Troubled Galaxy Destroyed Dreams, chapter 446
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
Base year change to help FM keep deficit at 6.5%
NEW DELHI: Finance minister Pranab Mukherjee will start with a big statistical advantage when he presents the budget for 2010-11 , which is
With the revision in the base year, the GDP at market prices for 2008-09 is estimated at 55,74,449 crore as against Rs 53,21,753 crore estimated in the earlier series and used in the fiscal deficit calculations in budget for 2009-10.
The government had assumed a 10.05% growth rate in GDP (at market rates). If the same rate of growth is assumed for the current fiscal, then the absolute GDP at market prices will be 61,59,766 crore in the new series, against Rs 58,56,569 crore assumed in the budget.
Assuming that the fiscal deficit remains at Rs 4,00,996 crore, on a higher GDP the deficit as a percentage will drop to 6.5%, against 6.8% provided in the budget, giving the FM a straight statistical advantage of 0.3 percentage points.
To put it simply, with this upward revision in the country's income under the new series has brought down the fiscal deficit relative to the GDP. However, this is only a statistical comfort that does not allow the country to escape the consequences of the high fiscal deficit if it were not reined in quickly. Pronab Sen, country's chief statistician said that the change in base year does bring some statistical advantage but it was nothing dramatic.
Thus, this statistical advantage is unlikely to change the thinking of the key policymakers in the government that India showing strong signals of revival now needs to apply brakes and curtail spending. "This is just a statistical benefit... the government should start tightening now and come out with a credible strategy in place for reducing its fiscal deficit," said D K Joshi, principal economist, Crisil.
Indeed, officials in government feel that the forthcoming budget will be aggressive on fiscal consolidation as policymakers cannot allow the situation to deteriorate further , a senior government official privy to the discussions told ET.
"The government wants to make a strong statement on returning to fiscal discipline in the budget," he added.
High fiscal deficit will put pressure and interest rates and thereby stifle private investment . Also, any further worsening in the country's public finances will leave the government ill-equipped to tackle any future external shocks. The government's borrowing for the current year is pegged at over Rs 4 lakh crore.
Such large borrowing can put pressure on interest rates when demand for private credit picks up.
Mr Mukherjee had pegged the fiscal deficit , which is the difference between the government's total expenditure and its total receipts less borrowings, at 6.8% for the current financial year, pressing the pause button on fiscal discipline to provide stimulus to the economy hit by global crisis.
http://economictimes.indiatimes.com/News/Economy/Policy/Base-year-change-to-help-FM-keep-deficit-at-65/articleshow/5529634.cms
10 most-overlooked tax deductions
Comment 
Mail to friendBy Sanjeev Sinha, ECONOMICTIMES.COM
It is that time of the year again when people start looking for ways to lower their tax bill. After all, there's nothing more demoralizing than watching your hard-earned income get slashed by taxes.
Still, every year lakhs of taxpayers overpay their taxes just by overlooking the breaks they deserve. The prime reason being that tax claims and deductions have been the most cumbersome process for an individual, and one is more likely to forget some breaks while making a claim.
You can, however, cut your tax bill just by claiming all the breaks you deserve. Here we take a look at some of the most overlooked tax deductions:
Petro potion tickles & rattles - Radical proposals to raise prices leave govt with unenviable option |
| OUR SPECIAL CORRESPONDENT |
 |
New Delhi, Feb. 3: The Manmohan Singh government has been served a chalice of petroleum reforms too bitter to swallow politically but irresistible economically. Transportation and kitchen fuel prices could rise if the government marshals courage to accept the sweeping recommendations made by a committee that suggested market-determined pricing of petrol and diesel, an increase of Rs 100 per cooking gas cylinder and a Rs 6-per-litre hike in the price of kerosene sold through ration shops. "The current petroleum product pricing of the government is not sustainable," said Kirit Parikh, chairman of the committee, after submitting the report today to petroleum minister Murli Deora. Deora later said the Parikh report would be placed before the cabinet for discussion within a week. "We are very keen not just to discuss (the report) but also see what can be done for consumers and the government," Deora added. Parikh believes that the government, which is under pressure to put a lid on rising subsidies, will be receptive to the radical proposals. (See chart) "This is the best time to free prices of petrol and diesel. The price increases will be very low now…. You ought not to wait for crude oil prices to touch $120 a barrel," he added. Crude oil prices are currently hovering around $76 a barrel. Industry sources said the price of petrol could go up by Rs 4.70 per litre and diesel by Rs 2.30 per litre if the government grants pricing freedom to the state-owned oil marketing companies like Indian Oil Corporation. The economics may be right but the proposals have come at a time the government is battling price rise in a year elections will be held in Bihar. Analysts expect political pragmatism to override economic wisdom, prompting the government to adopt only a few token measures. "The government has to bite the bullet sometime but the quantum of the increase may not be as much as suggested by the panel," said D.K. Joshi, economist with rating agency Crisil. Political parties said they would oppose any move that raised the prices of essential commodities. "We are confident that the government would keep the larger picture in mind while arriving at an appropriate decision," said Congress spokesperson Manish Tiwari. The government, which rode to power on the populist aam admi plank and the slogan of inclusive growth, will be hard pressed to raise the price of kerosene sold through the ration shops which hasn't been changed since March 2002. The committee felt that a price of Rs 15 per litre was justified as 35 per cent of kerosene sold through the ration shops was being diverted for unauthorised purposes including adulteration of diesel. The committee believed that an inflated fuel bill for motorists – estimated at a maximum of Rs 1,000 a month for car owners based on an all-India average of driving distances and assuming global crude oil prices surge to $120 a barrel from current levels – is entirely bearable. People who live in the metros may have to pay somewhat more. The more realistic medium-term assumption is that car owners in metros should expect a Rs 7 per litre hike in petrol prices, which would translate into a little over Rs 600 increase in monthly petrol bills if crude oil prices stay under $80 a barrel. In the case of two-wheeler owners, the committee says the additional increase will be only Rs 50 a month (on the basis of an all-India average of driving distances and fuel efficiency standards) or Rs 80 a month in metros. In the unlikely event that crude prices surge to $ 120 a barrel, the two-wheeler owners will have to pay just Rs 160 more every month – which it reckons isn't going to be hard on the pocket. The committee also said that there was no social reason to subsidise gas-guzzling sports utility vehicles (SUVs) and, therefore, proposed diesel prices should also be market determined. |
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News results for Fuel Prices in India
The HinduGovt to steer cautiously on fuel price subsidies - 5 hours ago
"China has been changing fuel prices more frequently as compared to past years despite the fact that some problems in India and China are very similar," ...Moneycontrol.com - 383 related articles »
Food inflation up 17.56% yoy on January 23 - Economic Times - 68 related articles »INDIA: GOVT MAY NOT GO FOR STEEP HIKES IN FUEL PRICES - Brunei News, Brunei Headlines from Brunei fm Comparison of Global Petrol Prices across the world with India
(iii) the Price you are paying right now for your petrol/ gas. ... May Oil prices come down for the good of all of us. .... Petrol Prices in India ...
www.kshitij.com/research/petrol.shtml - Cached -IndianOil Corporation | Home
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3 Feb 2010 ... The Kirit Parikh committee on Wednesday suggested total decontrol of oil prices, while recommending an immediate increase in prices of ...
timesofindia.indiatimes.com/biz/india...for...fuel-prices.../5531531.cms -Govt may not hike fuel prices - India Business - Biz - The Times ...
4 Feb 2010 ... A day after an expert group suggested freeing petrol and diesel prices and steep hikes in LPG and kerosene rates, the government on Thursday ...
timesofindia.indiatimes.com/.../india...fuel-prices/.../5535576.cms - 3 hours ago -Panel suggests deregulation of fuel prices - Yahoo! India News
3 Feb 2010 ... New Delhi, Feb 3 (IANS) A government-constituted panel on oil pricing reforms Wednesday suggested total decontrol of pricing of auto fuels ...
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Cut Them LooseTimes of India - 37 minutes ago The Kirit Parikh committee's recommendations to deregulate motor fuel prices and rationalise kitchen fuel rates break no new ground. ... Govt to steer cautiously on fuel price subsidies Moneycontrol.com India to consider fuel price deregulation proposal Economic Times Food inflation up 17.56% yoy on January 23Economic Times - 8 hours ago "If fuel prices are freed, that will lead to increase in fuel, food and wholesale price inflation, though politically I don't see that happening as of now," ... Food inflation continues its northern spiral in India Earthtimes (press release) Global cues, food inflation drag marketsBusiness Standard - 5 hours ago ... less than forecast, metal stocks mirrored the fall in metal prices on the London Metal Exchange and auto stocks skid on fears of a hike in fuel prices. ... Metals, realty drag markets down NDTV.com Nifty slips to 4900; GAIL, ONGC, BPCL buck trend Economic Times Sensex retreats on profit booking metals cap goods slip Moneycontrol.com India shares drop 1.6 pct, inflation concerns weighReuters - - 4 hours ago State-run oil marketing companies were mixed after a report recommended deregulating fuel prices, with traders not convinced the government would take such ... Essar Still In Talks With Shell To Buy Three RefineriesWall Street Journal - 5 hours ago India's state-run fuel retailers sell diesel, gasoline, kerosene and cooking gas at government-mandated prices which are usually at a discount to market ... How does one pick those multibagger stocks?Equitymaster.com - 5 hours ago It has traditionally shielded consumers from high fuel prices even though it has affected the financial health of downstream oil companies. ... Fuel prices recorded growthBloombergUTV - 8 hours ago The report has suggested, complete deregulation of petrol and diesel prices. The current oil prices are controlled by government in India. ... Indian shares fall; state-run oil marketing cos upReuters - 10 hours ago Oil minister Murli Deora said on Wednesday the government will shortly consider a proposal that it give up control of fuel prices, a move which would ease ... Indian shares to open lower; ONGC, Sterlite watchedReuters India - 11 hours ago Government will shortly consider a proposal that it give up control of fuel prices, the oil minister said on Wednesday, a move which would ease pressure on ... Indian stock market and companies daily report (February 04, 2010, Thursday)Stock Markets Review - - 8 hours ago The key takeaway of the Kirit Parekh committee report is to completely de-regulate Petrol and Diesel prices. On the cooking fuel front, the committee has ... Stay up to date on these results: |
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Oil stocks surges up to 3 pct on Parikh report!Food inflation goes north, up 17.56 pct!Centre bets on direct tax surge!The Greatest Pre budget Joke breaks in News as Centre to ask state govts to rationalise taxes on food items to check price rise!India received $1.5 billion foreign direct investment in December 2009, an increase of over 10 per cent over that in the same month of previous year, a government official said on Thursday...
India to consider fuel price deregulation proposal!
FDI inflows rise to $1.5 bn in Dec 2009...FIIS control the Shining Sensex Zionist Brahaminical Economy as well as Politics in the Bonded Periphery of US War and Weapon Nuclear Economy shot Rocket High with Modified Energy Crisis and False Environment Alarm stimulating High Prices, Food Insecurity, Economic Ethnic Cleansing, Starvation, Job Loss, Depression, Genocide Culture, Ethnonationalism, Casteology, Free Market, Knowledge Economy, Outsourcing, False Recession, Manipulated Growth Rate, Hidden Deficit, Imbalance of Payment, Privatisation of Services, India Incs Governance and Legislation,man Made calamities and Pandemics, Extremism, Terror strikes and Maoism, Gas Chambers, Displacement and EXODUS, Deportation and Persecution, Nuclear Biological Chemical Armament, Destruction of Indigenous Production system, Slaughter of Labour and Peasantry and so On.. Budget is being Prepared with an agenda of Mass Destruction and Fuel Management and Price Fixing show the Way out holding Power for Manusmriti Rule and LPG Mafia foreign Originated!
