1. Piyush Goyal Stresses on MSME Exports, Says Opportunity for Small Businesses Globally Under FTAs
The tariff concessions under the Free Trade Agreements (FTAs) signed by India gives export opportunities for products including those from SMEs, said Commerce Minister Piyush Goyal.
The SME products on which such concessions are offered by India’s trading partners including Japan, South Korea and some ASEAN countries, belong to categories including readymade garments, leather goods, processed foods, and engineering products such as auto components, Goyal informed Lok Sabha on Wednesday.
(Source: The Financial Express)
2. Qatar to Invest $450 Million in Adani’s Mumbai Power Business
Qatar Investment Authority (QIA) is investing $450 million (about ₹3,200 crore) in Adani Electricity Mumbai Ltd (AEML), the flagship power transmission asset of billionaire Gautam Adani.
Adani Transmission Ltd (ATL), the parent of AEML, said in a stock exchange filing that the investment is for AEML’s 25.1 percent stake and subordinated debt. It did not provide the quantum of equity and debt.
(Source: Livemint)
3. Saudi Aramco Pulls Down India’s Rank in Market Cap League Table
With shares of Saudi Aramco hitting the upper circuit of 10 percent on listing day, the oil major is now valued at $1.88 trillion and Saudi Arabia’s equity market has displaced India from its place as the ninth biggest market in the world. Saudi Aramco also surpassed the market cap of Microsoft and Apple to become the most valuable company in the world. Apple and Microsoft – have free float of 88 percent and 98.6 percent, respectively.
Interestingly, the listing gain of about $180 billion is bigger than the market cap of India’s most valuable company – Reliance Industries (RIL).
(Source: The Financial Express)
4. GST Rates May Go Up for Various Items to Meet Revenue Shortfall
With pressure on revenue collection, the goods and services tax (GST) rates and slabs may be raised during the GST Council meeting next week.
The all-powerful GST Council, headed by Finance Minister Nirmala Sitharaman, is set to meet on 18 December in the backdrop of lower-than-expected GST collection and pending compensation to many states.
(Source: The Hindu Business Line)
5. Government Eases Lending Rules for Weak Shadow Banks
Union cabinet has approved easier lending rules for shadow banks, the government said on Wednesday, to help them get more access to funds.
The government said it would allow state-run banks to get partial guarantees against the purchase of BBB+ rated securities of these shadow banks in addition to existing norms for AA or higher rated assets.
(Source: NDTV Profit)
6. ED Attaches Properties Worth Rs 600 Crore in Connection With Iqbal Mirchi Case
The Enforcement Directorate (ED) has attached properties worth Rs 1,100 crore related to the family of late smuggler and drug trafficker Iqbal Mirchi on 11 December.
The agency filed a chargesheet worth 12,000 pages for the case where it named 16 persons including Dheeraj Dhawan, non-executive director of Dewan Housing Finance, Mirchi's wife Hazara Menon and his two children.
(Source: Moneycontrol)
7. Tweaks to Non-Banks Liquidity Scheme, IBC Get Cabinet’s Approval
The Union cabinet on Wednesday moved to prevent frivolous bankruptcy filings and shield potential bidders from the crimes of previous managements, besides liberalizing a budget initiative to boost liquidity for non-bank lenders.
Financial creditors such as homebuyers and bondholders represented by an authorized representative will now have to meet an additional threshold – which is yet to be specified – to take a company to bankruptcy courts.
(Source: Livemint)
8. Government Targets New Bilateral Deals After Exiting China-Backed RCEP
India is reviewing trade and goods agreements with its Southeast Asian neighbors to boost exports after opting out of a China-backed trade pact.
New Delhi is working to strengthen trade deals with the ASEAN group, as well as South Korea and Japan, Commerce Minister Piyush Goyal, told lawmakers in Parliament on Tuesday. "The government priority is also to correct the asymmetry in the existing agreements and maximize its export potential to benefit domestic industry and farmers," he said.
(Source: NDTV Profit)
9. Global Airline Sector Facing Worst Performance Post Financial Crisis
Nearly 75 years after International Air Transport Association (IATA) – a trade body representing international airlines – was formed, the airline industry is facing its worst performance post the global financial crisis during the late 2000s, largely because of the trade war between the US and China.
But there is a silver lining. Year 2020 may not be that bad, as industry profitability is expected to stabilise, though its growth at 4.1 percent will be much less than the 4.2 per cent growth rate recorded this year.
(Source: The Hindu Business Line)
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