Daily News Podcast: Private cars may soon be able to operate as taxis : Bulletin: Business Today
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Daily News Podcast: Private cars may soon be able to operate as taxis

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July 26, 2018

You may soon be allowed to use your private car as Ola, Uber cab

In an attempt to reduce the number of passenger vehicles on roads and subsequently reduce air pollution, the government is pushing for a rather unconventional method. The Centre wants to promote ride sharing on private cars. This would enable carpooling of private vehicles and allow them to operate as taxis through services such as Ola and Uber. However, it is not lost on authorities that permitting this would adversely affect the livelihood of cab businesses that are already struggling to keep up with aggregators like Uber, Ola as well as with self-driving car services like Zoomcar. To protect the livelihood of cab drivers, the government is mulling to cap either the number of rides one can offer or the amount of money one can earn through this.
 
Parliament amends Prevention of Corruption Act; honest bankers, bureaucrats can breathe easy

The Prevention of Corruption Act (Amendment) Bill, 2018 was passed by the parliament on Tuesday. The amendments propose a lot of changes to the anti-corruption law which range from redefining criminal misconduct to bringing collusive bribe givers to book. Moreover, bankers and civil servants are considering the latest amendments to Prevention of Corruption Act as means to ease pressure on them amidst mounting bad loans and investigative scrutiny against their commercial decisions. The amendments extend the provision of prior permission before prosecuting a civil servant to retired officials too.
 
Zuckerberg is having a bad time as Facebook shares tumble

Even as Facebook tries to recover from data protection scandals and investigations, Facebook shares went into a freefall yesterday as a stunningly weak financial outlook raised fresh concerns for the social networking giant. After-hours trade saw Facebook shares plunge by some 21 percent, wiping out an estimated $130 billion in market value if the slump is confirmed at Thursday's market opening.

Parliament passes Fugitive Economic Offenders Bill; empowers govt to seize properties of offenders

After the Lok Sabha's green signal on July 19, the Fugitive Economic Offenders Bill, 2018, was passed by the Rajya Sabha on Wednesday. The legislation, which empowers authorities to attach and confiscate properties and assets of those who flee the country after committing economic offences, especially defaulting on loans, was hotly debated in the Upper House of Parliament on Wednesday. The Lok Sabha passed the bill on July 19. The Bill now awaits President Ram Nath Kovind assent following that it will become a law. Under the Bill, the Enforcement Directorate would be the investigative authority.

McDonald's is using cooking oil to fuel trucks; here's how they're doing it

 
The Illinois based fast food company, McDonald's, is recycling used cooking oil to generate biodiesel to power its supply delivery trucks, which was previously being discarded through disposal partners. The popular eating joint has partnered with Unicon Biofuels for the pilot project that started last year. Hardcastle Restaurants Pvt. Ltd. (HRPL), which is the master franchisee of McDonald's in west and South India, has currently rolled out the concept in 85 restaurants in Mumbai, and will soon expand to Bengaluru.  
Vikram Ogale, Director of National Supply Chain & Quality Assurance, McDonald's India, indicated, in a report by PTI, that the company converts more than 35,000 liters of used cooking oil every month into biodiesel; which, in turn, aids in saving more than 4,20,000 liters of crude oil annually.
 
Mehul Choksi's Antigua passport gives him visa-free access to 132 countries

Fugitive diamantaire Mehul Choksi, who is an accused in the PNB fraud case, will have visa-free access to around 132 nations. A day after reports emerged that Choksi may have taken refuge in Antigua, the Citizenship by Investment Unit (CIU) of Antigua & Barbuda confirmed that diamond trader was granted citizenship in November 2017. English-speaking Antigua is one of the two major Caribbean islands that make up the sovereign nation of Antigua and Barbuda. With a population of close to 1 lakh, the country is also a popular retirement home for billionaires. Ranked among the most powerful passports in the world, the passport holders of the Antigua and Barbuda, an independent Commonwealth state in the Eastern Caribbean, enjoy visa-free travel to approximately 132 countries, including the UK, Singapore and the countries in the Schengen zone which covers most of Europe.
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