2020 Financial News

Gujarat government has decided to extend the ban on fishing activities in the Arabian Sea by a fortnight till August 15, a move the Congress claimed to be «unfair and reckless» which will cause financial losses to fishermen. A senior official from the Gujarat fisheries department on Sunday said the decision was taken in consultation with the central government after considering a representation made by the fishermen's association to allow more time for fish to breed. The government also took into account scientific data and weather conditions to reach the decision, he said, adding the change is also likely to be adopted by other states on the western coast. Since 2021, the annual fishing ban in the state remained in effect from June 1 till July 31.

JSW Steel has submitted a notice to surrender a mining lease for a block in Odisha, citing «uneconomic operation». Jajang iron ore block in Keonjhar, is one of the four iron ore mining leases which were acquired through an auction in 2020, JSW Steel said in a regulatory filing on Saturday.

Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup were the biggest buyers of shares in Adani group's power transmission unit's $1 billion QIP, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of Adani Energy Solutions Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business.

Investors who have been around are wondering if this is 1999 all over again with an imminent NASDAQ crash. Many others are pondering whether to sell, lock in profits, or buy more. The best approach, we believe, is to examine the data and make an objective decision.

Infosys said late Saturday that the Directorate General of Goods and Services Tax Intelligence (DGGI) had ended “the pre-show cause notice proceedings for the financial year 2017-2018,” adding that “the GST amount as per the pre-show cause notice for this period was Rs 3,898 crore”. The development comes three days after Infosys acknowledged receipt of a notice for alleged evasion of over Rs 32,000 crore ($3.8 billion) in integrated goods and services tax (IGST) between July 2017, when the levy was rolled out, and FY22. On Friday, Karnataka withdrew the pre-show cause notice it had sent to the company on the matter and asked Infosys to submit further responses on the demand to DGGI. Also read: Infosys accused of Rs 32,000-crore GST evasion: Here are 10 things to know

citizenship in 2023, the Congress on Saturday said the exodus of high-skilled and high net worth Indians is an "economic travesty" that will shrink the country's tax revenue base over the next few years. Congress leader Jairam Ramesh said business personalities are increasingly relocating to places such as Singapore, UAE, the UK and other places renouncing their Indian citizenship. In a written response to queries on Indian citizens who have renounced their citizenship, Minister of State for External Affairs Kirti Vardhan Singh recently told the Rajya Sabha that more than 2.16 lakh Indians renounced their citizenship in 2023. Ramesh, the Congress general secretary in-charge communications, said the number was almost double than what it was in 2011, at 123,000.

Advent International plans to tap the capital markets to list portfolio company Manjushree Technopack Ltd, India's largest rigid plastic packaging solution provider, said people aware of the development. A successful listing will help monetise a part of Advent's six-year investment in the entity that counts brands such as Coke, Pepsi and Bisleri among its customers. The private equity group has hired JM Financial, ICICI Securities, Avendus Capital and Goldman Sachs to manage the IPO. It had hired Avendus and Goldman Sachs earlier this December to find potential buyers for Manjushree.

New Jersey officials are defending proposed building rules designed to limit damage from future storms and steadily rising seas in coastal areas

Taylor Swift has not yet indicated whether she would support Democrat presumptive nominee Kamala Harris, but her fans have come out in the open and backed the first black vice president of the country. They have set up a group called 'Swifties for Kamala', which has taken the shape of a movement with hundreds of thousands of people joining it and dominating the social media space. It started when Texas college student Emerald Medrano took to X and wrote in a post that he feels like U.S swifties should mass organize and help campaign for Kamala Harris and spread how horrendous Project 2025 would be.

H-1B visa lottery in the United States, held each April, shapes the lives of hundreds of thousands of aspiring skilled workers. However, with only about 85,000 H-1B visas available each year, competition is fierce, and the odds of success have diminished as application numbers soar. Recent data obtained by Bloomberg News has exposed how certain companies have exploited loopholes in the H-1B system, effectively rigging the lottery in their favor.

