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I-T dept alerts tax-payers against sharing financial info!The I-T department has alerted tax-payers against sharing personal financial information like PAN card number and credit cards details on the internet in the wake of a spurt in fake e-mails being sent to people.Source: Zee News : Business | 28 Feb 2010 | 4:42 am PF depositors to get 8.5% return for 2010-11!Retirement fund manager EPFO`s key advisory body Finance and Investment Committee (FIC) has recommended 8.5 percent interest on provident fund deposits for 2010-11, the same return given to subscribers for the past five years.Source: Zee News : Business | 28 Feb 2010 | 4:42 am UK’s Prudential in talks with AIG to buy Asian opsLondon: Insurance major Prudential is in talks to buy the Asian unit of American International Group (AIG) for an estimated $30 billion, says a media report. The AIG board, which is nearly 80% owned by the US government, is also considering options of a planned listing of its Asian life insurance unit — AIA. “The board of AIG is locked in talks this weekend to decide whether to sell its huge Asian business to Prudential of the UK for more than $30 billion, or proceed with a planned listing of the unit,” the Financial Times said. The AIG board is expected to take a view on the competing merits of a sale and the estimated $20 billion Hong Kong listing. Quoting sources familiar to the development, the UK daily said an announcement with regard to sale might come in before Monday’s opening of the London market, where Prudential is listed. The US Treasury and the New York Federal Reserve would receive the bulk of the proceeds of any sale or initial public offering as part payment for the $80 billion-plus that AIG owes them. An outright sale of AIA to Prudential could enable AIG to raise more funds than by listing a stake in the unit on the Hong Kong stock exchange, the FT said. “AIG was asking for more than $30 billion for AIA although no decision on the final price had been taken,” FT quoting people as saying. Source: World Business - Livemint.com | 28 Feb 2010 | 2:35 am Post-budget, Bharti Wal-Mart hopeful of FDI in retail - Livemint
Source: Business - Google News | 28 Feb 2010 | 2:14 am Jet Airways introduces special fares and benefits for womenJet Airways has introduced special fares and benefits for women travellers, flying in the month of March, to mark International Women's Day.Source: India Business News | Business News - Times of India | 28 Feb 2010 | 2:07 am Toyota head to brief in China on quality issuesThe briefing will follow Akio Toyoda's appearance last week in Washington, where he was grilled by US lawmakers for a series of recalls that have tarnished the carmaker's brand and reputation for quality.Source: Daily News & Analysis: Money News | 28 Feb 2010 | 1:34 am Post-budget, Bharti Wal-Mart hopeful of FDI in retailNew Delhi: Bharti Wal-mart, an Indian joint venture of the world’s largest retailer Wal-Mart, has said it is optimistic of India allowing Foreign Direct Investment in the retail sector, given the “progressive” nature of the current government. “We are optimistic that India’s progressive government will move ahead with its policies of economic and social reforms, including allowing FDI investment in front-end retail,” Bharti Wal-mart MD and CEO Raj Jain said. The US retail giant Wal-Mart, which has been waiting for a long period for change in regulatory framework to enter India’s front-end retail market, currently has a B2B (business-to-business) joint venture with Sunil Mittal-led Bharti group for wholesale cash-and-carry and back-end supply chain management operations. India currently allows 51% FDI in single-brand retail, but none in multi-brand. In a statement, Jain attributed his optimism to finance minister Pranab Mukherjee’s budget speech, saying it “underscores the need to reduce the significant wastages in storage and well as in the operations of the existing food supply chains in the country.” “This would greatly contribute to India’s growth story by creating employment, strengthening supply chain efficiencies, enhancing earnings of farmers and helping families to save money so they can live better,” Jain noted. Source: LatestNews-Home - Livemint.com | 28 Feb 2010 | 1:16 am Japan on tsunami alert but Pacific fears abateTokyo: Japan imposed a mass tsunami evacuation on Sunday but fears of destructive waves triggered by Chile’s killer earthquake ebbed across the rest of the Pacific Ocean’s vast “Ring of Fire”. Evacuation orders forced at least 320,000 people away from areas on Japan’s east coast as oceanic surges up to 1.20 metres (four feet) high slammed ashore. A port area in the northern city of Nemuro was flooded. “Please do not approach the coast at any cost,” Prime Minister Yukio Hatoyama warned in a nationally televised address. But Russia cancelled its own tsunami warning after only minor waves reached the Kamchatka peninsula, while doughty swimmers and surfers in Australia defied official warnings and flocked to the beach. Warning sirens had wailed as about 50 countries and territories along an arc stretching from New Zealand to Japan went on alert, five years after the Indian Ocean tsunami disaster that killed more than 220,000 people. Waves pummelled Chile and rolled through into Hawaii, French Polynesia and the South Pacific as the tsunami moved at jet-speed across the giant ocean after Saturday’s 8.8-magnitude quake, which left at least 300 people dead. Five people were killed on the remote Robinson Crusoe archipelago far off the coast of Chile, the first reported tsunami casualties, but elsewhere no significant damage was reported and surges of water were smaller than expected. In Japan, one of the world’s most quake-prone nations, authorities were taking no chances with the mass evacuation. Residents took shelter on higher ground as sea gates in fishing ports slammed shut and boats steamed home. Along with Russia, Japan lies on the outer edge of the “Ring of Fire”, a belt of seismic fury responsible for most of the world’s tremors and volcanoes. The Hawaii-based Pacific Tsunami Warning Center lifted its tsunami warning for everywhere except Japan and Russia. Thousands in 19 Philippine provinces who had voluntarily fled were free to return home, officials said. The Chilean disaster revived raw memories for Japan, where 140 lives were lost in 1960 when a 9.5-magnitude earthquake in the South American nation — the largest on record — sent a tsunami roaring across the Pacific. The Hawaii centre, set up by Pacific governments after the 1960 tsunami, had warned of possible “widespread damage” from waves as high as three metres. In Hawaii itself, the tsunami led to the evacuation of thousands of people and triggered panic buying of food, water and fuel. But there was little damage in the event. US President Barack Obama, who was born in Hawaii, had warned that the US western seaboard might see dangerous waves and currents throughout the day. “In the hours ahead, we’ll continue to take every step possible to prepare our shores and protect our citizens,” he said. One tsunami nearly 2.5 metres high slammed into Talcahuano, one of about 11 coastal towns in Chile pounded by the surge. Trawlers were sent shooting inland to the town square, where they lay marooned next to abandoned cars. Chilean President Michelle Bachelet announced a partial evacuation of Easter Island, but the island of about 4,000 people, known for its monolithic stone statues, received a relatively small onrush of water. In the island paradise of French Polynesia schools were closed, the port in Papeete was evacuated and thousands in Tahiti’s hillside areas were taken to safety as the waves hit. Waves up to 1.5 metres high rammed New Zealand’s eastern Chatham Islands. In Australia, the size of the surge dropped to around 40 centimetres although strong currents rolled up the east coast. Lorentz Engdahl, a regular on Sydney’s famed Bondi Beach, was one of many to brave the warnings and take a sea dip, as hundreds rushed to outlooks along the Australian coast to watch for outsized waves. “The biggest danger right now are the blue bottles,” Engdahl said in reference to the stinging jellyfish that are a common nuisance on Australian beaches. People in Tonga and the Cook Islands fled to higher ground, still jittery after a South Pacific tsunami killed more than 180 in September. Source: LatestNews-Home - Livemint.com | 28 Feb 2010 | 1:12 am Damage from Chile earthquake to range between $15-30 billionWhile the 8.8 magnitude