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  • #31
    Haryana subsides pesticides to control locust

    The Minister said that it has been decided that for the control of the Locust, the stock of pesticides namely Chlorpyriphos 20% EC and Chlorpyriphos 50% EC have been made available through HAFED, Haryana Agro Industries Corporation, Haryana Seed Development Corporation and Haryana Land Reclamation and Development Corporation and the farmers can get pesticides at a 50 percent subsidy. Apart from this, farmers can also use pesticides such as Bendiocarb, Deltamethrin, Fipronil, Lamda Cyhalothrin an ..


    • #32
      Cognizant Pays $42 Million In Severance, Charges Relate To Exit Of 550 Associates

      Cognizant has incurred $48 million in restructuring charges, as part of its 2020 Fit for Growth Plan that includes $42 million in severance charges. Its CEO Brian Humphries said these charges relate to approximately 550 associates, most of whom the company expects will exit the firm by the end of March quarter. “We expect it will result in a cash impact of approximately $40 million in the first quarter, with full run-rate savings not achieved until Q2 for these associates.

      Cognizant said it needs to hire or reskill around 25,000 resources in 2020 and it has begun to operationalise on this. It had previously announced the hiring of 500 revenue-generating associates which is on track. Cognizant had said it will remove 10,000 to 12,000 mid-to-senior level associates from their current roles. Cognizant said that approximately $5 million of the $48 million Fit For Growth charges in the quarter related to retention and severance for approximately 1,100 of the expected 5,000 to 6,000 total associates to be impacted by the wind-down of this work. Cognizant said that approximately $5 million of the $48 million Fit For Growth charges in the quarter related to retention and severance for approximately 1,100 of the expected 5,000 to 6,000 total associates to be impacted by the wind-down of this work.


      • #33
        200 Per Cent Import Duty Hike To Hit Toy Business In India

        More than a one lakh retailers across the country will be hit by 200 per cent import duty hike, toy importers, who went on strike on Saturday, said. The Centre, in the Union budget, has proposed raising the import duty on toys from 20 per cent to 60 per cent from the next fiscal, saying that the step would support the MSMEs and promote local manufacturing. Protesting the move, the toy wholesalers of the city went on a one-day strike, contending that the import duty hike will result in the closure of businesses and a spur in unemployment.

        The wholesale market on Canning Street in the city wore a deserted look due to the strike. The toy importers and retailers will attempt to meet Union Finance Minister Nirmala Sitharaman during her visit to the city on Sunday, Banthia said. The country imports toys worth around Rs 2,500 crore annually, of which 75 per cent are from China, officials said. Of the Rs 2,500 crore import, Kolkata’s share is of Rs 130 crore, they added.


        • #34
          Mahindra Plans To Bring In Peugeot E-Ludix Scooter For Indian Market

          MahindraNSE 0.98 % & Mahindra is planning to bring in Peugeot Motorcycles e-Ludix scooter in the Indian markets. Designed in Pune, manufactured in Pithampur, The e-Ludix interestingly is being sold in France currently. The same brand is now being engineered to meet the Indian market cost. The Peugeot e-Ludix, earned the distinction of being the first electric 2-wheeler to join the fleet of the prestigious Palais de l’Elysée – the French President’s fleet. Owned 100% by Mahindra & Mahindra, Peugeot Motorcycles products have been explored for the Indian market a several times since 2016, but given the premium positioning of the Peugeot brand and price sensitivity in the current range of sold in India, the company put their plans on a back burner for India rollout. The company already sells electric three-wheelers, vans and cars, very soon, it will be adding a quadricycle, an SUV and Bus along with e-ludix to complete the portfolio. Mahindra also owns GenZe, a California-based manufacturer of electric bicycles and scooters. As of now, it develops and sells electric scooters exclusively for the US market.


          • #35
            Budget Proposals On DDT, Personal Tax Not To Impact MF Industry: Franklin Templeton Mutual Fund

            The proposed changes in Dividend Distribution Tax (DDT) and the new income tax system announced in the budget will not have any adverse impact on the mutual fund industry that showed resilience and maintained robust growth amid economic headwinds, a senior mutual fund official said. After the Union Budget was presented on 1 February, there had been some apprehensions on the growth of the MF sector in the coming days. Budget 2020 has proposed to make dividend income from mutual funds taxable in the hands of the recipient instead levying on companies and MFs, and withdrawn certain exemptions to get the benefit of lower tax slabs.

            Moreover, the dividend has to be more than Rs 5,000 a year for tax deducted at source (TDS) on dividend and even then it can be claimed back by filing returns if their total income is not taxable. In recent years, the share of individual investors in the MF industry had jumped to 54% in both equity and debt segment, Dastoor said. The official said number of investors in direct plans had jumped, which constitutes 44 percent of the assets under management (AUM). "The AUM of the Indian MF now stands at Rs 26.5 lakh crore, which is 20% of the total banking industry," he said. In 2018, the AUM was Rs 22.86 lakh crore.


