Demonetisation effects in India to disappear in medium term: World Bank

The World Bank today said that the "adverse effects" of demonetisation in India will disappear in the medium term, saying any reform has short-term costs.  "Any reform has short-term costs but ultimately reforms will bring long-term gains. In the case of India, we expect whatever the adverse effects of these changing of notes to basically disappear in the medium term," Ayhan Kose, Director of Development Prospects Group at the World Bank told reporters during a conference call.

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Accenture's Third-quarter Revenue Beats Estimates

Consulting and outsourcing services provider Accenture Plc reported a better-than-expected quarterly revenue on Thursday, as the company's investments to boost its digital and cloud services pay off.
Shares of the company fell 1.3 percent to $125.40 in premarket trading after Accenture trimmed its annual revenue forecast.The company said it now expects net revenue to rise 6 percent to 7 percent for the year ending August, compared with an earlier forecast for a 6 percent to 8 percent increase.
Accenture, however, raised its forecast for full-year profit, citing a lower-than-anticipated impact from a strong dollar.
The company now expects full-year adjusted earnings per share of $5.84 to $5.91, compared with a previous forecast of $5.70 to $5.87.
Accenture, like other IT service providers, has beefed up its security, cloud and analytics services to meet burgeoning demand from businesses for digital services.

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Tata trustee Venkat sues Cyrus Mistry for Rs 500 crore

R Venkataramanan, managing trustee of Tata Trusts, has filed a criminal defamation suit against former Tata Sons chairman Cyrus Mistry for allegedly making false statements and has sought Rs 500 crore in damages. 

The suit, which comes days ahead of the hearing of the case between Mistry and Tata Sons at the National Company Law Appellate Tribunal (NCLAT) on July 3, has been filed against all the directors of Cyrus Investments and Sterling Investment run by Mistry's family.

In his complaint filed with the additional chief metropolitan magistrate here, Venkat has said that Mistry's October 25, 2016 email to Tata Sons directors and trustees of Tata Trusts contained “defamatory statements“ about him. 

Mistry had alleged about “certain fraudulent transactions of Rs 22 crore“ involving non-existent parties in India and Singapore at AirAsia India and had stated that Venkat considered these transactions as “non-material“ and “didn't encourage any further study“ of it. Venkat is a shareholder and director of AirAsia India. 

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Tata Group May Buy Major Stake in Air India

The Tata group may buy a major stake in Air India, top sources told CNN-News18 on Wednesday, adding that the group is holding talks with officials from the Civil Aviation Ministry.

Source from the industry said, "There were four conglomerates that were interested in buying the airline. Tata Group being one of them are very keen in buying a major stake in the airline if not for 100%. They are in talks with top ministers at the Centre on the process of buying. Tata Group feels that it's their airline and they want it back."

The reference is obviously to the fact that AI was started by the Tata Group in 1932 as Tata Airlines. After Independence, the group joined hands with the government in 1948 to fly the airline which was fully nationalized five years later.

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