Amid the tumbling stock market in the United States, following the White House clarification of tariffs on China to be at least 145 per cent and an earlier announcement of a 90-day pause on tariffs for over 75 countries, President Donald Trump addressed the challenges associated with his tariff policy, stating that there would be 'transition problems'.
Dalal Street investors were a poorer lot on Monday as their wealth eroded sharply by Rs 14 lakh crore following a sharp decline in benchmark indices amid a global market meltdown due to recession fears. The 30-share BSE Sensex tumbled 2,226.79 points or 2.95 per cent to settle at 73,137.90. Intra-day, the benchmark slumped 3,939.68 points or 5.22 per cent to 71,425.01.
All Sensex shares, except for Hindustan Unilever, ended with losses. Tata Steel fell the most by 7.33 per cent followed by Larsen & Toubro which cracked 5.78 per cent. Tata Motors, Kotak Mahindra Bank, Mahindra & Mahindra, Infosys, Axis Bank, ICICI Bank, HCL Technologies and HDFC Bank were the other big laggards. Hindustan Unilever ended marginally higher.
Domestic benchmark equity indices may see a positive trading sentiment on Friday thanks to a spectacular rally in world markets after the US President Donald Trump announced to put tariff hikes on hold for 90 days, excluding China from the reprieve. Indian stock markets were closed on Thursday for Shri Mahavir Jayanti. Trump has declared a three-month pause on reciprocal tariffs on non-retaliating countries marking a rather unexpected U-turn after record high levies he imposed led to global stock market meltdown.
United States President Donald Trump on Sunday warned of new and significantly higher tariffs on Chinese goods if Beijing does not withdraw a recent 34 per cent retaliatory tariff hike, threatening to end all ongoing talks with China.
A 55-page document gathered using the Right To Information Act from the Prime Minister's Office shows how the members of United Progressive Alliance government including some senior ministers have taken a soft stance towards Dow chemicals.
From the 30-share Sensex pack, Tata Consultancy Services, Titan, Infosys, Bharti Airtel, Bajaj Finance, ICICI Bank, HCL Technologies, and Tech Mahindra were the biggest gainers. NTPC and Asian Paints were the laggards.
The Madhya Pradesh high court has dismissed a petition filed by Dow Chemical challenging the trial court order of 2005 issuing show cause notice to it in the 1984 Bhopal gas leak case.
The International Olympic Committee (IOC) has appreciated Indian Olympic Association's (IOA) concern for the victims of 1984 Bhopal Tragedy but maintained that Dow Chemicals had no ownership stakes in Union Carbide till 2000.
The Dow Chemical Company, which owns Union Carbide Corporation, on Tuesday said the Indian government had "fully released" UCC and its subsidiary in Bhopal from any civil liability for the 1984 gas tragedy.
Dow Chemical Company is once bitten, twice shy. Close on the heels of its US parent's move to deny liability for damages resulting from the Bhopal gas tragedy at a plant run by Union Carbide (a company it had bought), Dow India has called off a greenfield project to establish a research & development facility in Maharashtra.
Amnesty International has called on the Dow Chemical Company to appear before a Bhopal court this week to explain why its subsidiary Union Carbide Company repeatedly ignored summons in the 1984 gas leak case.
Domestic bourse BSE has approved the acquisition of a 50 per cent stake in index provider Asia Index (AIPL) from equal joint venture partner S&P Dow Jones (SPDJ) Indices for Rs 30 crore. AIPL, the index provider, is responsible for compiling and maintaining the widely followed Sensex, Bankex, and other indices. Passive funds with assets of nearly Rs 2 trillion are benchmarked with indices provided by AIPL.
Survivors of the deadly 1984 Bhopal gas leak are holding a 'Special Olympics' with children suffering birth defects from the tragedy.
A petition has been filed in the National Green Tribunal's Bhopal bench, seeking an assurance from the Madhya Pradesh government that the Union Carbide waste disposal in Pithampur won't harm people in nearby areas. The petition, filed by a Jabalpur-based social organisation, has urged the NGT to direct the state's chief secretary to declare on oath about the safety of people in Pithampur in Dhar district where the waste has been transported for disposal. The petition also seeks direction to the MP government to publish a specific report regarding the disposal of this waste to allay public concerns.
