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31-August-2016
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 Indian Economy
 
80% of Indian manufacturing industry to adopt the advanced trends by 2020': Tata Strategic report
Tata Strategic Management Group, the management consulting arm of the Tata Group, on Wednesday unveiled a report on readiness of Indian manufacturing to adopt advanced manufacturing trends in collaboration with FICCI. The report is based on a first of its kind survey conducted to gauge readiness of ...

Government nod to Rs 1,145 crore PPP project at Mormugao Port
The Centre today gave nod to a Rs 1,145 crore project at Mormugao Port, Goa, for redevelopment of berths on public private partnership (PPP) mode. Mormugao is one of the 12 major ports in India. ...

India, US ink logistics defence agreement: Pact does not involve setting up military bases
India and the US signed an agreement on sharing military logistics, in a major step forward in closer bilateral defence cooperation, though both sides clarified it will not involve setting up of military bases.The Logistics Exchange Memorandum of Agreement (LEMOA) agreement was inked in Washington, ...

Indian economy to grow at 7.8% in 2016-17: Survey
India's economy is likely to expand 7.8 per cent during the current financial year on the back of good monsoons, said economists polled by Ficci. Releasing the latest survey, Ficci said there has been a "marginal improvement" in growth estimate for 2016-17 as against the previous round and "this com...

Government approves Rs 7,457 crore highway projects in 11 states
Government today approved 16 highway projects in 11 states to be executed at a cost of Rs 7,457 crore. "The standing finance committee (SFC) today cleared 16 projects worth Rs 7,456.88 crore for 622 km," Road Transport and Highways Secretary Sanjay Mitra told reporters....

 
 Global Economy
 
Failure of transatlantic trade pact will have 'substantial' effect on France: Analyst
A failure to secure a transatlantic trade deal would have a "substantial" effect on France as the world economy slowed down, Laurent Clavel, senior international economist at AXA IM, told CNBC Monday. Clavel explained that France would fall victim to "less and less trade compared to activity," and ...

Eurozone inflation remains weak in August
Inflation in the eurozone was 0.2%, unchanged from July and below analysts' forecasts of a slight increase. The ECB has introduced a number of stimulus measures, but the inflation rate still remains some way off the bank's target of just below 2%. Separate data showed the unemployment rate remaine...

Nigeria, Africa's biggest economy, officially enters recession
Africa's biggest economy is officially in recession. Nigeria's statistics office says gross domestic product declined by 2.06 percent in the second quarter of 2016. The oil- and import-dependent economy declined by 0.36 percent in the first quarter of the year. It has been slammed by low petroleum...

Fed's Fischer says US job market 'very close' to full strength
The U.S. job market is nearly at full strength and the pace of interest rate increases by the Federal Reserve will depend on how well the economy is doing, Fed Vice Chairman Stanley Fischer said on Tuesday.In an interview with Bloomberg TV, Fischer did not comment on the timing of the next Fed rate ...

 
 Market & Finance
 
Bank Nifty beats Nifty50, rises 15.42% in 2016; market-cap of BSE firms at all time high
Bank Nifty rallied to a nearly 18-month high and closed at 19,531.55, up 1.64% or 314.55 points. Bank of India was the biggest gainer as its shares were up by 4.45% to close at R116.30, this was followed by Punjab National Bank (PNB) whose stock closed at R127, up by around 3%.Stocks of ICICI Bank, ...

Everything is not 'hunky-dory' in retail lending: RBI
RBI today said everything is not hunky-dory about public sector banks' retail lending and underlined the need for improving credit appraisal and monitoring. "If you look at the credit growth you do see that there is more growth in private sector as opposed to the public sector banks and then you hav...

New 10-year bond issue may be about 7%
The new 10-year bond may be issued at around seven per cent, or lower — an indication rates in the economy have fallen to a multi-year low, even though banks are not passing on the rate benefit to their borrowers. The government, on Monday, said it would issue a new 10-year benchmark on Friday, as t...

 
 Commercial Laws
 
Foreign players investing Rs 10 crore eligible for residency
Foreign investors bringing in at least Rs 10 crore capital will be eligible for residency status, easier visa regime and employment for family members among other benefits under a new policy approved by the Cabinet today to attract more overseas funds. "A certain threshold if you invest in India, th...

Govt hikes minimum wages; central sector workers’ pay to rise by up to 60%
Central-sector workers will now see their wages go up by upwards of 40% — and in some cases even close to 60% — with implications not only for Union government entities but also states and sections of the corporate sector and small industries, as their labour costs will rise. However, trade unions e...

