New Delhi:
PM to clarify Vodafone, other tax issues in 2-3 weeks, GAAR draft today
Prime Minister Manmohan Singh will, within the next two-three weeks, seek to clear up confusion over tax policies that have rattled investor confidence in Asia's third-largest economy, a government official said on Thursday. (Read More)
Also, the Cabinet committee on General Anti Avoidance Rules will submit its proposals in two-three weeks, sources in the Finance Ministry told NDTV Profit on Thursday. They also clarified that the tax reform will not be shelved, stating that dropping the reform would require changes in the Finance Act. (Read More)
Also Read: Elevated inflation, fiscal, current account deficits are serious concerns, says RBI Governor
Sensex, Nifty edge up for 3rd day, Rupee too gains against dollar
The 30-share BSE Sensex gained 23 points or 0.14% to close at 16,991, while the 50-stock Nifty index advanced 7 points to 5,149 Thursday. Markets closed with modest gains for the third straight day. Trade was choppy on account of the derivatives expiry, with the volatility rising marginally. However, the benchmarks refused to move out of the narrow range, which has characterized trade over the last few days. (Read More)
Also Read: Why Tata Motors, Onmobile Global shares plunged
The rupee posted its biggest percentage gain in two weeks on Thursday on hopes long-stalled reforms will pick up pace after Prime Minister Manmohan Singh asked officials to chart a revival in the economy and perk up investor confidence. (Read More)
Also Read: Rupee fall - How smaller Indian companies sweat
Vodafone could seek out of court settlement in $2.5 billion tax case: sources
Montek Singh Ahluwalia, deputy chairman of planning commission and Analjit Singh, chairman of Vodafone India met today. Sources say that the telecom giant could seek an out of court settlement on the tax issue with the government. They said that the company would be willing to pay tax to the tune of Rs 8,000 crore and could seek a waiver of penalties and interest. Sources also said that the Income tax department is unlikely to issue any fresh notice soon to Vodafone. (Read More)
Meanwhile, the deputy chairman of the Planning Commission has assured Vodafone that it can carry on its business in India, said Analjit Singh, chairman of Vodafone India after the meeting. (Read More)
How India's monsoon forecast is off the mark almost every year
India's crucial monsoon rains are slightly delayed but not yet a worry for farming, the Indian Meteorological Department or IMD said, after almost all parts of the country received lower than average rainfall in the first three weeks of June. Between 1994 and 2009, IMD forecast has been incorrect 12 times, according to a report by Kotak Securities. (Read More)
Meanwhile, India's crucial monsoon rains were 18 per cent below average in the week to June 27, the weather office said on its website on Thursday, reflecting a lull phase over oilseed-growing areas of central India. (Read More)
Also Read: Will 22 other states follow Delhi with massive power tariff hikes?
Gold loan companies pose risk to banks, warns RBI
The Reserve Bank of India on Thursday expressed concern over the rapid rise in gold loan companies and that such firms, which are highly dependent on banks, could pose a risk to banks. In its Financial Stability Report released Thursday, the central bank also said it was worried about the placement of non-convertible debentures by gold loan companies. (Read More)
Meanwhile, Gold traders in India were hesitant to place deals in a slack demand period even as prices edged lower weighed by a stronger rupee and weak overseas markets. (Read More)
Also Read: Why silver is a better bet than gold
Pranab Mukherjee files nomination papers for Presidential elections
Amid a show of strength, UPA nominee Pranab Mukherjee today filed his nomination papers for the July 19 Presidential elections in the presence of Prime Minister Manmohan Singh, Congress President Sonia Gandhi and a host of leaders. Mukherjee handed over his nomination papers to Vivek Kumar Agnihotri, Rajya Sabha Secretary General and Returning Officer for the Presidential elections. (Read More)
Meanwhile, Prime Minister Manmohan Singh urged finance ministry officials to "revive the animal spirit in the country's economy" and to "reverse the climate of pessimism". He also told the officials that both domestic and international investor sentiment needed to be revived in the short-term. (Read More)
TCS to report highest growth, Wipro slowest in June quarter
Corporate India will start reporting earnings for the June quarter in a fortnight. IT companies will be the first to report their performance over the first three months of this fiscal. The 12 per cent depreciation of the rupee against the dollar in the quarter is likely to benefit all IT companies. Here's what to expect from India's biggest IT firms in the June quarter. (Read More)
Also Read: Crisis? Germans savour sunshine as euro storm blows on the horizon
News Corp board approves publishing, entertainment business split: source
