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India is not planning any major rationalisation to rates under its goods and services tax (GST) regime and is also not considering any convergence of the slabs as of now, revenue secretary Sanjay Malhotra has said. “Rationalisation of rates a continuing exercise but most of the work has already been done on the GST side,” Malhotra told CNBC-TV18 at a post- budget event on February 2. The GST Council, which comprises the Centre and states, is the apex decision-making body for the indirect tax regime, which was introduced in July 2017. Almost all recommendations of a group of ministers on rate rationalisation have been taken forward, Malhotra said. “But apart from smaller changes as of now we don’t have any major agenda insofar as GST rates are concerned,” he added. Asked if the convergence of GST slabs was on the agenda, he said, “Not for the moment.” Read More Revenue neutral rate The revenue secretary said that the effective GST rate continues to be … [Read more...] about No major GST rationalisation, slab changes planned for now, says revenue secretary

Share to Twitter Share to Linkedin Topline More than 81,000 employees lost their jobs in major U.S. layoffs in January alone—the most in any one month since Forbes started tracking layoffs last summer—including major cuts at Amazon, Google, Salesforce and Microsoft, as fears of an economic downturn that prompted more than 120 U.S. companies to implement major layoffs last year persist into 2023. Key Facts The biggest round of job cuts in January came from Amazon, which added to its November layoffs to slash more than 18,000 employees , with CEO Andy Jassy saying the company faces an “uncertain economy” after rapid growth during the Covid-19 pandemic. Alphabet, the parent company of Google, announced on January 20 that it would slash 12,000 worldwide jobs in a restructuring plan, following Microsoft’s decision to cut 10,000 employees amid “times of significant change” as customers “do more with less.” In the past week alone, San … [Read more...] about More Than 81,000 Employees Laid Off In Major U.S. Layoffs In January

The U.S. Securities and Exchange Commission (SEC) is planning to scale back proposed rules mandating that companies disclose climate-related data alongside traditional financial reporting, after the agency was surprised by major blowback from affected groups, The Wall Street Journal reported Friday, citing people close to the agency. The proposed rules, announced in March 2022, would require companies to include data about both the way climate change might harm their business and the affect that their business might have on the environment via greenhouse gas emissions, according to the SEC. However, the plan was criticized by companies, investors and lawmakers for implementing onerous reporting rules, and even the pared down regulations are expected to face legal challenges, the WSJ reported . WASHINGTON, DC – OCTOBER 03: U.S. Treasury Secretary Janet Yellen speaks with Securities and Exchange Commission (SEC) Chair Gary Gensler (R) during a meeting with the Treasury … [Read more...] about Biden Admin Rethinks Signature Climate Policy After Major Blowback: REPORT

Share to Twitter Share to Linkedin Oracle Red Bull Racing made two major announcements in New York City on Thursday and Friday, a sign of Formula 1’s growth in the United States. Red Bull, which is run by team principal Christian Horner, will welcome Ford into the organization in 2026. The blue oval will partner with Red Bull on the engine side of the racecar, teaming with Red Bull Powertrains, ahead of Formula 1's new engine package. "Ford is returning to the pinnacle of the sport, bringing Ford's long tradition of innovation, sustainability and electrification to one of the world's most visible stages,” Ford executive chair Bill Ford said. The highly anticipated partnership will mark Ford’s return to Formula 1 after it sold its Jaguar team to Red Bull in 2004. It’s also symbolic as General Motors GM attempts to join Ford as a second American manufacturer to enter Formula 1. GM is partnering with Andretti Global , led by Michael Andretti, to be … [Read more...] about Oracle Red Bull Racing Announces Major Partnerships With Ford, Rokt

Share to Twitter Share to Linkedin Topline: As the coronavirus continues to roil stock markets and leads to widespread business shutdowns across the country, a growing number of top banks on Wall Street have been issuing increasingly dire forecasts on the economic turmoil caused by the pandemic, with many saying that a recession will hit in 2020—if it hasn’t already done so. Goldman Sachs economists on Friday forecast an unprecedented 24% hit to U.S. second-quarter GDP, following a 6% decline in the first quarter, due to coronavirus; the bank also expects unemployment to surge to 9% and full-year GDP for 2020 to fall 3.8% on an annual average basis. Bank of America warned late on Thursday that a recession due to the coronavirus pandemic is already here: “Jobs will be lost, wealth will be destroyed and confidence depressed,” the bank’s U.S. economist, Michelle Meyer, wrote in a note, as the Bank of America also forecast the economy to … [Read more...] about Just How Bad Is It? Here’s The Economic Damage The Coronavirus Will Cause, According To Major Banks

