Daily news summaryTop News
Business & Finance
Business 2 hours 33 min ago
- If you're a guy, Nordstrom now wants to help you look like "you're not afraid to get down and dirty" by selling you a unique pair of jeans.
- The Seattlebased chain of luxury department stores is selling a pair of "Barracuda Straight Leg Jeans" for $425, and they come with a "cakedon muddy coating," according to the item's description.
- These jeans have now gone viral on social media, for all the wrong reasons.
- Mike Rowe, who hosts the television show "Dirty Jobs" on the Discovery Channel, wrote a blog post Monday and called out the pants. "[F]orget the jeans themselves for a moment, and their price, and look again at the actual description.
- Nordstrom also recently started selling $95 "mom jeans," which have clear plastic panels on the knees.
money 2 hours 55 min ago
- US President Donald Trump’s tax cuts could give a boost to US companies and household spending.
- Trump plans to reveal details of big tax cuts for businesses later on Wednesday as part of a sweeping overhaul of the tax system.
- White House officials said the plan would reduce the top corporate income tax rate from to 15% from 35%.
- Investors expect the tax cuts would improve US companies’ profitability and encourage household spending, Yang said.
- The euro fell to $1.0902 from $1.0930 while the dollar rose to 111.19 yen from 111.09 yen.
money 3 hours 51 min ago
- BSE’s benchmark equity index—Sensex—recorded a new high of 30,146.54 points on Wednesday, backed by a strong rally in world equities.
- The 100point journey from 30,000 points to 30,100 points did take a long time though—784 days to be precise.
- Currently, even though valuations look rich, there is no deterrent to the rally as liquidity remains abundant and risk is back in vogue.
- It took a long time for the Sensex to get back to its previous closing peak seen on 5 March 2015.
- Sensex’s journey from 30,000 points to 30,100 was a very long one—it took a total of 784 days for the benchmark index to do this.
money 3 hours 55 min ago
- Globally, gold prices fell by 0.02% to $1,263.80 an ounce and silver by 0.17% to $17.54 an ounce in Singapore.
- Photo: Mint New Delhi: Falling for the third straight session, gold prices plunged by Rs 250 to trade at a twoweek low of Rs 29,350 per 10 grams at the bullion market today on weak global cues and muted demand from local jewellers.
- Also Read: Global gold prices slip to twoweek low on improved risk appetite Fading demand from local jewellers and retailers at the domestic spot markets also fuelled the downtrend, they said.
- In the national capital, gold of 99.9% and 99.5% purity slumped by Rs 250 each to Rs 29,350 and Rs 29,200 per 10 grams, respectively.
- Following gold, silver ready dropped by Rs 600 to Rs 41,000 per kg and weeklybased delivery by Rs 685 to Rs 40,265 per kg.
money 3 hours 58 min ago
- The notes issued by NTPC will mature on 3 May 2022, and all rupee principal and interest payments will be made in dollars.
- Photo: Hindustan Times New Delhi: The stateowned power giant NTPC on Wednesday raised Rs 2,000 crore through issuance of rupee denominated bonds under its $4 billion medium term note programme for capital expenditure. “Issue of rupeedenominated Rs 2,000 crore, 7.25% notes due 2022 payable in the US dollar issued pursuant to $4 billion medium term note programme by NTPC Limited,” NTPC said in a BSE filing on Wednesday.
- According to the statement, NTPC has launched an issue of Rs 2,000 crore notes due 2022 priced on April 25.
- The notes will mature on 3 May 2022, and all rupee principal and interest payments will be made in dollars.
- Net proceeds will go towards financing capital expenditure of ongoing and/or new power projects and renovation and modernisation of power stations in accordance with applicable law and will not be used for projects outside India.
money 4 hours 51 min ago
- Photo: AFP Frankfurt: The Trump trade isn’t an anomaly when you look at previous market rallies after populist politicians took power, according to research at the University of Bonn.
- Moritz Schularick, an economics professor at the German institution, told a conference in Frankfurt on Tuesday that his study of 27 comparable episodes in the past century shows that stocks, and to a lesser extent, bonds, tend to benefit.
- His study shows that bond yields fell a median of 12.7% 2 years after such individuals took power.
- Five years later, stocks gained a median of 45%, while sovereign ratings usually improved and currencies appreciated.
- His study shows that after five years of populist government, gross domestic product rises a median 1.8%, and both investment and spending are up as a proportion of the economy.
money 5 hours 1 min ago
- Wipro registered a marginal rise in net profit for the March quarter and offered a muted outlook.
- Photo: Mint New Delhi: Shares of Wipro on Wednesday surrendered their early gains and fell over 1% after the company offered a muted outlook while announcing its March quarter earnings.
- Wipro registered a negligible rise in the consolidated profit at Rs 2,267 crore for the fourth quarter ended March 2017.
- The total income rose over 5% to Rs 15,033.8 crore in the said quarter, compared to the yearago period.
- Wipro expects revenues from its IT services—its mainstay—to be in the range of $1,9151,955 million for the AprilJune 2017 quarter.
money 6 hours 36 min ago
- The rupee appreciation has been steady, without much volatility.
- Photo: Hemant Mishra/Mint The Indian rupee strengthened to 63.96 against the US dollar on Wednesday morning, a level last seen in August 2015.
- Chart 1 compares USDINR to the Bloomberg JP Morgan Asia dollar index, a weighted index of 10 Asian currencies other than the yen.
- USDINR has fallen much more than the Asia dollar index, which means the INR has strengthened more than its peers in Asia.
- For all these reasons, so far there seem to be few reasons to worry about rupee appreciation, which reflects the improved fundamentals of the Indian economy.
money 7 hours 30 min ago
- US gold futures were down 0.2% at $1,265.40 an ounce.
- Photo: AFP Bengaluru: Gold fell to a twoweek low on Wednesday as investor appetite for riskier assets surged on renewed optimism over the US economy and as political uncertainty in France receded, softening demand for safehaven assets.
- Prices touched a low of 1,260.90 earlier in the session, the lowest since 11 April.
- US gold futures were down 0.2% at $1,265.40 an ounce.
- Spot silver edged up 0.4% to $17.61 an ounce, after falling 2% to a onemonth low of $17.55 in the prior session.
- Platinum dropped 0.1% to $949.10 an ounce, while palladium fell 0.2% to $798.95.
Business 8 hours 1 min ago
- "The markets of the kingdom are very sophisticated, the banks are very sophisticated," he continued, noting ADGM's geographical and jurisdictional strengths, including its close relationship with the Gulf Cooperation Council (GCC).
- ADGM aims to overtake Dubai as "the leading financial center in the region and a gateway to the world," however, Ali Al Sayegh added that the hub would bring greater liquidity and investment for other GCC markets.
- "This common law jurisdiction and the amount of attention we are receiving from the world to come here means, of course, an increase in liquidity so there will be more liquidity coming through our financial center to our markets, including other GCC markets," he said.
- However, financial services are just part of the growth story emerging from Abu Dhabi.
- Investment is other sectors, including transportation, Medicare, infrastructure, and property indicate the Emirates is on the move.