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Shares of Tesla ( TSLA -4.95% ) declined by 42% in the first few months of 2024. As of this writing, it's now up by a whopping 86% year to date, and it recently surpassed its all-time high from 2021. Why the stunning turnaround? CEO Elon Musk put his cash and influence behind Donald Trump's election campaign, which may have helped him bring the victory home. As a result, investors are speculating that Tesla will benefit from the incoming administration's policies, which is why most of the gain in its stock for 2024 occurred after Election Day on Nov. 5. With the year drawing to a close, the company is almost due to report its fourth-quarter production and delivery numbers for its electric vehicles (EVs). Those figures should be announced on Jan. 2, and they have the potential to move Tesla's stock. So, should investors buy it beforehand? Tesla's EV deliveries are on track to decline in 2024 The stock might be having a great year, but its core business isn't. The company delivered 1.29 million EVs during the first three quarters of 2024, which was a 2.3% drop from the same period last year. That puts Tesla's deliveries on track for their first annual decline since the company launched its flagship Model S in 2011. That's a problem, because EV sales still account for 79% of the company's total revenue. I f this part of its business isn't performing, it becomes very hard to justify further upside in its stock (more on this later). As recently as last year, Musk forecast a 50% annual increase in EV production as far as the eye can see, but that production push can't happen if sales aren't keeping up. The company faces a number of challenges. EV demand appears to be softening in general, with legacy automakers like Ford and General Motors slashing billions of dollars from their planned investments into this segment over the last couple of years. Just four months ago, Ford scrapped its new electric sport utility vehicle entirely, after investing $1.9 billion in developing it. It will focus on hybrids instead, which are more familiar to drivers of old-school gas cars and also sell at a cheaper price point. Competition from low-cost EV manufacturers in countries like China have also hurt Tesla. BYD , for example, sells a $10,000 model in China, and it plans to launch it in Europe in 2025. Tesla has a large presence in both of those markets, and it simply can't compete at that price point. That is unlikely to change, because Musk recently canceled his plans to produce a low-cost EV. Deliveries aren't the main thing driving Tesla stock You might be wondering why Tesla stock is soaring in light of all of the issues I highlighted above. Investors are more focused on the company's full self-driving (FSD) software, which could transform its economics. In fact, the reason Musk scrapped the low-cost EV is because he wants to focus on Tesla's new autonomous robotaxi, which is called the Cybercab. It should enter mass production in 2026, and it won't come with pedals or even a steering wheel because it will run entirely on Tesla's FSD software. The company plans to operate an autonomous ride-hailing network where Cybercabs can earn revenue around the clock by hauling passengers. Consumers will be able to buy them for personal use, or they can use them to operate their own autonomous ride-hailing fleet. FSD is already available in beta mode for owners of Tesla's passenger EVs, but it isn't actually approved for unsupervised use anywhere in the U.S. just yet. Investors are betting the incoming Trump administration will operate a much more easygoing regulatory regime, which could potentially fast-track FSD approval. Top Wall Street technology analyst Dan Ives predicts FSD represents a $1 trillion opportunity for Tesla. Similarly, Cathie Wood 's Ark Invest believes the company will generate $1.2 trillion in annual revenue by 2029, with 63% coming from FSD and the Cybercab. That's why Tesla stock rocketed higher after the election -- the sooner FSD is approved, the quicker the company can unlock that value. Tesla stock is extremely expensive right now Before investors jump in to buy the stock before Jan. 2, they need to consider its valuation. Based on the company's trailing-12-month earnings per share of $3.65, the stock trades at a price-to-earnings ratio (P/E) of 125.That makes it one of the priciest large-cap tech stocks in the U.S. -- it's more than twice as expensive as Nvidia ! TSLA PE ratio ; data by YCharts. The Nasdaq-100 technology index trades at a P/E of just 33.9, and considering it's home to most of Tesla's big-tech peers, it really puts the company's sky-high valuation into perspective. As I highlighted earlier, Tesla's deliveries are on track to shrink in 2024 once the final numbers for the year are officially reported on Jan. 2. Without growth, its stock has no justifiable reason to trade at such a lofty level. Musk believes deliveries could increase by as much as 30% in 2025. However, it's unclear where that growth will come from, since there is no low-cost EV on the way, and the Cybercab won't enter mass production until 2026. As a result, it's extremely unlikely the Jan. 2 report will contain anything that will make Tesla seem attractive at the current price, so investors who don't own it already might want to sit on the sidelines until we see a meaningful correction.
"Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" To keep reading, please log in to your account, create a free account, or simply fill out the form below.AirTag 2 could match the latest iPhones with huge upgrade on new chipBOCA RATON, Fla. (AP) — Tre Carroll scored 18 points off the bench to lead Florida Atlantic to an 89-80 victory over Texas State on Saturday. Carroll shot 7 of 9 from the field and 4 of 4 from the free-throw line for the Owls (7-5). Niccolo Moretti scored 15 points, shooting 4 of 6 from the field and 6 for 7 from the line. Matas Vokietaitis shot 5 of 8 from the field and 3 of 8 from the free-throw line to finish with 13 points. The Bobcats (7-4) were led by Tyler Morgan, who posted 19 points, six rebounds and five assists. Tylan Pope added 14 points and three blocks. Josh O'Garro finished with 13 points, nine rebounds and two blocks. Texas State had a five-game win streak end. Florida Atlantic took the lead with 51 seconds to go in the first half and never looked back. The score was 43-40 at halftime, with Vokietaitis racking up 11 points. ___ The Associated Press created this story using technology provided by and data from . The Associated Press
Fitch Ratings has upgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’, from ‘RD’ (Restricted Default). Fitch typically does not assign an Outlook to sovereigns with a rating of ‘CCC+’ or below. Fitch has also upgraded the Local-Currency IDR to ‘CCC+’, from ‘CCC-‘, to align with the Long-Term Foreign-Currency IDR, as the risk of another default on local-currency debt has been reduced by the completion of the international sovereign bond restructuring and an improved outlook for macroeconomic indicators. Sri Lanka completed the local-currency portion of its domestic debt optimisation in September 2023, following the exchange of treasury bills and provisional advances held by Central Bank of Sri Lanka’s into new treasury bonds and bills. The upgrade of the Long-Term Foreign-Currency IDR reflects Fitch’s assessment that Sri Lanka has normalised relations with a majority of creditors, after the announcement of final results of the invitation to exchange the outstanding stock of international sovereign bonds with a 98% participation rate. One bond series with non-aggregated collective action clauses did not meet the required 75% level. Without this bond series, the acceptance results imply a restructuring of 96% of total commercial external debt. The debt exchange will convert 11 international sovereign bonds and accumulated past due interest (PDI) into a mix of four macro-linked bonds, one governance-linked bond and one PDI bond. Bondholders can choose the local alternative governed by domestic law, with rupee-denominated bonds and a US dollar bond with step-up coupon payments. Sri Lanka is also restructuring debt to commercial and official creditors. An agreement in principle has been reached with most commercial creditors including international banks for an amount of about USD200 million. Restructuring of debt owed to official creditors is expected to be completed by end-2024. Improved External Finances: Sri Lanka’s foreign-currency debt restructuring offers substantial upfront debt repayment relief, with no foreign-currency bond maturities until 2029. The first amortisation on the macro-linked bonds, which have low coupon rates until 2032, starts from 2029. Governance linked bond amortisation begins in 2034 and the US-dollar step-up bonds start amortisation in 2029. We expect foreign-exchange reserves to reach USD8.7 billion by 2026, also reflecting debt relief over the period. The debt restructuring has reduced the government’s debt service burden and liquidity risks, but general government debt/GDP and the interest/revenue ratio are likely to stay high in the medium term. The restructuring under Fitch’s baseline assumptions lowers general government debt/GDP to about 90% by 2028, while Fitch forecasts the interest/revenue ratio to decline to 42%, still well above the ‘CCC’ median of 16%. This is, however, a large drop from the 67% in 2021, prior to the sovereign default. Sri Lanka has a weak long-term revenue raising record, but the government implemented several major tax measures to boost revenue collection and achieve debt sustainability. Fitch expects general government revenue/GDP to exceed 15% by 2026, from 11% in 2023, broadly in line with IMF programme projections. Downside risks could be substantial