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Rise In Crude Oil Prices, India's Trade Deficit Widens, Johnson & Johnson Allegations et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 14, 2018 1:25 PM 2 min read
Editorial

‪End of Day Wrap-up (Saturday / July 14, 2018) #CrudeOil #oilandgas #ZTE #LIC #IDBI #TRAI #TradeWar #Transfin ‬

Editor's Comment: Sharp rise in crude oil prices lead to India's trade deficit widening to 61-month high in June of $16.61bn. Crude oil imports rose by 56% hitting $12.72bn and negating the impact of strong export growth in engineering and pharmaceutical products during the same period.

 

LIC set to finalise turnaround strategy for IDBI bank, likely to increase stake to 51%, appoint 2 directors. Proposed equity injection to amount to INR10,000cr-INR13,000cr. Transaction subject to regulatory clearances from RBI, SEBI. Open offer to be discussed with minority shareholders. 

 

Major US companies operating in India seek help of US Treasury to push for dilution of RBI's strict local data storage norms. Companies include Visa, Mastercard, American Express, PayPal, Google, Facebook, Microsoft, and Amazon. Lobby groups such as Securities Industry and Financial Markets Association (SIFMA), the Global Financial Markets Association (GFMA) etc. also pushing hard.

 

China preparing to grant swift regulatory approvals to India-manufactured drugs post trade war with US. Indian firms looking to fill gaps in Chinese demand for generic drugs, software, sugar, and varieties of rice.

 

Johnson & Johnson to pay a record $4.69bn to 22 women over allegations of cancer incidence from their talc-based products. Company is currently battling some 9,000 talc-related cases.

 

ZTE allowed to resume business with its US suppliers, as per US Commerce Department. US companies were banned from selling to ZTE as punishment for the latter's failure to honour an earlier US agreement to resolve its sanctions-busting sales to North Korea and Iran.