BASE YEAR
Mount Everest's highest camp is littered with frozen garbage, and cleanup is likely to take years
A Nepal-funded team led by Ang Babu Sherpa and soldiers removed 11 tons of garbage and four bodies, starting in 1957, from Everest’s South Col. Waste sent to Kathmandu for Agni Ventures recycling. Up to 50 tons of garbage remain. Adverse weather hinders cleanup. Bodies sent to Tribhuvan University Teaching Hospital. Spring climbing season facilitated efforts.
New PPI model in works, govt working on WPI base revision: DPIIT secretary
The industry department has developed a new Producer Price Index (PPI) model to better capture input prices, shared with the IMF, according to DPIIT Secretary Rajesh Kumar Singh. Moving towards PPI, consultations with MoSPI and necessary procedural clearances are ongoing, though no timeline has been provided.
NEET-UG leak case: CBI arrests co-conspirator from Dhanbad
Aman Singh was arrested in the NEET-UG paper leak case from Dhanbad, Jharkhand. CBI's FIRs include paper leakage, candidate impersonation, and examination irregularities referred by Union Education Ministry. NEET-UG by NTA is for admissions to MBBS, BDS, AYUSH, and related courses.
Ukrainian air base under frequent fire as Russia aims at F-16 arrivals
In the early hours, explosions shattered the calm over Starokostiantyniv as Ukrainian air defenses repelled a Russian attack on this strategic city in western Ukraine. Despite the assault, life quickly returned to normal on the orderly streets. The recent attack underscores Ukraine's challenges in rebuilding its air force and preparing for the arrival of U.S.-supplied F-16s, which Russia aims to neutralize. Residents, accustomed to the constant threat, maintain resilience in this historic military outpost, dubbed Starkon, echoing its legacy as a longstanding bastion of resistance.
8th year of GST: Friendlier, simpler regime ahead? What the future likely holds
It would be unreasonable to expect very quick results. While concrete outcomes on this agenda are likely to be backloaded within the financial year, clear timelines and a glide path of transition may well emerge sooner.
Ukrainian air base under fire as Russia aims at F-16 arrivals
In Starokostiantyniv, Ukraine, the resilience of its 30,000 residents is tested daily as Russian attacks target its strategic air base. Recent strikes, including from drones and hypersonic missiles, underscore the city's strategic importance. Despite the danger, locals like Vasyl Muliar and Iryna Sapchuk remain steadfast. They endure constant threats, power outages, and the occasional missile debris in cherry trees. The arrival of U.S.-designed F-16s offers hope against Russian aggression, symbolizing Ukraine's historical spirit of resistance from centuries past to the present day.
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Indian Army inducts first-ever indigenous chip-based made in India 4G base station from Signaltron
The Indian Army has introduced its first indigenous chip-based 4G mobile base station, procured from Signaltron, a Bangalore-based firm, via the government e-marketplace portal. Developed using India's own Signalchip technology, the Sahyadri LTE base stations mark a significant milestone in domestic communication technology. Signaltron's Sahyadri Network In a Box (NIB) systems, weighing just 7 kgs, offer secure wireless communication for audio, video, and data, operating seamlessly in standalone or cellular modes. With 20 units supplied initially, the army plans strategic deployments based on operational needs, enhancing flexibility and security with locally developed chip technology.
India's GDP calculations set for an upgrade as MOSPI sets up panel to revise base year
The Ministry of Statistics and Programme Implementation (MoSPI) has formed a 26-member committee led by Biswantah Goldar to update the base year for national accounts, aiming to align key economic indices with current economic trends. This includes potentially shifting from the current base year of 2011-12 to 2020-21 for indices like the Wholesale Price Index (WPI), Producer Price Index (PPI), and Consumer Price Index (CPI).
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BoB aims to double tech team headcount to 3,000 by FY26-end
State-owned Bank of Baroda plans to double its in-house technology team to 3,000 employees in the next two years, according to a top official. Currently, the team comprises 1,500 employees. The expansion will involve both regular hiring processes and lateral hires of specialist talent, as stated by Debadatta Chand, the managing director and chief executive officer.
Bank of Maharashtra eyes tier-II bond sale worth Rs 1,000 crore
The state-owned lender looks to garner long-term funds at a time when credit growth is stronger than deposit growth.
L&T CMD takes home Rs 51 crore in FY24, up 43%
Larsen & Toubro (L&T) chairman and managing director SN Subrahmanyan earned Rs 51 crore in FY24, marking a 43.11% increase from the previous year, per L&T's annual report. His compensation included base salary, commission, and retirement benefits. CFO R Shankar Raman’s compensation also surged by 43% to Rs 31.66 crore. Subrahmanyan emphasized L&T's strategic alignment with global shifts towards a greener economy
PCB proposes Lahore as India's home base in next year's Champions Trophy
The Pakistan Cricket Board (PCB) has proposed Lahore as India's home base for the 2025 ICC Champions Trophy to ensure top security and minimize travel for the Indian team. This suggestion was included in the draft schedule sent to the ICC in late April.
Gopalan Enterprises targets Rs 500 crore rental income over 4-5 years
Real estate developer, Gopalan Enterprises, part of Gopalan Group, aims to increase its office rental income to Rs 500 crore annually and could list its assets as a real estate investment trust (REIT) in the next four-five years, a senior company executive said.
