Page 7 - Business

German Chancellor interacts with India's best business minds in Bengaluru

German Chancellor Olaf Scholz has interacted with "inspiring talents" of SAP India, German ambassador to India Philipp Ackermann stated in a tweet. Scholz witnessed "India's modern face" at Bengaluru and met with young Indians on their way to Germany.Philipp Ackermann tweeted, "Bangalore showed India's modern face to @Bundeskanzler Olaf Scholz & us! We changed batteries for scooters @Sun_Mobility & met inspiring talents @SAPIndia. Chancellor also talked to young Indians on their way to Germany & visited Royal Challengers - end of a successful visit!"Olaf Scholz was on an official visit to India from February 25-26. He was accompanied by senior officials and a high-powered business delegation.Meanwhile, IPL Cricket team Royal Challengers Banglore on Sunday tweeted, "We had the extreme honour and privilege of hosting the Hon'ble Chancellor Olaf Scholz of Germany at Namma Chinnaswamy Stadium. His Excellency called on RCB's WPL camp today."On Saturday, the German ...

CAs, advocates mustn't be arrested sans proof of role in business fraud: HC

Ruling was delivered in a case in which a CA and an advocate were arrested for rendering service to exporters who were alleged to have fraudulently claimed a refund of IGST

World is celebrating India's business today: Union minister Jitendra Singh

Union minister Jitendra Singh on Sunday said the world is celebrating India's business today and is acknowledging that this is the golden era of India under Prime Minister Narendra Modi. Speaking at Big Impact Awards 2023 Celebrating Businesses of Jammu' here, the minister of state in the Prime Minister's Office also said the per capita income has doubled under the Modi-led government over the last eight years. The pro-business reforms unleashed by PM Modi-led government in the last nine years is laying a strong foundation of new India, opening up new vistas for the business community, improving India's rank in ease of doing business from 142 in 2014 to 63 in 2022, the minister said. He said India has had a huge quantum jump in the global benchmarks with the country being the fastest growing economy in the world having overtaken the United Kingdom, jumping 40 steps up in the global innovation index and ranking third in the startup ecosystem having more than 90,000 startups from 250

Global sandwich chain Subway explores sale of business after 60 yrs: Report

A sale of the company could value it at more than $10bn, according to the Wall Street Journal, which first reported the story

Illegal subsidies by trade partners hurt Indian trade, business: Govt

The government on Monday said illegal subsidies by trade partners and other countries hurt Indian trade and business, and that corrective actions are taken in the form of invoking dispute settlement mechanisms. The Department of Commerce on February 9, 2023 had stated that illegal subsidies by trade partners and other countries hurt Indian trade and business, Minister of State for Corporate Affairs Rao Inderjit Singh told the Lok Sabha. "At a multilateral forum, the disciplines regulating the provision of subsidies and the use of countervailing measures to offset injury caused by subsidized imports are addressed in the Agreement on Subsidies and Countervailing Measures," he said in a written reply. According to him, the subsidies whether they are prohibited (illegal) or actionable are determined by three major steps within the Subsidies and Countervailing Measures agreement. Based on them, corrective actions are taken in the form of invoking dispute settlement mechanism, Singh said

Small businesses to common citizen: 5 key Budget proposals explained

Budget gives Rs 2.40 trillion to Railways: the highest-ever outlay for the national transporter

Indians' trust increases in govt and business, dips in media, NGOs: Survey

India is also among 11 countries where trust in government has increased

Instamart tests Swiggy's appetite for biz growth amid rising losses

With its rapid cash burn rate, early investors are questioning the food delivery platform's venture into quick commerce

Shriram Finance's business prospects remain healthy, pressure on NIM seen

Valuation targets, though, are close to current price; potential selling by large non-promoter shareholders also an overhang

Indian crypto exchanges stay put in business after 'a year to forget'

Tax burden, regulatory uncertainty and the shock of FTX collapse pulled down domestic companies

