Department Financial News

(Reuters) — U.S. Treasury Secretary Janet Yellen met with U.K Chancellor of the Exchequer Jeremy Hunt on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco on Friday, the U.S. State Department said.

NEW DELHI : India may shift sugar exports to the ‘prohibited’ category from ‘restricted’ for the entire 2023-24 (October-September) season, concerned about the impact of the weakest monsoon in five years on sugarcane crops in the major producing states of Maharashtra and Karnataka, two government officials said. Sugar mills can currently apply for an export quota under the restricted category, but moving to the prohibited category would mean a complete export ban. “Sugar output is expected to fall to 30 million tonnes (mt) in the 2023-24 sugar season against domestic consumption of 27.5-28 mt due to El Nino compromising monsoon rain in August," one of the officials said.

valuing IDBI Bank could disqualify major accounting firms seeking an asset valuer role, the finance ministry has eased the norms that could help the proposed state-equity sale in the lender gather momentum. ET had reported on September 7 that the government's request for proposal (RFP) to appoint an asset valuer for IDBI Bank had made it mandatory for valuers to be registered with the Insolvency and Bankruptcy Board of India (IBBI).

The former CEO of Systematic Alpha Management LLC (SAM) pleaded guilty to a conspiracy to commit commodities fraud involving crypto futures contracts, and he is potentially facing up to a five-year prison sentence.

Gucci store in California, USA. In a popular video, a gang of people wearing masks broke into the store, pushed the security guard aside, and quickly grabbed the goods before running away.

HT report, which cited sources, a 15-page joint note signed by the on-duty station master, points man, gateman, loco pilot, assistant loco pilot, and track man has said that the accident may have been caused by a fault of the engineering department. Besides the injured passengers and locals, the commissioner of railway safety (CRS) has recorded their statement.

By Lucia Mutikani

The Biden administration has selected clean-energy projects from Pennsylvania to California for a $7 billion program to kickstart development and production of hydrogen fuel

Mexico is pursuing a criminal complaint against the country’s largest copper producer seeking to force a new remediation program for river pollution in the northern state of Sonora

California officials are faulting communities in a stretch of the crop-rich San Joaquin Valley for failing to develop a plan to adequately protect groundwater

A former contractor for the Internal Revenue Service charged with leaking tax information to news outlets about former President Donald Trump and thousands of the country’s wealthiest people pleaded guilty Thursday in an agreement with prosecutors

Chinese disposable e-cigarettes from Elf Bar remain widely available in the U.S. more than four months after U.S. health regulators moved to ban their importation

By Douglas Gillison

fake expenditure, ET has reported based on information from a source in the I-T Department. The department is sending tax demand notices to these companies. It all began when the Goods & Services Tax (GST) authorities informed the Insurance Regulatory and Development Authority of India (IRDAI) last year about alleged malpractices by more than a dozen insurance companies in the allocation of commission to their agents.

Christen Ager-Hanssen, the Group CEO of blockchain technology company nChain, has announced his resignation, effective immediately. Ager-Hanssen took to social media on September 30, 2023, to detail the reasons behind his departure, highlighting a series of serious concerns he reported to the nChain board. Among these, he alleged a conspiracy to defraud nChain shareholders orchestrated by a significant shareholder and raised concerns about the ultimate beneficiary shareholder and the real individuals behind DW Discovery fund registered in Cayman. The former CEO also mentioned that the chairman had been taking instructions from shadow directors, which he found unacceptable.

₹143.75 apiece in early Friday trade after the company in an exchange filing on Thursday said it was awarded 'Navratna' status by the Department of Public Enterprises. This makes IRCON the 15th Navratna company among the Central Public Sector Enterprises (CPSEs), as per the company's exchange filing. Furthermore, the Department of Public Enterprises also granted the 'Navratna' status to another PSU, RITES, making it the 16th Central Public Sector Enterprise (CPSE) to receive this prestigious recognition.

