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Business Wire India - Multimedia: Digest for February 03, 2023

Business Wire India - Multimedia

Multimedia By Business Wire India
Business Wire India

Würfel is a brand that focusses on the creation of high-quality modular kitchens and wardrobes for Indian households. With a focus on responsible production and design, the brand aims to create durable products that last. They have received recognition as the best modular kitchen brand for six straight years, from 2018 to 2023, and recently won the award for "The Most Valuable Interior Brand of the Year" from World Signature Award, IBARC Asia on January 28th, 2023.
 
The World Signature Awards is an annual recognition event hosted by IBARC Asia, celebrating outstanding achievements in multiple business and service sectors. The awards ceremony took place in Goa on January 28th, 2023 and serves as a platform for notable figures to display their works and advance their businesses.
 
The Awards gala included a networking dinner, live comedy performances, and musical acts. It provided a unique opportunity for attendees to network and share their company's growth story. The event was graced by prominent individuals, including Ms Soha Ali Khan.
 
One of the spokesperson of Würfel says, "Being honoured as the most valuable Interior kitchen brand in the country is a source of immense pride for Würfel. It elicits a sense of humility and gratitude, and serves as a drive to continually challenge the status quo and achieve the goal of being a globally influential brand."
 
Würfel is one of India's biggest networks of premium modular kitchen brands, with 46 studios nationwide. It offers a diverse range of products, including kitchens, wardrobes, vanities, and TV units, many of which come with a 10-year warranty and are made with precise attention to detail. The company credits its success to its focus on high standards in design, production, installation, maintenance, and overall solutions.
 
Würfel prioritizes sustainability and quality by using E0/E1-Grade boards from FSC-certified forests and toxin-free resin in their products. They use only PUR glue for edge-banding, known for its superior resistance to water, heat, and flexibility. Products are manufactured with precision, to a tolerance of 0.5mm. The brand offers Flexi-EMI options for their wide range of products.
 
"We are on a mission to offer high-quality kitchens and wardrobes at affordable prices. This is achieved by importing raw materials and hardware only from top European vendors and processing them in their European-standard manufacturing unit in India, under expert supervision. The brand aims to bridge the gap between quality and pricing."

Carestream Unveils Motion Mobile X-Ray System at IRIA 2023

Thursday 02 February 2023 08:53 AM UTC+00
Business Wire India

Carestream Health India has launched its high-powered 'Carestream Motion Mobile X-ray system' at the ongoing Indian Radiology and Imaging Association (IRIA) meeting at Amritsar. The system is fully equipped to carry out a full range of general radiography examination. The new portable imaging system is compact and easy to maneuver into tight spaces. Innovative features such as a tube-head and articulating arm for excellent visibility and easy use.
 
The system includes an eight-inch touch screen intuitive monitor with easy-to-set protocols, hand switch exposure control, a manual light-beam collimator. These allow fast, accurate patient positioning. In addition, a 32 KW capacitor discharge generator supports a full range of clinical applications. An optional dose-area product (DAP) meters information essential for monitoring dose.

The new system is designed to include:
 
  • A compact footprint that will make it easy to maneuver and position in tight spaces
  • Balanced and articulating arm suitable for any kind of projection with better access to patients
  • Designed to allow for quick transition to DR whenever one is ready

Speaking on the launch, Mr. Nikhel Goel, Country General Manager – India & Indian Sub-Continent at Carestream Health India Pvt Ltd, said, "Carestream Motion Mobile X-ray system will significantly improve the image quality specially in critical areas like trauma, wards and operation theatres. We are excited to bring this new technology to our customers in India. Easy transition from analog to digital will help them plan their budget with no compromise on the healthcare facility."

Mr. Edwin Pinto, XRS Business Manager - India Cluster at Carestream Health India Pvt Ltd, said, "The new mobile system is designed to equip imaging facilities of all sizes with the ability to efficiently capture high quality diagnostic images. This system perfectly compliments our high-end premium 'Revolution Plus' system, delivering the same high quality images where budget is a constraint."

Motion Mobile, as the name suggests is 'Always In Motion' and aims at being an agile, impressive machine. The system is made in Italy; has a superior look & classy finish with CE approval as per EU MDR. The system has a storage bin for cassettes or detectors and a tilt step designed to facilitate moving the system over small obstacles, such as access points to elevators. The Motion Mobile system can be easily and quickly upgraded to DR system with a range of choices of detectors from Carestream to maximize productivity and return on investment.

Cyril Amarchand Mangaldas: Perspectives on Union Budget 2023-24

Thursday 02 February 2023 11:10 AM UTC+00
Business Wire India

A cross domain and cross sectoral ready-reaconer, summarising the perspective of Partner's at Cyril Amarchand Mangaldas, on the implications of the key proposals of the Union Budget 2023 – 24.
 
