Russian rouble firms with other emerging currencies ahead of OFZ bond auctions

MOSCOW, Oct 7 (Reuters)The Russian rouble firmed ahead of treasury bond auctions on Wednesday along with other emerging market currencies, but its gains were capped by falling oil prices and geopolitical risks.

Political unrest in Kyrgyzstan, where rival opposition factions made grabs for power on Wednesday, added to turmoil in neighbouring Belarus, a military conflict in the South Caucasus and the suspected poisoning of Kremlin critic Alexei Navalny in exerting pressure on the currency.

At 0746 GMT, the rouble was 0.4% stronger against the dollar at 78.15 RUBUTSTN=MCX and had gained 0.2% to trade at 91.88 versus the euro EURRUBTN=MCX. Rising coronavirus cases globally and at home also weighed.

Brent crude oil LCOc1, a global benchmark for Russia’s main export, was down 1.2% at $42.12 a barrel.

Rouble sales would be facilitated by the situation on energy markets, said Bogdan Zvarich, chief analyst at Promsvyazbank. However,

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Auto, pharma firms to be hit hard by cap on MEIS benefits

a truck is parked in front of a building: However, exporters have highlighted that these 2% exporters account for a substantial chnuk of the exports covered under the MEIS.

© Provided by The Financial Express
However, exporters have highlighted that these 2% exporters account for a substantial chnuk of the exports covered under the MEIS.

The government’s decision to cap benefits under a key scheme at just Rs 2 crore per exporter during the September-December period of this fiscal will likely hit the pharma and auto industries hard, as some of the large companies in these sectors have generally been among the biggest beneficiaries, raking in export benefits of hundreds of crores of rupees each.

While company-wise data aren’t available in the public domain, sources told FE that firms that received maximum benefits under the Merchandise Export From India Scheme (MEIS) in FY18 included JSW Steel (Rs 302 crore), Ford India (Rs 273 crore), Bajaj Auto (Rs 247 crore), Dr Reddy’s (Rs 241 crore), Aurobindo Pharma (Rs 211 crore), Mylan Lab (`193 crore), Hyundai Motor India (Rs 189 crore),

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Domestic auto firms ramp up chipset R&D to thwart curbs

New energy vehicles are seen on the assembly line at Xi’an plant of BYD Auto in Xi’an, northwest China’s Shaanxi Province, June 12, 2019. (Xinhua/Shao Rui)

Following the wake-up call from Huawei’s chip supply crisis, Chinese vehicle sector is rushing to foster domestic technologies and achieve greater self-reliance.

Automaker BYD is reportedly negotiating with Germany’s Daimler to supply automotive chips for the latter’s electric vehicles (EVs).

BYD did not respond to the Global Times’ inquiry as of press time.

If the reports are true, it means BYD’s technology competence in the EV sector has reached a new level, Yu Qingjiao, secretary general of the Zhongguancun New Battery Technology Innovation Alliance, told the Global Times on Wednesday.

“Compared with other EV makers that rely on imports or the joint development of automotive chipsets, BYD attaches more importance to self-development, and its technological foundation in electronic goods can help it in the

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Home and car insurance firms to be banned from hiking premiums when customers renew polices

HOME and car insurance companies could be banned from charging customers more when they renew their policies.

The city watchdog argued that existing customers shouldn’t pay more for their insurance than a new customer.

Home and car insurance firms could be banned from hiking premiums for existing customers


Home and car insurance firms could be banned from hiking premiums for existing customersCredit: PA:Press Association

Under the proposals from the Financial Conduct Authority (FCA), businesses would still be able to set prices for new customers.

But companies wouldn’t be allowed to hike prices for new customers unless their risk level increases, for example, if a motorist has an accident.

The FCA believes the new measures would save motor insurance customers £62 a year on average.

For home insurance customers who’ve renewed five times or more, the proposals could see premiums drop by £55 for buildings and contents insurance.

How to compare home and car insurance

PAYING your car and home insurance can be

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