if the government fails to raise revenue. Strong Mandate from Election Outcome: Sri Lanka’s September 2024 presidential election was won by a leader of the opposition National People’s Power, which secured over two-thirds majority in the legislature. Fitch expects the new government to support progress on reforms. The new government has said it will continue to implement the 48-month IMF extended fund facility, which began in March 2023. Sri Lanka has made major progress on the programme under the previous government. Sri Lanka’s economy is recovering after a contraction in 2022 and 2023. In seasonally adjusted terms, real GDP growth in 3Q24 recovered to 5.2%, after contracting by 7.4% in 2022 and 2.2% in 2023. This was driven by an 11.1% pick-up in industrial growth, while services grew by about 2.8%. We expect growth to recover to 4.1% in 2024 and average 3.6% over 2025-2026. The Central Bank’s policy measures have largely reversed a rise in inflation, which peaked in September 2022 at 67.2% (seasonally adjusted). Inflation continues to decline, falling to -2.1% yoy in November 2024. The central bank has eased monetary policy significantly, reducing the standing deposit facility rate by a cumulative 800 bp since June 2023. Fitch expects further easing over 2025-2026, in line with its expectation that underlying inflationary pressure will remain muted and the central bank will meet its medium-term inflation target of 5.0%. Economic reforms implemented since the crisis period have improved headline macroeconomic metrics, reduced systemic risks and support banks’ operating flexibility. Asset quality stress has peaked and declining credit costs are driving higher profitability. Pressure on foreign- and local-currency funding and liquidity has eased on better external flows and banks’ efforts to preserve liquidity. Fitch expects banks to regain access to foreign-currency wholesale funding, following the restoration of the sovereign’s creditworthiness. Sri Lanka has an ESG Relevance Score of ‘5’ for Political Stability and Rights as well as for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in Fitch’s proprietary Sovereign Rating Model (SRM). Sri Lanka has a medium WBGI ranking in the 38th percentile, reflecting a recent record of peaceful political transitions, a moderate level of rights for participation in the political process, moderate institutional capacity, established rule of law and a moderate level of corruption. Factors that could, Individually or collectively, lead to negative rating action/downgrade -Public Finances: An increase in government debt/GDP, potentially reflecting an inability to further raise revenue, resulting in wider budget deficits. – External Finances: Inability to rebuild foreign-exchange reserves that weakens debt repayment capacity.
Gary O’Neil accepts criticism from Wolves fans after heavy defeat at EvertonGURUGRAM: Gurugram Cyber Police has arrested a man from Tamil Nadu for running an illegal SIM card racket, officials said on Sunday. The accused, Mohammad Jamil bin Mohammed Iqbal, a resident of Kuala Lumpur, used to buy SIM cards from India and sell them in Malaysia, which cyber fraudsters used to cheat people in this country while sitting abroad, police said. Police have recovered a Malaysian passport, an international driving licence, one health card, one debit card, one mobile phone, and Indian and foreign currency notes from the possession of Iqbal, who was arrested from Trichy in Tamil Nadu on Saturday. Iqbal, who arrived in India on Thursday, took more than 150 SIM cards to Malaysia on two occasions, police said. Two persons who arranged SIM cards for the accused were caught in August along with two others for their alleged involvement in duping a Gurugram resident of Rs 2.81 crore in the name of investment in stock markets. During interrogation, the accused disclosed the name of Iqbal, which prompted the cyber police to issue a look out circular in his name. As soon as he landed in Trichy on Thursday, the airport police caught Iqbal and informed Gurugram Police who took him into custody on Saturday. "Iqbal's mother was from Tamil Nadu. He also got married to a woman from the state and was well-versed in Tamil. Iqbal, who came to India with another Malaysian accomplice, came in contact with a gang of cyber thugs in February. We are presently questioning the accused," Priyanshu Dewan, Assistant Commissioner of Police (cyber wing), said.
