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US dollar rises amid falling sterling



US Dollar

New York, Oct 23 : The US dollar appreciated in late trading amid declining sterling on the backdrop of renewed Brexit fears.

British Prime Minister Boris Johnson on Tuesday was defeated in a vote on his Brexit timetable, Xinhua news agency reported.

Just minutes before the vote on the timetable motion, the government’s Brexit bill was backed by a vote of 329 to 299 in the second reading in parliament, clearing its first hurdle. However, the timetable motion was rejected.

Earlier on Tuesday, the Prime Minister told a parliament debate that he will pull the Brexit bill and push for an election if it is voted down by lawmakers.

He had vowed to take his country out of the European Union on October 31 with or without a deal.

The pound and the euro lost some strength amid lingering uncertainty concerning Brexit, experts noted.

The dollar index, which measures the greenback against six major peers, was up 0.20 per cent at 97.5249 in late trading.

In late New York trading, the euro decreased to 1.1123 US dollars from 1.1146 dollars in the previous session, and the British pound decreased to 1.2882 dollars from 1.2966 dollars in the previous session. The Australian dollar was down to 0.6853 dollar from 0.6864 dollar.

The US dollar bought 108.46 Japanese yen, lower than 108.59 Japanese yen of the previous session. The US dollar rose to 0.9890 Swiss franc from 0.9855 Swiss franc, and it rose to 1.3097 Canadian dollars from 1.3084 Canadian dollars.


Oct merchandise exports down; imports fall over 16% YoY



Stock Market Down

New Delhi, Nov 15 : Global slowdown amidst weak domestic demand dipped India’s merchandise exports as well as imports in October on a year-on-year basis.

As per the data furnished by the Ministry of Commerce & Industry, October exports were marginally down to $26.38 billion from $26.67 billion reported for the corresponding period of the previous year.

However, on a sequential basis, exports were higher than $26.03 billion worth of merchandises that were shipped out in September.

“Non-petroleum and non-gems and jewellery exports in October were $19.04 billion, as compared to $18.93 billion in October 2018, exhibiting a positive growth of 0.59 per cent,” the ministry said in a statement.

On the other hand, imports declined by 16.31 per cent to $37.39 billion in October from $44.68 billion reported for the corresponding month of 2018.

“Oil imports in October 2019 were $9.63 billion, which was 31.74 per cent lower in dollar terms, compared to $14.11 billion in October 2018,” the ministry said.

“Non-oil imports in October 2019 were estimated at $27.76 billion which was 9.19 per cent lower in dollar terms, compared to $30.57 billion in October 2018.”

According to the ministry data, non-oil and non-gold imports declined by 10.04 per cent to $25.92 billion in October 2019 from $28.82 billion in October 2018.

Consequently, the trade deficit in October narrowed to $11.01 billion as against the deficit of $18 billion in the corresponding period of 2018.

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IndiGo focus on expanding China ops, third destination soon

The deal between the two carriers will enable Qatar Airways to place its code on IndiGo flights between Doha and Delhi, Mumbai and Hyderabad.




Indigo Airlines

New Delhi, Nov 15 : After expanding its reach via codeshare to Europe in the West, India’s airline major IndiGo is now focusing singularly on expanding operations to China and beyond.

As a strategy, the airline currently has limited its own flight operations to the edges of Asia, spanning from Istanbul in the west, Hong Kong to the east and Ho Chi Minh City on the Southeast Asia side.

Subsequently, it utilises a codeshare pact with Turkish Airways to connect passengers to over 10 European destinations from the western limit of its operations.

Furthermore, the airline is expected to utilise its new codeshare pact with Qatar Airways in a similar fashion. It recently entered into a one-way codeshare pact with the Doha-based passenger carrier.

The deal between the two carriers will enable Qatar Airways to place its code on IndiGo flights between Doha and Delhi, Mumbai and Hyderabad.

In aviation parlance, a codeshare allows two airlines to sell seats on each others’ flights in order to provide passengers with a wider choice of destinations.

However, it is East Asia, particularly China, Indigo has set its sights on to expand international expansion.

Consequently, the airline is scouting for a new destination in China as well as getting into discussions with other airlines for expanding its reach from this undisclosed station.

Currently, the airline operates to Chengdu and Guangzhou in China.

The airline’s Chief Operating Officer William Boulter told IANS: “With our recent one-way codeshare agreement which was signed with Qatar, and the one which was signed with Turkish Airlines in December 2018, we have been able to strengthen our connections in the Middle East and beyond.

“The one sector we are really focused on is China and are open to discussions with other airlines for expanding further in this destination.”

Recently, the airline launched 5 new flights to Myanmar, China, Vietnam and Kuwait, but has remained loyal to the low-cost model with little adjustment.

At present, IndiGo has a fleet of over 200 aircraft and offers close to 1,500 daily flights connecting 60 domestic and 23 international destinations.

(Rohit Vaid can be contacted at [email protected])

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Govt does not want to see duopoly in telecom: VodaIdea CEO




Ravinder Takkar Vodafone

New Delhi, Nov 15 : Braving a mammoth Rs 50,000 crore loss in Q2, Vodafone Idea on Friday said the government is clear that there would be no duopoly and it is in the process of filing a review petition.

In a conference call, the company senior management led by CEO said Ravinder Takkar further said Vodafone India Limited (VIL) has not accelerated payments to any bank.

“Government is clear that they want to see three private players and one public player. We are engaged with the government very positively and even before the Adjusted Gross Revenue (AGR) case there have been a constructive response from the government. The SC judgement on AGR has significant financial implications on the industry”, the VIL CEO Ravinder Takkar said in the conference call.

He said the company has made representations to the government.

Vodafone on Thursday said unless the government gives relief to the sector, it will be difficult to remain a going concern.

The management of VIL said government wants a healthy telecom sector.

Takkar also said if the floor pricing of voice and data is done, it will be a big positive step for the industry, but it is for the government and regulator to decide.

On the operational side, he said that the exit of the high Average revenue per user (ARPU) customers continues and part of the capex for the current fiscal has now been pushed to the next fiscal. Currently, the focus is on integration and the company is on track to complete it by March 2020.

The stake monetisation of Indus Tower is under consideration, while the Indus Tower merger has got delayed, he said.

While Vodafone Idea reported a record loss of Rs 50,921 crore for the September quarter, the highest ever for any Indian company in India, Bharti Airtel posted a loss of Rs 23,044 crore for the quarter due to a Rs 28,450 crore provision towards AGR dues.

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