BUSINESS
Pakistan mulls taxing farm income to meet IMF demand
The proposal has been discussed between Pakistan and the IMF and a draft of the legal amendment has also been prepared. Pakistan tax authorities have told the IMF that the legal amendment could be introduced in the 4th Tax Laws Amendment Ordinance. The sources said that during the review talks, a major demand by the IMF was to bring the agricultural sector under the federal tax domain.
ICICI Bank's YoY Q2FY22 standalone net profit up 30%
On a standalone basis, the profit after tax grew to Rs 5,511 crore compared to Rs 4,251 crore in Q2FY21. Similarly, the bank's net interest income (NII) rose during the quarter during under review. It grew by 25 per cent to Rs 11,690 crore in Q2FY22 from Rs 9,366 crore in Q2FY21.
Greaves Electric Mobility buys out 26% in Bestway
In 2020 Ampere Vehicles -- now Greaves Electric Mobility -- bought 74 per cent stake in the Noida based electric rickshaw maker Bestway Agencies rolling out Ele brand vehicles for Rs 7 crore. Following the completion of the acquisition, Bestway Agencies is now a fully owned subsidiary of Greaves Electric Mobility.
Monsoon 2021 expected to rescue India's agriculture in FY22
According to the report, the arrival of the new kharif output in the market, along with a cut in the import duties for edible oils, will help in keeping food inflation benign. However, the agency expects the retail prices of edible oils to stay elevated as nearly 56 per cent of the domestic demand is met by imports. "Thus, Ind-Ra expects the average retail inflation for 2021-22 to remain under 6 per cent," the report said.
Pakistan fails to convince IMF for resuming $6bn extended loan facility
The high level delegation, led by the then Finance Minister and current advisor to the Prime Minister on finance Shaukat Tarin, Finance Secretary Yousaf Khan, State Bank Governor Raza Baqir and other senior officials, had detailed deliberations with the IMF. However, the economic reform proposal and plan, which the delegation tabled in front of the IMF, did not convince them to resume the Extended Fund Facility (EFF).
HDFC Life closes first half with lower PAT of Rs 577 cr
She also said the company is in discussions with re-insurers on rate revision and a decision on it is expected to happen by the end of this year. The process of merging Exide Life Insurance is progressing well, she added. Announcing the financial results, Padalkar said the company posted a lower net profit owing to increased provisioning against claims.
RIL's Q2FY22 YoY net profit jumps 46% to Rs 15,479 cr
The net profit, on a YoY basis, rose to Rs 15,479 crore. In a regulatory filing, the company reported that its consolidated gross revenue for the quarter rose to Rs 191,532 crore, higher by 49.2 per cent. Besides, the consolidated EBITDA for the quarter rose by 30 per cent to Rs 3 0,283 crore.
SEBI streamlines grievance redressal system, to benefit clients
In an amendment to its Investor Grievance Redressal System, the market regulator has now mandated that clients getting favourable orders would get 50 per cent of the admissible claim value or Rs 2 lakh, whichever is less, even if the members take the matter to arbitration.
Global labour union urges EU to widen antitrust probe against Amazon
A Reuters report said on Friday that UNI Global Union has shot off a letter to the European Commission, demanding to widen their antitrust investigation of Amazon. "As further revelations of the scale of Amazon's operations to undermine that level playing field surface, further action is needed to ensure it is held accountable at every turn," according to the letter seen by Reuters.
US reaches interim deal with 5 nations on digital services tax
The OECD announced in July that over 130 countries and jurisdictions have joined a two-pillar framework to reform international corporate taxation rules, which has recently been endorsed by G20 financial leaders, Xinhua news agency reported on Friday. In return, the US will terminate the currently-suspended additional duties on goods of the five countries that had been adopted in the DST Section 301 investigations.
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