If elected, will revoke temporary suspension of H1-B visa: Joe Biden. Democratic presidential candidate and former US vice president Joe Biden has said that he will lift the temporary suspension on H-1B visas, the most sought-after by Indian IT professionals, if he wins the November presidential elections.
On June 23, in a huge blow to Indian IT professionals eyeing the US job market, the Trump administration suspended the H-1B visas along with other types of foreign work visas until the end of 2020 to protect American workers in a crucial election year. Chingari to Trell: Desi apps upbeat after India's digital strike on China. The ban on TikTok is proving to be a ‘demonetisation moment’ for desi social apps like Chingari.
Its co-founder Sumit Ghosh has had sleepless nights ever since the government banned 59 Chinese apps, including TikTok. He is trying to find ways to equip the app so that it can handle the unprecedented and sudden spike in traffic. Chingari is adding up to 600,000 users per hour, crossing a total user base of 7.5 million. Ghosh said the app has a creation tool, which is as good as TikTok’s, hence a lot of influencers are moving to their platform. The idea behind starting Chingari, he says, is not to build a TikTok clone but to position itself as a super app for India like WeChat.
The app, which also has a news feature, is hoping to close a Series-A round of funding next week. ITC, Balmer Lawrie, SKF India: Time to bet on high dividend yield plays? The market recovery since the March 2020 low has mostly been fueled by liquidity and positive news flow in select counters.
While Reliance Industries (RIL) gained ground on the stake sale in its telecom venture, Jio Platform, to marquee investors, investors have also rewarded stable corporate performance in the March 2020 quarter amid Covid-19 pandemic. In times such as these, investors also bank upon stocks of companies that pay a higher dividend. In the current economy where bank fixed deposits offer interest rates to the tune of 4-6 per cent, there are stocks that beat this return via the dividend yields. That said, with the abolishment of dividend distribution tax (DDT), dividends will now be taxed in the hands of the investor/shareholder, irrespective of the dividend’s quantum. The Rs 10 lakh limit has been done away within the Union Budget 2020. So, should investors consider some of the high dividend yield stocks to bring in regular inflows? Investment strategy. After CBI, ED set to charge GVK Group for Mumbai airport 'irregularities'
The Enforcement Directorate (ED) is set to charge promoters of the GVK Group of companies for alleged money laundering, sources told Business Standard after the Central Bureau of Investigation (CBI) accused them of alleged irregularities to the tune of Rs 705 crore in running the Mumbai airport.
Mumbai International Airport Ltd (MIAL) is a joint venture between GVK, state-run Airport Authority of India (AAI) and foreign entities. AAI entered into an agreement with the two others for upgradation and maintenance of the Mumbai airport. “We are examining the CBI case and will be booking the accused under the Prevention of Money Laundering Act (PMLA) for alleged siphoning of funds through unfinished contracts and diverting the surplus funds of the MIAL for meeting personal expenses, said a senior ED official.
Coronavirus LIVE: Maharashtra rules out community transmission of Covid-19. MARKET LIVE: Indices at day's high; Sensex gains 500 pts, reclaims 36k. If elected, will revoke temporary suspension of H1-B visa: Joe Biden. Democratic presidential candidate and former US vice president Joe Biden has said that he will lift the temporary suspension on H-1B visas, the most sought-after by Indian IT professionals, if he wins the November presidential elections.
On June 23, in a huge blow to Indian IT professionals eyeing the US job market, the Trump administration suspended the H-1B visas along with other types of foreign work visas until the end of 2020 to protect American workers in a crucial election year. Biden, in a digital town hall meeting on Asian American and Pacific Islander (AAPI) issues organised by NBC News, praised the contribution of H-1B visa holders. He (US President Donald Trump) just ended H-1B visas the rest of this year. That will not be in my administration, Biden, 77, said responding to a question during the town hall. He was referring to the temporary suspension of the H-1B visas and other foreign work visas by Trump for the rest of the year. Boeing kept FAA in the dark on key 737 MAX design changes, says report. Boeing Co failed to submit certification documents to the U.S.
Federal Aviation Administration (FAA) detailing changes to a key flight control system faulted in two fatal crashes, a long-awaited government report seen by Reuters has found. The flight control system, known as MCAS, was "not an area of emphasis" because Boeing presented it to the FAA as a modification of the jet's existing speed trim system, with limited range and use, according to the report. The 52-page report by the U.S. Department of Transportation's Office of Inspector General (IG), dated June 29 and set to be made public Wednesday, laid bare mistakes made by both the planemaker and FAA in the development and certification of Boeing's top-selling aircraft. The FAA declined to comment beyond the department's response attached to the report. The IG's report is the latest of reports faulting the plane's approval, while the Justice Department has an ongoing criminal investigation. World Bank approves $750 mn emergency response fund for India's MSME sector.
