India to get all data on Swiss deposits, guilty will face action: FM Goyal. Irdai permits LIC to pick up to 51% stake in debt ridden IDBI Bank. Insurance regulator Irdai on Friday permitted LIC to pick up to 51 per cent stake in the debt-ridden IDBI Bank, sources said.
The decision, they said was taken at a meeting of the Board of Directors of Insurance Regulatory and Development Authority of India (Irdai) at Hyderabad this afternoon. LIC currently hold 11 per cent stake in the bank. The opposition has an upper hand in the Rajya Sabha deputy chairman contest. GST mop-up will touch Rs 1 trillion a month in FY19, says Hasmukh Adhia. Amazon stakes claim to top fashion platform; vertical grows 90% in 2017. US e-commerce giant Amazon’s big push into fashion retail in the Indian market seems to be paying off, with the company on Tuesday announcing a jump of nearly two-and-a-half times in sales during the third edition of its Wardrobe Refresh Sale.
Arun Sirdeshmukh, business head of Amazon Fashion, said this was the biggest-ever sale for the company. The firm, which has competitors like Myntra and Jabong, is staking claim to top spot, citing it is the largest fashion store in India in terms of selection. Not even ministers, officials can come too close to Modi without SPG nod. Issuing new security guidelines to states in the wake of an "all-time high" threat to Prime Minister Narendra Modi, the Home Ministry has said that not even ministers and officers will be allowed to come too close to the prime minister unless cleared by the Special Protection Group (SPG).
The ministry said there has been an "all-time high" threat to the prime minister and he is the "most valuable target" in the run-up to the 2019 general elections, officials privy to the development said. No one, not even ministers and officers, should be allowed to come too close to the prime minister unless cleared by his special security, the Home Ministry communication said, citing an "unknown threat" to Modi. The SPG is believed to have advised Modi, who is the main campaigner for the ruling BJP, to cut down on road shows, which invite a bigger threat, in the run-up to the 2019 Lok Sabha polls, and instead address public rallies, which are easier to manage, an official said.
Fifa World Cup 2018 Argentina vs Nigeria Football Match Live Updates, Scoretable, News. Uber escapes London ban for now, asked to address safety concerns. Uber Technologies Inc won a probationary licence to operate in London on Tuesday in a partial victory for its new chief executive after it made changes to ease strained relations with city authorities.
The new licence was subject to strict conditions, however, and came with a warning to prove it had changed to retain its right to operate in London, the heart of its biggest European market. Uber overhauled its policies and personnel in Britain after Transport for London (TfL) refused to renew its licence in September for failings in its approach to reporting serious criminal offences and background checks on drivers. New EPFO rules: Now, withdraw 75% funds after 1 month of unemployment. Retirement fund body EPFO on Tuesday decided to give its members an option to withdraw 75 per cent 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 per cent 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 per cent 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 here.
Femicide, rapes, culture of violence make India the worst country for women. PSU banks more prone to frauds, says RBI's financial stability report. Frauds in the Indian banking system are on the rise, with public sector banks (PSBs) being the favourite hunting ground for scamsters, observed the Reserve Bank of India’s (RBI’s) financial stability report (FSR).
“In recent years, frauds reported (for amount = Rs 100,000) in the banking sector show an increasing trend both in terms of number and quantum,” the FSR said. More than 85 per cent of the frauds happened with public sector banks, which significantly exceeded their relative business share in credit of around 65 per cent. The FSB observation on frauds holds significance after it was found that celebrated jeweller Nirav Modi defrauded Punjab National Bank of Rs 130 billion in collusion with some mid-level employees of the bank.
Worryingly for retail customers, card and internet related frauds witnessed a sharp jump in total share of frauds in 2017-18. Cost of living for expats: Mumbai costlier than Washington and Melbourne. Due to continuously surging food prices and leisure activities, Mumbai continues to be the most expensive city in India to live in for expatriates, ahead of global peers Washington and Melbourne.
However, India’s Silicon Valley, Bengaluru, which has a high population of expatriates driven by the information technology sector, is getting more reasonable on cost of living. According to the Cost of Living Survey published by global personnel consultants Mercer, Bengaluru has fallen in the cost of living ranking. Driven significantly by a relative drop in prices on transportation — taxi fares, cost of automobile and auto parts, as well as running costs. Ahead of 2+2 meet, Trump accuses India of levying 100% tariff on US imports.
Ahead of next week's maiden 2+2 dialogue with India, US President Donald Trump on Tuesday accused New Delhi of charging as high as 100 per cent tariff on import of American products.
We have countries where, as an example, India, they charge up as much as 100 per cent tariff. We want the tariffs removed, Trump said. He was responding to a question in his recent decisions to impose tariffs on import of foreign products. Trump has defended it by arguing that this is in retaliation to the imbalance of trade that the US has with major trading partners including China, the European Union and India. India and the US will hold their first 2+2 dialogue on July 6. Gross NPA ratio of banks likely to worsen by 12%, says RBI report. Painting a gloomy picture of the banking sector, the RBI on Tuesday said Gross NPA ratio of banks is likely to rise from 11.6 per cent in March 2018 to 12.2 per cent by the end of the current financial year ratio.
