Govt assures auto sector, PwC ban in fraud case and more news this week

The government assures the automobile sector it will heed its woes; accounting giant PwC’s Indian affiliate gets a reprieve after it was banned in a decade-old fraud and Apple gets ready to shake up the streaming TV service. Here is what made news this week.

Business Standard
14th September

  • Apple Inc caught up with hardware rivals this week by revealing a triple-camera iPhone, and announced a streaming TV service priced at Rs 99 a month in India.
  • The government will respond to the demands of the automobile industry, said Finance Minister Nirmala Sitharaman, assuring an industry facing its worst slump in two decades.
  • Blackstone Group will acquire the remaining 50 per cent stake in Indiabulls Real Estate's commercial properties for over Rs 4,420 crore.
  • The Securities Appellate Tribunal overturned an order by the market regulator banning the Indian affiliate of accounting giant PwC from auditing listed companies in India for two years over its role in the nearly decade-old Satyam Computer accounting fraud.
  • Fifty American states and territories announced an investigation into Google’s “potential monopolistic behaviour” and the company’s dominance of the online advertising market.
  • Zomato, India's oldest food aggregation and delivery platform, laid off 601 employees to correct “redundancies”. Those laid will get a severance pay of two to four months, based on tenure, and family health insurance cover will remain till end of January 2020.

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A few links for further reading

Hard path to growth

The signals for the economy are not positive: overall demand is yet to pick up; the share of total exports in India’s GDP is declining, and industrial output pattern remains worrying.

Small savings scheme

Investors breathed a sigh of relief when the government announced that interest rates on these instruments would not be revised for the fourth quarter of the calendar year.

Invest and emigrate

The great Indian dream of settling abroad is achievable if one has a few crores to invest. Rich nations offer a variety of investment options in a quid pro quo arrangement: immigrants get a better quality of life and revenue from them helps these countries’ finances. Wealthy Indians, troubled by polluted cities and the red tape holding up entrepreneurship, may want a quick ticket out of the country. Sanjay Kumar Singh lists a range of options: from a Canadian province’s investor programme to America’s US EB-5 plan.

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