President of China, will met US officials to improve relations
Between the long-running trade war, US top officials will meet with Chinese President Xi Jinping. Earlier on Thursday, a high-level meeting between the two countries started on the trade front. But no progress has been announced. In such a situation, now everyone's eyes are focused on meeting the US officials and the Jinping.
Before the meeting on Thursday, US President Donald Trump had said that mutual negotiations on business issues with China are doing well. Trump has postponed its plan to take new action of higher import duty on imported goods from China and has given time to negotiate business related issues with the negotiation. They have kept it till March 1. Trump had also said that if there is a lot of progress in the negotiations on the trade front, then that time can be extended.
The Trump Government had postponed the suspension of a new charge against China suddenly in December. Earlier, the US announced an increase in duty on goods worth $ 200 billion imported from China. Together, the two countries have already raised fees on different types of goods of $ 360 billion. If the two sides fail to resolve the differences before March, then the US will increase the existing 10 percent tariff on Chinese products to $ 25 billion, up to 25 percent. In this way, the dispute will reach the next level.
Due to the trade war between US-China, the International Monetary Fund (IMF) last year warned that this would make the world pale. The IMF described the trade war as dangerous for the global economy.
BT MindRush 2019: Offline and online markets will continue to exist together
Offline and online markets will compete with each other and in this way, the further journey will continue. Addressing the 'Brick VS Click' session on Thursday in Business Today's Annual Leadership Summit Mind Rush 2019, McMaytrip CEO Rajesh Mago said this. Apart from this, many other corporate leaders of the corporate world also addressed this session.
Rajesh Mago said, 'It will be important for you to further improve the experience of customers in every possible way.' The Business Today Mindshare Program is a business-based event organized by India Today Group. This summit provides a platform for the exchange of views between the leaders of the international level and the Indian industry, to prepare the management thinking and business strategies. The program is being organized on Friday, February 14th.
Addressing the session, Spencer's Retail Manager, Devendra Chawla said, "To remain together online and offline, it is essential that the focus remains on the customers." Coaching and Trainer David Wood said about increasing productivity, "We live in our comfort zone because we are afraid to look different."
Regarding competition from the online world, Farhalco's CEO Ajit Karimpana said, "The plate is getting bigger and the size is so big that we can all eat it. He said that online markets are becoming competitive for retail stores.
Prior to this, Raj Chengappa, Group Editorial, India Today Group, said, "John F Kennedy had said that leadership and learning are different from each other. A leader does not only have to take any action but for those for whom he is working, he should also see this step. He said the leaders should share their credits with their team and encourage others.
Sandeep Agrawal, founder, and CEO of Droom said that any entrepreneur should be prepared to dismiss his proposals. Clovis Co-Founder and Director Neha Kant said that entrepreneurship is a kind of thinking. IKEA's India CEO Peter Batzel said, "With the new phases coming in the smartphone, we have to change ourselves."
The program started with around 10 am at the meeting of Group Editorial Group of India Today Group, Raj Chengappa with Wellcome Speech. At 6.00 pm, Arun Puri, Chairman, and Editor-in-Chief of India Today Group will give Wellcome Speech. The program will include all the corporate leaders, including Union Ministers Nitin Gadkari, Montek Singh Ahluwalia, Rajat Kaduriya, Sanjeev Sanyal and Ajay Shah. In the evening, the Business Today BEST Awards Awards will also be held.
RBI has imposed a fine on 7 banks for violating banking rules
The Reserve Bank has imposed a fine on 7 banks, including HDFC Bank, for violating various banking rules. Among the fines imposed by the Reserve Bank include Allahabad Bank, Bank of Maharashtra, Indian Overseas Bank, HDFC Bank, and Kotak Mahindra Bank. According to the information given by RBI, a penalty of Rs1.5 crore has been imposed on Allahabad Bank, Bank of Maharashtra and Indian Overseas Bank.
