Top headlines: UBS likely to buy C Suisse, direct tax collection up 15.3%

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Direct tax collection hits 95.2% of Revised Estimates for FY23

Net direct tax collection (after adjusting refunds) rose 15.3 per cent to Rs 15.72 trillion till March 16 this fiscal year so far, buoyed by an upsurge in advance tax mop-up, people close to the development told Business Standard. Read more

UBS in talks to buy embattled Swiss rival Credit Suisse, says report

UBS Group AG is in discussions to take over all or part of Credit Suisse, the Financial Times reported on Friday, after an emergency funding lifeline failed to restore investor confidence in the smaller Swiss bank. Read more

Bank turmoil poses a $600 billion question for battered investors

Markets are grappling with a $600 billion question right now. Are the half-dozen banks in the spotlight outliers or a warning sign of a wider malaise in the financial sector? Bank investors have largely been selling first and leaving that question for later. Around $600 billion dollars of market value has evaporated from the 70 biggest US and European banks since March 6, a period that’s seen the collapse of Silicon Valley Bank, Credit Suisse Group AG receive a $54 billion lifeline from the Swiss National Bank and a $30 billion Wall Street whip-round for First Republic Bank. Read more

PLI scheme push: Electronics is India's fastest-growing export

Propelled by smartphone exports under the Production Linked Incentive (PLI) scheme, electronics has become India’s fastest-growing export for the 11-month period from April 2022 to February 2023. Read more

OECD raises India's FY24 growth forecast by 20 basis points to 5.9%

The Organisation for Economic Cooperation and Development (OECD) has revised upwards its growth estimate for India by 20 basis points to 5.9 per cent for FY24. In its latest interim outlook released on Friday, titled “Fragile Recovery”, OECD said, “India’s growth is projected to moderate to about 6 per cent in FY2023-24, amid tighter financial conditions before picking up to recover to around 7 per cent in FY 2024-25. Read more