| Professional
News |
| INCOME
TAX |
| Experts from KPMG and others advise
Nokia to settle tax row amicably |
|
Delhi : Conciliation, and
not aggression, is the feasible option for Nokia to resolve
its incometax dispute in India in time to transfer the
company's phone manufacturing facility in Chennai to Microsoft
as part of their global deal, say local tax and legal
experts."I think Nokia should listen to the Supreme Court's
advice. Rather than a standoff, it's better to settle the
matter amicably," said Dinesh Kanabar, deputy chief executive
at KPMG India. "If the parties agree to see reason and
negotiate, there could be a speedy resolution to the
dispute."
|
| International
Taxation |
| Safe harbour to be eased as few MNCs
drop anchor |
|
IN sync with the government’s intent to
accelerate capital inflows, the income tax department is
turning more accommodative towards multinationals in India.
While the FY14 transfer pricing audit signalled some leniency,
official sources told FE that moves were afoot to liberalise
the ‘safe harbour’ scheme, which MNCs have found not
attractive enough, resulting in a lukewarm response.Announced
six months ago, the scheme spares multinational group
companies from rigorous audits for income suppression (in
relation to cross-border transactions with group companies
abroad) if they report profits above specified limits and pay
tax on them. The profit threshold for audit exemption varies
with the type of cross-border transactions.
|
| RBI |
| RBI's April 1 policy guidance might
be limited to next review |
|
Maharashtra : In its first
bi-monthly monetary policy statement for 2014-15, scheduled
for April 1, the Reserve Bank of India (RBI) might give an
estimate of interest rates only for the period up to the next
policy review. Beyond that, the rates will depend on the
outlook for the monsoon, as well as the elections. While the
monsoon will have a direct impact on food prices, after the
elections, a new government might announce an expansionary
Budget, which could put pressure on inflation.Voting for the
2014 general elections will begin in April and it is expected
Budget 2014-15 will be presented in June. By then, the outlook
for the monsoon, too, will be clear.
|
| RBI's foreign exchange reserves in
gold fall 15% |
|
West Bengal : Portfolio
managers who have been losing money in the past year — be it
on gold or fixed income securities — need not feel bad. They
are in the company of Reserve Bank of India. The central
bank's foreign exchange reserves in gold fell 15% in value
between March and September last year, and the yield on
reserves fell 2 basis points amid low interest rates across
the developed world.
|
| RBI places Rs 4.4k-cr G-secs with
EPFO to reduce bond redemption pressure on
government |
|
Maharashtra : The Reserve
Bank of India has placed Rs 4,400 crore of 30-year government
bonds with the Employees' Provident Fund Organisation (EPFO)
in lieu of securities maturing in the short term to help the
government reduce bond redemption pressure through a mechanism
called switch.These 30-year securities offer a 9.23% coupon
rate, which is attractive for any long-term investor, a person
with direct knowledge of the matter told ET. In exchange, the
central bank has taken back eight to ten papers which were
scheduled to mature over the next couple of years, this person
added.
|
| Finance & Money
Markets |
| MFs like HDFC MF, ICICI Prudential
MF, Reliance Capital MF and others believe turnaround in the
economy post elections to benefit banks,
infra |
|
Maharashtra : Indian mutual
fund houses took aggressive positions in stocks related to the
election theme in February. HDFC MF, ICICI Prudential MF,
Reliance Capital MF and others bought cyclical stocks like
L&T and banking stocks like ICICI Bank and HDFC Bank,
according to Accord Fintech, a mutual fund information
provider. Mutual fund managers believe that any turnaround in
the economy after elections will benefit these sectors
significantly.
|
| Right mix of speculation, hedging to
deepen commodity exchanges. |
|
Maharashtra : Traders and
physical market users who trade on domestic commodity futures
exchanges may soon witness a deepening of the decade-old
market.To encourage more physical market users to hedge on
domestic commodity bourses, regulator Forward Markets
Commission (FMC) will soon write to the finance ministry,
under which it functions, suggesting that it urge banks to ask
their clients to trade on exchanges like MCX and
NCDEX.
|
| INTERNATIONAL
BUSINESS |
| American Express clinches $900
million joint venture investment |
|
American Express Co said on Monday that
four financial investors have committed a total of $900
million to a business travel joint venture, in what would be
the largest single investment ever made in a travel management
company.
|
| Dropbox seeks partners to drop anchor
in India |
|
Dropbox Inc is being positioned as the
next internet sensation after Facebook and Twitter. But the
online storage provider said it has no immediate plans to open
an office in India, one of the fastest growing internet
markets in the world.The San Francisco-based company said it
would rather partner with Indian mobile service providers and
web companies that can take Dropbox to the country's rapidly
growing smartphone and internet user base. "For us it doesn't
make sense to have a local sales team in the short term, but
we'll work through partners," Sujay Jaswa, vice-president and
business development head at Dropbox, told ET at the company's
San Francisco headquarters.
|
| MERGER &
ACQUISITION - INTERNATIONAL |
| Vodafone agrees $10 billion deal to
buy Spain’s Ono |
|
Vodafone Group Plc has agreed to buy Spain’s
largest cable operator Ono for 7.2 billion euros ($10
billion), in the latest move by the British group to rebuild
its European operations with a broadband offering.Vodafone
said on Monday the deal would enable it to offer a combination
of mobile and fixed-line telephony, pay-TV and broadband in
one of its largest European markets, hit hard by fierce
competition and the effects of a lengthy recession.
|
| Banking |
| In a first, SBI to sell around Rs
5000-cr NPAs to ARCs shortly |
|
Maharashtra : For the first
time in its over two centuries of history, the nation's
largest lender State Bank of India which had reported 5.73 per
cent of its assets as bad loans in the December quarter, is
going all out to stem the rot by offloading around Rs 5,000
crore of its Rs 67,799 crore dud assets to ARCs before the end
of the month.
