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Mumbai, Stating that the country's external balances are stronger than expected on the back of strong inflows, a Wall Street brokerage on Tuesday projected a much lower current account deficit which is likely to print at 1 per cent for this fiscal, leaving the balance of payment surplus at USD 39 billion. <keyword id="19906485" type="General" weightage="80" keywordseo="goldman-sachs" source="keywords">Goldman Sachs</keyword> in a report said the country's external balances remain favourable with a combination of low CAD, strong capital flows, adequate forex reserves and low external debt. Combined with this, expectations for a weaker dollar due to the likely five <keyword id="19951097" type="General" weightage="80" keywordseo="us-fed" source="keywords">US Fed</keyword> rate cuts this year suggest a "goldilocks" environment for the country's external balances. Accordingly, the Wall Street major has revised upwards its current account deficit (CAD) forecast to 1 per cent of GDP for FY24 from 1.3 per cent earlier, and 1.3 per cent for FY25 from 1.9 per cent earlier, citing a downward revision to their oil price forecast to USD81/barrel in 2024 from above USD90 earlier; and services exports continuing to surprise higher than prior expectations. The brokerage expects robust capital flows in 2024, driven by strong equity portfolio flows as the Fed starts the easing cycle; robust debt inflows as the bonds are included in the JP <keyword id="20036913" type="General" weightage="80" keywordseo="morgan" source="keywords">Morgan</keyword>'s global government bond index from June 2024; and higher FDI inflows with the country continuing to benefit from regional supply chain diversification. These capital inflows should help offset lower net corporate dollar borrowing inflows owing to sizable maturities of earlier loans coming up in 2024, it said, adding overall, the balance of payment surplus should jump to USD 39 billion in FY24 but fall to USD 27 billion in the next fiscal. The country's oil imports fell to USD 164 billion in the January-November 2023 period from USD 189 billion a year ago as oil prices were 18 per cent lower during the period. Similarly, services trade surplus is tracking higher as exports have surprised to the upside, driven by both business and software services. With US growth remaining resilient, the report expects services export to remain strong and services trade balance will print in at USD 158 billion up from USD 148 billion. These two will balance out the rise in gold imports which so far stood at USD39.6 billion and may close the fiscal USD44 billion from USD37 billion in FY23. On the other hand non-oil and non-gold imports are tracking marginally higher than earlier forecasts driven mainly by electronic goods and machinery imports among the major sub-components, and may close the year at USD445 billion from USD440 billion. Net FDI inflows stood at USD17 billion up to October 2023 compared to USD36 billion a year ago, while both equity and debt inflows have picked up in Q3 and at the current run rates they may close at USD28 billion this fiscal up from USD24 billion. The report sees the country's external vulnerabilities remaining low with comfortable import cover at around 11 months, higher than the pre-pandemic average of 9.5 months, and the forex reserves as a share of external debt of 99 per cent is at its highest level in the past 10 years, excluding the pandemic years. On the rupee, the brokerage said it continues to see the rupee as a relatively low-volatility carry currency. But quickly noted that despite this "goldilocks" scenario, the rupee is likely to underperform most EM Asia currencies as they expect the <keyword id="19899808" type="General" weightage="80" keywordseo="rbi" source="keywords">RBI</keyword> to accumulate inflows and build forex reserves at every opportunity. They continue to expect the dollar/rupee pair to hover around 83-82 in the next three to six months, and then appreciate slightly to 81 over the next 12 months.

