June 8, 2023

Business News: All Important Headlines Of Yesterday At A Glance | India Business Hour | CNBC-TV18

Published May 19, 2023, 8:20 p.m. by Monica Louis

Business news all important headlines of yesterday at a glance india business hour cnbctv18 by cnbc-tv18">cnbc-tv18.

Today's top business news headlines:

1. RBI leaves interest rates unchanged, but lowers growth forecast

2. India's Q2 GDP growth comes in at 7.4%, beats expectations

3. Infosys to buyback up to Rs 13,000 crore worth of shares

4. SEBI eases rules for foreign portfolio investors

5. US Fed leaves interest rates unchanged, but signals more hikes in 2019

6. Oil prices fall as US crude inventories rise

7. Sensex, Nifty end lower on RBI rate decision; Infosys rallies 3%

8. Rupee slips below 71 mark against dollar on RBI rate decision

9. Gold prices slip on strong US dollar

10. US-China trade war: Trump says he is not ready to make a deal

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good evening and thank you for joining

us on India business hour I'm Ritu Singh

and here are the headlines that we're

tracking today

I'll say what I want to say and if if

the consequence of that is losing money

so be it

Elon Musk says he will continue to speak

his mind and does not care if his tweets

scare off potential Twitter advertisers

or Tesla customers he's optimistic about

the incoming Twitter CEO and Promises to

hire more people at Twitter after laying

off more than 70 of its employees that's

a CNBC exclusive

Elon Musk and Microsoft Satya Nadella

differ on artificial intelligence

Nadella says AI is moving fast but in

the right direction musk calls it a

double-edged sword that could

potentially go wrong

U.S House speaker and top Republican

lawmaker Kevin McCarthy says he thinks

that the Biden government will not

default on its debt President Biden and

speaker McCarthy are currently locked in

talks to raise the debt ceiling

Australia cancels the Court Summit after

Biden calls off the trip he's tripped to

focus on the debt ceiling talks in the



the Supreme Court grants 3 additional

months to complete its probe into

allegations made by Hindenburg research

against adani group companies extends

the deadline till the 14th of August

also directs the expert panel to share

this report with all parties in the case

sebi had initially sought a six-month


the cabinet revises the production

linked incentives outlay for the I.T

Hardware sector doubles it to 17 000

crore rupees the scheme has a six-year

validity under the revised terms total

production under the scheme has been

estimated at 3.35 lakh Pro rupees

Union power Minister RK Singh says he's

urging for a production linked incentive

scheme to boost battery storage also

asks that India's closer to Peak power

demand and bonds discount over load

shedding say customers should be



government in RBI amend Foreign Exchange

Management rules and bring International

spending through credit cards within the

250 000 per year foreign remittance

limit available to Indians under the

liberalized remittance scheme merge

limit to kick in from the 1st of July

top Tesla officials meet officials from

the pmo transport and heavy industry

Ministries sources tell us that the

electric car maker is considering

Manufacturing in India but ask him wait

its concerns on Taxation and duties

that's an exclusive

the suspense over who will become the

next Karnataka chief minister continues

Congress parties Karnataka in charge

randeep sojiwala says a decision is

likely within 24 to 48 hours

real money gaming industry surpasses

education sector as the most violative

in advertising India's advertisement

Watchdog finds 92 percent of gaming ads

do not follow guidelines only 50 ads are

modified despite warnings

Australia's Market action then the last

read ended in the red but off intraday

lows Nifty and the sensex or cuts of

over half a percent increase the Nifty

is now below this 18 200 Mark the it

stocks were the biggest laggards with

the index slipping one percent mid caps

outperform the blue chips that index

ended flat with a slight negative bias

our big news maker tonight an exclusive

interview with Elon Musk on Twitter

Tesla the U.S presidential race and more

first up Elon Musk says he does not care

if his inflammatory or tweets scare off

