CATEGORIES

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.

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.

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.

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.

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.

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.

Zepto FY24 revenue more than doubles to ₹4,454 cr

● Eyes profitability and listing by FY26

PV sales grow 4% in Nov, but two-wheelers see 1% decline

HIGH INVENTORIES

Carlyle mulls $1-bn IPO of Quest Global

MARKETS ON A HIGH

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.

PF withdrawals via ATMs likely from early next year

● Current checks and balances may get reduced

Constitution debate in LS sees heated exchanges

THE LOK SABHA on Friday witnessed heated exchanges between the Opposition and treasury benches, with defence minister Rajnath Singh alleging the Congress always chose power over Constitution, drawing a sharp counter from Priyanka Gandhi Vadra, who accused the BJP government of breaking the 'suraksha kavach' that the Constitution provided.

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 the blueprint for a cohesive action in partnership with the states.

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.

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.

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.

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.

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.

At 18, Gukesh is world's youngest chess champion

● Second Indian after Anand to win global title

Food, beverages at airports excessively priced: Flyers

A significant percentage of airline passengers said food and beverages that are sold at airports in the country are \"excessively\" priced, with some passengers paying more than 200% than at organised retail and railway stations, according to a survey.

'Himachal's fragility needs careful planning'

In this edition of the IE Thinc series, panellists discussed the impact of unplanned urbanisation, climate change, water scarcity and disaster management in the fragile Himalayan region, offering potential solutions for sustainable development. The session was moderated by Saurabh Parashar, Assistant Editor

PSUs spur impact across sectors through CSR activities

Public Sector Undertakings accounted for 26.23 per cent of the total CSR spending in FY 21-22, a recent CSR spending report revealed

Aspirational India, states & 16th Finance panel

AS INDIA HAS become more aspirational, state governments, cognizant of their prime role in accomplishing the national aspirations, have demanded that the 16th Finance Commission increase their share in the divisible pool of taxes to at least 50% to reduce the congenital inequality between the Union and the states.

PM stresses on IMEEC in talks with UAE leader

Prime Minister Narendra Modi on Thursday reiterated India's commitment to support long-term peace, stability and security in West Asia at a meeting with the UAE's Deputy Prime Minister Sheikh Abdullah bin Zayed Al Nahyan.

India votes in favour of UN resolution seeking Gaza truce

INDIA VOTED IN favour of a UN General Assembly resolution that demanded an immediate, unconditional and permanent ceasefire in Gaza and reiterated the demand for immediate and unconditional release of all hostages.

Biden pardons 39, commutes sentences of 1,500 others

OUTGOING US PRESIDENT Joe Biden said on Thursday he was pardoning 39 people convicted of non-violent crimes and commuting the sentences of nearly 1,500 others who were serving long prison terms.

Prez-elect antitrust trio to go hard on Big Tech

President-elect Donald Trump's antitrust picks are likely to take a hard-line on the tech giants, and a harder line on corporate consolidation than the average Republican.

S Korean President vows a 'fight to the end', bets on allies' support

SOUTH KOREAN PRESIDENT Yoon Suk Yeol said on Thursday he would \"fight to the end\" as his own political party shifted closer to voting with the opposition to impeach him over his short-lived martial law order that threw the US ally into turmoil.

Trump named Time's Person of the Year, rings NYSE bell

TIME MAGAZINE ON Thursday named US President-elect Donald Trump its \"Person of the Year,\" citing his deep impact on American politics and the country's role in the world.

ECB cuts rate for 3rd straight time as inflation nears 2%

THE EUROPEAN CENTRAL Bank lowered interest rates for a third consecutive meeting, signaling more reductions next year as inflation nears 2% and the economy struggles.