and 7.4 percent next year. The Total Investment & Insurance Solutions

In India, the recently introduced GST as well as weak corporate and bank balance sheets resulted in modest economic growth, but signs of recovery emerged in the second half of 2017, it said. The Total Investment & Insurance Solutions

The recently introduced Goods and Services Tax (GST) as well as protracted issues of corporate and bank balance sheet problems pushed the growth rate of India downward in 2017, it said. The Total Investment & Insurance Solutions

Developing Asia-Pacific economies are on track to record an overall growth rate of 5.8 percent in 2017, compared with 5.4 percent the previous year. They are projected to grow by 5.5 percent in both 2018 and 2019, with a slight moderation in China offset by a recovery in India and steady performance in the rest of the region. The Total Investment & Insurance Solutions

In India, a gradual recovery is expected; private investment is expected to revive as the corporate sector adjusts to GST, infrastructure spending increases and corporate and bank balance sheets improve with government support, the report said. The Total Investment & Insurance Solutions

Tax reform and strengthening tax collection could also add as much as 8 percent to the gross domestic product (GDP) of countries such as Myanmar or Tajikistan; and about 3 to 4 percent in larger countries, like China, India or Indonesia, according to ESCAP. The Total Investment & Insurance Solutions

Further, weak corporate and bank balance sheets in India also contributed to a sharp slowdown in investment; thus, simply lowering policy interest rates was not enough to revive investment in that country. In India the new bankruptcy code and the recapitalization package for public sector banks are expected to support a gradual recovery in private investment.

The report said that consumption also strengthened in India as the impacts of demonetisation faded. The Total Investment & Insurance Solutions

On the problem of India's bad loans, the report said the share of non-performing loans in the country has doubled, and defaults on corporate bonds and syndicated loans have surged in recent years. By mid-2017, distressed bank loans reached a record high of 9.5 trillion rupees (USD 148 billion), but more recent revelations suggest that the actual figure may be higher.

The banking problem is closely related to high corporate leverage; thus, the two problems are known as the twin balance sheet' challenge. If it does not effectively address that challenge, India will continue to face weak private investment and modest economic growth, it said. The Total Investment & Insurance Solutions

While it has been acknowledged that the GST has reduced the complexity of its taxation system, its tax laws still are perceived to be second most complex in the Asia-Pacific region after those of China.

The report further noted that inflation accelerated in 2017 mainly as a result of increased food and fuel prices following severe floods in several countries and rising global oil prices. In India, higher inflation was also due to the housing rent allowances for civil servants and military staff recommended by the Seventh Pay Commission. The Total Investment & Insurance Solutions

With regard to the medium-term outlook, potential economic growth is on a downward trend in several countries owing to population ageing, slower capital accumulation and modest productivity growth, said United Nations Under-Secretary-General and ESCAP Executive Secretary Shamshad Akhtar.

At the same time, rapid technological advancements, while promising immense opportunities are also posing considerable challenges in terms of job polarization and income and wealth inequalities, Akhtar said.The Total Investment & Insurance Solutions

World Stocks Mixed As Trump Decision On Iran Deal Approaches-The Total Investment & Insurance Solutions

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8 May 2018

South Korea financial markets (The Total Investment & Insurance Solutions)

European stock markets are mostly lower after a day of gains in Asia, as a decision by U.S. President Donald Trump looms on whether to pull out of the U.S. nuclear deal. The Total Investment & Insurance Solutions

KEEPING SCORE: Germany's DAX dropped 0.5 percent to 12,878 and the CAC 40 in France lost 0.5 percent to 5,502. Britain's FTSE 100 edged 0.1 percent higher to 7,573. The future for the S&P 500 slipped 0.3 percent and the Dow futures lost 0.2 percent, pointing to a downbeat start on Wall Street.

ASIA'S DAY: Japan's Nikkei 225 stock index added 0.2 percent to 22,508.69 and Hong Kong's Hang Seng index climbed 1.4 percent to 30,402.81. The Shanghai Composite index jumped 0.8 percent to 3,161.50. South Korea's Kospi gave up early gains to lose 0.5 percent, ending at 2,449.81, while Australia's S&P ASX 200 edged 0.1 percent higher to 6,091.90. Shares were higher in Singapore and Taiwan but fell 1.9 percent in Indonesia after the government reported economic growth slowed in January-March. The Total Investment & Insurance Solutions

IRAN DECISION: Trump was due to announce Tuesday whether he plans to carry out his threat to pull out of the landmark nuclear accord with Iran and almost surely cause its collapse. There are no signs that European allies enlisted to "fix" the deal had persuaded him to preserve the accord, whose loss would reflect a growing rift between the U.S. and its allies in Europe. Several companies, including Airbus, Boeing and Total, have struck business deals in Iran and could be looking for exemptions if U.S. sanctions are imposed again.

