MARKET MECHANISM
CCI probe finds Apple abused position in apps market
India's antitrust body finds Apple engaged in abusive conduct in app store market, forcing developers to use its payment system. Apple denies wrongdoing, citing small market share in India. Investigation ongoing with potential fines and business practice changes. Google also faced similar scrutiny in India for in-app payments.
Options trading: How to protect investors and take care of market liquidity? Deepak Shenoy answers
Increasing the lot size for options trading would probably make sure that there will be people who will have to put a little more money to play in, slightly more capitalised. In an extreme leverage situation, people need capital to cover extreme events and that retail participants may not have, says Deepak Shenoy
Don't slip up on oil payment imbalance
To address the trade imbalance from India's Ural crude purchases, they consider local currency, yuan, and cross-border investments. Western sanctions, tighter ties with Moscow, and Beijing's concerns complicate matters. Europe reducing Russian gas imports offers India leverage for overland trade via Iran and maritime routes through Chinese ports, advancing its strategic interests.
Carbon Border Adjustment Mechanism aims for fair trade, global decarbonisation: EU official
Director-General of the European Commission, Gerassimos Thomas, led a group of officials to New Delhi to discuss tax and customs issues, with a focus on CBAM, on July 1 and 2.
What CJI Chandrachud's ‘stratospheric’ market remark means for equity markets
Indian headline indices' record hitting spree has raised alarm bells among sections of market enthusiasts and the latest to jump into the bandwagon is the Chief Justice of India (CJI) DY Chandrachud who has advised market regulator Securities and Exchange Board of India (Sebi) to exercise caution in order to safeguard investors’ money.
Need to unbundle natural gas marketing and transportation, says Indian Gas Exchange CEO
Indian Gas Exchange (IGX) CEO Rajesh Kumar Mediratta advocated for an independent system operator to ensure fair access to natural gas pipelines' full capacity for all market players. He proposed the split of gas companies into separate marketing and transportation entities. He emphasised the need for a level playing field through equal access to information and charge mechanisms. Mediratta suggested measures for developing the domestic natural gas market, including bringing gas under GST and enforcing open access in city gas areas.
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Sebi notifies institutional mechanism for brokers to prevent mkt abuse
Brokers must biannually report suspicious activities to stock exchanges. Sebi's amended PFUTP rules, effective from June 27, aim to prevent manipulative trade practices.
World’s most volatile big stock is rocking Indonesia’s market
Indonesia's stock market faces turmoil as PT Barito Renewables Energy's volatility alarms investors. Foreign capital outflows increase due to uncertainties in fiscal policy and a weak currency, triggering downgrades by major financial institutions.
Stop Nafed's onion procurement till irregularities are investigated, demand farmers
Onion growers are demanding the suspension of Nafed's onion procurement operations due to reported irregularities found by a Nafed team during surprise visits to procurement centers. This demand could hinder the government's goal of creating a strategic onion buffer. The central government aims to procure 5 lakh tonnes of onions for the Price Stabilisation Fund but faces challenges as market prices are higher than the government's offer prices. Allegations of irregularities include buying onions from traders instead of farmers and presenting them as purchases made for Nafed.
Government slashes domestic natural gas prices amid major pricing overhaul
The Ministry of Oil lowered domestic natural gas price to USD 8.44 per mmBtu for June 2024, following a new pricing mechanism. This adjustment aims to stabilize the market and meet energy targets, benefiting consumers and producers alike.
Gas needs a new pricing meter
What could future policy look like? Pricing policy needs to be simplified and streamlined with global norms. Ensuring linkage to rolling averages of global benchmarks like Brent or other global benchmarks, along the C Rangarajan committee recommendations, would sustain the balance between consumers and producers. This should be implemented alongside more uniform gas pricing. One price could be benchmarked for LNG imports, another for domestically produced gas from regular fields, and one higher price for more difficult fields like ultra-deep and high-temperature high-pressure fields.
India’s strong institutional mechanism to prevent potential dumping of Chinese goods: Official
As per a report of economic think-tank GTRI, the escalation of the trade war between the US and China may push Beijing to dump goods in the Indian markets.
States & online gaming regulations; banks tap startups to foil frauds
Happy Monday! In the absence of central government’s self-regulatory mechanisms, states are framing laws for online real money gaming. This and more in today's ETtech Morning Dispatch.
Malpractices by candidates during online assessments biggest fear among recruiters: Report
A report by AI-powered recruitment automation firm HirePro has revealed that fraudulent practices during online assessments are the biggest fears among recruiters and talent acquisition specialists. The report, based on a survey of 837 recruiters, talent acquisition specialists, and HR professionals, found that the anxiety of finding the right candidate for a role is the biggest concern.
