Hamas ‘accepts’ US proposal on talks over Israeli hostages
Hamas has accepted a US proposal to begin talks on releasing Israeli hostages, including soldiers, 16 days after the first phase of an agreement aimed at... Key Points
The Tribune IndiaEFTA Deal: India to link duty cuts with investments from companies of member nations
India plans to link duty reductions under the trade agreement with the European Free Trade Association (EFTA) to investments made by member countries like Switzerland, Norway, Iceland, and Liechtenstein. These nations have committed to investing $100 billion over 15 years. The FTA is scheduled to be signed on Sunday following its clearance by the Union cabinet on Thursday evening. Key Points
Economic TimesPaytm & its payments bank discontinue inter-company agreements to reduce dependencies
Paytm didn't say what agreements were being terminated. Payments bank agreed to simplify shareholders’ agreement to 'support Paytm Payments Bank‘s governance, independent of shareholders'. Key Points
ThePrintIndian official delegation heads for London for FTA talks
Negotiations for the India-UK free trade agreement are in the final stage. A high-level Indian delegation is heading to London to resolve remaining issues on goods, services, and rules of origin. The negotiations cover 26 chapters, including market access, skilled professionals, and import duties. The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23. Key Points
Economic TimesProgress of India-UK trade pact talks reviewed at highest level
The India-UK free trade agreement negotiations are at a crucial stage, with the Prime Minister's Office reviewing progress on February 16. Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal attended the meeting. Both countries are working to resolve remaining issues. The pact covers 26 chapters, including goods, services, investments, and intellectual property rights. Key Points
Economic Times
End of Zee-Sony deal may trigger a spate of legal wranglings
The Sony Group's decision to call off its deal with Zee Entertainment Enterprises and seek a termination fee of $90 million is likely to trigger a messy legal war. Both companies can approach an arbitration tribunal or a high court for interim relief. Disputes relating to changes in the merger scheme can be challenged before the arbitral tribunal. Zee Entertainment can also invoke arbitration and seek interim measures as per the agreement. Key Points
Economic TimesUS government shutdown: Congressional leaders sign $1.66 trillion funding deal
Here’s what the $1.66 trillion deal includes – $886 billion for defence and $772.7 billion for non-defense spending Key Points
Hindustan TimesIndia, UK 14th round of FTA talks in January
Indias main exports to the UK are ready-made garments and textiles, gems and jewellery, engineering goods, petroleum and petrochemical products, while key imports include precious and semi-precious stones, ores and metal scraps, and engineering goods. Discussions are also going on between the countries on the bilateral investment treaty. Investment is being negotiated as a separate agreement and earlier, the plan was to conclude the two simultaneously. Key Points
Economic TimesUS, Britain, other countries ink agreement to make AI 'secure by design'
The United States, Britain and more than a dozen other countries on Sunday unveiled what a senior U.S. official described as the first detailed international agreement on how to keep artificial intelligence safe from rogue actors, pushing for companies to create AI systems that are "secure by design." Key Points
ReutersBuying a house? Know how to safely pay advance, token money for property, clauses to include in 'agreement
As the token money is being paid by the buyer, certain clauses must be added to the 'Agreement to sell' to protect the buyer's interest. Here is a look at some of them. It is important to know how to safely pay token money, how much you should pay and other things. Key Points
Economic Times
Closed 20 of 26 chapters of Free Trade agreement with UK, says Union Minister Piyush Goyal
Piyush Goyal stated, We've had several rounds of negotiations with the UK. Currently, we are in active dialogue on different tracks. The Free Trade agreement has closed almost 20 chapters out of 26. Amongst the few issues pending, there's nothing impossible to navigate. Free Trade Agreements are crystal gazing into the future . Key Points
Economic TimesTenants must get these clauses added in rent agreement to avoid being cheated
While tenants do not have much bargaining power to negotiate rent agreements, there are some significant clauses they must check or add to the agreement to protect their interests, said Nitin Jain, Partner of Agama Law Associates. Here is a look at some of these clauses. Key Points
Economic TimesRent agreements must have these clauses to protect landlord's rights
To avoid facing a situation of errant tenant, it is important for a landlord to mention these clauses in the rent agreement. These clauses will help to have his/her rights on the ownership of property protected. Along with this, these clauses in lease agreement helps a landlord in ensuring to define responsibility and obligation of both landlord and tenants. Key Points
Economic TimesDilip Buildcon signs agreement for Rs 397 crore project in Rajasthan
New Delhi, Oct 9 (PTI) Infrastructure company Dilip Buildcon on Monday said it has signed an agreement for a project worth Rs 396.93 crore in Rajasthan after receiving a Letter Of Acceptance (LOA) from the water resources zone, Udaipur. The Engineering, Procurement and Construction (EPC) Turnkey-based project is to be completed in 44 months, Dilip […] Key Points
ThePrintWGA strike ends: Key takeaways for residuals, salary, AI, staffing
