BUSINESS
Markets at make-or-break stage
BSESENSEX lost 843.86 points or 1.36 per cent to close at 61,337.81 points while NIFTY lost 227.60 points or 1.23 per cent to close at 18,269 points. The broader indices saw BSE100, BSE200 and BSE500 lose 1.32 per cent, 1.28 per cent and 1.15 per cent respectively. BSEMIDCAP was down 1.37 per cent while BSESMALLCAP lost 0.14 per cent. All the sectoral indices on BSE lost ground during the week.
58% of Indians cut 'Make in China' purchases across products in 2022
About 59 per cent of Indians surveyed said they do not have any Chinese app on their phone while 29 per cent still have one or more, according to data compiled by social community engagement platform LocalCircles. The survey received over 40,000 responses from consumers located in 319 districts.
Rajnish Kumar showed early signs to make money out of BharatPe: Ashneer
Grover, who last week said in a tweet that hiring Kumar was his "biggest mistake", wrote that his exit from BharatPe has been the most publicly covered controversy of the startup world, "more importantly thanks to my own stakeholders, who plotted the most Machiavellian plot to get rid of the creator of the company". "Rajnish Kumar: Ex-chairman of State Bank of India. Invited to the board by Madhuri and me, he had shown enough early signs of wanting control and to make money out of BharatPe, which I ignored to my detriment," Grover said.
No tax increase on any item; GST on biofuel down to 5% from 18%
The GST Council has made the recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST. As per the Council recommendations, GST on husk of pulses reduced to nil from five per cent.
GST Council to allow e-commerce for unregistered vendors
Appreciating wholeheartedly the major decision of the GST Council to allow small unregistered vendors to sell their goods through e-commerce portals, the Confederation of All India Traders (CAIT) on Saturday thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for this "progressive decision" which was demanded by CAIT since last more than two years.
GST Council recommends to decriminalise certain offences
Moreover, it also recommended reducing the compounding amount from the present range of 50 per cent to 150 per cent of tax amount to the range of 25 per cent to 100 per cent.Measures for facilitation of trade also included recommendation on decriminalising certain offences including obstruction or preventing any officer in discharge of his duties; deliberate tempering of material evidence and failure to supply the information.
Tesla doing better than ever, we don't control Fed: Musk on heavy losses
Tesla stock has nosedived around 60 per cent since January this year, and traded at $156.80 after hours this week. When a Twitter follower said that Musk has now erased $600 billion of Tesla wealth and still nothing from the Tesla board of directors which is "wholly unacceptable", he said Tesla is executing better than ever.
US Democrats to return over $1 mn they received from Sam Bankman-Fried
Given the allegations around potential campaign finance violations by Bankman-Fried, "we are setting aside funds in order to return the $815,000 in contributins since 2020", a DNC spokesperson told The Verge.
Only 2% of cryptocurrencies have a 'healthy' liquidity, finds study
There are only 153 crypto coins with high volume that are traded in many exchanges. In contrast, there are 5,886 cryptocurrencies with very low volume that are traded in a very small number of exchanges, according to the report compiled by BitStacker. This reaffirms the fact that there is unequal balance of trading volume among the thousands of cryptocurrencies and it provides a warning against speculating on crypto coins with a low liquidity, the report mentioned.
Delhi airport installs 5 more X-ray machines to streamline passenger traffic
In a tweet on Friday, Union Civil Aviation Minister Jyotiraditya Scindia said: "Within 9 days, Delhi Airport has installed 5 x-ray machines at the security-check area, taking the total to 18 ATRS/x-ray machines -- a major reason behind ease in congestion at T3." Many took to the micro-blogging to tweet about smooth flow of operations at the T3 terminal.
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