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Cheque books of six banks that merged with SBI to be invalid
short by Krishna Veera Vanamali / on 20 Sep 2017,Wednesday
The State Bank of India (SBI) has announced that cheque books of six banks that merged with it in April this year would become invalid from September 30. SBI has asked customers to submit applications for getting replacements of their cheque books. Further, SBI said IFSC codes of these banks will become invalid from September 30.
short by Krishna Veera Vanamali / 10:23 pm on 20 Sep
Flipkart's Big Billion Days starts from September 20th
short by Roshan Gupta / on 19 Sep 2017,Tuesday
India's biggest sale, the Flipkart Big Billion Days are back from September 20th to 24th. The mega event will finally bring a solution to the biggest Indian woe of Mehengaai, that has been consistent across all generations. Flipkart is set to offer tonnes of exclusive deals and epic discounts to the consumers because for these 5 days Mehengaai Giregi.
short by Roshan Gupta / 12:07 am on 19 Sep
3 Indians on Forbes' 100 Greatest Living Business Minds list
short by Niharika Prabhakar / on 19 Sep 2017,Tuesday
Ratan Tata, Lakshmi Mittal, and Vinod Khosla have featured on Forbes' list of the 100 Greatest Living Business Minds. Ratan Tata is the former chairman of Tata Sons, Lakshmi Mittal is the CEO and Chairman of the world's largest steel-making company ArcelorMittal, and Vinod Khosla is the founder of venture capital firm Khosla Ventures.
short by Niharika Prabhakar / 11:15 pm on 19 Sep
States against levying GST on petroleum products: Reports
short by Sumedha Sehra / on 20 Sep 2017,Wednesday
State governments have refused the Central government's appeal to bring petroleum products under the ambit of GST, saying that would lead to revenue losses to the state exchequer, according to reports. Currently, more than 50% of the price of petroleum products are taxes, including the VAT and sales tax. However, states will consider if the Centre promises annual grants.
short by Sumedha Sehra / 01:16 pm on 20 Sep
What is gratuity and how is it calculated?
short by Krishna Veera Vanamali / on 19 Sep 2017,Tuesday
Gratuity is a benefit offered to an employee for serving an organisation continuously for at least 5 years. For each year of service, the organisation pays an amount equalling 15 days of last drawn salary. To calculate gratuity, the salary is multiplied by 15 and divided by 26, which is then multiplied by the number of years in service.
short by Krishna Veera Vanamali / 07:56 pm on 19 Sep
GSTN bound to get stuck if 75% file returns on last day: FM
short by Manaya Bagga / on 20 Sep 2017,Wednesday
Finance Minister Arun Jaitley has said if 75% businesses will file GST returns on last day, they are bound to have problems. He urged businesses to file returns well in advance, adding, only 25% had filed returns till September 19. "The capacity of the system is 1 lakh returns per hour, so its maximum capacity is 24 lakh," he added.
short by Manaya Bagga / 09:27 pm on 20 Sep
SEBI employees oppose decision to hire chief economist
short by Krishna Veera Vanamali / on 19 Sep 2017,Tuesday
In a letter to Chairman Ajay Tyagi, SEBI's employees have opposed the regulator's proposal to hire a chief economist at the level of executive director. The employees said the post of chief economist was redundant, and didn't serve the market regulator's core functions. They added the post was justified for the RBI as its core function is enabling macro-economic stability.
short by Krishna Veera Vanamali / 09:36 pm on 19 Sep
TRAI cuts interconnection charges by 57% to 6p per minute
short by Krishna Veera Vanamali / on 20 Sep 2017,Wednesday
Telecom regulator TRAI has cut the Interconnection Usage Charges (IUC) by 57% to 6 paise per minute from 14 paise, with effect from October 1. It also said the fee will be scrapped from January, 2020. Notably, IUC is payable by a service provider, whose subscriber originates the call, to the service provider in whose network the call terminates.
short by Krishna Veera Vanamali / 04:25 pm on 20 Sep
Switzerland shuts down fake cryptocurrency 'E-Coin'
short by Manaya Bagga / on 19 Sep 2017,Tuesday
Switzerland's financial regulator Financial Market Supervisory Authority has closed down the unauthorised providers of the fake cryptocurrency "E-Coin". According to the regulator, developers of E-Coin had accepted about $4.2 million in public deposits without holding the required banking licence. The regulator said it has also launched bankruptcy proceedings against the legal entities involved.
