Despite all of the PM's many strengths, it is increasingly clear that he does not necessarily have a coherent and clear worldview on matters of macro policy.
Cairn Energy and Air India have jointly asked a New York federal court to stay further proceedings in the British firm's US lawsuit targeting the airline for enforcement of a $1.2-billion arbitral award. The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI. The British company had won an international arbitration award against levy of such taxes and sought to take over Air India assets when the government refused to honour the award and pay it $1.2 billion-plus interest and penalty.
Infosys on Friday said a class action lawsuit filed against the company and some of its employees in the US district court has been dismissed. The move comes after whistleblower complaints alleging certain unethical practices by the top management emerged in October last year.
US e-commerce giant Amazon, which is said to be investigating alleged bribes paid by its legal representatives in India, spent a staggering Rs 8,546 crore or $1.2 billion in legal expenses for maintaining a presence in the country during 2018-20, sources said. Sources aware of the firm's public account filings said entities of Amazon - including Amazon Retail, Amazon Seller Services, Amazon Transportation Services, Amazon Wholesale, and Amazon Internet Services - paid Rs 3,420 crore in India during 2018-19 and Rs 5,126 crore during 2019-20 towards legal fees. Amazon is locked in a legal tussle over the takeover of Future Group and is facing a probe by the Competition Commission of India (CCI).
'Like you have your first child, your first kiss, your first relationship... this was a first for me.' 'I've never done this before.' 'When it got over, there was a feeling of disbelief that we managed to attain this feat in a matter of three days.'
'See to it that you have adequate skills that will make you so indispensable that they cannot fire you.'
MCA blamed its financial troubles on non-receipt of payments from the Board of Control for Cricket in India for the last 10 months.
Amazon on Thursday said it has received a show-cause notice from the Competition Commission of India (CCI) based on a complaint filed by Future Group, with which the e-commerce major is locked in a legal battle. The American company and Future Group - one of the biggest retail companies in the country - have been engaged in a bitter tussle after the latter entered into a Rs 24,713 crore deal with Reliance Industries for its retail, logistics and warehousing assets. "We are in receipt of a show-cause notice from the CCI based on the complaint filed by Future as a part of an ongoing dispute.
After years of living with his family in a poky 110 sq. ft. 'house', textile worker Sambhaji Surve dreams of moving into a home four times the size once the Maharashtra government starts its ambitious redevelopment of the 39-acre Kamathipura shanty town in south-central Mumbai. Sharing his dream are about 8,000 other families hoping for a better life when the redevelopment project, part of the government's effort to redevelop old settlements and make life more livable for some residents, gets underway. The Shiv Sena-Nationalist Congress Party aims to redevelop BDD Chawl and Dharavi but for Surve all the matters is Kamathipura where he arrived in the 1970s from Nasik to work in a textile mill. Kamathipura was originally built 150 years ago following construction of a causeway to connect the seven islands of Mumbai. From the British Raj to post-independence, it became infamous for slums and brothels.
DRS to be used in IPL this year: Rajeev Shukla
Indian economist Kalpana Kochhar, who heads the Human Resources Department of the International Monetary Fund, is leaving the organisation to join the Bill and Melinda Gates Foundation, the IMF announced on Wednesday. Kochhar, who served in various senior positions during her three decades at the IMF, will retire on July 30, it said.
State-owned Indian Oil Corp (IOC) on Friday said international oil prices have been range-bound in the last few weeks, warranting no revision in retail petrol and diesel rates. While petrol price hasn't changed since September 22, diesel rates have been static from October 2.
Kishore Biyani-led Future Retail Ltd on Thursday accused e-commerce giant Amazon of adopting a media strategy of "having every development reported and converted into a line of communication with stock exchanges" regarding the Amazon-Future Coupons' arbitration proceedings in Singapore. The Court of Singapore International Arbitration Centre (SIAC) had turned down a plea of Future Retail Ltd (FRL) to be excluded from being a party to arbitration. In a regulatory filing disclosing the development, FRL said,"...this disclosure is being made out of abundant caution to avoid any speculation given Amazon's media strategy of having every development reported and converted into a line of communication with stock exchanges."
Hazlewood to miss out again as Australia announce unchanged playing XI for final Test
'A key trend that one should expect to see is tonnes of failures.' 'Several blockchain-focused companies will fail.'
Automobile dealers' body FADA has urged the government to formulate a task force to monitor the compensation structure being worked out by Ford India for its dealer partners across the country. In a letter to Heavy Industries Minister Mahendra Nath Pandey, FADA president Vinkesh Gulati also requested the government to instruct Ford India to keep the industry body in the loop regarding the compensation structure for the dealerships. "We humbly request your Ministry's intervention... Create a task force which takes day-to-day updates from Ford India to monitor the compensation plan for automobile dealers and dealership employees," Gulati said in the letter.