Most of RFL lenders approve Rs 2.3k-cr OTS plan, on track to restart biz

Debt-ridden Religare Finvest Ltd (RFL) is hopeful of restarting its business operation in the New Year following the company's proposal of Rs 2,300 crore One Time Settlement (OTS) finding favour from most of the lenders. Once the OTS process is completed, RFL will come out of the Corrective Action Plan (CAP) imposed by the Reserve Bank of India in January 2018 due to its weak financial health. According to sources, 14 out of 16 lenders have signed the OTS agreement and the remaining two are expected to sign in a day or two, sources said. Query to RFL did not elicit any response in this regard. RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by State Bank of India (SBI). As part of the proposed OTS, the company in June 2022 deposited Rs 220 crore earnest money with the lead lender demonstrating its commitment towards RFL revival. The company and its promoter are ready to make payment during this month itself even though they

Parliament panel moots digital competition law to curb unfair biz practices

To curb anti-competitive practices in digital markets, a Parliamentary panel on Thursday proposed ex-ante regulations, category of systemically important digital intermediaries and a new digital competition law. Besides, the committee has asked digital market entities to desist from "anti-steering", "deep discounting", "self preferencing", "search & ranking preferencing" and other practices that will impact competition in the market. The suggestions are part of the Standing Committee on Finance's report on 'Anti-Competitive Practices by Big Tech Companies' tabled in Parliament on Thursday and comes against the backdrop of rising concerns over unfair business practices in digital markets. In its report, the panel has mentioned about the peculiar challenge posed by the winner-take-all markets where winners emerge within 3-5 years after the market starts to develop and the market tips in one direction by the time policies are formulated. "Therefore, the committee recommends that ...

Towards transformative BFSI workplaces

The BFSI edition of Most Preferred Workplace 2022-23 lauded organisations creating a culture of work excellence worthy of emulation

Call centres' response time to customers dipped in 2022, says report

Period taken to connect to business representative increased to 56 seconds, from 45 seconds in 2021

ICICI Bank raises Rs 5,000 crore through bonds to fund business growth

Private sector ICICI Bank on Monday said it has raised Rs 5,000 crore through bonds to fund business growth. The bank has allotted 50,000 senior unsecured redeemable long term bonds in the nature of debentures aggregating to Rs 5,000 crore on private placement basis, the date of allotment being December 12, 2022, it said in a regulatory filing. The bonds are redeemable at the end of 7 years (redemption date being December 12, 2029), it said. There are no special rights or privileges attached to the bonds, it added. The bonds carry a coupon of 7.63 per cent payable annually and were issued at par, it said, adding, the bonds would be listed in the relevant segment of the NSE.

Beijing's Covid gloom deepens as China relaxes curbs after protests

Anecdotal evidence suggests that many businesses have been forced to close as infected workers quarantine at home while many other people are deciding not to go out

MFI recovery, credit cost moderation key triggers for Bandhan Bank

Stock has sharply underperformed peers and is available at reasonable levels

Danfoss expects to double India business revenues by 2025: Official

Danfoss India, a leader in heating, ventilation and air-conditioning has set a target to more than double its India business revenues by focusing on its core business segments, the company said on Sunday. The company aims to garner revenues of Rs 5,000 crore by 2025 and as part of the growth strategy it has planned to strengthen its footprint across the country. For the calendar year 2022 the company expects to end with a revenue of more than Rs 2,000 crore. With a current presence of 56 cities, Danfoss India has envisioned to expand into over 80 plus cities, improve localisation of its products from an average of 50 per cent to 80-90 per cent. The company also has plans of introducing new innovative products focused on energy, food, health care, infrastructure and mobility sectors, the company said. "As a global organisation serving the world's energy efficiency needs for over nine decades now, we at Danfoss are deeply committed to India's de-carbonisation and sustainability ...

Women's Entrepreneurship Day: 5 women who are breaking the glass ceiling

As the world gears up to celebrate women in business, here is a look at five entrepreneurs in India who are breaking the glass ceiling

The $14 billion feud that splintered the billionaire Hinduja family

The family has now called a temporary truce, but the long-running and rancorous dispute has put at stake the future governance of the Anglo-Indian empire