            • #36
              Oil Prices Rise About 1%, Up From 13-Month Low As Virus Cases Slow

              Oil prices rose about 1% on Tuesday, up from 13-month lows as the number of new coronavirus cases slowed in China, easing some concern over the potential for lengthy oil demand destruction. The death toll surpassed 1,000 on Tuesday, though the number of new confirmed cases fell. The epidemic may be over by April, said the Chinese government's top medical adviser on the outbreak. Brent crude LCOc1 settled at $54.01 a barrel, up 74 cents, or 1.4%, having dropped on Monday to its lowest since January last year at $53.11. US West Texas Intermediate CLc1 crude settled at $49.94 a barrel, up 37 cents, or 0.8%. OPEC and allies including Russia are restraining output by 1.7 million BPD in 2020 to support the market and have been considering further curbs. An OPEC+ advisory panel proposed an additional cut of 600,000 BPD last week, but Russia has delayed delivering its official stance, frustrating some OPEC members. Oil prices pared gains in post-settlement trade after data from industry group American Petroleum Institute showed a bigger-than-expected build in U.S. crude stockpiles. Crude inventories rose by 6 million barrels last week, compared with analysts' expectations for a build of 3 million barrels, API said. The US government crude supply report is due on Wednesday.


              • #37
                Supertech to sell assets to fund completion of NCR homes

                Mumbai: Real estate firm Supertech is looking to sell its assets to raise fund for completing about 20,000 homes in New Delhi-NCR.

                Supertech chairman RK Arora told ET that the company has applied for the realty stress fund and as a backup plan, has identified several of its malls and hotels in tier II cities to raise Rs 700 crore.

                “For the stress fund, we have given a list of 12 projects, where 30% of the work has been completed. It (still) requires last mile funding of about Rs 1,500 crore. We are hoping for a positive outcome and are committed to deliver 20,000 flats by 2022,” said Arora.

                He said that due to a lack of funding, the pace of construction has slowed down, and only 50-60% of the flats are sold.

                “We are in talks to sell malls and hotels in Meerut and Haridwar to generate about Rs 700 crore. Once the money flow starts, there won’t be any issue as we have committed receivables of about Rs 4,000 crore,” Arora added.

                The 12 projects that require funding are Hilltown Hill View, Hill Town Crest, Golf Country, ORB and Capetown, Ecovillage 2 and 3, Romano, Sports Village, Meerut Sports City and Green Village, Hues and Azalia. The chairman said Supertech will not launch any product till they complete and deliver existing projects.

                Last edited by sahilsingh; 02-13-2020, 10:38 AM.


                • #38
                  Nissan Seeks $90m Damages From Former Boss Carlos Ghosn

                  Japanese carmaker Nissan has filed a civil lawsuit against its former chairman, Carlos Ghosn. The suit, filed at Yokohama District Court, seeks an initial amount of $90m (£69.5m). The company said it aims "to recover a significant part of the monetary damages inflicted on the company by its former chairman". Mr Ghosn, who faces financial misconduct charges in Japan, said the firm's "manoeuvres" were continuing. He is currently in Lebanon after jumping bail in Japan. He said in response to the lawsuit: "Nissan's manoeuvres continue: this complaint is made public on the eve of the Japanese group's financial results. "We note that after months of announcing damages of 35 billion yen, Nissan is now claiming 10 at the moment. Mr Ghosn's lawyers will react on the merits of the case once the content of the claim has been brought to their attention." Nissan said it expects the amount claimed in damages to "increase in future" as it seeks to recover fines it expects to have to pay to regulators because of Mr Ghosn's alleged misconduct. The company also said that it may pursue separate legal action over what it called "groundless and defamatory" remarks made by Mr Ghosn in a news conference he held in Beirut. At the conference, Mr Ghosn said: "My unimaginable ordeal is the result of a handful of unscrupulous, vindictive individuals."


                  • #39
                    Yes Bank Q3 Result Delayed Due To Fund-Raising Exercise

                    Private sector lender Yes Bank has delayed the announcement of its third-quarter (October to December) results of the current financial year on the ground of fund-raising exercise which is currently underway. The bank has received non-binding expressions of interest from several prominent investors including JC Flowers and Compamy LLC, Tilden Park Capital Management LP, OHA (UK) LLP (part of Oak Hill Advisors) and Silver Point Capital. The bank said its management is deeply engaged with the exercise which includes extensive work with investment bankers, legal and accounting advisors, investors and independent vendors for legal due diligence commissioned for investors. The bank's financials came under scrutiny last year due to burgeoning bad loans and management uncertainty after the Reserve Bank of India declined to extend the term of founder Rana Kapoor as the chief executive in 2018. Under the new Chief Executive Officer Ravneet Gill, the bank has managed to raise one round of funds through a share sale to institutional investors so far.


                    • #40
                      Whatsapp Pay Could Change Digital Payments Landscapes In India And Globally

                      WhatsApp Pay, the digital payment service by Facebook-owned instant messaging service WhatsApp, has finally got required approvals from India’s regulators for a phased roll-out. The company will start with 10 million users, and slowly scale up, Business Standard reported on February 8. WhatsApp’s announcement comes following approval from the National Payments Corporation of India (NPCI) that manages digital payments and settlement systems in the country. WhatsApp Pay is designed to run on the Unified Payments Interface developed by NPCI. The US-based company had earlier received a go-ahead from the Reserve Bank of India (RBI). WhatsApp has been piloting its payments service in partnership with ICICI Bank and this pilot has passed the third-party security audit. The RBI approval followed this audit clearance.

