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Hindustan Times July 07, 2020 Arpan Rai The World Health Organization on Tuesday acknowledged “emerging evidence” of the airborne spread of the novel coronavirus, after a group of scientists urged the global body to update its guidance on how the respiratory disease is spread. Speaking at a briefing in Geneva, WHO expert Benedetta Allegranzi said the organization believed it had “been open to the evidence on modes of transmission” of the new virus. https://www.hindustantimes.com/world-news/who-acknowledges-emerging-evidence-of-airborne-spread-of-novel-coronavirus/story-b57BjhCZVS0UTcRxTR3EtO.html

Hindustan Times July 08, 2020 Anirudh Laskar & Jayshree P Upadhyay India’s markets regulator is considering opening up real estate investment trusts (REITs) to small investors by gradually lowering the minimum trading lot size of REIT units from Rs 50,000 to the value of just a single unit, much like how stocks are traded. The move is aimed at improving liquidity for investors in REITs, two people with direct knowledge of Securities and Exchange Board of India’s (Sebi’s) plans said on condition of anonymity. “Sebi is considering a plan to gradually make REITs trading akin to share trading. This will help grow the market as it will channelise household investments into commercial realty,” said one of the two people. Embassy Office Parks REIT is currently the only such listed trust in India. On Tuesday, the company’s REIT was trading at Rs 341 per unit on BSE. The company’s total market value is around Rs 26,245 crore but there is no free-float market cap because ...

Hindustan Times July 07, 2020 Jayshree P Upadhyay The Securities Appellate Tribunal (SAT) in an order ruled that Securities and Exchange Board of India (SEBI) has powers to enhance penalties or levy higher penalty than originally imposed. The Tribunal was hearing a petition filed by ICRA Ltd against a second showcause notice issued by SEBI on 28 January where the regulator sought to increase the monetary penalty against the credit rating agency. ICRA in its plea at SAT had sought to stay these proceedings. Under Section 15-I (3) of SEBI Act, the watchdog had issued fresh notices after the board of it felt that ₹25 lakh of penalty imposed on December 26 on three rating agencies were inadeqaute. SAT in its order last week ruled that SEBI has powers to relook at its penalty orders. https://www.hindustantimes.com/business-news/sat-permits-sebi-to-levy-higher-penalties-on-icra-ltd/story-qFFhYiit37BmlSlVvl8cHO.html

Hindustan Times July 07, 2020 Prashant K Nanda Urban unemployment, having fallen for four straight weeks, has reversed course and risen in the week ended July 5, in tandem with the renewed lockdown in parts of India, according to a survey. Joblessness in urban areas climbed to 11.26% in the week ended July 5 from 10.69% recorded in the preceding week, according to a Centre for Monitoring Indian Economy (CMIE) survey. The increase comes after Karnataka, Tamil Nadu, Assam, West Bengal and Maharashtra imposed fresh curbs on urban activity in the previous week—either in part or fully and for periods ranging from throughout the week to during the weekend. Economists said the continuing struggle by cities to deal with Covid-19, the sub-optimal functioning of industries, the lingering pain of micro and small enterprises and the lack of demand in the market are impacting the overall jobs environment. “Formal sector jobs in cities will take months to come back, largely because industrial ac...

Live Mint Dated: July 07, 2020 By Leroy Leo Krishna Ella, founder chairman of  Bharat Biotech  Ltd, faces the biggest test of his career this week, as Covaxin, the company’s vaccine candidate, enters human trials. Though the timeline suggested by the Indian Council of Medical Research ( ICMR ) for launching the vaccine is considered unprecedented and ambitious in the field of vaccines, the company’s track record in indigenously developing vaccines has given hope to the medical fraternity on its ability to make a breakthrough despite the short time-frame. In 2015, Bharat Biotech made headlines after Prime Minister Narendra Modi launched the first India-made Rotavirus vaccine developed by the Hyderabad-based company. The vaccine, branded Rotavac, priced at about $1 a dose, is among the cheapest available globally and has been inducted into the World Health Organization’s (WHO) immunization programme since. “I think Indians are very good under pressure," Ella had...

Live Mint Dated: July 07, 2020 By Nikhil Agarwal To discourage cash transactions and increase tax compliance, the income tax department has changed TDS rules for making cash withdrawals from banks and post offices from this month. So far, you were supposed to pay a TDS (tax deducted at source) of 2% on cash withdrawals exceeding  ₹ 1 crore in a year. With effect from 1 July 2020, the TDS net has been widened further. For high-value cash transactions totalling over  ₹ 20 lakh in a given financial year, the  TDS rate  is directly dependent on whether you have filed your income tax returns (ITR) for the last three years or not. TDS rules for those who have filed ITR for last 3 years: In the Union Budget 2019, the government had introduced new Section 194N in the Income Tax Act under which TDS on cash withdrawals over and above  ₹ 1 crore is imposed. Banks, co-operative banks and post offices fall under its purview. "For example, if a person withdra...

