ECONOMY & NATION


Cezary Podkul (ProPublica)  and   Anne Skjerning  and   Tor Johannesson (Borsen) 13 July 2016
Goldman Sachs, Citigroup, Merrill Lynch and other international banks have profited for years by arranging short-term loans of stock in Danish companies, a maneuver that has helped shareholders but deprived Denmark of substantial tax revenues.   With the banks' help, stock owners...

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Minority Affairs Minister Najma Heptulla and Minister of State for Heavy Industries G.M. Siddeshwara put in their papers on Tuesday and President Pranab Mukherjee has accepted their resignations.   Union Minister Mukhtar Abbas Naqvi, who was Heptulla's deputy, was promoted and given...

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Moneylife Digital Team 12 July 2016
Indian homebuilders with significant investments in the London property market will face near-term challenges from Britain's vote to leave the EU on June 23, says Fitch Ratings. Indiabulls Real Estate Ltd and Lodha Developers Pvt Ltd have significant exposure to the luxury residential and...

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Beijing on Tuesday said it neither accepts nor recognises the award of an arbitral tribunal in the South China Sea arbitration established at the request of the Philippines.   "The award is null and void and has no binding force," Xinhua news agency quoted Chinese Foreign Ministry as...

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Moneylife Digital Team 12 July 2016
The union government has launched its ambitious Income Declaration Scheme, 2016 (the scheme or IDS) as Chapter IX of the Finance Act, 2016. The scheme is effective from 1st June to 30 September 2016. However, several chartered accounts (CAs) have highlighted the gap (or lack of sufficient...

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Moneylife Digital Team 11 July 2016
Earnings of banks in the second half of FY15-16 were marred by asset quality review (AQR)-related stress addition and provisioning. According to a report from Motilal Oswal Securities, banks are expected to report better Quarter-on-Quarter (Q-o-Q) earnings in the June 2016 quarter. However,...

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Moneylife Digital Team 11 July 2016
Net profit  for  the  quarter (Q1FY17)  was  Rs661.38  crore  for IndusInd Bank, as  against  Rs525.04  crore  in  the  corresponding quarter of the previous year, showing a growth of 26%, according to a release from the bank.   Performance highlights for the quarter ended June 30,...

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The UK's decision to exit the European Union will not have any significant credit impact on India and other countries in the Asia Pacific region, Moody's Investors Service said on Monday.   However, in case of countries where fiscal and monetary policy space is constrained, a shift in...

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Bank employees are preparing to strike work on Tuesday and Wednesday after talks between their representatives and bank managements failed on Friday, C.H. Venkatachalam, a union leader, said on Saturday.   The managements "made no concrete proposal" to the employees who have been...

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Sukanya Bhattacharyya (IANS) 08 July 2016
Pushed by the rising use of oil as a medium for cooking in rural areas and the falling production of oilseeds, India’s edible oil imports more than doubled in the decade to 2015, according to ministry of consumer affairs data.   Consumption in rural households rose 40% and urban 29%...

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Moneylife Digital Team 07 July 2016
Bandhan Bank has transitioned well from a micro-finance institution to a bank after commencing banking operations in August 2015. Brokerage firm Religare has come up with some interesting insights on this unlisted Kolkata-based bank based on its annual report.    Up to March 2016, it...

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Bengaluru: The Reserve Bank of India's (RBI) central board, which met here on Thursday after seven years, discussed macroeconomic developments, budget and setting up of Monetary Policy Committee, an official statement said.   "Besides macroeconomic developments, the board discussed...

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London: The pound sterling on Thursday continued to hover around 31-year lows in Asian trading as more UK property funds suspended withdrawals in the wake of Britain voting to exit the European Union (EU).   However, the Japanese yen was rising for a third day against the dollar as...

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New Delhi: The Income Computation and Disclosure Standards (ICDS) shall be now applicable from April 1, 2016 instead of April 1, 2015, since tax payers might have already filed income tax return without incorporating compliance with the ICDS, the Finance Ministry said here on...

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Admiral Arun Prakash -Retd (IANS) 07 July 2016
If the recent induction of the indigenous Tejas Light Combat Aircraft (LCA) has received a muted welcome from the IAF, there are very good reasons for it. While the nation and the defence-industrial complex may celebrate a milestone in military indigenisation, the service, charged with the...

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New Delhi: The Union government on Wednesday set up a four-member committee to examine the desirability and feasibility of having a new financial or fiscal year, an official statement said.   "The committee, headed by former Chief Economic Adviser Shankar Acharya, will examine the...

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Rekha Bhattacharjee (IANS) 07 July 2016
Lawyers here are all set to lodge a class action in the Australian Federal Court (AFC) on Thursday to demand freezing of the Chandigarh-based Pearl Group's real estate assets in Australia.   It has been alleged that Pearl Group was running a ponzi scheme which had swelled to over Rs...

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As consumers wait to see the cheapest smartphone (less than $4) at its scheduled launch in the capital on Thursday, its Noida-based makers have made another pitch for the government's support to make their loss-making venture "work for millions" who don't own such a phone.   According...

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Telecom regulator TRAI has said it will soon float a consultation paper to decide on the service quality norms for mobile data.   TRAI Chairman R.S. Sharma said a consultation paper to fix quality of service benchmark for wireless data will be issued soon, which will be put on the...

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Doubting India's claim of a 7.5% growth, the economic diplomacy arm of the US State Department has said that the Indian government must pursue reforms to match the rhetoric even as key bills struggle to get past parliament.   "Ostensibly, India is one of the fastest growing countries...

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