ECONOMY & NATION


The Enforcement Directorate (ED) is likely to register a money laundering case against AirAsia Group CEO Tony Fernandes and others accused of violating FDI norms and allegedly attempting, through bribery, to get the rules tweaked for a licence for its joint venture AirAsia India Ltd (AAIL) to...

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The central government's plan to divest a majority stake in the national passenger carrier Air India seems to have run into trouble, as no bids were received for the cash-strapped airline.   According to the Ministry of Civil Aviation, "no response" was received till 5 p.m. on...

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Moneylife Digital Team 31 May 2018
Cyrus Mistry, former Chairman of Tata Sons on Thursday questioned degradation of Tata brand due to the AirAsia India case. While refuting all allegations made by R Venkataramanan, who held various posts in the Tata group besides owing a stake in AirAsia India, Mr Mistry, says, "The Board of...

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Taponeel Mukherjee (IANS) 31 May 2018
The decision by the Reserve Bank of India (RBI) to grant banks the option to spread provisioning equally over up to four quarters for mark-to-market (MTM) losses on investments is one that merits discussion.   These investments are those held in Available for Sale (AFS) and Held for...

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The unions in the banking sector are squarely blaming the Indian Banks' Association (IBA) for forcing them to resort to a strike that entered the second and last day on Thursday.   "It is the IBA which has put the banking public to trouble and not the unions. The unions had given...

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Canara Bank on Wednesday said it closed last year with a net loss of Rs 4,222.24 crore on a total income of Rs 48,194.94 crore.   In a regulatory filing in BSE, Canara Bank said last fiscal, it had posted a net loss of Rs 4,222.24 crore as against a net profit of Rs 1,121.92 crore...

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Despite the promise of `Make in India' and the rhetoric of defence modernisation, the fortunes of India's ship building industry continue to sink, with more and more companies slipping into the red.   The latest addition to the list is L&T Shipbuilding Ltd.   The independent...

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Tesla CEO Elon Musk said on Wednesday that he would love to roll out Tesla electric cars in India but the tough government regulations have forced him to apply the brakes on his plans till date.   "Would love to be in India. Some challenging government regulations, unfortunately,"...

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Prices of petrol and diesel were cut by one paise on Wednesday after the Indian Oil Corp's (IOC) website initially showed a fall of around 50-60 paise per litre of the fuels.   IOC described the incident as a "technical glitch" and clarified that actual price cut was of one paise a...

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Moody's Investors Service report on Wednesday has cut India's GDP growth forecast to 7.3 per cent in 2018, from previous forecast of 7.5 per cent due to higher oil prices and tighter financial conditions.   "The Indian economy is in cyclical recovery led by both investment and...

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Moneylife Digital Team 30 May 2018
According to CMIE’s research on rural wages, the year-on-year growth in wages has faltered to a 3-year low of 3.09% in January 2018. The growth in the same month a year ago was 6% and it was 4.7% the year before that. If inflation were to be factored in these numbers, the real growth has been...

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Moneylife Digital Team 29 May 2018
The Central Bureau of Investigation (CBI) has registered a case against several top executives of AirAsia, including the company's director R Venkataramanan, who owns a 1.5% stake in the airlines and AirAsia group CEO Tony Fernandes, a Malaysian billionaire, for allegedly trying to...

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The current crisis in the Indian banking sector has led to calls for privatisation of public sector banks (PSB). However, the private sector is no paragon of great virtue. Moreover, the faithful advocates of privatization are ill-informed of the real issues. The huge crowds that throng PSBs...

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Moneylife Digital Team 29 May 2018
While the Reserve Bank of India (RBI) has launched a SMS and advertisement campaign to promote no-frills accounts, it seems completely unaware of the harassment meted out to these customers by banks — either in the form of conversion to standard accounts or freezing their accounts after four...

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Reliance Infratel, a subsidiary of Reliance Communications (RCOM), has informed the National Company Law Appellate Tribunal (NCLAT) on Tuesday that an amicable settlement has been arrived at with its minority investors holding 4.26 per cent equity in the company, and consent terms will be...

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The rainy season arrived in India almost three days ahead of the forecast with Kerala coasts receiving the first showers of the Southwest monsoon, the India Meteorological Department (IMD) said on Tuesday.   "Widespread rainfall occurred over Kerala during the past three-four days....

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The Enforcement Directorate (ED) on Tuesday said it has attached Vikram Kothari owned Kanpur-based Rotomac Global's properties worth Rs 177 crore in connection with a money laundering case involving an alleged bank fraud amounting to Rs 3,695 crore.   The attached properties of the...

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The CBI has registered a case against AirAsia airline CEO Tony Fernandes and others for violation of certain international aviation rules, an official said on Tuesday.   The agency on Tuesday also conducted searches at multiple locations in here, Mumbai and Bengaluru in connection...

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Moneylife Digital Team 28 May 2018
About 10 lakh officers and employees from government and private banks will go on a 48-hour strike starting on 30 May 2018, following failure of talks between the bank unions and government.   The strike proposed by United Forum of Bank Unions (UFBU), an umbrella body of nine union in...

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The Tamil Nadu government on Monday issued orders closing the copper smelter plant in Thoothukudi owned by the Vedanta Group, a week after 13 people were killed in police firing during protests against continued functioning of the unit.   The Government Order said it has been brought...

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