China Bank Lending Hits Record On Corporate Loans

No updated tax returns after facing searches by I-T department

Persons and entities who have faced search or survey proceedings by the income tax department “in any previous year” will no longer be allowed to file updated tax returns.

Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one.

Citing the previous circular on November 3 regarding the updated tax return (under Section 139 8(a), the Central Board of Direct Taxes (CBDT) on February 6 clarified, “In the said circular, in sub-point (iii) of the point (1) of sub-paragraph… the words ‘two assessment years preceding such assessment year’ shall be read as ‘any assessment year preceding such assessment year’.”

Notably, an updated return cannot be filed to set off losses incurred against income, or to claim additional refunds.

The option of updated return can be availed of only if the return has not been selected for scrutiny.

Douglas County Sheriff says man stabbed his wife in Highlands Ranch

A 47-year-old woman was stabbed by her husband in a Douglas County parking lot outside a Target store, authorities said.

The incident happened about 12:15 p.m. Saturday in a Target parking lot, 1950 E. County Line Road, according to the Douglas County Sheriff’s Office.

The woman called 911 for help, and the assailant fled the scene, the sheriff’s office said. The victim was alert when emergency responders arrived, and she was taken to a hospital.

Deputies are looking for the suspect, who drove from the scene.


PHOTOS: USA Curling Men’s and Women’s National Championship Finals in Denver

Curlers took to the sheet for the 2023 Men’s and Women’s National Curling Championship finals at the Denver Coliseum in Denver, CO on Saturday, Feb. 11, 2023.

Insurance Australia Group HY Net Profit Climbs

Insurance Australia Group Ltd (IAUGY.PK,IAUGF.PK) reported that its net profit attributable to shareholders for the first half of fiscal year 2023 climbed to A$468 million from last year’s A$173 million. The latest period result included a post-tax Covid business interruption provision benefit of A$252 million.

Gross written premium was A$7.06 billion up from A$6.57 billion in the prior year.

Net earned premium rose to A$4.11 billion from A$3.96 billion in the previous year.

The company has declared an interim dividend of 6 cents per share, unchanged from the prior year.

The company projects fiscal year 2023 Gross Written Premium growth to be around 10%, an increase from the previous guidance of mid to high-single digit growth.

The company expects its fiscal year 2023 reported insurance margin to be around 10% compared to previous range of 14% to 16%. This is largely due to the expected higher natural perils costs from the Auckland flood event.

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India Industrial Production Growth Slows

India’s industrial production grew less than expected in December, with the pace slowing sharply from the previous month, preliminary figures from the statistics ministry showed Friday.

The industrial production index rose 4.3 percent year-on-year following a 7.3 percent increase in November. Economists had expected a 4.5 percent gain.

In the same month a year ago, the industrial production grew 1.0 percent.

Read more: India Manufacturing Growth Remains Strong

Manufacturing output rose 2.6 percent annually in December. Electricity generation grew 10.4 percent and the mining sector production increased 9.8 percent.

Within manufacturing, production of pharmaceuticals, medicinal chemical and botanical products registered the biggest growth of 16.0 percent. Food production grew 1.2 percent.

The computer, electronic and optical products segment registered the worst fall in output of 37.0 percent.

India’s factory activity continued to expand strongly in January despite slower rises in new orders and output amid weaker foreign demand, results of the purchasing managers’ survey from S&P Global showed last week.

China Bank Lending Hits Record On Corporate Loans

Chinese banks extended a record level of loans at the start of the year after the relaxation of pandemic related restrictions boosted demand for credit from the corporate sector, but household lending slowed.

Banks extended CNY 4.9 trillion in new yuan loans in January, data released by the People’s Bank of China revealed on Friday.

Lending was higher than the CNY 4.0 trillion economists’ had expected and December’s 1.4 trillion new yuan loans.

M2 broad money supply expanded 12.6 percent on a yearly basis in January, faster than the 11.8 percent increase in December. The rate was forecast to ease to 11.6 percent.

Total social financing, a broad measure of credit and liquidity in the economy, increased to CNY 5.98 trillion from CNY 1.31 trillion in December.

The PBoC will probably keep monetary conditions loose, with further policy rates cuts likely as soon as next week, Capital Economics’ Julian Evans-Pritchard said.

“Coupled with the broader tailwinds to credit demand from China’s reopening and regulatory easing on real estate developer financing, credit growth will continue to surprise to the upside in the near-term,” the economist noted.

Loan growth is usually strong in the first quarter of the year, ING economist Iris Pang said. But this time, the jump in lending suggests that the economic recovery in 2023 has the potential to exceed the pre-pandemic level, Pang added.