Need2know rbi steps in to stem rupee fall, no end to crude upmove and other macro triggers for your day on d-street – the economic times database news

The Reserve Bank of India reportedly intervened in the currency markets on Monday to prevent a further slide in the Indian rupee, which breached the 67 mark (at 67.14) to a dollar for the first time in 15 months amid a widening trade gap and runaway import bills fuelled by high crude-oil prices. Some state-owned banks were seen selling dollars aggressively, interventions that market dealers attributed to the central bank’s strategy to stem the decline of the Indian rupee against the US currency. The rupee is the worst performing among a dozen Asian monetary units in the past three months. It lost 4.25% to the dollar during the period.

A US court has initiated an investigation into the alleged fraud involving jeweller Nirav Modi and Punjab National Bank and has appointed Alvarez & Marsal to conduct the inquiry.

The Bankruptcy Court for the Southern District of New York said the investigation has to be carried out before deciding on bankruptcy proceedings against Modi’s companies Firestar Diamond Inc, A Jaffe Inc and Fantasy Inc. PNB had approached the bankruptcy court and said Modi and his companies had defrauded the lender.

Oil prices retreated from three-and-a-half-year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran. However US crude prices continued to remain above $70 a barrel which it had breached yesterday. U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 63 cents, or 0.9%, to $70.10 a barrel by 0024 GMT. The dollar rose to fresh 2018 highs on Monday while oil prices climbed to their highest since late 2014, settling at $70.73 a barrel, breaking above the $70 mark for the first time since November 2014, while Brent gained $1.30 to settle at $76.17.

After quarters of sluggish growth in IT jobs, IT employers across corporate India are looking to hire bigger numbers in the next two quarters on the back of cutting-edge technologies. The IT Employment Outlook Survey for April-September 2018 of 500 IT employers, conducted by Experis ITManpowerGroup India, says job opportunities are there and employers are ready to pay for the right skillsets. The highest-paid technology areas are big data analytics, machine learning and AI developers. A majority of companies are keen to hire candidates with a higher learnability quotient, especially in the 0-5 years’ experience slab.

Banks will force insolvent companies into liquidation if potential bidders try to suppress prices under the bankruptcy process. Rajnish Kumar, chairman of State Bank of India, has said that the proposed resolution plans must either bring value to the enterprise or a meaningful recovery for creditors. Alok Industries and Lanco Infratech are headed for liquidation after bids to buy the insolvent firms were rejected by the committee of creditors because they required steep haircuts on outstanding debt. Meanwhile, companies referred to bankruptcy courts may not be allowed to leave the process once bids have been invited or a resolution plan has been accepted.

The Delhi High Court has refused to stop Vodafone’s new tax arbitration in UK. Giving a jolt to the government, Delhi HC said the telecom major’s tax arbitration will continue both in Netherlands and the UK. Vodafone had initiated two arbitrations against India, one under the India-Netherlands BIPA and the other under the India-UK BIPA. The Supreme Court, in December 2017, had revoked the stay on second arbitration under the India-UK BIPA which was imposed by the Delhi High Court in August 2017.

Jaypee group promoter Manoj Gaur has made a Rs 10,000 crore offer to pay off bank loans and complete the stuck housing projects as part of plans to bring Jaypee Infratech out of bankruptcy. The offer, which includes paying part of Rs 9,800-crore debt, giving lenders an equity stake in the company and completing unfinished housing projects, is over 25% higher than the best bid made for Jaypee Infratech at the bankruptcy proceedings.

ICICI Bank Ltd reported a 50% drop in its fiscal-fourth quarter profit as it set aside cash to cover a surge in bad loans, a fallout of the central bank’s revised scheme on resolution of stressed assets. The board also stayed mum on the controversy surrounding its chief executive officer Chanda Kochhar on allegations of conflict of interest with respect to loans made to Videocon Group.

India is projected to have a skilled labour surplus of 245 million workers by 2030, mainly on the back of "vast supply of working age citizens", even as most of developed and developing economies are expected to grapple with talent crunch at that time, says a study by organisational consulting firm Korn Ferry.

Billionaire Mukesh Ambani-led East-West Pipeline Ltd has sought nearly tripling of the tariff it charges for transporting KG gas from east coast to Gujarat. Downstream oil regulator PNGRB has floated a public consultation paper on EWPL, earlier known as Reliance Gas Transportation Infrastructure Ltd (RGTIL), seeking a rise in pipeline tariff from Rs 52.23 per million British thermal unit charged till 2017 to Rs 151.84 per mmBtu for 2018-19 to 2035-36.