LIVE: Atma Nirbhar Bharat to strengthen globalisation, PM tells WEF summit

The Davos Dialogues agenda marks the launch of the World Economic Forum's great reset initiative in the post-Covid-19 world. Stay tuned for Latest LIVE news

4:08 AM

Facebook appoints its first chief compliance officer amid ongoing scrutiny

ViacomCBS Inc's top compliance official, Henry Moniz, is moving to Facebook Inc as the social media platform's first chief compliance officer, as Facebook faces scrutiny from regulators and lawmakers.
 

"We are pleased to confirm that Henry Moniz will be joining Facebook to lead our strategy and execution of compliance matters in the U.S. and around the world," a Facebook spokeswoman told Reuters on Thursday.
 

Moniz held senior compliance roles at Viacom starting in 2004. After its merger with CBS Corp in 2019, he became the chief compliance officer and chief audit executive of the combined company.
 

Business Insider reported earlier on Thursday that Moniz will join Facebook on Feb. 8 and will report to Jennifer Newstead, the company's general counsel, as well as to the audit and risk oversight committee of Facebook's board of directors.
 

The development comes as Facebook and other big tech companies face regulatory scrutiny, with growing bipartisan consensus to hold them accountable for business practices.
 

The U.S. Federal Trade Commission and nearly every U.S. state filed lawsuits against Facebook in December, saying it used a "buy or bury" strategy to snap up rivals and keep smaller competitors at bay.

 

The complaints accused Facebook of buying up rivals, focusing specifically on its previous acquisitions of photo-sharing app Instagram for $1 billion in 2012 and messaging app WhatsApp for $19 billion in 2014.
 

The lawsuits were the biggest antitrust cases in a generation, comparable to the lawsuit against Microsoft Corp in 1998.
 

Facebook Chief Executive Mark Zuckerberg acknowledged last month that criticism of Facebook had hurt staff morale, saying public scrutiny "comes with the territory."
 

4:07 AM

High stakes as India vows to unveil a budget like ‘never before’

India will turn to Finance Minister Nirmala Sitharaman’s budget on Monday to see how she prioritizes spending to get the pandemic-ravaged nation back to being the world’s fastest-growing major economy.
 

Sitharaman’s plan will likely rely on generous public spending to spur activity, putting more money in the hands of the average taxpayer to boost consumption and easing rules to attract investments when she presents the budget at 11 a.m. in New Delhi.
 

“Expectations are high, going into this budget,” said Samiran Chakraborty, an economist with Citigroup Inc. “Expenditure profile could move from survival to revival as the focus on infrastructure increases.”
 

That spending may continue to keep the fiscal deficit far wider than the 3% of gross domestic product mandated by law. The budget gap for the year to March will probably be 7.25% of GDP against a planned 3.4%, according to a Bloomberg survey. The same poll shows the target for the next fiscal year will likely be 5.5%.

Missing deficit goals will be the least of the worries for Prime Minister Narendra Modi’s government. It has to contend with creating jobs for the millions who lost their livelihoods to lockdowns to combat the world’s second-largest coronavirus outbreak, quelling protests by farmers against agriculture reforms and reviving growth in an economy headed for its biggest annual contraction on record.
 

India’s GDP will shrink 7.7% in the year ending March, according to the statistics ministry. The Finance Ministry estimates GDP will likely expand 11% next fiscal year, people familiar with the matter said, commenting on the forecast that will once again make India the world’s fastest-growing major economy ahead of China’s estimated 8.1% pace.
 

8:33 PM

US jobless claims drop; still at 847,000 as pandemic rages

The number of Americans applying for unemployment benefits fell but remained at a historically high 847,000 last week, a sign that layoffs keep coming as the coronavirus pandemic continues to rage, AP reported.

Last week's claims fell by 67,000, from 914,000 the week before, the Labor Department said Thursday. Before the virus hit the United States hard last March, weekly applications for jobless aid had never topped 700,000.

Overall, nearly 4.8 million Americans are continuing to receive traditional state unemployment benefits. That is down from a staggering peak of nearly 25 million in May when the virus and lockdowns and other measures to contain it brought economic activity to a near halt.

