Tuesday, 16 May 2017

Petrol, diesel prices slashed -The Total Investment & Insurance Solutions

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16 May 2017

State-run Indian Oil Corp (IOC) has reduced price of petrol by Rs2.16 per litre and that of diesel by Rs2.10 a litre excluding state levies. The Total Investment & Insurance Solutions

According to IOC, the current level of international prices of petrol, diesel and the Indian rupee-US dollar exchange rate warranted a decrease in selling price. The Total Investment & Insurance Solutions


"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the IOC said in a statement late on Monday.The Total Investment & Insurance Solutions

Ransomware attack had 'nearly zero' impact in India: Minister -The Total Investment & Insurance Solutions

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16 May 2017

Trying to instil confidence among people, Electronics and Information Technology Minister Ravi Shankar Prasad on Monday said the ongoing cyber attack by ransomware virus 'WannaCrypt' had nearly zero impact in India. The Total Investment & Insurance Solutions

"We are strengthening our cyber security. After talking to Microsoft, we had asked people to install patch system in March. This ongoing attack not only had minimum, but nearly zero per cent impact, in India. We are strengthening our areas," the minister told India TV in Hindi at its conclave "Samvaad".

On March 14 this year, Microsoft released a security update which addressed the vulnerability in the 16-year-old Windows XP operating system that the hackers behind the massive ransomware attack exploited and created havoc in 150 countries. The Total Investment & Insurance Solutions

After infecting over two lakh computers in several countries, the global virus attack continued for the third day on Monday, with more reports of hacking pouring in from India, China and Japan as offices re-opened after a tumultuous weekend. The ransomware locks up the computer with the group which carried out the attack asking for $300 payment in bitcoins to send an unlock key.

The virus attacks the system after a person, whose computer has not been protected, opens up an unsuspecting mail, often from people known to him or her.

In Kerala, computers of two village panchayats were hit, with messages demanding $300 in virtual currency to unlock the files. The Total Investment & Insurance Solutions

Officials who opened the computer at the Thariyode panchayat office in the hilly district of Wayanad found that four of their computers had been hacked.

Likewise, another village panchayat at Aruvapulam near Konni in Pathanamthitta district got a similar virus message when their computer was switched on. IT experts were working on these systems.

In West Bengal's West Midnapore district, at least eight computers of the state-run electricity distributor were affected. Experts were ascertaining whether it was the same malware virus behind the world's biggest ransomware attack. The Total Investment & Insurance Solutions

The government on Sunday said it has activated a "preparedness and response mechanism" to prevent any major cyber damage from the ransomware. The Total Investment & Insurance Solutions

According to the Ministry of Electronics and Information Technology (MeitY), it has activated a "preparedness and response mechanism" by instructing CERT-IN (Computer Emergency Response Team) to gather "all the information of the reported ransomware".

"MeitY has initiated contact with relevant stakeholders in public and private sector to 'patch' their systems as prescribed in the advisory issued by CERT-IN. MeitY has also requested Microsoft India to inform all their partners and customers to apply relevant patches," the ministry said in a statement.


On May 13, CERT-IN had issued an advisory for both reactive and preventive actions to deal with the ransomware.The Total Investment & Insurance Solutions

Australia considers laptop ban on commercial flights -The Total Investment & Insurance Solutions

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16 May 2017

Australia is considering banning laptops in cabin baggage on commercial flights to prevent terrorist attacks following similar moves by the US and UK, Prime Minister Malcolm Turnbull said on Tuesday. The Total Investment & Insurance Solutions

"We are looking at it very closely. We are taking into account all of the information and advice we're receiving internationally and we're working very closely with our partners," Turnbull told the media.

"In due course, any announcements will be made formally though the transport minister," he added.

Turnbull did not elaborate on which destinations would be affected by the proposed measure, Efe news reported. The Total Investment & Insurance Solutions

European and US authorities will meet this week in Brussels as Washington considers whether to expand its laptop ban to include countries from the European Union.

US officials previously said that the ban on large electronic devices, in force since March, was based on intelligence information indicating that terrorist groups have designed bombs that can be concealed in electronic devices and could circumvent security measures at airports. 


