Mumbai: The French Revolution began this day in 1848. One hundred and sixty three years later, pro-democracy protestors in West Asia and North Africa have sent world markets into a tizzy. Here’s a list of things to watch out for before trading starts today.
Overnight, Wall Street recorded its worst performance in 5 months. The Dow Jones pulled back 1.44% and the S&P index shed 2.05% as investors booked profits. Asia too opened in the red on Wednesday as investors fly towards gold and US Treasuries. Read more..-
As the civilian death toll mounts in Libya, stubborn leaders of the nation seem to be all about blood amid these protests. While the son of leader Qaddafi promised “rivers of blood,” the father promised a fight until his “last drop of blood.” It all just looks like a horrible movie playing out, only the ones to lose out are the audiences themselves. Read more..
The Libyan leader is showing no signs of stepping down, and hey, nor is crude oil. Concerns that supplies would disrupted from the largest holder of oil reserves in Africa have sent crude prices back to high levels of Oct 2008. Brent crude rose to $108 a barrel before settling down at $106 after the Saudis gave assurances about supporting supply. Details here. Read more..
And so, the government moves from the frying pan of scams and joint parliamentary committee to a boiling vat of oil. Will it bite the bullet and hike fuel prices or continue subsidies destroying the fisc further? Read more here. Read more..
As it is, they are scrambling to find ways to boost revenues. The income tax department has detected Rs 4,000 crore of unpaid tax deducted at source this financial year. It is also speedily trying to resolve transfer pricing cases worth Rs 33,000 crore over the past 18 months in the hope that some assessees might cough up soon. Khushboo Narayan has the story in Mint .
In other news, more details are emerging from the Reliance Industries Ltd – British petroleum deal, which was cheered by investors. The oil companies are planning to sell fuel together in India, an area in which Reliance hasn’t been successful. Utpal Bhaskar of Mint spills the beans here.
However, there is a possibility that RIL may have to wait for some more time before it parties with the BP deal money. The tax men may ask it to part with 30% of the gains. Read more..
As the earnings season draws to a close, Ranbaxy numbers come as yet another bitter pill. The pharma company reported a net loss of Rs 97.5 crore in the quarter ended December. Read Ravi Anathanarayanan’s analysis here.
Have you wondered if Duvvuri Subbarao flips a coin or throws darts to determine rate hikes? Apparently it is more scientific. For the first time, the Reserve Bank has published the minutes of its technical advisory committee meeting. While the central bank is to be commended, be warned it doesn’t make for scintillating reading.
By the time Starbucks sets up shop in India, you can pay for your gourmet coffee with a coin. To mark 150 years of the income tax department, the FM will issue a Rs 150 denominated coin before the budget speech. There are just 200 of them being minted so we might have to hurry. Read more..