BUSINESS
China slaps record $2.7B fine on Jack Ma's Alibaba
The fine was imposed on Alibaba for violating anti-monopoly rules as the country seeks to rein in the power of internet conglomerates. "Alibaba accepts the penalty with sincerity and will ensure its compliance with determination," the Hangzhou-based company said in a statement.
UN chief applauds IMF, World Bank measures to address COVID-related debt crises
Since the beginning of the crisis, the secretary-general has called for liquidity, the statement continued, through a large issuance of Special Drawing Rights (SDRs) - an instrument created by the International Monetary Fund to help supplement cash reserves - for those most in need, and a reallocation of unused SDRs.
India's forex reserves down by over $2.4 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves decreased to $576.869 billion from $579.285 billion reported for the week ended March 26.India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
India better prepared to handle resurgent Covid's economic fallout
Accordingly, industry watchers have cited accelerated vaccination drive along with massive adoption of e-commerce by India Inc and low interest rates as factors which will mitigate the intensity of any economic shock.In contrast, the localised lockdowns are expected at best to slow down the progress of economic recovery, but not stall it.
Second Covid wave heightens risks for India's banks: Fitch
Accordingly, Fitch expects a moderately worse environment for the India's banking sector in 2021, but headwinds would intensify should rising infections and follow-up measures to contain the virus further affect business and economic activity.
India Inc must consider adopting 'digital ethics framework': Report
The study by Deloitte Touche Tohmatsu India LLP (DTTILLP) and Bangalore Chamber of Commerce (BCIC) noted that an accelerated pace of digital transition, consumption of goods and services through the app-based interface, and proliferation of data bring numerous risks such as biased decision-making processes being transferred to machines or algorithms at development stage by humans.
FY21 net tax collection at Rs 9.45L cr, exceeds revised estimates
The net collection is around 5 per cent higher than the revised estimates for 2020-21. The net direct tax collections include corporation tax (CIT) at Rs 4.57 lakh crore and personal income tax (PIT), including security transaction tax (STT) at Rs 4.88 lakh crore.
Equity indices in green amid choppy trade
At around 10.35 a.m., Sensex was trading at 49,860.96, higher by 114.75 points or 0.23 per cent from its previous close of 49,746.21. It opened at 49,743.39 and has so far touched an intra-day high of 49,906.91 and a low of 49,499.99 points. The Nifty50 on the National Stock Exchange was trading at 14,896.75, higher by 22.95 points or 0.15 per cent from its previous close.
India Inc expected to log double-digit revenue growth in Q4FY21: Crisil
As per the estimates, the double-digit growth comes after eight quarters of either decline or single digit growth. The estimates are based on an analysis of 300 companies, which account for 55-60 per cent of the market capitalisation excluding financial services and oil companies of the National Stock Exchange.
Number of multi-millionaires in Hong Kong reaches new high
A multi-millionaire is defined as a person with a total net worth of 10 million HK dollars (about $1.28 million) or more and at least 1 million HK dollars in current assets, according to the bank, Xinhua news agency reported on Thursday.
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