Economy Financial News

India and the US have decided to extend a 2 per cent equalisation levy or digital tax on e-commerce supplies until June 30, the finance ministry said on Friday. In a major reform of the international tax system, India and the US have joined 134 other members of the OECD/G20 Inclusive Framework (including Austria, France, Italy, Spain, and the UK) in reaching an agreement on October 8, 2021, on the statement on a two-pillar solution to address the tax challenges arising from the digitalisation of the economy. On October 21, 2021, the US and Austria, France, Italy, Spain, and the UK reached a political compromise on the transitional approach to the unilateral measures in force while Pillar 1 is implemented. On November 24, 2021, India and the US agreed that the same terms that apply under the October 2021 Joint Statement shall apply between India and the US with respect to India's charge of 2 per cent equalisation levy on e-commerce supply of services and the US' trade action regarding the said Equalisation Levy.

Karnataka government on Friday made a pitch to the Centre for establishing a dedicated Central Business District, modelled on the lines of Gujarat’s GIFT City in the state, besides seeking faster clearance for multiple projects across sectors. The demand was part of a ‘wishlist’ IT & BT minister Priyank Kharge sent to Union finance minister Nirmala Sitharaman and Union IT minister Ashwini Vaishnav ahead of the Union Budget. Karnataka, he wrote, wanted to set up a Central Business District that would act as a global financial and IT hub. “The state has a vibrant economy with IT, BT, aerospace, automotive, textiles, and heavy industries forming the cream of the investment pie. The state is strategically located, and is well-positioned to replicate a similar business [on the lines of GIFT city] hub in its bosom,” he said.

Shares of Trump Media, the owner of social networking site Truth Social, jumped 5% at the opening bell Friday after the first U.S. presidential debate, with some investors believing it could become a bigger mouthpiece for the former president if he is re-elected. President Joe Biden and former President Donald Trump clashed Thursday evening on topics including abortion, immigration and the Jan. 6, 2021 attack on the U.S. Capitol.

A measure of prices that's closely tracked by the Federal Reserve suggests that inflation pressures in the U.S. economy are continuing to ease

Shares of Trump Media, the owner of social networking site Truth Social, are sharply higher at the opening bell after the first U.S. presidential debate, with some investors believing it could become a bigger mouthpiece for the former president if he i...

The peso’s volatility influenced the central bank’s decision Thursday to hold rates steady, Banco de Mexico’s Governor Victoria Rodriguez said. Given its possible effects on inflation, it could also play a role in how the bank weighs future cuts.

Wall Street pointed toward a modestly higher open as markets looked ahead to a key report on inflation that could influence the Federal Reserve’s next move on interest rates

The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, the government said in a slight upgrade from its previous estimate

Impose a wealth tax on the super-rich! The call for a wealth tax on the super-rich arises frequently from citizens around the world, but, unfortunately, it has not yet been addressed by the authorities concerned. This demand resurfaces time and again, only to fade into the background. Over the past two decades, the issue of taxing the ultra-rich has been widely debated and highlighted by the media as well.

Crossmark Global Investments chief market strategist Victoria Fernandez analyzes the state of the consumer ahead of the June FOMC meeting on 'Making Money.'

NEW DELHI : As India's insurance regulator seeks to insure every citizen by 2047, the life insurance industry wants the government to add more incentives to increase penetration in the Union Budget 2024-25. The industry believes that the incentives would not only make insurance affordable, but would also facilitate long-term funds for investing in key areas of the economy. “India’s infrastructure sector is poised for a significant growth and requires a huge investment to support that growth.

more sustainable future. A key element of this strategy is the implementation of extended producer responsibility (EPR) policies. Recent events highlight the tightrope walk companies must perform to balance environmental responsibility with business interests.

government data affected by a recent ransomware cyberattack was not backed up, officials said, in an incident that has exposed the lack of preparations for such an attack in Southeast Asia's biggest economy. Last week's cyberattack, the worst in the country in recent years, has disrupted multiple government services including immigration and operations at major airports.

Pakistan's parliament on Friday passed the government's tax- heavy finance bill for the coming fiscal year ahead of more talks on a new IMF bailout as it seeks to avert a debt default for an economy growing at the slowest pace in South Asia. The government presented the tax-loaded budget two weeks ago, drawing sharp criticism from opposition parties.

«It is good for everybody, good for investors, good for savers, good interest rate and with the rains coming I think we finally can hear sigh of relief that what was the biggest question mark in the economy possibly will get addressed in the next 30-60 days,» says Ajay Srivastava, Dimensions Corporate Finance. Take a look as to what the month of June brought us and now it looks like July as well is getting off to a stellar start. Ajay Srivastava: I tell you look at inside the screen, look at outside the screen, it has been absolutely stellar. We got rains in Delhi finally after 50 degrees centigrade. So, I know I could not have asked from the God better things in life. I do not think I will make any trip to any pilgrimage site. I think I have got everything what I wanted right here, sitting here.

India is attracting more and more German companies to the subcontinent. Nearly six in ten German companies are planning to increase their investments in India during the current financial year. In addition, 78% of companies expect rising sales, and 55% forecast higher profits. Expectations for the next five years are even more positive: 82% expect an increase in turnover and 74% expect higher profits.

Britain's economy grew 0.7% in the first three months of this year compared with the previous quarter, above an initial estimate of 0.6% growth, official figures showed on Friday. The figures come less than a week before Britons vote in an election which opinion polls suggest will see Labour Party leader Keir Starmer replace Conservative Prime Minister Rishi Sunak.

Bharat Heavy Electricals (BHEL), a leading engineering and manufacturing company in the energy and infrastructure sectors, have gained 4% to ₹308 apiece in today's early morning trade after the company secured a significant contract to establish a 1600 MW thermal power plant in Koderma, Jharkhand.Commensurate with the goal of the central government to ensure the energy security of the country, DVC has finalised the tender for the engineering, procurement, and construction (EPC) package of Koderma TPS (2X800 MW) in Jharkhand with Bharat Heavy Electricals for ₹13,300 crore on June 26, 2024, a power ministry statement said.With this investment, which would also have a substantial impact on the local economy and benefit people, the installed thermal generation capacity of DVC would go up to 8140 MW by 2030.The company has secured significant orders in FY24, marking a notable achievement. Among the major orders received last year are the EPC orders for Yamuna Nagar, Lara Super Critical Power Plant, and Raigad Super Critical Power Plant from the Adani Group.Additionally, the company received orders for 80 Vande Bharat trains and 20 super rapid gun mounts for naval ships, with the contractual delivery of Vande Bharat trains set to begin in June 2025.The company has focused heavily on defence, securing a large volume of orders over the past 1.5 years.

financial planning. Alternatively, consulting with a financial expert can guide you rightly on managing your debts without current income.

Budget 2024: Tax and consultancy firm EY, as quoted by Moneycontrol, said in a report on June 27 that the government should raise the basic exemption limit under the new tax regime from ₹3 lakh to ₹5 lakh to provide taxpayers with more disposable income.

slowdown in India's fast-growing economy held steady in the first Reuters poll of economists since the ruling Bharatiya Janata Party (BJP) lost its parliamentary majority in phased national elections that ended in early June. Asia's third-largest economy grew 8.2% in the last fiscal year, the fastest among major economies. But growth is set to slow to 7.0% and then 6.7% in the current and next fiscal years, according to a June 19-27 Reuters poll of over 50 economists.