Tag: Economy

Business Today: Business News, Latest Stock Market and Economy News India from #car #wash

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Prime Minister Narendra Modi, who held wide-ranging talks with his Vietnamese counterpart Nguyen Xuan Phuc, said the two countries have decided to elevate their strategic ties to a Comprehensive Strategic Partnership to provide it a new momentum.

In his last public speech before demitting office, Reserve Bank Governor Raghuram Rajan made a vigorous case for a strong and independent central bank that can say ‘no’ to highest echelons of the government to ensure macroeconomic stability.

At present, around three-fourths of the revenues of telcos operating in India are generated from voice calls. With its unlimited free calling offer, Jio is hitting the telcos where it hurts most. The biggest threat, therefore, is the possibility of customers migrating to Jio.

DLF had in May entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.

Playing spoilsport for the RJIO ultra cheap 4G offer are the existing market players. Telcos including Bharti Airtel, Idea and Vodafone India are locking horns with RIL.





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What did the American Taxpayer Relief Act of 2012 do? #federal #budget #and #economy,,

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Some Background

Numerous tax cuts enacted between 2001 and 2010 were scheduled to expire after 2012, part of the “fiscal cliff” that threatened to cut short nascent recovery from the Great Recession. The expirations involved four tax acts[1] :

  • Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) phased in tax cuts for most taxpayers, but scheduled all of the cuts to expire after 2010 to avoid conflict with Senate rules (Joint Committee on Taxation 2001).
  • Jobs and Growth Tax Relief Reconciliation Act of 2003 accelerated the phase-in of some of EGTRRA’s provisions, but retained their expiration dates (Joint Committee on Taxation 2003).
  • American Recovery and Reinvestment Tax Act of 2009 (Division B, Title I of the American Recovery and Reinvestment Act, or ARRA) provided a number of temporary tax cuts designed to stimulate the economy, all of which were to sunset by the end of 2010 (Altshuler et al. 2009).
  • The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extended most provisions of those three acts through 2012 (Urban-Brookings Tax Policy Center 2010).

The Tax Policy Center’s analysis of the scheduled expirations found that failure to extend them would have raised taxes by more than $500 billion in 2013—an average of almost $3,500 per household. Roughly 90 percent of Americans would have seen their tax bills rise (Williams et al. 2012).

Congress passed the American Taxpayer Relief Act of 2012 (ATRA) early on January 1, 2013, to prevent most of the sun-setting tax cuts from expiring. Most 2001 and 2003 income tax cuts were made permanent for all but the highest-income taxpayers. Three ARRA provisions were extended through 2017, while permanent changes to the estate tax and the alternative minimum tax reduced the number of people affected and indexed those provisions for inflation.

Tax Provisions Made Permanent

Income Tax Provisions
  • Tax Rates: Maintains the basic marginal tax rate structure of 10, 15, 25, 28, 33, and 35 percent for taxable income under $400,000 ($450,000 for married taxpayers filing jointly); the thresholds are indexed for inflation after 2013. Taxpayers with taxable income above the thresholds face a 39.6 percent marginal tax rate.
  • Pease and PEP: The limitation on itemized deductions (Pease) and the personal exemption phaseout (PEP) applies only to taxpayers with adjusted gross incomes of $250,000 or more ($300,000 for married taxpayers filing jointly); the thresholds are indexed for inflation after 2013.
  • Child Credits: The child tax credit (CTC) equals $1,000 per child and is refundable up to 15 percent of earnings above $10,000 (indexed for inflation after 2001). Another ATRA provision temporarily reduced the refundability threshold to $3,000. The child and dependent tax care credit rate begins at 35 percent on eligible expenses up to $3,000 per child (to a maximum of $6,000) and phases down to 20 percent between AGIs of $15,000 and $43,000.
  • Marriage Penalty: The standard deduction and the 10 percent and 15 percent brackets for joint filers equal twice those for single filers.[2]
  • Education Tax: Maintains higher annual contribution limits for Coverdell education savings accounts and higher phaseout ranges for the student loan interest deduction.
  • Capital Gains and Dividends: Retains 15 percent tax rates on long-term capital gains and qualified dividends (0 percent for those who would otherwise be in the bottom two tax brackets) for taxpayers in all but the top income tax bracket; sets a 20 percent rate for those in the top bracket.
  • Alternative Minimum Tax (AMT): Sets the 2012 AMT exemption at $50,600 ($78,750 for married taxpayers filing jointly) and indexes the exemption amount, the exemption phaseout threshold, and the future tax brackets for inflation.
Estate and Gift Taxes