The World Bank on Wednesay approved a $750 million loan to support increased flow of finance into the hands of India's micro, small, and medium enterprises (MSMEs), severely impacted by the Covid-19 crisis.
The World Bank’s MSME Emergency Response program will aim to address the immediate liquidity and credit needs of some 1.5 million viable MSMEs to help them withstand the impact of the current shock and protect millions of jobs. US firms filing for bankruptcy at fastest pace since 2013: Report. US companies were filing for bankruptcy at the fastest pace since 2013 as the fallout from the COVID-19 pandemic continues to ripple through the country, a media report said.
Citing data from legal services group Epiq, The Financial Times report said on Tuesday that a total of 3,427 companies have filed for Chapter 11 bankruptcy in the US this year, close to the 3,491 filings during the first half of 2008, reported China's Xinhua news agency. "The data stand in contrast to an improving economic backdrop following hefty central bank support across the globe and economies starting to reopen," the report said, noting the pain already inflicted by the global pandemic is too much for some companies to recover from. New stamp duty charges from July 1: What changes for mutual fund investors.
Equity schemes see cuts in H1CY20 as investors book losses, exit portfolios. The correction in the markets has taken a toll on equity portfolios of mutual fund (MF) investors, with such funds losing 11-15 per cent in the first half of the calendar year 2020.
Large-cap funds — the largest equity category — have failed to meet investors’ expectations with negative returns of around 13 per cent over this period. MF distributors say they have seen investors booking losses and exiting portfolios. ALSO READ: Relief for pharma firms as govt starts clearing API imports from China. Carlyle Group to acquire 25% stake in Airtel's Data Centre business. The Carlyle Group on Wednesday announced that it will invest $235 million for approximately 25 per cent stake in Nxtra Data Ltd, a wholly-owned subsidiary of Bharti Airtel engaged in the data centre business.
The post-money enterprise valuation of Nxtra is approximately $1.2 billion and Carlyle will hold a stake of approximately 25% in the business upon completion of the transaction, with Airtel continuing to hold the remaining stake of approximately 75%, Bharti Airtel said in a statement. The transaction is subject to the necessary regulatory approvals, including approval from the Competition Commission of India. Headquartered in New Delhi, Nxtra offers secure data centre services to leading Indian and global enterprises, hyperscalers, start-ups, SMEs and governments. Vodafone Idea loss grows to Rs 11,742 cr, says survival depends on SC order. Vodafone Idea has said that its ability to continue as a going concern depends on the Supreme Court giving it a favourable verdict in the adjusted gross revenue (AGR) matter. The telecom company, which is estimated to have AGR-related dues of more than Rs 46,000 crore, posted a pre-tax loss of Rs 11,742 crore in fourth quarter FY 2020 due to one-off expenses.
The result was announced late Tuesday night. It has sought 20 years to clear the dues and said its survival depends the court verdict and successful negotiations with lenders. Vodafone Idea breached debt covenants as on March end, limiting its ability to generate fresh funds to settle its dues. "We continue to actively engage with the government to provide relief on various industry related concerns," the company said in its result statement.
Essar group places bid for Brazil's Petrobras refinery in Bahia: Report. Indian conglomerate Essar Group made a binding offer to Brazil's Petroleo Brasileiro SA to buy the country's second largest oil refinery, two people with knowledge of the matter said on Tuesday. Petrobras, as Brazil's state-controlled oil producer is known, has received at least two offers for the 323,000 barrels per day Landulpho Alves refinery in Bahia, known as Rlam. BookMyShow checks in to India's crowded streaming party with live events. In the streaming video rush comes a new creature this week: BookMyShow (BMS) Online is a streaming platform for live events. Sunburn Home Festival, the virtual edition of Asia’s biggest electronic dance music festival, is among the first events it will stream live on July 10-11. You can pay Rs 99 for a day or Rs 199 for both days.
BMS Online also conducts a virtual musical talent discovery show with Kailash Kher as judge. The finalé will be streamed live on July 7. Other upcoming events include the India shows of Doncaster (South Yorkshire) band Bang Bang Romeo and London-based band Electric Enemy. In a normal year, BMS sells 200 million tickets of movies, plays, and other events. ALSO READ: Sony Pictures to resume production for TV, films, online streaming business. Relief for pharma firms as govt starts clearing API imports from China. Easing restrictions on imports from China, the Customs department has decided to clear pharma raw material shipments from that country. Consignments of 11 top importers, including LG, Samsung, Toyota, Honda, and Siemens, will also be allowed entry, relieving them of the 100 per cent inspection rule.