How to Protect Common Man Interest, Just Learn From the Zionist Ruling Dynasty as STEEP Hike in Fuel Prices Imminent Systematically with Sustained shock Absorber!Meanwhile,The BSE Sensex dropped 1.64 percent on Thursday to end just above a three-month closing low set earlier this week, with financial stocks falling as a rise in food prices heightened concerns of broader inflation...While Oil prices extended losses in Asian trade Thursday on a weaker equities market and a build-up in US crude inventories, analysts said. New York s main futures contract, light sweet crude for delivery in March, fell 17 cents to USD 76.81 per barrel....
Petroleum Minister Murli Deora has said that the Central Government would shortly consider a proposal to deregulate fuel prices.
"We will see and discuss this report that how best it will be implemented, when it goes to the cabinet. Then the cabinet will decide," Deora told reporters after Kirit Parikh, head of the panel on oil prices, submitted its report to the government here on Wednesday.
However Parikh said it is good time to free prices because the petrol and diesel prices increases will be very low. This could result in an increase of three rupees per liter each for petrol and diesel.
"We have not overlooked the ongoing inflation in the country. I have made it clear that when the prices of petrol and crude oil increases in the international market, and since we import 80 percent of petrol and crude oil from outside, so the price rise is expected. Someone has to bear the burden if such steps are not taken," he added.
The committee also suggest a transparent and effective distribution system for PDS kerosene and domestic LPG can be ensured through smart cards. Until that becomes operations, kerosene allocation across states should be rationalized which would bring down all-India allocation by at least 20 per cent.
The Parikh Committee is India's third such panel set up to fix anomalies in the fuel pricing system in the energy-hungry nation.
The food price index rose 17.56 per cent in the 12 months to Jan. 23, strengthening the case for more government steps to tame rising prices in the budget, while the fuel price index was up 5.88 per cent, the government said on Thursday.
The rise in the food price index was higher than an annual rise of 17.40 per cent in the previous week.
Finance Minister Pranab Mukherjee will present India's annual budget for 2010/11 on Feb. 26.
India's annual wholesale inflation picked up to 7.31 per cent in December 2009, compared with 4.78 per cent in November.
The central government is expected to strongly emphasise on states the need to rationalise their tax structure on foodgrains and sugar to bring down price of essential commodities at the forthcoming meeting of state chief ministers later this week.
Prime Minister Manmohan Singh will hold the review meeting on food prices with state chief ministers.
According to official sources, agriculture minister Sharad Pawar is also expected to list the steps taken by the central government including extension of deadline for white and raw sugar, extra allocations of wheat and rice over normal PDS supplies announced after the meeting of cabinet committee on prices last month.
Already, Rajasthan has waived the value-added tax (VAT) on sugar to bring down prices.
But, still the effective tax on sugar in some states like Jharkhand and Uttarakhand is as high as 12.5%, which includes VAT and other taxes which the Centre would request to rationalise to bring down food prices.
The effective tax (VAT and others like mandi tax and entry tax) on wheat in states like Haryana and Punjab is around 10.5% and 12.5%, while in Andhra Pradesh it is around 11.5%.
"The states would be asked to lower the additional taxes on foodgrains like mandi tax, entry tax to make them cheaper," sources added.
Last month, the Centre announced a host of measures to check price rise, which included offloading an additional 2.2 to 3 million tonne of wheat and rice in open market, extending the deadline for white sugar imports till December 31, 2010, allowing sugar mills to process imported raw sugar in other states as well and directing Nafed and NCCF to sell cheap edible oils and pulses in states where the offtake from the central scheme is less.
India received USD 1.5 billion foreign direct investment in December 2009, an increase of over 10 per cent over that in the same month of previous year, a government official said on Thursday.On the other hand, Shares of oil companies rose up to 4 per cent on the Bombay Stock Exchange (^BSESN : 16224.95 -271.1) after a report by an expert panel which suggested freeing fuel prices.
Shares of Gail India (GAIL.NS : 418.7 +13) surged 3.34 per cent to a high of Rs 419, while Indian Oil Corporation jumped 2.43 per cent to Rs 324 in early trade.
The 10-share BSE Oil & Gas index rose by 67.21 points, or 0.67 per cent, to 10,058.10 points.
Other major gainers were ONGC (ONGC.NS : 1139.6 +5.8) (1.80 per cent), HPCL (HPCL.BO : 353 -3) (1.56 per cent) and BPCL (BPCL.NS : 583 +2.95) (1.30 per cent).
Marketmen said that shares of oil companies rose on hopes that suggestions given by the expert panel if implemented would have a positive impact on their balance sheets.
Among the companies which fell marginally were Aban Offshore (-0.61 per cent), Reliance Natural Resources (-1.38 per cent) and Reliance Industries (RELIANCE.NS : 1019.15 -14.8) (-0.07 per cent).
Yesterday, the Prime Minister-appointed expert committee headed by Kirit Parikh suggested freeing of petrol and diesel prices and raising LPG rates by Rs 100 per cylinder and kerosene by Rs 6 per litre.
Freeing petrol and diesel prices would result in an increase of Rs 3 per litre in petrol prices and Rs 3-4 in diesel prices.
Foreign direct investment was USD 1.36 billion in December 2008.The government is banking on a rising direct tax receipts to fund a growing expenditure budget as macroeconomic managers wonder how to balance development spending with a yawning fiscal deficit.
A senior official said the government is likely peg the real gross domestic product (GDP) growth rate for 2010-11 at 8 per cent with direct tax collections for 2010-11 set at over Rs 4 lakh crore, up from Rs 3.7 lakh crore in the previous year.
The government is also hoping higher direct tax revenues, aided by surging incomes, would raise the tax-to-GDP ratio to about 12 per cent in 2010-11.
The tax-to-GDP ratio rose from 9.2 per cent in 2003-04 to 12.6 per cent in 2007-08, but the economic downturn pulled down the ratio as to less than 11 per cent in 2008-09 as tax revenues fell sharply on the back of lower corporate earnings.
"The short-term objective is to bring back the ratio to about 13 per cent by 2012-13," said the official.
"In view of the nascent signs of recovery in the Indian economy as well as the world economy during the last few months, the direct tax revenue is estimated to show higher buoyancy," the official said.
Aided by consumer spending, the economy grew 7.9 per cent year-on-year during the GDP growth had slowed to 6.7 per cent in 2008-09 after clocking an average of 9 per cent for four straight years.
The overseas inflows, however, declined marginally to USD 20.9 billion in April-December compared to USD 21.15 billion in the corresponding period last year, the official said.
This is the third consecutive month that FDI inflows have posted a healthy year-on-year jump.
In October 2009, FDI grew by 56 per cent to USD 2.3 billion, while in November it surged by 60 per cent to USD 1.74 billion against USD 1.08 billion in November 2008.
In a move to push FDI inflows further, the Commerce and Industry Ministry has released a draft document that consolidates FDI policy notified through 177 Press Notes so far into a single regulatory framework.
The move is aimed at providing a greater clarity on the existing rules to foreign investors, but will not change the current FDI norms or sector specific caps.
The oil secretary said ministry proposals based on fuel price reforms recommended by a government-appointed panel would be sent to the Cabinet next week.meanwhile,Shares in Indian state-run oil retailers pared gains on Thursday as the government was unlikely to fully adopt a panel recommendation to deregulate gasoline and diesel prices.
Fuel pricing is a sensitive issue in India, where the government sets retail prices of petrol, diesel, cooking gas and kerosene to help control inflation and protect consumers, particularly the poor, from sharp fluctuations in energy prices.
"We will give proposals on the panel report to the cabinet next week. We hope some decision will be taken before the budget session," S. Sundareshan told reporters on Thursday.
A day after an expert group suggested freeing petrol and diesel prices and steep hikes in LPG and kerosene rates to combat the rising input cost, the Government hinted that it may not accept the report in totality and will protect the common man's interest. PRANAB and AHLUWALIA Comapny all set to place Full Load of Taxation on Common Man bailing out the Capitalists and Feeding on the Killer Money Machine with Human Blood, Flesh and Bones on the one hand, on the other hand Stastical Manipulation changing the Base Year showcases False Fiscal Discipline cutting down over Forty Five Deficit to 6.5 percent as Morgan Stanley raised its forecast for India's economic growth to 8.5 percent in 2010/11 from 8 percent earlier, citing a pick-up in domestic consumption and said interest rates would climb as inflation accelerates.
"The key driver for this higher growth will be domestic demand, particularly investments," the investment bank said in a research note on Thursday.
The stronger growth will be followed by higher inflation and policy rates, it said.
It forecast the reverse repo rate, the central bank's main short-term borrowing rate, to rise by 175 basis points in calendar 2010 from its earlier projection of 150 basis points increase. The reverse repo is currently at 3.25 percent.
"The Government will ensure that least burden is passed on to the poor and common man... while also ensuring that the financial health of (PSU fuel retailers) is protected," Minister of State for Petroleum and Natural Gas Jitin Prasada said in New Delhi.
Besides, deregulating auto fuel prices, which would result in hike in petrol price by Rs 4.72 a litre and diesel by Rs 2.33 per litre, the panel also suggested raising LPG rates by Rs 100 per cylinder and kerosene by Rs 6 per litre.
Speaking to reporters on the sidelines of The Press Trust of India's Diamond Jubilee function here, he said it was the duty of the Kirit Parikh committee to submit a report on fuel pricing policy and it is incumbent upon the Government to examine it throughly and take a considered view.
"All I can say is (that) consumer interest will be kept in mind (when a decision is taken on implementing the report," he said.
State-owned Indian Oil, Bharat Petroleum (BPCL.NS : 583 +2.95) and Hindustan Petroleum currently lose Rs 180 crore per day on selling petrol, diesel, domestic LPG and kerosene below the imported cost. In full-fiscal, they are estimated to lose Rs 46,030 crore.
Last week, the Indian central bank kept key rates unchanged but raised banks' cash reserve requirement, signalling it aimed to rein in the loose monetary policy that was put in place to head off the impact from the global slowdown.
Morgan Stanley also revised its gross domestic product growth forecast for 2009/10 to 7.1 percent from 6.7 percent earlier.
The Reserve Bank of India had last week raised its 2009/10 GDP projection to 7.5 percent from 6 percent earlier.
The U.S. investment bank has raised its non-food inflation expectation to an average 5.5 percent in 2010/11 from 4.5 percent earlier on build-up of domestic demand pressures.
It projected the Indian economy to grow 8.4 percent in 2011/12 from its previous projection of 7.6 percent.
The likely scenario was for India to partially implement the panel's advice to lift control of pricing on gasoline and diesel but stop short of more sharp price hikes on cooking fuels.
"Even partial decontrol, and that too of just petrol and diesel, will mean relief for the oil marketing companies and ONGC (ONGC.NS : 1139.6 +5.8)," said Bivek Anand, director at KPMG Advisory Services.
Shares in Indian Oil and Bharat Petroleum (BPCL.NS : 583 +2.95) closed up 0.2 percent and 0.4 percent, respectively, after initially rising up to 2.7 percent, in a weak Mumbai market that fell 1.6 percent.
Hindustan Petroleum ended down 0.8 percent after having risen earlier.
The fuel-price controls have affected profits of the state oil marketing firms that are forced to sell fuel at below-market rates.
