Wealth Club

Stocks powered higher Friday as strong manufacturing and consumer sentiment data, alongside easing China trade war and U.S. government shutdown tensions, buoyed markets.

X

The Dow Jones industrial average raced ahead 0.8% at the open. The Nasdaq composite climbed 0.6% and the S&P 500 rolled 0.7% higher.

JPMorgan (JPM) and Walgreens (WBA) surged to the top of the Dow Jones industrials, up more than 2% apiece. Walgreens snatched the early lead among Nasdaq 100 stocks away from chipmaker Nvidia (NVDA).

Positive earnings sent IBD 50 stock SS&C Technologies (SSNC) surging toward a buy point. Nvidia jumped, despite mixed fourth-quarter results. Marijuana stock Canopy Growth (CGC) gained after its fiscal third-quarter earnings. Workday (WDAY) advanced on an analyst upgrade.

On the downside, Rubbermaid owner Newell Brands (NWL) and XPO Logistics (XPO) fell hard following their earnings reports. Heavy equipment maker Deere traded flat after reporting that China trade war tariffs chewed into its fiscal first-quarter results.

Nasdaq, Dow Jones Shoot For Eight

Both the Nasdaq composite and the Dow Jones Industrial Average are on track for their eighth-straight weekly gain. The Dow is up 1.3% for the week heading into Friday's session. The Nasdaq has a 1.8% gain. The S&P 500 rose 1.4% for the week through Thursday. It is working on its seventh advance in the past eight weeks.

SS&C, Canopy Growth Near Buy Points

Arista Networks, Nvidia and SS&C Technologies all bolted higher following quarterly earnings reports. SS&C pared its early loss to 3%. That positioned the stock 5% below a 61.07 buy point in a six-month cup base.

Marijuana stock Canopy Growth popped 1.5% early, although its fiscal-third quarter results missed some estimates. The volatile stock ended Thursday 49% above its May IPO price, and about 13% below a 51.91 buy point in a very deep cup-with-handle base.

Marijuana peer Cronos Group (CRON) also gained 1.5%. Aurora Cannabis (ACB) dipped more than 1%.

Government Shutdown

A second federal government shutdown seemed all but averted early Friday. President Trump Thursday night reportedly will sign a $333 billion spending bill that had passed votes in the House and Senate on Thursday. The bill includes $1.38 billion for physical barriers at the U.S.-Mexico border.

The president had requested $5.7 billion for border protection, and the White House appeared set to declare a national emergency — a move that would allow the president to tap military construction or Army Corps of Engineers funds in order to build border barriers. The president is scheduled to speak on the border situation at 10 a.m. ET.

Deere Flat After Mixed Q1 Report

Deere shook off its premarket losses to trade a fraction higher just after the open. The agriculture and construction equipment maker reported late Thursday a 14% earnings per share gain — well below expectations for a 37% gain and its slowest performance in eight quarters.  Management said China trade war tariffs had driven up materials prices, while uncertainty over the trade dispute has made farmers reluctant to make large ticket equipment purchases.

Deere shares have formed a year-long saucer base.

Consumer Sentiment, NY Manufacturing Surge

New York region manufacturing picked up sharply in February, according to the New Yor Federal Reserve Bank's Empire State Manufacturing Survey. The index jumped to a reading of 8.8 for the month, up from 3.9 in December and blowing past consensus views for the index to nearly doubel, to 7.6. Labor, new orders and shipments categories all gained, the report said. Raw materials costs decreased, while the index of prices received for goods jumped 10 points, to its highest level in months.

Consumer sentiment jumped more than expected in February. The University of Michigan reported its Consumer Sentiment Index soared to 95.5 for the month, up from 91.2 in December and outstripped forecasts for an increase to 93. The end of the federal government shutdown, and a shift by the Federal Reserve toward a less hawkish rate-hike stance were primary factors, the release said.

China Trade War

U.S. and China wrapped up China trade war negotiations on Friday. Negotiators on both sides agreed to continue talks in Washington next week, according to the Wall Street Journal. The target appears to be a memorandum of understanding, outlining the general concessions and rules of engagement going forward, including methods of enforcement. That could be used as a framework for a deal to be finalized by President Trump and Chinese President Xi Jinping. The two leaders are expected to schedule a summit meeting at a later date.

An MOU could provide a basis for President Trump to delay the increase of tariffs scheduled to take effect on March 2. Tariffs currently at 10% on China-made imports valued at $200 billion per year would increase to 25%. China has pledged it would respond in kind if such an increase were made.

