Financial Express Kolkata - December 14, 2024
Financial Express Kolkata - December 14, 2024
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In this issue
December 14, 2024
Tax blow to Swiss arms of India Inc
THE TAX LIABILITY OF several Indian companies, which have operations in Switzerland, including bellwether IT and pharma firms, may rise with the central European country announcing a decision to increase the withholding tax on dividends their Swiss arms pay to Indian parents under the 'source rule', from 5% to 10%, effective January 2025.
1 min
Parliamentary panel calls for higher MGNREGA wages
FLAGGING LOW WAGES under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), a Parliamentary panel has asked the rural development department to increase wages in the scheme by linking it to a suitable index commensurate with inflation.
1 min
Table tennis body anti-competitive: CCI
The Competition Commission of India (CCI) has issued a cease-and-desist order against the Table Tennis Federation of India (TTFI) and its affiliates for the abuse of dominant position in the market.
1 min
MoSPI prepares 5-year roadmap with focus on AI
THE MINISTRY OF statistics and programme implementation (MoSPI) has devised a five-year 'vision document', likely to be launched in April 2025, creating a roadmap for improvement of the statistical system in the country.
1 min
Capex pace to be kept in FY26 too: Minister
THE CENTRE WILL strive to achieve the capital expenditure target of ₹11.11 lakh crore in FY25, minister of state for finance Pankaj Chaudhary said on Friday.
1 min
Samvidhan not Sangh ka vidhan: Priyanka
OPENING FOR THE Opposition
1 min
Cong always chose power over Constitution: Ranjath
FROM LISTING THE excesses of the Emergency to the toppling of elected governments to overturning the Shah Bano verdict to undermine the judiciary, BJP senior leader and Defence Minister Rajnath Singh mounted a scathing attack Friday on the Opposition Congress, saying it has never respected the Constitution and has always chosen \"power over the Constitution\".
1 min
Arrested, given bail: High drama starring Allu Arjun
TELUGU FILMSTAR ALLU Arjun was arrested on Friday morning from his house in Hyderabad in connection with a stampede at the premiere of his film, Pushpa 2, earlier this month. Later in the day, he was granted interim bail by the Telangana High Court.
1 min
Chief secys' meet to focus on development agenda
PRIME MINISTER NARENDRA MODI will chair the fourth National Conference of Chief Secretaries in Delhi on Saturday-Sunday to prepare a common development agenda and blueprint for cohesive action in partnership with the states.
1 min
PF withdrawals via ATMs likely from early next year
● Current checks and balances may get reduced
2 mins
Carlyle mulls $1-bn IPO of Quest Global
MARKETS ON A HIGH
1 min
Tier 4 towns, Gen Z boost Meesho's orders
E-COMMERCE UNICORN MEESHO, which primarily serves shoppers beyond tier 1 cities and metros, has recorded a 35% year-on-year rise in the number of orders placed on its platform this year.
1 min
Zepto FY24 revenue more than doubles to ₹4,454 cr
● Eyes profitability and listing by FY26
1 min
SaaS startups shift focus to tier 2, 3 cities
SAAS (SOFTWARE AS a Service) startups, once primarily targeting global markets, are increasingly turning their attention to India's tier 2 and 3 cities to fuel growth.
1 min
ONGC likely to list green energy arm in 2025-26
STATE-RUN ONGC is likely to come out with an initial public offering (IPO) for its green energy subsidiary, ONGC Green in the next financial year 2025-26, according to the company's Director (Exploration), Sushma Rawat.
1 min
PV sales grow 4% in Nov, but two-wheelers see 1% decline
HIGH INVENTORIES
2 mins
SpiceJet clears staff's pending PF dues
DOMESTIC CARRIER SpiceJet on Friday said it has cleared all the pending employee provident fund (PF) dues of its employees, amounting to ₹160.07 crore.
1 min
Wardwizard launches e-two, three wheelers
VADODARA-BASED WARDWIZARD Innovations & Mobility on Friday announced the launch of four electric three-wheelers and an electric scooter to expand its offering in the two keenly-contested segments.
1 min
Apple to assemble AirPods in Telangana by early 2025
APPLE WILL BEGIN producing its AirPods wireless earphones in India for the first time early next year, marking a milestone in the iPhone maker's steady push to diversify beyond China.
1 min
Nuvama Wealth picks up Oyo shares worth ₹100 cr
NUVAMA WEALTH AND Investment has acquired shares worth ₹100 crore in Oravel Stays, the parent company of Oyo, through a secondary transaction at ₹53 per share that valued the travel-tech unicorn at $4.6 billion, according to sources.
1 min
V-shaped recovery seen for indices
STRONG BUYING IN index heavyweights like telecom, IT, FMCG, and banking sectors fuelled Friday's rally.
1 min
Shorter furloughs, weak Re may aid IT firms' Q3 margins
SHORTER FURLOUGHS THAN last year, when they were extended due to soft demand scenario, coupled with depreciating rupee, are expected to protect the margins of IT firms during the October-December period, which is otherwise seen as a weaker quarter.
1 min
Tax blow to Swiss arms of India Inc
AT PRESENT, THE MFN clause in the DTAA enables Indian subsidiaries in Switzerland to pay a lower rate of withholding tax to Swiss authorities on certain types of incomes, namely dividends, interest, royalties, or fees for technical services.
