Sensex, Nifty cut losses after panic selloff

(Reuters) – Indian shares erased most of the losses on Friday after panic selling in housing finance and property stocks saw key stock indexes plunge over 3 percent in intraday trade. The broader Nifty closed 0.81 percent lower at 11,143.10, while the benchmark Sensex fell 0.75 percent to 36,841.60. The Nifty posted a weekly fall of 3.2 percent, while the Sensex marked a 3.3 percent drop. Both indexes posted their biggest weekly fall since Aug. 11, 2017. Among the worst hit stock was Dewan Housing Finance Corp Ltd (DHFL), erasing…

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Yes Bank loses $3.1 billion in market value after RBI curtails CEO's term

MUMBAI/BENGALURU (Reuters) – Private sector lender Yes Bank Ltd’s shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the Reserve Bank of India (RBI) reduced charismatic CEO Rana Kapoor’s term, creating uncertainty about its outlook. The RBI said late on Wednesday Kapoor can serve as the lender’s chief executive only till Jan 31 next year, after shareholders voted in June to extend his term for three years, pending its approval. Though the central bank did not give a reason for its…

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Death toll reaches 100 in Tanzania ferry disaster, hundreds feared missing

DAR ES SALAAM (Reuters) – More than 100 bodies have been retrieved after a ferry sank on Lake Victoria, Tanzanian state radio reported on Friday, and hundreds more were still feared missing as rescuers searched for survivors from daybreak on the morning after the disaster. Radio TBC Taifa reported the latest toll from the sinking of the ferry MV Nyerere, which capsized on Thursday afternoon just a few metres from the dock on Ukerewe, the lake’s biggest island, which is part of Tanzania. Initial estimates suggested that the ferry was…

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China to grant $88 million each to cities to tackle water pollution

SHANGHAI (Reuters) – China will provide a few cities with an additional funding of 600 million yuan ($87.73 million) each until 2020 to help them tackle chronic “black and stinking” pollution in rivers, the finance ministry said on Friday. China uses the phrase “black and stinking” to describe water rendered unusable as a result of heavy pollution. The country is in the middle of an expensive campaign to clean up its heavily polluted lakes and rivers as it tries not only to tackle a major health threat, but also make…

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Where are the "good days"? Challenges mount for Modi

NEW DELHI/BHOMADA, India (Reuters) – Narendra Modi swept India’s 2014 general election with the slogan “Achhe din (good days) are coming”. Four years later, as Prime Minister Modi mobilises to win re-election in May, he and his Bharatiya Janata Party (BJP) are being buffeted for a lack of jobs, falling farm prices and rural wages, a tax reform that led to unemployment and a demonetisation exercise that sapped liquidity. Despite high economic growth, the fall of the rupee currency to record lows this year has led to a surge in…

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Hundreds still missing in Tanzania ferry sinking, 44 confirmed dead

DAR ES SALAAM (Reuters) – At least 44 people were confirmed dead and rescuers resumed searching at the crack of dawn on Friday for hundreds more still missing, a day after a ferry sank in Lake Victoria, Tanzanian police said. Initial estimates suggested that the MV Nyerere was carrying more than 300 people when it went down on Thursday afternoon, just a few metres from the dock on Ukerewe, the lake’s biggest island, which is part of Tanzania. Thirty-seven people had been rescued from the sea, while the confirmed death…

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Top China official urges "reform through education" for Xinjiang prisoners

BEIJING (Reuters) – China’s domestic security chief has called for strengthened “reform through education” for prisoners in the far western region of Xinjiang, state media said on Friday, amid international criticism over a security clampdown. Beijing has faced an outcry from activists, scholars, foreign governments and U.N. human rights experts over mass detentions and strict surveillance of the mostly Muslim Uighur minority and other Muslim groups that call Xinjiang home. China says Xinjiang faces a serious threat from Islamist militants and separatists and has rejected all accusations of mistreatment. Hundreds…

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Yes Bank plunges by nearly a third after RBI curtails CEO's term

(Reuters) – Private sector lender Yes Bank Ltd’s shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the central bank reduced charismatic CEO Rana Kapoor’s term, creating uncertainty about its outlook. The Reserve Bank of India (RBI) said late on Wednesday Kapoor can serve as the lender’s chief executive only till Jan 31 next year. It did not give a reason. Kapoor co-founded the bank and has been instrumental in its rise to become India’s fifth-largest private sector bank with assets…

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Five shot, including a girl, 8, in Syracuse, New York – police

(Reuters) – Five people were shot, including an eight-year-old girl, in Syracuse, New York on Thursday, the city’s police chief said. Police responded to a shooting in the city in upstate New York shortly after 9 p.m. local time, the department said in a statement posted on Twitter by a producer for National Public Radio. “This is very tragic event,” Syracuse Police Chief Frank Fowler said during a news conference. “This is something that cannot occur in our community.” Fowler did not disclose the condition of the five wounded people.…

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Yes Bank tanks after RBI trims CEO Rana Kapoor's term

(Reuters) – Shares of Yes Bank Ltd plummeted on Friday and were on track for their worst day since market debut after the Reserve Bank of India curtailed Chief Executive Officer Rana Kapoor’s term until Jan. 31, 2019. The stock plunged as much as 31.7 percent to 287.30 rupees, with more than 105 million shares changing hands – over 5 times their 30-day average volume. RBI and Yes Bank did not immediately respond to request for comment.

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