|
|
 |
| Economy |
| India |
| Global cues, strong rupee cool India's cost of
crude oil to 8-month low |
| Heavy rains, hailstorms take their toll on
banking sector's profitability; Rs 5,000 cr of crop loans
expected to turn bad |
| Centre's move to cancel Rs 15,000-crore bond
auctions sees a scramble for state loans |
| Slowdown, delays impact developers' interest in
PPP models |
| Tea exports dip 13.24% in
Apr-Feb |
| |
| International |
| New York dethrones London as top financial
hub |
| China's yuan dips in widened band, but scope for
big swings seen limited |
| U.S. factories flex muscle after severe winter
chill |
| FOREX-Euro slips on risk of lower inflation data,
yen drifts lower |
| Wall Street climbs as Ukraine worries ease, data
improves |
| Venice to vote on snapping ties with
Italy |
| |
| Markets
Today |
| NSE |
6,532.45
|
|
| BSE |
21,832.61
|
|
| NASDAQ |
4,279.95
|
|
| |
|
|
| USD |
61.05
|
|
| EURO |
84.96
|
|
| JPY(100) |
60.17
|
|
| GBP |
101.40
|
|
|
| |
| Corporate
Watch |
| High employment intensity in service-sector
MSMEs |
|
Delhi : CRISIL has analysed the
employee strength of 1,400 micro, small, and medium
enterprises (MSMEs) in the service sector in 2012-13 (refers
to the financial year, April 1 to March 31). The study was
conducted to compare the employment generation potential of
various industries in the service sector. The results indicate
that employment-intensity is highest in manpower-intensive
services like security agencies, housekeeping, and facility
management.After manpower-based services, the top five service
industries - in the order of their employment-intensity -- are
automotive dealers, education services, logistics services,
media-advertising and IT services. These industries provide
job opportunities to skilled as well as semi-skilled manpower.
MSMEs in the service sector are key contributors to India's
GDP. These enterprises merit strong policy support and
incentives for their growth, keeping in view their employment
generation potential.
|
| Firms such as QwikCilver and Itz Cash Card
look to tap growing Rs 9,000-crore gift cards
business |
|
Karnataka : As Indian consumers
reach out for the convenience of gift cards, it is creating
opportunity for a number of new ventures with services that
link retailers with those looking to expedite their search for
the perfect gift. These companies offer gift cards in a
variety of formats — from digital cards with codes that can be
presented at a merchant store to those that can be used at
multiple retail locations.
|
| BP, Niko may have to join Reliance
Industries' arbitration to get new gas
price |
|
Delhi : BP Plc and Niko Resources,
the partners of Reliance Industries in the controversial KG
D-6 block, may have to join ongoing arbitration proceeding
before the government could accept bank guarantees from them
and allow these companies to charge higher prices for their
share of gas from April 1, a petroleum ministry official
said.Customers will have to pay higher gas price from April 1
in keeping with a cabinet decision notified in January, but
that is no guarantee that BP and Niko will also get new rates,
said the official, describing the ministry's thinking on the
issue. In case the two companies are allowed to charge only
the old rate while customers pay the new price, the government
has several options, including depositing the difference in an
escrow account, said the official cited earlier
|
| Reliance Jio to use Viom Networks' towers
to roll out services |
|
Delhi : Reliance Jio Infocomm has
signed a tower-sharing deal with Viom Networks, which will
help the telecom unit of Reliance Industries roll out its
much-awaited high speed data and voice services faster and at
a lower cost across India. 'This agreement is in line with our
mission of a pan-India launch spanning next-generation voice
and data services and leveraging existing telecom
infrastructure,' Sanjay Mashruwala, managing director of
Reliance Jio Infocomm, said in a statement on Monday. Reliance
Jio plans to lease around 70,000 towers and put up 30,000 of
its own, including smaller cell sites on single poles, as it
aims to launch fourth-generation voice and data services in
the October-December quarter.
|
| |
| Tenders
& Assignment |
State Bank Of India  |
|
Description :Empanelment of
chartered accountant firm for concurrent audit.
Last Date : 25/03/2014
Address :State Bank Of India
Local
Head Office,III/1, Pandit Jawaharlal Nehru Marg,
Bhubaneswar-751001
|
| Food Corporation Of India - Zonal Office,
(South), Chennai |
|
Description :Reputed
chartered accountants firms for undertaking internal audit and
physical verification of stocks
Last Date
: 04/04/2014
Address :Zonal
Office(South),3 Haddows Road,Chennai-600006.
|
| |
| Reminders |
| Tenders |
| Andhra Bank 20/03/2014
|
| Headquarters Central
Command 20/03/2014
|
| South Eastern Coalfields
Limited 20/03/2014
|
| Department Of Rural Development - Gandhinagar
Gujarat 21/03/2014
|
| National Judicial
Academy 21/03/2014
|
| Indian Statistical Institute _Kolkata West
Bengal 21/03/2014
|
| National Rural Health Mission - Port Blair
Andaman And Nicobar 22/03/2014
|
| Food Corporation Of India - Noida Uttar
Pradesh 24/03/2014
|
| National Rural Health Mission - State Health
& Family Welfare Society
Sikkim 25/03/2014
|
| Presidency University - Kolkata West
Bengal 25/03/2014
|
| Central Electronics Limited - Sahibabad Uttar
Pradesh 25/03/2014
|
| Jharkhand Agency For Promotion Of Information
Technology 25/03/2014
|
| State Bank Of India 25/03/2014
|
|
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