For the best experience use inshorts app on your smartphone
RBI to transfer ₹57,128 crore as annual surplus to govt
short by Krishna Veera Vanamali / on 14 Aug 2020,Friday
The Central Board of the Reserve Bank of India, led by Governor Shaktikanta Das, on Friday approved the transfer of ₹57,128 crore as surplus to the government for the accounting year 2019-20. Last year, RBI's board approved a record payment of ₹1.76 lakh crore to the government, which included ₹1.23 lakh crore as dividend and ₹52,640 crore from surplus capital.
short by Krishna Veera Vanamali / 04:45 pm on 14 Aug
Russia not world's 1st to develop COVID-19 vaccine: Kiran Mazumdar Shaw
short by Pragya Swastik / on 13 Aug 2020,Thursday
Biocon's Executive Chairperson Kiran Mazumdar Shaw questioned Russian claims of developing the world's first safe coronavirus vaccine. "The world hasn't seen any data on Phase 1 or 2 trials...If launching vaccine prior to completion of Phase 3 trials is acceptable to Russia, so be it," she said. "But it doesn't make Russia world's first to develop the vaccine," she added.
short by Pragya Swastik / 08:10 pm on 13 Aug
Indian drugmaker to make J&J's potential COVID-19 vaccine, substance used in it
short by Krishna Veera Vanamali / on 14 Aug 2020,Friday
Hyderabad-based drugmaker Biological E has signed an agreement to make a drug substance used in Johnson & Johnson's COVID-19 vaccine candidate as well as the final vaccine product. Large-scale trials for the potential vaccine are set to start by October. Biological E has also signed a licensing agreement with Houston-based Baylor College of Medicine to develop a COVID-19 vaccine.
short by Krishna Veera Vanamali / 10:35 am on 14 Aug
No country allows sale of EVs without battery: Mahindra Electric on govt move
short by Krishna Veera Vanamali / on 14 Aug 2020,Friday
After the government allowed sale and registration of electric vehicles without pre-fitted batteries, Mahindra Electric CEO Mahesh Babu said no country has such a policy. "Up to sales, the OEM is responsible for the safety of the vehicle. A vehicle is tested, manufactured and sold as an integrated vehicle and the OEM is responsible for the warranty,” Babu added.
short by Krishna Veera Vanamali / 11:23 am on 14 Aug
Retail inflation in July rises to 6.93% as food prices rise nearly 10%
short by Pragya Swastik / on 13 Aug 2020,Thursday
India's retail inflation rose to 6.93% in the month of July, beyond the RBI's upper limit of 6%, the data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed. The food inflation, according to the Consumer Price Index (CPI) data, was 9.62% in July. The retail inflation for the month of June was revised to 6.23% from 6.09%.
short by Pragya Swastik / 06:24 pm on 13 Aug
Only 1.5 crore people pay income tax in a country of 130 crore: PM Modi
short by Krishna Veera Vanamali / on 13 Aug 2020,Thursday
PM Narendra Modi, while speaking at the launch of a new income tax platform, said that only 1.5 crore people pay income tax in a country with 130 crore population. "Those who are able to pay tax, but they are not in the tax net yet, they should come forward with self-motivation, this is my request and hope," he added.
short by Krishna Veera Vanamali / 12:36 pm on 13 Aug
Jewellery purchases over ₹1 lakh, ₹20,000 hotel bills to come under I-T scanner
short by Krishna Veera Vanamali / on 14 Aug 2020,Friday
The Income Tax Department is planning to expand the list of reportable transactions to include hotel payments over ₹20,000, purchase of jewellery over ₹1 lakh and electricity bills above ₹1 lakh a year. Other transactions that will come under the scanner include domestic business class air travel, foreign travel, payment of school/college fees over ₹1 lakh a year.
short by Krishna Veera Vanamali / 09:13 am on 14 Aug
Ambani to set up family council, members to have equal representation: Reports
short by Krishna Veera Vanamali / on 14 Aug 2020,Friday
The world's sixth-richest man Mukesh Ambani is reportedly setting up a family council to implement a governance structure as part of Reliance Industries' succession planning. The council will provide equal representation to all family members and may include external members who will act as advisors, reports said. The council will help make decisions relating to the family or its businesses.
short by Krishna Veera Vanamali / 09:46 am on 14 Aug
What is the faceless income tax assessment scheme launched today?