The government partially compensates these firms, usually by giving them bonds, while state-run energy producers such as Oil and Natural Gas Corp and Oil India also bear a burden by selling oil at low rates.
A lack of clarity on the price-setting and subsidy system means analysts arrive at often disparate earnings estimates, leaving the companies significantly undervalued.
Any move to lift the government cap on fuel prices would help Indian energy major Reliance Industries (RELIANCE.NS : 1019.15 -14.8) and Essar Oil (ESSAROIL.NS : 138.85 -3.55) resume retail sales of oil products, as no compensation mechanism is available for private firms.
ONGC shares rose 0.6 percent to 1,139.50 rupees, while Reliance Industries, whose interests include refining and exploration, fell 1.4 percent to 1,019.40 rupees.
Shares in Essar Oil were down 2.4 percent at 138.95 rupees, while state explorer Oil India shed 1 percent to 1,179.45 rupees.
Show black flags to Rahul: Bal Thackeray
Shiv Sena supremo Bal Thackeray on Thursday asked partymen to show black flags to Rahul Gandhi during his visit to Mumbai
Thackeray has asked Sena workers to show black flags to Rahul during his visit to the city, senior party leader Sanjay Raut said.
The directive from Thackeray has come at a time when there has been a war of words between Sena and Congress over the migrant issue.
Rahul has ticked off Sena by asserting that Mumbai is for all Indians and people have a right to go anywhere.
He has faced the ire of Sena chief who said the Congress leader was "totally frustrated".
Thackeray said the Sena will not tolerate anything spoken against "Marathi pride."
He also raked up Rahul's mother and Congress president Sonia Gandhi's foreign origin, saying "Mumbai may belong to all Indians but how can it belong to an Italian mummy?"
Shiv Sena executive president Uddhav Thackeray has questioned the timing of the visit. "What was the need for this visit now? There may be elections in Bihar, but we will not tolerate anything spoken against Mumbai and Marathi pride," he had said.
During his short visit, Rahul will interact with college students at the Bhaidas Hall in suburban Vile Parle and then proceed to Ramabai Nagar slum colony in Ghatkopar to meet slum youth.
The visit is a part of the ongoing Mumbai Youth Congress membership drive for organisational elections.
Market
Parikh panel has done a professional job: ONGC chief
Duration: 00:45
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Duration: 00:45
Posted: 4 Feb, 2010, 1135 hrs IST
India to become fastest growing economy: Montek Singh
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http://economictimes.indiatimes.com/News/Politics/Nation/Show-black-flags-to-Rahul-Bal-Thackeray/articleshow/5535954.cms
UK announces support of 14.5 million pounds for Indian slums
LONDON: Moved by the plight of slum dwellers as depicted in films like Oscar-winning 'Slumdog Millionaire', Britain has announced a new scheme
Speaking at a high level meeting on the future of cities in India and Africa, International Development Minister Gareth Thomas said it would help to address poverty.
The Department for International Development(DFID)-funded programme will support India's flagship Jawaharlal Nehru National Urban Renewal Mission (JNNURM) programme.
DFID support will initially be used in 20 cities in India giving access to piped water in 20 per cent more slum households as many currently use shared hand pumps and have no access to clean drinking water.
It will also provide over a quarter of all households with better sanitation facilities through improved sewerage, waste management and drains, besides allowing 25 per cent more households to have a legally secure claim to their home, through tenancy or ownership.
The funding would also enable some of India's poorest people to be involved in consultations on how to improve housing, slum infrastructure and water in their area.
"Films like Slumdog Millionaire have helped to give British audiences a brief insight into the reality of how difficult daily life is for people in slums. It is right that we take action to help those people who need it most."
India to have own panel on climate change: Jairam Ramesh
NEW DELHI: India would soon have its very own panel on climate change, union Environment Minister Jairam Ramesh announced on Thursday and added "There is a fine line between climate science and climate evangelism. I am all for climate science but not for climate evangelism. I think people misused the IPCC report," Ramesh told a news channel here. Stressing that the IPCC's weakness was that it didn't do original research and derives assessments from published literature, the minister announced a climate change panel for India. He said that IPCC has "had goof-ups on the glaciers, on the Amazon, on the snow peaks." However, he added that the IPCC with a network of 200 scientists worldwide was "a responsible body". "I respect the IPCC. At the same time India is a large country... we can't depend only IPCC. So we have launched the Indian Network on Comprehensive Climate Change Assessment ... It's got 125 research institutions from across the country. We will have international collaborations. It's a kind of an Indian IPCC and not a rival to the IPCC. We will do our own assessment," Ramesh explained. The first climate change assessment from this body would be brought out in November this year, he said. The "four by four assessment" would look at four sectors -- agriculture, health, water and forests -- and four regions. These would be Himalayan ecosystems, coastal areas, western ghats and the northeast. "Through this we will demonstrate our commitment to climate science," Ramesh concluded. Ramesh also commented on the IPCC erring report's claim that the Himalayan glaciers would retreat by 2035. "The health of glaciers is a cause for serious concern. Most glaciers are melting.... they are retreating. Overall, one can say incontrovertibly that the debris on our glaciers is very high, the mass balance is very low, the snow balance is very low. We have to be very cautious about the future of the glaciers particularly because of water security," the minister said. Ramesh announced the setting up of the National Institute of Himalayan Glaciology at Dehradun (Uttarakhand). "This is going to start a series of programmes on measuring, monitoring, modelling on what is happening to our glaciers and also look at what is happening to them in the regional context with Pakistan, Nepal and others," he informed. |
From the film fraternity, his fans to artists and political parties - Bollywood superstar Shah Rukh Khan is drawing mass support in
The Shiv Sena has sent feelers to Mumbai cinema halls to boycott the actor's forthcoming film "My Name Is Khan", which releases Feb 12. Sena workers have removed the film posters from several theatres.
Shah Rukh's colleagues are expressing their support for him on micro-blogging website Twitter.
"Shah Rukh is the most secular and the most fair guy I know! It's unfair to judge his movie based on his opinions! I do love Karan Johar and Shah Rukh! Both are very dear to me and I will defend them if someone writes nonsense about them," film star Preity Zinta tweeted.
Added Anupam Kher: "Mr P. Chidambaram was displeased too for not including Pak (istani) players in IPL. No outcry about it. May be (because) he is the Home Minister. You need guts to go for him (sic)."
Others who have joined the online forum include directors Mahesh Bhatt and Anubhav Sinha. Veterans like Shabana Azmi and Shyam Benegal have also rallied in support for the actor on national television.
"The state must step into this immediately. The state has enough power. Why is the state not doing anything?" said Benegal.
Aamir Khan also said that if he were to select IPL players, he would do so only on the basis of their performance and not nationality.
Shah Rukh, who owns the Kolkata Knight Riders team of IPL, had spoken against the exclusion of Pakistani cricketers from the forthcoming tournament. The Shiv Sena said if Shah Rukh failed to apologise for his statement not only would his "My Name Is Khan" be banned, but all his films could face a ban in Mumbai.
The Bharatiya Janata Party (BJP) has come out in open support of the star.
Indian handler behind 26/11 attacks: Chidambaram
The ten Pakistani terrorists who attacked Mumbai on November 26, 2008 could have been guided by an Indian handler whose true identity
"When we say he could be an Indian, he could be somebody who acquired Indian characteristics. He could have been infiltrated into India and lived here long enough to acquire an Indian accent, familiarity with Indian Hindi words or he could be somebody who exfiltrated from India to Pakistan and was adopted by the militants there," Chidambaram said.
While refusing to speculate on the name of the handler, the Home Minister said investigators had known for long time that there was a handler in 26/11 attack who could be an Indian.
"We know him by Abu Jindal that something we have known for many many months now... but he is not Abu Jindal. That is not his real name. We cannot put a finger who he is, unless we get a voice sample. And they won't give us voice sample.
"There is a speculation that Abu Jindal could be A, Abu Jindal could be B... but how as a Home Minister I can speculate? I can't speculate," he told a news channel.
Chhattisgarh attracts investments worth Rs 4,000 bn
RAIPUR: Chhattisgarh, which came into existence in 2000, has received Rs 4 lakh crore (Rs 4,000 billion) investment from core industries alone,
The state will also create three mega-industrial parks to attract fresh investment proposals, Oommen said while inaugurating a conference on minerals and metals, organised by the Associated Chambers of Commerce and Industry (Assocham).
"The state will ensure zero power cut for investors and improve infrastructure, which is not only being strengthened but intensified in semi-urban and rural areas," he said. "The government will set up gems and jewellery, metal, herbal, IT and bio-technology parks and has invited investors."
Assocham, on its part, has advised the government to ease its strict forest laws and make the state's natural resources more accessible for tribal people.
"To boost Chhattisgarh's economy, the government should allow private mining of mineral reserves located in tribal areas to unlock this potential sector and develop not only the mining sector but also the social sector of the state," the chamber said in a statement.
"The interest of tribals would be protected while granting such clearances. This would include development of right kind of resettlement plans, earmarking a part of the mining royalty for local development and educating the local tribal population on the economic benefits of developing mineral reserves," the statement added.
US certifies India-IAEA Safeguards Agreement on civil n-facilities
WASHINGTON: In yet another step towards full implementation of the India-US civil nuclear deal, President Barack Obama has certified that India Obama made the Congressionally-mandated certification Wednesday in a presidential memorandum to the US Secretary of State Hillary Clinton asking her to have it inserted in the Federal Register that records all government actions. Obama's confirmation that India has formally agreed to provide the UN nuclear watchdog access to a specified number of nuclear reactors takes the deal yet another step closer to implementation of the landmark deal. Military facilities are excluded from the safeguards agreement. But a couple of other crucial steps are still pending. India and the US are still negotiating an agreement on reprocessing of spent nuclear fuel. The two sides are said to be on track to complete the talks by August as provided under the deal. India also needs to approve liability protection for US companies. The Indian cabinet has approved the necessary legislation, but it has yet to be placed before parliament. In a presidential memorandum released by the White House, Obama wrote: "I hereby determine and certify that: 1. The agreement between the government of India and the International Atomic Energy Agency for the application of safeguards to civilian nuclear facilities, as approved by the board of governors of the International Atomic Energy Agency on August 1, 2008 (the 'Safeguards Agreement'), has entered into force; and 2. The government of India has filed a declaration of facilities pursuant to paragraph 13 of the Safeguards Agreement that is not materially inconsistent with the facilities and schedule described in paragraph 14 of the Separation Plan present in the national Parliament of India on May 11, 2006, taking into account the later initiation of safeguards that was anticipated in the Separation Plan." |
Expelled Samajwadi Party leader Amar Singh today accused the party leadership of using him as a "dust bin" and shifting the blame on
"My journey in SP has been from a dust bin to being termed as garbage," he told reporters here.
Singh said he is being blamed for the various decisions the party leadership took after they backfired including extending the hand of friendship to former BJP leader Kalyan Singh.
While claiming that most of the decisions were taken by party chief Mulayam Singh Yadav and his cousin Ram Gopal Yadav, he said, "Now I am being blamed for them... I am a kshatriya. Had they asked me to take responsibility for the wrong decisions they have taken, I would have readily accepted. But it is a conspiracy to blame me for everything which went wrong".
He claimed he was recuperating in a Singapore hospital when both Mulayam and Kalyan shared the dias during the party's convention in Agra last year.
"Do you think that I became a ghost and whispered in Mulayam Singhji's ears to place the party's red cap on Kalyan Singh's head," Singh said.
The former SP leader said that several Muslim leaders and workers were "shocked" at the party's move to shake hands with Kalyan Singh.