Workday: Set To Launch New Product Cycle

Human resources software leader Workday trimmed a 3% to just a fraction. The stock received an early boost after Cowen & Co. upgraded shares to outperform, from market perform. The note also boosted the stock's target price to 225, from 160. It cited a growing stable of new blue chip Cloud financial customers, and the probable launch of a a new product cycle.

Workday shares are up 9% since clearing a 172.77 cup base buy point in January.

Brexit News

The British Parliament voted down Prime Minister Theresa May's second Brexit trade plan in a 303 to 258 vote on Thursday. The vote, the eighth defeat for a proposed Brexit plan, set the stage for the U.K. to leave the European Union with no formal trade plan in place.

Some see such a "hard Brexit" scenario as giving Britain added negotiating leverage vs. the EU. But a growing number of companies have warned a no-deal exit would force them to relocate operations. A German industry report on Thursday said one in eight German businesses operating in the U.K. planned to relocate over Brexit concerns. The date set for Britain's exit is March 29.

YOU ALSO MIGHT LIKE:

IBD Stock Of The Day Explodes Into Buy Zone After 138% Earnings Growth

IBD 50 Stocks To Watch: Acquisition Drives Big Growth For SS&C Technologies

The Big Picture: Nasdaq Erases Loss, But Dow Jones Struggles

After Hours Trading: Here's What It Is And Why It Can Help You In The Stock Market

How Many Growth Stocks To Own? Here's The Best Path To A Big Return

Source: https://www.investors.com/market-trend/stock-market-today/stock-futures-stock-marijuana-stocks-china-trade-war/

By choosing “I agree” below, you agree that NPR’s sites use cookies, similar tracking and storage technologies, and information about the device you use to access our sites to enhance your viewing, listening and user experience, personalize content, personalize messages from NPR’s sponsors, provide social media features, and analyze NPR’s traffic. This information is shared with social media services, sponsorship, analytics and other third-party service providers. See details.

Director Dan Reed is slamming a series of statements put forward by Michael Jackson's family and the pop icon's estate in the wake of the Sundance premiere of Reed's documentary Leaving Neverland.

After the estate called his film "a tabloid character assassination" and insisted it "isn't a documentary" while the family called him and the film's two accusers "opportunists," Reed sat down with The Hollywood Reporter in Park City to defend his work that received a standing ovation from the visibly shaken audience members at the Jan. 25 festival screening (Sundance stationed mental health workers in the lobby for anyone who needed help processing the film).

"It is a four-hour documentary by an experienced documentarian with a long track record in investigation and telling complex stories and this is a complex story. So I'd say it's beyond doubt, a documentary. Anyone with any knowledge of that form would recognize a documentary. A four-hour piece, is that a tabloid? I didn't characterize Jackson at all in the film, I think if you watch it you'll have noticed that it's a story about these two families and Jackson is an element of that story. But I don't seek to characterize him at all. I don't comment on Jackson. It's not a film about Michael. ... The film itself is an account of sexual abuse, how sexual abuse happens and then how the consequences play out later in life."

The film follows two adult accusers -- Wade Robson and James Safechuck -- as they recount their relationship with the so-called King of Pop. Robson, now 36, says in the film that he was molested by Jackson from the ages of 7 to 14 and chronicles the alleged abuse in graphic detail. Safechuck, who appeared as a child alongside Jackson in one of the most iconic Pepsi ads of all time, says he was sexually abused by the singer beginning at the age of 10. His story also is told in painstaking detail.

The family of Michael Jackson put out a statement today, saying "we can’t just stand by while this public lynching goes on, and the vulture tweeters and others who never met Michael go after him." That followed a statement from the estate that was released hours after the Jan. 25 world premiere of Leaving Neverland that said, "[The film isn’t a documentary, it is the kind of tabloid character assassination Michael Jackson endured in life, and now in death. The film takes uncorroborated allegations that supposedly happened 20 years ago and treats them as fact."

"They have a very precious asset to protect," Reed says. "Every time a song plays, a cash register goes 'ka-ching.' It doesn't surprise me that they've come out fighting in defense of their asset."

HBO is planning a March release for the film, which will likely roll out over two nights. Though the allegations in the film are explosive (one of the men suggests he was "replaced" by actor Macaulay Culkin, something the actor strongly denies), Reed says he spent less time vetting the film with lawyers than his typical films.

"Every single documentary I've ever made has been vetted because of the types of subjects that I do often involve stories that people don't want told," says Reed. "But there was less lawyering on this film than the past couple of films I've done."

