India's GDP growth over 8.2 percent For First Quarter

India's economy grew at an impressive 8.2 per cent in the first quarter of 2018-19 financial year ending June 30 on the back of a strong core performance and a healthy base . 

This jump ahead of national elections next year would help bolster the government amid a debate over its economic record versus that of its predecessor following the release of back-series data recently. This will also be factored in by the monetary policy committee at its next review scheduled for October 3-5. 

The Indian government changed the base year for GDP calculation from 2004-05 to 2011-12, by changing the goods and services in the basket to make it more current, in 2015. 

Key Highlights 
This is the highest growth in two years and strongest since the first quarter of 2016.

Sectors which registerd growth of over 7 per cent include ‘manufacturing, ‘electricity, gas, water supply & other utility services’ ‘construction’ and ‘public administration, defence and other services’.

The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘Trade, hotels, transport, .. 

The official figures are much better than the expectations of economists who have predicted about 7.5-7.6 per cent Q1 growth. 

The world’s second largest economy, China, reported a 6.7 per cent growth for June quarter compared with 6.8 per cent in March quarter. India's $2.6 trillion economy surpassed France's in 2017 to be the world's sixth largest, and it was not far before the United Kingdom, according to World Bank data. 

However despite the strong Q1 numbers, there is appre .. 

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EPFO cuts administrative charges to 0.5 % of total wage paid by employers

The labour ministry has notified the decision to cut administrative charges, which would be effective from June 1.

Now over 5 lakh employers together would save around Rs 900 crore annually following the retirement fund body EPFO’s decision to cut administrative charges, with effect from June 1, 2018.

The Employees’ Provident Fund Organisation’s (EPFO) trustees had decided to cut the administrative charges to 0.50 per cent from 0.65 per cent of total wage paid by employers in its meeting on February 21, 2018.

“The labour ministry has notified the decision to cut administrative charges, which would be effective from June 1, 2018. This will encourage employers to formalise their workers employment by bringing them under the ambit of social security schemes run by the EPFO,” the retirement fund body’s Central Provident Fund Commissioner V P Joy told PTI.

The EPFO decided to cut the administrative charges in view of its expanding business and high recovery of such fees.

According to the EPFO estimates, the employers would save in total around Rs 900 crore annually after this move.

During the last fiscal, the EPFO had collected around Rs 3,800 crore as administrative charges from the employers for running its social security schemes.

The EPFO has accumulated surplus of over Rs 20,000 crore in the administrative charges account which earns an interest income of over Rs 1,600 crore per annum.

Explaining the rationale behind cutting administrative charges, Joy said the EPFO would not be affected by the cut in administrative charges because of increasing subscribers’ contribution base.

The administrative charges are levied as proportion of total wages of employees on which employers pays their contribution.

The EPFO had reduced administrative charges from 1.10 per cent to 0.85 per cent from January 1, 2015. It was further reduced to 0.65 per cent from April 1, 2017.

The EPFO has a subscribers’ base of over five crore and the body manages a corpus of over Rs 10 lakh crore at present.

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EPFO to allow members to withdraw 75% funds after a month of unemployment

Retirement fund body EPFO on Tuesday decided to give its members an option to withdraw 75% of their funds after one month of unemployment and keep their PF account with the body.

The members would also have an option to withdraw remaining 25% of their funds and go for final settlement of account after completion of two months of unemployment under the new provision in the Employee Provident Fund Scheme 1952.

“We have decided to amend the scheme to allow members to take advance from its account on one month of unemployment. He can withdraw 75% of its funds as advance from its account after one month of unemployment and keep its account with the EPFO,” Labour minister Santosh Kumar Gangwar, who is also the Chairman of EPFO’s Central Board of Trustees, told reporters after the trustees meet in New Delhi.

At present, in case of unemployment, a subscriber can withdraw his or her funds after two months of unemployment and settle the account in one go.

The minister was of the view that this new provision would give an option to members to keep their account with the EPFO, which he can use after regaining employment again.

However, it was proposed that the members would be allowed to take 60% of funds as advance on unemployment for not less than 30 days. But, the CBT raised the limit to 75% in the meeting held Tuesday.

The minister further said, “We approved almost the entire agenda listed for the meeting of the CBT today. We have also given an extension of one year to ETF (exchange traded funds) manufacturers SBI and UTI Mutual funds till July 1, 2019. We have also extended the term of fund managers till December 31, 2018.”