"But they were forced to raise slogans like Kalyan Singh zindabad," he said, adding that blaming him for getting close to Kalyan Singh was wrong on part of leaders like national spokesperson Mohan Singh and general secretary Ram Gopal Yadav.
Pakistani Army will remain India-centric: Kayani
RAWALPINDI: The Pakistani Army will remain "India-centric" until the Kashmir issue and water disputes are resolved, its chief, Gen Ashfaq Parvez
In a presentation to Pakistani media, Kayani made it clear that the army's "frame of reference" for addressing the problems in the country included certain concerns that are India specific.
History, unresolved issues, India's military capability and its "Cold Start" doctrine meant that Pakistan could not afford to let its guard down, Dawn.com quoted Kayani as saying.
"We plan on adversaries' capabilities, not intentnons," he added.
"The tough, matter-of-fact line on India was in stark contrast to that of Gen. Kayani's predecessor, Gen. (retd) Musharraf, who tried hard to push for peace with India in his latter years in power," Dawn.com noted.
"Gen Kayani, though, does not carry the dual burden of being president and the army chief, which perhaps explains the narrower, militaristic formulation of Pakistan's posture towards India," it added.
Kayani repeatedly highlighted the threat posed by India's "Cold Start" doctrine, and sid it would permit the Indian Army to attack before mobilising and thus increasing the possibility of a "sudden spiral escalation".
At the same time, Kayani pointed out that he did not have a one-dimensional view of security. Despite the fact that India's defence budget was "seven times" that of Pakistan's, "there has to be a balance between development and military spending", he noted.
He also maintained that "peace and stability in South Asia should not be made hostage to a single terrorist act of a non-state actor", a reference to the November 2008 Mumbai attacks.
On Afghanistan, too, India featured in Kayani's comments. Rejecting India's reported interest in training the Afghan National Army and the country's police force, he argued that Pakistan had a more legitimate expectation to do so.
"Taken together, Gen Kayani's comments suggest that the possibility of a thaw in relations between India and Pakistan any time soon is low," Dawn.com noted.
Pachauri under pressure to resign over Himalayan glacier goof up
LONDON: Reports indicate that Rajendra Pachauri, the chairman of the Intergovernmental Panel on Climate Change (IPCC), is under pressure to
Dr Pachauri, chairman of the Intergovernmental Panel on Climate Change (IPCC), has insisted that he will remain in post for another four years despite having failed to act on a serious error in the body's 2007 report. But, according to a report in The Times, John Sauven, director of Greenpeace UK, said that Dr Pachauri should have acted as soon as he had been informed of the error, even though issuing a correction would have embarrassed the IPCC on the eve of the Copenhagen climate summit. A journalist had told Dr Pachauri several times late last year that glaciologists had refuted the IPCC claim that Himalayan glaciers would disappear by 2035. Dr Pachauri refused to address the problem, saying, "I don't have anything to add on glaciers." He suggested that the error would not be corrected until 2013 or 2014, when the IPCC next reported. The IPCC issued a correction and apology on January 20, three days after the error had made global headlines. According to Sauven, "Mistakes will always be made but it's how you handle those mistakes which affects the credibility of the institution. Pachauri should have put his hand up and said 'we made a mistake'. It's in these situations that your character and judgment is tested. Do you make the right judgment call? He clearly didn't." "The IPCC needed a new chairman who would hold public confidence by introducing more rigorous procedures," Sauven said. "The IPCC needs to regain credibility," he added. "If we get a new person in with an open mind, prepared to fundamentally review how the IPCC works, we would regain confidence in the organization," he opined. But, Dr Pachauri told Indian television that he believed attacks on him were being orchestrated by companies facing lower profits because of actions against climate change recommended by the IPCC. "My credibility has been established because I was re-elected chairman in 2008 by all the countries of the world," he said. "They must have been satisfied with what I did in terms of the fourth assessment report (published in 2007) because they have given me the mandate of completing the fifth assessment report (to be released over 2013 and 2014) which I intend doing," he added. | |
Tuesday February 2, 03:10 PM Reuters
Sales growth back at midcaps, but new woes ahead
Click to enlarge photo
By Nandita Bose and C.J.Kuncheria
MUMBAI/NEW DELHI (Reuters) - Even as a recovering economy has helped Indian midcap firms report a much-awaited jump in sales, they are staring at a new set of worries: inflation that could crimp margins and tax hikes, which may dent demand.
Of the 85 company results for the December-quarter polled by Reuters, almost two-thirds reported improved profits helped by an increase in sales, a contrast from earlier quarters when cost cuts and cheaper inputs were the main drivers.
Automobiles, auto ancillaries, metals, media and FMCG companies largely saw better profits boosted by higher sales.
"The larger trend is the growth in sales. But I'm now finding with the higher growth I've achieved, margins have dropped by a few basis points," said Arun Kejriwal, strategist at research firm KRIS.
The recovery comes amid sharp tax cuts and stimulus measures, put in place a year ago to boost confidence in Asia's third-largest economy in the aftermath of the economic turmoil.
But with data indicating the economy is back on the growth track and with fiscal difficulties looming ahead, rolling back these measures is only a matter of time, analysts say.
"If they're talking of high (economic) growth, you can't justify stimulus," said Ambareesh Baliga, vice president of Karvy Stock Broking. "From the noises that are coming, it seems the stimulus will be rolled back in the budget itself."
Finance Minister Pranab Mukherjee will present the budget on Feb. 26, less than a month after the Reseve Bank of India (RBI) upgraded its forecast for the economy to grow 7.5 percent in 2009/10 from 6 percent earlier.
FISCAL WOES
But during its quarterly policy review on Jan. 29 the central bank warned of higher inflation and the need to trim high fiscal deficit and government borrowing.
India's fiscal deficit, estimated to touch 6.8 percent of the gross domestic product for 2009/10, could widen on slack tax receipts and as delays in the 3G wireless spectrum auction holds back revenue inflows.
"The fiscal deficit is going up. The 3G auction has been deferred and the government is under serious pressure to control the deficit," said R.K. Gupta, managing director at Taurus Mutual Fund, which manages assets worth 19 billion rupees.
"Indirect taxes -- customs and excise -- which they had reduced, may be hiked in a phased manner."
And the industry's travails are far from over, say analysts.
Raw material prices are on the rise after a benign 2009, interest rates are hardening and record-high food prices could spill over to the broader economy and force firms to hike wages, hammering away at profit margins, they say.
The benchmark 30-stock BSE (^BSESN : 16224.95 -271.1) index is down 7 percent since it opened on Jan. 12, when IT bellwether Infosys Technologies (INFOSYS.BO : 2423.2 -47) inaugurated the latest earnings season. The index rose 81 percent in 2009, its best since 1991.
Other signs of the economy's robustness like rising exports and a quickening in the pace of manufacturing growth further weaken the case for continuing the stimulus, posing fresh challenges for companies in coming quarters.
Inflation is projected to touch 8.5 percent by end March, setting the stage for higher interest rates. The RBI held steady its key rate during its policy review, but its moves to siphon off liquidity have led watchers to bet on a rate hike by April.
High inflation could tighten household budgets and dent demand for goods like cars and consumer durables, which have seen a recent spurt in sales, analysts say.
Firms would have to build up efficiencies in their processes and continue with cost cuts to ride the storm, they said.
"There is going to be (cost) tightening as far as margins are concerned. The squeezing will go down the supply chain," KRIS' Kejriwal said.
(Editing by Ramya Venugopal and Prem Udayabhanu)
(For more news on Reuters Money visit http://www.reutersmoney.in)
Thursday February 4, 04:37 PM Source: Indian Express Finance
Essar Oil to double petrol pumps to 2,500
By Agencies
Essar Oil (ESSAROIL.NS : 138.85 -3.55), India's largest private fuel retailer, plans to nearly double its petrol pumps to 2,500 by March 2011, group Chairman Shashi Ruia said on Thursday.
"We are expanding our petroleum retail business... we are going to increase (number of petrol pumps) to 2,500 by next fiscal (end)," Ruia said at the Diamond Jubilee celebrations of Press Trust of India, organised by the Federation of PTI Employees' Union.
Essar currently sells petrol and diesel produced at its 280,000 barrels per day refinery at Vadinar in Jamnagar district of Gujarat through 1,293 petrol pumps.
Fuel from the company's outlets in Gujarat are priced almost at par with public sector who get Government subsidy for selling petrol and diesel at rates lower than the imported coast.
In the remaining states, Essar sell petrol at Rs 2-4.5 a litre higher than those of state-run Indian Oil, Hindustan Petroleum and Bharat Petroleum (BPCL.NS : 583 +2.95) while diesel is priced at least a rupee more.
Besides Gujarat, Essar has petrol pumps in Rajasthan, Madhya Pradesh, Maharashtra, Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Orissa and Uttar Pradesh.
Ruia said expansion of retail network would help the company sell increased production of fuel especially diesel at Vadinar refinery.
Essar is expanding the non-fuel retail activities at its outlets and plans to dispense CNG and Auto LPG from the outlets this year.
Thursday February 4, 12:21 PM Source: ANI
German carmaker BMW launches new model in India
By ANI
Bangalore, Feb 4 (ANI): The German luxury carmaker launched a limited edition of BMW Gran Turismo, priced at Rupees 6.3 million on Wednesday.
The limited edition of the Gran Turismo comes with a 3.01 litres diesel engine and only 100 units of the car will be available. It will be brought as a completely built unit (CBU) from the company's plants overseas.
BMW is investing 50 million dollars in its Chennai plant to increase its production capacity, which is at present 3,000 units per year, said Peter Kronschanbl, President, BMW India Private Limited.
"At the end of the year BMW will launch BMWX1 into the Indian market. BMWX1 will be locally assembled at the Chennai plant for that we need to get ready the plant; this means that we will increase the production capacity," Kronschanbl added.
BMW is also aiming to ramp up dealership network in the country from 12 outlets at present to 22 outlets.
BMW, which is pinning special hopes on the latest version of the five Series, which hits the market in late March, forecast record sales again this year in China, Brazil and India.
BMW holds 41 percent share in the luxury market sector. With an indication to increase 20 percent all alone from the Indian market, the company is eyeing the Indian market for its sales in the coming years.
The world's biggest premium automaker forecast a modest rise in car sales this year and confirmed it expected a 2009 pretax profit thanks to cost cutting and other efficiency measures that helped offset a 10.4 percent decline in sales to just under 1.29 million vehicles.
BMW said 2009 group revenue fell 4.7 percent to 50.68 billion euros. Revenue in its core automobiles segment fell 10.3 percent to 43.74 billion. (ANI)
Thursday February 4, 04:36 PM Source: Indian Express Finance
Air India likely to get Rs 1,200 cr in Buget
By Agencies
Air India expects to get an allocation of Rs 1,200 crore in the forthcoming Budget, Civil Aviation Minister Praful Patel said on Thursday.
"We expect a Rs 1,200-crore provision for Air India in the budget," Patel told reporters on the sidelines of a function in Maharashtra.
Patel said he expected the process of equity infusion of Rs 800 crore into the airline by the government to be completed over the next eight to ten days.
Yesterday, Patel had said in Delhi that while the infusion was likely to occur over the next few days, the government wanted Air India to take "extraordinary" measures for its turnaround.
"We are moving the Cabinet (for equity infusion of Rs 800 crore), a note has already been circulated. I think by next week the Cabinet approval should come," Patel had said after a meeting of the Group of Ministers formed to look after the revival of Air India.
Further assistance would only be given on achievement of specific revenue enhancement and cost reduction targets by the airline, the Minister had said.
