Business

  • Broadcasters wary of TRAI decision on review pricing
    New Delhi, August 20 (IANS): Broadcasters have raised concerns over the Telecom Regulatory Authority of Indias (TRAI) decision to review the issue of pricing, barely eight months after implementing the new tariff order.   They fear that the intrusive approach by the regulator will only discourage and disincentivise fresh investments into the sector, which can have dire consequences.   Smaller channels and networks may even face an "existential crisis" in case TRAI
  • Auto slowdown: SBI waives processing fee on car loan, more PSBs to follow
    New Delhi, August 20 (IANS): In a bid to boost car sales amid piling inventories, the State Bank of India (SBI) on Tuesday waived processing fee on car loans during the upcoming festival season and is also offering the lowest interest rate starting 8.70 per cent on car loans, with no escalation in interest.   The move is likely to be followed by other PSBs in different formats to make credit cheaply available to the buyers. Officials from at least three public lenders said t
  • FHRAI joins chorus against online food apps, threatens protests
    New Delhi, August 19 (IANS): As online food aggregators faced the heat from offline restaurants under the National Restaurant Association of India (NRAI), the Federation of Hotel and Restaurant Associations of India (FHRAI) has joined the chorus, warning of nation-wide protests against the "unethical" deep discounting practices of players like Zomato Gold and Dineout, among others. In a statement, the FHRAI called for a review of the agreement of online food apps with restaur
  • IIT-Mandi developing technology to convert heat into electricity
    Mandi, August 19 (IANS): Indian Institute of Technology Mandi researchers in Himachal Pradesh are developing thermoelectric materials that can efficiently convert heat into electricity. While solar power has received a lot of attention, other alternative sources, even if less known, are equally promising.  Generating power from heat, for example, is attractive as there is a lot of energy that is generated through human activity in industries like power plants, h
  • Amid slowdown, RBI Governor hints at softer approach on rates
    Mumbai, August 19 (IANS): Indicating a softer approach on rate cuts in the wake of economic slowdown, RBI Governor Shaktikanta Das on Monday said growth is the top priority at a time when the Indian banking system is facing many challenges. In his inaugural address at the Indian Banks' Association annual flagship conference, FIBAC 2019, here, the Reserve Bank of India (RBI) Governor also said the real test for public sector banks (PSBs) is their ability to tap the capital m
  • Economy needs stimulus, credit demand muted: SBI Chairman
    State Bank of India (SBI) chairman Rajnish Kumar addresses a press conference in Kolkata on August 18. (IANS Photo)     Kolkata, August 18 (IANS): Amid the economy roiling through a slowdown in demand and consumption, State Bank of India (SBI) Chairman Rajnish Kumar on Sunday raised the pitch for a stimulus, saying that the credit demand remains subdued. Though lack of credit demand exists in the economy, there is no supply-side constraint as the public s
  • SBI extends credit period for auto dealers by 15-30 days
    New Delhi, August 18 (IANS): India's largest lender, the State Bank of India, on Sunday said that it is extending the repayment period for stressed automobile dealers by 15-30 days to help them out of current inventory builds-ups due to the slowdown in the sector and in economy. "Normally, the repayment period is 60 days. So we extend it for 75 days for some dealers and to 90 days for a few others. We are talking to each dealer. We also had meetings with the Federation of A
  • I-T department to adopt 'taxpayer friendly' approach
    New Delhi, August 18 (IANS): The Income Tax (I-T) Department has decided to adopt a more friendly approach in its dealings with the tax assessees, sources said on Sunday, following Finance Minister Nirmala Sitharaman's call for a mindset change among tax officials. Sitharaman on Saturday asked the I-T Department to bridge the communcation gap between tax officials and the assessees and sought a change in mindset amid allegations of "tax terrorism".  "Tax adminis
  • Cash-for-Clunkers: Auto industry bets big on scrappage policy
    New Delhi/Mumbai, August 18 (IANS): Faced with a massive sales downturn, India's automobile industry is betting big on a scrappage policy to revive demand for the already dented sector. Accordingly, automobile industry's representatives have sought an 'End of Life' policy from the Central government as a measure to arrest the falling sales. The policy, if implemented, is expected to encourage customers to go in for new purchases which will be backed-up by government
  • I-T Dept issues 17-point checklist to trace unaccounted DeMO cash
    New Delhi, August 17 (IANS): In a bid to seize illegal cash, the Income Tax Department has issued a 17-point checklist to tax commisioners across the country to track those who deposited unaccounted cash during demonetisation. In a directive to the Principal Chief Commissioners of Income Tax and Principal Director Generals of Income Tax, the Central Board of Direct Taxes (CBDT) said that in conitinuation of the handling of cases related to demonetisation, a verification che
  • Goa should have more beach shacks: Association
    Panaji, August 17 (IANS): Goa's beach shack owners have demanded an increase in the number of shacks dotting Goa's beaches, while also urging the state government to create a separate policy for traditional shack owners, Cruz Cardozo, President of the Goa Shack Owners Welfare Society said on Saturday. Licences should be given as soon as possible, Cardozo said after a meeting of the Association's members on Saturday. "There are 364 shack licences allotted on a lottery
  • Excess water released from Bhakra Dam, more discharges likely
    Chandigarh, August 17 (IANS): As the Bhakra Dam across the Sutlej in Himachal Pradesh reached its capacity, excess water was released as a precaution, which could cause flood in villages located downstream, officials said. According to Bhakra Beas Management Board (BBMB) officials, a discharge of up to 50,000 cusecs is not considered to cause flooding downstream, but an alert has been sounded as it could affect villages and towns mainly in Punjab. The spill gates wer
  • German company to set up centre of excellence in Himachal
    Shimla, August 17 (IANS): German-based Export-Akademie Baden-Wurttemberg will establish a centre of excellence for innovation and technology management in Himachal Pradesh, Additional Chief Secretary Shrikant Baldi said on Saturday. He said the state was keen on setting up the centre as a nucleus for innovation and regional development. "This would ensure promotion of clean technologies and automation and linking up of cluster with technology clusters in Germany," he said.
