Name: US shareholders of Credit Suisse sue the bank over finances, controls
Uploaded: 2023-03-17T14:16:45.000+05:30
Duration: T00M35S
Channel: Editorji News Desk
Description: The proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows

Despite mixed global trends, the benchmark equity indices Sensex and Nifty finished Tuesday's highly volatile trading slightly lower.

Sensex, Nifty close marginally down in volatile trade

Despite mixed global trends, the benchmark equity indices Sensex and Nifty finished Tuesday's highly volatile trading slightly lower.

Benchmark equity indices Sensex and Nifty ended marginally lower in highly volatile trade on Tuesday as losses in IT and auto stocks were largely offset by gains in banking and oil shares amid mixed global trends.
The 30-share BSE Sensex ended 40 points lower at 57,613 as 19 of its stocks declined and 11 advanced. The index opened higher and further climbed 295 points to touch a high of 57,949. It, however, failed to hold onto the gains and fell to a low of 57,494 later.
The broader NSE Nifty closed lower by 34 points to finish at 16,951 after gyrating between 17,061 and 16,913.
As many as 32 Nifty stocks declined, 17 advanced and one closed unchanged. Adani Entertainment, Adani Ports, Tech Mahindra, HeroMotoCorp and Tata Motors were among major Nifty losers.

A quarter of jobs could soon be automated as a result of breakthroughs in artificial intelligence, says investment bank Goldman Sachs 

Artificial Intelligence to takeover world's two-thirds of jobs; these industries to be impacted the most

A quarter of jobs could soon be automated as a result of breakthroughs in artificial intelligence, says investment bank Goldman Sachs&nbsp;

Will a bot take your job? Well, the chances are quite high, says Goldman Sachs.&nbsp; Research by investment bank, Goldman Sachs highlighted that &lsquo;generative&rsquo; AI systems such as ChatGPT &ndash; a computer program able to create writing and other content indistinguishable from that of a human &ndash; could spark an economic boom and increase global gross domestic product by 7 per cent in a decade.
Two-thirds of jobs in the US and Europe could be affected, report authors Joseph Briggs and Devesh Kodnani calculated &ndash; with administrative and legal sectors are expected to be the most impacted, with 46% of administrative jobs and 44% of legal jobs being substitutable by AI.
Meanwhile, more complex jobs are expected to remain the sole preserve of humans &ndash; making court rulings and checking the health of critically ill patients are unlikely to be replaced by AI. Physical and outdoor roles such as construction are also unlikely to be affected.

From July 1, 2023, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative

Govt extends deadline to link PAN with Aadhaar to June 30

Govt extends deadline to link PAN with Aadhaar to June 30

From July 1, 2023, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative

The government on Tuesday extended the deadline for linking PAN and Aadhaar by three months to June 30, 2023, to provide some more time to taxpayers, an official statement said.
The earlier deadline was ending on March 31.
Persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions, it added.
Under the provisions of the Income-tax Act, 1961, every person who has been allotted a PAN as on July 1, 2017, and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before March 31, 2023, on payment of a prescribed fee.
"Failure to do so shall attract certain repercussions under the Income Tax Act w.e.f. April 1, 2023. The date for intimating Aadhaar to the prescribed authority for the purpose of linking PAN and Aadhaar has now been extended to June 30, 2023," it said.
From July 1, 2023, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative.
It is stated that more than 51 crore PANs have already been linked with Aadhaar till date.

