Five special economic zone (SEZ) developers including Abex Infocom have approached the government to surrender their IT sector tax-free zones. The Board of Approval (BoA) chaired by Commerce Secretary Rita Teaotia would take a decision on these applications in its meeting on April 28. All the five zones are from IT/ITeS sector. In all these cases, “formal approval has been Read More

The Odd-even Phase 2 is all set to debut in the national Capital on Friday. However, the acid test is expected to be from Monday onwards after the city get backs to routine after the weekend hangover. This extended weekend – beginning with Ambedkar Jayanti and Ram Navami – has seen all of Delhi’s and central government offices closed. Markets Read More

The dollar slumped against the yen again on Thursday in the wake of minutes from the last U.S. Federal Reserve meeting and expectations the Bank of Japan was unlikely to intervene, while global growth concerns weighed on equities. Investors were set to monitor an appearance by Janet Yellen at 5:30 p.m. EDT (2130 GMT) in a conversation with former Federal Read More

A former trader at Barclays, one of five on trial on charges of conspiracy to manipulate financial benchmark interest rates, alleged that top bosses at the bank approved and condoned the practice, a London court heard on Thursday. Britain’s Serious Fraud Office (SFO), the agency in charge of prosecuting complex financial crime, has charged Barclays’ former rate submitter Jonathan Mathew, Read More

India is likely to clock GDP growth of 7.4 per cent in the current fiscal and consumption is likely to be the main driver of growth in the foreseeable future, says an HSBC report. According to the global financial services firm, investment cycle revival is not expected to happen quickly or easily and the country is likely to see a Read More

The Telecom Ministry is expected to approach the Cabinet for its nod to reduce spectrum usage charges from existing 5 per cent to 3 per cent of the revenue earned by companies from telecom services. The Telecom Commission has agreed to charge SUC (spectrum usage charges) at 3 per cent level of adjusted gross revenue on spectrum that will be Read More

Gold imports in February fell 34 per cent compared with the same period last year, news agency NewsRise Financial reported on Monday, citing a government official, as high prices and hopes for a cut in import taxes kept buyers away. India, the world’s second-biggest consumer of gold, shipped in 36.9 tonnes of gold in February while overseas purchases of the Read More

The S&P BSE Sensex gained 130 points in trade on Monday, while broader CNX Nifty jumped above its key 7,750-mark ahead of RBI monetary policy to be announced on Tuesaday at which it is expected to cut interest rates by at least 25 basis points. The headline indices rallied tracking mixed trend seen in Asian markets after solid US payroll Read More

The UK’s trade deficit narrowed in January, official figures show, but its goods trade gap with the EU widened to a record level. The Office for National Statistics (ONS) said the total trade deficit – covering goods and services – shrank to £3.5bn from £3.7bn in December. The deficit in goods alone narrowed to £10.29bn – down from £10.45bn the Read More

China’s industrial output has slowed to its weakest growth since the financial crisis, prompting concerns over the global recovery. Production rose by 5.4% in January and February – the worst since 2008. China is trying to refocus its economy from investment and export-led growth to consumer spending. UK finance minister George Osborne said China’s slowdown is one of a “dangerous Read More