Dow Jones said shares representing approximately 60.3 per cent of the outstanding voting power of the company were cast on Thursday in favour of the merger. Announcing the approval, Dow Jones said the stockholders' vote satisfies the final condition for the completion of the deal. The two companies had signed an agreement and plan of merger on July 31. The merger became effective on Thursday.
Reuters reported that a spokesman for Dow's Union Carbide denied the report.
Villagers and the people of the Varkari sect are on one side and state government and Dow Chemicals on the other. The bone of contention is the future of Dow Chemicals' $100-million R&D project, for which 100 acres of land was allotted in the village near the Sudha -- held sacred by the followers of a Bhakti cult called Varkaris.
British Prime Minister David Cameron has defended Dow Chemical's sponsorship of the Olympic Games in the face of Indian anger over the company's link to a deadly gas leak in Bhopal in 1984.
The chairman and CEO of Dow Chemicals Andrew Liveris will not attend the Indo-US CEO Business Forum meeting scheduled to be held in Washington.
Reuters Group Plc, which runs one of the world's leading news agencies as well as other financial data businesses, today said it has received an unsolicited takeover offer, but did not identify the potential bidder.
Media Mogul Rupert Murdoch's News Corp is all set to purchase Dow Jones and Co., publishers of the Wall Street Journal, for $5 billion, ending the century-long ownership of the Bancroft family.
A former Dow research scientist was convicted for stealing trade secrets.
Terming court's decision to summon Dow Chemicals in the Bhopal gas tragedy case as an "important step", Amnesty International today demanded that the company must acknowledge its responsibility towards the survivors of the 1984 industrial disaster.
The Maharashtra government fears that the agitation against Dow Chemical's proposed Research and Development centre was orchestrated by its aggressive neighbour to influence Dow to take its $400-million project to that particular state.
India's largest software services exporter Tata Consultancy Services on Friday said it will expand its strategic business alliance with US-based Dow Chemicals that will create new jobs in Midland-Michigan.
Dow Chemicals' acquisition of the Indian born billionnaire Raaj L Gupta headed speciality chemical company Rom and Haas for over $18 billion, is likely to impact its proposed joint venture with Reliance Industries (RIL) and expansion plans in India worth over $100 million.
Dow Jones Indexes, a leading global index provider, has removed scandal-hit Satyam Computer from its 'Dow Jones India Titans 30 Index' and replaced it by Axis Bank.
Chemicals giant Dow say they are fully committed to providing the decorative wrap for London's Olympic stadium despite continuing criticism of its involvement because of its link to the 1984 Bhopal gas disaster.
A member of the body that oversees the sustainability of the London Olympics has resigned in protest at a sponsorship deal with Dow Chemical because of the American company's ties to the 1984 Bhopal gas disaster that killed thousands in Madhya Pradesh.
Hundreds of Warkaris (devotees of Lord Vitthal) who had gathered outside the prison premises late last evening, chanted name of Vitthal in chorus as Karadkar declared the sects resolve to oppose the setting up of the Dow Chemicals unit near Shinde village in the district.
The two issues that remain are whether Dow inherited Union Carbide's liabilities and why the government never cleaned up Bhopal after settling with Carbide
The government has asked its Olympic association to raise the issue of the London Olympic Games' sponsorship deal with Dow Chemical, the latest sign of pressure on organisers to reconsider involvement of a company linked to the Bhopal gas disaster.
Dow Chemical Co hoped an Olympic sponsorship would boost its global cache, but the company's link to a gas leak tragedy 28 years ago threatens to curb some of the benefits from the $100 million advertising deal.
The joint venture speculation between Reliance Industries and Dow Chemicals for Dow's underperforming commodity businesses could cost Reliance anything between $15 billion and $21 billion for a 60 -100 per cent stake.
Heads continued to roll in the News of the World phone hacking scandal as Rupert Murdoch's top executive and Dow Jones CEO Les Hinton became the latest high-profile personality to resign from his post. Hinton was the chief executive of Dow Jones, publisher of the Wall Street Journal. Rebekah Brooks, chief executive of the media group's UK newspaper arm News International had quit on Friday.
An internal note obtained by activists from the Prime Minister's Office and dated February 2 this year says that the Ministry of Law believes that 'irrespective of the manner in which Union Carbide has merged or has been acquired by Dow, if there is any legal liability it would have to be borne by Dow Chemicals.' The note also puts a question mark on the prospects for future investments by US-based Dow in India.
