Michael Saylor’s ‘sell a kidney' remark on bitcoin stirs debate on X
Michael Saylor's provocative remark urging people to 'sell a kidney' to keep their Bitcoin amidst its steep decline has drawn criticism and disbelief. Analysts now question Bitcoin’s resilience as its speculative bubble appears to deflate, highlighting Saylor's controversial advocacy.from Business News: Budget 2025, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/zIlRNBt
The EPFO has retained an 8.25 per cent interest rate on EPF deposits for 2024-25, maintaining the increase set in 2023-24 from 8.15 per cent. The rate remains subject to Ministry of Finance approval before being credited to the accounts of over seven crore subscribers.
Bitcoin plummeted over 20% from a January high of $109,350 to $85,000, erasing nearly $300 billion in market value due to ETF outflows, geopolitical tensions, and institutional sell-offs. Experts see potential further drops to $74,000 amid economic instability. While fears of a prolonged downturn persist, some view it as an opportunity given crypto's strong fundamentals.
Tata Motors' shares have dropped 44%, losing Rs 1.9 lakh crore in market value. This decline is mainly due to weak demand for Jaguar Land Rover, especially in China, the UK, and the EU. Analysts suggest this correction could be a buying opportunity, urging long-term investors to consider potential recovery despite ongoing macroeconomic challenges.
South Korean shipbuilder HD Hyundai Heavy Industries is planning to establish a shipyard in India to meet local demand. A delegation visited Tamil Nadu and met with L&T, and similar discussions are ongoing with Andhra Pradesh and Maharashtra.
A weak rupee is increasing costs for Indian students studying abroad, exacerbated by tighter post-education work visa norms in the UK and Canada. This could lead to longer loan repayment periods or higher EMIs. Experts suggest locking in foreign exchange rates early and seeking scholarships to reduce financial burden, while recommending students to focus on emerging fields for better job prospects.
Telangana Minister Duddilla Sridhar Babu requested Union Minister G Kishan Reddy to help establish a vaccine testing center in Genome Valley, Hyderabad. Currently, vaccines must be sent to Himachal Pradesh for testing, which is time-consuming and resource-intensive. Sridhar Babu emphasized the need for local testing facilities as promised by Prime Minister Narendra Modi post-COVID.
Latest income tax calculation post Budget 2025: Starting April 1, 2025, individuals earning up to Rs 12 lakh under the new income tax regime. However, those who earn above that level have salary restructuring options including conveyance reimbursement, transport allowances, phone bill reimbursements, and car leasing perks to reduce tax outgo.
Tesla is introducing advanced self-driving features in China after overcoming regulatory hurdles. The software update includes "automatic autopilot-assisted driving on city streets" and a rearview mirror function to monitor driver attention. This move follows Chinese automaker BYD's plans to offer similar technology, intensifying competition. Tesla's expansion comes as China heavily invests in self-driving innovations amidst strict data regulations.
Bank Holiday for Mahashivratri 2025: Banks in several Indian states including Gujarat, Maharashtra, and Karnataka will be closed on February 26, 2025, for Mahashivratri. Customers should verify their local schedule and use online banking services for essential transactions.
Coffee Day Enterprises Ltd (CDEL) faces resumed insolvency proceedings as the NCLAT did not issue its order by the Supreme Court’s deadline. The insolvency process, initially started due to Rs 228.45 crore default claim, was previously stayed pending appeal.
India’s IT sector is projected to grow by 5.1% in FY25, with revenues expected to reach $282.6 billion, according to Nasscom. The sector aims to surpass $300 billion in the following fiscal year. Additionally, 1.26 lakh new jobs were added, bringing total employment to 58 lakh.
Apple and auto component makers face potentially significant losses if the Trump administration imposes reciprocal tariffs on electronics and smartphones imported from India. This move could disrupt Apple's manufacturing investments, which currently benefit from zero import duties in the US, and impact the competitive edge of India's electronics and auto components exports.
Indian stock markets are predicted to remain in a corrective to consolidation phase for the next few months due to rising US interest rates, fiscal deficits, inflation, and deglobalisation trends. Market volatility is also impacted by Japan's monetary policy changes and ongoing foreign institutional investor outflows.
