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highlights
Crucial hearing in Bofors case in SC today
A crucial hearing is listed for today in the Supreme Court in the politically-sensitive Rs 64 crore Bofors pay-off case in which a BJP leader, who is pursuing the matter for over a decade, has been asked to explain his locus in filing petition as a third party.
Advocate Ajay Agrawal, who contested the 2014 Lok Sabha election from Rae Bareli against the then Congress President Sonia Gandhi, has also filed an application seeking recusal of Chief Justice Dipak Misra from hearing the matter.
The appeal filed by him against the May 31, 2005 judgement of the Delhi High Court quashing all charges against the accused persons is listed for hearing today before the bench comprising Chief Justice Misra and justices AM Khanwilkar and DY Chandrachud.
During the last hearing on January 16, the bench had asked Agrawal to explain his locus in filing the appeal and satisfy it how could the matter be entertained at the instance of a third-party.
TDSAT upholds Trai order on Jio's free offers
The telecom tribunal on Thursday upheld a Trai order that had allowed Jio's free offers to continue beyond 90 days after its services were launched, but asked the regulator to work out guidelines that can be applied to check compliance with principles of non-predation, reports PTI. Till such guidelines are issued by Trai, the Telecom Dispute Settlement and Appellate Tribunal (TDSAT) order has insisted on a filing requirement and prior approval from the regulator, for operators launching "all services free" offers.
At present, the tariffs are under forbearance, meaning that operators virtually have a free hand in fixing the rates and report plans to Telecom Regulatory Authority of India (Trai) in seven working days of launch. The TDSAT order said that till Trai issues such guidelines no "all services free" offer can be launched by either Reliance Jio or other telecom operator "without making a written submissions to Trai relating to self-check for consistency with regulatory principles of non-predation".
Google parent Alphabet reports $3bn loss on tax provision
Google parent company Alphabet reported a quarterly loss of $3 billion as it set aside $11 billion for taxes on its overseas profits being brought back to the United States, reports AFP. The California tech giant said revenues in the last three months of 2017 rose 24% from a year ago to $32.3 billion and cited "great growth" for the company.
Google remained the key driver of revenue and profit for the company, which has reorganised into new divisions for self-driving vehicles, life sciences and other so-called "moonshot" projects. The Google segment accounted for $31.9 billion in revenue and delivered an operating profit of $8.8 billion. Excluding the tax provision - following the lead of other multinationals taking advantage of a favourable rate to repatriate earnings - Alphabet would have posted a profit of $6.8 billion.
Amazon posts largest profit in its history on sales, tax boost
Amazon.com on Thursday reported a profit near $2 billion, the largest in its history, as the online retailer drew millions of new customers to its Prime fast-shipping club for the holiday season and as changes to US tax law added to its bottomline, reports Reuters.
Seattle-based Amazon is using fast shipping, television shows exclusive to its website and forays into new technology, such as its voice-controlled Alexa devices, to attract high-spending Prime members. Amazon said price cuts at Whole Foods Market, which it acquired for $13.7 billion last year, are helping it win grocery sales, too.
The world's largest online retailer said net income more than doubled to $1.86 billion, or $3.75 per share in the fourth quarter ended December 31. Its profit received a provisional $789 million boost from the US Republican tax bill passed in December.
Trump to approve release of explosive memo: White House
President Donald Trump is set to approve the release of an explosive memo alleging abuse of power in the FBI's probe of his election campaign, a White House official said. "The president is OK with" the memo's publication, the official said, adding that Trump would "probably" give Congress a green light tomorrow to release the document, which purports to show the Justice Department and FBI as politicised, anti-Trump agencies, reports AFP. "It's in Congress's hands after that," the official added.
Fidel Castro's son commits suicide, says Cuban state-run media
The son of late Cuban revolutionary leader Fidel Castro, Fidel Castro Diaz-Balart, committed suicide on Thursday after being treated for months for depression, Cuban state-run media reported. “Diaz-Balart, who had been attended by a group of doctors for several months due to a state of profound depression, committed suicide this morning,” Cubadebate website said. Castro Junior, 68, also known as “Fidelito” because of how much he looked like his father, had initially been hospitalised for depression and then continued treatment outside of hospital.
Crucial hearing in Bofors case in SC today
A crucial hearing is listed for today in the Supreme Court in the politically-sensitive Rs 64 crore Bofors pay-off case in which a BJP leader, who is pursuing the matter for over a decade, has been asked to explain his locus in filing petition as a third party.
