Month: September 2020

Tens of thousands to lose jobs without airline stimulus from Congress

Bloomberg

What Investors With $3.4 Trillion Are Buying During Covid

(Bloomberg) — Hotels, pipelines, convenience stores and automaker bonds are among the assets being bought by some of the world’s biggest asset managers as they look for value in a world thrown into turmoil by the coronavirus pandemic.In interviews with sovereign wealth funds, pension firms and asset managers across Asia and Europe that collectively manage about $3.4 trillion, one thing was clear: many of them are avoiding the overheated stock market.The most common outlook was one of caution. They are mindful that much of the rebound in markets and private-company

RBI must work hard to check appreciating rupee, worry less about rising inflation, says Arvind Panagariya

RBI should work harder to prevent appreciation of the rupee in order to prevent erosion of the value of India’s exports. (Bloomberg image)

The Reserve Bank of India has maintained a wait-and-watch stand in cutting repo rate amid a possibility of high inflation. However, the Indian economy can tolerate 6-7 per cent inflation, and RBI must not be too obsessed with keeping the inflation low, said former NITI Ayog Vice-Chairman Arvind Panagariya. RBI should work harder to prevent appreciation of the rupee in order to prevent erosion of the value of India’s exports, Arvind Panagariya added while speaking at the

Vivriti Capital gets Rs 100 crore boost by Creation Investments in Series B funding

Vivriti Capital had earlier raised Rs 350 crore in March 2020 from LGT Lightstone Aspada and Rs 310 crore in 2019 from Creation Investments.

Financial Services company Vivriti Capital has received a fresh Rs 100 crore boost from its existing investor Creation Investments. With the latest funding, Vivriti’s equity capital pool has now crossed more than Rs 760 crore. “Vivriti is uniquely placed in the Indian ecosystem as a lender and facilitator of debt in the impact space with their unparalleled technology platform, strong management team and comprehensive product offerings,” Tyler Day, Director, Creation Investments Capital Management, said, adding that

Walmart hits a grand slam with its TikTok deal with Oracle

Sam Walton could very well be smiling down on one of his disciples right now after hitting a dinger out of the ballpark.

Walmart (WMT) CEO Doug McMillon is in fact that baseball smasher. In arguably his most important deal (and there have been quite a few to speak of) since taking over as CEO in February 2014, McMillon over the weekend signed off on a partnership with Oracle that will find it as an investor in social media juggernaut TikTok. Walmart didn’t disclose how much it will pay for its 7.5% stake in the new TikTok Global

Only 1% of India pays income tax, govt shows proof; tax evasion still a major roadblock

Individual taxpayers with income up to Rs 5 lakh are not required to pay any income tax from Assessment Year 2020-21 onwards.

Only 1 per cent of the Indian population pays income tax and declares earnings above the non-taxable income. Only 5.78 crore income tax returns were filed by individual taxpayers for the financial year 2018-19 till February 2020. Out of this, only 1.46 crore individual taxpayers filed returns declaring income above Rs 5 lakh, Anurag Singh Thakur, MoS, Ministry of Finance, said in a reply to a question in Lok Sabha. Individual taxpayers with income up to Rs 5

Google hits back at Paytm, says Paytm app was not banned from Play Store for offering cashbacks

Google has hit back at Paytm. (Photo credit: Reuters)

Google has hit back at Paytm, a day after India’s most valuable startup accused the company of violating competition rules after it delisted the Paytm app from the Play Store on September 18 for allegedly violating its gambling policies. In a statement given out to the media over email, a Google spokesperson said that the Paytm app was not pulled from the Play Store for offering cashbacks alone.

Paytm had earlier said that Google had suspended the Paytm app for launching a UPI cashback campaign titled Paytm Cricket League, even as

Trump OK’s TikTok Deal “In Concept,” Stays Sunday Ban

President Trump told reporters Saturday that he has approved the deal between Oracle and TikTok “in concept,” and the U.S. Department of Commerce followed up by issuing a statement that stayed Sunday’s ban of the app for one week.

In its “Statement on Delayed Prohibitions Related to TikTok,” the department said that “in light of recent positive developments, Secretary of Commerce Wilbur Ross, at the direction of President Trump, will delay the prohibition of identified transactions pursuant to Executive Order 13942” until September 27 at 11:59 pm.

More from WWD

Oracle’s proposal for TikTok includes big-box retailer Walmart, which

GDP: No outlook for medium term, but Centre vows to spend

After the revision of the Centre’s borrowing programme, its fiscal deficit for FY21 stands at 5.7% of GDP, against budgeted 3.5%.

Given the absence of plausible projections of gross domestic product (GDP) and revenues for FY21, the Centre has decided to not present the customary medium-term expenditure framework (MTEF) in Parliament this year.

However, a finance ministry note warned against the economy being “below its growth potential for long” and stressed the need for governmental expenditure “substituting any slack in aggregate demand” at this juncture.

The MTEF, an obligation under the Fiscal Responsibility and Budget Management (FRBM) Act, is presented

Mukesh Ambani’s Jio commands 52% of India’s internet user base; market adds this many users at March-end

In wireless internet segment, Reliance Jio had 53.76 per cent market share with 387.52 million subscribers.

Reliance Jio-led India’s internet user base has increased 16.72 per cent from 636.73 million for the quarter ending March 2019 to 743.19 million at the end of March 2020, according to the latest data by the Telecom Regulatory Authority of India (TRAI). The quarterly growth has been 3.40 per cent from 718.74 million users at the end of December 2019, showed the report on the sector’s quarterly performance by TRAI. Jio’s share in the user base for the quarter ending March 2020 stood at

WHAT TO EXPECT AT TESLA’S UPCOMING BATTERY DAY

Tesla (TSLA) is planning its battery day for Sept. 22, and analysts and investors are looking forward to hearing what new developments the company has on it. The big topic of conversation lately has been a million-mile battery, but it may be too early for that technology.

UBS analyst Patrick Hummel outlined in a report today what he expects to see revealed at Tesla’s battery day. He has a Neutral rating on Tesla stock and boosted his price target from $160 to $325 per share ahead of the battery day.

Tesla Motors Inc (NASDAQ:TSLA), Car Model S P85D,