Modi takes India story to leaders in Gulf countries
Modi is visiting the United Arab Emirates for the second time after his 2015 trip. He met UAE Vice President and Prime Minister Mohammed bin Rashid Al Maktoum and discussed ways to expand bilateral cooperation in trade, defence and people-to-people contacts. Modi also met business leaders from Gulf Cooperation Council countries and shared his vision of "new India" with them. He arrived in Abu Dhabi and held wide-ranging talks with Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan as the two sides signed five agreements, including a historic pact awarding a consortium of Indian oil companies a 10 per cent stake in offshore oil concession.
ONGC, partners acquire 10% stake in Abu Dhabi oilfield for $600 million
ONGC Videsh Ltd and its partners have acquired a 10 per cent stake in a large offshore oilfield in Abu Dhabi for $600 million, the first time any Indian company has set foot in oil-rich Emirates. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and a unit of Bharat Petroleum Corp Ltd (BPCL), paid a signing amount of $600 million for a 10 per cent stake in Abu Dhabi National Oil Co's (ADNOC) 40-year Lower Zakum Concession, Offshore Abu Dhabi.
IMF's Lagarde says market swings aren't worrying, but wants reforms
Sharp swings in global financial markets in the past few days are not worrying since economic growth is strong but reforms are still needed to avert future crises, the managing director of the International Monetary Fund has said as reported by Reuters. Christine Lagarde who was speaking at a conference on global business and social trends in Dubai, also said economies were supported by plenty of financing available. She did not give details of the reforms she wanted to see beyond saying authorities needed to move to regulation of activities, not entities.
Vodafone, Idea might start afresh with a new brand name
Vodafone India and Idea Cellular, India's telcos that are merging, are working on a new name and brand identity for the merged entity, which may come into effect a year after the transaction closes, as reported by the Economic Times. Vodafone and Idea are chalking out a new positioning that will attract customers and retain the recall value associated with both the parent companies.
Income Tax panel insists on Rs 110 crore tax demand on Flipkart
An income tax panel refused to stay a demand of Rs 110 crore on Flipkart, India's largest online retailing platform, after it was asked to reclassify discounts and marketing spend as capital expenditure as reported by the Economic Times. Rival Amazon, is among the entities that face a similar liability. The Income Tax Appellate Tribunal (ITAT) in Bengaluru asked Flipkart to deposit Rs 55 crore and provide bank guarantees to the tune of Rs 55 crore by February 28. While the tax assessed is for 2015-16, similar demands may be made for subsequent years. Hearings will continue after February 28.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today