Security Financial News

Reinsurance and coinsurance are not the supply of a service and, hence, not liable to tax, according to a decision by the Goods and Services Tax (GST) Council on Saturday. This spells a significant breather to insurance companies facing thousands of crores in tax demands. The GST Council also recommended clarifications on taxability of reimbursements of securities or shares as employee stock option plans given by a company to its workers. Officials said exemptions would be conditional and notified later. Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities. Reinsurance is the cover an insurer buys to insure itself through the payment of premiums. The industry has contended that GST should only be paid by one company in this chain. However, the Directorate General of Goods and Services Tax Intelligence (DGGI) last year issued notices to about 20 insurance companies raising tax demands of about Rs 12,000 crore for non-payment of GST on coinsurance and reinsurance premiums. Apex grouping General Insurance Council had lobbied the government, seeking clarity. It submitted that the levy of GST on all firms amounted to double taxation.

Nigerien military authorities have withdrawn the operating permit for a large uranium mine from the French company Orano

The cybersecurity firm Kaspersky has denied it is a security threat after the U.S. Commerce Department banned the use of its software in the United States

The Treasury Department has fleshed out its proposed rule that would restrict and monitor U.S. investments in China for artificial intelligence, computer chips and quantum computing

A pipeline project built with China's support that would make Niger an oil-exporting country is being threatened by an internal security crisis and a diplomatic dispute with neighoring Benin

India and Bangladesh bolster ties as New Delhi tries to become a regional power.

U.S. government inspections of avocados and mangoes in the Mexican state of Michoacan will gradually resume

The former CEO of a publicly traded health care company based in Nevada has been found guilty of a multimillion-dollar insider trading scheme

America and Europe are heading down different roads in response to China’s emergence as an electric-vehicle juggernaut. The U.S. is closing its borders to Chinese EVs before they even launch.

Manipur met with his Assam counterpart, Chief Minister Himanta Biswa Sarma, in Guwahati on Sunday and discussed the security concerns of Jiribam and Cachar. Jiribam in Manipur which shares a border with Assam is restive following violent incidents. Hundreds of people from Jiribam are taking shelter in Assam following the violence in early this month. Chief Minister N. Biren Singh, accompanied by senior minister L. Susindro Singh, travelled to Guwahati on Saturday.

India is home to 30 future Unicorns in the Fintech sector, with consumer lending emerging as the dominant subcategory, constituting more than half of the FinTech future Unicorns, ASK Private Wealth Hurun India Future Unicorn Index 2024 observed. The total worth of India's future unicorns will stand at USD 58 billion, an increase of 1.2 per cent as compared to last year. Fintech sector leads with the highest number of companies that can become Unicorns in future. The Fintech start-ups featured in this year's report have collectively raised an investment of USD 5.7 billion. FinTech holds a strong position, commanding a substantial share of the overall value of future Unicorns, with a total of US$11.4 billion or 20 per cent of the total value.

Jammu sector, it is emerging that there are around 35-40 foreign terrorists active in the area and operating in small teams, with two-three in each one of them. Sources in the security forces told that the assessment of the number of terrorists is based on the inputs received from the intelligence agencies along with forces operating on the ground. The foreign terrorists, who are suspected to be former Special Services Group members from the Pakistan Army, have been trying to revive terrorism in the Rajouri, Poonch, and Kathua sectors of the Jammu region for around three years, the sources said.

Central Reserve Police Force's jungle warfare unit were killed on Sunday when Naxalites detonated an improvised explosive device (IED) in Chhattisgarh's Sukma district, according to police. The blast occurred around 3 pm near Timmapuram village, situated between the Silger and Tekalgudem security camps, over 400 km from Raipur, the state capital, a senior police officer reported. «An advance party of the 201st unit of Commando Battalion for Resolute Action (CoBRA) had launched patrolling from Silger camp under Jagargunda police station limits as a part of its Road Opening Party duty towards Tekalgudem,» he said. «The security personnel were in a truck and on motorcycles,» he said.

