Name: Ex-crypto boss Bankman-Fried pleads not guilty to fraud
Uploaded: 2023-01-04T13:04:59.000+05:30
Duration: T00M41S
Channel: Editorji News Desk
Description: Bankman-Fried pleaded not guilty to all eight counts against him -- five of which carry a maximum sentence of 20 years in prison each

The Federal Reserve is widely anticipated to cut interest rates by 25 basis points during its final policy meeting of the year on Wednesday.

 Indian Markets Open Lower Amid Caution Ahead of US Federal Reserve Meeting

The Federal Reserve is widely anticipated to cut interest rates by 25 basis points during its final policy meeting of the year on Wednesday.

Indian equity benchmarks slipped on Tuesday as heavyweight financial stocks and Reliance Industries dragged the indices lower. Investors remained cautious ahead of the U.S. Federal Reserve's December 18 meeting, closely monitored for insights into its future interest rate cut trajectory.
At 09:20 a.m. IST, the NSE Nifty 50 declined by 0.3% to 24,599 points, while the BSE Sensex shed 0.3% to 81,492.02.
Out of the 13 major sectors, 10 traded in the red.
Key Drags on the Market
HDFC Bank fell 0.4% following a warning letter from the Securities and Exchange Board of India (SEBI). The market regulator alleged that the bank&rsquo;s disclosures surrounding the resignation of a senior employee were non-compliant with specific provisions.
Reliance Industries declined nearly 1%, pulling the energy index down by 0.5%.
On a positive note, broader markets, including small- and mid-cap stocks, showed marginal gains, providing some support.
Global Factors in Focus
The Federal Reserve is widely anticipated to cut interest rates by 25 basis points during its final policy meeting of the year on Wednesday.
Investors are particularly keen to understand the Fed&rsquo;s projections for 2025 and 2026, as well as any signals on scaling back rate cuts amidst potential inflationary pressures under the incoming Donald Trump administration.

Last week, the BSE benchmark gained 623.07 points or 0.76 per cent and the Nifty advanced 90.5 points or 0.36 per cent.

Five of top-10 most valued firms together add Rs 1.13 lakh Crore in market valuation

Last week, the BSE benchmark gained 623.07 points or 0.76 per cent and the Nifty advanced 90.5 points or 0.36 per cent.

Five of the 10 most valued firms added Rs 1,13,117.17 crore to their total market valuation last week with Bharti Airtel stealing the show.
While Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, ICICI Bank and Infosys were the gainers, Reliance Industries, State Bank of India, Life Insurance Corporation of India (LIC), ITC and Hindustan Unilever took a hit in their valuations.
Last week, the BSE benchmark gained 623.07 points or 0.76 per cent and the Nifty advanced 90.5 points or 0.36 per cent.
The market valuation of Bharti Airtel surged by Rs 47,836.6 crore to Rs 9,57,842.40 crore.
Infosys added Rs 31,826.97 crore to its valuation at Rs 8,30,387.10 crore.
HDFC Bank&rsquo;s valuation rose by Rs 11,887.78 crore to Rs 14,31,158.06 crore and that of ICICI Bank increased by Rs 11,760.8 crore to Rs 9,49,306.37 crore.
The market capitalisation (mcap) of TCS climbed Rs 9,805.02 crore to Rs 16,18,587.63 crore.
However, the mcap of Reliance Industries declined by Rs 52,031.98 crore to Rs 17,23,144.70 crore.
The valuation of LIC tumbled Rs 32,067.73 crore to Rs 5,89,869.29 crore and that of Hindustan Unilever slumped Rs 22,250.63 crore to Rs 5,61,423.08 crore.The mcap of State Bank of India dropped Rs 2,052.66 crore to Rs 7,69,034.51 crore and that of ITC by Rs 1,376.19 crore to Rs 5,88,195.82 crore.
Reliance Industries remained the most valued firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, LIC, ITC and Hindustan Unilever.

A study published in November by the International Air Transport Association (IATA) showed that airfares have risen at a slower pace than consumer prices (measured by the Consumer Price Index, CPI) over the past decade.

Airlines are price takers, they do not have influence on prices they pay: IATA Chief Economist

A study published in November by the International Air Transport Association (IATA) showed that airfares have risen at a slower pace than consumer prices (measured by the Consumer Price Index, CPI) over the past decade.

Airlines are price takers as they do not have an influence on the prices they pay, IATA Chief Economist Marie Owens Thomsen has said and highlighted that carriers&rsquo; need to diversify their revenues is complicated by slim profit margins as well as weak balance sheets.
In a fast-growing aviation market like India where the air traffic demand is on the rise, there are persistent concerns about airfare trajectory and suggestions from various quarters to make air tickets more affordable.
Discussing overall airfares and the costs of airlines, Thomsen said airlines do not have any influence on the prices they pay.
&ldquo;There are too few aircraft manufacturers and oil companies. Whatever supplies we are looking at upstream, we are price takers and downstream, we have the hyper-competitive environment where all customers can see all fares from all airlines at all times. So, we always compete in price,&rdquo; she told PTI in an interview in Geneva earlier this week. Thomsen, who is the Chief Economist and Senior Vice President for Sustainability, said as airlines are price takers upstream and downstream, it leaves them with very little in the middle.
A study published in November by the International Air Transport Association (IATA) showed that airfares have risen at a slower pace than consumer prices (measured by the Consumer Price Index, CPI) over the past decade.
&ldquo;This indicates that air ticket prices have not fully kept up with inflation, especially in comparison to jet fuel costs, which have significantly outpaced consumer inflation,&rdquo; the study said.
Currently, jet fuel accounts for around 30 per cent of airlines&rsquo; operating costs.
To a question on whether there can be more transparency in the pricing of air tickets, Thomsen argued that if airlines were profiteering, the per-passenger profit would have been much higher.
&ldquo;When you have high ticket prices and low airline profits, then the money is going somewhere else,&rdquo; she said, pointing out that a third and a 50 per cent of the airline industry&rsquo;s costs are administrative costs.
&ldquo;The rest (of the costs) is actually for services of flying people or cargo,&rdquo; Thomsen noted.
As per IATA&rsquo;s latest outlook for 2025, airlines are projected to have a net profit of USD 1.8 per passenger while the overall net profit is expected to be USD 3.6 billion.
&ldquo;You can have a lot of activity and a big market and make no profit because your cost base is too high. Lot of them come from various types of regulatory fees and charges levied on airlines,&rdquo; Thomsen pointed out.
According to her, there is a need for revenue diversification by airlines but the situation is complicated by slim profit margins and weak balance sheets most airlines suffer from.
IATA represents around 340 airlines globally, including Indian carriers. The member airlines account for more than 80 per cent of the global air traffic. (Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

