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President Donald Trump's proposal to sell half of the U.S. Strategic Petroleum Reserves (SPR) will likely have little impact on OPEC's efforts to reduce a global oil glut, Goldman Sachs said on Tuesday. The White House budget, delivered to Congress on Tuesday, aims to start selling SPR oil in fiscal 2018, which begins on Oct. 1. Under the proposal, the sales would generate $500 million in the first year and gradually rise over the following years. Goldman Sachs said such sales would only average around 110,000 barrels per day annually through 2027, 66,000 bpd between 2018-2020 and just 25,000 bpd this year. "This is negligible relative to both the size of the OPEC cuts of 1.7 million bpd and the global oil market of 98 million bpd," the bank said in a note. The Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna on Thursday to consider whether to prolong cuts to reduce a global glut of crude. OPEC and other producing countries including R

For the 24 hours to 23:00 GMT, the Crude Oil rose 0.61% against the USD and closed at USD51.44, as expectations of an extension to production cuts by major producers overshadowed a White House proposal to sell half of the US crude reserves. Meanwhile, the American Petroleum Institute (API) reported that US crude stockpiles fell less-than-expected by 1.5 million barrels to 512.9 million barrels in the last week. For the 24 hours to 23:00 GMT, the Crude Oil rose 0.61% against the USD and closed at USD51.44, as expectations of an extension to production cuts by major producers overshadowed a White House proposal to sell half of the US crude reserves. Meanwhile, the American Petroleum Institute (API) reported that US crude stockpiles fell less-than-expected by 1.5 million barrels to 512.9 million barrels in the last week.In the Asian session, at GMT0300, the pair is trading at 51.63, with the Crude Oil trading 0.37% higher against the USD from yesterday’s close. The pair is expe

SINGAPORE: Oil prices fell on Tuesday after U.S. President Donald Trump proposed the sale of half the country's strategic oil reserves in his budget plan, simply as producer club OPEC and its allies are reducing output to tighten the market. After rising in Asian morning trading, Brent crude futures reversed their good points and were at $53.66 per barrel at 0232 GMT, down 21 cents, or 0.4 per cent, from their last shut. U.S. West Texas Intermediate (WTI) crude futures had been at $50.ninety four, down 19 cents, or 0.4 per cent. The White house plan would regularly sell off 1/2 of the nation's emergency oil stockpile to lift $16.5 billion from October 2018, paperwork launched by means of the administration late on Monday showed. Presidential budgets are often omitted by using the U.S. Congress, which controls federal purse strings. The plan used to be launched only a day after Trump left OPEC's de-facto chief Saudi Arabia for his first in a foreign country

The single tax would replace 17 indirect tax levies and improve taxation efficiency. Most goods are placed under the four slabs of services tax i.e. 5, 12, 18 and 28 percent. The goods & services tax (GST), which is likely to play a big role in boosting growth in Asia’s third-largest economy, is likely to boost earnings of many companies in sectors which have a high presence of an unorganised market. The GST rates for 1,211 products do not show any major deviation from the current effective tax rates except in the case of a few consumer products in which the council tried to minimize inflationary impact. The single tax would replace 17 indirect tax levies and improve taxation efficiency. Most goods are placed under the four slabs of services tax i.e. 5, 12, 18 and 28 percent. “Though four slabs for manufacturing and services does appear to be little more complex structure than expected earlier. The uniformity of taxes across states (across entire country) is one of the

ET Intelligence Group: While the rates prescribed by the Goods and Services Tax (GST) council are a mixed bag for India Inc, some segments such as adhesives, coal and lignite, hair oil, luxury cars, soaps, two-wheelers, and toothpaste are expected to benefit from lower duties. On the other hand, manufacturers of chocolates, paints, sanitary ware and white goods will be adversely affected due to higher taxes. The ET Intelligence Group analyses sector-wise impact of the GST rate structure. Brokers’ views on stocks  ICICI SECURITIES  HUL : GST implementation would benefi t supply chain efficiency for FMCG companies with the consolidation of storage hubs. Simultaneously, we believe demand shift from un-branded to branded products on the back of level-playing fi eld against unorganised players would also benefi t the largest FMCG company in the country. ITC : Indirect tax on cigarettes would be largely tax neutral with GST rate at 28% against the average VAT at ~26%. We believe ces

Uplifting news for supporters, EPF stores may get 8.65 for each penny returns in 2017-18 as well Stores on representatives' provident reserve may keep on fetching 8.65% returns for the second year in succession in the 2017-18 monetary, work serve Bandaru Dattatreya told FE. Stores on workers' provident reserve may keep on fetching 8.65% returns for the second year in succession in the 2017-18 monetary, work serve Bandaru Dattatreya told FE. "It is extremely hard to talk on the loan fee for the current financial. However, I trust the 8.65% rate could be looked after," Dattatreya, who's likewise the head of Central Board of Trustees (CBT), the most elevated basic leadership body of the Employees' Provident Fund Organization (EPFO), said. At 8.65%, returns on funds on EPF is its most reduced in four years. Be that as it may, despite everything it remains the most appealing settled wage speculation choice. The pastor's thought on the conceivable loan fe