BUSINESS
Now crypto lending platform Celsius Network files for bankruptcy
The platform said that it initiated voluntary Chapter 11 bankruptcy proceedings to provide it with the opportunity to stabilise its business and consummate a comprehensive restructuring transaction that maximises value for all stakeholders.
US inflation hits 40-year-high, at 9.1 per cent in June
The inflation rate rise was the largest 12-month increase since the period ending November 1981. The US Bureau of Labour Statistics said: "Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment." "The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 per cent in June on a seasonally adjusted basis after rising 1.0 per cent in May," it said.
Front-running scandal may lead to increased scrutiny of bank accounts, tax returns of fund managers, dealers
Axis Asset Management Co., which is India's seventh largest mutual fund manager and partly owned by Schroders, had in May sacked two employees, including its chief dealer, amid an ongoing internal probe. The fund in early July submitted its findings to the regulators and said that it had evidence to believe that the terminated executives had violated securities law.
IT dept finds pharma group gave freebies worth Rs 1000 cr to health professionals
During the course of the search operations, incriminating evidence in the form of documents and digital data was seized. The initial analysis of the evidence revealed that the group had been debiting in its books of account unallowable expenses on account of distribution of freebies to the medical professionals under the head "Sales and Promotion".
Vegetable oils import down by bit in June 2022 over last year
According to the Solvent Extractors' Association of India (SEAI), the 991,650 tonnes imports this year comprised 941,471 tonnes of edible oils and 50,179 tonnes of non-edible oils. Indonesian palm oil exports had plummeted to a 10 years low due to restrictions imposed on April 28 by the government, resulting in very high stock and full tanks at factories there.
OPPO India to explore remedies under law over customs duty evasion charges
OPPO India told IANS that it has a different view on the charges mentioned in the show cause notice. "We believe it's an industry-wide issue many corporates are working on. OPPO India is reviewing the show cause notice received from DRI, and we are going to reply to the notice, presenting our side, and will be working further with the related government departments," the company said.
Indian rupee weakens against dollar
The rupee movement against the dollar will be triggered by the inflation numbers of the US which are expected to be out later on Wednesday. "Rupee traded with minor losses falling below 79.65 as the dollar index traded positive above $108 rupee range can be seen between 79.25-79.75," said Jateen Trivedi, Vice President, Research Analyst, LKP Securities.
India should give fair legal treatment to Vivo, OPPO, Xiaomi: Chinese state media
If the Indian legislation system really fails them, it will be a huge loss to both sides, according to an opinion piece in Global Times. "For Chinese companies such as Vivo that have long contributed to the Indian economy and operate legally in the local market, legal weapons have become the last line of defense for these companies to continue their business in India," it read.
Adani Ports handles a record 100 mmt cargo in just 99 days
APSEZ hit this record volume on July 8, 2022. The milestone is significant as it demonstrates the rapidly improving efficiency of APSEZ, which needed a year to achieve 100 MMT cargo volume FY2014. "In 2021, we stated our ambition to emerge as the world's largest private port company and India's largest integrated transport utility by 2030," said Karan Adani, CEO and Whole Time Director of APSEZ.
DRI unearths customs duty evasion of Rs 4,389 cr by Oppo India
"During an investigation pertaining to Oppo Mobiles India Private Limited, a subsidiary company of "Guangdong Oppo Mobile Telecommunications Corporation Ltd, China, we have detected Customs duty evasion of around Rs 4,389 crore. Oppo India is engaged in the business of manufacturing, assembling, wholesale trading, distribution of mobile handsets and accessories thereof, across India.
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