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IDFC First Bank is set to shake up the credit card market by charging interest as low as 9% on revolving credit for those with a good track record. The private lender will also not charge interest on cash withdrawals during the 45-day free credit period.

Shares in Chinese technology giant Xiaomi collapsed more than 11 per cent in Hong Kong trade on Friday after the US put it on a blacklist. The aim is to ban Americans from investing in it as the Trump administration ramps up its battle with Beijing.

PSU lenders back Piramal’s DHFL bid

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Public sector banks, led by SBI, are understood to be in favour of the resolution plan submitted by Piramal Group for troubled housing finance company DHFL. PSU lenders hold a significant portion of the debt and are likely to determine the direction of voting by financial creditors, which concludes on January 15.

The aid package includes $415 billion to bolster the response to the virus and the rollout of Covid-19 vaccines, some $1 trillion in direct relief to households, and roughly $440 billion for small businesses and communities particularly hard hit by the pandemic.

The Donald Trump administration in its waning days took another swipe at China and its biggest firms on Thursday, imposing sanctions on officials and companies for alleged misdeeds in the South China Sea and imposing an investment ban on nine more firms. The moves will further increase tensions with China, Washington’s strategic rival in Asia.

The Karnataka Police has seized Bitcoins worth Rs 9 crore from a 25-year-old hacker, Bengaluru joint commissioner of police (crime) Sandeep Patil informed on Friday. The hacker, Srikrishna alias Shreeki, was arrested on November 18 for allegedly breaking into government websites, online gaming portals and websites.

Almost all Indian carriers have started sale to attract flyers. For instance, IndiGo has a five-day sale till Sunday (Jan 17) with all inclusive fares on domestic flights starting at Rs 877. Airlines need to woo back flyers. On expected lines, travel has dipped after the peak holiday season got over.

IMF chief Kristalina Georgieva has praised India for taking “very decisive” steps to deal with the coronavirus pandemic and its economic consequences and asked the country to do more this year to support an accelerated transformation of the economy. If you look at mobility indicators, we are almost where we were before Covid in India, … Continue reading ‘India took decisive steps to deal with Covid’

Equity indices slipped on Friday with the benchmark BSE sensex falling nearly 550 points amid profit booking. Sensex plunged 549 points or 1.11 per cent to close at 49,035; while the broader NSE Nifty moved 162 points or 1.11 per cent lower to settle at 14,434.

This firm seeks finance from forests

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Estonian company Single.Earth has raised millions of dollars to buy forests and wetlands, it said on Friday, aiming to tap into a rapidly growing carbon-offset market and public concern over the amount of logging in the country.

India’s trade deficit in goods widened to $15.44 billion in December as imports rose to $42.59 billion, pushed by a surge in gold imports, while merchandise exports were up marginally, revised data released by the government on Friday showed.

The much-awaited policy to scrap 15-year old vehicles is likely to get government nod soon, Union minister Nitin Gadkari said on Friday. On July 26, 2019, the government proposed amendments to motor vehicle norms to allow scrapping of vehicles older than 15 years in a bid to spur adoption of electrical vehicles.

In wake of bird flu in severe states, airlines like IndiGo and Vistara have stopped serving chicken and egg dishes on some of their flights. A Vistara official said the airline has “already removed chicken and egg items from the onboard menu on both domestic and international flights originating from Delhi.”

Thierry Delaporte joined Wipro as CEO in July last year from Capgemini. Since then, he has undertaken a major organisational revamp, created a new operating model that put the focus on geographies instead of industry verticals, and empowered P&L owners more.

Digital platforms like the Google Play Store should not host lending apps without strict scrutiny, fintech experts say. Many such apps have come under the spotlight for predatory behaviour, which includes harassing, abusing and threatening borrowers for repayment.

Bitcoin has jumped over five-fold since the start of 2020, prompting investment banks to predict more future gains. Citigroup said bitcoin could hit $318,000, while JPMorgan Chase & Co tipped it to reach $146,000.

The wholesale price-based inflation slowed to 1.22 per cent in December on easing food prices, as per government data released on Thursday. The inflation based on Wholesale Price Index (WPI) was 1.55 per cent in November 2020, and 2.76 per cent in December 2019.

The Gujarat high court declined to interfere and issue a ‘writ of mandamus’ to the Central Board of Direct Taxes (CBDT) for further extending the time limits to file the tax audit report and the Income-tax (I-T) returns up to March 31.

Google has removed lending apps aimed at consumers in India from Play Store in an attempt to safeguard users. At least 10 lending apps on Play Store breached Google’s rules on loan repayment lengths aimed at protecting vulnerable borrowers. It also found that a number of the lending apps also flouted central bank regulations aimed … Continue reading Google removes loan apps to protect consumers

Passenger vehicle wholesales in India slipped to a ten-year low in the April-December this fiscal, and the industry will have to work hard to regain better volumes and business health, industry body SIAM said on Thursday.

Former Reserve Bank of India (RBI) governor Raghuram Rajan says the government should take advantage of the peaks in the Indian equity markets right now and sell stakes in PSUs while prioritising spending to get the economy back on track.