Featured Post

Showing posts with label BUSINESS. Show all posts
Showing posts with label BUSINESS. Show all posts

Friday, July 5, 2019

Karnataka’s transport authority has directed Uber and Ola to withdraw carpooling services with immediate effect.

Karnataka’s transport authority has directed Uber and Ola to withdraw carpooling services with immediate effect. The state’s transport commissioner said “action will be taken” against the cab-aggregators if they continue to offer ridesharing since it wasn’t permissible under the law. The move came after a meeting with cab drivers, who raised concerns around low earnings, women’s safety and arguments among co-passengers. This isn’t the first time Karnataka is looking to ban carpooling – a previous attempt in 2017 saw stiff opposition from transport experts.

Saturday, June 15, 2019

Will trade tensions between India and the US increase?

India has decided to impose long-pending retaliatory tariffs on 29 US products. Washington had withdrawn duty-free benefits for Indian exports under its Generalized System of Preferences (GSP) effective 5 June India had repeatedly postponed the imposition of retaliatory tariffs of $235 million on import of US goods worth $1.4 billion since they were first announced on 20 June 2018.According to the current notification, the retaliatory tariffs will come into effect beginning 16 June.

Friday, June 7, 2019

Azim Premji is logging out on July 30

Azim Premji is logging out. The Wipro czar will step down on July 30 after 53 years at the helm to devote more time to philanthropic activities. He will be succeeded by son Rishad as chairman and CEO Abidali Neemuchwala as managing director. Premji will continue with the IT firm as non-executive director and remain chairman of Wipro’s non-IT businesses. He has already committed two-thirds of Wipro’s shares to charity, creating an endowment worth ₹1.45 lakh crore. In an email to employees, the frugal billionaire thanked “Wiproites across generations” for their “deep commitment and hard work” (see letter).

Saturday, May 18, 2019

Many react after a BJP worker request home minister to rename Khan Market

Deepak Tanwar, a BJP youth worker from Delhi recently sent a letter to the Home Minister Rajnath Singh, asking him to rename Delhi's famous Khan Market to Valmiki Market.. The Partition in 1947 had left lakhs homeless, and refugee colonies were considered the way forward to rebuild lives. Khan Market, one of the most expensive markets in Asia, was one of them

Friday, May 17, 2019

Ramdev lashes out at Amzon

Baba Ramdev has jumped on board to criticize Amazon for selling toilet covers, doormats, shoes along with some other items which have Hindu religious pictures on them. #BoycottAmazon has been trending on Twitter since the images from the e-commerce giant's website surfaced on Thursday. It is not clear whether Amazon has itself delisted those products from the website or the links did not exist in the first place.

Amazon had landed itself in a similar controversy in 2016 as well when it was found selling doormats with pictures of deities on them

Sunday, May 12, 2019

Reliance Brands, a subsidiary of Reliance Industries, is acquiring 259-year-old British toymaker Hamleys for about ₹620 crore

Reliance Brands, a subsidiary of Reliance Industries, is acquiring 259-year-old British toymaker Hamleys for about ₹620 crore. Buying out Hamleys, which has 167 stores across 18 countries, will give Reliance Brands a global footprint and help it achieve its lofty target of 30% annual growth over the next decade. Hamleys – whose Chinese owner C Banner International put it on the block in September 2018 – reported a $15.6 million loss in 2017. But despite ceding market share to the likes of Target and Amazon, it continues to be a dominant player in the $11 billion global toy industry.

Wednesday, April 17, 2019

The bidders shortlisted for Jet Airways

Etihad Airways, National Investment and Infrastructure Fund, TPG Capital and Indigo Partners have emerged as qualified bidders for Jet Airways, Economic Times reports. A consortium put together by founder Naresh Goyal withdrew from the race after suitors Etihad and TPG threatened to walk out. Meanwhile, media reports said matters have devolved into a chicken-and-egg situation: Jet has asked banks ₹400 crore to stay afloat but the lenders want to evaluate the bids first to limit their risk. The carrier flew just five planes on Tuesday, and unpaid pilots have threatened to invoke insolvency laws to recover salaries.

Sunday, April 14, 2019

France denies political interference in tax relief to Anil Ambani

French newspaper Le Monde reported that France waived taxes worth 143.7 million euros to Anil Ambani's France-based telecom firm in 2015, months after PM Modi's announcement of India buying 36 Rafale jets.It said the settlement was not subject to any political interference whatsoever.

Prime Minister Narendra Modi had announced the procurement of a batch of 36 Rafale jets after talks with the then French President Francois Hollande on April 10, 2015 in Paris. The final deal was sealed on September 23, 2016.