Thursday February 4, 11:50 AM Source: Indian Express Finance
IT industry sees up to 20% growth next fiscal
By Surabhi Agarwal
The country's $50-billion software services export sector, which has been in the doldrums following the global economic crisis, could expand by 15-20% next financial year on the back of improved demand. This would be three times the 4-7% growth that industry body Nasscom predicts for the current fiscal.
Though Nasscom is slated to formally release its projections for next fiscal on Wednesday, top IT companies' CEOs like S Gopalakrishnan of Infosys Technologies (INFOSYS.BO : 2423.2 -47) and Girish Paranjpe of Wipro (WIPRO.NS : 655.2 -16.45) told FE they expect growth in the 15-20% range next fiscal. This is in line with Nasscom's forecast of double-digit growth in 2011-12, although the body has not furnished specific numbers so far.
Although most clients of Indian IT firms are yet to firm up their technology spends, Gopalakrishnan said initial indications were that budgets would be up 4% next year. "Even the offshore component in deals will be slightly up," he said.
This is major change in sentiment. Hitherto, Infosys had said it expects IT budgets to remain flat or marginally down next year. The country's second-largest software firm reported a 3.6% drop in net profit for the quarter ended December 31 at Rs 1,582 crore. Currency factors contributed to the decline.
Girish Paranjpe, joint CEO of Wipro's IT business, said though his company does not provide a full-year outlook, "Growth is on track thanks to a mix of both large and small deals." The country's third-largest IT firm reported a 21% rise in consolidated net profit to Rs 1,217 crore, compared with the corresponding quarter in the previous year.
The country's largest software firm, TCS, however, saw the most significant rise in December-quarter net profit-33% year-on-year--at Rs 1,824 crore.
Most technology companies, including mid-tier firms, posted robust results for the third quarter thanks to a recovery in key markets such as the US and in key verticals like financial services. While the recovery was earlier restricted to deals emerging from mergers & acquisitions in the banking space, the growth in volumes is more broad-based now with the exception of telecom and manufacturing, in some cases.
"The demand environment is better than before; confidence is back in the market and we believe the worst is behind us. All our clients have delivered good financials in the third quarter and we expect decision-making to be faster now," said Gopalakrishnan.
For the next financial year, Paranjpe added that the industry's growth could be around 14-15%, the basis of which is a poll of IT companies' outlook conducted by Nasscom about two months ago, he said. Though a Nasscom spokesperson said it conducts several such surveys a year, she refused to authenticate the numbers.
Meanwhile, Gopalakrishnan said Nasscom projections are usually higher than the industry's as they also take into account growth in captive units, which often register a much higher growth than their third-party peers.
Tuesday February 2, 09:50 AM Reuters
Obama tones down global company tax goals
Click to enlarge photo
By Kim Dixon
WASHINGTON (Reuters) - President Barack Obama has scaled back his ambitious plan to close loopholes global companies use when accounting for taxes on profit earned overseas, according to his 2011 budget blueprint released on Monday.
Obama, who has criticized corporations that keep profits overseas to avoid U.S. tax, proposed changes he said would raise $122 billion over a decade, down from loophole-closers that last year he said would raise $210 billion over 10 years.
He had mentioned the issue in his State of the Union address last week. "To encourage these (energy and manufacturing companies) and other businesses to stay within our borders, it's time to finally slash the tax breaks for companies that ship our jobs overseas and give those tax breaks to companies that create jobs in the United States of America."
His plan last year drew a lukewarm response from Congress, even from his fellow Democrats, many of whom said the changes should be part of a broader overhaul of the tax code.
For a second year, the international tax aspects of his budget met with tepid enthusiasm from tax-writing committee leaders in Congress.
Senate Finance Committee Chairman Max Baucus praised some
points in Obama's budget but poured cold water on his immediate international tax ambitions.
"These policies are better addressed in the context of overall tax reform," he said in a statement.
A senior administration official seemed frustrated by congressional reaction, saying there was going to be a "reckoning" when policymakers would have to make tough decisions about raising money to bring down the deficit.
"This president has been willing to put tough choices on the table," said the official, who spoke during a background briefing with reporters.
The administration has sought to revise a policy that lets U.S.-based multinational companies defer U.S. tax on income earned abroad by stopping them from deducting most expenses associated with that income until it is recognized in the United States.
In his 2011 budget, Obama proposed to raise just $26 billion over a decade, by limiting deductions for interest expenses only.
RESPONDING TO INDUSTRY
Noticeably absent from the president's latest budget proposal is a plan to revise rules that give companies power to "check a box" to avoid taxes when classifying foreign subsidiaries. Last year he said this would raise $87 billion over a decade.
Another senior administration official, speaking to reporters in a background briefing, said that after "engagement" with the business community, they decided to focus their efforts elsewhere.
Instead, the President wants to clamp down on so-called transfer pricing, where companies park intangible assets like copyrights or patents overseas to avoid higher U.S. taxes.
Under the plan, the administration would regard as suspicious a company paying an effective tax rate of less than 10 percent with a rate of return of more than 30 percent, according to administration officials.
Companies and some economists argued Obama's earlier proposal could encourage industry to keep profit -- and jobs -- overseas.
"I think they are trying to be responsive to the concerns of some last year that they were going to encourage people to ship more jobs overseas," said Anne Mathias, an analyst with Concept Capital in Washington, which advises investors.
All told, Obama proposes to raise about $2 trillion in new taxes from the rich and corporations over a decade, including new funds for health care, ending tax breaks for oil and gas companies and the imposition of new "financial crisis responsibility fee" on financial institutions to raise about $90 billion over a decade.
CARRIED INTEREST, DIVIDENDS
From the wealthy, the budget seeks to raise nearly $1 trillion over a decade by letting tax cuts for individuals making more than $200,000 expire, among other changes.
In other areas of interest to Wall Street, Obama once again proposed taxing carried interest earned by hedge fund and private equity fund managers as ordinary income, which would boost the tax rate from 15 percent to typically the highest income bracket.
The change could raise $24 billion over a decade, according to the Administration.
The proposal passed in the House of Representatives but has hit a roadblock in the Senate.
The president again proposed raising taxes on dividends and long term capital gains for joint filers earning more than $250,000, from 15 percent to 20 percent. Such a move could raise $105 billion over a decade.
This issue will be taken up when Congress starts work on the individual tax cuts for all income groups enacted by former president George W. Bush, which expire at the end of this year.
(Reporting by Kim Dixon; editing by Lisa Von Ahn, Bernard Orr and Tim Dobbyn)
(For more news on Reuters Money visit http://www.reutersmoney.in)
Wednesday February 3, 08:00 PM Reuters
European states keep Swiss bank secrecy under siege
By Lisa Jucca and Ben Berkowitz
ZURICH/AMSTERDAM (Reuters) - Pressure mounted on Switzerland's already weakened bank secrecy on Wednesday as some European governments vowed to join Germany in the battle to hunt down tax cheats in the Alpine nation.
Germany sent shivers through the large Swiss private banking industry this week when it said it was prepared to pay for stolen data belonging to potential tax cheats at a Swiss bank, raising the bar in the fight against tax evasion.
Now, the Dutch, Belgian and Austrian governments have also flagged interest in obtaining a copy of a compact disc containing tax-sensitive data that the German government could soon acquire from an informant.
Coordinated action by European governments poses a serious threat to Switzerland, which is struggling to honour a deal with the U.S. to end a tax dispute against UBS. The country remains under pressure as the world's largest offshore centre despite having promised to relax its bank secrecy laws in March.
Many European governments are under pressure to raise tax revenues after injecting billions of euros into several large banks to fight the financial crisis.
A spokesman for the Dutch finance ministry said on Tuesday the Dutch had told Berlin they would be interested in having any information related to Dutch taxpayers that may appear on the CD Germany is about to purchase.
Austria, which protects its own bank clients with secrecy rules, also showed an interest.
"Should there be evidence that the CD (with the stolen bank data) contains information on Austrian taxpayers, we would naturally have great interest in analysing those," a spokesman for Austrian Finance Minister Josef Proell was quoted as saying in Der Standard newspaper.
Belgian newspaper De Standaard said Belgium, which is giving up banking secrecy, also wanted copies of the Swiss data if Germany got them. The finance ministry declined to comment.
SWISS SEEK SOLUTION
The Swiss government is discussing the issue at a cabinet meeting and will hold a press conference later on Wednesday.
Swiss interior minister Didier Burkhalter said on Tuesday Berne wanted to seek a solution to the data spat "to ensure a stable relationship with Germany", the country's main trading partner and the harshest critic of Swiss bank secrecy laws.
Switzerland promised in March last year to sign a raft of new tax treaties to avert ending up on an international blacklist. But it still needs to finalise agreements with Italy and Germany, whose citizens make up a large portion of the Swiss private banks' client base.
Nearly $6 trillion of wealth is managed in Switzerland, with potentially almost one-third of it undeclared, analysts have said. Bankers fear the latest set of attacks could undermine the country's entire private banking model.
At 1203 GMT, share in top Swiss wealth manager UBS, which lost ground earlier this week, rose 3.4 percent. Shares in Swiss rival Credit Suisse were up 0.2 percent, in line with a 0.2 percent rise in the DJ Stoxx bank index.
Several European governments have tried to lure back some of the money hidden in tax havens by launching tax amnesties.
The Dutch government said on Tuesday wealthy savers last year declared 2.15 billion euros ($3.01 billion) under a penalty-free amnesty, with a third of the declared accounts hidden in Switzerland.
Britain has also targeted wealthy residents with hidden offshore money via a so-called voluntary disclosure programme.
The most successful amnesty so far has been an ongoing Italian tax amnesty, which recouped nearly 100 billion euros in three months, most of it hidden in the Italian-speaking Swiss canton of Ticino.
France and Germany, on the other hand, have not launched amnesty but have accepted stolen bank data from informants.
(Additional reporting by Antonia van de Velde in Brussels and Sylvia Westall in Vienna; Editing by Mike Nesbit)
(For more news on Reuters Money visit http://www.reutersmoney.in)
Wednesday February 3, 01:40 AM Reuters
Greece to extend public sector wage freeze
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ATHENS (Reuters) - Greece's prime minister vowed in a televised address on Tuesday to take all measures needed to pull his country out of a fiscal crisis, including extending a public sector wage freeze and hiking taxes on fuel and off-shore firms.
"The government is determined to take all necessary measures," Prime Minister George Papandreou told the nation a day before the European Commission is due to present recommendations on Greece's austerity plan.
Papandreou said the government would extend a public sector wage freeze to those making below 2,000 euros a month for this year, excluding seniority pay hikes. Those making below that mark had previously been promised above inflation pay rises.
It was not immediately clear what impact the step would have on the budget.
He said a broader policy plan for public sector wages would be announced in the next few days and a new tax bill next week.
"It is imperative to make sure we have an immediate and real revenue increase in 2010 and that is why the tax bill will include a rise on fuel tax," he said.
He also promised tougher tax treatment of off-shore companies and the wealthy and hinted at a rise in the retirement age to make Greece's troubled social security system viable. Government officials said this will most likely apply to those seeking early retirement.
Thursday February 4, 05:50 PM Reuters
Bond markets pressure Portugal, IMF chief warns
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By Axel Bugge
LISBON (Reuters) - Bond traders probing for weak links in the euro zone trained their guns on Portugal on Thursday as the head of the International Monetary Fund called for painful steps to cut huge fiscal deficits.