BOSTON — After weeks of fear and bewilderment about the drones buzzing over parts of New York and New Jersey, elected officials are urging action to identify and stop the mysterious flights. "There's a lot of us who are pretty frustrated right now," Rep. Jim Himes, D-Conn., the top Democrat on the House Intelligence Committee, said on "Fox News Sunday." "'We don't know' is not a good enough answer," he said. National security officials have said the drones don't appear to be a sign of foreign interference or a public safety threat. But because they can't say with certainty who is responsible for the sudden swarms of drones over parts of New Jersey, New York and other eastern parts of the U.S. — or how they can be stopped — has led leaders of both political parties to demand better technology and powers to deal with the drones. Sen. Chuck Schumer called Sunday for the U.S. Department of Homeland Security to deploy better drone-tracking technology to identify the drones and their operators. "New Yorkers have tremendous questions about it," Schumer, the Senate Majority leader, told reporters about the drone sightings. "We are going to get the answers for them." The federal government did little to answer those questions in its own media briefings Sunday morning. "There's no question that people are seeing drones," U.S. Homeland Security Secretary Alejandro Mayorkas told ABC's George Stephanopoulos. "But I want to assure the American public that we are on it. We are working in close coordination with state and local authorities." Some of the drones reported above parts of New York and New Jersey have turned out to be "manned aircraft that are commonly mistaken for drones," Mayorkas said. "We know of no foreign involvement with respect to the sightings in the Northeast. And we are vigilant in investigating this matter." Last year, federal aviation rules began requiring certain drones to broadcast their remote identification, including the location of their operators. It's not clear whether that information has been used to determine who is behind the drones plaguing locations over New York and New Jersey. Mayorkas' office didn't respond to questions about whether they've been able to identify drones using this capability. Schumer wants the federal government to use a recently declassified radio wave technology in New York and New Jersey. The radio wave detector can be attached to a drone or airplane and can determine whether another flying object is a bird or a drone, read its electronic registration, and follow it back to its landing place. Schumer said state and local authorities do not have the authority to track drones. On Sunday, New York Gov. Kathy Hochul said federal officials were sending a drone detection system to the state. "This system will support state and federal law enforcement in their investigations," Hochul said in a statement. The governor did not immediately provide additional details, including where the system will be deployed. Dozens of mysterious nighttime flights started last month over parts of New Jersey, raising concerns among residents and officials. Part of the worry stems from the flying objects initially being spotted near the Picatinny Arsenal, a U.S. military research and manufacturing facility and over President-elect Donald Trump's golf course in Bedminster. Drones are legal in New Jersey for recreational and commercial use, but they are subject to local and Federal Aviation Administration regulations and flight restrictions. Operators must be FAA certified. Drones are now being reported all along the northern East Coast, with suspicious sightings in Connecticut, Massachusetts, Pennsylvania and Virginia, according to news reports. Some U.S. political leaders, including Trump, have called for much stronger action against these drones, including shooting them down. Certain agencies within the Department of Homeland Security have the power to "incapacitate" drones, Mayorkas said Sunday. "But we need those authorities expanded," he said. A bill before the U.S. Senate would enhance some federal agencies' authority and give new abilities to local and state agencies to track drones. It would also start a pilot program allowing states and local authorities to disrupt, disable or seize a drone without prior consent of the operator. "What the drone issue points out are gaps in our agencies, gaps in our authorities between the Department of Homeland Security, local law enforcement, the Defense Department.," said Rep. Mike Waltz, R-Fla., Trump's pick to be his national security adviser, speaking on CBS' "Face the Nation" on Sunday. "Americans are finding it hard to believe we can't figure out where these are coming from.''Metheny's 25 lead Liberty past UT Arlington 79-56PARIS — France’s far-right and left-wing lawmakers joined together Wednesday in a historic no-confidence vote prompted by budget disputes that forces Prime Minister Michel Barnier and his Cabinet members to resign, a first since 1962. The National Assembly approved the motion by 331 votes. A minimum of 288 were needed. President Emmanuel Macron insisted he will serve the rest of his term until 2027. However, he will need to appoint a new prime minister for the second time after July’s legislative elections led to a deeply divided parliament. Barnier, a conservative appointed in September, will become the shortest-serving prime minister in France’s modern Republic. “As this mission may soon come to an end, I can tell you that it will remain an honor for me to have served France and the French with dignity,” Barnier said in his final speech before the vote. “This no-confidence motion... will make everything more serious and more difficult. That’s what I’m sure of,” he said. Wednesday’s crucial vote rose from fierce opposition to Barnier’s proposed budget. The National Assembly, France’s lower house of parliament, is deeply fractured, with no single party holding a majority. It comprises three major blocs: Macron’s centrist allies, the left-wing coalition New Popular Front, and the far-right National Rally. Both opposition blocs, typically at odds, are uniting against Barnier, accusing him of imposing austerity measures and failing to address citizens’ needs. Speaking at the National Assembly ahead of the vote, National Rally leader Marine Le Pen, whose party’s goodwill was crucial to keeping Barnier in power, said “we’ve reached the moment of truth, a parliamentary moment unseen since 1962.” “Stop pretending the lights will go out,” hard-left lawmaker Eric Coquerel said, noting the possibility of an emergency law to levy taxes from Jan. 1, based on this year’s rules. “The special law will prevent a shutdown. It will allow us to get through the end of the year by delaying the budget by a few weeks.” Macron must appoint a new prime minister, but the fragmented parliament remains unchanged. No new legislative elections can be held until at least July, creating a potential stalemate for policymakers. Macron said discussions about him potentially resigning were “make-believe politics” during a trip to Saudi Arabia earlier this week, according to French media reports. “I’m here because I’ve been elected twice by the French people,” Macron said. He was also reported as saying: “We must not scare people with such things. We have a strong economy.” While France is not at risk of a U.S.-style government shutdown, political instability could spook financial markets. France is under pressure from the European Union to reduce its colossal debt. The country’s deficit is estimated to reach 6% of gross domestic product this year and analysts say it could rise to 7% next year without drastic adjustments. The political instability could push up French interest rates, digging the debt even further.
