United States President Joe Biden on Monday issued pre-emptive pardons for General Mark Milley, Dr Anthony Fauci and members of Congress who served on the committee investigating the January 6, 2021, attack on the Capitol as a shield against possible retaliatory action against them by his incoming successor, CNN reported.
Among the new entries, the largest by market capitalisation are LIC, Avenue Supermarts (DMart), Adani Green Energy, Zomato and Jio Financial Services.
A BEST electric bus, traveling at a speed of 46 kmph, collided with a crowd in Kurla, Mumbai, killing seven people and injuring 42 others. The driver, Sanjay More, has been arrested for reckless driving. The accident has raised concerns about speed limits and training for drivers of automatic transmission buses.
Sanjay Malhotra takes charge as the 26th RBI governor at a time when headline retail inflation has shot up to 6.2%.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
The Bharatiya Janata Party on Thursday released its manifesto for the October 5 Haryana assembly polls, promising a monthly assistance of Rs 2,100 for women, two lakh government jobs for the youth and guaranteed government job for Agniveers hailing from the state.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
The bad assets or gross NPAs of commercial banks fell to a 12-year low of 2.8 per cent in March 2024 and may go down further to 2.5 per cent by the end of the current fiscal, said the RBI's Financial Stability Report (FSR) released on Thursday. Scheduled Commercial Banks' (SCBs) gross non-performing assets (GNPA) ratio fell to 2.8 per cent, and the net non-performing assets (NNPA) ratio to 0.6 per cent at the end of March 2024. "The asset quality of SCBs recorded sustained improvement, and their GNPA ratio moderated to a 12-year low in March 2024. Their NNPA ratio too improved to a record low," said the June FSR.
As the triangular political contest in Telangana intensifies, many believe that for the regional major BRS, it is a battle for survival after being routed in the assembly polls held late last year. What is haunting the party this time is the scams, the 10-year anti-incumbency factor, and family dominance in the party.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
Shareholders have given approval to the appointment of Ambani scions Akash, Isha and Anant on board of Reliance Industries, the company said in a stock exchange filing.
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
Among the Sensex firms, Bajaj Finserv, Tata Motors, Asian Paints, ITC, IndusInd Bank, State Bank of India, Tata Steel, Wipro, Infosys and Maruti were the major gainers. Tech Mahindra, HCL Technologies, Kotak Mahindra Bank, Titan and Larsen & Toubro were the major laggards.
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
If Ahmedabad is India's preferred candidate, as seems likely, hosting Olympics 2036 should give it a leg up: A bigger airport, a better metro network, more hotels, flyovers and so on, observes T N Ninan.
Seeking to put in place stricter norms for big entities that pose a threat to the whole system, the Obama Administration has also proposed setting up financial services oversight council.
The hope that the ongoing 13th round of negotiations towards an India-UK free trade agreement (FTA) could conclude with a deal for British Prime Minister Rishi Sunak to sign off in time for the India versus England World Cup cricket clash in Lucknow on October 29 seem to be fading, according to a UK media report on Wednesday. The Financial Times quoted officials briefed on the negotiations to say that a lack of movement towards opening up of the Indian market to British professional services in the field of law and accountancy is among the factors for the slowdown. So much so that cricket fan Sunak's proposed return visit to India after an inaugural visit as UK Prime Minister to New Delhi for the G20 Summit last month is looking "very, very unlikely to happen".
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
Describing the DAD as the "guardian of defence finance", he emphasised the need to bolster the internal vigilance mechanism so that any suspicious activity can be detected and reviewed immediately.
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
For all its claims to economic glory, the majority of India's population lives vulnerable lives, a situation that has only worsened over the past 15 years, to the extent that the government now fears to release economic data or even conduct a proper Census, notes Rathin Roy.
Rupee is under pressure against the dollar say currency watchers.
While Ambani, 66, drew nil salary from the company since the 2020-21 fiscal year, other executive directors including his cousins Nikhil and Hital are paid a salary, perquisites, allowances and commission. His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm.
The US House of Representatives averted a government shutdown on Thursday, narrowly passing a $1.1 trillion spending bill despite strenuous Democratic objections to controversial financial provisions.
Obama administration wants to force a wide range of large financial institutions to hold more capital as part of a sweeping regulatory overhaul
Appearing before the US house financial services committee along with seven other top US CEOs of companies which received a bailout fund from the federal government, Citigroup CEO Vikram Pandit said, "My compensation for the year 2008 was my salary, which is $ 1 million. I received no bonus. And as I stated earlier, I plan to take a $ 1 a year in salary and no bonus until we return to profitability."
'Clawback' provisions tied to federal bailout funds will be hotly contested. Right now only bankers who committed clear fraud are liable
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
The Congress needs to reorganise itself at the grassroots, infuse younger blood, and have more boots on the ground. Just offering freebies is not the answer anymore. Leadership matters, asserts Ramesh Menon.
'If we have to restrict and fight terrorism, first and foremost, we have to ensure communal harmony in the country.'
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
Federal Reserve Chair Janet Yellen on Wednesday pointed to a possible December interest rate "liftoff" but said rates would rise only slowly from then on to nurture the U.S. economic recovery.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
Although the Disaster Management Act for Covid containment measures, considered a hindrance in conducting the census, was withdrawn in March this year the Centre has not taken any further action on conducting the much-delayed population enumeration.
Sunak announced that the Immigration Health Surcharge (IHS) would be hiked from 400 pounds to 624 pounds.
In a landmark overhaul of colonial-era criminal laws, the Centre on Friday introduced in the Lok Sabha three bills to replace the IPC, CrPC and the Indian Evidence Act, proposing among other things repeal of the sedition law and introducing a new provision with a wider definition of the offence.
Amid mass layoffs in the tech sector, the federal agency for immigration services has said it is wrong to assume that sacked workers holding the much-sought-after H-1B visas have to leave the country within 60 days, asserting they have multiple options to stay in the US. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
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