Category: Business & Economics

The ED has issued show cause notices to Xiaomi Technology India Pvt Ltd, and three banks under the FE MA for alleged foreign exchange violations of more than ₹5,551 crore.  Notices have also been sent to 3banks for violation of FEMA by allowing foreign remittances without conducting due diligence and obtaining any underlying Technical Collaboration Agreement.  The money was in bank accounts belonging to the Chinese smartphone giant and had been seized in connection with alleged ‘illegal outward remittances’ in February.  Xiaomi said as a brand committed to India, all its…

Hindustan Petroleum Corporation Limited (HPCL) has successful launched  groundbreaking pilot study on vehicles using E27 fuel and Ethanol Blended Diesel Fuel. Under the aegis of MoP&NG, HPCL has become the first Oil Marketing Company in India to initiate such a comprehensive research program, in line with the “Roadmap for Ethanol Blending in India by 2025,” which aims to promote the adoption of Ethanol Blending in gasoline. The roadmap, designed to usher in a greener and more sustainable future, outlines a phased rollout plan for achieving 20% Ethanol Blended Gasoline (E20)…

A seminar to promote tourism in the northeast was organized at the Guwahati Airport.  The seminar organized by Adani Airport Holdings Limited (AAHL) focused on various prospects and possibilities for the promotion of the tourism industry in the region.  Assam’s Tourism Minister said that air transport not only enables millions of people to engage in cultural exchange but also boosts the tourism industry which is a major emerging economic factor in Assam.  The LGBI Airport in Guwahati witnessed a nearly 39 percent jump in footfall during the winter session.  Adani…

Holders of Byju’s $1.2 billion term loan and their advisers are weighing options including negotiating with the company for an amendment, litigating, or attempting to seize collateral after the company missed an interest payment on the debt, according to people with knowledge of the matter. The group mulled options on a call held late Wednesday, said the people, who asked not to be identified because the matter is private. The company earlier reached out to a broad group of lenders and scheduled a call to discuss a loan amendment proposal,…

The Khadi and Village Industries Commission (KVIC) has presented a gratified image of a robust India in front of the world by taking the ‘Aatmanirbhar Bharat Abhiyaan’ under the leadership of Hon’ble Prime Minister Shri Narendra Modi to new heights. For the first time in the history of independent India, the turnover of Khadi and Village Industries Commission products has crossed Rs.1.34 lakh crores figure. In the last 9 financial years, there has been an unprecedented growth of 332% in the sale of indigenous Khadi products made by artisans in…

The banks in India have witnessed a sharp pace in collecting ₹2,000 notes. According to a report and RBI, around 50% of ₹2,000 currency notes have been deposited or exchanged so far. Notably, there were 1.81 billion pieces of ₹2,000 banknotes were in circulation as of 31 March, comprising 1.3% of total circulation in volume terms. And, the total value of ₹2,000 notes in the system is ₹3.62 lakh crore. “Around ₹1.8 lakh crore worth ₹2,000 notes back to banking system:” says RBI Governor. On May 19, the RBI announced the…

BSNL, struggling with poor infrastructure, has been battered by intense competition from Jio, the wireless arm of Reliance Industries, Bharti Airtel, and Vodafone Idea which have rolled out 4G services at low prices on voice calls and data. In a significant move, the Union Cabinet chaired by Prime Minister Narendra Modi approved the third revival package for BSNL with a total outlay of Rs. 89,047 crores. The government approved the first revival package for BSNL/MTNL in 2019. It amounted to Rs. 69,000 Crore and brought stability to BSNL/MTNL. The authorized…

Egypt’s economic prospects are expected to be negatively impacted by import controls, inflation resulting from a substantial weakening of the Egyptian pound, and the implementation of aggressive monetary policy tightening measures. These factors are likely to weigh on the domestic demand and investment, thus hampering the overall economic prospects of the country. Against this backdrop, the country’s economy is set to slow down from 6.6% in 2022 to 4% in 2023, forecasts GlobalData, a leading data and analytics company. GlobalData’s latest report, “Macroeconomic Outlook Report: Egypt,” reveals that the Egyptian…

AI173 was a widebody Boeing 777 that developed an engine problem and was forced to land in Magadan on Russia’s eastern coast and over 10,000 km from the capital Moscow.  Air India will send a replacement plane to ferry 216 passengers and 16 crew.  Civil aviation minister Jyotiraditya Scindia is tracking the situation very closely, The US State Department spokesman Vedant Patel said “We are continuing to monitor the situation”  A Russian ban on some foreign carriers using its airspace, in retaliation for Western sanctions over the Ukraine war, has…

The loss of jobs in May was not solely due to Artificial Intelligence (AI) but also attributed to business closures. The mass layoffs during the month of May resulted in 19,600 individuals losing their employment. A recent report from US consulting firm Challenger, Gray & Christmas revealed that in May, nearly 4,000 people in the US lost their jobs due to the implementation of artificial intelligence (AI). According to the report, approximately 4.9% of job cuts that occurred in May were attributed to employers citing AI as the primary reason…