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Business Briefs

Japan rating rap

Tokyo, Aug. 24: Moody’s Investors Service cut its rating on Japan’s government debt by one notch to Aa3 on Wednesday, blaming a build-up of debt since the 2009 global recession and revolving-door political leadership that has hampered effective economic strategies. The downgrade has served as another reminder of the debt burdens that major advanced economies shoulder, even as policymakers struggle to agree on ways to stimulate sub-par growth without massive new spending.

Tata Chemicals

New Delhi, Aug. 24: Tata Chemicals today said its UK-based subsidiary had signed an agreement to acquire a 30.6 per cent stake in Canadian potash miner EPM Mining Ventures. In May, Tata Chemicals had announced the deal to acquire stake in EPM Mining Ventures.

Export cheer

New Delhi, Aug. 24: Commerce minister Anand Sharma said the downgrading of the US sovereign rating was unlikely to have a significant impact on India’s exports and the global economy.

Sebi complaints

New Delhi, Aug. 24: Market regulator Sebi today said all investor complaints should be forwarded electronically through its recently launched centralised database system — SCORES.

Bank rules

New Delhi, Aug. 24: The Reserve Bank has decided to bring in exhaustive rules for wealth management services offered by banks in consultation with market regulator Sebi.

Ranbaxy CFO

New Delhi, Aug. 24: Ranbaxy Laboratories today said former Cairn India executive director Indrajit Banerjee had joined the company as president and chief financial officer.

Tax treaty

New Delhi, Aug. 24: India and Georgia today signed a double taxation avoidance agreement (DTAA) to prevent tax evasion and exchange banking information.

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