Perspective of Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas, "By laying a significant emphasis on Capex and Energy Transition, the FM has provided foundation for strong anti-cyclical momentum that should enable robust domestic economic growth and help counter the expected global headwinds. The focus on making India future ready by way of AI labs, Agri-tech, R&D in healthcare, further boosting Digital Public Infrastructure and holistically expanding physical infrastructure, auger very well for sustained long term economic growth."
 
Taxation: Overall
  1. Private sector capital investment
Perspective of SR Patnaik, Partner & Head - Taxation, Cyril Amarchand Mangaldas, "As expected, the FM has proposed to extend the timelines for new undertakings to be set up till March 31, 2024 for tax holidays available under section 80IAC of the IT Act. This will encourage further investments by taxpayers by another year which can help significant amount of private sector capital investment."
 
  1. Start-ups
Perspective of SR Patnaik, Partner & Head - Taxation, Cyril Amarchand Mangaldas, "The proposal to carry forward unabsorbed losses for a period of ten years will assist start-up companies to plan their business operations in a more effective way, especially those industries that has a longer gestation period."
 
  1. Changes in taxation on Online Gaming
Perspective of SR Patnaik, Partner & Head - Taxation, Cyril Amarchand Mangaldas, "The proposal to tax earnings from online games at the rate of 30% may help in formalising the industry even though it may impact the growth."
 
  1. Taxation w.r.t. ReITs and InvITs
Perspective of SR Patnaik, Partner & Head - Taxation, Cyril Amarchand Mangaldas, "Budget 2023 has proposed to make distributions (other than interest, dividend and rent) from a business trust to a unitholder taxable under the head 'income from other sources' from FY 2023-24. 
 
Repayment of debts/ redemption of unit would be covered under the proposed change. 
 
This is subject to the following:
1. The distribution should not be chargeable to tax in the hands of the business trust (under 115UA(2))
2. Sum received on redemption of unit will be reduced by cost of acquisition of the units.
 
The issue that is there is that in case a person had given a loan and is receiving repayment of the same, he may be liable to pay tax on the gross amount received by him without deduction the original amount of loan granted by him."
 
  1. Faster processing of IT Returns
Perspective of SR Patnaik, Partner & Head - Taxation, Cyril Amarchand Mangaldas, "The emphasis of the Government to internalise information technology seems to have borne results because the average processing period of 6.5 crore returns is 16 days only with 45% of the same getting completed within 24 hours."
 
  1. Focus on reducing pending Tax appeals
Perspective of SR Patnaik, Partner & Head - Taxation, Cyril Amarchand Mangaldas, "The intent of the Government to reduce pending appeals by allocating work to 100 Joint Commissioners is a welcome move and can further the objective of ease of doing business."
 
  1. Agniveer Fund
Perspective of SR Patnaik, Partner & Head - Taxation, Cyril Amarchand Mangaldas, "Proposal to grant "EEE" status to Agniveer Fund is expected to popularise the Fund."
 
Taxation: Capital Gains, LRS and HNI's
 
  1. Capital Gains Tax
Perspective of Kunal Savani, Partner, Cyril Amarchand Mangaldas, "The leitmotif in the numerous representations made by various stakeholder in the run up to the Budget 2023, was the need for rationalisation of the extant capital gains tax regime to remove disparities therein and thereby simplifying it. Stakeholders across sectors had expressed concerns over the varied tax treatments meted out under capital tax regime, depending on period of holding, nature of asset, manner of disposal, residential status of the taxpayer, the legal status of the taxpayer etc. Unfortunately, these expectations and representations have failed to find a place in the Budget 2023."

On the contrary, the Budget 2023 proposes to introduce a separate tax regime for tax taxation of capital gains arising in case of 'market linked debentures. Further, the exemptions available to taxpayers on re-investment of capital gains in residential property have also been proposed to be capped.
 
  1. Increase in TCS in foreign remittances under LRS remittances
Perspective of Kunal Savani, Partner, Cyril Amarchand Mangaldas, "The proposed increase in the TCS on foreign remittance under the LRS scheme (and sale of overseas tour packages) is likely to pose challenges for resident investors looking to invest in foreign stocks and securities/investment products in the Gift City. While taxpayers can claim credit or refund for such TCS applicable on such remittances can be claimed back as refund, it does cause cashflow issues. Accordingly, the proposed increase in the TCS rates would effectively reduce the exiting LRS limits available to resident investors for investing in offshore securities."
 