Sydney Thomas has revealed Jake Paul told her to “keep doing her thing” during his Mike Tyson fight night. Thomas is the ring girl who soared to fame during Paul's win over the boxing legend . As the event was live-streamed to millions around the world on Netflix , the 21-year-old stole the show as viewers took to social media to clamor over her. “Sydney Thomas, the real winner of Jake Paul vs Mike Tyson,” wrote one fan. Another added: “My entire feed is Sydney Thomas content and honestly I'm down with it.” Francis Ngannou backed to face former heavyweight champion in next boxing fight Tyson Fury refuses to apologize for controversial Ukraine comments Thomas shared the spotlight with fellow Paul’s Most Valuable Promotions event models Lexi Williams, Raphaela Milagres, Virginia Sanhouse, and Delia Sylvain - but it was the influencer and University of Alabama student that stood out. She recently opened up about her breakup with her boyfriend right before her unexpected rise to prominence. However, Thomas has also addressed her future with MVP and insisted she will return to the ring for a “bunch” of upcoming fights. In an interview with PEOPLE , she revealed Paul offered her a motivational message as she starred in the ring at AT&T Stadium in Dallas. Paul defeated Tyson on points after a controversial contest, but Thomas was able to speak to the boisterous 27-year-old. She revealed: “I talked to him at the fight and he was just like, ‘Keep doing your thing.’” After her appearance in Texas, Thomas surged to viral fame quickly despite her limited role. She now boasts over 1 million TikTok followers and 775k on Instagram. Things have happened so fast for Thomas that she has barely had a chance to truly comprehend everything. She added: “I still haven't been able to fully wrap my head around it all. Just the fact that I'll go on Snapchat or something and all the news stories have my face in front of them...It's the weirdest mind game to me.” She also revealed that lots of people have snuck into her DMs following her appearance in Dallas. Thomas is also single, after breaking up with her long-term boyfriend. DON'T MISS Tyson Fury's next fight after Oleksandr Usyk as Anthony Joshua gets hint Darren Till makes bold Tyson Fury boast with fight against brother Tommy looming Reason behind Mike Tyson's odd glove biting in Jake Paul fight emerges In an interview with YouTuber Nick Nayersina, Thomas shared: “I literally broke up with my boyfriend. I had no problems with him at all. Like, he was great. I just broke up with him because I was like, 'I just need and want more time with myself.' “As hard as it was to lose him and lose each other I feel like it's all God's plan. It works out in the end.”Zomato said last week that it received a notice from the goods and services tax authorities demanding Rs 803 crore in unpaid tax including penalty and interest for the period between 2019 and 2022. This issue pertains to a contention between food delivery platforms and the government, on whether the aggregators are liable to pay tax on the delivery fees collected by them. ET explains: What is the latest development? The tax demand came after the GST authorities sent a show cause notice to Zomato in December last year , seeking reasons on why it should not be taxed the amount. The authorities decided to raise the demand after taking into consideration the company’s response. Why is Zomato being asked to pay such a large amount in tax? 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The GST authorities are of the view that delivery is classified as a service and so the fees collected by Zomato during this period is liable to be taxed. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories At the heart of this issue is Section 9 (5) of the Central GST Act, which stipulates that platforms across sectors such as food delivery, ride hailing and ecommerce that aggregate businesses are responsible for collection and payment of the indirect tax on behalf of the suppliers of goods or services. Under GST laws, delivery of food is a service liable to be taxed at 18%, and the government is of the view that since the platforms have been collecting a service fee, they must pay the tax. What is the point of contention? Aggregators say that while they collect delivery fees from customers, it is passed on to the gig workers fulfilling those deliveries. “In a large number of cases, customers are charged no delivery fees or discounted fees...but the delivery partners are still paid as per a standard per km fee basis. That’s the burden the platform takes to drive growth,” a food delivery executive said. How long has this issue been in the making? Starting January 1, 2022 , online food ordering platforms that aggregate restaurants and arrange for food deliveries have been liable to