Top 10 business news: Tur dal price soars to Rs 210, Robert Vadra gets notice, ‘Flexible hrs beat salary’, Range Rover Evoque launch, Apple removes 250+ apps, more
Retail tur dal prices soar to Rs 210/kg Retail prices of tur dal today rose further to touch Rs 210 per kg while urad rates increased to Rs 198 per kg in the retail market despite the government's action against hoarding and other measures to boost supply. The maximum increase in tur dal was seen in South India. Tur dal is available at Rs 210 per kg in Puducherry, Rs 205 in Bangalore and Rs 200 in Chennai. In Mumbai, tur dal costs Rs 178 per kg while in Delhi, the dal is priced at Rs 163 per kg. Similarly, urad dal prices have also shot up sharply, especially in South India, where it is consumed largely for preparing food items like idli and dosa. Retail prices of urad dal are within the striking distance of Rs 200 per kg as the commodity currently costs Rs 198 per kg. Retail prices of urad dal are ruling at a maximum in Mysore at Rs 198 per kg, followed by Rs 190 in Chennai, Rs 187 in Mangaluru and Rs 180 in Puducherry. (Reuters)
Haryana govt sends notice to Robert Vadra's Skylight Hospitalities The Haryana government has issued a notice to Congress President Sonia Gandhi's son-in-law Robert Vadra's company Skylight Hospitalities, seeking details of a land deal in Gurgaon with realty major DLF, for the purpose of imposing tax. The company has been asked to reply to the notice by October 26. In the notice, the department has said, "the record made available by the department of town and country planning shows that the company was granted license in 2008 to develop commercial project in Gurgaon. Further information gathered shows that this license was sold by the company to DLF for around Rs 58 crore. Notably IAS officer Ashok Khemka had cancelled the land mutation of 3.53 acres, which Vadra had sold to DLF for Rs 58 crore in October 2012. (Reuters)
'Flexible hrs, recognition more important than salary for employees' Employees are increasingly giving more importance to non-monetary compensation like flexible hours and recognition over salary and bonus, a report says. According to the compensation and benefits report published by Top Employers Institute, salary and bonus continue to lose importance as compared to non-monetary elements. The survey was based on a sample size of 600 companies in 96 countries. "While salary is still hugely important, non-monetary elements like flexible hours, learning and development and recognition have become decisive factors in job offers and employee retention," Top Employers Institute CEO David Plink said. (Thinkstock)
JLR to launch updated 'Range Rover Evoque' in India next month Tata Motors-owned Jaguar Land Rover today said it will launch the updated version of its luxury sports utility vehicle 'Range Rover Evoque' in India next month and has started taking the bookings. The 2016 Range Rover Evoque will be launched in the domestic market in November and Land Rover retailers are now formally accepting bookings, JLR said in a statement. "Over the years, the response to the Range Rover Evoque has been phenomenal across the world and India has been no exception," JLR India President Rohit Suri said. With its striking lines, muscular shoulder and tapered roof, the 2016 Range Rover Evoque sets itself apart from its contemporaries, he added.
PM Narendra Modi's intentions good but ground reality different: Swaminathan Asserting that the future belongs to countries with grains and not guns, father of India's Green Revolution M S Swaminathan said India should give more priority to agriculture sector, the backbone of its economy. He lamented that agriculture is not receiving necessary attention in India. He said that the intentions of Prime Minister Narendra Modi "are good", but things are not happening the way they should at the ground level. "His (Prime Minister's) intentions are good. His announcements are good. But actually at the field level things are not happening the way I would like to see," Swaminathan said. (PTI)
4. Budget 2016: "We are working very hard in the Finance Ministry to be able to prepare a Budget that will truly eradicate poverty, provide prosperity for our farmers, help in massive job creation for young people and provide a better quality of life for all Indian citizens," Jayant Sinha said.
New reform agenda has strengthened Indian economy: US Amid weaker outlook across emerging market economies, India's recovery has strengthened under a new reform agenda, but it is not yet a "major driver" of global growth, a US Treasury Department report has said. Buoyed by savings of USD 44 billion from drop in prices of oil imports, India's total foreign exchange reserve has reached an all-time monthly average high of USD 328 billion – thus making it the eight country from the top in terms of foreign reserve – the US Department of Treasury said yesterday in its semi-annual "Report to Congress on International Economic and Exchange Rate Policies." "On a positive note, India's recovery has strengthened under a new reform agenda; since it is not a large importer, however, it is not yet a major driver of global growth," the Treasury said. (Reuters)
Apple removes over 250 apps that collect personal info Apple has removed hundreds of apps from its App Store over concerns that they gathered personal information from phones through a hidden software kit developed by a Chinese firm. "We've identified a group of apps that are using a third-party advertising SDK, which uses private APIs to gather private information such as user email addresses and device identifiers and route data to its company server," Apple said in a statement. The SDK is developed by Youmi, a Chinese mobile advertising provider, it said. "This is a violation of our security and privacy guidelines. The apps using Youmi's SDK will be removed from the App Store and any new apps submitted to the App Store using this SDK will be rejected. (Reuters)
Eight Indian-Americans figure among Clinton's Hillblazers Washington, Oct 20 (PTI) Eight Indian Americans have been named Hillblazers by Hillary Clinton's presidential campaign for raising a minimum of USD 100,000 each for the Democratic frontrunner. Their names are prominently displayed on the election website of the Hillary Campaign. As per the list updated on September 30, the Indian Americans who figure in this list of Hillblazers are Ankit N Desai (Washington DC), Shefali Razdan Duggal (San Francisco), Raj Fernando (Chicago), Frank Islam and Mahinder K Tak from Maryland, Deven J Parekh from New York, and couple Kamil and Talat Hasan from California. (Reuters)
Small savings schemes interest rate: "On small savings, India's interest rates are extraordinarily high. And high interest rate prevents growth," he said. Citing the example of 8.7 per cent tax free interest on Public Provident Fund (PPF) investments, he said this translates into an interest rate of 12.5 per cent or 13 per cent including tax benefit. "Where in the world you get 12.5 per cent return of interest? So if deposit rates become 12.5 per cent, then what should lending rates be, 14 to 15 per cent? You will become the most sluggish economy in the world, if lending rates are 14 to 15 per cent," he said. (Reuters)
'India to see slow recovery amid global woes, rate cut delays' Indian economy is likely to witness a slow recovery largely due delay in two factors - global revival and lending rate cuts at the domestic front, says a Bank of America Merrill lynch report. According to the global financial services major, notwithstanding a far more politically stronger government, recovery in the Indian economy would be driven by global turnaround. "We continue to caution investors about a slow recovery due to twin delays in global recovery as well as lending rate cuts at home," BofA-ML said in a research note. The recovery in Indian economy is likely to be driven by a pick-up in consumption in the next 12 months, it added. (Reuters)
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