In March, the UK announced a cabin luggage ban on laptops, tablets and e-readers on passenger flights from certain airports. The Total Investment & Insurance Solutions

US Industrial Production Posts Biggest Gain Since 2014-The Total Investment & Insurance Solutions

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16 May 2017
American industry (The Total Investment & Insurance Solutions)

American industry expanded production last month at the fastest pace in more than three years as manufacturers and mines recovered from a March downturn. The Total Investment & Insurance Solutions
The Federal Reserve said Tuesday that industrial production at U.S. factories, mines and utilities shot up 1 percent in April from March, biggest gain since February 2014 and the third straight monthly gain. The increase was more than twice what economists had expected.
Factory production rose 1 percent after declining 0.4 percent in March. Mine production increased 1.2 percent after falling 0.4 percent in March. And utility output rose 0.7 percent after surging 8.2 percent in March. The Total Investment & Insurance Solutions
Factory production has risen three of four months this year. Manufacturing has recovered from a rough patch in late 2015 and early 2016 caused by cutbacks in the energy industry and a strong dollar, which makes U.S. goods costlier in foreign markets.
The overall U.S. economy grew at a lackluster 0.7 percent annual pace from January through March. But economists expect growth to pick up the rest of the year as consumers ramp up spending.

A healthy job market bolsters consumer confidence. Employers last month added 211,000 jobs and unemployment fell to 4.4 percent, lowest in a decade.The Total Investment & Insurance Solutions

Monday, 15 May 2017

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

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15 May 2017

I had mentioned in Friday’s closing report that Nifty, Sensex were getting overbought. The major indices of the Indian stock markets were range-bound on Monday and closed with small gains of around 0.50% over Friday’s close. The trends of the major indices in the course of Monday’s trading are given in the table below: The Total Investment & Insurance Solutions
 
Major Indices (The Total Investment & Insurance Solutions)
Positive domestic macro-economic data and a strong rupee cheered the Indian equity markets on Monday. Investors' sentiments were buoyed by official data released after market hours on Friday -- Wholesale Price Index (WPI) and Consumer Price Index (CPI) -- which showed that inflation eased in April. The data on annual rate of inflation was calculated on a revised base year of 2011-12. However, India's factory output growth slowed to 2.7% in March on the back of poor manufacturing performance in the new Index of Industrial Production (IIP) with revised base year of 2011-12. The key indices traded with gains of close to half a per cent each during the mid-afternoon trade session, as buying was witnessed in banking, metal and healthcare stocks. The Total Investment & Insurance Solutions

Equity benchmark indices started off the first day of the week on a firm note tracking positive macro-economic data. Appreciation of the rupee against the US dollar also supported the firm opening of the equity markets, according to market analysts. Most banking stocks traded with firm sentiments lead by Kotak Bank. Auto, power, oil-gas and cement sector stocks complemented the firmness of the markets, pointed our market analysts.

In a survey conducted during March and April 2017, industry chamber Federation of Indian Chambers of Commerce and Industry (FICCI) predicted India's gross domestic product (GDP) growth will be around 7.4% for fiscal 2017-18, with a minimum and maximum level of 7% and 7.6% respectively. Reasoning out the growth, FICCI's Economic Outlook Survey said: "While agricultural sector is estimated to clock 3.5% growth in 2017-18; the pick-up in overall GDP growth will also be supported by an improvement in industry and services sector growth. The industry and services sector are expected to grow by 6.9% and 8.4% respectively in 2017-18.” The survey was conducted amongst economists belonging to the industry, banking and financial services sector and the participants feel that with the process of re-monetisation almost complete, consumption activity has witnessed an uptick and will further build up going ahead. Also, the India Meteorological Department's latest forecast of monsoon arriving on time and being sufficient provides some reprieve amidst earlier reports of the El Nino having a dampening effect this year. Overall, macroeconomic trends in India project a long term bullish trend in the Indian stock markets. The Total Investment & Insurance Solutions

Thousands of commuters in Tamil Nadu were stranded on Monday as transport workers unions began an indefinite strike pressing for higher wages. The transport corporation workers unions began their indefinite strike from Sunday midnight to press for higher wages and perks to combat rising inflation and price rise. Very few staff members arrived for duty at the bus depots, resulting in most of the long-distance inter-state public transport services getting crippled. On Monday, students who had to appear for an examination at 10 a.m. lamented as their daily commute took around two hours. Listed corporate entities with manufacturing facilities in Tamil Nadu are likely to vibrate in line with the labour and infrastructure problems in the state and show poorer quarterly corporate earnings. The Total Investment & Insurance Solutions

Private sector lender ICICI Bank on Monday said that it has reduced interest rates by up to 30 basis points (bps) for home loans of up to Rs30 lakh. "With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry. Salaried women borrowers will get home loans at 8.35% and others at 8.40%," the private sector lender said in a statement.  According to ICICI Bank, customers from economically weaker section (EWS) and low income group (LIG) can avail the dual benefit of low interest rates and credit linked subsidy under the Pradhan Mantri Awas Yojana. ICICI Bank shares closed at Rs302.05, up 1.82% on the BSE.