Reed, who has made four films with HBO including 2016's Three Days of Terror: The Charlie Hebdo Attacks, says he doesn't believe that the family has seen the film.

"Their statements are not consistent with having watched the movie," he says.

In addition to enduring the wrath of the family and estate, Reed has been inundated with a emails, calls and even death threats from fans lambasting the film. The two accusers, who have since left Park City, were flanked by bodyguards as they left the Sundance premiere.

"Over a week I had like about a thousand emails from China and then they stopped about as suddenly as they'd begun, saying vile things to me, making threats," he says. "I know that there's a level of organization. Some of the email writing is cut and paste because we found a web page that explains to people what to do [to protest Leaving Neverland]."

Ultimately, Reed feels protective of his two subjects and pushes back at the family's characterization of them as "opportunists."

"Wade and James were not paid in any way, directly, indirectly. The family were not enumerated. There was nothing. No compensation in any form whatsoever. I think that's an important thing to establish," he says. "The #MeToo era began during the making of the film, and there's been a sea change in how we regard the victims of sexual assault, and I'm hoping that this film will deepen that and widen it to boys and men, victims of child sexual abuse. Also I'm hoping it'll educate people as to how child sexual abuse happens."

This article was originally published by The Hollywood Reporter.

The refers to ‘Root causes’ (November 26). In a country where politics and economics are dangerously mixed there will always be decisions taken by our government with only short-term objectives in mind. Hike in MSP or farm-loan waivers for that matter are short-term solutions to our agrarian issues; these do not have the potential to be long term problem solvers for our farmers. Hike in MSP would have a positive outcome only when the whole supply chain, from procurement to cold storage, is robust and able to absorb high output in case of good monsoon.

A long term, comprehensive and sustainable approach is the need of the hour, like providing technology to every farmer in each and every corner of the country and availability of cold storage to the farmers. Such facilities should not be limited to rich farmers alone. A multi-pronged approach to make agriculture a sustainable profession for all farmers should be the only priority for the government. By continuously giving in to their demand of loan waivers we are only breaking their back and nothing else.

Noida

Our agrarian sector, vast and fractured into small holdings, has suffered false patronage of sarkars that handed out doles to build vote banks, the leakages therein serving as political funding. This agro-based nation ought to go beyond merely insuring/compensating loss but evolve, enabling systems and infrastructure that would minimise the loss itself by helping optimise agro-productivity, establish nodal agro-processing systems that can profitably utilise perishable agro produce and streamline agro marketing that would ensure fair price to the farmer. All this would give sustained collateral benefits in the long run. We are more dependent on monsoons than we were in the 1950s as the average water tables are down by 30 metres. Even today, the government isn’t seriously looking at agri-reforms.

Navi Mumbai

The aviation sector is confronted with a potential rejig as individual players are gearing up to enforce hybrid strategies, in order to attain much-needed business growth and sentimental uptick. Seemingly, the commitment to establish a competitive business culture, operate newer routes to boost revenues and improve market goodwill are assuming a greater priority to mitigate the impact of turbulent global cues and chronic inflexibility.

A vanilla business-model doesn't seem to suffice as carriers are apparently counting on leveraged buyouts, mergers/acquisitions, re-branding, integration/consolidation, concentrated diversification, cost-effective operations and bailouts to bridge the working-capital gap. With cut-throat competition, besides an improved focus on commercialisation/professionalism, it has become prudent to enforce a consumer-centric approach to benefit from word-of-mouth promotion.

It is indispensable to surmount concerns of lagging profits, lacking innovation/operational efficiency, lowering liquidity, declining market share and sub-par staff-morale in the longer-run.

New Delhi

By winning her sixth gold medal at the Women’s World Boxing Championship in New Delhi, the legendary pugilist Mary Kom had cemented her place as one of the greatest woman boxers of the world.

Her story is of having defied odds of different manifestations, ranging from crippling poverty at a young age to lack of recognition until she won the bronze in 2012 Olympics would always remain a greater source of inspiration for all the budding young women athletes of the country.

That she ran an boxing academy from her home through the prize money she earned and never shied away from fighting all the setbacks that came her way speak volumes about her sheer mental fortitude and resilience. At the age of 35, and a mother of three, Mary Kom is not contemplating retirement from boxing, but preparing for the 2020 Olympics.

Sholavandan, TN

LETTERS TO THE EDITOR Send your letters by email to [email protected] or by post to ‘Letters to the Editor’, The Hindu Business Line, Kasturi Buildings, 859-860, Anna Salai, Chennai 600002.

