BUSINESS
Small Relief: US crackdown has no effect on Bitcoin, Ethereum prices
Bitcoin, the largest cryptocurrency by market capitalisation, hovered around $26,500 per digital coin this week as investors remained largely unstirred by the SEC lawsuits. The leading cryptocurrency took an initial dive below $26,000 on Tuesday but held steady above the threshold throughout the week, with analysts suggesting.
RBI to levy penalties on banks that lose property papers of borrowers
This could soon become a possibility if the RBI accepts the recommendations of a high level committee, which it had formed in May last year to review customer service standards in banks and other lending institutions. The panel led by former deputy RBI governor B P Kanungo, presented its report to the central bank.
Number of publicly held companies shrinking in US
The count of publicly listed companies traded on US exchanges has fallen substantially from its peak in 1996, CNN reported. Back then, the number exceeded 8,000 companies. Today, that count has dropped by more than 50 per cent to just 3,700, according to data from the Center for Research in Security Prices.
Chinese power companies accuse Pakistan govt of defaulting on payments
The Port Qasim Electric Power Company Ltd (PQEPC), owned by China's Sinohydro Resources Ltd and Qatar's Al Mirqab Capital Ltd, claims that the CPPA owes it Rs 77.3 billion or $263.5 million in unpaid dues for power. The company says that as the deadline of May 31 for the principal payment of $73.6m has passed, the Government of Pakistan has defaulted.
Delhi excise case: Court dismisses bizman Amandeep Dhal's bail pleas
Special Judge M. K. Nagpal of Rouse Avenue Courts stated that there is prima facie evidence indicating serious allegations against Dhal, an executive director of Brindco Sales Private Ltd, and therefore, he is not entitled to bail, even in this scheduled offences case of the CBI. The ED arrested Dhal under the Prevention of Money Laundering.
New FPI disclosure norms could pose roadblock for compliances
Manoj Purohit, Partner and Leader, Financial Services Tax, BDO India, said risk-based classification is proposed in the consultation paper released by the Securities and Exchange Board of India (Sebi) last week. FPIs holding more than 50 per cent of their equity AUM in a single corporation or with an overall holding in Indian equity markets of over Rs 25,000 crore will be classified as 'high risk'.
ED issues showcause notice to Xiaomi over FEMA violation
The ED had earlier frozen Rs 5,551.27 crore of Xiaomi Technology India Private Limited lying in its bank accounts under the provisions of the Foreign Exchange Management Act for unauthorized remittance of this amount in the guise of royalties abroad by the company.
Air India's San Francisco-Mumbai flight cancelled due to technical snag
"Air India flight AI180, scheduled to operate from San Francisco (SFO) to Mumbai (BOM) on June 8, was cancelled due to an unforeseen technical issue. Affected guests have been offered the option of alternative flights or full refund for the cancelled flight," an Air India spokesperson said.
'Economy expected to grow in range of 7.5% in current fiscal'
Chief Economic Advisor (CEA) V. Anantha Nageswaran further noted that maintaining economic growth while ensuring sustainability is important, and the government has increased investments on the ground, rather than revenue expenditure. This, he said, is the best way to develop the economy.
India open to FTA talks bilaterally or individually with African nations: Piyush Goyal
He said India is open to free trade agreement (FTA) negotiations bilaterally or individually with African countries or Africa as a whole. The minister reiterated that this is the beginning of a new engagement and reaffirmed that India would act as a trusted partner to expand trade, commerce, business, investment and opportunities between the two nations.
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