Connect with us

Business

Oil prices rises after sharp declines

Published

on

Crude Oil

New York, Aug 18 (IANS) Oil prices continued to rise slightly on Friday after slumping over 2 per cent earlier this week.

The West Texas Intermediate (WTI) for September delivery rose $0.45 to settle at $65.91 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery rose $0.40 to close at $71.83 a barrel on the London ICE Futures Exchange, Xinhua reported.

The market was under pressure earlier in the week as official data showed the US crude inventories rose nexpectedly recently.

The Energy Information Administration said in its weekly report on Wednesday that US commercial crude inventories rose by 6.8 million barrels in the week through August 10, way higher than market estimates of a decrease of 2.5 million barrels.

WTI and Brent oil prices rebounded slightly on Thursday and Friday after touching the lowest levels in months on Wednesday.

On the data front, the number of US oil drilling rigs were unchanged this week at 869 rigs, according to a weekly report from energy company Baker Hughes on Friday.

Business

CFO arrest row: China denies Huawei poses security threat after EU warning

Published

on

huawei

Beijing, Dec 10: China on Monday strongly defended Huawei after a warning from the EU that the tech giant posed a security risk, amid an ongoing row over the arrest of its Chief Financial Officer (CFO) in Canada at the behest of the US.

In response to accusations by European Commission Vice President Digital Single Market Andrus Ansip, Chinese Foreign Ministry spokesperson Lu Kang said the government had never forced Huawei to install a covert access route on mobile phone units to control them.

“I want to emphasize that Chinese laws and regulations don’t allow any institution to force any enterprise to install a ‘backdoor’. The Chinese government always encourages its companies to abide by local laws and regulations,” Lu was quoted as saying by Efe news.

He reiterated Beijing’s demand of an immediate release of Huawei’s CFO Meng Wanzhou who was arrested in Vancouver on December 1 after the US accused the tech giant of selling equipment in Iran in violation of American sanctions.

Meng, who is also the daughter of the group’s founder and CEO, had a bail request rejected on Friday by a Canadian court.

EU’s Ansip said on Friday that the bloc should be “worried” about Huawei and other Chinese companies over the security risks they pose.

Ansip claimed that China was developing mandatory “backdoors” — malicious software that allows any phone unit to be accessed and controlled without the user’s knowledge.

In response, Lu said it was “ridiculous” to undermine the company based on “speculations”.

“We have noticed some people from certain countries keep saying that Huawei may threaten their national security. But they did not provide a single evidence,” the spokesperson said.

He stressed that the company had “won the trust of its partners” and signed agreements to build 5G networks with more than 20 countries, including Portugal, France and Germany.

The spokesperson also commented on Japan withdrawing Huawei and Chinese telecom giant ZTE from the government procurement list, due to alleged security breaches by the two firms.

“The Japanese Chief Cabinet Secretary (Yoshihide Suga) said the relevant regulations don’t aim to exclude the relevant enterprises or equipment. I want to stress that Chinese enterprises and cooperation in Japan is for mutual benefit,” Lu said.

Continue Reading

Business

Sensex nosedives over 700 points, Nifty ends below 10,500 mark

Published

on

SENSEX-

Mumbai, Dec 10: The Indian equity market slumped around two per cent on Monday, with the S&P BSE Sensex shedding over 700 points, tracking a similar sell-off globally along with uncertainties over the upcoming results of the recently held state elections.

The Nifty50 on the National Stock Exchange fell below the 10,500 mark and the Sensex ended below the psychologically significant level of 35,000 points.

On the domestic front, the results for the recently held assembly elections of five states would be out on Tuesday. Exits polls last week showed that the party in power — the Bharatiya Janata Party — is seen facing a tough challenge which has raised concerns among the investors.

The elections are considered a crucial indicator of public mood before the Lok Sabha elections in 2019.

In the global markets, crude oil prices rose on Monday after the Organization of Petroleum Exporting Countries and Russia on Friday agreed to reduce supplies from January 2019.

Further, there was a spike in trade war concerns after China on Sunday summoned US Ambassador Terry Branstad over the US arrest warrant for Huawei’s global CFO Meng Wanzhou who was taken into custody in Canada last week.

Index-wise, wider Nifty50 of the National Stock Exchange (NSE) closed lower by 205.25 points or 1.92 per cent to 10,488.45 points.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,204.66 points, closed at 34,959.72 points — lower by 713.53 points or two per cent — from its previous session’s close of 35,673.25 points.

It touched an intra-day high of 35,246.97 and a low of 34,915.77 points.

“Our markets have fallen in line with other global markets which were down due to resurgence of US-China friction and rise in crude prices,” HDFC Securities’ Retail Research Head Deepak Jasani told IANS.

On the currency front, the Indian rupee weakened to 71.38 against the US dollar from its previous close of 70.81.

“Dollar-rupee opened higher, around 71.35 on spot, after exit polls suggested that BJP may lose three major states,” said Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities.

“If exit polls are true, then it can increase the political risk premium on the rupee.”

Last Friday — the previous trade session — bargain hunting and lower crude oil prices lifted the key Indian equity market indices by around one per cent.

Consequently, the NSE Nifty50 had ended higher by 93 points or 0.87 per cent at 10,693.70 points, whereas the Sensex closed at 35,673.25 points, up 361.12 points or 1.02 per cent.

IANS

Continue Reading

Business

Ratan Tata conferred steel industry’s lifetime achievement award

Published

on

Ratan-Tata
Ratan Tata (File Photo)

Mumbai, Dec 10: Eminent industrialist Ratan N. Tata was conferred the Steel Users Federation of India (SUFI) Lifetime Achievement Award for his association and contribution to the industry, an official said here on Monday.

The award was bestowed on Tata by Union Minister for Steel Choudhary Birendra Singh and other dignitaries on Sunday night, besides 450 delegates from 10 countries representing the industry attending the 2nd SUFI Steel Awards.

The other prominent awardees included Hall of Fame category’s ‘Steel CEO of the Year’ for Vipul Mathur, CEO, Welspun Corp. Ltd; Tata Steels Ltd. and Maharashtra Seamless Ltd sharing the ‘Steel Company of the Year’; and POSCO Maharashtra Steel Pvt. Ltd and Naresh Steel Industries Ltd. jointly bagging the ‘Emerging Steel Company of the Year’ honours.

In the special category, M. Junction won the ‘Digital India Award’, JSW Steels Ltd. got the ‘Make In India Award’ and Metal Street bagged the ‘Start-Up India Award’.

Addressing the gathering, Singh said that the steel industry needs in-depth research and motivation to stay ahead of competition globally, and accommodate the ‘Make in India’ initiative.

“The government is pacing towards boosting and assisting the steel industry towards innovations and technology revolution,” said Singh.

SUFI President Nikunj Turakhia said that recognising the disconnect between the industry and government, the organisation has been instrumental in bridging the gap.

“We believe it is imperative that the contribution of those who have made the steel industry reach its heights today is recognized through these awards,” Turakhia added.

The SUFI Steel Awards with several categories added this year, were conducted in association with the Steel Group, Steel Scenario and ASSAR.

IANS

Continue Reading
Advertisement

Most Popular