Business

Mumbai, Mar 11 (PTI) The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenors, effective March 10.

The bank has reduced its one-year MCLR by 10 basis points to 7.75 per cent from 7.85 per cent earlier, the SBI said.

LONDON, March 11 (NNN-AGENCIES) — British Prime Minister Boris Johnson faces his first rebellion over the government’s decision to allow China’s Huawei a role in building the country’s 5G phone network.

Huawei, the world’s biggest producer of telecoms equipment, has been caught in a stand-off between Washington and Beijing after the United States accused the company of spying to steal Western secrets.

10 Mar 2020; MEMO: Israeli occupation forces yesterday uprooted 400 olive trees in the farms of Wadi Fukin village, west of occupied Bethlehem, Quds Press reported.

Local Palestinian sources reported that the targeted farm belongs to Palestinian farmer Mohamed Al-Harroub.

According to the sources, 800 olive trees and grape vines have been uprooted by settlers over the past two weeks in the farms of Al-Khader neighbourhood, south of Bethlehem.

10 Mar 2020; MEMO: Saudi Arabia must coordinate on oil prices to avoid economic disruption to other countries, France’s Minister of the Economy and Finance, Bruno Le Maire, said yesterday.

Oil prices plunged by more than 30 per cent yesterday, dragging financial markets down as Saudi Arabia began a price war with Russia.

Dubai, Mar 10 (AFP/PTI) Stock markets in the energy-rich Gulf states made a strong rebound in opening trade Tuesday, led by the Saudi bourse which jumped 5.6 per cent, as oil prices bounced after heavy losses.

Energy giant Aramco, which dominates the Saudi Tadawul market, gained 5.5 per cent after a series of sessions in the red where it tumbled below the price where it listed last December.

United Nations, Mar 10 (PTI) The coronavirus outbreak could cost the global economy up to USD 2 trillion this year, the UN's trade and development agency said, warning that shock from the epidemic will cause a recession in some countries and depress global annual growth to below 2.5 per cent.

09 Mar 2020; MEMO: Morocco has received a rocket launcher from China, Al Watan Voice reported yesterday.

Reporting Russia Today TV, the news website said that the rocket system is referred to as AR2 and is a 12 round 300mm Multi Launch Rocket System (MLRS).

It consists of rockets, launchtube group, launch vehicles, command vehicles and transport vehicle components.

The system consists of six launchers and is able to launch 72 rockets in 30 seconds and can be reloaded in 30 minutes.

09 Mar 2020; MEMO: Saudi Aramco shares fell ten per cent this morning after Saudi Arabia slashed its official selling prices for crude and set out plans for a dramatic increase in oil production next month, prompting a sharp drop in prices, Reuters reported.

Shares in Aramco were trading at 27 riyals ($7.20), 15.6 per cent below its initial public offering (IPO) price of 32 riyals, which in December valued the company at $1.7 trillion in the world’s biggest share offering.

Mumbai, Mar 9 (PTI) The Indian rupee continued its downward journey on Monday, sliding another 16 paise to 74.03 against the US dollar in opening trade, tracking weak opening in domestic equities amid mounting fears of a coronavirus-led economic slowdown.

Forex traders said weak opening in domestic equities and foreign fund outflows dragged the local unit.

New Delhi, Mar 9 (PTI) Investor wealth plummeted by nearly Rs 7 lakh crore on Monday as equity markets crashed tracking global equity sell-off amid mounting fears of an economic slowdown due to the coronavirus outbreak.

Market capitalisation (m-cap) of the BSE-listed companies saw a massive decline after the Sensex plunged over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95.

Likewise, the NSE Nifty slumped 538 points or 4.90 per cent to close at 10,451.45.