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New Delhi, Banking issues like reluctance to process <keyword id="6358355" type="General" weightage="20" keywordseo="forex" source="Orion">forex</keyword> received through alternate channels and high processing fees are hindering the growth of <keyword id="7848945" type="General" weightage="20" keywordseo="e-commerce-exports" source="Orion">e-commerce exports</keyword> from India, and there is a need to bring mindset change to unlock the sector's potential, a report by think tank GTRI said on Monday. Unlocking India's e-commerce export potential to USD 350 billion by 2030 requires addressing banking issues that hinder growth and increase operational costs, the Global Trade Research Initiative (GTRI) said. "To initiate change, both the RBI and banks must shift their mindset towards treating small-value exports differently from larger ones. This shift is essential to prevent misuse while streamlining processes. Without this fundamental change, any reforms attempted by the RBI and banks will fall short," it said. Small e-commerce businesses often face challenges because banks are not equipped to handle low-value transactions efficiently, it added. The key issues include reluctance to process forex through alternate channels, high processing fees, incorrect purpose code allocation, and limitations in the RBI's EDPMS (Export Data Processing and Monitoring System). The Reserve Bank of India tracks export payments and reconciliation through its Export Data Processing and Monitoring System. "Banks are happy to process forex received through bank transfers but reluctant to process forex received through foreign currency cheques, payment gateways like PayPal, credit cards, <keyword id="151105" type="General" weightage="20" keywordseo="western-union" source="Orion">Western Union</keyword>, cash receipt when a buyer selects item live in the retail shop," it said. Banks delay crediting forex received in a firm's account when payments are received through such channels, and this affects cash flow and hampers business operations, the report noted. Banks charge money multiple times at different stages for the same small-value shipment, it added. Elaborating this, it said that essential charges include charges for submitting shipping bills (Rs 80 to Rs 2,000) at the time of forex realisation (1-to-2.5 per cent of value), intermediary bank charges during forex transfers (USD 10 to USD 55 per transaction), penalties for bills pending at EDPMS (Rs 100 per shipping bill per month). "Most charges are fixed for a transaction irrespective of value. Bank charges can exceed 50-60 per cent of the shipment value. This makes e-commerce exports commercially unviable," it said, adding banks allocate purpose codes for each remittance but frequently issue incorrect codes. For example, purpose code P0103, meant for advance payments, is often assigned even when exports have already occurred and the firm has submitted proof. Incorrect allocation of purpose codes by banks leads to reconciliation problems, EDPMS pendency issues, and issuance of notices and fines on exporters. The RBI issues notices to exporters for EDPMS defaults but does not give them direct access to view their records, as per the report. "Exporters must rely on banks/DGFT for critical data, leading to unnecessary delays and complications," GTRI co-founder <keyword id="504704" type="General" weightage="50" keywordseo="ajay-srivastava" source="Orion">Ajay Srivastava</keyword> said. The report suggested eight action points, such as the creation of a single window platform for e-commerce and small-value shipments, standardise bank charges, defining a time limit for banks to complete all small export-related requests by the RBI, and exempting shipment value up to USD 1,000 per shipment from monitoring till the single window is implemented. It also pitched for an extension of the timeline for EDPMS closure from the current nine months to 24 months and redesign the courier shipping bill to reflect correct payment terms. On the single window, Srivastava called for integrating the RBI, banks, Customs, DGFT, India Post, courier companies and exporters. "This platform should cover all realisation methods other than bank transfers. The exporter should be able to conduct all transactions online. SW will automate the EDPMS reconciliation process," he added. He said that high processing fees and multiple charges at different stages of exporting hurt small businesses the most, and the banks should charge a one-time fee for each shipment instead of further charges at various stages. "The government could subsidise these fees to ease the financial burden on small exporters," the report said, adding there is a need to raise the export realisation variation limit from 25 per cent to 100 per cent.

Banking issues hinder growth of exports through e-commerce: GTRI report

<ul><li>These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas. </li><li>Additionally, <keyword id="597447" type="General" weightage="20" keywordseo="rupay" source="Orion">RuPay</keyword> Debit, credit, and prepaid cards will be authorised for issuance in foreign jurisdictions. </li><li><keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>’s goalposts for Payment Vision 2025 has already outlined a roadmap for the global outreach of RTGS, NEFT, UPI, and RuPay cards. </li></ul>In a bid to provide more payment options for Indians travellers abroad, the Reserve Bank of India (RBI) has decided to allow Indian banks to issue RuPay <keyword id="1018384" type="General" weightage="20" keywordseo="prepaid-forex-cards" source="Orion">prepaid forex cards</keyword>. These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas. “... Further, RuPay debit, credit, and prepaid cards will be enabled for issuance in foreign jurisdictions, which can be used internationally, including in India. These measures will expand the reach and acceptance of RuPay cards globally. Necessary instructions will be issued separately,” read the RBI’s statement on Developmental and Regulatory Policies, issued on June 8. Says Rajsri Rengan, India Head of Development, Banking and Payments, at FIS, a fintech company, “The permission granted to banks for issuing RuPay pre-paid forex cards opens up new avenues for seamless and flexible cross-border transactions. This development brings forth enhanced convenience and efficiency for individuals and businesses engaged in international trade.” RuPay, as the first domestic card payment network in India, has achieved wide acceptance across various channels such as ATMs, point-of-sale (POS) devices, and e-commerce websites throughout the country. By promoting electronic payments, RuPay aligns with the Reserve Bank of India's goal of fostering a "less cash" economy, encouraging banks and financial institutions to embrace technology and offer digital payment solutions.RuPay credit cards can now be linked to a UPI ID, thus directly enabling safe, and secure payment transactions. According to a report by merchant platform Pine Labs, it is projected that transaction volumes on the RuPay network will experience a compound annual growth rate (CAGR) of 20% over the next three years. By the fiscal year 2025-26 (April-March), transaction volumes are anticipated to reach 3.2 billion, a significant increase from the 1.8 billion transactions recorded in 2022-23. RBI’s goalposts for Payment Vision 2025 has already outlined a roadmap for the global outreach of RTGS, NEFT, UPI, and RuPay cards. Recently UPI has been integrated with Singapore’s PayNow, and Japan is expected to join the UPI system as well. UPI is also expected to be adapted by other countries as well.

