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January 18, Wednesday 2017 9:43 PM       
       HEADLINES: Cash looted from beverages outlet                                              Congress veteran N D Tiwari joins BJP                                              Sushil Kumar Shinde, 130 Cong workers detained                                              Govt gives nod for listing five general insurance PSUs                                              Earthquake of 5.4 magnitude strikes central Italy                                              Sania and Bopanna move to Australian Open 2nd with partners                                              Saina, Jayaram win in Malaysia Masters                                              Kaumudi Facebook
       BUSINESS  
         Right time to invest in India: Gadkari    
 
 
DAVOS: Showcasing India growth story before global business leaders here for WEF annual meeting, senior Union Minister Nitin Gadkari on Wednesday said it is the appropriate time to invest in the country.

 
         Autonomy impinged, protest RBI staff    
 
 
MUMBAI: Feeling "humiliated" by events since demonetisation, RBI employees today wrote to Governor Urjit Patel protesting against operational "mismanagement" in the exercise and Government impinging its autonomy by appointing an official for currency coordination. In a letter, they said autonomy and image of RBI has been "dented beyond repair" due to mismanagement and termed appointment of a senior Finance Ministry official as a "blatant encroachment" of its exclusive turf of currency

 
         Will continue my association with TCS: Chandra to employees    
 
 
NEW DELHI: A day after his appointment as the Chairman of Tata Sons, N Chandrasekaran has written to the employees of TCS to re-assure them of his continued association with them and the company in his new role. In a letter to employees, he exuded confidence in his successors, saying he strongly believes that "TCS' best years lie ahead". "I have confidence that the new management team will take TCS to the next levels of our aspirations," he added. Reminiscing his over three decade-jou

 
         RBI may cut repo rate by 25 basis points in Feb: HSBC report    
 
 
MUMBAI: With uncertanity over implementation of GST, rising crude oil prices and the challenging 4 per cent CPI in medium term, Reserve Bank may cut repo rate for the final time by a 25 basis points in the February policy, says a report. "We hold on to our expectation of a 25 basis points rate cut in February, but caution that this would likely bring the easing cycle to an end, given the pressures in the horizon – implementation of the GST bill, rising oil prices, implementation of governm

 
         SpiceJet strikes Rs 1.5 L cr deal with Boeing for 205 planes    
 
 
NEW DELHI: In one of the biggest deals in the Indian aviation sector, SpiceJet will purchase up to 205 new aircraft from Boeing with the order valued at Rs 1,50,000 crore.

 
         Retail inflation hits 3-year low of 3.41%    
 
 
NEW DELHI: Retail inflation eased further to nearly a three-year low of 3.41% in December, reflecting weak demand as consumers grappled with cash crunch following demonetisation. The decline in retail inflation has been mainly on account of falling prices of vegetables and pulses.

 
         TCS names Rajesh Gopinathan as MD and CEO    
 
 
Country's largest IT services firm Tata Consultancy Services (TCS) today named Rajesh Gopinathan as its new MD and CEO, after N Chandrasekaran elevated as Chairman of Tata Sons -- the group's holding company. TCS also appointed N Ganapathy Subramaniam as President and Chief Operating Officer. "Mr Gopinathan takes over from Mr N Chandrasekaran who has been appointed as the Chairman of Tata Sons Ltd, effective February 21, 2017," TCS said in a statement. Subramaniam, who is currently

 
         Factory output grows 5.7 pc in Nov, shrugs off slowdown fears    
 
 
NEW DELHI: Belying expectations of a slowdown due to demonetisation, industrial production in November grew by 5.7 per cent compared to a contraction of 3.4 per cent in the same month a year ago. Factory output measured in terms of Index of Industrial Production (IIP) got a push in November 2016 due to better performance of manufacturing, mining and electricity sectors coupled with larger offtake of capital goods, considered a barometer of investment.

 
         TCS Q3 net profit up 11% to Rs 6,778 cr    
 
 
MUMBAI: India's biggest software services firm TCS today reported 10.9 per cent jump in profit to Rs 6,778 crore for the third quarter of the current fiscal. It had reported net profit of Rs 6,110 crore in the October-December period of last fiscal. The operating profit was at Rs 7,733 crore in the reported quarter.

 
         Demonetisation, GST to make society tax compliant: Jaitley    
 
 
GANDHINAGAR: Terming disruption caused by demonetisation as transient, Finance Minister Arun Jaitley today said the move together with GST rollout will boost the Indian economy and make the "substantially" non tax-compliant society more compliant. Speaking at the Vibrant Gujarat Global Summit, he said the scrapping of high-value notes was a move to end the shadow economy.

