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February 23, Thursday 2017 4:03 AM       
       HEADLINES: Goon hunt: Puthen Palam Rajesh arrested; KAAPA invoked                                              Theyyam artiste falls down from coconut tree (video)                                              Major fire at Kozhikode Sweetmeat Street                                              Court remark: Vigilance’ decision turns controversial                                              Kannur lobby behind attack on actress: M T Ramesh                                              Azhar's actions well-documented: India on China's proof demand                                              India, China hold strategic dialogue                                              It's not right time to pass judgment on my captaincy: Kohli                                              Sehwag predicts 3-0 or 3-1 series win for India over Australia                                              Kaumudi Facebook
         India's GDP projected to slow to 6.6% post-demonetisation: IMF    
WASHINGTON: India's growth is projected to slow to 6.6 per cent in 2016-17 fiscal due to the strains that have emerged in the economy as a result of "temporary disruptions" caused by demonetisation, the IMF said today. In its annual report, however, the International Monetary Fund (IMF) said demonetisation would have only short term impact on the economy and it would bounce back to its expected growth of more than eight per cent in the next few years.

         Snapdeal to cut 600 jobs; CEO admits 'mistake' in biz plan    
NEW DELHI: Softbank-backed online merchant Snapdeal will lay off 500-600 employees across verticals as co-founder Kunal Bahl admitted to making mistake in growing much before it could figure out right economic model.

         Snapdeal founders take 100% salary cut    
NEW DELHI: Snapdeal co-founders Kunal Bahl and Rohit Bansal have taken a 100 per cent salary cut, while many others at the firm have "proactively" offered significant reduction in compensation. The SoftBank-backed firm, which has been struggling to raise fresh funding, is also laying off hundreds employees and eliminating non-core projects to focus on "profitable growth".

         Tatas to lead, not follow: Chandrasekaran    
MUMBAI: N Chandrasekaran today took over as Chairman of Tata Sons, promising disciplined capital allocation and shareholder returns in group companies, while exhorting them to "lead, not follow." "We will work together to deliver business performance which are industry leading in all our businesses and lead, not follow," the 53-year-old Tata veteran said in a statement on assuming charge this morning.

         Will sustain TCS' growth momentum, says CEO Gopinathan    
NEW DELHI: Rajesh Gopinathan, who took charge as chief executive of TCS today, said he and his newly appointed team will ensure sustenance of the company's growth momentum and continuous evolution of its strategy. Gopinathan has taken over the reins of the country's largest IT services firm from N Chandrasekaran, who has been elevated as Chairman of Tata Sons, the holding company of the USD 103-billion Tata Group.

         'Slowdown spill over to January-March quarter'    
NEW DELHI: India’s growth momentum witnessed a recovery in January but it is not broad-based and overall economic activity remains below pre-demonetisation levels, says a Nomura report.The slowdown that started in the October-December quarter of 2016, post the demonetisation is spilling over into the first quarter of 2017 (January-March).

         Microsoft-Flikpkart announce strategic tie-up    
BENGALURU: IT giant Microsoft today announced a “strategic partnership” with Flipkart, wherein as a first step, the online retailer will adopt Microsoft Azure as its exclusive public cloud platform.

         EU asks India to extend by 6 months trade pact with EU nations    
NEW DELHI: The European Union today pressed India to extend by six months its bilateral investment pacts with several EU-member countries which are expiring soon, saying absence of the treaties could adversely impact trade ties and FTA talks. A high-level European Parliament delegation, here to gauge India's views about the Trump administration and discuss various key issues concerning India-EU ties, also expressed concern over situation in Jammu and Kashmir and called for improvement in tie

         Licensing for payment sector can't be tick-box exercise: Gandhi    
MUMBAI: RBI's Deputy Governor R Gandhi today said granting licences to payment service providers cannot be a 'tick box exercise' as entities will be entrusted with money, and so fit and proper criterion is important. "There is an implied suggestion that this (payment) sector needs to be freed of licensing mechanism and once a set of criteria are fixed, any number of entities meeting those criteria should be allowed to function. We differ from this idea," Gandhi said at the launch of Bhar

         TRAI seeks views on promotional offers, predatory pricing    
NEW DELHI: Telecom regulator TRAI will review the rules of tariff assessment with regard to promotional offers and predatory pricing, issues that have triggered a public spat between Reliance Jio and incumbent operators.