Repair or replace? Insurers in this country sending electric cars to junk yards due to mechanic shortage
Electric car sales in the UK face challenges due to a shortage of trained technicians for complex EV repairs. The scarcity of repair technicians poses a threat to exacerbate this situation, particularly in the UK, where consumer adoption has remained stagnant for nearly two years. The lack of mechanics trained to handle advanced EV repairs is contributing to the escalation of repair costs.
Payment mechanism for traders importing pulses from Myanmar simplified: Govt
India has simplified the payment mechanism for traders importing pulses from Myanmar, requiring them to use the Rupee/Kyat direct payment system through the Special Rupee Vostro Account (SRVA) through the Punjab National Bank. The Indian Mission informed the ministry that the Rupee/Kyat Settlement Mechanism was operationalised from January 25 to simplify trade transactions and make them more efficient.
Delhi deserves a mature liquor policy
States like Delhi struggle with liquor sales regulation due to tax dependency. Balancing market demands, transparency, and GST integration can improve efficiency and combat corruption in the industry.
Dogecoin20: After raising $5.5M in one week, just $1M remains for $DOGE20 presale—why are traders buying big bags?
Dogecoin20 presale raises $5.5 million, with under $1 million remaining. Traders rush to buy $DOGE20 for its potential value surge. The project introduces PoS, passive income, and a fixed token supply, aiming to lead the meme coin market.
Sebi pushes for ease of doing biz; clears relaxations for FPIs
Sebi will continue to do further stakeholder consultation, including with the users of the Beta version. The progress will be reviewed at the end of three months and six months, after which further course of action will be decided, Sebi said in a release.
GST landscape alarmed: Profiteering concerns pose key challenges for India Inc
The anti-profiteering mechanism in the GST regime aims to pass on benefits to consumers. The NAA's tenure was extended till November 2022. Delhi High Court upheld the constitutional validity but clarified the need for legitimate factors. Challenges include an open-time period, broad scope of scrutiny, lack of prescribed methodology, and concerns about the real estate sector.
New Delhi ready to negotiate hard on public stockholding of food and fisheries subsidies at Abu Dhabi WTO conference
"Implementation of proposals in the WTO is challenging. The previous agreement to temporarily remove intellectual property rights on COVID-19 vaccines and discuss extending the waiver to diagnostics and therapeutics appears unlikely to be implemented
As economy flies high, so does corporate air travel: Business flyers pass pre-Covid numbers
Executives at airlines and travel companies said increased activity among IT, mechanical, banking services, and pharmaceutical companies is driving the trend. At a time when fares are rising amid capacity cuts by airlines, the growth trend in corporate travel is seen to be stickier than that in the more price-sensitive leisure travel segment.
1.5 million EVs were sold in India in 2023. But who will repair them?
The electric vehicle ecosystem is developing fast in the country. But a shortage of trained personnel to repair these vehicles can hinder the pace of this growth.
Excel Controlinkage targets trebling revenues to Rs 500 crore
Excel Controlinkage, a leading manufacturer of mechanical and motion control systems, aims to triple revenues to Rs 500 crore. Greaves Cotton acquired Excel Controlinkage for Rs 385 crore, completing the acquisition in four phases by FY26. Excel supplies control systems to commercial vehicles, construction equipment, agri machinery, and industrial application systems makers.
A volley of regulations: India’s exports have to learn to navigate EU’s green law maze
Most Indian companies are not yet capable of complying with the European Union’s proposed green regulations. While the government can impose a retaliatory tax, experts say such rules are inevitable in today’s world.
Yet to finalise mechanism for regulating cryptocurrencies: Centre to SC
A bench of justices Surya Kant and KV Viswanathan was told by Additional Solicitor General Vikramjit Banerjee, appearing for the Centre, that the issues related to the digital currency are continuously evolving and the government is deliberating on the mechanism to regulate the cryptocurrencies.
From the US to India, tax officials across geographies aremaking your energy more costly and dirty
While an elaborate network of government restrictions are being erected around clean technology, fossil fuels remain largely exempt.
Mechanism to monitor steel, aluminium products export at concessional rates to US in the making
During the visit of Prime Minister Narendra Modi in June last year, the two countries decided to remove trade irritants and as part of that, both sides agreed to end six trade disputes at the WTO. They have mutually resolved those seven disputes and India has decided to remove additional duties on eight US products, including chickpeas, lentils and apples, which were imposed in 2019.
India’s plan for 50,000 e-buses on its roads gets US support
The $390 million fund will act as a guarantee for manufacturers seeking loans to expand production, Indian and US officials said at a side event at COP28. India currently only has 12,000 e-buses in operation.
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