Business

  • Pensioners may be allowed to withdraw their entire lifetime contribution to NPS with a higher threshold
    NEW DELHI, MAY 18 (IANS): Retired persons looking to use their pension fund money for meeting family emergencies or for making investments into better return yielding instruments would soon be permitted withdraw their entire lifetime contributions. Sources in the government said that pension regulator, Pension Fund Regulatory and Development Authority (PFRDA) is considering coming out with a better option for National Pension System (NPS) subscribers under which they would be able t
  • Musk impersonators steal more than $2M in cryptocurrency
    San Francisco, May 18 (IANS): Over the last six months, consumers have lost over $2 million in cryptocurrency to scammers impersonating Tesla and SpaceX CEO Elon Musk, according to the Federal Trade Commission (FTC). For years, scammers have posed as Musk to fraud social media users out of cryptocurrency, The Verge reported. They use deceptive tactics on sites like Twitter, often using the same avatar images as Musk's account and slightly misspelling his username. "Pr
  • Petrol, diesel prices increase after a day's pause
    New Delhi, May 18 (IANS): Under the new found preference for revising fuel prices every alternate day, the Oil and marketing companies (OMCs) raised the pump prices of petrol and diesel yet again on Tuesday. Accordingly, the price of petrol increased by 27 paise per litre to Rs 92.85 a litre in Delhi while diesel price increased a tad higher by 29 paise to Rs 83.51 a litre on Tuesday. Across the country as well the petrol and diesel prices increased between 25-30 paise per litre
  • Samsung unveils 3 power management ICs for DDR5 DRAM chips
    Seoul, May 18 (IANS): Samsung Electronics on Tuesday unveiled new power-controlling chips that minimise overall power consumption while boosting performance of dynamic random-access memory (DRAM). The world's largest memory chip producer said its three power management integrated circuit (PMIC) products -- S2FPD01, S2FPD02, and S2FPC01 -- are available for DDR5 DRAM modules. A PMIC is an integrated circuit that receives the main power input and distributes the power to each e
  • Wadhwani Foundation announces $1M grant for Covid-relief
    New Delhi, May 18 (IANS): Wadhwani Foundation (WF) has announced a support of $1 million in grants to 10 charities and NGOs in a bid to help alleviate the devastating impact of the Covid-19 outbreak in India. These grants provide medical resources and assistance to COVID-19 patients and their families. "Combatting the severe rise in COVID-19 cases and the tremendous burden on Indian families requires a comprehensive approach from as many organizations as possible,", said R
  • Japan's FY 2020 GDP shrinks to sharpest on record
    Tokyo, May 18 (IANS) Japan's GDP in fiscal year 2020 shrank 4.6 per cent in real terms, down for the second straight year, marking the largest annual contraction on record since data compilation began in 1955, government statistics revealed on Tuesday. According to the preliminary data released by the Cabinet Office, the previous record decrease was a 3.6 per cent drop in fiscal 2008 marked in the wake of the global financial crisis, reports Xinhua news agency. Meanwhile, gov
  • Jio constructs largest international submarine cable system centred on India
    MUMBAI, MAY 17 (IANS): Reliance Jio Infocomm Ltd (Jio) is constructing the largest international submarine cable system centred on India. Jio, in conjunction with several key global partners and world-class submarine cable supplier SubCom, is currently deploying two next generation cables to support the extraordinary growth in data demand across the region. The India-Asia-Xpress (IAX) system connects India eastbound to Singapore and beyond, while the India-Europe-Xpress (IEX) sys
  • India's online higher education market to grow 10x in next 5 years
    NEW DELHI, MAY 17 (IANS): Buoyed by the continuous remote learning amid the pandemic, the online higher education market in India will grow 10 times over the next five years to reach $5 billion by the financial year 2025, a new report said on Monday. The market will grow driven by new reforms set forth, including the increase in public spending (targeted at 6 per cent of the nation's GDP), relaxation in regulations governing degrees, supply side capacity gaps, need realisation a
  • India's WPI inflation rises to 10.49% in April
    NEW DELHI, MAY 17 (IANS): India's annual rate of inflation based on wholesale prices sequentially rose to 10.49 per cent in April from a rise of 7.39 per cent in March. Significantly, this is the highest rate of WPI inlation in the last 6-months. The monthly rate of inflation, based on month over month movement of WPI index, in April 2021 stood at 1.86 per cent as compared to March 2021. On a year-on-year basis, the inflation rate last month was higher. The WPI had come in ab
  • Credit card expenses by Indian subsidiary of a multinational corporation liable to GST
    NEW DELHI, MAY 17 (IANS): Credit card expenses made by employees of an Indian subsidiary for furtherance of business here would come under the purview of Goods and Service Tax (GST) with applicable 18 per cent rate. According to a recent ruling by Tamil Nadu Appellate Authority for Advance Ruling (AAAR), any expenses made by employees of an Indian subsidiary of a multinational corporation that is later reimbursed by the overseas holding company qualifies as service and hence needs t
  • Max Life launches new pension plan with guaranteed financial protection
    NEW DELHI, MAY 17 (IANS): Max Life Insurance Company on Monday announced the launch of 'Max Life Saral Pension', a Non-Linked, Non-Participating Single Premium, Individual Immediate Annuity Plan. The plan guarantees a regular stream of income in one's golden years, offering customers a chance to maintain their lifestyle pre and post retirement with the assurance of guaranteed income as long as the policyholder lives. The product has been launched at a time when a larg
  • Bank NEFT transfers will not be operational coming weekend
    Mumbai, May 17 (IANS): If you planning an online money transfer using the banking system between Saturday midnight and Sunday, you are well advised to either cancel or postpone such transfers. The Reserve Bank of India (RBI) on Monday said that due to NEFT system upgrade, this service will not be available from 00:01 hrs to 14:00 hours on Sunday, May 23, 2021. This would mean that during this period any money transfer involving NEFT system would not be available for use by bank c
  • TAIPA writes to CMs for priority vax for telecom workers
    New Delhi, May 17 (IANS): The Tower and Infrastructure Providers Association (TAIPA) has written to the chief ministers of the states and union territories urging for the priority vaccination for the telecom infrastructure field engineers and technicians under frontline workers category. In a statement the telecom infrastructure body said that the whole country is facing the second wave of Covid-19 which is more intense than the previous one. In this regard, Taipa has writte
  • Are OMCs shifting to alternate day fuel price revision mechanism?