China's retail sales, a key indicator of consumption, grew 10.7% year on year in April, 0.2 percentage points slower than the March level, official data showed on Monday. Total retail sales of consumer goods hit 2.73 trillion yuan ($395.4 billion) last month, Xinhua news agency cited the National Bureau of Statistics (NBS) as saying. It increased 0.79% month on month. In the first four months, total retail sales of consumer goods rose 10.2% year on year, 0.2% points faster than the growth in the first quarter, according to Xing Zhihong, a spokesperson with the NBS. Consumption activities were relatively stronger in rural areas, with retail sales expanding 12.6% in April, outpacing urban areas, where retail sales climbed 10.4% year on year. Online spending was robust. From January to April, online retail sales surged 32% year on year to 1.92 trillion yuan. Xing said the April figure indicates continued expansion of domestic consumer demand, which was partly driven by consumption upgrades and new business patterns such as online sales. China is trying to shift its economy toward a growth model driven by consumer spending, innovation and services, while weaning it off reliance on exports and investment.  Chinese stock market indices are on a long term bullish trend and are important to the Indian stock markets as they close early in the trading day for our stock markets.

News from US markets was also not good on Friday amidst negative news on the political front with the FBI director’s termination from work. According to Reuters, “The U.S. benchmark S&P 500 stock index and the Dow edged lower as tepid economic data weighed on banks and worries deepened over Nordstrom Inc (JWN.N), J.C. Penney (JCP.N) and other department stores after weak earnings reports.  The S&P closed lower and fell for the first week in four as weak economic data weighed on financial shares.”

The top gainers and top losers of the major indices are given in the table below:
 
Top Gainer (The Total Investment & Insurance Solutions)

 The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions
Asian Indices (The Total Investment & Insurance Solutions)

ICICI Bank reduces home loan rates by 30 bps-The Total Investment & Insurance Solutions

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15 May 2017

Private sector lender ICICI Bank on Monday said that it has reduced interest rates by up to 30 basis points (bps) for home loans of up to Rs 30 lakh. The Total Investment & Insurance Solutions

"With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry. Salaried women borrowers will get home loans at 8.35 per cent and others at 8.40 per cent," the private sector lender said in a statement. 

According to ICICI Bank, customers from economically weaker section (EWS) and low income group (LIG) can avail the dual benefit of low interest rates and credit linked subsidy under the Pradhan Mantri Awas Yojana. The Total Investment & Insurance Solutions

Commenting on the initiative, ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar said: "ICICI Bank is committed to support the government's vision to provide housing for all by 2022. In line with this commitment, we have reduced the home loan interest rates for the affordable housing segment." The Total Investment & Insurance Solutions


On May 8, the country's largest home loan provider State Bank of India (SBI) announced a reduction in the home loan rates by 25 bps from 8.60 per cent to 8.35 per cent per annum.The Total Investment & Insurance Solutions

Ransomware threat: Get patched, find a firewall or upgrade fast -The Total Investment & Insurance Solutions

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15 May 2017
Ransomware (The Total Investment & Insurance Solutions)

It was coming. On March 14 this year, Microsoft released a security update which addressed the vulnerability in the 16-year-old Windows XP operating system that the hackers behind the massive ransomware attack exploited and created havoc in 150 countries.

The vulnerability in the Microsoft Windows software -- exploited by "WannaCrypt" -- crippled computers from hospitals in Britain to police stations in India, with hackers demanding hundreds of dollars from the users for them to regain control over their data.

Once Microsoft released the patch for the vulnerability -- exploited by hacker group "Shadow Brokers" after stealing a software from the US National Security Agency (NSA) -- some Window XP users installed the update called "Microsoft Security Bulletin MS17-010" on their desktops and laptops. 

But several didn't. 

There are nearly 150 million computers running Windows XP operation system globally. Those who didn't pay heed to the Windows XP patch are the ones who have fallen prey to the world's biggest ransomware attack. The Total Investment & Insurance Solutions

Microsoft which had discontiued security updates to its out-of-date software, has also provided a security update for all customers using Windows 8 and Windows Server 2003, anticipating further attacks on these earlier platforms being used by millions.

According to the company, "customers who are running supported versions of the operating system (Windows Vista, Windows Server 2008, Windows 7, Windows Server 2008 R2, Windows 8.1, Windows Server 2012, Windows 10, Windows Server 2012 R2, Windows Server 2016) will have received the security update MS17-010 in March. 

"If customers have automatic updates enabled or have installed the update, they are protected. For other customers, we encourage them to install the update as soon as possible," said Phillip Misner, Principal Security Group Manager, Microsoft Security Response Centre, in a statement.

Meanwhile, "WannaCrypt" locked up machines, encrypted files and demanded approximately $600 in Bitcoin for a recovery key.

