BUSINESS
To prevent oil flight, India imposes additional duty
The measure is taken to discourage exports and to avoid artificial scarcity in the domestic market. The government announced the levy cess of Rs 23,250/ton on crude oil as special additional excise duty, since domestic crude producers sell to domestic refineries at international parity prices, and as a result, are making windfall gains. Taking this into account, a cess of Rs 23,250 per tonne has been imposed on crude.
If banks raise interest rates on FDs to 7.5-8%, there could be a flight from mutual funds
In a report on mutual funds, it noted that equity flows are muted while the debt outlook is positive. Over the past couple of months, a few major trends have emerged, including absence of NFOs, because of the regulations, decline in AUM, sustained high outflows from the debt segment and decline in new SIP account openings
RBI hits hard on Bitcoin, DeFi, crypto trading platforms
In its annual 'Financial Stability Report' (FSR) 2022, India's central bank and regulatory body said that the early ramifications are reflected in the crypto ecosystem with one stablecoin losing almost all its value and another depegging from the US dollar. It referred to the collapse of TerraUSD and Luna cryptocurrencies that threw many investors into a panic in May.
Hyundai's sales fall 4.5% globally amid chip shortage
Hyundai Motor sold a total of 340,534 vehicles in June, down from 356,631 units a year earlier, the company said in a statement. Domestic sales fell 13 percent to 59,510 units from 68,407 during the period, while overseas sales declined 2.5 percent to 281,024 from 288,224, reports Yonhap news agency. From January to June, sales dropped 7.6 per cent to 1,877,193 autos from 2,031,185 units during the same period of last year.
'Increase in import duty on gold, will not have major impact on demand'
Nor the duty hike will result in any increased smuggling activity of the yellow metal, he added. On Thursday, the central government increased the customs duty on gold from 10.75 per cent to 15 per cent to curb gold imports. The government said, there has been a sudden surge of gold imports. In May, a total of 107 ton of gold was imported and the import volume last month was also significant, the government said.
EU to trace crypto assets to prevent money laundering, terror financing
The negotiators reached a provisional deal on a new bill aiming to ensure that crypto transfers can always be traced and suspicious transactions blocked. "This new regulation strengthens the European framework to fight money-laundering, reduces the risks of fraud and makes crypto-asset transactions more secure," said Ernest Urtasun, co-rapporteur for the Committee on Economic and Monetary Affairs (ECON).
US stocks see worst first half drop in over 50 yrs
Stocks in the UK, mainland Europe and Asia have also suffered steep losses. It comes as central banks around the world are trying to rein in soaring living costs, with prices of essential goods like food and fuel jumping. Some economists expect the US, which is the world's biggest economy, to go into a recession as early as this year as interest rates continue to rise.
Coinbase sold software to US authorities to track crypto transactions
According to a report in Intercept, Coinbase sold an analytics software license to ICE for $29,000 in August last year, followed by a software purchase potentially worth $1.36 million the next month. "ICE now has access to a variety of forensic features provided through Coinbase Tracer, the company's intelligence-gathering tool (formerly known as Coinbase Analytics)," the report said on Thursday.
Workers deal: Hyundai concludes, no progress in Ford India, arbitration in Renault Nissan
On Thursday, Hyundai Motor India announced the signing of a wage agreement with United Union of Hyundai Employees (UUHE). The wage agreement will be effective from 1.4.2021 and valid till 31.3.2024 with handsome wage hike. "Hyundai Motors is a running company. Ours is on the verge of closing," said a worker at Ford India Pvt Ltd's plant near here.
Top Apple corporate attorney pleads guilty to insider trading
California-based Levoff pleaded guilty by videoconference before US District Judge William J. Martini to six counts of an indictment charging him with securities fraud, said Vikas Khanna, an attorney for the US. Levoff was initially charged by a complaint in February 2019, according to the US Department of Justice.
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