BUSINESS
Chinese power companies accuse Pakistan govt of defaulting on payments
The Port Qasim Electric Power Company Ltd (PQEPC), owned by China's Sinohydro Resources Ltd and Qatar's Al Mirqab Capital Ltd, claims that the CPPA owes it Rs 77.3 billion or $263.5 million in unpaid dues for power. The company says that as the deadline of May 31 for the principal payment of $73.6m has passed, the Government of Pakistan has defaulted.
Delhi excise case: Court dismisses bizman Amandeep Dhal's bail pleas
Special Judge M. K. Nagpal of Rouse Avenue Courts stated that there is prima facie evidence indicating serious allegations against Dhal, an executive director of Brindco Sales Private Ltd, and therefore, he is not entitled to bail, even in this scheduled offences case of the CBI. The ED arrested Dhal under the Prevention of Money Laundering.
New FPI disclosure norms could pose roadblock for compliances
Manoj Purohit, Partner and Leader, Financial Services Tax, BDO India, said risk-based classification is proposed in the consultation paper released by the Securities and Exchange Board of India (Sebi) last week. FPIs holding more than 50 per cent of their equity AUM in a single corporation or with an overall holding in Indian equity markets of over Rs 25,000 crore will be classified as 'high risk'.
ED issues showcause notice to Xiaomi over FEMA violation
The ED had earlier frozen Rs 5,551.27 crore of Xiaomi Technology India Private Limited lying in its bank accounts under the provisions of the Foreign Exchange Management Act for unauthorized remittance of this amount in the guise of royalties abroad by the company.
Air India's San Francisco-Mumbai flight cancelled due to technical snag
"Air India flight AI180, scheduled to operate from San Francisco (SFO) to Mumbai (BOM) on June 8, was cancelled due to an unforeseen technical issue. Affected guests have been offered the option of alternative flights or full refund for the cancelled flight," an Air India spokesperson said.
'Economy expected to grow in range of 7.5% in current fiscal'
Chief Economic Advisor (CEA) V. Anantha Nageswaran further noted that maintaining economic growth while ensuring sustainability is important, and the government has increased investments on the ground, rather than revenue expenditure. This, he said, is the best way to develop the economy.
India open to FTA talks bilaterally or individually with African nations: Piyush Goyal
He said India is open to free trade agreement (FTA) negotiations bilaterally or individually with African countries or Africa as a whole. The minister reiterated that this is the beginning of a new engagement and reaffirmed that India would act as a trusted partner to expand trade, commerce, business, investment and opportunities between the two nations.
Australia has 50% chance of sliding into recession this yr: Bank
On Tuesday, the Reserve Bank of Australia (RBA) raised the cash rate target by 25 basis points to 4.10 per cent, with Governor Philip Lowe noting that the annual inflation sitting at 7 per cent is "still too high". In light of the RBA's new decision, Aird expected a further 25-basis-point increase for the cash rate to reach 4.35 per cent.
Suez Canal economic zone rakes in $2.5bn foreign investment in 11 months
The SCZone said in a statement that national investments in the zone hit 3.6 billion Egyptian pounds ($116 million) in the same period, adding the SCZone approved 46 diversified projects to start its work in the industrial areas of the zone, reports Xinhua news agency.Covering an area of 461 square km along the banks of the Suez Canal.
Roadies Rostel to open 15 experiential holiday resorts, aims Rs 100 cr gross revenue
Roadies Rostel Leisure Arc. in Ahmedabad seeks to offer guests an immersive experience, unmatched hospitality and delectable flavours. There will be plenty of sports and leisure activities at the resort for guests to partake in. For guests that want to take their holiday experience to another level, there are 17 Roadies-themed rooms where.
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