BUSINESS
Govt tweaks bankruptcy code to ease recovery of leased planes
“The provisions of sub-section (1) of section 14 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), would not be applicable to transactions, arrangements or agreements, under the Convention and the Protocol, relating to aircraft, aircraft engines, airframes and helicopters,” the notification, dated Oct 4, states.
GST panel refuses to cut tax rate on batteries for EVs
According to sources, the reason for not reducing the levy is that apart from electric vehicles, lithium-ion batteries are also used in multiple other products including mobile phones and portable electronic goods.
Gadkari tests Sky Bus in Sharjah before its India debut
“Visited the Pilot Certification and Experience Center of uSky Technology and took a test ride of the Sky Bus to experience the safety and evacuation demo in Sharjah, UAE, during my en route to India from Prague. USky Technology has developed Sky Bus solutions, and iSky Mobility has tied up with uSky to bring these mobility services to India,” the minister wrote on X.
Emerging market stocks, currencies at multi-month lows
US bond yields reach 16-year highs, challenging equity valuations and souring appetite for risk assets as investors bet interest rates will remain persistently high, he said.
Nifty 4% down from recent highs
It shows the resilience of the labour market in the US, raising the expectations of additional rate hikes.
Musk tops Forbes' 400 richest people in US, Bezos ranks 2nd
According to Forbes, Musk is worth exactly the same as last year -- and $90 billion more than second-place Bezos, who’s worth an estimated $161 billion.
Reliance Brands acquires majority ownership of Superdry IP for Indian territory
The joint venture entity will acquire Superdry's intellectual property assets for the India, Sri Lanka, and Bangladesh territories. RBUK and Superdry will own 76 per cent and 24 per cent of the joint venture entity, respectively. The consideration for the IP is £40.0 million, which is estimated to result in Superdry PLC receiving gross cash proceeds of £30.4 million (approx. £28.3 million net of fees and taxes) from RBUK.
OpenAI’s Sam Altman invests in Indian-origin teenagers’ AI startup
The startup Induced AI, founded this year, has raised $2.3 million in its seed-funding round led by Altman and VC firm Peak XV, along with “an incredible set of investors”.
RBI should hold repo rate, reduction in rate in near future preferable: Industry
The three-day meeting of the MPC is being held on October 4-6. The decision of the MPC will be announced by the RBI Governor, Shaktikanta Das on October 6.
Exposure of banks’ mutual funds to NBFCs increased in August: CARE Ratings
According to CARE Ratings, the credit exposure of banks to NBFCs stood at Rs. 13.8 lakh crore in August 2023, indicating a 25.8 per cent year-on-year (y-o-y) growth.
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