NEW DELHI/SINGAPORE - The Supreme Court lifted a 19-month old ban on mining in Goa, the top iron ore-exporting state, on Monday, a move that will put more pressure on global prices although it capped annual output in the state at 20 million tonnes.
MUMBAI - The Sensex and Nifty hit record highs on Monday as lenders such as Axis Bank rallied ahead of their financial results starting later this week, while strong gains in debt markets reduced concerns about potential losses in the sector's bond portfolios.
Expectation that the ongoing general election will throw up a stable government has spurred a return to risk in domestic equities. The consequent rally has meant those favoured defensives of the sluggish times - IT and pharma stocks - received a shearing. Does that mean the two export-oriented sectors will become market pariahs? Unlikely, says Mukesh Agarwal. Full Article
Steve Brice, chief investment strategist at Standard Chartered Bank, expects rangebound action in Indian markets ahead of elections but he says the rate cut cycle may begin this year. In an interview with ET NOW, he also cautions against the adverse impact of QE taper on emerging markets. Video
Manchester United are set to sack manager David Moyes less than a year after he took charge of the club, British media reported. Moyes was appointed last May when Alex Ferguson retired after guiding the club to their 13th Premier League title under his management. United are languishing in seventh place in the Premier League. Full Article
Nepal's Sherpas have demanded compensation of $10,000 for the families of 16 colleagues dead or missing in an avalanche on Mount Everest and double the insurance cover for expeditions on the world's highest mountain, crowded with climbers. Full Article
Campaign season in India means it’s also promise season, and political parties aren’t short on pledges. There has been plenty of coverage of the manifestos from the biggest national parties, Congress and the BJP, so here are some highlights from the others. Full Article
The premium for third party insurance is set by the insurance regulator. The problem is that companies know the portfolio will be bleed and hence, avoid taking risks as much as possible. There is also a lack of awareness, especially among owners of two-wheelers, who end up not insuring their vehicle every year. Full Article
Diageo is engaging in some expensive empire-building in India. An under-powered tender offer meant an earlier attempt to take control of Vijay Mallya’s United Spirits was only partially successful. Now the world’s biggest spirits maker has more than doubled the price it is willing to pay, offering $1.9 billion to raise its stake to 54.8 percent from 28.8 percent. Commentary
In one sense, the fact that ambitious global reforms are likely to be more modest in reality is to be welcomed. The most successful reforms tend to be those reforms that are undertaken against a backdrop of economic growth elsewhere in the world. If three-quarters of the world were to try and reform all at once, there would be no external growth left to ease the pain of adjustment, writes Paul Donovan. Full Article
Americans seem to have a greater fondness for anecdotes than citizens of any other nation. Newscasts have human-interest segments; no recent State of the Union address is complete without the president pointing up to the gallery and telling stories of his guests there. Though many anecdotes are harmless, they can be worrisome when it comes to public policy. Commentary
Kevin Sharp, who survived cancer as a teenager and went on to become a successful country music singer in the 1990s, died late Saturday, according to his website. He was 43. Full Article