In its Financial Stability Report (FSR), the RBI said stress in the banking sector continues as gross non-performing advances (GNPA) ratio rises further. "Macro-stress tests indicate that under the baseline scenario of current macroeconomic outlook, SCBs' (scheduled commercial banks) GNPA ratio may rise from 11.6 per cent in March 2018 to 12.2 per cent by March 2019," it said. Referring to the 11 state-owned banks under prompt corrective action framework (PCA), the RBI said they may experience worsening of their GNPA ratio from 21 per cent in March 2018 to 22.3 per cent by this financial year-end. On the eve of Turkey's election, only Erdogan gets TV time. Toni Kroos hits a stunning late winner as 10-man Germany beat Sweden 2-1. Centre to meet states on July 29 to curb surge in food prices.
$60 a barrel ideal oil price for India as it will bring investments: HPCL. On a day the Organization of the Petroleum Exporting Countries (Opec) and its allies declared a modest increase in production, state-run Hindustan Petroleum Corporation (HPCL) indicated on Saturday though the move would stabilise prices, India as a consumer would like to see a further rise in supply to the market.
M K Surana, chairman and managing director, HPCL, told Business Standard that $60 a barrel would be the ideal crude oil price for India as it would bring investments to the upstream sector. “For India, it will be good to have a lower price regime. OPEC and its allies agree to oil supply boost in victory for Saudis, Russia. OPEC and its allies gave the final sign-off to an oil-production increase, sealing a victory for Saudi Arabia and Russia. Major producers outside the Organization of Petroleum Exporting Countries — including Mexico and Kazakhstan —met ministers from the cartel on Saturday and endorsed a nominal output increase of 1 million barrels a day, said Ecuador’s Minister of Hydrocarbons Carlos Perez. In real terms, that would add 600,000 to 700,000 barrels a day of crude to the market over about six months, said Oman’s Oil Minister Mohammed Al Rumhy.
Friday’s OPEC agreement, reached after a last-minute compromise with Iran, was a fudge in the time-honoured tradition of the group, committing to boost output without saying which countries would increase or by how much. The deal is a win for Saudi Arabia and Russia, which were the first members to suggest an increase and hold the most spare capacity. The terms of the deal were rather convoluted. India makes a mark at Cannes Lions 2018, but still a long way to go. The 65th edition of the Cannes Lions Festival of Creativity ended on a high note on Friday with India taking home 21 Lions, including two Grand Prix trophies.
The performance, coming after the record 40-Lion-haul in 2017, settles the debate about India's position at the global advertisement show. Praful Akali, founder and managing director at Medulla Communications, a Mumbai-based health care agency, said, "India has arrived. And it has arrived for good. " Coming into the festival with a strong body of work spread across agencies, India began well with four Lions, including its first Grand Prix of the week, in health care. The second Grand Prix came in creative effectiveness on Friday evening. 15th Finance Commission: Panchayats likely to enjoy more financial powers. The Fifteenth Finance Commission (15th FC), whose terms of reference are mired in controversy, is likely to play safe on some of the more contentious terms by not factoring in some of them while deciding the devolution of the divisible tax pool between the Centre and states.
Additionally, the 15th FC, in its report to be submitted by October 2019, is likely to propose giving more financial powers to the panchayats and urban local bodies and their greater accountability - an issue that was not mentioned in the terms of reference (ToR), Business Standard has learnt. Some of the ToRs which the 15th FC may not consider in its final devolution formula include assessing states on parameters such as efforts made by them to expand and deepen the reach of the tax net under the goods and services tax (GST) regime, how well they have implemented flagship schemes of the Centre, and the states' control in incurring expenditure on populist measures or the lack of it. Panaya pain haunts Infosys; Parekh assures stronger due diligence in AGM. The Panaya and Skava issues dominated the discussion at the 37th annual general meeting of Infosys on Saturday, with shareholders questioning the board’s decision to acquire the two firms and then sell them. Constant buying and selling of subsidiaries, they said, proved to be a drain on the cash flow of the company, eroding shareholders’ wealth.
They also flagged up concerns about the rising number of loss-making subsidiaries. Shareholders were, however, appreciative of Salil Parekh’s appointment as the chief executive officer and managing director of India’s second-largest information technology services firm, and reposed strong faith in his ability to chart out the company’s future growth. “Why is the company selling Panaya? Air India revamps business class fleet to increase occupancy, revenue. Air India on Wednesday unveiled the revamped first class and business class in its fleet of Boeing aircraft flying to international destinations to woo high-end travellers and increase the occupancy from 60 per cent to over 80 per cent.
The launch of the revamped service, along with new uniforms for the crew and cuisine, came in an eventful week when the government decided to put the breaks, for now, on the disinvestment plans for the loss-making State-run carrier. The revamped premium class has been christened as "MaharajahDirect" and the airline is expecting to boost its revenue to Rs 65 million per day from the existing Rs 40 million it nets from these premium classes. At present, the airline has a 17-per cent market share on international routes.
