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Americans got their household finances in order during the COVID recession, thanks to billions and billions of dollars in government support. By shoveling out all that relief, however, good old Uncle Sam saw his balance sheet substantially deteriorate.

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goods and services tax (GST), said people familiar with the matter. Foreign airlines with offices in India have received GST notices over the past few months for non-payment of tax on import of services by Indian entities from their head offices. The issue has been referred to the fitment committee under the GST Council and the overall view is veering around to exempting the tax and giving relief to airlines, the people said. A final call on the clarification would be taken after the examination of the issue by the fitment committee, they said. «There is a grey area on the services from head office to branch office which is unique to both airlines industry and the shipping industry as it is difficult to determine place of service in case of maintenance and rental from one office to other,» a senior official told ET on condition of anonymity. The Directorate General of GST Intelligence (DGGI) last year issued notices to 12 foreign airlines on account of levy of GST on import of services by Indian branch offices.

ALSO READ: IndiGo's net profit doubles to ₹1,895 crore in Q4 as travel demand soarsThis comes on the day the airline announced a record profit of ₹8,172.4 crore, not just the highest for the airline but the highest for any airline in India ever. The airline announced that it is taking the next step in IndiGo’s evolution.

Tesla has left out its goal of delivering 20 million vehicles a year by 2030 in its latest impact report, another sign the company is tempering its auto ambitions as it shifts focus to robotaxis. Musk said in 2020 that Tesla aspired to sell 20 million vehicles by the end of the current decade — nearly twice as many as those sold by Toyota, the world's largest automaker. «Our goal is to build and deliver 20 million vehicles a year by 2030. To achieve this goal, we need to make our products even more accessible,» the company had said, while reiterating the goal in its 2022 impact report.

ITC on Thursday reported a marginal 1.3% year-on-year drop in standalone net profit at Rs 5020.2 crore for the fourth quarter ending March, while revenue from operations went up by 1.4% at Rs 17752.87 crore in the period under review. The company said excluding the agri-business (which was severely impacted due to government restrictions in trade of agri-commodities), the company’s gross revenue during the fourth quarter has gone up by 6% y-o-y, while it reported the highest ever fourth quarter profit before tax.

Canadian households have gotten good news on the cost-of-living front so far in 2024, with monthly inflation figures showing prices are rising below three per cent annually for the first four months of the year.

Wipro Ltd’s former chief executive officer (CEO) Thierry Delaporte became Indian IT sector's highest-paid top boss for the financial year ended March 2024, earning $20.1 million ( ₹167 crore) during the period, the company’s filings with the US Securities and Exchange Commission showed.Frenchman Delaporte’s remuneration doubled from FY23, when he earned about $10 million in annual compensation. His salary increase in FY24 was primarily driven by a cash severance payment of $4.33 million, and the cost of accelerated vesting of 9,89,130 unvested stock options.

Nearly half of Americans over 65 will pay for some version of long-term health care, the landscape of which is quickly transitioning away from nursing homes and toward community living situations

—Name withheld on request.Insurance can be bought only if you have an insurable interest. This means that you should suffer a loss should the property be damaged. As a tenant, you have an insurable interest in the contents of the house but not on the structure.

₹5,020.20 crore in the three months ended March amid weak demand during the quarter. Net profit for the maker of Gold Flake cigarettes and Bingo chips was slightly below the ₹5,150 crore estimated by a Bloomberg poll of 20 analysts.Revenue from operations grew 1.4% to ₹17,752.87 crore from ₹17,506.08 crore a year earlier.

Toronto-Dominion Bank beat analysts’ estimates on strong performance in its capital-markets division and the company said that a “comprehensive overhaul” of its United States anti-money-laundering program is “well underway.”

ITC on Thursday said the National Company Law Tribunal (NCLT) has directed convening a meeting of shareholders of the company on June 6 for approval of the demerger of its hotels business into a separate listed entity. «Post obtaining no-objection from stock exchanges, Scheme of Arrangement for demerger was filed with National Company Law Tribunal (NCLT). NCLT has directed convening a meeting of shareholders of ITC on June 6, 2024, to consider and approve the Scheme,» ITC said in a regulatory filing.