Advocate Ajay Agrawal, who contested the 2014 Lok Sabha election from Rae Bareli against the then Congress President Sonia Gandhi, has also filed an application seeking recusal of Chief Justice Dipak Misra from hearing the matter.
The appeal filed by him against the May 31, 2005 judgement of the Delhi High Court quashing all charges against the accused persons is listed for hearing today before the bench comprising Chief Justice Misra and justices AM Khanwilkar and DY Chandrachud.
During the last hearing on January 16, the bench had asked Agrawal to explain his locus in filing the appeal and satisfy it how could the matter be entertained at the instance of a third-party.
CIL misses Jan coal production target at 56.69 MT
State-owned Coal India (CIL) said coal output in January touched 56.69 million tonne. The production target was 63.32 MT for January, and 469.90MT for April-January period of the current fiscal. In a regulatory filing, the company said coal output was 56.69MT during January, while its offtake was 53.70MT in the same period. During April-January period of this fiscal, the coal output stood at 440.62MT, while the offtake was higher at 475.12MT in the same period, the company said in a regulatory filing.
TDSAT upholds Trai order on Jio's free offers
The telecom tribunal on Thursday upheld a Trai order that had allowed Jio's free offers to continue beyond 90 days after its services were launched, but asked the regulator to work out guidelines that can be applied to check compliance with principles of non-predation, reports PTI. Till such guidelines are issued by Trai, the Telecom Dispute Settlement and Appellate Tribunal (TDSAT) order has insisted on a filing requirement and prior approval from the regulator, for operators launching "all services free" offers.
At present, the tariffs are under forbearance, meaning that operators virtually have a free hand in fixing the rates and report plans to Telecom Regulatory Authority of India (Trai) in seven working days of launch. The TDSAT order said that till Trai issues such guidelines no "all services free" offer can be launched by either Reliance Jio or other telecom operator "without making a written submissions to Trai relating to self-check for consistency with regulatory principles of non-predation".
Rupee at 64.10 per dollar, falls to lowest level since December 28, 2017.
Google parent Alphabet reports $3bn loss on tax provision
Google parent company Alphabet reported a quarterly loss of $3 billion as it set aside $11 billion for taxes on its overseas profits being brought back to the United States, reports AFP. The California tech giant said revenues in the last three months of 2017 rose 24% from a year ago to $32.3 billion and cited "great growth" for the company.
Google remained the key driver of revenue and profit for the company, which has reorganised into new divisions for self-driving vehicles, life sciences and other so-called "moonshot" projects. The Google segment accounted for $31.9 billion in revenue and delivered an operating profit of $8.8 billion. Excluding the tax provision - following the lead of other multinationals taking advantage of a favourable rate to repatriate earnings - Alphabet would have posted a profit of $6.8 billion.
Amazon posts largest profit in its history on sales, tax boost
Amazon.com on Thursday reported a profit near $2 billion, the largest in its history, as the online retailer drew millions of new customers to its Prime fast-shipping club for the holiday season and as changes to US tax law added to its bottomline, reports Reuters.
Seattle-based Amazon is using fast shipping, television shows exclusive to its website and forays into new technology, such as its voice-controlled Alexa devices, to attract high-spending Prime members. Amazon said price cuts at Whole Foods Market, which it acquired for $13.7 billion last year, are helping it win grocery sales, too.
The world's largest online retailer said net income more than doubled to $1.86 billion, or $3.75 per share in the fourth quarter ended December 31. Its profit received a provisional $789 million boost from the US Republican tax bill passed in December.
In key earnings today, Hindalco is expected to report an 18% year-on-year growth in sales. A CNBC-TV18 poll pegs a 15% year-on-year growth in profit for Bajaj Auto and expects the management to maintain margin guidance of 20%.
Trump to approve release of explosive memo: White House
President Donald Trump is set to approve the release of an explosive memo alleging abuse of power in the FBI's probe of his election campaign, a White House official said. "The president is OK with" the memo's publication, the official said, adding that Trump would "probably" give Congress a green light tomorrow to release the document, which purports to show the Justice Department and FBI as politicised, anti-Trump agencies, reports AFP. "It's in Congress's hands after that," the official added.
Fidel Castro's son commits suicide, says Cuban state-run media
The son of late Cuban revolutionary leader Fidel Castro, Fidel Castro Diaz-Balart, committed suicide on Thursday after being treated for months for depression, Cuban state-run media reported. “Diaz-Balart, who had been attended by a group of doctors for several months due to a state of profound depression, committed suicide this morning,” Cubadebate website said. Castro Junior, 68, also known as “Fidelito” because of how much he looked like his father, had initially been hospitalised for depression and then continued treatment outside of hospital.