Business

New Delhi, Aug 4 (PTI) Indian IT firm Wipro today said it has settled a lawsuit with National Grid US for USD 75 million and formalities for withdrawal of the lawsuit are expected to be completed shortly.

"Wipro Limited has effected a settlement for the release of all claims under the lawsuit with National Grid US and a stipulation of discontinuance of the lawsuit has been filed in the US District Court for the Eastern District of New York," Wipro today said in a regulatory filing.

Kolkata, Aug 4 (PTI) In the long-term, Goods and Services Tax (GST) slabs may come down to three, in addition to the exempted category, Sanjeev Sanyal, Principal Economic Adviser to the Finance Ministry, today said.

The three slabs could be a low of 5 per cent, a central 15 per cent (merging 12 per cent and 18 per cent slabs that exist now) and a top rate of 25 per cent, he said here at an interactive session organised by the Bharat Chamber of Commerce.

The U.S.-Israel Security Assistance Authorization Act of 2018 was approved by US Senate on Wednesday will codify into law the $38 billion defense aid package for Israel.

The $38 billion deal, negotiated in the final days of the Obama administration in 2016 is the most generous ever to Israel. The American Israel Public Affairs Committee (AIPAC) has been instrumental in securing this deal.

Beijing, Aug 4, IRNA – China's major oil giant has paused importing oil from the US due to escalation of trade war between the two countries, a Chinese daily reported on Saturday.

LANGKAWI, Malaysia Aug 4 (NNN-Bernama) -- Malaysia is likely to benefit from the trade war between China and the United States (US) in terms of attracting foreign investors, said Prime Minister Dr Mahathir Mohamad today.

He said policies implemented in this trade war would benefit investors who could not invest in certain countries, thus benefiting countries that were not involved.

Photo courtesy bernama images

Deputy Prime Minister of Malaysia Seri Dr Wan Azizah Wan Ismail launches the first kind of Android satellite smartphone in Kuala Lumpur, Malaysia, on August 2, 2018.

Whether you are deep in the jungle, up on a mountain or far out at sea, you can stay connected using just an Android smartphone.

New Delhi, Aug 3; GANASHAKTI; Facing financial crisis, Jet Airways Ltd has informed its staff that it won’t be able to operate beyond 60 days unless cost cuts are put in place. The aircraft has reportedly sought investment bankers’ help to sell a stake in the carrier again.

According to reports, chairman Naresh Goyal informed employees that the carrier’s financials are not in a good shape and drastic measures are required such as salary cuts.

WASHINGTON, August 3. /TASS/. The United States expanded its sanctions list related to North Korea, adding the Russian Agrosoyuz bank, a Russian individual and a company from each of China and North Korea, the US Office of Foreign Assets Control (OFAC) reports on Friday.

Restrictions were introduced for alleged violations of the US sanctions regime and UN security resolutions by the said persons, an explanatory note to the document says.

JINAN, Aug. 3 (Xinhua) -- A new freight train linking east China's Shandong Province with Milan, Italy, started service Friday, making it the newest China-Europe freight train route.

A 41-container train carrying clothing, electronic products, and machinery departed from Yanzhou North railway station in Jining, on Friday morning. The train will run every Friday.

The 10,900-km journey, which makes a stop in Chengdu for customs clearance, will take 18 days, said Zhang Benhong, deputy head of the railway station.

BEIJING, Aug. 3 (Xinhua) -- China's new countermeasures to impose additional tariffs on about 60 billion U.S. dollars worth of products from the United States are "rational and restrained," a spokesperson with the Ministry of Commerce (MOC) said Friday.

The Customs Tariff Commission of the State Council on Friday unveiled lists of 5,207 items of U.S. products to be subject to additional tariffs of four different rates -- 25 percent, 20 percent, 10 percent, and 5 percent.