The rise was primarily because Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow.

India’s import of Russian oil drops in November on shrinking discounts

The rise was primarily because Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow.

India&rsquo;s import of Russian crude oil dropped in November to its lowest level since June 2022 but the Kremlin continues to be the biggest source of oil for India, according to a monthly tracker report of a European think tank.
India became the second biggest buyer of Russian crude oil since Moscow invaded Ukraine in February 2022, with purchases rising from less than one per cent of the total oil imported to almost 40 per cent of the country&rsquo;s total oil purchases.
The rise was primarily because Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow.
&ldquo;India&rsquo;s imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022,&rdquo; the Centre for Research on Energy and Clean Air (CREA) said in its latest report.
Russia remained India&rsquo;s top oil supplier, followed by Iraq and Saudi Arabia.
&ldquo;China has bought 47 per cent of Russia&rsquo;s crude exports, followed by India (37 per cent), the EU (6 per cent), and Turkey (6 per cent),&rdquo; CREA said without giving absolute numbers.
In November, there was a 17 per cent month-on-month increase in the discount on Russia&rsquo;s Urals grade crude oil to an average of USD 6.01 per barrel compared to Brent crude oil. The discount on the ESPO grade narrowed by a massive 15 per cent and was traded at an average discount of USD 3.88 per barrel while that on the Sokol blend narrowed by 2 per cent to USD 6.65 per barrel, it said.
Russia predominantly sells ESPO and Sokol grades of crude oil to India.
Besides crude oil, India bought smaller quantities of coal from Russia.
&ldquo;From December 5, 2022, until the end of November 2024, China purchased 46 per cent of all Russia&rsquo;s coal exports - India (17 per cent), Turkey (11 per cent), South Korea (10 per cent), and Taiwan (5 per cent) round off the top five buyers list,&rdquo; according to CREA.
All fossil fuels taken together, &ldquo;India dropped to third in the list of largest buyers of Russian fossil fuels in November, contributing 17 per cent (EUR 2.1 billion) to Russia&rsquo;s monthly export earnings from its top five importers. There was a significant 22 per cent drop in Russian revenues from crude oil exports to India in November,&rdquo; it said.
While there was an 11 per cent month-on-month decline in the total volume of India&rsquo;s imports of crude oil in November, Russian volumes suffered the most, dropping by a massive 55 per cent.
India imports more than 85 per cent of its crude oil, which is refined into fuels like petrol and diesel refineries.
In an attempt to restrict funds for Russia&rsquo;s war machine, The Group of Seven (G7) rich nations, the European Union and Australia put an embargo on Russian crude and introduced a USD 60 per barrel price cap in December 2022. Over the next 12 months, the price cap and embargo had a significant impact on revenue and forced Russia to find new markets and ways to transport its oil.
Russia did this by offering deep discounts on its Urals grade crude.
&ldquo;It has been two years since the imposition of the price cap. CREA estimates that in this period, the sanctions have forced Russia to drop the price of Urals by an estimated 15 per cent. Since the sanctions, Russia has lost an estimated EUR 14.6 billion in revenues from Urals grade crude exports,&rdquo; the report said.
In the second year of the sanctions, CREA estimates that sanctions impacted Russian Urals crude revenues by 10 per cent resulting in losses of EUR 4 billion.
This impact was felt heavily for the first half of 2024 when Russian revenues were hit by EUR 2.5 billion.
&ldquo;The price cap has had an impact but has failed to live up to its potential. A lack of enforcement and desire to lower the price cap has meant Russia has found a way to circumvent the cap and find new markets as time has gone by, especially in the second year of the sanctions,&rdquo; it said.
In the first year of the sanctions, Russia was losing, on average, 23 per cent of its Urals crude export revenues every month due to the price cap and embargo. This figure has fallen sharply to a mere monthly average of 9 per cent in the second year of the cap. (Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

SIAM would also be setting up separate thematic pavilions on decarbonisation, circularity, electrification and road safety at the Expo.

Auto Expo to see highest-ever participation of vehicle manufacturers: SIAM

SIAM would also be setting up separate thematic pavilions on decarbonisation, circularity, electrification and road safety at the Expo.

