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Prosenjit Datta
New Delhi, July 18, 2018
India has a huge official data and statistics problem and the problem is only growing bigger by the day.


BusinessToday.In
New Delhi, July 18, 2018
Top IITs, IIMs students bag up to 137% higher salary packages than other institutions this year: ReportTop IITs and IIMs bagged 137% and 121% higher salary packages, respectively, compared to other institutions, says the Campus Hiring Report 2018 released by assessment and skill-measurement company Mettl. The survey was conducted across 114 engineering and 80 management institutes during the recently concluded campus placement season across different regions. In a region-wise analysis, west India held a leading position with 17% higher compensations than the average salary recorded. In addition, graduates from the technology domain received the highest average salary package of Rs 14.8 lakh per annum.  India's growth remains quite robust into future: IMF  India's growth remains \"quite robust\" into the future, the IMF has said despite slightly downgrading the country's growth projection for 2018-19 due to high oil prices and a tight monetary policy regime. The IMF yesterday forecast a growth rate of 7.3 per cent in 2018 and 7.5 per cent in 2019 for India, which was down by 0.1 per cent and 0.3 per cent respectively than its April projections. \"For India, the main factor is the rise in oil prices, and India is an oil importer. But also, the general tightening in global financial conditions is playing a role in affecting India's growth. Those are the main factors behind the downgrade,\" said Maurice Obstfeld, Economic Counsellor and Director of the Research Department, IMF. Sugar stockpile to double on record output as India struggles to export surplusSugar stocks in India are likely to more than double by the end of the current marketing year as the world's biggest producer of the sweetener struggles to export a surplus, a leading trade body said on Tuesday. The rise will weigh on local prices, potentially pushing the country to try to ship more sugar overseas, which could drag on global prices that have already fallen 16 per cent this year.The country is likely to end the marketing season on September 30 with inventory of 10 million tonnes, compared with 3.87 million tonnes a year agoCivilian drones likely to take to skies from October  Drones for civilian purposes are likely to start flying in India from October onwards, a senior official said, as the Civil Aviation Ministry expects to soon put in place the regulatory framework for unmanned aerial vehicles. The use of drones by civilians is currently restricted by aviation regulator DGCA.Civil Aviation Secretary R N Choubey said the ministry is working on putting in place a system wherein registration and flying permission for civilian drones are done online. In November 2017, the ministry came out with draft norms for draft norms for operating drones for civilian purposes.According to the draft regulations, drones would require unique identification numbers while nano drones -- those weighing below 250 grams -- would be exempt from seeking one time approval.  Akshay Kumar, Salman Khan among Forbes' 100 highest-paid celebs in worldBollywood superstars Akshay Kumar and Salman Khan feature in the Forbes' list of the world's 100 highest-paid entertainers for 2018. While Akshay is 76th on the list, Salman finished at number 82. American boxer Floyd Mayweather tops the prestigious rich list of entertainers this year with earnings of $285 million (Rs 1,948 crore), while Hollywood star George Clooney holds the second spot with a $239 million (Rs 1,634 crore) income.Reality television personality Kylie Jenner is at number three with $166.5 million (Rs 1,138 crore).


Nidhi Singal
New Delhi, July 17, 2018
Focusing on camera capabilities, the Helio A22 supports up to 13 megapixel + 8 megapixel dual-camera setups at 30 frames per second and a single camera operating mode of up to 21 megapixel.


Goutam Das
New Delhi, July 17, 2018
Leasing crossed 20 million sq. ft. during the first half of 2018. Bangalore, Delhi-NCR, Hyderabad and Mumbai led the leasing activity.


E Kumar Sharma
New Delhi, July 17, 2018
For the moment, analysts and management experts point to some lessons that many of the IT sector players, could pick up from the results of these two important Indian IT companies.


BusinessToday.In
July 17, 2018
The bank's provisions for bad loans fell 15.77% to Rs 199.15 crore in Q1 compared to Rs 236.44 crore in the corresponding period of last fiscal. On a quarter-on-quarter basis, these declined 46.4% from Rs 371.53 crore. The bank's net interest income rose by 22.4% year on year (YoY) to Rs 980 crore in Q1.


