UBS Group AG (UBS) on Wednesday said it has agreed to buy Wealthfront, an automated wealth management provider, in an all-cash transaction valued at $1.4 billion. UBS said this deal will accelerate its growth ambitions in the US, broaden the firm’s reach among affluent investors and expand its distribution and […]

Proceeds of high-premium Unit Linked Insurance Plans (ULIPs) has been made taxable to create a "level-playing field" with mutual funds, official sources said on Monday. The Central Board of Direct Taxes (CBDT), that frames policy for the income tax department, had on January 18 notified the rules stating the method […]

Maharashtra’s stamp duty collection increased to ₹11,000 cr in 2021 from ₹3,500 cr in 2020 The year 2021 saw the highest residential registrations in Mumbai Metropolitan Region (MMR) with realtors selling 2,42,000 units of homes, a 53% increase from 2020 and a 20% increase over 2019, as per statistics jointly […]

Remain optimistic about economy: ED ICICI Bank Ltd. said third-quarter standalone net profit rose 25% from a year earlier to ₹6,194 crore, on account of overall improvement in net interest margin, fee income, core operating profit and a 27% reduction in provisions for bad loans. This was the highest-ever quarterly […]

Fastest expansion since 2011 was driven by exports, consumption; slump in birth rate clouds outlook China’s economy grew 8.1% in 2021 and reached the $18 trillion mark, although slowing growth in the last quarter and the lowest birth rate since 1949 emerged as concerns for policymakers. Last year’s expansion was […]

Mandarin Oriental, New York is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle. Billionaire Mukesh Ambani’s Reliance Industries Ltd on Saturday announced acquisition of New York’s premium luxury hotel Mandarin Oriental for $98.15 million. Set up in 2003, Mandarin […]

Why has a Canadian court ordered the seizure of more than $30 million worth of AAI’s assets? How can a foreign power issue such an order? The story so far: In 2005, Devas Multimedia signed an agreement with Antrix —a commercial arm of the Indian Space Research Organisation (ISRO) —to […]

‘Firm holds 66% market share, saw CAGR of 13.2% in 2019-21’ The Assets Under Management (AUMs) of the IPO-bound Life Insurance Corporation of India (LIC) more than doubled to ₹36.7 trillion on a standalone basis in FY21 from ₹16.18 trillion in the previous year, according to officials privy to presentations […]

Aluminium Association of India has also requested an increase in tariff rate of basic custom duty for aluminium and articles from 10 to 15%. The domestic aluminium industry has sought reduction in basic custom duty and correction in inverted duty structure on critical raw materials, including pet coke, caustic soda, […]

India resumed domestic passenger flights on May 25 last year after a gap of two months due to coronavirus. Around 1.05 crore domestic passengers travelled by air in November, 17.03% higher than the 89.85 lakh who travelled in October, the country’s aviation regulator said on Friday. While IndiGo carried 57.06 […]