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BRIEF-India's Edelweiss Financial Services Sept-qtr consol profit up about 45 pct

Friday, November 3 2017

BRIEF-India's Edelweiss Financial Services Sept-qtr consol profit up about 45 pct

BRIEF-India's Edelweiss Financial Services Sept-qtr consol profit up about 45 pct BRIEF-India's Edelweiss Financial Services Sept-qtr consol profit up about 45 pct Source : Last 12:40 hrs Nov 3 (Reuters) - Edelweiss Financial Services Ltd : * Sept quarter consol net profit 2.09 billion rupees * Sept quarter consol total revenue from operations 20.15 billion rupees * Consol net profit in sept quarter last year was 1.44 billion rupees; consol total revenue from operations was 15.92 billion rupees Source text: http://bit.ly/2gWz7fo Further company coverage: SEARCH

BRIEF-India's Punjab National Bank Sept-qtr net profit up 2 pct

Friday, November 3 2017

BRIEF-India's Punjab National Bank Sept-qtr net profit up 2 pct

BRIEF-India's Punjab National Bank Sept-qtr net profit up 2 pct BRIEF-India's Punjab National Bank Sept-qtr net profit up 2 pct Source : Last 12:40 hrs Nov 3 (Reuters) - Punjab National Bank: * Q2 net profit 5.61 billion rupees * Gross NPA ratio at end Sept 13.31 percent * Net NPA ratio at end Sept 8.44 percent * Says domestic loans grew 8.3 percent y-o-y in Sept quarter * Punjab National Bank consensus forecast for Sept quarter net profit was 4.33 billion rupees * Punjab National Bank Sept quarter net profit last year was 5.49 billion rupees Source text: http://bit.ly/2gZOpzY Further company coverage: SEARCH

India's Punjab National Bank Q2 profit rises, beats estimates

Friday, November 3 2017

India's Punjab National Bank Q2 profit rises, beats estimates

India's Punjab National Bank Q2 profit rises, beats estimates India's Punjab National Bank Q2 profit rises, beats estimates Source : Last 12:40 hrs Nov 3 (Reuters) - India's state-run Punjab National Bank , the country's fourth-biggest lender by assets, reported a 2 percent rise in second-quarter profit, beating forecasts. Net profit rose to 5.61 billion rupees ($86.87 million) for the quarter ended Sept 30 from 5.49 billion rupees a year earlier, the state-run bank said on Friday. (http://bit.ly/2h9nRzR) Analysts on average had expected a net profit of 4.33 billion rupees, according to Thomson Reuters data. Gross bad loans as a percentage of total loans stood at 13.31 percent at end-September compared with 13.66 percent at end-June quarter and 13.63 percent a year earlier. ($1 = 64.5800 Indian rupees) (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sunil Nair) SEARCH

Gold little changed amid steady dollar ahead of U.S. jobs report

Friday, November 3 2017

Gold little changed amid steady dollar ahead of U.S. jobs report

Gold little changed amid steady dollar ahead of US jobs report Gold little changed amid steady dollar ahead of US jobs report Source : Arpan Varghese Last 13:05 hrs Gold prices traded in a narrow range on Friday, below the previous session's high, as the dollar steadied amid caution ahead of U.S. jobs data later in the day. Spot gold was mostly unchanged at $1,275.82 per ounce at 0657 GMT, and was on track for its first weekly gain in three. It hit its highest in about two weeks at $1,284.10 in the previous session. U.S. gold for December delivery dipped 0.1 percent to $1,276.50. The dollar held steady versus a basket of currencies on Friday, as focus shifted to U.S. jobs data, with President Donald Trump's nomination of Federal Reserve Governor Jerome Powell to be the next Fed chair coming as no surprise. The greenback had slipped on Thursday after Republicans in the U.S. House of Representatives released proposals to overhaul the tax code. [USD/] Asian share markets edged higher on Friday as investors gave a guarded reception to the plans for massive U.S. tax cuts, while welcoming the appointment of a centrist at the helm of the Fed. A holiday in Japan kept volumes light, while investors observed the usual caution ahead of the U.S. payrolls report which is expected to show a big bounce back from September's hurricane-hit result. "Gold seems to be broadly flat. The announcement of Jerome Powell as the new Fed Chair was broadly in line with expectations," said John Sharma, an economist with National Australia Bank. "Markets are waiting for the U.S. payrolls data. A strong result here would not be supportive of gold." Trump's appointment of Powell broke with precedent by denying Janet Yellen a second term but signalling a continuation of her cautious monetary policies. "The general trend for gold over the last week has been positive, but the market will need to find a catalyst within the host of data released tonight to push through the strong resistance at $1280," MKS PAMP analyst Tim Brown wrote in a note. "On the downside, we should see close support at the 100-day moving average at $1,275." Spot gold looks neutral in a narrow range of $1,263-$1,281 per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao. In other precious metals, spot silver inched 0.1 percent lower to $17.09 an ounce and platinum eased 0.3 percent to $921.74 while palladium was up 0.1 percent at $997. Get latest gold rates on the go with the Gold Rate Now App on your Android smartphone. Click here to download. SEARCH

