Top headlines: SC's verdict on GST; Indonesia to lift palm oil export ban

Business Standard brings you the top headlines on Thursday

Indonesia to lift palm oil export ban from Monday, says President

Indonesia will lift its palm oil export ban from Monday, following improvements in the domestic cooking oil supply situation, President Joko Widodo said on Thursday.

The world's top palm oil exporter has since April 28 halted shipments of crude palm oil (CPO) and some derivative products to try to tame soaring prices of domestic cooking oil. Read more

Recommendations of GST Council not binding on the Centre, states: SC

The Supreme Court on Thursday said the recommendations of the GST Council are not binding on the Central and state governments.

The apex court added that the Parliament and state legislatures possess equal powers to legislate on Goods and Services Tax (GST) and it is for the GST Council to advise suitably. Read more

1988 case: Sidhu gets 1-yr jail term, says 'will submit to majesty of law'

Soon after the Supreme Court imposed a one-year jail term on him in a 1988 road rage case, former Punjab Congress chief Navjot Singh Sidhu said on Thursday he "will submit to the majesty of law."

Sidhu was in Patiala to take part in a protest against inflation.

"Will submit to the majesty of law...," he said in a tweet. Read more

Futures signal more selling on Wall Street as growth fears mount

US stock index futures fell on Thursday, signaling more selling on Wall Street as investors kept a close eye on the impact of rising inflation on the U.S. economy and corporate earnings.

The S&P 500 index and the Dow Jones Industrial Average on Wednesday logged their biggest one-day percentage loss since June 2020 after dismal results from retailer Target Corp underscored just how hard inflation is biting consumers. Read more