News Podcast: China to penalise $60 billion of US imports in retaliatory move : Bulletin: Business Today
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Podcast: China to penalise $60 billion of US imports in retaliatory move

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September 19, 2018

Ahead of festive showdown, Flipkart pumps in Rs 3,463 crore to boost sales

Flipkart is aiming at achieving 50 per cent of all smartphone sales during the upcoming festive month. Keeping the ambitious plan in mind, Flipkart has pumped in Rs 3,463 crore into its online marketplace, Flipkart Internet. This is the first biggest capital infusion by the Walmart-backed e-commerce giant ever since the US-based retail behemoth acquired a majority stake in the company.
 
RCom to exit telecom fully to focus on realty: Anil Ambani

Billionaire Anil Ambani on Tuesday announced that the cash-strapped Reliance Communications will be completely exiting the telecom business to concentrate on real estate in future.The first priority for RCom, which is credited for democratising telecom services through cheaper offers in early 2000s, is to resolve its over Rs 40,000 crore debt, he told shareholders at the company's 14th annual general meeting here.
 
Sebi eases rules to woo foreign funds; move aims to arrest rupee fall, stock market volatility

In a major relief to foreign portfolio investors, capital markets regulator Sebi on Tuesday cleared a proposal to put in place an easier set of KYC norms for them. Sebi chairman Ajay Tyagi said the board has approved new KYC norms for foreign portfolio investors and fresh guidelines would be issued soon.
The capital markets regulator has also approved a proposal to allow foreign investors to trade in the commodity derivatives market, except for sensitive commodities, as well as a common application form for the registration of FPIs in the domestic markets.
 
CCI imposes total penalty of Rs 38 crore on 18 sugar mills

 
The Competition Commission of India (CCI), the anti-trust regulator -- has imposed a total penalty of Rs 38 crore on 18 sugar mills and two associations for rigging the bids of a joint tender floated by oil marketing companies -- HPCL, BPCL and IOCL -- in January 2013 for procurement of ethanol for blending with petrol. The two associations are Indian Sugar Mills Association (ISMA) and Ethanol Manufacturers Association of India (EMAI).
The action was taken following a complaint lodged by India Glycols Limited and five other informants.
 
PNB fraud: ED eyes Nirav Modi's Rs 4,000 crore worth of foreign assets

Widening its probe, the Enforcement Directorate (ED) has zeroed in on foreign assets worth about Rs 4,000 crore of absconding diamond jeweller Nirav Modi for quick attachment under the anti-money laundering law in connection with the alleged $2 billion PNB fraud case. The identified foreign assets are in the name of Modi, his family members and in some cases in the name of firms that the agency has called "bogus or dummy".
 
China to penalize $60 billion of U.S. imports in retaliatory move

According to a Reuters report, China and the United States plunged deeper into a trade war on Tuesday after Beijing added $60 billion of U.S. products to its import tariff list in retaliation for President Donald Trump's planned levies on $200 billion worth of Chinese goods. The tit-for-tat measures are the latest escalation in an increasingly protracted trade dispute between the world's two largest economies.

Compiled by Rashi Bisaria

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