quake constitutes a major disaster, Chile's widespread adoption and enforcement of modern, seismic-resistant building practices 'has mitigated the potential for devastation.'Source: Daily News & Analysis: Money News | 28 Feb 2010 | 1:03 am Toyota head to brief in China on quality issuesTOKYO (Reuters) - Toyota Motor Corp said its president would hold a news conference in Beijing on Monday as the automaker looks to limit the damage from a massive global recall on the fast-growing Chinese market.Source: Reuters: Money News | 28 Feb 2010 | 12:59 am G20 officials discuss CDSs, but not in detail-IMF's LipskyINCHEON, South Korea (Reuters) - Officials from the Group of 20 leading economies discussed the sovereign credit default swaps (CDS) market, but did not get into details of possible regulatory reform, a senior IMF official said on Sunday.Source: Reuters: Money News | 28 Feb 2010 | 12:08 am Tax relief individuals get in the Budget - Economic Times
Source: Business - Google News | 28 Feb 2010 | 12:01 am Fuel duty changes to fetch Rs 26,000 crThe Finance Ministry hopes to garner about Rs 26,000 crore in 2010-11 from the Budget move to go back to the pre-June 2008 duty structure position on the petroleum sector front, Mr Sunil Mitra, Revenue Secretary, hasSource: Business Line - Home Page | 28 Feb 2010 | 12:00 am Automakers worried over price hikesThe domestic auto industry is worried whether the growth momentum in the market will sustain if price hikes happen every fewSource: Business Line - Home Page | 28 Feb 2010 | 12:00 am Commercial property, rentals in service tax netFor the realty sector, the Finance Minister appears to have balanced out one sop with an impost. He has imposed the service tax on the real estate sector while extending an additional year of tax holiday for pending projects in the affordableSource: Business Line - Home Page | 28 Feb 2010 | 12:00 am Insurance premiums may go up on service tax burdenThe Budget proposal of imposing service tax on payments made by the health insurance companies to the hospitals may push up the cost for policyholders, according to industrySource: Business Line - Home Page | 28 Feb 2010 | 12:00 am I-T relaxation to boost demand for retail loansWelcoming the reduction in the income-tax slabs, bankers say the move will help salaried tax individuals and boostSource: Business Line - Home Page | 28 Feb 2010 | 12:00 am Market awaits China move on buying IMF goldWill China emulate India? The global gold market is agog with reports of an imminent Chinese central bank purchase of IMF gold. It is widely speculated that China will purchase the balance 191.3 tonnes of the yellow metal that IMF currently hasSource: Business Line - Home Page | 28 Feb 2010 | 12:00 am Adani Enterprises MD held on charges of Customs duty evasionThe Central Bureau of Investigation on Saturday arrested Mr Rajesh Adani, Managing Director, Adani Enterprises Ltd (AEL), the flagship company of Adani Group, on charges of evading Customs duty of Rs 80 lakh on import of naphtha in 2005-06 andSource: Business Line - Home Page | 28 Feb 2010 | 12:00 am I want banks to encourage investments: PranabBudget 2010-11 has many positives for individual taxpayers as well as India Inc. It has also started the move towards fiscal consolidation. But it has its share of controversies such as higher duties on crude oil and petroleum products, whichSource: Business Line - Home Page | 28 Feb 2010 | 12:00 am Pranab wants India Inc to step up investmentsLess than twenty-four hours after presenting the Union Budget, the Finance Minister, Mr Pranab Mukherjee, urged industry to increase private investment to sustain the growthSource: Business Line - Home Page | 28 Feb 2010 | 12:00 am Berkshire net rises, Buffett sees housing reboundProfit rose for a third straight quarter, and full-year profit increased 61%, as Berkshire rebounded from perhaps its worst year since Buffett took over in 1965.Source: Daily News & Analysis: Money News | 27 Feb 2010 | 11:59 pm 6.38 lakh jobs created in October-December quarterDuring this period, employment increased in almost all sectors except the transport sector which saw a marginal decline, according to the Labour Bureau under the labour and employment ministry.Source: Daily News & Analysis: Money News | 27 Feb 2010 | 