There was a proposal to give extension of six more months to its five fund managers SBI, ICICI Securities Primary Dealership, Reliance Capital, HSBC AMC and UTI AMC for managing its corpus.

The five fund managers were appointed for three years from April 1, 2015. They were given extension till June 30, 2018. The CBT has also approved the proposal to appoint consultant for selection of portfolio managers.

The minister also said that the EPFO’s ETF investment would soon cross Rs 1 lakh crore mark as its has already invested Rs 47,431.24 crore till May end this year earning a return of 16.07%.

The EPFO has also extended the tenure of its consultant CRISIL for evaluation of performance of fund manager till December 31, 2018.

On the widening of range of the ETF investments by the EPFO, a CBT member said that the agenda was deferred and the board was unanimous that a call will be taken on the advise of new fund managers and consultants to be appointed shortly.

It was proposed to amend the investment pattern of the EPFO to enable the body to invest in equity index ETF beyond NIFTY 50 and Sensex ETF.

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Situations In Which You Can Withdraw EPF Money Before Retirement

If you want to withdraw money from EPF kitty for constructing a house or for marriage, EPFO lets you withdraw money from EPF account.

Retirement fund body EPFO or Employees' Provident Fund Organisation allows subscribers to withdraw money from EPF or Employees' Provident Fund for certain special purposes. EPFO recently allowed contributors to withdraw 75 per cent of the EPF balance if they have been unemployed for a month. Latest rules allow for complete withdrawal of EPF money if a contributor is unemployed for more than two months. If you want to withdraw money from the EPF kitty for constructing a house or for marriage, EPFO permits you to do so, according to the retirement fund body's website -epfindia.gov.in

Here are 10 specific situations under which EPFO allows you to make a partial withdrawal from your EPF kitty:

1) An EPFO member can withdraw up to 50 per cent of the money from the EPF kitty for his or her own marriage, the marriage of his or her daughter, son, sister or brother. However, the person should have completed contribution to EPF for seven years.

2) EPFO members can also withdraw money for the post-matriculation education of his or her son or daughter.

3) In case a firm has been locked up or closed down for more than fifteen days and its employees are rendered unemployed without any compensation, or in case an employee does not receive his or her wages for a continuous period of two months or more, EPFO members can withdraw money from EPF. The amount should not exceed the member's own total contribution including interest.  

4) Up to 50 per cent of EPF money can be withdrawn if an employee, who has been sacked by his company challenges such sacking in a court.

5) EPFO members can seek withdraw money from EPF if they fall ill due to tuberculosis, leprosy, paralysis, cancer, mental derangement or heart ailment etc., if they are hospitalized for a month or more and in case they have to undergo a major surgical operation. However, the member has to prove that the Employees' State Insurance Scheme facility and benefits are not available to him and that a doctor has recommended a surgery or hospitalization for him.

6) If a member's property is damaged by unforeseen natural calamities like floods and earthquakes, he can seek Rs. 5,000 or 50 per cent, whichever is lower, of his contribution from the EPF kitty.

7) A physically handicapped member may be allowed a non-refundable advance from his EPF account for purchasing equipment required to minimize his hardship.

8)  An EPFO member can withdraw up to 90 per cent of his EPF amount at any time after attainment of the age of 54 years or within one year before his actual retirement on superannuation, whichever is later.

9) EPFO permits EPF withdrawal of up to 90 per cent of the amount at any time after attaining the age of 55 years by the member, to be transferred to Life Insurance Corporation of India for

investment in Varishtha Pension Bima Yojana.

(Also Read: Provident Fund Interest Rate For FY18 Slashed To 5-Year Low)

10) EPFO members can withdraw money for construction of house or purchase for site of the house. The member is required to have completed five years' membership of the EPFO.

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How To Check Your EPF balance , WANT TO KNOW

EPF or Employees' Provident Fund is a mandatory contribution from the salary of an individual that every organisation with more than 20 employees has to deduct. EPFO (Employees' Provident Fund Organisation) is the nodal agency to monitor EPF contributions, which is shared equally between employees and employer. An EPFO subscriber can check his/her PF (provident fund) balance online through EPFO's website or UMANG app. UMANG app is the only official app for accessing its services, according to EPFO. EFPO also provides the information via missed call facility and SMS service.

Here are multiple ways to check your EPF balance:

How to check EPF balance via EPFO's website:

1. Log on to EPFO's official website -- epfindia.gov.in -- and click on e-passbook.

2. After clicking on e-passbook, you will be directed to a page -- passbook.epfindia.gov.in -- where you need to enter your username (UAN or Universal Account Number), password and captcha.

