Page 1542 - Business Finance
Fuel tax disparity could lead to Rs 700-cr revenue loss to Punjab: Dealers
Petroleum dealers of Punjab Monday urged Finance Minister Manpreet Singh Badal to bring uniformity in taxation on fuel, saying that high tax rates in the state was leading to rampant smuggling of petrol and diesel which would cause a revenue loss of Rs 700 crore to the state exchequer. A delegation of the Punjab Petroleum Dealers Association met Badal here and apprised him of problems being faced by fuel pump owners because of prevailing high tax rates in Punjab in comparison to neighbouring states. Association member Ashwinder Singh Mongia said Punjab levies 17.28 on diesel and 36.85 on petrol which was more than what neighbouring states Himachal Pradesh, Haryana, Jammu and Kashmir and UT Chandigarh levy on petroleum items. Citing an example, he said that difference between retail petrol price in Punjab and Chandigarh was Rs 9.53 per litre and similarly diesel is costlier by Rs 3.85 per litre in Punjab than Chandigarh. "Because of big difference between retail price of fuel, rampant .
Mahindra inks pact to increase its equity in associate firm Sampo to 49.04pc
Mahindra & Mahindra said Monday it has inked a share subscription agreement with its Finland-based associate firm Sampo Rosenlew to increase its stake to 49.04 per cent from the existing 35 per cent for Rs 37.74 crore. "The company has signed a Share Subscription Agreement with Sampo Rosenlew Oy, Finland, an Associate of the Company ("Sampo") and has agreed to subscribe to 822 equity shares and 192 compulsorily convertible preference shares. Pursuant to this, the voting rights of the Company in Sampo would increase from 35 per cent to up to 49.04 per cent," a BSE filing said. According to statement total acquisition cost is Euro 46,59,534 (equivalent to around Rs 37.74 crore at the foreign exchange rate of Rs 81 per Euro). It will acquire 822 equity shares at Euro 3,333 per share and 192 CCPS at Euro 9,999 per CCPS. The acquisition of share would be completed in four weeks. The Sampo was founded in 1853 and is based out of Pori, Finland. Sampo is a manufacturer of combine ...
Regulator cautions banks to prepare for Brexit amid uncertainty
FRANKFURT (Reuters) - European banks should prepare themselves and their customers for the risk of an abrupt departure by Britain from the European Union, one of the bloc's top regulators warned on Monday.
France to push ahead with digital tax starting January 1
France will push ahead with its own tax on large internet and technology companies from January 1, Finance Minister Bruno Le Maire said Monday, as the European Union struggles to finalise a new EU-wide levy. France has been driving hard for a new so-called "GAFA tax" -- named after Google, Apple, Facebook and Amazon -- to ensure the global giants pay a fair share of taxes on their massive business operations in Europe. "The tax will be introduced no matter what on January 1 and it will be for the whole of 2019, for an amount that we estimate at 500 million euros (USD 570 million)," Le Maire told a press conference in Paris. In addition to taxing direct sales, France will also require the companies to pay a levy on "advertising revenues, websites and the resale of private data," he said, after a meeting with Russia's economic development minister Maxim Oreshkin. Under EU law, American technology titans like Google and Facebook can choose to report their income in any member state, ...
Govt extends duty benefit for export of 3 products
The government Monday extended a duty benefit of 5 per cent for the export of Sal oil, Kokam oil, and mango butter under a scheme. The benefit is provided under the Merchandise Exports from India Scheme (MEIS). "Sal oil, Kokam oil, and mango butter (cultivated) have been made eligible for MEIS benefits at the rate of 5 per cent for exports," the Directorate General of Foreign Trade (DGFT) said in a public notice. Rewards under the scheme are payable as percentage of realised free-on-board value and MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty.
Madras High Court bans online medicine sales
The Madras High Court on Monday banned the sale of medicines online till the central government notifies the regulations.
White House adviser Navarro says no need for Fed rate hike
WASHINGTON (Reuters) - White House trade adviser Peter Navarro said on Monday that the Federal Reserve should not raise interest rates on Wednesday because the U.S. economy is growing without inflation, and the central bank's monetary policy should be more data-dependent.