Goldman Sachs sees India current account deficit falling to 1% of GDP this fiscal

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ShowtimeOJ Simpson on "Who Is America?"</div></div></div><ul><li><a href="https://www.businessinsider.com/category/sacha-baron-cohen">Sacha Baron Cohen</a> took on OJ Simpson in the season finale for his Showtime series, "Who Is America?" </li><li>Cohen's Italian photographer character tried to get Simpson to confess to committing murder by repeatedly joking about killing his girlfriend.</li></ul>Sacha Baron Cohen tried (in vain) to get OJ Simpson to confess to committing murder in the season finale for his Showtime series "Who Is America?" on Sunday. Disguised in the segment as his Italian photographer character, Gio Monaldo, Cohen sits down with Simpson in Las Vegas. Cohen's character introduces his girlfriend to Simpson and, in an attempt to get her to recognize Simpson, says that Simpson was a Buffalo Bill and an actor in the "Naked Gun" films. The girlfriend doesn't recognize Simpson - who was <a href="https://www.businessinsider.com/oj-simpson-murder-confession-fox-news-2018-3">found not guilty of murdering his ex-wife</a> Nicole Brown Simpson and her friend Ron Goldman in 1995 - until Cohen makes repeated stabbing motions with his hand."She knows that, oh Jesus," Simpson replies, shaking his head and laughing.After his girlfriend leaves the room and Simpson calls her "gorgeous," Cohen makes a series of jokes about killing her in an attempt to get Simpson to agree with him."She's gorgeous but sometimes I want to kill her," Cohen says. "I want to send her on a private helicopter and throw her over the Grand Canyon - oopsie daisie!" Cohen high-fives Simpson, but Simpson laughs and says "stop" repeatedly. In another hypothetical murder scenario, Simpson goes along with Cohen's character by saying that Monaldo's girlfriend might go bungee jumping with a cord that's too long. The segment concludes with Cohen asking Simpson "how [he] got away with" his wife's murder. "Me and you, we got something in common," Cohen says. "We both, how you say, 'ladykillers.'""No, I didn't kill nobody," Simpson says, laughing."Ah, I didn't either," Cohen replies.<a href="https://www.showtime.com/#play/3462453">Watch the episode on Showtime.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/saturday-night-live-simon-rich-explains-what-its-like-to-write-snl-2018-8">What it takes to be a writer for 'Saturday Night Live'</a></h3> <div> </div> </div>

Sacha Baron Cohen tried to get OJ Simpson to confess to murder on the 'Who Is America?' finale

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Danny MoloshokRace car driver Danica Patrick gets "slimed" as she accepts the Legend Award.</div></div></div>Here is what you need to know. <a href="http://www.businessinsider.com/trump-trade-war-tariffs-500-billion-chinese-imports-2018-7">Trump threatens tariffs on all Chinese goods coming into America</a>. President Donald Trump told CNBC's Joe Kernan in an interview aired Friday morning that he is ready to place tariffs on all $505 billion worth of Chinese goods coming into the US. ""I'm not doing this for politics, I'm doing this to do the right thing for our country," he said.<a href="https://markets.businessinsider.com/news/stocks/usd-slides-after-trump-says-hes-not-thrilled-about-rate-hikes-2018-7-1027383587">Trump breaks long-standing precedent of American presidents not commenting on the Fed</a>. In the same interview on CNBC, Trump said he wasn't "thrilled" with the Federal Reserve raising interest rates.<a href="http://www.businessinsider.com/how-trump-tweets-on-trade-affect-markets-2018-7">There's one market that's vulnerable to Trump's tweets</a>. Goldman Sachs crunched the numbers and found that Trump's tweets don't mean much to traders except in the soybeans market.<a href="https://www.businessinsider.com.au/fx-currency-china-yuan-pboc-cny-cnh-v2-2018-7">The unwind in the Chinese yuan's just getting started</a>. The Chinese yuan has slumped 8% versus the US dollar since late March, and Sacha Tihanyi, deputy head of emerging markets strategy at TD Securities says, "We are revising our CNY target to reflect more weakness." Adding that Chinese policymakers have "become more amenable to a more rapid pace of depreciation than we initially assumed." <a href="https://markets.businessinsider.com/commodities/news/trump-china-trade-war-unwinding-of-3-billion-bet-clobbering-copper-2018-7-1027382714">Copper drops to its lowest level in a year</a>. The metal fell below $6,000 a metric ton on Thursday amid trade escalations and the unwinding of a $3 billion long position. <a href="http://www.businessinsider.com/comcast-doesnt-plan-to-further-pursue-purchase-of-fox-assets-2018-7">Comcast drops out of the $71 billion bidding war for 21st Century Fox assets</a>. The cable provider said it is focusing its efforts on its fight with 21st Century Fox over the British broadcaster Sky. <a href="http://www.businessinsider.com/microsoft-earnings-q4-fy2018-7">Microsoft crushes earnings</a>. The software company beat on both the top and bottom lines as its cloud unit saw revenue surge 23% year-over-year to $9.7 billion.<a href="http://www.businessinsider.com/amazon-prime-day-glitches-how-amazon-reportedly-responded-2018-7">The scene inside Amazon was reportedly "chaotic" during the Prime Day glitches</a>. The e-commerce giant held a 300-person conference call to try and deal with the glitches, CNBC reports.<a href="https://markets.businessinsider.com/indices">Stock markets around the world are mostly lower</a>. The S&amp;P 500 is set to open down 0.23% near 2,798 as Germany's DAX (-0.8%) leads the losses in Europe. China's Shanghai Composite (+2.05%) paced the overnight gains in Asia.<a href="https://markets.businessinsider.com/earnings-calendar#date=07/20/2018&amp;name=&amp;countries=&amp;eventtypes=99&amp;tab=ALL">Earnings reports keep coming</a>. General Electric, Honeywell, and Schlumberger are among the companies reporting ahead of the opening bell.