ATRA sets a $5 million effective estate and gift tax exemption (indexed for inflation from 2011) and a top estate tax rate of 40 percent. A surviving spouse may claim any exemption not previously used by the deceased, a feature termed “portability.”

Extension of Temporary Tax Provisions

Tax Extenders

Congress regularly renews a few dozen temporary tax provisions, known as extenders, for one or two years at a time. ATRA extended that group of tax provisions through 2013. Most extenders had expired at the beginning of 2012; their ATRA extensions were retroactive, making them effective for 2012.

Extension through 2017 of Certain 2009 Tax Cuts
  • The American opportunity tax credit, which replaced the HOPE education credit in 2009.
  • The CTC is refundable up to 15 percent of earnings above $3,000 (not indexed for inflation), which is reduced from earnings above $10,000 (indexed for inflation from 2001).
  • The earned income tax credit threshold for couples filing jointly is set at $5,000 (indexed from 2008) above the phaseout for single filers. The phase-in rate for families with three or more children is raised to 45 percent.

[1] Another tax law, the Temporary Payroll Tax Cut Continuation Act of 2011, extended through 2012 a cut in employees’ share of the payroll tax funding Social Security, from 6.2 percent to 4.2 percent. ATRA did not extend that provision.

[2] ATRA also temporarily extended the higher earned income tax credit phaseout threshold for joint filers.

Rosanne Altshuler, Leonard E. Burman, Howard Gleckman, Dan Halperin, Benjamin H. Harris, Elaine Maag, Kim Rueben, Eric Toder, and Roberton Williams. 2009. “Tax Stimulus Report Card: Conference Bill.” Washington, DC: Urban-Brookings Tax Policy Center.American Recovery and Reinvestment Tax Act of 2009. Pub. L. No. 111-5, 123 Stat. 306 (2009).

Urban-Brookings Tax Policy Center. “Tax Policy Center Analysis of the American Taxpayer Relief Act (ATRA)” (especially distribution and marginal tax rate tables). Accessed October 27, 2015.

Williams, Roberton, Eric Toder, Donald Marron, and Hang Nguyen. 2012. “Toppling Off the Fiscal Cliff: Whose Taxes Rise and How Much?” Washington, DC: Urban-Brookings Tax Policy Center.





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Student Loan Debt: How Much is Too Much? ABC News #college, #university, #graduation, #loans,

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Student Loan Debt: How Much Is Too Much?

Paul Marotta/Getty Images

A general view of the gates of Harvard University on April 25, 2013 in Cambridge, Mass. College tuition has skyrocketed in recent years, leaving students with heavy debts.

Some call it the Student Loan Bubble — I call it crazy. And what better time to discuss student debt insanity than now, as countless soon-to-be graduates prepare to slip on their caps and gowns? An estimated 1.8 million students are graduating this year. many with degrees that perhaps aren’t worth a damn when it comes to actually getting a job. Nevertheless, many of them will soon be paying back the tens or hundreds of thousands of dollars they borrowed to get those nice degrees, and I wonder how many will regret the decision to spend what they spent as they see their interest compound and principals skyrocket through cycles of deferment and forbearance. The college experience can be an amazing one, but is it really worth the cost? (And I’m not just talking about tuition.)