Wadia defamation case: Court issues notices to Tata, others
A local court has issued notices against Tata Sons former chairman Ratan Tata, present chairman N Chandrasekaran and eight directors of the group along with the group chief operating officer in a defamation complaint filed by Wadia group chairman Nusli Wadia. The notices were issued by the Esplanade court of Additional Chief Metropolitan Magistrate MI Lokwani last Saturday and posted the matter for further hearing on March 25, 2019. Wadia had recorded his statement on December 14. Apart from Tata and Chandrasekaran, the other respondents are Ajay Piramal, Amit Chandra, Ishaat Hussain, Nitin Nohria, Ranendra Sen, Vijay Singh, Venu Srinivasan, Ralf Speth and F N Subedar, the group chief operating officer. Wadia filed the complaint in 2016 after he was voted out of some of the group companies, where he was a board member, claiming that Tata and the others had made defamatory statements against him after they removed Cyrus Mistry on October 24, 2016 as the group chairman of Tata ...
IL&FS to sell domestic road assets held by ITNL
MUMBAI (Reuters) - India's Infrastructure Leasing and Financial Services Ltd (IL&FS) said on Monday it had begun the sale of its domestic road assets within its IL&FS Transportation Networks Ltd (ITNL) subsidiary.
Telecom export body seeks ban on Chinese telecom gears
An Indian telecom export body has requested National Security Advisor Ajit Doval to ban purchase of equipment from Chinese companies like Huawei, ZTE and Fiberhome for government networks, claiming that they can pose a serious national security threat. "Ban the procurement of any Chinese telecom equipment in any government telecom network (centre or state), including power, rail, defence and PSUs. We believe that indigenous equipment makers already have the products, IPR as well as manufacturing capability and capacity to address these needs," Telecom Export Promotion Council (TEPC) Chairman Shyamal Ghosh said in a letter to Doval. The TEPC has been set-up by the government to promote telecom export from India. Telecom industry body COAI, however, said that the TEPC demand to impose restrictions on Huawei and other Chinese firms is without any merit. "We are also surprised to note that such allegations have been posed by TEPC without any proof and background check," COAI said in a ...
Infibeam partners Suvidhaa Infoserve
BSE-listed Infibeam Avenues Monday said it has forged an alliance with Suvidhaa Infoserve for last-mile delivery of financial products and services. Both companies are planning to develop an omni-channel marketplace, whereby Infibeam.com will be connected to Suvidhaa's vast network of 91,000 outlets under 4,500 pin codes, a statement said. Suvidhaa Infoserve distributes personal loan, business loan, investment in mutual fund, insurance, banking services such as bank account opening and deposits, and prepaid cards as well as utility bill payments and assisted e-commerce. As part of the agreement, Suvidhaa will acquire 5 per cent stake at Rs 25 crore, valuing Infibeam.com at Rs 500 crore, the statement said. Infibeam.com is a marketplace operated by NSI Infinium Global, which is wholly-owned subsidiary of Infibeam Avenues Ltd. At a later date, Infibeam Avenues will divest the subsidiary to Suvidhaa through the scheme of amalgamation. Shapoorji Pallonji Mistry is an angel investor and ...
Global Markets: Stocks dip as 'Christmas rally' proves elusive, oil rises
NEW YORK (Reuters) - Broad stock declines in Europe and the United States dragged world equity markets lower on Monday, adding to a sell-off that has sent global stocks near 17-month lows.
EDs of state-run banks can become SBI MD
The Executive Directors (EDs) of nationalised banks are now eligible for the post of Managing Director (MD) of country's largest State Bank of India (SBI).
IL&FS group to sell stake in road assets to raise funds
IL&FS group, which sits on a debt pile of about Rs 90,000 crore, said Monday it will sell equity stakes in its road assets to raise funds. In order to ascertain market interest and to examine feasibility of maximisation of value in an orderly and transparent manner, the IL&FS board, acting on behalf of its relevant subsidiaries including ITNL Monday initiated the process of exploring divestment of IL&FS group's equity stakes in road assets, the group said in a statement. It will sell assets in seven operating annuity based road projects in various parts of the country aggregating 1,774 lane kilometres; eigtht operating toll-based road projects aggregating about 6,572 lane km and four under construction road projects which would aggregate nearly 1,736 lane km upon completion. Besides, three other assets and businesses which are EPC & O&M businesses of IL&FS Transportation Networks Limited (ITNL) and a sports complex in Thiruvananthapuram are also to be ...
