Thursday, April 15

Month: May 2019

Britain may not have made final decision on Huawei and 5G – Bolton says

Britain may not have made final decision on Huawei and 5G – Bolton says

business
LONDON (Reuters) - Britain may not have made a final decision on allowing China’s Huawei [HWT.UL] a restricted role in building parts of its 5G network, U.S. President Donald Trump’s national security adviser John Bolton said on Thursday. FILE PHOTO: U.S. National Security Advisor John Bolton speaks during a graduation ceremony at the U.S. Coast Guard Academy in New London, Connecticut, U.S., May 22, 2019. REUTERS/Michelle McLoughlinThe Trump administration, which has sanctioned Huawei and tried to block it buying U.S. goods, has told allies not to use its 5G technology and equipment because of fears it would allow China to spy on sensitive communications and data. Britain’s National Security Council, chaired by Prime Minister Theresa May, met to discuss Huawei last month and a decision
SBI has a plan ready to cash in on India’s shadow bank crisis

SBI has a plan ready to cash in on India’s shadow bank crisis

Finance
By Suvashree Ghosh India’s largest lender is hoping to capitalize on the country’s shadow banking crisis by building its mortgage and small business loan book as the non-banks are forced to pull back. State Bank of India, which is slowly emerging from a period of massive provisioning on loans to large corporates like Essar Steel India Ltd., sees opportunities in taking business from the shadow banks without creating new asset quality problems, according to Chairman Rajnish Kumar. “We are not shying away from any business but that does not in any manner mean that we are going to dilute our underwriting standard,” Kumar said in an interview. "And I believe there is sufficient business that meets our underwriting standards." India’s shadow lenders have been under pressure since last year, wh
Pentagon working to reduce US reliance on Chinese rare earth minerals after trade war threat

Pentagon working to reduce US reliance on Chinese rare earth minerals after trade war threat

investment
Defense Department's Patrick Shanahan, before he was tapped by President Donald Trump to serve as the department's Acting SecretaryDepartment of DefenseThe Pentagon presented a report to Congress on rare earth minerals in an effort to reduce reliance on China, according to a Reuters report. "The department continues to work closely with the president, Congress and the industrial base to mitigate U.S. reliance on China for rare earth minerals," Lt. Col. Mike Andrews, a spokesman for the U.S. Defense Department, told Reuters Wednesday.The move came after China threatened to use its dominance in rare earth minerals as a countermeasure in the trade war with the U.S. The biggest Chinese newspaper explicitly warned the U.S. on Wednesday that China would cut off the rare earth supply, saying "d...
Explainer: China’s rare earth supplies could be vital bargaining chip in U.S. trade war

Explainer: China’s rare earth supplies could be vital bargaining chip in U.S. trade war

business
WASHINGTON (Reuters) - Rare earth elements are used in a wide range of consumer products, from iPhones to electric car motors, as well as military jet engines, satellites and lasers. Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. Picture taken October 31, 2010. REUTERS/Stringer Rising tensions between the United States and China have sparked concerns that Beijing could use its dominant position as a supplier of rare earths for leverage in the trade war between the two global economic powers. WHAT ARE RARE EARTHS USED IN? Rare earths are used in rechargeable batteries for electric and hybrid cars, advanced ceramics, computers, DVD players, wind turbines, catalysts in cars and oil refineries, monitors, tel...
Banks can use Aadhaar for KYC with customer’s consent: RBI

Banks can use Aadhaar for KYC with customer’s consent: RBI

Finance
MUMBAI: Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals. The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including opening of bank accounts. "Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose," the central bank said in its amended Master Direction on KYC. In February, the Union Cabinet had approved promulgation of an ordinance to allow voluntary use of the 12-digit unique number as identity proof for opening bank account and procuring mobile phone conne...
U.S. stocks drop as trade tensions heighten growth worry

U.S. stocks drop as trade tensions heighten growth worry

business
NEW YORK (Reuters) - U.S. stocks slumped on Wednesday, with the S&P 500 and Nasdaq testing a key support level, as worries a prolonged trade war between the United States and China would dent global growth pushed investors toward the safety of government bonds. Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 29, 2019. REUTERS/Brendan McDermidTrade tensions between the two largest economies in the world showed little signs of dissipating as Chinese newspapers warned Beijing could use rare earths to strike back at the U.S. after President Donald Trump remarked on Monday he was “not yet ready” to make a deal with China over trade. Rare earths are a group of 17 chemical elements used in everything from high-tech consumer electronics to military equip
Plaid launches in the U.K., setting the stage for more fintech companies to expand abroad

Plaid launches in the U.K., setting the stage for more fintech companies to expand abroad

investment
Plaid co-founders William Hockey and Zach Perret. Source: PlaidFintech start-up Plaid is revving up its global expansion, which should enable the popular apps it powers to do the same.After launching in Canada last year, the venture-capital-backed company announced its U.K. launch on Wednesday. Plaid's CEO and co-founder Zach Perret said their presence abroad will make it easier for consumers to connect to U.K.-based fintech apps and for American financial start-ups to expand abroad, too. "We're not just talking about launching in the U.K. here, we're talking about launching a full international strategy," Perret told CNBC in a phone interview. "Our hope is that it becomes easier for fintech firms to go international."Plaid, recently valued at $2.7 billion, already connects U.S. bank acco
Government may use acquisition route for general insurers

Government may use acquisition route for general insurers

Finance
NEW DELHI: The government is exploring the option of acquisition among the three public sector general insurance companies as part of a consolidation exercise, and a final call will be taken by the new government, sources said on Tuesday. So far, the NDA had talked about mergers in the state-run insurance company space as it plotted a strategy to improve the financial health of these companies and raise much-needed resources for the government. The department of investment and public asset management (Dipam) met on Tuesday to discuss the strategy for the three public sector general insurance companies. “Various options were discussed. Whether it is going to be acquisition or merger — the decision will be taken by the new Cabinet,” said an official aware of the developments. If the gover
Exclusive: Arbitration court rejects India’s plea in case against Nissan – sources, document

Exclusive: Arbitration court rejects India’s plea in case against Nissan – sources, document

business
NEW DELHI (Reuters) - The Permanent Court of Arbitration in Singapore has rejected India’s argument that the court does not have the jurisdiction to rule on a case brought against India by Japan’s Nissan Motor, according to two people and documents reviewed by Reuters. FILE PHOTO : The Nissan logo is seen at Nissan Motor Co.'s global headquarters building in Yokohama, Japan, December 17, 2018. REUTERS/Kim Kyung-Hoon/File PhotoIf India had won the plea, the entire case would have been thrown out, said one of the people who has direct knowledge of the matter, adding that the Indian government is now likely to file an appeal with Singapore’s Supreme Court. Nissan sent a legal notice to Indian Prime Minister Narendra Modi’s administration in 2016 claiming more than 50 billion rupees ($720 mil
Wall St. loses early gains as trade concerns abound

Wall St. loses early gains as trade concerns abound

business
NEW YORK (Reuters) - U.S. stocks closed lower on Tuesday, with initial gains giving way to declines as the likelihood of a prolonged trade war between the United States and China once again kept risk appetite in check. U.S. President Donald Trump on Monday said he was “not yet ready” to make a deal with China, although he expected one could be reached in the future. An expanding tariff battle between the two sides has raised concerns the trade war would lead to a global economic slowdown. “The market holds up well, but then the weak hands take over late in the day,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. “Pick a worry and it continues to grow and manifest, whether it be trade or looking into consumer confidence, thinking maybe those peop