BUSINESS
Retail, wholesale trade to get MSME status
Noting that retail and wholesale trade were left out of the ambit of MSMEs, Union MSME Minister Nitin Gadkari, in a string of tweets, said: "Under the revised guidelines, MSME has issued order to include retail and wholesale trade as MSME and extending to them the benefit of priority sector lending under RBI guidelines." With the revised guidelines, the retail and wholesale trades will be now be allowed to register on Udyam portal.
RBI red flags concerns around big tech in financial services
RBI's Financial Stability Report for July also noted that big tech offers a wide range of digital financial services and has a substantial footprint in the payment systems, crowdfunding, asset management, banking and insurance of several advanced and emerging market economies. It added that while this holds the promise of supporting financial inclusion and generating lasting efficiency gains, some important policy issues arise.
Cristiano Amon takes over as Qualcomm's 4th CEO
"We have been at the forefront of innovation for decades and I look forward to maintaining this position going forward," Amon said. "In addition to driving the expansion of 5G into mainstream devices and beyond mobile, Qualcomm is set to play a key role in the digital transformation of numerous industries as our technologies become essential to connecting everything to the cloud," he added.
NTPC plans Rs 2.5L cr investment in green power
Sources in government said that the power generator will be investing close to Rs 2 lakh crore to Rs 2.5 lakh crore over the next decade on expanding renewable capacity also aimed at boosting equity support, a big chunk of which would also come from the market through public offer. NTPC recently doubled its renewable power capacity addition target from 30,000 to 60,000 MW 2032.
Indian gaming platform WinZo raises $65 mn
According to the company, Griffin is making its first-ever investment in India in WinZO. "With this raise, we plan to grow much faster and become an even more lovable product for our consumers. WinZO is poised and strategically well-positioned to be one of the first 'Made in India' products that will rule the world in coming years," said Paavan Nanda, co-founder, WinZO.
IT, FMCG stocks pull indices lower
Around 10.40 a.m., Sensex was at 52,203.55, lower by 115.05 points or 0.22 per cent from its previous close of 52,318.60. It opened at 52,434.55 and has so far touched an intra-day high of 52,436.83 and a low of 52,192.86 points. The Nifty50 on the National Stock Exchange was at 15,642.70, lower by 37.30 points or 0.24 per cent from its previous close.
Hike in petrol prices, diesel unchanged
But this time around, the oil companies have only increased the pump price of petrol while keeping diesel rates unchanged to limit the cascading effect of high transport fuel on prices of various other commodities. Accordingly, the retail price of petrol increased by 35 paise per litre in the national capital on Friday to Rs 99.16 while diesel prices maintained the previous days price line of Rs 89.18 a litre.
India agrees to global tax framework on taxing multinationals
India and the other countries issued a joint statement on Thursday affirming support for the proposed framework which has at its core a global minimum corporate tax of 15 per cent and makes way for countries to tax multinational enterprises (MNEs), especially tech giants like Google, Facebook and Amazon, on their earnings there.
Amazon marches towards monopoly by singing tune of antitrust
"It is as if Bezos charted the company's growth by first drawing a map of antitrust laws, and then devising routes to smoothly bypass them. With its missionary zeal for consumers, Amazon has marched toward monopoly by singing the tune of contemporary antitrust." Khan says that although Amazon has clocked staggering growth, it generates meagre profits, choosing to price below-cost and expand widely instead.
130 countries support global minimum tax for world's largest corporations
OECD said that 130 countries have joined a new two-pillar plan to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate. These 130 countries and jurisdictions, representing more than 90 per cent of global GDP, joined the statement establishing a new framework for international tax reform.
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