India Financial News

Janet Yellen stated on Friday that she is working to save a component of the global corporate tax agreement targeting highly profitable multinational corporations, and added that “India is refusing to engage on issues important to US interests".Yellen told Reuters in an interview on the sidelines of a G7 finance leaders meeting in Italy that China also has been “all but absent" in the negotiations to finalize “Pillar 1" of the OECD corporate tax deal reached in principle in 2021 that involves 140 countries."We are actively engaged in this negotiation," to meet an end-June deadline for the deal, Yellen told Reuters. “We're committed to doing everything we possibly can to make it work."Also Read: Yellen ‘Feeling Good’ About G-7 Alignment on Russian AssetsEarlier on Friday, Italian Finance Minister Giancarlo Giorgetti told reporters that the Pillar 1 negotiations were set to fail, citing objections from the U.S., India and China.The Pillar 1 negotiations primarily focus on redistributing the taxing authority concerning US-based digital giants, potentially enabling around $200 billion of corporate profits to be taxed in the nations where these companies operate.In addition to Pillar 1, the tax deal includes a second pillar involving the implementation of a 15% global minimum tax on corporate profits, which many countries are independently adopting.

Reserve Bank of India has granted its approval for the appointment of Pradeep Kumar Sinha as the Part-time Chairman of ICICI Bank. Sinha is set to assume this role for a term of three years, starting from July 1, 2024.

Passengers of a San Francisco-bound Air India flight from the city had a tough time on Friday as they had to wait inside the aircraft for more than five hours. The flight was later rescheduled for Saturday. An airline official said the Boeing 777 plane, which was scheduled to take off at 1600 hours, was first delayed due to a technical glitch, then some passengers deboarded and subsequently, another passenger fell ill.

Congress general secretary Priyanka Gandhi Vadra and Samajwadi Party leader Dimple Yadav who will be visiting Varanasi, Minister in Uttar Pradesh government Ravindra Jaiswal said the duo should also visit 'Tehkhana' in Gyanvapi complex and should have a glimpse of a God's idol present in the basement.

U.S. Treasury Secretary Janet Yellen said on Friday she is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms, but India is refusing to engage on issues important to U.S. interests.

Uttar Pradesh Chief Minister Yogi Adityanath on Friday said when the country was ruled by the Congress and state by the Samajwadi Party, one's day would begin with news about corruption cases and end with that of terrorist blasts. The chief minister's remark came during a public meeting at Pipraich in Gorakhpur parliamentary constituency where he was seeking votes for BJP candidate and sitting MP Ravi Kishan Shukla.

Nutanix sees its India growth rate outpacing its projected global metrics for Annual Recurring Revenue (ARR) and profitability, CEO Rajiv Ramaswami told ET in an exclusive interaction on the sidelines of the company's annual .NEXT conference being held here.

Election Commission has asked concerned Chief Electoral Officers and state authorities to take adequate measures to manage the adverse impact of hot weather or rainfall wherever predicted in the sixth phase of Lok Sabha polls.

NASA will soon provide advanced training to Indian astronauts, with the goal of mounting a joint effort to the International Space Station, a top American diplomat said Friday. US Ambassador to India Eric Garcetti made these remarks while speaking at the "US-India Commercial Space Conference: Unlocking Opportunities for US & Indian Space Startups," hosted by the US-India Business Council (USIBC) and the US Commercial Service (USCS) in Bangalore.

post-pandemic period, triggered by revenge shopping. Zara, the world's biggest clothing retailer, and Starbucks, the largest coffee retailer globally, saw their slowest ever sales growth in India during FY24, excluding the pandemic year. Vedant Fashions, which owns men's ethnicwear brand Manyavar, said this is the first time it has seen a weak wedding season for five quarters in a row, though a lower base will make for better sales numbers upon recovery.

Indian chipmaker, which has developed solutions for direct broadcasting of content on mobile phones, has termed a recent report of the telecom department's technical wing on the tech standards for the service as «rigged, favouring multinationals» and against strategic and national interests. The Telecommunications Engineering Centre (TEC) report has suggested that 3GPP 5G broadcast standards — backed by global chipmakers Qualcomm and Samsung, telecom equipment vendors Nokia and Ericsson as well as Indian telecom operators — have superior ecosystem readiness for direct-to-mobile (D2M) broadcasting compared with the ATSC 3.0 protocols. Bengaluru-based Saankhya Labs has developed chipsets and radios for D2M broadcasting under the ATSC 3.0 protocols and the Indian Institute of Technology-Kanpur has done a trial based on its solutions. The Saankhya model allows users to access live content on mobile phones, akin to TV, without an active mobile data connection. D2M technologies based on 3GPP standards require an active mobile data connection.

