BUSINESS
Half the world's fossil fuel assets will be worthless by 2036
A report by The Guardian highlights the risk of producing far more oil and gas than required for future demand, which is estimated to leave $11tn-$14tn in so-called stranded assets -- infrastructure, property and investments where the value has fallen so steeply they must be written off.
Google Cloud invests $1 bn in derivatives marketplace CME Group
The move will help accelerate CME Group's move to the cloud and transform how global derivatives markets operate with technology, the company said in a statement late on Thursday. "CME Group has a century-long track record of helping investors access new markets and is known for innovation in financial markets," said Thomas Kurian, CEO, Google Cloud.
US trade deficit hits record high in September
US exports fell by 3 per cent to $207.6 billion in September while imports rose by 0.6 per cent to $288.5 billion. The goods and services deficit rose by 11.2 per cent from a revised $72.8 billion in October, according to the department on Thursday.
Despite US pressure, top oil producers opt for slow output increase
Held through video conference, the 22nd OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC Ministerial Meeting that concluded here on Thursday, reaffirmed the decision "to adjust upward the monthly overall production by 0.4 million barrels per day (mbd) for the month of December 2021."
Muhurat session: Indices make healthy gains, Sensex up 420 pts
A special hour-long session held every year on Diwali day - the Muhurat trade - marks the start of the Hindu New Year for the domestic equity market. The initial trade saw the key equity indices - S&P BSE Sensex and NSE Nifty50 -- make handsome gains. Consequently, the Nifty50 of the National Stock Exchange (NSE) gained 115.65 points, or 0.65 per cent around 6.25 p.m.,.
States add further sparkle to Diwali, cut VAT on fuel to provide bigger relief
The Centre on Wednesday announced that excise duty will be reduced by Rs 5 for petrol and Rs 10 for diesel from November 4. Following up on Centre's call for a commensurate cut in taxes on fuel by the states, about a dozen state governments from Uttarakhand in the north to Karnataka in the south have also reduced VAT rate on petrol and diesel to provide bigger gain of price reduction to consumers.
Petrol, diesel prices fall sharply in line with Centre's duty cut
Accordingly, the pump price of petrol in Delhi fell to Rs 103.97 a litre at 6 a.m. on Thursday from the previous day's level of Rs 110.04 a litre. The diesel prices fell by a bigger margin to Rs 86.67 a litre in the city from the earlier level of Rs 98.42, according to a price notification of state-owned fuel retailers.
US Fed Chief stresses patience on rate hikes
"Our decision today to begin our tapering asset purchases does not imply any direct signal regarding our interest rate policy," Powell said on Wednesday afternoon at a virtual press conference after wrapping up a two-day policy meeting.
US services sector sees record growth in October amid hiring challenge
The Services Purchasing Managers' Index (PMI) registered all-time high of 66.7 per cent, 4.8 percentage points above September's reading, according to the latest Services ISM Report on Business on Wednesday. Any reading above 50 per cent indicates the services sector is generally expanding.
World's largest trade deal RCEP to enter into force on Jan 1, 2022
The Secretariat on Wednesday has received instruments of ratification from six ASEAN countries, namely Brunei Darussalam, Cambodia, Laos, Singapore, Thailand, and Vietnam, as well as from four non-ASEAN signatory states of Australia, China, Japan, and New Zealand, Xinhua news agency reported.
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