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The Economic Times
The Economic Times LGBTQIA+ inclusion picks up speed in India Inc
Flipkart has opened a delivery hub in Delhi-NCR run entirely by LGBTQIA+ employees, marking a first in India. Companies like Wells Fargo, Axis Bank, and Godrej Consumer Products are also taking steps to include LGBTQIA+ talent through specialized hiring programs and inclusive policies, aiming to create equitable workplaces.
The Economic Times High premium costs for parametric insurance flagged at NDMA meet amid GST concerns
The National Disaster Management Authority (NDMA) discussed the high cost of parametric insurance premiums and the imposition of 18 percent GST on insurance premiums. The meeting focused on expanding parametric insurance, particularly for extreme heat, and finding ways to finance premiums for disadvantaged groups. The NDMA also plans a workshop on disaster risk insurance in September 2024.
The Economic Times Finance minister Nirmala Sitharaman defends different GST rates for different products
Union finance minister Nirmala Sitharaman defended varied GST rates, explaining they were set by consensus in the GST council. Addressing hotelier complaints and Tamil Nadu's government criticisms, she emphasized efforts to simplify GST and ensure fair revenue sharing. She also discussed funding issues for Chennai Metro Rail phase 2 and other state projects.
The Economic Times Bun without cream, no GST! Tamil Nadu restaurateur's witty GST take sparks laughter and debate
In Coimbatore, a hotelier humorously pointed out to finance minister Nirmala Sitharaman the complexities of different GST rates on food items. He explained that while a plain bun is tax-free, adding cream incurs a 12% GST. His remarks led to laughter and initiated a debate on making GST rates uniform for all food products.
The Economic Times Sharat Industries appoints Balasubramaniam R as CFO
Balasubramaniam R brings nearly 30 years of expertise across various sectors, with a focus on finance, accounting, auditing, statutory compliances, and management information systems (MIS).
The Economic Times Alphacorp eyes BSE listing, Rs 1,000 crore revenue by FY27, says CFO Santosh Agarwal
In the last 2-3 years, construction costs have surged by 40-45 per cent and land prices have tripled amid stringent compliance regulations, which challenge our growth focus, said Alphacorp CFO Santosh Agarwal.
The Economic Times Former GE CFO Carolina Dybeck Happe transitions to Microsoft as EVP and COO
Microsoft has appointed former GE CFO Carolina Dybeck Happe as Chief Operating Officer and EVP, a newly created role. She will lead key divisions and drive AI transformation across the company, aligning business operations with Microsoft’s long-term growth.
The Economic Times China imposes six month suspension and $62 million fine on PwC following Evergrande controversy
China's finance ministry has imposed a six-month business suspension on PwC's auditing unit in mainland China due to its role in auditing Evergrande, which was accused of a $78 billion fraud. This follows similar penalties faced by Deloitte last year. PwC has since seen a significant client exodus.
The Economic Times Banks with large commercial real estate exposure may be shortsellers' targets, says RBI's Shaktikanta Das
Reserve Bank of India Governor Shaktikanta Das, speaking at the Bretton Woods Committee’s Future of Finance Forum in Singapore, expressed concerns about banks with significant commercial real estate exposure, noting that they could become targets for short sellers.
The Economic Times Shaktikanta Das wants policymakers to not jump on inflation data
Reserve Bank of India Governor Shaktikanta Das said policymakers need to remain firm despite a slight dip in inflation. While inflation is within the target range, the RBI aims for a 4% rate. Das highlighted the importance of caution due to volatile food prices and potential future inflation risks.
The Economic Times Will the era of low interest rates begin soon?
Two years ago, in September 2022, the RBI increased the repo rate by 50 bps to 5.50%, and then in a series of 25 bps hikes in the subsequent policies to the current 6.50%. It has been 20 months since the last rate hike and there has been a status quo on rates, which means that you have to bear the bigger interest rate burden on your loans.
The Economic Times Businesses living in fear, says TV Mohandas Pai after ‘extortion’ by CGST officials in Bengaluru
Venture capitalist TV Mohandas Pai has called on Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to protect honest businessmen from the misuse of GST laws by corrupt officials. His comments follow the arrest of four CGST officials in Bengaluru for extorting Rs 1.5 crore from a businessman through a fake raid.
The Economic Times Microsoft to cut 650 support jobs in Xbox Games unit
Microsoft layoffs: The roles to be eliminated are in “mostly corporate and supporting functions,” according to a memo sent to staff by Xbox chief Phil Spencer on Thursday. “No games, devices or experiences are being cancelled and no studios are being closed as part of these adjustments today.”
The Economic Times Yes Bank's stake sale runs into RBI hurdle
In March 2020, a State Bank of India-led consortium bailed out Yes Bank by infusing Rs 10,000 crore-a move primarily aimed at protecting depositors. SBI, which acquired a 49% stake with a three-year lock-in, now holds 24% after Yes Bank raised money through a follow-on public issue and the preferential issue of shares to private equity investors Carlyle and Advent International.
The Economic Times Pvt sector capex survey, economic census on cards
The government is set to launch several enterprise-related surveys, including a capex survey and an economic census. These surveys aim to track private sector capital investments and provide detailed data on establishments across formal and informal sectors. The National Sample Survey Office will begin the capex survey in October.