  1. Capital Gains Tax and Real Estate Impact
Perspective of Kunal Savani, Partner, Cyril Amarchand Mangaldas, "Capping of long-term capital gains tax exemption on acquisition of real estates to INR 100 million is a major speed breaker for luxury real estate projects. Contrary to the intention of these provisions i.e. to mitigate shortage of housing, such provisions exempting capital gains on acquisition of residential house were frequently used by HNI's/UHNIs for offsetting their gains on sale of prime residential houses or on sale of other eligible capital assets (mainly equity shares). Quite a few unicorn promoters and key management team members holding stock options have taken advantage of these provisions and invested in luxury residential properties. Accordingly, in order to curb these practices, the government has now proposed to curtail the benefits available under these provisions to the extent of INR 100 million."
 
Financial Sector Regulations and Reforms
 
Perspective of Richa Roy, Partner, Cyril Amarchand Mangaldas, "The proposal to encourage all financial sector regulators to undertake a comprehensive review of regulations indicates a move towards more evolved regulatory governance. This buttresses the move of trust-based regulation - a recurring policy theme. It is an opportunity foster a deeper culture of compliance, allow regulations to be pre-emptive rather than reactive to leapfrogging technology and market developments. It could also be an opportunity for enhancing the process for regulation making to engender both legitimacy and accountability. The proposal on enhancing bank governance through legislative amendments is an opportunity create a uniform, levelled up playing field for bank governance. This will significantly augment confidence in the banking sector and improve confidence in the functioning of the banking system".
 
GIFT IFSC
Perspective of Ketaki Mehta, Partner – GIFT City, Cyril Amarchand Mangaldas, "In relation to GIFT IFSC, Budget 2023 greatly emphasized on ease of doing business by streamlining the procedure through establishment of a single window clearance system for various inter-regulatory approvals and processes and providing a solution to dual legislation. This will greatly encourage many private entities to consider GIFT IFSC with renewed enthusiasm."
 
Infrastructure:
 
  1. Energy Transition and Green Energy
Perspective of Ramanuj Kumar, Partner, Cyril Amarchand Mangaldas, "As expected, the Union Budget has increased allocations for infrastructure investment and energy transition with special emphasis on logistics and transportation. This will create greater opportunity for private sector investment and help achieve India's NDC commitment under the Paris Agreement."
 
  1. Railways: Impact of capex boost on Railways
Perspective of Ajay Sawhney, Partner, Cyril Amarchand Mangaldas, "The outlay will bolster construction activities including demand for steel, aluminium and electronics products among others, provide employment opportunities and enhance logistics network strengthening last mile connectivity to ports giving impetus to schemes like Indian Maritime Vision 2030."
 
  1. Shipping: Impact of supporting PPP model through VGF
Perspective of Ajay Sawhney, Partner, Cyril Amarchand Mangaldas, "Focus on enhancing coastal shipping though PPP mode and VGF would help towards achieving aggressive targets for capacity expansion which have been identified under the Sagarmala project. Deployment of funds towards coastal shipping would also lead to cost optimisation at end user side".
 
ESG: Budget Goes for Green Economic Growth
Perspective of Bose Varghese, Sr. Director – ESG, Cyril Amarchand Mangaldas, "Budget goes big on green growth. Net zero push sees investments in energy transition, energy storage, and interstate power transmission.

The green credit program, if notified under the Environment (protection) Act, can lead to large scale afforestation projects in the private sector. While this may not make significant additional contribution to climate mitigation, it can certainly help accelerate infrastructure projects that require forest land. The compensatory afforestation can indeed become real."

AI and setting up of Centres of AI centres in educational institutions
Perspective of Vivek Kathpalia, Managing Director & CEO – Singapore, Cyril Amarchand Mangaldas, "The announcement of opening 3 AI centers in some of the top educational institutions is very timely. The gov needs to urgently supplement and support the work the private sector is doing in the AI space. China is leading us and most of the world in the AI race and we need to catch up fast."
 
Data Embassies and focus on Technology Media & Telecom (TMT)
Perspective of Arun Prabhu, Partner & Head – TMT, Cyril Amarchand Mangaldas, "The first union budget of Amrit Kaal reflects a demand side and supply side focus on key technology such as AI, Robotics and Drones. This includes inclusion of key imperatives such as inclusion and unleashing potential, and creating capability, through centres of excellence in AI, and a skill India platform. Data embassies under the IFSC framework promise to be an innovative and exciting new avenue of growth for the emerging data centre economy in India."
 
R&D focus in Pharma and Healthcare
Perspective of Ashwin Sapra Partner & Head-Healthcare, Cyril Amarchand Mangaldas, "Support to R&D in the pharma sector is a welcome decision. It will help India become a leader in pharma innovation on the global stage."
 
Real Estate impetus through Sustainable Cities, Urban Infrastructure and Logistics
Perspective of Abhilash Pillai, Partner, Cyril Amarchand Mangaldas, "Transit oriented development (TOD) will have a significant role in developing 'Sustainable Cities'. This will free up more FSI for both residential and commercial development. A lot more stress has been given for urban infra development. Further, focusing on 100 critical transport infra projects for last mile connectivity will be a shot in the arm of logistics business. The regional air connectivity will also give new impetus to city side developments."
 