Sunday, March 17, 2019

Kerala Feeds targets Rs 500 crore turnover in two years

The company, headquartered in Kallettumkara near Irinjalakuda, had clocked a profit of Rs 75 lakh in the first quarter of the current financial year.The company did not increase the price of its product despite unexpected financial burden in the aftermath of the monsoon calamity. Though the prices of its raw materials rose by 35 per cent, KFL implemented a mere hike of Rs 25 per bag of cattle feed — that too only after the dairy farmers had begun to resettle after the deluge, he said 

The three factories of KFL at Irinjalakuda, Karunagappilly and Kozhikode produce 1,250 tonnes of cattle feed. Once the upcoming 500-tonne plant at Thodupuzha in Idukki district becomes functional, the total KFL production will go up to 1,750 tonnes. The PSU is planning to launch programmes in association with the National Cooperative Dairy Federation

Saturday, March 9, 2019

'Boycott Hindustan Unilever' trended on Twitter after the company posted the Red Label tea ad

Twitter users boycott unilever following a controversial ad about Kubh Mela. This is the 2nd instance in 3 months where #HindustanUnilever, has courted controversy over its  ad. Closeup’s #FreeToLove campaign was criticised for showing a couple breaking up because of a difference in religion.

The Red Label Chai parent company faced sharp critisim for an ad about Kumbh Mela Pilgrimage, Many viewers believed the ad implied that it is common for young hindus to abandon their aging parents, Prominent youga guru Swami Ramdev even compared Unilever to the dutch east India company.

BREAKING: Fujitives #NiravModi and #VijayMallya have met several times in London to discuss to evade extradition

Today Vijay Mallya and Nirav Modi the fugitives of India are trending on Social Media. Nirav was found walking freely on streets of London and reporters found him staying in an expensive falt at city center London. His Mumbai based illigal bunglow worth 100 crore was blown up with dynamite controlled blasts. On the other hand Fugitive economic offender Vijay Mallya’s luxury aircraft, which bears his initials ‘VT-VJM’, was dismantled at Air India hangar in Mumbai. It may be noted that following at least three failed auctions and extended legal procedures, the aircraft was auctioned by the official liquidator attached to the Karnataka high court in June last year.

Wednesday, March 6, 2019

Trump ends trade perks for India

Donald Trump intends to end preferential trade treatment for India that allows $5.6 billion of duty-free exports to the US. In a notification to the US Congress, Trump said New Delhi hadn’t assured the US of “equitable and reasonable access” to the Indian market. But India doesn’t plan to impose retaliatory tariffs on US goods – commerce secretary Anup Wadhawan said Trump’s move would have limited impact. The US ran a $27.3 billion trade deficit with India in 2017, and the two sides have been involved in a trade spat after America hiked tariffs on Indian steel and aluminum last year. Here's what people are saying.

Friday, February 8, 2019

Jet Airways grounds 4 aircraft

Jet Airways has grounded four aircraft following its inability to pay lessors. The debt-ridden airline, which operates a fleet of 124 aircraft, is proactively informing and re-accommodating the affected guests, it informed the stock exchanges. Jet urgently needs external funding to stay afloat and the company is said to be cutting a deal with Etihad and State Bank of India. Reuters reports, qouting unidentified sources, that some lessors are questioning the viability of the carrier’s rescue plan.

Thursday, January 31, 2019

Uber will now block errant passengers not conforming to its community guidelines

Uber will now block errant passengers not conforming to its community guidelines,PTI reports. Riders who use abusive language or make inappropriate gestures, damage the driver’s or other passengers’ property, and break the local law will lose their access to the ride-hailing app. “These riders will be given enough notifications before they are removed from the platform…” Prabhjeet Singh, Uber Head of Cities (India and South Asia), explained. The company is also releasing a driver safety toolkit comprising an emergency button and “share trip feature”. 

Saturday, January 26, 2019

Don't keep two PPF accounts: You can face a penalty, implications and what to do

While only one PPF account is allowed to be opened in one's name, there could be a possibility that one ends up holding multiple PPF accounts. It does not matter whether you have one such account in a post office and another in a bank.

One person-one account

The application to be used while opening the PPF account gets a declaration from the account holder that no other PPF account is being held by the individual. However, remember that the rules allow the same individual to open another account in the name of a minor. Still, it does not allow to hold more than one PPF account in the self-name. As a parent, one can open in one minor child name while the other parent can open in second child name. Both parents cannot open in the name of the same child.

Second PPF account

Once you have realised that there are more than one account in your own name, steps need to be taken to remove this irregularity. The second account will anyhow become the irregular account and you will not get any interest on the balance lying in the second account until it is regularised. Closing the second account is not an option because as per the rules, the PPF account has to run till its maturity.

What's the way out

You need to amalgamate both the accounts so that there is no loss on interest on the irregular account ( second account). For this, you need to approach the Department of Economic Affairs (DEA) of the Ministry of Finance by writing to the Under Secretary-NS Branch MOF (DEA), New Delhi-1. This communication with disclosing all the details of the two accounts may be routed to the DEA through the post office. In case, after amalgamation, the total contributions during the year crosses the limit of Rs 1.5 lakh, the excess amount will be refunded without interest.

Who is Ravneet Gill? New Yes Bank MD & CEO played cricket with Raghuram Rajan

In a major development in the Indian banking sector, Deutsche Bank India CEO Ravneet Singh Gill has been named the new MD and CEO of Yes Bank. Gill will assume the charge at Yes Bank from March 1.