         Note ban impacts PepsiCo's India biz: Nooyi    
NEW YORK: The demonetisation drive in India had a “significant impact” on PepsiCo’s business in the country in the last quarter of 2016 and there are still “lingering effects” of it, according to the food-and-beverage giant’s India-born CEO Indra Nooyi.

         EPFO extends deadline for submitting Aadhaar till Mar 31    
NEW DELHI: Retirement fund body EPFO has extended the deadline for submitting Aadhaar number till March 31 by its over four crore members. Employees' Provident Fund Organisation has set February 28 as the deadline for submitting Aadhaar number. It had made mandatory for subscribers to submit the number for continuing the benefits under its scheme earlier in January. "It is hereby informed that all the member of Employees' Pension Scheme 1995 should also submit Aadhaar number authenticat

         TCS to look at buyback on Feb 20    
MUMBAI: India’s largest software services firm Tata Consultancy Services (TCS) on Thursday announced that it will consider a buyback on February 20.

         Sensex near five-month highs, Nifty reclaims 8,800-mark    
MUMBAI: Market benchmark Sensex extended its rally for the second session today, soaring 167 points to end near five-month highs on widespread buying in pharma and bank counters. Pharma stocks were galvanised by a slew of approvals granted by foreign regulators, while HDFC Bank zoomed to its 52-week high after RBI yesterday allowed foreign investors to increase stake in the lender.

         India's GDP to expand post demonetisation: Meghwal    
NEW DELHI: Demonetisation of old high value currency and the government's push towards digital economy will definitely expand India's GDP, Minister of State for Finance Arjun Ram Meghwal said today.

         India's GDP to expand post demonetisation: Meghwal    
NEW DELHI: Demonetisation of old high value currency and the government's push towards digital economy will definitely expand India's GDP, Minister of State for Finance Arjun Ram Meghwal said today. Referring to the ongoing debate on impact of note ban on GDP, he said experts are divided on the issue, but stressed that "it will definitely increase".

         Air India inducts A320 neo plane, to add 13 more this year    
NEW DELHI: Air India today inducted the first Airbus 320 neo aircraft, that burns less fuel, into its fleet and plans to lease 13 more such planes this year. The A320 neo (new engine option) aircraft is configured with 162 seats, including 12 in the business class, and it joins the national carrier's existing fleet of 66 A320 family planes.

         Sensex bounces 146 pts; IT, pharma lead rally    
MUMBAI: Market benchmark Sensex surged by 146 points today to close at 28,301, snapping a two-session losing run as IT stocks led the recovery after TCS said its board will consider share buyback next week. The 30-share Sensex, after opening on a strong note at 28,223.85, succumbed to profit-booking and slipped into the negative terrain to hit the day's low of 28,146.19 before bouncing back to close higher by 145.71 points, or 0.52 per cent at 28,301.27. It touched an intra-day high of 28,32

         India, UAE trade to hit USD 100 billion by 2020: CII    
DUBAI: Trade between India and the UAE is set to hit USD 100 billion by 2020, up from the current USD 60 billion, the Confederation of Indian Industry has said. "This is evident in the growing interest by the Indian companies towards the Middle East markets and in particular the UAE and efforts made by the Ministry of Commerce & Industry and CII to further strengthen the trade and investment ties," Confederation of Indian Industry (CII) said in a statement released here.

