BUSINESS
Lina Khan-led US FTC to probe $69 bn Microsoft-Activision deal
Lina Khan-led Federal Trade Commission (FTC) will scrutinize whether Satya Nadella-run tech giant's move to expand its video game business will "substantially lessen competition", The Wall Street Journal reported late on Tuesday, citing sources. Khan is known as an antitrust advocate and has earlier taken on Big Tech like launching a probe last year into Amazon's $8.45 billion acquisition of movie and TV studio giant MGM.
Google's parent firm Alphabet logs record $257 bn revenue in 2021
In the fourth quarter (Q4) of 2021, the Sundar Pichai-led company reported a revenue of $75.3 billion, up 32 per cent from the year earlier. The better-than-expected earnings and revenue took its shares up by more than 9 per cent in extended trading. The company also announced a 20-for-1 stock split that will take effect in July.
Sri Lanka, China contaminated fertiliser row continues to fester as Qingdao doubles price
Agriculture Minister Mahindananda Aluthgamage told Sri Lankan newspaper Daily Mirror that the government plans to import Chinese fertiliser from the same company if new fertiliser samples are found to be fit. The country is still awaiting new samples for evaluation from Qingdao. Daily Mirror quotes Aluthgamage as saying: "If the samples of newly dispatched fertiliser found to be contaminated, we have no hesitation whatsoever to reject it too".
Tata Teleservices withdraws option of conversion of interest into equity
As the interest amount eligible for conversion is much lesser than as expected and calculated by the company, the Board of Directors of the Company, in its meeting held on February 1, has decided to withdraw the desire. The DoT, in response, has informed the Company that the NPV of the interest which is eligible for conversion into equity is only Rs 195.22 crore as against the company's calculation of Rs 850 crore.
FII selling likely in consumer tech stocks
Sectors like infrastructure, real estate, industrials, financials, information technology and pharmaceuticals are likely to outperform while consumer staples and discretionary likely to underperform, he said.
India expected to become $5 tn economy by FY26 or FY27: CEA
In the post-Budget press conference held here, Nageswaran said while replying to a question: "If we continue to retain the path of 8% of real GDP growth and if we extrapolate it, we should be a $5 trillion economy in terms of nominal GDP in the Financial Year 2025-26 or 2026-27." Before the conference, in her Budget speech in the Parliament on Tuesday, FM Nirmala Sitharaman said that overall, sharp rebound and recovery of the economy is reflective of "our country's strong resilience".
Tax incentives, Customs rationalisation to help capture supply chain shift from China to India
The Union Budget announced on Tuesday that the period of commencement of manufacturing for newly-incorporated manufacturing entities has been extended up to March 31, 2024 for availing concessional tax regime of 15 per cent. Similarly, the period of incorporation for startups has been extended to March 31, 2023 for availing tax incentive in three consecutive years out of 10 years from incorporation.
Extension of key dates under GST to help seasonal businesses
While major policy decisions in Goods and Service tax take place only through GST council, Union Budget 2022-23 has provided the much-needed changes in the statute, said Smita Singh, Partner, Indirect Taxes, Customs and Trade Laws, S&A Law Offices.
Third Covid wave sequentially eases India's manufacturing sector growth in Jan: PMI
The seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) came in at 54 (index reading). The PMI ranges between 0 and 100, with a reading of above 50 indicating an overall increase compared to the previous month. In December 2021, the seasonally-adjusted index had risen to 55.5. The PMI report said January's growth was the weakest improvement in the health of the sector since last September.
India's Jan 2022 exports, imports rise over 23%
Exports in January 2021 stood at $27.54 billion. According to the data furnished by the Commerce and Industry Ministry, last month's exports rose by 31.75 per cent over January 2020."Value of non-petroleum exports in January 2022 was $30.33 billion, registering a positive growth of 19.4 per cent over non-petroleum exports of $25.4 billion in January 2021 and positive growth of 33.81% over non-petroleum exports of $22.67 billion in January 2020," the ministry said.
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