Seit Oktober 2018 geht es bergab für Apple – zumindest, wenn man zahlreichen Presseberichten glaubt und den Aktienkurs verfolgt. Dabei ist es Tim Cook und Co. relativ unbemerkt gelungen, mit den hauseigenen Wearables ein zweites, wichtiges Standbein aufzubauen.

Wer über den wirtschaftlichen Erfolg von Apple spricht, spricht in der Regel über das iPhone. Denn der Absatz und auch die zukünftigen Verkaufszahlen des Kernprodukts von Apple werden häufig als Gradmesser für die weitere Entwicklung des Unternehmens genommen.

Und da Apple in den letzten Monaten erstmals mit rückläufigen iPhone-Verkäufen und teilweise Verkaufsstopps von Modellen in Deutschland zu kämpfen hat, verdüstern sich die Prognosen.

Teilweise war im Dezember sogar schon vom Apple-Ende zu lesen – eine verfrühte Aussage über ein Unternehmen, das immer noch Gewinne und Umsätze in Milliardenhöhe erwirtschaftet.

Trotzdem folgte als direkte Konsequenz der Absturz der Apple-Aktien an den Börsen. War am 1. Oktober 2018 eine Apple-Aktie noch 197,47 Euro wert, lag der Preis Anfang Januar 2019 zeitweise unter 130 Euro. Das entspricht einem prozentualen Absturz von mehr als 30 Prozent.

Inzwischen hat sich der Kurs leicht erholt. Das liegt mit Sicherheit auch an einem aufschlussreichen Interview, das Apple-CEO Tim Cook dem US-amerikanischen Sender CNBC gegeben hat.

Darin erklärt der Apple-Chef, dass die Umsätze, die Apple mit Wearables wie den AirPods oder der Apple Watch erzielt, längst den Höchstwert überschritten haben, den der iPod jemals erzielt hatte. Zudem seien die Wachstumsraten der beiden Produkte im gleichen Zeitraum vier- beziehungsweise sechsmal so hoch wie die des iPods.

Damit beweist Apple, dass es durchaus in der Lage ist, weitere wirtschaftliche Standbeine neben dem essenziellen iPhone-Geschäft aufzubauen. Neben den Wearables zählen dazu vor allem auch digitale Service wie iTunes oder Apple Music, die ebenfalls stark im Umsatz zulegen.

Wer also Apple nun bereits voreilig für tot erklärt, lässt einige wichtige Faktoren außer Acht. Zweifelsohne wäre es schwer, einen fortlaufenden Einbruch des iPhones komplett zu kompensieren. Trotzdem hat sich Apple bereits erfolgreich auf erste Rückgänge vorbereitet – wenn auch unbewusst.

Auch interessant:

Deine Jobbörse in der Digital-Welt

Wir tun jeden Tag, was wir lieben. Das kannst du auch! Über 20.000 Traumjobs in der IT- und Digital-Welt warten nur auf dich in der BASIC thinking-Jobbörse. Gleich reinschauen und entdecken!

Source: https://www.basicthinking.de/blog/2019/01/17/apple-wearables-umsatz/

Price action might have been quiet in the Dow Jones industrials, S&P 500 and Nasdaq Monday, but growth stocks today outperformed in spades for the second straight session. Several growth stocks today in the IBD 50 outperformed, including Huazhu Group (HTHT), Five Below (FIVE) and PRA Health Sciences (PRAH).

X

At the close, the Nasdaq composite and S&P 500 eked out gains of 0.1%. The Dow Jones industrials eased 0.2%. Preliminary data showed volume on the NYSE and Nasdaq coming in lower than Friday's levels.

After rising more than 1% Friday, Innovator IBD 50 (FFTY) added another 0.6% Monday.

Nike (NKE) outperformed in the Dow Jones, rising more than 1%. Nike is closing in on a conventional entry of 86.14 as it works on the right side of a cup-shaped base.

Tesla (TSLA), Intuitive Surgical (ISRG) and Cerner (CERN) led the Nasdaq 100 with gains of more than 2% each

Stocks today on the move included Restaurant Brands (QSR). The parent company of Burger King, Popeye's and Tim Horton's added 1.6% on strong earnings. Shares soared nearly 10% on Jan. 23 after the company reported solid same-store sales data. The stock broke out over a 64.27 cup-with-handle buy point early Monday, but gains faded.

