Japanese automaker Toyota on Friday said stable regulations and reduction in taxes could help the company to bring in models with even better technologies to counter air pollution. While terming taxation structure in India as very complicated, Yoshimura, Managing Director, Toyota Kirloskar Motor, said that vehicles should be taxed on the basis of emissions rather than size or engine power. He pitched for hybrid cars in India saying the moving could help the country in reducing air pollution and save forex outgo on fuel imports. Under the GST regime, hybrid vehicles are charged at 28% with a cess of 15%.
Employees in India are likely to see a double-digit salary growth in 2019, but inflation may resist the hike at 5%. Salaries in India are expected to increase 10% in 2019 as compared to 9% last year and inflation-adjusted real-wage hikes are likely to rise to 5% from 4.7% in 2018. Consequent to rapid economic growth, India continues to enjoy the highest overall salary increases and real-wage growth in Asia," said Navnit Singh, Chairman & Regional Managing Director, Korn Ferry India.
Tech giant Microsoft announced the end of support for its Windows 10 mobile and urged users to shift to Android and iPhones. The company told users that Windows 10 Mobile will stop receiving new security updates after December 10. In 2017, the New York City Police Department (NYPD) had reportedly replaced 36,000 Windows phones with iPhones after Microsoft announced to discontinue mobile support services. Also Microsoft said its virtual assistant Cortana is no longer in direct competition with Amazon's Alexa and Google's Assistant.
Former US President George W. Bush delivered pizzas to his unpaid Secret Service personnel and called for the partial US government shutdown to end. Some 6,000 Secret Service employees are among the 800,000 federal workers not receiving paychecks. The US government shutdown, the longest in its history, entered the 28th day on Friday, as President Donald Trump's demand for $5 billion of funding to build the Mexico border wall is yet to be approved.
Former Infosys CFO T V Mohandas Pai on Saturday said Reliance Industries foray into the e-commerce space would reduce fears of digital colonization and dramatically lower costs. Pai said the move will immensely benefit consumers through a reduction in supply chain inefficiencies and delivery improvement. Mukesh Ambani announced his plans at the Vibrant Gujrat Summit to create an online-to-offline platform (O2O) for 1.2 million retailers in Gujrat before expanding the network pan-India. He also urged PM Narendra Modi to stop increasing "data colonization" by global corporations. Ambani said that data has become the new wealth.
US President Donald Trump will hold a second summit with North Korean leader Kim Jong-un in late February. The discussions will center around dismantling of North Korea's nuclear and missile programmes, the White House said. The two leaders had met on June 12 last year in Singapore for the first summit. The Trump administration, however, did not identify a location for the second meeting between the two leaders.
Reliance Industries Limited (RIL), will transfer liabilities worth Rs 65,000 crore related to its telecom arm, Reliance Jio, to its tower and fibre units which are proposed to be demerged. Reliance Jio Infocomm Ltd. has decided to demerge its tower and optic fibre network into Reliance Jio Infratel Private Ltd. and Jio Digital Fibre Ltd. Respectively. The company plans to monetise its tower assets and optic fibre network by selling stakes in the demerged companies. RIL has an outstanding debt of ₹2,74,381 crore ($39.3 billion) as on December 31, 2018.
ArcelorMittal SA, the world's largest steelmaker, is set to build it’s first-ever desalination unit in Brazil. The unit will be set up to handle unforeseen water needs at its plant in the eastern state of Espirito Santo, senior company executives said. The unit is aimed at lessening the company's dependence on state water utility company Cesan and avoiding production cuts at times of water crises as the state suffered in 2015 and 2016.
Electoral Bonds was introduced in the Budget 2017 to promote transparency in political funding. Electoral bonds can be bought from any of the branches of State Bank of India. Donation to political parties is eligible under two sections; section 80 GGC if you are an individual and section 80 GGD if you have donated as a company. The entire amount you donate is eligible for deduction. Donations exceeding Rs 2,000 cannot be made in cash. Political parties are also entitled to get an exemption on the face value of the bonds under section 13A.
A recent RBI guideline on delivery of bank credit can potentially increase the bad loan stress upto Rs 5.24 trillion. The RBI had last month issued guidelines stipulating that from April 2019, minimum 40% of fund- based limits of a borrower is required to be structured in the form of a 'loan component' with a fixed maturity. The implementation will require a rollover of Rs 4.10 trillion of working capital loans in FY20. Of this, loans worth Rs 1.90 trillion are likely to face high rollover risks due to weak operating cash flows and a high proportion of rollover requirement.
Total liabilities of the government has increased by 49% to Rs 82 lakh crore during the last four-and-half years. Data as per Finance ministry shows that the debt of central government stood at Rs 82,03,253 crore at the end of September 2018 as compared to Rs 54,90,763 crore till June 2014. The increase in overall debt has been driven by a 51.7% growth in public debt from Rs 48 lakh crore till June 2014 to Rs 73 lakh crore as at September 2018. Gold bond borrowings stood at Rs 9,089 lakh crore as compared to Nil during the same period.
The University of Oxford said on Thursday it has stopped accepting funding from China’s Huawei Technologies, the leading global supplier of telecoms network equipment, after scrutiny over the company’s relationship with China’s government. A Huawei spokesman however denied any knowledge of such decision by the Oxford University and claimed that he found out through media reports.
Speaking at the Gujrat Global Summit, Torrent group Chairman Sudhir Mehta said on Friday the group will invest Rs 10,000 crore in renewable energy, power and gas distribution businesses in Gujarat. The group has so far invested Rs 30,000 crore in the state in power and pharmaceutical sectors. Torrent Power currently has a thermal power generation capacity of 3,152 MW through a mix of coal and gas-based power plants. In the pharmaceutical sector, Torrent Pharma is among the major homegrown drug makers with a turnover of Rs 6,080 crore.
India’s richest person Mukesh Ambani committed to invest Rs 3 lakh crore in various projects in the next 10 years in Gujarat, ranging from energy and petrochemical to new technology and digital business. Reliance Industries operates the world’s largest oil refining complex at Jamnagar in Gujarat as well as petrochemical units at multiple locations in the state. Ambani called Gujrat the Janmabhoomi (birthplace) as well as its Karmabhoomi (workplace) of Reliance.
Industry lobby group Confederation of Indian Industry (CII) on Thursday met the RBI governor to address the liquidity issues faced by the housing finance companies (HFCs) and NBFCs. It requested the RBI to reduce the repo rate and cash reserve ratio (CRR) by 50 basis points each to ease credit flows to borrowers. The delegation led by Uday Kotak and Adi Godrej suggested measures such as refinance facility for mutual funds, removal of personal guarantees where sufficient collateral exists and issuing letters of undertaking (LoUs) for buyers’ credit for MSMEs.