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- Hiroshima has marked the 73rd anniversary of the August 6, 1945, atomic bombing with a somber ceremony to remember the people killed and injured and a call to eliminate nuclear weapons amid hopes of denuclearizing North Korea.
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- UAE-based RAKBANK Implements Kamakura Solutions for Balance Sheet Management and Funds Transfer Pricing
- Armed men have attacked a convoy of cars carrying the US envoy to Bangladesh in the capital Dhaka, US officials said.
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- CJI under pressure to administer oath first to Joseph
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- HP India
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- NBCC is in the process of taking over the projects that were left mid-way by the builder. This move is expected to bring relief to around 42,000 homebuyers.
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The Latest: Pompeo says Iran sanctions will be enforced Jet Airways shelves pay cut proposal for staffThe airline, which is in a bad financial health, told its staff last week that their salary may be cut by 5-25 percent. India and China unite to seek cuts in developed nations' farm subsidies The two have proposed that developed economies including the US, the EU and Canada do away with $160 billion of trade-distorting farm subsidies. CJI Dipak Misra under pressure to administer oath first to KM Joseph The deeper anger among some of the senior SC judges is the manner in which two separate proposals were clubbed to âfix seniority of Judgesâ. How India can gain from US-China trade war NEW DELHI: With the US imposing additional 25 per cent duty on imports worth USD 34 billion from China, certain Indian products may become more competitive, CII said today.An analysis by the industry chamber revealed that India should focus on the US market for items in the categories of machinery, electrical equipment, vehicles and transport parts, chemicals, plastics and rubber products."India can focus on numerous goods for expanding its exports to the US and China markets following the hike in duties by both countries on imports from each other," CII said.Top exports from India to the US which are covered in the list of items for which tariffs have been hiked include pumps, parts of military aircraft, parts for electrodiagnostic apparatus, passenger vehicles of 1500-3000 cc, valve bodies and parts of taps, said the chamber.Exports of these items stood at over USD 50 million in 2017, according to CII, and can be increased with concerted efforts.Countries such as Vietnam, Indonesia, Thailand and Malaysia have increased their exports of these products to the US in recent years, the chamber noted.Based on India's current exports to the US in these categories, products such as intermediate parts for the defence and aerospace sector, vehicles and auto parts, engineering goods, etc. have a higher potential for export, it said."Sectors like apparel and textiles, footwear, toys and games and cell phone manufacturing are becoming competitive industries in India and need to be encouraged," said CII. The chamber suggested that the trade dialogue with the US should be strategised taking into account India's competitive advantage in these products.Moreover, foreign direct investments from the US should be encouraged by boosting confidence of US firms in India's business climate, said CII, adding that this might necessitate addressing their concerns regarding non-tariff barriers in India for better long term outcomes.In the domestic industry, it stated that it is important for India to enhance productivity while adding technology to its domestic production in the identified products.CII examined 818 product lines where the US has raised tariffs for imports from China. Between 2012 and 2017, China's exports to the US have moved up the value chain with accelerated growth in high-technology items such as telecommunications equipment, automotive, cell phones, etc. Amazonâs UPI offer move hits data localisation hurdle Bengaluru: Ecommerce major Amazonâs plan to launch its own UPI payment service in the country is stuck due to concerns around the storage of data within India, said two bankers in the know of the matter.The online retail giant is the second US tech firm, after Facebook-owned messaging app WhatsApp, whose plan to offer Unified Payments Interface (UPI)-based service has been delayed.Multinationals keen on entering payments space in India through inter-bank fund transfer railroad UPI are now waiting for more clarity on data storage from the Reserve Bank of India, the two bankers told ET on condition of anonymity. âBoth WhatsApp Payments and Amazon Pay have not gone live due to similar reasons,â one of them said. âNow with the draft Personal Data Protection Bill also being put out for consultations, these players have to wait for the final decision.âAmazon has roped in Axis Bank to start issuing UPI handles to users of Amazon Pay, sources said. Amazon earlier this year introduced UPI as a mode of payment on its website. âWe are excited about UPI as it democratises the payments experience for banked customers by simplifying mobile payments across more than 50 banks and powering use cases like money transfers,â an Amazon spokesperson said in a written reply to ET.The company, however, did not comment on the Axis Bank partnership or its plans on data localisation. Jet Airways shelves pay cut proposal of up to 25% for staff New Delhi: Jet Airways has shelved plans for an up to 25% cut in salaries of its non-management staff after protests from its employees including pilots and commanders. Chairman Naresh Goyal conveyed this to a section of the employees who met him on Friday. The airline also credited employee salaries for July on Friday.âThe salaries were earlier put on hold because the management had expected to convince everyone to take a cut, but were released after the chairmanâs assurance that there will be no cut,â said a Jet executive, who did not want to be identified.Jet Airwaysâ top management has already taken a salary cut.The airline officials, who spoke to ET on condition of anonymity, said Goyal also sought help from the staff in salvaging the airlineâs image that has taken a beating after media reports on pay cuts.âYou help me out⦠I will not forget it,â people who attended the meeting quoted Goyal as telling the employees.The airline did not respond to an email till the time of going to print. NBCC conducts detailed inspection of Amrapaliâs incomplete projects BENGALURU: State-run NBCC on Sunday carried out a detailed inspection of the incomplete projects of the Amrapali Group.âThis inspection was done to prepare a feasibility report after the Supreme Court asked NBCC to submit a report on how it plans to compete Amrapaliâs incomplete projects,â said a person aware of the inspection.NBCC is in the process of taking over the projects that were left mid-way by the builder. This move is expected to bring relief to around 42,000 homebuyers.âAn NBCC team of 30-40 architects and structural engineers led by the CMD (chairman and managing director) along with directors carried out inspection of all Amrapali projects today,â he said.According to him, this was done in the presence of Amrapali executives.The state-owned construction firm last week told the Supreme Court it was ready to âundertakeâ all the unfinished housing projects of the Amrapali Group.âThis inspection will be followed by a financial inspection. There is bound to be cost overrun as some hidden costs were not declared by the Amrapali Group,â said the person.The Supreme Court recently came down heavily on the Amrapali Group for failing to comply with its order. A bench of Justices Arun Mishra and UU Lalit asked NBCC to submit a concrete proposal within 30 days as to how it plans to complete the projects along with a time line of completion. - Akhilesh Yadav offers Rs 11 lakh for info on 'miscreants' who damaged bungalow
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- August 6, 2018 7:25:23 am
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- Powerful quake kills 82 on Indonesia's Lombok island, thousands flee homes
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