Jan 4: News in pics
Jan 4: News in pics
A man is reflected in a sign outside the Cadbury factory in Bournville, central England.
India's ministry of finance is investigating whether Kraft Foods evaded taxes in its $19 billion takeover of Cadbury last year, the New York Times Dealbook reported on Monday.
Indian officials are examining Kraft's tax liabilities related to the deal, following a public interest lawsuit filed last year in the Delhi High Court, the newspaper said in its online edition.
In the suit, a Delhi-based lawyer asserted that Kraft had \"completely and illegally avoided\" tax liabilities related to the sale of shares and capital assets in India, which had caused \"substantial loss to the Indian economy,\" the paper said.
A worker cleans a parked car at the Maruti Suzuki's stockyard on the outskirts of Jammu.
Maruti Suzuki, India's largest car maker, joined peers in reporting strong December vehicle sales, underlining robust growth momentum in one of the fastest growing auto markets.
Maruti and local rivals including Tata Motors and Mahindra & Mahindra face rising competition as global carmakers expand operations in India and launch new models aimed at tapping India's growing middle-class.
\"India is still a small market but it will be really big in the next five-seven years. That growth potential is drawing all the car makers here," said Umesh Karne, auto analyst at Brics Securities in Mumbai.
Maruti, 54.2 per cent-owned by Suzuki Motor Corp, said on Tuesday its sales rose 17 per cent to 99,225 vehicles in December versus a year ago.
Traders work on the floor of the New York Stock Exchange early in the trading session in New York.
World stocks rallied in the first trading session of 2011 on Monday on stronger global manufacturing data, while oil closed at a 27-month high as the improved growth outlook increased demand expectations.
US Treasuries prices fell as the manufacturing numbers -- which followed positive U.S. economic data last week -- suggested the world recovery continues to gain momentum, encouraging investors to take on more risk.
The Institute for Supply Management said US manufacturing grew for a 17th straight month following news of faster growth in European manufacturing as well.
A supporter waves a Congress party flag as she celebrates in front of the residence of Congress Party chief Sonia Gandhi in New Delhi.
One of India's biggest corruption scandals from the 1980s has resurfaced to tarnish the ruling Congress party and embolden an opposition that has paralysed parliament with protests over graft accusations.
A senior leader of the opposition Bharatiya Janata Party (BJP) said the claims of kickbacks paid during a $1.4 billion defence deal would be brought to parliament, as a court decides whether to allow investigators to end their inquiry into the allegations.
Congress is already under pressure from the BJP's demands for a joint parliamentary inquiry into a $39 billion telecoms scam involving Congress-backed former Minister A. Raja, which shut down parliament for its December session.
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