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EPFO may lower interest rate for 2017-18

EPFO may lower interest rate for 2017-18

Finance
NEW DELHI: Retirement fund body EPFO may lower interest rate on provident fund deposits this fiscal compared to 8.65 per cent provided to its 4.5 crore members for 2016-17, a labour ministry official said. The Employees' Provident Fund Organisation (EPFO) is likely to cut interest rate on the grounds that it is directly crediting exchange trade funds (ETF) units into provident fund accounts and lower yields on other investments, particularly bonds. "Employees Provident Fund Organisation may cut rate of return on provident fund deposits for 2017-18 due to lower income on bonds and its plan to credit ETF investments directly into the account of subscribers," the senior official said. However, the official said the EPFO is still to work out the income projection for the current fiscal, w...
Maintenance period drags Norwegian oil production lower

Maintenance period drags Norwegian oil production lower

Business
Oct. 19 (UPI) -- Oil production from Norway last month was far lower than expected, but still above figures from last year, a government agency said Thursday.The Norwegian Petroleum Directorate reported lower sales and lower production, based on preliminary data for September. Preliminary data show oil production was 1.44 million barrels of oil per day, which was about 11 percent lower than expected."The oil production was below the forecast in September due to maintenance work on some fields," the NPD's monthly report read.Preliminary data for September shows a gain over last year of 3.6 percent. Final figures from August show an average daily rate for oil production at 1.56 million bpd. Total discovered and potential resources are up more than 40 percent since 1990.Norway is one of the l...
European Stocks Edge Lower as Rising UK Inflation Raises Prospects of Rate Hike in Britain

European Stocks Edge Lower as Rising UK Inflation Raises Prospects of Rate Hike in Britain

Finance
Shutterstock photoEuropean equity benchmarks were struggling for direction on Tuesday morning after a jump in the UK's inflation rate prompted speculation that the Bank of England may raise interest rates at its next meeting in November and as car-manufacturers shifted into reverse.Britain's consumer price index ( CPI ) posted annual growth of 3% in September, up from 2.9% in August, according to data published by the Office for National Statistics. The increase in consumer prices is broadly expected to influence discussions at the Bank of England ahead of of its next monetary policy decision. Rising inflation, which has been a key theme since Britain's surprise referendum decision to leave the European Union (EU) last June, is generally expected to heighten the probability of a rate hike...
Texas oil production slightly lower, early data show

Texas oil production slightly lower, early data show

Business
Sept. 26 (UPI) -- Crude oil production reported to the state energy regulator in Texas for July was slightly lower than last year, preliminary data show.Texas is the No. 1 oil producer in the nation and at least parts of four of the seven active shale basins in the country lie within its borders. The Railroad Commission of Texas, the state's energy regulator, reported total crude oil production from August 2016 to July 2017 at nearly 1 billion barrels.For July, the commission said crude oil production averaged 2.43 million bpd, about 6,000 bpd shy of the level from July last year. Commission data don't show production per basin or explain variances.A drilling productivity report from the U.S. Energy Information Administration show production from the Permian basin, the most prolific in ter...
U.S Futures Lower For Third Day as Geopolitical Risks, Profit-Taking Lingers

U.S Futures Lower For Third Day as Geopolitical Risks, Profit-Taking Lingers

Finance
Shutterstock photoU.S. stock futures were trading lower for a third straight day as geopolitical tensions between the U.S. and North Korea dampened investor's appetite for risk and overshadowed upbeat corporate earnings from Macy's ( M ), 21st Century Fox ( FOXA ) and Kohl's ( KSS ).Unnerved by Pyongyang's latest threat to fire ballistic missiles at a U.S. territory by the middle of August, global investors sold equity assets and rotated into safe-havens like the U.S. 10-year Treasury note, gold, the Japanese yen and Swiss franc. The rotation is being amplified by profit-taking in most sectors with the notable exception of defense stocks with shares of Lockheed Martin ( LMT ), Ratheon ( RTN ) and Northrup Grumman (NOC) set to open at record highs.A contraction in producer prices -- an...