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GST Intelligence (DGGI) has issued a show-cause notice to a prominent cryptocurrency exchange, demanding a Goods and Services Tax (GST) payment of Rs 722 crore, ToI reported on August 6. This unprecedented action marks the first time the DGGI has targeted a cryptocurrency firm, setting a significant precedent in India’s regulation of the burgeoning virtual currency market, said the report (by Niyati Parikh). The notice was issued for fees collected from Indian customers trading in virtual digital assets (VDAs) on the platform, categorized under online information database access or retrieval (OIDAR) services. Earlier this year, the cryptocurrency exchange had received approval from India's financial intelligence unit (FIU) to register as a virtual asset service provider (VASP). However, the company was recently penalized Rs 18 crore by the FIU for failing to comply with anti-money laundering (AML) regulations. Despite being a major global player with a substantial market share and operations in multiple countries, the company had not registered under the Indian GST framework, leading to scrutiny from Indian tax authorities. It was revealed that the company earned at least Rs 4,000 crore from transaction fees charged to Indian customers, with these earnings credited to an account of a group company based abroad. The company has a global user base of 90 million, including a significant number of Indian customers.

Nahid Islam, a student from Dhaka University's Sociology Department, has emerged as a pivotal figure in Bangladesh’s recent political upheaval. His leadership of the Students Against Discrimination movement has made him a central player in the protests that led to the resignation of Prime Minister Sheikh Hasina on August 5, 2024. Earlier, Nahid vowed to ensure the country of 170 million never returns to what he called «Fascist rule» and asked fellow students to protect its Hindu minority and their places of worship. We won't betray the blood shed by the martyrs for our cause. We will create a new democratic Bangladesh through our promise of security of life, social justice and a new political landscape." The Rise of Nahid Islam

In the report, the board of Ninety One revealed that eight out of the 26 funds received an 'amber' rating due to inconsistent performance, but the asset manager noted that actions have already been put in place to boost performance.  Ninety One merges two funds following underperformance One of these eight funds, the Emerging Markets Equity, also failed to achieve a ‘green' rating for its comparable market rates with the report highlighting that the fund's charges are «under review», but said it was currently deemed «reasonable for the specialist investment strategy and fund's size». ...

Shares in the American tech giant were down 8.2% in pre-market trading at the time of reporting, according to data from MarketWatch. US equities suffer worst day in two years as Nasdaq loses $1trn Despite the significant selloff in shares, Apple remains Berkshire Hathaway's largest investment, with Buffett's firm still holding about 400 million shares worth $84.2bn. Around 72% of Berkshire Hathaway's aggregate fair value was concentrated in five companies including Apple, Bank of America ($41.1bn), American Express ($35.1bn), the Coca-Cola Company ($25.5bn) and Chevron ($18.6bn). ...

Bharat Forge Ltd. gained 0.59 per cent to Rs 1560.15 at 10:56AM (IST) in Tuesday's trade. The counter has hit a high of Rs 1606.15 and low of Rs 1558.45 so far during the session. The stock had closed at Rs 1550.9 in the previous session. The counter has had a total traded volume of 14203 shares so far with a value of Rs 2.24 crore on the NSE. It traded at a price-to-earnings multiple of 76.83 and a price-to-book ratio of 7.33.

Bangladesh on Monday during unrest, according to Dhaka Tribune. The country announced on Monday that the clashes between demonstrators and members of the Awami League claimed the lives of at least 96 people in police firings. After fighting broke out between police and miscreants on Monday, at least 18 people were slain on the outskirts of the capital in the Savar and Dhamrai regions.

Shapoorji Pallonji group will provide security cover of six times the loan value it will obtain from Power Finance Corporation, the company said in a press statement on Tuesday. “We are fortunate to work with PFC over the last 9 months to craft a unique proposal, that has a twin security structure leveraging the strength of the SP group’s large real estate franchise, as well as a portion of the Tata Son’s shares owned by the Mistry family”, said Venkatesh Gopalakrishnan, director, group promoters office, Shapoorji Pallonji.

The stock quoted a 52-week high price of Rs 1148.3 and low of Rs 635.2.

Brigade Enterprises Ltd.(up 5.72 per cent), Godrej Properties Ltd.(up 3.46 per cent), Prestige Estates Projects Ltd.(up 2.76 per cent), DLF Ltd.(up 2.09 per cent) and Phoenix Mills Ltd.(up 1.86 per cent) were among the top gainers.

food services group K Hospitality Corp plans to list the business on Indian stock exchanges with a Rs 2,500-3,000 crore initial public offering, said people aware of the development. The operator of restaurants and cafes, food courts, and airports stores with brands such as Copper Chimney, Bombay Brasserie, Cafeccino, and The Irish House has hired Kotak Mahindra Capital and ICICI Securities to manage the IPO process, they said.

Gland Pharma Ltd.(up 3.65 per cent), Natco Pharma Ltd.(up 2.57 per cent), Sanofi India Ltd.(up 2.06 per cent), Ipca Laboratories Ltd.(up 2.02 per cent) and Glenmark Pharmaceuticals Ltd.(up 2.01 per cent) were among the top gainers.

Bangladesh unrest, the central government has convened an all-party meeting on Tuesday. According to official sources, Ministry of External Affairs S Jaishankar will brief about the situation. At least 135 people were killed in Bangladesh on Monday during unrest with police firings, mob beatings, and arson across the country, according to Dhaka Tribune. The country announced on Monday that the clashes between demonstrators and members of the Awami League claimed the lives of at least 96 people in police firings.

The roles that are in high demand for mid-career level are transportation manager, supply chain manager, logistics engineer, supply chain analyst and operations manager. These are just a few of the positions, says Mahima Agarwal, President-HR, CJ Darcl Logistics Ltd, adding that the possibilities are endless. On pay expectations, she says someone like a technical professional or a senior analyst can earn a great package with the required skills and knowledge.

Vinod Kambli was reportedly seen in a disoriented state, requiring assistance from passersby to maintain his balance. A video circulating on social media shows Kambli struggling to walk, with bystanders helping him reach his destination. However, ET could not verify the video's authenticity, time and place of the video.

The NSE Nifty index was trading 243.11 points up at 24298.7, while BSE Sensex was up 763.84 points at 79523.24 at the time of writing this report.

The National Transportation Safety Board is about to hold a two-day hearing into the blowout of a panel from the side of a Boeing 737 Max airliner

In markets and economics, you sometimes have to hold two thoughts in your head simultaneously—an important lesson now that the US unemployment rate has surged to its highest in nearly three years. First, the labour market probably isn’t quite as imperilled as the main figure suggests. Second, the speed at which it’s cooling ratchets up risks, and the Federal Reserve should entertain the possibility that it’ll need to cut rates by 0.5 percentage point in September.

A prominent Vietnamese business tycoon has been found guilty of defrauding stockholders of nearly $150 million by falsely inflating the value of his company, in a case that comes as the government cracks down on widespread corruption in the country

Marico Ltd said during the company’s post-earnings call on Monday. The Parachute hair oil maker on Monday reported a 4% increase in domestic volumes, as consolidated revenue rose 7% year-on-year. For the quarter ended 31 March, the company had alluded to a “visible uptick" in rural demand albeit towards the end of the quarter.

Following the social media storm throughout the long weekend after thedeath of an associate at a major US bank in New York City, the cause of death of the individual has been reported.

Markets on Wall Street and around the world are in a mini-panic