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Maytas Infra may sell 20% stake - Moneycontrol.com
Source: Business - Google News | 20 Jun 2010 | 4:00 am RIL plans to add more space for retail venture - The Hindu
Source: Business - Google News | 20 Jun 2010 | 3:39 am FACTBOX - Russia's energy tsar: who is Igor Sechin?(Reuters) - Following are key facts about Russian Deputy Prime Minister Igor Sechin who oversees the oil, gas and metals industries of the world's biggest energy producer.Source: Reuters: Money News | 20 Jun 2010 | 3:18 am Indian ADRs add $7 bn in a week; Infosys, Wipro top gainersNew York: Indian stocks trading on American bourses added over $7 billion to their cumulative market capitalization last week, with IT icons Infosys Technologies and Wipro accounting for more than half of the total gains. For the week ended 18 June, the 16 Indian entities listed on the New York Stock Exchange and Nasdaq added $7.14 billion to their market capitalization, with Infosys and Wipro together adding $4.4 billion to the total valuation. Infosys’ valuation jumped $2.29 billion to $36.21 billion, while Wipro’ spiked $2.11 billion to $32.4 billion. Out of the 16 companies, six of them, including Dr Reddy’s Laboratories and IT firm Mahindra Satyam, witnessed an erosion in their valuations. ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm. Meanwhile, copper producer Sterlite Industries’ market capitalization zoomed $857 million to a total of $12.45 billion. Private sector banks -- ICICI Bank and HDFC Bank together added $1.61 billion to their market capitalization. ICICI Bank’s valuations rose by $847 billion and the market capitalization of HDFC Bank increased by $768 million. Auto maker Tata Motors valuation grew by $360 million to $8.11 billion. During the week, Dr Reddy’s Laboratories was the major loser. The company saw its valuations falling by $115 million to $5.18 billion. Other losers include -- Mahindra Satyam ($47 million), telecom majors -- Tata Communications ($20 million) and Mahanagar Telephone Nigam ($16 million), BPO company Genpact ($11 million) and Internet firm Reddif ($3 million). On the other hand, valuations of Internet company Sify Technologies, outsourcing firms -- WNS Holdings and EXL Service Holdings and IT major Patni Computer Systems increased in the range of $2 million to $98 million. On Friday the US markets ended in the positive territory, with Dow Jones Industrial Average ending up 16.47 points at 10,450.64 and the S&P 500 settling up 1.47 points to 1,117.51. Besides, tech heavy Nasdaq closed, up 2.64 points at 2,309.80. Source: Home - Livemint.com | 20 Jun 2010 | 3:16 am Yuan Move Has Mixed Impact on Japan - Wall Street Journal
Source: Business - Google News | 20 Jun 2010 | 2:44 am China's new yuan regime looks a lot like the old oneBEIJING (Reuters) - China will keep the yuan's exchange rate at a basically stable level, the central bank said on Sunday, suggesting that the country's new currency regime will look a lot like the old one.Source: Reuters: Money News | 20 Jun 2010 | 2:26 am Insurance firms to meet Finmin on Ulip taxation issue - Economic Times
Source: Business - Google News | 20 Jun 2010 | 2:26 am I-T dept to demand Rs8,500 cr tax over transfer pricingNew Delhi: The Income Tax department is likely to slap a demand of Rs8,500 crore on foreign companies and their domestic subsidiaries which allegedly transferred profits to other countries to reduce tax liability. “Income Tax department is likely to raise over Rs8,500 crore from transfer pricing audits. There has been scrutiny of 8,105 such cases,” finance ministry sources told PTI. Transfer pricing deals with the technique where parent companies sell goods and services to subsidiary entities at an inflated price to deliberately reduce profits and tax liability. The law requires that goods and services should be sold to subsidiary companies at arm’s length price -- the price at which goods are traded between unconnected companies. Taxing these units has become a complex area for the revenue department, with the government often disagreeing on the profits declared by a foreign company for its Indian unit. The sources further said that in the last five years, such tax