short by Krishna Veera Vanamali / on 13 Aug 2020,Thursday
Prime Minister Narendra Modi today launched a faceless income tax assessment scheme to eliminate the human interface in the assessment system. Cases for scrutiny will be allocated randomly and notices will be issued centrally with a Document Identification Number (DIN). Exceptions to the scheme include cases of serious frauds, major tax evasion, international tax and black money.
short by Krishna Veera Vanamali / 03:43 pm on 13 Aug
Tata Sons confirms it's considering bid for Air India
short by Krishna Veera Vanamali / on 14 Aug 2020,Friday
Tata Sons has confirmed that it is evaluating a bid for debt-laden Air India, adding it has no plan to bring in a financial partner. The government had extended the deadline to bid for the national carrier to August 31. Tata Sons already has two aviation joint ventures – Vistara with Singapore Airlines and AirAsia India with Malaysia's AirAsia Group.
short by Krishna Veera Vanamali / 01:17 pm on 14 Aug
US weekly jobless claims fall below 1 mn for first time since March
short by Kiran Khatri / on 13 Aug 2020,Thursday
New weekly claims for unemployment in the US fell below one million for the first time since March amid the coronavirus pandemic. Data showed that 963,000 claims were filed in the week ended August 8, a drop of 228,000 from previous week. Total Americans receiving unemployment benefits fell by 3 million to 28.3 million in the week ended July 25.
short by Kiran Khatri / 10:09 pm on 13 Aug
Several US companies, including Apple, Ford and Disney expressed their concerns over the effects of the executive order on WeChat, The Wall Street Journal reported. In a call with the White House, over a dozen firms specified the consequences the ban could have on their own businesses. Other companies that participated in the discussion include Goldman Sachs, Intel and MetLife.
short by Aishwarya / 09:06 pm on 13 Aug
John Lo, Tencent's CFO, said Tencent understands the US executive order was focused on its WeChat app and not its other businesses in the country. Tencent's executives specified, if the order doesn't affect WeChat's equivalent messaging platform Weixin in China, Tencent's business would be modest. Earlier, President Donald Trump signed an order banning transactions with Tencent.
short by Aishwarya / 05:10 pm on 13 Aug
Co-working space startup WeWork secures $1.1 bn from SoftBank
short by Aishwarya / on 14 Aug 2020,Friday
Co-working space startup WeWork has secured $1.1 billion in debt financing from SoftBank. The new financing raises WeWork's available cash and unfunded cash commitments to $4.1 billion. WeWork's second-quarter revenue fell to $882 million compared to its revenue of $1.1 billion in the first quarter. Earlier in July, WeWork had said it expected to have positive cash flow in 2021.
short by Aishwarya / 07:25 pm on 14 Aug
Mercedes-Benz parent Daimler to pay $3 bn to settle US diesel cases
short by Rishabh Bhatnagar / on 14 Aug 2020,Friday
Germany's Daimler, which makes Mercedes-Benz cars, will pay nearly $3 billion to settle cases around its cheat diesel emissions software. It will pay $1.5 billion to the authorities, $700 million to settle with car owners and expects further expenses of a "mid three-digit-million euro amount". Volkswagen had agreed to pay over $25 billion in US to settle a similar case.
short by Rishabh Bhatnagar / 10:09 am on 14 Aug
Eicher Motors' VECV to acquire Volvo India's bus business for ₹100 cr
short by Rishabh Bhatnagar / on 14 Aug 2020,Friday
Eicher Motors' arm VE Commercial Vehicles (VECV) has agreed to acquire Volvo Bus India (VBI) for ₹100.5 crore. Upon completion of the transaction, VECV and VBI will consolidate their bus businesses into a new bus division within VECV. "This division will offer Volvo and Eicher branded buses, and maximise synergies to capitalise on market opportunities," said VECV Chairman Siddhartha Lal.
short by Rishabh Bhatnagar / 10:43 am on 14 Aug
Core Investment Companies can have only 2 layers: RBI
short by Rishabh Bhatnagar / on 14 Aug 2020,Friday
The Reserve Bank of India on Thursday announced revised guidelines for Core Investment Companies (CICs) under which the parent CIC or CIC with the largest asset size will form a group risk management committee. To simplify group structures, number of layers of CICs within a group will be restricted to two. Revised rules have to be followed by March 2023.
