The continuous downfall in the cryptocurrency is still going strong towards the end of 2018 as the biggest crypto money in the market, Bitcoin plunged deeper over the weekend. Bitcoin slipped to as much as $3,456, posting around 5% downfall during Sunday midnight in New York, as per Bitstamp. However, Bitcoin later recovered most of the losses but still is trading below US$ 4000 mark. The major crypto has lost 33% in the past week and 75% this year. This has created an avalanche for other cryptocurrencies as well, as these digital money just went through their worst week ever. Bitcoin has fallen 82% below its high of $19,666 from almost a year ago. Ripple has also declined 5.3% to 35 cents and is about 90% below its peak. So far the digital currency ecosystem has shrunken by US$ 700 Billion and there seem litt

The leaders of European Union has come to an agreement for the Brexit deal with British Prime Minister Theresa May at a Brussels summit that was held on Sunday. The 600-page treaty took not more than an hour of discussion to get signed by the 27 EU leaders, which will set up the terms for Britain’s withdrawal from the European Union on March 29 and a 26-page declaration outlining a future free trading relationship. European Union chief executive Jean-Claude Juncker told reporters, “This is the deal,” Juncker also said the that he is confident that May would get the deal through the British parliament, where she is currently facing furious opposition. In other series of remarks, Jucker said it a sad day and a tragedy for both sides. “I believe that the British government will succeed in securing the

Oil India Ltd has declared that the company will buy back about 4.45% of the total number of equity shares for an amount aggregating around Rs 1,085 crores, in order to implement government’s plan to push cash-rich PSUs to better utilise their surplus either by paying higher dividends or through share buybacks. OIL in a their regulatory filing stated that its board had approved buyback of shares at an aggregate of no more than 10% of the fully paid-up equity share capital and free reserves of the company. The company’s board approved “the buyback by the company of its fully paid-up equity shares of Rs 10 each not exceeding 5.05 crore equity shares at a price of Rs 215 per equity share payable in cash for an aggregate consideration not exceeding Rs 1,085.72 crore.” Oil which is the second large oil e

The Income Tax department has changed PAN card rules, with effect from 5 December in order to prevent tax evasion by making it mandatory for all entities doing business worth over Rs 2.5 lakh in a financial year to have a Permanent Account Number. As per the notification issued by the Central Board of Direct Taxes, all entities that are eligible under the new mandate must apply for a PAN card till May 31 of the next financial year. According to the new amendment in Income Tax Rules, 1962: “In the case of a person, being a resident, other than an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year and which has not been allotted any permanent account number, on or before the 31st day of May immediately following such fina

Retired diplomat Ranjan Mathai has resigned as an independent director from in-troubled Jet Airways board due to his other commitments. This is the second instance that an independent director has resigned from the airline’s board, as Vikram Singh Mehta, former independent director, had called quit two weeks earlier. According to the Jet Airways, Mathai, who was a foreign secretary and had joined the board last year, was quitting because of increasing demands on his time from his other commitments, including some of academic nature. Mathai was quoted in Jet Airway’s statement as, “I am no longer able to devote the time required to meet my obligations as an independent director on the board of Jet Airways and have accordingly decided to resign from the board.” Jet Airways who is in talks with several

Brent crude oil reported a 6.1% or $3.81 fall, to $58.79 a barrel by 10:50 am EST (1550 GMT), after earlier reaching its lowest mark since October 2017 at $58.57. US West Texas Intermediate crude (WTI) declined $3.75, or 6.8%, to trade at $50.88, and reached a low of $50.60, also the weakest since October 2017. Brent crude oil this week slided 11.9% whereas WTI showed a 9.7% decline. This month so far, the oil prices have fallen more than 20%. The major reasoning given behind the fallen is the oil supply led by US which is growing faster than demand. In order to prevent a build-up of unused fuel the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec 6. Oil prices yesterday have fallen more than 6%, with Brent crude set for a 12% plunge this week, as

The Securities and Exchange Board of India has announced new rules for re-classification of a promoter as a public investor, whereas an outgoing promoter will have to hand over their special rights as well as control over the affairs of the listed firm. In the new set of rules, the promoter wouldn't be allowed to have any representation on the board of directors or act as a key managerial person in the listed entity. The promoter will also be restricted to hold over 10 per cent stake in the listed entity. The market regulator also said in a notification released on November 16 that, the promoter seeking re-classification mustn't be a wilful defaulter or a fugitive economic offender. These norms are introduced in order to prevent the outgoing promoters from continuing to exercise their control over the compa

Chinese smartphone maker Xiaomi announced that yesterday during its first Black Friday sale six lakh units of Redmi Note 6 Pro smartphone were sold on e-commerce website on Flipkart and its own platform Mi.com. Manu Kumar Jain, Vice President, Xiaomi Global and Managing Director, Xiaomi India tweeted, “Mi Fans! We had 600,000+ units of ‘Quad Camera all-rounder’ for 1st sale. Went out of stock in mins on @Flipkart & Mi.com!” If you did not manage to buy one, don’t worry. We are getting more stock. Next sale @3pm today.” Redmi Note 6 Pro which was launched at an introductory price of Rs. 12,999 (Rs. 1000 discount) went on sale again at 3pm and 6pm which then again got stock out within seconds. Redmi Note 6 Pro which is the successor to the popular Redmi Note 5 Pro has been introduced to the ma