Category: Business & Economics

11 AGMs among 60 staff suspended by Bank of Baroda over digital app row

Manish Kumar

Public-sector lender Bank of Baroda (BoB) has suspended over 60 employees, including 11 AGMs  The RBI found certain irregularities in the onboarding of new customers to the bank’s digital app, BOB World.  The bank accepted that serious irregularities were committed by the employee during his tenure.  Most of those suspended are from the Vadodara region.  Public-sector lender Bank of Baroda (BoB) has suspended over 60 employees, including 11 AGMs (assistant general managers), according to people familiar with the matter. “AGM-level officials are scale V officers who generally hold positions of…

Biofuel production gaining traction for energy transition

Manish Kumar

Renewable fuels are biofuels that are produced using advanced biomass such as wastes from agriculture, forestry, food processing, and non-edible crops. These are rapidly gaining popularity among refiners globally due to their potential role in the global energy transition, when compared with petroleum fuels. Hence, biofuels such as renewable diesel and sustainable aviation fuel (SAF) are attracting investments from downstream companies around the world, says GlobalData, a leading data and analytics company. GlobalData’s thematic report, “Biofuels,” provides an overview of the global biofuels industry and its potential role in the…

Income Tax Department conducts searches in Karnataka, Andhra Pradesh and Telangana State region

Manish Kumar

Income tax department conducted a search & seizure action in the case of some government contractors, real estate developers and their associates on 12.10.2023. About 55 premises were covered during the search action in the States of Karnataka, Andhra Pradesh, Telangana and New Delhi. As per CBDT Press Release, A large number of incriminating evidences in the form of loose sheets, hard copy of documents and digital data have been found and seized. The modus-operandi of tax evasion detected indicates that these contractors were involved in reducing their income by…

A global network of crypto, cash, and charities fund Hamas: experts and officials

Manish Kumar

Palestinian militant group Hamas uses a global financing network to funnel support from charities and friendly nations.  Israeli police said they froze a Barclays bank account the authorities said was linked to Hamas fundraising and blocked cryptocurrency accounts used to gather donations.  A former U.S. official specialized in counterterrorism, estimated the bulk of Hamas’ budget of more than $300 million came from taxes on business, as well as from countries including Iran and Qatar or charities.  Hamas had used cryptocurrencies, credit cards, or contrived trade deals to avoid mounting international…

Indian Oil to invest Rs 1,660 Cr in joint venture with NPTC to develop renewable energy power plants

Manish Kumar

Indian Oil to invest Rs 1,660 Cr in exchange for a 50% stake in JV with NTPC  Oil major Indian Oil Corporation will invest Rs 1,660.15 crore for its 50 percent stake in a joint venture with NTPC Green Energy Pvt Ltd announced earlier this year,  The two companies had in March announced a JV Indian Oil NTPC Green Energy to develop renewable energy power plants.  Indian Oil Corporation, the nation’s biggest oil firm, will invest Rs 1,660.15 crore as equity in a newly set up joint venture with energy…

Ferrari to accept cryptocurrency as payment for its luxury sports cars in the US

Manish Kumar

Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe  The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce.  Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.  Ferrari shipped more than 1,800 cars to its Americas region, which includes the U.S., in the first half of this…

Industrial production growth rises to a 14-month high, Retail inflation dropped to a three-month low

Manish Kumar

A low base pushed factory output to a 14-month high of 10.3 percent in August, data released by the Ministry of Statistics and Programme Implementation showed.  Mining grew by 12.3 percent, manufacturing expanded by 9.3 percent, and power, 15.3 percent.  Retail inflation fell to a three-month low of 5.02 percent in September.  Finance minister Nirmala Sitharaman, however, warned that global uncertainties combined with dome.  Retail inflation, which is based on the cost price index (CPI), has stepped inside the Reserve Bank’s threshold of below 6 percent after a gap of…

Adani Group imported coal well above market prices, overcharged Indian consumers: FT report

Manish Kumar

The Adani group has been rocked by another damning report that claims it imported billions of dollars of coal at prices well above market prices, igniting suspicion that the country’s largest private importer of coal has been inflating fuel costs and forcing consumers and businesses to overpay for electricity. The London-based Financial Times pored over customs records since July 2021 and found that the Adani group paid a “total of $4.8 billion to the three companies for coal sourced at substantial premiums to market prices”. The three offshore intermediaries based…

United States to provide employment authorization cards for five years, more than 10.5 lakhs Indians are in the queue

Manish Kumar

The US has announced it will provide employment authorization cards to some non-immigrant categories.  These include applicants for asylum or withholding of removal, adjustment of status under INA 245, and suspension of deportation or cancellation of removal, the federal agency said.  Increasing the maximum EAD validity period to 5 years is intended to significantly reduce the number of new Forms I-765.  According to a new study, more than 10.5 lakh Indians are in the queue for an employment-based Green Card.   A Green Card, known officially as a Permanent Resident Card,…

Jindal Power submits EoI for grounded Go First, is the only bidder

Manish Kumar

Grounded Indian airline Go First has received an expression of interest (EoI) from Jindal Power Ltd,  The crisis-hit airline is facing significant financial challenges with more than Rs 20,000 crore in admitted claims from creditors.  An EoI is the first step in the bidding process and may not result in a financial bid.  “Jindal Power was the sole successful applicant whose expression of interest was accepted by banks,” said a banker.  Go First’s resolution professional, who conducts the insolvency process, and Jindal Power did not immediately respond to agencies’ requests…