Punjab National Bank Q2 profit rises, beats estimates

Friday, November 3 2017

Punjab National Bank Q2 profit rises, beats estimates

Punjab National Bank Q2 profit rises, beats estimates Punjab National Bank Q2 profit rises, beats estimates 13:16 hrs India's state-run Punjab National Bank, the country's fourth-biggest lender by assets, reported a 2 percent rise in second-quarter profit, beating forecasts. Net profit rose to 5.61 billion rupees ($86.87 million) for the quarter ended Sept 30 from 5.49 billion rupees a year earlier, the state-run bank said on Friday. Analysts on average had expected a net profit of 4.33 billion rupees, according to Thomson Reuters data. Gross bad loans as a percentage of total loans stood at 13.31 percent at end-September compared with 13.66 percent at end-June quarter and 13.63 percent a year earlier. ($1 = 64.5800 rupees)

Investment-based EB-5 Visa the 'Trump' card for U.S. citizenship?

Friday, November 3 2017

Investment-based EB-5 Visa the 'Trump' card for U.S. citizenship?

Investment-based EB-5 Visa the 'Trump' card for U.S. citizenship? Investment-based EB-5 Visa the 'Trump' card for U.S. citizenship? Source : Last 12:46 hrs [India], Nov. 3 (ANI-NewsVoir): The American dream has been a long sought-after one in the recent past, with an increasing number of students and professionals alike choosing to settle abroad. However, the non-availability of a suitable visa or work permit is proving to an obstacle. According to the statistics from U.S. Department of Homeland Security, a total of 10, 51,031 people from across the world obtained the much-coveted Lawful Permanent Resident (LPR) status in 2015. India ranks among the top three in the global list of immigrants to USA. Mexico tops the list with 15 percent, China ranks second with 7 percent, and India is placed third on the list with 6 percent. These three countries coupled with Philippines and Cuba represented about 39 percent of people who received LPR status (Green Card) in 2015. "Indians form the third largest group of immigrants to USA. The perception in India is that only students and IT professionals can migrate to USA. The EB - 5 Visa program administered by the USCIS (United States Citizenship and Immigration Services), is an investment based immigration program. This program gives you an opportunity to invest and migrate to USA along with your dependent family members. This is the most convenient and fastest way to get your Green Card." Said Tanuj Patel - Joint Managing Director (Global) of Atlanta, Georgia-based Company L D Capital Bridge. There are different visa categories for traveling to USA. Tourists and business travelers form almost 90 percent (69 million) of all travelers to the United States. Temporary workers and trainees, as well as their spouses and children, account for about 5 percent travelers. This group includes H-1B "specialty occupation" workers, registered nurses, temporary agricultural workers, North American Free Trade Agreement (NAFTA) professional workers, treaty traders, and intra company transferees. Students who entered the United States to study made up about 3 percent of arrivals. These are the most common types of people travelling to USA, out of which only a few get permanent citizenship over a period. Moreover, the need of the hour is to find a Visa program which helps in migrating to USA and getting the prized green card without getting embroiled in any controversy. Under the EB - 5 program, Foreign investors must invest USD 5,00,000 (Approx Rs 3.30 crore) through a Regional Center for 5 years in addition to other fees. This program also creates jobs for local U.S. citizens in the project they are investing. Interestingly, no educational qualification or English Language skills are required to qualify for this program. One can work and live anywhere in the U.S.A. through the EB - 5 Visa program. Experts at LD Capital believe that a steady stream of investors is showing keen interest in EB - 5. In this endeavour, L D Capital has been successfully conducting seminars across India to create awareness about EB - 5 and its benefits. The EB - 5 Visa Program seems to be capturing the imagination of a wide array of people from different walks of life. Since there are no language restrictions, Indians from any part of the country can realise their dream of becoming U.S. citizens. (ANI-NewsVoir) SEARCH

