CATEGORIES

US judge rejects new bail conditions for FTX founder

A FEDERAL JUDGE on Tuesday rejected a proposal to modify Sam Bankman-Fried's bail conditions, despite an agreement between the FTX cryptocurrency exchange founder and prosecutors to address potential witness tampering concerns.

SoftBank loses S5.9 bn more as Son skips earnings

SOFTBANK GROUP'S FIRST earnings report without founder Masayoshi Son went a lot like those he presided over the past few years: The Japanese conglomerate lost billions of dollars on failed startup bets.

Travelling abroad to cost more

IF AN INDIVIDUAL plans to go ona foreign vacation orinvest in stocks or realestate abroad,hewillhave to shell out a higher tax collected at source TCS) from July 1 as the government has proposed to increase the rate of TCS on foreign remittances under the Liberalised Remittance Scheme LRS) to 20% from 5%. However, the revised rate will not apply for remittances made for the purpose of foreign education and medical treatment.

‘We are not chasing GMV or growth at this stage’

With five verticals new auto business, used car business, financial service, insurance and international business the company has set sighton 70% growth this year. Inconversation with Akanksha Nagar, the firm's co-founder and CEO Amit Jain explains why the firm remains bullish on its international business despite the supply chain challenges it faces. Edited excerpts:

Easing entry of fresh capital

SEBI'S LATEST PROPOSALS NEED TO HAVE MORE BALANCED PROVISIONS FOR MAKING PE ENTRY AND SPONSOR EXIT COMFORTABLE WHILE PROTECTING UNITHOLDERS

Digital lending apps say no official word from govt on ban

THE DIGITALLENDERS' Association of India DLAI), which represents over 90 digital lending apps, on Tuesday said it has not received any communication from the ministry of electronics and information technology MeitY) with regard to restriction on any digital lending app or warning on any fraudulent practices.

Edtech most overhyped space in 2022, agritech underhyped, says survey

THE EDTECH SECTOR was the most overhyped space in 2022 according to 29% of startup leaders polled by InnoVen Capital,a venture capital VC) firm, which backs companies like Vedantu. That percentage has grown from 20% in 2021.

Tata Steel to invest up to 135,000 crore every year

TATA STEEL WILL continue to invest 10,000-13,000 crore a year going forward as it looks to double steel production to about 40 million tonne per annum mtpa) in India by 2030.The steelmaker willalso grow its downstream businesses such as tubes and wires in India.

Ambuja Cements net rises over 13% in December quarter

AMBUJA CEMENTS, ADANI Group’s building materials arm, on Tuesday posted a 13.23% rise in consolidated net profit of 488 crore for the quarter ended December, buoyant on higher production and capacity utilisation as demand picked up. The company had posted a net profit of 431 crore a year ago.

Adani Ports to repay loans of 5,000 cr in FY24: CEO

Expects net debt to Ebitda ratio declining to 2.5X by March 2024

At 66 MT, paddy purchase higher than year-ago level

FOUR MONTHS SINCE the commencement of paddy procurement by the Food Corporation of India FCI) and state government agencies for the 2022-23 current season October-September), the total purchase till Sunday was up marginally on year at 66 million tonne MT) which is equivalent of 51.4 MT of rice.

FM hints at review of 28% GST on cement

Seeks out-of-the-box ideas from India Inc to boost investment

States’ off-budget borrowings to fall 72% this fiscal

AFTERTHE CENTRE'S clampdown on states for resorting to fiscal indiscipline, states’ off-budget borrowings will likely fall 72% on year to 18,498 crore in the current financial year.

Transfers to states flat in FY23 despite 10% growth in Budget

TOTAL RESOURCE TRANSFERS to states by the Centre are estimated to be flat in the current financial year even though the Centre’s budget will expand by over 10%, reflecting lower growth in tax devolution and reduction in outlay for Finance Commission grants and capex loans to states.

Sabka Vishwas: Tax board on drive to recover 50k cr

THE CENTRAL BOARD OF Indirect Taxes and Customs CBIC) has decided to go after tax evaders, who had made declarations under the Sabka Vishwas Legacy Dispute Resolution) Scheme of 2019, but failed to pay the relevant tax subsequently.The drive aims to recover over 50,000 crore lying with the taxpayers.

Google unveils AI service Bard, its answer to ChatGPT

ALPHABET'S GOOGLE IS getting its ChatGPT competitor ready for prime time.

Boeing cuts jobs, ships a third of them to TCS

BOEING IS SLASHING around 2,000 jobs this year in its finance and human resources departments through a combination ofattrition and layoffs

Govt expects Voda Idea fundraise in 2 months

Substantial discussions carried out with firm, says telecom secretary

Beyonce breaks Grammy record; India's Ricky Kej wins his third

POP SUPERSTAR BEYONCE broke the record for most career wins at music’s Grammy awards on Sunday but lost again in the prestigious album of the year category, this time to British singer Harry Styles.

Energy sector seeing unprecedented growth: PM Modi

PRIME MINISTER NARENDRA Modi has invited investors to participate in the rapid growth being charted out by India's energy sector, saying that the major investment opportunities are being developed in the space.

Samsung eyes bigger premium slice

WITH APPLE DOMINATING the premium smartphone market in the country, Samsung is banking on its its latest offering Galaxy S23 series to get a bigger hold in India.

Sebi stresses transparency, compliance

Norms amended to designate big brokers

IL&FS initiates interim payout of 3,200 crore in group firm

INFRASTRUCTURE LEASING Financial Services IL&FS) has initiated an interim distribution payout of 3,200 crore in group company IL&FS Financial Services IFIN) to creditors, the highest till date.

Saudi Arabia says IT giants to invest more than 9 bn

SAUDI ARABIA HAS attracted more than 9 billion in investments in future technologies, including by US giants Microsoft and Oracle, which are building cloud regions in the kingdom, a government minister said on Monday.

Miners, self storage firms reopen M&A market in 40-bn rush

A FLURRY OF big deals in sectors ranging from mining to storage has provided respite for the world’s dealmakers after their slowest start to a year in two decades.

7.8-magnitude quake rocks Turkey, Syria; kills over 2,400

Rescuers hunt for untold numbers trapped in rubble

IndiGo: Optimistic outlook for Q4

Entry of new rivals may eat into Indigo’s market share going forward

SBI: Stellar performance continues

NIM soared 18bps led by repricing benefit and contained deposit cost

Pressure on the rupee recedes

THERE'S NO CERTAINTY IF RBI WILL BE ABLE TO REPLENISH ITS FOREX RESERVE STOCKS. THE PROCESS COULD BE QUITE LONG-DRAWN

Adani entities to move ahead with big-ticket projects as planned

PRIME PROJECTS BAGGED by various entities of the beleaguered Adani group will go ahead as planned with the ongoing turbulence triggered by the Hindenburg report not having any impact at the operations level.