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Australian immigration officers strike at airports, ports
Australia's Immigration and Border Force officials on Monday commenced a two-week long strike in airports and cruise ship ports across the country protesting against a long-running dispute with the government over pay rise, authorities said.
 
Members of the Community and Public Sector Union (CPSU) had previously said a strike would not occur if the government agreed to a 12.5 per cent pay rise, but the union's national secretary Nadine Flood said workers were fed-up with the government's reluctance to discuss the pay rise, Xinhua news agency reported.
 
"These workers are trying to get the government to take this seriously and give us someone to sit down with and resolve this longstanding mess," Flood said.
 
"Under Prime Minister Turnbull they haven't talked to us in a year."
 
Border Force released a statement on Monday warning passengers to get to airports early, but said there were arrangements in place in case of emergency.
 
"We have contingency arrangements in place to minimise the impact of stoppages on business operations," the statement said.
 
Government senator Eric Abetz described the CPSU's demands as "unrealistic" and said a 12.5 per cent pay rise would result in the loss of more than 10,000 public sector jobs.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex trendless – Weekly closing report
We had mentioned in last week’s closing report that Nifty Sensex might head higher. The major indices were marginally up during the week. Investors were on a wait-and-watch mode regarding the US Federal Reserve’s decision on the interest rates. Once the Fed decided to leave the interest rates unchanged, the major indices rallied on Thursday. The trends of the major indices in the course of the week’s trading are given in the table below:
 
 
Positive global sentiments buoyed the Indian stock markets during the late-afternoon trade session on Monday. However, upcoming global events such as monetary policy announcements from major economies and profit booking at higher levels, capped gains. Buying was witnessed in metal, banking and IT stocks. The BSE market breadth was tilted in favour of the bulls -- with 1,494 advances and 1,244 declines. On the NSE, there were 786 advances, 673 declines and 85 unchanged. Initially, the benchmark indices opened on a firm note in sync with their Asian peers. However, investors were seen cautious ahead of the US Fed's FOMC (Federal Open Market Committee) meeting, which was scheduled for September 20-21. Investors felt that a hike in US interest rates could potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India. It was also expected to dent business margins as access to capital from the US would become expensive.
 
The benchmarks opened down, on Tuesday, following negative global cues and caution ahead of major global financial events. Selling pressure was witnessed in automobile, capital goods and banking stocks. The BSE market breadth was tilted in favour of the bears -- with 1,513 declines and 1,197 advances. On the NSE, on Tuesday, 548 advances, 922 declines and 85 unchanged. Besides, investors were cautious ahead of the US Fed's Federal Open Market Committee (FOMC) meet and the Bank of Japan (BoJ) monetary policy review announcements. Most IT stocks traded down. Banking stocks were traded with mixed sentiments, while auto stocks traded down.
 
Indian equity markets succumbed to profit booking to close the day's trade on a flat note on Wednesday. Selling pressure was witnessed in FMCG and banking stocks. The markets were largely positive as hopes of a rate-hike turned down in the US Fed meet enhanced the risk-taking appetite, according to market analysts. However, investors were not willing to push prices higher as caution still prevails ahead of the FOMC's final decision. The Bank of Japan (BoJ) decision (to keep its policy balance rates unchanged) did not have much impact on the domestic markets. Initially on Wednesday, the benchmark indices opened on a flat-to-positive note on the back of positive Asian markets. The CNX Nifty traded with firm sentiments on buying support from traders. Most IT stocks traded firm on recovery in USD/INR futures. Auto and oil-gas stocks also traded higher. On the NSE, there were 731 advances, 725 declines and 67 unchanged. The BSE market breadth was tilted in favour of the bulls -- with 1,413 advances and 1,314 declines.
 
The Bank of Japan (BOJ) unveiled its new policy framework on Wednesday, saying it will keep its negative policy rate at minus 0.1% while modifying the framework of its bond-buying programme to guide long-term rate at around 0%. The BOJ said it will continue to expand the monetary base until it achieves a 2% inflation goal.
 
Coal India Ltd (CIL), which produces 84% of country's coal output, "needs to step up to a double digit growth rate from that of around 9% achieved during 2015-16" to meet its production targets, company Chairman Sutirtha Bhattacharya said on Wednesday. "Coal India needs to step up to a double digit growth rate from that of around 9% achieved during FY 2016...during the first four months of FY 2017, Coal India's production growth was more than 6 million tonnes (mt) over the same period last year," he said while addressing shareholders at the company's 42nd Annual General Meeting. Coal India closed at Rs330.10, up 1.15% on the BSE over the week.
 
Indian equity markets soared on the back of positive global cues on Thursday. The key indices gained around a percentage each during the mid-afternoon trade session, as healthy buying was witnessed in stocks of banking, automobile, and capital goods. Besides, domestic cues such as the proposal to merge the general and railway budget, along with consultations to advance the budget presentation date, gave a positive momentum to the equity markets. The BSE market breadth was tilted in favour of the bulls -- with 1,695 advances and 1,044 declines. On the NSE, there were 993 advances, 471 declines and 74 unchanged.
 
On Friday, the major indices were range-bound and shed some of the gains of Thursday. Selling pressure was witnessed in banking and FMCG stocks. Axis Bank fell as much as 5.8%. The major indices closed on Friday with minor losses of 0.36%-0.40% over Thursday’s close. 

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India signs deal with France to buy 36 Rafale jets
India on Friday signed a deal with France to buy 36 Rafale fighter jets to meet critical operational requirement for a multi-role combat aircraft for the Indian Air Force (IAF).
 
Defence Minister Manohar Parrikar and his French counterpart Jean-Yves Le Drian signed the agreement in this regard here.
 
The deal was preceded by tough negotiations over the price and is expected to cost India some 7.87 billion euros. The deal also has a provision for transfer of technology through offsets. 
 
Soon after the deal was signed, Parrikar said in a tweet: "Will significantly improve India's strike and defence capabilities." 
 
The tough price negotiations led to a delay in the finalisation of the deal, which covers delivery of 36 planes, spares and weapons. 
 
The fighter plane will be equipped with Meteor, a beyond-visual range air-to-air missile expected to considerably advance IAF's capability in aerial combat. 
 
The Rafale aircraft would have advanced features like advanced electronically scanned array radar, mid-air refuelling and advanced electronic warfare equipment. 
 
Informed sources said the jets would arrive in India in batches, with the first two coming in the next few months.
 
A team from France was camping in New Delhi for some weeks for negotiating the deal. 
 
India had decided to ink the deal for 126 Rafale jets in 2012 during the previous United Progressive Alliance government. The deal was estimated to cost $10.2 billion and the plan was to acquire 18 aircraft in fly-away condition and manufacturing the rest in India. 
 
However, during Prime Minister Narendra Modi's visit to France in April last year, India conveyed that it would like to acquire 36 Rafale jets in fly-away condition as quickly as possible in view of the IAF's critical operational necessity for the multi-role combat aircraft.
 
A Memorandum of Understanding was signed with France in January this year for the purchase of 36 Rafale aircraft. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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