GLOBAL TAX DEAL
Carlyle, CVC & Hillhouse in the fray for GeBBS
Global private equity firms including Carlyle Group, Hillhouse Investment and CVC Capital Partners have been shortlisted to acquire ChrysCapital-owned GeBBS Healthcare Solutions, said people familiar with the development. The deal proposes to value the Los Angeles-based healthcare business process outsourcing firm at $800 million. The firms, shortlisted after the initial round, will submit a binding offer by mid-July, said one of the persons, who did not wish to be identified.
MNCs in India fret as US yet to ratify global tax deal
Tax experts say the international tax treaty, which Republicans strongly oppose and requires a two-thirds majority in the US Senate to pass, faces significant challenges. Without US ratification, meeting the OECD tax deal's implementation conditions to reshape the global tax system becomes extremely difficult. The international tax treaty's implementation needs acceptance by 30 jurisdictions and the inclusion of the headquarters jurisdictions of at least 60% of the most profitable multinationals; given that many of these businesses are located in the United States, US participation is critical to attaining this level.
In 10 years, India no longer a charity case, it's the driving force of world economy: Sanjeev Sanyal
There are no such things as poor people. They are poor places. Say two brothers grew up in Moradabad. One of them stays back in Moradabad and another went off to Dubai. After five years, one person will be earning a lot more than the other. Why does this happen? It is because places matter, says Sanjeev Sanyal
Discounting wars in quick commerce; tax relief for ecommerce suppliers
The recent funding raised by Zepto may trigger a discounting war in the quick commerce space. This and more in today’s ETtech Morning Dispatch.
FPIs infuse Rs 12,170 crore in equities in Jun on hopes of policy reform continuation, eco growth
Staging a strong comeback after general election results, foreign investors pumped Rs 12,170 crore in Indian equities so far in June, mainly driven by expectations of continued policy reforms and sustained economic growth.
Record block deals! Dalal Street scores Rs 23,000 crore screamer, from a Voda assist
Indian stock markets hit a milestone with record block deals worth ₹23,000 crore, driven by Vodafone Group's stake sale in Indus Towers.
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Ixigo's stock rally continues; retro tax relief likely for egaming cos
Shares of Ixigo continued to surge a day after the travel platform’s IPO. This and more on today’s ETtech Top 5.
Budget 2024 may give Indian startups' HQ relocation plans a fresh lease of life
Indian startups domiciled abroad may relocate their headquarters to India via GIFT City, utilizing its SEZ for tax benefits. Amendments this year enabled unlisted firms to directly list on GIFT IFSC. IFSCA aims to finalize GIFT City listing norms by July for August implementation, facilitating e-commerce and tech firms' return like Razorpay, Zepto, Meesho to tap into India's growing stock market and access capital through global listings in GIFT City or specific overseas jurisdictions.
New govt not in favour to sell stake in OMCs, says Oil Minister Puri
India's oil minister, Hardeep Singh Puri, has announced plans to bring petrol, diesel, and natural gas under the Goods and Services Tax (GST) as part of the new cabinet. Puri emphasized that the government is not in favor of stake sales in state-run oil firms, following the scrapping of the Bharat Petroleum Corporation Ltd (BPCL) divestment process in 2022. The Indian firms are also in talks for a term oil deal with Russia.
Hindalco defers Novelis’ $945 mn US listing
Hindalco Industries has postponed the proposed $945-million listing of Novelis Inc due to concerns about potentially below-premium valuations for the US subsidiary impacting the valuation of the Indian entity listed in Mumbai.
OPEC+ says goodbye to its $100-a-barrel oil quest
The OPEC+ cartel appears to be shifting away from its pursuit of $100-a-barrel oil, announcing a deal to gradually increase production through 2025. This move could lower oil prices and ease global inflation, impacting market dynamics and Saudi Arabia's financial outlook as it seeks to balance grandiose spending plans with declining oil revenues.
Rupee surges 38 paise to 83.04 against US dollar in early trade
The rupee strengthened to a three-month high of 83.04 against the US dollar on Monday, supported by positive sentiment in domestic equity markets fueled by strong macroeconomic data and exit poll results favoring PM Narendra Modi's government.
RBI to face problem of plenty: Prepare for bond sales
The RBI's challenge for the year may not be inflation but liquidity. Government spending resumption and overseas fund flows complicate monetary policy effectiveness.
R R Kabel shares zoom 6% after posting 20% YoY jump in net profit. Should you invest?
R R Kabel's shares surged 6% on BSE to Rs 1,820.80 after reporting a 20.6% YoY increase in profit after tax to Rs 78.7 crore. The company's revenue rose 15.7% YoY to Rs 1,754 crore, with EBITDA margin at 6.6%.
General Atlantic Singapore likely to sell up to 6.8% stake in KFin Technologies for Rs 833 crore via block deal: Report
General Atlantic is a part of the promoter group which holds a stake in KFin Technologies. In December, General Atlantic had sold a nearly 10% stake in KFin or 1,70,00,000 shares of the company at Rs 500.25 apiece. It made a profit of Rs 851 crore.
