Refiners Are Having To Pay To Produce Gasoline

When the oil markets go into a deadly tailspin as they have right now, sooner or later, everybody in the value chain starts to feel the heat keenly. 

Only three months into the year, oil and gas companies are trading at roughly half their valuations as the -49.5% YTD return by the Energy Select Sector Fund (XLE) portends, thanks to crude prices tanking to multi-decade lows.

It was only a matter of time before the shockwaves hit oil refineries, with the sector now sinking into the red.

Gasoline and jet fuel margins have plunged to their lowest levels in more

Tax evaders fill coffers with empty beer bottles

They are sold to breweries at a price which is almost always fixed for a specific buyer for a certain period under a contract.

Even as alcohol for human consumption is outside the Goods and Services Tax (GST) purview, the bottles used to sell ‘liquid courage’ have been found to be at the centre of an unfolding investigation into tax evasion. After the first case in Rajasthan was discovered late last year, GST authorities have alerted all zones, saying this modus operandi could have been adopted by other tax payers as well, officials familiar with the case said.

The case

Payment norms for discoms relaxed: Power companies told to ensure uninterrupted supply

Tariffs on domestic consumers is on an average around 40% lower than that for industrial users of power.

To assure uninterrupted power supply in the middle of the country-wide lockdown to contain the coronavirus outbreak, the Union power ministry has relaxed payment norms for electricity distribution companies (discoms). The Central government has asked the state-run power generating companies such as NTPC and Power Grid Corporation of India Ltd (PGCIL) to not curtail supply to the states even if the discoms do not clear payments to them on time.

The lockdown in seen to take a toll on the finances of

Struggling Americans Can Tap 401Ks With Coronavirus Bill

(Bloomberg) —

Lawmakers in Washington are making it easier for Americans struggling with the fallout from the coronavirus to draw on the trillions of dollars in their 401(k)s and other retirement accounts.

For a limited time, Americans will be able to withdraw money from tax-deferred accounts without penalties under a stimulus package signed into law Friday by President Trump. Rules on 401(k) loans will be relaxed, and some retirees can avoid so-called required minimum distribution, or RMD, rules that might have been onerous.

Read more: House faces urgency to act on Senate’s $2 trillion virus rescue bill

Some of the

Covid-19 packages will take care of both people, corporates: Rajiv Kumar, vice-chairman, Niti Aayog

Rajiv Kumar, vice-chairman, Niti Aayog

India has unveiled both fiscal and monetary policy stimulus measures to minimise the negative impact of the coronavirus on economic activities and address the needs of the poor, NITI Aayog vice-chairman Rajiv Kumar told FE’s Prasanta Sahu in an interview. He said the Thursday’s economic package was rightly targeted at the most vulnerable segments of the society. Edited excerpts.

What is your view on the relief package announced by the finance minister on Thursday?

The package announced by the finance minister is rightly targeted, ensuring that the most vulnerable segments of the society do not

U.S. Futures Drop; India Assets Rally on Rate Cut: Markets Wrap

(Bloomberg) — U.S. equity futures dropped after the first three-day rally in American equities since mid-February, while Asian shares advanced as investors take stock of strengthening stimulus efforts across the globe.

India’s bonds and stocks rose along with the rupee after the central bank slashed the benchmark rate by three quarters of a percentage point. S&P 500 futures dropped more than 1% after the index surged more than 6% Thursday. The dollar headed for its biggest weekly retreat since 2009, while Treasuries advanced. Australian stocks fell, while most other regional markets rallied.

The U.S. has now overtaken China for the

RBI Live: Shaktikanta Das allows to pause loan EMIs for 3 months; announces 75 bps emergency repo rate cut

The central bank has been trying to infuse liquidity into the markets in the past few days with repo operations.

Reserve Bank of India Governor, Shaktikanta Das addressing a press conference announced that the Monetary Policy Committee (MPC) met ahead of time and voted for an emergency rate cut of 75 basis point, effectively taking the repo rate to 4.4% from the earlier 5.15%. Das, further added that the MPC refrained from projecting inflation and growth this time as the situation was too volatile. To help India tide over the Coronavirus pandemic, RBI announced comprehensive package, including, measures to expand

COVID-19 relief: Lodha waives rentals for retailers in malls

“Given the situation will affect numerous retailers, we hope that with this waiver, retailers across our developments will be able to focus on rebuilding their business effectively once the lockdown ends,” said a company spokesperson.

The Lodha Group announced on Thursday that it has given a full waiver to its retail partners from paying rents since March 15 until the government permits reopening of retail operations, as the country reels under the impact of Covid-19 outbreak related lockdown.

Adhering to the closing of premises that have large public gatherings, retailers including malls (excluding essential services) are currently in distress as

Stock futures lower as coronavirus relief package clears Senate

Stock futures dipped on Wednesday evening, after a massive, eagerly awaited coronavirus relief package cleared the U.S. Senate and headed for the House, with investors poised to take a breather after two consecutive days of gains.

During the regular session Wednesday, the S&P 500 and Dow posted their first back-to-back sessions of advances in more than a month. At the highs of the session, the Dow had added 1,315 points.

Yet by market close Wednesday, stocks pared some gains, after the bill with $2 trillion worth of relief for the coronavirus-stricken economy exposed intra-party divisions. Late in the afternoon, Democratic