US asks UN to slap oil embargo on North Korea, freeze Kim Jong-Un's assets

The United States has asked the UN Security Council to slap an oil embargo on North Korea and freeze the assets of leader Kim Jong-Un, in response to Pyongyang's sixth and most powerful nuclear test.

A US-drafted resolution obtained by AFP also called for banning textile exports and ending payments made to North Korean labourers sent abroad, further depriving the regime of revenue to pursue its military programs.

The United States circulated the proposed resolution to the 14 other council members two days after Ambassador Nikki Haley called for the "strongest possible measures" to be imposed on North Korea.

Haley said on Monday that the United States was seeking a vote on the new sanctions on September 11.

The draft text takes aim directly at North Korea's leadership with a freeze on leader Kim's assets as well as those of the ruling Worker's Party of Korea and the government of North Korea.

Kim would be added to a UN sanctions blacklist that would subject him to a global travel ban, along with four other senior North Korean officials, according to the draft.
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Alphabet beats Wall Street estimates; revenue up 21%

Google parent Alphabet has reported a quarterly profit of $3.5 billion, with a massive fine by the European Commission biting into earnings.

The technology giant yesterday reported that revenue grew to $26 billion in the recently ended quarter, and that profit would have tallied nearly $6.3 billion if it weren't for a $2.74 billion antitrust fine levied on search engine Google by the European Commission.

Revenue was up 21 percent from the same quarter last year, according to earnings figures.

"We're delivering strong growth with great underlying momentum, while continuing to make focused investments in new revenue streams," said Alphabet chief financial officer Ruth Porat.

Alphabet shares slid about 2.9 percent to $969.03 in after-market trades that followed release of the earnings figures.

Investors have been concerned about what the regulatory trouble in Europe means for Alphabet, which gets most of its money from Google advertising while investing in "other bets" such as self-driving cars.

Alphabet took in $248 million in revenue and posted a narrowed loss of $772 million in its "other bets" category in the recently ended quarter.
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Apple tops Fortune's most admired companies list, no Indian firm makes cut

 Latest News - Tech giant Apple has been named the most admired company in the world, followed by Amazon and Starbucks in a list compiled by Fortune magazine, but no Indian firm could make the cut.

Others in the top ten include Berkshire Hathaway, Disney, Alphabet, General Electric, Southwest Airlines, Facebook and Microsoft.

According to Fortune, some 3,800 executives, analysts, directors and experts voted for these companies.

Fortune collaborated with its partner Korn Ferry Hay Group on this survey of corporate reputations.

"We began with a universe of about 1,500 candidates: the 1,000 largest US companies ranked by revenue, along with non-US companies in Fortune's Global 500 database that have revenues of USD 10 billion or more (Read More)

Telecom industry lost 20% revenue due to Reliance Jio giveaways: Ind-Ra

Latest News - The telecom industry has lost about 20 per cent of revenue due to Reliance Jio's free services, India Ratings and Research has said, revising the sectoral outlook for 2017-18 to negative.

India Ratings and Research (Ind-Ra), a Fitch group company, said the revision of outlook on the sector to negative for 2017-18 from stable-to-negative for 2016-17 is due to "increasing competition".

"The negative outlook reflects Ind-Ra's expectation of longer and deeper than expected deterioration in the credit profile of telcos following the extended free services by Reliance Jio Infocomm," its latest report on corporate outlook said.

The report further said the industry has lost about 20 per cent revenues due to the free services by RJio.

"The existing telcos would lose market share to RJio and suffer profitability while the (Read More)

Idea Cellular slips into red with Q3 net loss of Rs 384 cr

Latest News - Telecom operator Idea Cellular today logged a consolidated net loss of Rs 383.87 crore for the December 2016 quarter compared to a net profit of Rs 659.35 crore in the year-ago period, hurt by newcomer Reliance Jio's free voice and data promotions.

Total income also has decreased to Rs 8,706.36 crore for the quarter, from Rs 9,032.43 crore in the same period in the previous year, as per a BSE filing.

"The Indian mobile industry witnessed an unprecedented disruption in the quarter of October to December 2016, primarily due to free voice and mobile data promotions by the new entrant in the sector," Idea Cellular said in a statement.

Consequently, revenue KPIs (key performance indicators) and financial parameters for (Read More)

Jio effect: Reliance Communications registers Q3 net loss at Rs 531 cr

Latest News - Anil Ambani-led Reliance Communications Saturday reported consolidated net loss of Rs 531 crore for October-December 2016, mainly due to free 4G services being offered by his elder brother Mukesh Ambani's Reliance Jio.

The company had posted net profit of Rs 303 crore in the same period a year ago.

"The company suffered a net loss of Rs 531 crore during the quarter primarily on account of... Unprecedented competitive intensity. This was the first full quarter after the company's complete shutdown of its profitable CDMA operations," RCom said in a statement.

Reliance Jio launched its (Read More)

Modi govt plans expansive budget despite growth, revenue worries

Latest News - India's finance minister is likely to borrow more than originally planned when he presents the budget on Feb. 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown.

Arun Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse Asia's third-largest economy back to health after the government's shock decision in November to abolish high-value banknotes.

That is raising concern among some economists and investors that the government will take too many fiscal risks.

Yet officials say that, given the choice, they would choose growth sustained by (Read More)

Revenue body asks FM not to implement GST in hurry; threatens legal action

Latest News - Claiming that demonetisation has affected country's growth, a major central revenue body has asked Finance Minister Arun Jaitley not to implement Goods and Services Tax (GST) in a hurry and threatened to take legal recourse in case their concerns are not addressed.

It termed as "illegal" certain decisions taken by Jaitley-headed GST Council and demanded a correction. It also sought that the officer's body be consulted before any final decision is taken.

The council in its meeting on January 16, had agreed to give states the powers to levy tax on economic activity within 12 nautical miles of territorial waters.

Also, it was decided that the states will have powers to assess and administer 90 per cent of the (Read More)