BUSINESS
Israel-UAE trade reach $523.2 mn in H1: Report
This is a jump of about 177 per cent compared to a trade figure of $188.9 million recorded throughout all 2020, Xinhua news agency quoted the report released on Sunday as saying. Excluding diamonds, trade between the two countries totalled $229 million in January-June, up 143 per cent from $94.2 million in all 2020.
Wipro Chairman announces return to office from Monday
"After 18 long months, our leaders are coming back to the office starting tomorrow (Monday) twice a week. All fully vaccinated, all ready to go - safely and socially distanced! We will watch this closely," he said in a tweet. Premji also put out a short video of 59 seconds showing how well campus is ready to welcome its employees and their safety is ensured at multiple checkpoints through temperature checks and QR scans.
Hiring outlook for manufacturing sector remains subdued
Around 68 per cent of the respondents to the FICCI Manufacturing Survey for Q2 (July-September) said that they are not likely to hire additional workforce in the next three months. "This presents a near stable situation in the hiring scenario as compared to the previous quarter Q-1 of 2021-22, where 69 per cent of the respondents maintained similar sentiments," said a FICCI statement.
Ford's 'Quit India' decision surprises, shocks workers
Even as workers are eagerly waiting for a meeting with Ford India Private Ltd's management on Monday, the union official said that the shutting down of the plants is expected to be raised in the Tamil Nadu Assembly. On September 9, Ford India announced that it will wind down vehicle assembly in Sanand by the fourth quarter of 2021 and vehicle and engine manufacturing in Chennai by the second quarter of 2022.
No TDS on transfer of assets from Air India to SPV
The Central Board of Direct Taxes (CDBT) has come up with a set of notifications, announcing the decision. One notification from the said that Air India Assets Holding Ltd shall not be considered as 'buyer' for the purpose of sub-section (1) of section 194Q of the said Act in case of transfer of goods by Air India Ltd to it.
Zomato to shut its grocery delivery service
The company is of the view that its investment in Grofers will generate better outcomes than its in-house grocery effort. Zomato has informed its grocery partners through a mail that it plans to stop its pilot service with effect from September 17. "We have decided to shut down our grocery pilot and as of now, have no plans to run any other form of grocery delivery on our platform," a Zomato spokesperson said.
UP's ODOP products to be showcased in Dubai Expo
The ODOP products of Uttar Pradesh, which have gained national and international recognition, have proved to be an important tool in generating self-employment and boosting the economy of the MSME sector in the state. ODOP has emerged as an effective way of self-employment. The Yogi Adityanath government promoted the traditional crafts confined to one district to help the local economy.
CBDT issues tax refunds worth Rs 70K cr so far in FY22
The I-T Department has tried to smoothen its tax processing systems which is supporting quick assessments and timely generation of refunds. In wake of the pandemic, the department is going the extra mile to complete the procedures so that refunds can be generated quickly and help in ensuring liquidity position of taxpayers.
Public sector banks are stable now after PCA: Nirmala Sitharaman
The public sector banks were laden with huge non-performing assets (NPA) which was a serious concern for the future of the banking sector itself. Sitharaman said a problem in the banking sector would impact the entire economic activity. According to her, the government infused additional capital into public sector banks.
Petronet LNG to foray into petrochemical business
PEL is planned to offer LNG Bunkering services, allied services like 'gassing up' and 'cooling down' operations and other value-added services in LNG and Marine sector in phased manner. The necessary regulatory compliances and unit formation at Puthuvypeen Special Economic Zone, Kochi is under progress, he said, adding that the strategic location of Kochi terminal is expected to spur bunkering activity in the region at competitive price.
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