Monday's session yielded a powerful breakout from Insperity (NSP). Shares jumped 19% on a strong earnings report. It gapped up over a conventional entry of 121.25 and closed near its session high.

Inside the IBD 50, Ubiquiti Networks (UBNT) followed through nicely after Friday's earnings-inspired breakout. Shares rose another 3.6% after soaring nearly 14% last week.

Leaderboard stock Chipotle Mexican Grill (CMG) crossed the 600 level after last week's gap-up on earnings. Shares hit another 52-week high, rising 3.5% to 603.36.

Meanwhile, shares of Dexcom (DXCM) added nearly 4% in higher volume. It crossed a 152.79 buy point early in the session but closed at 151.23.

Elsewhere, shares of NuVasive (NUVA) soared 13% on reports Smith & Nephew (SNN) is considering buying the company for around $3 billion. Shares of Smith & Nephew slumped 4% on the news.

Shopify (SHOP) reversed sharply lower ahead of its earnings report Tuesday before the open. A 2.3% intraday gain faded to a loss of 1.5% by the close.

YOU MIGHT ALSO LIKE:

After Hours: These 3 Top Stocks Are Key Movers On Earnings

IBD Stock Of The Day

IBD 50 Stocks To Watch

These Four Top Growth Stocks Are In Or Near Buy Zones

Source: https://www.investors.com/market-trend/stock-market-today/stocks-today-2/

CME Group, the largest futures exchange operator, is considering launching new contracts on Brazilian soyabeans as US-China trade tensions unsettle prices for the oilseed, its chief executive said.

Beijing hit US-grown soyabeans with a 25 percentage-point tariff increase in retaliation for duties on its goods imposed by the Trump administration. Brazil’s farmers have benefited as China seeks alternative supplies.

The shifts have pushed up the price of Brazilian soyabeans, with cargoes at the port of Paranaguá selling for $384 a tonne compared with $336 a tonne at the US Gulf of Mexico, according to Reuters.

While US farmers and merchants can manage soyabean price risks using CME’s Chicago-based futures contracts, no similar market exists in Brazil. A soyabean futures contract listed on the B3 exchange in Brazil has zero volume. Farmers typically make advance sales to a handful of international grain trading houses.

“There is really nowhere to get the liquidity in Brazil on a futures market or even a forward swap in agribusiness to lay off,” Terry Duffy, CME chief executive, said in an interview.

He said that Charles Carey, a CME board member, is “leading an effort to see how we can co-operate on a derivatives product between a Brazilian exchange and the CME”. He declined to identify the exchange.

CME already has a strategic partnership with B3 that includes the cross-listing of certain products, said a CME spokesperson. The cross-listing includes CME’s “mini-sized” soyabean futures contract.

The Chicago Board of Trade, a futures exchange acquired by CME in 2007, tried such a contract before but decided not to pursue it, Mr Duffy said.

One obstacle to creating a successful contract is that deals for international exports of soyabeans are done with a handful of trading houses. Such companies do not necessarily benefit from more transparent prices.

“For this to get the necessary traction I firmly believe the trading houses will need to be behind it,” said Pedro Dejneka, managing director of MD Commodities, an agricultural adviser with offices in Brazil and the US.

In July S&P Global Platts, the commodities information service, began publishing daily price assessments for soyabeans at the Brazilian ports of Paranaguá and Santos, as well as soyabeans delivered in northern China. CME already lists some cash-settled futures contracts based on S&P price indices.

Mr Duffy did not expect the US trade dispute with China to end soon and said he was “very” concerned about it, although does not expect it to develop into a full-blown trade war.

US President Donald Trump and his Chinese counterpart Xi Jinping are scheduled to meet at the G20 summit in Buenos Aires at the end of the month, raising hopes of a resolution that have put pressure on Brazilian soyabean prices in recent weeks.

“China is a very patient, communist nation. You are not dealing with Canada or Mexico when you are dealing with China,” Mr Duffy said. “China is not going to buckle.”

When lists of the best supply chains in the world come out, one multinational is too rarely discussed. That company is BASF. BASF, the world’s largest chemical company, has a cleverly constructed supply chain where the byproducts of one operation get converted into starting materials of another product. BASF, a company headquartered in Germany with 2017 revenues of $65 billion, calls this “Verbund.” In English this means to “combine” or to “cooperate.” I call it excellence in supply chain design.

Verbund at BASF

Verbund is defined as the intelligent interlinking of production plants, energy flows and infrastructure. BASF has six Verbund sites that create efficient value chains that extend from basic chemicals basic chemicals to high-value-added products such as coatings and crop protection agents. When by-products of one plant can be used as the starting materials for another, chemical processes consume less energy, produce higher product yields and conserve resources.