3. After entering you details, you will be directed to a page where you will have to select the member id.

(Select the member id)

4. After selecting the member id, which depends on the number of organisations you've worked in, you can view the e-passbook and know your EPF balance.

(You can view the e-passbook and know your EPF balance)

How to check EPF balance via SMS:

One can send an SMS to 7738299899 from his/her registered mobile number to check the EPF balance via text message. The member has to type "EPFOHO UAN". The facility is available in 10 languages viz. English (default), Hindi, Punjabi, Tamil, Malayalam, Gujarati, Marathi, Kannada, Telugu,  and Bengali. For receiving SMS in any of the languages other than English, first three characters of the preferred language need to be added after UAN. For example, to receive the SMS in Tamil, you should send it as follows: "EPFOHO UAN TAM" to 7738299899.

How to check EPF balance via Missed call:

EPFO members can check their balance by giving a missed call at 011-22901406 from their registered mobile number. If the UAN of the member is seeded with any one of the Bank A/c number, AADHAAR and PAN, the member will get details of last contribution and PF balance. However, to avail this facility, mobile number must be activated with UAN at Unified Portal. Giving missed call from registered mobile number at 011-22901406 automatically gets disconnected after two rings. This service is available free of cost.

How to check EPF balance via Umang app

Open Umang (Unified Mobile Application for New-age Governance) app and click on EPFO. Members will be directed to a page which shows employee-centric services. Click on 'employee centric services', which will direct you to a page. Then, click on 'view passbook' and enter your UAN  and one time password (OTP) that will you will receive on your registered mobile number. After this, you will be able to check your EPF balance.

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IRCTC scam case: All accused, including Tejashwi Yadav, Rabri Devi, granted bail by Delhi court

Representational Image

Former Bihar deputy chief minister Tejashwi Yadav and former chief minister Rabri Devi appeared before the Delhi Patiala House Court on Friday in connection with the IRCTC scam case.

New Delhi: Former Bihar deputy chief minister Tejashwi Yadav and former chief minister Rabri Devi appeared before the Delhi Patiala House Court on Friday in connection with the Indian Railway and Tourism Corporation (IRCTC) scam case. The Delhi court has granted bail to all accused, including Tejashwi and Rabri Devi. NEW DELHI: 

Lalu Yadav's son Tejashwi Yadav and wife Rabri Devi were granted bail in a corruption case this morning by a court in Delhi. A day after Lalu Yadav had to surrender following the end of his parole, the court decision comes as a huge reprieve for his family as well as the Rashtriya Janata Dal (RJD).

A judge took just a few minutes to announce bail for Tejashwi Yadav, who was present in court with his mother Rabri Devi.

Lalu Yadav's younger son, widely seen as his political heir, has been accused by the CBI in a corruption case that triggered his party's split with Nitish Kumar last year and left the RJD out of power.

With his father is in jail in three corruption cases, Tejashwi Yadav has been leading the party and its offensive against Nitish Kumar and the BJP. Party leaders say had he not been granted bail, it would ruin their chances in the general election due next year.

Bihar Chief Minister Nitish Kumar ended his alliance with Lalu Yadav in July 2017 a few weeks after the CBI filed the case naming Tejashwi Yadav, who was the Deputy Chief Minister in his government.

Despite signals from Nitish Kumar's party, Tejashwi had refused to quit while his father Lalu Yadav insisted that the case was the outcome of the BJP's "vendetta politics".

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Punjab Govt. Plans to Double Freedom Fighters Pension to Rs. 15000 per Month

Punjab govt. is planning to raise the pension of surviving freedom fighters to Rs. 15,000 per month. The state Freedom Fighters Welfare Dept. has given this proposal to the finance dept. for approval. After approval, the monthly pension of 1,199 freedom fighters and their dependents will be increased from the current pension of Rs. 7500.

Previously, the hike in the pension amount from Rs. 5000 to Rs. 7500 per month was made in the FY 2013. Moreover, their counterparts in other states like Haryana are getting more than double pension.

Even the central government is providing more pension to the freedom fighters. So, the dept. is keen on increasing the monthly pension of the freedom fighters.

