Business

  • After app ban, experts ask what about Chinese phones?
    NEW DELHI, JUNE 30 (IANS): After India directed blocking of 59 Chinese apps, some of India's top legal experts have asked what the government plans to do about hundreds and thousands of Chinese mobile phones being used by Indians and the CCTV cameras installed in both the corporate sector and the government agencies, which could potentially be transmitting data of Indians outside the country.   The IT Ministry on Monday issued an interim order to block 59 Chinese apps, i
  • Loan sanctions to MSME sector rise over Rs 1 lakh crore
    NEW DELHI, JUNE 30 (IANS): The government is going all out to ensure that liquidity concerns of the MSME sector are addressed on priority under its Emergency Credit Line Guarantee Scheme (ECLGS).   As of June 26, 2020, public sector and private banks have sanctioned loans worth over Rs 1 lakh crore under the scheme, of which more than Rs 45,000 crore has already been disbursed.   There has been a big jump in sanctions in just over a weeks time as the amount was Rs
  • Auditors flag 'material uncertainty' of Tata Steel Europe
    NEW DELHI, JUNE 30 (IANS: The auditors of Tata Steel have raised concerns regarding the 'material uncertainty' of its European arm due to the Covid-19 pandemic's severe impact on its financials.   During the January-March quarter, Tata Steel Europe, however, reported nearly Rs 65 crore operating profit.   The auditors, in their notes for the fourth quarter earnings, said Tata Steel Europe (TSE), a wholly-owned subsidiary of Tata Steel, had assessed the
  • Solar gear imports from China face double taxation
    NEW DELHI, JUNE 30 (IANS): Solar equipment imports, largely from countries such as China, may soon come under double taxation with the Director General of Trade Remedies (DGTR) looking to consider continued imposition of 15 per cent safeguard duty (SGD) on imports of solar cells and modules beyond the cutoff date of July 29.   The DGTR is scheduled to do oral hearing on extension of SGD on July 3 through video conferencing. If a decision to extend safeguard duty is taken the
  • Domestic gas pricing reform on cards, controls may be lifted
    NEW DELHI, JUNE 30 (IANS): In one of the last reforms in the oil and gas sector, the government is set to free up pricing of all domestically produced natural gas that would help scale up local production from fields of ONGC, OIL, Reliance and Vedanta and help create a uniform gas market where the fuel is freely tradable on exchanges.   The development comes soon after the launch of country's first online delivery-based gas trading platform - India Gas Exchange which is
  • Milk powder imports will harm farmers: Dairy industry
    NEW DELHI, JUNE 29 (IANS): After the slump in demand for milk and milk products in the hotel, restaurant and cafe (HoReCa) segment amid the Covid-19 outbreak, the domestic dairy industry has started using surplus milk to prepare milk powder and butter.   However, the government has decided to import 10,000 tonnes of milk powder from abroad under the tariff rate quota.   The dairy industry has opposed the move, calling it untimely. Dairy traders say that import of
  • Indian firms process Rs 1,500 crore in salaries, benefits via Paytm Payouts
    NEW DELHI, JUNE 29 (IANS): Paytm on Monday said its digital money transfer service Paytm Payouts has helped process Rs 1,500 crore in salaries and other benefits for medium and large enterprises in the country within the three months of lockdown.   During the lockdown, over 5,000 companies have used Paytm Payouts to pay salaries and food allowances to employees, incentives and rewards to housekeeping, labourers and other contractual staff, the company said in a statement.
  • Bharti Airtel shareholders to vote on July 31 on scheme of arrangement
    NEW DELHI, JUNE 29 (IANS): The National Company Law Tribunal has directed for a meeting of Bharti Airtel shareholders to consider and approve the scheme of arrangement between Airtel, Bharti Airtel Services, Hughes Communications and HCIL Comtel.   The meeting will be held on July 31 through video conferencing.   In an order dated May 11, 2020, the Principal Bench of the National Company Law Tribunal at New Delhi had directed a meeting to be held of the equity sha
  • Realme Narzo 10 'That Blue' colour option launched in India
    NEW DELHI, JUNE 29 (IANS): Chinese smartphone maker Realme on Monday introduced a new 'That Blue' colour variant for its recently launched Narzo 10.   That Blue colour variant will be available to purchase in India for the first time on June 30 at 12 noon.   The smartphone was initially launched in That White, and That Green colour option. Realme Narzo 10 comes in a single variant with 4GB RAM with 128GB storage priced at Rs 11,999.   The Realme
  • RBI to conduct special 'Open Market Operations' to pump up liquidity
    MUMBAI, JUNE 29 (IANS): To pump up liquidity in the financial system, the Reserve Bank of India will conduct special 'Open Market Operations (OMO) on July 2.   The special OMO session will see simultaneous purchase and sale of government securities for Rs 10,000 crore.   The operation is likened to the Federal Reserve's 'operational twist' -- which involved swapping short-term treasury securities for long-term government debts conducted in 2011-12.