saving cases have increased rapidly. To prevent a loss in revenue through the transfer pricing route, the department is planning to notify Safe Harbour Rules soon. The new rules will layout norms to prevent revenue loss through this route. “The Income Tax department is planning Safe Harbour Rules to lay down parameters where these adjustments will not be made. It is to be notified shortly,” a finance ministry official said. The revenue department would also focus on intangibles such as marketing intangibles, supply chain intangibles, research and development intangibles and patents intangibles, among others, while scrutinizing revenue losses. “These cases will be selected by the Income Tax department to raise revenues from companies which have violated the norms. It would be our focus area,” the official said. Source: LatestNews-Home - Livemint.com | 20 Jun 2010 | 2:06 am I-T dept to demand Rs8,500 cr tax over transfer pricingNew Delhi: The Income Tax department is likely to slap a demand of Rs8,500 crore on foreign companies and their domestic subsidiaries which allegedly transferred profits to other countries to reduce tax liability. “Income Tax department is likely to raise over Rs8,500 crore from transfer pricing audits. There has been scrutiny of 8,105 such cases,” finance ministry sources told PTI. Transfer pricing deals with the technique where parent companies sell goods and services to subsidiary entities at an inflated price to deliberately reduce profits and tax liability. The law requires that goods and services should be sold to subsidiary companies at arm’s length price -- the price at which goods are traded between unconnected companies. Taxing these units has become a complex area for the revenue department, with the government often disagreeing on the profits declared by a foreign company for its Indian unit. The sources further said that in the last five years, such tax saving cases have increased rapidly. To prevent a loss in revenue through the transfer pricing route, the department is planning to notify Safe Harbour Rules soon. The new rules will layout norms to prevent revenue loss through this route. “The Income Tax department is planning Safe Harbour Rules to lay down parameters where these adjustments will not be made. It is to be notified shortly,” a finance ministry official said. The revenue department would also focus on intangibles such as marketing intangibles, supply chain intangibles, research and development intangibles and patents intangibles, among others, while scrutinizing revenue losses. “These cases will be selected by the Income Tax department to raise revenues from companies which have violated the norms. It would be our focus area,” the official said. Source: Home - Livemint.com | 20 Jun 2010 | 2:06 am GM to up prices by 3 pc, other carmakers likely to followCarmaker General Motors India today said it will raise prices of its models by 2-3 per cent from next month due to rising input cost. Other leading carmakers are expected to follow. Source: HindustanTimes.com - Top Business News Headlines | 20 Jun 2010 | 1:59 am INTERVIEW - Russia's Sechin says Gazprom must raise gameST PETERSBURG, Russia (Reuters) - Russian gas behemoth Gazprom must raise its game by penetrating the swiftly growing markets of Asia after a fall in exports to European Union customers, Russia's energy tsar told Reuters.Source: Reuters: Money News | 20 Jun 2010 | 1:54 am GM ups prices by 3%, others likely to followMumbai: Surging input prices are likely to push up costs for car makers, forcing them to raise prices in the coming days. While companies like Toyota, Ford and Fiat are mulling a price-increase if commodity prices continue to rise at the current rate, auto major General Motors India has already decided to increase its prices by 2-3% from next months onwards. Overall, commodity prices have gone up by 25% in recent days. “We will be increasing prices across all eight models by 2-3% from July first week to offset rising input costs,” General Motors India’s vice president P Balendran, told PTI here. “Prices of commodities like steel and rubber have risen sharply since the second quarter of last year. So, we have been forced to increase prices this