World
Toyota recalls 1.43 mn vehicles due to airbag defects
Japanese automaker Toyota Motor Corporation on Wednesday issued a global recall on 1.43 million of its top-selling hybrid Prius models and high-end Lexus CT200h hybrid sports hatchbacks due to a possible defect in the models' airbag inflator.
 
The Aichi-based automaker said the recall will span 743,000 vehicles in Japan, 495,000 in its North American and Mexican markets and cover 141,000 models in Europe, Xinhua news agency reported.
 
"The recall also includes the Prius plug-in models," Toyota said.
 
"In the vehicles being recalled, specifically those produced between October 2008 and April 2012, it is possible that there is a crack in a weld in the airbag inflator that could lead to the inflator chambers separating and the bags partially inflating, with the inflator itself being discharged into the vehicles' interior," Toyota added. 
 
Toyota said no deaths or injuries have been reported as a result of the latest airbag-related saga, and noted that the airbag inflators involved in the latest recall were not produced by embattled Takata Corporation.
 
Toyota has been mired in recall issues in recent times, including the recall of 6.5 million vehicles worldwide in October 2015 owing to a power window glitch that could potential trigger fires.
 
Toyota also doubled a recall order over faulty airbags to nearly 34 million vehicles in 2015, in a record-breaking recall move prior to the window glitch.
 
In 2014, the world's largest automaker also issued a recall on 1.9 million of its ubiquitous Prius hybrids, due to a computer problem that could cause the vehicle to suddenly stop without warning.
 
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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7th pay panel to boost real estate sector: India Inc
India Inc on Wednesday said the country's real estate sector is expected to receive a major boost due to the implementation of the 7th Pay Commission recommendations.
 
"The 7th Pay Commission implementation will be a positive move and raise the affordability of the government employees by increasing their home loan eligibility," said Ankur Dhawan, Chief Business Officer, PropTiger.
 
"The developers would come up with schemes to make it attractive for public sector employees to invest in realty sector after this approval."
 
According to Dhawan, cities like Pune and suburban areas like Navi Mumbai and Noida will attract a large chunk of public sector employees -- who are looking for affordable houses.
 
The Union Cabinet on Wednesday approved the 7th Pay Commission Report's recommendations for central government employees' pay, perks and pensions.
 
Finance Minister Arun Jaitley said that the government's decision to implement the recommendations of the 7th Pay Commission will benefit over one crore central government employees and pensioners.
 
The minister said the housing loan allowance has been hiked from Rs 7.5 lakh to Rs 25 lakh.
 
"The Pay Commission's decision to hike the salary of central government employees is likely to have a positive impact on the demand side of residential real estate, as it would boost sentiment for home ownership among a set of buyers who have traditionally been very conservative in matters pertaining to large financial commitments," said JLL India's CEO (Residential Services) Ashwinder Raj.
 
The increase in demand would be uniformly seen across India's more affordable cities. Pricier cities would not see much of an impact on this account, as this segment of potential home buyers will be looking primarily for budget homes, he said. 
 
Leading industry body Associated Chambers of Commerce and Industry of India (Assocham) said that acceptance of the Pay Commission's recommendations and a normal monsoon should propel consumption in the realty sector.
 
"A boost of Rs 1 lakh crore to the economy at a time when the global head winds are blowing right in our face would surely be a confidence building measure," said D.S. Rawat, Secretary General of Assocham.
 
"If the monsoon plays out as per the forecast, the increase in both urban and rural consumption should be a great help to sectors like housing.
 
Vineet Relia, Managing Director, SARE Homes, said: "We as developers hail the government's decision and the intent of the Pay Commission that would also help us to synergize with the growth of real estate and economic prosperity of the nation, coupled with boosting the investors sentiment to new heights."
 
The positive effect was also seen on realty sector's stock on the equity markets. The BSE's realty index closed the day's trade with appreciable gains.
 
