Top 10 biz headlines: Coke-CCD deal talks, RBI on payments data, and more

From corporate taxes in India to Coke-CCD deal talks, Business Standard brings to you the top 10 business stories that made news on Wednesday

Payments data must be stored in systems located in India, says RBI
 

The Reserve Bank of India (RBI) has said all data related to payment transactions must be stored in the country and that such information, if processed abroad, will have to be brought back within 24 hours. Read more

American investments worth trillions waiting for India, says Pompeo
 

Ahead of the G-20 meet in Osaka, the US engaged with India on subjects ranging from investments to employment creation, data localisation to technology partnership, and trade to defence collaborations. On a short visit to New Delhi, United States Secretary of State Mike Pompeo on Wednesday said American investments worth trillions of dollars are waiting to flow in, while pointing out that the industries must stay away from countries with weak law. More details

Coca-Cola in talks to pick stake in Cafe Coffee Day after pocketing Costa
 

The world's largest beverage company, Coca-Cola, has begun preliminary talks for a substantial stake buy in Cafe Coffee Day 10 months after it acquired UK-based Costa Coffee for $5.1 billion. The discussion with the Bengaluru-based company, promoted by VG Siddhartha, who exited information technology firm Mindtree earlier this year, is being led by the Atlanta office of the beverage major, persons in the know said. Read here

At 48.3% in 2018, corporate taxes in India among highest in the world
 

Corporate income tax in India is among the highest in the world, with the tax rate growing steadily in recent years. Of the 94 jurisdictions covered by the Organisation of Economic Cooperation and Development (OECD), India had the highest statutory tax rate of 48.3 per cent in 2018, double the global average tax rate of 24 per cent. More details

Centre revives plan to float holding company for state-owned banks
 

The Narendra Modi government has, in its second tenure, revived its plan to float a holding company that will house equity stakes of public sector banks (PSBs). This proposal seeks to improve human resource practices and raise funds to meet the financial needs of 19 PSBs. Read more

Godrej family hires top law firms to untangle land holdings worth Rs 20k-cr
 

The Godrej family, one of the biggest land owners in Mumbai, has appointed advisors and top law firms to untangle its land holdings. Read here

Cox & Kings shares have declined 26% since credit rating downgrade
 

Shares of tour operator Cox & Kings have slipped 26 per cent since Friday, following a credit rating downgrade which highlighted delays in debt reduction and increase in receivables. More details

ED Seizes Rs 9,778-Crore Assets Of Sterling Biotech, Promoters In PMLA Case
 

The Enforcement Directorate (ED) on Wednesday provisionally attached assets worth Rs 9,778 crore in connection with a money laundering probe against Gujarat-based Sterling Biotech and their fugitive promoters Sandesara brothers’ involvement in a multi-crore bank fraud. Read more

The three challenges facing Nirmala Sitharaman
 

The slowdown in the Indian economy appears to have worsened, according to the latest reading from Mint’s Macro Tracker, launched in October last year to provide a state-of-the-economy report each month based on trends across 16 high-frequency economic indicators, reports LiveMint.

Staff costs soar for IT majors with greater hiring in US
 

Leading IT firms Tata Consultancy Services, Infosys and Wipro witnessed a sharp increase in employee benefit expenses, including salaries and bonuses, in FY19, reports BusinessLine.