Chanda Kochhar will have to return bonuses worth Rs 9.8 cr to ICICI

Businesses fear Rahul Gandhi's guaranteed income plan, see higher taxes

The Congress Party is promising to introduce a minimum income guarantee for the poor if it comes to power in May, alarming some big and small business leaders who are asking: Where will the money come from? The program - which would be one of the world's biggest schemes for poor households, supporting around 300 million people - has yet to be finalised. But already some business organizations say they fear the tens of billions of dollars it would be expected to cost will mean higher taxes and reduced spending on badly needed infrastructure such as roads and railways. A senior Congress official, however, speaking on condition of anonymity, told Reuters the party might also consider raising tax rates for the rich to pay for its plan.

Videocon loan case: Chanda Kochhar will have to return bonuses worth Rs 9.8 crore to ICICI Bank

After the indictment of former ICICI Bank CEO Chanda Kochhar by Justice BN Srikrishna Committee in the Rs 3,250 crore loan case, the former top banker will have to give back bonuses worth over Rs 9.82 crore, accumulated in the course of 10 years since 2009, to ICICI Bank. Justice Srikrishna panel, appointed by the internal audit committee of ICICI Bank to probe violations in the loans disbursement to Venugopal Dhoot-led Videocon Group, submitted the report to the ICICI Bank board on Wednesday.

Apple blocks Facebook app that paid teenagers to track phone use

Apple says Facebook can no longer distribute an app that paid users, including teenagers, to extensively track their phone and web use. The tech blog TechCrunch reports that Facebook paid about $20 a month. While Facebook says this was done with permission, the company has a history of defining "permission" loosely and obscuring what data it collects. According to TechCrunch, Facebook sidestepped Apple's app store and its tighter rules on privacy.

Government awaits DIPP's approval to release the new e-commerce policy: Suresh Prabhu

Commerce minister Suresh Prabhu Wednesday said the government will release the new e-commerce policy soon which is awaiting approval from the Department of Industrial Policy and Promotion (DIPP). Prabhu was speaking on the sidelines of an event organised by the Federation of Gujarat Industries. The minister also said the new industrial policy, which aims at boosting manufacturing, promote foreign technology transfer and attract overseas investments, is also is awaiting the Cabinet approval.

Goyal to present interim Budget 2019-20 on Feb 1

Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, which is widely expected to contain certain sops for farmers and middle class. The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha. Confusion was created after the commerce ministry in a whatsapp message to media said: "do not refer Budget 2019-20 as interim Budget, it is officially referred as general Budget 2019-20". However, the Finance Ministry later clarified that the Budget will be called interim Budget 2019-20.

Facebook profit climbs along with ranks of users

Facebook said its quarterly profit climbed to USD 6.9 billion as its ranks of users continued to grow despite scandals that have dented the leading social network's image. Revenue soared 30 per cent from a year ago to USD 16.9 billion while the number of people using it monthly rose nine percent to 2.32 billion, Facebook said in its fourth quarter update.

US, China begin trade talks

The US and Chinese officials returned to the negotiating table Wednesday to finalise a bilateral trade agreement which would address President Donald Trump's major concerns with regard to China in particular the massive trade deficit and theft of intellectual properties. The two delegations were seen talking to each other in a friendly atmosphere. According to the Treasury Secretary, significant progress has been made in the talks between the two countries on issues of trade so far

Paytm enters Oyo's territory; launches on-demand hotel booking business with NightStay

Paytm has acquired a hotel booking app called NightStay which allows travellers to book hotels instantly while assuring high quality service. With the Rs 142 crore acquisition of NightStay, Paytm is looking to re-enter the hotel aggregation business and expand its travel operations by offering last minute deals to the tourists.