CATEGORIES

China issues draft rules to expand cross-border e-commerce

China on Tuesday issued draft rules to promote construction of overseas warehouses and expand cross-border e-commerce businesses, which have become a vital force in its foreign trade.

US says Netanyahu backs ceasefire plan

US Secretary of State Antony Blinken said Israeli Prime Minister Benjamin Netanyahu reaffirmed his commitment to a ceasefire proposal during a meeting in Jerusalem, as the US tries to gain momentum for a plan announced by President Joe Biden.

Ikea lost $5,000 when each worker quit, hence it began paying more

Ikea's workers were quitting in droves in the US.

IBBI proposes to reduce compliance burden on RPS

The Insolvency and Bankruptcy Board of India (IBBI) has proposed to simplify the forms submitted for the corporate insolvency resolution process (CIRP) by resolution professionals (RPs).

'DGFT should review Para 2.12 of FTP'

The issue regarding whether the foreign banks provide services to the banks in India that put through the transactions on your instructions or whether the foreign banks provide services to you, with the Indian banks acting only as intermediaries is far from settled.

Process to select next PNB chief to begin in July

With the tenure of Punjab National Bank (PNB) Managing Director (MD) and Chief Executive Officer (CEO) Atul Kumar Goel scheduled to end by December 31, the process to select his successor will begin next month, said a senior official.

Insurers can't reject claims for lack of documents: Irdai

The Insurance Regulatory and Development Authority of India ☐ (Irdai) said on Tuesday that no claim shall be rejected by general insurance companies for \"want of documents\".

Tribal leader Mohan Majhi to be BJP's 1st CM in Odisha

Prominent tribal face and four-time Bharatiya Janata Party (BJP) legislator Mohan Charan Majhi will take oath as the chief minister (CM) of Odisha in the presence of Prime Minister Narendra Modi in Bhubaneswar on Wednesday.

BPCL sale completely off the table: Puri

BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time.

Rupee hits new low ahead of Fed meeting

The rupee settled at a new closing low of 83.57 against the US dollar on Tuesday, tracking the rise in the dollar index and increased demand for the greenback among oil importers, according to dealers.

Govt restricts import of gold jewellery amid unusual surge

The government on Tuesday imposed restrictions on the import of gold jewellery and parts from all countries, except from its free-trade agreement (FTA) partner United Arab Emirates amid an 'unusual surge' in the inbound shipments.

HDFC Bank raises FD rates by 20 bps

HDFC Bank, the largest private sector lender, has raised retail fixed deposit rates by up to 20 basis points (bps) across various buckets with effect from June 10.

I-T dept set to complete 170K reassessments by next March

The income tax (I-T) department could complete by March 2025 reassessments of 170,000 notices issued between March 2021 and March 2024 for undisclosed income in past assessment years.

SBI to scale up global ops through GIFT City

June State Bank of India (SBI), the country's largest bank, with about $80 billion balance sheet size of global operations, will step up focus on doing business through International Financial Services Centre (IFSC), GIFT City, in Gujarat's Gandhinagar, SBI executives said.

India to remain fastest-growing among largest economies, says World Bank

Retains FY25 growth forecast at 6.6%

Swiss trial: Nanny was like 2nd mum, says Ajay Hinduja

The scion of the Hinduja family rejected allegations he overworked an Indian nanny at his Swiss villa, saying it would've been idiotic to do so when she was like a \"second mum\" to his kids.

Wadhwani Foundation ties up with IITS, AICTE

The increasing integration of artificial intelligence (AI) across sectors will cause a short-term churn, but lead to a substantial increase in productivity in the long term and fuel job creation, said Ajay Kela, president and chief executive officer, Wadhwani Foundation.

Persistent partners Google Cloud to drive GenAl growth

Information technology (IT) services firm Persistent Systems has entered into a long-term partnership with Google Cloud to drive the adoption of generative artificial intelligence (GenAI) in the United States, the United Kingdom, India, and Australia.

DPIIT officials, Flipkart, toy makers to meet today

Senior officials from the Commerce and Industry Ministry, Walmart group firm Flipkart, and domestic toy makers will discuss on Thursday ways to increase sourcing and immediately taking manufacturers onboard the e-commerce platform, an industry official said.

Pharma sales hot up on weather changes

The Indian pharmaceutical market (IPM) grew 5.2 per cent in May 2024, aided by a double-digit value growth in antiinfectives (12 per cent) and respiratory therapy areas (10.2 per cent) due to a sudden change in weather across the country, according to market research firm Pharmarack.

Tata Steel's Port Talbot unit caught in political crossfire

Firm reiterates closure of blast furnaces at plant; 2,800 jobs may be impacted

Luxury home fittings firm Hansgrohe bets big on India

Latching on to India's growing appetite for premium products, German luxury home fittings maker Hansgrohe is seeing the country among its top five markets globally in terms of sales over the next few years.

Zomato to invest ₹300 cr in Blinkit

Food delivery platform Zomato will invest 300 crore in its quick commerce business Blinkit, according to regulatory filings sourced from business intelligence platform Tofler.

Siam pushes for GST reduction on low-carbon 2Ws

The Society of Indian Automobile Manufacturers (Siam) has written to the Ministry of Heavy Industries, seeking a reduction in the goods and services tax (GST) on low-carbon two-wheelers.

L&T looks to crack China hi-tech code

Deploys on-ground teams, taps MNCs

Utility vehicles log 50% higher exports in May over low base

Exports of utility vehicles (UVs) were up 50.5 per cent in May 2024 owing to a low base in the same month of the previous year, while domestic wholesales and production went up 17.6 per cent and 26.9 per cent, respectively, shows the data released by the Society of Indian Automobile Manufacturers (Siam).

iPhone exports from India hit $2 billion in April-May

Apple's vendors achieve 25% of FY25 target under PLI scheme

Value-add target in new electronics PLI scheme may double

Meity in talks with FinMin, NITI to finalise components scheme

Back to business: Ministers checkin

The staid corridors of Shastri Bhawan, home to various Union ministries, were a riot of colour on Tuesday.

TaMo to charge up EV plans with ₹18K cr bet

Investment to span over 6 years, targets 20% share in PV market by FY30