President Financial News

Tax incentives, an increase in capital expenditure, fiscal consolidation, enhanced ease of doing business, and a stable long-term tax regime are among the key suggestions industry and financial institutions made in their pre-budget consultations with finance minister Nirmala Sitharaman on Thursday. The Confederation of Indian Industry (CII) said its president Sanjiv Puri suggested a 25% increase in capex spending over the revised estimate of FY24 and relief in income tax to boost consumption. CII also suggested setting up a Green Transition (Mitigation and Adaptation) Fund for which multiple sources of funding could be tapped and would facilitate the availability of capital at a lower cost, it said in a statement.

quick commerce companies to poach these executives from one another, signalling a likely rise in the executives' wages. Gig workers are getting poached by staffing firms, and larger companies are in turn hunting them out to bring them onto their payrolls. All this is resulting in high attrition.

₹1,757.50 hit on 3 July last year, following the merger of mortgage lender HDFC with the bank. The anticipation among domestic investors is of the so-called foreign room of the stock widening to 25% from March quarter’s 24.94%.Foreign room refers to the proportion of shares still available to foreign investors relative to the foreign ownership limit, which is 74%.

The Kentucky Bourbon Trail is maturing like the fine whiskeys it showcases

Carson is extending its reach in the Northeast as it brings  a two decade-old independent into its partner network.

a government plan to overhaul the country’s public broadcasting services, a move that critics say would result in the government taking full control of the media. The coalition government of populist Prime Minister Robert Fico agreed on the measure on April 24. Fico, who is recovering at home from multiple wounds he suffered in an assassination attempt on May 15, said that the changes are needed, because the services are politically biased and “in conflict with the Slovak government." Thousands have repeatedly rallied in the capital, Bratislava, in protest rallies organized by the major opposition Progressive Slovakia party and others against the plan, which has been widely criticized by local journalists, the opposition, international media organizations and the European Union.

The US Supreme Court upheld a 2017 tax on American-owned businesses’ foreign profits, rejecting an appeal that could have saved companies hundreds of billions of dollars.

U.S., Treasury Secretary Janet Yellen has announced new sanctions against members of La Nueva Familia Michoacana drug cartel, a notoriously violent group that wars for territorial control with a slate of other Mexican cartels

The Biden administration is advancing its plan to restrict logging within old growth forests on federal lands that are increasingly threatened by climate change

NATO member Romania’s top defense body says the country will donate a Patriot missile system to neighboring Ukraine to help Kyiv in its war against Russia as Moscow’s forces continue to bombard civilian areas and energy infrastructure

France’s prime minister hopes to emerge from the campaign for the early legislative election not only still holding the job that President Emmanuel Macron gave him less than six months ago but also as more of his own person

Amazon is moving from putting plastic air pillows in its packages in North America to using recycled paper filling instead, a move that’s more environmentally friendly and is said to secure items in boxes just the same, if not better

European Union envoys have reached agreement on a “powerful and substantial” new series of sanctions that are part of its ongoing response to Russia’s invasion of Ukraine

Former Vice President Mike Pence’s foundation is launching a $10 million campaign to preserve the Trump-era tax cuts

Anuj Rathi has joined as the chief business and growth officer of Flipkart’s travel booking unit Cleartrip, Rathi announced in a LinkedIn post on Thursday. A former Flipkart executive, Rathi was most recently the chief product and marketing officer at fintech firm Jupiter, and is replacing Flipkart veteran Ayyappan R, who left the firm earlier this year, as the leader of the unit. ET had reported on Rathi’s appointment on May 20.

Sarbananda Sonowal arrived in Dibrugarh on Thursday, first time after Prime Minister Narendra Modi reappointed him in the Union Cabinet recently. Thousands of people from Sonowal’s home constituency, which he won convincingly in the recent Lok Sabha elections, thronged the Dibrugarh airport to welcome the beloved leader. Sonowal was warmly greeted by people from various castes, tribes, and areas with enthusiastic cheers. Sonowal also attended a reception party organized at the India Club in the city by MLA of Dibrugarh, Prashanta Phukan where leading citizens of the city along with people from all walks of life extended their greetings to Sarbananda Sonowal. Expressing his deep gratitude, Sarbananda Sonowal said, «I am truly overwhelmed by the unprecedented love and support from the people of the Dibrugarh Lok Sabha constituency that helped me win. I will never forget this affection. Dibrugarh is my birthplace and my place of work. I am determined to continue working diligently as both a native and an MP from Dibrugarh.”

Bihar Deputy Chief Minister Samrat Choudhary on Thursday vowed to challenge the Patna High Court order setting aside a hike in reservation for deprived castes from 50 per cent to 65 per cent. Choudhary, who is also the state BJP president, asserted his party was «fully in support» of reservations and the state government will move the Supreme Court «after due consultations with legal experts». «It was with the BJP's full support that the Nitish Kumar government ordered the caste survey and raised quotas for Dalits, tribals and backward classes,» said Choudhary, who became deputy CM in January this year after the return of Kumar to the NDA. «We believe that the reservation laws in Bihar were amended in accordance with provisions of the Constitution… states like Tamil Nadu, too, have 69 per cent quotas,» he said.

New York is launching a program offering homeowners up to $14,000 in total rebates for energy-efficiency upgrades to their property, and more states are expected to follow suit by summer's end.

₹ 2.2 trillion in at least six years. A Mint analysis of 132 companies whose data for 2023-24 was available shows a steady increase in dividend payout ratios over the past six years. During the fiscal year, the payout ratio reached a little over 59%, exceeding the previous five-year average of 54.8%.

French President Emmanuel Macron is joining African leaders to kick off a planned $1 billion project to accelerate the rollout of vaccines in Africa