BUSINESS
GST Council should rationalise rates: PHD Chamber
As per the industry body, the current rates are not in-sync with demand creation and employment generation in the country. Accordingly, the industry body said that items in category of 12 per cent rate should be reduced to 10 per cent and items in the category of 18 per cent rate should be reduced to 15 per cent.
US dollar falls amid rising risk aversion
The dollar index, which measures the greenback against six major peers, decreased 0.75 per cent at 96.0468 in late trading. The discovery of a new Covid-19 variant in South Africa sent jitters across global markets on Friday, Xinhua news agency reported.
Specialised groups to address exporters' banking challenges: Minister
Speaking at the 'Banking Conclave on Exports' organised by FIEO in Mumbai on Friday, the minister announced formation of various groups to address the problems raised by exporters and other stakeholders consisting of FIEO, leading banks, IBA, Ministry of Commerce and Ministry of Finance including one on challenges of e-commerce retail exports.
Protests at Amazon buildings in UK, US and Europe on biggest shopping day
The shopping sales day is among Amazon's busiest all year. An international coalition of unions, equality and environmental groups called 'Make Amazon Pay' is staging a day of action, the report said. The movement is demanding Amazon to make changes to its business, including improved pay, an end to employee surveillance, and union engagement.
Rains hampered supply chains, led to rising tomatoes, onions prices: Govt
The all-India average retail price of tomato has been on the rise from the end of September 2021 due to unseasonal rains in Punjab, Uttar Pradesh, Haryana, and Himachal Pradesh, which led to crop damage and delay in arrival from these states. Delayed arrivals from the north Indian states were followed by heavy rains in Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka, which disrupted the supply and also resulted in crop damage.
Covid-triggered FIIs' selling behind mammoth crash in Indian equities
The fall of about 1,687 points in Sensex and 509 points in Nifty50 was triggered by FIIs' selling, which occurred after the 'B.1.1529' strain of Covid-19 was identified in South Africa, and later detected in Botswana and Hong Kong. The new strain is reported to contain up to 30 identified mutations. It is said to be a more transmissible variant of Covid-19.
RBI accepts 21 recommendations on ownership of private banks
The internal group was constituted by the central bank on June 12, 2020 to review the extant guidelines on ownership and corporate structure for Indian private sector banks. "After examining the comments and suggestions received from the stakeholders and members of the public, it has been decided to accept 21 recommendations (some with partial modifications, where considered necessary).
India's foreign exchange reserves rise by $289 mn
The Reserve Bank of India's forex reserves increased to $640.401 billion from $640.112 billion reported for the week ended November 12. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $225 million to $575.712 billion.
Black Friday: Equities, Crude oil crash on fears over new Covid variant
On the other hand, safe haven assets such as gold saw a rise in prices. Gold traded at Rs 47,993 per 10 gm, up around Rs 300 from the previous day, according to the Indian Bullion and Jewellers Association. Initially, on Friday, the news of a new Covid-19 variant found in southern Africa, triggered an investor frenzy to sell risky equities.
Vedanta Chairman Anil Agarwal bags Asian Business Philanthropy Award 2021
Anil Agarwal's philanthropic pursuits have been an inspiration across the globe for his charitable foundation, the Anil Agarwal Foundation, which has created an exemplary social impact in rural India with Vedanta's multiple care initiatives. These initiatives, including Swatch Goan Abhiyaan, Nand Ghar, have touched upon over 4.23 crore lives helping them better their quality of life. To bring in sustainable and inclusive growth integrated with social-economic development, the group spent over Rs 331 crore in the year 2020-21.
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