short by Manaya Bagga / 09:53 pm on 19 Sep
18 of 43 McDonald's outlets reopened in Delhi: Bakshi
short by Krishna Veera Vanamali / on 20 Sep 2017,Wednesday
McDonald's estranged partner Vikram Bakshi on Tuesday said CPRL has re-opened 18 out of the 43 McDonald's restaurants that had shut down in June on account of non-renewal of eating house licences. CPRL is the north and east India licencee of McDonald's, and operates 169 outlets. Notably, this comes in the backdrop of McDonald's terminating its franchise agreement with CPRL.
short by Krishna Veera Vanamali / 05:03 pm on 20 Sep
Bitcoin is a shame: Founder of world's largest hedge fund
short by Manaya Bagga / on 20 Sep 2017,Wednesday
Founder of world's largest hedge fund firm, Ray Dalio, has said Bitcoin is a "shame". Adding that the idea of Bitcoins may work conceptually, Dalio said the lack of transactions and high speculations surrounding it will lead to its failure in long-term. Privacy aspects of Bitcoin makes it difficult to be accepted as a currency as well, Dalio added.
short by Manaya Bagga / 09:33 pm on 20 Sep
No question of helping or harming anyone: TRAI chief
short by Krishna Veera Vanamali / on 20 Sep 2017,Wednesday
Telecom regulator TRAI's Chairman RS Sharma on Tuesday dismissed charges of non-transparency in its decision to cut Interconnection Usage Charges (IUC). He said the cost calculation is objective and scientific, and there is no question of "helping or harming" any operator. Rejecting allegations that the rate cut favoured one operator, Sharma said IUC was driven by consumer and industry interest.
short by Krishna Veera Vanamali / 09:51 pm on 20 Sep
World's largest wealth fund hits $1 trillion for first time
short by Krishna Veera Vanamali / on 19 Sep 2017,Tuesday
Norway's sovereign wealth fund, the largest in the world, has hit $1 trillion for the first time on Tuesday. Norway's central bank which maintains the fund has said that strong equity markets in 2017 and a weaker US dollar were responsible for the milestone. Notably, the Norwegian government first transferred oil revenue to the fund in May 1996.
short by Krishna Veera Vanamali / 11:00 pm on 19 Sep
Chinese billionaire accused of framing ex-business partner
short by Krishna Veera Vanamali / on 19 Sep 2017,Tuesday
Exiled Chinese billionaire Guo Wengui has been accused by his former business partner Qu Long, of framing him for crimes he says he did not commit. After having a conviction overturned for embezzling $130 million from a company owned by Guo, Qu Long said he is out for revenge. "I will find a lawyer and make him pay," Qu added.
short by Krishna Veera Vanamali / 09:25 pm on 19 Sep
Billionaire's value drops as trader calls his firm 'fraud'
short by Krishna Veera Vanamali / on 19 Sep 2017,Tuesday
US billionaire Robert Pera's net worth fell by $248 million on Monday to $3.1 billion after a short-seller called Pera's firm Ubiquiti Networks a "fraud." Short-seller Andrew Left's Citron Research published a report that highlighted seven alleged "red flags" about Ubiquiti. Following this, Pera took to Twitter to address some questions from users about the allegations made by Citron.
short by Krishna Veera Vanamali / 09:31 pm on 19 Sep
Toy retailer Toys"R"Us files for bankruptcy in the US
short by Krishna Veera Vanamali / on 19 Sep 2017,Tuesday
The largest US toy store chain, Toys"R"Us, has filed for bankruptcy protection in the US after its debt increased to $5 billion. The company doesn't plan to close its stores, and said its locations across the globe would continue normal operations. Notably, the company has also announced that it intends to seek bankruptcy protection for its Canadian unit.
short by Krishna Veera Vanamali / 10:36 pm on 19 Sep
I don't see tech firms displacing banks: Google exec
short by Krishna Veera Vanamali / on 20 Sep 2017,Wednesday
Diana Layfield, Vice President of Product Management at Google, has said she does not see technology firms displacing banks in the payments business. "We will have no interest in becoming a financial provider as we think banks do a terrific job at what they do," she added. Talking about competition, she said payments business environment is very nascent in India.
