Ashok Leyland’s March sales dips 90%

Apple Buys Weather App Dark Sky

Apple In. has acquired Dark Sky App, which provides weather information.

In a statement, Dark Sky noted that there will be no changes to Dark Sky for iOS at this time. It will continue to be available for purchase in the App Store.

For the existing Android and Wear OS App, the app will no longer be available for download. The existing users and subscribers will continue to get service until July 1, 2020, at which point the app will be shut down. The subscribers who are active at that time will receive a refund.

Regarding its website, Dark Sky said weather forecasts, maps, and embeds will continue until July 1, 2020. The website will remain active beyond that time in support of API and iOS App customers.

Further, API service for existing customers is not changing, but the company will no longer accept new signups. The API will continue to function through the end of 2021.

Dark Sky co-founder Adam Grossman said, “Our goal has always been to provide the world with the best weather information possible, to help as many people as we can stay dry and safe, and to do so in a way that respects your privacy. There is no better place to accomplish these goals than at Apple.”

100% tax rebate for donations to PM CARES

This brings its tax treatment on par with the Prime Minister’s National Relief Fund.  

The central government has allowed 100 per cent tax deduction for donations made to the newly instituted Covid-19 relief fund, PM CARES Fund, through an ordinance issued on Tuesday. Earlier, the government had announced a 50 per cent deduction. 

This brings its tax treatment on par with the Prime Minister’s National Relief Fund. 

The ordinance, called Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, also gave effect to a slew of tax compliance related relief measures announced by FM Nirmala Sitharaman on March 24 in response to the pandemic. 

The relief includes extension of GST returns filing, direct tax dispute resolution scheme Vivad se Vishwas and Aadhar-PAN linkage till June 30. 

It also offered a reduced interest rate of 9 per cent, down from 18 per cent, for late filing of tax deducted at source, advance tax, equalisation levy and securities transaction tax. The last date for filing belated ITR for FY19 has also been extended from March 31 to June 30. The three-month extension covers the Income Tax Act, Wealth Tax Act, Benami Transaction Act and Black Money Act. 

‘No coercion on taxpayers’ 

The finance ministry has defended recent guidelines of the CBDT to field officers on working from home, after staff associations described these as tactics to pressurise assessees to pay dues.

Europe to launch coronavirus contact tracing app initiative

BERLIN (Reuters) – European scientists and technologists said on Wednesday they will launch a joint initiative to support the deployment of digital applications in the fight against coronavirus while complying with the region’s tough privacy laws.

The Pan-European Privacy Preserving Proximity Tracing (PEPP-PT) brings together 130 researchers from eight countries to develop applications that can support contact tracing efforts.

BlackRock, Neuberger Berman apply to set up China mutual fund unit – China securities regulator

SHANGHAI, April 1 (Reuters) – BlackRock and Neuberger Berman have applied to set up mutual fund units in China, according to China’s securities regulator.

The China Securities Regulatory Commission (CSRC) has accepted applications from the two asset managers, according to CSRC’s official website.

China on Wednesday scraps foreign ownership restrictions in the mutual fund and brokerage industries. (Reporting by Samuel Shen and Andrew Galbraith Editing by Shri Navaratnam)

Stock Alert: PVH Corp. Earnings Today

Apparel maker PVH Corp. (PVH) is scheduled to report fourth quarter today, April 1, after market close.

The company’s brands include Calvin Klein, Tommy Hilfiger, Van Heusen, ARROW among various others.

China makes 20% of the company’s global outsourcing and it has revenue exposure to China. The stock tumbled more than 60% in the past three months.

Last month, PVH had reaffirmed its fourth-quarter adjusted earnings outlook at $1.79. On average, 20 analysts polled by Thomson Reuters expect earnings of $1.81 for the quarter.

However the company had lowered its earnings outlook on GAAP basis due to an actuarial loss expected to be recognized on its retirement plans in the fourth quarter, primarily from a decrease in the discount rate in the latter part of January 2020.

The consensus estimate for quarterly revenue is at $2.5 billion.

PVH had reported positive earnings surprises in the past four quarters.

Tuesday, PVH was down $0.58 or 1.52% before closing at $37.64. It recorded a 52-week high of $134.24.

Ashok Leyland’s March sales dips 90%

Commercial truck manufacturer Ashok Leyland has reported a whopping 90% fall in its total international sales volume for the month of March 2020, following suspension of operations across its factories to contain COVID-19.

The flagship company of the Hinduja group sold 2,179 vehicles in the domestic and international markets during March 2020 against 21,535 units sold during the corresponding year-ago period.

In the case of medium and heavy commercial vehicles, the company sales dipped by 93% to 918 units and in buses by 62% to 913 units. Light commercial vehicles sales declined by 94% to 348 units.

In the nine months period from April 2019 to March 2020, the company’s overall sales dipped by 37% to 1,25,253, the company said in a regulatory filing.