It has over 2,500 international prime-time slots per week, spread across 43 overseas destinations. Google plans global e-commerce debut from India market. Airlines couldn't hit you with fare hikes, so they've raised luggage fees. Infosys stable, on the verge of something momentous: Nilekani at 37th AGM. Higher import duties on strategic US imports to kick in from today. How this cop is saving lives by fighting fake news spread on Whatsapp. Swiggy raises $210 mn in fresh round of funding led by Naspers, DST Global. Indian-American surgeon named CEO of new Amazon-led joint health care. Competition Commission of India okays Bayer-Monsanto merger but with riders. RBI moots legal entity identifier for bond, money markets by October end. Special Court orders Mallya's arrest in Rs 60 bn money-laundering case.
Business Standard. Critical lapses, blatant violations led to Nirav Modi fraud: PNB report. TCS upset over govt's decision to use postal staff at passport centres. Why PM Modi picked Dehradun as the venue for the fourth edition of yoga day. China says US abuses tariffs to start trade wars; India hits back at Trump. Business Standard. Business Standard.
MARKET WRAP: Sensex slips 262 points as US-China trade war fears escalate. BJP pulls out of alliance with PDP in Jammu and Kashmir, Mufti resigns. DoT seeks legal opinion on Voda-Idea merger over former's spectrum holding. Kraft Heinz mulls selling children's energy drink brand Complan in India. How the unfinished city of Lavasa became a nightmare for Indian banks. ICICI Bank appoints Sandeep Bakhshi as COO, Chanda Kochhar goes on leave. How this small ad might provide an easier route to India's civil services. Parashuram Waghmare killed Lankesh; his outfit is present in 5 states: SIT. Nikhil Alva: The Gatekeeper of Rahul Gandhi's Twitter handle. Resolution professional of Essar Power Jharkhand invites bids by July 10. Dr Reddy's Laboratories gets USFDA's approval for opioid addiction drug.
ICICI Bank-Videocon case: Auditors and lawyers to help Srikrishna probe. King of Madrid silences Spain; Ronaldo scores three in Portugal-Spain draw. Business Standard. AT&T closes mega-merger with Time Warner. Ayushman Bharat, farmers' income to figure prominently in NITI Aayog meet. Insolvency process: Adani Power, JSW Energy submit EoIs for Monnet Power.
India's exports hit 6-month high; trade deficit widens as imports up 14.85% TCS board approves proposal to buy back up to 76 mn shares worth Rs 160 bn. India proposes retaliatory tariffs worth $241 mn on 30 US products. Donald Trump sets 25% tariff on $50 bn of Chinese goods, faces retaliation. Apple iPhone 2018 will have the iPhone X design: Know everything here. Sugar tale of two states: Sops to benefit Maharashtra mills, UP has to wait. Fed hikes rates for second time in a year, signals optimism. Teleperformance to acquire Intelenet from Blackstone for $1 billion. Here are the clues that RBI, others can draw from the US Fed action. India facing worst water crisis, millions of lives under threat: NITI Aayog. WPI inflation soars to 14-mth high; rises to 4.43% in May from 3.18% in Apr. Modi govt, China curbs making Indian industrial firms world's best. 'Damaging' vacancy puts India statistics reputation at risk.
Draghi ends ECB bond-buying era saying economy strong enough to beat risk. Business Standard. Adani group emerges as highest bidder with Rs 60-bn offer for Ruchi Soya. Mapping insolvency: RPMG Investment is lone bidder for KSS Petron. Industry wants govt to move fast on draft defence infrastructure policy. From Mphasis to Mindtree, mid-sized IT companies focus on fewer verticals. Win for Kim, says North Korea media as US vows to halt war games with Seoul. Four BSF troopers killed in Pakistan firing on J&K border. Business Standard.
Uber Lite app: Uber targets new users in India with lighter app, local languages. Trump-Kim meet: The carrots US offers North will define the deal's success. Business Standard. Donald Trump's G-7 crackup likely to boost China's dominance in Asia. Local woes to hit Vedanta earnings; closure of copper biz to hurt profits. TCS-M&G Prudential deal: TCS expands $1.2 bn M&G Prudential contract, continues mega deal win streak. Business Standard. Govt mulls selling 100% stake in debt-laden Air India after flop attempt. Two policemen killed, three wounded in terror attack in Kashmir's Pulwama. Authority's orders favour firms for anti-profiteering in times of GST. Banks to face bigger challenges than NPAs in the coming years, says SBI. Atal Bihari Vajpayee's condition stable, no decision on discharge. Walmart, Flipkart are facing roadblocks after a month of signing deal.
Crack in the welding: Tata Steel Europe, ThyssenKrupp JV hits speed bump. Trump Kim Summit Live Updates: Donald Trump, Kim Jong Un meet at historic 2018 Singapore summit Live. Even one homebuyer can now drag errant builder to NCLT: Govt ordinance. Facing trouble, Indian public sector banks need leaders but are headless. Essar Steel to clock its best-ever performance as bidding picks up pace. RBI hikes repo rate: Check out our coverage of central bank's policy review. Shah reaches out to Thackeray, says BJP-Sena will unitedly fight 2019 polls.