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Business Headlines: Tax sleuths bust Hawala racket worth 20,000 crores

Ali Azar

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The Delhi investigation unit of the Income Tax Department has busted a massive racket worth 20,000 crores ₹ involving a fake billing racket, hawala, money laundering and a scam involving bogus duty drawback relating to exports. Mobile wallet transactions have hit an all-time high in India and have grown over 40 times in just 5 years. Noted cybersecurity expert Gulshan Rai is upbeat about the future of mobile wallet transactions as it is expected to reach 30% of GDP by 2025. Britain has recorded its lowest GDP growth of 1.4% for the year ended 31st March 2018 for the first time in 6 years on Brexit concerns. Construction, production and services output, all took a hit as fears have grown that Britain could crash out of the EU without a deal before the March 29th deadline.

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Business Headlines: Pulwama Attacks; Jaitley’s Promise and Yogi Adityanath’s Gesture

Ali Azar

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Union Minister Arun Jaitley has assumed charge of the Finance and Corporate Affairs Ministry from Piyush Goyal. He attended the cabinet committee meeting on security and condemned the attack on CRPF jawans and said the terrorists would not get away, he also withdrew the most favoured nation status to Pakistan. Yogi Adityanath gave 25 lakh ₹ to the families of each of the 12 martyred soldiers from UP. Knight Frank, one of the biggest real estate consultants in the world has released a report on expected office rental growth in 2019. Melbourne and Sydney topped the list and 2 of the top 5 cities were Indian cities of Bengaluru and New Delhi. US and China have failed to make progress on the trade talks held between them in spite of the optimistic narrative. UK PM Theresa May has failed yet again to get her renegotiated deal passed through her parliament thereby paving the way for a no deal Brexit.

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Business Headlines: Does Modi actually want Mallya to repay his loans?

Ali Azar

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Fugitive liquor baron Vijay Mallya has offered to repay 100% of his principal amount to banks again. Making a direct reference to PM Modi’s speech in the Lok Sabha, Mallya asked why the PM was not instructing banks to accept his offer of repayment. With elections coming close, perhaps the PM is more interested in making a point that he can extradite the fugitive businessman back to India. The Tata Trusts have made a rejig of top-level management in the Sir Ratan Tata Trust and the Sir Dorabji Tata Trust. Noel Tata and HC Jehangir have been inducted and R. Venkataramanan has been removed. Shares of Yes Bank surged by 31% in today’s trade as the RBI gave the private lender a clean chit after it concluded via a report that there were no divergences in asset classification and provisioning.

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Business Headlines: Meet the 27 Year Old Indian Founder of a Billion $ Startup

Ali Azar

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27-year-old Ankiti Bose and her co-founder Dhruv Kapoor have established Zilingo in December 2014 – a startup that helps connect small traders in South-East Asia to customers. While it is rare to see such young female startup founders, Ankiti has done a fabulous job and Zilingo has expanded its footprint in the online shopping industry in a big way. Group M, part of advertising giant WPP has stated in a report that India is the fastest growing ad market in the world and is the third highest contributor to incremental ad spending behind China and the US. Real estate research company Liaise Foras has released a report about the real estate sector in India that paints a very abysmal picture. With a high amount of debt, sales are not happening to lead to a further stockpile of inventory.

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