This BMW is the darkest car in the world

The BMW recently unveiled the ‘blackest’ SUV in the world which has been painted in ‘Vantablack‘ paint which is non-reflective colour and can make …

The BMW recently unveiled the ‘blackest’ SUV in the world which has been painted in ‘Vantablack’ paint which is non-reflective colour and can make an object appear two-dimensional.

The BMW X6, in Vantablack paint by Newhaven-based Surrey Nanosystems, will be revealed at Frankfurt Motor Show, reported News18.

While according to BMW, the ‘blackest black’ is so dark that it obscures most design details and is a “rather unsuitable vehicle paint finish”.

‘Vanta’ stands for Vertically Aligned Nano Tube Array, and signifies the microscopic carbon structure that forms the basis of the finish.

The .@BMW#Vantablack VBx2 coated VBX6 Show car being delivered to the Frankfurt Motor Show.

– Surrey NanoSystems (@SurreyNanoSys) September 3, 2019

Each strand is 5,000 times thinner than a human hair, at length of 14-50 micrometres and diameter of 20 nanometers.

Each square centimetre of the one-off X6 contains around 1 billion nanotubes, which absorbs light rather than reflecting it and effectively converts it to heat.

Surrey Nanosystems launched first Vantablack paint in 2014 and was claimed to absorb 99.965 per cent of light.

Ben Jensen, founder of Surrey NanoSystems, said, “We turned down numerous requests from various automobile manufacturers in the past. It took the BMW X6 and its unique, expressive design for us to entertain the idea.”

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Opinion | Cryptocurrencies could constrain a country’s choices

Some weeks ago, there was news of Facebook launching a cryptocurrency called Libra, designed to appeal to its global user base of over 2 billion.

Some weeks ago, there was news of Facebook launching a cryptocurrency called Libra, designed to appeal to its global user base of over 2 billion. Unlike Bitcoin, which is a roller coaster, Libra will be backed by a basket of fiat currencies. It is supported by a consortium of large-scale corporate houses, financial services firms and venture capitalists. Net-savvy millennials have little patience for expensive traditional banking methods for cash transactions. They would likely flock to alternatives like Libra. Other Big Tech companies like Google and Amazon are unlikely to stay on the sidelines. At the time, I wrote in this column that governments worry about their sovereign currencies and will eventually regulate Big Tech cryptocurrencies. Governments not only manage their exchange rates and liquidity, they must try to restrict money laundering and terror financing.

I apologize for the heavy reading that is about to ensue. I have simplified some of the concepts here, but as Einstein once said of science: “Everything should be made as simple as possible, but no simpler.”

International economics has a concept called the “impossible trinity” or the “trilemma” of monetary policy. It was first defined (independently) by economists John Fleming and Robert Mundell in the early 1960s. It states that it is impossible to have all three of the following conditions fulfilled at the same time: (1) a fixed foreign exchange rate, (2) free capital movement (that is, an absence of capital controls) and (3) an independent monetary policy (which controls domestic money supply, mainly through an interest-rate regime).

Even before cryptocurrencies, governments looking to control the monetary aspects of their economies have been subject to this trilemma, and have thus been forced to implement only two of the three conditions, while jettisoning the third. Simply stated, if you want control over both your exchange rate and monetary policy, you would have to impose controls on free capital movement. Hence the existence of capital controls such as India’s Foreign Exchange Management Act.

The trilemma is a theory based on the “uncovered interest rate parity condition” and is supported by evidence-based studies where governments that have tried to simultaneously pursue all three goals have failed. To explain, the uncovered interest rate parity condition means that if a dollar can only fetch a 1% rate of return in the US, but say 6% in India (at the same levels of risk), investors are bound to move from dollars to rupees. The reason they don’t is that the differential of 5% will likely reduce to zero as a result of a slide in the rupee’s value to the extent of its current interest differential against the dollar.

In 1999, Paul Krugman, the Nobel laureate economist, commented: “The point is that you can’t have it all. A country must pick two out of three. It can fix its exchange rate without emasculating its central bank, but only by maintaining controls on capital flows (like China); it can leave capital movement free but retain monetary autonomy, but only by letting the exchange rate fluctuate (like Britain or Canada); or it can choose to leave capital free and stabilize the currency, but only by abandoning any ability to adjust interest rates to fight inflation or recession (like most of Europe).”

Strong capital controls have meant that other means of payment have been in use before, such as the infamous “hawala” system. Law enforcement agencies track these down relentlessly. However, the ease of use and the scope of new Big-Tech cryptocurrencies are about to create global currencies of a completely different class. Economists Pierpaolo Benigno, Linda Schilling and Harald Uhlig, in a recent paper, argue that such currencies will inexorably affect the exchange rates and monetary policies of traditional currencies. This is primarily because the introduction of a global digital currency obliterates the capital control levers that sovereign nations have today.