State Bank of India (SBI), the country's largest lender, has kicked off the new project funding regime with a loan clause that enables it to transfer to the borrower any increase in cost resulting from implementation of proposed tighter provisioning regulations, even as the industry is lobbying against the move, people with knowledge of the matter told ET. A new clause in the lender's loan document explicitly states that for any regulatory change that requires SBI to make higher provisions, the bank will pass on the cost to the borrower. This would give the bank the right to raise rates even after sanctioning a loan at a particular interest rate. Early May, the Reserve Bank of India (RBI) issued comprehensive draft guidelines on financing and accounting of project loans. It proposed that banks set aside 5% as provisions on infrastructure and commercial real estate that are under construction, and this provision will come down gradually after the project is operational.

Indian films and were floored by Raj Kapoor, Mithun Chakraborty, Hema Malini and Shah Rukh Khan years ago. Now, after a gap of about three decades, industry players and authorities are working to reignite the old cultural affiliation through Indian films by increasing film shoots and screenings of Indian films in Russia. Film production and distribution companies and government officials in Russia are looking to attract Indian filmmakers and films now that Hollywood films are absent in Russia following the Russia-Ukraine conflict. Sarfaraz Alam Safu, who runs Kartina Entertainment, a line production company for Indian films in Russia and CIS countries, said Indian filmmakers are showing increasing interest and parts of some recent films including Sardar Udham, Pathan, Tiger, and Jugjugg Jeeyo were shot there.

Thomas Piketty suggests India should impose a wealth tax on the ultra-rich to tackle inequality and create fiscal space for investments in the social sector. The paper, released on Friday, suggests imposing a 2% annual tax on net wealth over ₹10 crore, and a 33% inheritance tax on estates exceeding ₹10 crore in valuation. This could generate revenue amounting to 2.73% of gross domestic product (GDP), it said. According to the paper, Towards Tax Justice & Wealth Redistribution in India: Proposals, based on the latest inequality estimates, 0.04% of the adult population holds more than a quarter of total wealth, and imposing this tax would leave 99.96% unaffected. «Progressive wealth taxation, effective redistribution, and broad-based social sector investments are urgently needed to build an equitable and prosperous India,» said Anmol Somanchi, one of the four authors of the report.

Apple faced an unanticipated challenge soon after it opened two company-owned stores in India last April — many customers wanting to pay in cash — prompting the iPhone maker to install currency note counting machines in both the Mumbai and Delhi outlets. With customers continuing to stream in with wads of notes to buy mobile phones or computers, payments for 7-9% of the American firm's sales in the two stores in India are made with cash, compared to less than 1% or even nil in its stores in the US or Europe, according to people with knowledge of the matter. Unsurprisingly then, social question-and-answer website Quora is full of queries from consumers on whether they can pay in cash at Apple stores in India, they said.

sixth and penultimate phase of Lok Sabha Elections 2024 today, May 25. All 10 seats of Haryana and seven seats of Delhi are polling in this round of voting.The voting, which begins at 7 am, is being held in Bihar (8 seats), Haryana (all 10 seats), Jammu and Kashmir (one seat), Jharkhand (4 seats), Delhi (all 7 seats), Odisha (6 seats), Uttar Pradesh (14 seats), West Bengal (8 seats).

MUMBAI : With barely a fortnight left for the Lok Sabha election results on 4 June, foreign portfolio investors (FPIs) have significantly toned down their bearish sentiment in Indian markets. On Thursday, they cut their cumulative net short positions on index futures contracts by a whopping 121,415 contracts to 98,351 contracts, from 219,766 a day earlier. Along with their purchase of a provisional ₹4,670.95 crore of shares, this short-covering was a key reason why the markets tested a fresh high of 22993.60 on Thursday.

sixth and penultimate phase of Lok Sabha Elections 2024 today, May 25. All 10 seats of Haryana and seven seats of Delhi are voting in this round of polling. Elections to 486 of the 543 Lok Sabha seats will be over by the end of phase 6 polling today.

Sun Pharma, India's largest drug maker, will pursue licensing and acquisitions to expand its speciality business, the company's senior executive said. «M&A — we have always tried to be very judicious; looked at ways by which we can use licensing or acquisitions as a way to fill the gaps in our portfolio and achieve our strategic goal,» said Abhay Gandhi, CEO-North America Business at Sun Pharma. «Of course, having a cash chest of close to $2.4 billion inclusive of Taro enables us to pursue mid- to large-size transactions as well,» Gandhi said.

National Company Law Tribunal (NCLT) has admitted Srei Infrastructure Finance's petition to initiate a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT after it defaulted on the repayment of a loan. Srei Infrastructure Finance had granted a term loan of Rs 150 crore to Supreme Infrastructure BOT for a period of five years. The loan was intended for use in infrastructure projects. Following this, various security documents were executed between both parties. However, the borrower defaulted on the loan repayments, prompting the financial creditor to recall the loan in August 2018.

economic activity in FY25 and the growth momentum is expected to continue through the first quarter, the finance ministry said on Friday, flagging, however, risks from volatile global oil and other commodity prices. In its monthly economic report for April, the ministry said the industrial activity is rising and fixed investment is gathering strength on the back of elevated government capital spending that is also crowding in private investment. «Major pillars of India's macro-economic strength, including growth, price stability and fiscal management, are directionally positive and mutually reinforcing,» it said.