Pakistan suspends bilateral trade with India, expels envoy : Bulletin: Business Today
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Pakistan suspends bilateral trade with India, expels envoy

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August 8, 2019

Article 370 fallout: Pakistan suspends bilateral trade with India, expels envoy

A day after Indian government scrapped Article 370, which gave special status to Jammu and Kashmir, Pakistan on Wednesday said that it will be downgrading diplomatic relations with India. It has said that it will be expelling the Indian High Commissioner and suspending bilateral trade with New Delhi.

Auto firms seek tax cuts, easier finance access to revive sales

India's auto industry demanded tax cuts and easier access to finance for dealers and buyers at a meeting with Indian government officials on Wednesday to discuss the sector's woes, sources said, in an effort to revive sales that have slumped. Executives from across the sector also asked the government to provide incentives to scrap old vehicles, which they said would help boost sales, and urged officials to reconsider a proposal to hike registration fees for automobiles as it would hurt demand, the two sources said.

Uday Kotak calls for investments in J&K; Amul, Lemon Tree confirm intent

With Article 370 out of the way, veteran banker Uday Kotak has called for initiatives to drive growth and create job opportunities in Jammu and Kashmir. With the economy of Jammu and Kashmir open for all, companies have started to come forward with the intent to invest. So far, dairy major Amul India has expressed interest towards investing in the region. Meanwhile, helmet maker Steelbird has offered to set up a plant in Jammu and Kashmir.

Pakistan closes a corridor of its air space

Pakistan has closed a corridor in its airspace, which will result in an additional up to12 minutes of flying time for overseas flights, an Air India official said on Wednesday. The flights will have to be diverted to other routes due to the closure, the official said. Air India operates around 50 flights daily through Pakistani airspace. These are flights to the US, Europe and the Middle East. Following the Balakot air strikes, Pakistan had closed its airspace on February 26 and it was fully reopened on July 16. The Indian government on Monday abolished provisions of Article 370 of the Constitution that gave special status to Jammu and Kashmir and bifurcated the state into two Union Territories -- Jammu and Kashmir, and Ladakh.

Mallya makes another offer of 100 per cent loan payback

Embattled liquor tycoon Vijay Mallya, whose social media interventions against the Indian government are a regular occurrence, took to Twitter once again to repeat his 100 per cent loan payback offer to the public sector banks in India. The 63-year-old former Kingfisher Airlines boss, fighting extradition to India in relation of fraud and money laundering allegations arising out of the debt acquired from the banks, quoted finance minister Nirmala Sitharaman's Lok Sabha statement from last week in his latest offer.

2019 Hyundai Grand i10 unveiled in India

India's second largest carmaker Hyundai Motor India Ltd on Wednesday unveiled the first glimpse of the third generation of its hatchback Grand i10 that is set to be launched in India on August 20.The company has christened the car--Grand i10 Nios, to differentiate it with the existing Grand i10, which will continue to be offered in the market largely for smaller towns and cities.
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