Top headlines: Apple creates new jobs, India's derivate bond trade at risk

Business Standard brings you the top headlines at this hour

PLI scheme boost: Apple creates 100,000 new direct jobs in 19 months

Apple has become the single largest creator of blue collar jobs in the electronics sector after having generated 100,000 new direct jobs in the past 19 months.    

They have been created by Apple’s key vendors in India and their ecosystem of component suppliers who help in the manufacture of iPhones under the government’s smartphone Production Linked Incentive (PLI) scheme.

The vast majority of these new jobs have been created in the 19 months since the PLI scheme came into effect in August 2021.  Read more

Adani Group fallout? NBFC loans against shares under RBI scanner

The Reserve Bank of India (RBI) has sought details of lending against shares and the largest credit exposures of non-banking financial companies (NBFCs).

The central bank’s Department of Supervision sought this information over the past week, and the deadline for submission of large exposure was on Monday, informed a source.

The RBI’s communiqué has been seen by Business Standard. Read more

$19 bn derivative bond trade in India at risk from Modi's new tax

A derivative trade that boosted demand for India’s sovereign bonds by billions is at risk from a proposed tax, piling pressure on a market straining under record government borrowings.

Analysts say a New Delhi plan to tax high-value insurance policies will reduce demand, leading the industry to cut back on bond investments. For the past two years, banks have boosted the amount of debt bought for interest-rate swaps offered to insurers. Read more

Vedanta-Hindustan Zinc deal worry may hit divestment plan for FY23

The Centre’s plan to sell its residual stake in Hindustan Zinc (HZL) could face a stumbling block because of its opposition to the company’s proposed $2.98-billion acquisition of zinc assets from Vedanta.

The Centre’s opposition is on account of valuation and the deal being a related-party transaction.

The recent development will likely impact the ongoing divestment plan because the issue has created uncertainties among investors, making them cautious about picking a stake in HZL, a senior government official told Business Standard. Read more
 

Centre invites Big Tech, start-ups to discuss digital competition law

The Ministry of Corporate Affairs (MCA) has invited representatives of Google, Amazon, Meta, Apple, Twitter, and Netflix for discussions about the proposed digital competition law, according to sources. Zomato, OYO, Swiggy, Paytm, MakeMyTrip, Flipkart, and a few others will also join these discussions.

The ministry has decided to hold initial discussions with three sets of stakeholders in two tranches. It has invited associations, such as Alliance of Digital India Federation and All India Gaming Federation, besides domestic start-ups and news publishers, on March 4 to present their views. Read more