Top headlines: Evacuation completed ahead of cyclone, US Fed holds rate

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Federal Reserve holds rates steady, sees two small hikes by end of year

The Federal Reserve kept interest rates unchanged on Wednesday but signaled in new economic projections that borrowing costs will likely rise by another half of a percentage point by the end of this year as the U.S. central bank reacted to a stronger-than-expected economy and a slower decline in inflation. Read more 

50,000 cases to be taken up for GST audit in FY24, says CBIC chairman

The indirect tax administration has shortlisted 50,000 fresh cases that will be taken up for goods and services tax (GST) auditing in the current financial year as part of efforts to increase compliance and widen the tax base, Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said. Read more

Mahindra & Mahindra, Hinduja join race to buy MG Motor India stake

Automobile major Mahindra & Mahindra (M&M) and the Hinduja group, promoter of Ashok Leyland, have joined the race to acquire a significant stake in MG Motor India, a wholly owned arm of Shanghai-headquartered SAIC Motor, investment banking sources told Business Standard on Wednesday. The Sajjan Jindal-led JSW group has already evinced interest to take up to 48 per cent stake in MG Motor India. The company's valuation is pegged at over Rs 8,000 crore, the sources said. Read more

Cyclone Biporjoy: Govt completes evacuation of vessels, coastal communities

As western India prepares for cyclone Biporjoy, the Centre, along with disaster management authorities has completed the evacuation of port-residing communities and vessels from the coast. The Union ministry of ports, shipping and waterways said that around 3,000 people living in Port areas had been evacuated, and evacuation of cargo vessels had also been completed. Read more

Lenovo to invest $1 billion over three years to advance AI infra solutions

After Accenture announced $3 billion investment for AI, Lenovo on Wednesday declared plans to invest $1 billion over three years in the expansion of infrastructure solutions to accelerate the artificial intelligence (AI) deployment for businesses around the world. This announcement marks Lenovo’s largest AI infrastructure investment in history and will expand the company’s industry- leading AI-ready portfolio of smart devices, infrastructure solutions and services to help accelerate innovation, enabling the use of generative AI and delivering cognitive decisions at scale throughout remote locations across financial, manufacturing, healthcare, retail and smartcity applications. Read more