The economists begin with a model that considers a two-country system. Both use their own national currencies as well as a global cryptocurrency. Assuming markets are efficient and complete, and that the global cryptocurrency is freely used in both countries, they show that the interest rates in both countries must necessarily be equal, and that the exchange rate between the two countries becomes what is termed a “martingale”. A martingale is a sequence of variable numbers where the next number in the sequence, given all prior numbers, is most likely the same as the present value. Simply put, it means that the best predictor of tomorrow’s value would be today’s value.

Benigno, Schilling and Uhlig call this phenomenon Crypto-Enforced Monetary Policy Synchronization. or Cemps. This adds a further restriction to the impossible trinity, effectively making it a dilemma (where the choice is either one or the other, not any two out of three). The economists then go on to introduce a number of conditions to correct for the fact that nation states and their central banks are likely to try a variety of methods to control exchange rates, interest rates and capital flows. They show, with beautiful mathematical proofs, that in each case, the trilemma is reduced to a dilemma.

For a simpleton like me, the advent of Big Tech cryptocurrencies mean that countries would have one less lever to pull. A scary thought, given the current portents of a global slowdown.

Siddharth Pai is founder of Siana Capital, a venture fund management company focused on tech.

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Markets Live: Equity indices edge down, Sensex skids 160 points to 37291

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, …

12:25 pm

Oil prices drop on concern over US economy

Brent crude was up 64 cents, or about 1.1 per cent, at $59.28 a barrel at 0255 GMT. – Bloomberg

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of the US economy.

Brent crude was down 31 cents, or 0.5 per cent, at $60.18 a barrel by 0638 GMT, while US crude was down 18 cents, or 0.3 per cent, at $55.60 a barrel. Oil prices rose around 1.5 per cent in the previous session. Click here to read in full the global oil markets report.

12:15 pm

Indiabulls Housing Finance shares drop 8% on Nifty replacement

Shares of Indiabulls Housing Finance on Thursday dropped 8 per cent as Nestle India will replace the company in the benchmark Nifty 50 index from September 27.

The scrip tanked 7.97 per cent to Rs 420.80 on the NSE. Shares of Nestle India, however, rose 2.97 per cent to Rs 12,890.

Nestle India will replace Indiabulls Housing Finance in the benchmark Nifty 50 index from September 27, the National Stock Exchange (NSE) said on Wednesday.

“The replacement will also be applicable to Nifty 50 Equal Weight Index,” the bourse said in a release. – PTI

12:05 pm

Equities struggle on recession, Brexit fears

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record lows while stocks inched down on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.15 per cent, Singapore shares hit eight-month lows, while Japan’s Nikkei shed 0.07 per cent.

On Wall Street, the S&P 500 gained 0.65 per cent on Wednesday, due in part to gains in the energy sector following a rebound in oil prices. But US stock futures lost 0.2 per cent in Asia. Click here to read in full the Asian markets report.

11:55 am

USFDA nod bodes well for Unichem Labs

Unichem Laboratories has received ANDA approval from the USFDA for Solifenacin Succinate Tablets, 5-mg and 10-mg to market (a generic version of Vesicare tablets of Astellas Pharma US, Inc). The tablets are indicated for the treatment of overactive bladder with symptoms of urinary incontinence, urgency, and urinary frequency. Unichem will commercialise the product from its Goa plant. Shareholders of the company will closely monitor the execution.

11:45 am

Shell makes Series-B funding in PRESPL

Global energy major Shell, along with SBI Ventures Neev Fund has jointly made a Series-B funding of Rs 55 crore in Mumbai based bio-energy company- PRESPL.

This is the first investment of the Anglo-Dutch behemoth in Indian a bio-energy firm, and has been directly cleared by the Shell management in the Netherlands. Shell clocked $ 388.4 billion in revenues for 2018. Click here to read in full the report on Shell’s Series-B funding in PRESPL.

11:25 am

Govt sops boost sugar stocks

Stocks of sugar companies soared in an otherwise bearish market, with the Cabinet clearing fresh export concessions for sugar mills.

On Wednesday, the Cabinet approved incentives of Rs 6,268 crore ($876.74 million) to encourage cash-strapped mills to export 6 million tonnes of sugar in the sugar marketing year starting from October 1.

Shares of Bannari Amman Sugar rose two per cent to Rs 1,150, Dhampur Sugar Mills was up 0.15 per cent at Rs 151, Shashi Sugar rose 5 per cent at Rs 8, Dharani Sugar was up 17 per cent at Rs 8 and Bajaj Hindustan Sugar was up 4 per cent at Rs 6.