BJP's election in-charge for Jharkhand Shivraj Singh Chouhan said on Sunday that the saffron party will form the next government in the state by uprooting the «corrupt» JMM-led coalition from power. Chouhan and Assam Chief Minister Himanta Biswa Sarma, who is BJP's election co-incharge for Jharkhand, held a meeting with party leaders, MLAs, MPs, and workers in Ranchi to prepare strategies for the assembly elections in the state due later this year. He said the BJP had an outstanding performance in the recently concluded Lok Sabha polls in Jharkhand where it won eight seats and its ally AJSU Party bagged one. «We had a lead in 52 of the 81 assembly seats in the parliamentary polls. The state played an important role in securing the third term of Prime Minister Narendra Modi. I congratulate the party leadership, booth workers and people of Jharkhand for the achievement,» he said.

In the early 20th century, Thomas Midgley Jr, a chemist, introduced tetraethyl lead to gasoline, promising to revolutionize the automobile industry by reducing engine knock. It seemed like a miracle solution at the time, and Midgley was hailed as a hero. However, the dark side of this innovation soon became apparent as leaded gasoline caused widespread environmental damage and severe public health issues, including brain damage in children.

Binance, the world’s largest cryptocurrency exchange, has taken action to halt funds linked to a major cyberattack on Turkish exchange BtcTurk.

India has seen several transformative innovations in recent years. The development of Digital Public Infrastructure (DPI), particularly the Unified Payments Interface (UPI) and Direct Benefit Transfer (DBT) mechanism, has made lives easier and worked in favour of the cause of financial inclusion. Similarly, the Public Distribution System (PDS) has ensured food security for the underprivileged and proved its mettle during the recent pandemic.

₹1,000 crore and an offer-for-sale (OFS) of ₹500 crore in equity shares by promoters and other investors, totaling ₹1,500 crore.Promoters Bina Kishore Chhabria and Resham Chhabria Jeetendra Hemdev will sell off the shares in the Offer for Sale (OFS).The company manufactures, markets, and distributes alcoholic beverages both within India and globally. Its product range encompasses various IMFL brands such as vodka, rum, whiskey, and brandy.Allied Blenders and Distillers IPO date: The IPO of liquor company will open for bidding on June 15 and will close on June 27.Allied Blenders and Distillers IPO price band: The company has set the price band of its IPO at ₹267 to ₹281 per share.Allied Blenders and Distillers IPO size: The Allied Blenders IPO is a book-built issue aiming to raise ₹1,500 crores.

Stock Market News: Profit-booking took centre stage on Friday's session, prompting the domestic benchmark indices, the Nifty 50 and Sensex, to give up early morning gains and remain in the negative throughout the day's trading.Market experts noted that the market breadth too favoured the bears as only 18 stocks in Nifty 50 marched higher against 32 stocks which slid down. Interestingly, in broader markets, Nifty MidCap 50 finished slightly above the dotted lines.

So you have your credit card and your bank has given you an offer of some tempting loan offers. You have been eying those money splurging dreams that you have been waiting so hard for, that trip to Bali or London, that fancy bike, that LCD TV, etc. You have the urge to max out your credit.

Afghanistan pulled off a monumental 21-run upset over Australia in the T20 World Cup, with Gulbadin Naib’s four-wicket haul overshadowing Pat Cummins’ hat-trick. Afghanistan defended their total of 148 for six, securing their first-ever win over Australia in international cricket. Australia were bowled out for 127 in 19.2 overs in the Super Eight contest, now facing potential early elimination from the World Cup. They must win against India and hope Afghanistan loses to Bangladesh. Afghanistan avenged their ODI World Cup defeat in Mumbai, where Maxwell had previously snatched victory from them. Skipper Rashid Khan expressed immense pride in the team's performance, highlighting Naib’s impactful bowling and Nabi’s early dismissal of Warner. The result has thrown Group 1 wide open, with both Australia and Afghanistan having one win each, while India leads with two wins. The final Super Eight matches will be crucial in determining which teams advance to the semi-finals, with all four teams in Group 1 still having a chance to make it through.