RBI allows banks to issue RuPay prepaid forex cards

<ul class="summary-list"><li>Risky assets such as <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword>, oil and copper fall ahead of first presidential debate, while <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword> and government <keyword id="35147" type="COMPANY" weightage="60" keywordseo="bonds">bonds</keyword> gain.</li><li>"Overall, we'd advise to err on the side of caution today, given yesterday's uneven <keyword id="27263" type="ORGANIZATION" weightage="60" keywordseo="risk">risk</keyword> rally which thrived on thin air," KBC analysts said in a note</li><li>S&amp;P 500 heads for biggest monthly slide since March, as investors shunned technology and banking stocks, while the <keyword id="35208" type="ORGANIZATION" weightage="60" keywordseo="dollar">dollar</keyword> is at a two-month high.</li></ul>Stocks fell in Europe on Tuesday, as investors ditched riskier assets, such as industrial commodities and took some profit on the dollar's two-month highs ahead of the first of three presidential debates later in the day and as the global <a href="https://www.businessinsider.com/covid-coronavirus-killed-1-million-people-worldwide-2020-9?r=US&amp;IR=TIR=T">coronavirus death toll passed 1 million</a>.Incumbent Republican candidate Donald Trump faces Democrat opponent Joe Biden later in the day in the first of three televised debates running up to the November 3 election. Investors in stocks have grown increasingly nervous about the race for the White House and, in particular, over the prospect of a delay to the final result, which has been partly responsible for the 4% drop in the <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a> this month and the flow of cash into the dollar."Historically the debate isn't a big market moving event," Fiona Cincotta, a strategist at spread-better CityIndex, said. "However, given the backdrop of coronavirus and a record breaking contraction in Q2, the public could be more easily swayed than in other years and investors could be twitchier than usual, meaning high levels of volatility are possible," she said.Read more: <a href="https://www.businessinsider.com/evercore-3-reasons-a-volatile-stock-market-presents-opportunities-2020-9" target="_blank" rel="noopener noreferrer">4 reasons why the stock market will be volatile throughout October. And 3 reasons why this presents opportunities, Evercore says</a>Adding to the degree of gloom was the number of people that have died from Covid-19 passed 1 million, according to data from Johns Hopkins University. The United States accounts for one in five deaths, while the death toll in major European economies is not far behind, close to 170,000.The STOXX 600 index of the biggest European blue-chip stocks was down 0.45% on the day, under pressure from declines in shares of banks and financial services, which tend to be some of the most sensitive to fluctuations in investor confidence. The index has lost 2% in value so far this month, as rising cases of Covid-19 across Europe, along with death and hospitalization rates, have forced a number of countries to resume restrictions on activity.Banks were the main drivers for the broader equity market weakness on Tuesday, with <a href="https://markets.businessinsider.com/stocks/hsbc-gb0005405286-stock">HSBC</a> off nearly 3%, France's <a href="https://markets.businessinsider.com/stocks/nbp-stock">Natixis</a> down 2.7% and Spanish firms <a href="https://markets.businessinsider.com/stocks/banco_de_sabadell-stock">Banco Sabadell</a>, <a href="https://markets.businessinsider.com/stocks/caixabank-stock">Caixabank</a> and <a href="https://markets.businessinsider.com/stocks/bankinter-stock">Bankinter</a> down 2.3-2.4%.US futures pointed to a lower start on Wall Street later in the day, with <a href="https://markets.businessinsider.com/futures/s&amp;p-500-futuresures">S&amp;P futures</a> down 0.3%, while futures on the <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100</a> fell 0.4%. The major indices closed between 1.5 and 1.9% higher on Monday.With risk appetite in retreat, industrial commodities such as oil and copper fell. <a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent crude futures</a> were last down 0.65% around $42.60 a barrel, while <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI futures</a> were down 0.7% at $40.30 a barrel. <a href="https://markets.businessinsider.com/commodities/copper-price">Copper</a>, which, like stocks, is highly sensitive to the pace of economic growth, was down 1% on the London Metal Exchange at $6,527 a ton. ING analysts noted a surge in unused stocks of copper stored in LME warehouses - often a sign that demand is waning.The dollar, meanwhile, was down against a basket of <keyword id="97983" type="PERSON" weightage="60" keywordseo="currencies">currencies</keyword>, leaving the <a href="https://markets.businessinsider.com/index/us-dollar-index">dollar index</a> 0.1% lower on the day, most notably down to losses against <a href="https://markets.businessinsider.com/currencies/gbp-usd">sterling</a>, which was up 0.3% and the <a href="https://markets.businessinsider.com/currencies/eur-usd">euro</a>, which gained 0.1%. The index is still holding around its highest in two months."The presidential debate happens well after the market close on Wall Street so it's a risk-event for Wednesday that requires attention on Tuesday," London Capital Group strategist Jasper Lawler said. "Trump is arguably the more market-friendly candidate, but <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> are now banking on a Biden win," he said.<a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a>, which has lost around 5% so far this month, profited from the heightened nervousness, rising 0.2% on the day to $1,885 an ounce. Other measures of investor uncertainty also rose, with German and US 10-year yields both down 2 basis points at -0.54% and 0.648%, respectively."Overall, we'd advise to err on the side of caution today, given yesterday's uneven risk rally which thrived on thin air. This suggests that the dollar could pick up where it left last week, while core bonds could make some (technically insignificant) headway," Irish investment bank KBC said in a note. "Volatility on <keyword id="35199" type="PERSON" weightage="60" keywordseo="stock-markets">stock markets</keyword> will remain high," it added.Read more:<a href="https://www.businessinsider.com/stock-picks-to-buy-best-global-industrial-software-companies-bofa-2020-9" target="_blank" rel="noopener noreferrer"> BANK OF AMERICA: Buy these 11 stocks to profit as e-commerce and robotics revolutionize their businesses and keep them growing faster than peers</a>

Stocks, oil and the dollar fall ahead of presidential debate, while coronavirus death toll hits 1 million

<ul><li><keyword id="3001" type="COUNTRY" weightage="20" keywordseo="Pakistan">Pakistan</keyword> has decided not to take part in discussions on a global <keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">e-commerce</keyword> policy at the World Trade Organisation. </li><li>Since January 25th, around 76 countries, including the US and <keyword id="1334" type="COUNTRY" weightage="20" keywordseo="China">China</keyword> have been embroiled in negotiations to develop a framework for the regulation of the e-commerce industry. </li><li>Pakistan’s decision to not participate in the talks is confusing. Given that it is expected to record over $1 billion worth of e-commerce sales next year, it has a vested interest in adding inputs to the global framework.</li></ul> In a move that could isolate it even further in the international community, Pakistan has decided not to take part in discussions on a global e-commerce policy at the World Trade Organisation (<keyword id="6357761" type="UNKNOWN" weightage="20" keywordseo="WTO">WTO</keyword>), sources told <a href="https://www.dawn.com/news/1462331/pakistan-not-to-attend-wto-e-commerce-talks">Dawn,</a> a local daily. Since January 25th, <a href="https://www.reuters.com/article/us-davos-meeting-ecommerce/china-and-u-s-among-76-wto-members-pushing-for-new-e-commerce-rules-idUSKCN1PJ0UK">around 76 countries</a>, including the US and China have been embroiled in negotiations to develop a framework for the regulation of the e-commerce industry. These countries, which account for over 90% of global e-commerce transactions, are opting for a multilateral regulatory system given the fact that e-commerce transcends physical borders. Pakistan’s decision to not participate in the talks is confusing. Given that it is expected to record over<a href="https://nation.com.pk/14-Jan-2019/developing-e-commerce-in-pakistan"> $1 billion </a>worth of e-commerce sales next year, it has a vested interest in adding inputs to the global framework. The move appears all the more ill-advised given that the government has taken so long on formulating its own national e-commerce policy. The current laws in Pakistan are reportedly insufficient when it comes to enforcing consumer protection rights, data security and dispute resolution. As Pakistan continues to raise the ire of Western countries, it will likely move closer into China’s embrace. China has been taking a keen interest in Pakistan’s e-commerce sector. In May last year, Alibaba, an e-commerce giant, closed the <a href="https://news.abs-cbn.com/business/05/09/18/chinas-alibaba-buys-pakistan-e-commerce-firm-daraz">acquisition of Daraz</a>, the country’s leading online marketplace, as part of a plan to expand into Pakistan. Last month, Pakistan decided <a href="https://www.businessinsider.in/pakistan-has-declined-an-imf-bailout-after-securing-help-from-china-and-arab-countries/articleshow/67526393.cms">against approaching the International Monetary Fund (IMF)</a> for a bailout package to fix its external financing shortfall, opting instead for help from China and its Arab allies. In fact, just a few days ago, China approved <a href="https://www.businesstoday.in/current/world/china-sanctions-usd-2-5-billion-loan-to-boost-pakistan-forex-reserves/story/316445.html">a $2.5 billion loan to Pakistan</a> to boost its forex reserves. SEE ALSO: <a href="https://www.businessinsider.in/pakistan-has-declined-an-imf-bailout-after-securing-help-from-china-and-arab-countries/articleshow/67526393.cms">Pakistan has declined an IMF bailout after securing help from China and Arab countries</a> <a href="https://www.businessinsider.in/amazon-india-finds-way-around-new-e-commerce-rules-for-cloudtail-and-appario/articleshow/67831376.cms">Amazon may have found a way around India’s new e-commerce rules</a>