The Supreme Court temporarily stayed the appointment of NBCC as the project management consultant for completing 16 stalled Supertech housing projects. Nearly 27,000 homebuyers await clarity following this decision. The court has requested alternative plans for resolving the stalled projects, with the next hearing set for April.
Bank credit and deposit growth in India slowed in the October-December quarter of 2024. Notably, personal loans and credit to key sectors saw a decline, while public sector lending picked up. Term deposits grew significantly, driven by higher interest rates and large-value deposits.
India's foreign exchange reserves fell by $2.54 billion to $635.721 billion for the week ending February 14. The decline ended a three-week rise, during which reserves had increased by $7.654 billion. The forex reserves were impacted by a drop in foreign currency assets, while gold reserves and SDRs saw a rise.
President Donald Trump has suggested a trade deal with China may be possible, despite ongoing tariff escalations between the US and several key trading partners. Both countries are urged to resolve disputes with mutual respect and dialogue. Tariffs have stirred global market anxiety and prompted international responses.
NSDL aims to launch its Rs 3,000-crore IPO by next month, racing against a nearing deadline for approvals. The IPO, set to expire in September, sees support from NSE, SBI, and HDFC Bank offloading their shares. Despite market volatility, NSDL reports a 30% increase in net profit for the December quarter, signaling strong financial performance.
Delhi-Mumbai Expressway: The completion of the Delhi-Mumbai Expressway has been delayed by two years due to slow progress in Gujarat sections. Union minister Nitin Gadkari has urged acceleration in construction following delays caused by land acquisition and technical issues.
The Indian auto component industry is projected to see an 8-10 per cent revenue growth in financial year 2025-26, as per ICRA. This is down from a 14 per cent growth in 2023-24. Margins are expected to be stable, despite increased ocean freight rates affecting some exporters and importers.
US President Trump's reciprocal tariffs on Indian exports are expected to have a limited impact, reducing exports by only 3-3.5%, according to an SBI report. India is countering potential impacts by diversifying its export markets and enhancing trade routes, aiming for sustainable growth despite new tariffs.
Tesla has selected locations for its showrooms in New Delhi and Mumbai as part of its plan to enter the Indian auto market. Leases have been secured in Aerocity and Bandra Kurla Complex for showrooms around 5,000 square feet each. Tesla has also posted job listings, indicating its expanding operations in India.
India and Qatar aim to double their bilateral trade to $28 billion in five years, transforming their relationship into a strategic partnership. PM Modi and Amir Al-Thani's high-level meeting led to key agreements on trade, investment, and energy cooperation, including extending India's LNG imports from Qatar. Additionally, they signed MoUs on economic cooperation and cultural exchange.
Reliance Industries Ltd has achieved the second-best brand ranking globally in the FutureBrand Index 2024, rising 11 places from its previous position. The Index evaluates companies on brand perception and ability to align with evolving market and consumer dynamics, with Samsung taking the top spot.
India has successfully conducted the first trial sea shipment of pomegranates to Australia. This milestone allows for expanded market access and reduced export costs. The shipments, supported by APEDA and partners, have received positive responses and demand. The achievement demonstrates India's growing potential in agricultural exports with future expansion planned.
Stock market crash: The Indian stock market has experienced a severe downturn, with the Sensex falling 3,000 points over nine sessions, particularly affecting the smallcap and microcap segments. Continued FII withdrawals and high valuations suggest prolonged market weakness. Experts anticipate further volatility but expect recovery starting in Q1 FY26.
Market players are concerned as the sensex and nifty fell by around 2.5% last week due to continuous foreign fund selling, rupee weakness, and the US-initiated tariff war. Additionally, weak quarterly corporate results contributed to the declines. Analysts suggest that without stability in US trade relations, markets will remain cautious.
India's deposit insurance fund of nearly Rs 2 lakh crore ranks third globally but covers only 46.3% of deposits due to a Rs 5 lakh coverage limit. Calls for higher coverage have been reignited, particularly for senior citizens and small depositors, following recent banking issues.
A Mumbai court has remanded Hitesh Mehta, a former general manager of New India Cooperative Bank, and Dharmesh Paun in police custody until February 21 for allegedly misappropriating Rs 122 crore. The Reserve Bank of India has taken control of the bank's board and imposed withdrawal restrictions amid ongoing investigations.