 
         Patel urges govt to rein in borrowings, inflation    
 
 
GANDHINAGAR: Ahead of the Union Budget, Reserve Bank Governor Urjit Patel today urged the government to take steps to cut high central and state borrowings, saying India needs to ensure "good policy housekeeping" for stable macroeconomic conditions. Speaking at the Vibrant Gujarat Global Summit here, he underlined the need for also ensuring that the medium-term consumer-price based inflation target of 4 per cent was "secured on a durable basis".

 
         GoAir firms up order for 72 A320 neo planes worth Rs 52,000 cr    
 
NEW DELHI: GoAir has firmed up the order for 72 A320 neo planes, estimated to be worth over Rs 52,000 crore, as the no-frills airline expands its fleet and prepares to fly overseas. With the latest development, the carrier -- part of the Wadia group -- now has placed firm orders with Airbus for 144 A320 neos (new engine option). The airline inducted the first A320 neo -- which have better fuel efficiency -- in June last year and now has a fleet of 23 aircraft.

 
         Nano project led to Gujarat as car mfg hub: Ratan Tata    
 
 
GANDHINAGAR: With his now ousted successor Cyrus Mistry questioning investments in the Nano project, Tata Group patriarch Ratan Tata today said setting up of the small car factory in Gujarat led to the state becoming a hub of car manufacturing in India. Calling himself 'Gujarati' while addressing the 8th Vibrant Gujarat Global Summit, Tata also said that people abroad talk of the state and India in the same breath.

 
         Yahoo Chief Mayer to leave company board after Verizon sale    
 
 
SAN FRANCISCO: Yahoo has confirmed that chief executive Marissa Mayer will quit the company's board after its merger with Verizon. Mayer is expected to remain with Yahoo's core business, which is being bought by the US telecom titan. Yahoo is selling its internet operations as a way to separate that from its more valuable stake in Chinese internet giant Alibaba. The share-tending entity, to be renamed Altaba, Inc., will act as an investment company with its board reduced to five members, ac

 
         Auto sales at 16-yr low in Dec as demonetisation takes toll    
 
NEW DELHI: Monthly automobile sales growth rate in India slipped to a 16-year-low in December with total vehicle sales declining by 18.66 per cent as demonetisation hits the industry hard. According to latest SIAM data, most of the major segments, including scooters, motorcycles and cars, witnessed record decline December sales as the automobile sector continued to bear the brunt of negative consumer sentiments in the wake of the ban of Rs 500 and Rs 1,000 banknotes announced in November.

 
         FM cites higher tax mop up to dismiss economic slowdown fears    
 
 
NEW DELHI: Dismissing concerns of slowdown due to demonetisation, Finance Minister Arun Jaitley today said both direct and indirect tax collections have shown robust increase during the April-December period, indicating uptick in economic activity including manufacturing.

 
         Demonetisation just a bump; India to maintain 7% growth: Cisco    
 
JAIPUR: Describing demonetisation as only a "bump", Cisco Executive Chairman John Chambers today said India is well-positioned to maintain GDP growth rate of over 7 per cent for the next few years and it should be a "top ally" for the US in the Asia Pacific region.

 
         Volkswagen defies 'dieselgate' to boost sales in 2016    
 
FRANKFURT AM MAIN: Scandal-hit German carmaker Volkswagen said today it increased sales in 2016, despite strong headwinds after it admitted to cheating on regulatory emissions tests for millions of vehicles. VW said it had delivered 5.99 million vehicles last year, up 2.8 percent over 2015. While sales in the Americas and western Europe fell sharply, the German auto giant made inroads in Asia, especially China, it said in a statement.

 
         'Despite demonetisation, India to grow faster than China'    
 
 
SINGAPORE: Indian economy will grow faster than China despite the temporary slowdown created by demonetisation, an Indian-origin academic and former Singapore diplomat said at a conference of leading world universities here today. "Even if the demonetisation created a slowdown, it is not going to change the long-term momentum of where India is going with its economic growth," said Dean Kishore Mahbubani of the Lee Kuan Yew School of Public Policy at the National University of Singapore.