This comes after a week of economic disruption caused by introducing stringent scrutiny, resulting in shipments originating in China getting held up at Indian ports. After representations from industry bodies, the government on Tuesday cleared imports of active pharma ingredients (APIs) from China. Besides, the top importers falling within the Tier 3 category of the Authorised Economic Operator (AEO) programme were given exemption from stringent scrutiny. California accuses Cisco of caste discrimination against Indian employee. California regulators sued Cisco Systems Inc on Tuesday, accusing it of discriminating against an Indian-American employee and allowing him to be harassed by two managers because he was from a lower Indian caste than them. U.S. employment law does not specifically bar caste-based discrimination, but California's Department of Fair Employment and Housing contends in the lawsuit that the Hindu faith's lingering caste system is based on protected classes such as religion.
The lawsuit, filed in federal court in San Jose, does not name the alleged victim. Patanjali takes a u-turn; says never claimed to have made Covid-19 medicine. Patanjali Ayurved on Tuesday said that it never claimed to have made medicine for coronavirus. The Haridwar-based organisation has withdrawn from its earlier claim, in reply to the notice given by Uttarakhand Ayush Ministry.
'No doubt' India was behind stock exchange attack in Karachi: Imran Khan. Pakistani Prime Minister Imran Khan told parliament on Tuesday he had ‘no doubt’ that India was behind an attack on the stock exchange building in Karachi a day earlier. Four gunmen armed with grenades attacked the Pakistan Stock Exchange on Monday, killing two guards and a policeman before security forces killed the attackers.
PM Modi extends PM Gareeb Kalyan Anna Yojana till end of November. In his televised address to the nation on Tuesday, Prime Minister Narendra Modi announced the extension of the PM Gareeb Kalyan Anna Yojana until the end of November. The scheme will cover around 800 million people. Loan recasts may push NPAs up to 14% in FY21 due to Covid-19: S&P. Amid reports of the RBI mulling restructuring of loans, global rating agency S&P on Tuesday said that a loan recast will only defer NPAs recognition and not solve the problem.
The agency also said operational outages and the recession because of the pandemic will have a deeper and longer impact on lenders than previously assumed, and estimated the gross non-performing assets ratio to rise up to 14 per cent in FY2021 from the 8.5 per cent in FY2020. Core sector output shrinks for third straight month in May, shrinks 23.4% India's fiscal deficit at Rs 4.66 trn, 58.6% of annual target in 2 months. India's federal fiscal deficit in the first two months through May stood at Rs 4.66 trillion ($61.67 billion), or 58.6% of the budgeted target for the current fiscal year, government data showed on Tuesday. Net tax receipts during April-May period were Rs 33,850 cr ($4.48 billion), while total expenditure was Rs 5.12 trillion, the data showed, indicating the government was front-loading its budgeted spending to combat the impact of pandemic.
Two dead, four hospitalised after gas leakage at a Visakhapatnam firm. China passes national security law in turning point for Hong Kong. China’s parliament passed national security legislation for Hong Kong on Tuesday, setting the stage for the most radical changes to the former British colony’s way of life since it returned to Chinese rule 23 years ago. China voices strong concern over India's ban on 59 apps with Chinese links. A day after India banned 59 apps with Chinese links for engaging in activities which are "prejudicial to sovereignty and integrity" of the country, China on Tuesday voiced strong concern over the move, and said the Indian government has the responsibility to uphold the "legitimate and legal rights" of international investors.
India on Monday banned 59 apps with Chinese links, including the hugely popular TikTok and UC Browser, for engaging in "activities which are prejudicial to sovereignty and integrity of India, defence of India, security of state and public order". Have not shared any info of Indian users with Chinese govt: TikTok on ban. TikTok has not shared information on Indian users with China or other foreign governments, it said on Tuesday after New Delhi last evening banned it along with 58 other apps with Chinese links. Q4 a red quarter for most of India Inc despite just seven days of lockdown. Omaxe freezes at 20% lower circuit for second straight day, hits 52-wk low.
Gujarat Gas hits fresh all-time high; stock rallies 35% in a month. Ashok Leyland declines for fifth straight day on weak Q4 results. Bharat Dynamics surges 16% as profit jumps 2-fold in Q4 to Rs 310 crore. Tata Steel gains 4% after March quarter nos; other metal stocks rally too. Two dead, four hospitalised after gas leakage at a Visakhapatnam firm. Gilead prices Covid-19 drug remdesivir at $2,340 in developed nations. Govt eases air travel norms for persons recovered from coronavirus. Covid-19 crisis: Bharat Biotech's vaccine gets nod for human trials.