The upcoming edition of Auto Expo will see the participation of 34 vehicle manufacturers, the largest number of participants to date, since the first edition of the marquee event in 1986.
The Society of Indian Automobile Manufacturers (SIAM) will be organising the 17th edition of the Auto Expo, &lsquo;The Motor Show&rsquo;, under the aegis of the Bharat Mobility Global Expo 2025 from January 17-22 at Bharat Mandapam, in partnership with ACMA and CII.
&ldquo;Around 34 vehicle manufacturers would be participating at the exhibition and showcasing technologies with respect to multiple powertrains,&rdquo; SIAM Director General Rajesh Menon told PTI.
It is the highest-ever participation in the history of the event so far, he added.
Automakers participating in the event include Tata Motors, Maruti Suzuki, Mahindra &amp; Mahindra, Toyota Kirloskar Motor, Hyundai Motor India, Kia Motor India, JSW MG Motor and Skoda Auto Volkswagen India, he stated.
Luxury carmakers like BMW, Mercedes, Porsche India, and BYD will also be showcasing their products during the event.
In the two-wheeler segment, there would be participation from TVS Motor Company, Bajaj Auto, Hero MotoCorp, Honda Motorcycle and Scooter India, Suzuki Motorcycle, and India Yamaha.
Similarly, Volvo Eicher Commercial Vehicles, Ashok Leyland, JBM and Cummins India will be participating in the event.
Menon said some of the pure EV players like Ather Energy, TI Clean Mobility, Eka Mobility, Ola Electric and Vinfast would also be participating this time in the Auto Expo.
SIAM would also be setting up separate thematic pavilions on decarbonisation, circularity, electrification and road safety at the Expo.
The Bharat Mobility Global Expo 2025 will be held between January 17 and 22 next year at Bharat Mandapam, Yashobhoomi (India International Convention and Expo Center) Dwarka, and India Expo Centre &amp; Mart, Greater Noida, simultaneously.
The last edition of the Auto Expo was held from January 11-18, 2023, at the India Expo Mart, Greater Noida. The inaugural Bharat Mobility Global Expo 2024 was held from February 1-3.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

India also ranked among the top countries sending tourists to Moscow, with over 60,000 Indian visitors in 2023, a 26% increase from 2022. 

Russia Eases Travel Norms for India, Visa-Free Travel Expected by 2025

India also ranked among the top countries sending tourists to Moscow, with over 60,000 Indian visitors in 2023, a 26% increase from 2022.

India and Russia are set to implement visa-free travel for Indian citizens to Russia by spring 2025, a move designed to boost tourism between the two countries. This initiative is expected to significantly increase the number of Indian visitors to Russia, especially to Moscow.
Evgeny Kozlov, Chairman of the Moscow City Tourism Committee, emphasized that the agreement, currently being developed, aims to ease travel restrictions and attract more tourists. "The number of travellers from India coming to the Russian capital will significantly increase thanks to this agreement," Kozlov said.
In June 2023, both countries began discussions on a bilateral agreement to ease visa restrictions, focusing on visa-free group tourist exchanges. This move follows the introduction of e-visas for Indian travellers in August 2023, allowing them to apply for a visa online within four days.
India was one of the top five countries for the number of e-visas issued by Russia in 2023, with 9,500 e-visas granted to Indian travellers, accounting for 6% of Russia&rsquo;s total e-visa issuances. Indians typically visit Russia for business or work-related reasons.
India also ranked among the top countries sending tourists to Moscow, with over 60,000 Indian visitors in 2023, a 26% increase from 2022. In the first quarter of 2024, India was the third-largest source of business tourists to Russia. By January 2024, nearly 1,700 e-visas had been issued to Indian travellers.
Russia has previously launched similar visa-free travel programs with China and Iran and aims to replicate this success with India by 2025.

Trump’s election has sparked widespread expectations for a more favourable regulatory environment for digital assets, reversing the crackdown imposed by the Biden administration. 

Bitcoin's Rally Continues: Surpasses $106,000 on News of Trump’s Bitcoin Reserve Fund

Trump&rsquo;s election has sparked widespread expectations for a more favourable regulatory environment for digital assets, reversing the crackdown imposed by the Biden administration.

Bitcoin surged to a record high on Monday, crossing the $106,000 mark for the first time, driven by optimism surrounding President-elect Donald Trump&rsquo;s pro-cryptocurrency stance. The digital asset climbed more than 3% in early Asian trading, reaching an unprecedented $106,493, surpassing its previous peak on December 5. The rally has extended Bitcoin&rsquo;s winning streak, marking its longest run since 2021.
Trump&rsquo;s election has sparked widespread expectations for a more favourable regulatory environment for digital assets, reversing the crackdown imposed by the Biden administration. He has also supported the creation of a strategic Bitcoin reserve fund, a move that has generated both excitement and scepticism.
Aya Kantorovich, co-founder of institutional crypto platform August, noted that many are banking on a friendlier regulatory landscape under Trump&rsquo;s leadership, which has fueled increased demand for Bitcoin-related exchange-traded funds (ETFs).
The positive sentiment surrounding Bitcoin has also extended to other cryptocurrencies, including Ether, XRP, and Dogecoin, which have all posted gains.
On Friday, Nasdaq Global Indexes announced that MicroStrategy, a major Bitcoin investor, will be added to the Nasdaq 100 Index, underscoring the growing mainstream acceptance of digital assets. MicroStrategy has raised capital to invest billions into Bitcoin, becoming a key player in the crypto market.
Despite the recent gains, analysts are cautioning that a pullback may be on the horizon. IG Australia&rsquo;s Tony Sycamore pointed out that the pace of Bitcoin&rsquo;s gains has slowed recently, suggesting a potential correction could be coming. As of Monday morning, Bitcoin was trading at $106,215 in Singapore.
The ongoing surge in Bitcoin prices reflects the market's optimism about Trump&rsquo;s impact on the crypto space, with many analysts predicting that $110,000 could be the next milestone for the leading cryptocurrency.

The Indian government is taking taxpayer services to the next level with PAN 2.0! From QR codes for faster verification to a unified portal that brings all PAN-related services under one roof, this upgrade is a true game-changer

Get Ready for PAN 2.0: QR Codes, Paperless Processes & More!