To get at the heart of this question, I recently commissioned a poll that asked adults of all ages about student loans. We asked how much student debt is okay, and how much is too much. One in five senior citizens and almost a quarter of adults between the ages of 35 to 49 agree that $20,000 to $50,000 in student loan debt is too much to borrow. Maybe that’s because they are in the age range of folks in a position to hire young people. Maybe it’s because college didn’t used to cost so much. At any rate, people of college age, between 18 and 24, disagreed with the old folks; only 16 percent said graduating with that much debt is too much.

Many respondents believe there should be no limits at all. Among recent graduates, 22 percent agreed that students “should borrow as much as they need,” and “no amount is too much.” Baby boomers and seniors overwhelmingly disagree — only 7.9 percent of people age 65 and up agreed that college students should borrow to the hilt. It seems the marketing of “Don’t Worry, Pay Later” has been a success — at least in younger demographics.

Clearly, many college students and recent grads take a more cavalier approach to student loans than their parents and grandparents. Research shows that many even consider high debt loads to be empowering and give them higher self-esteem. Conversely, young adults—folks who have labored a few years into the real world — are less enthusiastic about borrowing so much; 73 percent say they owe more in student debt than they can manage.

“It’s not surprising that the generation that has to borrow a lot more for college believes it’s a necessity for others,” says Lauren Asher, president of the Institute for College Access and Success. “There’s been a big structural shift in how Americans pay for college, and the cost that students and families have to pay has increased.”

Young adults back their beliefs with more student debt. Just shy of half the respondents — 46.8 percent — between ages 18 and 24 said they have borrowed money to finance a college education. That’s the highest level of any age group. About 40 percent of adults aged 25 to 34 took on student loans, and under a quarter of all Baby Boomers did.

Loan totals are going up, too. Young adults reported a median debt of $38,100. That blew all other age groups out of the water. Middle-aged adults said they borrowed about $25,000 for college. The average college student has about $26,600 in debt, according to the Project on Student Debt, a 40-percent increase since 2002, and it’s time to find a way to start paying it down.

Today’s bad economic climate makes this pretty scary. The unemployment rate for Americans dipped to 7.1 percent in April. But joblessness among adults ages 20 to 24 remains mired at 12.5 percent, according to the Bureau of Labor Statistics. When you add in all the college grads working as baristas, waiters and other jobs that don’t require a degree, about 1.5 million bachelor’s degree holders — 53.6 percent — under age 25 are unemployed or underemployed, according to a study by the Associated Press.

High college debt mixed with low job opportunities equal economic fallout. And if you are wondering why young people are taking on the debt: high school graduates face a jobless rate twice that of college grads.

Signs of stress are already showing. More than half of all student loans are now delinquent or in deferral. according to a recent study by TransUnion. Further, according to the latest report from the U.S. Department of Education, over 13 percent of graduates default on their loans within three years of leaving college.

So, riddle me this: how do you buy a car, a home, or start a family (i.e. put the “consumer” into our “consumer economy”), if you can’t even afford a monthly student loan payment. You already know the answer. And so the economy will continue to stagnate, with demand flagging along with everything else.

As President Obama and the Congress dither over federal Stafford loan rates possibly doubling to 6.8 percent, they have done nothing substantive about the real problem: The Great Recession and a competitive technology job market that colleges and college lenders aren’t catering to. This is the problem that has already killed millions of middle-class jobs that are never coming back. And until our lawmakers get busy on a solution, it’s only going to get worse.

The new economic age of big, portable, sharable data is here, yet many American students today are still preparing for the economy of the past. Rather than slashing investment in higher education and scientific research, we should be adding to it. We should also be seeking innovative ways to keep a lid on tuition increases while simultaneously working to help millions of American graduates win the kinds of good-paying jobs they’ll need to pay their loans.

This work is the opinion of the columnist and in no way reflects the opinion of ABC News.

Adam Levin is chairman and cofounder of Credit.com and Identity Theft 911. His experience as former director of the New Jersey Division of Consumer Affairs gives him unique insight into consumer privacy, legislation and financial advocacy. He is a nationally recognized expert on identity theft and credit.





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RT – News – Business, Finance, Economy, Markets, Stocks Shares #online #business #classes

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02 Sep Exchequer returns for August show a significant fall in revenues collected during the month.