11:41 pm Sanwaria Agro Oils to raise Rs150 crore over next two monthsSAOL owns solvent extraction and refinery units at Itarsi, Mandideep, Betul and Harda in Madhya Pradesh. It has a 3,250 metric tonnes per day (TPD) of crushing capacity.Source: Daily News & Analysis: Money News | 27 Feb 2010 | 11:36 pm China to expand yuan trade settlement trial: ReportBeijing launched the pilot programme last year allowing selected regions and countries to pay for imports and exports in yuan, a move heralded as a step towards relaxing controls.Source: Daily News & Analysis: Money News | 27 Feb 2010 | 11:21 pm Maruti Suzuki hikes social spending; focuses on sustainability - Economic Times
Source: Business - Google News | 27 Feb 2010 | 11:20 pm Financial reform compromise rebuffed in US senateThe consumer watchdog idea remained a stumbling block in the way of bipartisan agreement on tightening bank and capital market oversight, a top domestic policy priority for Obama.Source: Daily News & Analysis: Money News | 27 Feb 2010 | 11:17 pm I goofed on Geico credit card: Warren BuffettThe world's second-richest person often admits when he gets things wrong. He did so on Saturday in his annual letter to shareholders of his Omaha, Nebraska-based insurance and investment company, Berkshire Hathaway Inc.Source: Daily News & Analysis: Money News | 27 Feb 2010 | 11:13 pm Juncker: Greece must take more measures or face sanctions-paperATHENS (Reuters) - Greece must take further measures to reduce the deficit or it will face sanctions, Eurogroup chairman Jean-Claude Juncker was quoted as saying by a Greek newspaper.Source: Reuters: Money News | 27 Feb 2010 | 10:53 pm Buffett: I goofed on Geico credit cardNEW YORK (Reuters) - Warren Buffett is considered expert in many things in the financial world.Source: Reuters: Money News | 27 Feb 2010 | 10:52 pm Berkshire net rises, Buffett sees housing reboundNEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway Inc said fourth-quarter profit surged, helped by derivatives bets tied to global stock markets, though operating profit fell 40 percent as the weakened economy weighed on several businesses.Source: Reuters: Money News | 27 Feb 2010 | 10:51 pm CBI: Adani group managing director arrested - Moneycontrol.com
Source: Business - Google News | 27 Feb 2010 | 10:50 pm China to expand yuan trade settlement trial - reportBEIJING (Reuters) - China will expand a trial scheme allowing some firms to settle trade deals in the yuan currency, as businesses seek to control exchange rate risks, an official newspaper reported on Sunday.Source: Reuters: Money News | 27 Feb 2010 | 10:49 pm Mercedes-Benz sales grow by 157% in Jan-FebThe sales of Mercedes-Benz E-Class continued to surge with the introduction of the E 250V6 and E 250CDI to the existing line-up of E 350 and E 350CDI.Source: Daily News & Analysis: Money News | 27 Feb 2010 | 10:17 pm IT department alerts tax-payers against sharing financial informationConcerned over fictitious and unauthorised e-mails landing in personal internet addresses of many people, the department has issued an "alert message".Source: Daily News & Analysis: Money News | 27 Feb 2010 | 10:06 pm India's gold buying retreats on import duty hike - Economic Times
Source: Business - Google News | 27 Feb 2010 | 9:02 pm Enron's Jeff Skilling takes fight to Supreme CourtHOUSTON (Reuters) - Former Enron chief executive Jeff Skilling lost the first half of the fight of his life when a jury convicted him nearly four years ago for committing fraud while at the helm of the once high-flying energy trader.Source: Reuters: Money News | 27 Feb 2010 | 7:35 pm Adani MD arrested for tax evasion, gets bailA CBI team from Goa arrested Rajesh Adani, youngest brother of Adani group chairman Gautam Adani, on a four-year-old charge of evasion of customs duty to the tune of Rs 1.07 crore.Source: India Business News | Business News - Times of India | 27 Feb 2010 | 2:22 pm Times Now, already dubbed India's No.1Times Now, already dubbed India's No.1 English news channel, reaffirmed its supremacy with record viewership on Budget day.Source: India Business News | Business News - Times of India | 27 Feb 2010 | 2:18 pm Wipro reshuffles team after probe into scam - Financial Express