Hindustan Times Dated July 07, 2020 The world economy is entering the second half of 2020 still deeply weighed down by the coronavirus pandemic with a full recovery now ruled-out for this year and even a 2021 comeback dependent on a lot going right. It’s a scenario few if any predicted at the start of the year when most economists were banking on another year of expansion and a U.S. and China trade agreement was meant to give corporate and investor confidence a shot in the arm. Instead, the rare pandemic forced swathes of the global population into what the International Monetary Fund dubs ‘The Great Lockdown.’ Central banks and governments responded with trillions of dollars in unprecedented support to prevent markets from melting down and to keep furloughed workers and struggling companies afloat until the virus passed.​ ​Even with those rescue efforts, the world is still suffering its worst economic crisis since the Great Depression. While some gauges of manufacturing ...

Live Mint Dated: July 07, 2020 Harsha Jethmalani Shares of Indian cement manufacturers are trading at a premium to their global peers. As the alongside chart shows, one-year forward price-to-earnings (PE) multiples of Indian companies are much higher than their global counterparts. Even on an Ev/Ebitda basis, which is another parameter for valuations, Indian companies are expensive. EV stands for enterprise value. Ebitda is short for earnings before interest, tax, depreciation and amortisation. These valuations are in spite of a bleak demand outlook, weak price recovery and consequently poor earnings growth. The March quarter earnings were marred by disruption caused by the coronavirus crisis, pushing many of them to delay their expansion plans. The Indian housing sector, which contributes to the majority of cement demand, of nearly 60%, remains in the doldrums. Then, what warrants these steep valuations? According to Jefferies India Pvt. Ltd, this sector remains a cl...

Hindustan Times Dated : July 07, 2020 China condemned Canada’s suspension of its extradition treaty with Hong Kong, calling it a “serious violation” of international law and a “flagrant interference” in its domestic affairs. “We urge the Canadian side to correct its mistake and stop interfering in Hong Kong affairs and China’s domestic affairs to prevent further damage to bilateral relations,” Chinese foreign ministry spokesman Zhao Lijian said at a daily briefing in Beijing on Monday, responding to a question about new Canadian measures including the treaty’s suspension and an updated Hong Kong travel advisory. “China condemns that and reserves the right to take further actions,” Zhao said. “All consequences shall be borne by the Canadian government.” Shortly following the briefing, the Chinese embassy in Canada advised Chinese citizens traveling to the country to exercise caution citing “frequent use of violence from local law enforcement” and protests in Canada, according ...

Hindustan Times Dated : July 07, 2020 By Yashwant Raj The United States took note Monday of the de-escalation efforts at the India-China border but leery of China’s “aggressive behavior” against minorities at home, neighbours in the region and in cyberspace generally, it said “imposing costs” on Beijing was the only way to stop it. There has been a calibrated sharpening of US remarks on the India-China conflict, with the White House setting the tone last week when the spokesperson said President Donald Trump believed that China’s “aggressive stance” on the border with India fit a pattern of “Chinese aggression” around the world. The US state department took much the same line Monday shortly after news broke of the Chinese moving their troops back from Patrolling Point 14, site of deadly classes last month in which 20 Indian and an undisclosed number of Chinese troops were killed on June 15. A state department spokesperson told Hindustan Times the United States supported a p...

Hindustan Times Dated: July 07, 2020 Defence minister Rajnath Singh on Tuesday held a meeting with Border Roads Organisation (BRO) chief Lt Gen Harpal Singh and other officials about the progress in ongoing infrastructure projects on the Line of Actual Control (LAC) with China and Line of Control (LoC) with Pakistan. The meeting went for about an hour where the BRO chief gave presentation to Singh about the work being done to boost infrastructure in India’s border areas, news agency ANI reported. India’s push to improve the infrastructure in the border areas was the primary reason for clash between Indian and Chinese soldiers in Ladakh’s Galwan Valley on June 15. Beijing was opposed to a 60-metre bridge over Galwan river in eastern Ladakh that would consolidate India’s hold of the sensitive sector by allowing Indian infantry to move across the cold mountain river and also protect the 255 km strategic road from Darbuk to Daulat Beg Oldie, the last military post just south of...

Business Line  Dated: July 06, 2020 Hemani Seth The proposal to merge the two tax wings is back on the table along with plans for a massive downsizing as per reports. The government is considering a proposal to merge the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) as part of cost-cutting efforts amid revenue loss, Business Standard reported. The direct and indirect tax boards are looking at job cuts and freezes on new jobs along with a proposal for a merger. If approved, the merger would follow massive downsizing at all levels including a freeze on hiring for the Indian Revenue Service (IRS), it said. Furthermore, the government will also reconsider filling existing vacancies. The merger will also lead to changes in retirement rules and cutting down on employee allowances. Various job categories may be merged while revenue officers may be shifted to other departments, it said. The idea of merging both the boards has ...

Business Line Dated: July 07, 2020 Meenakshi Verma Ambwani and S Ronendra Singh Between ensuring employees’ safety and getting production back on the rails, industry has a tough balancing act on its hands India Inc’s hopes of making a quick come back may hit a roadblock with the rising instances of Covid-19 cases and fatalities at manufacturing facilities. Are the current safety and hygiene protocols enough as the country walks the knife-edge between tackling Covid-19 and getting the economy back on track? On the heels of the temporary shut down of Bajaj Auto’s Waluj plant in Aurangabad due to Covid-19 cases and deaths, Toyota Kirloskar Motor on Monday suspended production at its Bidadi plant in Karnataka for a day after one of its employees succumbed to Covid-19. Toyota said the employee last attended work on June 23 and, hence, as of now there is no clear evidence of transmission within the company from this case or the previously reported eight positive cases at the p...