The Indian government is taking taxpayer services to the next level with PAN 2.0! From QR codes for faster verification to a unified portal that brings all PAN-related services under one roof, this upgrade is a true game-changer

PAN 2.0 SOON! 
Get ready for the future of taxpayer services with PAN 2.0&mdash;a revolutionary upgrade to the existing system that promises to make life simpler and smarter for everyone. Let&rsquo;s explore why this could be a game-changer!
First, the new PAN cards are getting a high-tech boost with QR code integration. This means faster, hassle-free verification and access to services with just a quick scan. This aim to put an end to tedious processes and increase &nbsp;efficiency.
No need for multiple IDs
For businesses, there&rsquo;s big news! The PAN will now serve as a Common Business Identifier, replacing the need for multiple IDs across platforms. A single number for everything&mdash;that will hopefully completely streamline operations.
A ONE-STOP DIGITAL PORTAL
And that&rsquo;s not all. A Unified Digital Portal will also be introduced&mdash;This will be a one-stop destination for all PAN-related services, from applications to grievance redressal.
ROBUST GRIEVANCE SYSTEM
What&rsquo;s even better? The entire process will be completely paperless and online. There will be a big focus on a robust grievance redressal system to ensure that taxpayer concerns are addressed quickly and efficiently.
If you already hold a PAN card, you&rsquo;ll be happy to know the upgrade will be provided free of cost through an easy online transition process&mdash;no paperwork required.
PAN 2.0 PROJECT COST: ₹1435 CR
The PAN 2.0 project, which has received the nod from the union cabinet, will cost 1435 crore rupees. While the exact launch date is still under wraps, the rollout is expected in the coming months.&nbsp;
Also Watch: <a href="https://www.editorji.com/business-news/trump-declares-trade-war-tariffs-on-mexico-canada-and-china-1732622055894">Trump Declares Trade War: Tariffs on Mexico, Canada, and China</a>

Passenger vehicles posted their highest ever sales of November in 2024 of 3.48 lakh units, with a growth of 4.1 per cent as compared to November 2023, he added.

Passenger Vehicle dispatches rise 4% in Nov as demand sustains post-festive period: SIAM

Passenger vehicles posted their highest ever sales of November in 2024 of 3.48 lakh units, with a growth of 4.1 per cent as compared to November 2023, he added.

Passenger vehicle dispatches from companies to dealerships rose 4 per cent year on year to 3,47,522 units in November with demand momentum sustaining post festive period in October, industry body SIAM said on Friday.
The overall passenger vehicle dispatches stood at 3,33,833 units in November last year.
Market leader Maruti Suzuki India dispatched 1,41,312 units to its dealers last month, an increase of 5 per cent as compared with 1,34,158 units in November last year.
Hyundai Motor India dispatches declined to 48,246 units last month as against 49,451 units in the year-ago period.
Mahindra &amp; Mahindra sales stood at 46,222 units last month as compared with 39,981 units in November last year, a growth of 16 per cent Two-wheeler wholesales, however, declined by 1 per cent year on year to 16,04,749 units last month compared with 16,23,399 units in the same month last year.
Scooter sales rose 12 per cent year on year to 5,68,580 units last month while bike dispatches fell 7.5 per cent to 9,90,246 units.
Moped wholesales rose 6 per cent year on year to 45,923 units last month as compared with 43,482 units in November 2023.
Total three-wheeler dispatches also witnessed a 1 per cent year-on-year dip to 59,350 units in November, the Society of Indian Automobile Manufacturers (SIAM) said in a statement.
"The demand momentum which was seen in October during the festive period has continued in November for the industry as a whole, although two-wheeler and three-wheeler segments witnessed minor de-growth in November 2024," SIAM Director General Rajesh Menon said.
Passenger vehicles posted their highest ever sales of November in 2024 of 3.48 lakh units, with a growth of 4.1 per cent as compared to November 2023, he added.
Though the Diwali festival did not fall in November 2024, the two-wheeler segment posted sales of 16.05 lakh units, crossing the 16 lakh units mark for the first time in a non-Diwali November, Menon stated.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

Switzerland cited a 2023 ruling by the Indian Supreme Court in a case relating to Vevey-headquartered Nestle for its decision to withdraw the MFN status.

Switzerland suspends MFN status to India, dividend income to face higher tax

Switzerland cited a 2023 ruling by the Indian Supreme Court in a case relating to Vevey-headquartered Nestle for its decision to withdraw the MFN status.

