Trade deficit may be in range of $100-110 bn by March-end: Report
The country’s trade deficit which improved by 25 per cent in the first nine months of financial year 2016-17 compared to last year, is likely to be in the range of USD 100-110 billion by March-end, says a report. During April-December period of the fiscal 2016-17 the trade deficit was at USD 76.37 billion as against USD 100.08 billion in the same period last year. “The trade deficit has improved sharply by almost 25 per cent in the first nine months and with the present trend, the overall trade deficit would be in the region of USD 100-110 billion for the year (fiscal 2016-17),” Care Ratings said in a report.
Source: Economic Times
Big boost for Ratan Tata in row with Cyrus Mistry: Sebi finds no violations
Amid the Ratan Tata-Cyrus Mistry battle, Sebi feels that the board of a company can continue to seek expertise of a ‘Chairman Emeritus’ even after the person has left the company, though the regulator appears to be in favour of stricter norms for removal of independent directors. Ever since the boardroom battle erupted at the conglomerate after removal of Cyrus Mistry as chairman in October last year and subsequent allegations by him, including about ‘interference’ by Ratan Tata, Sebi has been keeping a close watch on the developments related to the group. The markets regulator has carried out a detailed scrutiny of any possible breach of securities laws, including about corporate governance and insider trading norms, a senior official said.
Source: Financial Express
India ranks sixth on eight great powers in 2017: American foreign policy magazine
India is ranked at the sixth spot, behind China and Japan, in a list of eight great powers for the year 2017 by a leading American foreign policy magazine which is topped by the US. The list is topped by the US, whereas China and Japan are at tie for being on the second spot. Russia (fourth) and Germany (fifth) are the other two countries ahead of India. Iran is ranked seventh and Israel is on the eighth spot. “Like Japan, India is often overlooked in lists of the world’s great powers, but it occupies a rare and enviable position on the world stage,” The American Interest magazine said in its latest annual report of eight great powers.
Source: Economic Times
Idea, Vodafone giving adequate PoI to Reliance Jio: Trai chairman RS Sharma
The congestion level on Reliance Jio Infocomm’s network has improved as Idea Cellular and Vodafone are meeting the required norms and providing adequate points of interconnect (PoI) to the new entrant, the telecom regulator has said. While terming the overall PoI situation as “better” than before, Telecom Regulatory Authority of India (Trai) chairman RS Sharma has said for Bharti Airtel the congestion level is beyond permissible limit in eight circles.
Source: Economic Times
Demonetisation: Private entities to analyse data vis-a-vis ITR, TDS
With an estimated Rs 15 lakh crore in junked notes back in the banking system post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees.The I-T department has already found that post demonetisation more than Rs 2 lakh was deposited in over 60 lakh bank accounts and the total amount deposited in these accounts is over Rs 7.34 lakh crore.
Source: Economic Times
Hurdles in digital transactions temporary: NPCI
As more Indians opt for digital transactions, interoperability among instruments continues to be an issue. The latest case in point is ICICI Bank blocking transactions through PhonePe, an app based on Unified Payments Interface (UPI). ICICI Bank’s complaint was that PhonePe was forcing customers to create new UPI handles on its platform and was violating the interoperability guideline. PhonePe, in its defence, maintained that all users who are registered with it can save their preferred UPI Virtual Payment Address with it. Few months ago, State Bank of India had blocked transfer of funds from SBI accounts to mobile wallets through net banking.
Source: Business Standard
NCLT accepts Synergies Dooray’s application for insolvency
The National Company Law Tribunal (NCLT) at Hyderabad has accepted the insolvency petition of Synergies Dooray Automotive Ltd, from which Ford used to source automobile components. This was the first such case filed at any of the NCLT benches under the new insolvency code. Also, one of the earliest cases accepted from the erstwhile Board for Industrial and Financial Reconstruction (BIFR). Mamta Binani, an insolvency professional involved in the case, says 93,000 cases were pending in the BIFR, which was recently dissolved. Synergies Dooray had filed at BIFR in 2005. The issue of the company’s dues to EXIM Bank and recovery by Edelweiss ARC was one of the important issues. BIFR in May 2012 had directed that the dues of EXIM were to be settled at 26.66 per cent of the principal amount. This order was challenged at the appellate tribunal.