China tightens controls on down payment financing for home buyers - Xinhua

Friday, November 3 2017

China tightens controls on down payment financing for home buyers - Xinhua

China tightens controls on down payment financing for home buyers - Xinhua China tightens controls on down payment financing for home buyers - Xinhua Source : Yawen Chen and Kevin Yao Last Updated: Fri, Nov 03, 2017 16:04 hrs BEIJING: Chinese authorities have intensified efforts to curb illegal financing for mortgage down payments and asked banks to step up checks on home buyers' income authenticity, the official Xinhua news agency said, amid a drive to rein in financial risks. China's housing market has been on a near two-year tear, giving the economy a major boost but stirring fears of a property bubble even as the authorities try to contain risks from a rapid build-up in debt. While Beijing has introduced a flurry of measures to dampen housing speculation, including raising the down payment ratio in some cities, cases of savvy buyers skirting the rules have been reported by Chinese media. The People's Bank of China (PBOC), the China Banking Regulatory Commission (CBRC), and the Ministry of Housing and Urban-Rural Development (MHURD) jointly issued the directive against illegal down payment financing, Xinhua reported on Friday. They will also strictly prevent individual consumer loans from being misused in housing purchases, Xinhua said. The head of the central bank warned in October that China's household debt is rising too quickly, and some analysts suspect a recent burst of consumer loans points to the illicit use of loans for property investment. Outstanding household consumer loans in both yuan and foreign currencies totalled 30.2 trillion yuan ($4.56 trillion) at the end of September, jumping 29.1 percent from a year earlier. Intensified scrutiny should also be applied to internet financing companies and micro loan providers, Xinhua said. While some analysts say the crackdown over illegal funds flowing into the property market is a continuation of the existing policy, a renewed, concerted effort by the three government entities suggest overheating has become an increasingly serious concern. The report also said a joint working mechanism will be established to improve coordination among the three entities to ensure the most up-to-date housing sales and price data are available to banks, in order to effectively stem mortgage fraud. Developers and real estate agents must regulate their payment process and report suspicious transactions, it added. SEARCH

