Top headlines: US firms protest India's Google tax, JioMart means business

The BR Act states the incumbent will be entrusted with the management of the whole bank.
India's digital services tax runs into opposition from America’s biggest tech companies. More on that story and other headlines Friday morning.

Google tax row: US technology companies want action against India

The Internet Association, representing Google, Amazon, Facebook, and eBay, has pressed for action against India for digital services tax, arguing that the 2 per cent equalisation levy was unreasonable and discriminated against US companies. The body said this in its comment to the US Trade Representative (USTR) on Section 301 investigation, launched last month. Read More

RBI draft governance code undermines bank chief executive officers: IBA

The Indian Banks’ Association (IBA) has told the Reserve Bank of India (RBI) that its draft code on governance will dilute the position of the corner-room occupant under Section 10B of the Banking Regulation (BR) Act, 1949. The BR Act states the incumbent will be entrusted with the management of the whole bank. The stage is set for prolonged talks between the banking lobby group and the central bank as the draft is categorical that chief executive officers (CEOs) are not to have a seat on key committees of the board. Read More

AirAsia India's valuation halves in past one year amid mounting losses

The valuation of AirAsia Group Berhad’s 49 per cent stake in AirAsia India has crashed by half in the last one year to Rs 550 crore because of the mounting losses of the Indian venture and Covid-19-related disruptions. The valuation report has been prepared by one of the ‘Big Four’ audit companies for an international fund, which is keen to buy the stake. Read More

IT industry headed for Uberisation of workforce: Capgemini India CEO

Capgemini, the third-largest global IT employer in India with a workforce of around 125,000, says going forward it would accept more and more gig workers in India. Capgemini India’s Chief Executive Officer Ashwin Yardi talks to Bibhu Ranjan Mishra and Sai Ishwar about the impact of Covid-19 on business. Read More

Accelerating digital engagement, brands practice the art of being social

As Indian consumers accelerate their digital journey under a lockdown, brands are learning to mind the language. Not only are they looking at popular causes that would give them greater sway over their rapidly swelling online communities, they are finding ways to do that without offending their followers. One way is to align with causes that are more universal in their appeal and less controversial. Read More

JioMart shakes up online grocery picture despite being late to party

The pecking order in the $2-billion online grocery market in India has been shaken up by newcomer JioMart. Based on orders per day, JioMart, the two-month-old e-commerce venture of Reliance Industries (RIL), is ahead of rivals BigBasket and Amazon, numbers shared by these firms and sourced from the industry indicate. While JioMart is doing 250,000 orders per day, as disclosed by RIL Chairman and Managing Director Mukesh Ambani on Wednesday, BigBasket is doing 220,000 orders per day. Read More

Metal producers look to repair dents after taking Covid-19 pandemic hit

Metal firms are nearing normal capacity utilisation after shutdowns and lowering output on account of nationwide lockdown to contain the spread of the pandemic. Sales started picking up in May and, more significantly, since June, with the resumption of economic activities. Major steel producers are now operating at 85-100 per cent capacity. In the private sector, Tata Steel is operating at full capacity this month, while Jindal Steel & Power (JSPL) is at 90 per cent and JSW Steel 85-90 per cent. Read More

Ladakh: Govt says 'intricate' discussions on disengagement continue

After a 14-hour meeting in Ladakh between Chinese and Indian military commanders on Tuesday, the government said the two sides continue to discuss ways to disengage their troops that continue to face off in several locations. “The two sides remain committed to the objective of complete disengagement. This process is intricate and requires constant verification. They are taking it forward through regular meetings at diplomatic and military level,” said a ministry of defence (MoD) statement. Read More

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