| Business/Economy |
All's fare in airline pricing -
Surajeet Das Gupta, Business Standard
First, the reality check. The excitement over Civil Aviation Minister Ajit Singh permitting scheduled airlines to unbundle certain services and charge passengers additional fees for them is overdone. In fact, Singh's announcement does not represent a significant policy liberalisation as many would like it to be projected. That's because most of the services that he listed are already "unbundled" - payment for in-flight meals, check-in baggage, sporting and musical equipment, using the lounge and so on. The only new item is a preferred seat fee. In effect, then, the government merely clarified and slightly expanded an earlier position. |
Ranbaxy to pay $500 mn to settle US fraud charges -
Business Standard
The country's biggest drugmaker, Ranbaxy Laboratories on Monday agreed to pay $500 million (around Rs 2,743 crore) to resolve fraud allegations made in a whistle-blower's lawsuit and federal criminal charges that the company sold adulterated drugs and lied about it to US regulators. This is the largest false claims case involving a generics drugs manufacturer. |
Cobrapost sting: RBI finds violations by banks, insurers -
Indian Express
The RBI probing allegations of money laundering by several banks and insurance firms has found that these entities not only failed to adhere to Know-Your-Customer (KYC) norms but also permitted customers to divide cash deposits into small tranches below the benchmark level to avoid reporting or detection of these transactions and accepted cash without a PAN card or with a fake PAN card. |
China can fund India’s infrastructure -
Ajit Ranade, Mint
The economic engagement of India and China may be one of the most rapidly evolving bilateral relationships of the early 21st century. Soon after taking office in March, in an interaction with the Indian press, Chinese President Xi Jinping outlined five proposals to improve Sino-Indian ties. He said that the two countries should maintain strategic communication, harness each other’s comparative advantage, strengthen cultural ties, expand coordination in multilateral fora, and accommodate each other’s core concerns and differences. |
Bank of America shifts some projects back to US from India -
Anirban Sen, Mint
Bank of America Corp., the second largest US lender by assets, has started to shift a small part of the projects it had awarded to India’s software companies to local firms or its own centres to ward off political backlash against jobs being outsourced to India. |
US Supreme Court rules for Monsanto in patent fight -
Lawrence Hurley, Mint
In a ruling that drew sighs of relief from the biotechnology industry, the US Supreme Court ruled on Monday that an Indiana farmer violated agribusiness company Monsanto Co.’s patent for a type of soybean. |
Killing WTO softly -
Ritesh Kumar Singh, Business Line
Over the last decade or so, emerging economies such as China, India, Brazil, Indonesia, Mexico, South Africa and Turkey have come to dominate the global economic scene. The International Monetary Fund forecasts that the share of emerging and developing economies in world GDP will increase from 38 per cent (51 per cent on purchasing power parity basis) in 2012 to roughly 44 per cent (55 per cent) in 2018, with China alone to account for 15 per cent (19 per cent). |
Why India Post should get a banking licence -
Tamal Bandyopadhyay, Mint
India’s central bank is set to open doors to a set of private and state-run entities in the banking space in Asia’s third largest economy. The objective behind doing this, almost a decade after companies were last allowed to float banks, is the so-called financial inclusion or expansion of banking services in a nation of 1.2 billion people where 40% of the adult population still does not have access to banking. |
Jobs fixed to rig freight scam probe -
Josy Joseph, Times of India
Besides eight high profile jobs that Pawan Bansal's nephew Vijay Singla and gang sold off for a fee, several other key appointments in the senior levels of railways in recent months have come under the scanner. Among them is a failed bid by manipulating transfers and postings to subvert the investigation into the evasion of thousands of crores in freight charges by iron ore exporters. |
The emergence of chief digital officer -
Uma Ganesh, Financial Express
Over the last few decades, we have seen multiple avatars of the managers responsible for IT resources in organisations. It began with EDP manager—as the term denotes, were responsible for data processing, largely for accounts and to some extent sales and inventory functions. Then came the avatar of IS managers, when information within the organisation started getting shared and accessed by various people based on which decisions were beginning to be made. |
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