The board of News Corp approved in principle splitting the $60 billion media conglomerate into separate publishing and entertainment businesses, a person familiar with the situation said on Thursday. (Read More)
Also Read: How Reliance Brands is staying above water
US regulator clears first new weight-loss pill in 13 years
The Food and Drug Administration has approved Arena Pharmaceutical's anti-obesity pill Belviq, the first new prescription drug for long-term weight loss to enter the U.S. market in over a decade. Despite only achieving modest weight loss in clinical studies, the drug appeared safe enough to win the FDA's endorsement, amid calls from doctors for new weight-loss treatments. (Read More)
Also Read: Why Wall Street analysts do not 'like' Facebook
Barclays agrees to settle LIBOR charges | How emails nailed the bank
Barclays and its subsidiaries have agreed to pay more than $400 million to settle charges that it attempted to manipulate and made false reports related to setting key global interest rates. The rates affect the costs of hundreds of trillions of dollars in loans and investments such as bonds, auto loans and derivatives. (Read More)
Investigators were helped by extensive emails and other messages about Libor. UK-based Barclays agreed to pay $453 million in fines to UK and US regulators to settle its part. (Read More)
Also Read: HSBC raises $430 mn in Axis, Yes Bank stake sales
- PM to clarify Vodafone, other tax issues in 2-3 weeks, GAAR draft today
- Sensex, Nifty edge up for 3rd day, Rupee too gains against dollar
- Vodafone could seek out of court settlement in $2.5 billion tax case: sources
- How India's monsoon forecast is off the mark almost every year
- Gold loan companies pose risk to banks, warns RBI
- Pranab Mukherjee files nomination papers for Presidential elections
- TCS to report highest growth, Wipro slowest in June quarter
- News Corp board approves publishing, entertainment business split: source
- US regulator clears first new weight-loss pill in 13 years
- Barclays agrees to settle LIBOR charges | How emails nailed the bank
PM to clarify Vodafone, other tax issues in 2-3 weeks, GAAR draft today
Prime Minister Manmohan Singh will, within the next two-three weeks, seek to clear up confusion over tax policies that have rattled investor confidence in Asia's third-largest economy, a government official said on Thursday. (Read More)
Also, the Cabinet committee on General Anti Avoidance Rules will submit its proposals in two-three weeks, sources in the Finance Ministry told NDTV Profit on Thursday. They also clarified that the tax reform will not be shelved, stating that dropping the reform would require changes in the Finance Act. (Read More)
Also Read: Elevated inflation, fiscal, current account deficits are serious concerns, says RBI Governor
Sensex, Nifty edge up for 3rd day, Rupee too gains against dollar
The 30-share BSE Sensex gained 23 points or 0.14% to close at 16,991, while the 50-stock Nifty index advanced 7 points to 5,149 Thursday. Markets closed with modest gains for the third straight day. Trade was choppy on account of the derivatives expiry, with the volatility rising marginally. However, the benchmarks refused to move out of the narrow range, which has characterized trade over the last few days. (Read More)
Also Read: Why Tata Motors, Onmobile Global shares plunged
The rupee posted its biggest percentage gain in two weeks on Thursday on hopes long-stalled reforms will pick up pace after Prime Minister Manmohan Singh asked officials to chart a revival in the economy and perk up investor confidence. (Read More)
Also Read: Rupee fall - How smaller Indian companies sweat
Vodafone could seek out of court settlement in $2.5 billion tax case: sources
Montek Singh Ahluwalia, deputy chairman of planning commission and Analjit Singh, chairman of Vodafone India met today. Sources say that the telecom giant could seek an out of court settlement on the tax issue with the government. They said that the company would be willing to pay tax to the tune of Rs 8,000 crore and could seek a waiver of penalties and interest. Sources also said that the Income tax department is unlikely to issue any fresh notice soon to Vodafone. (Read More)
Meanwhile, the deputy chairman of the Planning Commission has assured Vodafone that it can carry on its business in India, said Analjit Singh, chairman of Vodafone India after the meeting. (Read More)
How India's monsoon forecast is off the mark almost every year
India's crucial monsoon rains are slightly delayed but not yet a worry for farming, the Indian Meteorological Department or IMD said, after almost all parts of the country received lower than average rainfall in the first three weeks of June. Between 1994 and 2009, IMD forecast has been incorrect 12 times, according to a report by Kotak Securities. (Read More)
Meanwhile, India's crucial monsoon rains were 18 per cent below average in the week to June 27, the weather office said on its website on Thursday, reflecting a lull phase over oilseed-growing areas of central India. (Read More)
Also Read: Will 22 other states follow Delhi with massive power tariff hikes?