         E-commerce expected to touch USD 50-55 billion by 2021: Study    
MUMBAI: E-commerce market is expected to be at USD 50-55 billion by 2021 from the current USD 6-8 billion, according to a recent report. The report by Retailers Association of India and Boston Consulting Group revealed that on decoding the digital opportunity sectors that could see maximum e-commerce penetration would be consumer electronics, apparel, homeware and furniture, luxury, health, FMCG and food and grocery.

         HAL to invest about Rs 17,500 cr over 5 to 6 years    
BENGALURU: Hindustan Aeronautics Ltd today said its overall investment over the next five to six years is expected to be about Rs 17,500 crore, and it may go for loans from banks soon to fund its projects. The company also said it has contributed over Rs 5000 crore to the government exchequer through the buyback option.

         WPI inflation spikes to 5.25 pc in Jan, fuel prices rise    
NEW DELHI: Wholesale inflation shot up to a 30-month high of 5.25 per cent in January as rising global crude oil prices spiked domestic fuel cost, even as food prices moderated. The wholesale price index (WPI) based inflation, reflecting the annual rate of price rise, in December stood at 3.39 per cent.In January 2016, the print was (-)1.07 per cent.

         Chinese funds of $20 billion start flowing to India    
In a move that would increase domestic demand weighed down by demonetisation, Chinese investment of $20 billion (about Rs 1.20 lakh crore) promised during President Xi Jinping’s 2014 visit, has started flowing in, the Finance Ministry confirmed on Monday. It said, the focus would now be on achieving trade balance which is heavily tilted in China’s favour. “Chinese President during his visit to India in 2104, announced $20 billion investment in India. It has started flowing now,” Econo

         Hindu American Foundation slams USCIRF over anti-India report    
WASHINGTON: The United States Commission for International Religious Freedom has put its credibility at stake by publishing a report critical of religious freedom in India by a Pakistan-origin author known for his anti-India stand and support to separatists, a top Hindu-American body has said.

         Have not withdrawn governance concerns, insists Murthy    
Infosys co-founder N R Narayana Murthy today denied that he had withdrawn his concerns about governance lapses at the firm, saying the Board has to address these "properly" and "full transparency should be displayed and people responsible for it should become accountable".

         Have a heartfelt, warm relationship with Murthy: Sikka    
NEW DELHI: Vishal Sikka, the embattled chief of Infosys, today said he has always shared a "heartfelt, warm relationship" with the company's co-founder N R Narayana Murthy. The comments come at a time when there has been a lot of buzz around some of the founders flagging concerns about governance lapses at Infosys and issues like hike in Sikka's compensation to USD 11 million and huge severance pay doled out to former executives, Rajiv Bansal and David Kennedy.

         'Note ban negative for auto asset backed loan in short term'    
NEW DELHI: Demonetisation has negatively impacted the performance of Indian auto asset backed loans in the short term and the effect will last until March, Moody's Investors Service today said.

         Sebi evolving as per needs of economy: Jaitley    
NEW DELHI: Finance Minister Arun Jaitley today said Sebi is evolving as per the requirements of the economy and markets as a professional organisation, as he discussed his Budget initiatives with the markets regulator. After addressing Sebi's board and top officials at a customary post-Budget meeting, Jaitley said he also discussed the future agenda for the capital markets regulatory body, including the evolving technological and policy changes.

         Ford to invest $1 bn in artificial intelligence startup    
NEW YORK: Ford will invest $1 billion over five years in an artificial intelligence startup with the aim of developing an autonomous vehicle by 2021, the auto giant said. Ford will take a majority stake in Argo AI, an artificial intelligence company based in Pittsburgh, started in late 2016 by former Google and Uber employees who had worked on autonomous driving.

         Indirect tax revenue grows 24% in Apr-Jan;direct tax up 10.79%    
NEWDELHI: Government's revenue collection from indirect tax grew by an impressive 23.9 per cent during the April-January period, while that from direct tax rose by 10.79 per cent. Total direct and indirect tax collections at the end of January stood at Rs 12.85 lakh crore, 76 per cent of the Rs 16.99 lakh crore target, as per revised estimate for 2016-17.

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