BUSINESS
Biden proposes 20% minimum tax on wealthiest
"This minimum tax would apply only to the wealthiest 0.01 per cent of households, those with more than $100 million, and over half the revenue would come from billionaires alone," Xinhua news agency quoted a White House fact sheet on Biden's budget for Fiscal Year 2023 as saying on Monday. The White House estimates that the proposed tax, which focuses on taxing unrealised capital gains, would raise around $360 billion in revenue over the next decade.
Ex-Google CEO funneled money into Biden's science office, paid salaries
In a startling revelation, a report has claimed that former Google CEO Eric Schmidt's foundation poured money into the White House Office of Science and Technology Policy, including paying salaries of key employees. Politico reports that Schmidt had a close relationship with the president's former science adviser, Eric Lander, and other Biden appointees.
Equities rise on global cues, extend gains; Sensex up over 250 pts
India's key equity indices -- Sensex and Nifty -- extended their gains from the previous to rise marginally in the opening session on Tuesday. Strong global cues and retreating crude oil prices buoyed the Indian indices. At 9.56 a.m., Sensex was 0.5 per cent or 272 points up at 57,865 points, whereas Nifty 0.5 per cent or 79 points up at 17,301 points.
Income Tax Act must be replaced by Direct Tax Code: Chidambaram
The government must replace the Income Tax Act by the Direct Tax Code as it claims that it has dumped all old legacies, former Finance Minister P. Chidambaram said on Monday. Participating in the debate on the Appropriation Bill and the Finance Bill 2022 in the Rajya Sabha, he said that the IT Act has 298 sections if one does not count the suffixes like ABC to the sections and 14 schedules and many amendments have been made to the earlier provisions.
Aurobindo Pharma acquires domestic formulations biz of Veritaz Healthcare
Global pharmaceutical company Aurobindo Pharma on Monday said it has acquired the domestic formulation business of Veritaz Healthcare on a slump sale basis. According to the company, the transaction is agreed at a consideration of Rs 171 crore on a debt-free cash-free basis. "The transaction comes into effect from April 1, 2022 and is expected to close by May 2022," Aurobindo Pharma said in a statement.
Huawei's sales dip 28.5% in 2021, says 'readjusting' for 5G, digital era
Despite a revenue decline in 2021, "our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty", said Meng Wanzhou, Huawei's CFO. The company said it is "readjusting" its business portfolio to tap new digital and 5G opportunities. Its 2021 revenue came in at $100.01 billion, down from nearly $140 billion in 2020.
ED attaches 290 properties of GS Oil Ltd in PMLA case
Total proceeds of crime acquired by G.S. Oils Limited is Rs 306.33 crore. First attachment order was issued in 2017 and a Prosecution Complaint was also filed. This is the second provisional attachment order issued in this case. Initially a case was lodged in this respect by the CBI's Banglore branch. The ED initiated the probe of money laundering on the basis of the FIR of the CBI.
Lamborghini sales reach 400 since inception in India
Notably, the company reported a 86 per cent growth in India last year. As per the automaker, the accelerated success in sales performance is a testament of "the passion shown by Lamborghini India's dealer network in Bengaluru, Delhi and Mumbai". "We will continue to offer unique platforms so that our existing and prospective customers are able to experience the values that define the Lamborghini brand in India," said Asaid Sharad Agarwal, Head of Lamborghini India.
India's aim is to become world's largest startup destination: Minister
Addressing a session on "Gateway to Growth - Roundtable on Indian Startup Ecosystem" in Abu Dhabi, he said: "Today we are the third largest startup ecosystem, but our aspiration is to be the world's number one startup destination," as per an official statement. "The startup bug has caught India's imagination. The entire innovation ecosystem that the startup industry represents is giving a new direction, new momentum to India," he said, as per the Commerce and Industry Ministry statement.
Nothing with cryptocurrency legality, is ponzi scheme, ED to SC on Gain Bitcoin scam
Additional Solicitor General Aishwarya Bhati, representing the ED, submitted before a bench headed by Justice D.Y. Chandrachud that the "username and password are crucial in this matter. This has nothing to do with the legality of cryptocurrency" as she objected to the interim protection from arrest granted to the petitioner.
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