potential Twitter advertisers and Tesla

customers speaking to David Faber in

what was an hour-long interview musk

defended his controversial tweets

including conspiracy theories he said

and I quote I'll say what I want and if

the consequences of that is losing money

so be it end of quote speaking about the

macro economy musk predicted that the

next 12 months will be difficult for

Tesla due to increased interest rates

and shrinking customer budgets on the

U.S fed's interest rate action musk said

and I quote you can think of raising the

FED rates as somewhat of a break pedal

on the economy end of quote Elon Musk

also said the tensions between the U.S

and China should be a concern for

everyone and describe the global economy

and Chinese economy as conjoined twins

he also said tensions escalating which

China could be more harmful for Apple

than for Tesla he said and I quote it's

actually worse for a lot of other

companies than it is so Tesla I mean I'm

not sure whether you're going to get an

iPhone end of quote about his political

views Mark said he voted for President

Biden but he also hinted he was not

happy with his choice said and I quote I

wish we could just have a normal human

being as president end of quote here is

Elon Musk speaking about the

circumstances which led to the Takeover

of Twitter with a colorful analogy

the Supreme Court has granted Savvy

three additional months to complete its

probe into allegations made by us-based

short seller Hindenburg research against

the adani group of companies the court

has extended the deadline till the 14th

of August the market regulator remember

had initially sought an extension of six

months ashma Kumar has been tracking

this case and joins us now ashmith tell

us about the key observations made by

the court

well what sebby had asked for was a

six-month extension what they've gotten

instead from the top court is a

three-month extension that's what the

Apex Court uh takeaway is the Supreme

Court bench headed by the Chief Justice

took up this matter for hearing uh the

petitioners were very clear in their

stance they had argued that uh sebi's

affidavit before the top Court made it

clear that the adani investigation began

before the Hindenburg Revelations and

therefore the findings need to be placed

on record this was a stance that was

opposed by the solicitor general

appearing for The Savvy he pointed out

that number one there needs to be a

distinction made as far as the adani

investigation is concerned it is

confined to violations of possible

violations of minimum public

shareholding Norms that is something

that began in 2020 the 2016

investigation was into the issue of gdr

unrelated to adani group of entities

this was further backed by the Apex

Court as well the Chief Justice himself

observed that look as far as this

particular case is concerned they're

looking at the Hindenburg violations and

not so much at previous invest education

so having said that the Chief Justice of

India observed that given that sebby has

already been allowed two months now a

three-month extension which effectively

allows them five months that should be a

sufficient window for sebi to

investigate sebi has been asked to come

back with its status report by August

14th that's when the Apex Court will

take a decision on whether or not a

further extension is required and in the

entire the expert committee that has

been constituted has been asked to

continue and to continue to in fact

expand into other areas and scope of


is concerned back to you all right

Ashman thanks very much for joining in

with that now in the Aviation Space

spicejet's aircraft lesser air Castle

today told the nclt that the airlines

offer to settle its dues is unacceptable

and hence the talks have not yielded any

results nclt has asked both SpiceJet and

air Castle to come up with a resolution

or come prepared for insolvency

arguments in the next hearing the

tribunal has deferred the hearing now to

the 25th of May

well here's the latest on the go first

case which is also facing issues with

lessors in a new development the

Federation of India Pilots which

includes Gophers Pilots have also

written two Aviation ministers India the

pilots of Ursh the minister to reduce

the six-month notice period and ease