time,” Balendran said. Car-makers have already hiked their prices thrice – first in January due to rise in input costs, second following a 2% excise duty hike in the Union Budget and third after the introduction of new emission norms. “We are reviewing the situation this time and will take a call by this month-end. Commodity prices has gone up sharply in recent days,” Toyota Kirloskar Motor’s deputy managing director (marketing), Sandeep Singh, said. Source: LatestNews-Home - Livemint.com | 20 Jun 2010 | 1:54 am Deregulation of savings rate to benefit depositors: BankersBank depositors are likely to benefit from deregulation of the interest rate on savings accounts, an idea mooted by the RBI recently. Source: HindustanTimes.com - Top Business News Headlines | 20 Jun 2010 | 1:51 am Promoters raise stake in Max India to 35%New Delhi: Promoters of Max India, led by Analjit Singh, have increased their stake in the company to about 35% last week and are expected to raise their holding further in the near future. The promoter group increased stake by 0.69% to 35.47% through open market purchases in the last two trading sessions, sources close to the development said. The promoters are committed to raise their stake further as they believe group’s business has potential to grow multi-fold in profits as well as valuation in the future, sources said. The company is into life insurance, health insurance and healthcare businesses through subsidiaries. Sources said that the deals were executed at an average price of Rs163.95 resulting in an investment of about Rs26 crore. According to an analyst, increase in stake by promoters shows confidence and conviction of the stakeholders in the underlying strength of the company’s businesses of life insurance, health insurance, healthcare and clinical research. As a matter of fact, the promoters have been gradually increasing their stake in Max India, which has an annual turnover of around Rs7,700 crore, since 2007. Recently, they had also subscribed to warrants convertible into a 3% equity stake in the company through an investment of Rs173.4 crore. Besides, Max India raised around Rs522 crore through issuance of Compulsory Convertible Debenture (CCDs) to Goldman Sachs, which post conversion would represent a 9.1% stake in the company. Foreign institutional Investors (FIIs) have about 28% stake in the company in addition to foreign direct investment. Leading global private equity firm Warburg Pincus alone holds 16% stake in the company. The company’s flagship business Max New York Life Insurance is a joint venture with the US-based New York Life. Besides, it runs 8 hospitals in the Delhi NCR region through its subsidiary Max Healthcare. Recently, it has entered into health insurance with the launch of Max Bupa, a 74:26 JV with the UK-based Bupa. Source: LatestNews-Home - Livemint.com | 20 Jun 2010 | 1:49 am Kuwait official sees oil at $70-$80 this year - paperKUWAIT (Reuters) - Oil prices were likely to stay in the range of $70 to $80 per barrel for the rest of this year, a Kuwait oil official said in remarks published on Sunday.Source: Reuters: Money News | 20 Jun 2010 | 1:43 am Insurers to meet finmin on Ulip taxation issueNew Delhi: Life insurers will soon approach the finance ministry over the revised Direct Taxes Code (DTC) draft proposal to tax investments in unit-linked insurance products (Ulips) at the time of withdrawal. “Ulips are basically investment products and need to be taxed. The final view, however, will be taken at the time of the formulation of the code,” finance ministry sources said. However, life insurers feel that Ulips are not pure investment products, and should not be taxed. “We have maintained that Ulips are not pure investment products. We will approach the revenue department soon,” Life Insurance Council secretary general SB Mathur said. The revised draft of the DTC extended I-T exemption at the time of withdrawal to only pure life insurance products. “Approved pure life insurance products and annuity schemes will also be subject to the EEE (exempt-exempt-exempt) method of taxation,” the revised draft said. This means that Ulips, hybrid investment-cum-insurance products that account for over 50% of the total life