Economy news

• China halts new enrollments at business school backed by Jack Ma: Report

  09-04-2021 09:26 via timesofindia.indiatimes.com
  
  Beijing authorities have forced an elite business school backed by Alibaba Group Co Ltd founder Jack Ma to halt enrollments, the Financial Times said on Friday, citing sources familiar with the matter. The clampdown on the school, founded in 2015 by Ma to train China's next generation of entrepreneurs, comes as his business empire faces government scrutiny.
  
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• Planning to renew your driving license? Here’s how to do it online

  11-04-2021 06:35 via zeenews.india.com
  
  A driving license’s validity stands for 20 years or if a person attains the age of 50 years in all states and UTs of India.  It is important for license holders to renew the document after one year and now it can be done online or sitting at home via Aadhaar authentication.
  
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• With interest rates on hold, quantitative easing to unfold: Fitch

  10-04-2021 14:03 via timesofindia.indiatimes.com
  
  Fitch Solutions has revised its forecast for the Reserve Bank of India (RBI) to keep its policy repurchase (repo) rate on hold at 4 per cent over the course of FY22 (April 2021 to March 2022) from its prior view for a 25 basis points cut to 3.75 per cent.
  
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• Timeline: Events leading up to China's fine on Alibaba

  10-04-2021 14:03 via timesofindia.indiatimes.com
  
  China slapped a record $2.75 billion antitrust fine on Alibaba Group Holding Ltd on Saturday, after regulators determined the e-commerce giant had abused its dominant market position for several years.
  
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• Petrol, diesel prices remain unchanged for 11th day

  10-04-2021 14:03 via timesofindia.indiatimes.com
  
  Fuel prices in the country remained unchanged on Saturday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices static for 11th consecutive day.
  
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• No backdate entries, recovery cases, more return filing, others help tax officers to up GST collection

  10-04-2021 13:32 via financialexpress.com
  
  Every taxpayer in India spends a good deal of time and money in undertaking tax compliance and procedures, still the fear of departmental scrutinises and assessments looms over them.
  
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• Centre may redraw bank recapitalisation plan in wake of new challenges

  10-04-2021 13:05 via zeenews.india.com
  
  The problem has been accentuated with the Reserve Bank of India now writing to the bank to meet their obligation towards interest on interest for all borrowers where exposure is over Rs 2 crore as well. This will put an additional burden of close to Rs 7,500 crore on banks.
  
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• With RBI keeping interest rates on hold, quantitative easing to unfold: Fitch

  10-04-2021 12:56 via timesofindia.indiatimes.com
  
  Fitch Solutions has revised its forecast for the Reserve Bank of India (RBI) to keep its policy repurchase (repo) rate on hold at 4 per cent over the course of FY22 (April 2021 to March 2022) from its prior view for a 25 basis points cut to 3.75 per cent.
  
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• 'India needs to grow faster to make up for contraction'

  10-04-2021 12:56 via timesofindia.indiatimes.com
  
  India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the Covid-19 pandemic in 2020, according to a senior IMF official.
  
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• India forms air bubble with Sri Lanka

  10-04-2021 12:20 via timesofindia.indiatimes.com
  
  India has formed an air bubble with Sri Lanka, opening yet another overseas tourist destination for those itching to travel after a year of being at home. Till now only a few places were open for overseas tourists -- including Indians -- namely Maldives, UAE, Seychelles and Russia.
  
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• Sri Lanka forms air bubble with India

  10-04-2021 11:52 via timesofindia.indiatimes.com
  
  India has formed an air bubble with Sri Lanka, opening yet another overseas tourist destination for those itching to travel after a year of being at home. Till now only a few places were open for overseas tourists -- including Indians -- namely Maldives, UAE, Seychelles and Russia.
  
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• Get Rs 14 lakh by investing Rs 95 everyday in THIS Scheme

  10-04-2021 11:41 via zeenews.india.com
  
  This money back policy helps those who are looking for periodical returns and the survival benefits are paid to the policyholder periodically. But, the survival benefits are not given if there are unnatural deaths. In such cases, the full sum assured with accrued bonus is payable to the nominee of the legal policyholder.
  
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• E-commerce to accelerate auto sector growth: Report

  10-04-2021 11:02 via timesofindia.indiatimes.com
  
  Strong acceptance of e-commerce and digitisation is expected to accelerate the growth of auto sector, advisory firm Grant Thornton Bharat said. Accordingly, the automobile market is estimated to grow more than '2.3 times' from $222 billion currently to $512 billion by 2026.
  
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• India needs to grow faster to make up for contraction: IMF

  10-04-2021 10:47 via timesofindia.indiatimes.com
  
  India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the Covid-19 pandemic in 2020, according to a senior IMF official.
  
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• Aramco raised $12.4bn from oil pipeline stake sale

  10-04-2021 10:47 via timesofindia.indiatimes.com
  
  Energy giant Saudi Aramco said it has struck a $12.4 billion deal to sell a minority stake in a newly formed oil pipeline business to a consortium led by US-based EIG Global Energy Partners.
  
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• Exports swell to $6.8 billion in April first week

  10-04-2021 09:53 via timesofindia.indiatimes.com
  
  India’s exports shot up to $6.8 billion during the first week of April, compared to $1.7 billion in the corresponding period last year when there was a countrywide lockdown.
  
