Daily News Podcast: Petrol prices hiked for third day straight : Bulletin: Business Today
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Daily News Podcast: Petrol prices hiked for third day straight

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May 17, 2018

Petrol prices hiked for third day straight, touches Rs 75.10 in Delhi; diesel prices at all time high
After remaining stagnant for 19 days, fuel prices have risen across the country for the third day in a row. Petrol prices were increased by 15 paise on Wednesday in Delhi and Mumbai, while it was raised by 14 paise and 16 paise in Kolkata and Chennai respectively. State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision, following which fuel prices are revised at 6 am every day. Diesel prices were increased by 21 paise in Delhi and Kolkata and by 22 paise and 23 paise in Mumbai and Chennai respectively. According to reports, diesel is at its most expensive Delhi has ever seen, while petrol prices are the highest since September 2013.

US bankruptcy court puts PNB officials under the scanner for Nirav Modi fraud
Punjab National Bank (PNB) continues to hog the headlines, all for the wrong reasons. Now, the New York court where three of Nirav Modi's companies filed for bankruptcy has reportedly called for an investigation into the role of the bank's employees in the alleged fraud before deciding on proceedings. According to The Economic Times, the court-appointed examiner will have the right to conduct voluntary interviews of debtors, current and former accounting and audit professionals as well as issue subpoenas, or seek judicial intervention in cases where witnesses decline to cooperate.

Why few Google employees are quitting their dream job
Twelve Google employees have quit after expressing their concerns over Google carrying out a project with the United States Department of Defence. The unhappy employees who quit said the company's involvement in military programs were against Google's ethics. The controversial Project Maven will analyse hours of drone surveillance footage collected by the US military with the help of machine-learning and image-recognition. As a part of this pact, an Artificial Intelligence engine is being designed by Google that uses "Wide Area Motion Imagery" data collected by US drones to detect vehicles and other objects. Employees at Google are concerned about this technology being used to carry out and operate drone strikes.

Infosys sets up blockchain-based trade network in India with 7 banks
Infosys today said it has set up India Trade Connect, a blockchain-based trade network in India, in partnership with seven lenders, including Axis Bank, ICICI Bank, IndusInd Bank and RBL Bank. The other partner banks include Kotak Mahindra Bank, South Indian Bank and Yes Bank. "The network is being used by the banks to run a successful pilot of Finacle Trade Connect, a blockchain technology based solution developed specifically to address the trade finance process requirements of banks," Infosys said in a statement. Finacle Trade Connect will enable increased automation and transparency, while helping efficiently manage risks in trade and supply chain financing operations, it added. Infosys said the network is designed to digitise trade finance business processes

SC to stay Jaypee Infra liquidation in lieu of Rs 1000 crore compensation to homebuyers
The Supreme Court has directed Jaiprakash Associates Limited (JAL) to deposit Rs 1000 crore with its Registry by June 15. This amount will be used to bankroll compensation to distressed homebuyers who had invested in Jaypee properties. The liquidation proceedings against Jaypee Infratech Limited (JIL), the infrastructure arm of JAL, will be stayed after this amount is submitted, a bench headed by Chief Justice Dipak Misra said. If the amount is not submitted by June 15, statutory proceedings against Jaypee Infra, which has been facing insolvency proceedings will begin.
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