US e-commerce major Amazon Wednesday apprehended the "disappearance" of assets and sought an interim order from the Supreme Court to ensure the preservation of assets of Future Retail Ltd besides resumption of arbitration over FRL's merger deal with Reliance Retail. A bench comprising Chief Justice N V Ramana and Justices A S Bopanna and Hima Kohli took note of the allegations of the US firm that the "applecart was being upset" by its rivals and asked the Future group firms, FRL and Future Coupons Ltd (FCPL), to respond to the interim plea of Amazon seeking resumption of arbitration and preservation of assets and fixed the hearing on March 23. Amazon and Future group are engaged in multi-forum litigations on the issue of FRL's merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd after the US e-commerce giant dragged the latter to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020.
Pakistan is yet to comply with 13 conditions out of the 27-point Action Plan of the FATF including curbing terror financing, enforcement of the laws against the proscribed organisations and improving the legal systems.
India has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in Swiss banks, as the government expands its efforts to combat the menace of black money.
The demands include pension for former players who have played less than 25 first-class games, pension for widows of former cricketers, increase in medical insurance from Rs 5 lakh to 10 lakh and a benevolent fund for Manoj Prabhakar.
"So you will not have anything better... democracy loving, capitalist respecting environment... in India," Sitharaman said at the event hosted by the Federation of Indian Chambers of Commerce and Industry in association with the US India Strategic and Partnership Forum.
'Although the protocols might seem very severe, they've had to put those in place to get government approval for these games to happen'
Amazon has asked Sebi to suspend its review of the Rs 24,713 crore Future-Reliance deal and not grant a no objection certification on the ground that its challenge to the agreement was before the Delhi high court. E-commerce major Amazon has written to Sebi again, this time apprising it about the admission of its appeal before the division of the Delhi high court and urged the market regulator to suspend the review of the Future-Reliance Industries Ltd (RIL) deal. This is the eighth letter by Amazon to the Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi since late October. Amazon has been opposing Future group's pact with billionaire Mukesh Ambani's RIL that was signed in August last year.
The villagers, led by Budha Ismail Jam, along with several other farmers and fishermen, allege that coal-fired Tata Mundra Power Plant in Tunda village in Kutch district, has resulted in widespread environmental damages.
"Reaching an international agreement on how large digital companies are taxed has been a priority for the chancellor since he took office," said a spokesperson for his UK treasury office. "The chancellor's consistent position has been that it matters where tax is paid, and any agreement must ensure digital businesses pay tax in the UK that reflects their economic activities. That is what our taxpayers would expect and is the right thing," the spokesperson said.
E-commerce major Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the division bench of the Delhi high court against the December 21 order of the single member bench, according to sources.
'Investors should keep them on their radar and invest over a longer time frame, and expect some of these companies to bite the dust.'
Klitschko and his brother Vitali, also a former world heavyweight champion and now the mayor of Kyiv, have both taken up arms against invading Russian forces.
The court asked them to furnish a bail bond of Rs 1 lakh with one surety of the like amount.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
The Internal Revenue Service announced on February 8 a special voluntary disclosure initiative designed to bring offshore money back into the US tax system and help people with undisclosed income from hidden offshore accounts.
Asked about the report, MEA spokesperson Anurag Srivastava said, "The political judgements of Freedom House are as inaccurate and distorted as their maps."
A primary producer said that the prices would be raised in tranches this month and the total increase could be Rs 6,000 a tonne.
Even as both India and the world struggle to re-build after COVID-19, they face slow-burn problems that could develop into full-blown crises, observes T N Ninan.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
'An ambassador may not be sure whether there would be a war next month, but prudence requires him to take action to see to it that people leave early.' 'Because once the war starts, it will be very difficult to move out.'
Six years ago, the company discovered an incident of embezzlement of about $4 mn by an employee.
The Supreme Court Monday stayed the ongoing proceedings before the Delhi high court in the case related to the amalgamation of Future Retail Ltd (FRL) with Reliance Retail. A bench of Justices R F Nariman, B R Gavai and Hrishikesh Roy posted the matter for hearing on May 4 and directed that all pleadings be completed in the matter. Amazon had moved the apex court on April 8 challenging the Delhi high court's division bench order that had vacated a stay on Kishore Biyani-led Future Group proceeding with its Rs 24,713 crore asset sale to Reliance Industries.
The minister also said a directive was issued on Sunday to airlines, restraining them from doing open bookings since they did not heed to government's advice in the matter
Nearly a decade ago, the first fully electric vehicle (EV) caught fire on the road in the US. It was a model from Tesla, the world's most admired EV maker. A metal fragment punctured the underbelly of the vehicle, penetrating its battery pack, leading to a fire. Indian lawmakers and automakers have had nine years to study the incident (in fact, three Tesla Model Ss caught fire in two months in 2013) but seem to have learnt little.