Doubling Freedom Fighters Pension in Punjab
Increasing the monthly pension of Freedom Fighters from Rs. 7500 to Rs. 15,000 is a long term demand. So, the state govt. has forwarded this proposal to the finance department for approval. The need for this step is felt as the central govt. is providing more amount of monthly pension under the Swatantrata Sainik Samman Yojana:-

Rs. 30,900 per month as pension to ex-Andaman political prisoners or spouses.
Rs. 28,840 to freedom fighters who suffered outside British India or spouses.
Rs. 26,780 to other freedom fighters or spouses including Indian National Army (INA).
Moreover under this central govt. pension scheme, dependent parents or eligible daughters (maximum 3 daughters) are also paid 50% of the sum of the total monthly pension which would have to be given to the Freedom fighters i.e between Rs. 13,390 to Rs. 15,450.

Central govt. also provides free railway passes to these freedom fighters and their spouses in addition to a companion for lifetime. They can make free travel to any part of the country for any number of times during their entire life. Freedom fighters also get free medical assistance and other treatment facilities under Central govt. Health Scheme (CGHS).

Free treatment is also provided at any hospitals run by public sector undertakings. This free treatment is applicable to hospitals under the control of dept. of public enterprises to the freedom fighters and their dependents. Freedom fighters are also allowed to avail a telephone connection without any installation charges and only at paying half the rental amount.

Source : https://timesofindia.indiatimes.com/city/chandigarh/punjab-plans-to-double-freedom-fighters-pension-to-rs-15000/articleshow/65181767.cms

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99.3% of demonetised currency returned to banks: RBI

Around 99.3 per cent of the scrapped ₹500 and ₹1,000 notes, that were banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report released on Wednesday.

Of the ₹15.41 lakh crore worth ₹500 and ₹1,000 notes in circulation before November 8, 2016, notes worth ₹15.31 lakh crore have been returned.

The “humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved,” it said.

The SBNs received were verified, counted and processed in the sophisticated high speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded, it added.

The SBNs refer to the demonetised ₹500 and ₹1,000 rupee.

The RBI said the processing of SBNs has since been completed. “The total SBNs returned from circulation is ₹15,310.73 billion.”

Post-demonetisation, the RBI spent ₹7,965 crore in 2016-17 on printing new ₹500 and ₹2,000 and other denomination notes, more than double the ₹3,421 crore spent in the previous year.

In 2017-18 (July 2017 to June 2018), it spent another ₹4,912 crore on printing of currency, the annual report said.

The demonetisation was hailed as a step that would curb black money, corruption and check counterfeit currency but RBI said, “Counterfeit notes detected in SBNs decreased by 59.7 and 59.6 per cent in the denominations of ₹500 and ₹1,000, respectively.”

“Compared to the previous year, there was an increase of 35 per cent in counterfeit notes detected in the denomination of ₹100, while there was a noticeable increase of 154.3 per cent in counterfeit notes detected in the denomination of ₹50,” RBI said adding that counterfeit notes detected in the new Rs 500 and Rs 2,000 notes during 2017-18 were 9,892 and 17,929 as against 199 and 638, respectively, during the previous year.

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England v India: Tourists will target Jonny Bairstow's broken finger - Mohammed Shami

India will target Jonny Bairstow's broken finger if he plays for England in the fourth Test, says pace bowler Mohammed Shami.

Bairstow, 28, fractured the middle finger of his left hand while keeping wicket in the third Test defeat.

He said he hopes to keep at Southampton when the match starts on Thursday, but is likely to play as a specialist batsman if not.

"Not just me, any fast bowler will want to target his weak zone," said Shami.

"When you see that a batsman has a weakness and he feels uncomfortable in some way, you'd prefer to work on that aspect. We will definitely look at that."

England all-rounder Chris Woakes has tightness in his right quad and missed training on Tuesday. He will be assessed on Wednesday.

The hosts are 2-1 up in the five-match series.

'I'm protective of being England's keeper'

Bairstow sustained the injury when attempting to take a delivery from James Anderson on 20 August.

England one-day keeper Jos Buttler took the gloves for the remainder of the match, and will do so against at Southampton if Bairstow cannot keep.

Bairstow told BBC Radio 5 live his finger has "improved a lot over the last few days" but that he needs to train with the gloves on Tuesday and Wednesday before making a decision on whether he will keep this week.

Bairstow fell for a first-ball duck in the fourth innings as India won by 203 runs at Trent Bridge.

James Vince was recalled to the squad as batting cover if Bairstow is not fit to play.

"Hopefully it's not too long before I can get out there and get keeping and hopefully it's in this game," said Bairstow.

"I'm confident I should be able to play but I can't say I'm too confident without being out there performing in practice and the nets."