1 min
Deposits top credit growth
UNSECURED LOANS MODERATE AFTER RBI DIRECTION
1 min
Forex reserves decline to over five-month low
INDIA'S FOREIGN EXCHANGE reserves fell by $3.2 billion to a more than five-month low of $654.86 billion as of December 6, data from the Reserve Bank of India (RBI) showed on Friday.
1 min
Sebi lists exclusions from pro rata distribution for AIFs
SEBI ON FRIDAY clarified the non-applicability of its pro rata distribution mandate for alternative investment funds (AIFs).
1 min
FPIs turn sellers of G-Secs as rate differential narrows
FOREIGN PORTFOLIO INVESTORS (FPI) have turned net sellers in the Indian G-Sec market this week, after being net buyers in the first week of December.
2 mins
Aviva India cleared brokerage model queried by tax officials
AN AVIVA BUSINESS model that tax officials say was used to pay agents unlawful commissions from 2017 to 2023 was rolled out internally in 2013 and approved in writing by top India executives, a confidential company document shows.
1 min
UK economy shrinks for second month
BRITAIN'S ECONOMY SHRANK for a second month in a row in October in the run-up to the government's first budget, the first back-to-back falls in output since the onset of the COVID-19 pandemic, and a setback for new finance minister Rachel Reeves.
1 min
SpaceX headquarters to be in Texas, reveals Musk
ELON MUSK SAID on social media platform X on Thursday that the SpaceX headquarters will now officially be in the city of Starbase, Texas.
1 min
Israelis find ways to watch 'The Bibi Files'
Veteran documentarian Alex Gibney, who in a decades-long career has tackled many a thorny issue, wasn't planning a film about Israel—until one day last year, when a stunning leak fell into his hands.
1 min
SpaceX headquarters to be in Texas, reveals Musk
ELON MUSK RENEWED his long-standing feud with the Securities and Exchange Commission (SEC) on Thursday by posting a letter that said the agency is investigating his brain-computer interface firm, Neuralink.
1 min
Comcast, Warner Bros Discovery to lead 2025 deal-making
Orchestrating Corporate Maneuvers
2 mins
Eric Trump says he's 'wrong guy' to gain US favour
THE TRUMP TRANSITION team wants the incoming administration to drop a car-crash reporting requirement opposed by Elon Musk's Tesla, according to a document seen by Reuters, a move that could cripple the government's ability to investigate and regulate the safety of vehicles with automated-driving systems.
1 min
Netflix's flip-flop on parental leave: Just PR?
HERE's SOME FREE advice for HR departments: If you don't want your employees to make use of the benefits you offer, avoid launching a media blitz to promote just how great they are.
2 mins
No permanent crutch
Fewer EV buyers availing subsidies is the sign of a maturing market
2 mins
A new wave in solar technology
India topped the global charts in solar PV capacity via auctions, with a notable auction price of $34/MWh
3 mins
Cars that reigned supreme in 2024
There were almost 50 car launches this year, but a dozen-odd stood out. Of these dozen, a handful not just rocked the segment, but also the industry — even changing the fortune of parent carmakers.
1 min
Not your fault if employer did not deposit TDS
● My previous employer had deducted the TDS before giving the salary every month, but did not deposit it to the government. Will the tax department recover the amount from me?
1 min
A Royal Enfield store without motorcycles!
ON FRIDAY, motorcycle company Royal Enfield launched an exclusive apparel brand store in Gurugram, Haryana. Only the second such store in India (the first one was launched in Pune some months ago), it stands out because it sells everything but motorcycles!
1 min
With rider, diabetics get cover from Day 1
● Immediate coverage helps those buying their first health plan
2 mins
Algo trading for retail soon
ADDITIONALLY, SEBI HAS suggested that exchanges must tag all algo orders with a unique identifier issued to ensure an audit trail.
1 min
Sebi needs to ensure people don't approach tribunal: ED
SEBI SHOULD WRITE regulations in such a way that people do not disagree and end up challenging decisions in the Securities Appellate Tribunal, a senior official said on Friday.
1 min
Brent prices climb 1% to 3-week high
OIL PRICES EDGED up about 1% to a three-week high on Friday on expectations additional sanctions on Russia and Iran could tighten supplies, while lower interest rates in Europe and the US could boost demand for the fuel.
1 min
Swiggy does a Zomato with Scenes
Swiggy's quick-commerce service Bolt rivals Zomato-owned Blinkit's pilot initiative Bistro as well as Zepto's offering Cafe
1 min
Will India's chess triumphs help attract marketing dollars?
RBL Bank lost no time and on Friday released advertisements congratulating its recently recruited brand ambassador D Gukesh for the World Chess Championship title win.
2 mins
Dilip Kumar's Bandra bungalow turns into 'Legend'
AS THE COUNTRY celebrated the 102nd birth anniversary of Bollywood legend Dilip Kumar, news of the redevelopment of his family bungalow in Bandra's Pali Hill area, in Mumbai, has made headlines.
1 min
India's ₹50,000-cr submarine plan stalls after sea tests
INDIA'S $6 BILLION (₹50,000-CRORE) plan to build submarines has stalled because of contractor complaints over whether proper procedures were followed during tests at sea, delaying the navy's efforts to bolster its capabilities as China expands its presence in the Indian Ocean.
2 mins
Financial Express Kolkata Newspaper Description:
Publisher: The Indian Express Ltd.
Category: Newspaper
Language: English
Frequency: Daily
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