India is expected to produce 285 lakh tonnes of sugar in this sugar marketing year. With an inventory of 145 lakh tonnes, the total sugar supply is expected to be the highest ever at about 430 lakh tonnes, exerting huge pressure on prices. _ Our Bureau

11:10 am

Gold, silver open firm as rupee remains weak

Quick funds: With NBFCs turning cautions to lending, many customers are option for gold loans, say players. –

Gold and silver prices opened with marginal gains in the futures market on Thursday as currency pressure prevailed.

On Thursday, the rupee weakened further to inch towards the Rs 72 levels against the dollar. The Indian rupee opened lower at Rs 71.90 and depreciated further to Rs 71.95 in the early trades.

This comes despite Wednesday’s Cabinet announcements triggering positive sentiment for the sugar industry and farmers for increased incomes in the coming days and better job prospects through the 100 per cent contract manufacturing decision. Click here to read in full the domestic gold market report.

11:00 am

Company News: Kalpataru Power Transmission

Kalpataru Power Transmission informed the exchanges on Wednesday that it received a notice from the World Bank alleging process violations in bids submitted by its transmission business on two projects in Africa more than 7 years ago. The company disagrees with the Bank’s position and intends to contest the proceedings vigorously, it added. Shares of Kalpataru Power slumped 6.95 per cent at ₹441.05 on the BSE on Wednesday.

10:45 am

Gold prices tick up on recession fears, trade uncertainty

Gold prices eked out gains on Thursday against the backdrop of recession fears, with traders tracking signs of progress on the US-China trade talks and global central banks for direction on interest rates.

Spot gold rose 0.2 per cent to $1,542.06 per ounce, as of 0331 GMT. On Wednesday, the bullion ended lower but remained around its over six-year peak of $1,554.56 hit on Monday. US gold futures were up 0.1 per cent at $1,550.80 an ounce. Click here to read in full the global gold report.

10:25 am

Rupee falls 17 paise against US dollar in early trade

Identification of currency notes is key to successful completion of cash-based transactions by visually impaired persons – FRANCIS MASCARENHAS

The rupee depreciated by 17 paise to 71.95 against the US dollar in early trade on Thursday, tracking a weak domestic equity market and persistent foreign fund outflows. Pessimism over US-China trade talks also put pressure on the domestic unit, forex dealers said.

However, a weak dollar against other major currencies overseas and softening crude prices restricted the rupee’s fall, they added. Click here to read in full the rupee report.

10:05 am

Sensex, Nifty trade on a weak note

The benchmark indices, the BSE Sensex and the NSE Nifty, were trading around 0.5 per cent lower in early session on Friday. The Sensex was at 37,291, down 160 points or 0.43 per cent lower, while the Nifty was at 11,003, down 42 points or 0.39 per cent weaker on its overnight close.

The top gainers on the Sensex were Sun Pharma, Vedanta, Tata Motors, Maruti and IndusInd Bank, while the laggards were YES Bank, ICICI Bank, HCL Tech, HDFC and Axis Bank.

The healthcare, metals, capital goods and auto sector shares rose between 0.3-0.55 per cent to prop up the BSE index, while the finance, capital goods, IT and technology sector shares weighed on the benchmark index, losing between 0.40-0.65 per cent during the session.

According to an agency report, the Sensex, which dropped over 250 points in early trade, was dragged by heavy selling in banking stocks ahead of the expiry of August derivatives amid weak cues from other Asian markets.

In the previous session, the BSE barometer settled 189.43 points, or 0.50 per cent, lower at 37,451.84. Similarly, the broader NSE Nifty fell 59.25 points, or 0.53 per cent, to 11,046.10.

During the day, investors can expect greater volatility in the market on the back of weekly and monthly expiration of the August futures and options (F&O) contracts, said Shrikant Chouhan, Head Technical Research, at Kotak Securities.

Foreign portfolio investors sold shares worth a net of Rs 935.27 crore on Wednesday, while domestic institutional investors purchased shares worth Rs 359.32 crore, provisional data showed.

The rupee, meanwhile, depreciated 18 paise against its previous close to trade at 71.95 in early session.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Korea and Japan were trading on a negative note in their respective late morning sessions.

Exchanges on Wall Street ended in the green on Wednesday.

Global oil benchmark Brent crude was trading 0.57per cent lower at 59.59 per barrel. (with inputs from PTI)

9:55 am

Oil prices pegged back by mounting concern over US economy

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of United States (US) economy. Click here to read in full the crude oil market report.