Pakistan to skip WTO e-commerce meet— taking another step away from the West

New Delhi [India], May 25 (ANI): While risk of global recession has receded but concerns of inflation is impending which re-ignites the risks of global financial stability. <keyword id="6355408" type="General" weightage="20" keywordseo="imf" source="Orion">IMF</keyword>, <keyword id="6354424" type="General" weightage="20" keywordseo="world-bank" source="Orion">World Bank</keyword> and prominent rating agencies have predicted further slow-down in global growth this year. Escalation of the recent conflict in the Middle East, financial stress, persistent inflation and a slowdown in international trade are downside risks for global growth. Adding to that a potential debt crisis is looming over the global economic landscape. The International Monetary Fund's (IMF's) Global Debt Monitor reported that the total global debt, private plus public, has risen to USD 235 trillion which is equivalent to 238 per cent of the global GDP. Also there is a grave concern that fiscal prudence may take a back seat, as more than half of the world's population is going to the election this year. But amid all this pessimism, India is seen by international agencies and top rating firms as an emerging economic superpower of the world. India's central bank in its monthly economic review says "There is a growing optimism that India is on the cusp of a long-awaited economic take-off." India is positioned to remain the fastest-growing major economy, demonstrating resilience amid geopolitical challenges and supply chain pressures. Organisation for Economic Cooperation and Development (OECD) has projected global growth at 3.1 per cent in 2024, and 3.2 per cent in 2025. But India is projected to grow at 6.6 per cent, the fastest among major emerging markets. China is projected to grow at 4.9 per cent and Brazil at 1.9 per cent. Among advanced economies, US, UK and Euro area growth is projected at a mere 2.6, 0.4 and 0.7 per cent respectively. Recently, the IMF, World Bank and rating agencies like Moody's, S&amp;P and many others have revised India's growth upwards. IMF's April 2024 World Economic Outlook highlights the expected robustness of the Indian economy in 2024 and 2025 and attributes it to strong domestic demand and a growing working-age population. RBI's in its monthly economic report highlighted the attention of global observers to the dramatic reduction of poverty in India. Prime Minister Modi has said in his election rallies that over the last 10 years, 23 crore people have come out of poverty in India. World Bank too has said that at the height of the COVID-19 pandemic in 2021, only 12.9 per cent of India's population lived on USD 2.15 a day, the benchmark for extreme poverty. Recent estimates suggest that extreme poverty in India is nearing extinction, a remarkable transformation for a country once synonymous with deprivation. If we talk about the development works done over the last ten years. In the infrastructure space, India's power sector has achieved 100 per cent electrification. As per government data, rural areas now enjoy 20 hours of daily power availability, while urban areas have 23.5 hours. Additionally, India has become the world's fourth-largest producer of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>. India is aggressively pushing research and innovations in green hydrogen energy. The government has announced many incentive schemes for investment in the sector. According to the World Economic Forum (WEF) projections by the year 2030. Green energy will contribute 50 million net jobs and USD 1 trillion in economic impact. Over the last ten years, India's road and highways sector has grown with a rapid pace. By the end December 2023, India has about 66.71 lakh km of road network, which is the second largest in the world. The <keyword id="21755092" type="General" weightage="20" keywordseo="digital-revolution-in-India" source="keywords">digital revolution in India</keyword> is another sector where the country has taken a lead, seven countries including France, UAE, Sri Lanka and Mauritius have adopted India's UPI for financial transactions. India is rapidly becoming a digital powerhouse of the world with the highest number of digital transactions globally and broadband connectivity reaching over 93 per cent of villages. E-commerce platforms like the Open Network for Digital Commerce (ONDC) are expanding online market access for small businesses. Government thrust on digital public infrastructure is not only enhancing productivity, efficiency, and employment but also adding hidden revenue to the government exchequer. On the trade front, despite a slowdown in international trade, India's exports marked an all-time high exports of USD 778 billion in FY24. India has become the seventh-largest exporter of services globally and the second-largest among developing countries. According to UNCTAD, India beat the world average in services exports in 2023. According to fDi intelligence, India is anticipated to be among the top 10 economies for foreign direct investment (FDI) momentum in the year 2024. Despite a net outflow of USD 1.1 billion from Indian equities in April, the country's foreign exchange reserves have increased by USD 21.7 billion in 2024, the highest among major reserve-holding nations. Forex reserves now stand at USD 644.2 billion, covering more than 10 months of projected imports for 2024-25 and nearly all external debt as of the end of December 2023. Gross inward foreign direct investment (FDI) remained stable at USD 71.0 billion during 2023-24, it was USD 71.4 billion a year ago. RBI data shows that more than 60 per cent of the FDI equity flows were directed towards manufacturing, electricity and other energy, computer services, financial services and, retail and wholesale trade. Singapore, Mauritius, the US, the Netherlands, Japan and the UAE contributed to more than 80 per cent of the flows. However, net FDI declined to USD 10.6 billion during 2023-24 from USD 28.0 billion a year ago, mainly reflecting higher repatriation. Speaking at the annual Summit of industry body CII on May 17th, finance minister Nirmala Sitharaman asked the Industry not to ignore manufacturing as some economists suggest. She said, "India must also increase manufacturing with the help of policies, its share in manufacturing in global value chains. So we need to have greater sophistication in our product manufacturing and we also need to see how this can be given the best policy support, IMF estimated that India's contribution to the global growth for five years beginning 2023, will be 18 per cent, So, between 2023 and 2028 we are looking at an India which will be dynamic contributing to 18 per cent to the global growth." Reacting on FM's push on manufacturing, esteemed banker K V Kamath, told "If India grows at 7-7.5 per cent, manufacturing will happen on its own. It will happen on its own. I look at all that has been done, the clean balance sheets, (of banks) the opportunities before them, the growth that we see, the Indian economy should do extremely well." On India's growth story Ajay Piramal, Chairman of Piramal Group told ANI that "We'll be the third-largest economy, maybe a USD 40 billion economy. Even now, in the next - I think by 2029, we'll be the third-largest economy. So only the U.S. and China will be ahead of us. So that's a big progress the country is making. " Government policies are pushing up new and innovative sectors in the manufacturing space. The Production Linked Incentive (PLI) schemes for 14 identified sectors, with a total outlay of about Rs 1.97 lakh crore are under various stages of implementation. Some of the beneficiary sectors include EV, EV Batteries, Hydrogen electrolysers, pharma, food processing and electronics among others. In the manufacturing space, the electric vehicle (EV) segment is a major disruptor. In March government came up with a new EV policy to attract investment in the sector. The new EV policy allows the import of completely built units (CBUs) at a concessional 15 per cent duty for five years if a company invest USD 500 million in setting up a manufacturing unit in India. The new policy is likely to be operationalised by the end of July. Companies will be given 120 days, window to apply under the scheme. This will open a window of opportunities for international EV manufacturers including Tesla to enter India. In electronics, India has become a major player in the mobile phone market. Over the last ten years, mobile phone manufacturing in India has jumped 21 times to Rs 4.1 lakh crore from Rs 18,900 crore in 2014-15. Powered by iPhone exports, India has become the world's fifth largest exporter of mobiles at USD 29.1 billion in FY24 from USD 11.1 billion in FY23. The recent CPI data of India indicates higher growth in consumer demand from the rural market, it indicates a bigger growth potential in years to come. Goods and services tax (GST) collections in April 2024 recorded a y-o-y growth of 12.4 per cent, surpassing the Rs 2 lakh crore mark for the first time. The S&amp;P global outlook report has said that the Indian consumer market is likely to double by 2031. Consumer spending on food is estimated to rise to USD 1.4 trillion in India, spends on financial services will climb to USD 670 billion. All this indicates that over the last one decade, India has become a prominent player in the global landscape, attracting the interest of investors, policymakers and businesses worldwide. With a growth rate of over twice of most emerging market economies, lower tariffs, lower labour cost, special incentives by the government of India will continue to be a major attraction for investors. (ANI)

India could emerge as an economic superpower amid dull global economic landscape

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> gained 10 paise to 81.72 against the <keyword id="6368584" type="General" weightage="20" keywordseo="us-dollar" source="Orion">US dollar</keyword> in early trade on Tuesday tracking a weak American currency and a firm trend in domestic equities. Forex traders said significant foreign fund inflows and crude oil prices below USD 80 a barrel also supported the local unit. At the interbank foreign exchange, the domestic unit opened at 81.75 against the dollar and then climbed to 81.72, registering a rise of 10 paise over its previous close. On Friday, the rupee closed at 81.82 against the US currency. Forex and equity markets were closed on Monday on account of 'Maharashtra Day'. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 102.03. Brent crude futures, the global oil benchmark, advanced 0.15 per cent to USD 79.43 per barrel. Forex traders said investors are waiting for cues from the paramount US FOMC meeting beginning later in the day. Market now awaits the Federal Open Market Committee (FOMC) outcome on May 3. Markets are wondering if it will be the last hike for the season or if a surprise still awaits. "A 25bps hike with a cautiously hawkish tone amid resilient economic data shall again pump the dollar above 103 levels," CR Forex Advisors MD Amit Pabari said. In the domestic equity market, the 30-share BSE Sensex advanced 336.5 points or 0.55 per cent to 61,448.94. The broader NSE Nifty rose 96.50 points or 0.53 per cent to 18,161.50. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth Rs 3,304.32 crore, according to exchange data. On the domestic macroeconomic front, record GST collections and a four-month high manufacturing PMI are aiding bullish sentiments. The GST collection in April rose by 12 per cent annually to over Rs 1.87 lakh crore, touching an all-time monthly high, the finance ministry data released on Monday said. Manufacturing activities in India accelerated further and touched a four-month high in April. The seasonally adjusted S&amp;P Global India Manufacturing Purchasing Managers' Index (PMI) increased from 56.4 in March to 57.2 in April. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/godrej-consumer-has-to-double-raymonds-consumer-business-for-it-to-be-earnings-accretive-say-analysts/articleshow/99906464.cms">Godrej Consumer has to double Raymond’s consumer business for it to be earnings accretive, say analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/hit-jobs-heres-what-techies-make-in-consumer-goods-travel-and-e-commerce-sectors/articleshow/99904726.cms">Hit Jobs: Here’s what techies make in consumer goods, travel and e-commerce sectors</a>