CHINA TRADE: China's exports expanded by 21.5 percent from a year earlier in April, bouncing back from a contraction the previous month. Imports expanded 12.9 percent year-on-year in dollar terms, leaving the country's politically sensitive monthly trade surplus with the rest of the world at $28.8 billion, a turnaround from the previous month's $5 billion deficit.

THE QUOTE: "The widening China-US trade surplus reflects the difficulty of significantly closing the trade gap between the two countries in the near term, but it is unlikely to obstruct the constructive progress made recently," Betty Wang of ANZ said in a commentary. The Total Investment & Insurance Solutions

PHARMA DEAL: The share prices of pharmaceutical companies Takeda and Shire both rose 4 percent after the sides agreed on a takeover deal. The Japanese company will buy Shire, which is based in Ireland but largely operates in the U.S., for the equivalent of $62.4 billion in cash and stock.

ENERGY: Oil prices fell back after a rally that had them closing above $70 a barrel for the first time since November 2014. On Monday, oil futures climbed to their highest level since November 2014 as a May 12 deadline approached for the U.S. to decide whether to remain in the nuclear agreement with Iran. On Tuesday, benchmark U.S. crude oil dropped 91 cents to $69.82 in electronic trading on the New York Mercantile Exchange. Brent crude, which is used to price international oils, lost 76 cents per barrel to $75.41 per barrel.

CURRENCIES: The dollar slipped to 108.95 yen from 109.07 yen on Monday. The euro fell to $1.1873 from $1.1924.The Total Investment & Insurance Solutions

Nifty, Sensex may head higher – Monday closing report-The Total Investment & Insurance Solutions

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7 May 2018

The major indices of the Indian stock markets rallied on Monday and closed with gains over Friday’s close. On the NSE, there were 951 advances, 790 declines and 318 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:

Broadly positive Asian indices coupled with expectations of healthy quarterly earnings results pushed the key Indian equity indices to trade higher during on Monday. However, gains were capped due to caution over the upcoming assembly polls in Karnataka in the early part of the day. As the day, progressed the rally was clear and the gains were significant. According to market observers, buying was witnessed in consumer durables, metals, automobile and banking stocks.

Other economic data, investors are looking forward to include fiscal deficit data, industrial production data and consumer price index (CPI) data which are to be released during this week.

Former Prime Minister Manmohan Singh on Monday accused the central government of punishing the common man by not passing on the benefits of low petroleum prices internationally to the people here. Indian Oil Corporation share prices closed at Rs164.00, up 1.55% on the NSE.

International oil prices just passed another milestone, jumping above $70 per barrel on Monday for the first time since November 2014, pointed out market observers.

Over 10 lakh bankers in government and private banks will go on a two-day strike by the end of May if the government does not ask the Indian Banks Association (IBA) to make an improved offer, said a leader of the All India Bank Employees Association (AIBEA). "It is a matter of shame that while thousands of crores of rupees are written off from profits towards bad loans of big corporates, the genuine demands of bank employees are being denied in this fashion," C.H. Venkatachalam, General Secretary, AIBEA, said on Sunday. "If the Finance Ministry does not intervene to make the IBA to make their improved offer, it has been decide to call for a 48-hour continuous strike by end of this month," he said. S & P BSE Bankex closed at 28,983.33, up 1.12% on the BSE.

US billionaire investor Warren Buffett said on Saturday that the world depends on the US and China for progress, dismissing concerns that the two countries' trade tensions could potentially escalate into a trade war. This is good news for the long term bullish trends in the Indian stock markets.

Fortis Healthcare on Saturday said that its shareholders have approved a resolution to acquire the "assets of RHT Health Trust". According to a BSE filing, the company said that 98.328% voted for the resolution. Earlier, the company had entered into an agreements with RHT to acquire its assets for Rs4,650 crore. On Monday, Fortis Healthcare shares closed at Rs155.40, down 1.61% on the NSE.