Kandi Srinivasa Reddy, a former Congress candidate from Adilabad who contested the 2023 Telangana assembly elections, is facing serious allegations of rigging the US H-1B visa lottery system. According to an investigative report by Bloomberg, Reddy allegedly increased the odds for his staffing company clients by submitting multiple applications under different company names for the same individuals. Reddy has denied the accusations, asserting that his actions are within legal bounds. «Filing multiple entries is legal,» Reddy said, questioning why he was being singled out when 5,000 other companies reportedly employ similar strategies. He further clarified that his firms have secured only 302 visas out of 425,000 in the past five years. An NRI entrepreneur, Reddy founded Cloud Big Data Technologies LLC in 2013. Bloomberg's report indicates that Reddy's firm, along with other entities he controls, submitted over 3,000 entries, acquiring a substantial number of H-1B visas since 2020. The H-1B visa lottery, a key aspect of US employment policy for foreign workers, allocates a limited number of visas to skilled individuals. In 2023, 446,000 applicants vied for just 85,000 available visas.

Replying to a question in Rajya Sabha by MP Sushmita Dev, Minister of State of Home Affairs Nityanand Rai on Thursday stated that, as per information furnished by the State Government of Assam, 880 casualties have been reported due to floods in Assam from 2019 to July 25 this year. «157 casualties reported in 2019, 190 in 2020, 73 in 2021, 278 in 2022, 65 in 2023 and 117 in this year up to July 25,» Rai said in the Upper House of Parliament.

The Bank of England is cutting interest rates for the first time since the onset of the COVID-19 pandemic in early 2020

She has served as a non-executive director for nine years and as chair of Impax since December 2020. Non-executive director and chair of the company's remuneration committee Lindsay Brace Martinez is also stepping down, effective from today (1 August), having also served a nine-year stint in her role. Impax AM buys SKY Harbor's European high yield funds to bolster fixed income unit Simon O'Regan will succeed Bridgeland as chair with immediate effect. He became a non-executive director in 2020 and was previously senior independent director. O'Regan was previously CEO of Mercer in...

This lyric comes to mind each time I get another piece of correspondence from the Canada Revenue Agency. My friends and family often joke that since I write a nationally syndicated tax column, where I occasionally highlight the trials and tribulations of ordinary taxpayers as they battle with the taxman, it makes me a target, which is why I seem to get audited by the CRA on a regular basis.

The rate cut call which took place today (1 August) was on a knife edge among a divided Monetary Policy Committee, with 5-4 voting in favour of the snip. This is the first time the UK's central bank has trimmed its bank rate since the early days of the pandemic in March 2020, with some of the more hawkish MPC members having voted for a cut in previous meetings. «Despite concerns over persistent underlying inflation pressures, the decision to ease policy reflects the UK's fragile growth trajectory, driven by the significant squeeze on consumers and businesses,» said James Carter, portf...

Swapnil Kusale doesn't quite know just why it has taken so long for him to be at the Olympics, where he landed a medal on debut on Thursday. A medal that is definitely life-changing for him personally but also historic in significance for Indian shooting given that it's the first time that a rifle shooter has managed to do it in the physically draining 50m 3 positions event. Ask him why it took him so long to arrive, he was as candid as one can be. «May be I was not as strong mentally,» says the 28-year-old son of a teacher father and sarpanch mother from Kambalwadi village near Maharashtra's Kolhapur.

Wednesday season 2 release date on Netflix is much waited among the show and as well as Jenna Ortega's fans.

Donald Trump falsely suggested to the country's largest annual gathering of Black journalists on Wednesday that his Democratic rival Kamala Harris had previously downplayed her Black heritage.

Space technology startup GalaxEye has announced the first close of its fundraising round, raising $6.5 million led by Mela Ventures and Speciale Invest.