BusinessToday.In
July 17, 2018
With the latest round, Unacademy has so far raised USD 38.6 million in funding. Unacademy, which first began as a channel on Youtube in 2010, offers online classes for competitive examinations such as UPSE, CAT, IIT JEE and SSC.  


PTI
July 17, 2018
The finance ministry is likely to infuse about Rs 10,000 crore within a few days in some state-owned lenders including PNB, Corporation Bank and Central Bank of India, to help them meet regulatory capital requirement.


BusinessToday.In
July 17, 2018
IMF said that the emerging market and developing economies have experienced \"powerful crosswinds\" in recent months, courtesy factors like higher yields in the United States, dollar appreciation, escalating trade tensions, geopolitical conflict, and rising oil prices.


BusinessToday.In
July 17, 2018
It fell despite strong earnings as some brokerages downgraded their target price citing the expensive valuations of the stock. The stock opened at 1770 level on the BSE compared to Monday's close of 1753.85 on the BSE.


BusinessToday.In
New Delhi, July 17, 2018
Changes in visa rules to have serious adverse consequences on US economy: Nasscom  Indian IT body Nasscom has said the recent work visa-related changes announced by the US will have \"potentially serious adverse consequences\" on the American economy as it will make it more difficult for companies to employ skilled foreign nationals to fill critical skills gaps in the US. One of the changes, which come into effect on September 11, allows US Citizenship and Immigration Services (USCIS) adjudicators full discretion to deny applications, petitions, and requests without first issuing a Request for Evidence (RFE) or Notice of Intent to Deny (NOID).  People should have rights over their data; firms mere custodians: Trai  Trai has said firms collecting user data don't have a right over it and emphasised that consumers' consent should be mandatory and they should also be given the 'Right to be Forgotten'. Terming the existing data protection framework as inadequate, the Telecom Regulatory Authority of India (Trai) recommended to DoT that companies should not use meta-data to identify users and should disclose any data breaches. It said entities controlling and processing user data are \"mere custodians\" and all of them should be brought under a data protection framework.  Jaypee ready to sell cement business to refund homebuyersJaiprakash Associates Limited (JAL) pleaded before the Supreme Court on Monday that the company would deposit another Rs 600 crore to refund homebuyers if it was allowed to dispose of its identified assets, which included a cement plant at Rewa in Madhya Pradesh. Senior advocate Fali S Nariman, counsel for JAL, informed a bench headed by Chief Justice Dipak Misra that the Noida-based real estate company has already deposited Rs 750 crore with the Supreme Court's registry and it would pay another Rs 600 crore in seven instalments for paying the principal amount to the homebuyers.ICICI Bank decides to postpone AGM by a month  ICICI Bank has decided to postpone its annual general meeting (AGM) by a month amidst independent enquiry on alleged cases of impropriety against the bank's CEO Chanda Kochhar. The meeting has been rescheduled to September 12. Meanwhile, Kochhar has gone on leave till the completion of an external enquiry into alleged conflict of interest in extending loans to some corporates like Videocon. Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to certain entities, including the Videocon group. Multiple agencies, including the CBI and regulator Sebi, are already probing the alleged lapses involving Kochhar and her family members. SBI tells its 70,000 employees to return 'compensation' paid for working overtime during note banMore than 70,000 employees of associate banks of the State Bank of India are angry. Banking staff worked overtime post-demonetisation to meet the demands of long queues of people waiting to exchange old notes with the new ones. The bank staff had been promised \"overtime compensation\" by the employer banks for the \"extra hours\" they worked post-demonetisation. The 70,000 officers and employees of banks like State Bank of Patiala, State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner & Jaipur - these all merged with the SBI on April 1, 2017 - got the compensation but now they are being asked to \"return the compensation for extra work\". IMF warns of rising risks to global growth amid trade tensions  The global economy is still expected to grow at a solid pace this year, but worsening trade confrontations pose serious risks to the outlook, the International Monetary Fund has said. The IMF's updated World Economic Outlook (WEO) forecast global growth of 3.9 per cent this year and next, despite sharp downgrades to estimates for Germany, France and Japan. The US economy is still seen growing by 2.9 per cent this year, and the estimate for China remains 6.6 per cent, with little impact expected near term from the tariffs on tens of billions of dollars in exports the countries have imposed on each other so far.