According to global cyber security firms, paying heed to updates can only save your data from being put to ransom. The Total Investment & Insurance Solutions

"Install the official patch from Microsoft that closes the vulnerability used in the attack. Ensure that security solutions are switched on all nodes of the network. If Kaspersky Lab's solution is used, ensure that it includes the 'System Watcher', a behavioural proactive detection component and that it is switched on," Altaf Halde, Managing Director of Kaspersky Lab (South Asia), told IANS.

"Run the 'Critical Area Scan' task in Kaspersky Lab's solution to detect possible infection as soon as possible (otherwise it will be detected automatically, if not switched off, within 24 hours)," he added.

According to Subhendu Sahu, Acting Country Manager for India, FireEye, the ransomware poses high risks to organisations using potentially vulnerable Windows machines. 

"We can certainly expect follow-on attacks. Organisations seeking to take risk management steps related to this campaign should install the latest Windows patches. They should also use the indicators of compromise which are associated with this activity. FireEye has also taken steps to help secure its customers," Sahu told. The Total Investment & Insurance Solutions

As investigators were working to track down those responsible for the ransomware attack, Microsoft President and Chief Legal Officer Brad Smith said the governments should treat this attack as a "wake-up call". The Total Investment & Insurance Solutions

The news led software security providers to ramp up anti-malware software.

"Upon learning of these incidents, McAfee quickly began working to analyse samples of the ransomware and develop mitigation guidance and detection updates for its customers. McAfee has subsequently provided DAT (that contain data in text or binary format) updates to all its customers and provided them and the public further analysis on the attacks," Ian Yip, Chief Technology Officer, Asia Pacific, McAfee, told. The Total Investment & Insurance Solutions

If you are a home Windows XP user, patch immediately follow up with an upgrade. If you are running a vulnerable system and cannot install the patch for some reason, try doing the following:

"Disable SMBv1 (a server component) with the steps documented at 'Microsoft Knowledge Base Article 2696547' and as recommended previously. Consider adding a rule on your router or firewall to block incoming Server Message Block (SMB) traffic on port 445," said a report in the technology website Engadget. The Total Investment & Insurance Solutions

"This is big and set to get bigger. We haven't seen anything like this since Conficker in 2008," Amit Nath, Head of Asia Pacific-Corporate Business at cyber security firm F-Secure Corporation, told IANS.

The Conficker worm infected millions of computers including government, business and home computers in over 190 countries. The Total Investment & Insurance Solutions

Always make sure your files are backed up. 

"That way, if they become compromised in a ransomware attack, you can wipe your disk drive clean and restore the data from the backup. Using Cloud storage with anti-virus scanning abilities to share files will help users to mitigate any possible threats," suggested Anand Ramamoorthy, Managing Director, South Asia, McAfee. The Total Investment & Insurance Solutions

Remember this: "WannaCrypt" probably won't work across the internet for PCs behind a firewall or router. The Total Investment & Insurance Solutions


"But if a server is connected directly to the internet or a PC is on the same network as an infected computer, it can spread quickly -- which is exactly what has happened," the Engadget report added.The Total Investment & Insurance Solutions

Moody's Buying Bureau Van Dijk For About $3.27 Billion-The Total Investment & Insurance Solutions

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15 May 2017

Credit ratings agency Moody's Corp. is buying financial data company Bureau van Dijk for about $3.27 billion. The Total Investment & Insurance Solutions
Bureau van Dijk provides private company data for more than 220 million businesses. It had 2016 revenue of $281 million. The company, with its headquarters in Amsterdam, is owned by the fund EQT VI, which is part of alternative investment firm EQT.
Bureau van Dijk will be folded into Moody's Analytics' research, data and analytics division.
The deal is targeted to close late in the third quarter and needs regulatory approval in the European Union. The Total Investment & Insurance Solutions

Moody's is based in New York City.The Total Investment & Insurance Solutions

Markets Right Now: Energy Stocks Lead Indexes Higher-The Total Investment & Insurance Solutions

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15 May 2017
U.S.Stocks (The Total Investment & Insurance Solutions)

Energy companies were leading U.S. stock indexes higher in early trading as the price of crude oil climbed. The Total Investment & Insurance Solutions
Marathon Oil jumped 4.8 percent in the first few minutes of trading Monday, the biggest gain in the Standard & Poor's 500 index. Hess rose 2.9 percent and Murphy Oil rose 2.7 percent.
Cybersecurity company Symantec was up 4.5 percent as last week's global cyberattack spread.
The S&P 500 index rose 6 points, or 0.3 percent, to 2,397.
The Dow Jones industrial average gained 53 points, or 0.3 percent, to 20,950. The Nasdaq composite edged up 13 points, or 0.2 percent, to 6,134.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.34 percent.The Total Investment & Insurance Solutions