"As many have pointed out, it is not clear that we need so many public sector banks. The system could be better off if they are consolidated into fewer but healthier banks"
India to soon get Kia Cars
Kia Motors Corp, a unit of Hyundai, will invest $1.1 billion in Andhra Pradesh to build its first manufacturing facility in India. Kia has signed a memorandum of understanding with the state government in this regard. The company plans to start selling a compact sedan and a compact SUV from 2019.
Cairn Case: Setback for India
An international arbitration panel has rejected India's demand for a stay on an arbitration proceeding by Cairn Energy plc against a `10,247 crore retrospective tax notice. The tax department had in 2014 charged Cairn Energy with making capital gains on transfer of India assets to a newly created firm, Cairn India, and listing it. Instead of long-term capital gains tax, it levied a short-term capital gains tax and slapped the draft tax demand.
This was the value of Indias stock markets at the close of trading on April 26, when the BSE Sensex closed above 30,000 for the first time. Only eight countries have a market cap higher than this.
Use EPF to buy house, pay EMI
Members of the Employees' Provident Fund Organisation can now withdraw up to 90 per cent of the fund or the price of the property, whichever is less, from their accounts for purchase or construction of house or flat or to buy land. They will also be able to use their monthly contributions, in part or full, for repayment of home loans.
Uber has entered into partnerships with cities of Dallas and Dubai to demonstrate a network of flying cars by 2020. It has also announced a handful of partnerships with aviation companies to develop and deliver a flying car.