Verbund Sites at BASF

The Ludwigshafen site, encompassing ten square kilometers, is the largest chemical complex in the world. At this site, 110 production facilities and 200 production plants are interconnected. Byproducts and products flow through 2850 kilometers of pipes, 230 kilometers of rail, and over 100 kilometers of road. An astounding 39,000 employees work at this site. Talk about a company town!

The Verbund Concept Largely Explains How BASF Created One of the World’s Best Supply Chains

Verbund saves the company money. The company believes they save over one billion euros annually through this concept.

But Verbund is also a sustainability play. BASF saves on raw materials and energy, lowers emissions and cuts logistics costs because the synergistic production operations are near each other. In logistics, having plants near each other allows for 280,000 fewer truckloads per year.

In energy, waste heat from production processes is captured to be used as energy in other production plants. In 2016 this allowed the company to save around 19.0 million megawatts per year. That reduces CO2 emissions by 3.8 million metric tons annually.

BASF Embraces Digitalization

This highly integrated value chain generates unbelievable quantities of data. BASF seeks to better capitalize on this data by investing in digital technologies. The company’s smart manufacturing initiative is working on predictive maintenance, the use of augmented reality, and even greater savings in electricity and steam generation.

Improved savings in electricity is particularly interesting. Ludwigshafen needs about 20 million metric tons of steam per year. This is generated by the production plants and the site’s three power plants. The power plants produce the majority of electricity needed at the site. But they sometimes generate more power than is required. That electricity can be fed into the public grid.

On the BASF digitalization website, they describe their digitization effort in this area this way:

However, electricity is a complex business as market prices fluctuate every 15 minutes. Computer programs help to buy and sell at the best times. For this, however, a precise forecast is required as to how much steam and waste heat the production plants supply at the site, how much steam the power plants have to contribute and how much electricity is needed. This also fluctuates depending on the time of year, the weather and the economic conditions.

To date, the total requirements have been determined manually combined individual forecasts of the plants. A new statistical model, based on large amounts of data, now provides even more precise calculations: The software takes into account, among other things, historical and up-to-date information on production shutdowns, weather data and economic indices. The program searches for relationships and establishes connections with the energy demand.

This has been very successful: The forecast for steam demand has already improved by up to 60 percent. The former procedure will now be gradually replaced and applied to other areas. The new program supports us also in electricity trading to make better price forecasts.

BASF also has a smart supply chain program that has created some of the world’s largest automatic guided vehicles (AGVs). These AGVs allow the company to supply their production plants faster and at lower cost. They project that it will soon take one hour from order to delivery of raw materials in huge tanks. Historically, this took twenty-four hours.

When you look at lists of companies with the best supply chains, you rarely see chemical companies mentioned. BASF shows there is a lot more going on in this sector than most supply chain executives understand.

Commerce Minister Suresh Prabhu has sought Rs 179.16 crore from the Finance Ministry to double the incentives for onion exporters amid significant fall in prices of the vegetable.

In a communication to Finance Minister Arun Jaitley, Prabhu said the ministry is keen to increase export incentives under the Merchandise Exports from India Scheme (MEIS) from 5 per cent to 10 per cent.

Under MEIS, the Centre provides duty benefits depending on product and country.

Rewards under the scheme are payable as percentage of realised free-on-board value and MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty.

The reward for exports of fresh onion under this scheme is 5 per cent till January 12 next year.

“The higher reward rates are expected to bolster the exports and would be necessary to support the domestic prices.

“In view of the urgency of the situation, the finance ministry is requested to allocate additional funds of Rs 179.16 crore, so that MEIS reward at 10 per cent can be provided for the export of fresh onion up to June 30 next year,” Prabhu said.

The minister’s demand assumes significance as Maharashtra Chief Minister Devendra Fadnavis has stated that prices of the commodity has fallen to as much as Rs 200-350 per quintal in markets, creating tremendous discomfort among farmers.

Minister of State for Defence Subhash Bhamre too has demanded hike in the reward rates.

India’s exports of fresh and chilled onion stood at $256 million during April-October 2018-19. It was $511.5 million in 2017-18.

Good monsoon in states like Karnataka, Gujarat and Madhya Pradesh has led to huge production of onion, resulting in less demand from south and north region.

Due to this, onion from Maharashtra has not been transported to other states, which caused a glut and sharp decline in prices.