Around the Globe

Around the Globe

Trying to convince China that India's rise not harmful to its ascent: Jaishankar

In the backdrop of growing unease in Sino-India ties, India today said it has been trying to convince the Chinese government that its ascent is not harmful to the rise of China and that both countries should be sensitive on matters relating to sovereignty.

In an address at the Raisina Dialogue, Foreign Secretary S Jaishankar took strong objection to the China-Pakistan Economic Corridor (CPEC) which passes through Pakistan-occupied-Kashmir, saying there should have been some reflection on India's unhappiness over it.

Trai seeks AG's opinion on Jio's tariff plans

Telecom regulator Trai has asked for attorney general's views on billionaire Mukesh Ambani-led Reliance Jio's free voice and data offering till March that rivals have called "predatory".

The Telecom Regulatory Authority of India (Trai) sought the top government legal advisor's opinion on the tariff plans submitted by Jio, a top source said.

Britain will leave EU single market

Britain will leave the EU’s single market when it exits the European Union, prime minister Theresa May (in pic) said on Tuesday, putting an end to speculation that London might try to seek a “soft Brexit.”
In a long-awaited speech, in which she sought to define the country’s future as a global player that aims to trade freely far beyond Europe, May said the final exit deal would be put to the Parliament for a vote.

Xi red flags protectionism, pushes back against Trumpism

Chinese President Xi Jinping cautioned against protectionism as he pushed back against criticism of globalisation by Donald Trump and other Western populists. “Protectionism is like locking yourself in a dark room, which would seem to escape wind and rain, but also block out the sunshine,” Xi told the World Economic Forum on Tuesday, the first Chinese head of state to address the annual gathering in the Alpine resort town of Davos. “No one is a winner in a trade war.”

Akhilesh to lead SP, Cong tie-up in state

After clinching the election symbol “cycle” from his father, new Samajwadi Party chief Akhilesh Yadav has stitched together an alliance with the Congress to take on a resurgent Bharatiya Janata Party (BJP) and comeback hopeful Bahujan Samaj Party (BSP).
Senior Congress leader Ghulam Nabi Azad formally made public the alliance with the Samajwadi Party confirming what had been a foregone conclusion.

NBCC bags Rs 4,441 cr contract to re-develop AIIMS colonies

State-owned real estate major NBCC has bagged a Rs 4,441 crore-contract to redevelop AIIMS residential colonies in West Ansari Nagar and Ayur Vigyan Nagar here. Under the contract, NBCC will build 3,928 new houses comprising type II to type VI category flats in place of the existing 1,444 houses. Smart city features like solar lighting, heating and wastewater recycling will also be included in the redevelopment plan.

BAT clinches Reynolds with sweetened $49.4b buyout deal

British American Tobacco reached agreement to buy full control of Reynolds American with a sweetened $49.4 billion offer, bringing a successful end to almost three months of bartering with the maker of Camel cigarettes.
BAT increased the cash element of a cash-and-share bid for the 58 per cent of Reynolds that it doesn’t already own. The new offer values each Reynolds share at $59.64, the London-based company said on Tuesday, about 5.6 per cent more than the $56.50 it proposed on October 21 last year.

Change of guard at two behemoths imminent

A change of guard seems imminent at two leading India Inc. companies. While SN Subrahmanyan, deputy managing director and president, Larsen & Toubro (L&T), will take over as the chairman of the $16 billion engineering and construction powerhouse from AM Naik (74), on October 1, come February and Virginia House, headquarters of the cigarette-to-hotel-to-FMCG major ITC, will also have a new boss after two decades.

Hawala operators laundered Rs a1,600cr through shell firms

As it scans and analyses millions of banking transactions post-demonetisation, the income tax (I-T) department has found dozens of shell companies which have been used by hawala operators to launder black money to the tune of Rs 1,600 crore.

IDS disclosures valid if taxes realised by December 5: CBDT

In a minor relaxation to IDS tax payment rules, the Income Tax Department has said disclosures under the scheme will be considered valid even if the tax amount has been realised by December 5.

The first instalment of taxes was to be paid by November 30. The government had come out with a 4-month long Income Disclosure Scheme, which closed on September 30, 2016, to give an option to domestic black money holders to declare their unaccounted wealth and come clean by paying 45 per cent tax and penalty.

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