Gold prices rose on Friday, supported by lingering US-China trade tensions, while market participants cautiously awaited Washington's response to the Chinese parliament's approval of a national security law for Hong Kong. Spot gold was up 0.4 per cent at $1,725.01 per ounce by 0937 GMT. US gold futures rose 0.7 per cent to $1,739.60. President Donald Trump is expected to hold news conference on China later in the day as his administration moves to pressure Beijing over its treatment of Hong Kong. "People will be looking for guidance to see whether that could trigger further escalation between the two largest economies. After Trump's speech people will also be keen to see China's response," said Bank of China International analyst Xiao Fu. "However, the current tensions could support gold prices for some time because of the safe-haven status and stimulus around the world." Escalating US-China tension has prompted investors to seek refuge in the safe-haven bullion, which is on track … [Read more...] about Gold prices up as markets cautiously await Trump’s response on HK
Record high gold price
With a powerful Snapdragon 865 processor, quad camera and 40W wireless charging, Oppo Ace 2 is a force to be reckoned with in the smartphone space. The new offering from the Chinese smartphone maker was launched on April 13 when the Covid-19 pandemic had reached its peak in several countries around the world.Ironically, Oppo Ace 2 was first launched in China, which also happens to be the epicentre of the novel coronavirus outbreak. Not much is known about its global availability. Interestingly, Oppo let go the ‘Reno’ brand name completely and marketed ‘Ace’ as an entirely different series.Apart from having the fastest wireless charging, Oppo Ace 2 has a 90 Hz refresh rate along with a 65W wired charging support much like its predecessor.The Oppo Ace 2 has been launched in China for CNY 3,999 (roughly Rs 44,000) for the 8GB/128GB version, CNY 4,399 (approximately Rs 48,000) for the 8GB/256GB model, and CNY 4,599 (roughly Rs 50,000) for the 12GB/256GB storage … [Read more...] about Robert Escobar claiming to sell ‘gold-plated’ iPhone 11 Pro at $499
LONDON: Oil prices were dragged sharply lower on Friday by weak US fuel demand, fears of a second wave of coronavirus cases in South Korea and a worsening in US-China relations, but were still on track for a hefty monthly gain. July Brent crude fell $1.16, or 3.3 per cent, to $34.13 a barrel by 0927 GMT while the more active August contract fell $1.11, or 3.1 per cent, to $34.92. US West Texas Intermediate (WTI) crude was down $1.28, or 3.8 per cent, at $32.43. Both contracts were on course for their first weekly loss after for consecutive weeks of gains that leave them set for the biggest monthly gains in years thanks to production cuts and optimism over Chinese-led demand recovery, analysts said. WTI is on track for a record monthly gain of 72 per cent in May, with Brent set for a 35 per cent increase that would represent its strongest monthly rise since March 1999. "The global reaction to China's move to propose new security laws for Hong Kong continues to increase, while … [Read more...] about Crude oil prices fall but remains set for biggest monthly gain in years
Imports from related parties are generally subjected to valuation under the Customs Act, 1962 as well as Transfer Pricing (‘TP’) under the Income-tax Act, 1961. While both regulations aim to arrive at an appropriate price, the outlook is different. Where one prevents excessive price for imports recorded in the books, the other prevents under-pricing. There is even similarity in the methods that are used to arrive at the appropriate price. However, in absence of a legal binding, businesses struggle to make a case before the revenue authorities. The PreambleThe TP Regulations and the tax authorities, through the Arm’s Length Price (‘ALP’) approach, examine the transaction price to ensure that the profit as well as the tax payable on the profit earned from the imported goods, is not understated. On the other hand, Customs law and the customs authorities, through Fair Value (‘FV’) approach, ensures that the price is not understated to reduce the … [Read more...] about Valuation Under Transfer Pricing & Customs – Will They Ever Converge?
Shares of Hindustan Petroleum Corporation Ltd. gained 3.58 per cent to Rs 192.65 in Friday's trade as of 10:21AM (IST). The stock hit a high price of Rs 193.0 and low of Rs 183.95 during the session. The return on equity (ROE) for the stock stood at 22.0 per cent. Traded volume on the counter stood at 10:21AM shares and turnover at Rs 2.99 crore around that time. The stock of Hindustan Petroleum Corporation Ltd. quoted a 52-week high and 52-week low prices of Rs 333.45 and Rs 155.0, respectively. The Beta value of the counter, which measures its volatility in relation to the broader market, stood at 1.6. Promotor/FII Holding Promoters held 51.11 per cent stake in the company as of 31-Mar-2020, while foreign investors held 17.72 per cent and domestic institutional investors had 14.91 per cent. Key Financials The company reported consolidated sales of Rs 70518.09 crore for the quarter ended 31-Dec-2019, up 16.25 per cent from previous quarter's Rs 60661.77 crore and up 1.92 … [Read more...] about Share price of Hindustan Petroleum Corporation Ltd. rises as Nifty weakens