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Meanwhile, on the regulatory front, the government is gearing up to notify rules that would require fair trade regulator’s nod for any deals over ₹2,000 crore. This rule, which has been in the pipeline for over a year since Parliament passed the law, has stirred up some controversy. The Congress Party has raised alarm bells about potential favouritism and the lack of proper oversight.
Markets regulator SEBI has dropped the hammer on Anil Ambani and 24 other entities, including former Reliance Home Finance officials. They’re banned for five years, and Ambani’s hit with a ₹25 crore penalty. The charges? Orchestrating a scheme to siphon off funds disguised as loans to linked entities.
In abroad, PM Modi is in Kyiv, Ukraine, and it’s a big deal. He greeted President Zelensky with a hug and emphasised that India is ready to help in ending the Russia-Ukraine conflict with a strong support for Ukraine’s quest for peace. From the US elections, Kamala Harris is making headlines after accepting the Democratic Party’s presidential nomination. She’s promising to unite the country and be a president for all Americans.
Exclusive: Centre to soon notify a long pending rule which will change India’s M&A landscape
More than a year after the Competition Amendment Law 2023 was passed by parliament and received the President’s assent, a critical provision on deal value threshold in the law is yet to be notified. This has now led to a political controversy with the Congress Party questioning preferential treatment to certain corporate groups and lack of regulatory oversight for creeping acquisitions taking place in the Indian industry.
Sources have told CNBC-TV18 that 16 months after the new competition law came into effect, the provision on deal value threshold (DVT) is likely to come into effect soon. Sources added that the provision on DVT was the only provision of the new law which is yet to be notified.
Reliance Infra, Power shares fall up to 14% after SEBI action against Anil Ambani
Shares of Reliance Infrastructure Ltd. and Reliance Power Ltd., belonging to the Reliance Anil Dhirubhai Ambani Group fell over 14% on Friday after market regulator Securities and Exchange Board of India (SEBI) took punitive action against Anil Ambani and other key managerial personnel.
While shares of Reliance Infra are down as much as 14%, Reliance Power too has seen shares fall up to 5% as of 1:20 PM.
According to the SEBI probe, a fraudulent scheme was established by Anil Ambani, who, along with key managerial personnel of Reliance Home Finance administered a scheme to siphon off funds from the publicly listed company.
Government flags competition concerns amid quick commerce surge: Sources
The rapid expansion of quick commerce platforms such as Blinkit, Zepto, and Swiggy Instamart has raised significant competition concerns within the Consumer Affairs Ministry. Sources tell CNBC TV18 that the Ministry of Consumer Affairs is reportedly worried about the potential impact these platforms could have on small businesses and local kirana stores, which are vital to neighbourhood commerce in India.
According to sources, the Consumer Affairs Ministry has voiced these concerns to the Ministry of Corporate Affairs (MCA), emphasizing fears that aggressive discounting and the proliferation of “dark stores” run by these quick commerce platforms might disrupt the competitive balance.
India bans 156 fixed-dose combination drugs used for fever, pain, allergies
India has banned 156 widely sold fixed-dose combinations or FDC drugs with immediate effect, citing concerns about their irrationality and potential risks to human health with safer alternatives available.
FDCs are also called ‘cocktail drugs’ as they combine two or more active pharmaceutical ingredients (APIs) in fixed ratios.
Govt forgets to notify changes in duty drawback rules after cutting gold and silver import duty
In the Union Budget 2024, the government reduced the import duty on gold and silver from 15% to 6%. However, the duty drawback rates, which are typically aligned with import duties, have not been notified and stand at the earlier rate of 15%, thereby creating a unique situation and disparity.
First up, duty drawback rates are intended to reimburse exporters for the customs duties paid on imported inputs, ensuring that goods intended for export are not saddled by domestic taxes. These rates are adjusted to reflect changes in import duties, but the recent reduction in import duties don’t mirror in the corresponding duty drawback rates.
The discrepancy has resulted in a situation where the duty drawback on gold and silver exports is now higher than the actual import duty.
‘History made’ Ukraine President Zelenskyy says after talks with PM Modi
Prime Minister Narendra Modi and Ukrainian President Volodymyr Zelenskyy held extensive talks at Maryinskyi Palace in Kyiv on Friday, August 23, focusing on strengthening bilateral relations and exploring new areas of collaboration.
“President @ZelenskyyUa and I had very productive discussions in Kyiv today. India is eager to deepen economic linkages with Ukraine. We discussed ways to boost cooperation in agriculture, technology, pharma, and other sectors. We also agreed to further cement cultural linkages,” Modi said in an X post, after the meeting.
PM Modi presents BHISHM Cubes to Ukraine—all you need to know
Modi presented four BHISHM Cubes to the Government of Ukraine, a statement from the Ministry of External Affairs said, adding that Zelenskyy thanked the Prime Minister for the humanitarian assistance of the Cubes which will help expedite the treatment of the injured and save precious lives.
‘Time has come for policy to adjust’: US Fed’s first clear indication of rate cut
In a clear indication that it is ready for a rate cut, US Federal Reserve chair Jerome Powell said that “the time has come for policy to adjust”.
“The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” Powell told the Jackson Hole Economic Symposium.
Confident of inflation being on a sustainable path back to two per cent, Powell added that the upside risks to inflation have diminished.
Powell Jackson hole speech impact: US shares jump after Fed chair signals rate cuts ahead
US stocks surged on Friday, August 23, after Federal Reserve Chair Jerome Powell indicated interest rate cuts were near. At around 8.10 pm IST, the Dow Jones Industrial Average (DJIA) gained nearly over 380 points, or 0.9%, while the tech-heavy Nasdaq advanced 1.7%. The S&P also gained over a percent.
DNC’s last night highlights: Harris’ big moment, Dems’ rising stars, Gaza protesters shut out
The Democratic National Convention was wrapped up with Vice President Kamala Harris accepting her party’s presidential nomination. She is the first Black woman and first person of South Asian descent to be nominated, and supporters turned out in white to mark the moment.
Read top Kamala Harris DNC statements in this slideshow
HAL shares rise after US and India sign Securities of Supplies Agreement
Shares of Hindustan Aeronautics Ltd. (HAL) are trading with gains of close to 2% on Friday after the US and India signed the Securities of Supplies Agreement (SOSA) during Defence Minister Rajnath Singh’s visit to the country.
Rajnath Singh is currently in the US and the key focus was to address the delivery in General Electric’s F2404 engines, which are an essential component for the Tejas Mark-1A fighter jets manufactured by HAL.
US plans $1 billion investment in clean energy manufacturing in India
“The USA is considering deploying over a billion dollars in the near term to support clean energy manufacturing in India; We want to support manufacturing of clean energy technologies in India in 5 critical areas,” John Podesta, Senior Advisor to the White House on Climate Policy, told CNBC-TV18.
In the interview, Podesta underscored the pressing need for collaboration between the United States and India to address the multifaceted challenges of climate change. With the US elections approaching and significant global environmental issues on the horizon, Podesta articulated the importance of strengthening the partnership between the two nations.
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