Rupee rises 10 paise to 81.72 against US dollar

<ul class="summary-list"><li>Alibaba shares fell to a six-year low Monday as part of a selloff in US-listed Chinese stocks. </li><li>Stocks tanked after President Xi Jinping secured his third term and packed his core team with loyalists. </li></ul>Alibaba, Nio and other US-listed shares of Chinese companies tumbled Monday on concerns about China's growth prospects as President Xi Jinping secured his third term overseeing the world's second-largest economy. The ruling Communist Party ended its twice-a-decade congress with Xi on Sunday putting loyalists into his core team. "A faction within the Chinese Communist Party has taken control of the party, and therefore the state. There are no centers of power that can challenge him. The direction China is moving is more nationalistic, less interested in market reforms, and more strident in its desire to challenge the international order," Marc Chandler, managing director at Bannockburn Global Forex, wrote in a note Monday.Shares of Chinese tech companies ran lower as that sector has been subjected to a crackdown by Beijing regulators, who have cited concerns about anti-competitive behavior and security issues.E-commerce company <a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> fell as much as 13% to $62.60 on the New York Stock Exchange, hitting lows not seen since 2016 before paring the loss to 11.5%. Electric vehicle maker <a href="https://markets.businessinsider.com/stocks/nio-stock">Nio</a> lost as much as 11%, falling to $9.75 before trimming the decline to 9.3%. On the Nasdaq, search engine heavyweight <a href="https://markets.businessinsider.com/stocks/bidu-stock">Baidu</a> sank 12%, e-commerce company <a href="https://markets.businessinsider.com/stocks/jd-stock">JD.com</a> lost 14%, and e-commerce tech platform <a href="https://markets.businessinsider.com/stocks/pdd-stock">Pinduoduo</a> dropped 15%. EV manufacturer <a href="https://markets.businessinsider.com/stocks/xpev-stock">XPeng </a>fell nearly 19% on the NYSE. <a href="https://markets.businessinsider.com/index/hang_seng">Hong Kong's Hang Seng Index</a> fell to a <a href="https://markets.businessinsider.com/news/stocks/stocks-china-hong-kong-tank-president-xi-power-techs-alibaba-2022-10">14-year low</a> as the equity gauge lost more than 7% during the session. "Xi's consolidation of power at the national party congress after his predecessor Hu Jintao was unceremoniously escorted out has investors running for the exits," Bespoke Investment Group wrote Monday.It noted that the <a href="https://markets.businessinsider.com/etfs/kraneshares-csi-china-internet-etf-ie00bfxr7900">KraneShares CSI China Internet ETF</a> fell to all-time lows in premarket trade and has lost more than 80% from its all-time high in February 2021 in a larger drawdown than the Nasdaq had from the burst of the dot-com bubble. Meanwhile, <a href="http://www.stats.gov.cn/english/PressRelease/202210/t20221024_1889500.html">Chinese data released</a> Monday showed gross domestic product rose 3.9% in the third quarter of 2022 from a year ago. The rate was above the 3.4% pace forecast in a <a href="https://www.reuters.com/world/china/china-q3-gdp-growth-rebounds-faster-pace-risks-loom-2022-10-24/">Reuters</a> poll but below the government's target of 5.5%.China's economy is growing at its slowest pace in roughly three decades in part as the country deals with the COVID-19 pandemic with a zero-tolerance policy that has put millions of residents under multiple lockdowns.

Alibaba sinks to lowest in 6 years and Nio plummets as US-listed Chinese shares sell off on growth worries after President Xi locks in 3rd term

<keyword id="7561347" type="General" weightage="100" keywordseo="enkash" source="Orion">EnKash</keyword> on Wednesday said it has received in-principle approval from the Reserve Bank of India to operate as a payment aggregator (PA). Founded in 2018, the spending management platform EnKash has helped thousands of businesses to digitize and decentralize their corporate payments. The licence by the central bank will enable the platform to broaden its product offerings to more number of businesses. Payment aggregators are intermediaries playing an important function in facilitating payments in the online space. According to <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, these aggregators facilitate e-commerce sites and merchants to accept various payment instruments from the customers for the completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. "We are excited to get in-principle approval from RBI for our payment aggregator license. This will help EnKash offer innovative products and solutions not only to our existing business ecosystem but also to bring about path-breaking and leading technological solutions to the market covering the entire payments flow," said <keyword id="8571523" type="General" weightage="50" keywordseo="yadvendra-tyagi" source="Orion">Yadvendra Tyagi</keyword>, Co-founder of EnKash. "This will help us streamline the cash flow process for businesses where they will be able to seamlessly consolidate their all payable and receivable and make necessary actions around payments," said <keyword id="19991" type="General" weightage="50" keywordseo="tyagi" source="Orion">Tyagi</keyword>, adding that the RBI's approval reiterates the need for digital solutions to manage business cash flows in an efficient way to sustain growth and profitability. EnKash now looks forward to bringing product offerings around corporate payments such as forex collections, cross-border payments, and Software-as-a-service collections. Notably, besides EnKash, several other firms have got RBI's in-principle nod to operate as payment aggregators. In 2020, the RBI issued guidelines saying firms it approves can only acquire and offer payment services to merchants. Existing non-bank entities offering payment aggregator services shall apply for such authorization. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/world-bank-sees-india-growth-slowing-to-6-6-next-fiscal/articleshow/96906506.cms">World Bank sees India growth slowing to 6.6% next fiscal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/live-ecommerce-startup-working-with-local-artisans-raises-6-million-in-seed-round-led-by-elevar-equity/articleshow/96909740.cms">Live ecommerce startup working with local artisans raises $6 million in seed round led by Elevar Equity</a>

