-
PF interest Rate: The government on Tuesday increased interest rates on provident fund (PF) to 8.8 per cent for the ongoing financial year ended March 2016 from 8.75 per cent earlier. EPFO has been paying 8.75 per cent interest rate for the last two fiscals to its 5 crore organised sector subscribers. [16-02-2016]
-
Vodafone: The Income Tax Department has issued Vodafone a reminder over its Rs 14,200-crore tax demand and threatened to seize assets in the case of non-payment, a move the UK firm said shows disconnect with Prime Minister Narendra Modi’s promise of a tax-friendly environment. The department on February 4 sent a notice to Vodafone International Holdings BV seeking Rs 14,200 crore in taxes, which it says are due from its USD 11 billion acquisition of Hutchison Whampoa’s India telecom business in 2007. The matter is under international arbitration. [16-02-16]
-
Nissan-Ashok Leyland: The joint venture (JV) between Hinduja flagship Ashok Leyland and Japanese auto giant Nissan Motor in the light commercial vehicle (LCV) segment is in for a major setback, with the latter issuing a termination notice on Nissan Ashok Leyland Technologies, a 50:50 technology/R&D venture. Nissan Ashok Leyland Tech is one of the three JVs between the partners set up in May 2008. (Reuters) [16-02-2016]
-
United Breweries Holdings: Vjay Mallya-led United Breweries Holdings Ltd on Tuesday said it has been declared a “Willful Defaulter” by Punjab National Bank (PNB) and the company is consulting lawyers to challenge the decision. Punjab National Bank vide letter dated February 11, has declared the company a “Willful Defaulter”, United United Breweries Holdings Ltd (UBHL) said in a BSE filing, adding it received the letter on Monday. (Express photo) [16-02-2016]
-
Defaulter list: Expressing concern over the rise in bad loans, the Supreme Court on Tuesday asked the Reserve Bank of India to furnish a list of companies that are in default of bank loans of over Rs 500 crore. The apex court also asked the central bank to provide within six weeks the list of companies whose loans have been restructured under the corporate debt restructuring scheme. [16-02-16]
SBI's Arundhati Bhattacharya 5th most powerful woman in finance: Forbes: Arundhati Bhattacharya, the first woman chairperson of the nation's largest bank SBI, has been ranked among the top five most powerful women in finance by the Forbes magazine. Bhattacharya has moved up five spots from the previous year to 5th this year, SBI said in a statement. She is also ranked 25th in Forbes' list of 'The World's 100 Most Powerful Women', which features top female leaders, entrepreneurs, investors, scientists, philanthropists and CEOs. -
Uber: Taxi-hailing app Uber on Tuesday signed an agreement with the Maharashtra government to help create 75,000 jobs across the state. Through this memorandum of understanding (MoU), Uber will focus on training women and people from marginalised sectors of society. "This is to promote equal and fair opportunity for all sectors of society to earn sufficient fares as independent entrepreneurs on the platform," Uber said in a statement. [16-02-2016]
-
Post office deposits: Seeking to align interest on small savings with market rates, the government on Tuesday cut rates on short-term post office deposits by 0.25 per cent but left long-term instruments such as MIS, PPF, senior citizen and girl child schemes untouched. Post office savings of 1, 2 and 3 year term deposits, Kisan Vikas Patra (KVP) as well as 5-year Recurring Deposits till now earned 0.25 per cent higher interest than the Government securities of similar tenures. [16-02-2016]
-
Bharti Airtel: Bharti Airtel on Tuesday rejigged its operations in Africa by naming Raghunath Mandava as the new chief operating officer, and elevating its incumbent chief executive Christian De Faria as executive chairman of a new structure to help the loss-making operations take faster decisions and compete in the market. As per the new structure, Airtel Africa will have a new organisation team, with 15 operating countries to be divided into eight clusters, which will give better decision making authorities to its executives at the operating level, the New Delhi-based company said in a statement. (Reuters) [16-02-2016]
-
Nirmala Sitharaman: Stating that the FDI inflows in the country are improving day by day, Union Commerce and Industry Minister Nirmala Sitharaman on Tuesday said more and more investments are coming from sectors other than IT and ITeS.Construction and infrastructure is the second highest sector which are receiving FDIs, the Minister said. (Express photo) [16-02-16]
