Gold hits 2-month high as recession concerns burnish safe-haven appeal

Agencies
June 3, 2019

Bengaluru, Jun 3: Gold prices rose on Monday to their highest in more than two months as heightened China-US trade tensions and Washington’s threat of tariffs on Mexico stoked worries of a global recession and drove investors to seek refuge in safe-haven bullion.

Spot gold was up 0.5 per cent at USD 1,312.37 per ounce at 0308 GMT, after touching its highest since March 27 at USD 1,312.60.

US gold futures rose 0.5 per cent to USD 1,317.50 an ounce.

“We are seeing a lot of traditional safe-haven hedging ... coming back to the fray,” said Stephen Innes, managing partner, SPI Asset Management.

“(Equity) markets seemed to be a little bit complacent. What caught them off-guard was Trump doubled down, signalling that (dealings between countries) on the trade war front is going to be quite aggressive.”

US stock futures, Asian share markets and oil prices slipped to multi-month lows on Monday amid the mounting trade worries.

Tensions between the United States and China escalated during the weekend as the two countries clashed over trade, technology and security.

“(Gold) markets are underpositioned and that’s why we are seeing investors aggressively chasing prices. There are bets getting placed on a more aggressive rate cut, another reason why we are seeing prices moving higher,” Innes said.

In a sign that Sino-US frictions are putting a big strain on the global economy, South Korea’s exports fell 9.4 per cent in May, worse than a median forecast for a 5.6 per cent decline, official data showed on Saturday.

The gloomy outlook has prompted traders to increase bets that the US Federal Reserve will cut interest rates sooner rather than later.

“Gold finally behaved like a safe haven last week, breaking out higher after the trade war escalation led to a code red for global growth,” Edward Moya, senior market analyst at OANDA, said in a note.

Gold prices surpassed the key USD 1,300 level for the first time since April on Friday after being stuck in a nearly USD 20 range for weeks.

Hedge funds and money managers increased their net long positions in COMEX gold in the week to May 28, data showed.

Indicating improved investor interest in gold, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.32 per cent to 743.21 tonnes on Friday from Thursday.

In other precious metals, silver edged up 0.6 per cent to USD 14.65 per ounce; platinum rose 1 per cent to USD 799.73 per ounce, after having fallen to its lowest level since Feb. 15 at USD 784.42, last week; and palladium rose 1.7 per cent to USD 1,347.10 per ounce.

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Agencies
July 11,2020

Citing the current dismal aviation scenario, Air India is terminating the services of trainee cabin crew and cabin crew by withdrawing the offer of employment of those who were under training.

As per sources, the new crew and trainee pilots might reduce contracts from five years to one year. Sources said Air India is terminating 1,200 crew and employees who are more than 55-yr-old including 190 trainee pilots.

In a letter reviewed by IANS, Air India has informed an applicant who had been selected as cabin crew in August 2019 subject to successful completion of training.

"On behalf of Air India we would like to thank you for the interest shown by you in joining our organization. However, in view of the current aviation scenario, it would not be possible for Air India to impart any further training to you for engaging your services," the company said.

"In view of the above reasons, which are beyond the control of the company, it has been decided to discontinue your training arrangements and dispense with the offer of engagement with immediate effect. The bank guarantee furnished by you at the time of joining is returned herewith," Air India told the cabin crew.

"Once again on behalf of Air India we thank you for your cooperation and trust that you will appreciate the circumstances under which we are constrained to discontinue the training arrangements," the carrier said.

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News Network
January 27,2020

Mumbai, Jan 27: The country's largest car maker Maruti Suzuki India (MSI) on Monday said it has increased prices of select models by up to Rs 10,000 with immediate effect to offset the impact of rising input costs.

The price change varies across models and ranges up to 4.7 per cent (ex-showroom Delhi) and are effective from January, 27 2020, MSI said in a statement.

The price of entry level model Alto range has gone up in the range of Rs 9,000-6,000, S-Presso between Rs 1,500 to 8,000, WagonR between Rs 1,500 and Rs 4,000.

The company has also increased the price of its multi purpose vehicle Ertiga between Rs 4,000-10,000, Baleno by Rs 3,000 to 8,000 and XL6 by up to Rs 5,000 (all prices ex-showroom Delhi).

Currently, the company sells a range of vehicles starting from entry-level small car Alto to premium multi purpose vehicle XL6 with price ranging from Rs 2.89 lakh to Rs 11.47 lakh (ex-showroom Delhi).

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Agencies
March 15,2020

Cybercriminals continue to exploit public fear of rising coronavirus cases through malware and phishing emails in the guise of content coming from the Centers for Disease Control and Prevention (CDC) in the US and World Health Organisation (WHO), says cybersecurity firm Kaspersky.

In the APAC region, Kaspersky has detected 93 coronavirus-related malware in Bangladesh, 53 in the Philippines, 40 in China, 23 in Vietnam, 22 in India and 20 in Malaysia. 

Single-digit detections were monitored in Singapore, Japan, Indonesia, Hong Kong, Myanmar, and Thailand. 

Along with the consistent increase of 2019 coronavirus cases comes the incessant techniques cybercriminals are using to prey on public panic amidst the global epidemic, the company said in a statement. 

Kaspersky also detected emails offering products such as masks, and then the topic became more commonly used in Nigerian spam emails. Researchers also found scam emails with phishing links and malicious attachments.

One of the latest spam campaigns mimics the World Health Organisation (WHO), showing how cybercriminals recognise and are capitalising on the important role WHO has in providing trustworthy information about the coronavirus.

"We would encourage companies to be particularly vigilant at this time, and ensure employees who are working at home exercise caution. 

"Businesses should communicate clearly with workers to ensure they are aware of the risks, and do everything they can to secure remote access for those self-isolating or working from home," commented David Emm, principal security researcher.

Some malicious files are spread via email. 

For example, an Excel file distributed via email under the guise of a list of coronavirus victims allegedly sent from the World Health Organisation (WHO) was, in fact, a Trojan-Downloader, which secretly downloads and installs another malicious file. 

This second file was a Trojan-Spy designed to gather various data, including passwords, from the infected device and send it to the attacker.

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