QBiz: Asian Stocks Climb; CSR Violation Report Being Fast-Tracked
Here are all the top business stories.
1. Asian Stocks Climb, Treasury Yields Edge Higher
Stocks in Asia gained along with U.S. futures early Monday as traders kicked off a busy week for economic data and awaited commentary from the Federal Reserve chief. Treasuries slipped.
Shares in Tokyo, Seoul and Sydney were higher and S&P 500 contracts rose. Sentiment was supported by a positive close on Wall Street Friday and comments from President Donald Trump on trade talks with China. Treasury yields continued to recover from multiyear lows reached last week, when an inversion in the yield curve sparked recession worries. The yen and yuan were steady, and the dollar little changed.
(Source: BloombergQuint)
2. FM Nirmala Sitharaman's Next Stop to Assess Tax Situation to Be Varanasi
Finance Minister Nirmala Sitharaman's next pit stop to assess the opinion of tax officials at all levels as well as local businessmen and individuals will be in prime minister Narendra Modi’s parliamentary constituency – Varanasi.
In line with PM Modi’s assurance of a taxpayer-friendly tax administration, suggestions from these interactions will be taken up to improve services, a source told ET.
(Source: The Economic Times)
3. Criminal Offences in Companies Act to Be Slashed, Govt Mulls 65 Changes
In a move to relax punishment for fraud under the Companies Act, the corporate affairs ministry is planning to withdraw the criminalisation aspect in 65 sections where the offences are compoundable or not serious in nature, a government official in the know said. “Criminalisation has had no worthwhile outcome. We will look at decriminalising most of the compoundable offences.
Conviction can lead to many far-reaching consequences, which is not the intention of the law,” a senior government official said.
(Source: Business Standard)
4. Traders Flock to Gold as Fears of Recession in the US Loom Large
The desire for gold is the most universal and deeply rooted commercial instinct of the human race," said renowned Wall Street trader Gerald M. Loeb. In times of uncertainty, this instinct gets even more pronounced. Gold prices have continued their upward march and have now risen 18% so far this year, as fears of recession loom large.
In its latest survey of fund managers, Bank of America Merrill Lynch points out that the proportion of fund managersexpecting a global recession in the next 12 months was at its highest since 2011. Last week, the US yield curve inverted, setting the stage for the yellow metal to shine even brighter.
(Source: LiveMint)
5. SBI Extends Credit Period to 75-Day for Auto Dealers Facing Slack in Demand
To help the auto sector tide over stress, the country's largest lender State Bank of India (SBI) has extended the credit period of automobile dealers that are facing demand slowdown and inventory build up.
"We are actively engaging with the auto dealers and in case of hardship faced by them the bank is extending credit repayment period on the case to case basis," SBI managing director (retail & digital banking) told reporters here on Sunday.
(Source: Business Standard)
6. SBI Expects 12-14% Credit Growth This Fiscal
Country’s largest lender State Bank of India (SBI) is expecting to achieve a credit growth of 12 per cent to 14 per cent this fiscal, its Chairman Rajnish Kumar said here on Sunday.
The bank’s credit growth was 14 per cent in the last fiscal, he said. “Given the size of the bank’s balance sheet, a growth between 12 per cent to 14 per cent is satisfying,” Kumar said. He was in the city to attend the multi-level consultation programme of the branch managers of SBI in the region.
(Source: The Financial Express)
7. Report on CSR Violation Being Fast-Tracked
The government has fast tracked the implementation of a high-level committee’s report on corporate social responsibility that suggested that violations be treated as civil offences liable to monetary penalties.
"Implementation of this report is on fast track," a government official told ET, adding that the Centre would soon take the necessary steps. Finance and corporate affairs minister Nirmala Sitharaman has given 'a clear direction' on this, said another official.
(Source: The Economic Times)
8. Credit Rating Agencies Likely to Get Access to Loan Default Details
The Securities and Exchange Board of India (SEBI) is likely to come up with a framework for credit-rating agencies (CRAs) to enable them to seek information from lenders or other institutions about loan repayment or possible default by a debtor.
According to a source, SEBI is planning to amend the regulations on CRAs by adding a clause in the agreement between an issuer and a rater to provide an ‘explicit consent’ from the issuer to obtain information related to loans, repayment, delay, etc. from banks or other lending institutions.
(Source: Business Standard)
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