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[SHINSEGAE] Shinsegae Inc. reported a net profit of 505 billion won ($401.49 million), a 29.9 percent increase on-year, beating the 462 billion-won consensus compiled by FnGuide. The company said the growth was due to resumption of economic activities as Covid-19 subsides, as well as increased revenue from duty-free businesses. The company reported an all-time high revenue of 7.81 trillion won last year, a 23.7 jump compared to 2021 due to growth spurt from its subsidiaries such as Shinsegae International. The figure exceeded analyst expectations of 7.77 trillion won. Net profit in fourth quarter jumped 88.3 percent to 177.24 billion won, beating market expectations of 130.3 billion won. Revenue increased 14.5 percent to 2.2 trillion won, above market expectations of 2.18 trillion won. "As people resume their daily lives such as traveling overseas, the fashion business for male and female casual clothes, as well as cosmetics and sectors related to traveling, such as … [Read more...] about Shinsegae Inc. reports record revenue, consensus-beating profit

A number of tax reliefs to the middle class during the Union Budget 2023 lifted the market higher on February 1 as it will leave people with more money in their hands thus boosting consumption. Nifty 50 rose 1.55 percent to 17,936.60 while BSE Sensex climbed 1.75 percent to 60,594.46. Among the biggest gainers were ICICI Bank, Tata Steel, L&T, HDFC, and JSW Steel. Adani Enterprises, HDFC Life Insurance, and SBI Life Insurance were the top losers. “Tax exemptions under the new tax regime will provide increased disposable income in the hands of salaried consumers which will help boost demand for small and large home appliances thus benefiting Havells, Bajaj Electricals, V-Guard, etc,” said analysts at ICICI Securities. BSE Consumer Durables zoomed 1.3 percent while BSE Capital Goods was up 2.21 percent. Barring indices dedicated to Power, Utilities, and Energy, all sectoral or thematic indices rose after the budget announcement. In the new tax regime, the government … [Read more...] about Budget 2023: Tax tweaks, record capex lift Sensex, Nifty higher

Share to Twitter Share to Linkedin More projects than ever before across the entertainment industry landscape utilized cryptocurrency to develop unique infrastructures to fund productions and create new revenue streams with varying results. With some companies making a profit through these methods the Internal Revenue Service (IRS) has released first-of-its-kind reporting requirements for those who have dealt in crypto over the last tax year. For this reporting period the terminology for reporting cryptocurrency on income tax forms has also been revamped, with it previously being known as “virtual currencies” it is now referred to as “digital assets”. One 1040 income tax form iterates, “At any time during 2022, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, gift or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” The IRS’ subsequent checklist regarding … [Read more...] about Record-Breaking Cryptocurrency Adoption Leads The IRS To Release New Reporting Requirements

Share to Twitter Share to Linkedin Hogwarts Legacy has been mired in controversy since the day it was announced, largely thanks to the rancor surrounding Harry Potter author J.K. Rowling and her feud with the trans-rights activists. Rowling has alienated large swaths of her fanbase and, in some ways, fanned the flames of an already red-hot debate. As I’ve noted in the past, I think this is all quite bizarre and the Harry Potter fan in me wishes that Rowling had stayed out of the fray. She could have funded whatever political causes she wanted without popping off on Twitter, if only because someone in her position should stand as a role model and hero for all her fans—not just some of them. I also think the reaction to Rowling’s opinions has often been over-the-top and counterproductive and never has this been more true than the rigid, strident and often unreasonable position many have taken on Hogwarts Legacy. It’s fine to vote with your wallet, but … [Read more...] about The ‘Hogwarts Legacy’ J.K. Rowling Boycotts Were A Mistake

Keep an Eye on These Coins The cryptocurrency market's recent momentum subsided a bit in the latest week as Bitcoin fell back to about $22,000. While that's an improvement from where the market was trading a few months ago, there may be a few more resistance points to break through before the market can enter a bull run . Still, there some crypto tokens are outperforming the market. This week, we examine SingularityNET (AGIX), Render Token (RNDR), MAGIC (MAGIC), Shiba Inu (SHIB), and The Graph (GRT). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price. Key Takeaways SingularityNET’s AGIX token was one of the biggest gainers this week, jumping 150%, likely related to interest in artificial intelligence (AI) arising from discussion of chatbot ChatGPT. Render Token’s RNDR posted a 51% price increase after the launch of a new tokenomics model and the … [Read more...] about Cryptocurrencies to Watch: Week of Feb. 6