insurance businesses in the country, are excluded from the EEE method. Policyholders, hence, will have to pay tax at the time of withdrawal, sources explained. At present, there is no tax levied on Ulips returns, an equity and bond-linked insurance instrument. As per the revised DTC, which will replace the 50-year- old Income Tax Act, only six specified instruments will qualify for the EEE taxation, including pure insurance products. Under the EEE mode, tax exemption is provided at all the levels of the instrument -- at the time of investment, during accrual and at the time of withdrawal. The DTC is expected to become operational from next April. It was, in fact, the mixed nature of Ulip schemes that led to a turf war between insurance watchdog Irda and market regulator Sebi over the issue of jurisdiction. The matter was settled by an ordinance issued late on Friday, which gave Irda the power to regulate Ulips. Source: Home - Livemint.com | 20 Jun 2010 | 1:07 am Insurers to meet finmin on Ulip taxation issueNew Delhi: Life insurers will soon approach the finance ministry over the revised Direct Taxes Code (DTC) draft proposal to tax investments in unit-linked insurance products (Ulips) at the time of withdrawal. “Ulips are basically investment products and need to be taxed. The final view, however, will be taken at the time of the formulation of the code,” finance ministry sources said. However, life insurers feel that Ulips are not pure investment products, and should not be taxed. “We have maintained that Ulips are not pure investment products. We will approach the revenue department soon,” Life Insurance Council secretary general SB Mathur said. The revised draft of the DTC extended I-T exemption at the time of withdrawal to only pure life insurance products. “Approved pure life insurance products and annuity schemes will also be subject to the EEE (exempt-exempt-exempt) method of taxation,” the revised draft said. This means that Ulips, hybrid investment-cum-insurance products that account for over 50% of the total life insurance businesses in the country, are excluded from the EEE method. Policyholders, hence, will have to pay tax at the time of withdrawal, sources explained. At present, there is no tax levied on Ulips returns, an equity and bond-linked insurance instrument. As per the revised DTC, which will replace the 50-year- old Income Tax Act, only six specified instruments will qualify for the EEE taxation, including pure insurance products. Under the EEE mode, tax exemption is provided at all the levels of the instrument -- at the time of investment, during accrual and at the time of withdrawal. The DTC is expected to become operational from next April. It was, in fact, the mixed nature of Ulip schemes that led to a turf war between insurance watchdog Irda and market regulator Sebi over the issue of jurisdiction. The matter was settled by an ordinance issued late on Friday, which gave Irda the power to regulate Ulips. Source: LatestNews-Home - Livemint.com | 20 Jun 2010 | 1:07 am Maytas Infra may sell 20 pct stake - reportMUMBAI (Reuters) - India's Maytas Infrastructure has proposed issuing and alloting preferential shares to construction conglomerate SBG Projects Investments Ltd, a Saudi BinLaden Group arm, local newspapers reported.Source: Reuters: Money News | 20 Jun 2010 | 1:04 am Top-10 cos add over Rs 52k cr to m-cap, MMTC leadsDuring the past week, all the top-10 firms added a sum of over Rs 52,000 crore to their market capitalisation, with trading firm MMTC emerging as the biggest gainer, leap-frogging to fourth place from seventh rank in the previous week.Source: HindustanTimes.com - Top Business News Headlines | 20 Jun 2010 | 12:58 am Strong consumption, investment demand to drive industrial growth: CMIEMumbai: Strong consumption and investment demand are expected to drive industrial growth in 2010-11, economic thinktank Centre for Monitoring Indian Economy (CMIE) has said in its monthly review. “We expect industrial production to grow by a buoyant 9.2% in 2010-11. The growth will come on top of a 10.4% growth in industrial production, as measured by the Index of Industrial Production (IIP) in 2009-10,” CMIE said. The industry had witnessed a