In a first-of-its-kind lawsuit, the US state of California has sued ExxonMobil for fraud over plastic recycling. The state’s attorney general accuses the oil giant of deceiving the public for decades by promoting recycling as a solution to plastic waste management while knowing that it isn’t viable to do so at scale. FRANCE 24’s Yuka … Read more
The finance ministry introduced several significant notifications in the commodity market last week, the most prominent being a 20% hike in import duty on crude and edible oils. This decision is expected to have wide-reaching effects, with retail prices of edible oils potentially rising, which in turn could increase the prices of food in eateries … Read more
In yet another push for GST rationalisation from the industry, the Indian Beverage Association (IBA) has approached North Block, urging a re-examination of high tax rates. The ₹60,000 crore industry, representing Indian companies in the non-alcoholic beverage sector such as PepsiCo, Bisleri, Coca-Cola, Campa (Reliance Industries Ltd), Dabur, Tata Group, and others, has separately written … Read more
The Federation of Indian Exporters Organisation (FIEO) has sought the continuation of the interest equalisation scheme beyond 30th September to allow businesses to enter contracts with buyers for over six months. Speaking to CNBC TV18 after signing an MoU with fintech platform Stenn, FIEO’s Director General, Dr. Ajay Sahai, pointed out that the cost of … Read more
When Pakistan was in the thick of a severe foreign exchange crisis in 2022, some of the country’s largest commercial banks allegedly manipulated exchange rates by over-invoicing letters of credit (LCs) used for imports. On Monday (September 23), Pakistan’s Senate Standing Committee on Economic Affairs launched a scathing attack on the State Bank of Pakistan … Read more