 
 Direct Tax
 
CBDT signs 20 unilateral APAs with taxpayers
The Central Board Of Direct Taxes(CBDT) has singed 20 unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. "CBDT entered into 20 unilateral advance pricing agreements... (on) August 29, 2016 and August 30, 2...

 
 Indirect Tax
 
Telangana, Mizoram, Sikkim ratify GST bill
Telangana and Mizoram on Tuesday became the 12th and 13th Indian states to ratify the goods and services tax (GST) bill, helping the Union government move closer to the planned rollout of the landmark levy.Sikkim also ratified the GST bill on Tuesday.The Telangana assembly and the legislative counci...

 
 
 
 
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RBI
Notification No.RBI/2016-17/52
(Delhi) 30-08-2016
Auction of Government of India Dated Securities...
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(Delhi) 30-08-2016
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Guidelines on safety and security of premises where imported or export goods are loaded, unloaded or stored...
 
 
 Indian Corporate
 
Tata Capital, CII partner to provide easy credit to SMEs
Tata Capital today said it has signed a pact with industry body CII to provide easy credit to small and medium businesses. "Tata Capital, the financial services arm of the Tata Group, signed a MoU with Confederation of Indian Industry (CII) to partner with them in the SME Finance Facilitation Centre...

Binny set to launch RS.3,000-cr township project in Chennai
A 70-acre township project, the largest of its kind in the heart of Chennai, will take off with a soft launch soon. The ?3,000-crore project on the landmark Binny Mills’ property in North Chennai is being developed in a joint venture, SPR-Binny Construction Pvt Ltd. SPR Construction, the partner is ...

Adani’s solar equipment mfg facility may commence by year-end
Gautam Adani-led Adani Enterprises is expecting to commission the first phase of its solar power equipment facility being set up in Gujarat by year-end, a senior company official said. “The first phase of the project in which we are manufacturing solar modules and solar photo-voltaic cells is expec...

LeEco inks deal with Compal in India to make phones, invests Rs 50 cr
Chinese company LeEco on Tuesday became the latest to set up a manufacturing base in the country through a contract-manufacturing partnership with Compal Electronics, as it aims to gain a bigger share of the growing demand for smartphones. As per plans, LeEco has signed a pact with Compal, which is...

Tech Mahindra to hive off job search platform Saral Rozgar into new firm
Tech Mahindra, India's fifth largest IT services firm, is planning to hive off the employment jobs marketplace – Saral Rozgar – into a separate firm. The company is also scouting for strategic investors, who can invest either partially or acquire the entire stake in the firm. Further, the company i...

Apparel retailer Easybuy targets 50 stores by 2018
Easybuy, the new apparel value retail format from the Landmark Group, opened its first 4,000 sq ft store with an investment of ?1 crore in West Gate Mall, Rajajinagar, Bengaluru, making it the brands’ third store in Karnataka and 14th in South India. The brand will expand its footprint to 30 stores ...

With Jeep, Chrysler finally cracks the India code
It was in the early 1990s that Chrysler and Mahindra & Mahindra first contemplated bringing Jeep Cherokee to India. Nothing materialised eventually and the plan died a quiet death. On Tuesday, the Jeep brand made its debut here with the launch of the Wrangler and Grand Cherokee. It is now part of F...

Odisha to offer bauxite for Lanjigarh refinery by March 2017: Anil Agarwal
The Odisha government via Odisha Mining Corporation (OMC), a public sector undertaking, will arrange bauxite supply for Vedanta’s beleaguered alumina refinery at Lanjigarh by March 2017, Vedanta Group Chairman Anil Agarwal said in Bhubaneswar. “The state chief minister has assured us that all effort...

DLF close to 40% stake sale in rental assets arm
India's largest real estate developer DLF on Tuesday said it has shortlisted bidders for the ongoing stake sale in its rental arm, DLF Cyber City Developers Ltd. The company expects to receive binding, updated bids in the form of shareholder agreement once the shortlisted bidders complete due dilige...

 
 Global Corporate
 
Historic Dell-EMC $67 bn deal to close on September 7
The world's largest $67 billion technology merger between EMC Corporation and Dell Technologies is all set to close on September 7 after China granted the regulatory clearance. Dell Technologies, the name of the new combined company, will begin operating immediately following the close of the transa...

EU hits Apple with $14.5 billion Irish tax demand
The European Commission ordered Apple Inc to pay Ireland unpaid taxes of up to 13 billion euros ($14.5 billion) on Tuesday as it ruled the firm had received illegal state aid. Apple and Dublin said the U.S. company's tax treatment was in line with Irish and European Union law and they would appeal t...

 

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