September 27: Snapshots for the day
September 27: Snapshots for the day
A woman holds a new Vodafone sim card in central London
The Supreme Court will set a date on Oct 25 for hearing Vodafone's appeal challenging a lower court ruling that Indian tax authorities had jurisdiction over tax bills in cross-border deals, the world's largest telecommunications operator by revenue said on Monday.
India's top court has also asked the tax department to determine by Oct 25 the potential tax liability related to Vodafone's 2007 purchase of Hutchison Whampoa Ltd's India mobile business, Vodafone said in a statement.
The Bombay High Court this month dismissed Vodafone's petition, but said Indian tax authorities would not issue a final order for the next eight weeks, even though tax proceedings would continue, and Vodafone was free to separately raise with them its liability issue to deduct tax on the transaction.
Vodafone, which paid $11.1 billion for the Hutchison deal, has not said how much the
Police officers stand guard on the rooftop of Vienna's OPEC headquarters before the start of meeting of OPEC oil ministers
OPEC members need to adhere more strictly to existing quotas, Kuwaiti oil minister Sheikh Ahmad al-Abdullah al-Sabah said on Monday, adding he was not worried about softening demand.
\"I'm not worried about demand, I'm worried about the quotas,\" he said.
\"OPEC should be more committed to their quotas. There is a bit of slippage here and there.\"
The Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna on Oct. 14 and Libya, Iraq, Qatar, Ecuador and Kuwait have all said they see no need for a change in policy.
Compliance among members with implied output curbs has sunk to just above 50 per cent as oil has largely traded within the OPEC's preferred zone of $70 to $80 per barrel.
Kuwait's current oil output is 2.2 million barrels per day (bpd), Sheikh Ahmad s
A woman stands next to a giant advertisement for an iPhone 4 displayed at a shop in Bangkok
China Unicom did not have enough supply of Apple Inc's iPhone 4 during its launch weekend for the phone, according to a Wall Street Journal story.
Citing the Chinese telecom operator, the story said that China Unicom had received more than 200,000 pre-orders for the phone by early Saturday, when the phone went on sale.
The story said that more than 40,000 iPhone 4 buyers got the device on Saturday. This compares to Unicom's 2009 iPhone launch after which the operator sold 100,000 handsets in about six weeks after its debut of the phone.
Apple declined comment on the numbers cited in the story but spokeswoman Natalie Kerris said that more phones would be available soon. She suggested that customers check back with their local store or online for availability updates.
A China Unicom representative was not immediately available for
The rupee scaled its highest level in four-and-half-months on Monday morning boosted by gains in local shares and broad weakness in the dollar versus major currencies overseas on Friday
* At 9:45 am, the partially covertible rupee was at 45.16/17 per dollar, off a high of 45.13--its highest since May 14--and above than 45.25/26 at close on Friday.
* The dollar hovered near five-month lows against the euro and eight-month lows against a basket of currencies on Monday, pausing after steep losses last week and keeping the euro from pushing to new highs above $1.3500.
* Strong foreign fund flows into the stock market have been a key factor for the rupee, which posted its best weekly gain in three months last week.
* Foreigners have moved $4.5 billion into Indian shares this month, taking net investment so far in 2010 to $17.4 billion and helping the index gain 14.8 per cent.
* Indian shares on Monday climbed more than 1 per cent t
Gold ticked higher near a lifetime high on Monday and could make another attempt to break $1,300 an ounce as worries about the global economy linger, while silver rose to a 30-year high on rising investment demand
Silver, often considered the poor man's gold, has gained nearly 30 per cent this year, attracting interest as a cheaper alternative. Platinum and palladium tracked shares higher.
Spot gold added $2.88 to $1,298.48 an ounce by 0530 GMT after hitting a record at $1,299.95 on Friday on a weaker dollar and economic uncertainty after the Federal Reserve raised expectations of new measures to stimulate growth.
\"I think gold actually will make a second attempt to breach this $1,300 level. This level is really a key technical and psychological barrier for gold that will be cautiously watched by gold investors,\" said Ong Yi Ling, investment analyst at Phillip Futures in Singapore, adding that a breach of the level would help silver.<
Traders work on the floor of the New York Stock Exchange
Global stock underwriting proceeds have slipped nine per cent so far this year as investors prove less willing to take risks amid an uncertain economic recovery.
Proceeds from global equity capital markets underwriting activity have fallen to $496.14 billion from $544.96 billion so far this year.
But the number of deals has increased 5.6 per cent to 2,817 deals compared with a year earlier as banks have been willing to underwrite smaller offerings.
Globally, JPMorgan Chase & Co nabbed the top spot among banks for equity capital markets (ECM) underwriting in the first three quarters of 2010, but it hauled in less than half of what it did a year earlier.
The bank kept its No.1 ranking, with Morgan Stanley in the No 2 spot, while Goldman Sachs was third.
JPMorgan brought in proceeds of just $39.5 billion compared with $80.07 billion a year earlier.
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