Ladakh standoff: India-China to hold third round of Lt Gen talks today. Unlock 2.0 opens a small window; PM to address the nation at 4 pm today. Digital strike: India bans 59 Chinese mobile apps on security threat. Mi Box 4K: This affordable device adds smart experience to boring screens. Samsung Galaxy Buds Plus review: Impressive TWS earphones for calls, music.
India's hiring activities holding up better than many economies: Report. Navy ramps up surveillance in Indian Ocean to track Chinese activities. MoSPI should end controversies related to GDP computation: Rangarajan. Unlock 2: Schools, cinemas to remain shut; flight services to be expanded. Delhi Airport sees business potential from rare repatriation flights. Q4 a red quarter for most of India Inc despite just seven days of lockdown. India bans 59 Chinese apps including TikTok, UC Browser and others. Maharashtra govt decides against lifting lockdown, extends it to July 31. States GSDP may contract by up to 14.3% in FY21 on Covid-19: Ind-Ra report. As unemployment and hunger strike, migrant workers start the return journey. Bharat Forge shares slip 10% on weak March quarter earnings. LIVE updates: Hurriyat leader Syed Ali Shah Geelani resigns from party.
ITC gains 4% after March quarter results; most brokerages maintain 'buy' Ind-Ra downgrades Haldia Petrochemicals to AA-minus with negative outlook. Apple-Google Covid-19 tracing tech available but cannot be used in India. Gold price jumps to Rs 48,410 per 10 gm, silver at Rs 48,110 per kg. Delhi will not have 500k cases by July, Sisodia's remark created fear: Shah. Rajasthan cops charge Ramdev, Patanjali MD with cheating for Covid-19 drug. Emami shares slip 6% as March quarter profit more than halves. Oil falls in second straight session as virus lockdown cools demand. IDBI Bank gains 5%, hits 52-week high on plan to sell stake in insurance JV. ITC gains 4% after March quarter results; most brokerages maintain 'buy'
Investors bullish on gold amid strong fundamentals, weak global economy. J-K: Three terrorists killed in encounter with security forces in Anantnag. France says no link between origin of Covid-19, China's Wuhan lab. Bihar cancels 2 bridge companies contracts for having Chinese partners. Startups have already shown interest in In-SPACe, says Isro Chairman. One more employed at Bajaj Auto's plant succumbs to Covid-19, toll at 3.
Hindustan Antibiotics seeks redemption amid rising anti-China sentiments. India's forex reserves decline by over $2 bn; SDR value dips by $6 mn. Future Consumer zooms 141%, Future Retail rallies 94% in one month. Hit by Covid-19 and lockdown, ITC Q4 pre-tax profit declines by 7.75% Ruchi Soya surpasses Marico in market-cap ahead of Q4 results. Investment manager allowed to manage multiple InvITs, says Sebi. Sebi bars 10 entities for one year over violation of market norms. Oil price settles lower on rise in new coronavirus cases in US and China. Banks lead US stocks lower after Fed caps dividends; Dow, S&P fall over 2% IT stocks surge post Accenture's good Q3, but gains may be limited.
Two in five Indian-Americans worried about financial stability: Survey. Oil companies pause after hiking petrol, diesel prices for 21 days straight. India among top 3 nations getting Swiss info on bank accounts: Group. Highest single-day spike of nearly 20k Covid cases, India tally at 528,859. Unlock 1.0: After 3-month selling streak, FPIs invest Rs 21,235 cr in June. Rajasthan cops charge Ramdev, Patanjali MD with cheating for Covid-19 drug. Delhi will not have 500k cases by July, Sisodia's remark created fear: Shah. Make Indian manufacturing competitive to curb Chinese imports: R C Bhargava. China top buyer of Indian steel under lockdown, accounts for 48% exports. Discoms' outstanding dues to power gencos rise 63% to Rs 1.23 trn in April. IITs consider shifting classes online after Bombay makes first move.
Coronavirus LIVE: Will make coordinated strategy for NCR, says Amit Shah. India gave 'befitting reply' to those who coveted its territory: PM. Health Ministry adds steroid dexamethasone in Covid-19 treatment protocol. Prasar Bharti warns PTI it's 'reviewing relationship' Mumbai attack convict Headley cannot be extradited to India: US attorney.
NTPC registers 14% increase in PBT in FY20 amid low power demand. Infosys AGM: Nikelani allays fears, says firm well-positioned amid Covid-19. US asks tech giants to take action against posts encouraging 'violence'