BUSINESS
To discourage cheap imports from China, Customs duty on imitation jewellery hiked to 25%
Further, reduction of duty on LGD seeds from 5 per cent to 'nil' has also been accepted which will result in reducing the cost of production of LGD growers and make our LGD exports globally competitive. The recommendation of the Department of Commerce for creating separate HS codes for LGD has also been accepted. It would enable tracking the international trade in lab-grown diamonds.
Move to new tax regime stokes concern over investments in insurance, mutual funds
Ravi Kumar, Founder & CEO, Upstox said to encourage more retail investing and insurance adoption, "we wish that the Finance Minister would increase tax savings for investments and reconsider the proposal to discontinue the tax SOPs on mutual funds and insurance".
Govt scales down disinvestment target to Rs 51,000 crore for 2023-24 in Budget
The disinvestment target was announced by Finance Minister Nirmala Sitharaman while presenting the union budget on Wednesday. For 2023-24, the budget has pegged disinvestment revenue at Rs 51,000 crore. In addition to this, around Rs 10,000 crore is expected to come from monetisation of government assets
Defence Budget: Focus on operational preparedness; thrust on Agniveers' training
The enhanced allocations in the Budget will also cater to Training Aids and Simulators for Agniveers and ensure that they achieve the set standards of training for induction into the Defence Forces. "This will cater to sustenance of weapon systems, platforms including ships/ aircraft and their logistics; boost fleet serviceability; emergency procurement of critical ammunition and spares;
Eurozone inflation slows to 8.5% in Jan: Eurostat
Inflation in the eurozone peaked at 10.6 per cent last October and has been slowly decreasing since then, Xinhua news agency reported. Energy prices remain the main driver of the eurozone's annual inflation rate, with a 17.2 per cent increase compared to January 2022 (25.5 per cent in December 2022), followed by prices of food, alcohol and tobacco with a year-on-year increase of 14.1 per cent in January (13.8 per cent in December 2022).
OPEC+ committee recommends staying course on oil output policy
The OPEC+ agreed in October 2022 to cut production by 2 million barrels per day from the following month until the end of 2023. The cut equals to about 2 per cent of the annual global oil demand, Xinhua news agency reported.
Meta surprises analysts with good results, $40 bn stock buyback
The company reported a revenue of $32.17 billion for the fourth quarter (down four per cent Y-o-Y) and $116.61 billion for the full year. Meta said that its headcount increased 20 per cent (year-over-year) to 86,482 as of December 31. That number included a large chunk of more than 11,000 workers the company fired in November.
US Fed hikes rates for first time in new year
The central bank hiked rates by a quarter percentage point, marking the eighth time the Fed has raised rates since it began tightening in March last year. "Inflation has eased somewhat but remains elevated," the Fed said in a statement.
Union budget: Government aims to tax high premium policies
"It has been observed that several high-net-worth individuals are misusing the exemption provided under Section 10(10D) of Income Tax Act by investing in policies having large premium contributions (as it is acting as an investment policy) and claiming exemption on the sum received under such life insurance policies," the explanatory memorandum on Finance Bill's provisions, said.
Adani Enterprises calls off Rs 20K cr FPO, to return money to investors
"The Board of Adani Enterprises Ltd decided not to go-ahead with the fully subscribed follow-on public offer (FPO). Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction," a statement issued by Adani Enterprises said on Wednesday.
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