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Friday, June 08, 2018

Govt may impose anti-dumping duty on Chinese  polyester yarns
The government may impose anti-dumping duty of up to USD 528 per tonne for 5 years on a Chinese polyester yarn, used in automobile and other industries, to provide a level playing field to domestic players and guard them against below-cost imports. The commerce ministry's investigation arm, Directorate General of Anti-dumping and Allied Duties (DGAD), in its final findings of probe has stated that that the imposition of antidumping duty is required to offset dumping and injury on the imports of 'High Tenacity Polyester Yarn' from China. "The authority recommends imposition of antidumping duty...For a period of five years, so as to address the injury to the domestic industry," the DGAD has said in a notification. The recommended duty ranges between USD 174 and USD 528 per tonne. The decision to finally impose the duty was taken by the finance ministry. SRF Ltd and Reliance Industries Ltd had jointly filed the before the DGAD for initiation of the antidumping investigation.

Global economy well-positioned to absorb rise in oil burden: Morgan
Rising oil prices do not pose a major threat to aggregate global growth, as the increase in crude prices is largely driven by robust demand conditions, says a Morgan Stanley research. Following the recent rise in oil prices speculations among investors are rife as to whether this poses downside risks to global growth, but Morgan Stanley's Chief Global Economist, Chetan Ahya, believes the answer to this depends on whether the rise is driven by a significant shift in demand or supply. According to the global financial services major, the current rise in oil prices is taking place against a backdrop, where global growth has been strong and above trend for the past five quarters. "Combining the projected rise in oil demand and prices, we calculate that the global oil burden will rise to 3.1 per cent of global GDP in 2018 from 2.4 per cent in 2017," Ahya, said in a research note and added that the global economy, however, is "well-positioned" to absorb this moderate rise in the oil burden.

Google says free WiFi available at 400 railway stations
Tech giant Google said it has rolled out free public WiFi at 400 Indian railway stations in collaboration with RailTel. Launched as a key initiative under Digital India programme, the service was kicked off from Mumbai Central station in January 2016, and Dibrugarh in Assam has become the 400th station went live yesterday, Google said in a statement. The project has succeeded in its mission of bringing connectivity to millions of unconnected Indians, leveraging on the nationwide optic fiber network backbone created by RailTel, it added. RailTel is the telecom arm of Indian Railways. Within the first year of the project's launch, 100 of the busiest railway stations across India were brought online, enabling 15,000 people to experience the internet for the first time every day, it said.

JLR global sales increase 6.1% in May
Tata Motors-owned Jaguar Land Rover (JLR) yesterday reported 6.1 per cent increase in global sales at 48,281 units in May, driven by introduction of new models including the Range Rover Velar across markets. Sales of Jaguar brand of vehicles in May were at 14,507  units, an increase of 6.6 per cent over May 2017, the company said in a statement. Land Rover range posted sales of 33,774 units in the month, up 6 per cent, it added. "Strong demand for Land Rover vehicles drove our performance in May particularly in the US and UK. The new, award winning Range Rover Velar was an important contributor," JLR Chief Commercial Officer Felix Brautigam said. Also, the latest Range Rover and Range Rover Sport models, including plug-in hybrid options, have been performing particularly well in key markets, he added.

Plastics ban in Gujarat may kill over 2000 SMEs: GPMA
The plastics industry in Gujarat is expecting to face a crisis after the ban, with over 2000 SMEs on the verge of closure in several cities, according to the Gujarat Plastic Manufacturers Association (GPMA). "Over 2000 SMEs will be on verge of closure due to plastic ban in several cities including Vadodara, Ahmedabad, Rajkot in the gujarat, and around 50,000 people may lose employment due to this ban," Alpesh Patel, president GPMA told PTI. The announcement in this regard came at a time when the industry was holding talks at various levels of the government including the Gujarat Pollution Control Boardon how to solve the issue, he further said. Most of the 2000 units are located in Halol in Panchmahah district, Vadodaraand Waghodya (both from Vadodara district), according to him.

Mutual funds garner Rs 7,000 cr via SIPs in Apr
Retail investors are increasingly opting for systematic investment plans (SIPs) in mutual funds as the industry has garnered close to Rs 7,000 crore through this route in April, a surge of 57 per cent from the year-ago period. This followed investments of over Rs 67,000 crore through SIPs by the fund houses in 2017-18 and more than Rs 43,900 crore in the preceding fiscal, as per the Association of Mutual Funds in India (Amfi).

The higher interest in SIPs could be attributed to robust performance of equity schemes and investor education initiatives taken by industry body Amfi, Edelweiss Mutual Fund CEO Radhika Gupta said. SIPs have been the preferred route for retail investors to invest in mutual funds as it helps them reduce market timing risk, she added. Further, she said that investors are not showing interest in investing into traditional asset classes like real estate and gold and preferring financial assets such as MFs.

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