EnKash gets RBI's in-principle nod to operate as payment aggregator

<ul class="summary-list"><li>Chinese stocks fell after the US military this weekend shot down a suspected Chinese spy balloon. </li><li>China claimed the balloon was for research purposes. Stocks fell in Shanghai, Hong Kong, and New York. </li></ul>Chinese stocks listed in both the US and China fell Monday after the US shot down a suspected Chinese spy balloon that had been flying over the United States, raising concerns about renewed tension between the world's largest economies. In trading Monday, <a href="https://markets.businessinsider.com/index/hang_seng">Hong Kong's Hang Seng</a> slid 2% and the <a href="https://markets.businessinsider.com/indices/csi-300">CSI 300 Index</a>, the mainland's benchmark index, declined 1.3%. The <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> lost 0.8%. In the US, NYSE-listed shares of Chinese retail heavyweight <a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> gave up 0.9% during the session. The <a href="https://www.businessinsider.com/biden-administration-chinese-spy-balloon-atlantic-ocean-pentagon-intelligence-2023-2">high-altitude balloon was brought down Saturday</a> off the South Carolina coast, reportedly by an F22 jet that fired at it a single air-to-air missile. The balloon drifted across the US for several days before it was destroyed."The US was salvaging the wreckage for investigation, but the damage has been done on the geopolitical front with tensions rising between the two nations. The US canceled [Secretary of State Anthony] Blinken's visit and continues to give the cold shoulder to China as China asks for calm and claims it was a weather observation craft," Brad Bechtel, global head of FX at Jefferies, said in a Monday note. Secretary of State Anthony Blinken <a href="https://www.businessinsider.com/montana-resident-captures-footage-of-possible-chinese-spy-balloon-2023-2">postponed a scheduled trip</a> to Beijing following the balloon's emergence in the US last week. <a href="https://www.businessinsider.com/chinese-spy-balloon-china-admits-ownership-says-not-for-spying-2023-2?inline-endstory-related-recommendations=">Chinese officials admitted</a> the balloon was China's but said it was a civilian airship used for research rather than a surveillance tool.In other trading action, Nasdaq-listed shares of e-commerce company <a href="https://markets.businessinsider.com/stocks/jd-stock">JD.com</a> fell 1.8%, search engine operator <a href="https://markets.businessinsider.com/stocks/bidu-stock">Baidu</a> shed 0.9% and gaming and online technology maker <a href="https://markets.businessinsider.com/stocks/ntes-stock">NetEase</a> slumped by 1.9%. Among exchange-traded funds, <a href="https://markets.businessinsider.com/etfs/kraneshares-csi-china-internet-etf-ie00bfxr7900">KraneShares CSI China Internet ETF</a> gave up 2.3% and <a href="https://markets.businessinsider.com/etfs/ishares-msci-china-etf-us46429b6719">iShares MSCI China ETF</a> moved down 1.7%. The<a href="https://markets.businessinsider.com/currencies/usd-cny"> US dollar was higher against China's yuan</a>, rising 0.3% to buy 6.7949 yuan. The "risks of increasing tensions between the US and China following the discovery of the suspected spy balloon could draw investors toward the safety of the US dollar. This trend could exacerbate if tensions flare up," Daniel Takieddine, CEO MENA at BDSwiss, wrote in a note."The US and China have already been at odds during the last few months while the US tried to limit China's access to cutting-edge chip technology," he said. Meanwhile, China on Monday said it owned <a href="https://www.washingtonpost.com/national-security/2023/02/03/second-chinese-spy-balloon-pentagon/" target="_blank" rel="noopener">a second balloon that's been flying over Latin America</a> and that it's being used for civilian flight tests. "Blinken's trip was postponed, not canceled. The initial signals were that retaliatory action was not planned, but pressure is reportedly building for possibly, new controls on technology exports to China," wrote Marc Chandler, managing director at Bannockburn Global Forex, in a note.

China stocks and ETFs drop after the US shoots down suspected spy balloon, raising tensions between the economic superpowers

