Market update: Sensex jumps; Infosys, HCL Tech, UltraTech Cement, Maruti were among the laggards
Equity benchmark Sensex advanced over 100 points in early trade on Wednesday led by gains in HDFC twins, Reliance Industries and ITC amid sustained foreign fund inflow.
The 30-share index was trading 101.08 points, or 0.28 per cent, higher at 36,775.60. The NSE Nifty was up 34.60 points, or 0.32 per cent, at 10,834.25.
IndusInd Bank was the top gainer in the Sensex pack, rallying around 4 per cent, followed by SBI, Tata Steel, Bajaj Auto, ITC, HDFC duo and Reliance Industries. On the other hand, Infosys, HCL Tech, UltraTech Cement, Maruti and Axis Bank were among the laggards.
In the previous session, the BSE barometer ended 187.24 points or 0.51 per cent higher at 36,674.52; while the NSE Nifty settled with 36 points or 0.33 per cent gains at 10,799.65.
Foreign institutional investors were net buyers in the capital market on Tuesday, purchasing equities worth Rs 829.90 crore, provisional exchange data showed.
According to traders, stock-specific gains and sustained foreign fund inflow buoyed domestic investor sentiment. However, weakness in global equities amid rising number of COVID-19 cases capped the gains, they said.
The number of cases around the world linked to the disease has crossed 1.17 crore and the death toll has topped 5.43 lakh.
In India, the number of infections spiked to 7.42 lakh and the death toll rose to 20,642.
Bourses in Shanghai and Hong Kong were trading with gains, while those in Tokyo and Seoul were in the red.
Stock exchanges on Wall Street ended on a negative note in overnight session. Meanwhile, international oil benchmark Brent crude futures fell 0.16 per cent to USD 43.01 per barrel.
Donald 'Munna Bhai' Trump: Niece claims POTUS paid proxy to take an exam
In a hilarious scene in Rajkumar Hirani's 2003 film Munna Bhai M.B.B.S., Sanjay Dutt (Munna) forces a doctor to take the medical entrance exam for him while he enjoys playing carrom with the doctor's father. In the movie, Munna does so to fulfil his father's dream of him to become a doctor.
Meanwhile, US President Donald Trump did a 'Munna Bhai' even before the film released. Reportedly, Trump paid a proxy to take a standardized college entrance exam for him in high school.
Mary Trump, Donald Trump's niece in a tell-all book scheduled to be published next week, revealed that the President paid someone to take the SAT, an entrance exam used by most U.S. universities, in his place.
In the book titled 'Too Much and Never Enough: How My Family Created the World's Most Dangerous Man', Mary wrote, "The high score the proxy earned for him helped the young Mr. Trump to later gain admittance as an undergraduate to the University of Pennsylvania's prestigious Wharton business school," reported the The New York Times, citing a manuscript of the book.
Meanwhile, responding to the allegations, White House senior adviser Kellyanne Conway on Tuesday, told reporters at the White House that it was a family matter, reported Reuters. "It's a book of falsehoods and that's about it," she added.
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After India ban, TikTok now to leave Hong Kong
After being banned from India and talks that it would be banned in the US, TikTok said it would be exiting the Hong Kong market.
A TIkTok spokesman told Reuters that it would quit the Hong Kong market within days. The news comes at a time when Facebook and other tech companies have suspended processing government requests for user data in the region.
Hong Kong is a loss-making market but shows how TikTok and other Chinese-based companies are under-fire across the globe. In the past, Kevin Mayer, the company CEO has claimed that app’s user data is not stored in China, a claim which has been contested.
TikTok has previously claimed it doesn’t comply with China to censor the government but Indian Tiktokers like Saloni Gaur have contested that claim.
How world is uniting against China’s bullying?
Chinese President Xi Jinping has apparently decided that this is the right time to assert dominance and territorial expansionism when the global economies are reeling with the side-effects of a deadly pandemic outbreak, but instead of just rolling over, a growing number of nations are fighting back, the New York Post reported.
New Delhi raising of tariffs on Chinese goods, restricting Chinese investments and banning TikTok as well as 58 other Chinese apps from Indian phones is one of the latest in the bid to demonstrate that India, for one, is clearly not intimidated by China's growing hawk policies.
Not only this, but many Indians are also now boycotting "Made in China" products, a task made easier because online retailers like Amazon have been ordered by New Delhi to tell buyers where products are made.