KTK suffers Rs 250 crore loss in leasing govt revenue land:CAG
The Karnataka government has suffered nearly a loss of Rs 250 crore due to discrepancies in granting and leasing of government revenue land pertaining to 2012-13 to 2016-17 audit period, according to a Comptroller and Auditor General of India (CAG) report. "By way of random sampling done in 30 taluks from 11 districts, we have found out that the government has suffered revenue loss of nearly Rs 250 crore in granting and leasing revenue lands relating to to 2012-13 to 2016-17 audit period," Accountant General (Economic and Revenue Sector Audit Karnataka) Bijit Kumar Mukherjee told reporters here. The report on "Grant, lease, eviction of encroachment and regularisation of unauthorized occupation of government lands' was tabled in the Assembly during the session at Belagavi Monday. As much as Rs 176 crore revenue loss was suffered by way of ineligible concession in land price granted in 51 cases, besidees another Rs 35.40 crore due to non-adoption of principles of central .
IAF flies India's first bio-jet fuel blended sortie
A team from the Aircraft Systems and Testing Establishment (ASTE), Indian Air Force's (IAF) premier testing establishment, flew India's first military flight using blended bio-jet fuel on Russian-made An-32 transport aircraft here on Monday.The aircraft was flown by experimental test pilots and test engineers from ASTE. The project is a combined effort of IAF, Defence Research, and Development Organisation (DRDO), Directorate General Aeronautical Quality Assurance (DGAQA) and CSIR-Indian Institute of Petroleum.The IAF carried out extensive engine tests of the sortie on the ground. This was followed by flight trials using 10 per cent bio-jet blended ATF. The fuel is made from Jatropha oil sourced from Chhattisgarh Biodiesel Development Authority (CBDA) and then processed at CSIR-IIP, Dehradun.In July, Air Chief Marshal BS Dhanoa had announced IAF's intention to promote bio-jet fuels. Addressing the CII-SIDM seminar on promoting indigenised technologies, the Air Chief Marshal had stated
Wall Street drops 1 percent as health stocks weigh; Nasdaq erases 2018 gains
(Reuters) - Wall Street slid 1 percent on Monday, led by healthcare stocks after a federal ruling that Obamacare was unconstitutional, with the decline in the market-leading sector further unnerving investors already concerned about slowing global growth.
SIS acquires controlling stake in Bangalore-based Uniq
Security services provider Security and Intelligence Services (SIS) on Monday announced the acquisition of majority stake of Bengaluru-based Uniq Detective and Security Services.
Tata Steel, ThyssenKrupp unveil executive board for 50-50 JV
Tata Steel and ThyssenKrupp on Monday unveiled the members of the management board for their planned 50-50 European steel joint venture (JV) announced earlier this year. Andreas Goss, currently Chief Executive Officer (CEO) of ThyssenKrupp's steel division, will be the future CEO of the proposed JV and chair the management board of ThyssenKrupp Tata Steel BV, the Indian steel major and German company announced. "This marks an important step forward in our preparations towards establishing the planned joint venture," said T V Narendran, CEO and Managing Director, Tata Steel. "I firmly believe that the designated management board has a strong combination of industry and leadership experience needed to ensure a successful and sustainable future for the proposed ThyssenKrupp Tata Steel joint venture," he said. The rest of the JV top team includes HansFischer, currently the CEO of Tata Steel Europe, who will be the Deputy CEO and Chief Technology Officer of the JV. Sandip Biswas, currently
Google joins tech move east, to invest USD1 bn in New York campus
Google became the latest US tech giant to announce a major expansion plan, unveiling a USD 1 billion investment Monday to create a new campus that could double its New York City workforce to 14,000. The move by Google comes following Amazon's announcement of new headquarters sites in New York and suburban Washington DC worth some USD 5 billion, and Apple's USD 1 billion expansion to Texas and other areas. Google parent Alphabet's chief financial officer Ruth Porat said it would lease large office buildings in lower Manhattan, which will become the centerpiece of a campus of more than 1.7 million square feet (160,000 square meters). The new campus, which should be operational starting in 2020, will be known as Google Hudson Square and "will be the primary location for our New York-based Global Business Organization," Porat wrote in a blog post. "New York City continues to be a great source of diverse, world-class talent -- that's what brought Google to the city in 2000 and that's what .