02 Sep US employment growth slowed more than expected in August after two straight months of robust gains and wage gains moderated.

02 Sep Tech giant Samsung has said it is suspending sales of its latest flagship smartphone Galaxy Note 7, as reports of exploding batteries threaten to damage the reputation of the South Korean electronics giant.

02 Sep Telecoms firm Eir has recorded its first year of annual revenue growth since 2008.

02 Sep Minister for Finance Michael Noonan has claimed that the EU Commission’s ruling over Apple’s tax operations in Ireland was an “attack on our corporate tax regime”.

02 Sep Heavy machinery maker Caterpillar has said it could lay off about 2,000 employees at a plant in Belgium, as it considers shifting production to other facilities as part of a restructuring programme announced last year.

02 Sep Irish Residential Properties REIT, or I-RES, is seeking planning permission for 492 apartments as well as retail space in Sandyford in Dublin.

02 Sep Peer-to-peer lending platform Linked Finance says 21 SMEs raised €600,000 in funding during the first two weeks of its new fixed rate loan offering.

02 Sep Activity in the services sector rose by 0.5% between June and July, with wholesale and retail trade seeing a 6.1% surge during the month.

02 Sep Currency movements have hit Fyffes’ banana business, according to the company’s first half results.

02 Sep Crude prices have risen today after losses of more than 3% yesterday, with investors treading cautiously ahead of key US employment data.

02 Sep RTÉ’s Europe Editor Tony Connelly looks at the Apple ruling and the possible impact of a similar case involving Spanish bank Santander.

02 Sep The Irish Times reports telecom firms have hit out at Eir for raising wholesale broadband prices for the second time in 14 months.

02 Sep Telecoms firm Eir has recorded its first year of annual revenue growth since 2008.

01 Sep Up to 250 jobs could go at US multinational Caterpillar’s plants in Northern Ireland, a spokesman has said.

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Grafton Chief Executive Gavin Slark discusses the builders’ merchant and DIY retailer’s double-digit growth in percentage terms in revenue and profit in H1

Bord Gáís Energy Managing Director Dave Kirwan said the firm is reducing its residential electricity prices by 5% and its residential gas prices by 2%

Just Eat Managing Director for Ireland Amanda Roche Kelly discusses the brand’s presence at the upcoming Electric Picnic festival





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Canadian Business – Your Source For Business News – Your source for market news,

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How new rules could change Canada’s social media marketing landscape

How to fire your spouse

Nearly every category of consumer electronics shows declining sales

How to hire your spouse

Canada Goose CEO Dani Reiss on how to build an international brand

How to express frustration productively

Canada is cracking down on paid social media endorsements

Sign up for our daily morning strategy briefing

How to be happier at work

Making connections is what turns good entrepreneurs into great ones

The inside story of what really went wrong at Target Canada

Scientists prove that sucking up to your boss actually works

Inside the surreal, competitive race to clean up Fort McMurray

These three investing legends are warning of another market crash

Smoke’s Poutinerie intends to become a global fast-food giant

Why aren’t women enrolling in Canada’s MBA schools?

Canada’s Best Jobs 2016: The Top 25 Jobs In Canada

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    10 things anyone dealing with a debt collector should know – ABC News #debt

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    Yahoo!-ABC News Network | 2017 ABC News Internet Ventures. All rights reserved.

    10 things anyone dealing with a debt collector should know

    If you are having trouble with debt collectors, here are some tips to help.

    Getting a debt collection call is never fun. Even in a best-case scenario — it’s your debt and you can pay — that outstanding account can cause a headache or two. And if the debt’s contentious, not yours or just too darn high, the situation can become (or at least feel) a lot more dire. But knowledge is a superpower when it comes to dealing with a debt collector in any shape or form.

    Here are 10 things anyone who’s gotten a debt collection call should know.

    1. You Have Rights Yes, a debt collector has every right to collect on a debt you legitimately owe, but there are rules and restrictions — formally known as the Fair Debt Collection Practices Act (FDCPA) — that govern how they can go about their business.

