Business
Alibaba Fined $2.8 Billion for Violating Anti-Monopoly Rules in China
Chinese regulators have fined giant e-commerce giant Alibaba USD 2.8 billion on charges of violating anti-monopoly rules. The ruling Communist Party is tightening control over China’s biggest e-commerce and other internet companies and has warned them not to use their industry dominance to stifle competition. The State Administration for...
USTR Discusses TRIPS Waiver Proposal for Covid-19 Vaccines with GAVI’s CEO
US Trade Representative Katherine Tai, in a virtual meeting with GAVI’s CEO Dr. Seth Berkley, discussed, among other things, the proposed waiver of certain provisions of the WTO’s agreement on intellectual property rules for the manufacture of coronavirus vaccines. In the virtual meeting with Berkley on Friday, Tai discussed...
Abu Dhabi Crown Prince Honours Indian Business Tycoon Yusuffali with Top Civilian Award
Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed Bin Zayed Al Nahyan has honoured Indian-origin businessman Yusuffali MA and 11 other individuals with Abu Dhabi’s top civilian award for their noble and charitable contributions to the community. Yusuffali, 65, the Chairman...
Mumbai Court Rejects Bail Pleas of Viva Group Managing Director, Chartered Accountant
A special PMLA court in Mumbai has denied bail to Mehul Thakur, managing director of Viva group, and chartered accountant Madan Chaturvedi in connection with the Rs 4300-crore PMC Bank fraud case. Their plea for default bail was rejected by special judge Abhijeet Nandgoankar on April 8, and a...
US Lawmakers Welcome India’s Move to Increase FDI in Insurance Sector to 74 Percent
Two influential US lawmakers have applauded the Indian government’s move to increase foreign direct investment in the insurance sector from the existing 49 per cent to 74 per cent, saying it will further deepen bilateral trade and investment. India’s Parliament last month passed the Insurance Amendment Bill 2021 to...
Govt May Hike FDI Limit in Pension Sector to 74%, Bill Likely in Monsoon Session
The government may hike foreign direct investment (FDI) limit in the pension sector to 74 per cent and a Bill in this regard is expected to come in the next Parliament session, according to sources. Last month, Parliament approved a Bill to increase FDI limit in the insurance sector...
SBI, Private Banks Rush in Race for Citi’s Card Business After Bank’s Decision to Quit Indian Market
Citi Bank’s decision to quit the Indian market has thrown up an opportunity for domestic private banks that are looking to scale up their credit card business. Amid this, the subsidiary of State Bank of India- SBI cards witnessed its share price jump 7.5% by the close of trade...
Record Penalty for Alibaba Marks Tumultuous Stretch for Founder Jack Ma
Once seemingly untouchable, Alibaba founder Jack Ma has endured a tumultuous run that saw his Chinese e-commerce giant hit with a record 18 billion yuan ($2.75 billion) antitrust fine on Saturday, resolving one key uncertainty even as others persist for himself and his business empire. The reversal of fortune...
SBI Collects Rs 300 Crore from Zero Balance Accounts for Certain Services in 5 Years: Study
Several banks, including State Bank of India (SBI), have been imposing excessive charges on certain services provided to poor persons having zero-balance or Basic Savings Bank Deposit Accounts (BSBDA), a study by the IIT-Bombay has revealed. The study observed that the SBI’s decision to levy a charge of Rs...
FATF May Evaluate India’s Mechanism to Deal with Financial Crimes this Year
The FATF, the global body against money laundering and terror financing, is likely to carry out an evaluation of India’s established mechanism to deal with such financial crimes later this year. The mutual evaluation of country specific anti-money laundering and terror-financing mechanism by the Financial Action Task Force (FATF)...
Infosys to Consider Share Buyback This Week, Markets Respond in Green
IT services major Infosys on Sunday said its board will consider a buyback proposal at its meeting on Wednesday. “The board of the company will consider a proposal for buyback of fully paid-up equity shares of the company at its meeting to be held on April 14, 2021, in...
RTGS Facility To Be Unavailable For 14 Hours On April 18; How It Will Affect You
The Reserve Bank of India (RBI) on Monday announced that the money transfer facility, Real Time Gross Settlement System (RTGS), will be unavailable for 14 hours from 00:00 to 14:00 hours on Sunday, April 18, in lieu of a technical upgrade to enhance the resilience of the system. The...
Retail Inflation Rises to 5.52% in March on Account of High Food Prices
Representative image (Reuters) The rate of price rise in the food basket accelerated to 4.94 per cent in March, as against 3.87 per cent in the preceding month, as per data released by the National Statistical Office. PTI New Delhi Last Updated:April 12, 2021, 18:29 IST FOLLOW US ON:...
Industrial Production Contracts 3.6% in February
India’s industrial production contracted by 3.6 per cent in February, official data showed on Monday. According to the Index of Industrial Production (IIP) data released by the National Statistical Office (NSO), manufacturing sector output declined by 3.7 per cent in February 2021. Mining output slipped 5.5 per cent, while...
Wheat Procurement in Full Swing, Farmers Getting MSP in Their Bank Accounts: Food Secy
Food Secretary Shudhanshu Pandey said on Thursday that wheat procurement has gained pace in the ongoing Rabi Marting Season (RMS) 2021-22 with the government agencies procuring 64.7 LMT of wheat worth Rs 12,800 crore at MSP (Minimum Support Price) of Rs 1,975 per quintal, against an estimated target of...
RTGS Services Won’t Be Available For 14 Hours on Sunday; All You Need to Know
The Reserve Bank of India (RBI) on Monday announced that the money transfer facility, Real Time Gross Settlement System (RTGS), will be unavailable for 14 hours from 00:00 to 14:00 hours on Sunday, April 18, in lieu of a technical upgrade to enhance the resilience of the system. The...
Wipro, SBI, HCL Technologies: Top Stocks for Investors Today
The indices on Friday, April 16, are expected to open flat as the SGX Nifty was trading at 15.00 points or 0.10 percent down at 14,604.50 at 7:20 am. With inputs from News18
Sensex, Nifty End Marginally Higher; Rupee Zooms 58 Paise to Settle at 74.35 Against US Dollar
Equity benchmarks Sensex and Nifty ended marginally higher after a volatile session on Friday amid positive cues from global markets. The 30-share BSE Sensex ended 28.35 points or 0.06 per cent higher at 48,832.03. Similarly, the broader NSE Nifty rose 36.40 points or 0.25 per cent to 14,617.85. Asian...
