China warns U.S. of consequences over sanctions (GS-2) (Page-12) China on Friday warned the United States to withdraw sanctions imposed on a Chinese military organisation for buying Russian weapons or "bear the consequences" of Beijing's response. Chinese Foreign Ministry spokesperson Geng Shuang expressed Beijing's "strong indignation" against Washington's move, saying it violated the basic norms of international relations. He added that the move had damaged China-U.S. relations. * "We strongly urge the U.S. to immediately correct the mistakes and revoke the so-called sanctions," he said. Earlier, the U.S. State Department had announced that it was placing sanctions on China's Equipment Development Department, the military branch responsible for weapons and equipment, and its director, Li Shangfu. It said the Chinese company was engaged in "significant transactions" with Russian nodal arms exporter, Rosoboronexport.
The sanctions have been linked to China's import of 10 Su-35 fighter jets last year and S- The sanctions bar the Chinese company from applying for export licences and involving in * The Chinese media is also reporting that the U.S. has ordered the state-run news agency 400 surface-to-air missile system in 2018, the State Department said. the U.S. financial system. Mr. Li will also be barred from getting a U.S. visa. Xinhua and the English language state broadcaster, China Global Television Network, to register themselves as foreign agents under the Foreign Agents Registration Act. Meanwhile, Russia also lashed out on Friday at the new sanctions imposed on China * Kremlin spokesman Dmitry Peskov accused Washington of playing unfairly and using new measures to squeeze Moscow out of the global arms market.
Dual listing of masala bonds being explored (GS-3) (Page-13) Masala bonds could also be dual-listed in India under options being explored by the London Stock Exchange Group and the National Stock Exchange of India. The idea being explored is a potential precursor of further joint listings in the future, that could see foreign currency bonds in India also being able to list in London. As many as 46 Masala bonds have raised over $5 billion in London since they were first listed (including through dual listings elsewhere), but it is hoped the dual listing would extend access to a wider base of global investors as well as domestic and regional investors registered on the NSE's International Exchange, and NSE IFSC Limited in Gujarat International Finance Tech City. An MoU on the plans was signed by LSE Plc. CEO Nikhil Rathi and NSE CEO Vikram Limaye on Friday.
"Dual listing of masala bonds would enhance visibility, increase liquidity in secondary markets, and enhance efficiency of price discovery for masala bond issuers," Mr. Limaye said. * "This would also reduce the cost of raising capital for all issuers and encourage the participation of a wider variety of issuers in the masala bond market." Masala bonds are rupee-denominated bonds issued by Indian institutions abroad to help fund infrastructure and other projects back home, and are a route for promoting foreign exchange inflow. Last week, the Central Board of Direct Taxes said that no withholding tax would apply on interest payments to non-residents with respect to bonds issued between September 17 this year and March 31, 2019, in a move expected to help increase their appeal, and help boost the rupee. For now, the talks on the joint listing remain exploratory, with no timeline set, but the LSE is also looking to launch ELITE, a business support and capital raising programme for high- growth SMEs in India in 2019, further extending a globally programme already in place in 32 other markets.
'U.S., China trade spat can impact India' (GS-3) (Page-13) The trade friction between the U.S. and China is worrisome and can have an impact on India, said Kumar Mangalam Birla, chairman, Aditya Birla Group. Hindalco's subsidiary Novelis has presence in both the U.S. as well as China and so has Aleris Corporation which Hindalco has proposed to buy through Novelis. Concern over Chinese imports However, Mr. Birla, while addressing the shareholders at the annual general meeting of group company Hindalco Industries, expressed concerns that the import of aluminium and copper continue to hurt the domestic aluminium and copper industries. "There is threat of these Chinese materials coming to India," said Mr. Birla. Asked if Hindalco would benefit from the closure of Vedanta's copper unit in Tamil Nadu, Mr. Birla said, "competitor's plant has closed down but the Chinese imports will make it difficult.
Fitch raises India growth forecast (GS-3) Fitch Ratings on Friday upped India's growth forecast for the current fiscal to 7.8% from 7.4% earlier, but flagged rising oil bill and higher interest rates as key concerns. Fitch, in its Global Economic Outlook, said it expects inflation to rise to the upper end of the central bank's target band (4% plus-minus 2%) on relatively high demand-pull pressures and rupee depreciation. ,,We have revised up our forecast for FY2018-2019 growth to 7.8% from 7.4% on the back of the better-than-expected 2Q18 outturn. India's growth likely peaked in 2Q18 (April-June) though," Fitch Ratings said in the Global Economic Outlook.
Graduate in Economics. Gold medal in Dissertation, Prepared various documents on Demonetisation and GST, Share-trading and many more