My World

My World

Opposition unity in tatters, Nitish is CM again

Nitish Kumar once again took over as chief minister of Bihar with BJP’s support on Thursday, leaving the opposition’s unity in tatters and raising questions over its ability to counter the saffron party in the 2019 general elections.

A little more than 12 hours after 66-year-old Kumar resigned to break ranks with his allies — Lalu Yadav’s RJD and the Congress — he was back in office after being sworn in by Bihar Governor Keshari Nath Tripathi at the Raj Bhawan. Senior BJP leader Sushil Kumar Modi was also sworn in, and would be the deputy chief minister.

Monsoon rain normal as El Nino threat fades

Buoyed by a rainfall of four per cent more than normal since June 1 and no chance of emergence of El Nino, India’s weather bureau is a picture of optimism.

It believes that farmers would get the required monsoon showers in the next two months, potentially boosting food grain production to another record.

According to India Meteorological Department (IMD) data, the country as a whole received 43.23 cm rainfall between June 1 and July 27, as against a 50-year average of 41.53 cm, up by four per cent.

De La Rue’s security clearance still on hold

UK-based De La Rue’s security clearance continues to be on hold. It keeps the firm out from supplying banknote paper to RBI, which is completing one of the biggest remonetisation exercises globally.

As the government is in no mood to review its earlier position, the currency giant would not be able to participate in the tender for procuring bank note papers or security features thereof.

This means it would lose out business opportunity even in the next round of remonetisation where the chances of banning Rs 2,000 notes are very high.

Airport norms breach to attract Rs 5,000 fine now

Individuals who violate regulations at airports will now face higher penalties, with state-owned Airports Authority of India (AAI) putting in place revised fine amount. Any person contravening the AAI regulations will face up to Rs 5,000 pen­alty, a steep hike from the earlier Rs 500, as per the new regulations.

Any continuing offence will attract an additional fine that may extend to Rs 500 for everyday during which such violation continues after “the conviction for the first such contravention”.

GST teething troubles give firms big pain

India’s nationwide goods and services tax (GST) was meant to unify the $2 trillion economy and make it easier for companies to transact across state borders. Nearly a month on, many are finding that doing business is more complicated than ever.

Ambiguous rules under the new, multi-rate sales tax that went into effect on July 1 have left firms confused on how to price their products. The tax’s complex structure – four main rates ranging from 5 to 28 per cent – has hurt sales and risks denting economic growth and government revenues in the months ahead.

Macron Taps a Decade of Italian Anger Since Zidane Headbutt

The 2006 World Cup final should have been a triumph for Italians, but all people remember now is the iconic French soccer captain Zinedine Zidane headbutting an opponent in the last minutes.

The controversy overshadowed much of the glory for the winning team that night and the subsequent carping of French fans convinced many Italians that their bigger, richer neighbor will never give them the respect they deserve, whether the field is sports, business or politics.

Russia used Facebook to try to spy on Macron campaign: sources

Russian intelligence agents attempted to spy on President Emmanuel Macron’s election campaign earlier this year by creating phony Facebook personas, according to a US congressman and two other people briefed on the effort.

About two dozen Facebook accounts were created to conduct surveillance on Macron campaign officials and others close to the centrist former financier as he sought to defeat far-right nationalist Marine Le Pen and other opponents in the two-round election, the sources said. Macron won in a landslide in May.

HDFC reveals `910-crore exposure to Essar Steel

Mortgage lender Housing Development Finance Corporation’s (HDFC) on Wednesday disclosed that the company has a Rs 910-crore exposure to Essar Steel, one of the 12 accounts identified by the central bank for insolvency proceedings.

IT dept to share vital data with MCA to nail down shell cos

The tax authorities will now relay audit reports of corporates and specific information from their I-T returns as also PAN data to the ministry of corporate affairs, as the government plans to crack down harder on shell companies.

Coming down heavily on shell companies, the Ministry of Corporate Affairs (MCA) has already cancelled registrations of over 1.62 lakh companies for non-filing of financial statements for the immediate two preceding fiscals.