The finance bill amendment introduces extension of marginal relief for those whose income will be slightly above Rs 7 lakh from the next financial year

Finance Bill: Marginal relief for income slightly over Rs 7 lakh

The finance bill amendment introduces extension of marginal relief for those whose income will be slightly above Rs 7 lakh from the next financial year

In the Finance Bill 2023, an amendment offering marginal relief for those with income slightly more than Rs 7 lakh was introduced. This will be applicable from next financial year.&nbsp;
Marginal relief is the difference between the excess tax payable and the amount exceeding the threshold. This implies that the tax liability cannot be more than the income that exceeds Rs 7 lakh.
In the Budget 2023, an increase in the tax rebate was proposed. With the increase in the rebate, an individual won&rsquo;t have to pay any tax if the taxable income does not exceed Rs 7 lakh from FY24. The rebate is distinct from the basic exemption limit, which was also raised to Rs 3 lakh from Rs 2.5 lakh. Tax payer can claim rebate until the income is upto Rs 7 lakh.
However, a small increase in the income over Rs 7 lakh would make the entire amount above the basic exemption limit of Rs 3 lakh becomes taxable. This drastically increased the tax liability that has to be paid.
Now, with the introduction of marginal relief, the tax to be paid can not be more than &nbsp;the income that exceeds Rs 7 lakh. Marginal relief has existed since the implementation of surcharge. Income tax surcharge is an extra charge levied on the taxable amount paid when income exceeds a certain threshold

Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on Russian energy supplies after Moscow sent troops into neighbouring Ukraine

Russia says oil sales to India soar amid Ukraine conflict

Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on Russian energy supplies after Moscow sent troops into neighbouring Ukraine.

Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia's deputy prime minister said Tuesday.
Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on Russian energy supplies after Moscow sent troops into neighbouring Ukraine.
The EU imposed an embargo on seaborne Russian oil in December alongside a price cap on Russia crude that was agreed with the Group of Seven industrialised powers.
The shift has meant cheaper Russia energy imports for China and India.
"Most of our energy resources were redirected to other markets, to the markets of friendly countries," Deputy Prime Minister Alexander Novak said in comments carried by Russian news agencies.
"If for example we take oil supplies to India, they increased 22 times last year," Novak said.
Novak, who is in charge of Russia's energy sector, also noted that supplies to China were increasing as a "result of the great work that has been done in the industry."
Russia, a major producer and key ally of the OPEC oil cartel, cut crude production by 500,000 barrels per day this month in response to the Western sanctions.
Novak announced last week that the output reduction, which amounts to five percent of daily production, would continue through June.
He said the move was part of a response to Western penalties targeting Russia's oil industry that aim to limit Moscow's ability to finance its military.
The International Energy Agency said this month that Russia's oil-export revenue sank by almost half in February compared to last year.

Jio has also offered the option to pay between ₹21 and ₹152 to upgrade the internet speed to 30 Mbps or 100 for 1 to 7 days.

Jio launches lower entry level plan at ₹198 per month for fixed broadband services

Jio has also offered the option to pay between ₹21 and ₹152 to upgrade the internet speed to 30 Mbps or 100 for 1 to 7 days.

Stepping up the fight in fixed broadband segment, Jio on Monday introduced its entry level broadband plan at a price as low as Rs 198 per month.
The plan, named Broadband Back-up plan, will come with top internet speed of 10 megabit per second.
Earlier, the minimum price for availing Jio Fiber connection was Rs 399 per month.
The company has also provided an option to upgrade the internet speed to 30 mbps or 100 for 1 to 7 days by paying in the range of Rs 21 to Rs 152.
"...we at Jio understand the customer's need to remain connected round the clock with dependable broadband connectivity at home. With JioFiber Backup, we want to offer alternate reliable broadband connectivity for homes. This new concept of a back-up connection allows homes to have an alternate broadband connectivity with an assured supply of data at an affordable price," Jio spokesperson said.
A new customer will need to pay Rs 1,490 for the service which comprises five month of usage and installation charges.
Recently, Jio's rival Bharti Airtel made changes in pre-paid and postpaid mobile phone tariff.
While Airtel increased entry level price in the pre-paid segment, it bundles postpaid plans with high amount of data, unlimited 5G data use etc. to woo high ARPU (average revenue per user) generating customers.&nbsp;

Walt Disney has begun the job cuts with an aim of eliminating 7000 positions. The cuts are expected to fall on all parts of the company including theme parks and the ESPN sports networks