                      But the journey has not been a smooth one for WhatsApp Pay. As soon as the pilot began, a petition was filed before the Supreme Court alleging that WhatsApp Pay does not comply with India’s rules of data localisation and protection. Approval from the Reserve Bank of India (RBI) came after WhatsApp agreed to not store payments data outside India even at the trial stage


                      • #41
                        India Court Stalls Amazon, Flipkart Antitrust Probes

                        An Indian antitrust investigation of Inc and Walmart's Flipkart has been put on hold by a court, three lawyers involved in the proceedings told Reuters on Friday. Amazon this week challenged the investigation in a court in Bengaluru and the court has granted a stay of two months, according to a lawyer from P&A Law Offices representing Amazon and two other legal counsels involved in the matter. A lawyer for the Indian trader group, Delhi Vyapar Mahasangh, said he would appeal against the court's decision to put the investigation on hold. Amazon and Flipkart have faced mounting criticism from Indian retailers which accuse them of violating local laws by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers. The companies deny the allegations. Last month, the trade minister said Amazon wasn't doing India any "great favour" by announcing $1 billion in investment, laying bare the tensions with the US online retailer.


                        • #42
                          Karnataka HC Grants Interim Stay On CCI Probe Against Amazon, Flipkart

                          In a major relief to e-commerce majors Amazon India and Flipkart, the Karnataka High Court on Friday granted an interim stay on the Competition Commission of India’s (CCI’s) order of an investigation into some of the firms’ business practices. The order was delivered by Justice P S Dinesh Kumar on a petition filed by Amazon, seeking an interim stay on the CCI probe order, after hearing the matter over the past three days. The court has granted the respondents eight weeks to file a counter. “While we welcome and respect the decision of the Hon’ble High Court of Karnataka, this is just a step in the legal process. We are confident about our compliance,” Amazon said on a statement following the HC order. Amazon had made CCI, the Delhi Vyapar Mahasangh (DVM) and Flipkart as respondents. The CCI had ordered the probe based on a complaint filed by trade body DVM last month, which alleged that these players were giving deep discounts on online sales of smartphones, apart from cherry-picking sellers.


                          • #43
                            Transmission Of Rate Cuts Improving; Expected To Improve Further: Rbi Governor Shaktikanta Das

                            A customary post-budget meeting of Central Board of Directors' Reserve Bank of India (RBI) was held in Delhi on Saturday. The meeting was attended by Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das, MoS Finance Anurag Thakur, and others. "We have given a growth projection of six per cent for the next year, in line with the projections from the Finance Ministry," RBI Governor Shaktikanta Das said, post the meeting. On February 1, Sitharaman presented her second Union Budget on behalf of the NDA-2 government led by Prime Minister Narendra Modi. In the longest Union Budget speech in history, Sitharaman talked about tax regime, finance, agriculture, irrigation, water, sanitation, healthcare, education, infrastructure, women and digital connectivity, among others.


                            • #44
                              Duty Relief Proposed For Harley Motorcycles Ahead Of Trump Visit

                              In a move that will benefit Harley-Davidson, India has proposed a new tariff classification for motorcycles with a cylinder capacity exceeding 1,600 ccs, imports of which will be taxed in single digits. The plan is part of ongoing trade talks with the US. India had previously reduced the duty on completely built units (CBUs) of motorcycles of all engine capacities to 50% from 100%. The bikes are a sore point with the US. President Donald Trump, who has cited duties on Harley-Davidson in his trade-related criticism of India, will be visiting this month. “The issue of Harley-Davidson is already resolved. We will reduce the duty on the bikes above 1,600 ccs to a single digit,” said an official aware of the development, adding that India will create a new HS code for such bikes. India currently classifies motorcycles as those with engine capacities of 75 cc, 250 cc, 500 cc and 800 cc or above. Every traded product is categorised under an HSN code (harmonised system of nomenclature) — the global systematic classification of goods. In the April-December period, India imported $20.63 million of motorcycles with cylinder capacity above 800 ccs.


                              • #45
                                Reliance Industries To Merge Media, Distribution Businesses Into Network18

                                Reliance Industries on Monday announced the consolidation of its all media and distribution businesses under one umbrella brand 'Network18'. Under the scheme of arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments, which will be an integrated media and distribution company with a revenue of Rs 8,000 crore. The restructuring will create value-chain integration and render substantial economies of scale. It also simplifies the corporate structure of the group by reducing the number of listed entities, said a statement by TV18 Broadcast Ltd. "Reliance Industries announced a consolidation of its media and distribution businesses spread across multiple entities into Network18," the statement said. This will scale up Network18 "as one of the largest listed players in the sector", it added."The appointed date for the merger shall be February 1, 2020," it said. The board of directors of the respective companies approved the scheme of amalgamation and arrangement at their meetings held on Monday, it added.