short by Krishna Veera Vanamali / 04:27 pm on 20 Sep
Firm pays up to ₹17.4 lakh to travel the world and drink gin
short by Manaya Bagga / on 20 Sep 2017,Wednesday
ILoveGin, a West London-based online gin and tonic club, hires a 'gintern' to test gins from around the world. The part-time position, which pays up to £20,000 (₹17.4 lakh), requires the 'gintern' to travel across Europe visiting one or two gin companies every week. According to ILoveGin's website, over 5,000 applicants had sent their resumes for the position.
short by Manaya Bagga / 04:58 pm on 20 Sep
Reliance JioPhone delivery delayed to October 1: Reports
short by Krishna Veera Vanamali / on 20 Sep 2017,Wednesday
The delivery date of Reliance JioPhone has reportedly been deferred from September 21 to October 1. The pre-order of the phone started on August 24 but was stopped due to heavy demand. The JioPhone which comes with 2-megapixel rear camera and 2000 mAh battery, will also support 22 languages. Notably, it costs ₹1,500 which is refundable after three years.
short by Krishna Veera Vanamali / 07:40 pm on 20 Sep
For us, competition is cash, not other players: Google exec
short by Krishna Veera Vanamali / on 20 Sep 2017,Wednesday
Diana Layfield, Vice President of Product Management at Google, has said that for Google, the competition is cash and not the other players in the system. "If you see the proportion of India's economy that is cash-based, the potential for innovation is huge," she said. "People are capable of picking up digital. It's just a matter of time," she added.
short by Krishna Veera Vanamali / 06:40 pm on 20 Sep
JPMorgan helps to buy bitcoin despite CEO calling it 'fraud'
short by Krishna Veera Vanamali / on 19 Sep 2017,Tuesday
US bank JPMorgan Chase has been routing customer orders for bitcoin-related instruments, despite the bank's CEO Jamie Dimon calling the cryptocurrency "a fraud". JPMorgan acts as an agent for buyers and sellers of Bitcoin XBT, an exchange-traded note designed to track the value of the cryptocurrency. The bank's spokesperson has said the orders are clients purchasing third-party products directly.
short by Krishna Veera Vanamali / 10:09 pm on 19 Sep
How will a drop in interconnection charges affect telcos?
short by Krishna Veera Vanamali / on 20 Sep 2017,Wednesday
Telecom regulator TRAI has cut the Interconnection Usage Charges (IUC) to 6 paise per minute from 14 paise, effective October 1. According to industry estimates, Bharti Airtel would lose around ₹2,000 crore a year from the lower IUC, whereas Vodafone and Idea Cellular, would lose ₹1,500 crore and ₹1,200 crore, respectively. Further, Jio will annually save around ₹5,000 crore.
short by Krishna Veera Vanamali / 05:05 pm on 20 Sep
Hitachi Metals claims Chinese firms stole trade secrets
short by Manaya Bagga / on 20 Sep 2017,Wednesday
Hitachi Metals and a subsidiary have filed a complaint with the US International Trade Commission claiming Chinese manufacturers and ex-Hitachi Metals employees stole trade secrets of its manufacturing technologies for amorphous metals. The theft could destroy or injure the US industry, the firms claimed. The firms added they had to reduce production capacity and headcount to cope with the theft.
short by Manaya Bagga / 05:06 pm on 20 Sep
SC orders Unitech to pay ₹80,000 each to 39 homebuyers
short by Manaya Bagga / on 20 Sep 2017,Wednesday
The Supreme Court has directed Unitech to pay litigation cost of ₹80,000 each to 39 homebuyers over delay in delivery of flats in its Gurugram housing project. The court directed Unitech to pay the amount within four weeks to buyers. Notably, the homebuyers have already been paid the principal amount and 14% interest by Unitech, under SC's previous order.
short by Manaya Bagga / 07:07 pm on 20 Sep
Tata Group to enter online grocery retail business
short by Manaya Bagga / on 19 Sep 2017,Tuesday
Tata Group plans to venture into online grocery business under the Starquik brand. A pilot venture will be reportedly rolled out within the next two months as an online channel for Trent Hypermarket, a joint venture between Tata and UK's Tesco. Notably, Tata Group runs three formats under Star banner, and has around 42 stores.
short by Manaya Bagga / 08:28 pm on 19 Sep
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