UK to release tranche of Brexit position papers

LONDON - Britain will issue a cluster of new papers this week to outline its strategy positions in divorce talks with the European Union, ranging from regulation of goods to data protection, the UK's Brexit department said on Sunday.

Prime Minister Theresa May's government wants to push discussions with the EU beyond a focus on settling divorce arrangements to

Planters apprehensive about future of Darjeeling tea exports, pin hopes on GI tag

Amid fears of losing export markets to other nations due to the ongoing unrest in the northern West Bengal hills, Darjeeling's tea planters are hoping that the Geographical Indication (GI) tag will enable them to regain their market share in the future.

All plucking and manufacturing operations in Darjeeling's 87 gardens have been suspended since June 9 due to the crisis in th

Fix responsibility on prima facie evidence: Suresh Prabhu

A day after 24 people were killed in s train derailment in Uttar Pradesh, Railways Minister Suresh Prabhu on Sunday said that he has directed the Chairman Railway Board (CRB) to fix responsibility on prima facie evidence by the evening.

He also said that he would not allow laxity in operations by the Railway Board.

"Will not allow laxity in operations by the (Railways)

Global cues, FIIs` fund movement to steer equity markets

Global cues and direction of foreign funds' flows are expected to affect the movement of key equity indices during the upcoming week, market observers opined.

"With earnings season almost over, markets would now focus on global risks and political developments from the US, valuations, domestic flows and stock- or sector-specific developments," Devendra Nevgi, Chief Execu

Sikka`s exit from Infosys unfortunate but not unexpected: Experts

A day after the dramatic departure of technocrat Vishal Sikka as Chief Executive of Infosys, industry experts on Saturday said while his exit was unfortunate, it was not unexpected as he became an unintended victim of the boardroom battles with the co-founders.

"Sikka's sudden resignation is unfortunate but not unexpected. Though the co-founders have not questioned his perfor

GST return filing date extended till August 25

The government on Saturday announced a five-day extension for filing GST returns till August 25, after the Goods and Services Tax (GST) return filing portal was hit by a technical glitch and stopped functioning, a day ahead of the last date for filing GST returns.

Traders across the country faced problems on Saturday due to the technical snag and could not file GST returns.

Traders face problems as GST filing site stops functioning

Traders across the country faced problems on Saturday as the Goods and Services Tax (GST) return filing website stopped functioning due to a technical snag, a day ahead of the last date for filing GST returns.

"The GST site has been working intermittently since 12 noon. It is creating a lot of confusion among traders. Many of our clients have called up saying they can't file

After Sikka`s dramatic exit, Infosys faces recruitment headache

By Sankalp Phartiyal and Nivedita Bhattacharjee

MUMBAI/BENGALURU - The dramatic departure of Vishal Sikka as chief executive of Infosys, following a months-long public battle with the tech giant's founders, has left the company with another messy problem: how to find someone willing to replace him.

With the boardroom row still simmering, the pressure wil

Steel consumption up 3.7% in July

India's steel consumption in July rose by 3.7 per cent to 6.905 million tonnes (mt) over corresponding month last year and exports in the last month grew by 64 per cent, the Steel Ministry's latest report said on Saturday.

"Overall consumption in July at 6.905 mt was down by 4.2 per cent over June 2017 but was up by 3.7 per cent over July 2016," the report of the min

Still judging current mechanism to resolve bad debts: Arun Jaitley

Previous laws were only partly effective in resolving the problems of insolvency and bankruptcy in the corporate world and one would have to wait to judge the effectiveness of the current mechanism to deal with the issue, Finance Minister Arun Jaitley said on Saturday.

"Earlier, if companies were for insolvency, they got stuck in courts indefinitely. The SICA merely provided an &

RBI chief Urjit Patel says state banks need more capital

By Suvashree Choudhury

MUMBAI - State-run banks will need more capital to resolve bad loan problems weighing on their balance sheets, Reserve Bank of India Governor Urjit Patel said on Saturday, adding his voice to calls for increased capital injections into lenders.

More than $150 billion of bad debt is crimping credit growth in Asia's third-largest eco

Infosys approves up to $2 billion buyback of shares

By Sankalp Phartiyal and Abhirup Roy

MUMBAI  - India's second-biggest IT firm Infosys said on Saturday it will buy back shares worth up to 130 billion rupees ($2 billion), a day after Vishal Sikka resigned as chief executive after a long-running feud with the company's founders.