'You can tell how much it means to me'

Bairstow said he was "protective and proud" of being England keeper and did not want to give up the role in the longer term, adding that he will want to keep in the fifth Test at The Oval if ruled out this week.

"Over the last couple of years I've played as wicketkeeper, it's gone from people making comments about my keeping to people not even mentioning it," said Bairstow, who has played 57 Tests since making his debut in 2012.

"People were questioning it at the start but I've gone off and worked and worked and to get into a position where people aren't commenting about it is really pleasing for me.

"You can tell how much it means to me, keeping and batting for England.

"There is only one keeper in the side and I'll continue to want to keep wicket for England in Test matches and all formats, but at this moment in time Jos keeps in ODIs."

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US Open 2018: Novak Djokovic beats Marton Fucsovics to reach second round

Novak Djokovic struggled in the New York humidity before recovering to beat Hungary's Marton Fucsovics in the US Open first round at Flushing Meadows.

Djokovic, aiming for a 14th Grand Slam title, won 6-3 3-6 6-4 6-0.

The Serb, 31, was unsteady on his feet and asked for a sick bucket to be put next to his chair in the second set.

Fucsovics then faded and Djokovic won the last 10 games, with the players taking a 10-minute heat break between the third and fourth sets.

It was the first time US Open organisers implemented an extreme heat policy in men's matches.

"I was praying that I got to feel better because I wasn't feeling great for most of the first three sets," said sixth seed Djokovic.

"I want to thank the US Open for allowing us to have a 10-minute break after the third set. We both needed it."

Wimbledon champion Djokovic, who won the men's title at Flushing Meadows in 2011 and 2015, will meet American Tennys Sandgren in the second round.

Roger Federer beat Japan's Yoshihito Nishioka 6-2 6-2 6-4 in Tuesday's night session and is a possible quarter-final opponent for Djokovic.

Konta knocked out in US Open first round
Wozniacki reaches US Open second round
Djokovic locks into 'survival mode'
Humidity has been an issue for the players in the opening two days at Flushing Meadows, where temperatures have climbed above 32C (90F) with humidity above 50%.

As well as Djokovic's issues, Fucsovics also needed the trainer as both players asked for multiple ice towels during changeovers.

The world number 41 also appeared to pick up an injury and limped away from court afterwards.

"We obviously both struggled. You could see that. Towards the end of the third we started to play a bit better, at least from my side," said Djokovic.

"Before that it was survival mode."

Djokovic and Fucsovics were the first players to enforce the heat rule for the men, breaking off two hours 22 minutes into the match, and used the time to have ice baths - in tubs next to each other.

"You're battling with a guy for two and a half hours and aren't finished and then you're naked in the ice baths," joked Djokovic.

"It was quite a magnificent feeling."

Zverev through for the loss of just five games

In other men's first-round matches, fourth seed Alexander Zverev cruised past Canada's Peter Polansky, winning 6-2 6-1 6-2 and will face Frenchman Nicolas Mahut next.

Seventh seed Marin Cilic progressed after Romanian Marius Copil retired with the Croatian leading by two sets to love.

Australian Nick Kyrgios, seeded 30th, improved as the match went out as he saw off Moldovan Radu Albot 7-5 2-6 6-4 6-2.

Veteran Frenchman Julien Benneteau, 36, knocked out Italian 22nd seed Marco Cecchinato 2-6 7-6 (7-5) 6-3 6-4.

David Goffin, the 10th seed, beat Italian Federico Gaio 6-2 6-4 7-5 (7-5) to set up a second-round tie with Robin Haase.

Dutchman Haase came from two sets down to win 4-6 4-6 6-3 6-1 6-3 against American Mackenzie McDonald in a match which lasted more than three hours.

France's Richard Gasquet beat Japan's Yuichi Sugita 6-3 6-1 6-3 while compatriot Gael Monfils defeated Argentina's Facundo Bagnis 7-6 3-6 6-0 6-0.

Japanese 21st seed and Wimbledon quarter-finalist Kei Nishikori will face Monfils in the next round after defeating German Maximilian Marterer 6-2 6-2 6-3.

But French 29th seed Adrian Mannarino was beaten 6-1 6-1 4-6 6-4 by American Frances Tiafoe on the Grandstand court.

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Actor Nandamuri Harikrishna dies in road accident

Nandamuri Harikrishna, actor and TDP leader, died in a road accident early on Wednesday morning. He was 61. Harikrishna was driving to Kavali in Nellore district of Andhra Pradesh to attend the wedding of a fan when the car which he was himself driving crashed into a road median on Nalgonda Highway.

