Warren Buffett’s Berkshire Hathaway Inc bought more shares of Occidental Petroleum Corp, surpassing the 20 percent ownership needed to book a share of the oil company’s earnings along with its own and potentially generate billions of dollars in profits. Read more here
Actis to buy 400MW solar assets from Atha Group ₹2,100 cr
Actis Llp has won the bid to acquire the 400 megawatt (MW) solar power assets of Kolkata-based Atha Group for an equity value of around $100 million, and has also signed the sale agreement, two people familiar with the matter said, requesting anonymity. Read more here
New bill to reactivate the electricity sector
Power Minister RK Singh on Monday introduced the Electricity (Amendment) Bill 2022 in the Lok Sabha which proposes to allow multiple power distribution companies to operate in a given area to boost competition and allow consumers choose your energy supplier. The bill has now gone to Parliament’s standing committee. Read more here
CCI to try leniency to encourage business to clarify cartelization
The Competition Commission of India (CCI) is to be more lenient in its bid to encourage companies to come clean about cartel behavior if proposals in a competition law amendment bill tabled in Parliament are followed through last week. Read more here
Medium caps, small caps show spark; outperform the broader index
Mid-cap and small-cap stocks, rallying from the lows, are comprehensively outperforming the broader indexes. Read more here
Lok Sabha passes amendments to EC Act
The Lok Sabha on Monday approved amendments to the Energy Conservation Act aimed at making provisions to make the use of clean energy mandatory and pave the way for the creation of carbon markets in the country. Read more here
Green energy will be RIL’s crown jewel in 7 years: Mukesh Ambani
Reliance Industries Ltd chairman Mukesh Ambani said the conglomerate’s massive investments in green energy are aimed at replicating the rapid success it achieved in the telecom industry and making India the most affordable destination for green energy worldwide during the decade. Read more here
Uber says profitability in India is not far off
Taxi aggregator Uber Technologies Inc. expects India to soon become a profitable and fast-growing market, supported by high demand and low transportation penetration. Read more here
Stock Market Holiday: NSE, BSE will remain closed today on Muharram
Due to Muharram, there will be no trading activity in the stock market today. As per the information available on the official website of BSE, trading on BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) will remain closed for the entire session on Tuesday i.e. 9th August 2022. Read More here
The government restricts exports of suji and maida from August 14
The Union government on Monday restricted exports of maida, semolina and all variants of wheat flour (atta) from August 14, a month after restricting exports of plan atta due to global disruptions in wheat supply Read more here
Check how your NPS investments are doing
There are very few retirement products that help you build a retirement nest egg and one such product is the National Pension Plan (NPS). It is a market-linked defined contribution product that requires you to invest regularly in the funds of your choice. Returns are based on the performance of the funds you choose. There are eight pension fund managers to choose from and one way to do this is by tracking returns. Here is a breakdown of the performance of various NPS Private Sector Funds: Equity Funds, Government Bond Funds, Corporate Bond Funds. Read more here
Banks are demanding higher fees from NHAI for running FASTag services
Banks have requested the National Highways Authority of India (NHAI) to revert to the higher FASTag Project Management Fee (PMF) to ensure its viability for the issuing bank. Read more here
Parliament adjourned sine die 4 days ahead of schedule; here why
The Monsoon session of Parliament ended on Monday, four days ahead of schedule. This was the seventh time parliament was adjourned before its due date. Read more here
How enabling Bharat Bill Payment System for cross-border payments boosts the economy
Allowing the Bharat Bill Payment System (BBPS) to process cross-border incoming bill payments is a much-needed boost for Non-Resident Indians (NRIs) who have been facing challenges in paying their family’s utility bills and friends in India. NRIs are considered the main beneficiaries of the move. Read more here
Covid-19: 13 symptoms you should not ignore and get tested
India on Monday reported 16,167 new cases of covid-19 and 41 deaths in the last 24 hours. The sudden rise in the number of Covid cases, especially from seven states, has been a cause for concern for the Indian government. Read more here
India may opt for ‘ring vaccination’ to combat monkeypox
India may selectively vaccinate close contacts of monkeypox patients and health workers instead of going for mass vaccinations, an official aware of the plans said. The so-called “ring vaccination” strategy has already been adopted by the US and some European countries. Read more here
Canada Student Visa: Here’s Why Applications Are Rejected and How to Avoid Them
In the last few days, Indian students have witnessed a sharp increase in the rejection of their student visa permit by the Canadian government. Reports suggest that student visa permit rejections have risen to nearly 60% in recent days. Read more here
What is the tax liability of NRIs on a visit?
For a citizen of India or a person of Indian origin visiting India, the 60 days are deemed to be modified as follows. If the total income, other than income from foreign sources, exceeds ₹15 lakh, the 60 days are replaced by 120 days; in any other case, the 60 days are replaced by 182 days. Read more here
This is what the Center said about the salaries of five-star hotel professionals
The government on Monday responded to a question about claims that five-star hotel professionals are paid “much less” compared to their working hours. The government said that under the voluntary classification/reclassification scheme for operating hotels, the Ministry of Tourism “only classifies operating hotels under various star categories based on the standards of facilities and services they offer.” . Read more here
Meta Develops Conversational AI Chatbot: Concerned About Sharing Data?
Meta, a social media platform, has created an AI chatbot and made it available to the public on the Internet. Meta AI Research Labs has developed this conversational bot and they want the audience to interact with it to get feedback on the chatbot. Read more here
‘Avoid crowded areas’: Experts warn of Covid transmission ahead of festival season
As the festival season approaches, so does the rising number of new Covid-19 cases in the country. India reported 6,167 new cases of Covid-19 and 41 deaths in twenty-four hours on Monday, August 8. National capital Delhi and financial capital Mumbai have also started reporting an alarming rise in Covid-19 cases. At this time, health experts have sounded the alarm against the likely rapid spread of Covid-19 during festivals. Read more here
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