BUSINESS
Finance ministry clarifies on hike in STT on options trading
The STT for futures trading remains the same, as was announced in the amendments to the Finance Bill 2023, i.e., it has been raised to 0.0125 per cent from 0.01 per cent. The hikes in STT for both futures and options trading would be effective from April 1, 2023.
ITC Hotels launch Mementos Udaipur, its first Mementos property in India
Nestled in close proximity to Nathdwara and Eklingji temple, 40 minutes from Udaipur airport and just 20 km from the city, Mementos Udaipur is spread over an area of around 50 acres and is an exquisite resort which holds the promise of a relaxed and an intimate getaway.
Deutsche Bank shares slump as another major bank comes into spotlight
The German lender's shares fell 8 per cent in Frankfurt trade, and the Euro Stoxx bank index fell 4 per cent. Deutsche Bank's 5-year credit-default swaps widened on Thursday. It should be noted that Deutsche Bank's 5-year credit-default swap, which was 175 on Thursday, is nowhere near the peak for Credit Suisse, which was 1,194, according to S&P Global data.
Crypto exchange Binance temporarily suspends all spot trading
"We are aware of an issue impacting spot trading on Binance. All spot trading is currently temporarily suspended as we work to resolve this as soon as possible. New updates will be shared here," the company tweeted. Moreover, the CEO of Binance, Changpeng Zhao from his Twitter account @cz_binance shared an update saying that the crypto exchange "encountered a bug on a trailing stop order".
Bank shares across Europe fall sharply
Shares in Germany's Deutsche Bank saw the biggest fall, dropping 13 per cent, and there was also a sharp jump in the cost of insuring against losses on its debt, BBC reported. Investors have already been spooked by the collapse of two US banks and the rushed takeover of Swiss giant Credit Suisse by its rival UBS.
Walmart laying off hundreds of employees to prepare for future needs of customers
Walmart is shrinking its workforce as many retailers plan on roughly flat or declining sales, reports CNBC. A company spokesperson said that this decision was not made lightly. "We're working closely with affected associates to help them understand what career options may be available at other Walmart locations," the spokesperson said in a statement.
Crypto fugitive Do Kown behind $40 bn mega crash arrested, charged with fraud
Kwon, the wanted co-founder of Terraform Labs behind a multibillion-dollar crash of the firm's cryptocurrency last year, was arrested in Montenegro in the US. An eight-count indictment against Kwon was made public in the US District Court in Manhattan after his arrest, reports said. Meanwhile, South Korean prosecutors said on friday.
Japan supermarket sales drop for first time in 8 months
According to the Japan Chain Stores Association, sales at major stores across the country totaled about 1 trillion yen ($7 billion) last month, down 2 per cent in yen terms from the previous year, reports Xinhua news agency. Food sales, accounting for nearly 70 per cent of the total, fell 1.7 per cent, the association said, while sales of clothing and cosmetics rose as people went out more as the Covid-19 pandemic subsides.
Finance bill proposes hike in securities transaction tax on options & futures trading
This will lead to those trading in futures and options (F&O) paying higher STT. In a way, the move is likely to discourage F&O traders, as government aims to tax them more since turnover is high in such transactions.
Ashneer Grover launches fantasy sports app CrickPe ahead of IPL
"Biggest revolution in Cricket since IPL - only fantasy game paying cricketers for performance. Where you win, cricketer wins, cricket wins," Grover said in a tweet. CrickPe will levy a 10 per cent platform fee of the total funds received for any public or private contest. It allows players above 18 years of age o create a virtual team.
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