  • U.S. set to give Huawei another 90 days to buy from American suppliers - sources
    A Huawei company logo is pictured at the Shenzhen International Airport in Shenzhen, Guangdong province, China July 22, 2019. REUTERS/Aly Song/File Photo   SINGAPORE/WASHINGTON (Reuters): The U.S. Commerce Department is expected to extend a reprieve given to Huawei Technologies that permits the Chinese firm to buy supplies from U.S. companies so that it can service existing customers, two sources familiar with the situation said.   The “temporary general license
  • Trump tweets about dinner with Tim Cook
    Apple CEO Tim Cook listens to U.S. President Donald Trump at the American Workforce Policy Advisory Board meeting in the White House State Dining Room in Washington, U.S.. Reuters/Leah Millis   San Francisco, August 17 (IANS): Apple would be spending "vast sums of money in the US", President Donald Trump said while announcing Tim Cook as his dinner guest for the Friday night. "Having dinner tonight with Tim Cook of Apple. They will be spending vast sums of money
  • Market borrowings touch 57% of Budget Estimates in June
    New Delhi, August 17 (IANS): The government's market borrowings have touched Rs 2.54 lakh crore, which is 57 per cent of the Budget Estimates, as of June 2019. The budgeted market borrowing is Rs 4.48 lakh crore for the fiscal.  On a comparison basis, the borrowing was 31 per cent in the same time of the last fiscal, as per the Controller General of Accounts.  Government raises funds from the market to fund its fiscal deficit through dated securities
  • Gold near record high on recession warnings
    Gold bullions. (IANS File Photo)   Mumbai, August 16 (IANS): Gold prices surged to near-record high levels yet again on Friday as renewed fears of a possible recession led investors to run for safe haven assets like gold. Gold prices had earlier fell sharply from its record highs after US deferred imposing fresh tariffs on imports of Chinese products. Despite this, closely watched recession indicators warned a possible recession -- typically defined as fal
  • Massive decline in India in coal power project lending: Report
    An Afghan man waits for customers at a coal market in Kabul. (IANS File Photo)    New Delhi, August 16 (IANS): A financial assessment on Friday revealed a massive 90 per cent decline in coal power investment in India in 2018 compared to the previous year. The report looks at coal and renewable energy project finance made in 2018 and compares that with the numbers in 2017. "Coal vs Renewables 2018" -- an annual energy investment trend report -- recorde
  • TRAI seeks relook at caps on channel discounts
    New Delhi, August 16 (IANS): The Telecom Regulatory Authority of India (TRAI) has issued a consultation paper to re-look at imposing restrictions on discounts offered by broadcasters on channel bouquets after the implementation of the new regulatory framework for cable and broadcasting services. The regulator on Friday hit out at the broadcasters and said the lack of any caps on discounts offered on bouquets, compared to a-la-carte channel pricing, is being "misused to thro
  • Govt will invest Rs 100 lakh cr on developing infrastructure: Modi
    Indian Prime Minister Narendra Modi addresses the nation during Independence Day celebrations at the historic Red Fort in Delhi, India, August 15, 2019. REUTERS/Adnan Abidi   New Delhi, August 15 (IANS) Prime Minister Narendra Modi on Thursday said his government will invest Rs 100 lakh crore on developing modern infrastructure that will aid in nearly doubling the size of the Indian economy to $5 trillion in the next five years. Addressing the nation from the rampart