<ul class="summary-list"><li>Stock market crashes can leave positive legacies in their wake — even though they cause plenty of immediate pain.</li><li>In the US, stock market crashes led to the creation of the Federal Reserve System, the SEC, and the FDIC.</li><li>While the triggers for stock market crashes vary, the ultimate outcome is always the same: the market recovers.</li></ul>Three little words strike more fear into investors' hearts than anything else: <keyword id="730488" type="PERSON" weightage="60" keywordseo="stock-market-crash">stock market crash</keyword>.It's not just that they mean losses (another word that scares investors). It's also that no one knows for sure when a stock market crash is going to happen - though the signs were often there in retrospect - or even exactly what it is. There's no one official definition.Generally, though a stock market crash is seen as a single trading day in which a stock exchange/market drops by at least 10%. But it can also be "anytime there's suddenly a lot of volatility that makes you wonder whether the world is coming to an end tomorrow," says Terry Marsh, a <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> professor emeritus at Haas School of Business at the University of California Berkeley.Here's the scoop on eight of the most notable stock market crashes in recent financial history, their causes, and their fallout. Unless otherwise noted, they occurred on US exchanges, though the effect often spread to other countries.<h2>1. The Panic of 1907</h2>What happened: A group of investors borrowed money from banks to finance an effort to corner shares of United Copper Company. UCC went bust under the weight of speculation, and then other firms followed: Stocks lost 15% to 20% of their value. Public confidence in banks fell and depositors rushed to withdraw their money, causing ruinous runs. The damage: Some banks and stock brokerages failed, and many top executives at surviving financial institutions either resigned or were fired. Businesses couldn't get bank loans, causing them to fail.What resulted: "We learned that when more than one financial institution is in trouble,someone must inject liquidity" into the system, says Carola Frydman, a finance professor at Kellogg School of Management at Northwestern University. At the time, private financier J.P. Morgan put together a rescue package that finally restored order on the exchanges. Realizing how economically significant the stock market had become, however, the US government created the Federal Reserve System to formulate monetary policy and provide emergency funds in crises.<h2>2. Black Monday and Tuesday, Oct. 28-29, 1929 </h2>What happened: For nearly a decade, the stock market had kept rising in a speculative spiral. Overproduction in factories and a Roaring 20s giddiness led consumers to take on too much debt and believe financial instruments would climb perpetually higher. Finally, catching on to the overheated situation, seasoned investors began cashing out. Stock prices dropped first on the 24th, briefly rallied - and then went into free fall on Oct. 28-29. The Dow Jones Industrial Average dropped 25% in those days. Ultimately, the market lost 85% of its value. The damage: The Crash of 1929 didn't cause the ensuing <a href="https://www.businessinsider.com/what-caused-the-great-depression">Great Depression</a>, but it served as a wake-up call to massive underlying economic problems and exacerbated them. A panicked rush to withdraw money caused overextended banks to fail, depriving depositors of their savings. Deprived of lenders, businesses began to collapse, leading to scarcities of goods. As many as 25% of Americans ended up jobless, spurring foreclosures, migration, and demoralizing poverty. Gross domestic production (GDP) dropped 30%. The economic woe spread overseas, hitting Europe particularly hard. What resulted: A slew of reforms and new legislation. They included the Glass Steagall Act of 1933, which separated retail banking from investment banking - and led to the creation of the Federal Deposit Insurance Corporation (FDIC) to insure bank depositor funds. The National Industrial Recovery Act was passed to promote stable growth and fair competition, and the Securities and Exchange Commission (SEC) was established to oversee the stock market and protect investors from fraudulent practices. <h2>3. Black Monday, October 19, 1987</h2>What happened: Sinking oil prices and US-Iran tensions had turned the market pessimistic. But what led to the wipeout on Oct. 19 - eerily close to the 58th anniversary of the 1929 crash - was the relatively new prevalence of computerized trading programs that allowed brokers to place bigger and faster orders. Unfortunately, they also made it difficult to stop trades soon enough once prices started to plummet. Ultimately, The Dow and S&amp;P 500 each dropped more than 20% and Nasdaq lost 11%. International stock exchanges also tumbled.The damage: Fortunately, the crash didn't cause a recession or hardship. Trader Blair Hull helped set things right by putting in a large order for options at the Chicago Board Options Exchange on Black Monday. The main casualty of the crash was consumer confidence. It was essentially a computer-IT "plumbing problem" that "scared people," says Marsh.What resulted: The financial community realized how stock exchanges around the world were interconnected. The SEC implemented circuit breakers, also known as trading curbs, to halt trading for the day once a stock exchange declines by a given amount. To ensure liquidity, then-Federal Reserve Chairman Alan Greenspan ensured credit was available and made it clear that "the Fed has your back," says Marc Chandler, a chief market strategist at Bannockburn Global Forex. <h2>4. Japanese Asset Bubble Burst, 1992</h2>What happened: Japan's real estate and stock markets had flown to unprecedented heights in the 1980s. At first backed by fundamental economic growth, the spiral had become speculative by the decade's end. In 1992, the bubble of inflated real estate and stock prices finally burst.The damage: The Nikkei index fell by nearly half, setting in motion a minor, slow-moving Japanese recession. There were never mass business closures - though "high-end restaurants didn't do as much business," says Marsh - but not much growth either. US investors weren't hurt badly because they typically had only small amounts of Japanese stocks in their portfolios. Japanese investors, however, never fully regained their confidence in the stock market.What resulted: The Japanese government placed subtle controls on its financial system. "Still, it took decades for the Japanese [stock] market to recover," says Tyler Muir, an associate professor of finance at UCLA Anderson School of Management. The economy too: In fact, the 1990s are dubbed "The Lost Decade" in Japan. <h2>5. Asia Financial Crash of 1997 (aka Tom Yum Kung Crisis)</h2>What happened: Under pressure because the country borrowed too many US dollars, Thailand saw its baht currency collapse on July 2, 1997, declining 20% in value, and spurring debt and defaults that sent a ripple effect throughout several Asian financial systems.The damage: Currency in other Asian countries, including Malaysia and Indonesia, tumbled as well. "In South Korea, women were giving the government their gold rings to melt down" and make into ingots for international sale to help a suddenly bankrupt nation pay off its debt, says Chandler.What resulted: "East Asia got the lesson to self-insure" after the International Monetary Fund imposed tough measures in exchange for financial relief, says Marsh. And the crash raised awareness of the interconnectedness of regional financial markets and economies. <h2>6. <keyword id="6604338" type="UNKNOWN" weightage="60" keywordseo="Dot-com-bubble">Dot-Com Bubble</keyword> Burst, 2000-02</h2>What happened: In the 1990s, with the internet revolutionizing professional and personal life, stocks in companies with ".com" after their names surged. Twelve large-cap stocks rose more than 1,000%; one, chipmaker Qualcomm, saw its stock increase more than 2,500%. Investors gobbled up shares of tech IPOs but seemed unaware that not every company tied to the World Wide Web could sustain its growth - or even had a viable. "A new economy was being born and it was hard to place a value on it," Chandler says. But finally, people did - aided by some tighter money policies imposed by the Federal Reserve. They started to sell. By October 2002, the tech-heavy Nasdaq had fallen more than 75% from its March 2000 crescendo of 5,048.62.The damage: Pets.com, Toys.com, and WebVan.com went out of business, along with numerous other internet companies large and small. Even larger, <a href="https://www.businessinsider.com/what-are-blue-chip-stocks" target="_blank" rel="noopener">blue-chip</a> tech companies suffered. What resulted: Along with revealing that many tech startups had no clothes, "the overall downturn also exposed things that otherwise would have stayed hidden" in other firms, like accounting irregularities, says Muir. The Sarbanes-Oxley Act of 2002 was established to protect investors from corporate fraud. And "a lot of broker-dealers probably did more due diligence before they put more money into any internet funds," says Marsh.<h2>7. Subprime Mortgage Crisis, 2007-08</h2>What happened: At the turn of the 21st century, real estate was hot. Hungry for commissions, lenders practically gave money to under qualified homebuyers. Investors bought up mortgage-backed securities and other new investments based on these "subprime" loans. Eventually, though, the inevitable happened: Burdened by debt, borrowers began to default, property prices fell, the investments based on them dived in value. Wall Street noticed, and in 2008 the stock market started to decline. By early September, it was down almost 20%. On Sept. 15, the Dow Jones Industrial Average dropped nearly 500 points.The damage: Financial giants that had invested heavily in real estate securities, including venerable firms Bear Stearns and Lehman Brothers, failed. Businesses couldn't get loans because banks "didn't know who to trust," says Muir. Unemployment approached 10%. The misery spread overseas, where the Nikkei dropped almost 10% on Oct. 8, 2008. The US entered the <keyword id="121429" type="PERSON" weightage="60" keywordseo="great-recession">Great Recession</keyword>, which officially lasted until 2009, though economic recovery remained sluggish for years. What resulted: Through the Troubled Asset Relief Program, or TARP, the federal government rescued hobbled financial institutions; it also assumed control of other agencies, like troubled mortgage-market-makers Fannie Mae and Freddie Mac. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 regulated<a href="https://www.e-education.psu.edu/ebf301/node/548"> swaps</a> and other exotic investments for the first time and led to the creation of the Consumer Financial Protection Bureau. <h2>8. COVID-19 crash, March 16, 2020</h2>What happened: By the beginning of 2020, COVID-19 had spread widely in China and then to Europe - notably Italy - and to the US, where restaurants and nonessential stores closed to stem the tide of infection.As investors realized the extent to which the coronavirus could spread and negatively affect the economy, the stock market began to quiver. On March 16, with mandatory lockdowns being announced,the Dow Jones Industrial Average lost nearly 13% and the S&amp;P 500 dropped 12%. The damage: Struggling businesses furloughed or laid-off workers and some shuttered forever. Restaurants were limited to deliveries only and then partial-capacity table service. Travel restrictions kneecapped the airline and hotel industry. The human loss of the COVID pandemic has been devastating, with more than 300,000 deaths in the US and 1.5 million worldwide. As of September, more than 31 million people were either unemployed or lived with an unemployed family member, according to the<a href="https://www.cbpp.org/research/poverty-and-inequality/tracking-the-covid-19-recessions-effects-on-food-housing-and#:~:text=The%20majority%20of%20jobs%20lost,of%20Labor%20Department%20employment%20data." target="_blank" rel="noopener"> Center on Budget and Policy Priorities</a>.What resulted: The Cares Act of 2020 allowed extended unemployment payments, and government stimulus funds helped Americans stay afloat. The stock market bounced back as e-commerce companies like Amazon, makers of personal protection equipment, and pharmaceutical companies surged in value. Many businesses whose employees worked remotely during the COVID crisis said they would continue a similar arrangement once the pandemic passes, but "it remains to be seen whether it's a permanent shift," says Muir.<h2>The Financial Takeaway</h2>Many of the above examples demonstrate how disasters that strike stock exchanges can leave positive legacies in their wake - even though they cause plenty of immediate pain.Some stock market crashes maul economies for years. Others merely shake up investor confidence, making people more cautious in their choices. They can cause human tragedies and result in game-changing government reforms. While the triggering events for stock crashes vary - involving everything from copper-mania to condo prices - the ultimate outcome has always been the same: The market recovers.<h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/recession-vs-depression" target="_blank" rel="noopener">Depressions and recessions differ in their severity, duration, and overall impact. Here's what you need to know</a></h3><h3><a href="https://www.businessinsider.com/what-is-a-recession" target="_blank" rel="noopener">What is a recession? How economists define periods of economic downturn</a></h3><h3><a href="https://www.businessinsider.com/what-is-business-cycle" target="_blank" rel="noopener">Business cycles chart the ups and downs of an economy, and understanding them can lead to better financial decisions</a></h3><h3><a href="https://www.businessinsider.com/double-dip-recession-definition" target="_blank" rel="noopener">Why double-dip recessions are especially difficult, and what they mean for the general state of the economy</a></h3><h3><a href="https://www.businessinsider.com/stock-market-crash-expert-warns-great-depression-setup-90-plunge-2020-9" target="_blank" rel="noopener">'The worst crash in our lifetime': One market expert says stocks are screaming toward a Great Depression-like setup in early 2021 - and warns an 80 to 90% plunge isn't out of the question</a></h3>

8 of the biggest stock market crashes in history - and how they changed our financial lives

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Good morning! Here are the major stories from around the world.
Oil Is Crashing. The price of <a href="http://www.businessinsider.com/oil-just-crashed-to-a-3-year-low-2014-11">WTI crude plunged</a> 3.7% to as low as $75.84 per barrel earlier Tuesday. This comes amid growing supply, falling demand, and <a href="http://www.businessinsider.com/oil-just-crashed-to-a-3-year-low-2014-11">actions by Saudi Arabia</a> to suppress prices. 
Alibaba Beats And Rallies. The $250 billion e-commerce behemoth earned <a href="http://www.businessinsider.com/alibaba-earnings-november-4-2014-11">$0.46 per share in Q3 on $2.75 billion in revenue</a>. This was a bit stronger than what analysts had forecast. Shares are up 3% in premarket trading. 
The European Commission Cuts Growth Estimates. The <a href="http://www.businessinsider.com/europe-economic-forecasts-nov-2014-2014-11">EC expects the European Union's GDP</a> to grow by 0.8% this year and 1.1% in 2015, down from previous estimates of 1.2% and 1.7% respective. "Inflation is set to be 0.5% this year, and 0.8% next year," BI's Mike Bird noted. "Even in 2016, it'll only rise to 1.5%, still far from the ECB's 2% target." 
The Nikkei Rallied. Japan's main index of stocks closed up 2.73%, following Friday's announcement of a boost to QE. In Hong Kong, the Hang Seng fell 0.3%. Markets are mixed in Europe with Britain's FTSE is flat, France's CAC 40 is flat, Germany's DAX is up 0.3%, and Spain's IBEX is down 0.3%. 
The US Department Of Justice Is Investigating JP Morgan. It's the latest in a long line of banks to be stung by probes over forex trading. JP Morgan is <a href="http://www.businessinsider.com/doj-probing-jpm-forex-2014-11">estimating legal costs could run as high as $5.9 billion</a>. 
Blackstone Is Nearing An $8 Billion Deal To Sell Its Real Estate Arm. According to Bloomberg, <a href="http://www.bloomberg.com/news/2014-11-03/blackstone-said-near-8-billion-deal-for-sale-of-indcor.html">Blackstone is closing in on the sale of IndCor Properties</a>.
Sprint Shares Tanked After Disappointing Earnings. The US telecommunications firm <a href="http://www.businessinsider.com/sprint-earnings-q3-earnings-2014-11">reported a loss of $192 million</a> and said it would lay off 2,000 people. 
Herbalife Is Crashing. Herbalife reported <a href="http://www.businessinsider.com/herbalife-crashes-after-earnings-miss-2014-11">weak Q3 financial results</a> and cut its financial outlook. Shares are down by 14% in pre-market trading.
Hyundai And Kia Will Be Paying The US Government $100 Million. The carmakers got slapped with the bill for<a href="http://www.businessinsider.com/r-hyundai-kia-in-record-settlement-with-us-for-overstating-mileage-2014-11"> selling cars with a worse fuel economy than the companies advertised</a>.
US Voters Will Be Heading To The Polls. Many organisations are forecasting a 70% chance that the Republican party will retake the Senate. Business Insider's Brett Logiurato <a href="http://uk.businessinsider.com/what-happens-if-republicans-take-senate-2014-11?r=US">breaks down what that means</a>.

