Department Financial News

The U.S. ambassador to Serbia says the United States has received Kosovo’s request for the purchase of Javelin anti-tank missiles

German software giant SAP will pay more than $220 million in fines to resolve U.S. bribery allegations involving payments to foreign government officials

The number of Americans applying for unemployment benefits inched down to its lowest level in nearly three months last week as the U.S. labor market continues to flex its muscle in spite of elevated interest rates

The University of Arizona will not cut any sports as it tries to shore up financial difficulties prior to the school’s move from the Pac-12 to the Big 12

Iran’s navy has seized an oil tanker in the Gulf of Oman that once was at the center of a major crisis between Tehran and Washington, a seizure that further escalates tensions in the Mideast waterways

A top officer of an Italian cargo ship that caught fire last summer in one of America’s busiest seaports broke down in sobs recalling his crew’s initial efforts to put out the blaze

Piper Sandler Chief Global Economist Nancy Lazar details her economic expectations for the second half of the fiscal year on ‘Mornings with Maria.’

withholding tax provisions in line with the country's overall thrust to simplify the tax structure to make it easier for businesses and reduce disputes. There are several tax deducted at source (TDS) provisions with different thresholds and multiple rates. This has created a TDS maze that leads to frequent disputes as well as the blocking of working capital at businesses. «There is a need to simplify the regime in view of the complexities that have crept in over time,» said a government official, explaining the need for the review. The cleanup of the withholding tax regime could take place in the February 1 interim budget if the review is completed in time. There are about 33 sections in the Income Tax Act dealing with TDS rates that range from 0.1% to 30%. For example, before 2020, fees for technical services (FTS) and fees for professional services (FPS) were subject to 10% TDS.

Department of Telecommunications (DoT) has advised telecom subscribers not to dial *401# followed by an unknown mobile number as it could lead to cyber fraud. A statement from DoT said citizens should beware of callers who ask them to dial *401# followed by an unknown mobile number. «This activates unconditional call forwarding received on the mobile of citizens to the unknown mobile number.

M2M/IoT) registration to all entities across segments will enable standardisation of IoT services as everyone will follow a single standard that will address key issues around know your customer (KYC), security and encryption, say experts. Going forward, artificial intelligence (AI) will also play a crucial role in amplifying capabilities of M2M systems, including prediction of security breaches. Currently, the M2M/IoT industry is operating with several separate standards and with growing types of devices, interoperability is becoming an issue. The telcos, however, are still waiting for the government to define critical M2M/IoT services, which, they say should only be given through licensed spectrum. «With explosive growth from about 2-3 billion devices currently to 25 billion or so, interoperability will become a key issue. Hence, basic discipline and conformance to standards becomes very important and that would be achieved through this measure,» TV Ramachandran, Broadband India Forum (BIF) president, told ET. He added that the government's measures would boost investor confidence.

Sydney: Papua New Guinea's prime minister declared a state of emergency on Thursday, suspending government and police officials after 16 people were killed in rioting in the Pacific island nation. A police and public sector protest on Wednesday over a pay cut that officials blamed on an administrative glitch descended into lawlessness. Television footage showed thousands of people in the streets of the capital Port Moresby, many of them carrying what appeared to be looted merchandise as black smoke billowed over the city.

(Reuters) — Morgan Stanley is close to an agreement to pay $200 million to $300 million to settle a U.S. investigation into its employees' handling of big stock sales, Bloomberg News reported on Thursday.

The annual inflation rate edged higher in December following two months of declines. However, that reversal likely isn't cause for concern — and may be somewhat misleading, economists said.

U.S. consumer prices increased more than expected in December as rents maintained their upward trend, which could delay a much anticipated interest rate cut in March from the Federal Reserve. The consumer price index (CPI) rose 0.3% last month after nudging up 0.1% in November, the Labor Department's Bureau of Labor Statistics said on Thursday. The cost of shelter accounted for the more than half of the increase in the CPI.

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₹14.71 lakh crore till January 11, the income tax department said on Thursday. The gross collection is 24.58 percent higher than the corresponding period of last year, added the government. Apart from this, the government mentioned that the direct tax collection, net of refunds, stands at ₹12.31 lakh crore which is 19.55 percent higher than the net collections for the corresponding period of FY 2023-23.

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Dubai: An oil tanker once at the center of a crisis between Iran and the United States was boarded in the Gulf of Oman by “unauthorized" men in military uniforms early on Thursday morning, an advisory group run by the British military and a private security firm warned. Details remained unclear in what was apparently the latest seizure of a vessel in the tense Middle East waterways.

BEIJING — China's Ministry of Commerce said Thursday the U.S. is weaponizing export controls and using them as a tool.

Reserve Bank of India (RBI) informed that owing to operational considerations, the exchange of Rs 2,000 notes will not be available on January 12 at the RBI's Mumbai Regional Office. The facility will resume on Monday, January 15, 2024, which is the next working day, the RBI stated. The last day to exchange Rs 2000 bank was October 07, 2023, after that individual can Rs 2000 banknotes entities at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount. All About Tax-Saving Why Rs2000 denomination banknotes were withdrawn? According to the RBI FAQs, «The Rs 2000 denomination banknote was introduced in November 2016 under Section 24(1) of Reserve Bank of India Act, 1934 (RBI Act) primarily with the objective of meeting the currency requirement of the economy in an expeditious manner after withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.

A man who was tunneling for gold underneath his kitchen floor, chasing a literal dream he had that there was precious ore waiting for him, has died after falling into the hole.