New drug price order hard to pop for a divided DoP

The Department of Pharmaceuticals (DoP) is divided over amending the drug price control order, with key members of the government body offering conflicting views about the proposed change in method of calculating ceiling prices and the inclusion of nonessential medicines. Some within the department have questioned the timing of the proposed amendments. “The big question…

Steep GST, cess drive Camry hybrid out of production

The Camry production line at Toyota Kirloskar Motor’s sprawling manufacturing site on Bengaluru’s outskirts has ground to a halt because the goods and services tax (GST) and the attendant cess has made it too costly, the company said. The assembly line was producing only the hybrid variant due to overwhelming demand for that version of…

Steep GST, cess drive Toyota Camry hybrid out of production

The Camry production line at Toyota Kirloskar Motor’s sprawling manufacturing site on Bengaluru’s outskirts has ground to a halt because the goods and services tax (GST) and the attendant cess has made it too costly, the company said. The assembly line was producing only the hybrid variant due to overwhelming demand for that version of…

IDFC-Shriram merger may have to factor in govt’s concerns

The proposed merger of Shriram Capital and its associate companies with IDFC and its subsidiary IDFC Bank has got bogged down as the two sides have not been able to arrive at a mutually agreeable alternate structure following the dissatisfaction of the government and other IDFC shareholders over terms, said two people familiar with the…

De-registered companies seeking relief add to NCLT workload

MUMBAI: The Mumbai chapter of the National Company Law Tribunal (NCLT), already facing a deluge of default cases, is now saddled with a very different problem — salvaging de-registered companies. The dedicated bankruptcy court has reinstated at least 50 companies in the run-up to Diwali, bringing relief to thousands of employees whose salaries could not…

Aviation MRO companies want 18% GST scrapped

NEW DELHI: The aviation maintenance, repair and overhaul or MRO industry has asked the government to create a level playing field by either abolishing 18% goods and services tax (GST) being levied on the sector or imposing customs duty on aircraft being serviced out of the country. The industry has made a representation to the…

These cities make NYC housing look dirt cheap

By Andre Tartar and Wei Lu As people around the world move into cities and look for housing, one thing is clear: Most will have a hard time paying for it. Average monthly take-home pay won’t cover the cost of buying a 1,000-square-foot residence or renting a three-bedroom home in any of the 105 metropolitan…

Robert Mugabe removed as WHO goodwill ambassador

GENEVA: Zimbabwean President Robert Mugabe has been removed as a goodwill ambassador, the World Health Organization (WHO) said on Sunday following an outrage among Western donors and rights groups at the appointment. WHO Director-General Tedros Adhanom Ghebreyesus named Mugabe to the largely ceremonial post at a high-level WHO meeting on chronic diseases, attended by both…

After the Navy, India may soon get its own armed drones to be part of Air Forces

WASHINGTON: The Trump Administration is “considering” India’s request for armed drones for its air force, according to a senior American official. “Yes, yes,” the administration official told PTI when asked about India’s pending request about the purchase of armed drones as part of its armed forces’ modernisation drive. The armed drones, the Indian Air Force…