Cut taxes or face petrol price hike: IOC to government
Posted on April 17, 2012
Filed under Business
Cut taxes or face petrol price hike: IOC to government
New Delhi State-run oil companies have served an ultimatum to the government that they will raise petrol prices by Rs 9.6 a litre if excise duty is not cut or they are not provided compensation for Rs 49-crore per day loss on fuel sale. “We have been very patient, not raising prices since December despite our cost of production spiralling. But there is a limit to which we can borrow money and produce fuel for the country,” Indian Oil Corp Chairman RS Butola said
Vodafone threatens to drag govt to international arbitration proceedings
Posted on April 17, 2012
Filed under Business
Vodafone threatens to drag govt to international arbitration proceedings
New Delhi Terming the move to amend tax laws with retrospective effect as “denial of justice”, telecom giant Vodafone Tuesday threatened to drag the government to international arbitration if it was made liable to pay Rs 11,000 crore in taxes over a 2007 acquisition. The company’s Dutch unit, Vodafone International Holdings BV, today served a notice of dispute to the Indian government, invoking an investment treaty between India and the Netherlands. A proposal contained in the Finance Bill 2012 aims to amend law to retrospectively tax cross-border transactions dating back to April 1, 1962.
Google says Oracle sued after own market failure
Posted on April 17, 2012
Filed under Business
Google says Oracle sued after own market failure
SAN FRANCISCO (AP) — A Google lawyer is seeking to convince a jury that Oracle sued the search company for copyright infringement only after Oracle failed in its own attempts to build mobile software.The depiction emerged Tuesday as Google lawyer Robert Van Nest framed the company’s defense against Oracle Corp.’s allegations that Google Inc. stole some of the technology used in its Android software for smartphones and tablet computers. It marked the second day of a trial expected to last up to 10 weeks in a federal court in San Francisco.After Google’s opening arguments, Oracle called CEO Larry Ellison to the stand.The showdown revolves around Oracle’s allegations that Android infringes on the patents and copyrights of Java.
Rate cut to boost investment; govt to take more steps: Pranab
Posted on April 17, 2012
Filed under Business
Rate cut to boost investment; govt to take more steps: Pranab
New Delhi The Reserve Bank’s decision to cut lending rate by 0.50 percent will encourage investments, Finance Minister Pranab Mukherjee said on Tuesday, while assuring the government will also take additional steps to boost growth and control price rise. “The growth, which has weakened in past months, should now improve,” he said
Centre increases import duty on Apple to 50 percent
Posted on April 17, 2012
Filed under Business
Centre increases import duty on Apple to 50 percent
Considering the long pending demand of the state, the Union government has increased the import duty on Apples from existing 30 percent to 50 percent. This was announced by the Union Minister for Industry and Commerce, Mr. Anand Sharma during his recent visit to Himachal. “A basic import duty of 50 percent is levied on apples imported into India as against basic import duty of 30 percent on other fruits and vegetables”
Sensex spurts 222 points after rate cut by RBI
Posted on April 17, 2012
Filed under Market
Sensex spurts 222 points after rate cut by RBI
Mumbai The BSE benchmark Sensex spurted by over 222 points in mid session trade on Tuesday after the Reserve Bank cut short-term leading rate to support the economic growth. The 30-share index spurted by 222.33 points to trade at 17,373.28 soon after RBI announced cut in short-term lending rate, repo rate, by 0.50 percentage point. Similarly, the National Stock Exchange Nifty index shot up by 67.20 points to 5,293.40 points.
Hollywood warms to China’s new openness
Posted on April 17, 2012
Filed under Business
Hollywood warms to China’s new openness
LOS ANGELES (AP) — There’s a new breach in China’s great cultural wall and Hollywood is cautiously moving in.Disney’s announcement Monday that it will make “Iron Man 3″ in partnership with a Chinese company is the latest sign that movie studios are warming to China’s new openness.For decades, China has capped the number of foreign films it allows into the country. Until recently, the limit was 20, but in February Chinese officials announced that they are increasing the quota to 34.China said it will also allow foreign studios to garner a greater share of box office revenue. Foreign companies can now expect to earn 25 percent of their movies’ ticket sales in China, up from between 13.5 and 17.5 percent.The changes are a significant move for a bureaucracy that is leery of outside cultural influences and competition from foreign films.
Income Tax department issues notice to Bharti-Airtel on overseas roaming charges
Posted on April 16, 2012
Filed under Business
Income Tax department issues notice to Bharti-Airtel on overseas roaming charges
New Delhi The Income Tax department has issued fresh notices to telecom giant Bharti Airtel in connection with taxation of overseas roaming charges for additional two financial years. The department has issued the notices for financial years 2001-02 and 2006-07 to the company after recently issuing a Rs 1,067-crore tax demand notice for non-payment of TDS dues in the last four financial years in connection with its overseas operations. Bharti Airtel, which has approached the Delhi High Court against this I-T order, has recently made an interim payment of Rs 236.9 crore in this regard.
Google faces court following Oracles claoim on copyright infringement
Posted on April 16, 2012
Filed under Business
Google faces court following Oracles claoim on copyright infringement
SAN FRANCISCO (AP) — Oracle and Google are set to face each other in court in San Francisco on Monday.The dispute hinges on Oracle’s allegations that Google’s widely used Android software for mobile devices infringes on copyrights and patents that Oracle acquired when it bought Sun Microsystems Inc.
Sensex up 56 pts in range-bound trade oon hopes RBI may lower lending rate
Posted on April 16, 2012
Filed under Market
Sensex up 56 pts in range-bound trade oon hopes RBI may lower lending rate
In restricted movement, the BSE benchmark Sensex on Monday closed 56 points up on late buying in banking and auto stocks as slight slip in inflation raised hopes that RBI may lower lending rate at annual credit policy announcement tomorrow. After moving between 17,010.16 and 17,173.06, the BSE 30-stock index, Sensex, closed 56.44 points or 0.33 per cent up at 17,150.95. In all, 15 stocks advanced and 14 decline, while Wipro closed unchanged.
Piramal acquires Bayer’s molecular imaging portfolio
Posted on April 16, 2012
Filed under Business
Piramal acquires Bayer’s molecular imaging portfolio
Mumbai Drugmaker Piramal Healthcare on Monday said it has entered into an agreement to acquire worldwide rights to the molecular imaging research and development portfolio of Bayer Pharma AG. The portfolio includes rights to florbetaben, which helps detect beta-Amyloid plaque deposition in the brain ?
25 million gigabytes of data in Megaupload server nobody knows what to do with it
Posted on April 16, 2012
Filed under Business