Nepali politicos file nominations for second phase election

Thursday, November 2 2017

Nepali politicos file nominations for second phase election

Nepali politicos file nominations for second phase election Nepali politicos file nominations for second phase election Source : Last Updated: Thu, Nov 02, 2017 23:46 hrs [Nepal], November 2 (ANI): The political parties in Nepal on Thursday filed nomination for the second phase of provincial and parliamentary election under the First-past-the-post (FPTP) election. The Nepali politicos went to the office of the election controllers in 45 districts of the country which will go for polls on December 7. The districts which went to the filing of nomination on Thursday have 128 parliamentary and 256 provincial constituencies, with an eligible population of 12.19 million. The Illam, Tehrathum, Dhankuta, Udaypur, Jhapa, Morang and Sunsari Districts of Province 1, Saptari, Siraha, Dhanusha, Mahottari, Sarlahi, Bara, Parsa and Rautahat of Province 2, Sindhuli, Makwanpur, Chitwan, Kavrepalanchowk, Kathmandu, Lalitpur and Bhaktapur Districts of Province 3, Tanahun, Kaski, Syangja, Parbat and East of Bardaghat Susta- Nawalparasi Districts of Province 4, Palpa, Arghakhanchi, Gulmi, Rupandehi, Kapilvastu, Dang, Pyuthan, Banke, Bardiya, West of Bardaghat Susta- Nawalparasi Districts of Province 5, Salyan, Surkheta and Dailekh Districts of Province 6 and Kailali, Kanchanpur, Dadeldhura, Accham and Doti Districts of Province 7 will head for polls on December 7. "I hope that the Nepali politics, after the election, will take a new direction and a new political environment is set to be carved in Nepali history," Rishi Ram Khatiwada, a voter told ANI. The alliance of the opposition Communist Party of Nepal- Unified Marxist Leninist (CPN-UML) and the Maoist Centre has jolted the Nepali politics. "The alliance will have a very good effect for the leftist because they had scored high votes in the local election, if the alliance really works and if they do not deceive each other, it will be a very good sign in Nepali politics," Govinda Prasad Acharya, opined, another voter, who is a teacher by profession. The parliamentary and the provincial election of Nepal will commence on November 26 in the high Himalayan districts bordering China and the second phase will be held on December 7. On October 22, candidates had filed their nomination papers for the first phase of polls scheduled to take place on November 26. As per the new constitution of Nepal local, province and parliament elections need to be completed by January 21 next year. Local elections have been successfully completed in September. (ANI) SEARCH talking point on sify news Latest Features

Trump taps Fed centrist Powell to lead US central bank

Friday, November 3 2017

Trump taps Fed centrist Powell to lead US central bank

Trump taps Fed centrist Powell to lead US central bank Trump taps Fed centrist Powell to lead US central bank Source : Howard Schneider and Jeff Mason Last Updated: Fri, Nov 03, 2017 09:27 hrs WASHINGTON: President Donald Trump on Thursday tapped Fed Governor Jerome Powell to become head of the U.S. central bank, breaking with precedent by denying Janet Yellen a second term but signalling a continuation of her cautious monetary policies. Powell, 64, a lawyer and investment banker appointed to the Fed board in 2012 by then-President Barack Obama, emerged as Trump's choice from a slate of possible nominees that included Yellen and others who may have pursued a sharp policy shift. In an announcement at the White House, Trump described the soft-spoken Powell as a smart and committed leader who would build on Yellen's achievements in steering the U.S. economy after the recovery from the 2007-2009 financial crisis. "If we are to sustain all this progress, our economy requires sound monetary policy and prudent oversight," Trump said as Powell looked on. "We need strong and steady leadership at the U.S. Federal Reserve ... He will provide exactly that." Powell has worked alongside Yellen for the past five years, backing her direction on monetary policy and, in recent years, sharing her concerns that weak inflation justified a continued cautious approach to raising interest rates. Yellen's four-year term as Fed chief ends in early February 2018. She will be the first U.S. central bank chief not to be renominated to a second term since 1979. Trump on Thursday lauded Yellen's stewardship but did not say why he decided to pass her over for another term. The Republican president said he was impressed by Powell's experience in the private-sector and "real-world perspective" to government. "He understands what it takes for our economy to grow," Trump said. Powell, who in the last 25 years has done a prototypical Washington circuit of government, private, and think tank jobs, pledged to be attuned to emerging financial risks and the impact the Fed has on average Americans. He will take over an economy that has been expanding for more than eight years and one that boasts an unemployment rate at more than a 16-1/2-year low. "Monetary policy decisions matter for American families and communities. I strongly share that sense of mission and am committed to making decisions with objectivity and based on the best available evidence," Powell said in brief remarks after Trump's announcement. His nomination now goes to the Republican-controlled Senate for confirmation. "I'm encouraged by President Trump's choice," Senate Majority Leader Mitch McConnell said in a statement that pledged "timely" consideration of the nomination. There was little apparent market reaction to Powell's nomination, which had been expected. Investors were largely focused on the release of details of a Republican plan to broadly change the U.S. tax code. CLASSIC COMPROMISE By setting benchmark short-term interest rates, the Fed broadly influences borrowing and lending conditions in the economy. Since the crisis, the central bank has gained more power over the financial sector, while becoming more concerned about issues like income inequality. Yellen, a Fed veteran who has served at all levels of the sprawling central bank system, said in a written statement that she would work with Powell "to ensure a smooth transition." Trump's decision, after a broad and very public search, offers what analysts said was a classic compromise, allowing him to select his own Fed chief while getting continuity with the policies of the Yellen-run central bank. "The kernel of what this boiled down to is that in selecting Powell, (Trump) has all but selected Yellen," said Sarah Binder, a political science professor at George Washington University and author of a recent book on Fed politics. "There is not really much daylight, if any." In June, Powell laid out both a defence of the Fed's gradualist path and a critique of those, including some of his competitors for the Fed job, who argued the central bank had increased the risk of high inflation and other problems. Trump on several occasions has said he would prefer rates to stay low, a position apparently at odds with some of those who were on his short list, particularly Stanford University economist John Taylor and former Fed Governor Kevin Warsh. Top White House economic adviser Gary Cohn also was a contender. Powell has been a reliable supporter of the consensus forged by Yellen on the policy-setting Federal Open Market Committee, and likely will be seen as a less risky choice with the economy growing solidly and U.S. stock markets near record highs. The Fed has raised rates twice this year and is widely expected to do so again next month. But Powell has gone further than his colleagues in calling to relax some of the stricter regulations imposed after the crisis, also important to Trump. Powell can now pursue that end along with Trump appointee Randal Quarles, the Fed's new vice chair for supervision. Though he will be the first Fed chief since the late 1970s without an advanced degree in economics, Powell brings market insights, Fed board experience and Republican ties that analysts say will likely make for a smooth confirmation and transition. Under President George H.W. Bush, Powell oversaw policy on financial institutions and debt markets as an undersecretary of the Treasury. From 1997 to 2005 he was a partner at the Carlyle Group, a private equity firm, and focused on public debt dynamics while at the Bipartisan Policy Center think tank. Yellen is entitled to remain as a Fed governor until 2024, though previous central bank chiefs have traditionally not stayed once a successor was in place. SEARCH

