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The Economic Times
The Economic Times Tech giant HP looking to shift personal computer production away from China: Report
The Nikkei Asia reported, citing sources, that HP has set its sights on achieving its target in two to three years. One such source said the company has set internal targets of making 70 per cent of its notebooks outside China.
The Economic Times Mineral taxation greenlit by Supreme Court, could raise steel costs by ₹1,500 per tonne
The judgment arrives amid ongoing debates over fiscal federalism and is seen as a pivotal move that could lead to increased production costs across several core sectors of the economy. "The ruling might elevate production costs, affecting miners' profitability and future investments," said Anshuman Bharati, a credit analyst, S&P Global Ratings. He further noted, "This in turn could reverberate to sectors that consume these materials, such as steel, aluminium, cement, oil and gas, and coal."
The Economic Times India needs to open economy further, privatise banks: Finance Commission chairman Arvind Panagariya
Arvind Panagariya, the 16th Finance Commission chairman, stressed the need for India to privatize banks, open its economy further, and implement factor market reforms to boost growth beyond 6.5-7%. He pointed out that previous government cleanups of non-performing assets led to growth spurts and underscored the importance of private sector involvement and land and labour reforms.
The Economic Times White collar job openings at India Inc shrink in July
The number of active openings in July is a 4% degrowth over July 2023 and a 10% degrowth over July 2021, according to the data of white collar vacancies for professionals with one year of experience and above. However, officials at large conglomerates and top corporations attributed the drop in the number of vacancies to a lull typical during electoral activity and the continuing headwinds in the IT services sector, the biggest single contributor to the white-collar job market.
The Economic Times Mahindra Group companies run into 'brand' tax
Mahindra & Mahindra received a notice from the GST office regarding the use of the 'Mahindra' brand name by group companies, questioning why GST wasn't paid for the service between 2017-23. Tax officials believe GST should apply to the royalty or fees, raising concerns among corporate circles about the implications for numerous business houses.
The Economic Times Insurance companies get ₹2,000 crore GST notices
Goods and services tax authorities have sent notices demanding unpaid GST from more than 20 insurance companies, including HDFC Ergo and Star Health. The Directorate of GST Intelligence found these insurers provided services to SEZ employees and their families without paying IGST, leading to ₹2,000 crore in dues. Companies received show-cause notices after their explanations were deemed unsatisfactory.
The Economic Times Removal of 18% GST on life, health insurance: 'Shall take up with the GST Council,' says FM Sitharaman
GST on Life, Health Insurance: Both policyholders and insurers want the Centre to remove 18% GST on insurance premiums. The 18% GST on insurance products is seen as a deterrent to insurance penetration, as consumers bear the brunt of higher premiums. Finance Minister Nirmala Sitharaman said on August 7, 2024, "Tax has been there on medical insurance even before the introduction of GST." Union Minister Nitin Gadkari wrote to Finance Minister Nirmala Sitharaman urging her to roll back the 18% GST on such financial products. Other political parties echoed the same sentiment, adding weight to the growing chorus for relief. Hopes are high for a rollback that could potentially lower insurance costs for millions.
The Economic Times Govt approves appointment of CS Setty as SBI chairman; Rana Ashutosh Kumar Singh to takeover as MD
CS Setty has worked for SBI for about 35 years and heads international banking, global markets and technology at the lender. A career banker, he took charge as MD of SBI in January 2020. He holds a Bachelor of Science in Agriculture and is a certified associate of the Indian Institute of Bankers.​​​
The Economic Times To unlock full potential of Finance & IT Arms, Mahindra & Mahindra to rev up services business
Mahindra & Mahindra has seen its services sector contribute around 30-40% to profits. With further growth in Mahindra Finance and Tech Mahindra, services could play a major role in future profitability. The company focuses on core automotive and farm businesses, aiming for profit-led growth through increased margins and product diversification.
The Economic Times Adani group issues clarification on succession plan; says 'misquoted concerning heirs & equal beneficial interest in family trust'
Adani Enterprises clarified on Tuesday that Gautam Adani was misquoted in a report about the succession plan for his $213 billion empire. The company stated that Adani's remarks on succession planning were misinterpreted and that he did not specify a timeline for retirement or transition. Adani had mentioned involving his sons and nephews in the group's businesses, but the report incorrectly suggested details about heirs and their equal interest in the family trust.
The Economic Times Political turmoil unlikely to impact Indian FMCG companies
Indian consumer goods companies have operated in Bangladesh, Sri Lanka, and Nepal for years, generally facing little impact from local instability. Marico's stock dipped nearly 6% due to its substantial earnings from Bangladesh, where its subsidiary accounts for a significant portion of its overseas revenue. Other FMCG companies saw lesser impacts.
The Economic Times Compute tax either at 12.5% without indexation or 20% with indexation on realty transactions: Govt proposes amendment
The proposed amendment offers taxpayers a choice between a 12.5% long-term capital gains tax rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024. This change followed Budget 2024's proposal to remove indexation benefits. Despite concerns, the Income Tax department described this development as advantageous.
The Economic Times Will RBI cut rates on August 8 amid growing US recession fears?
The RBI may hold the policy rate at 6.5% reflecting a cautious approach, balancing current economic growth with inflation concerns, while closely monitoring global economic trends and domestic conditions.
The Economic Times Amazon India head Manish Tiwary resigns
While no immediate replacement is planned, the leadership team will work closely with Amit Agarwal, SVP, EMs. Tiwari's resignation comes at a time when Amazon India has lost market share in certain key markets and top categories to arch-rival Flipkart, and Meesho, Reliance and Tata Group are scaling their ecommerce plays.
The Economic Times RBI asks top banks to refrain from large trading bets against rupee: Report
The Reserve Bank of India advised major banks to stop increasing their positions against the rupee, which had reached record lows. RBI officials contacted the banks to prevent the rupee from breaching the 84/$ level. The central bank also intervened by selling $1.5 billion in the non-deliverable forward market.