The board of Bengaluru-headquartered Infosys approved the repurchas

RBI to issue fluorescent blue Rs 50 note in new series

 The Reserve Bank of India (RBI) on Friday said it will soon issue a Rs 50 currency note in Mahatma Gandhi (New) Series, which will be fluorescent blue in colour.

The bank notes of Rs 50 denomination issued by the Reserve Bank in the earlier series will continue to be legal tender, the central bank said in a statement.

"The new denomination has motif of Hampi with

Huge opportunity in sustainable urbanisation in India: Amitabh Kant

Niti Aayog CEO Amitabh Kant on Friday said that India has a "huge opportunity" to go in for sustainable urbanisation.

According to the Niti Aayog CEO Kant, urbanisation process has ended in the US, Europe and has almost been completed in China and that India can learn from these examples to go in for sustainable urbanisation.

"India has a huge opportunity that

India`s July domestic air passenger traffic up 12%

 Domestic air passenger traffic rose by 12.43 per cent in July to 95.65 lakh from 85.08 lakh reported for the corresponding month of last year, official data showed on Friday.

On a sequential basis, total domestic air passenger traffic had risen by 19.98 per cent to 95.68 lakh in June.

According to data furnished by the civil aviation regulator Directorate General of Ci

Pradhan meets Patnaik on tax dispute between IOCL, Odisha

In a bid to reach an "amicable" settlement of the present tax-dispute between Indian Oil Corporation Limited (IOCL) and Odisha government, Petroleum Minister Dharmendra Pradhan met Chief Minister Naveen Patnaik here on Friday.

Pradhan was of the view that though the state had extended the tax concession in 2004, there was a necessity of finding an amicable solution to the pr

Could not work amid unrelenting malicious personal attacks: Infosys Vishal Sikka

Announcing his resignation as the Managing Director and Chief Executive Officer (CEO) of software giant Infosys Ltd, Vishal Sikka wrote in a mail to employees that he "could not" do his job as a CEO with "unrelenting, baseless, malicious and increasingly personal attacks".

"...It is clear that despite our successes over the last three years, and the powerful s

Form to claim past credit under GST expected from tomorrow

GST tax portal is likely to offer from tomorrow forms to claim credit on sales made before the rollout of GST which the taxpayers have to file by August 28, a government official said today. As GST return forms did not have a column for claiming transitional input credit, the government yesterday gave some breather to such taxpayers by giving them an extra week till August 28 to file returns.

Canon India celebrates World Photography Day with workshops

In a bid to promote imaging culture, Canon India on Friday organised a series of activities and workshops across the country in celebration of 'World Photography Day' that falls on August 19.

The company organised a 'photo walk' at Infosys office in Bengaluru which was followed by photography quiz and contest for the employees.

"This 'World Photograp

Sensex ends lower but posts weekly gain

 Indian shares fell on Friday led by Infosys Ltd that plunged after the resignation of Chief Executive Vishal Sikka heightened uncertainty about the IT services provider's future.

However, the BSE and NSE indexes still posted their biggest weekly gain in five.

The benchmark BSE Sensex closed down 0.85 percent at 31,524.68, but gained nearly 1 percent in the week.

Inflation to be in 2-3.5% range in 1st half: RBI

The Reserve Bank of India has projected quarterly average headline inflation in the range of 2-3.5 per cent in the first half of the year and 3.5-4.5 per cent in the second half, said media reports. In its outlook, the central bank said the actual outcome for the first quarter has tracked projections.

Commenting on the issue, a RBI Official told the media, "Looking ahead, as base

Telecom operators can be fined Rs 5 lakh over call drop

The Indian telecom watchdog on Friday announced stricter rules over call drops and said telecom operators who don't meet the norms can be fined at least Rs 5 lakh.

"Graded financial disincentives in case service providers fail to meet the DCR (drop call rates) benchmarks have been introduced, in which amount payable may depend upon the extent of deviation from the benchmarks,

Infosys CEO Vishal Sikka resigns, blames "drumbeat of distractions"

By Samantha Kareen Nair and Sankalp Phartiyal

BENGALURU/MUMBAI - Vishal Sikka, the chief executive brought in to turn around India's Infosys three years ago, resigned suddenly on Friday, blaming a "continuous drumbeat of distractions" and a long-running row with founders over the tech firm's strategy.

The departure of Sikka, who was the fir

RBI sets rupee reference rate at 64.1048 against dollar

The Reserve Bank of India on Friday fixed the reference rate of the rupee at 64.1048 against the US dollar and 75.2078 for the euro. The corresponding rates were 64.2428 and 75.3761, on August 16, 2017.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.6183 and 58.63 per 100 yens, respectively, based on reference rates for the dollar