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Economy

Transport services will be taxed at 5 per cent leading to a small drop in economy class air travel which now attracts 6 per cent service tax. A 28% tax on betting, if final, will be disastrous for Mysore and BTC, but bad for the RWITC too. The Goods and Services Council today has released new tax rates for 1,211 items in which majority of items being kept lower than 18 per cent rates.
  • Jury Clears Tulsa Cop In Fatal Shooting, Protests Erupt

    Jury Clears Tulsa Cop In Fatal Shooting, Protests Erupt

    Economy

    Police said they asked Crutcher if the auto belonged to him, but he mumbled under his breath, not giving the officers a direct response, according to an affidavit . " I have sorrow that this happened that this man lost his life but he caused the situation to occur ", Shelby said. An autopsy showed PCP was in Crutcher's system, and police said they found a vial of it in his SUV.
  • Hong Kong's Cathay lays off 600 as it faces rising pressure

    Hong Kong's Cathay lays off 600 as it faces rising pressure

    Economy

    The airline said it would shed a quarter of its management - or 190 roles - as well as 400 non-managerial positions. No frontline employees, pilots or cabin crew will be affected, it said. No department would be spared from the broad review of staffing costs, productivity and efficiency, which would affect all employee levels, the sources said.
  • Oil rises on expectation of extended, possibly deepened output cut

    Oil rises on expectation of extended, possibly deepened output cut

    Economy

    National representatives from OPEC and officials from several non-members in Vienna on Friday discussed the outlook for rising USA shale oil production, which has been diluting the price impact of their production cuts. Meanwhile, BMI Research said that "despite reducing production in early 2017 in line with the OPEC agreement, Russian Federation will be able to manage its output so that both exports and production will be higher year-on-year in (overall) 2017".
  • Cloud Computing edges Classic Empire to win Preakness

    Economy

    Both Brown and Castellano were especially thrilled for Cloud Computing's co-owner Seth Klarman, who grew up in Baltimore where he fell in love with racing. "We've been working for a long time for this moment", he said. I feel this is for him. "It was a good trip; it was the one we wanted. If he says no, we're not going to go".
  • North Korea calls latest solid-fuel missile test successful

    Economy

    South Korea's new president, Moon Jae-in, held a National Security Council meeting to discuss Sunday's launch, which came hours after he named his new foreign minister nominee and top advisers for security and foreign policy. The paper cited an example of Russian Federation, which it said has endorsed the United Nations sanctions on the North following Pyongyang's missile and nuclear tests but has also engaged in joint economic projects with the North.
  • Ford to replace CEO Mark Fields

    Ford to replace CEO Mark Fields

    Economy

    Fields will be replaced by Jim Hackett, who joined Ford's board in 2013, this person says. Mouhammed Choukeir, chief investment officer at Kleinwort Hambros, tells BBC Radio 5 live: "Fields has only been in the post for three years, so this is in some ways a surprise".
  • Westpac says bank levy will cost it $260ma year

    Westpac says bank levy will cost it $260ma year

    Economy

    Based on Westpac Banking Corporation's balance sheet at 31 March 2017, the announced 0.06 per cent (or 6 basis point) Levy would apply to approximately $615 billion of Westpac's liabilities ('Impacted liabilities'). In a sign of the banks' campaigns against the tax increasing, both banks also wrote to their hundreds of thousands of shareholders protesting against the levy, with CBA taking the unusual step of holding "town hall" meetings with shareholders over the tax.
  • Australian magnate donates $298mn to charities

    Australian magnate donates $298mn to charities

    Economy

    Fortescue Metals chair Andrew "Twiggy" Forrest, along with his wife Nicola, donated $400 million through their Minderoo Foundation, established back in 2001. Forrest, whose fortune was estimated by Forbes magazine this year at $4.3 billion, said the cash donations would be made "both immediately and over the next several months".
  • ACB records Kapil Mishras statement in tanker scam

    Economy

    The AAP is in the throes of a crisis with its sacked Minister Kapil Mishra accusing Kejriwal and other senior leaders of corruption. Meanwhile, Anna Hazare on Tuesday said he had been hurt by the corruption allegations against Kejriwal, reported DNA .
  • Dem Leaders Urge Party to 'Slow Down' on Calls for Impeachment

    Economy

    Al Green announced in first official request for Trump's impeachment from a member of congress. "I will not be moved", said Green, who was "speaking to the American people". "It's wasted breath - I don't think the American population realizes how hard it is to successfully impeach a president". Green said he wanted his constituents to be aware of the hateful calls he's since received.
  • CBI raids premises of three friends of Karti Chidambaram

    CBI raids premises of three friends of Karti Chidambaram

    Economy

    The FIPB unit in the ministry had clearly stated that for downstream investment in INX, a separate FIPB approval was required. The case pertains to the alleged irregularities in issuance of clearance by the Foreign Investment Promotion Board (FIPB) in 2007.