Source: Business - Google News | 27 Feb 2010 | 1:06 pm Hike in MAT to hit profit of power generation firms - Economic Times
Source: Business - Google News | 27 Feb 2010 | 1:06 pm Adani MD arrested for duty evasion, gets bailAdani Group Managing Director Rajesh Adani has got interim bail from the Gujarat High Court after he was arrested by the Central Bureau of Investigation (CBI) this morning on charges of evading customs duty.Source: Business Standard | Front Page Headlines | 27 Feb 2010 | 12:18 pm Budget circus plays out on the idiot boxWatching the coverage of the Indian Budget is akin to watching an intense game of cricket. There is a buzz in the air, the tension is palpable and everyone is guessing frantically at the final outcome. Like cricket, there is a pre-game prep session, where pundits and experts spar on their views of the likelihood of success and failure.Source: Business Standard | Front Page Headlines | 27 Feb 2010 | 12:17 pm Ernst & Young aboard UID projectProfessional services firm Ernst & Young has bagged the contract from the Unique Identification Authority of India (UIDAI) to become a consulting partner for the project. The authority aims to issue 600 million unique identity papers over the next five years. Ernst & Young will help plan and formulate the overall programme management strategy for the programme. This is the first contract handed out by the authority.Source: Business Standard | Front Page Headlines | 27 Feb 2010 | 12:16 pm Pranab favours more debate on Direct Tax CodeWhile ruling out a review of the Budget proposals, such as higher minimum alternate tax on corporations, the government today said that it will conduct another round of consultations before finalising the Direct Tax Code. At the same time, it warned that its legislation, and the proposed goods and services tax could take some time.Source: Business Standard | Front Page Headlines | 27 Feb 2010 | 12:13 pm 'I do not visualise any problem in disinvestment'Will the Union Budget for 2010-11 stoke inflation by making transport fuel expensive? Will the government be able to meet its target of raising Rs 40,000 crore from disinvestment? A day after he presented the Budget for the coming financial year, Finance Minister Pranab Mukherjee sat down to discuss a wide range of issues with Jyoti Mukul.Source: Business Standard | Front Page Headlines | 27 Feb 2010 | 12:11 pm Pranab wants India Inc to step up investments - Hindu Business Line
Source: Business - Google News | 27 Feb 2010 | 11:16 am UK's Pru negotiates $35.5 bln deal for AIG unitLONDON/NEW YORK (Reuters) - Prudential, Britain's largest insurer, is in advanced talks to buy the Asian arm of American International Group in a deal worth about $35.5 billion, sources familiar with the matter said on Saturday.Source: Reuters: Money News | 27 Feb 2010 | 10:20 am Missed opportunity for reforming petroleum pricing - Financial Express
Source: Business - Google News | 27 Feb 2010 | 9:54 am Adani gets bail from Gujarat High CourtThe Gujarat High Court on Saturday granted interim bail to Rajesh Adani, MD of Adani Enterprise, who was arrested by CBI in an alleged customs duty evasion case.Source: India Business News | Business News - Times of India | 27 Feb 2010 | 9:24 am Sector wise Budget impact according to India IncThe Finance Ministers well balanced Budget announced yesterday elicited quite a positive response from India Inc. CNBCTV18s National Editor, Vivek Law caught up with many Indian industry stalwarts and asked them how the Budget faired with respect to their respective businesses.Source: Moneycontrol Top Headlines | 27 Feb 2010 | 9:14 am Excise duty will increase input costs: EmamiFrom the FMCGs point of view the Budget has been good though there are some grey areas. The increase in excise duty will increase the input costs and measures like hiking the MAT will also impact the bottomline.Source: Moneycontrol Top Headlines | 27 Feb 2010 | 7:34 am 8.3magnitude quake hits ChileA massive magnitude8.3 earthquake struck near Concepcion, Chile early on Saturday.Source: Moneycontrol Top Headlines | 27 Feb 2010 | 7:33 am Exit plans depend on each country: China, AustraliaGovernments need to coordinate exit strategies but the pace at which they unwind stimulus measures depends on their individual circumstances.Source: Moneycontrol Top Headlines | 