The Federal Reserve indicated progress towards its 2% inflation target and hinted at a potential rate cut. Despite the rise in unemployment and moderated job gains, the benchmark interest rate was kept unchanged. This decision came amid pressure from various quarters, including political figures. Financial markets had anticipated a rate cut announcement next month.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/hVu1OoM
India's foreign exchange reserves surged by $4 billion to reach $670.857 billion for the week ending on July 19, according to the Reserve Bank of India (RBI) on Friday. This rise follows an earlier jump of $9.699 billion, bringing the reserves to an all-time high of $666.854 billion for the week concluding on July 12.
Sweeping changes in direct taxes gave the urban middle class plenty of reason to cheer, but also hit the wallets of others. The clear plus is in the form of an increase in standard deduction under the new regime for salaried employees from Rs 50,000 to Rs 75,000, which saves Rs 7,500 a year for those with annual incomes of Rs 10 lakh or more.
Koo, a once-popular social media platform in India, is shutting down due to revenue challenges and fierce competition with Twitter. The platform faced difficulties in securing long-term capital for its ambitious growth plans, ultimately leading to its closure.
Only 195 out of 31515 real estate projects in the state have established a complaint redressal cell as directed by MahaRERA. Developers are apathetic towards resolving home buyers' complaints post bookings, leading to misunderstandings and grievances.
The finance ministry is exploring raising the standard deduction for income taxpayers. The NDA govt is cautious about changing the capital gains mechanism. Discussions for the Budget are underway with finance minister Nirmala Sitharaman. The overall mood indicates that most wings of govt are in favour of offering concessions to taxpayers, especially the middle class.
Income Tax Return Filing FY 2023-24: Form 16 consists of two parts: Part A and Part B. Part A shows the total tax deducted from salary income in each quarter of the financial yea
Korean car major Hyundai Motor is looking to sell around 17% stake in its Indian arm through an initial share sale (IPO), which may be India’s biggest issue so far, to raise as much as Rs 25,000 crore (around $3 billion), valuing the company at around $18 billion, or around Rs 1.5 lakh crore.
MSMEs are facing challenges in availability and employability of technical school graduates and diploma holders. CEOs at a roundtable emphasized the need for a common platform for recruitment and training. Automation, digitalisation, and AI can address manpower shortage and quality issues.
PM Narendra Modi praised banks for record profits in FY24, aiding the poor, farmers, and MSMEs. Challenges like bad loan provisions, bank insolvency, and govt recapitalisation were overcome, leading to a significant banking sector turnaround.
Srini Pallia, Wipro's newly-appointed CEO, is set to receive an annual compensation package ranging from $4.5 million to $7 million, as disclosed in the shareholders' notice posted on the BSE on Monday. Pallia, a 32-year veteran of the company, assumed the role of CEO and MD on April 7 for a five-year term. He succeeds Thierry Delaporte, who departed before his tenure was scheduled to conclude in 2025.
The bitcoin market on Friday engineered the "halving" of the reward for operating the cryptocurrency, a much-anticipated step designed to limit production and boost the digital money. However, since the digital currency's launch in 2009, the reward has been halved for every 210,000 blocks in a process called halving.
Fujifilm sees India as a high-potential market, considering R&D outsourcing and sustainability initiatives. The company discusses advanced commercial printing, multifunction printers, and cloud data management services, aligning with India's strategic importance for future growth.
The International Monetary Fund on Saturday said it had validated a fresh tranche of aid of $360 million for Ghana as the country seeks to exit an economic crisis. The country has, along with other African states, also been hard hit by economic fallout from the coronavirus pandemic as well as the Russia-Ukraine war.
India plans to establish Integrated Transport Planning Agency (ITPA) to coordinate transportation strategies across surface, railways, shipping, civil aviation. The agency aims to improve efficiency, reduce logistics cost, and enhance freight and truck speed targets by 2030.
Thierry Delaporte resigns as Wipro CEO, succeeded by Srini Pallia. Pallia, based in New Jersey, set to lead major accounts. Industry expert Phil Fersht comments on the leadership change at Wipro.
Google settles lawsuit over tracking internet use by destroying data records. Terms filed in California court, valued at $5-7.8 billion. Users can sue individually. Lawsuit involves private browsing users, analytics, cookies, apps, and Incognito mode.
Supreme Court ruled discounts on SIM cards won't trigger withholding tax. Telecom operators not liable without commission payments. CBDT should issue clear instructions to avoid future disputes.
Reddit's successful IPO valued close to USD 9 billion on the New York Stock Exchange, priced at USD 34/share, debuting at USD 47. The price climber higher and soared over 55 per cent around 1: 20 pm ET. Supported by prominent figures like Sam Altman, Peter Thiel, and Snoop Dogg. Potential volatility expected.
Chris Kempczinski will become chairman of McDonald’s, succeeding Enrique Hernandez Jr. Jim Skinner, a previous CEO, also held the chairman position. Kempczinski, earlier, was named as the burger chain's President and CEO in 2019. Mike Hsu is nominated as an independent director. McDonald's noted that Hsu would help maintain a corporate goal of having 50% or more of its board members represent diverse backgrounds.
Rashmi Govil, the new HR director at IndianOil, brings 30 years of experience, leading innovative initiatives like 'Srijan' and handling challenges at Mathura refinery. She is known for her collaborative style and focus on employee well-being.