Source: Business Standard
Jaitley eyes tax giveaways, state investment in Budget
Union Finance Minister Arun Jaitley is likely to borrow more than originally planned when he presents the Budget on February 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown. Arun Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse Asia’s third-largest economy back to health after the government’s shock decision in November to abolish high-value banknotes.
Source: The Hindu Business Line
FSSAI notifies comprehensive regulations for food recall
Nearly two years after the Maggi saga and after many deliberations, the Food Safety and Standards Authority of India (FSSAI) has notified a comprehensive food recall policy, making it mandatory for all food companies to formulate a detailed recall plan. However, it exempts food retailers from having such a plan unless they manufacture, import, or are involved in wholesale supply of food. This notification has been formulated to ensure removal of food under recall from all stage of the value chain, ensure timely dissemination of information to consumers. It also sets out guidelines to ensure retrieval, destruction or reprocessing of the recalled food products.
Source: The Hindu Business Line
Fidelity Investments slashes Flipkart’s valuation by over a third
US mutual fund giant Fidelity Investments slashed the valuation of its holdings in Flipkart by more than a third in November, a filing by the fund reveals, increasing the chances of an Indian unicorn having to raise money in a so-called down round soon. A down round is a funding round where a company raises money at a lower valuation than it did in the previous one. Fidelity’s cut is almost as sharp as the one Morgan Stanley made when it wrote down the value of its holdings in Flipkart, also in November.
Source: Livemint
Sebi bars Vijay Mallya, six others from securities market
Cracking the whip, regulator Sebi Wednesday barred beleaguered businessman Vijay Mallya and six others from the securities market in a case related to alleged fund diversions from United Spirits Ltd. Besides, Mallya and former United Spirits’ official Ashok Capoor have been restrained from “holding position as directors or key managerial persons (KMPs) of any listed company”.
Source: Indian Express
RBI stops investments to ‘non-cooperative countries’
Reserve Bank on Wednesday prohibited Indian entities from making direct investments in any entity located in ‘non co-operative countries and territories’, as identified by the inter-governmental body FATF. The Financial Action Task Force (FATF) currently comprises two regional organisations and 35 member jurisdictions, including India, US, UK, China and the European Commission. The prohibition on investment is “in order to align” instructions under FEMA with the objectives of the FATF.
Source: Business Standard
Supreme court rules parliament must have vote to trigger article 50
The government has lost its fast-tracked appeal to the supreme court, forcing ministers to introduce emergency legislation into parliament to authorise the UK’s departure from the EU. In a judgment that sets a far-reaching constitutional precedent and upholds parliamentary sovereignty, the court ruled by a majority of eight justices to three that MPs and peers must give their consent before the government can trigger article 50 and formally initiate Brexit. The decision sets clear limits on the extent of the government’s executive powers. Rights embedded in the law by the 1972 European Communities Act, which took the UK into what was then the European Community, cannot be removed by the government’s prerogative powers, a majority of the justices declared.
Source: The Guardian
BSE IPO subscribed more than 51 times
The initial public offer (IPO) of BSE, which closed for subscription on January 25, has been subscribed 51.15 times with all categories of investors showing strong interest in the first such public issue by a stock exchange in India. According to data available on National Stock Exchange’s website, bids were received for a total of 55.23 crore shares as against 1.08 crore shares on offer for public in the price band of Rs. 805 to Rs. 806. The offer size is about Rs. 1,244 crore at the upper end of the price band. Since it is an offer for sale by existing shareholders of the exchange, BSE would not receive any proceeds of the issue.
Source: The Hindu
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