Gold loan companies pose risk to banks, warns RBI
The Reserve Bank of India on Thursday expressed concern over the rapid rise in gold loan companies and that such firms, which are highly dependent on banks, could pose a risk to banks. In its Financial Stability Report released Thursday, the central bank also said it was worried about the placement of non-convertible debentures by gold loan companies. (Read More)
Meanwhile, Gold traders in India were hesitant to place deals in a slack demand period even as prices edged lower weighed by a stronger rupee and weak overseas markets. (Read More)
Also Read: Why silver is a better bet than gold
Pranab Mukherjee files nomination papers for Presidential elections
Amid a show of strength, UPA nominee Pranab Mukherjee today filed his nomination papers for the July 19 Presidential elections in the presence of Prime Minister Manmohan Singh, Congress President Sonia Gandhi and a host of leaders. Mukherjee handed over his nomination papers to Vivek Kumar Agnihotri, Rajya Sabha Secretary General and Returning Officer for the Presidential elections. (Read More)
Meanwhile, Prime Minister Manmohan Singh urged finance ministry officials to "revive the animal spirit in the country's economy" and to "reverse the climate of pessimism". He also told the officials that both domestic and international investor sentiment needed to be revived in the short-term. (Read More)
TCS to report highest growth, Wipro slowest in June quarter
Corporate India will start reporting earnings for the June quarter in a fortnight. IT companies will be the first to report their performance over the first three months of this fiscal. The 12 per cent depreciation of the rupee against the dollar in the quarter is likely to benefit all IT companies. Here's what to expect from India's biggest IT firms in the June quarter. (Read More)
Also Read: Crisis? Germans savour sunshine as euro storm blows on the horizon
News Corp board approves publishing, entertainment business split: source
The board of News Corp approved in principle splitting the $60 billion media conglomerate into separate publishing and entertainment businesses, a person familiar with the situation said on Thursday. (Read More)
Also Read: How Reliance Brands is staying above water
US regulator clears first new weight-loss pill in 13 years
The Food and Drug Administration has approved Arena Pharmaceutical's anti-obesity pill Belviq, the first new prescription drug for long-term weight loss to enter the U.S. market in over a decade. Despite only achieving modest weight loss in clinical studies, the drug appeared safe enough to win the FDA's endorsement, amid calls from doctors for new weight-loss treatments. (Read More)
Also Read: Why Wall Street analysts do not 'like' Facebook
Barclays agrees to settle LIBOR charges | How emails nailed the bank
Barclays and its subsidiaries have agreed to pay more than $400 million to settle charges that it attempted to manipulate and made false reports related to setting key global interest rates. The rates affect the costs of hundreds of trillions of dollars in loans and investments such as bonds, auto loans and derivatives. (Read More)
Investigators were helped by extensive emails and other messages about Libor. UK-based Barclays agreed to pay $453 million in fines to UK and US regulators to settle its part. (Read More)
Also Read: HSBC raises $430 mn in Axis, Yes Bank stake sales