collect and deposit GST on behalf of restaurants for sales made through them. However, at the time, no clarity was provided on the delivery fee component. Companies and industry bodies have been seeking clarity from the GST Council on the delivery fee component, on whether it is covered under the tax ambit. But nothing has emerged so far. How does this tax demand impact Zomato? The company said it will contest the tax demand. It will first appeal in the GST Appellate Tribunal, following which the matter could end up going to the courts. “This will be a long-drawn battle before any material outcome emerges,” a tax expert said. To put things into perspective, the tax demand of Rs 803.7 crore is more than the total profit made by Zomato since it became profitable in the April-June 2023 quarter. In the fiscal year 2024, Zomato posted a net profit of Rs 351 crore . For the first six months of the ongoing fiscal year, it posted a profit of Rs 429 crore. What could be the broader implications? While the final outcome of this matter could take time as the company as well the authorities undergo a likely appeals process, a legal precedence on paying tax for delivery fees collected on behalf of gig workers could open the gates for other services that employ gig workers for deliveries, such as online groceries, e-pharmacies, and hyperlocal logistics to be taxed. Is it just Zomato that has come under the tax scanner on this issue? Zomato’s Bengaluru-based rival Swiggy was also served a show cause notice last December on the same matter amounting to unpaid tax of Rs 326.8 crore. Swiggy is understood to have not received a demand notice yet.
Drone sightings in Maryland, elsewhere raise concerns among lawmakers, industry expertsQatar tribune Khalid Tawalbeh Doha A day of cultural celebration and visionary discourse unfolded as the Bangladesh Embassy in Qatar and the Omniverse Chamber of Commerce hosted an event highlighting the South Asian country’s ambitious Vision 2041. The evening brought together ambassadors, dignitaries, and members of the Bangladeshi community, with special guest La Toya Jackson adding star power to the occasion. The event underscored Bangladesh’s plans to achieve high-income status by 2041 while celebrating the country’s cultural heritage and growing international stature. Ambassador Mohammad Nazrul Islam, Bangladesh’s envoy to Qatar, laid out the vision for a future driven by innovation and resilience. Vision 2041: A bold roadmap for growth Ambassador Islam detailed the blueprint for Vision 2041, a plan aimed at propelling Bangladesh to a per capita income of $12,500 by 2041. The strategy includes maintaining a 9% GDP growth rate, achieving $330 billion in export earnings, and raising the investment-to-GDP ratio to 47%. “Bangladesh is not just pursuing economic growth; it is building a foundation for global leadership in technology, industry, and human development,” Islam said. Highlighting milestones like the increase in exports from $52 billion in 2021-22 to $65 billion in 2022-23, the ambassador underscored the nation’s progress in diversifying its economy beyond the garment and textile sectors. Pillars of transformation The vision includes over $1 trillion in infrastructure investments targeting transport, energy, and digital connectivity. Key goals include providing universal health care to 75% of the population and raising life expectancy to 80 years. “Bangladesh is prioritizing education, sustainable infrastructure, and healthcare to ensure its people are at the core of its transformation,” Islam said. “Bangladesh’s focus on economic progress and cultural preservation is truly inspiring,” Jackson said during her address. Her presence underscored the growing global recognition of Bangladesh’s development efforts. Strengthening bilateralties The event highlighted the partnership between Qatar and Bangladesh, with Islam applauding Qatar’s support for the Bangladeshi diaspora and the contributions of Bangladeshi workers to Qatar’s economy. “Our bond with Qatar is built on shared goals and mutual respect, and the Bangladeshi community here plays a crucial role in strengthening this relationship,” he said. Discussions facilitated by the Omniverse Chamber of Commerce focused on expanding trade and investment opportunities between the two nations. Looking ahead As the event concluded, Ambassador Islam reiterated Bangladesh’s commitment to achieving its Vision 2041 goals. “Bangladesh is a story of resilience and innovation. We are setting a global example for development,” he said. The event left attendees inspired, with cultural performances and Jackson’s presence underscoring the message that Bangladesh is firmly on the path to realizing its bold vision. Copy 22/12/2024 20
CITRA gets the greenlight for three major data centers with Google