10 Things You Need To Know Before The Opening Bell

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Good morning! Here are 10 things you should know in markets today.Russia will participate in Ukraine's gas talks. Russian Energy Minister Alexander Novak said on Friday that he would take part in talks over gas supplies to Ukraine in Brussels on March 2. "<a href="http://www.businessinsider.com/r-russian-energy-minister-says-to-attend-ukraine-gas-talks-in-brussels-2015-2#ixzz3SvPtfxNN">We have been invited to three-way talks and have confirmed our participation. First of all we're going to talk about the situation with current supplies to Ukraine and gas transit to European consumers,</a>" Novak told reporters.Nissan says it can take a tenth of the US market without new factories. <a href="http://www.businessinsider.com/r-nissan-can-meet-us-sales-goal-with-capacity-in-south-korea-japan-2015-2#ixzz3SvQB8CND">Nissan will be able to meet its goal of taking 10% of the US market in two years without any major new investments</a> and by making use of capacity available at factories in Japan and South Korea, a top executive said on Friday.The US is in deflation territory. <a href="http://uk.businessinsider.com/markets-chart-of-the-day-february-26-2015-2#ixzz3SvQV229S">The consumer price index showed that prices fell 0.1% in January compared to last year, in negative territory or the first time since October 2009</a>. On a "core" basis, which strips out the more volatile costs of food and gas, prices actually rose 1.6% over last year, the same annual change seen in December.The US and Cuba are having another round of talks. Cuban and US officials meet in Washington on Friday for a second round of talks aimed at restoring diplomatic relations, <a href="http://www.businessinsider.com/r-us-cuba-to-meet-for-second-round-of-normalization-talks-2015-2#ixzz3SvQogU9V">amid friction over Cuba's place on a US list of state sponsors of terrorism</a>. German and Italian inflation figures are coming. They're the first estimates of February's inflation in the big eurozone economies, and they're coming at 10 a.m. and 1 p.m. GMT (5 a.m. and 8 a.m. ET) respectively. Economists are expecting less deflation this month in both countries, as the effect of plunging oil prices recedes. Left-wing Greeks are already protesting against the new government. Dozens of black-clad protesters clashed with riot police in central Athens on Thursday, smashing shop windows and throwing petrol bombs after an anti-government march, the first since the leftist Syriza party took power a month ago. <a href="http://www.businessinsider.com/r-greek-protesters-clash-with-police-in-first-backlash-against-syriza-2015-2#ixzz3SvRzbR3g">Around 450 far-left protesters took to the streets of Athens against the newly elected left-right coalition government of Prime Minister Alexis Tsipras, which agreed a deal with EU partners last week to extend an aid program to Athens</a>.Asian markets are up. The Nikkei closed 0.06% higher in Japan, Hong Kong's Hang Seng is currently up 0.24% and the Shanghai Composite is up 0.18% just ahead of the close.Russia is continuing the "creeping annexation" of Georgia. <a href="http://uk.businessinsider.com/r-georgia-says-russia-bent-on-creeping-annexation-of-breakaway-regions-2015-2#ixzz3SvTecZPJ">Russia is moving ahead with the "creeping annexation" of two breakaway Georgian regions as part of an aggressive strategy to broaden its influence in the region, Georgia's foreign minister said on Thursday</a>. In talks with EU and NATO officials in Brussels this week, Tamar Beruchashvili said she had underlined Georgia's concern about agreements Moscow has signed deepening integration with the Georgian regions of Abkhazia and South Ossetia.The Bank of England is curtailing the informal meetings it previously had with big market players. Dubbed "fireside chats", the <a href="http://www.ft.com/cms/s/0/d6fff9f4-bddc-11e4-9d09-00144feab7de.html#axzz3SvTu5wF6">informal conversations with major financiers are being replaced by a more transparent and communication policy, according to the Bank of England and reported in the FT</a>. The Bank came under scrutiny over its relationship with banks hit by the forex-rigging scandal.Chinese e-commerce giant Alibaba may float its financial services arm. Ant Financial Services Group, Alibaba's affiliate which runs online payment platform Alipay, is seeking to raise up to $4 billion (£2.59 billion) in a private placement of shares <a href="http://www.businessinsider.com/r-alibabas-online-payment-firm-ant-financial-eyes-2017-ipo-state-media-2015-2#ixzz3SvVOVJRU">and is looking at a domestic IPO in 2017, the state-run Shanghai Securities News reported</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/largest-ice-glacier-calving-filmed-2015-1">This Video Of The Largest Breakage Of Ice From A Glacier Ever Filmed Is Absolutely Frightening</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NqbHJucjpzcqR3obKs3FqeMQRi8yolxr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