WGA has ended its five-month strike and signed an agreement with the AMPTP. The deal will be put to vote. Know in detail how the two sides have agreed on residuals, salary, AI, staffing, and other issues. Key Points
Economic Times
Stocks in news: Voltamp Transformers, Vedanta, Suzlon Energy, Signature Global, Sai Silks
The shares of Signature Global and Sai Silks will debut on the exchanges today. While Signature is likely to see a decent listing, Sai Silks debut is expected to be muted. Key Points
Economic TimesIndia, UK working to iron out issues on IPRs, rules of origin under proposed FTA
India and the UK are addressing differences over intellectual property rights and rules of origin in their ongoing negotiations for a free trade agreement. The countries have closed 14 of the agreement's 26 chapters, with issues surrounding environment, labour, and digital trade occurring in five remaining chapters. Key Points
Economic TimesReaction: Biden, McCarthy debt ceiling deal
U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate. Key Points
ReutersBlackstone signs binding pact for controlling stake in Care Hospitals
The deal will mark Blackstone's first healthcare investment in India with TPG staying on as a minority shareholder, holding about 30%. Notably, the deal was signed between the two private equity giants even as the sale itself is being challenged in court by Max Healthcare Institute, which has accused TPG of breaching the terms of an exclusivity agreement between them on a transaction. Key Points
Economic TimesRent agreement clauses that landlord, tenant should add to avoid fights in future
Rent agreement clauses for landlord, tenant: It can happen that the landlord and tenant are unable to add all the clauses to protect their interests in the lease agreement. However, there are certain clauses that should be added in the rent agreement to avoid future disputes. These clauses will help both landlord and tenant as well as protecting their respective interests. Key Points
Economic Times
India will have option to withdraw duty concessions if USD 100 bn investment commitment not met by EFTA
India can suspend customs duty concessions on EFTA country goods if the European nation bloc fails to meet its USD 100 billion investment obligations. The agreement includes an investment promotion and cooperation chapter with a three-stage consultation procedure and an investment sub-committee. India will ensure a favourable investment climate. Key Points
Economic TimesNo deadline for conclusion of India-UK trade pact talks: Commerce Secretary
The 'rules of origin' provision prescribes minimal processing that should happen in the FTA country so that the final manufactured product may be called originating goods in that country. Under this provision, a country that has inked an FTA with India cannot dump goods from some third country in the Indian market by just putting a label on it. It has to undertake a prescribed value addition in that product to export to India. Rules of origin norms help contain the dumping of goods. Key Points
Economic TimesPlanning to buy a property? Rera has issued a warning. Read this before investing
The Real Estate Regulatory Authority (Rera) in Uttar Pradesh has reminded developers and buyers about the payment module for projects. According to UP-Rera Act, developers are not allowed to take more than 10% advance payment before the sale agreement is executed. The sale agreement should include project details, payment dates, and possession information. Additionally, developers have been directed to sell units based on carpet area only, not super area. Key Points
Economic TimesIndia's exports to Australia up 14 pc during Apr-Nov, thanks to trade agreement
India's exports to Australia surged 14% to USD 5.8 billion from April-November, benefiting engineering, pharma, and electronics sectors due to the free trade pact initiated last December. Negotiations for a broader trade deal are progressing, focusing on detailed rules of origin. Australian FDI in India rose from USD 30-40 million to USD 300 million this year. However, Indian imports from Australia fell by 19%, totaling USD 11.14 billion. Key growth sectors include engineering, pharma, and electronics, diversifying India's trade basket with Australia. Key Points
Economic TimesWill have great FTA with India, negotiations going well: UK MP Baroness Verma
Baroness Verma told ANI, I think first of all my expectations are we're going to have a great FTA and I think it's a very complicated, complex agreement. And we can't expect things that are so complicated and so complex to be done overnight. But I know from all the conversations we've had, that everybody is working incredibly hard on all of the negotiations, and it's going well. Key Points
Economic Times
Pakistan must finalize new fuel pricing plan to secure IMF deal. Here's why
IMF and Pakistan are set to sign a loan agreement after finalizing a fuel pricing plan. The deal would provide $1.1bn to the cash-strapped country. | World News Key Points
Hindustan TimesHere's how India's $100 billion trade pact with EFTA will benefit Indians; Swiss watches, chocolates to ge
India has signed a trade agreement with the European Free Trade Association (EFTA) countries, including Switzerland, aiming to boost trade and investments. The agreement will lead to the phasing out of custom duties on imported goods, allowing Indian consumers access to high-quality Swiss products at lower prices. Notably, gold imports are excluded from tariff concessions. Key Points
Economic TimesHeroMotoCorp receives family settlement deal from promoter group, Sunil Kant Munjal resigns as joint MD
Sunil Kant Munjal exits management and resigns as joint MD of Hero MotoCorp Ltd. A family settlement agreement obtained. Key Points