8:19 PM

In 2020, India showed ability to meet all challenges, be it from coronavirus or at borders: PM Modi

Prime Minister Narendra Modi said on Thursday that India last year showed it is capable of taking all steps to meet challenges, be it from the coronavirus or at its borders.

 

"We have to strengthen the emotion with which we dealt with big challenges last year, with one nation with one heart. We have to completely remove the ill-effects of the pandemic on our economy," he said at a rally of the National Cadet Corps (NCC) here.

 

According to government projections released earlier this month, India's GDP is estimated to contract by a record 7.7 per cent during 2020-21 due to the COVID-19 pandemic.

 

The prime minister said, "Last year, India has shown that it's capable of taking steps to meet all challenges, be it from coronavirus or at its borders."

7:54 PM

Railway Board permits IRCTC to resume e-catering services at a selected number of stations: IRCTC

Railway Board permits IRCTC to resume e-catering services at a selected number of stations, says IRCTC

7:33 PM

India now has predictable tax, FDI regimes: Modi at WEF 2021

Outlining economic reforms in India and marketing the country as a favourable destination to global investors, Prime Minister Narendra Modi on Thursday said that India has now has predictable tax and FDI regimes. Addressing the World Economic Forum's Davos Dialogue, he said that the government is also working on the front of ease of doing business.

 

He was of the view that though hit by the pandemic, things will change in the economic front too and "India is now moving ahead with the aim to become 'Atmanirbhar' (self-reliant)".

 

Reiterating the government's stand, Modi also said that the vision of 'Atmanirbhar Bharat' is aimed at making India a major hub of global supply chain. He said that India's success on the economic and industrial front will support global good and enhance the global supply chain. He also assured the global fraternity that India has the capacity and capability to boost the global supply chain.

6:31 PM

Infrastructure needs of India would be around 4.5 trillion dollars by 2040: PM Modi

It is estimated that the infrastructure needs of the country would be around 4.5 trillion dollars by 2040. I believe that the government and industry would have to achieve this goal in unison. The government is continuously working towards providing stable environment and all help: Prime Minister Narendra Modi at World Economic Forum's Davos Agenda Summit.

6:22 PM

Several points have been decriminalised in Company Law: PM Modi at WEF's Davos Summit

Several points have been decriminalised in Company Law. To raise competitiveness, connectivity infrastructure is being strengthened. During pandemic we saw that Indian companies are capable of tackling supply shock, they maintained medical supply in India & across the world: Prime Minister Narendra Modi at World Economic Forum's Davos Agenda Summit.

6:18 PM

India launched 'Aatmanirbhar Bharat Abhiyan' with resolve of increasing capacity of economy: PM Modi

6:11 PM

India has the capacity, capability and reliability to strengthen the global supply chain: PM Modi

India has the capacity, capability and reliability to strengthen the global supply chain: PM Narendra Modi at World Economic Forum's Davos Agenda

6:10 PM

Just in Dec 2020, UPI saw transactions worth Rs 4 trillion: PM Modi at WEF's Davos Summit

Just in Dec 2020, UPI has seen transactions worth Rs 4 trillion. People in the banking sector know how countries worldwide are trying to implement the UPI system: Prime Minister Narendra Modi at World Economic Forum's Davos Agenda Summit.

6:09 PM

1.3 billion people of India have a universal ID - the Aadhar, which is connected to their accounts: PM Modi

1.3 billion people of India have a universal ID - the Aadhar, which is connected to their accounts: Prime Minister Narendra Modi at World Economic Forum's Davos Agenda Summit.

6:08 PM

India's Aatmanirbhar Bharat mission fully committed to global good and global supply chain: PM Modi

India's Aatmanirbhar Bharat mission is fully committed to global good & global supply chain: Prime Minister Narendra Modi at World Economic Forum's Davos Agenda Summit.

6:08 PM

India starting a new initiative to provide a unique health ID to 1.3 bn citizens: PM Modi at Davos Summit

India is starting a new initiative to provide a unique health ID to 1.3 billion citizens for easy access of healthcare: Prime Minister Narendra Modi at World Economic Forum's Davos Agenda Summit.

6:07 PM

India stressed a lot on reforms and incentive-based stimulus in recent times: PM Modi at Davos Summit

India has stressed a lot on reforms and incentive-based stimulus in recent times: Prime Minister Narendra Modi at World Economic Forum's Davos Agenda Summit