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• Aramco raised $12.4 bn from oil pipeline stake sale

  10-04-2021 09:53 via timesofindia.indiatimes.com
  
  Energy giant Saudi Aramco said it has struck a $12.4 billion deal to sell a minority stake in a newly formed oil pipeline business to a consortium led by US-based EIG Global Energy Partners.
  
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• India fastest growing market for Levi’s in Asia

  10-04-2021 09:04 via timesofindia.indiatimes.com
  
  India has emerged as the fastest growing market in Asia for the US clothing company Levi Strauss & Co. For the first quarter of 2020-21 that ended February 28, the company’s sales in India grew ahead of the same period in 2019, Harmit Singh, global CFO at Levi Strauss & Co, said.
  
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• China slaps record $2.8 billion fine on Alibaba after antitrust probe

  10-04-2021 08:53 via zeenews.india.com
  
  The fine on Alibaba represents 4 percent of its total domestic revenue in 2019, which was 455.71 billion yuan, according to the SAMR."Alibaba accepts the penalty with sincerity and will ensure its compliance with determination," said the Hangzhou-based in a statement.
  
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• Now get Rs 2 lakh loan from Paytm in just 2 minutes: Check the process

  10-04-2021 08:05 via zeenews.india.com
  
  Instant Personal Loan scheme by Paytm is aimed at increasing its customer base and the repayment tenure ranges from 18-36 months. For the loan, customers need to go to the Personal Loan option on Paytm which is provided under the Financial Services section, and then they can manage their loan account directly from the Paytm app.
  
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• System generated returns under GST to accelerate digitization; more GST reforms may boost taxpayer confidence

  10-04-2021 07:58 via financialexpress.com
  
  Majorly, at present two returns are required to be filed by every registered taxpayer. GSTR-1 and GSTR-3B. GSTR-1 is a sales return that is required to be filed by every GST registered person
  
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• Gold Price Today, 10 April 2021: Gold prices remain stable after a minimal rise

  10-04-2021 07:16 via zeenews.india.com
  
  In metro cities, 22-carat gold is priced at Rs 45,570, while in Mumbai it is priced at Rs 44,570. Meanwhile, in Bengaluru, the 22-carat gold is priced at Rs 43,510 and in Kolkata, it is priced at Rs 45,450. In Pune, the gold is priced at Rs 44,570, while in Nagpur, the gold price stands at Rs 44,570.
  
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• Lodha’s Rs 2.5k crore IPO subscribed 1.4 times

  10-04-2021 06:00 via timesofindia.indiatimes.com
  
  The IPO for Macrotech Developers (earlier known as Lodha Developers) closed on Friday with the issue subscribed 1.4 times the offer. The portion reserved for institutional investors was subscribed 3.1 times, while the retail investor portion was subscribed 0.4 times and the non-institutional (high net worth investors) category was subscribed 1.5 times.
  
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• LIC manages to grow biz 10% in FY21 amid Covid

  10-04-2021 06:00 via timesofindia.indiatimes.com
  
  The Life Insurance Corporation (LIC) of India has managed to record double-digit growth in FY21 despite new business premium lagging the previous fiscal until February this year. The corporation’s chairman M R Kumar revealed on Friday that business growth for the year FY21 was 10%.
  
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• Irdai tweaks AIF rules for insurance companies

  10-04-2021 06:00 via timesofindia.indiatimes.com
  
  Insurance companies have been allowed by their regulator to invest in ‘fund of funds’ provided such funds are not utilized by an Alternate Investment Fund to invest outside India. The new dispensation gives insurers a source to diversify their investment into new avenues like startups and also gives asset managers a new source of capital.
  
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• India Inc’s tech spends to grow by 7.3% in 2021

  10-04-2021 06:00 via timesofindia.indiatimes.com
  
  With the pandemic accelerating digitisation, Information Technology (IT) spending in India is expected to rebound and reach a total of $93 billion in 2021 — an increase of 7.3% from 2020 as per global research firm Gartner.
  
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• G-secs worth Rs 11k cr remain unsold in 1st auction of FY22

  10-04-2021 06:00 via timesofindia.indiatimes.com
  
  Government securities (G-secs) worth nearly Rs 11,000 crore remained unsold in the first gilt auction of fiscal 2022. This indicates a revival of the tug of war between traders, who want higher yields, and the central bank which wants the opposite. Similar actions were seen during the last four months of the previous financial year.
  
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• G-secs worth Rs 11k cr remain unsold in 1st auction

  10-04-2021 06:00 via timesofindia.indiatimes.com
  
  Government securities (G-secs) worth nearly Rs 11,000 crore remained unsold in the first gilt auction of fiscal 2022. This indicates a revival of the tug of war between traders, who want higher yields, and the central bank which wants the opposite. Similar actions were seen during the last four months of the previous financial year.
  
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• Run APMCs as professional outfits: Maharashtra cooperation minister

  10-04-2021 05:09 via financialexpress.com
  
  Maharashtra has 307 APMCs, many of which are struggling to survive.
  
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• ‘We dealt with FB, Google via market power, not copyright’

  10-04-2021 04:58 via timesofindia.indiatimes.com
  
  Australia made Google and Facebook pay for news. As the first country in the world to have shaped a code empowering news media companies to negotiate with search and social media platforms, it set the template for other countries. Next up is a look at online advertising, chair of the Australian Competition and Consumer Commission (ACCC) Rod Sims, which saw the news media bargaining code through, told TOI.
  
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