Amazon rare job cuts at its headquarters

E-commerce giant Amazon.com Inc. is cutting several hundred corporate jobs from its Seattle headquarters and global operations. “As part of our annual planning process, we are making headcount adjustments across the company...small reductions in a couple of places and aggressive hiring in many others,” an Amazon spokesman said. “For affected employees, we work to find roles in the areas where we are hiring.” Currently, the company has 3,900 corporate jobs open in Seattle and 12,000 such positions open worldwide. The company continues hiring as Amazon’s global headcount stood at 566,000 in December,  66 percent higher than the last year.
readmore@SeattleTimes

Import duty on sugar raised to 100% and BCD on chana to 40%

The government has doubled import duty on sugar from 50% to 100% and raised Basic Customs Duty (BCD) on chana from 30% to 40% to protect domestic farmers. The aim is to curb cheaper imports and ensure lucrative prices to domestic farmers. India’s sugar production has been increased from 20.3 million tonnes(MT) in 2016-17, as per industry data to 26.1 MT in the current 2017-18 marketing year (October-September) that is approximately 4% more. In case of chana, a record production of overall pulses to nearly 23MT in 2017-18 has been seen.readmore@CBEC

Flipkart Delivered Detergent Bar at ₹55K; FIR Launched

Tabrej Mehaboob Nagrali, a 26-year-old software engineer,  filed an FIR against e-commerce major Flipkart in Byculla police station in central Mumbai for allegedly delivering a detergent bar instead of an iPhone 8. He already made the full payment of ₹55,000. When PTI approached Flipkart, his spokesperson told that the company is already initiated an inquiry into the incident.
readmore@IndianExpress

Carry your PAN while transacting over ₹2.5 lakh

In the proposed Finance Bill 2018, Gov. of India made 10-digit Permanent Account Number (PAN) mandatory for entities entering into a financial transaction of ₹2.5 lakh or more, effective from April 1, 2018. "It is proposed that every person, not being an individual, which enters into a financial transaction of an amount aggregating to ₹2.50 lakh or more in a financial year shall be required to apply to the Assessing Officer for allotment of PAN," it said. readmore@MoneyControl

India, the 6th wealthiest and best performer in 2017: NWW

India has been ranked 6th in the list of wealthiest countries with the total wealth of USD 8,230 billion and rated as best performing market globally with 25% wealth growth, whereas the US wealthiest in the list with USD 64,584 billion, according to a report by New World Wealth. China is at the second place with USD 24,803 billion and Japan with USD 19,522 billion at third. Others in the top 10 list are United Kingdom (4th, USD 9,919 billion), Germany (5th, USD 9,660 billion), France (7th, USD 6,649 billion), Canada (8th, USD 6,393 billion), Australia (9th, USD 6,142 billion) and Italy (10th, USD 4,276 billion).readmore@Business Today

Deductions that income taxpayers can claim

Now, taxpayers can avail a maximum deduction of ₹1.5 lakh. This can be claimed on equity oriented mutual funds notified by central government, fixed deposits, pension schemes, PPF, EPF, and life insurance premium. HRA is partly exempted from tax for salaried people. Deductions can also be claimed on interest on the house loan, medical insurance premium, education loan, donations to political parties and for social causes.readmore@LiveMint

Revised GDP growth rate for FY 2016-2017

FY16-17 GDP growth was revised to 8.2 % from the earlier projection of 8 % because of the use of latest available data on agricultural production and industrial production. India’s annual economic growth in the financial year that ended in March 2017 was unchanged at 7.1 percent, the central statistics office said on Wednesday. The Economic Survey 2017-18 has predicted that the Indian economy will grow by 7-7.5 % in 2018-19. the govt. will revise the GDP growth estimate for the FY18 for the second time in February.readmore@Financial Express

Economic Survey 2017-18; Key Points

Indian GDP to grow 7-7.5% in the financial year 2018-19. The growth rate will be 6.75% in the financial year 2018. Indirect taxpayers increased by 50%. Five states accounted for 70% of country's exports. India's stock market boom is different from that of the US. Economic Survey highlights gender issues. Swachh Bharat initiative has increased sanitation coverage in rural areas from 39% in 2014 to 76% in January 2018. Textile package has boosted exports of key manmade ready-made garments by 16 percent.readmore@IB Times

Five States, 70% India's Export: Economic Survey

The Economic Survey, 2017-18, revealed that for the 1st time in India's history, five states accounted for 70 percent of country's exports. Those five states are Maharashtra, Gujarat, Karnataka, Tamil Nadu and Telangana.readmore@Business Standard

Sold all his Bitcoins($20000 per coins): Apple Co-Founder

Wozniak said last year that he bought the cryptocurrency when it was being sold for $700 per coin. “I don't want to be one of those people who watches...and cares about the number. When it shot up high, I said I don't want to be one of those people who watches and watches it and cares about the number. I don't want that kind of care in my life,” Wozniak told the audience at the Nordic Business Forum in Stockholm. He sold all of his Bitcoin when its price neared $20,000.readmore@Bits Online

Amazon's game theory is to starve competition death in India

The Social Capital Founder, Chamath Palihapitiya Believes That Flipkart Will Survive Only If Investors Pump $2 Bn Every 3 Years. “Amazon’s strategy is probably to starve their competitors to death, and so they’ll keep a steady state of marginal profitability, or unprofitability, that they know they can sustain for the next 10-20 years with the belief that at some point there’ll be massive capitulation. I bet the decision was made five years ago to invest a large amount in winning. I suspect that’s the game theory", He explained.readmore@TOI

SBI found guilty of deficiency in service by consumer court

A district consumer forum in Maharashtra has held SBI guilty of deficiency in service for debiting ₹5,000 from a bank account in spite of an unsuccessful ATM withdrawal. additionally to a refund of the incorrectly debited amount, the bank was also directed to pay ₹3,000 as compensation and ₹2,000 in legal costs to the account holder.readmore@Business Today

Corporate America urges Arun Jaitley to further reduce tax uncertainty

The US-India Business Council (USIBC) has urged finance minister Arun Jaitley to further cut back tax uncertainties for multinational companies and institutional investors. The USIBC recommended that compliance burden on service sector ought to be reduced by bringing down the frequency of return filing. It further that lack of certainty in some tax policy acts as "major deterrent" for global capital.readmore@Indian Express