sharp deceleration in growth in 2008-09 as the global liquidity crisis hit the Indian shores in the second half of the year. However, the industry recovered swiftly from this shock and reported a robust growth in 2009-10. The acceleration in growth was witnessed across all segments of the industry. The growth in output of the manufacturing sector jumped to 10.9% from 2.7% in 2008-09. The sharp acceleration in growth was witnessed in spite of a 5% fall in agricultural crop production, the key input for a number of industries. Growth in output of mined products and electricity generation also surged to 9.8% and 6%, respectively from below 3% in 2009-10, CMIE said. CMIE expects the industry to continue on its high growth trajectory in 2010-11, backed by a healthy rise in the consumption and the investment demand. Source: Home - Livemint.com | 20 Jun 2010 | 12:53 am Strong consumption, investment demand to drive industrial growth: CMIEMumbai: Strong consumption and investment demand are expected to drive industrial growth in 2010-11, economic thinktank Centre for Monitoring Indian Economy (CMIE) has said in its monthly review. “We expect industrial production to grow by a buoyant 9.2% in 2010-11. The growth will come on top of a 10.4% growth in industrial production, as measured by the Index of Industrial Production (IIP) in 2009-10,” CMIE said. The industry had witnessed a sharp deceleration in growth in 2008-09 as the global liquidity crisis hit the Indian shores in the second half of the year. However, the industry recovered swiftly from this shock and reported a robust growth in 2009-10. The acceleration in growth was witnessed across all segments of the industry. The growth in output of the manufacturing sector jumped to 10.9% from 2.7% in 2008-09. The sharp acceleration in growth was witnessed in spite of a 5% fall in agricultural crop production, the key input for a number of industries. Growth in output of mined products and electricity generation also surged to 9.8% and 6%, respectively from below 3% in 2009-10, CMIE said. CMIE expects the industry to continue on its high growth trajectory in 2010-11, backed by a healthy rise in the consumption and the investment demand. Source: LatestNews-Home - Livemint.com | 20 Jun 2010 | 12:53 am 10 percent growth for decade will minimise poverty: GodrejA consistent 10 percent Gross Domestic Product (GDP) growth spread over a decade will greatly reduce poverty in India, says leading industrialist Jamshyd Godrej. Source: HindustanTimes.com - Top Business News Headlines | 20 Jun 2010 | 12:49 am Toyota parts plant back at work after China strikeBEIJING (Reuters) - Workers at a plastics parts supplier for Toyota Motor Corp in China resumed work on Sunday, ending a three-day strike over pay and benefits, state media said.Source: Reuters: Money News | 20 Jun 2010 | 12:42 am Bin Laden’s father’s firm to buy 20% stake in Maytas InfraHyderabad: A construction firm of Saudi Binladin Group (SBG), promoted by late Sheikh Mohammed Bin Laden, father of world’s most wanted terrorist and founder of al-Qaeda, Osama Bin Laden, is set to pick up 20% stake in infrastructure firm Maytas Infra Ltd. At a board meeting on Saturday, Maytas Infra, now controlled by private lender Infrastructure Leasing & Financial Services Ltd (IL&FS), has decided to offer 1.54 crore equity shares to SBG Projects Investments Ltd of SBG on preferential allotment basis. The $5 billion Saudi Binladin Group was founded by Sheikh Mohammed Bin Laden in 1931 and after his death in 1968, the group is now being run by his successors. The Bin Laden family had disowned Osama Bin Laden in 1994, much before the terrorist attack on twin towers of World Trade Center in the US on 11 September 2001. Ever since it acquired 37.1% in Maytas Infra in September, IL&FS has been trying to revive its operations through capital infusion and debt restructuring. The IL&FS chairman Ravi Parthasarathy had on 1 September said he plans to partner foreign firms to revive the ailing infrastructure firm and infuse fresh equity after at least two quarters. Maytas Infra, promoted by the family of B. Ramalinga Raju, the jailed founder of Satyam Computer Services Ltd, has been in trouble since he confessed