Asif rejects US' allegations of terrorist 'safe havens' in Pak

Friday, November 3 2017

Asif rejects US' allegations of terrorist 'safe havens' in Pak

Asif rejects US' allegations of terrorist 'safe havens' in Pak Asif rejects US' allegations of terrorist 'safe havens' in Pak Source : Last Updated: Fri, Nov 03, 2017 05:45 hrs [Pakistan], Nov. 3 (ANI): Pakistan has outrightly rejected the allegations made by the United States that it was providing safe havens to the terrorist organisation. When asked about his views on U.S. Secretary of State Rex Tillerson's recent statement at a press briefing, Pakistan Foreign Minister Khawaja Muhammad Asif said, "Pakistan has contributed with both blood and treasure in the fight against terrorism and made significant gains through its effective counter-terrorism operations," adding, "We reject baseless allegations of safe havens." Earlier this week, the U.S. Secretary of State, Rex Tillerson said that U.S. has given Pakistan another chance to fight terrorist safe havens on its territory. In response to that, Asif categorically said that Islamabad repeatedly conveyed to the U.S. leadership that it should refrain from making unfounded assertions. Meanwhile, the U.S. President Donald Trump administration is believed to have shared a list of 20 terrorist groups with Pakistani officials, in its efforts toward helping Islamabad eliminate terrorism. This comes after U.S. Secretary of State Rex Tillerson told Senate Foreign Relations Committee that the United States is going to test Pakistan by giving them a chance to act against terrorism. While giving a rundown of his visit to Pakistan last week, Tillerson informed that Pakistan has indicated to act against terrorists, if given information regarding their whereabouts. The visit of the foreign secretary was aimed towards conveying President Trump's message to Pakistan that terrorists, who plan attacks on neighbouring Afghanistan, find safe haven in the country. (ANI) SEARCH talking point on sify news Latest Features