The Swiss government has suspended the most favoured nation status (MFN) clause in the Double Taxation Avoidance Agreement (DTAA) between India and Switzerland, potentially impacting Swiss investments in India and leading to higher taxes on Indian companies operating in the European nation.
According to a December 11 statement by the Swiss finance department, the move follows the Supreme Court of India last year ruling that the MFN clause doesn&rsquo;t automatically trigger when a country joins the OECD if the Indian government signed a tax treaty with that country before it joined the organization.
India signed tax treaties with Colombia and Lithuania that provided tax rates on certain types of income that were lower than the rates it provided to OECD countries. The two countries later joined the OECD.
Switzerland in 2021 interpreted that Colombia and Lithuania joining the OECD meant a 5 per cent rate for dividends would apply to the India-Switzerland tax treaty under the MFN clause, rather than 10 per cent as outlined in the agreement.
But post suspension of the MFN status, Switzerland will from January 1, 2025, levy a 10 per cent tax on dividends due to Indian tax residents who claim refunds for Swiss withholding tax and for Swiss tax residents who claim foreign tax credits.
In the statement, the Swiss Finance Department announced the suspension of the application of the MFN clause of the protocol to the agreement between the Swiss Confederation and the Republic of India for the avoidance of double taxation with respect to taxes on income.
Switzerland cited a 2023 ruling by the Indian Supreme Court in a case relating to Vevey-headquartered Nestle for its decision to withdraw the MFN status.
This means that Switzerland will tax dividends that Indian entities will earn in that country at 10 per cent from January 1, 2025.
According to the statement, in 2021, the Delhi High Court in the Nestle case upheld the applicability of the residual tax rates after taking into account the MFN clause in the double taxation avoidance treaty. However, the Indian Supreme Court, in a decision dated October 19, 2023, reversed the lower court&rsquo;s decision and concluded that the applicability of the MFN clause provided &ldquo;was not directly applicable in the absence of &lsquo;notification&rsquo; in accordance with Section 90 of the Income Tax Act&rdquo;.
Commenting on the decision of the Swiss authority decision, Nangia Andersen M&amp;A Tax Partner Sandeep Jhunjhunwala, said the unilateral suspension of the application of the MFN clause under its tax treaty with India, marks a significant shift in bilateral treaty dynamics.
&ldquo;This suspension may lead to increased tax liabilities for Indian entities operating in Switzerland, highlighting the complexities of navigating international tax treaties in an evolving global landscape,&rdquo; he said.
It also underscores the necessity of aligning treaty partners on the interpretation and application of tax treaty clauses to ensure predictability, equity, and stability in ithe nternational tax framework, Jhunjhunwala said.
AKM Global's tax Partner, Amit Maheshwari, said that the main reason behind the decision to withdraw MFN is reciprocity, which ensures that taxpayers in both countries are treated equally and fairly.
&ldquo;Swiss authorities announced in August 2021 that based on the MFN clause between Switzerland and India, the tax rate on dividends from qualifying shareholdings would be reduced from 10 per cent to 5 per cent, effective retroactively from July 5, 2018. However, the subsequent Supreme Court ruling in 2023 contradicted the same,&rdquo; Maheshwari said.
Overall, he added that this could impact Swiss investments in India as dividends would be subject to higher withholding now and income accruing on or after January 1, 2025, may be taxed at the rates provided for in the original double taxation treaty between Switzerland and India, regardless of the MFN clause.
JSA Advocates &amp; Solicitors Partner Kumarmanglam Vijay said this would especially impact Indian companies having ODI (overseas direct investment) structures with subsidiaries in Switzerland and will raise the Swiss withholding tax on dividends from 5 per cent to 10 per cent from January 1, 2025.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

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Bankman-Fried pleaded not guilty to all eight counts against him -- five of which carry a maximum sentence of 20 years in prison each

Ex-crypto boss Bankman-Fried pleads not guilty to fraud

Bankman-Fried pleaded not guilty to all eight counts against him -- five of which carry a maximum sentence of 20 years in prison each

FTX co-founder Sam Bankman-Fried pleaded not guilty Tuesday to US criminal fraud charges over the spectacular collapse of his crypto exchange.
The 30-year-old former digital currency billionaire, who is out on bail, entered the plea in federal court in Manhattan before New York judge Lewis Kaplan.
FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion.
The United States has charged Bankman-Fried with conspiracy, wire fraud, money laundering and election finance violations.

"The committee strongly recommends that the Department of Agriculture and Farmers Welfare declare a roadmap for implementing MSP as a legal guarantee at the earliest," the report stated.

Parliamentary Panel bats for legal guarantee of MSP to protect farmers' interests

"The committee strongly recommends that the Department of Agriculture and Farmers Welfare declare a roadmap for implementing MSP as a legal guarantee at the earliest," the report stated.

A parliamentary panel on Tuesday recommended the government implement a legally binding minimum support price (MSP) for agricultural produce, arguing that such a measure could significantly reduce farmer suicides and provide crucial financial stability.
The Standing Committee on Agriculture, Animal Husbandry and Food Processing, headed by Congress MP Charanjit Singh Channi, submitted a comprehensive report to Parliament highlighting the potential benefits of a legally guaranteed MSP.
"The committee strongly recommends that the Department of Agriculture and Farmers Welfare declare a roadmap for implementing MSP as a legal guarantee at the earliest," the report stated.
Currently, the government fixes MSP for 23 commodities based on the Commission for Agricultural Costs and Prices (CACP) recommendations.
The panel argued that a legally binding MSP would not only safeguard farmers' livelihoods but also promote rural economic growth and enhance national food security.
The committee's key recommendations include: implementing a robust MSP system to mitigate farmer suicides, providing compensation to farmers for managing crop residue, establishing a National Commission for Minimum Living Wages for Farm Labourers, introducing a debt waiver scheme for farmers and farm labourers, and renaming the agriculture department to include farm labourers.
The committee emphasized that assured income through MSP would encourage farmers to invest in agricultural practices, potentially increasing productivity and sustainability.
The panel also suggested the government provide a statement in Parliament after each crop season, detailing the number of farmers selling produce at MSP and the gap between MSP and market prices.
It may be noted that a legal guarantee of MSP for agricultural produce was one of the key demands of protesting farmers in 2021 which forced the government to withdraw three farm laws and set up a committee on MSP to look into the matter.

He invited domestic and global corporates to visit Bihar and said the government is ready to assist and collaborate for mutual growth.

Bihar fully prepared to create robust business ecosystem, investment safe: Dy CM Samrat Choudhary

He invited domestic and global corporates to visit Bihar and said the government is ready to assist and collaborate for mutual growth.