to the country’s biggest accounting fraud at the software firm in January 2009. While SBG Projects would get 20% stake on the expanded equity base of Maytas Infra, the equity holding of IL&FS will come down to some 29% from 37.1% now, said Maytas Infra company secretary G. Venkateswar Reddy. On securing 20% stake in Maytas Infra, SBG Projects would become a co-promoter of the company. In terms of Securities and Exchange Board of India’s regulations on substantial acquisition of shares and takeovers, both SBG Projects and IL&FS would come out with a mandatory public offer to the public shareholders of Maytas Infra, said Reddy. Post-public offer to buy 20% from public shareholders, the equity holdings of both the promoters – SBG Projects and IL&FS, will increase. However, Reddy refused to divulge details on the terms of public offer and the ratio in which SBG Projects and IL&FS will buy shares from public shareholders. c.sukumar@livemint.com Source: LatestNews-Home - Livemint.com | 20 Jun 2010 | 12:37 am 'Brand China' takes aim at global electronics giantsAfter decades building its reputation as the go-to country for electronics manufacturers, China intention to promote its own brands and produce the world's next Sony or Samsung was obvious during a massive telecoms exhibition in Singapore.Source: HindustanTimes.com - Top Business News Headlines | 20 Jun 2010 | 12:26 am Telstra strikes $10B deal for Australia broadbandThe government and Australia's largest telecommunications company announced a deal Sunday that clears a major hurdle to Prime Minister Kevin Rudd's plans for a superfast national broadband network. Source: HindustanTimes.com - Top Business News Headlines | 20 Jun 2010 | 12:25 am BP says it has paid $104 million in claimsBP has said that it had paid $104 million to residents along the US Gulf Coast for claims filed as a result of the oil spill in the Gulf of Mexico.Source: HindustanTimes.com - Top Business News Headlines | 20 Jun 2010 | 12:23 am India to get advanced mining system soonIndia will soon join an elite league of countries, including Australia and Canada, where investors can apply online for mining right - getting data on free mineral blocks at the click of a mouse.Source: HindustanTimes.com - Top Business News Headlines | 20 Jun 2010 | 12:04 am Now, action shifts to small-cap stocksEven as the Sensex has gone nowhere in the last six months, there has been plenty of action in one segment of the market – the small-cap stocks. ConsiderSource: Business Line - Home Page | 20 Jun 2010 | 12:00 am SBI targets existing customers for second home loansEven as it chases new customers, State Bank of India has set its sights on offering existing customers second home loans to grow its retailSource: Business Line - Home Page | 20 Jun 2010 | 12:00 am Saudi Binladin Group unit to acquire 20% in Maytas InfraSBG Projects Investments Ltd, a member of the Saudi Arabia-based infrastructure conglomerate Saudi Binladin Group (SBG), is poised to acquire 20 per cent stake in the Hyderabad-based Maytas Infra Ltd, through a preferential share allotmentSource: Business Line - Home Page | 20 Jun 2010 | 12:00 am Unit-linked plans to come under IRDA purviewThe two-month suspense over who will regulate ULIPs (Unit Linked Insurance Plans) has ended, with the Insurance Regulatory and Development Authority (IRDA) gaining completeSource: Business Line - Home Page | 20 Jun 2010 | 12:00 am U.S. Gulf Coast residents brace for more oilBURAS, La. (Reuters) - Residents of the U.S. Gulf Coast braced for more oil from a ruptured BP Plc well to hit their beaches on Sunday as oil washed ashore at Panama City, a popular Florida tourist destination.Source: Reuters: Money News | 19 Jun 2010 | 10:00 pm Kinari Bazaar shops gutted as fire rages on for over 4 hours - Times of India
Source: Business - Google News | 19 Jun 2010 | 4:01 pm Mutha a sewage canal: Jairam Ramesh - Indian Express
Source: Business - Google News | 19 Jun 2010 | 3:28 pm Bin Ladens to promote struggling Maytas InfraThe Saudi Binladin Group (SBG) was founded in 1931 by Sheikh Mohammed Bin Laden, the father of the most wanted terrorist Osama Bin Laden.Source: Daily News & Analysis: Money News | 19 Jun 2010 | 2:21 pm Beijing 'liberates' the yuanEnding its artificial peg to the dollar could correct trade imbalances, benefit exporters in India.Source: Daily News & Analysis: Money News | 19 Jun 2010 | 2:19 pm New Direct Tax Code: Much simpler and full of exemptions - Economic Times