The top gainers and top losers of the major indices are given in the table below:

The closing values of the major Asian indices are given in the table below:

Major Indices (The Total Investment & Insurance Solutions)

India only major economy with talent surplus by 2030 -The Total Investment & Insurance Solutions

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7 May 2018

 

Indian Economy (The Total Investment & Insurance Solutions)

As increasing global talent crisis is likely to cost different countries $8.5 trillion by 2030. India is the only major world economy with a potential for talent surplus, as per a study by a global executive search firm. 

India may even challenge America's position in technology, media and telecommunications (TMT) sector, said the 'Global Talent Crunch' study by Korn Ferry International Inc. 

"Left unchecked, the financial impact of this talent shortage amounts to $8.5 trillion in unrealised annual revenue globally over the next 12 years," it pointed out. 

"Interestingly, the country that's at the other end of the spectrum is India. The world's sixth largest economy is the only one in the study which will have a talent surplus by 2030, with 245 million more workers in the next 12 years," it said. 

The study covered 20 major developed and developing economies in three regions -- the Americas (Brazil, Mexico, the US), EMEA (France, Germany, the Netherlands, Russia, Saudi Arabia, South Africa, the UAE, the UK) and Asia Pacific (Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore and Thailand). 

The model focuses on three knowledge-intensive sectors within each market that act as critical drivers of global economic growth: financial and business services; TMT; and manufacturing. It also examines the remainder of each economy, said Korn Ferry. 

The imminent skilled labour shortage could ultimately shift the global balance of economic power by 2030, if left unaddressed, the study said, and added that technological advancement could be hindered by an acute global labour shortage of 4.3 million TMT workers by 2030. 

"India will see a Level A (highly skilled) TMT surplus of 1.3 million workers by 2030, offering yet more opportunities for the nation. India could challenge America's position well before 2030 in the TMT sector," the firm. 

The study forecasts a talent deficit of 85 million workers by 2030 across the economies analysed and the largest threat in the near term is faced by the US, Japan, France, Germany and Australia with a combined opportunity cost of $1.87 trillion by 2020. 

However, the 245 million talent surplus in India poses twin challenge of employability and job creation, the study noted. "If let unchecked, the talent surplus will add to our woes of jobless growth and unemployment," said Bhavna Sud, Client Partner, Korn Ferry India. 

Sud said the companies across the world need to re-think their hiring and talent management processes. 

"Hire for fit and culture rather than skills because skills come with a shelf life now. Hire people high on agility and make continuous learning a part of your life. Retain your best and show them a growth path," she said, sharing some of the study's suggestions. The Total Investment & Insurance Solutions

Commerce ministry to prepare action plan on trade with Africa: Prabhu -The Total Investment & Insurance Solutions

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7 May 2018

 

Suresh Prabhu Railways minister (The Total Investment & Insurance Solutions)

The commerce ministry has decided to formulate a comprehensive action plan to boost India's trade with Africa which is "relatively" small at present, Union Minister Suresh Prabhu said.

A series of engagements have been lined up in different parts of Africa to discuss ways to promote trade and investments between the two regions, he said.

"As part of our strategy to explore new markets, we are constantly engaging with Africa where there is huge scope for exports...We have decided to prepare an action plan to boost exports and imports from Africa," the commerce and industry minister told PTI.

To strengthen the dialogue on trade and investments, "we have divided them in five parts - east, west, north, south and central", Prabhu said.

 Deliberations have been completed in the eastern part and soon similar engagements would be organised in places including Algeria and Nigeria, he added.

"The idea is to discover new markets. We are meeting them regularly... Trade is relatively very small with Africa," Prabhu said.

With India's exports growing at a relatively slower rate, Africa holds huge potential to boost exports.

According to experts, India needs to take more steps to increase cooperation with the continent in various areas including services.

"India has lot of prospects in Africa. We need to increase our engagement with the continent. We have not yet exploited that fully as compared to China, which has huge presence," said Biswajit Dhar, a professor of economics at Jawaharlal Nehru University.

Prabhu has earlier pitched for a free trade agreement with Africa to boost economic ties between the two regions.

The commerce between India and the African countries is about USD 52 billion currently.The Total Investment & Insurance Solutions

Warren Buffett Says Economy Remains Strong-The Total Investment & Insurance Solutions

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7 May 2018

Berkshire Hathaway shareholder (The Total Investment & Insurance Solutions)

The Latest on investor Warren Buffett's comments on investing and other topics (all times local):

6:30 a.m.

Investor Warren Buffett says the economy remains strong and business has been improving lately.