Officials said that as the car hit the median at a high-speed, Harikrishna was thrown out of the driver’s seat and fell on the road and received serious head injuries. He was rushed to the Kamineni Hospital where he was declared dead at 7.30 am. In December 2014, Harikrishna’s son Janakiram also died in an accident near Nalgonda, not far from where Harikrishna met with the accident today morning. Doctors at Kamineni said that Harikrishna was brought with serious head injuries and the bleeding could not be stopped and he passed away at 7.30 am.

A purported video from the accident site shows Harikrishan lying unconscious on the road. He is survived by his wife, daughter Sushasini and sons Kalyan Ram and Nandamuri Taraka Rama Rao, both actors. Harikrishna was the fourth son of late Andhra Pradesh chief minister and TDP founder NTR. He was born on September 2 in Nimmakuru in Andhra Pradesh. He was Rajya Sabha member between 2008-2013.

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Shah Rukh Khan has wittiest reply on not working in Hollywood, says ‘I think my English is little weak’

Shah Rukh Khan has wittiest reply on not working in Hollywood, says ‘I think my English is little weak’

Bollywood superstar Shah Rukh Khan enjoys a worldwide fan following. From people living on the streets of India to across seas, every other person has their crush on King of Romance SRK. Not just for his phenomenal acting skills but for his wit and sense of humor, the actor is loved by millions. Once again Shah Rukh Khan displayed his excellent sense of wit when he was asked about not doing a movie in Hollywood yet. 

In a conversation with ET, Shah Rukh joked, “I have never been offered an opportunity. They have to look at me. I can’t look at them. I look at the moon every day but I don’t reach for it. I don’t even know if I am good enough to do it — I think my English is a little weak.”

He further added,  “My own attempt is to make Indian films watched at that level. Again, not taking away from the greatness of anything that others have achieved, I’d like Tom Cruise to say one day that ‘I’ve been given a chance in a Hindi film’. Man, that will be wonderful. Christopher Nolan would say that there is a producer in India who wants him to make a film.”

(Also read: Kajol shares hilarious throwback incident with Shah Rukh Khan from DDLJ sets! Watch video)

The actor definitely has higher aims than just working in a big Hollywood project. Shah Rukh is also aware of the changing pattern of technology and how streaming services are emerging as a tough competition for traditional filmmaking. He said, “Netflix and all other platforms are here to stay. It gives an opportunity to a lot of youngsters who didn’t know where to take their small films.”

On a related note, Shah Rukh Khan was last seen in Jab Harry Met Sejal, which failed to woo the audience like his other films. But now the actor is gearing up to treat his fans with his upcoming movie Zero alongside Katrina Kaif and Anushka Sharma. The movie has already acquired a lot of buzz and Salman Khan's cameo in the film has taken to further high levels. The film will hit the screens in December, this year

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Donald Trump announces new trade deal with Mexico

Donald Trump has announced a trade "understanding" with Mexico which could lead to an overhaul of the 24-year agreement between the two countries and Canada.

Calling the deal "very good" for US farmers and manufacturers, Mr Trump said Mexico has agreed to purchase "as much farm product as possible" immediately.

The deal could replace the 24-year North American Free Trade Agreement (NAFTA), which also includes Canada.

Mr Trump has not yet begun negotiating with Canada, but has called on Prime Minister Justin Trudeau to lead negotiations "fairly".

He announced the progress from the Oval Office, with Mexican president Pena Nieto joining in on speakerphone.

"It's an incredible deal for both parties," Mr Trump said.

The US presidents said he intended to terminate NAFTA while he pursues trade deals with Mexico and starts negotiations with Canada.

Mr Trump threatened to slap tariffs on Canadian cars if he does not get what he wants.

He said: "If they'd like to negotiate fairly, we'll do that.

"We could have a separate deal, or we could put it into this deal."

Mexican president Pena Nieto tweeted: "I spoke with Canadian Prime Minister Justin Trudeau on the state of the NAFTA negotiations and the progress made between Mexico and the United States.

"I told him it was important that (Canada) rejoin the process, with the goal of concluding trilateral negotiations this week.

"I talked to the President @realDonaldTrump. Mexico and the United States have reached a commercial understanding. We want Canada's re-incorporation into talks to achieve a successful trilateral negotiation of NAFTA this week."

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Best 5 PC Free Remote Desktop Software

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