10 things you need to know before European markets open

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<h2 style="text-align: left;"><keyword id="1740547" type="UNKNOWN" weightage="60" keywordseo="Monday-Scouting-Report">MONDAY SCOUTING REPORT</keyword></h2>
 This post is part of the <a href="http://www.businessinsider.com/category/monday-scouting-report">"Monday Scouting Report"</a> series, a weekly look at the stories and issues that most affect mid-market businesses. <a href="http://www.businessinsider.com/category/monday-scouting-report">"Monday Scouting Report"</a> is sponsored by GE Capital.</div>
<div style="width: 100%; overflow: hidden;"><a href="http://www.businessinsider.com/category/monday-scouting-report">See more Monday Scouting Reports &gt;&gt;</a></div><div class="image-container float_right" style="width:480px"><div class="image"><a href="https://commons.wikimedia.org/wiki/File:AxialTiltObliquity.png">Wikimedia Commons</a>Axial tilt.</div></div>"Risk events are set to pick up dramatically, threatening the summer lull," says <a href="http://www.businessinsider.com/lots-of-risk-events-next-week-in-markets-2013-7">Société Générale head of rates and forex strategy Vincent Chaigneau</a>.
First of all, it's jobs week in America. The July U.S. jobs report comes out on Friday, and the numbers will be considered carefully as the Federal Reserve decides the course of its currently ultra-easy monetary policy.
Furthermore, new U.S. housing data may begin to give us a sense of whether rising mortgage rates are affecting homebuyer behavior. Similar insights will be revealed through the July auto sales figures.
Speaking of monetary policy, three of the world's most important central banks will hold interest rate meetings this week.
All of this comes as every major economy around the world will publish its crucial manufacturing PMI reports. Is Europe still getting better? Is China still getting worse?
Meanwhile, we're still in the middle of Q2 earnings season. Pfizer, ExxonMobil, Proctor &amp; Gamble, and Berkshire Hathaway are just a few of the companies announcing this week.
Also, the U.S. will be publishing <a href="http://www.businessinsider.com/every-gdp-since-1929-getting-revised-2013-7">revisions to every GDP report since 1929</a>. 
Top Stories
<ul>
<li>Three Central Bank Meetings: The U.S. Federal Reserve, the Bank of England, and the European Central Bank will all be holding their monetary policy meeting this week. No change is expected from the ECB. On July 4, the BoE's Mark Carney hinted that he was <a href="http://www.businessinsider.com/bank-of-england-interest-rate-decision-2013-7">considering adopting forward guidance</a>; we may hear more about that on Thursday. One thing's for sure, there won't be any tapering of it's monthly $85 billion bond-buying program. "Even uber-hawk Charles Plosser has called a first move in September, and if he doesn't advocate a July move, it's hard to see anyone in the leadership doing so," said JP Morgan's Michael Feroli. </li>
<li>GDP Mega-Revisions : This week, the Commerce Department will release revised GDP data to <a href="http://www.businessinsider.com/knowledge-economy-will-soon-count-as-investments--making-the-us-economy-look-better-2013-7">include R&amp;D as a category of investment</a>. This will affect every report since 1929. "The net effect could be a 3% upward revision to the level of output," <a href="http://www.businessinsider.com/every-gdp-since-1929-getting-revised-2013-7">said Deutsche Bank's Joe LaVorgna</a>. "However, of greater significance to us (as well as the Fed and financial markets) will be the change in growth, rather than the outright level. This is what makes Q2 GDP estimates so difficult to forecast. Based on the recent and substantial upward revisions to nonfarm payrolls, we believe the growth rate of GDP will be revised modestly higher over the past several years. This is a separate issue from the overall level being revised higher."</li>
</ul>
Economic Calendar
<ul>
<li>Pending Home Sales (Monday): Economists estimate that the pace of pending home sales fell 1.0% in June month-over-month. "Pending home sales should have decreased by 2.0% mom in June," warned Bank of America Merrill Lynch's Michelle Meyer. "We expect some of the decline in signed contracts for existing homes to be a give-back following a 6.7% surge in May. We could also start to see the impact of rising mortgage rates, which may have deterred some homebuyers, particularly investors and second home buyers."</li>
<li>Dallas Fed Manufacturing (Monday): Economists estimate this index climbed to 7.3 in July, up from 6.5 a month ago.</li>
<li>S&amp;P/Case-Shiller Home Prices (Tuesday): Economists estimate the 20-city index climbed 1.4% month-over-month in May and 12.4% year-over-year. "Figures released by data provider CoreLogic suggest that home selling prices remained on an uptrend during May in the twenty cities covered by the S&amp;P/Case- Shiller survey," said Societe Generale's Brian Jones. "We will be paying particular attention to the breadth of price gains in next week’s report. Since last December, all of the metropolitan areas surveyed have posted sequential increases in home selling prices."</li>
<li>Consumer Confidence (Tuesday): Economists estimate that this confidence index fell to 81.0 in July from 81.4 a month ago. "Boosting confidence should be good news on employment. The June employment report, released during the survey period, surprised to the upside," said Credit Suisse's Neal Soss. "Also, “News Heard on Employment” from the University of Michigan’s consumer survey improved in July."</li>
<li>ADP Employment Change (Wednesday): Economists estimate the ADP survey will show a 180,000 increase in private payrolls in July. "ADP private payrolls are expected to increase by 160,000 in July, a partial give- back from the pop up to 188,000 in June," said BAML's Ethan Harris who is a bit more cautious than the consensus. "This would bring private payrolls roughly in line with the 6-month moving average of 163,000."</li>
<li>GDP Q2 (Wednesday): Having said that, economists estimate that GDP grew at a meager 1.0% rate in Q2. Personal consumption is estimated to have climbed by 1.6%. "2Q13 GDP is expected to be a very low +0.3%, leaving first half growth at only slightly better than 1% annualized, as the economy absorbed the heaviest impact of an estimated 1.7%% of GDP fiscal tightening this year," warned Morgan Stanley's Ted Wieseman who is much more bearish than the consensus.</li>
<li>Chicago PMI (Wednesday): Economists are looking for a reading of 54.0 in July, up from 51.6 in June. "Regarding the July Chicago PMI, we expect the manufacturing sector to regain some momentum in the back half of the year after suffering from a combination of sequester-related weakness, slowing exports and inventory rebalancing in H1," said Deutsche Bank's Brett Ryan.</li>
<li>The FOMC Rate Decision (Wednesday): "[This] week's FOMC meeting should prove to be relatively uneventful, with potentially the most interesting aspect being the degree to which they signal the imminence of the first tapering," said JP Morgan's Feroli. "We think that this first tapering comes at the September meeting, and see very low odds of a surprise reduction in asset purchases next week. Even uber-hawk Charles Plosser has called a first move in September, and if he doesn't advocate a July move, it's hard to see anyone in the leadership doing so."</li>
<li>Initial Jobless Claims (Thursday): Economists estimate that claims ticked up to 344,000 from 343,000 a week ago.</li>
<li>Markit PMI (Thursday): Economists are looking for a reading of 53.2 in July.</li>
<li>ISM Manufacturing (Thursday): Economists estimate that this key measure climbed to 52.0 in July, up from 50.9 in June. "For July, we expect the ISM Manufacturing Index to increase slightly to 52.6," said Wells Fargo's John Silvia. "The regional indices released for July so far have indicated that manufacturing improved this month. Although this is an improvement over last month’s figure, our forecast remains consistent with this recovery’s theme of modest, subpar growth and little evidence of the acceleration experienced in previous recoveries."</li>
<li>Construction Spending (Thursday): Economists estimate that spending climbed by 0.4% in June. "We look for a slowdown in the rate of increase of residential construction spending, reflecting the softening in housing starts of the past few months," said BAML's Meyer. "This should be offset by a gain in renovation spending. "</li>
<li>Vehicle Sales (Thursday): Analysts estimate that vehicle sales slipped to a still robust 15.8 million in July. "[V]ehicle sales have meaningful upside potential, thereby providing another pillar of support to the manufacturing sector in H2 and into 2014," said Deutsche Bank's Ryan.</li>
<li>Nonfarm Payrolls (Friday): Economists estimate that the U.S. added 185,000 payrolls in July, up from 195,000 in June. They also expect the unemployment rate to slip to 7.5% from 7.6% in June. "The public sector is likely to continue to gradually shed jobs; we forecast a decline of 5,000 public sector workers," said BAML's Harris. "In contrast, the private sector should add 185,000 jobs. Job growth recently has been driven by leisure and hospitality as well as retail trade — two of the sectors with the lowest paying jobs and fewest working hours. This has sparked concern about a poor composition of job growth. "</li>
<li>Personal Income and Spending (Friday): Economists estimate that income climbed by 0.4% in June, while spending grew by 0.5%. "Personal Income is expected to see a solid +0.5% gain in June given strong growth in aggregate private sector wages and salaries reported in the June employment situation," said Morgan Stanley's Wieseman. "Personal Consumption is also expected to gain a solid +0.5%, supported by a surge in motor vehicle sales to a six-year high, upside in gasoline consumption reflecting both higher prices and volume, and a slight uptick in ex auto retail sales."</li>
<li>Factory Orders (Friday): Economists estimate that orders climbed by 2.3% in June.</li>
</ul>
Market Commentary
Despite the sea of uncertainty on the horizon, J.P. Morgan's Tom Lee is bullish.
"With both U.S. and Europe expected to see better growth in [the second half of 2013], we believe the Street will be in a position to raise 2014E EPS," said Lee about stock market profits. "We are raising 2014E EPS to $120 (vs $117) and also <a href="http://www.businessinsider.com/jpmorgans-tom-lee-raises-sp-500-target-2013-7">raising our YE 2013E S&amp;P 500 Target to 1775</a> (up 3.5% vs prior 1715)."
Among other things, <a href="http://www.businessinsider.com/us-pent-up-demand-charts-2013-7">Lee is encouraged by the pent-up demand</a> he sees in the U.S.
"As for the U.S. and to a lesser extent for Europe, this is more than “easing financial conditions” but a story of pent-up demand," he said. "[I]nvestment/durables spending in the U.S. remains at 60-year lows. And at a time when the age of capital- stock is near record highs. This is a formula, in our view, for obsolescence asserting itself in the form of an eventual sharp rise in spending."
We asked Matthew Cheslock, Equity Trader at Virtu Financial, what we should think about when it comes to China, Europe, and the U.S. Watch the video here:
 

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