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RCom says in settlement talks, CDB counsel denies move

RCom says in settlement talks, CDB counsel denies move

Finance
MUMBAI: Reliance Communications (RCom) on Wednesday insisted it was negotiating a settlement with China Development Bank, one of its largest creditors, even as the Chinese government banker sought to club its insolvency petition against the Anil Ambani-led company with other petitions seeking the same. “We have received an email from petitioner…we are in talks and may not have to go through all this,” Navroz Seervai, a senior counsel representing RCom, told the National Company Law Tribunal (NCLT). Senior counsel Darius Khambata, who represented China Development Bank (CDB), however, told the tribunal that his client has given no “such instruction” on any discussion between the two firms. CDB is looking to recover $ 1.78 billion, or about Rs 11,460 crore, of dues the debt-laden telecom
Here's what the Senate's tax bill means for your wallet

Here's what the Senate's tax bill means for your wallet

Finance
Households can expect to save an average of $ 1,200 in 2019 thanks to the Senate's proposed overhaul, but the largest tax cuts will go to the highest income earners.Those are the findings of the Tax Policy Center's new analysis of the "Tax Cuts and Jobs Act."In 2019, households across the board will save on taxes under the Senate's version of the bill. Those in the lowest quintile, with incomes below $ 25,000, would get an average tax cut of $ 40, while middle-income households earning between $ 50,000 and $ 87,000 would get an average tax cut of about $ 800, according to the Tax Policy Center.For the top 1 percent of households — those whose income exceeds $ 750,000 — taxes would fall by an average of $ 28,000, the Tax Policy Center found."On average, there's a slight tax cut in the earl
Two more illustrious Japanese firms admit to falsifying quality data

Two more illustrious Japanese firms admit to falsifying quality data

Finance
AKIO MORITA, co-founder of Sony, liked to recall his first trip to Germany in 1953, when a waiter stuck a small paper parasol in his ice-cream and sneered: “This is from your country.” Like many of his post-war compatriots, Mr Morita was ashamed that Japan was known for shoddy goods. The fierce drive to reverse that reputation resulted in the Deming Prize, a quality-control award named after an American business guru so revered in Japan that he received a medal from the emperor for contributing to its industrial rebirth. All that hard work is under threat.Toray Industries, a textiles and chemicals giant, is the latest pillar of corporate Japan to admit to quality problems. This week a subsidiary said it had faked inspections on reinforcement cords used to strengthen car tyres. Sadayuki Sak
6 year-end tax moves to make before tax reform lands

6 year-end tax moves to make before tax reform lands

Finance
Year-end tax moves may be even more vital this year — before tax breaks and other provisions change under the pending Tax Cuts and Jobs Act.Senate Republicans pushed the latest version of their tax plan through early on Saturday. Senate and House lawmakers will now work to come up with one version of the bill, though they still have some differences to resolve.There are some moves that individuals may want to consider making before the end of the year based on the revisions that are being considered. But experts warn that any moves should be made with the latest Washington happenings in mind."Make sure you're paying attention to what the latest versions of the bills are," said Tim Steffen, director of advanced planning at Baird Private Wealth Management.Here are six areas where year-end ta
PSBs look to frame common rules to value stressed assets

PSBs look to frame common rules to value stressed assets

Finance
NEW DELHI: The finance ministry is working with state-run lenders to frame a common set of rules for valuation of stressed assets for faster resolution of loans extended by consortia of banks. A senior finance ministry official said a select group of bankers is working to arrive at common rules of valuation. “It has been observed that in cases of joint lending, banks are unable to arrive at a common valuation, which stalls the resolution process. Further, individually, banks also fear that if they agree to a certain haircut, it may not stand the scrutiny of vigilance agencies,” the official said, adding that new norms will address such concerns. The group was formed during ‘PSB Manthan,’ a two-day conclave of PSBs and has representation from all leading banks. A bank executive who is p