India's reluctance to join RCEP, being projected as a landmark pact as these countries form about 32% of world GDP, should be seen in the light of the fact that India already has FTA arrangements in place with most of these countries and her trade deficit with them has tripled since these trade deal was executed. The bloc of 10 already forms 20.3% of India's exports and 35.7% of imports.
STREET PULSE: Where we stand Asian shares closed in on their July peak, on signs the US and China are inching closer to a truce in trade war and on optimism the US economy is well poised for solid, consumer-driven growth.
HERE'S WHAT TO WATCH  | SGX Nifty traded some 15 points lower at 7 am (IST), signalling indecisiveness on Dalal Street. MSCI index for Asia-Pacific shares outside Japan was little changed in early trade after hitting a four-month high the previous day. Japan's Nikkei rose 1.34% to hit a one-year high. |
| On Wall Street, the S&P 500 gained 0.37% to hit a record high of 3,078 on Monday while Dow and Nasdaq also clinched all-time highs. |
Oil prices slipped on Tuesday amid doubts over whether OPEC and other countries will continue to restrain output. Brent crude futures fell 14 cents, or 0.2%, to $61.99 a barrel while WTI futures declined by 18 cents, or 0.3%, to $56.36.
Read More The rupee appreciated by 4 paise to close at a fiveweek high against the US dollar on Monday driven by sustained foreign fund inflows and hopes of a partial trade deal between the US and China.
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Look, Who Just Said Yes... Ace investor Rakesh Jhunjhunwala on Monday bought 1.3 crore shares, amounting to half a per cent stake, in private lender Yes Bank. The Big Bull picked up the stake at Rs 67.1 per share, putting the deal value at around Rs 86.9 crore. Brokerages said while the stock may see an uptick on Tuesday, they are not sure if such a rally can sustain. "Jhunjhunwala divides his holdings in two buckets – investments and trading. One is not sure if this is a trading or investment bet," one broker said.
Read More Infy Says All Clear... Infosys on Monday said it has not received any 'prima facie' evidence to corroborate the whistleblowers' allegations of financial malfeasance against its top executives, even as it awaits the results of an independent inquiry into the contentious issue being conducted by a top law firm. The software exporter said its audit committee had begun consultations with the company's independent internal auditor Ernst and Young even before it retained outside investigators.
Read More Advantage Startups... India will further relax norms under the Companies Act for startups. The ministry of corporate affairs will allow startups to issue sweat equity of 50% of its paid-up capital and exempt them from other regulatory filings for up to 10 years instead of five now. Startups will also be exempted for 10 years from a rule that bars private companies from raising deposits over 100% of their paid-up share capital.
Read More | WHO'S |  |
India Opts Out of RCEP… India has decided against joining the agreement covering much of Asia, paving the way for 15 other countries to sign the China-backed RCEP deal next year. Prime Minister Narendra Modi highlighted that he was guided by the impact it would have on the lives and livelihoods of all Indians, especially vulnerable sections of society. India had pushed the other 15 nations to address its concern over deficits and open their markets to Indian services and investments.
Read More Bank CEO Pay... RBI has stepped in to make top managements of private banks more accountable. It says at least half the compensation offered to CEOs and whole-time directors in private banks should be variable pay, linked to the performance of the individual, the business unit and the bank. It said guaranteed bonus should not be part of the compensation plan as it was not consistent with sound risk management or "pay for performance" principles.
Read More Meanwhile... Seven US technology firms including Google, Amazon, Apple and Facebook were among the top 10 recipients of fresh H-1B visas in fiscal year 2019, as the Trump administration continued its policy of favouring American firms to hire computer science professionals from countries such as India on short-term work permits. India's IT giant TCS, US-headquartered Cognizant and smaller rival Tech Mahindra were the other firms on the list.
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