10 things you need to know before the opening bell

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Luc GnagoEmployees prepare goods for customers at the stockroom of Jumia's office in Abidjan, Ivory Coast.</div></div></div><ul class="summary-list"><li>Jumia Technologies, an e-commerce company known as the Alibaba of Africa, is expected to hold its initial public offering imminently.</li><li>The company, which is headquartered in Germany, filed its IPO documents with the Securities and Exchange Commission in mid-March.</li><li>It set a price range for its shares of $13 to $16 each on Thursday.</li><li>Here's what you need to know about the company ahead of its IPO.</li></ul>One of the first unicorns out of Africa is about to go public.Jumia Technologies' public debut is expected any day now. On Thursday, Nigerian-founded company set a price range of $13 to $16 per American depository share, according to its <a href="https://www.sec.gov/Archives/edgar/data/1756708/000119312519090351/d650749df1a.htm">updated offering paperwork</a>. At the mid-point of its price range, the company, which plans to have its shares trade under the ticker symbol "JMIA," would raise $195.8 million in its IPO at a $1.1 billion valuation.It expects to raise another $56 million in a private sale of stock to Mastercard Europe at the same time as its public offering. Morgan Stanley is leading the IPO, working with Citigroup; Germany's Berenberg Capital Markets; RBC Capital Markets; Raymond James; Stifel, Nicolaus; and William Blair.<h2>Jumia was born in Nigeria, but is based in Germany</h2>Jumia was <a href="https://www.wired.co.uk/article/wired-global-100">founded in 2012</a> in Lagos, Nigeria. It eventually grew into the conglomerate known as the Africa Internet Group, run by cofounders and co-CEOs Sacha Poignonnec and Jeremy Hodara.On January 31, 2019, AIG officially renamed itself Jumia Technologies after its popular Nigerian e-commerce website, one of a handful of different companies it previously operated under the AIG umbrella. The company has sold off some of those subsidiaries to other owners, <a href="https://techcrunch.com/2017/11/10/online-real-estate-startup-tolet-acquires-jumia-house-nigeria-to-create-propertypro-ng/">including online real estate website Jumia House</a>.Despite its African founding and focus, Jumia's global business is incorporated and has its headquarters in Berlin.The startup's biggest and earliest backers include Africa-based Mobile Telephone Networks, which owns 29.7% of Jumia; Germany's Rocket Internet, which owns 20.6%; and the cellular company Millicon, which owns 9.6%, according to the documents Jumia has filed with the Securities and Exchange Commission. Among its other investors is <a href="https://techcrunch.com/2016/03/03/rocket-internets-africa-internet-group-raises-326m-from-goldman-sachs-and-others/">Goldman Sachs</a>.<h2>Jumia offers e-commerce, logistics, and payments</h2>Like Amazon in the US and Alibaba in China, Jumia has established itself in Africa as the go-to marketplace for a wide variety of goods and services. On its sites, customers can purchase clothing and electronics, order food for delivery, and even book hotel rooms.But Jumia offers more than just consumer shopping sites. It also helps sellers ship their goods to customers via its logistics service and offers them a payment service.The company has 41 million active customers, and 81,000 active retailer partners who sell through its sites.Jumia brought in $149.6 million in revenue last year, which was up 39% from 2017, according to its filings. But like <a