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The government is building agri-value system in collaboration with private players to transform agriculture sector from pure production system into an agri-business. Producers, manufacturers, wholesalers, retailers, storehouses and packaging houses representing private sector can come forward and partner with government at district level thereby taking the responsibility for building a value chain system.
After touching a record high, the foreign exchange reserves declined marginally by USD 262.3 million to USD 402.246 billion in the week to September 22, due to fall in foreign currency assets, the RBI data showed. In the previous week, the reserves had touched a life time high of USD 402.509 billion after rising by USD 1.782 billion.
Pricing pressure in India’s telecom sector will lead to a decline in profitability this financial year and a recovery is still a few quarters away, rating company ICRA said. A weak first half has led to high credit risk, with pockets of stressed debt that may require inorganic funding, said analysts of ICRA. Capital expenditure for the sector will remain upwards of Rs 50,000 crore a year, said the company owned by Moody’s Investors Service.
Total taxpayers up at 6.26 crore in FY17 from 4.72 crore in FY13: Arun Jaitley
Net collections till Sept 18 of this fiscal grew 15.7% to Rs 3.7 L crore, says Jaitley. The number of taxpayers rose to 6.26 crore in 2016-17 from 4.72 crore in 2012-13. Some parliamentarians suggested that more searches be conducted against black money holders since many people are still transacting in black money, according to a finance ministry statement.
India’s fiscal deficit touched 96.1% of the Budget estimate for FY18 at the end of August as the government kept its foot on the spending pedal to support the economy while revenues came in at their usual modest pace in the opening months of the financial year. The April-August fiscal deficit is substantially higher than 76.4% for the year-earlier period, data released by the Controller General of Accounts (CGA) showed.
India leapt up the global rankings by 12 places to take the 14th spot in terms of best country for expats to live and work in, says a HSBC survey. “Driven by strong ratings across a range of economic, experience and family measures, India shines in this year’s league table, moving up 12 places since 2016 (to rank 14 as overall best country for expats),” HSBC said.
Realty major DLF said its shareholders have approved the promoters’ decision to sell their entire 40 per cent stake in the rental arm for Rs 11,900 crore. This deal, the biggest in the country’s realty space, included sale of 33.34 per cent stake in DLF Cyber City Developers Ltd (DCCDL) to Singapore’s sovereign wealth fund GIC for Rs 8,900 crore and a buyback of the remaining shares worth Rs 3,000 crore by DCCDL.
German industrial group Siemens AG and French rival Alstom SA agreed to merge their rail operations, creating a European champion to better withstand the international advance of China’s state-owned CRRC Corp Ltd. Siemens will own 50 percent plus a few shares of the joint venture, to be called Siemens Alstom, while Alstom will supply Henri Poupart-Lafarge as chief executive, helping to counter criticism that France is giving up control of another national industrial icon.
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Vodafone India MD and CEO Sunil Sood said that process of merger with Idea Cellular is “going ahead of schedule”. “There are three stages, first is CCI, second is Sebi, and third is NCLT and DoT, we’re on track for all three. By the end of 2018 merger is expected to complete,” added the MD. The $23 billion merger — announced on March 20 — if completed will create India’s largest telecom firm, which will be better placed to take on the threat posed by Reliance Infocomm.
The US central bank has fined global banking giant HSBC $175 million for failing to oversee foreign exchange traders who misused confidential client information and colluded with traders at competing banks. Between 2008 and 2013, the bank failed to detect misconduct by senior traders, including its global head of foreign exchange cash trading, according the Federal Reserve.
Citigroup Inc and Lehman Brothers Holdings Inc resolved a fight over $2.1 billion that dates to the financial crisis era after Citigroup agreed to give back $1.74 billion to the estate of the investment bank, according to Bloomberg. Citigroup had kept about $2.1 billion that Lehman had on deposit with it for trades following the Lehman bankruptcy. The dispute arose because Citigroup said it was owed $2 billion as a result of Lehman’s bankruptcy, while Lehman argued that the money should go to its creditors
The Japanese firm is eyeing further acquisitions in the financial sector in order to potentially create a $300 billion asset management arm that would also house its $93 billion Vision Fund for technology investments. SoftBank agreed to acquire alternative-asset manager Fortress Investment Group LLC for $3.3 billion in February. Since then, SoftBank executives have discussed various investments in the financial sector, from acquiring traditional investment firms to more surprising moves including stakes in major private equity shops such as KKR & Co.
Global tea production is likely to record a decline in calendar 2017, primarily on the back of crop losses in Kenya, which accounts for around 16% of the total black tea production globally. Given Kenya’s status as one of the world’s largest exporters of black tea, production levels from the country are likely to have a considerable impact on global demand-supply dynamics for the year, according ICRA.
In its World Trade Report 2017, the organisation said: “Today’s labour market problems are largely traceable to domestic policy shortcomings, but a failure to find answers could have global ramifications.” The fact that some countries seem to be adapting to technological change and globalization better than others, by reducing obstacles to labour mobility suggests that government policy can play an important role in helping economies and societies to adjust to a changing world, it said.
Britain’s economy recorded its weakest year-on-year growth since 2013 in the three months to the end of June, and the major services sector contracted in July, showing a possible loss of momentum as the Bank of England prepares to raise interest rates for the first time in a decade. Official data showed year-on-year gross domestic product growth slowed to 1.5 percent in the second quarter from 1.8 percent in the first three months of the year.
Insolvent German airline Air Berlin hopes to conclude talks with Lufthansa and easyJet on a carve-up of its assets by the middle of next month as it races to secure jobs and keep flying. Air Berlin, which has around 8,000 employees, filed for insolvency in August after major shareholder Etihad said it would stop providing funding. The German government stepped in with a 150 million euro ($178 million) loan, due to last until the end of October, to prevent the airline being grounded.
U.S. President Donald Trump placed blame squarely on Puerto Ricans for the slow recovery from Hurricane Maria after critics and the mayor of San Juan complained his administration’s response to the U.S. territory’s plight was insufficient. 11days after the devastating storm wiped out power, water and communications systems, more than half of the 3.4 million people on the island do not have access to drinking water, and 95 percent remain without power, according to the U.S. Defense Department.
Japanese Prime Minister Shinzo Abe dissolved the lower house of parliament today, paving the way for a snap election that is expected to be held October 22. Abe is widely seen as trying to reconsolidate his grip on power within the ruling Liberal-Democratic Party, so he can extend the term of his premiership next year. The dissolution of the more powerful of Japan’s two-chamber parliament comes more than a year before required by law.
Saudi King Salman on Tuesday ordered that women be allowed to drive from next June, in a historic decision that makes the ultra-conservative kingdom the last country in the world to permit women behind the wheel. The longstanding driving ban was seen globally as a symbol of repression of women in the Gulf kingdom and comes after a years-long resistance from female activists.
German Chancellor Angela Merkel won a fourth term, but now faces the tricky prospect of forming a coalition with two disparate new partners after voters weakened her conservatives and a nationalist, anti-migrant party surged into parliament. “We have a mandate to form a new government, and no government can be formed against us,” Merkel told cheering supporters. She added that it wasn’t a “matter of course” to finish first after 12 years in power, and that the past four years were “extremely challenging.”