PTI
New Delhi, July 16, 2018
Last week, the bank and Carlyle Group, which owns over 32% in PNB Housing Finance, had announced their plans to sell at least 51% stake in the company.


BusinessToday.In
July 16, 2018
At present, the time of the day has no bearing on the landing fees paid by airlines - it is based on the weight of an aircraft.


PTI
July 16, 2018
FMCG major Hindustan Unilever today reported a 19.17 per cent increase in standalone net profit at Rs 1,529 crore for the first quarter ended June 30, 2018.


BusinessToday.In
July 16, 2018
The stock of India's second-biggest software services exporter rose 5.75% to hit its life time high of 1384.40 compared to its previous close of 1309.10 on the BSE.


BusinessToday.In
New Delhi, July 16, 2018
PNB's NPA recovery in first quarter tops FY'18 level  Scam-hit PNB's recovery of over Rs 7,700 crore in bad loans during the first quarter in the current fiscal has surpassed the total amount it recovered in the entire 2017-18 financial year, indicating that it has embarked on the turnaround path, the bank's top official has said. The Insolvency and Bankruptcy Code (IBC) resolution process has greatly helped Punjab National Bank, which was hit by nearly USD 2 billion fraud allegedly carried out by jeweller Nirav Modi and his associates, he said. \"In the first quarter itself, 2-3 big accounts have been resolved. As a result, the bank has got over Rs 3,000 crore only through the resolution process,\" PNB Managing Director Sunil Mehta told PTI. Govt sets up 10-member panel to review penal provisions under companies lawThe Ministry of Corporate Affairs on Sunday announced that it has constituted a 10-member committee to review the penal provisions under the companies law and examine decriminalisation of certain offences. The high-level committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would submit its report in 30 days to the government. The Ministry of Corporate Affairs seeks to review offences under the Companies Act, 2013 as some of the offences may be required to be decriminalised and handled in an in-house mechanism, where a penalty could be levied in instances of default. De Beers to focus on smaller cities in India for expansion Global diamond producer De Beers is looking to partner local retailers in smaller cities to boost sales which it claims grew at 100 per cent last year. The company sells its diamond jewellery through250 partnered retail stores in the country under the brand 'Forevermark'. Sales during January-June, 2018 remained robust and the overall sales volumes may double as compared to the last year.The Forevermark brand has 30 per cent market share in India. EU urges big powers to prevent trade 'conflict and chaos'  The European Union has called on the United States, China and Russia to work together to avoid trade \"conflict and chaos\" to prevent it spiralling into violent confrontation. \"It is the common duty of Europe and China, but also America and Russia, not to destroy (the global trade order) but to improve it, not to start trade wars which turned into hot conflicts so often in our history,\" EU Council President Donald Tusk said in Beijing. The EU -- the world's biggest single market with 28 countries and 500 million people -- is trying to buttress alliances in the face of the protectionism unleashed by US President Donald Trump's \"America First\" administration. China economic growth slows to 6.7 pc in second quarter  Chinese growth slowed slightly in the second quarter as the world's number two economy faced a snowballing trade fight with the United States. The economy expanded by 6.7 per cent in April-June, down from 6.8 per cent in the first quarter and in line with a 6.7 per cent rate tipped in an AFP survey of economists. Despite the quarterly deceleration, growth was still higher than the annual target of around 6.5 per cent set by the government.


BusinessToday.In
New Delhi, July 15, 2018
Equity markets had a pretty good week and this strong momentum is expected to continue in coming days, says Vikas Jain, Senior Research Analyst at Reliance Securities. Among individual sectors, auto, private banks and energy stocks are expected to show strong performance in the next.


BusinessToday.In
New Delhi, July 15, 2018
Hyderabad-based Aurobindo Pharma has inked a definitive agreement with Canadian pharmaceutical firm Apotex to take over its commercial operations in five European countries.


BusinessToday.In
New Delhi, July 15, 2018
Soorma, the tale depicting the return of Indian hockey legend Sandeep Singh after a life-threatening accident, has earned a total of Rs 8.25 crore by its second day in theatres.


PTI
July 14, 2018
The banks are among the first major companies to report results in what is expected to be a strong second-quarter earnings season thanks to US tax cuts and a humming American economy.


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