Buffett told CNBC that the reports he gets from Berkshire Hathaway's many businesses show that the economy is doing well.

Buffett says most of Berkshire's businesses are hiring, and several of them are having trouble finding workers. For instance, carpet installers and certain construction workers are especially hard to find.

6:10 a.m.

Billionaire Warren Buffett says some of his most successful investments over his career have come after scandals like the one at Wells Fargo.

Buffett's company, Berkshire Hathaway, is the biggest shareholder in Wells Fargo, which has been mired in scandal for more than a year.

Buffett says Wells Fargo clearly had the wrong incentives in place when bank employees opened as many as 2 million accounts without getting customers' permission to meet aggressive sales targets.

Buffett says the bank didn't act quickly enough when executives learned of the problem.

5:30 a.m.

Billionaire Warren Buffett says stocks remain the best option for investors — not bonds, and especially not bitcoins.

Buffett says he doesn't think the stock market is overpriced compared with other options even though he's had trouble finding entire businesses to buy at reasonable prices. Buffett appeared on CNBC Monday after spending Saturday answering questions before thousands of shareholders.

Buffett says cryptocurrencies like bitcoin are nonproductive assets similar to gold. So Buffett says anyone buying bitcoin is betting that someone else will pay more for it later.

Buffett reiterated his standard advice that buying an index fund, such as the S&P 500 fund, regularly over time is the best option for most people.

Roughly 40,000 people attended Berkshire Hathaway's annual meeting on Saturday.The Total Investment & Insurance Solutions

World Markets Rise, Tracking Wall Street Gains On Job Report-The Total Investment & Insurance Solutions

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7 May 2018

Hong Kong financial markets (The Total Investment & Insurance Solutions)

Shares around the world were mostly higher Monday following strong gains on Wall Street after figures showed the U.S. jobless rate down an 18-year low. The strength of the U.S. economy has helped investors overlook unresolved trade tensions between Washington and Beijing.

KEEPING SCORE: In Europe, Germany's DAX was up 0.4 percent to 12,889 while the CAC 40 in France rose 0.1 percent to 5,519. British stock markets were closed for a public holiday. Wall Street was headed for modest gains at the open with Dow futures and the broader S&P 500 futures up 0.3 percent.

U.S. JOBS MARKET: The latest monthly jobs report showed that U.S. hiring continued at a solid clip and wages grew modestly, a sign the world's biggest economy remains resilient despite concerns about trade conflicts with China. U.S. government figures showed that employers added 164,000 jobs in April, making it the 91st straight month of hiring growth, and the unemployment rate fell to 3.9 percent, the lowest level since December 2000.

TRADE DEMANDS: Tensions persist after talks in Beijing ended Friday without any agreement. The Trump administration asked China to cut its trade deficit by $200 billion by the end of 2020, stop providing subsidies to key industries and end some policies related to technology transfers, a main issue behind the dispute. China presented its own concerns, seeking U.S. help with protection of intellectual property and with exports of technology deemed strategically sensitive.

QUOTEWORTHY: "The ongoing negotiations might have bought some time and eased tensions in the short run, but investors will remain alert for another round of trade threats," said Hussein Sayed, chief strategist at FXTM. "Markets will closely scrutinize any statement from President Trump on this front."

AIR FRANCE STRIKE: The airline's shares plunged 12 percent after workers went on strike, resulting in the cancellation of about 15 percent of flights worldwide. France's finance minister warned that the government would not come to the airline's rescue and that its survival is at stake.

ASIA'S DAY: Japan's benchmark Nikkei 225 index dipped less than 0.1 percent to close at 22,457.16 but Hong Kong's Hang Seng index rose 0.2 percent to 29,994.26. The Shanghai Composite index in mainland China jumped 1.5 percent to 3,136.64 and Australia's S&P/ASX 200 climbed 0.4 percent to 6,084.50. Taiwan's benchmark rose but Southeast Asian indexes were mostly lower. South Korean markets were closed for a holiday.

ENERGY: Oil futures advanced to their highest since November 2014. Benchmark U.S. crude rose $1.12 to $70.50 a barrel in electronic trading on the New York Mercantile Exchange while Brent crude, the international standard, gained 76 cents to $75.63 per barrel in London.

CURRENCIES: The euro fell 0.5 percent to $1.19 while the dollar rose 0.2 percent to 109.37 yen.The Total Investment & Insurance Solutions