Here are things to know about the next MD & CEO of Yes Bank Ravneet Singh Gill:-
- He is currently heading Deutsche Bank India as the managing director and chief executive officer

- He will succeed Rana Kapoor, whose term ends on January 31.

- According to Bloomberg profile, Ravneet Gill has been the Chief Executive Officer of India at Deutsche Bank AG, India since August 1, 2012.

Friday, January 25, 2019

IndiGo appoints Ronojoy Dutta as CEO,an IIT grad who handled United Airlines’ 9/11 nightmare

As airline turbulence goes, not many can equal Ronojoy Dutta in experience and insights. His battle scars from the global aviation industry’s worst nightmare, the 9/11 attacks, stand testimony to that.

And InterGlobe Aviation, which owns India’s low-cost private carrier IndiGo, must have counted on just that when it announced yesterday (Jan. 24) that Dutta has been appointed CEO of the company.The airline, India’s biggest by market share, is in need of some drastic manoeuvres. It posted a loss of Rs652 crore ($92million) in the July-September quarter of financial year 2019—the first time it went into the red since listing on the stock exchange three years ago. It corrected course in the October-December quarter, but profits were about 75% lower year-on-year at Rs190.9 crore.

While 67-year-old Dutta’s been working on a five-year business plan for IndiGo ever since he was made a principal consultant in December, now he will be in direct control.
Dutta was president of United Airlines between 1999 and 2002 and is a former colleague of IndiGo cofounder Rakesh Gangwal. He succeeds Aditya Ghosh, who quit eight months ago and has since joined Oyo. Cofounder Rahul Bhatia had served as interim CEO in the intervening period.

A strategic adviser for several carriers such as Air Canada and Hawaiian Airlines, Dutta spent 17 years at United Airlines. Gangwal was with the airline between 1984 and 1994, before moving to US Airways, Dutta later became a strategic adviser and member of the board. Dutta headed Air Sahara from 2004 to 2006 and quit just before its takeover by Jet Airways %. After graduating from the Indian Institute of Technology, Kharagpur, Dutta got his management degree from Harvard Business School.

He has also advised financial institutions such as Cerberus, Greenbriar, Houlihan Lokey and aviation consultancy AAR Corp.

Tuesday, January 22, 2019

Twelve of India’s large states grew faster than the national GDP in FY18

Twelve of India’s large states grew faster than the national GDP in FY18, but their growth failed to create jobs, PTI says, citing a report by ratings agency Crisil. That’s because most of the growth came from sectors that are not job-intensive. Eleven of the 17 states classified by the RBI as “non-special” lagged the national average in growth of employment-intensive sectors such as manufacturing, construction and trade, hotels, transport and communication services, the report notes (see pdf). Earlier this month, the Centre for Monitoring Indian Economy said the country lost 1.1 crore jobs in 2018, with 80% of the loss in rural areas.

Wednesday, December 12, 2018

Finance commission member Shaktikanta Das has been appointed RBI governor for a period of three years.

Finance commission member Shaktikanta Das has been appointed RBI governor for a period of three years. As the economic affairs secretary 2015 and 2017, Das spearheaded the government’s demonetisation drive and was instrumental in pushing the Goods and Services Tax reform. Das, who is believed to be close to PM Narendra Modi, replaces Urjit Patel, who resigned on Monday after a prolonged tussle with the government on issues ranging from problems at lenders to utilisation of capital reserves.

Shaktikanta Das (born 26 February 1957) is a retired 1980 batch Indian Administrative Service (IAS) officer of Tamil Nadu cadre. Currently serving as the 25th governor of the Reserve Bank of India (RBI), he was earlier a member of the Fifteenth Finance Commission of India and India's Sherpa to the G20. During his career as an IAS officer, Das served in various capacities for Indian and Tamil Nadu governments, including as Economic Affairs Secretary of India, Revenue Secretary of India, Fertilizers Secretary of India.

Thursday, November 1, 2018

ATM limit halved for SBI cards

There are concerns about security of SBI Classic debit card „ The move will affect over 42 bank customers in this festive season
The curbing of ATM withdrawal limit to Rs 20,000 from Rs 40,000 by the State Bank of India comes into effect from Wednesday. The new rule will be applicable for holders of SBI Classic or Maestro debit cards. In its attempt to check rising instances of ATM frauds, the country’s biggest lender halved the daily ATM withdrawal limit on October 1. Over 42 crore bank customers will be affected with this limit in the festival season. For customers desiring to take out over Rs 20,000 daily, they can apply for an upgrade the debit card. An official said the SBI Classic debit card is not a chip-based card and there are concerns about its security. The bank has also decided to reduce the withdrawal limit due to increase in number of complaints regarding cloning, said the official. SBI managing director PK Gupta had earlier said, “We analysed all the ATM transactions and we found that most of them are less than Rs 20,000 a day. In case of frauds reported to us, we found that in all such cases withdrawals of Rs 40,000 (the maximum) have happened. So this is basically to protect the customers and secondly, we want that more such (digital) transactions should happen.”