Bihar Deputy Chief Minister Samrat Choudhary has asserted that the state is fully prepared to create a robust business ecosystem with improved infrastructure facilities along with a better law and order situation while assuring domestic and global firms that their investment is &ldquo;safe&rdquo;.
In a podcast interview with PTI, Choudhary, who is also the finance minister, highlighted the steps that are being taken by the state government to change the image of Bihar and attract investments into the state to create employment opportunities and achieve higher economic growth.
The state government is organizing the 'Bihar Business Connect' Summit on December 19-20 here to attract investments.
&ldquo;With the guidance of Chief Minister Nitish Kumar and Prime Minister Narendra Modi, Bihar is fully prepared to create a robust business ecosystem. Bihar is ready to stand with you, offering all the support needed for your success,&rdquo; Choudhary said.
He invited domestic and global corporates to visit Bihar and said the government is ready to assist and collaborate for mutual growth.
In a message to investors before this mega event, Choudhary said, &ldquo;I firmly believe that Bihar is a safe state&rdquo; and its infrastructure is &ldquo;strong&rdquo;.
Choudhary informed that the state government is increasing the power capacity from around 3,800 MW to about 8,000 MW.
&ldquo;We will ensure that electricity is available in full, provide subsidies, support through various incentives, and make efforts to help investors progress by offering economic assistance,&rdquo; the Deputy CM promised.
The state is providing incentives for setting up industries, offering subsidies in electricity and GST exemptions, he further said.
Asked about the sectors that have the potential for investment, Choudhary said food processing has great opportunities.
&ldquo;Food processing units, I believe, are very important, especially in 38 districts, where 38 products are our identity. Here, we aim to establish food processing units,&rdquo; he said.
Recently, the Deputy CM said, the state has received approval for about 36 lakh litres of ethanol manufacturing capacity.
&ldquo;There is a need to set up more ethanol plants in Bihar&hellip; This is essential for the farmers growing maize, rice, and other cereals, as we will be able to sell them directly to the ethanol plants, and it will also ensure the availability of funds,&rdquo; he said.
Choudhary said the state government will also promote MSMEs.
&ldquo;We will support the growth of small-scale industries and encourage SHGs (Self-Help Groups) at the grassroots level, where 10-15 sisters will work together in small industries to generate employment. This will continue to drive the progress of our Bihar,&rdquo; he said.
On job creation, Choudhary said the government will ensure local employment generation.
&ldquo;Bihar, due to its availability of labour at the lowest rates, will play a significant role. We will focus on skill development here. We will ensure that the factories setting up in Bihar will have access to skilled labour, and we will take care of providing employment opportunities for the local people.&rdquo; On physical infrastructure, Choudhary said two airports have become operational in Bihar recently.
&ldquo;Purnia is almost complete, Bihta is about to start, and we are working on completing the Raxaul airport. We are also working on four to five airports, including Bhagalpur and Rajgir.&rdquo; The state is also focusing on improving connectivity through all three options &mdash; roadways, airways and waterways.
He said the state government is also working on how to manage floods in North Bihar and water shortage in South Bihar.&nbsp;
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

The President-elect’s tough stance comes as US-India trade ties continue to face friction over tariff structures, particularly on high-value goods like motorcycles, medical devices, and agricultural products.

Trump Signals Tough Trade Stance: Reciprocal Tariffs on India and Stricter Measures for Canada and Mexico

The President-elect&rsquo;s tough stance comes as US-India trade ties continue to face friction over tariff structures, particularly on high-value goods like motorcycles, medical devices, and agricultural products.

US President-elect Donald Trump has reiterated his commitment to reshaping trade relationships, targeting countries like India, Brazil, and North American neighbours, Canada and Mexico, with tougher tariff policies. Speaking at his Mar-a-Lago resort on Monday, Trump specifically criticized India&rsquo;s steep import tariffs on American goods, vowing a tit-for-tat approach to ensure "fairness in trade."
&ldquo;If they tax us, we tax them the same amount,&rdquo; Trump said, referencing India&rsquo;s 100% tariffs on certain US products. &ldquo;They charge us 100 and 200. India charges a lot, Brazil charges a lot. If they want to charge us, that's fine, but we're going to charge them the same thing,&rdquo; he added, stressing his focus on reciprocity in trade deals.
This rhetoric underscores Trump&rsquo;s broader push for economic fairness, a cornerstone of his administration&rsquo;s agenda. The President-elect&rsquo;s tough stance comes as US-India trade ties continue to face friction over tariff structures, particularly on high-value goods like motorcycles, medical devices, and agricultural products.
Tougher Measures on Canada and Mexico Trump&rsquo;s trade focus wasn&rsquo;t limited to India. Addressing ongoing issues with Canada and Mexico, Trump warned of imposing a 25% tariff on imports from both countries unless they take decisive action to combat the influx of drugs and migrants into the US.
Canada, in particular, has already taken steps to address Trump&rsquo;s concerns, announcing a CAD 1.3 billion investment in border security. This includes granting its border services enhanced powers to inspect goods destined for the US and increasing surveillance to curb illegal crossings.
The move follows a surge in migrant detentions along the US-Canada border, with over 23,000 people detained in the past year, compared to 10,000 the year prior. However, Canadian officials admit challenges in preventing southbound crossings, even as they deploy additional resources to strengthen enforcement.
The Business Implications Trump&rsquo;s focus on reciprocal tariffs and border security could have far-reaching consequences for businesses across sectors. For India, retaliatory tariffs from the US could impact key export categories, including textiles, pharmaceuticals, and auto components.
Meanwhile, stricter trade measures on Canada and Mexico could strain the USMCA, affecting industries heavily reliant on cross-border supply chains, such as automotive, agriculture, and technology.
As the President-elect prepares to take office, businesses across the globe are watching closely, anticipating shifts that could redefine trade norms and impact international market dynamics. For India and its counterparts, the message is clear: the era of "America First" trade policies is here.