Political tension in Portugal over a regional spending bill and a climb down by the Spanish government over pension reform added to the woes of peripheral euro zone states facing huge challenges to curb budget shortfalls bloated by recession.
IMF Managing Director Dominique Strauss-Kahn said his organisation was ready to help Greece, which is under more pressure over its finances than any other bloc member, but expressed confidence the government would take the "very difficult measures" needed to deal with its fiscal crisis.
Speaking on France's RTL radio, he said no country should be under the illusion that it was possible to escape the financial crisis without paying the cost.
Amid an outcry from labour unions and media, Spain withdrew a paragraph on pension reform plans from an official document sent to the European Commission that suggested an increase in the number of years Spaniards would have to pay contributions.
Strauss-Kahn said he understood Spanish Prime Minister Jose Luis Rodriguez Zapatero's dilemma over pension reform, but cautioned that the Spanish "really need to make a considerable effort".
Portuguese stocks fell sharply and the cost of insuring Portuguese debt against default hit a record high ahead of a parliamentary vote on a bill the minority Socialist government says would make it harder to reduce the budget deficit.
A spokesman for Prime Minister Jose Socrates denied a report in the leading daily Publico that the premier had threatened to resign over the issue, prompting President Anibal Cavaco da Silva to call a high-level meeting to talk him out of it.
The premiums that investors demand to hold Portuguese bonds rather than benchmark German Bunds widened on worries that Greece's fiscal problems could be mirrored by other highly-indebted euro zone countries.
However Spain did manage to sell 2.5 billion euros in 3-year bonds in a move that Calyon strategist Peter Chatwell said should quell some jitters in the Spanish market, while leaving Greece and Portugal under pressure.
(For more news on Reuters Money visit http://www.reutersmoney.in)
Thursday February 4, 05:50 PM Reuters
Dubai discovers new offshore oilfield
DUBAI (Reuters) - The emirate of Dubai has discovered an offshore oilfield, the office of Dubai's ruler said in a statement on Thursday.
Small oil producer Dubai was evaluating the size of the field and potential production, the statement said. The ruler's office was unable to provide further information. State-run Dubai Petroleum Establishment also declined to give further information.
"(It would) give a strong impetus to all sectors of the local economy and provide a new source of income enhancing the comprehensive development of Dubai," UAE state news agency WAM said in a statement.
The discovery is timely for the cash-strapped emirate, which is restructuring $22 billion of debt of state-owned conglomerate Dubai World. Still, the field was unlikely to pump enough oil to have a major impact on the emirate's revenues, oil industry sources said.
"I can't imagine it being a very large," said one industry source. "Those areas are pretty well explored, so the chances of finding a major oilfield would be pretty slim. It's likely to be less than 10,000 bpd, rather than some kind of lifesaver for Dubai."
The discovery was made to the east of the Rashid oilfield, one of four that produce most of the emirate's crude. If it is close to Rashid, output could be tied into that field's existing infrastructure and it could be pumping within a year to 18 months, industry sources said.
Daily newspaper Al Bayan on Thursday reported industry sources as saying that the field was "promising".
BENCHMARK
Dubai's crude has an influence on global oil markets that belies its limited output, as it is used as a pricing benchmark for more than 10 million barrels per day of crude heading to Asia from the Middle East.
The emirate pumps only a fraction of supply from the United Arab Emirates, the world's third largest oil exporter with output of around 2.3 million bpd. The emirate of Abu Dhabi produces most of the UAE's oil and holds over 90 percent of its reserves.
Oil output from Dubai's mature fields is in decline, and is estimated at around 50,000 to 70,000 bpd, according to trade estimates. Dubai does not provide official oil production data. Output peaked in 1991 at over 400,000 bpd.
Dubai's offshore fields are operated by Petrofac. Petrofac's spokeswoman in London declined to comment on the discovery.
Aside from Rashid, Dubai's three other main producing fields are Fateh, southwest Fateh and Falah.
The UAE is a seven-member federation including the Gulf trade and tourism hub of Dubai. Over 90 percent of the UAE's oil is located in the capital Abu Dhabi.
(Reporting by Rania Oteify, Amena Bakr, Luke Pachymuthu and
Simon Webb; Writing by Simon Webb; editing by Sue Thomas)
(For more news on Reuters Money visit http://www.reutersmoney.in)
Thursday February 4, 04:32 PM Source: Indian Express Finance
Rupee slips to 46.05 against dollar
By Agencies
The rupee depreciated by 8 paise against the US currency in early trade on Thursday in line with weak stock markets.
At the Interbank Foreign Exchange (Forex) market, the rupee lost 8 paise to 46.05 a dollar. The domestic unit had closed higher by 25 paise at 45.97/98 on Wednesday.
Dealers said weakness in stock markets and strengthening dollar overseas weighed on the rupee sentiment.
The Bombay Stock Exchange (^BSESN : 16224.95 -271.1) index Sensex lost 79.20 points, or 0.48 per cent, at 16,416.85 points in early trade on Thursday.
hursday February 4, 02:20 PM Reuters
FACTBOX - India's growing appetite for coal
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NEW DELHI (Reuters) - Coal powers more than half of India's electricity plants and demand for the commodity is expected to rise sharply as the third-largest Asian economy expands at a fast clip.
New steel and cement industries coming up in India are also hungry for the 'black gold', pushing up its imports.
Here are some facts, projections and issues surrounding India's coal industry:
BASIC FACTS
- India produced 492.95 million tonnes of coal in 2008/09, up 7.8 percent from 457.08 million tonnes in the previous year.
- Imports of coal were 59 million tonnes in 2008/09, against 49.7 million tonnes in the previous year.
- Coking coal, used mainly in steel, is mostly imported from Australia. Non-coking coal that is consumed by power and cement is imported from Indonesia and South Africa.
- There are 556 coal mines in India, mostly owned by the government and located primarily in east and south central regions of the country.
- State-owned Coal India Ltd, with its 7 subsidiaries, is the largest miner holding 75 percent of India's coal market.
PROJECTIONS, ISSUES
- India's coal production is expected to reach 675 million tonnes by 2012, with 459 million tonnes available for power firms.
- Coal imports will continue to get bigger with acquisitions and collaborations seen with coal mines in Australia, Indonesia and Mozambique.
- Import requirement is seen at 135 million tonnes by 2012, but it may be hampered by congested ports and problems of rail linkages from ports to plants.
SOURCES: Ministry of Coal, Coal India Ltd, Karvy Stock Broking.
(Reporting by Ruchira Singh; Editing by Ranjit Gangadharan)
Tuesday February 2, 10:10 AM Reuters
Asia fiddles as inflation fears resurface
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By Alan Wheatley, China Economics Editor
BEIJING (Reuters) - Last year was tough for Asia's economy but easy for its central bankers. All they had to do was flood their banking systems with lots of cheap cash and sit tight. But in 2010 they are going to have to earn their money.
Worries about growth have quickly given way to concerns about inflation, and investors seem split down the middle about the capacity of central banks to rise to the challenge.
As global jitters over China's initial tightening of monetary policy demonstrate, some fear the response will be too harsh.
Others, though, fret that some central banks, for instance in India and South Korea, are already falling behind the policy curve and will upset financial markets when they are finally forced to squeeze inflation out of the system. For when it comes to monetary policy, a stitch in time often really does save nine.
Rob Subbaraman, chief Asia economist at Nomura in Hong Kong, said the biggest risk facing Asia was that of an unexpected surge in commodity prices driving up inflation.
Part of the problem is that policymakers, still fearful of an economic double-dip in the West, are wary of withdrawing fiscal stimulus and do not want their currencies to rise too fast.
And because the Federal Reserve is unlikely to raise U.S. interest rates until the second half of this year, Asian central banks will probably keep their own rates too low for too long for fear of attracting speculative money.
As a result, Nomura expects inflation-adjusted borrowing costs in eight of the 12 countries it tracks to be negative by June -- a recipe for bubbly domestic demand and asset prices.
"When we look at the region now collectively, monetary and fiscal policies have never been so loose," Subbaraman said.
SLOWLY DOES IT
J.P. Morgan expects interest rates to be rising in some countries by early spring, but at a tepid pace relative to Asia's economic backdrop.
The bank's economists reckon the average interest rate in emerging Asia will remain three percentage points below the level implied by a widely followed rule of thumb devised by the U.S. economist, John Taylor.
Central banks, a number of them under political pressure to keep borrowing costs low, instead have contented themselves so far with measures to mop up some of the surplus cash they injected into their economies. "Normalisation" of super-loose policy, not tightening, is the ugly buzzword.
For instance, India and China last month increased the proportion of deposits that banks must keep with the central bank, instead of lending them out, while the Philippines raised a rate on a short-term lending facility. None of them increased their benchmark interest rates.
Given that the Reserve Bank of India on Friday issued a sharp warning over inflation at the same time as it tightened required reserves, a half point increase in interest rates is likely to follow next month, Prakriti Sofat and Rahul Bajoria of Barclays Capital said.
"However, based on our meetings with a number of Asian central banks, the clear theme is that policymakers remain cautious, and the risks are that rate hikes may be delayed," they wrote in a report.
NEW FOOD SPIKE?
The case for pre-emptive action is based not only on Asia's rapid economic recovery, which is absorbing the spare capacity and excess labour needed to keep a lid on prices. It is also justified, some economists believe, because a repeat of the 2007/2008 spike in global food prices is taking shape.
Western central banks play down passing increases in the cost of food because it typically accounts for just 10-15 percent of the consumer price index. In Asia ex-Japan, though, food makes up 30-35 percent of the CPI, so a jump can quickly boost overall inflation and harden expectations of a price spiral.
Glenn Maguire, chief Asia economist at Societe Generale in Hong Kong, is among the worriers. He says the upswing in food commodity prices since 2004 has been rivalled only twice in the last century -- in the 1930s during the recovery from the Great Depression and during the commodity boom of the 1970s.
He postulates that China could be having a profound impact on food inflation as strong income growth, rapid urbanisation and westernisation of the local diet boost demand.
"The speed at which inflation is turning in Asia argues for a much more prudent stance on policy, and there are few Asian economies that should be exempt from tightening over the course of 2010," Maguire said.
DON'T PANIC, YET
A more optimistic view comes from economists Silvia Liu and T.J. Bond at Bank of America Merrill Lynch in Hong Kong.
Leaving aside China and India, the only two countries with billion-plus populations, the economists said year-on-year food inflation had moderated in Asia to 1.3 percent in the fourth quarter of 2009 from 4.8 percent in the second quarter.
The memory of 2008, when inflation peaked in mid-year at 8.5 percent, up 5.6 percentage points from the year before, remains vivid, Liu and Bond wrote in a weekly report. But they think a better comparison is with 2004, when inflation crested at 4.2 percent, up 2.6 points from the year before.
They expect Asian inflation to accelerate to 3.5 percent in 2010 from 0.7 percent in 2009.
But they acknowledged that conditions could change.
"In particular, if China maintains a rigid FX regime, the entire region may find it difficult to tighten monetary policy, given the low levels of U.S. rates. As a result, asset prices, money, and credit growth could all rise, raising inflation risks in 2011. This is the key risk we will monitor over the course of the year," they wrote.
(Editing by Mathew Veedon)
Monday February 1, 03:00 PM Reuters
EXCLUSIVE - China tells banks to check loans being used properly
SHANGHAI (Reuters) - China's banking regulator has ordered banks to conduct checks to see whether any of their loans have illegally gone into the stock or property markets, a banking source told Reuters on Monday, the latest move in a clampdown on excessive bank lending and rising asset prices.