₹800- ₹850 crore for FY24, which was later increased to Rs1,650 crore. Eventually, including maintenance capex, the amount stood at ₹1,922 crore. According to Centrum, Ramco has overspent on capex over the past four years resulting in lower return ratios.For FY25, the management has revised its capex guidance from ₹1,700 crore announced in Q3FY24 to ₹1,200 crore.

In synchrony with the broader national intent of India becoming a developed nation, the Insurance Regulatory and Development Authority of India (IRDA) has embraced the laudable goal of “India Insured by 2047." The objective is to ensure that “every citizen has appropriate life, health and property cover and every enterprise is supported by an appropriate solution" and to make India’s insurance sector “globally competitive," as elaborated in a press release. Enthusiasm within the IRDA is palpable. Coordinated attempts are afoot to usher in regulatory changes and push insurance companies to reach out wider, especially to the rural uninsured, and diversify their product baskets to make insurance more accessible, affordable and relatable.

Responsive Industries, a leading manufacturer of PVC products with a 'buy' rating and a 24-month target price of ₹436 apiece, citing long-term growth opportunities in the vinyl tiles. The target price implies an upside of 44% from the stock's latest closing price of ₹302.

Saudi Arabia signed deals to buy electricity from two large-scale wind farms that are cheaper than natural gas plants, as it aims to rapidly transition to a bigger share of renewables in the power grid. The state-run Saudi Power Procurement Co. this week said it had agreed to purchase power at record-low prices from the wind projects to be developed in the kingdom by Japan’s Marubeni Corp. A combination of state backing and strong wind conditions in the country will help make the green power plants cheaper than fossil fuel alternatives, the head of the Saudi company said. “What’s unique about these projects is they’ve achieved extremely low cost of electricity that is considered the lowest we’ve seen globally,” Mazin Albahkali, chief executive officer of SPPC, said in an interview. “Achieving extremely low tariffs on renewables is definitely helping reduce the cost of power generation in Saudi Arabia.”

«I think RBI has been building up the forex reserves which are essentially being invested in securities which are overseas sovereign securities. The bond yields generally have gone up. In US bond yields have remained in the range of about 4% to 4.5%, even up to 5% on a short-term has gone up to 5%,» says A Balasubramanian, MD & CEO, ABSL AMC. It is like a good birthday gift the economy has got. Nobody was expecting such a big fat dividend from RBI. And at least one lakh crore is something which has come as a surprise number. I mean 70,000, 80,000 crore is something which was anticipated and expected. Maybe one lakh crore was expected. But 2,10,000 crore, nobody was expecting. Why do you think Reserve Bank of India has given this dividend? I mean, what has changed on their balance sheet which has in a sense, prompted them to be so generous with the dividend payout? I think as you rightly put it, the average dividend declaration that used to happen every year somewhere in the range of about 65,000 to 80,000 crores numbers. And these are, of course, numbers, one, it came as a big surprise and second, there are reasons as well for that.

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services and expansion of new export orders led to India’s private sector activity picking up in May, recording the third strongest increase since July 2010, according to the preliminary results of a private survey released Thursday. The HSBC Flash India Composite Output Index rose to 61.7 in May compared with 61.5 in the previous month. “The latest data showed strength in new export orders for both sectors, which rose at the fastest pace since the series started in September 2014,” said Pranjul Bhandari, chief India economist, HSBC.

Current valuation discounts in large private banks seem to be completely oblivious to the positive surprises and improved earnings momentum outlook, says Santanu Chakrabarti, Analyst – Banking and Finance at BNP Paribas. “This dichotomy appears incongruous as we also note best-in-decades balance-sheet hygiene, ample loan growth and materially higher operating costs already baked into the financials,” he says. HDFC Bank is the top pick of the brokerage within the banking space with a target price of Rs 2,470. Edited excerpts from a chat: What are your key takeaways from the overall earnings season as far as the financial services sector is concerned? How has the outlook changed now for FY25? Santanu Chakrabarti: The only headline negative surprise in 4QFY24, among our largecap banking coverage, was HDFC Bank.