The respective developments from the Indian side came in response to China's unprovoked attack against Indian border personnel at Galwan Valley in Eastern Ladakh on June 15, as a result of which the world's largest democracy had moved some 30,000 troops to the Himalayan border to counter any further provocative actions by the Communist Party regime, according to the New York Post.
Meanwhile, the people of the Philippines are up in arms over China's expansionism into areas of the South China Sea claimed by Manilla after a Philippine fishing boat sunk in its own territorial waters by increasingly predatory Chinese ships.
When anti-US President Rodrigo Duterte was elected in 2016, he initially ignored popular sentiment and announced a "pivot to Beijing" on the promise of USD 24 billion in Chinese investments.
Four years later, all that has changed. With the Chinese Navy sailing ever closer to Philippine shores and few Chinese projects in progress, Duterte has reversed his earlier decision to terminate his country's Visiting Forces Agreement with the US. Given a choice between having American or Chinese naval vessels anchored in Subic Bay, the decision was pretty obvious.
In addition to this, the world has been a witness to how the peaceful pro-democracy demonstrators in Hong Kong were beaten by the city's riot police on Beijing's orders after the Asian giant passed the national security law, further restricting the privileged freedom of the semi-autonomous region, the New York Post reported.
The sight of the 7.3 million free people of Hong Kong being crushed under the heel of the Chinese Communist Party regime is one the world will not easily forget. It has already prompted UK Prime Minister Boris Johnson to offer British citizenship to three million Hong Kongers, not to mention take a tougher line toward China itself. Huawei, for example, can kiss its 5G business in the UK goodbye.
Now the interesting twist in the tale comes after knowing that China has also taken a toll on Australia, an island continent in the far south and also a part of the Asia Pacific.
Australia's farmers and miners are hit with trade sanctions after Canberra which suggests that the virus, which came out of China, may have come from there.
Also, to counter the recent surge in cyberattacks, Canberra has promised to recruit at least 500 cyberwarriors, bolstering the country's online defences. Meanwhile, an astonishing 94 per cent of Australians say they want to begin decoupling their economy from China's.
The same story is being repeated around the globe. From Sweden to Japan to Czechia, more and more nations are coming to understand China's mortal threat to the postwar democratic and capitalist world order.
"Xi Jinping and the Communist Party that he leads have so badly overplayed their hand that they have, in a mere six months, accomplished what Donald Trump could not in almost four years: They have unified the world against China. And communist leader Xi has only himself to blame for the brazen move," the report said.
On Wednesday, the US Congress unanimously voted to sanction China for its new security law that would effectively nullify Hong Kong's legal system and put Beijing in charge.
Trump admin says foreign students must leave US if classes go fully online
New York: International students in the US are panicking and universities are scrambling to make sense of a new policy announcement by US Immigration and Customs Enforcement (ICE) that says foreign students in the US will be forced to leave the country or transfer to another college if their universities offer only online classes this Fall.
"Nonimmigrant F-1 and M-1 students attending schools operating entirely online may not take a full online course load and remain in the United States", the first line of the July 6 statement says. Officials in the International Students Office at the University of Southern California told IANS they are still "analysing the new information" and swamped by a flood of enquiries from worried students.
According to immigration attorney Cyrus Mehta, the latest one pager policy announcement means three things: Students enrolled in US universities that are moving to an online-only education model will be barred from getting F-1 visas, they will be stopped from entering the US on F-1 visas and not allowed to maintain F-1 status in the Fall semester. ICE is now turning the screws on universities to re-open despite the coronavirus roaring back across 40 of 50 states.
"So Trump is forcing foreign students to study in unsafe conditions during Covid-19", Mehta tweeted. Fall 2020 semester begins early September in the US, immediately after Labor Day weekend. By that time, America's death toll is projected to have crossed the grim milestone of 170,000, according to at least a couple of predictive models.
The new policy incentivises in-person classes during the ongoing pandemic which has already killed 130,000 Americans. The ICE announcement comes amidst heated debate across the country on what the coming Fall school session is going to look like. A vaccine against the coronavirus will not be available until at least year end or later.
The announcement leaves the door open for "hybrid" models of online plus in-person classes as a way for students to remain in the US. It says, "Nonimmigrant F-1 students attending schools adopting a hybrid model, that is, a mixture of online and in person classes, will be allowed to take more than one class or three credit hours online."
