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To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_10312018.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 3:45 pm: NITI Aayog CEO Amitabh Kant to attend FICCI’s Higher Education Summit in New Delhi. 5:00 pm: Government to release September infrastructure output data in New Delhi.
INDIA TOP NEWS • Indian govt invokes powers to direct RBI governor - ET The Indian government has invoked never-before-used powers under the RBI Act allowing it to issue directions to the central bank governor on matters of public interest, the Economic Times reported. Meanwhile, the rift between India's central bank and the government has widened and could lead to the Reserve Bank of India (RBI) governor considering resignation, CNBC TV18 reported, citing sources.
• India considers IL&FS sale among options to end debt crunch -source India is considering selling Infrastructure Leasing and Financial Service (IL&FS) or divesting some of its assets as it seeks to end the company's debt crisis, a person with direct knowledge of the matter said on Tuesday.
• EU opens deeper probe into Thyssenkrupp, Tata steel deal The European Commission has opened a deeper investigation into Thyssenkrupp's planned steel joint venture with Tata Steel over concerns that it could raise prices and harm competition.
• Tech Mahindra Q2 profit jumps over 27 percent, tops estimates Software services exporter Tech Mahindra posted a better-than-expected 27.3 percent rise in second-quarter net profit on Tuesday, as it clocked more deals in the July-September period.
• Bank of Baroda Q2 profit jumps a fifth on lower bad loans Bank of Baroda posted a 19.7 percent rise in second-quarter net profit on Tuesday as the lender made lower provisions for bad loans amid strong growth in retail banking.
GLOBAL TOP NEWS • China factory growth weakest in over 2 yrs, slump in export orders deepens China's manufacturing sector barely expanded in October and missed expectations, as both domestic and external demand ebbed, in a sign of deepening cracks in the economy from an intensifying trade war with the United States.
• Samsung slashes capex, calls an end to chip boom after record Q3 Samsung Electronics slashed 2018 capex by more than a quarter and warned of lower profit until early next year, calling an end to a two-year boom in memory chips that fuelled record third-quarter profit.
• Facebook expects rising costs to combat scandals to moderate after 2019 Facebook on Tuesday relieved investors by forecasting that margins would stop shrinking after 2019 as costs from scandals ease up, sending shares up despite a second-straight quarter with record-low user growth.