  • Covid-19 heavily dents India's May auto parts exports: EEPC
    NEW DELHI, JUNE 29 (IANS): Covid-19's global outbreak has heavily dented India's auto component exports during May 2020, an analysis by EEPC India said on Monday.   Total auto component and parts exports recorded 65.5 per cent negative growth during May 2020, as exports fell to $163.2 million in May from $473.6 million during the corresponding month of 2019.   "In cumulative terms too, the sector dipped by 77.8 per cent from $885.6 million in April-Ma
  • Samsung likely to offset smartphone losses with strong chip biz in Q2
    Seoul, June 29 (IANS): Samsung Electronics is expected to announce better-than-expected earnings guidance for its second-quarter next week, based on its robust chip business that would offset losses in its smartphone and display businesses amid the novel Covid-19 pandemic.   Samsung is expected to log 53.39 trillion won (US$44.4 billion) in sales in the April-June period, down 5.5 percent from a year earlier, while operating profit was estimated to drop 2.3 percent on-year t
  • AWS Outposts now in India, to boost data management on-premise
    New Delhi, June 29 (IANS): Amazon Web Services (AWS) on Monday announced the general availability of its fully-managed service AWS Outposts in India.   AWS Outposts extends AWS infrastructure and services to virtually any data centre, co-location space, or on-premises facility, allowing customers to run AWS compute, storage, database, and other services on-premises, while seamlessly connecting to AWS's broad array of services in the Cloud.   Customers in India
  • PM outlines economic reforms, says several sectors 'unlocked'
    NEW DELHI, JUNE 28 (IANS): As the economy goes through a tough time amid the coronavirus pandemic, Prime Minister Narendra Modi on Sunday outlined steps taken recently for economic liberalisation under the Atmanirbhar Bharat package whereby the government opened up coal mining and space exploration for private players.   Addressing the nation through the 'Mann Ki Baat' radio broadcast, the Prime Minister said that as the first phase of 'unlock' is underway, s
  • Petrol, diesel prices unchanged after 21-day hike
    New Delhi, June 28 (IANS): In a big relief for the common man, the continuous rise in petrol and diesel prices came to a halt on Sunday.   Fuel prices across the metros were unchanged for the first time after price hikes for 21 consecutive days. Petrol prices, however, were unchanged for a day during this 21-day period after the daily revision based on dynamic pricing was reinstated.   In the national capital, petrol price was unchanged at Rs 80.38 per litre on Su
  • New definition will improve credit flow to MSMEs: SBI Chairman
    NEW DELHI, JUNE 27 (IANS): Lending major SBI's Chairman Rajnish Kumar on Saturday said the new definition of MSMEs which includes both turnover and investment limits will lead to improved credit flow to the sector.   He was speaking at the dialogue session organised by the Confederation of Indian Industry on the occasion of 'International MSME Day'.   During the session, he interacted with various representatives from the MSME industry through a virtua
  • Govt offers filing of NIL GST statement in form GSTR-1 through SMS
    NEW DELHI, JUNE 27 (IANS): In a major move towards taxpayer facilitation, the government on Saturday allowed SMS filing of NIL GST statement in GSTR-1 form with effect from the first week of July.   This would substantially improve ease of GST compliance for over 12 lakh registered taxpayers who had to otherwise log into their account on the common portal and then file their statement of outward supplies in form GSTR-1 every month or each quarter.   With the facil
  • Centre scraps BharatNet Rs 1,950-cr 'discriminatory' tender
    CHENNAI, JUNE 27 (IANS): The central government on Friday asked the Tamil Nadu Fibernet Corporation Limited (TANFINET) to scrap its Rs 1,950 crore BharatNet tender as the bidding conditions were "restrictive and discriminatory", NGO Arappor Iyakkam said.   BharatNet, is a central government project to connect all village panchayats in the country with scalable bandwidth using Optical Fibre Cable (OFC). In Tamil Nadu, the project was planned to be implemented throug
  • Hitachi, Microsoft ink multi-year deal to boost digital transformation
    TOKYO, JUNE 27 (IANS): Hitachi and Microsoft have announced a multi-year strategic alliance to accelerate the digital transformation of the manufacturing and logistics industries across Southeast Asia, North America and Japan.   Hitachi will integrate its industry-leading solutions such as Lumada, and its Internet of Things (IoT)-ready industrial controllers HX Series, with the Microsoft cloud platform, leveraging Azure, Dynamics 365 and Microsoft 365 to help businesses incr
  • India's oil imports see biggest drop in over a decade in May
    NEW DELHI, JUNE 27 (IANS): India is on its way to make its biggest savings in the oil import bill this year with Covid-19 related disruptions and sluggish demand conditions squeezing down the country's crude payments to a fourth of previous years' level in the first two months of current fiscal.   In the period of April-May 2020-21, India's oil import bill has fallen to a meagre $5.4 billion as against $19.3 billion in the same period a year ago. Apart from lower