1. Trump Signs $1.5 Trillion Tax Cut
President Donald Trump signed the Republican tax-overhaul bill to little fanfare on Friday, 22 December, delivering a major tax cut to US corporations along with a package of temporary cuts for other businesses and most individuals.
“I consider this very much a bill for the middle class and a bill for jobs,” Trump told reporters in the Oval Office before signing the legislation. “Corporations are literally going wild over this. I think even beyond my expectations.”
Trump’s signature caps a seven-week sprint that began when the House unveiled its tax bill last month, and it gives the GOP its first major legislative victory since January. The private setting was unusual given the significance of the legislation, but the process had been delayed until Congress passed a stopgap spending bill late Thursday.
Read the full story on BloombergQuint.
2. Airtel Payments Bank CEO Steps Down After Aadhaar E-KYC Misuse
Shashi Arora, CEO and managing director of Airtel Payments Bank, has stepped down, the company announced on Friday, 22 December – nearly a week after the Unique Identification Authority of India (UIDAI) suspended its Aadhaar-linked e-KYC services because of alleged misuse.
"Shashi Arora has been associated with Airtel in senior leadership roles since 2006. He has been an asset for Airtel and over the years has contributed to the company's growth story," Airtel said in a statement here on Friday, without mentioning the suspension. Airtel's e-KYC facility was partly restored by UIDAI on Thursday.
The company is yet to name Arora's successor.
The UIDAI's interim order on 16 December had come after some customers of the telecom major alleged that the company had, without their consent, opened their bank account in Airtel Payments Bank when they used the "Aadhaar linked e-KYC services.”
Read the full story here.
3. TechM Buys 22.14% Stake in Comviva From Bharti for Rs 227 Cr
IT firm Tech Mahindra on Friday, 22 December, said it has acquired additional 22.14 percent stake in Comviva Technologies Ltd (CTL) from Bharti Group for Rs 226.9 crore.
Besides, the company is in the process of buying another 9.93 percent stake in CTL from Westbridge Ventures II Investment Holdings for a consideration of Rs 101.75 crore in cash, it said in a BSE filing.
"Tech Mahindra has acquired from the Bharti Group further stake of 22.14 percent (48,41,050 equity shares) for a consideration of Rs 226.9 crore paid in cash," it said.
It added that the process of acquiring 21.70 lakh equity shares from Westbridge Ventures II Investment Holdings (worth Rs 101.75 crore) in cash is likely to be completed this month.
"Post this, Tech Mahindra will hold 99.17 percent stake in CTL," it said. Shares of Tech Mahindra closed at Rs 492.55 apiece, up marginally from its previous close on the BSE.
(Source: PTI)
4. TCS Bags $2.25 Billion Nielsen Contract
India's leading information technology exporter Tata Consultancy Services Ltd has bagged a $2.25 billion (around Rs 14,410 crore) outsourcing contract from television rating measurement firm Nielsen.
The partnership, signed in October this year, is a renewal of TCS’ existing collaboration with Nielsen. The two companies had struck a 10-year deal in 2008 for $1.2 billion, which was expanded to $2.5 billion in 2013.
Under the new deal, the terms of the agreement have been extended for an additional five years, so as to expire on 31 December 2025 with three one-year renewal options granted to Nielsen, the TV rating company said in a regulatory filing to the US Securities and Exchange Commission.
Read the full story on BloombergQuint.
5. Ambani May Unveil Future of RIL Group at Family Day Event
Reliance Industries chairman Mukesh Ambani is likely to unveil the future of the Reliance Group at a star studded event on Saturday, 23 December, which will feature Bollywood superstars Amitabh Bachhan and Shahrukh Khan.
Ambani will give his 10 to 15 year vision for the oil to telecom group at the Reliance Family Day, which is being held at newly created stadium at Reliance Corporate Park in Navi Mumbai, which will accommodate 50,000 people, a source said.
Like every year, the RIL family day is to commemorate RIL's founder chairman Dhirubhai Ambani's 85th birthday which falls on 28 December, but this year the event will be larger than ever before, with a three-hour show featuring Bollywood stars Varun Dhawan and Alia Bhatt as well as singer Sonu Nigam.
(Source: PTI)
6. Jio to Offer 1.2 GB Daily 4G Data for 28 Days From Rs 199
Reliance Jio's latest 'Happy New Year' plans will offer over 1 GB 4G data daily for 28 days at a starting price of Rs 199, along with unlimited free calls, SMS and access to its mobile apps, as per market sources.
As per the company's new chart, Jio is adding two new plans priced at Rs 199 and Rs 299 with 28 days validity.
The Rs 199 plan will offer 1.2 GB of 4G data per day while Rs 299 plan will offer 2GB daily data. Both the plans will offer unlimited calls, SMS and access to Jio apps which include music, movie, magazine and newspaper services.
(Source: PTI)
7. Chouhan Lays Foundation of Rewa Ultra Mega Solar Project
Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Friday, 22 December, laid foundation stone of 750 MW Ultra Mega Solar Project at Rewa in Madhya Pradesh.
"Foundation stone of 750 MW Rewa Ultra Mega Solar Project was laid by Chief Minister of Madhya Pradesh Shivraj Singh Chouhan in presence of Minister of Power and New & Renewable Energy RK Singh at Gurh tehsil, Rewa," Madhya Pradesh New & Renewable Energy Department said in a statement.
Chouhan said in statement that "750 MW Rewa Solar Park is one of the largest solar parks in the world and it is a proud moment for all of us.”
He highlighted that Rewa Solar Project busted the myth that solar power is expensive with achieving record low tariff of Rs 2.97 through competitive bidding.
(Source: PTI)
8. Forex Reserves up by $488.2 Mn to $401.385 Bn
The country's foreign exchange reserves rose by US $488.2 million to $401.385 billion in the week to 15 December on account of rise in foreign currency assets, the Reserve Bank said on Friday, 22 December.
In the previous week, the reserves had declined by US $1.044 billion to $400.897 billion. In the reporting week, the foreign currency reserves, a major component of the overall reserves, rose by US $478.3 million to $376.906 billion, according to RBI data.
Expressed in US dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound, and the yen held in the reserves. Gold reserves remained unchanged at US $20.703 billion.
The special drawing rights with the International Monetary Fund (IMF) rose by USD 3.8 million to US $1.5 billion. The country's reserve position with the IMF also increased by US $6.1 million to US $2.275 billion, the central bank said.
(Source: PTI)
9. AGR Definition Sub-Judice: Tata Tele on CAG Report
Tata Teleservices (Maharashtra) Ltd on Friday, 22 December, said the definition of adjusted gross revenue on which licence fees and other charges are paid to the government is sub-judice and the recent CAG report on under payment is based on its own interpretation.
There has been an industry dispute since 1999-2000 between licensees and the licensor, ie, the Department of Telecommunications, on the scope of the definition of AGR, the telecom firm said.
"In the last 16 years, various judicial authorities, including the honourable Supreme Court, have given multiple judgements on aspects of this matter but it has not finally concluded and is currently pending before the Supreme Court," TTML said reacting to BSE query on recent CAG report.
The Comptroller and Auditor General (CAG) in its latest report said that Tata Teleservices, Telenor, Videocon, Qaudrant (a Videocon group firm) and Reliance Jio are among five telecom firms which have understated revenues by over Rs 14,800 crore, resulting in a revenue shortfall of nearly Rs 2,578 crore to the exchequer.
(Source: PTI)
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