The China Banking Regulatory Commission (CBRC) said that one of the focuses of the checks would be on whether developers had used loans that were intended for developing property projects to stockpile land instead, said the source, who had seen the relevant notice from the regulator.
Credit found to be used for improper purposes must be withdrawn within a certain period of time, the source said without elaborating.
"The CBRC has recently found that some banks have loosened management of their lending practices, some industrial companies have illegally used bank credit to invest in stocks and property, while some individuals have used consumer loans to trade stocks," he said.
(Reporting by Victoria Bi and Jason Subler; Editing by Jacqueline Wong)
Wednesday February 3, 03:50 PM Reuters
Cheap loans, commodities rally fire up farmers
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By Rajendra Jadhav & Tamajit Pain
MUMBAI (Reuters) - Until a year ago, Subash Motke was against borrowing money for farming, but this year the 65-year old sugarcane farmer in Maharashtra has cheerfully taken a loan of 50,000 rupees.
Rising food prices and government incentives to increase farm loans such as lower interest rates and waiver of some loans, have encouraged farmers such as Motke to consider increasing investments in the farm using borrowed funds.
"This year sugarcane price is high. It is an opportunity for me to earn more by increasing production. But I need to invest more as seed and cultivation costs have gone up," he explains.
Financial institutions have disbursed loans of 1.65 trillion rupees in April-October 2009, up 43.5 percent compared to the same period a year ago, said S.K. Mitra, executive director at National Bank for Agriculture and Rural Development (NABARD).
Prices of agri-commodities soared in 2009 as the weakest monsoon in nearly four decades cut summer-crop's output and higher global prices also influenced rates as the government struggled to bridge the demand-supply gap in the country.
To encourage domestic production, bank farm loan targets were raised 16 percent to 3.25 trillion rupees in 2009/10, while the rates on such loans dropped to 6-7 percent across states from 12-16 percent four years ago.
"The government has determined to boost the farming sector by giving farmers subsidies, making them available to more funds so that productivity would increase, overall output will increase," Harish Galipelli, head of research at JRG Wealth Management, said.
The government in 2008/09 budget announced 710 billon rupees debt waiver scheme and it was extended by six months till December 2009 in the current year's budget.
DEBT WAIVERS
"Debt waiver has made more farmers eligible for borrowing. This is one of the main reasons for higher borrowing by farmers," said Niranjan Parsha, general manager, agriculture business at State Bank of India (SBIN.NS : 1947.9 -50.9), the country's biggest lender.
In earlier years, the government raised the minimum support price of key crops like wheat, paddy, lentils and cotton to prompt farmers to boost yields, says Mitra of NABARD.
Industry observers, like Galipelli say, the change in the government policy led to higher farm loans, but it didn't translate into agriculture output because of the poor monsoon.
Moreover, cost of cultivation has also gone up, leading to higher demand for farm loans, said Balasaheb Patil, former chairman of Maharashtra State Co-operative Sugar Factories Federation Ltd.
"There was no impact on farm credit owing to the drought. It had been growing at a steady pace of 20-25 percent," Parsha added.
The banking sector is anticipating farm loans will grow in coming years as well, as many farmers are still out of the net of institutional finance.
"The increment (in credit growth) what we have seen is because of input costs and higher prices. But in spite of prices coming down, if this goes up then that would be a healthy scenario," JRG's Galipelli says.
(Editing by Ramya Venugopal)
Panel pill to tame fuel subsidy | |
| R. SURYAMURTHY | |
New Delhi, Feb. 3: Government subsidies on fuel could be maintained at a "bearable" level of Rs 20,000 crore per year irrespective of the price of crude in the international markets, if the government implements the Kirit Parikh panel report. The panel said this could be done through free pricing of petrol and diesel, periodically raising prices of cooking gas cylinders (LPG) and kerosene, reducing the allocation of kerosene and directing ONGC Ltd and Oil India Ltd to part with some of their earnings when crude price goes above a certain level. "If petrol and diesel are allowed free-market pricing, kerosene and domestic LPG prices are raised periodically… the subsidy burden of the government would come down substantially," Kirit S. Parikh, chairman of the committee on sustainable pricing of petroleum products, said after submitting its report to petroleum minister Murli Deora. The committee also suggested that when the crude oil price crossed $60 per barrel, state-owned Oil and Natural Gas Corporation Ltd (ONGC) and Oil India could be asked to part with a proportion of their excess earnings. This is only on crude produced from their nomination blocks. Parikh said even if the price of crude changed from $70 per barrel to $140 per barrel "the burden on the budget of the government would remain stable at about Rs 20,000 crore, and that I think is a bearable burden for subsidy". He said "the government should compensate the gap by providing cash subsidy from the budget. The oil firms marketing PDS kerosene and domestic LPG should be compensated fully for their under-recoveries." N.R. Bhanumurthy of the National Institute of Public Finance and Policy said, "The recommendations should be the long-term objectives of the government, but given the political economy situation, it appears unlikely that they would be fully implemented in the medium term." In the sharing of revenue, if crude moved beyond $60 per barrel, the report suggested the levy of a special oil tax on ONGC and OIL. Parikh said such a levy should be restricted only on blocks given on a nomination basis. According to the Parikh report, when crude price rules in the range of $60-70 per barrel, 20 per cent of the excess price over $60 should be the taxable rate. When crude is in the range of $70-80 per barrel, the rate should be 40 per cent of the excess price over $70. For crude at $80-90, the recommended levy is 60 per cent above $80. Beyond $90 per barrel, it is 80 per cent above $90. In its presentation before the committee, ONGC had stated that a crude price hike led to an increase in the cost of inputs such as field service material and equipment. "(Therefore) SOT rate should be calibrated so that ONGC is able to retain some portion of increase in price to cover rise in costs." Till last year, upstream firms such as ONGC were asked to bear one-third of the total revenue loss suffered by the state-owned oil marketing companies for selling fuel below cost. This year, they have been mandated to bear all of the revenue loss for selling petrol and diesel below cost. ONGC has in the six years since 2003-04 doled out Rs 86,005 crore in fuel subsidies; this year it has already paid over Rs 5,000 crore. In 2008, the B.K. Chaturvedi committee had recommended that the special oil tax should kick in at $75 per barrel, but its report had been not implemented so far. The Parikh committee is the third panel constituted by the government on oil pricing. The recommendations of the previous C. Rangarajan and Chaturvedi committees have not been fully implemented. | |
 |
Negative global cues pull Sensex below 16300
MUMBAI: Indian equities ended near day's lows on Thursday as profit booking in the global markets spooked investor confidence. All the sectoral
"Negative global cues to start with and disturbing news coming out of Europe in the afternoon made the markets close deep in the red. The news of sharp rise in Sovereign Credit Default Swaps of Greece, Portugal and Spain accentuated the fall in the latter half of the trade," said Anagram Stock Broking note.
National Stock Exchange's Nifty ended at 4845.35, down 86.5 points or 1.75 per cent. It touched intra-day low of 4832.35 and high of 4931.30.
Bombay Stock Exchange's Sensex closed at 16,224.95, down 271.10 points or 1.64 per cent. The index touched a low of 16192.37 and high of 16,188.80 in today's trade.
BSE Midcap Index was down 1.95 per cent and BSE Smallcap Index slipped 1.61 per cent.
Amongst the sectoral indices, BSE Realty Index was down 3.89 per cent, BSE Metal Index slipped 3.36 per cent and BSE IT Index fell 2.1 per cent. BSE FMCG Index was down 0.26 per cent and BSE PSU Index moved 0.72 per cent lower.
Hindalco Industries (-6.37%), Jaiprakash Associates (-4.59%), Tata Motors (-4.36%), DLF (-4.33%) and Tata Steel (-3.85%) were the worst hit in the Sensex pack.
ONGC (0.56%), ITC (0.32%) and Hero Honda (0.03%) eked out modest gains.
Shares of oil companies ended in the red giving into bearish market sentiments after a positive start. The panel headed by Kirit Parikh has suggested a clean break from the past with market-linked prices for auto fuels and a sharp increase in the prices of kerosene and cooking gas. If the recommendations of the expert group, chaired by the former Planning Commission member, are implemented, it will result in annual cost saving of over Rs 30,000 crore at current levels of under-recoveries for oil companies.
"We note that these suggestions are largely in line with the recommendations of earlier committees instituted by the government on the same issue, which were never implemented. While we await government action on this report, we believe the suggestions are likely too aggressive to be implemented in current form, given inflation concerns, implementation issues and political considerations. A one-time hike in gasoline and diesel prices is all that might happen, in our view.
We reiterate Sell on the OMCs with potential downside of 24%-28% to our 12-m TPs, all based on 6X FY11E EBITDA. HPCL is on our Conviction list, as we believe it has the highest earnings leverage to under-recoveries and lowest returns in medium term," said the Goldman Sachs report.
Market breadth was negative on the BSE with 2,001 declines and 836 advances.
European markets were down about a percent ahead of the rate decisions from European Commercial Bank and Bank of England. US stock indices futures too were down more than half a percent ahead of the Jobless Claims data. At 5 pm, Dow Jones stock futures was down 0.58 per cent, S&P 500 slipped 0.64 per cent and Nasdaq 100 declined 0.53 per cent.
US more at ease with India's rise than China's ascent
WASHINGTON: The United States is more comfortable with the rise of India than it is with the ascent of China, a major new US strategic review
The Pentagon's Quadrennial Defense Review (QDR) 2010 has recognized ''a more influential role in global affairs'' for India including in the Indian Ocean region and beyond based on its commonalities with the US, while expressing Washington's concern about the nature of China's military development and decision-making processes.
The rise of China and India is a prominent theme underlying the QDR, a four-yearly document that offers a broad outline of US security posture that was released on Tuesday. While jettisoning the long-held goal of being able to fight two conventional wars at once (just when India is considering it) and recognizing a new range of threats including terrorism, the review also spells out US views of the two countries (China and India) it says will shape the international system in the years to come.
''As the economic power, cultural reach, and political influence of India increase, it is assuming a more influential role in global affairs,'' the review notes, adding, ''This growing influence, combined with democratic values it shares with the United States, an open political system, and a commitment to global stability, will present many opportunities for cooperation."
The review says India's military capabilities are rapidly improving through increased defense acquisitions, and they now include long-range maritime surveillance, maritime interdiction and patrolling, air interdiction, and strategic airlift. ''India has already established its worldwide military influence through counterpiracy, peacekeeping, humanitarian assistance, and disaster relief efforts,'' it observes, adding, quite emphatically, that ''As its military capabilities grow, India will contribute to Asia as a net provider of security in the Indian Ocean and beyond.''
The US policy projection comes at a time when there is much talk of India and China jostling for position and influence in the Indian Ocean region, and there are doubts and hand-wringing in New Delhi over Washington sidelining India in Afghanistan. in deference to a Pakistan-China flaking move. But the 2010 QDR is distinctly upbeat about its India outlook overall compared to reservations – laced with respect -- about China.
THE QDR says China's growing presence and influence in regional and global economic and security affairs ''is one of the most consequential aspects of the evolving strategic landscape in the Asia-Pacific region and globally.'' In particular, it notes, China's military has begun to develop new roles, missions, and capabilities in support of its growing regional and global interests, ''which could enable it to play a more substantial and constructive role in international affairs.'' So far, the review is pretty much in line with what Washington apportions for India.
But it then goes on to say that while the US welcomes a strong, prosperous, and successful China playing a greater global role, ''lack of transparency and the nature of China's military development and decision-making processes raise legitimate questions about its future conduct and intentions within Asia and beyond.''