Representative image Core Scientific Inc, one of the biggest publicly traded cryptocurrency mining companies in the United States, said on Wednesday it filed for Chapter 11 bankruptcy protection, the latest in a string of failures to hit the sector. Trillions in value has been wiped out from the crypto sector this year on rising interest rates and exacerbating worries of an economic downturn. The slump has eliminated key industry players such as Three Arrows Capital and Celsius Network. The bigger blow came after major crypto exchange FTX filed for bankruptcy protection last month. Its swift fall has also sparked tough regulatory scrutiny of how crypto firms hold funds and conduct business operations. After rapid growth in 2020 and 2021, bitcoin – the most popular digital currency by far – is down more than 60% this year. Austin, Texas-based Core Scientific said it would not liquidate and would continue to operate normally, as it expects to enter into a restructuring … [Read more...] about Crypto miner Core Scientific files for bankruptcy as industry contagion bites

Share to Twitter Share to Linkedin Even as media consumption skyrockets due to the COVID-19 outbreak, publishers are struggling as advertisers pare back their spending. Hundreds of journalists have already been laid off or furloughed, with more bad news expected in the coming weeks and months. Some outlets, like the Tampa Bay Times , say the cost-saving measures are intended to be temporary. Others, like The Outline, have shuttered entirely. Below is a list of major media companies (in alphabetical order) who have imposed layoffs, furloughs or pay cuts. Forbes will continue to revise this list as updates come in . ADVERTISEMENT Last updated May 29 at 7:30 pm EDT. American Media: The tabloid publisher, whose portfolio includes Us Weekly and In Touch (and previously the National Enquirer ), will reportedly cut employee salaries by 23%. Boston Herald: The paper laid off at least a half-dozen positions, including on its … [Read more...] about Tracker: Media Layoffs, Furloughs And Pay Cuts Due To Coronavirus

SHANGHAI – China’s move this week to streamline stock market listing rules is unlikely to result in a flood of initial public offerings, bankers say, citing the prospect of state intervention on national security and other grounds that would result in delays. Beijing published draft rules on Wednesday to broaden its fledgling registration-based IPO system, expand the U.S.-style mechanism to all corners of China’s stock market in a shift designed to speed up listings and corporate fundraising. Under the new system, China’s stock exchanges will themselves vet IPOs with a focus on information disclosure. Currently, IPOs on China’s blue-chip boards need clearance from the China Securities Regulatory Commission (CSRC) under an approval-based system – one that means long delays and IPO prices capped by the regulators. The reform was hailed by state media and analysts as a key milestone that would make China’s IPO market more inclusive, transparent and efficient. But in reality, … [Read more...] about China’s latest IPO reform seen unlikely to flood markets with new issuance

SINGAPORE  – Oil prices eased on Friday, with major benchmarks headed for their second straight week of losses, as the market awaited further signs of fuel demand recovery in China to offset looming slumps in other major economies. Brent crude futures fell 34 cents, or 0.4 percent, to $81.83 a barrel by 0740 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.5 percent, to $75.51. Both contracts have dropped by more than 5 percent so far this week, with mixed signals on fuel demand recovery in China, the world’s top oil importer, keeping a lid on prices. ANZ analysts pointed to a sharp jump in traffic in China’s 15 largest cities following the Lunar New Year holiday, but also noted that Chinese traders had been “relatively absent”. The prospect of an economic rebound in China after COVID-19 curbs eased has buoyed the oil market so far this year, along with a weaker dollar that makes the commodity cheaper for those holding other currencies. The … [Read more...] about Oil weakens as market awaits signs of China demand recovery

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × The government’s ambitious plan to monetise fully completed and operational infrastructure to raise funds for financing future projects, National Monetisation Pipeline (NMP), did not find any mention in the Union Budget for 2023-24, leaving sector experts and industry players bewildered. Ahead of the Budget, experts had said that the government may miss FY23's target of raising Rs 1.6 lakh crore by a huge margin but were hopeful of an update from the Finance Minister on February 1. “NMP, the National Monetisation Pipeline, was about offering fully completed and operational infrastructure assets on a PPP basis but was not mentioned,” said Shailesh Pathak, Director, Indian School of Public Policy, saying that it was a notable omission in the budget. On Jan 31, the Economic Survey of 2022-23 … [Read more...] about Budget 2023: The curious case of National Monetisation Pipeline’s omission