href="https://markets.businessinsider.com/news/stocks/lyft-initial-public-offering-lyft-set-to-begin-trading-2019-3-1028070496">Lyft</a> and many other technology companies going public lately, Jumia is still operating in the red. It lost $195 million in 2018, compared to about $189 million the year before.Read this: <a href="https://www.businessinsider.com/lyft-ipo-price-72-dollars-share-2019-3">READY FOR LYFT-OFF: Lyft to IPO on Friday at whopping $21 billion valuation</a>The company claims to be Africa's "only" successful e-commerce business. But it believes it has more room to grow as internet penetration increases across Africa and as online shopping grows in popularity. "As Africa becomes more affluent and 'connected,' we believe that African consumers will increasingly become aware of online shopping," the company said in its latest SEC filing. "Moreover, organized retail is underdeveloped across most of the continent, making the distribution of goods less efficient than in other regions in the world. "Jumia's marketplace is available in 14 African countries, which represent 72% of the continent's overall gross domestic product, according to the filing. Residents of those countries accounted for 74% of the €1.4 trillion in consumer spending across Africa, Jumia said in the filing."Though still nascent, we believe that e-commerce in Africa is well positioned to grow," the company said.<ul class="read-more-links"><li>Read more on the IPO and deal markets:</li><li><a href="https://www.businessinsider.com/jpmorgan-and-credit-suisse-will-get-paid-almost-equal-amounts-for-helping-take-lyft-public-and-its-part-of-a-growing-trend-for-ipo-fees-2019-3" data-read-more-link="" data-e2e-name="read-more-link">JPMorgan and Credit Suisse will get paid almost equal amounts for helping take Lyft public, and it's part of a growing trend for IPO fees</a></li><li><a href="https://www.businessinsider.com/bustle-media-group-buys-outline-2019-3" data-read-more-link="" data-e2e-name="read-more-link">The new owner of Gawker and Mic just acquired a $21 million independent publication that was supposed to reinvent digital media</a></li><li><a href="https://www.businessinsider.com/lyft-raises-ipo-price-range-ahead-of-friday-ipo-2019-3" data-read-more-link="" data-e2e-name="read-more-link">Lyft just boosted its IPO price range and is on track to go public this week with a $21 billion valuation</a></li><li><a href="https://www.businessinsider.com/pinterest-share-structure-ceo-ben-silbermann-rights-2019-3" data-read-more-link="" data-e2e-name="read-more-link">Pinterest's IPO structure could give CEO Ben Silbermann the right to control the company from beyond the grave</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/microsoft-windows-10-operating-system-everything-wrong-2019-3">Windows 10 is the world's most popular desktop operating system, but users still have major complaints about design inconsistencies and buggy updates</a></h3> <div> </div> </div>

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Goldman Sachs sees India current account deficit falling to 1% of GDP this fiscal

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Sacha Baron Cohen tried to get OJ Simpson to confess to murder on the 'Who Is America?' finale

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10 things you need to know before the opening bell

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Here's what you need to know about Jumia, the Alibaba of Africa that's getting ready to IPO on the New York Stock Exchange

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