ANI, initially, the ticket cost for the journey to Sri Lanka was established at ₹7,670 per person, inclusive of ₹6,500 and an 18% GST. However, officials from the Nagapattinam Shipping Harbour Department announced on Thursday that they are introducing a special fare of ₹2,800, which includes ₹2,375 and an 18% tax, as a promotional offer for passengers traveling on the ferry on October 14th (for a single day). This rate represents a 75% reduction from the regular price.

Aleppo, putting them out of action, Syrian state media said on Friday. Syrian Arab News Agency (SANA) cited a military source to report that the missile strikes happened «simultaneously» at 13:50 (local time), causing material damage to the airstrips, which resulted in them being «out of service.» «The Israeli latest aggression comes in the framework of the occupation authorities' continued policy, based on aggression and violation of the international law and the UN convention,» Syrian foriegn Ministry said in a statement as cited by its state media agency. Israel has so far not commented on the strikes on the Syrian airports. Al Jazeera publication quoted Syrian television channel Sham FM as stating that Syrian air defences were activated in response to the attacks on both airports. Damascus and Aleppo airports not only handle civil aviation but also host military bases. Israel has in the past carried out strikes on targets in Syria, including its airports as part of operations believed to be aimed at disrupting Iranian supply lines, Al Jazeera reported. The attacks on the two Syrian airports come ahead of a planned visit by Iran's Foreign Minister Hossein Amir Abdollahian, who on Thursday departed from Tehran for Baghdad and is scheduled to proceed to Syria and Lebanon later. Before his departure, Amirabdollahian addressed reporters in Tehran, stating that the Israeli occupation of Palestinian territories is the primary source of crises in West Asia, Iranian state news agency IRNA reported. The Iranian minister, on his arrival in Beirut, said if the Israeli bombardment of Gaza continues, the war may open on «other fronts».

The Income Tax Department takes cognizance of certain high-value transactions that could land you in the legal net if ignored. To prevent tax evasion and money laundering, tax authorities closely monitor a variety of cash-related transactions. Financial institutions, including banks, mutual fund companies, brokerages, and property registrars, have an obligation to report cash transactions exceeding a specific threshold to the tax department. Below are several cash transactions subject to vigilant monitoring by tax authorities:

Also Read: Delhi's air quality on upswing, likely to enter 'poor' category soon The AQI scale ranges from 'good' between zero and 50, 'satisfactory' from 51 to 100, 'moderate' between 101 and 200, 'poor' from 201 to 300, 'very poor' within 301 to 400, and 'severe' from 401 to 500. Meanwhile, earlier on Thursday, Delhi experienced a maximum temperature of 34.7 degrees Celsius, slightly surpassing the seasonal average, as reported by the India Meteorological Department (IMD).

US treasury yields has sparked much anxiety among investors, in part because there is no easy explanation for the rise. On Friday, the yield on the 10-year US Treasury note climbed to 4.88 percent for the first time since 2007, while the 30-year offering reached 5.05 percent, also a 16-year peak. Both have edged back in recent days, due mainly to elevated geopolitical risk, analysts say, although yields remain high. The most oft-cited justification for the rise has been expectations that monetary policy will stay hawkish in response to the resilient US economy. «The Fed expectations have been shifting,» said John Canavan, analyst at Oxford Economics. «From the Fed's perspective, we're seeing stronger than expected economic growth, some increase in inflation and uncertainty, particularly as oil prices surge again.» While two-year US treasuries are considered the closest proxy to Fed interest rates, the market has been unsettled by the jump in yields of longer-run bonds of five, 10 or 30 years. «Something is happening in the bond market and nobody fully understands how you kind of break it down,» said Adam Button of ForexLive. Karl Haeling of LBBW pointed to increased bond issuance by the US Treasury Department, saying markets are increasingly worried that the US «fiscal situation is moving on a long-term unsustainably bad trajectory.» For Yardeni Research, «the bond market has changed recently and disconcertingly,» the consultancy said in a recent posting. Perplexing moves by US treasuries in response to economic news «suggest a shift in bond investors' focus from what monetary policymakers may do, to rising alarm about what fiscal policymakers are doing.» «The worry is that the escalating federal budget