Action Financial News

₹8,233 crore) class action lawsuit initiated by over 1,500 app developers in the UK regarding its App Store fees. Apple's services division, which encompasses the App Store, has experienced substantial revenue growth in recent years, reaching approximately $20 billion ( ₹1.63 lakh crore) per quarter. However, the fees charged by Apple, ranging from 15% to 30%, to certain app makers for using their in-app payment system, have drawn criticism from app developers and become a focal point for antitrust regulators in various nations.

MPs from opposition parties have given notices in Lok Sabha and Rajya Sabha, seeking a discussion on the Manipur issue, which has been a key reason for the continuous logjam in both Houses since the session commenced. In Lok Sabha, Congress MPs Manish Tewari, and Gaurav Gogoi have moved Adjournment Motion Notice demanding a discussion on the Manipur situation. Opposition Rajya Sabha MPs K Keshava Rao, KR Suresh Reddy, Joginipalli Santosh Kumar, Badugula Lingaiah Yadav, Ranjeet Ranjan, Manoj Jha, Syed Naseer Hussain, Tiruchi Siva, Imran Pratapgadhi have moved Suspension of Business Notice under Rule 267 to discuss the situation prevailing in Manipur. Significantly, a meeting of the members of the Indian National Developmental Inclusive Alliance (I.N.D.I.A) has been convened at the office of Congress national president and the Leader of the Opposition in Rajya Sabha, Mallikarjun Kharge to chalk out a floor management strategy before the Upper House goes into session. The meeting of the floor leaders will be held at 10 am.

Manipur state government has a sought detailed report from Assam Rifles Authority to clarify on the facts as to how 718 Myanmar nationals were allowed to enter into India in Chandel district without proper travel documents. A report has been received that 718 fresh refugees have crossed Indo-Myanmar border (IMB) and entered New Lajang of Chandel District on Sunday due to the ongoing clashes at Khampat, Myanmar.

Manipur government has sought a detailed report from the Assam Rifles on the same. In a conversation with the Assam Rifles on Monday, Manipur chief secretary Vineet Joshi reminded the border guarding force that it has been instructed to take strict action to prevent Myanmar nationals' entry without any document into Manipur as per the central government's instructions.

Stocks that were in focus include names like ITC, which fell 4.30%, IndusInd Bank, which rose 1.96%, and Aarti Drugs, whose shares surged 18% on Monday.Here's what Vikas Jain, Senior Research Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:ITC — Book ProfitsThe stock scaled a new 52-week high near to 500 levels and witnessed sharp profit booking to close 5% lower in yesterday's trade. The much-awaited news flow of demerger is out and a sharp decline post the news has triggered a halt in the up move from current levels.

Bitcoin has been in a month-long consolidation phase, characterized by low-volume transactions within the lower band over the past week.

PwC has complied with an order to provide additional training to more than 1300 mostly tax-related partners and staff on their professional behaviour, including the need to act with honesty, integrity and to keep client information confidential.

PV Sindhu will be aiming to regain her form while the red-hot men's doubles duo of Satwiksairaj Rankireddy will aim to carry forward their momentum after the Korea Open as the Indian contingent looks forward to the Japan Open, set to take place from July 25 to July 30. Satwiksairaj and Chirag, currently ranked at number three in Badminton World Federation Rankings (BWF), clinched the Korean Open title on Saturday after overcoming a challenge from top-ranked Indonesian pair of Fajar Alfian and Muhammad Rian Ardianto in the final. As per Olympics.com, this was Satwik-Chirag's third BWF title win this year after the Swiss Open and Indonesia Open.

equity market remained weak amid mixed corporate results for the June quarter. “We expect some cautiousness ahead of the US Fed meeting where a 25 bps hike is expected, while investors keenly await commentaries. With the quarterly earnings season now at full pace during the week, we expect stock-specific action to continue in the market," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Vedanta Resources (VRL) bonds fell a couple of points as its India-listed conglomerate holding company Vedanta Limited (VDL) reported a 35% drop in operating profit (Ebitda) during the first quarter. VRL faces potential rating action by S&P Global in the absence of a credible refinancing plan by July end for $1 billion bonds.

The corporate watchdog has accused fund management giant Vanguard of misleading investors in its $1 billion-plus ethical bond product about the sustainability of its assets.

New Delhi: Union finance minister Nirmala Sitharaman on Monday said that the government has advised banks across the public and private sectors not to resort to harsh actions in cases of loan repayment. Speaking in the Lok Sabha during the question hour, Sitharaman said that banks have been told to deal with such cases with sensitivity and through a humane approach.

By Nate Raymond

South Park-inspired meme coin Burn Kenny saw its token price soar 1.5x on launch day before finding a near-term bottom, and is now consolidating as it gears up for more advances.

NEW DELHI : The Prime Minister’s Office (PMO) has initiated discussions on the potential imposition of countervailing duty (CVD) on stainless steel, raising hopes within the industry that such an action will curb cheap imports from China and support small and medium producers in India, two people familiar with the development said. The PMO has started talks with the industry and the ministries of steel and commerce, the people said, requesting anonymity. “The PMO has sought details on the impact of not implementing CVD on local producers," one of the two people said.

New Delhi: While Indian business leaders recently met the president of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, they are yet to make concrete investment commitment with the multilateral development bank that funnels investments to build market economies, two people with direct knowledge of the matter said. “They are on wait and watch mode on investment opportunities," one of the two people cited above said. Basso, who assumed office as the first woman to chief of the EBRD on 19 July, met with Indian business leaders in New Delhi, to discuss investment opportunities in the countries where the bank operates.

tax experts and industry insiders said, citing the central action plan of the Central Board of Direct Taxes for fiscal 2023-24. Sale and purchase of goods or services exceeding ₹2 lakh in cash must be reported on form SFT-013 by the seller.

banks to keep vigil and inform their customers of fraud in Mudra loans. The directive follows multiple instances of frauds related to Mudra loans which have come to light. There have been reports of several unsuspecting small loan seekers getting duped by fraudsters impersonating as facilitators of Mudra loans.

Mumbai: Struggling edtech platform Byju’s and its lenders have reached a consensus on restructuring its $1.2 billion term loan B. According to a joint statement by Byju’s and its lenders, the proposed amendment, that will be effective before 3 August, seeks to address loan acceleration, end all litigation, and prevent any further enforcement actions. A person in the know, seeking anonymity, said Byju’s is willing to revise the coupon, or interest payment, upwards in line with the lenders’ demands.

Opposition that accuses the Narendra Modi government of 'over-centralisation' now wants 'one man' alone, the prime minister, to speak on the violence in Manipur, or else… Three days into the monsoon session, Parliament continues to be in 'or else' mode: dysfunction. GoI has agreed to a discussion on Manipur in both Houses, with the home minister replying. But the Opposition is still seeing 'government' as 'PM' and 'PM' as 'government'.

UBS Group will pay a total of about $387 million in fines related to misconduct by Credit Suisse Group in its dealings with Archegos Capital Management.