Labour and employment minister Mansukh Mandaviya emphasized the Modi government's priority on industry and trade to elevate India to a developed nation by 2047. Highlighting initiatives like 'Make in India' and 'Startup India', he noted the increase from four to 118 unicorns over the last decade.
Hitesh Mehta, the general manager of New India Cooperative Bank, was arrested by Mumbai police for allegedly embezzling Rs 122 crore. The case, initially reported at Dadar police station, was later transferred to the Economic Offences Wing. The arrest followed a complaint by the bank's acting CEO.
Foreign investors have been selling Indian equities rapidly since the start of 2025, with outflows nearing Rs 1 lakh crore. This sharp shift follows US President Donald Trump's return to the White House, leading investors to favor the American economy.
India’s foreign exchange reserves increased by $7.654 billion to $638.261 billion in the week ending February 7. This marks the third straight weekly rise, driven mainly by gains in foreign currency and gold reserves, after previous declines due to currency revaluation and market interventions.
Bengaluru's office rentals have surged by 26% in five years, reaching Rs 93 per square foot in 2024. Key cities like Hyderabad and Chennai also saw significant increases, driven by expanding IT infrastructure and skilled workforce, while Delhi-NCR recorded the slowest growth among the seven major property markets.
The New Income Tax Bill 2025 aims to simplify tax laws in India, focusing on simplifying language, reducing litigation and compliance, and removing obsolete provisions. It introduces a taxpayer's charter, merges TDS/TCS sections, and aligns terminology with international norms. Likely effective from April 1, 2026, it promises streamlined processes without major tax rate changes.
Finance minister Nirmala Sitharaman expressed confidence in moderating inflation while emphasizing that the government and RBI are monitoring the price situation. She addressed concerns regarding the fluctuating rupee and defended Budget calculations against criticism. Sitharaman highlighted the measures taken to manage food inflation and assured that the steps taken are realistic despite global economic uncertainties.
New Income Tax Bill 2025: Finance Minister Nirmala Sitharaman presented the New Income Tax Bill 2025 in Lok Sabha, aiming to replace the 64-year-old law. The new legislation simplifies language, aligns 'tax year' with the financial year, and maintains structural elements and deadlines. Here is the full text of the New Income Tax Bill 2025:
India's gas consumption is set to increase by 60% to 103 bcm by 2030, with LNG imports more than doubling. The International Energy Agency highlights the need for further market liberalisation and strategic planning to secure long-term contracts. The city gas distribution sector is expected to drive growth, supported by infrastructure expansion and competitive pricing.
India's industrial production growth slowed to 3.2 per cent in December 2024, driven by a poor performance in mining and manufacturing sectors. The IIP grew 4 per cent during April-December 2024, with power output increasing to 6.2 per cent, while consumer non-durables output contracted by 7.6 per cent.
Consumer price inflation eased to 4.31% in January from 5.22% in December, driven mainly by declining food costs. Food inflation registered at 6.02%, a notable drop from 8.39% in December. The RBI aims to keep retail inflation around 4%, with a permissible range of 2% above or below this target.
India is rapidly embracing artificial intelligence, with 65% of Indians using AI, compared to the global average of 31%. Millennials, particularly those aged 25-44, are leading this trend. AI is primarily used for translations, answering questions, workplace efficiency, and school assistance. However, concerns about deepfakes, scams, and online abuse persist, especially for children under 18.
Stock market crash: Indian equity benchmarks, BSE Sensex and Nifty50, have plunged around 3% over five sessions due to poor domestic earnings and US trade policy concerns.
More than 54.5 crore JanDhan accounts have been opened till January 15, 2025, with about 56 per cent belonging to women, according to Finance Minister Nirmala Sitharaman. The government initiated the Pradhan Mantri Jan Dhan Yojana in 2014 to provide universal banking services, later focusing on 'every unbanked adult'.
Investors suffered a significant loss of Rs 7.68 lakh crore after a four-day market decline caused by foreign fund withdrawals and tariff war concerns. The Sensex dropped 1.61%, with various sectors, including metal and realty, witnessing substantial losses.
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