Soft Bank acquires $87 million worth of additional shares in sprint

Japanese telecom group Soft bank acquired 22.9 million additional shares in Sprint, US Wireless carrier at a weighted average cost of $3.8.

Sprint’s share value was up by $4.2 in extended trading on Wednesday. Softbank now owns about 80% of Sprint’s shares.

Jio Economic Times Awards

Startup of the year- Ola, Bengaluru

Innovator of the year- Grey Orange, Gurgaon

Best on Campus- Purple Squirrel, Mumbai

Women ahead- Lime Road, Gurgaon

Comeback Kid- Fasoos, Pune/ Mumbai

Bootstrap Champ- Brower Stack, Mumbai

Social Enterprise- Forus Health, Bengaluru

Midas Touch- Kalaaari Capital, Bengaluru

Google Restructuring and Sundar Pichai, The new CEO

Sundar Pichai remembered as a studious, low profile but academically competitive boy is now at the helm of Google.

This is a result of restructuring which the google has undergone. Alphabet is the new umbrella holding company and google is one of it’s subsidiaries. Since Google’s formation in 1998 it has diversified into many businesses some of which are unrelated. Different businesses need different management styles so there was a need of this restructuring.

The other subsidiary companies are Calico, Fiber, Google X, Google  Ventures, Google Capital, Nest and Google.

Alphabet will be holding the shares of all these companies. Larry Page is the CEO of Alphabet and Sergey Brin is the President. Sundar Pichai is the CEO of Google. 

Higher food prices push retail inflation to 8 Month high in June

Retail inflation, the primary gauge of central bank scaled up to 5.4% in June from 5.01% in May, on account of a sharp rise in prices of vegetables and pulses, data released by the central statistics office showed on Monday.

Implication:-

1. In the policy meet of Reserve Bank Of India which is to be held on 3rd August a rate cut is unlikely with inflation moving up.

2. With monsoon picking up most of the experts feel inflation might fall.

3. RBI likely to now wait till after monsoon.

4.Secondary Market In Tax-free Bonds Springs Back to Life Tax-free bonds, which have been languishing for more than six months due to lack of investor interest in secondary market, are in demand again.

5. A Rs.1 Crore delight for this food portal Investment bank Mape Advisory Group and Fireside Ventures have together invested Rs. 1 Crore in pre-launch round of funding in Delight Foods, an e-commerce platform that brings together iconic Indian food brands from across the country under one umbrella.

Quarter ended June major highlights

Vodafone India revenue rises 6.9% to rs.11,218 Cr. It reported a 6.9% increase in revenues.they said that the Telecom Regulatory Authority Of India not lowered the mobile termination rate, the revenue would have grown 11%. The increase in revenue was because the company added 3.1 million new data customers, taking the total data base to 66.8 million.

Vodafone said its progress on project Spring- the company’s strategy to accelerate growth in emerging markets, and a focus on data and enterprise-remains strong with 1000 2G sites and 1,100 3G sites added in the quarter,taking the 3G outdoor population coverage in targeted urban areas to 91%.Six Year High Refining Margins Take RIL Q1 net to Rs.6,222 Cr.

It reported a 4.4% jump in its net profit driven by better than expected gross refining margins (GRMs).GRMs the highest recorded by the company in the last six years,stood at $10.40 per barrel compared with $8.70 per barrel in the first quarter of last fiscal. RIL Officials said that the DD-SS scenario for fuels was favourable at the moment with a sharp rise in demand for transportation fuels helping the company realise strong refining markets. Chairman added that the financial performance reflects the benefits of integrated hydrocarbon chain activities in a benign oil price event.

And You Thought India’s Tax Rate Is High!

Tax rates keep on increasing annually, and are purposed to indirectly benefit the citizens of a country. Here is the list of top 10 highest tax paying countries in 2015:

Aruba(Island in Southern Caribbean Sea)

Tax Rate:58.95%

There is no payroll tax and none on the capital duty either.Employers are supposed to pay for the social security taxes of their employees.Standard VAT is set at 15%.

Sweden

Tax Rate:56.6%

People receive free education and subsidised healthcare support and public transport services.The employer contribution to social security tax is 31.42%. Capital gains are taxed at flat 30%.

Denmark

Tax Rate:55.65%

The rate has come down from 62.3% in 2008.There is no social security tax and transfer tax. Inheritance received by a spouse is not taxed, but others inheriting are taxed at 36.25 % of net worth.

Netherlands

Tax Rate:52%

The country has no payroll duty, no stamp duty, no capital tax and transfer tax is payable at 6% of the price of real property.

Japan

Tax rate:50%

This is for atleast an income of $228,880. The scheme of tax has been divided into two parts:40% marginal rate and 10% property tax.

Austria

Tax Rate:50%

Social security ranges from 17-18% and holiday bonuses are also taxed at 6%. The government believes that undeclared funds to the tune of $20 million are stashed in Swiss Accounts.

United kingdom

Tax rate:50%

It is for people having income of atleast $ 234,484. The social security tax rates are at 14% while the capital gains are 28%

Finland

Tax rate:49.2%

And the people having income $91,000 are liable to pay the tax. Its capital gain tax is 28%,municipal tax is 21% while the churches also pay tax of 1% to 2%.

Ireland

Tax rate:48%

Tax for people with the income of atleast $40,696. Some of the tax forms are social security tax of 4%, capital gain tax and tax on gifts which is from 25% to 30%.