While there has been a decrease in the subsidy estimates, such estimates would always be vulnerable to the geopolitical situation Lawyers have welcomed the substantial allocation to the third phase of e-courts projects in the Union Budget and said the funds should be utilised to upgrade digital infrastructure in courts in non-metropolitan cities. The government has allocated Rs 7,000 crore in Union Budget 2023 for the third phase of the e-courts project, which is a four-fold jump from Rs 1,670 crore granted for phase two of the digital upgradation of courts in 2015. Lawyers say the funds should be used to improve accessibility and the e-filing system through the project. Launched in 2005, the project was conceptualised to equip the Indian judiciary with information and communication technology by digitising every facet of litigation from initiation to judgement. The first phase saw the computerisation of district and taluka courts with Case Information Software (CIS) … [Read more...] about Union Budget 2023: Upgrade digital infra in lower courts with the Rs 7,000 crore allocation, say lawyers

The Supreme Court of India On February 7, the Supreme Court dismissed a case which asked it to reconsider a recommendation by the collegium to appoint Victoria Gowri as a judge of Madras High Court. It was alleged that Gowri had made some hate speeches against minority communities in the past and was affiliated to Bharatiya Janata Party (BJP). While the case was being heard by the Supreme Court, the Centre had already notified her appointment, and Gowri was administered the oath of office by the Chief Justice of Madras High Court. Lawyers appearing against Gowri’s judgeship however, made it clear that they were not against her being affiliated to a political party, but wanted to question her eligibility to hold a Constitutional post owing to her ‘hate speech’. The lawyer said, “It runs completely antithetical to the basic tenets of the Constitution, and rendered herself incapable of taking the oath by her own public utterances.” On the aspect of political affiliations, … [Read more...] about Can persons with political affiliation become judges in India?

BP Plc posted its second-highest quarterly profit on record and announced a further $2.5 billion of share buybacks, capping a stellar period for Big Oil after Russias invasion of Ukraine pushed up energy prices. (Source: Bloomberg) When Bernard Looney took over as chief executive officer of BP Plc in 2020, he promised to quickly decarbonize the British oil major, cutting oil and gas production by 40 percent by 2030 and channeling billions of dollars into wind and solar projects. It was a stronger version of the “Beyond Petroleum” slogan BP once used. On Tuesday, Looney altered course. The company put out some fine words about its commitment to green energy and several billion dollars in investment to back it. But in tandem, it promised shareholders it would invest heavily into oil and gas projects. Instead of a 40 percent output cut, oil and gas production would fall by 25 percent by the end of the decade. Don’t say it out loud — because Looney took pains to emphasise that … [Read more...] about Don’t say it out loud, but BP is back into petroleum

Finance Secretary TV Somanathan TV Somanathan is one of the key persons behind drafting the budget. In an interaction with Shweta Punj of Moneycontrol, the finance secretary shared the thoughts  that went into drawing up the document, and nuancing between the known unknowns and unknown unknowns. Edited excerpts: Q: The economy has faced several global headwinds yet managed to stay steady. What were your priorities as you were drafting this budget? What were the three key things that you wanted to ensure? There were three key priorities. One, to act as a driver of growth at a time when global growth is slowing down, but when India is poised to recover its growth rate to its potential. That was one of the objectives, which you see reflected in a big increase in capital investment and in several other parts of the budget, which are essentially to propel growth. The second major concern was that in doing that, we wanted to be sure that we were fiscally prudent. In our … [Read more...] about It is a challenging number, the reduction to 4.5, but it is feasible. It’s difficult, but feasible

FM Sitharaman presented her fifth Union Budget on Feb 1, 2023. The budget proposal for using the Permanent Account Number (PAN) as the common identifier for all digital systems of specified government agencies will boost the utility of India’s national single window system, according to the chief product and technology officer at Invest India, a government-run investment promotion and facilitation agency. “I think now the real advantage of single window system will come in play,” Aditya Sharma told Moneycontrol. “From September onwards, you will start seeing the advantages of this (budget announcement).” The PAN is a 10-character identification issued by the Income-Tax Department to any person who applies for it or to whom the department allots the number without an application. At present, India has over a dozen different business IDs like PAN, EPFO, ESIC, GSTN, TIN and TAN, which are being used to apply for various government approvals. ALSO READ: Usage of PAN as … [Read more...] about Budget 2023: PAN as unique identifier to boost single window utility, says govt official