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Economy News

Inter-ministerial body proposes ban on private cryptocurrencies

No country across the world treats virtual currencies as legal tender.

Via Mauritius, Religare moved funds to Singh brothers’ offshore company: records

Called Religare Capital Markets International (Mauritius) Ltd, this became a vehicle to acquire a 30 per cent stake in another Jersey-headquartered entity, NCM Limited.

Sensex falls 306 pts; Investor wealth down Rs 4.37 lakh crore in 3 sessions

After falling 878 points on July 18 and 19, the 30-share Sensex on Monday fell 306 points or 0.80 per cent to settle at 38,031.13, a level not seen since May 17, as foreign investors continued their selling spree.

Delayed monsoon, weak farm sentiment hit production and sales of tractors

The industry recorded an over 32% decline in production in June 2019, while sales, including exports, were down 15%.

IL&FS Transportation Networks defaults on NCD interest payment

On December 17 last, IL&FS had invited EoIs for 19 of its road projects, four of which are still under construction, seven annuity projects and eight toll road projects.

NHB asks housing finance firms to stop funding ‘subvention schemes’

In a circular dated July 19, NHB asked the housing finance companies (HFCs) to stop funding such ‘subvention schemes’, including in cases where the loans have been sanctioned but disbursements are yet to commence.

SC puts on hold ArcelorMittal’s takeover of Essar Steel; to hear appeals filed by CoC on August 7

A Bench led by Justice RF Nariman, while agreeing to hear all the four appeals, filed by SBI-led CoC, ICICI Bank, SBI and ArcelorMittal, on August 7, also asked the parties to maintain status quo with regard to the acquisition of Essar Steel till then.

Piyush Goyal holds ‘marathon’ of consultations with industry players ahead of RCEP meet

Goyal held a "marathon" of meetings with representatives of "all" sectors, including gems and jewellery, steel, copper, aluminum, zinc, chemicals, pharmaceuticals, plastics, rubber, leather, textile, apparel, auto, electronics and engineering products, according to them.

Behind cutting edge AI work, Lucknow woman who set out to be a doctor

Hailing from Lucknow, Abidi joined the chipmaker as a software engineer and is now responsible for deep learning framework software optimisation for Intel’s top of the line Xeon processors.

‘High export potential’ in 31 products, says CII

CII, which represents companies from several industries in India, has identified 31 such items and submitted recommendations to boost exports in these sectors to the Commerce Ministry.

Govt bans use of antibiotic Colistin in animal feed, poultry, aqua farms

According to the World Health Organisation (WHO), Colistin is a “reserve” antibiotic, which means it is supposed to be considered a “last-resort” option in treatment and used only in the most severe circumstances, when all other alternatives have failed.

Tax cuts for electric vehicles, wind turbines to be on agenda at 36th GST Council meet

The meeting will happen through video conferencing on Thursday, the Finance Ministry said Sunday.