Business

New Delhi, Sep 14 (PTI) Finance Minister Nirmala Sitharaman on Saturday announced a new scheme -- Remission of Duties or Taxes on Export Product (RoDTEP) -- to incentivise exporters at an estimated cost of Rs 50,000 crore to the exchequer.

The announcement comes in the backdrop of India's merchandise exports declining by 6.05 per cent to USD 26.13 billion in August compared to the year-ago month.

LONDON (Reuters) - The oil market will rally by $5-10 per barrel when it opens on Monday and may spike to as high as $100 per barrel if Saudi Arabia fails to quickly resume oil supply lost after attacks over the weekend, traders and analysts said.

Attacks on two plants at the heart of the kingdom’s oil industry on Saturday knocked out more than half of Saudi crude output, or 5% of global supply.

Industry sources have said it may take weeks to bring production fully online.

Below are quotes from market participants, traders and analysts.

World oil price could rise by $10 per barrel after ten drones attacked one of Saudi Arabia’s largest oilfields in Hijra Khurais and the world’s biggest crude processing facility at Abqaiq on Saturday forcing Saudi to cut output in half.

Drones attack has caused a loss of 5.7 million barrels of crude production a day or 50% of the kingdom’s oil output. Exact price impact will depend on the repair time which can take weeks to months.

14 Sep 2019; MEMO: US Energy Secretary Rick Perry said on Friday he will meet the new Saudi energy minister on Monday and likely discuss plans the kingdom has to build nuclear reactors, reports Reuters.

Perry did not say where he would meet Energy Minister Prince Abdulaziz bin Salman, who took over from Khalid al-Falih on Sunday. But a US official said the meeting would likely take place on the sidelines of an International Atomic Energy Agency meeting in Vienna next week.

14 Sep 2019; MEMO: Turkish President Tayyip Erdogan said he will discuss buying US Patriot missiles with President Donald Trump this month, saying his personal bond with the US leader could overcome a crisis caused by Ankara buying Russian air defence systems, reports Reuters.

Turkey’s purchase of the Russian S-400 missile system in July raised the prospect of US sanctions, and the State Department has said an offer to sell Raytheon Co’s Patriot missile defence system to Ankara has expired.

New Delhi, Sep 13 (PTI) Amid protest, state-owned MMTC has barred suppliers from sourcing onions from Pakistan while modifying its tender for import of 2,000 tonnes of the key kitchen staple.

Last week, MMTC had issued a tender for import of onions from Pakistan, Egypt, China, Afghanistan or any other origin which created uproar from farmers and political bodies.

Subsequently, MMTC modified its tender saying that the bidder should import onions from "any country of origin excluding Pakistan".

New Delhi, Sep 13 (PTI) Union minister Smriti Irani said on Friday that the Union government's efforts on economic front are visible and asserted that it meets various stake-holders every day to try to find solutions to emerging challenges.

Speaking at a "fireside chat" event organised by FICCI Young Leaders Forum, the Textile Minister, who also holds the portfolio of woman and child development, reeled out a number of figures to stress that the government has been providing a lot of employment opportunities.

New Delhi, Sep 14 (PTI) Union Culture Minister Prahlad Singh Patel on Saturday inaugurated an exhibition-cum-e-auction of gifts received by Prime Minister Narendra Modi in the last one year to raise funds for the Centre's Namami Gange Project.

More than 2,700 mementos, including shawls, pagris and jackets, at the National Gallery of Modern Art here will be auctioned on www.pmmementos.gov.in from Saturday till October 3.

KUALA LUMPUR, Sept 14 (NNN-BERNAMA) – Ten thousand Yemeni citizens holding social visit pass in Malaysia would be able to work under certain requirements which would be finalised soon, said Yemen’s Ambassador to Malaysia Dr Adel Mohamed BaHamid.

The envoy said this is part of the programmes held in collaboration with the Malaysian government to render humanitarian assistance to Yemenis, whose home country is ravaged by war.

PARIS, Sept 14 (NNN-AGENCIES) — France and Germany have agreed to block Facebook’s Libra cryptocurrency, the French finance ministry said on Friday.

In a joint statement, the two governments affirmed that “no private entity can claim monetary power, which is inherent to the sovereignty of nations”.

French Finance Minister Bruno Le Maire said on Thursday that Facebook’s new cryptocurrency should not be allowed to operate in Europe while concerns persist about sovereignty and persistent financial risks.