their exit from airlines that are

distressed and unable to pay their

salaries the pilots have complained that

go first is not issuing the no objection

certificate experience certificate and

other documents to pilots who have


the cabinet has revised the production

linked incentive outly for it Hardware

sector and doubled it to 17 000 crore

rupees this game has a six-year validity

under the revised terms my colleague

ashmit Kumar caught up with it Minister

Ashwini vaishnav who told him the

modifications are to make pli flexible

and he urged state governments to be

proactive in engaging with the industry

learning from what we have done in

Telecom and in mobile phone plis the

hardware pli has been modified to make

it very flexible the base level of

incentive has been kept at five percent

which is equivalent to the incentive in

mobile phone and Telecom manufacturing I

would request the state governments to

be to be very proactive in their

engagement with the industry because the

state governments play a very critical

role in terms of land allocation in

terms of Law and Order in terms of all

the basic facilities which are needed in

terms of Labor enforcement all these

things I'll request the state

governments to be very proactive and

take advantage of this big movement

which prime minister has done

all the cabinet committee on economic

Affairs is likely to have approved a 35

cut in the nutrient-based subsidy for

fertilizers this according to sources

who say that the new rates of subsidy

will come into effect from April to

September 2023. however the specific

details of the subsidy reduction is yet

to be made official

here's the CNBC debating exclusive on

the highly anticipated visit by team

Tesla sources have told us the top Tesla

Executives met with officials from the

ministry of Road Transport and highways

heavy Industries and the prime

minister's office we learn why Tesla

showed an interest in the Indian market

it also raised concerns on the taxation


now onto the crypto sector where the

European Union has approved the first

comprehensive regulatory framework for

crypto usage in the EU which is called

markets in crypto assets both the

implementation of the framework the

firms that issue trade and Safeguard

crypto Assets in the 27 country block

will have to obtain a license according

to Reuters these rules are to be rolled

out from 2024.

and starting the 1st of July you will be

able to send less money abroad every

year if you also use a credit card for

international purchases that's because

the RBI and the government have decided

to Club International credit card

transactions with the 250 000 dollars

per year foreign remittance limit CNBC

TV 18 Serbia Padia has the details

well yes all credit card transactions

with respect to International purchases

whether you're making those purchases

sitting here in India online or whether

you're doing it in a foreign territory

all of these credit card transactions

are going to now fall within the lrs

Ambit the limit what is lrs of course

the liberalized remittance scheme uh

what was earlier happening was that uh

the remittances up to 250 000 they were

permissible under lrs however credit

card transactions were over and above

and they were not counted as part of

this limit of 250 000 but now with the

latest Amendment which the central

government has done uh the cap will be

250 000 whether you're making that

payment or transaction through a credit

card or whether it's a remittance or

whether it's a cash transaction whatever

might be the medium a lot of the

industry Watchers and tax experts say

that this perhaps could be to curb the

circumvention of the lrs limit itself

which perhaps some of of the super rates

some of the high income earners or the

high Spenders were looking at doing so

that leakage so to speak has been

plugged however it's raising its own set

of operational challenges now why is

that imagine this every time that you go

out on a foreign holiday and you're

spending on that cup of coffee you're

buying you know something small to eat

there will be a credit card charge and

on that there will be a TCS a tax

collected at source provision TCS and

all these transactions has been raised

from five percent to twenty percent that

was announced of course in budget 2023.