These banks did not follow guidelines on monitoring the final use of capital and for sharing information with other banks. Apart from this, various instructions such as information about fraud and restructuring of accounts were also ignored. Among those who violated these rules, Andhra Bank is also involved. Andhra Bank has imposed a penalty of Rs 1 crore. At the same time, the RBI has imposed a penalty of 20-20 lakh on all HDFC Bank, IDBI Bank, and Kotak Mahindra Bank. These banks are accused of not complying with the guidelines on anti-money laundering (AML) standards and KYC.
Recently, the Reserve Bank has imposed a fine of Rs 1 crore on the State Bank of India (SBI). According to SBI, the Reserve Bank has imposed a fine on not monitoring the use of money given to a borrower. However, the bank did not disclose the name of the said borrower and the amount of loan given. In the same month, UCO Bank, Axis Bank, and Syndicate Bank have been fined for violation of rules in different cases.
Private sector Axis Bank is fined a total of 2.2 million rupees for violation of rules in two separate cases. At the same time, a penalty of 2 crore rupees on UCO Bank and a fine of Rs. 1 million on Syndicate Bank. UCO Bank and Axis Bank have been accused of not complying with the rules related to payment through checks on banks. While fines on Syndicate Bank have been imposed for violation of fraud and guidelines related to risk management.
United Arab Emirates wants to invest in refining-petrochemical project
Considering the ever-increasing demand for oil, the UAE has proposed to increase investment in the refinery and petrochemical sector of India. Sultan Ahmed Al-Jabar, the Minister of State of the UAE and ADNOC, said, "India is not just a market for us but it is also an important strategic partner. We just do not want to be India as a country to sell crude oil. We want to bring our relationship into a strategic partnership. "In this way, we want to increase our investment in refining and petrochemical sector in India.
UAE's Abu Dhabi National Oil Company (ADNOC) and its partner Saudi Aramco have taken 50 percent stake in the proposed 44 billion Dollar Refinery and Petrochemical project in Ratnagiri in Maharashtra. When asked about the shareholding of his company, ADNOC, in Ratnagiri, the proposed 60 million tonne refinery, he said, "We are in the early stages. The format of the project is being fixed. "ADNOC has taken the initiative to keep its oil in strategic underground oil warehouses built in Mangalore and Padur of Karnataka. He said that India is far above our strategic agenda. Increasing strategic reserves in India is involved in this agenda.
Modi Government has planned to expedite the work of exploration of Shell Gas and Oil reserves in the country. The companies concerned have been asked to present a plan about this. According to the information, the Directorate of Oil and Gas Regulatory Hydrocarbons (DGH) met with representatives of various private and government companies in January and requested to move forward to exploit shell resources in the oil and gas blocks.
Qatar has urged the Modi government to bring natural gas to the GST scope
Nearly 19 months after the implementation of Goods and Services Tax (GST), the Gulf country Qatar has urged the Modi government to bring natural gas to the GST scope. Qatar has been told that after coming to GST, India's energy demand will help us increase our stake. Here, Qatar supplies 80.5 lakh tonnes of Liquefied Natural Gas (LNG) to India every year. This is the highest supply from India to any country. Qatar is considered the largest exporter of LNG in the world. Almost 30 percent of the world's LNG is produced here.
Khalid bin Khalifa al-Thani, Chief Executive Officer of Qatar Gas said that India is a very important market for us. He said, "India needs to develop infrastructure so that clean fuel can be delivered to every part of the country." He further said that Liquidated Natural Gas should get all the advantages of GST. We will work together with the government in this regard. If the government brings it within the realm of GST, it will help increase its share of India's energy demand and increase the supply of this fuel-friendly fuel. Let's say that in October last year, Russian company Rosneft also criticized the country's taxation policy. He had said that this is a major bottleneck in his expansion plans in India.
Opec is out of countries Qatar
Referring to natural gas production, in January this year, Organization of the Petroleum Exporting Countries (OPEC) has been organized by the Organization of the Petroleum Exporting Countries (OPEC) of Qatar oil producing countries. Say that OPEC is the organization of the largest oil-producing nations in the world and its leader is Saudi Arabia. This organization includes countries like Iraq, Kuwait, United Arab Emirates, Qatar, Nigeria, Algeria, Angola, Ecuador, Iran, Libya, Venezuela, and Junkia.