Walt Disney begins job cuts; 7,000 employees at risk

Walt Disney has begun job cuts with the aim of eliminating 7000 positions. The cuts are expected to fall on all parts of the company including theme parks and the ESPN sports networks

As a key part of the $5.5 billion savings drive, Walt Disney, has now begun cutting jobs and is expected to cut around 7,000 job cuts. The company had made the downsizing announcement in February this year.
Disney CEO Bob Iger in a memo on Monday has said that the first group of employees to be let go will be notified over the next four days. Second round, which is expected to be a larger one will happen in April. The last batch of the employees to be laid off will be informed before summer.
Iger has laid out plans to improve the financial conditions of the company. In the first round of job reduction included two senior vice presidents who led production at Hulu and the Freeform network, respectively.&nbsp;
As per Business Standard, Iger is doing away with an organizational structure that put distribution executives over the company&rsquo;s TV and movie businesses. He has given more power to creative leaders such as Dana Walden, who heads the TV business, and Alan Bergman, who runs the film studios.

The long-feared prospect of a "duopoly", with only Reliance Jio and Bharti Airtel remaining in the fray, is likely to play out, the report said

Vi Stares At Bleak Future; possibility of 

Vi Stares At Bleak Future; High Competition To Delay Price Hike By Telcos: Brokerage Report 

The long-feared prospect of a "duopoly", with only Reliance Jio and Bharti Airtel remaining in the fray, is likely to play out, the report said

Vodafone Idea or Vi stares at a bleak future, including the possibility of "shutting shop" due to factors triggered by heightened competition, as per a report by brokerage Kotak Institutional Equities. It also expects telecom companies to start hiking tariffs only after the general elections in June 2024 amid inflation staying above the RBI's upper tolerance level.
In the absence of the price hikes, Vi will not be able to keep up with the investments required and launch 5G services, which will lead to an erosion of subscribers and make the planned capital raising exercise difficult, the report by Kotak Institutional Equities said. &nbsp;The long-feared prospect of a "duopoly", with only Reliance Jio and Bharti Airtel remaining in the fray, is likely to play out, the report said.
The brokerage said it now expects telcos to start tariff hikes only after the conclusion of the general elections in June 2024 and added that factors contributing to the prospect include headline inflation staying above the RBI's comfort band and state elections.
At present, the deep-pocketed Jio's renewed aggression is being matched by Airtel, as both the telcos seek to garner premium subscribers, it said, adding Jio's new family postpaid plans effectively caps monthly outgo at Rs 205-235 per month for customers, and would likely delay the prospects of a tariff hike and 5G monetisation.
The brokerage report said Airtel is already at a premium to Jio on the headline prices in most packs, and taking a unilateral tariff hike as it did on minimum recharge packs recently seems "difficult" going forward.
The delayed tariff hikes will impact both profitability and revenues for the telcos, it said. &nbsp;The Vodafone Idea scrip closed 3.67 per cent down at Rs 6.04 apiece on the BSE on Monday, as against gains of 0.22 per cent on the benchmark.

Trai asked telcos to take immediate action to curb pesky calls and messages by getting banks and FIs to clean up unused templates

TRAI clamps down on pesky telemarketing calls and messages

Trai clampdown on pesky telemarketing calls, messages; May 1 deadline for telcos to review detect system

Telecom regulatory authority (TRAI) is taking a slew of steps in an effort to crackdown on pesky telemarketing calls and messages.&nbsp;