Source: Business - Google News | 19 Jun 2010 | 1:50 pm Dow's Rs400cr Pune project is hit by Bhopal verdictA company spokesperson said that Dow is awaiting an evaluation report from the Maharashtra government on the Rs400 crore project.Source: Daily News & Analysis: Money News | 19 Jun 2010 | 1:25 pm Manmohan: Double farm growth rate to ensure food security - The Hindu
Source: Business - Google News | 19 Jun 2010 | 1:18 pm Momentum in U.S. stocks' favour but trading choppyNEW YORK (Reuters) - U.S. stocks have momentum on their side next week, though seesawing sentiment could roil the markets and investors will scrutinize comments from the Federal Reserve to gauge the strength of the economic recovery.Source: Reuters: Money News | 19 Jun 2010 | 1:00 pm Govt resolves turf war over ULIPsThe government has said that Unit Linked Insurance Products will be regulated by the Insurance Regulatory Development Authority and not by the Securities Exchange Board of India, bringing to an end a two-month regulators’ turf war.Source: HindustanTimes.com - Top Business News Headlines | 19 Jun 2010 | 12:42 pm China vows flexibility of yuan ahead of G-20China will gradually make the yuan's exchange rate more flexible, the central bank said on Saturday a week before a G-20 summit, strongly suggesting that it was ready to break the currency's 23-month-old dollar peg.Source: Business Standard | Front Page Headlines | 19 Jun 2010 | 12:42 pm Saudi group to buy 20% in Maytas InfraSaudi Binladin Group is all set to buy a 20 per cent stake in Maytas Infra, the infrastructure company in which IL&FS replaced the Raju family of Satyam as promoter.Source: Business Standard | Front Page Headlines | 19 Jun 2010 | 12:40 pm Centre wants review of Supreme Court verdict on BhopalThe Manmohan Singh government will knock at the doors of the Supreme Court for a review of its previous verdict on the Bhopal gas tragedy of 1984, the biggest industrial disaster in the country that is believed to have claimed almost 15,000 lives.Source: Business Standard | Front Page Headlines | 19 Jun 2010 | 12:39 pm Irda wins Ulip battleGovt settles issue by issuing ordinance.Source: Business Standard | Front Page Headlines | 19 Jun 2010 | 12:37 pm New pact: Cash plug for tax hole in MauritiusIn a bid to plug the tax loophole foreign investors use by routing their money to India through Mauritius, the government has sought amendments in its bilateral treaty with the island nation and offered cash compensation for revenue loss on account of the changes, Manish Tiwari & Jayanth Jacob report.Source: HindustanTimes.com - Top Business News Headlines | 19 Jun 2010 | 12:28 pm IIT Kanpur set to become borderless - Hindu Business Line
Source: Business - Google News | 19 Jun 2010 | 12:24 pm Law Min passes ordinance on ULIPs: SourcesThe government is planning to set up a body to resolve disputes like the ULIP controversy, reports CNBCTV18 quoting Law Ministry sources.Source: Moneycontrol Top Headlines | 19 Jun 2010 | 12:16 pm Royal Bank of Scotland in talks to sell India unit to HSBC: ReportThe deal could be agreed on as early as next month, Bloomberg said, quoting one of the sources who spoke on condition of anonymity as the talks are private.Source: Daily News & Analysis: Money News | 19 Jun 2010 | 9:30 am Finance Ministry says SEBI nod not needed for ULIP salesNEW DELHI (Reuters) - The finance ministry said on Saturday life insurers could sell unit-linked insurance plans (ULIPs) without seeking a nod from the capital markets regulator, ending a spat between regulators over the hybrid products.Source: Reuters: Money News | 19 Jun 2010 | 9:02 am Wealthy families up gold buysWealthy families are continuing to increase their gold investments on fears of inflation and the escalation of Europe\'s debt woes, helping to push up the price of the yellow metal, investment managers said.Source: Moneycontrol Top Headlines | 19 Jun 2010 | 9:01 am Sunil Godhwani: Outlining Religare\'s global