China sets up platform to monitor game company violations
Chinese regulators have set up a platform that allows the public to report game companies they believe are violating restrictions on online play hours for children, PTI reported.
It allows Chinese ID card holders to report violations and provide evidence, effectively giving the public the power to control game companies such as Tencent and NetEase.
This follows China’s decision to impose time limits of just three hours per week on minors to tackle internet gaming addiction among children. Gaming companies are expected to enforce the one hour limit of online gaming on Friday, Saturday and Sunday between 8 p.m. and 9 p.m. An earlier limit allowed 90 minutes on most days.
GST Council meeting begins
The GST Council meeting to decide to extend the tax break to 11 COVID-19 drugs and to review the tax rates of more than 4 dozen items, such as cancer drugs and walnut oil coco, started today, PTI reported.
The 45th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman and including state finance ministers, is the first physical meeting since the start of the COVID-19 pandemic. The last of these meetings took place 20 months ago, on December 18, 2019.
Since then, the board has met by videoconference.
Poonawalla Fincorp shares dip 5% in its bottom circuit
Poonawalla Fincorp shares continued to fall and fell another 5% to their lowest trading limit after its managing director Abhay Bhutada resigned from the company following Sebi’s action, PTI reported.
The stock fell 5% to its lower circuit of 163.55 on the BSE and plunged 4.97% to 163.35 on the NSE.
Shares of the company had also fallen 5% on Thursday.
World Bank Kills Ease of Doing Business Reports
The World Bank Group on Thursday ended the publication of its “Doing Business” report on countries’ investment climates Reuters reported.
After an investigation, it was discovered that senior banking officials, including then-managing director Kristalina Georgieva, exerted undue pressure to improve China’s ranking in 2017.
The World Bank said in a statement that the decision came after internal audit reports raised “ethical issues, including the conduct of former board officials as well as current and / or former Bank staff” and a Council investigation conducted by the law firm WilmerHale.
Ola Co-Founder Says Electric Scooter Sales Topped 1,100 Cr In 2 Days
Ola co-founder Bhavish Aggarwal said sales of his electric scooters exceeded 1,100 crore in two days.
Aggarwal noted that the company has stopped purchasing for now and will reopen the purchase window on November 1.
The company started selling its electric scooters on Wednesday. Ola said she sold scooters worth 600 crore on the first day.
Kerala to oppose introduction of gasoline and diesel under GST
Kerala will vehemently oppose any move to subject gasoline and diesel to the GST regime, as this will further reduce revenue generation for the state, PTI reported.
The state said the Center should reduce its levies on both products to provide relief to the people.
Central excise and state VAT (value added tax) account for almost half of the retail price of gasoline and diesel. Subjecting them to the goods and services tax (GST) would have an impact on revenue generation for the states.
Ministry of Transport in talks with foreign company for Delhi-Jaipur electric highway
Union Minister of Road Transport and Highways Nitin Gadkari said his ministry was in talks with a foreign company to build an electric highway from Delhi to Jaipur, PTI reported.
While reviewing the progress of the Delhi-Mumbai Expressway (DME) in Dausa, Rajasthan, Gadkari said that electric railway motors, buses and trucks will also be powered by electricity.
“It is my dream to build an electric highway from Delhi to Jaipur. It is still a proposed project. We are in discussions with a foreign company,” he said. Gadkari said that as Minister of Transport he made a resolution to end the use of gasoline and diesel in the country.
China asks to join Pacific trade pact in order to strengthen its economic weight
China has applied to join the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP), the country’s commerce ministry said Thursday, Reuters noted.
Trade Minister Wang Wentao submitted China’s request to join the free trade agreement in a letter to New Zealand Trade Minister Damien O’Connor.
The CPTPP was signed by 11 countries including Australia, Canada, Chile, Japan and New Zealand in 2018.
Government guarantee of 30,600 cr for the acquisition of stressed assets: FM
Finance Minister Nirmala Sitharaman on Thursday announced a government guarantee of 30,600 crore for the National Asset Reconstruction Company Limited (NARCL) to acquire distressed loan assets, PTI reported.
In the 2021-2022 budget, the Minister of Finance announced the creation of a failing bank as part of the resolution of bad debts worth around 2 lakh crore.
The failed bank or NARCL will pay up to 15% of the agreed value of the loans in cash and the remaining 85% would be government guaranteed collateral receipts. The government guarantee would be invoked in the event of a loss compared to the threshold value.
Sensex and Nifty open to a new record
India’s benchmark stock indexes Sensex and Nifty opened to a new high after hitting a record high the day before. At 9:15 am, Sensex was up 0.45% to 59,409.98 and Nifty opened 0.45% higher to 17,709.65.
PSU banks, financial services, FMCGs, IT gained the most and Nifty Bank approached the 38,000 mark.
Asian stocks remain stable amid global growth fears
Asian stocks stabilized at the start of trading after falling to the lows earlier, but global growth fears played in the minds of investors, Reuters reported.
The largest MSCI index of Asia-Pacific equities excluding Japan fell 2.7% for the week. Hong Kong’s Hang Seng Index rose 0.5% after posting its lowest close in 10 months the previous day.
Australian stocks fell 1.03% as Chinese blue chips were up 0.26% and Japan’s Nikkei rose 0.42% to return to a 31-year high on Monday.
Oil falls as supply slowly returns
Oil prices fell after the increase in supply in the Gulf of Mexico in the United States after two hurricanes, Reuters reported.
Brent crude fell 0.2% to $ 75.33 per barrel and US West Texas Intermediate (WTI) also fell 0.2% to $ 72.50 per barrel. Nevertheless. both contracts were on track to increase 4% for the week.
Production in the Gulf of Mexico recovered more slowly than expected and about 28% of crude production in the region went offline on Thursday.