Demand under rural jobs scheme eases again in May
Demand for work under India's rural job guarantee scheme, MGNREGS, dropped for a seventh consecutive month in May, signaling improved economic conditions at the start of the fiscal year. About 37.46 million individuals sought work, down 12.1% from the previous year, with 27.18 million households seeking work, a 14.3% drop. The trend is attributed to better-paying job opportunities and the impact of heat waves across the country, although the data is subject to revision.
Porsche crash case: Maharashtra CM Eknath Shinde has assured thorough probe, says deceased's MP-based father
Maharashtra Chief Minister Eknath Shinde has expressed grief over the May 19 Pune Porsche crash and promised the guilty will not be spared, the father of IT professional Ashwini Koshta, who was killed in the incident, said here on Saturday. An officer on special duty sent by the Maharashtra government to Jabalpur facilitated the talk over phone with CM Shinde, Ashwini's father Suresh Koshta told PTI.
India's fast economic growth lays firm ground for next government
India's economy grew at a faster-than-expected 7.8% year-on-year in the first three months of 2024, driven by strong performance in the manufacturing sector. This growth pace is expected to support Prime Minister Narendra Modi's economic record, who is hoping to win a rare third term in the national election. The Reserve Bank of India's record surplus transfer of 2.11 trillion rupees ($25.3 billion) will help the next government increase state spending to boost growth.
One year after OceanGate tragedy, mini-submarine ready to explore Titanic shipwreck. What has changed?
A new vessel is being developed by an Ohio-based businessman to enable explorers to go down deep into the ocean and explore the Titanic Shipwreck.
Salesforce plummets 18% as weak forecast sparks concerns of AI competition
Salesforce shares slumped about 18% on Thursday, after its lowest-ever quarterly revenue growth forecast raised fears that high interest rates and rival AI offerings were hampering demand at the cloud-based software firm.
Banks seek one more month to comply with international card spend rule
Indian lenders are seeking a one-month extension from the government to comply with the Liberalised Remittance Scheme (LRS) for international credit card spends. The scheme allows Indian residents to remit up to $250,000 abroad in a financial year for permissible purposes such as education, travel, and investment. Last year, the government announced that forex transactions through credit cards would be covered under the scheme and charged 20% tax collected at source (TCS) beyond the threshold of ₹7 lakh per fiscal.
Optic fiber cable component maker Runaya aims to grow rev to Rs 500 cr over next 3-4 years
The transition to 5G and the associated infrastructure upgrades are driving this demand, with the global market for fiber optic cables expected to grow from $9.2 billion in 2021 to over $12 billion by 2024, representing a compound annual growth rate (CAGR) of 10%, according to estimates by the company.
NCLAT upholds NCLT order on Jaypee Infra; asks Suraksha to pay additional Rs 1,300 crore
NCLAT affirmed Suraksha Realty's acquisition bid for Jaypee Infratech but mandated an extra Rs 1,300 crore as farmers' compensation. The decision aimed to expedite the resolution plan, addressing concerns of stakeholders, including homebuyers and YEIDA. Suraksha pledged timely payment, aiming to resolve the debt-ridden firm's fate.
ETtech Deals Digest: Startup funding plummets 88% on year to $26 million this week
Goodwater Capital emerged as the topmost investor in terms of deal volume in the latest week.
Karur Vysya Bank to open 100 new branches in current financial year: MD & CEO
Karur Vysya Bank aims to open 100 new branches this year, with Chairperson Meena Hemchandra inaugurating the 840th branch in Ayodhya. MD and CEO B Ramesh Babu plans to add 100 branches, achieving a record net profit of Rs 1,605 crore, and maintaining a 0.40% NPA as of March 31, 2024.
Sobha Ltd aims Rs 10,000 crore increase in equity capital over next 5 years
After the Rs 2,000 crore rights issue, the company’s equity base will increase to Rs 4,500 crore. Earlier this year, the board of Sobha Ltd approved raising Rs 2,000 crore through a rights issue to increase the equity of the company and fund the growth.
Gold heads for second weekly gain, silver hits 11-year high
Gold prices were on track for a second consecutive weekly gain on Friday due to improved interest rate cut expectations, providing support to silver which broke through the $30 milestone and hit an 11-year high.
Govt looks to change base year for major economic gauges to FY23, revamp of key datasets also being planned
The base year provides a reference point for measuring changes in economic variables and comparing relative performances of indicators over time. For instance, real gross domestic product (GDP) growth is currently calculated with reference to FY12 prices.
April car sales growth moderates on high base
A high base due to the strong growth in the last two years weighed on the year-on-year comparison, resulting in the tepid pace of growth in April. Though the growth rate moderated in April, it was the fourth consecutive month in CY24 when sales volume in the local market set a new record, as per data from Society of Indian Automobile Manufacturers (SIAM).
China tech giant Alibaba posts modest yearly revenue growth
Chinese ecommerce giant Alibaba announced Tuesday a modest increase in annual revenue, at a time when the firm pursues a major overhaul and regulatory curbs on the country's tech sector are relaxed. Fellow internet giant Tencent posted weakened revenue growth in the first three months of this year, also on Tuesday.
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