    2. Old Debts Expire Each state also has laws specifying how long collectors have to sue you over a debt. In most states, these time limits last for four to six years after the last payment made on the account. You can consult this chart to determine your state’s statutes of limitations (SOL) — and if you get a call about a very old debt, you should really consult this chart, because.

    3. Zombie Debts Are Real. Collection accounts get resold all the time, and it’s not uncommon for someone to get a call about a debt that’s outside the SOL or no longer owed. The latter is illegal, but the former may not be: The SOL applies to how long a collector has to sue you over a debt, but, in many cases, they can still try to get you to pay.

    4. And You Can Wind Up Reanimating Them If the old account is legit, you can unwittingly restart the clock on the SOL by paying part of the debt or even agreeing over the phone that it’s yours. If you get a call about a debt, be sure to get all the details before saying you owe. That due diligence is doubly important because.

    5. There Are a Lot of Scammers Out There That’s not to say you’re talking to one, but you’ll want to stay on guard. “Ask the caller for their name, company, street address, telephone number and if your state licenses debt collectors, a professional license number,” according to the Consumer Financial Protection Bureau (CFPB), which has more tips for spotting a debt-collection scam on its website.

    6. You’re Entitled to Written Verification In fact, FDCPA requires a collector to send a statement outlining the specifics of the debt within five days of contacting you. That notice — which is basically step one in determining whether a debt’s legit — must include the amount of money you owe, the name of the original creditor and what actions to take if you believe the information is wrong.

    7. You Can Dispute the Debt Debt collectors must investigate a debt so long as you file a dispute in writing within 30 days of their initial contact — and they’re to cease contact until they verify (again in writing) that you owe the amount in question.

    8. Collectors Can’t Just Inflate What You Owe Regarding that amount: A debt collector can charge interest, but only up to the amount stipulated in your contract with the original creditor. Most states also cap the amount of interest and fees a debt collector can charge.

    9. You Can Ask Them to Stop Calling Per FDCPA, a collector must cease contact if you send a letter requesting they do so. That letter won’t absolve you of a legitimate debt, but it can curb incessant and heated phones calls, which is important because.

    10. Too Many Calls Are Illegal Another facet of FDCPA: Collectors can’t call you too early in the morning (before 8 a.m.), too late at night (after 9 p.m.), too many times a day or at work once you tell them not to. They’re also not allowed to use abusive language — no cuss words or name-calling.

    Want to know more ways to effectively handle debt collectors? You can see the full list of 50 things anyone dealing with a debt collector should know on Credit.com.

    Jeanine Skowronski is the executive editor of Credit.com.

    Any opinions expressed in this column are solely those of the author.





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    Business Today: Business News, Latest Stock Market and Economy News India from #letterpress #business

    #business news today

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    Prime Minister Narendra Modi, who held wide-ranging talks with his Vietnamese counterpart Nguyen Xuan Phuc, said the two countries have decided to elevate their strategic ties to a Comprehensive Strategic Partnership to provide it a new momentum.

    In his last public speech before demitting office, Reserve Bank Governor Raghuram Rajan made a vigorous case for a strong and independent central bank that can say ‘no’ to highest echelons of the government to ensure macroeconomic stability.

    At present, around three-fourths of the revenues of telcos operating in India are generated from voice calls. With its unlimited free calling offer, Jio is hitting the telcos where it hurts most. The biggest threat, therefore, is the possibility of customers migrating to Jio.

    DLF had in May entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.

    Playing spoilsport for the RJIO ultra cheap 4G offer are the existing market players. Telcos including Bharti Airtel, Idea and Vodafone India are locking horns with RIL.