9:45 am

Yen on backfoot as returning confidence dulls safe-haven allure

The dollar held gains against the safe-haven yen on Thursday as ebbing recession worries soothed markets after earlier volatility although the pound nursed its losses as investors became increasingly worried about a hard Brexit. Click here to read in full the global forex markets report.

9:35 am

Why the stock of RBL Bank has fallen 40 per cent over the past month

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, losing about 40 per cent over the past month, since it announced its June quarter results. While the bank delivered strong performance, the management indicating possible deterioration in its asset quality in the next 2-3 quarters, had rattled investors. Click here to read in full the report on why the RBL stock has fallen 40 per cent over the past month.

9:25 am

Asian shares struggle on darkening global outlook

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record low levels while stocks struggled to recover on Thursday as economic turbulence from intensifying United States (US)-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. Click here to read in full the global markets report.

9:15 am

Opening bell

The Sensex and the Nifty opened Thursday’s session in the red. The Sensex was at 37,283, down 168 points or 0.45 per cent lower, while the Nifty was at 10,988, down 57 points or 0.52 per cent weaker.

9.00 am

Today’s Pick: Tata Global Beverages (₹280): Buy

The stock of Tata Global Beverages jumped 5 per cent breaking above a key resistance at ₹270 on Wednesday. This rally has strengthened the short-term uptrend and also provides traders with a short-term horizon an opportunity to buy the stock at current levels.

The stock has been in an intermediate-term uptrend since early February 2019 low at ₹177. During the uptrend, the stock had decisively breached a key resistance at ₹220 in May and continued to trend upwards. Short-term trend is also up for the stock. Click here to read in full Today’s Pick on Tata Global Beverages.

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Opening Bell: Sensex, Nifty trade flat, Infosys, TCS top gainers

Mahanagar Gas, Zee entertainment, Infosys, M&M, HDFC Bank, TCS are among major gainers on the indices, while losers include Britannia, Yes …

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Corporate Earnings, Macro Data To Impact Equity Indices: Experts

Attractive valuations along with expectations of another round of key lending rate cut and stock specific movement might just lift the subdued …

Attractive valuations along with expectations of another round of key lending rate cut and stock specific movement might just lift the subdued sentiments in the domestic equity markets during the upcoming trade week.

Lower-than-expected growth in quarterly results as well as a massive flight of foreign funds have dampened the stock markets lately.

“Oversold readings on large, mid and small cap indices abound. The market is now set for a rebound as the 38 days correction cycle has been repeating for the last three sessions,” said Sahil Kapoor, chief market strategist-research, Edelweiss Investor Research.

“The underperformer of this fall, the auto index has eked out a reversal this week. Expect Nifty to climb to 11,650 points in the short term. Over the next two weeks — two rate cuts — are expected, one each from the US Fed and the RBI (August 7).”

According to Deepak Jasani, head of retail research for HDFC Securities, though markets ended with the third consecutive week-on-week loss on July 26, the rate of fall has reduced over the last three sessions and “in fact the markets ended in the positive on last Friday”.

“This positive momentum could continue early next week with US Fed meet outcome (on July 31) and corporate results impacting further momentum in the markets,” Mr Jasani said.

One of the key factors to look out for next week will be the ongoing Q1 results, analyst opined.

Companies such as DLF, Dr Reddys Labs, GIC, Axis Bank, Hero MotoCorp, NMDC, Tech Mahindra, Indian Oil Corp, Bharti Airtel, HDFC, ITC, Power Grid Corp and State Bank of India are expected to announce their Q1 earning results this week.

“The expectation for Q1 is muted with PAT (profit after tax) growth of 11 per cent YoY compared to high valuation of 19x on a one-year-forward basis. However, there are concerns that earnings growth may not revamp as fast as it was expected about a quarter back,” said Vinod Nair, head of research at Geojit Financial Services.

“While FIIs, one of the important liquidity providers, are on risk-off mode, a downgrade in earnings and slowdown in liquidity will continue to impact the market in the near term,” said Mr Nair.

Besides the Q1 results, investors will look out for macro-economic data points such as the eight core industries’ (ECI) output and the country’s fiscal deficit numbers.

Additionally, the Purchasing Managers’ Index (PMI) manufacturing and services’ figures, as well as monthly automobile sales data will be released during the week.

In terms of currency, the rupee on a weekly basis weakened by 9 paise to close at 68.90 from its previous week’s close of 68.81 per greenback.

“Rupee broadly traded around 68.85 to 69.12 range during the week. Expect rupee to test weaker levels within the range and risk of breaking out beyond 69.10 to 69.35,” said Sajal Gupta, head, forex and rates, Edelweiss Securities.

On technical charts, while the NSE Nifty50 remains in a downtrend, pullback rallies could be expected towards 11,456 points level, Mr Jasani said.

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