 
         Apple cuts Tim Cook's pay as iPhone sales fall first time    
 
 
LOS ANGELES: iPhone maker Apple has cut its CEO Tim Cook's salary by a whopping 15 per cent for 2016 as annual sales declined for the year, missing targets that also led to the tech giant's first annual revenue decline in 15 years. The company gave the 56-year-old USD 8.75 million in total compensation last year, down from the USD 10.28 million he received in 2015, according to a Securities and Exchange (SEC) filing released yesterday. Cook's salary rose to USD 3 million from USD 2 mill

 
         Govt clears 26% stake sale in BEML    
 
NEW DELHI: The government will sell 26% stake in defence equipment manufacturer BEML, making it the first major PSU to be sold through strategic disinvestment, which may fetch the exchequer over Rs 1,000 crore. In a notification to the stock exchanges, BEML said that the Cabinet has given an ‘in-principal’ approval for strategic disinvestment of 26% equity shares in BEML out of the government’s shareholding of 54.03%.

 
         NRIs can deposit old banknotes till June 30    
 
 
NEW DELHI: Indian citizens who are not resident of India will be able to exchange old Rs 500 and Rs 1,000 notes at RBI offices till June 30, the External Affairs Ministry has announced. The Ministry said the provision to exchange the notes would be subject to the regulations of the notification -- Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 which put the limit of bringing back currency into the country at Rs 25,000 per person. The announcement comes a day

 
         Sensex ends 119 down after hitting 27k, IT stocks melt    
 
MUMBAI: Marked by day-long swings, the stock market came off its nearly two-month high by falling over 119 points to close at 26,759, stumped by IT worries following proposed visa curbs in the US. The NSE nifty too briefly retook the 8300 level before capitulating. Information technology stocks hit a rough patch after US lawmakers pushed ahead with legislation to put restrictions on use of H1B visas -- Infosys fell 2.50 per cent, TCS 2.18 per cent and Wipro 2.18 per cent.

 
         Reserve Bank unlikely to cut key rate in February: Report    
 
 
MUMBAI: Reserve Bank is unlikely to cut repo rate in the February review meeting due to the prevailing global uncertainties and it's stance may continue to be accommodative next year as inflation is expected to remain benign, according to a report. "We expect RBI may not oblige with a rate cut in February as global uncertainties may again play spoilsport, according to Ecowrap, an SBI research report.

 
         Gold maintains uptrend, hits 1-month high    
 
 
NEW DELHI: Marching forward for the third straight day, gold prices today surged by another Rs 180 to a nearly month high of Rs 28,730 per 10 grams, in line with a firming trend overseas amid increased buying by local jewellers. Silver followed suit and advanced by Rs 350 to Rs 40,600 per kg due to increased offtake by industrial units and coin makers.

 
         IBM India names Karan Bajwa as MD    
 
 
NEW DELHI: Technology giant IBM today said it has appointed Karan Bajwa Managing Director of its India operations. He succeeds Vanitha Narayana, who has been elevated as Chairman of IBM India. Bajwa joined IBM last year as Executive for Strategy and Transformation in the Asia-Pacific region. Previously, he was Microsoft India's managing director. He was associated with IBM's networking business and was based in Singapore in 2001-05.

 
         Google unveils initiatives with eye on small, medium business    
 
 
NEW DELHI: Technology giant Google today announced a slew of initiatives, including a new app Primer and training modules under its My Business offering, as it looks to further tap the 51-million strong small and medium businesses (SMB) market in India. Making the announcements, Google's India-born CEO Sundar Pichai said the company is working on products for India that can be expanded globally.

 
         Paytm gets RBI approval for payments bank    
 
 
NEW DELHI:Paytm today said it has received final approval of the Reserve Bank to formally launch its payments bank and it expects to start operations next month. Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.

 
         RBI turns away people wanting to exchange old notes    
 
 
NEW DELHI: Hundreds thronging the RBI office to exchange old Rs 500 and 1,000 notes returned empty handed as the central bank is allowing the facility only for NRIs or those who were abroad during the 50-day demonetisation period. People were seen arguing with security guards at designated RBI branch saying that Prime Minister Narendra Modi had promised that old notes could be exchanged till March 31 at RBI.

 
         RBI asks banks to supply 40% of notes to rural areas    
 
 
MUMBAI: To mitigate hardships of poor and marginal farmers due to cash deficit following demonetisation, the Reserve Bank today directed banks to distribute at least 40 per cent of currency notes in rural areas. The 50-day exercise ended on December 30, but the cash supply situation is yet to ease in certain pockets. As a result, the government has not lifted the withdrawal ceiling of Rs 24,000 per week.

 
 
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