BUSINESS
UK unveils biggest package of tax cuts in 50 years
Income tax and stamp duty on home purchases will be cut, while planned rises in business taxes have been scrapped, BBC reported. UK Chancellor Kwasi Kwarteng said a major change of direction was needed to kick start economic growth. But the Labour party said it would not solve the cost-of-living crisis and was a "plan to reward the already wealthy".
Productivity paranoia making hybrid work unsustainable: Microsoft
"This has led to productivity paranoia: where leaders fear that lost productivity is due to employees not working, even though hours worked, number of meetings, and other activity metrics have increased," according to the Microsoft's 'Work Trend Index Pulse' report.
Rupee ends 13 paise down against US dollar at 80.99
"Indian rupee marked the biggest weekly decline after April 2021 amid a stronger dollar index and risk-off moods. There seems to be no turning back for the dollar as it made a fresh two-decade high and, in turn, pushed the rupee to a record low level," Dilip Parmar, Research Analyst, HDFC Securities said.
Draft telecom bill will curtail TRAI's power, needs critical review: BIF
Broadband India Forum (BIF) said in a statement that the draft bill proposes to remove "non-obstante provision and provisos to Section 11(1) of the TRAI Act". The industry body claimed that the existing provisions pertain to regulatory safeguards and maker and checker balance, which have been instrumental in bringing the sector to where it is today.
Blood bath on Dalal Street, Sensex crashes more than 1,000 points
At close, Sensex was 1,020.80 points, or 1.73 per cent, down at 58,058.92, and Nifty closed 302.45 points, or 1.72 per cent, at 17,327.35. As many as 2,497 shares declined, 983 shares advanced, and 107 remained unchanged. The Power Grid Corporation of India, Mahindra & Mahindra, State Bank of India, Bajaj Finserv, Bajaj Finance, and NTPC were major losers on the Sensex.
RBI expended about $80bn or 15% of reserves moderating rupee fall
The RBI has expended around $80 billion -- about 15 per cent of reserves -- moderating the rupee fall and that was the apt policy choice then. As RBI was selling down dollars, the excess liquidity (as reported at LAF window) normalised from a Rs 8 trillion surplus to a Rs 1 trillion deficit presently. This was in sync with its policy normalisation move as well.
Tata Steel to amalgamate seven companies with itself
In a regulatory filing, Tata Steel said its Board of Directors at a meeting held on Friday has approved the seven schemes of amalgamation.
Focus on achieving net-zero target for 2070, PM Modi tells states
Addressing a conference of state environment ministers in Gujarat, he underlined the significance of achieving the net-zero target for the year 2070. He highlighted the role of the environment ministries of the states in achieving these goals. "I urge all environment ministers to promote a circular economy as much as possible in the states," he said.
Boeing to pay $200mn to settle charges over misleading investors about 737 MAX
The crashes of Lion Air Flight 610 in October 2018 and Ethiopian Airlines Flight 302 in March 2019 involved the 737 MAX airplane and a flight control function called the Maneuvering Characteristics Augmentation System, reorts Xinhua news agency. According to the SEC's orders, after the first crash, Boeing and then Chief Executive Officer Dennis Muilenburg knew that system posed an ongoing airplane safety issue, but nevertheless assured the public that the 737 MAX plane was "as safe as any that has ever flown the skies".
RIL expands its value chain to improve capabilities in solar panel manufacturing
RIL announced to acquire a 20 stake in US-based solar-tech firm, Caelux, for US$12mn as it expands its value chain to improve capabilities in solar panel manufacturing and related materials. Caelux is testing its coating solutions for solar glass with nano materials - Perovskites (Calcium Titanium oxide - a combination of metals and non-metals) which when arranged in a certain way under the right conditions.
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