Enhancing support and infrastructure Disputes Resolution and Arbitration
Perspective of Shaneen Parikh, Partner & Head – International Arbitration, Cyril Amarchand Mangaldas, "Perhaps recognising that the government is the country's most prolific litigant, a welcome measure is the setting up of a standard voluntary settlement scheme for government entities where an arbitral award is under challenge. Such settlements would give much needed relief to both the government entities as well as private organisations who would otherwise be mired in long drawn and costly litigations."
Business Wire India

Hong Kong is ready to welcome visitors from all around the world once again with open arms and open doors. With the launch of the global promotional campaign "Hello Hong Kong" today, Hong Kong is sending its greatest welcome to the world with 500,000 free air tickets, as well as city-wide offers covering "Hong Kong Goodies" visitor consumption vouchers, to entice travellers to come to experience Hong Kong's diverse appeals.
 
Dr Pang Yiu-kai, Chairman of the Hong Kong Tourism Board (HKTB), said "Hong Kong is back on the map for global travellers, with more excitement to offer than ever before. We are extending the biggest welcome to the world through the 'Hello Hong Kong' campaign, inviting friends from everywhere as they return to one of the world's greatest tourism destinations. I am confident that Hong Kong's vibrant east-meets-west culture, together with our iconic and brand-new attractions and immersive experiences will attract travellers back for an epic, unforgettable journey."
 
Mr Jack So, Chairman of Airport Authority Hong Kong said: "These tickets were bought at the worst time of the pandemic, showing our confidence in the future of Hong Kong's aviation industry. The campaign will generate a multiplier effect on boosting air traffic and enormous publicity for Hong Kong. Since the relaxation of travel restrictions and quarantine requirements for inbound travellers last year, passenger traffic at the airport HKIA has started to pick up, especially in the last quarter. We also have had a good start of 2023 with the resumption of normal travel with the Mainland. HKIA has always been a major international aviation hub. We are confident that passenger traffic will continue to rise."
 
HKTB Executive Director Mr Dane Cheng presented the Board's key strategies and initiatives in reviving tourism at the press conference today (2 Feb), including:
 
  1. Saying Hello from Hong Kong to the World
 
The "Hello Hong Kong" promotional campaign is being rolled out worldwide today to send the positive message that Hong Kong is back with signature and new exciting experiences awaiting visitors,in light of the lifting of all entry restrictions to Hong Kong.
 
The campaign includes a series of vibrant promotional contents, which will be broadcast on 3,000 platforms worldwide. A series of thematic videos will feature business leaders, social influencers, Hong Kong Super Fans, and Hong Kong celebrities including Cantopop legends Aaron Kwok, Sammi Cheng and Kelly Chen, showcasing the city's array of thrilling new experiences.
 
  1. Welcoming Global Travellers with An Unprecedented Giveaway
 
To entice globetrotters to embark on a long-awaited visit to Hong Kong, 500,000 free air tickets will be given away by the Airport Authority Hong Kong to different markets in phases, through three home-based carriers namely Cathay Pacific Airways, Hong Kong Express and Hong Kong Airlines, starting from March.

An array of enticing welcoming offers from over 16,000 outlets across the city have been put together by the HKTB and the tourism and hospitality sectors to welcome back visitors. Among which, at the initial stage, at least 1 million "Hong Kong Goodies" visitor consumption vouchers will be given out, covering a complimentary welcome drink at participating bars, restaurants, and hotels, or a cash voucher to be redeemed in the transportation, culinary and retail sectors, as well as attractions.
 
  1. Showcasing Hong Kong's New Experiences and Events
 
The whole city cheers on to greet visitors with new and upgraded attractions introduced in the past few years and its all-time iconic experiences. Most notable among the dozens of new developments are M+ and Hong Kong Palace Museum at the West Kowloon Cultural District, the new sixth-generation Peak Tram, Water World Ocean Park, the new night-time show "Momentous" at Hong Kong Disneyland and enhanced waterfront promenades offering spectacular new ways to admire Victoria Harbour.
 
In addition, Hong Kong will host a year-round calendar of more than 250 events and festivals across 2023. Highlights include the Hong Kong Marathon, the Clockenflap music festival, Art Basel, the Museum Summit 2023, Hong Kong Rugby Sevens, Hong Kong Wine and Dine Festival and New Year Countdown Celebrations, showcasing the dynamic and diverse appeal of the city.
 
With its peerless facilities, event spaces and networking opportunities, Hong Kong has more than 100 international MICE events planned for 2023, providing excellent platforms for different sectors to seize business opportunities.
 
Website: https://discoverhongkong.com/hkgoodie
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