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    Business News – China Economy – Company – China Daily #business #lenders

    #china business

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    Over 700 Chinese companies take part in 2016 IFA consumer electronics fair20:59 B20 summit starts in China’s Hangzhou20:33
    UK expert: China will share its prosperity with the world19:53 China’s opening drive benefits all countries: Xi18:31
    Stronger China-ASEAN cooperation benefits regional growth, peace, prosperity: Indonesian official17:26 China’s reform and opening-up a great process: Xi16:04
    Xi’an launches China-Europe freight train service to Hamburg15:09 G20 Hangzhou summit reflects global recognition of China’s economic success: Russian economist15:08

    Over 700 Chinese companies take part in 2016 IFA consumer electronics fair

    Indonesian president calls on Jack Ma as economic advisor

    VR brings thrills, pressure to entertainment industry

    Commemorative G20 stamps a hit at media center

    Top 10 trends in China’s internet development

    Children explore science and technology at museum in Guangdong

    Media center of G20 summit in Hangzhou

    The mega merger between the top two ride-hailing service providers in China may hit a roadblock as the country’s antitrust watchdog says it is investigating the case.

    European businessmen are considering buying stakes in more Chinese private companies and are calling for the necessary market-oriented reforms.

    Home buyers will be required to submit fewer documents when withdrawing housing provident funds to buy apartments in Beijing, according to a circular.

    The world was surprised by China’s double digit GDP growth since the opening-up in 1970s, but that economic path no longer fits the current situation in China, Wang Yiming, deputy director of the development research center of the State Council, said in an article published in the People’s Daily on Monday.

    China’s Belt and Road Initiative offers promising opportunities for Sany Group to expand its global market, said president of Sany, the largest machinery manufacturer by revenue in China.

    China’s major manufacturers of self-balancing scooters, also called hoverboards, formed a sector branch on Tuesday under the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, aiming to build group and international standards to reenter the US market.

    BYD Co Ltd, a major Chinese new energy vehicle manufacturer, posted a first-half profit increase of 384 percent to 2.26 billion yuan ($342 million) compared to the same period last year, mainly due to the increase in its new energy vehicle business.

    Baidu unveiled its latest plans in the burgeoning field of artificial intelligence, including “Baidu Brain”, which simulates the human brain with computer technology, and a partnership with Nvidia Corp to develop driver-less vehicles.





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    Business Today: Business News, Latest Stock Market and Economy News India from #sba #lenders

    #business news today

    #

    Prime Minister Narendra Modi, who held wide-ranging talks with his Vietnamese counterpart Nguyen Xuan Phuc, said the two countries have decided to elevate their strategic ties to a Comprehensive Strategic Partnership to provide it a new momentum.

    In his last public speech before demitting office, Reserve Bank Governor Raghuram Rajan made a vigorous case for a strong and independent central bank that can say ‘no’ to highest echelons of the government to ensure macroeconomic stability.

    At present, around three-fourths of the revenues of telcos operating in India are generated from voice calls. With its unlimited free calling offer, Jio is hitting the telcos where it hurts most. The biggest threat, therefore, is the possibility of customers migrating to Jio.

    DLF had in May entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.

    Playing spoilsport for the RJIO ultra cheap 4G offer are the existing market players. Telcos including Bharti Airtel, Idea and Vodafone India are locking horns with RIL.





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    Business Today: Business News, Latest Stock Market and Economy News India from #penny #stocks

    #business news today

    #

    Prime Minister Narendra Modi, who held wide-ranging talks with his Vietnamese counterpart Nguyen Xuan Phuc, said the two countries have decided to elevate their strategic ties to a Comprehensive Strategic Partnership to provide it a new momentum.

    In his last public speech before demitting office, Reserve Bank Governor Raghuram Rajan made a vigorous case for a strong and independent central bank that can say ‘no’ to highest echelons of the government to ensure macroeconomic stability.

    At present, around three-fourths of the revenues of telcos operating in India are generated from voice calls. With its unlimited free calling offer, Jio is hitting the telcos where it hurts most. The biggest threat, therefore, is the possibility of customers migrating to Jio.

    DLF had in May entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.

    Playing spoilsport for the RJIO ultra cheap 4G offer are the existing market players. Telcos including Bharti Airtel, Idea and Vodafone India are locking horns with RIL.





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