Business

Mumbai, Aug 13 (PTI) The rupee depreciated by 38 paise and fell to 71 per dollar mark in early trade on Tuesday amid strengthening of the American currency and weak opening in domestic equities.

Forex traders said the strength of the US dollar against other overseas currencies and concerns about US-China trade negotiations also kept investors edgy.

At the Interbank Foreign Exchange, the rupee opened weak at Rs 71.15 then fell further to 71.16 against the American currency, down 38 paise over it's previous closing price.

BEIJING (AP) — Asian stock markets followed Wall Street lower Tuesday amid anxiety the U.S.-Chinese trade war will hurt already slowing global economic growth.

Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney all retreated.

Investor anxiety has been fed by President Donald Trump’s threat of new U.S. tariff hikes on Chinese goods, protests in Hong Kong and weaker-than-expected data from India, Argentina and Singapore.

BEIJING (AP) — Facing another U.S. tariff hike, Chinese President Xi Jinping is getting tougher with Washington instead of backing down.

Beijing fired what economists called a “warning shot” at Washington by letting its yuan currency weaken in response to President Donald Trump’s latest threat of more punitive import duties on Sept. 1. Chinese buyers canceled multibillion-dollar purchases of U.S. soybeans. Regulators are threatening to place American companies on an “unreliable entities” list that might face curbs on their operations.

by Rania El Gamal, Saeed Azhar

DUBAI (Reuters) - Saudi Aramco is planning a blockbuster investment in Reliance Industries (RELI.NS), the Indian firm announced on Monday, as the energy giant diversifies its business, where weaker oil prices pared its first-half profit by 12%.

SEJONG, Aug. 12 (NNN-Yonhap) — South Korea on Monday decided to remove Japan from its trusted trading partners, upping the ante in the trade haggling sparked by the neighboring country’s export restrictions against Seoul.

The trade ministry said it will revamp its export list into three groups of trading partners from the current two, placing Tokyo in the newly established bracket, according to the Ministry of Trade, Industry and Energy.

New Delhi, Aug 11 (PTI) The government is working on a proposal to allow 100 per cent FDI in contract manufacturing with a view to attract overseas investments, sources said.

According to the existing foreign investment policy, 100 per cent foreign direct investment (FDI) is permitted in the manufacturing sector under the automatic route. A manufacturer is also allowed to sell products manufactured in India through wholesale and retail channels, including through e-commerce, without government's approval.

New Delhi, Aug 11 (PTI) The country's coal imports increased by 28.7 per cent to 24.14 million tonnes in June on the back of softening of non-coking coal prices in the international markets.

The country had imported 18.75 million tonnes of coal in the corresponding month of the previous fiscal, according to a provisional compilation by mjunction services, based on monitoring of vessels' positions and data received from shipping companies.

Beijing, Aug 12 (PTI) External Affairs Minister S Jaishankar, who is on a crucial three-day visit to China, on Monday said India-China relations should be a factor of stability at a time when the world is facing an uncertain situation.

Jaishankar, who arrived here on Sunday, called on Chinese Vice President Wang Qishan at the Zhongnanhai, the picturesque imperial residential complex where top Chinese leaders reside.

He later had a restricted meeting with Foreign Minister Wang Yi followed by a delegation-level meeting.

Kolkata, Aug 12 (PTI) A day after slamming the Centre for highest unemployment rate in the country in 45 years, West Bengal Chief Minister Mamata Banerjee on Monday urged the youngsters to raise questions on growing joblessness.

Banerjee assured support to the youth on the occasion of the International Youth Day.

New Delhi, Aug 11 (PTI) Indian High Commissioner to Pakistan Ajay Bisaria has returned to India, days after Islamabad expelled him following its decision to downgrade diplomatic ties over the withdrawal of special status to Jammu and Kashmir.

Sources said Bisaria is back in Delhi as Pakistan did not heed to India's request to review its decision to downgrade diplomatic ties.