The telecom regulatory authority is coming down heavily on unsolicited marketing calls and messages which can often lead to scams and fraud.&nbsp; To curb such pesky marketing calls and messages the telecom regulator (TRAI) has given telcos until May 1 to evaluate the implementation of a detect system using AI/ML technologies.
TRAI held a review meeting with telecom operators like Bharti Airtel, Jio, and Vodafone Idea. The regulator has asked telcos to take immediate action to curb pesky calls and messages by getting banks and financial institutions to clean up unused templates.&nbsp;
During the meeting, Vodafone Idea made a presentation on a AI/ML (Artificial Intelligence/Machine Learning) system that can analyse and detect patterns when it comes to fraudulent messages being sent from mobile numbers by scammers.
TRAI said permission will now be given to VIL for a pilot, and based on its success regulator will come out with guidelines for such solutions in the industry.
TRAI also said from May 1, the blockchain based DLT (distributed ledger technology) system will also be implemented for voice calls, just like it is in place for unsolicited messages at present.
"Today we have made it very clear that telcos have to come out with an integrated system of stopping frauds (calls and messages). They are doing work...but more needs to be done," TRAI chairman P D Vaghela said.&nbsp;

In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about five crore subscribers, from 8.5% in 2020-21

 EPFO fixes 8.15% interest rate on employees' provident fund for 2022-23

In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about five crore subscribers, from 8.5% in 2020-21

Retirement fund body EPFO fixed 8.15 per cent &nbsp;rate of interest on employees&rsquo; provident fund (EPF) deposits for 2022-23 at its &nbsp;meeting on Tuesday.
In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21.
This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
"The Employees&rsquo; Provident Fund Organisation&rsquo;s apex decision making body Central Board of Trustees (CBT) has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday,&rdquo; a source said.
The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.
After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to Ministry of Finance for concurrence.
After the government's ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over five crore subscribers of EPFO.
EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.
In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.
EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.
The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.
The rate of interest was 8.25 per cent in 2011-12.

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Avalanche in Sonamarg

The proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows

US shareholders of Credit Suisse sue the bank over finances, controls

The proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows

Amid the crisis the Credit Suisse has been facing, U.S. shareholders of Credit Suisse Group sued the Swiss bank on Thursday, claiming that the bank defrauded them by concealing problems with its finances.
According to reports, the proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows, and that it had material weaknesses in its internal controls over financial reporting.
As per reports, Credit Suisse declined to comment on the lawsuit, which was filed in federal court in Camden, New Jersey. Chief Executive Ulrich Koerner and Chair Axel Lehmann are among the other defendants.
The law firm representing the shareholders led by Braden Turner, was also first to file shareholder lawsuits against Silicon Valley Bank parent SVB Financial Group and Signature Bank. Regulators seized both of those banks within the last week. Crisis-hit Credit Suisse regained some market confidence on Thursday after securing a lifeline to borrow up to $54 billion from Switzerland's central bank.

Government cancels licenses of 18 pharma companies

Government cancels licences of 18 pharma companies

As per an ANI report, the government has canceled licences of 18 pharma companies for manufacturing of spurious medicines

As per an ANI report, the government has canceled licenses of 18 pharma companies for manufacturing of spurious medicines

As per an ANI report, the government has cancelled &nbsp;licenses of 18 pharma companies for manufacturing of spurious medicines. The DGCA conducted inspection on 76 companies across 20 states.&nbsp;
Action on 70 companies in Himachal Pradesh and 45 in Uttarakhand and 23 in Madhya Pradesh has been taken during government crackdown on companies manufacturing spurious medicine
According to NDTV, show cause notices have been issued to 26 pharma companies. The surprise inspections were conducted by central and state teams and action was taken in 20 states.
ANI also reported that a huge crackdown on pharma companies is underway

This year, a sizable portion of early-stage startups plan to grow their staff, mainly in response to new project orders

Significant percentage of early-stage startups looking to increase workforce in 2023: Survey

This year, a sizable portion of early-stage startups plan to grow their staff, mainly in response to new project orders, according to a FICCI survey.&nbsp;

A significant percentage of early-stage startups are looking to increase their workforce this year, primarily driven by new project orders, additional funding raised from investors and expansion strategies, says a survey.
According to the FICCI &ndash; Randstad Startup Hiring Trends Survey, 80.49 per cent of the total startups surveyed stated that they plan to increase their manpower hiring in 2023, while 15.78 per cent plan to maintain their existing headcount, the majority being early-stage.
Over 300 startups participated in the survey.
The survey further indicates that 54.38% of startups attribute the high attrition rate in the industry to factors such as better pay packages offered by larger corporations, as well as concerns over job security in a startup. Other factors contributing to attrition in startups include a lack of clarity around career progression and credibility.
In terms of hiring challenges faced by startups, the primary factors include a deficit in requisite skills, mismatches in salary expectations, and a reluctance among potential candidates to join a startup due to concerns over risk perception.