27 Feb 2010 | 7:33 am Bhushan Steel to invest $6.07 billion on steel plantSteel maker Bhushan Steel Ltd said on Saturday it plans to invest about 280 billion rupees (USD 6.07 billion) to set up a valueadded steel plant in Karnataka.Source: Moneycontrol Top Headlines | 27 Feb 2010 | 7:33 am Industry status for realty positive for sector: ABW InfraThe Real Estate sector had been granted an Industry stature by now, the financing through banks would have been easier in this highly capital driven sector. Also opportunities for external borrowing would have magnified.Source: Moneycontrol Top Headlines | 27 Feb 2010 | 7:24 am Hike in excise duty negative for vehicle sales: MMWhat we are relieved is not about the 4% but there was some talk of 4% but for the auto industry 4% would have been a disaster, 2% is still high because for a vehicle selling at about Rs 10 lakh that is an increase of Rs 18,000 in the consumer price.Source: Moneycontrol Top Headlines | 27 Feb 2010 | 7:04 am Wipro changes controllership team after probe into scamWipro announced changes in key positions in the controllership team following its internal probe into embezzlement of funds by an employee. The company did not reveal the amount of money involved in the fraud.Source: India Business News | Business News - Times of India | 27 Feb 2010 | 7:00 am 3G auction to be completed in 60 days: PM's IT adviserPrime Minister's Information Technology Advisor, Sam Pitroda, today said that the Government expects to complete the 3G auction within the next two months, enabling operators to roll-out their services soon.Source: India Business News | Business News - Times of India | 27 Feb 2010 | 6:56 am Hiked rural spend to result in consumption rise: GodrejBroadly I am very happy because the good points of the Budget are that consumption will rise, the income tax slab changes are very positive in terms of leaving money in the hands of consumers.Source: Moneycontrol Top Headlines | 27 Feb 2010 | 6:47 am Appoiting Nilekani to oversee tech thrust a good move: TCS\"The Budget is growthoriented and is overall positive for the IT sector. Appointing Nandan Nilekani to oversee tech thrust is a good move. The Finance Minister has been making the right moves; however, implementation of the Budget has been governments biggest problem.\"Source: Moneycontrol Top Headlines | 27 Feb 2010 | 6:23 am Investmentlinked health insurance to see boost: AvivaTR Ramachandran, CEO and Managing Director at Aviva Life Insurance said that the parity in service tax was a substantial move for insurance sector, adding that investmentlinked health insurance products would definitely see growth.Source: Moneycontrol Top Headlines | 27 Feb 2010 | 6:09 am Rajan Mittal takes over as FICCI chiefRajan Bharti Mittal, the Vice- Chairman and Managing Director of Bharti Enterprises, a diversified group dominant in telecom, insurance and retail, today took over as the President of industry chamber FICCI.Source: India Business News | Business News - Times of India | 27 Feb 2010 | 5:49 am Markets will absorb record borrowing - adviserNEW DELHI (Reuters) - India's market will be able to absorb record government borrowing announced in the budget, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Saturday, despite an initial negative reaction from bondholders.Source: Reuters: Money News | 27 Feb 2010 | 5:27 am Suzuki recalls thousands of A-Star cars from EuropeBerlin: Japanese auto maker Suzuki has recalled several thousand ‘Concept A-Star´ cars built by its Indian joint venture Maruti Suzuki and marketed in Europe as ‘Suzuki Alto’ models because of problems with the fuel tanks in some cars. In Germany alone, 9,244 ‘Alto’ cars have been recalled voluntarily by Suzuki for inspection after some irregularities were detected in the fuel tanks of some cars, a Suzuki International Europe spokesperson told PTI. It has been noticed that the fuel tanks in some cars could become less tight in the area of fuel pump after a certain period of driving. Therefore, the gaskets of the fuel pump will be examined at Suzuki’s service stations and repaired or replaced if needed at the company’s costs, he said. Around 1,00,000 ‘Suzuki Alto’ cars sold across Europe since December 2008 are reported to be affected by the recall. The spokesman added