Aug 08, 2018 11:09 AM IST | Source: Moneycontrol.com
News Live: B K Hariprasad of Congress to be opposition nominee for RS deputy chairman's post, say sources
This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.
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National Company Law Tribunal adjourns the Tata Sons versus Cyrus Mistry case for August 14. Tata Sons to file their reply by Aug 10.
Kathua rape and murder case
Supreme Court issues notice to Jammu&Kashmir government on habeas corpus petition filed by family member of the witness, Talib Hussain.
Petition claimed that Hussain was allegedly picked up by police and was allegedly meted out third-degree torture.
Next date of hearing is August 21, reports ANI.
RBI will need to tighten monetary policy to counter inflation: IMF
The Reserve Bank of India (RBI) will need to gradually tighten monetary policy further due to rising inflation, driven mainly by higher oil prices and a falling rupee, said the International Monetary Fund.
India's central bank raised the repo rate for the second straight meeting last week by 25 basis points to 6.5 percent, while warning about the inflationary pressures.
Rajya Sabha and Lok Sabha adjourned for the day as a mark of respect to former CM M Karunanidhi, reports ANI.
B K Hariprasad of Congress to be opposition nominee for RS deputy chairman's post: Sources
Congress MP B K Hariprasad will be the opposition's candidate for the post of Rajya Sabha deputy chairperson, said sources.
Several opposition parties, who have joined hands against the BJP, decided to field a joint candidate to take on the NDA nominee, Harivansh Narayan Singh of the JD(U), for the August 9 election.
Today is the last date for filing of nominations.
China trade surplus with US down on-month in July
China's trade surplus with the United States eased in July after President Donald Trump imposed tariffs on Chinese goods in a showdown between the world's two biggest economies, official data showed.
The Asian giant posted a USD 28.1 billion surplus last month after reporting a record USD 28.9 billion in June according to Chinese customs data.
SAD will support NDA nominee in RS Dy-Chairman poll
The SAD said it would support any candidate put up by the NDA for the election to the post of deputy chairman Rajya Sabha.
The election will be held on August 9.
SAD chief Sukbhir Singh Badal said there is no question of abstaining or not supporting the NDA's official candidate for the post.
Rahul Gandhi to visit Jaipur on August 11
Congress President Rahul Gandhi will address party leaders and members at a meeting in Jaipur on August 11.
Rajasthan Congress president Sachin pilot briefed party leaders about Gandhi's programme at a meeting and gave necessary directions for preparations.
RERA provisions would apply to long-term lease agreements: HC
The Bombay High Court has ruled that provisions of the Maharashtra Real Estate Regulatory Authority would apply in cases of long-term lease agreements and that compensation complaints can be heard by it.
A single bench of Justice Shalini Phansalkar Joshi passed the ruling yesterday while hearing appeals filed by the Lavasa Corporation, which is developing a township project near Pune, registered under the Maharashtra Real Estate Regulatory Authority (RERA).
The judge held that RERA had the jurisdiction to hear and decide complaints of people seeking compensation for delay in possession of three flats in the Lavasa township.
IMF asks India to consider simpler GST rate structure
The IMF described the Goods and Services Tax (GST) as a "milestone reform" in India's tax policy, but pushed for a simplified structure, saying the multiple rate structure and other features could give rise to high compliance and administrative costs.
In its annual country report, the International Monetary Fund also said that a dual rate structure with a low standard rate and an additional higher rate on select items can be progressive and preserve revenue neutrality.
Trump hosts Nooyi, Banga among top corporate leaders for dinner at private golf course
PepsiCo's outgoing CEO Indra Nooyi and MasterCard's chief executive Ajay Banga were among a small group of top corporate leaders hosted by US President Donald Trump for a dinner at his private golf club in New Jersey to hear their perspective on the state of the country's economy.
The White House had said in a statement that the dinner is an "opportunity for the President to hear how the economy is doing from their perspective and what their priorities and thoughts are for the year ahead."
HC dismisses all pending petitions against burials at Marina
The Madras High Court today dismissed all pending petitions challenging burials on the Marina here as it resumed hearing on a petition by the DMK seeking allotment of space at the famous beach for laying to rest its leader M Karunanidhi.
The first bench comprising Acting Chief Justice Huluvadi G Ramesh and Justice S S Sundar dismissed the petitions, including one by social activist Traffic Ramaswamy, when it resumed hearing this morning.
Strong Indian economy continues to lead global growth: IMF
India is a source of growth for the global economy for the next few decades and it could be what China was for the world economy, the IMF said, as it suggested the country to take steps towards more structural reforms.
"India now contributes, in purchasing power parity measures, 15 per cent of the growth in the global economy, which is substantial," said Ranil Salgado, International Monetary Fund's mission chief for India. This is next to only China and the US, he said.
Malaysia's ex-PM Najib charged with more corruption counts
Former Malaysian Prime Minister Najib Razak has been charged with three counts of money laundering related to the alleged multibillion-dollar looting of a state investment fund, adding to his troubles just three months after his stunning electoral defeat.
Twitter chief defends not booting Infowars
Twitter chief Jack Dorsey defended his company's decision to allow far-right conspiracy theorist Alex Jones to use the platform to spread his message, saying he hasn't broken user rules.
Apple, Facebook, Spotify and YouTube have all banned Jones, who runs the website Infowars.
"We're going to hold Jones to the same standard we hold to every account, not taking one-off actions to make us feel good in the short term, and adding fuel to new conspiracy theories," Dorsey said in a tweet.
US to impose USD 16 billion import tariffs on China
The Trump administration announced that it would impose 25 per cent tariffs on imports of 279 items from China amounting to USD 16 billion.
This is the second tranche of such tariffs and comes into effect on August 23.
Washington had already imposed tariffs on USD 34 billion on July 6 but held off on a final USD 16 billion in goods as a result of concerns from US companies.
EVM technology is foolproof: CEC Rawat
Chief Election Commissioner O P Rawat said the Electronic Voting Machine (EVM) is a foolproof technology and has not witnessed any malfunctioning in the past several years.
"The maximum failure rate of EVM is 0.5 per cent," Rawat said, delivering a lecture organised by the Dainik Bhaskar group.
Even this failure rate was because of initial glitches experienced in Voter Verifiable Paper Audit Trail machines which were introduced in 2017, he said.
Over 21,000 Indians overstayed visas in US last year: report
In the year 2017, more than 21,000 Indians who were supposed to leave the country at the end of their permissible limits overstayed their visas, as per the latest official report.
While the percentage of Indians overstaying and not leaving the US after the expiry of their visas is not very high compared to some other nations, but in sheer number India ranks among the top 10 countries whose citizens come to the US legally and continue to stay illegally.
The Department of Homeland Security in its latest annual report released today said that in 2017, more than 10.7 lakh Indians visited the United States on the popular B-1, B-2 visas, which is issued to those who come to the US for business, visit or tourism purposes.
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