Business

Don’t bid out 8,000 km national highway projects: Road minister told

NEW DELHI: The fate of developing 8,000 km of National Highway (NH) stretches under the government’s flagship programme now hangs in balance, with the finance ministry asking the road ministry not to bid them out without seeking fresh cabinet approval.The direction from North Block comes at a time when the government has barely awarded 2,595 […]

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What’s going on in the battle for the Telegraph?

What’s in it for the other bidders? Nothing really. The other bidders have spent time and money preparing proposals to satisfy a formidable armada of inquisitors. The lender, the government, the regulators all required the bidders to explain the credibility of their finances, their business plans and their suitability to own political opinion-forming media assets.

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Ten-year re-opening period for I-T assessments to apply only if escaped income above Rs 50 lakh: Delhi high court

MUMBAI: Responding to a bunch of writ petitions, for the financial years 2015-16 and 2016-17, the Delhi high court has recently held that the extended period of ten years, for re-opening of Income-tax (I-T) assessments should be applicable only in cases involving serious tax evasion where evidence of concealing income is above Rs. 50 lakh.

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Zubin Saxena to be Hilton’s new country head for India

NEW DELHI: Hospitality major Hilton has appointed former Radisson Hotel Group MD (south Asia) Zubin Saxena as its senior VP and country head, India. He will take over the position from Navjit Ahluwalia, who is leaving Hilton after six years.Saxena’s 24-year career in hospitality has included stints at IHG and senior advisory roles with Jones

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Anne Richards steps down as Fidelity International CEO

Asset manager Fidelity International announced on Monday that Anne Richards has stepped down as chief executive officer after five years and will become vice chair at the company. Richards, who has more than 30 years of experience in asset management, led M&G Investments before joining Fidelity as chief executive officer in 2018, replacing Brian Conroy.

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Toyota unit to pay $60 million for illegal lending, credit reporting misconduct

A US regulator on Monday ordered Toyota‘s US-based auto financing unit to pay $60 million in fines and restitution for operating an illegal scheme to prevent borrowers from canceling product bundles that increased their monthly car loan payments. The Consumer Financial Protection Bureau said Toyota Motor Credit will pay a $12 million civil fine, and

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Xiaomi Q3 net income jumps on cost savings, revenue rises

BEIJING: Smartphone maker Xiaomi Corp posted a forecast-beating jump in third-quarter net income on Monday, while revenue also topped estimates as flat device shipments outperformed the wider market. The company’s sales for the period totalled 70.9 billion yuan ($9.83 billion), beating an average estimate of 70.2 billion yuan from 13 analysts polled by LSEG. Net

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Blue Dart and India Post enter partnership for enhanced services

PUNE: Blue Dart Express Limited has announced a partnership with India Post, its officials said on Monday. With this collaboration, Blue Dart has introduced automated digital parcel lockers at selected post offices, offering customers an additional delivery method.This allows consignees to conveniently retrieve their shipments from digital parcel lockers, doing away with the need for

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Sam Altman: OpenAI board taps former Twitch CEO Emmett Shear to succeed Sam Altman

OpenAI’s board hired Emmett Shear, formerly of Twitch, as chief executive officer, defying calls from investors to reinstate the ousted Sam Altman, according to people familiar with the matter. Shear had stepped down as CEO of Amazon.com Inc’s game-streaming site Twitch earlier this year.Members of the OpenAI boardsought a CEO to succeed Altman in a

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Tesla, auto MNCs likely to get relief on local value addition

NEW DELHI: In what can result in a major relief for Tesla and other multi-national car companies looking to import electrics in India at a specially-crafted and subsidised 15% duty regime that is being proposed, the government may exclude cost-heavy batteries, semiconductors, and even magnetic parts from the committed localisation norms for global companies.The relaxation,

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Rice Stock: Robust purchase may burden government with 2x rice buffer stock

NEW DELHI: The government is likely to face the “problem of plenty” of rice stock once again, barely five months after it stopped selling the food staple from its buffer stock to state governments, citing that the move was aimed at putting a check on prices.With robust paddy procurement during the current kharif marketing season

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Indians double remittances to overseas deposits, equity

MUMBAI: Indians doubled their average monthly remittances allocated to deposits in foreign banks and investments in debt and equity instruments overseas in September 2023.This trend coincided with the impending October 1 deadline for implementing the government’s directive to collect higher tax at the source (TCS) from individuals remitting funds overseas.According to data released by RBI,

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Bengaluru tops in women-led startups, Mumbai is second

BENGALURU: The Karnataka capital is home to 1,783 women-led startups, followed by Mumbai and Delhi at 1,480 and 1,195 respectively, showed data from startup data platform Tracxn. Noida, Kolkata, and Ahmedabad took the eighth, ninth and tenth spots with 324, 184 and 181 women-led startups respectively.With more than 61,400 startups, India’s startup ecosystem has added

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UCO Bank fallout: Govt asks PSBs to increase digital security

NEW DELHI: The finance ministry has asked state-owned banks to review systems and processes related to their digital operation in view of the recent UCO Bank incident. According to sources, the banks have been advised to check their cybersecurity robustness and take measures to strengthen them.Banks should keep a tight vigil, and there should be

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The Invisible War in Ukraine Being Fought Over Radio Waves

The drones began crashing on Ukraine’s front lines, with little explanation. For months, the aerial vehicles supplied by Quantum Systems, a German technology firm, had worked smoothly for Ukraine’s military, swooping through the air to spot enemy tanks and troops in the country’s war against Russia. Then late last year, the machines abruptly started falling

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More Advertisers Halt Spending on X in Growing Backlash Against Musk

More major advertisers have paused their spending on X, the social media service formerly known as Twitter, as the backlash continued over Elon Musk’s endorsement of an antisemitic conspiracy theory on X. The entertainment company Warner Bros. Discovery and Sony have joined other prominent brands in halting their spending on X. IBM cut off its

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The Fear and Tension That Led to Sam Altman’s Ouster at OpenAI

“I’m sure you all are feeling confusion, sadness, and perhaps some fear,” Brad Lightcap, OpenAI’s chief operating officer, said in a memo to OpenAI employees. “We are fully focused on handling this, pushing toward resolution and clarity, and getting back to work.” On Friday, Mr. Altman was asked to join a board meeting via video

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Physics Wallah: Physics Wallah lays off over 100 employees

NEW DELHI: Edtech unicorn Physics Wallah has laid off some 70-120 employees, joining a batch of startupswhich have cut jobs this year amid a tepid funding environment. The company claimed that the decision was part of a performance based evaluation process. “At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle

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Sail: SAIL working on plans to expand capacity by 15 MT in phase 1: Chairman Amarendu Prakash

NEW DELHI: State-owned steel maker SAIL has started working on plans to expand its installed capacity by 15 million tonnes (MT) in the first phase, the company’s Chairman Amarendu Prakash said.Its current installed steel-making capacity is about 20 million tonnes per annum (MTPA), Prakash said.“It has been kicked off. In the first phase, we are

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India’s GDP crosses $4 trillion for the first time: Report

NEW DELHI: India’s economy achieved a historic milestone on Sunday when its Gross Domestic Product (GDP) crossed the $4 trillion-mark in nominal terms for the first time ever, according to several media reports.Neither the finance ministry nor the National Statistical Office have officially confirmed whether the mark has been breached. An alleged screengrab from the

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