that the cars are being recalled as a precautionary measure and there were no complaints from customers or accidents related to the fuel tank problem. The ‘A-Star’ had its world premiere at the New Delhi Auto Expo in January 2008 and since then thousands of cars were sold in India. It was launched in the European market following its international premiere at the Paris Automobile Exhibition in October 2008. Source: World Business - Livemint.com | 27 Feb 2010 | 4:15 am Suzuki recalls thousands of A-Star cars from EuropeBerlin: Japanese auto maker Suzuki has recalled several thousand ‘Concept A-Star´ cars built by its Indian joint venture Maruti Suzuki and marketed in Europe as ‘Suzuki Alto’ models because of problems with the fuel tanks in some cars. In Germany alone, 9,244 ‘Alto’ cars have been recalled voluntarily by Suzuki for inspection after some irregularities were detected in the fuel tanks of some cars, a Suzuki International Europe spokesperson told PTI. It has been noticed that the fuel tanks in some cars could become less tight in the area of fuel pump after a certain period of driving. Therefore, the gaskets of the fuel pump will be examined at Suzuki’s service stations and repaired or replaced if needed at the company’s costs, he said. Around 1,00,000 ‘Suzuki Alto’ cars sold across Europe since December 2008 are reported to be affected by the recall. The spokesman added that the cars are being recalled as a precautionary measure and there were no complaints from customers or accidents related to the fuel tank problem. The ‘A-Star’ had its world premiere at the New Delhi Auto Expo in January 2008 and since then thousands of cars were sold in India. It was launched in the European market following its international premiere at the Paris Automobile Exhibition in October 2008. Source: LatestNews-Home - Livemint.com | 27 Feb 2010 | 4:15 am Adani Enterprises MD arrested for custom duty evasionRajesh Adani, MD of Adani Enterprises, has been arrested on charges of evading customs duty to the tune of Rs 80 lakh. The anti-corruption branch of CBI Goa has registered a case against him and 9 customs officials.Source: India Business News | Business News - Times of India | 27 Feb 2010 | 4:00 am Huge 8.8-magnitude quake hits Chile, 47 deadSantiago, Chile: A massive magnitude-8.8 earthquake struck south-central Chile early on Saturday, killing at least 47 people, knocking down buildings and triggering a tsunami. President Michelle Bachelet confirmed 47 deaths and said more were possible. Telephone and power lines were down, making damage assessments difficult in the early morning darkness. “Never in my life have I experienced a quake like this, it’s like the end of the world,” one man told local television from the city of Temuco, where the quake damaged buildings and forced staff to evacuate the regional hospital. The US Geological Survey said the earthquake struck 56 miles (90 km) northeast of the city of Concepcion at a depth of 22 miles (35 km) at 3:34 am (0634 GMT). Chilean television and radio stations said several buildings collapsed in the city of Curico and that there was damage to buildings in the historic center of the capital Santiago, about 200 miles (320 km) north of the epicenter. The capital’s international airport was forced to close, a highway bridge collapsed and chunks of buildings fell into the street. In the moments after the quake, people streamed onto the streets of the capital, hugging each other and crying. There were blackouts in parts of Santiago and communications were still down in the area closest to the epicenter. Bachelet urged people to stay calm. “With a quake of this size we undoubtedly can’t rule out more deaths and probably injuries,” she said. An earthquake of magnitude 8 or over can cause “tremendous damage,” the USGS says. The quake that devastated Haiti’s capital Port-au-Prince on Jan. 12 was rated magnitude 7.0. Tsunami The Pacific Tsunami Warning Center said the Chile quake generated a tsunami that may have been destructive along the coast near the epicenter “and could also be a threat to more distant coasts.” It issued a tsunami warning for Chile and Peru, and a tsunami watch for Ecuador, Colombia, Panama, Costa Rica and Antarctica. Chile’s navy said officials had lifted the tsunami