Leading the list of losers were Shriram Finance Ltd. (SHRIRAMFIN), Grasim Industries Ltd. (GRASIM), Hero MotoCorp Ltd. (HEROMOTOCO), Bharti Airtel Ltd. (BHARTIARTL), and JSW Steel Ltd. (JSWSTEEL).

Top 5 Losers of NIFTY 50: A Day of Decline for Leading Stocks

Leading the list of losers were Shriram Finance Ltd. (SHRIRAMFIN), Grasim Industries Ltd. (GRASIM), Hero MotoCorp Ltd. (HEROMOTOCO), Bharti Airtel Ltd. (BHARTIARTL), and JSW Steel Ltd. (JSWSTEEL).

In today&rsquo;s trading session, several NIFTY 50 heavyweights witnessed significant declines, driven by bearish technical indicators and sector-specific pressures. Leading the list of losers were Shriram Finance Ltd. (SHRIRAMFIN), Grasim Industries Ltd. (GRASIM), Hero MotoCorp Ltd. (HEROMOTOCO), Bharti Airtel Ltd. (BHARTIARTL), and JSW Steel Ltd. (JSWSTEEL).
Top Declining Stocks:
1. Shriram Finance Ltd. (SHRIRAMFIN)
<ul>
<li>Closing Price: ₹2,976.90</li>
<li>Percentage Decline: -5.12%</li>
<li>Day&rsquo;s High/Low: ₹3,135 / ₹2,965.25</li>
</ul>
<img src="https://cdn.editorji.com/6762582f1fb19_1734498351.png" width="601" height="304">
Analysis: SHRIRAMFIN faced a sharp sell-off, with a significant drop in RSI to 40.63, signalling oversold conditions. The stock&rsquo;s 50-EMA (₹3062.95) and 10-EMA (₹3116.97) both remain above the closing price, confirming continued bearish momentum.
<img src="https://cdn.editorji.com/67625866d64ef_1734498406.png" width="600" height="222">
MACD levels also weakened, indicating growing downside risks. Sectoral challenges in the Credit Services space and overall market sentiment amplified the decline.
<img src="https://cdn.editorji.com/6762587421fbe_1734498420.png" width="599" height="222">
2. GRASIM (Grasim Industries Ltd.)
<ul>
<li>Closing Price: ₹2599.70</li>
<li>Percentage Decline: -3.18%</li>
<li>Day&rsquo;s High/Low: ₹2685 / ₹2595.35 &nbsp;</li>
</ul>
<img src="https://cdn.editorji.com/676258a1c06a5_1734498465.png" width="599" height="303">
Analysis: GRASIM&rsquo;s decline was marked by a steep fall below its 10-EMA (₹2659.15) and 20-EMA (₹2647.92). The RSI dropped to 44.37, showing weakened momentum.
<img src="https://cdn.editorji.com/676258b658249_1734498486.png" width="602" height="223">
A bearish MACD of 15.47 further reinforced the stock&rsquo;s downward trend. The Basic Materials sector, especially Building Materials, faced pressure as GRASIM struggled to sustain its recent recovery.
<img src="https://cdn.editorji.com/676258c37a424_1734498499.png" width="600" height="222">
3. HEROMOTOCO (Hero MotoCorp Ltd.)
<ul>
<li>Closing Price: ₹4415.10</li>
<li>Percentage Decline: -2.73%</li>
<li>Day&rsquo;s High/Low: ₹4558.55 / ₹4397.35</li>
</ul>
<img src="https://cdn.editorji.com/676258de8b937_1734498526.png" width="601" height="304">
Analysis: HEROMOTOCO continued its downtrend with a declining RSI of 28.08, approaching oversold territory. The stock&rsquo;s 50-EMA (₹4676.98) and 20-EMA (₹4633.77) indicate sustained bearish sentiment.
<img src="https://cdn.editorji.com/676258eea8c01_1734498542.png" width="600" height="222">
MACD levels of -55.51 suggest further downside risks. Weak consumer sentiment in the Auto Manufacturers segment likely contributed to today&rsquo;s drop.
<img src="https://cdn.editorji.com/676258fe9f248_1734498558.png" width="602" height="223">
4. BHARTIARTL (Bharti Airtel Ltd.)
<ul>
<li>Closing Price: ₹1615.30</li>
<li>Percentage Decline: -2.85%</li>
<li>Day&rsquo;s High/Low: ₹1658.65 / ₹1608.50</li>
</ul>
<img src="https://cdn.editorji.com/67625918e9568_1734498584.png" width="600" height="304">
Analysis: BHARTIARTL failed to hold its recent gains, with the RSI dropping to 52.59 and MACD narrowing to 13.96.
<img src="https://cdn.editorji.com/6762592920bae_1734498601.png" width="602" height="223">
The stock breached its 10-EMA (₹1619.87) and struggled to recover above intraday resistance levels. Sentiment in the Telecom Services industry turned cautious, likely driving today&rsquo;s decline.
<img src="https://cdn.editorji.com/67625936a54a3_1734498614.png" width="597" height="221">
5. JSW STEEL (JSW Steel Ltd.)
<ul>
<li>Closing Price: ₹966.85</li>
<li>Percentage Decline: -2.37%</li>
<li>Day&rsquo;s High/Low: ₹990.80 / ₹961.45</li>
</ul>
<img src="https://cdn.editorji.com/6762597d33b30_1734498685.png" width="600" height="222">
Analysis: JSWSTEEL&rsquo;s RSI declined to 44.09, signaling fading momentum. The stock&rsquo;s closing price remained below its 10-EMA (₹990.94) and 20-EMA (₹987.25), indicating bearish dominance.
<img src="https://cdn.editorji.com/676259520747a_1734498642.png" width="601" height="304">
A weaker MACD of 4.87 suggests limited strength in the short term. The Steel industry faced headwinds, contributing to JSWSTEEL&rsquo;s underperformance.
<img src="https://cdn.editorji.com/6762598c331cc_1734498700.png" width="600" height="222">
Key Takeaways from the Day
Sectoral Impact:
<ul>
<li>The Financial Services sector was the hardest hit, with SHRIRAMFIN leading the losses.</li>
<li>Basic Materials (GRASIM and JSWSTEEL) and Consumer Cyclical (HEROMOTOCO) also saw selling pressure.</li>
<li>Telecom Services represented by BHARTIARTL showed signs of profit booking after recent gains.</li>
</ul>
Technical Weakness:
<ul>
<li>All five stocks traded below key moving averages, confirming bearish trends.</li>
<li>RSI levels for several stocks (HEROMOTOCO and JSWSTEEL) approached or entered oversold zones.</li>
<li>MACD divergence for SHRIRAMFIN and GRASIM pointed towards further downside risks.</li>
</ul>
Outlook: 
<ul>
<li>Investors are advised to exercise caution and monitor support levels closely.</li>
<li>For long-term investors, this dip may offer a potential entry point, provided there is a reversal in technical indicators and overall market sentiment.</li>
</ul>
Key Insights from Comparative Analysis
EMA Trends:
<ul>
<li>All five stocks are trading below their respective 10-EMA and 20/50-EMA, signalling bearish momentum.</li>
<li>SHRIRAMFIN and HEROMOTOCO exhibit the strongest bearish trends, with significant deviations from their EMAs.</li>
</ul>
MACD Divergence:
<ul>
<li>HEROMOTOCO and SHRIRAMFIN have the most negative MACD values, indicating stronger bearish momentum.</li>
<li>Stocks like BHARTIARTL and JSWSTEEL still have positive MACD values but show narrowing trends, signalling weakening bullish strength.</li>
</ul>
RSI Levels:
<ul>
<li>HEROMOTOCO stands out with an RSI of 28.08, deep in oversold territory, suggesting potential for a technical rebound.</li>
<li>SHRIRAMFIN and JSWSTEEL hover near 40, while BHARTIARTL is neutral at 52, showing resilience.</li>
</ul>
&nbsp;