Andrew Ng, co-founder of Coursera and a Stanford computer science faculty member described this latest development as a "lose-lose" situation for both students and universities. In a tweet, Ng termed the policy as a "horrible" one which will hurt the US, students and universities. "Pushes universities to offer in-person classes even if unsafe or no pedagogical benefit, or students to leave US amidst pandemic and risk inability to return," Ng tweeted.
"Most of my current PhD students are international. This is an unnecessary crisis" tweeted Paula Kagan, Professor at DePaul College of Science and Health. The language of the ICE statement terms the new rules as "modifications to temporary exemptions for nonimmigrant students taking online classes due to the pandemic for the fall 2020 semester."
"The US Department of State will not issue visas to students enrolled in schools and/or programs that are fully online for the fall semester nor will US Customs and Border Protection permit these students to enter the United States. Active students currently in the United States enrolled in such programs must depart the country or take other measures, such as transferring to a school with in-person instruction to remain in lawful status. If not, they may face immigration consequences including, but not limited to, the initiation of removal proceedings."
The Trump administration says it had allowed only a "temporary exemption" for online courses limited to the spring and summer semesters. The ICE announcement comes at a time when the US leads the world in coronavirus caseload. Covid-19 has sickened more than 2.9 million Americans and killed more than 130,000 till date. According to US Department of Commerce 2018 data, the student population contributed $45 billion to the US economy.
Nearly 390,000 foreigners received student visas in Fiscal Year 2019, according to publicly available US government data. F-1 students pursue academic coursework and M-1 nonimmigrant students attend vocational courses in the United States.
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President Trump launches fresh salvo at China over COVID-19; slams 'Chinese aggression' at Sino-India border
China and US President Donald Trump do not seem to be on the best of terms recently. The western leader has repeatedly blamed the other country for the novel coronavirus outbreak, and in recent days the US has also backed India's move to ban Chinese apps, amongst other things.
Speaking on Thursday, July 2, Trump called it a "plague from China" that should have "never happened".
"We had just signed a brand new trade deal and the ink wasn't even dry when it came over," he said.
While being critical of China, the US has also made several statements that seem to indicate its support for India. US President Donald Trump has made a pitch for expansion of the G7 grouping by including India, Russia, Australia and South Korea. The western country also followed Germany's lead at the UN Security Council to delay a draft statement condemning the terrorist attack at the Karachi Stock Exchange.
Pakistan officials have blamed India for the attack, and the two countries had, one after the other indicated their displeasure with China's show of support by pushing back the release.
The elephant in the room however is the strained Indo-China relations that have emerged after the Galwan Valley clash. As per a Hindustan Times report, here too Trump has something to add. Stating that the US was "closely monitoring" the situation, the White House on Wednesday condemned Chinese 'aggression'.
“China’s aggressive stance along the India-China border fits with a larger a pattern of Chinese aggression in other parts of the world and these action only confirm the true nature of the Chinese Communist Party”, White House press secretary Kayleigh McEnany quoted Trump to say.
(With inputs from agencies)
Global COVID-19 cases near 10 million, deaths surge to over 498,000: Johns Hopkins University
Washington: The overall number of global COVID-19 cases was nearing 10 million, while the deaths have surged to over 498,000, according to the Johns Hopkins University.
As of Sunday morning, the total number of cases stood at 9,950,945, while the fatalities increased to 498,135, the University's Center for Systems Science and Engineering (CSSE) revealed in its latest update. With 2,507,930 cases and 125,511 deaths, the US continues with the world's highest number of COVID-19 infections and fatalities, according to the CSSE.
Brazil comes in the second place with 1,313,667 infections and 57,070 deaths. In terms of cases, Russia ranks third (626,779), and is followed by India (508,953), the UK (311,727), Peru (275,989), Chile (267,766), Spain (248,469), Italy (240,136), Iran (220,180), Mexico (212,802), France (199,473), Pakistan (198,883), Turkey (195,883), Germany (194,458), Saudi Arabia (178,504), Bangladesh (133,978), South Africa (131,800) and Canada (104,878), the CSSE figures showed. The other countries with over 10,000 deaths are the UK (43,598), Italy (34,716), France (29,781), Spain (28,341), Mexico (26,381), India (15,685) and Iran (10,364).