warning in southern Chile, local radio reported. According to a 2002 census, Concepcion is one of the largest cities in Chile with a population of around 670,000. Chile’s main copper producing region and some of the world’s largest copper mines are in the far north of the country near its border with Peru, but there are also major copper deposits near Santiago. Officials said roads to the important Los Bronces mine near the capital were blocked. Chile produces about 34% of world supply of copper, which is used in electronics, cars and refrigerators. In 1960, Chile was hit by the world’s biggest earthquake since records dating back to 1900. The 9.5 magnitude quake devastated the south-central city of Valdivia, killing 1,655 people and sending a tsunami which battered Easter Island 2,300 miles (3,700 km) off Chile’s Pacific seaboard and continued as far as Hawaii, Japan and the Philippines. Saturday’s quake shook buildings as far away as Argentina’s Andean provinces of Mendoza and San Juan. A series of strong aftershocks rocked Chile’s coastal region from Valdivia in southern to Valparaiso, about 500 miles (800 km) to the north. The tsunami warning center said there was a possibility the US state of Hawaii could be elevated to watch or warning status. Source: LatestNews-Home - Livemint.com | 27 Feb 2010 | 3:56 am Adani Enterprises MD arrested in duty evasion caseAhmedabad/Mumbai: Central Bureau of Investigation (CBI) on Saturday said it has arrested Rajesh Adani, managing director of Adani Enterprises, a part of the Rs26,000 crore Adani group, on charges of evasion of customs duty to the tune of Rs80 lakh. “CBI arrested Rajesh Adani, one of the directors of the Adani Exports (now named Adani Enterprises),” agency spokesperson Harsh Bahal told PTI, adding that the anti-corruption branch of CBI Goa had registered a case against him and nine customs officials. The case was also registered against Adani Exports and Ganesh Benjoplast. Adani was arrested on Friday from Ahmedabad and would be produced before a magistrate for a transit remand for taking him to Goa. “Adani had in the year 2006-07 imported naptha, a petroleum product, and did not pay customs duty in Goa,” CBI joint director (western region) Rishiraj Singh told PTI in Mumbai. A case was registered in January 2008 by the Goa Anti-Corruption Bureau of the CBI. The CBI is looking into whether any other employees of the diversified group are also involved. No immediate comments could be obtained from Adani group spokesperson could be obtained. Rajesh is younger brother of group chairamn Gautam Adani, who recently completed a successful initial public offer of another group company Adani Power. The Adani Group deals with commodities trading, distribution of natural gas and port operations. Source: LatestNews-Home - Livemint.com | 27 Feb 2010 | 2:11 am GDP to break double-digit growth barrier soon: FMNew Delhi: Finance minister Pranab Mukherjee on Saturday exuded confidence the economy would soon break the double-digit growth barrier and said the stimulus measures will not be fully withdrawn until a robust recovery is achieved. Mukherjee, however, remained concerned over high food inflation and the ambiguous nature of recovery in exports due to the uncertainty prevailing in the developed economies. “...I feel the fundamentals of the economy are strong. The positives from our recent performance outweigh the negatives, so that one can hope to see the economy breaking the double-digit growth barrier in the very near future, which is essential for reducing poverty in the country,” Mukherjee said in his address to the 82nd AGM of Ficci. The finance minister has partially rolled back stimulus sops in the Budget by hiking excise duties by two percentage points across the board, and enhancing tax rates on petroleum products. On a roll-back of the emergency measures to prop up the economy, the minister said, “I am committed to fiscal consolidation in the interest of the economy’s capacity to sustain growth in the medium to long term. “But it can be fully effected when the recovery in private demand - both consumption and investment -- is sufficiently robust,” Mukherjee said. Source: LatestNews-Home - Livemint.com | 27 Feb 2010 | 1:58 am
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