He noted that the PLI (production-linked incentive) scheme with an outlay of Rs 24,000 crore has been introduced to boost domestic manufacturing of solar panels and modules.

India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

He noted that the PLI (production-linked incentive) scheme with an outlay of Rs 24,000 crore has been introduced to boost domestic manufacturing of solar panels and modules.

India's renewable energy capacity addition almost doubled to 15GW during the April-November period of this fiscal compared to a year ago, indicating India's commitment towards the target of 500GW non-fossil capacity by 2030, Union New &amp; Renewable Energy Minister Pralhad Joshi said on Tuesday.
Addressing at CII International Energy Conference &amp; Exhibition 2024 here, Joshi said, "In fact, over the past decade, under the visionary leadership of Prime Minister Narendra Modi, India has charted an extraordinary path in the renewable energy sector. Today, India is one of the world's most promising nations in the clean energy space."
Between April and November of the current financial year, India added almost 15 GW of renewable energy capacity, nearly double the 7.54 GW added during the same period last year, he said.
At present, India's total installed capacity of the non-fossil fuel sector has touched 214 GW, over a 14 per cent increase compared to the same month last year.
The government is transforming the entire energy sector as this transformation is driven by a strong belief that a Viksit Bharat by 2047, is closely linked to sustainable and green growth, he said, adding that the roadmap for this transition is ambitious but achievable.
India is firmly committed to achieving the goal of 500 GW of non-fossil fuel-based generation capacity by 2030, he said.
The minister informed that in just last month alone, 2.3 GW of new capacity was added, which means a 4-fold increase from the 566.06 MW added in November 2023. "So yes, this transformation is not just a dream, it is happening today," he stressed.
In the last three financial years alone, he informed that India has attracted USD 6.1 billion in FDI into the renewable energy sector.
He noted that the PLI (production-linked incentive) scheme with an outlay of Rs 24,000 crore has been introduced to boost domestic manufacturing of solar panels and modules.
"We are also in the process of setting up 50 solar parks with a cumulative capacity of 38 GW by 2025-26," the minister informed.
The government under the PM Surya Ghar Muft Bijli Yojana is empowering Indian households by enabling them to generate their electricity through solar rooftops. The scheme targets 1 crore installations by 2026-27, with an outlay of Rs 75,021 crore.
On the Green Hydrogen Mission, he said "Under the SIGHT Programme of National Green Hydrogen Mission, we are extending support on 2 components majorly -- Component I for Electrolyser Manufacturing supported with Rs 4,440 crore and Component II for Green Hydrogen production supported with Rs 13,050 crore," he said.
He informed that two tranches of bidding have been completed under Component I allocating 3000 MWPA Electrolyser Manufacturing capacity. Under Component II, 4.12 Lakh tonnes per annum (LTPA) quantity has been awarded to 10 companies, with a total subsidy of Rs 3,055 crore.
Currently, 4.5 LTPA tender is live for green hydrogen production, and 7.39 LTPA for green ammonia (for fertilizers), he stated.
"So, I invite the industry to participate in full swing. Let me know if you need any further support, we are here for you," he said.
About the industry suggestion about strictly enforcing renewable purchase obligation (RPO) and the addition of power transmission infrastructure especially for renewables, he stated that his ministry has prepared certain proposals to boost the sector for the General Budget (to be tabled on February 1).
He sought industry suggestions and proposals so that those could be sent to the Ministry of Finance for consideration in the forthcoming budget.
The minister on this occasion also unveiled the second edition of the CII-EY Report on Energy Transition Investment Monitor.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

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