earlier it wasn't a problem because it

would apply largely to remittances but

now if the TCS Provisions have to apply

on all card transactions then perhaps

things could get a little challenging so

a lot of Industry Watchers say that we

need to figure out how merchants and

banks are going to implement these new

rules uh while of course uh you know in

letter and spirit they're fine uh that

the lrs limit should be respected it

remains at 250 000 there should be no

leakages or no circumvention but the

question is is uh will it lead to

certain other in in unintended

consequences one of them also being that

now you have to keep aside an extra

amount of sum because there will be a

TCS provision 20 on every transaction

that you will have to pay up front and

then of course later you get a refund

for it so it does create a cash flow

issue as well for people like you and me

so lots to think about both for the

super rich and for uh the regular retail

class when it comes to making any sort

of foreign spend whether it is a foreign

currency spend sitting here online in

India or actually overseas

well if you are traveling abroad after

the first of July do keep that in mind

if you're using your credit card survey

thanks very much for bringing us those

details now Union power Minister RK

Singh said he's pushing for a production

linked incentive scheme for boosting

battery storage in India and speaking to

Shireen Barn at the sustainable is

attainable event the power Minister also

won discounts saying customers should be

compensated for load shedding

we also have to go in for battery

storage we shall go in for that and and

I've been pushing the government to

sanction uh you know production linked

incentive scheme to get me battery


uh that happens we'll add more storage

capacity I'm already adding storage

capacity so that is the challenge so

given the fact that we've seen this

there is a need for privatization or

that the government will be able to now

I'm pretty clear my mind I'm a very

clear and I keep telling my officers

about this I say that we are a democracy

democracy means freedom

so everybody has everybody has a right

to choose

that's why I made this Universal open


why I mean I didn't make it actually it

was there in the 2003 act it was not

being implemented we are implementing it

the 2003 act said open access means what

I I mean if the discom is inefficient

I'll buy it from somebody else

that's what Open Access means

and similarly I you know just like there

is no licensing for Generation actually

there should be no life but you need

licensing for description so so that you

know you can make sure that the

discussion companies are answerable for

the service which they are giving so

what we are saying is that order

licensing should be virtually automatic

anybody who applies should get the

license because the people

are more important than discounts

the discounts are here for the people

not not vice versa and the people need

to have a choice and if some discount is

not giving them good service they should

be able to switch to what this

conferences giving better service so you

have a right to get connection within a

certain time frame I'm just waiting for

some people to complain so that some

people can get penalized once you

penalize somebody then the right gets

influenced if somebody is penalized if

one person is penalized for violating a

right you can then we sit back and relax

and set to the right has been interested

so there's a rule that if you apply for

connection you must get it within a

certain number of ways please read it

I'll put it on the net and in fact CNBC

should publicize these things and if

there is any disruption in your supply

if there is any load setting without any

rhyme origin discom has to give you a


they can't do graduates load study all

these are enshrined rules as I have said

I mean we are here for the people the

discount is here for the people not the

other way around

all right on that note we're going to

take a very short break but don't go

anywhere up next Real Money gaming

industry surpasses education sector is

the most wide native in advertising

doesn't know when we return



welcome back here's news from the US the

Biden Administration is staring at a

potential debt default if lawmakers fail

to raise the debt ceiling by the end of

the month U.S House speaker and top

Republican lawmaker Kevin McCarthy spoke

to CNBC on the negotiations with the

white house now he said he thinks the

U.S will not have a debt default

I think at the end of the day we do not

have a debt default I think we finally

got the president to agree to negotiate

that was probably difficult for him to

say as president he would negotiate with

somebody but it's really what the old

Joe Biden was good at and now we've got

an opportunity for him to be back to

what he used to be able to do and let's

get the job done

now back home real money gaming industry

has surpassed the education sector as

the most violative in advertising

according to advertising standards

Council of India 92 percent of gaming

ads do not follow guidelines and only 50

of ads are modified despite warnings

shibanigara joins us now with more

details shibani uh take us through the

key findings of this report

real money gaming dominates problematic

ads as top violator in FY 2223 as per

advertising regulatory body ascii's

latest report 92 percent of the ads

missed adding the required disclaimer

that informs consumers of Financial and

addiction risk now real money gaming was

recorded as the most non-compliance

sector for this same period gaming in

fact overall also tipped over education

which has been the top violating sector

for the past few years on the other hand

categories like health care personal

care virtual digital assets food and

beverages fashion lifestyle edutech

stood as top violators on this

particular list now when it comes to

mediums digital ads have also emerged as

the leading violator with 75 percent of

the ads being processed from the digital

space from the likes of Instagram

Facebook websites YouTube and other such

platforms print television and other

platforms stood at 21 3 and 1 each

Accord also according to ASCII there has

been a sharp increase in the number of

misleading ads featuring celebrities in

the lead something to take a note of

ASCII which has processed five zero

three such ads as opposed to just 55 in

2022 a growth of 803 percent was

witnessed that's something important to

take note of as celebrities play a

crucial role in consumer decision making

well that is some concerning updates

your Bonnie thanks very much for joining

in with that but before we wrap why is

IPL 2023 being touted as a thriving

democracy of Brands what makes this IPL

special storyboard 18's editor

dilshadirani talks to Leading marketers

and media planners to find out how the

digital leap free IPL connected TVs and

language play have all propelled the

league and Brands to New Height


in terms of you know interest from

smaller brands people with not as you

know high as high sort of yes in fact uh

everyone spoke about democratization of

the IPL uh I think what IPL has done to

the advertisers they've democratized TV

for the advertisers earlier to advertise

on TV you needed huge budgets now you

don't need huge budgets to advertise on

TV so two things to add I think one is

interestingly if you look at digital

overall and if you look at the addicts

for last 10 years

I remember as a marketer 10 years back

somebody told me that digital will kill


I'm still waiting for that moment for

example TV grew 10 years the

air from print and outdoor in a very big

way yeah and that's what digital is able

to do personalization at scale so so I

think it will only grow and languages

player integral part I mean in fact it's

quite amazing how much people so we

actually in Bombay or Delhi sometimes

tend to underestimate the power of

languages I'm I'm glad just said that

right it's it's identity for people in

India and when someone televises IPL in

orea the joy that it brings to somebody

Orissa you have to talk to them to





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