mintIndia-Oz FTA utilisation above 90% in some textiles, engineering goods exports
Officials said that the utilisation of the India-Australia Economic Cooperation and Trade agreement (ECTA) is as high as 90% in around 113 products especially labour intensive items where duties were reduced to nil from 5% under the pact. “90% of the exports of these products to Australia are happening through the FTA (free trade agreement) route,” said an official. This assumes significance as Indias utilization rate of its FTAs has been historically low due to documentation costs, lack of awareness and strict morphine norms. Key Points
Economic Times$100 bn investment pledge, tariff cuts on industrial imports — what EFTA trade deal means for India
Deal signed Sunday will also see reduction in tariffs on chocolates, wine. However, dairy & agricultural sectors and gold — India's largest import from EFTA by value — are excluded. Key Points
ThePrintJICA extends Rs 2,809 crore loan for Chennai road project
Chennai, Feb 20 (PTI) The Japan International Cooperation Agency on Tuesday said it has signed a loan agreement amounting to about Rs 2,809 crore for the construction of the second phase of the Chennai Peripheral Ring Road Project. The loan amount translates into 49,847 million Japanese Yen. The Chennai Peripheral Ring Road is placed as […] Key Points
ThePrintMajority of India-UK FTA issues either closed or at advanced stage of talks: Official
Majority of the issues in the proposed FTA between India and the UK are either finalised or at an advanced stage of talks, according to a government official. The 14th round of negotiations is currently underway. Talks are also progressing on the proposed BIT. Meanwhile, the seventh round of talks for the proposed trade deal between India and the EU and the sixth round of negotiations for a proposed trade agreement between India and Peru are scheduled. Key Points
Economic TimesIndia very close to a final call on FTA with UK: FM Sitharaman
An FTA agreement is very close for a final call with the UK and I think negotiations with Canada are also progressing and I expect that to come to a conclusion sooner than later, Sitharaman said. She further said the finance ministry and commerce ministry are working closely on trade agreements with different countries. Key Points
Economic TimesProposed supply chain agreement under IPEF to help India mitigate risks of economic disruptions
The agreement would help India to reduce its dependence on China. The pact also assumes significance as the COVID outbreak had severely disrupted the global supply chain as most of the countries were dependent on China for various products, like pharma raw materials. IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 last year in Tokyo. Key Points
Economic TimesStocks in news: ZEE Entertainment, Natco Pharma, Ajanta Pharma, Hero MotoCorp
ZEE Studios and IPRS (Indian Performing Right Society) have entered into a settlement agreement by which all disputes and claims have been settled. IPRS has agreed to withdraw the insolvency petition filed by them. Key Points
Economic Times
Round 14 of India-UK FTA talks to take place in January 2024
The Ministry of Commerce and Industry announced that the fourteenth round of Free Trade agreement negotiations between India and the UK will take place in January 2024. The negotiations, which focused on complex issues like goods, services, and investment, will continue. Key Points
Economic Times‘Kabhi Khushi Kabhie Gham’: UK Opposition Leader Keir Starmer on FTA with India
India and UK are currently in the 14th round of FTA negotiations to enhance GBP 36-billion bilateral trading partnership. The UK's Opposition Leader Keir Starmer has described the ups and downs of the government's negotiations towards a free trade agreement (FTA) with India as ‘Kabhi Khushi Kabhie Gham’ and committed the Labour Party to pursuing an “always happy” bilateral relationship. Key Points
The Tribune IndiaBiden, McCarthy reach tentative deal to raise debt ceiling, avoid calamitous U.S. default
President Joe Biden and House Speaker Kevin McCarthy have reached an “agreement in principle” to resolve the looming debt crisis in the U.S. Key Points
The HinduThe meaning of China brokering a deal between Iran and Saudi Arabia | In Focus podcast
Dr. Jabin T. Jacob speaks to us on the meaning behind the trilateral agreement signed by China, Iran and Saudi Arabia, and what this deal signals for Chinese diplomacy. Key Points
The HinduIndia, EFTA announce $100-bn free trade pact to promote investments
India-EFTA deal: Union Minister Piyush Goyal, quoting PM Narendra Modi, said, Despite structural diversities in many aspects, our economies possess complementarities that promise to be a win-win situation for all nations. With the opening up of enormous trading and investment opportunities, we have reached a new level of trust and ambition. The trade agreement symbolizes our shared agreement to open fair, equitable trade, as well as generate growth and employment for the youth. Key Points
Economic Times
'Attempt to rob J&K people of resources'
Ratle Hydro Electric Power Corporation Limited, a joint venture between the NHPC Limited and JK State Power Development Corporation, has entered into a power purchase agreement with the Rajasthan Urja Vikas and IT Services Limited for 850 MW sourcing from the project in Kishtwar district of Jammu division. The agreement has been signed for the off-take of power for a period of 40 years. Key Points
Economic TimesIMF asks Pakistan to revise budget to meet staff-level agreement reports local media
The IMF added that without changes in the budgetary framework, the staff-level agreement cannot be achieved. This framework could pave the way for the approval of the 2023-24 budget. Key Points
ThePrint