    New Delhi, May 17 (IANS): Oil marketing companies seem to be moving towards a revised fuel price revision mechanism, shifting to the practice of changing petrol and fuel rates every alternate day rather than undertaking changes on a daily basis. In the last few days, pump prices of petrol and diesel have been revised every alternate day but the practice had not helped consumers as even under this system prices have only moved up making the fuel dearer. On Monday, OMCs kept retail
  • Credit Suisse extends Rs 7.5 cr aid to hospitals in India
    Mumbai, May 17 (IANS): As India continues to face the second wave of the Covid-19 pandemic, Credit Suisse has recently committed an additional Rs 7.5 crore ($1 million) in aid to Concern India Foundation and GiveIndia, to provide financial assistance to hospitals in Mumbai, Pune, Delhi and Bangalore. The financial aid is to be utilized to procure critical medical supplies, as well as oxygen and ICU equipment for the hospitals treating Covid-19 patients. Credit Suisse has also lau
  • 1 in 2 manufacturers facing lack of skilled workers: Survey
    NEW DELHI, MAY 16 (IANS): More than 1 in 2 manufacturers around the world feel their organisation lacks skilled workers to support smart manufacturing digitisation plans, according to a new survey. Organisational complexity, integration and process reengineering are the most prevalent challenges for executing smart manufacturing initiatives. Combined, these challenges reflect the largest change management obstacles, according to the survey by market research firm Gartner. In t
  • Petrol, diesel prices rise again on Sunday
    New Delhi, May 16 (IANS): Petrol and diesel prices have increased across the four metros on Sunday after a pause for a day. In the national capital, petrol price increased 24 paise to Rs 92.58 per litre, up 24 paise from the previous level. Similarly, the price of diesel rose 27 paise to Rs 83.22 a litre. In Mumbai, Chennai and Kolkata, petrol price increased to Rs 98.88, Rs 92.67 and Rs 94.31 per litre, respectively, and that of diesel was at Rs 90.40, Rs 86.06 and Rs 88.07 per
  • Microsoft, AWS share top spot in Public Cloud Services market
    New Delhi, May 16 (IANS): Microsoft shared the top position with Amazon Web Services (AWS) as the worldwide public cloud services market grew 24.1 per cent (year-over-year) in 2020 with revenues reaching $312 billion, according to the International Data Corporation (IDC). Spending continued to consolidate in 2020 with the combined revenue of the top 5 public cloud service providers (Amazon Web Services, Microsoft, Salesforce.com, Google, and Oracle) capturing 38 per cent of the worl
  • Airtel announces benefits for low-income customers amid Covid crisis
    New Delhi, May 16 (IANS) Bharti Airtel on Sunday announced special benefits for low-income customers on its network to help them stay connected during the ongoing pandemic. As a one-time gesture, Airtel will give the Rs 49 pack free of cost to over 5.5 crore low-income customers. The pack offers a talktime of Rs 38 and 100 MB data with a validity of 28 days. "Through this gesture Airtel will empower over 55 million customers, mostly in rural areas, to stay connected and have
  • Airtel announces benefits for low-income customers amid Covid crisis
    NEW DELHI, MAY 16 (IANS): Bharti Airtel on Sunday announced special benefits for low-income customers on its network to help them stay connected during the ongoing pandemic. As a one-time gesture, Airtel will give the Rs 49 pack free of cost to over 5.5 crore low-income customers. The pack offers a talktime of Rs 38 and 100 MB data with a validity of 28 days. "Through this gesture Airtel will empower over 55 million customers, mostly in rural areas, to stay connected and hav