Nawaz Sharif to appear before accountability court today

Friday, November 3 2017

Nawaz Sharif to appear before accountability court today

Nawaz Sharif to appear before accountability court today Nawaz Sharif to appear before accountability court today Source : Last Updated: Fri, Nov 03, 2017 05:45 hrs [Pakistan], Nov 3 (ANI): Former Pakistan prime minister Nawaz Sharif will be appearing before an accountability court on Friday in connection with the corruption references filed against him by the National Accountability Bureau (NAB). Sharif arrived in Islamabad on Thursday to attend the hearing from London, where he had gone to see his ailing wife, according to the Dawn. A four-member NAB team was scheduled to serve court summons to Sharif upon his arrival, but the former prime minister immediately left for Punjab House. The team waited outside Rawal Lounge to complete the required paperwork regarding surety bonds to be presented before the court. However, Sharif went away in his car right after exiting the state guest house at the airport. Then, the team reached Punjab House to finish the formalities, where Pakistan Muslim League-Nawaz (PML-N) leader Dr Tariq Chaudhry submitted surety bonds worth Pakistani Rupees 1 million to secure bail for Sharif and assured of his attendance tomorrow. Meanwhile, the Islamabad High Court on Thursday accepted a petition moved by Sharif asking to frame joint charges and conduct a single trial against the Sharif family, instead of holding three separate trials. Last week, the accountability court had issued the bailable arrest warrants against Sharif in connection with the cases related to two of his properties. After the hearing on Avenfield flats in London, the court had indicted Sharif, his daughter Maryam Nawaz and her husband Captain Mohammad Safdar with a reference pertaining to flats. Sharif was also indicted separately in the Al-Azizia Steel Mills and Hill Metal Establishment cases. However, all the three accused had pleaded not guilty to the charges. Sharif's sons, Hassan and Hussain Nawaz, were named co-accused in the charge sheet in the references. Cases of disproportionate assets have been filed against Sharif, both of his sons, daughter Maryam and son-in-law retired Captain Mohammad Safdar. The Sharif family owns Avenfield flats - 16, 16-A, 17, 17-A in Park Lane in London. The Pakistan Supreme Court had asked the NAB to file four references against the Sharif family in connection with their Avenfield and other properties on July 28. (ANI) SEARCH talking point on sify news Latest Features

Spain sends former members of Catalan cabinet to prison

Friday, November 3 2017

Spain sends former members of Catalan cabinet to prison

Spain sends former members of Catalan cabinet to prison Spain sends former members of Catalan cabinet to prison Source : Last Updated: Fri, Nov 03, 2017 07:46 hrs [Spain], Nov. 3 (ANI): A Spanish judge on Thursday ordered eight former Catalan ministers to be remanded in custody over their roles in the Catalonia's unilateral declaration of independence. According to the Anadolu Agency, one of the ex-ministers was granted bail. Only nine out of 14 former members of the cabinet facing charges of rebellion, sedition and misappropriation of funds showed up to Thursday's hearing. Ousted Catalan President Carles Puigdemont and four other members of his cabinet who did not attend the hearing are said to be in Belgium. The prosecutor also requested that a European arrest warrant for Puigdemont, as well for the other four missing, be issued. Earlier this week, the Spanish government warned to jail Puigdemont, within two months. The warning came after thousands took to the streets of Barcelona on Sunday under the Spanish flag for a unity rally after Catalan MPs vote for independence two days ago. In the aftermath of the independence vote, Spanish Prime Minister Mariano Rajoy deposed Catalan president and the Parliament to impose direct ruler over it and called for a new regional election on December 21. According to the report, Spanish prosecutors on Friday said that they would file charges of rebellion against Puigdemont, a crime punishable with up to 30 years in prison. The Catalan Government had said that it earned the right to split from Spain, claiming 90 percent of those who voted in referendum were in favour of independence. Before Madrid's imposition of direct rule over it, Catalonia enjoyed wide autonomy, including control over its own policing, education and healthcare. Catalan nationalists have always argued that the region is a separate nation with its own history, culture and language, and that it should have increased fiscal independence. (ANI) SEARCH talking point on sify news Latest Features