What kind of election results would shake up the markets? Seshadri Sen answers
Seshadri Sen discusses the impact of BJP's majority in the upcoming elections on the economy, focusing on manufacturing, infrastructure, and capital goods sectors. sen says the the only negative outcome for the markets is that the BJP falls considerably short of the absolute majority. All other outcomes are largely the same.
Another Ambani vs Mittal battle? A look into Airtel's African empire
Bharti Airtel's African venture has been a rollercoaster ride, starting with a bold move by chairman Sunil Mittal in 2008. Despite initial struggles, Airtel Africa has managed to establish a strong presence in 14 countries. Meanwhile, Mukesh Ambani's Reliance Industries is making inroads into the African telecom market with 5G infrastructure solutions. As Airtel Africa faces currency woes, the stage is set for a potential showdown between the two telecom giants.
US not ready to sign pending global tax agreement: Jenet Yellen
A second portion, which remains unfinished, would take some of the taxes on profits that big companies pay in their headquarter countries and share that with countries where the companies generate revenue. But negotiators, led by the OECD, have struggled to polish off the details and get enough countries to sign a multilateral convention on implementing the deal.
Yellen says India and China hindering 'Pillar 1' tax deal
U.S. Treasury Secretary Janet Yellen told Reuters in an interview on the sidelines of a G7 finance leaders meeting in Italy that China also has been "all but absent" in the negotiations to finalize "Pillar 1" of the OECD corporate tax deal reached in principle in 2021 that involves 140 countries.
India's FY24 fiscal gap may be slightly better than revised estimates: Official
The central government's fiscal deficit for FY24 is expected to be slightly better than revised estimates, thanks to higher-than-anticipated revenue receipts. Despite slower nominal growth, deficit-to-GDP ratio is estimated to improve. Direct tax revenue exceeded expectations, and expenditure remains on track. The government is prepared to manage potential capital inflows from JPMorgan's inclusion of Indian government bonds in its index.
HNI investors in offshore ‘blank cheque’ companies receive income tax notices
Many resident Indians who bought SPAC shares haven’t disclosed such investments in ITRs. SPACs are established solely to raise capital through a pre-listing offering, aiming to acquire a stake in an existing, primarily unlisted, operating company. Subsequently, the target company can merge with the publicly traded SPAC, thereby becoming a listed entity on major stock exchange
SoftBank back at deal counter with Icertis deal talks
Tech VC in funding talks with portfolio co Icertis, which is stitching up a $150m secondary round
Israel cybersecurity exit deals jump, funding falters in 2023
Israeli cybersecurity exit deals grew by 65% in 2023 to $7.1 billion, highlighting the sector's resilience amidst global threats. The sector remains a key driver of Israel's economy and innovation, attracting significant investments.
Global tax deal: Large Indian companies check readiness, assess impact
The Pillar Two model rules under Global Anti-Base Erosion Regulation have been crafted to ensure that large multinationals pay a minimum level of tax. They apply to companies that are members of a multinational group and have had annual sales of ₹750 million or more in the ultimate parent entity's consolidated financial statements for at least two of the four fiscal years before the tested year.
Tax-free status of movie, music and games traded online is on table as WTO nations meet in Abu Dhabi
The debate at the World Trade Organisation's meeting revolves around the e-commerce moratorium for digital media providers like Netflix and Spotify. Major decisions require consensus, and four proposals are being considered. The US industry groups are pushing for the renewal of the moratorium.
ET Graphics: Electronic commerce, farm & fishing aid, reforms: Will countries reach a deal this time?
Before the pivotal 13th ministerial conference (MC13) of the World Trade Organization in the UAE next week, its 164 members are endeavoring to achieve consensus on matters like food security, e-commerce, fishing subsidies, and modernizing the 29-year-old global trade organization.
Streaming a movie abroad may soon come with taxes at the border
The World Trade Organization (WTO) faces a potential breakdown of the decades-old moratorium on digital customs charges. The tariff ban, allowing free cross-border digital transactions, is set to expire in March. Large developing economies, including Indonesia, South Africa, and India, signal opposition to an extension, citing concerns about US Big Tech dominance, data privacy, and lost customs revenue. The lack of an international framework for digital trade complicates negotiations.
Vietnam set to raise effective tax rate on multinationals as part of global deal
Vietnam had initially planned to combine the approval of the tax with measures to partly compensate large foreign investors affected by the higher levy, including South Korean electronics giant Samsung Electronics Co Ltd and U.S. chipmaker Intel Corp, but the separate resolution is not on the parliament's agenda.
Global pop star Shakira reaches deal with Spanish authorities to avoid 14.5 million euro tax fraud trial
The settlement, reached before what was expected to be a protracted trial involving multiple witnesses, spared Shakira from the initially sought eight-year jail term by prosecutors. Known for hits like "Hips Don't Lie," the singer greeted onlookers with a wave and a blown kiss as she entered the courtroom.
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