Sensex NIFTY Rally, India Halts Oil Imports From Iran, Theresa May Resigns, SpaceX Launches 60 Starlink Satellites, Crude Oil Prices Rebound and Other Top Business News of the Day

Theresa May to resign as Britainís Prime Minister on 7 June.†SpaceX launches 60 Starlink satellites from Florida.†Sensex NIFTY rise on back of Modiís momentous victory. India halts Iranian oil imports. Crude oil prices rebound after worst trading day in 2019.†Indian economy may witness a fillip as the Narendra Modi-led BJP wins the re-elections with a landslide victory. Facebook eliminates incentives for political ads ahead of the 2020 elections. DoorDash raises $600m in latest funding round. Ford collaborates with start-up to test mail delivery via robots. Zero raises $20m to launch a credit card that is similar to a debit card. Latest increase in tariffs on Chinese imports costs $831 per US household. Trump announces $16bn farm aid package.

Moving on to the top Business news of the day.

†GOVERNMENT†


Indian economy may witness a fillip as the Narendra Modi-led BJP wins the re-elections with a landslide victory.

GetÖSetÖGo:†The Indian economy is likely to be set for a boost as per the BJP manifesto which pledged cash handouts to farmers, a boost to manufacturing and an increase in exports in addition to $1.44tr to build roads, railways and other infrastructure.†

† † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † † However, finding the money to pay for the populist pledges will be Modiís immediate challenge, even as the government has already widened its budget deficit target for the year through March 2020 to 3.4% of gross domestic product.


Read what the experts have to say after Modiís future plans for the economy†here.

High Expectations:†What do the corporate leaders expect from Modi 2.0. Know†here.

†MARKETS†


Sensex, NIFTY rise on back of Modiís momentous victory. India halts Iranian oil imports. Crude oil prices rebound after worst trading day in 2019.
Flying High:BSE Sensex today closed at 623.33 points (+1.61%) at 39,434.72. NSE Nifty closed the day at 11,844, up 187 points or 1.60%.†

45 shares of the 50 components in the Nifty index closes in the green, while on Sensex 29 components out of 30 ended in the green.

Breaking Up:India has stopped importing oil from Iran after the United States refused to extend exemption from sanctions earlier this month.†

Iran earlier used to supply 10% of India's oil needs.†

What You Need to Know:†The US re-imposed sanctions in November on exports of Iranian oil after President Donald Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers. Washington, nevertheless, granted waivers to Iranís eight main buyers - China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece - that allowed them limited purchases for six months. However, last month, the US announced that it will no longer grant sanctions waivers to any country that is importing Iranian oil.
Rebound: Crude oil†prices rebounded†on Friday in Asia after settling down almost 6% the previous session, after the US Energy Information Administration reported that crude inventories had unexpectedly risen by 4.74 million barrels last week, vs the forecasted 600,000 barrel decline.
US Crude Oil WTI Futures gained 1.2%. International Brent Oil Futures also rose 1.2% to $68.56.

Oil prices had settled down more than 5% on Thursday. It was the steepest drops since the start of the year.
†TECH†
Facebook eliminates incentives for political ads ahead of the 2020 elections.†SpaceX launches 60 Starlink satellites from Florida.

Policy Change: Facebook has stopped paying commissions to employees who sell political ads in the wake of allegations of election manipulation.

The ad-buying portal for campaigns is now mostly self-serve - Facebook employees will now be available to help campaigns register to buy ads, assist if certain ads are stuck in review and provide other basic customer service.
Additionally, sales employees will no longer be paid based on reaching or exceeding goals related to ads purchased promoting either a candidate or political messages in the US and abroad.†
This is a huge shift from the 2016 elections where both Facebook and Google offered extensive advice to political campaigns.
More Details:SpaceX successfully launched its first batch of 60 Starlink satellites†from Space Launch Complex 40 (SLC-40) at Cape Canaveral Air Force Station, Florida. The first stage of the rocket successfully landed on the drone ship Of Course I Still Love You (OCISLY) in the Atlantic Ocean.
Behind the Scenes:†These satellites are the first ones designed to work within a mega-constellation which aims to provide internet from space to billions of unconnected people around the world. SpaceX will operate its satellites at altitudes of 500 km and 1,200 km.
†STARTUPS†

DoorDash raises $600m in latest funding round. Ford collaborates with start-up to test mail delivery via robots. Zero raises $20m to launch a credit card that is similar to a debit card.
Hot and Fresh: The San Francisco-based food delivery company, DoorDash has raised $600m in its Series G funding round, valuing the service now at c. $12.6bn.
DoorDash, which has now expanded to over 4,000 cities across the US and Canada has emerged as a resounding success against competition from the likes of Uber Eats and Deliveroo.
New Alliance: Ford Motor and start-up Agility Robotics have partnered up to test a new mail-delivery system. The companies plan to deploy 100 self-driving Ford vehicles carrying a robot in them that can deliver parcels of upto 40 pounds from the van to doorsteps.
Modernizing Credit Cards: Zero, a start-up that aims to create a cash-back credit card has raised $20m in its Series A round of funding led by New Enterprise Associates (NEA).††

This brings their total money raised till date to $35m, including equity and debt funding.

Other investors in the round include SignalFire, Eniac Ventures, Nyca Partners and some unnamed school endowments. Zero had previously announced an $8.5 million raise in fall 2017, led by Eniac, and had raised $7 million in venture debt from Silicon Valley Bank.

The Zerocard itself is a World Mastercard, so it earns credit card cash back. But unlike a traditional credit card, itís combined with an FDIC-backed checking account called Zero Checking. That means Zerocard and Zero Checking work together in the app, allowing cardholders to see one net number they can spend from.

The idea is to offer a rewards credit card that works like a debit card, preventing over-expenditure.
GLOBAL†
Theresa May to resign as Britainís Prime Minister on 7 June. Latest increase in tariffs on Chinese imports costs $831 per household. Trump announces $16bn farm aid package.

Theresa May said she would quit as the British Prime Minister once her party chooses a successor.††

The move comes after May repeatedly failed to win parliamentary backing for the Brexit divorce agreement she negotiated with the European Union.

With little prospect of getting her deal passed, three years after the UK voted to leave the bloc, Mrs. May said the race to find her replacement would formally begin after she quits as head of her party on June 7.

Costing a Fortune: The Trump administrationís latest increase in tariffs on Chinese imports is costing the average US household $831 per year through higher prices and reduced economic efficiency, as per a paper published by the Federal Reserve Bank of New York.

The tariffs, which essentially impose taxes on imported goods, will result in higher prices paid by importers and consumers, the New York Fedís report said.

In addition, it said, the US economy stands to take a hit as companies buy more from suppliers outside China at prices higher than they paid before the tariffs.

Mr. Trump this month raised the tariff rate on approximately $200bn in goods imported from China to 25% from 10% as talks on a deal to remove the levies hit an impasse. The Trump administration is also considering tariffs on most of the remaining $300bn in imports from China.

The Trump administration on Thursday unveiled a $16bn farm aid package to offset losses from the ongoing trade war with China.†

The $16bn farm plan, which wonít require congressional approval, largely consists of direct payments to US farmers hit hard by Chinese tariffs on crops. Payment rates to farmers would be determined by where they farm rather than what crops they grow.

The action comes as prices for commodities such as soybeans, corn and sorghum, already mired in a yearslong slump and hit by flooding and wet weather, fell last week to their lowest level in more than 10 years.
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