The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence 

Alibaba to split into 6 groups, separate IPOs expected

The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence&nbsp;

Alibaba announced Tuesday that it would split into six business groups in one of the most significant overhauls of a leading Chinese tech firm to date.
The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
The company said the new structure would bring greater market visibility to the value of its diverse business operations.
Recent years have seen the internet giant face unprecedented headwinds as Beijing has imposed tighter restrictions on the domestic tech industry.
Combined revenue at China's internet companies shrank by just over one percent to 1.46 trillion yuan ($212 billion) in 2022, the first contraction in almost a decade, according to data from the Ministry of Industry and Information Technology.
Alibaba founder Jack Ma has kept a low profile since late 2020, when a speech he made attacking Chinese regulators was followed by Beijing pulling the plug on Alibaba affiliate Ant Group's planned IPO.

Reliance, Tata power, JSW energy among 11 firms to get Rs 13,937 crore under solar cells PLI tranche-II

11 firms to get Rs 13,937 crore under solar cells PLI tranche-II

Reliance, Tata power, JSW energy among 11 firms to get Rs 13,937 crore under solar cells PLI tranche-II

The government has allocated a total capacity of 39,600 MW of domestic solar PV module manufacturing capacity to 11 companies at a total outlay of Rs 13,937.575 crore.&nbsp;
Renewable energy subsidiaries of Reliance Industries Ltd, Tata Power Company Ltd, and JSW Energy Ltd are among the winners of the bids. &nbsp;
The power ministry has mentioned that 7400 MW of manufacturing capacity is expected to become operational by October 2024, 16,800 MW capacity by April 2025, and the balance 15,400 MW capacity by April 2026. The Tranche-II of the PLI Scheme is expected to bring in an investment of Rs 93,041 crore. It will also generate a total of 1,01,487 jobs with 35,010 getting direct employment and 66,477 being indirectly employed.
On September 21, the Union Cabinet had approved the second tranche of the PLI scheme for the development of solar PV modules, with an outlay of Rs 19,500 crore.

Report suggested India to rationalise the role of public sector banks, ensure a level playing field in the banking sector, and promote the development of capital markets

Reforms can give a boost to Indian economy: World Bank 

Report suggested India to rationalise the role of public sector banks, ensure a level playing field in the banking sector, and promote the development of capital markets

India's potential growth could be bolstered with a faster implementation of already existing ambitious reformS agenda, a recent World Bank report stated. &nbsp;
The report, titled &ldquo;Falling Long-Term Growth Prospects: Trends, Expectations, and Policies,&rdquo; offers the first comprehensive assessment of long-term potential output growth rates in the aftermath of the Covid-19 pandemic and the Russian invasion of Ukraine. These rates can be thought of as the global economy&rsquo;s &lsquo;speed limit&rsquo;, it said.
The report said addressing the aftermath of financial sector distress in India could unlock significant growth. &ldquo;India has a less developed financial system than many of its peers, with a heavy state presence. To improve the sector&rsquo;s efficiency and depth, reforms could be undertaken to further rationalise the role of public sector banks, ensure a level playing field in the banking sector, and promote the development of capital markets,&rdquo; it said.&nbsp;
The report highlighted India&rsquo;s recent shift in focus of government spending toward infrastructure investment, consolidating labour regulations, privatising underperforming state-owned assets, and modernising and integrating the logistics sector.&nbsp;

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