ambitionIn an exclusive interview with CNBCTV18, Sunil Sunny Godhwani, the Chairman and Managing Director, Religare, speaks about the company and gives his outlook going forward.Source: Moneycontrol Top Headlines | 19 Jun 2010 | 9:00 am Sebi nod not needed for Ulip sales: GovtNew Delhi: The finance ministry said on Saturday life insurers could sell mutual-fund-like products without seeking a nod from the capital markets regulator, ending a spat between regulators over the hybrid products. The presidential decree permitting such sales went into force late on Friday, the finance ministry said in statement. Under the law, such orders issued when Parliament is not in session must be confirmed by lawmakers in their next sitting. Also Read | The Ulip Issue (Full Coverage) The capital markets regulator and the insurance regulator had locked horns on who should regulate unit-linked insurance plans (Ulips), mutual fund instruments with an added life cover, given the products combined insurance and investments. The Securities and Exchange Board of India (Sebi) had in April barred 14 life insurance companies from selling Ulips without its approval. The Insurance Regulatory Development Authority (Irda) argued Sebi had no authority to do so. After the finance ministry intervened, the two decided to maintain the status quo. “Life insurance business shall include any Unit Linked Insurance Policy or scripts or any such instruments. This would set at rest all the issues regarding Ulips between two financial regulators,” the finance ministry said in the statement. Parliament will next meet for the monsoon session, which generally starts in July. Source: Home - Livemint.com | 19 Jun 2010 | 8:08 am 10% GDP aimed in 12th Plan - The Hindu
Source: Business - Google News | 19 Jun 2010 | 7:38 am Toyota shuts China plant, more strikes reportedToyota Motor Corp stopped production at its main factory in China after a strike at its plastic parts supplier, the carmaker said on Saturday, the latest in a series of labour disputes across the country.Source: Moneycontrol Top Headlines | 19 Jun 2010 | 7:30 am China becomes world's third largest stock marketAccording to the China Securities Regulatory Commission, the total market value of the Shanghai and Shenzhen markets hit $3.07 trillion as of the end of May.Source: Daily News & Analysis: Money News | 19 Jun 2010 | 7:10 am DTC 2.0: How the proposed tax code impacts your walletHow will DTC 2.0 revised discussion paper impact the common mans wallet? In an interview with CNBCTV18, P Nandagopal, MD CEO, Indiafirst Life Insurance; Tax Guru Subhash Lakhotia and Certified Financial Planner Gaurav Mashruwala gave their perspective on how the draft discussion paper would impact the wallet of the common man.Source: Moneycontrol Top Headlines | 19 Jun 2010 | 6:40 am 40% of Infosys' new employees are from non-urban areas: CEOGopalakrishnan termed the entry into the company of the people from non-urban areas as a 'quiet transformation' in changing lives of people and in creating 'more middle-class'.Source: Daily News & Analysis: Money News | 19 Jun 2010 | 5:12 am Global pharma eyes Russia riches with local presenceGlobal drugmakers are set to pour over a billion dollars into Russian manufacturing in a bid to win the status of local producers and sidestep a tougher government stance on imported medicines.Source: Moneycontrol Top Headlines | 19 Jun 2010 | 4:19 am AgBank woos IPO investors: MidEast eyes $2 bn stakeTwo Middle East wealth funds may each buy USD 1 billion worth of stock in Agricultural Bank of China\'s upcoming record IPO, among seven key investors considering buying stakes, sources said on Friday.Source: Moneycontrol Top Headlines | 19 Jun 2010 | 4:19 am Honda China workers appear ready to accept pay dealHonda China workers appear ready to accept pay dealSource: Moneycontrol Top Headlines | 19 Jun 2010 | 4:19 am Ford aims to reinvent Explorer, recapture salesFord Motor Co is counting on a leaner and greener makeover of its Explorer to find new buyers for a once hotselling sport utility vehicle that powered the automaker\'s profits a decade ago.Source: Moneycontrol Top Headlines | 19 Jun 2010 | 4:19 am
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