Daily Business Wrap - Indian rupee braces for more turmoil following election - video Dailymotion

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Prime Minister Narendra Modi failing to stay in power next week could see the Indian rupee slide, investors say.  The top performing Asian currency for March has already lost 1.6 per cent of its value following US President Donald Trump's stoking of trade war talks.   According to Bloomberg, an election result that upsets the market’s base case view - the ruling party winning with a slim majority - could lead to an adverse reaction, analysts say.Latest news from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos

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00:00The Indian rupee, Asia's top-performing currency in March, has slipped by 1.6% since Donald

00:08Trump rekindled fears of a trade war earlier this month.

00:12There is also fear that if Prime Minister Narendra Modi fails to retain power in the

00:16Indian elections next week, the currency could slide even further.

00:20Modi, who came to power in a landslide victory in 2014, has faced a resurgent opposition,

00:26farm distress and a jobs crisis that puts his victory next week at a more unlikely chance.

00:33Analysts say that if Narendra Modi fails to retain power, the rupee could continue to

00:38slide even further, despite a more positive start to the year.

00:42The Dubai-based property developer Union Properties has seen its net profits fall steeply, from

00:47Q1 2018, when the developer made 182 million dirhams in net profits, to Q1 2019, where

00:55the developer only made 1.74 million dirhams in net profits.

01:00As of the end of March, the company had accumulated losses of 1.9 billion dirhams against a share

01:06capital of just over 4 billion dirhams.

01:09On the operational side, Union Properties remains heavily reliant on further developments

01:13in its Motor City destination, according to a report in Golf News this morning.

01:17And lastly, US President Donald Trump has declared a national emergency over the use

01:22of foreign technology in US telecoms systems.

01:25The executive order, which bans US companies from working with foreign companies that are

01:30suspected of potentially spying on the US, doesn't name any particular companies, but

01:35it is believed to be targeted at Huawei, the Chinese telecoms maker.

01:40That's all from us today.

01:41You can find the latest headlines on golfnews.com.

01:43And we'll be back Sunday with more updates.

01:45Thanks very much for watching.

Daily Business Wrap - Indian rupee braces for more turmoil following election

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