Price of iron ore rallies as China's property market showed further sign of recovery. Surge in the price of iron ore also correlated with increase in steel futures.
Sectors
State Media Indicated That Chinese Government is Turning Against Alibaba
State-run media broadcasts indicated that the Chinese government is turning against the country’s most successful e-commerce company Alibaba. However, the company didn’t seem to take much damage from the reports in terms of sales and shares.
Some US energy chiefs make more cash amid oil turmoil
Contrary to a notion that oil rout is impacting everyone in the industry, there are few bosses at energy companies making more money based on their performance. Few top managers are excelling in meeting targets and getting hefty paychecks.
Credit Suisse CEO Will Cut More Jobs As Quarterly Loss is Expected
CEO Tidjane Thiam determine to pursue further restructuring in Credit Suisse. The Swiss bank will cut more 2,000 jobs and cut more of its business.
US Government Granted ZTE Temporary Relieve on Export Restriction
United States gave a three-month reprieve for ZTE on export curbs imposed earlier this month. U.S. Commerce Department announced the decision on Tuesday.
Latest News
India's National Commodities and Derivatives Exchange (NCDEX) has imposed special margins in Kapas contracts. Kapas prices fell over seven percent during the past fortnight. NCDEX has taken the decision to check further fall in Kapas contracts.
Shale gas from U.S. has begun shipment to Europe. The world-largest LNG carrier Ineos Intrepid has bound for Norway carrying 27,500 m3 of liquified ethane gas.
Rating agency ICRA forecasts India's gross domestic product (GDP) growth rate at 7.7 percent for next financial year 2016-17. The rating agency cites reasons for GDP growth rate to the implementation of 7th Pay Commission, OROP recommendations and domestic consumption.
Deutsche Bank expressed its skepticism on the hype created around Apple’s shift to Google’s Cloud Platform from Amazon’s AWS. The bank believes that the move will not have a significant impact and that Apple is just trying to reduce its reliance on just one service.
Turnbull is switching to a greener Australia avdocating the use of clean energy. The government will support Clean Energy Finance Corp. and the Australian Renewable Energy Agency and develops Clean Energy Innovation Fund worth A$1 billion.
Puerto Rico is struggling with a $72 billion debt and is seeking for a Chapter 9 bankruptcy. It is unclear why the said country is excluded and will not be able to take advantage of it to protect it from creditors and restructure its debts. Only Congress can make a bankruptcy law.
Shares of the German pharmaceutical and chemical giant increased by 5% in Monday trading. Monsanto's interest to acquire its crop science business triggered the surge.
The analyst at Keefe, Bruyette & Woods believed the breakup would increase shareholders value by 57%. However, Citigroup has asked its shareholders to vote against the too-big-to-fail proposal.
Sales of existing homes declined in February, reflecting poor demand in housing sector amid higher prices and weak inventory.
