A look back at some of our biggest and best stories from this week. In case you missed them, here's a recap:
Special rules to deal with NBFCs and HFCs under IBC in the next two weeks
The Centre is likely to carve out a special resolution window under Section 227 of the Insolvency and Bankruptcy Code (IBC) to deal with NBFCs, a government official told CNBC-TV18 on Thursday. The NBFCs don’t come under the IBC currently, however, this has been long demanded by the industry.
CNBC-TV18 Citizens’ MPC: Economists unanimously vote for a rate cut in October RBI meeting
While four of the five members voted for a 25 bps rate cut, one panellist has voted for a 40 bps cut. The Citizens' MPC panel comprises of Pronab Sen, former advisor of the Planning Commission; Sonal Varma, managing director and chief India economist at Nomura Financial Advisory and Securities; Soumya Kanti Ghosh, group chief economic adviser at SBI; Sajjid Chinoy, chief economist India at JPMorgan; and Samiran Chakraborty, chief economist at Citigroup.
Whose seat is it, anyway? Why you can’t sit in unoccupied paid Economy seats
Earlier this month, a tweet from a disgruntled passenger onboard a United Airlines flight sparked heated debates all over the internet. The passenger complained that though there were seven empty rows in front of him, he was not allowed to move there for free as they were paid seats. The passenger was upset about the fact that he wasn’t simply able to move to an unoccupied row for free even though his row was full.
Govt doubles down on disinvestment, targets Rs 50,000 crore from asset sale; looks to exit Vedanta’s Hindustan Zinc Sources have also told CNBC-TV18 that the government is keen for an early resolution to the Hindustan Zinc case which is stuck in Supreme Court. The government holds slightly over 29 percent in HZL and according to the government sources, this may be valued at around Rs 30,000-35,000 crore. In the entrepreneurial quest, success is not the only thing that matters; enjoy the journey
"Various management gurus and motivational books have asked us to have an inspiring and larger-than-life destination. However, we should not forget that Flipkart co-founder Sachin Bansal didn’t have a horizontal marketplace in mind when he started selling books online. And Vijay Shekhar Sharma didn’t have any idea of having a digital payment giant when he started his SMS broadcasting company," writes Sreejith Moolayil, co-founder of True Elements.
IIFL Wealth-Hurun India Rich List: Gautam Adani now among top 5 richest Indians
The 10 wealthiest persons in this list now have a net worth equivalent to 10 percent of the country's gross domestic product (GDP). Mukesh Ambani tops the list for the 8th consecutive year, with his net worth increasing 3 percent this year, Azim Premji of Wipro in the second spot with a growth of 22 percent in wealth, LN Mittal and family which saw their wealth decline by 6 percent, and Gautam Adani and family, a new entrant to the top 5, growing his wealth by 33 percent.
Why Greta Thunberg matters: Teen eco-warrior’s wake-up call spurs climate change dialogue
The 16-year-old Swedish environmental activist, in a fiery speech at the United Nations, spoke about how the older generation, and powers that be have ruined the future for her generation, by ruthlessly exploiting nature for immediate profits.
Softbank reviews India investments after WeWork shock, may shift investment focus to publicly traded companies
Sources told CNBC-TV18 that Softbank's global management has sought a comprehensive valuation and growth report of portfolio companies in India. "The
WeWork issue has been kind of a wakeup call. And that’s why global management has decided to do a risk assessment of sorts and review its investments across the board. With India being a strategic part of its long term strategy, Masayoshi Son and the Softbank global management has decided to do a review over and above the regular quarterly assessment that are conducted for every geography," said the source. If you make good products, sooner or later people are going to find out, says OnePlus co-founder Carl Pei
In a freewheeling interview with Network18's Anuradha Sengupta at CNBC-TV18's special event, Marquee Nights, Pei voiced his thoughts about the Indian consumer, technological innovations and the newest trends in the TV and smartphone market.
PMC Bank crisis: A complete explainer on the ongoing fiasco
The Reserve Bank of India
put PMC Bank under restrictions for six months after the central bank found certain irregularities in the bank, including under-reporting of NPAs. The lender cannot give fresh loans and accept fresh deposits during the period. Withdrawals were capped at Rs 1,000 per account, however, the central bank increased the limit to Rs 10,000 per account on Thursday. Why the 'Howdy, Modi!' event was a master class in people diplomacy "The ‘Howdy, Modi’ title and program line-up did a fascinating job of encapsulating the multiculturalism and innate dichotomy faced by many people living in a globalised world. The rousing speeches made by senior members of the Congressional delegation, who cut across party lines, could little prepare you for the roars of ‘Modi, Modi’ and ‘USA, USA’ that reverberated across the stadium with the entrance of Prime Minister Modi, and later, President Trump," writes Sukanti Ghosh, who attended the event.
With two cuts in guidance for CY19, Cognizant which was once the poster boy of the IT services industry has had a tough year, to say the least. However, Humphries is unfazed and yet very aware of the tall task ahead of him. Speaking to CNBC-TV18 in his first interview after taking over in April this year, Humphries admitted that the company has not been performing to its potential but he expressed confidence in the vision that he has set for the company since he came on board.
The retail players now realise that the kiranas could be their path to addressing this huge opportunity. They plan to tie up with kirana stores to allow consumers to opt for these local stores as pick-up points when they aren’t home. In return, the kirana store owners are paid a commission to ensure the order is picked up or delivered at customer’s homes in time. This creates a win-win for everybody.
"The most obvious question that arises is whether this reduction, by itself, is enough to revive the economy. And the answer is a circumspect ‘No’. Yes, the lower tax rate will boost corporate profits and corporate profits are an important determinant of corporate investments. But the lower corporate tax will only be a one-time boost to corporate profit growth," writes Ashutosh Datar.
Market leader IndiGo spent tons of money and lots of efforts involving full-page advertisements and its first television commercial putting the sole focus on On-Time. But IndiGo — in its 14
th year of operations — seems to not have had a dream run at the top in the last couple of years.
The Government of India has set an ambitious target of becoming
a trillion-dollar digital economy by 2025
. However, the true success of this mission will not depend on the economic footprint of the initiative, but on how well India is able to provide digital empowerment to her people. A recent report from industry body Assocham and consulting firm Deloitte highlights the need to increase the availability of digital infrastructure at rural and remote locations; improving digital literacy; creating awareness on the benefits of digital services; and providing incentives for greater participation from private players and start-ups.
The panel, which submitted a report with these recommendations on August 19, 2019, proposed a 10 percent income tax rate for individuals earning between Rs 5 and 10 lakh per year against the current rate of 20 percent. Individuals earning over Rs 20 lakh per year should be taxed at 30 percent and those earning over Rs 2 crore a year must pay 35 percent as income tax, according to the panel's recommendations.
While iPhone 11 (64GB) is available at a price of Rs 64,900, iPhone 11 Pro (64GB) comes at a price of Rs 99,900. iPhone 11 Pro Max (64GB) is available at a price of Rs 1,09,900. There are several deals available on the new iPhones, with attractive discounts and offers but the best is said to be the one that is offered by HDFC.
The closure of airspace by Pakistan from February end after airstrikes by the Indian Air Force pushed the airline to postpone the second daily flight and operates a singular flight with a stop at Doha, which at times has a stopover at Ahmedabad on return. The airline’s ambition of connecting 20 destinations beyond Istanbul through code-share also seems to have run into rough weather with only 12 operational right now.