Top headlines: New export obligation defaults scheme, banks seek exemptions

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Budget 2023-24: Scheme to settle export obligation defaults on cards

The Union Budget 2023-24 may propose a dispute resolution scheme for exporters, which will offer a one-time opportunity to settle past issues of disagreement involving export obligation defaults.

The scheme, in the works, may provide a window of three-six months for exporters to come clean. It could lower the interest to one-third on delayed Customs duty payment and may even waive penalties, two people privy to the matter said. Read more...

India iPhone breakthrough masks struggle to improve manufacturing

While recent financial incentives under Modi offered Apple a cost-efficient path to set up shop in India, the California-based company is still making a fraction of its iPhones in the nation. And for every success, there are many companies that have quit India because of long-running challenges such as dealing with the country’s bureaucracy, including General Motors Co., Ford Motor Co. and Harley-Davidson Inc. Read more...

Better bench strength: IT hirings seen at pre-Covid levels in FY24

After a year of supply-side constraints due to high demand for work after the pandemic, it looks like 2023-24 (FY24) will see a ‘normalised pattern’ of hiring. So far the top three IT firms have announced their third quarter numbers and the dip in attrition rates and a higher bench strength seems to be signalling towards a normal year for hiring in FY24. Read more...

Banks wants CRR, SLR, priority sector exemption for sovereign green bonds

Banks have requested the Reserve Bank of India (RBI) to exempt them from maintaining cash reserve ratio (CRR), statutory liquidity ratio (SLR), and priority sector lending requirement for subscribing to soverign green bonds to be floated in January and February. Read more...

Apple cuts CEO Tim Cook's pay by more than 40% to $49 million in 2023

Apple Inc. is cutting Chief Executive Officer Tim Cook’s compensation by more than 40% to $49 million in 2023, citing investor guidance and a request from Cook himself to adjust his pay.

As part of the changes, the percentage of stock units awarded to Cook and tied to Apple’s performance will increase to 75% in 2023 from 50%, as well as in future years, the company said in a regulatory filing Thursday. Read more...