short by Rishabh Bhatnagar / 10:46 am on 14 Aug
India's wholesale inflation falls 0.58% in July
short by Kiran Khatri / on 14 Aug 2020,Friday
India's Wholesale Price Index-based inflation fell 0.58% in July, its fourth straight month of decline, according to government data released on Friday. In June, the rate of deflation stood at 1.81%. Wholesale inflation in food articles was 4.08% in July as against 2.04% in June. Fuel and power basket inflation fell 9.84% in July, compared to 13.60% in previous month.
short by Kiran Khatri / 05:23 pm on 14 Aug
Mahindra Finance raises ₹3089 cr via rights issue, subscribed 1.3 times
short by Rishabh Bhatnagar / on 13 Aug 2020,Thursday
Mahindra and Mahindra Financial Services (Mahindra Finance), the NBFC arm of Mahindra Group, raised ₹3,089 crore through a rights issue. The issue was subscribed approximately 1.3 times, resulting in a demand generation of over ₹4,000 crore, said the company. The rights issue saw investor interest, including from small investors and institutional investors, both Indian and foreign, it added.
short by Rishabh Bhatnagar / 01:33 pm on 13 Aug
Gems, jewellery exports down 38% in July: Trade body
short by Rishabh Bhatnagar / on 13 Aug 2020,Thursday
India's gem and jewellery exports dipped by 38.1% in July to around ₹10,185 crore due to weak global demand caused by the COVID-19 pandemic, the Gem and Jewellery Export Promotion Council (GJEPC) stated. Exports stood at around ₹15,112 crore in July 2019. GJEPC Chairman Colin Shah said that he will promote ease of doing business to help manufacturing and exports.
short by Rishabh Bhatnagar / 01:47 pm on 13 Aug
1,787 big wilful defaulters owe over ₹37,000 crore to PNB
short by Kiran Khatri / on 13 Aug 2020,Thursday
As many as 1,787 big wilful defaulters owe outstanding loans of ₹37,020 crore to Punjab National Bank (PNB), as of June 30, according to a list uploaded by the bank. Mehul Choksi-promoted Gitanjali Gems had the highest outstanding loan of ₹5,064.84 crore. Gili India and Nakshatra Brands, which were a part of Gitanjali Group, owe ₹1,447 crore and ₹1,109 crore.
short by Kiran Khatri / 04:36 pm on 13 Aug
Finance Minister Nirmala Sitharaman has said that any communication from the Income Tax Department without a computer-generated Document Identification Number (DIN) will be invalid. Speaking during the launch of platform for "Transparent Taxation–Honoring The Honest", the FM added that faceless tax scrutiny assessment and appeal would help ease compliance burden of taxpayers and increase fairness.
short by Kiran Khatri / 05:41 pm on 13 Aug
Sashidhar Jagdishan is the worthiest person to lead HDFC Bank: Puri
short by Kiran Khatri / on 14 Aug 2020,Friday
HDFC Bank's outgoing CEO and MD Aditya Puri said that Sashidhar Jagdishan is the "worthiest person" to succeed him. "I've always maintained our best is yet to come, and with Sashi now at the helm I have no doubt that our best will come," Puri added. Jagdishan will be taking over as MD from October 27, when Puri turns 70.
short by Kiran Khatri / 06:45 pm on 14 Aug
State-run refiners stop hiring Chinese tankers to ship oil: Reports
short by Rishabh Bhatnagar / on 14 Aug 2020,Friday
India's public sector oil refiners have reportedly stopped hiring Chinese vessels to ship crude and petroleum products. State-run oil companies are also asking traders not to use Chinese tankers to send shipments, reported Bloomberg. However, reports also stated that the use of Chinese vessels is limited and the move will not impact trade flow significantly.
short by Rishabh Bhatnagar / 05:54 pm on 14 Aug
GoAir appoints Kaushik Khona as new CEO, to replace Vinay Dube
short by Kiran Khatri / on 14 Aug 2020,Friday
GoAir said that it has appointed Kaushik Khona as its Chief Executive Officer after Vinay Dube quit from the position on Friday. Dube, who was earlier the Jet Airways CEO, was appointed CEO of GoAir in February 2020. The budget airline did not have a CEO for about a year after the departure of C Vrieswijk in February 2019.
short by Kiran Khatri / 06:49 pm on 14 Aug
Load More
For the best experience use inshorts app on your smartphone