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 to head higher – Wednesday closing report
We had mentioned in Tuesday’s closing reply that Nifty, Sensex might rally. The major indices of the Indian stock markets on Wednesday made a strong rally and closed 0.81%-0.94% over Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
Positive global indices, along with a rise in crude oil prices and a firm rupee, buoyed the Indian equity markets on Wednesday. Consequently, the key indices closed the day's trade with appreciable gains, as healthy buying was witnessed in automobile, information technology (IT) and consumer durables sectors. The BSE market breadth was skewed in favour of the bulls -- with 1,848 advances and 752 declines. 
 
British shares and the pound continued to regain some of the ground lost in the wake of the UK voting to exit the European Union (EU). After rising 2.6% on Tuesday, the FTSE 100 share index was up 1.8% at 6,253.07 in early morning trade on Wednesday. The FTSE 250 index -- which contains more UK-focused companies -- rose 1.1%. On Tuesday it closed 3.6% higher. The pound was up 0.4% against the dollar at $1.3398, but it still remained well below levels reached before the referendum held on June 23. The pound rose as high as $1.50 on June 23 before the result of the referendum was announced the next day. On Monday, the pound hit a 31-year low against the dollar. Shares in the financial sector -- which had been particularly hard-hit in the wake of the referendum -- continued to recover, with Prudential up 5.9% and Barclays 3.6% higher.
 
With the Goods and Services Tax (GST) on top of the government's agenda, Parliament's monsoon session will be held from July 18 to August 12, Parliamentary Affairs Minister M. Venkaiah Naidu announced here on Wednesday. The decision was taken at a meeting of the Cabinet Committee on Parliamentary Affairs, attended among others by Prime Minister Narendra Modi, Home Minister Rajnath Singh Finance Minister Arun Jaitley and External Affairs Minister Sushma Swaraj. At the meeting External Affairs Minister Sushma Swaraj said if members raise issues concerning the Nuclear Suppliers Group (NSG) and matters concerning foreign trips of Prime Minister Narendra Modi and others, she is willing to make a statement, Naidu informed. International news and news from Parliament are likely to have a strong effect on the major indices next month.
 
Finance Minister Arun Jaitley on Wednesday said the 7th Pay Commission will bring a "historic rise" in the salaries of government employees and pensioners. “Congratulations to central government officers, employees and pensioners on a historic rise in their salary and allowances through the 7th CPC (Central Pay Commission),” Jaitley tweeted after the panel recommendations were approved by the Union Cabinet on Wednesday. The decision was taken at a cabinet meeting chaired by Prime Minister Narendra Modi. The recommendations will impact some 47 lakh employees in the central government and 52 lakh pensioners. Increased savings from the employees are likely to bring some more investments into the stock markets, especially through mutual funds.
 
State-run Allahabad Bank aims at 10% business growth in the current fiscal (2016-17) year, a top official of the bank said on Wednesday. "Business growth target is 10% this fiscal. It grew about 3.4% in the last fiscal," bank's Chairman and Managing Director Rakesh Sethi told IANS after the 14th Annual General Meeting. The total business of the bank stood at Rs358,352 crore as of March 31, 2016 as compared to Rs346,519 crore the previous year. Going forward, the bank was looking at a growth of 20% in the retail credit portfolio. Also, a major thrust will be given to loans having low capital requirement such as housing loans and gold loans, Sethi told shareholders during the meeting. The retail credit portfolio stood at Rs25,894 crore, up 19.20% against Rs21,723 crore in the previous year. The lender said it would adopt a three-pronged strategy -- recovery of overdues, achieving healthy growth in retail advances and mobilising CASA deposits on liability side with emphasis on savings bank accounts. The shares of the bank closed at Rs68.35, up 0.22%.
 
Oil prices gained after slumping for two sessions on Britain's surprise vote to leave the European Union. The West Texas Intermediate for August delivery on Tuesday gained $1.52 to settle at $47.85 a barrel on the New York Mercantile Exchange, while Brent crude for August delivery added $1.42 to close at $48.58 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.  Oil prices suffered the biggest two-day loss since February as the Brexit vote spurred market concerns about the economic stability of the UK and euro zone, triggering massive risk aversion among investors. Crude prices recovered on Tuesday as European Union leaders gathered in Brussels for a two-day meeting to discuss Britain's decision to leave the bloc, raising speculations that policy makers may take measures to limit the economic fallout.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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