Outlining China's military expansion, the review says Beijing ''has shared only limited information about the pace, scope, and ultimate aims of its military modernization programs, raising a number of legitimate questions regarding its long-term intentions.''
IMF forecasts India GDP growth at 6.75 per cent in 09/10
MUMBAI: The International Monetary Fund has forecast India's economy to grow at 6.75 per cent in 2009/10 and 8 per cent in 2011/12 on the back of
"Private consumption would benefit from better employment prospects and less uncertainty, and investment would be boosted by robust corporate profits, rising business confidence, and favourable financing conditions," the IMF's executive board said in a statement on Thursday. The IMF expects agricultural growth to contract by 1 per cent in 2009/10 due to drought, and said the non-agriculture sector would be the key driver for growth recovery.
"With India's long-term prospects remaining strong and private sector balance sheets sound, we expect growth to be back at potential in 2010/11 even if advanced economies grow below trend," IMF said. The agency said elevated inflation and financing constraints arising from high fiscal deficits were near-term downside risks. "Near-term risks are broadly balanced.
On the upside, an acceleration of reforms and capital inflows could spur investment," IMF said. India's central bank last week raised its 2009/10 GDP growth forecast to 7.5 per cent from 6 per cent, and lifted its inflation forecast to 8.5 per cent by end-March from 6.5 per cent earlier. Directors of the IMF executive board considered the time to be ripe for a "progressive normalisation" of the monetary stance by the central bank.
Last week, the Reserve Bank of India raised the cash reserve requirement for banks, but left interest rates unchanged. India is scheduled to present its budget for fiscal year 2010/11 on Feb. 26, when it will announce its borrowing needs and other fiscal estimates.
Shift in sources of growth in post-recession global economy
MUMBAI: The global economic recovery is gaining steam, powered by strong policy-driven domestic demand in the emerging economies of Asia and
Emerging economies with high saving rates and large domestic markets continue to outperform. China has been the main locomotive pulling the world economy into recovery. China retained its position as the world's fastest-growing economy in 2009 by deploying vast state resources—including a massive fiscal stimulus equal to 13% of GDP—to generate broad, domestic demand-led growth.
This in turn fueled demand for imports from China's trading partners in East Asia and elsewhere and revived industrial production among its neighbors. Commodity exporters in the Southern Hemisphere have also benefited from China's large appetite for copper and other base metals.
Strengthening domestic demand, aided by an aggressive policy stimulus, brought Latin America out of recession in the second half of 2009, led by Southern Cone countries that benefited from rising commodity prices. Brazil's recovery has strengthened on the back of government infrastructure spending and housing construction for low- and middle-income families. Meanwhile, lower interest rates and capital controls to curb hot-money inflows have helped shield the Brazilian economy from harmful exchange rate volatility.
Among emerging markets, trade with each other has rebounded much faster than trade with the developed West. This, in part, has enabled China to overtake Germany as the world's leading goods exporter. Whilst the U.S. remains the largest goods importer by a substantial margin, China is rapidly closing the gap.
China's import mix is also changing to reflect the shift to domestic demand-led growth. The country has moved from primarily importing in order to produce goods for export to importing in order to build domestic infrastructure. This has lifted global demand for raw materials and capital goods. In the process, China is contributing to the recovery of its trading partners.
Through greater "south-south" trade, other emerging economies are also increasing their share of world exports. As their share of global output grows as well, the developing world will account for the lion's share of global growth.
Structural efforts to boost domestic spending in emerging economies and reduced reliance on the external sector will also help trim massive external imbalances built up following the 1997-1998 Asian financial crisis. In 2010, countries with large current account surpluses are expected to boost domestic spending, whilst countries with large current account deficits will ratchet up savings.
Because of its size and increasing economic heft, China will play a large role in determining the extent of global rebalancing in coming years. Its domestic economy is already emerging as a major growth engine, and planned reforms of pensions, healthcare and education are expected to support private consumption in the longer run.
These reforms will provide a wider income safety net, helping to reduce the need for high precautionary saving. China's household saving rate is amongst the world's highest at over 25% of income.
Yet attempts to shift the sources of growth from exports to domestic consumption will take time and need to be accompanied by substantial changes in exchange rate policy. China's continued currency peg to the dollar is keeping the yuan artificially low, hampering its own transition as well as adjustments in global trade and investment flows.
RBI may not increase policy rates in April policy: Kamath
NEW DELHI: The country's largest private sector lender ICICI Bank today said that the Reserve Bank may further tighten money supply to tame
"My feeling is based on market forces, they (RBI) may not (change policy rates). They will probably keep an eye on inflation," Kamath said on the sidelines of the Press Trust of India's Diamond Jubilee Celebrations here.
The RBI is scheduled to come out with its annual monetary policy for 2010-11 on April 21.
In its third-quarter monetary policy review last week, the bank raised the cash reserve ratio -- the amount banks must keep with the central bank -- by 75 basis points to suck Rs 36,000 crore out of the system and cool surging inflation.
The banking regulator, however, refrained from raising short-term borrowing and lending rates (repo and reverse repo), primarily to encourage growth which is "is yet to fully take hold".
Repo, the rate at which the RBI lends money to banks, is at 4.75 per cent while reverse repo, the rate at which the apex bank borrows, is at 3.25 per cent.
Talking about economic growth, Kamath said, "India I would think would grow at some thing like 12 per cent in the next 12 years."
Rlys may offer more goodies this budget
NEW DELHI: Populism is expected to be a dominant theme of the forthcoming Rail Budget. Apart from keeping second class passenger fares unchanged
These measure comes despite the planning commission agreeing to only a modest increase in budget support to the Railway plan, suggesting that the railway's finances could come under further pressure. The Railways minister is likely to announce a proposal to partner Kendriya Vidyalay in setting up schools on railway lands across the country and establishing a new women battalion under the Railway Protection Force (RPF), stationed at Asansol in West Bengal.
In the previous rail budget presented in July last year, Ms Banerjee had proposed to build medical and nursing colleges at railways land. As per an official in the Rail Bhawan, the railways has discussed the proposal for setting up nursing colleges with two public sector undertakings HLL Life Care and HSSC under health ministry and RITES. "The forthcoming rail budget would again be Bengal-centric . Apart from dozens of new trains for the state the rail minister may propose a Commando training centre in Canning," a senior railways ministry official told ET on condition of anonymity.
As per initial discussion with the ministry officials on the shape of budget the Trinamool Congress boss has hinted at running over 100 new trains in the coming financial year. Meanwhile the finance ministry has agreed to the railways' demand for a plan allocation of Rs 15,875 crore for 2010-11 , a modest 8.7% increase over last year. "Planning Commission had initially wanted to limit the gross budgetary support for railways to Rs 14,600 crore but the railways minister managed an enhanced allocation," a government official said.
Govt may relax business visa norms for IT industry
NEW DELHI: The government may relax rules that prohibit foreigners on business visas from working in India, acceding to the demand of the
"We are preparing a list of activities in the IT sector for which companies may be allowed to employ foreign nationals without work permits for a limited period," said a government official, who asked not to be named.
The IT industry welcomed the move but sought relaxation of another rule that limit the number of business visas. Last year, the labour ministry had, in consultation with the home ministry, introduced a number of changes in visa rules, after it found that there were thousands of Chinese workers, including low-skilled ones like cooks and masons, employed in power and steel projects being built by Chinese contractors.
But these rules prevented foreign nationals with business visas from working in India even in short stints if they did not have work permits. The government also stipulated that employment visas will be given to only 1% of the total number of workers in a particular project. It also imposed an upper limit of twenty workers for projects.
"After the visa rules were changed, the number of Chinese working in the country has come down from 42,000 to about 3,000," said the government official quoted earlier, adding that the move created employment opportunity for locals. But the rule hurt those industries that need foreign expertise to run their businesses smoothly.
Finding some merit in IT industry's demand, the government is identifying activities such as training of work force, wherein foreign professionals with business visas would be allowed to work for short stints, even without permits, the government official said.
"IT industry is a people's business and companies are globally integrated," said Som Mittal, president of Nasscom, an industry body of IT and outsourcing firms. "Restricting the number of foreign nationals in individual companies would hamper activities," he added. IT industry wants even the 1% ceiling on work visas to be relaxed.
"We are talking about highly-skilled persons here. So, logically there shouldn't be any restriction," Mr Mittal said. Any company seeking to employ foreign nationals beyond the limits prescribed will have to seek special permission from the government, clearly establishing the need for additional work visas.
India's foreign missions are no longer allowed to issue the additional visas at their discretion. The industry has found the mechanism cumbersome and said there was no clarity on the kind of references that were required to be furnished by companies. The home and labour ministries are non-committal on further relaxations.
"We make changes in the visa rules according to the situation," another government official said, requesting anonymity.
Quality education key to strong and vibrant economy: Mukherjee
ROHTAK: Underlining the importance of quality education, Union Finance Minister Pranab Mukherjee today said that it was the key to the foundation
"Universities are the platforms for development of powerful, innovative, dynamic and sustainable new ideas of the future," he said, while delivering the first Ranbir Singh Memorial lecture at Maharishi Dayanand University here.
Mukherjee expressed the hope that the University would rise to new challenges and set new paradigms in the realm of higher education.
Quoting Noble laureate poet Rabindranath Tagore, the minister said that "we all must work towards fulfilling the dreams of the founders of Indian Constitution. This would also be the real tribute to former MP Ranbir Singh, the father of Haryana Chief Minister Bhupinder Singh Hooda."
He also spoke of Ranbir Singh's nationalistic and humanitarian views that was reflected in his work for the masses.
Singh's role in initiating the Bhakra Nangal Multipurpose Irrigation and Power project which led to the Green Revolution was mentioned by the finance minister.
Earlier, Mukherjee laid the foundation stone of Swaraj Sadan which would house the Ranbir Singh Institute for Social and Economic change.
India Blames World Bank, IMF For Food, Fuel Crisis
ndia has firmly rejected the contention that rising consumption in developing nations was responsible for the food and fuel crisis gripping the world today. Instead India has turned the tables by stating that it is the policies of World Bank and IMF and 'excessive and unsustainable' demand in the developed countries which has led to the soaring food and fuel prices.
Nirupam Sen, Indian UN Ambassador has remarked that this trend has existed for more than a decade. Mr. Sen made the remarks at a special meeting of the United Nations Economic and Social Council. He further added that financial crisis leading to weakening dollar and diversion of grains to production of bio-fuels are amongst the major causes of the food and fuel crisis.
The US and European Union had few days back remarked that the growth of India and China has led to rise in consumption level which has ultimately led to shortage in the world markets. At the special meeting, Mr. Sen also blamed the policies followed by the Bretton Woods Institution (BWI) for the crisis and severely criticized their advice to countries to shift from food crops for domestic population to cash crops for exports. He remarked that such policies have predictable negative impact on food production.
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Software, BPO exports to touch $50 billion For 2010-11, industry body Nasscom hopes that IT and BPO exports should grow at an annual 13-15 per cent. India's top 10 BPOs | Rise of multinational IT Thank the Thackerays: Investors shun Mumbai A growing number of businessmen are upset with parochialism in and around Mumbai, and are looking at Gujarat as an alternative. Protests outside SRK's house http://www.india-server.com/news/india-blames-world-bank-imf-for-food-1300.htmlHow can US-China relations be repaired?China has hit back at the US after President Barack Obama promised to take a tougher line with Beijing over currency and trade. What is the future for US-China relations? Published: Thursday, 4 February, 2010, 10:10 GMT 10:10 UK http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=7474&edition=2&ttl=20100204154855
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