New Delhi

'SBI, PNB likely to tap capital market this year'

G-S-SandhuNew Delhi: Public sector SBI and PNB could be among the first banks to tap capital market this financial year to raise funds to meet global risk norms Basel III, a top finance ministry official said here Friday.

Financial Services Secretary G S Sandhu also said no final decision has been taken yet.

"Which banks will go first, that we have to work out. We have asked all banks to submit their capital requirement plans. They have given their proposal and we are giving final touch to them. The schedule will be worked out soon," he added.

Air India formally becomes 27th member of Star Alliance

Air-IndiaNew Delhi: Air India on Friday formally became the 27th member of Star Alliance, opening up its domestic network in the fifth largest aviation market to the global airlines grouping's passengers the world over.

Air India would add about 400 daily flights and over 40 new destinations in India to the 27-member Alliance network of over 18,500 daily flights to 1,316 airports in 195 countries.

With Air India joining it, the Alliance's market share in India grows to 30 percent, posing a challenge especially to Gulf carriers in particular which take away a considerable number of Indian passengers to Europe and North America.

India's industrial output growth at 19-month high of 4.7% in May

industrial-outputNew Delhi: Showing signs of recovery, industrial production grew at 19-month high of 4.7 percent in May due to improved performance of manufacturing, mining and power sectors and higher output of capital goods.

The output, as measured by the Index of Industrial Production (IIP), had contracted by 2.5 percent in the same month of last year.

IIP data for April remained unchanged at 3.4 percent after revision of the provisional estimates released last month, according to the information released by the Central Statistics Office (CSO).

The IIP's previous high was recorded in October 2012 at 8.4 percent.

Tata Motors global sales down 10.4% in June

Tata-MotorsNew Delhi: Tata Motors on Friday reported a 10.46 percent decline in global sales, including that of Jaguar Land Rover (JLR), to 75,623 units in June.

The company had sold 84,458 units in the same month last year.

In the passenger vehicles category, the global sales last month were at 44,239 units, as against 42,881 units in June 2013, up 3.16 percent, Tata Motors said in a statement.

Sales of luxury brand Jaguar Land Rover rose 17.96 per cent to 36,021 units in June, compared to 30,536 units in the same month last year.

HTC launches 'hero product' Desire 616 in India

HTC launches 'hero product' Desire 616 in IndiaNew Delhi, July 11 : HTC has unveiled its latest dual-sim smartphone 'HTC Desire 616' in New Delhi.

Speaking at the launch, President of HTC South Asia, Jack Yang, said, "Everyone looks for a combination that offers exciting performance phone at a great value. HTC Desire 616 dual sim is that very phone".

"The newest member of our renowned HTC Desire range offers our first Octa-core processor, 8-cores of super-fast processing and premium features at a great price, offering users the best possible experience in the category, he added.

Nude scenes were like therapy, says Scar Jo

Scarlett-JohanssonNew Delhi, July 11 : Scarlett Johansson has revealed that she finds naked scenes therapeutic as it not only helped her discover her body but also face her fears.

Speaking about her nude scenes in her upcoming film ' Lucy', the star said, "I'm not a nudist in my everyday life and it wasn't a thrill for me to undress in front of the camera. But in some ways it was like therapy because I had to recognize the things I was feeling self-conscious about and then let go of them".

HTC launches 'power-packed performer' One E8 in India

HTC-One-E8New Delhi, July 11 : HTC has unveiled its latest lightweight dual-curve device ' HTC One E8' in New Delhi.

Speaking at the launch, President of HTC South Asia, Jack Yang, said, "The HTC One (M8) had set a new smartphone standard and now we're taking it in another exciting direction. Combining style with substance, the new device represents the incredible experience people expect from a HTC One device with a look and feel that's unlike anything else out there today".

Shraddha Kapoor offers prayers at Siddhivinayak temple in Mumbai

Shraddha-KapoorNew Delhi, July 11 : Shraddha Kapoor was spotted offering prayers and seeking blessings at Siddhivinayak temple in Mumbai recently.

Kapoor, who has been riding high on the success of her latest release 'Ek Villain', was seen wearing traditional clothes when she visited the famous temple.

The 'Aashiqui 2' star will be next seen in 'Haider', opposite Shahid Kapoor. (ANI)

Manish Tewari blames BJP for Nagaland Governor's resignation

Manish-TewariNew Delhi, July 11 : Congress Party leader Manish Tewari said that the Bhartiya Janta Party is underscoring their undemocratic spirits by the manner in which they are treating governors.

Manish Tewari told ANI, "The manner in which governors are being arm twisted by the Bhartiya Janata Party only underscores their undemocratic spirit."

Madhur Bhandarkar, Raza Murad pay tributes to Zohra Sehgal

Madhur Bhandarkar, Raza Murad pay tributes to Zohra SehgalNew Delhi, July 11 - Bollywood yesteryears' actor Raza Murad and filmmaker Madhur Bhandarkar paid their condolence to the veteran actress and former dancer Zohra Sehgal , who passed away on Thursday at a hospital in New Delhi.

National award-winning filmmaker Madhur Bhandarkar said, "It is a big loss. She started her career in 1935 and has made a huge contribution in the film industry."

Branded petrol price cut by over Rs 5/litre

PetrolNew Delhi: Price of branded or premium petrol was on Thursday cut by over Rs 5 per litre after Finance Minister Arun Jaitley slashed excise duty on the fuel.

Central Excise duty on Branded Petrol was cut from Rs 7.50 per litre to Rs 2.35 per litre.

Branded petrol, which contains special performance enhancing additives, attracted higher duties than normal petrol.

The differential excise duty led to huge difference in price of normal and branded fuel, resulting in sales of the premium version dropping to almost nil.

The removal of excise duty would bring the two fuel at par.

Budget 2014: More funds for war memorial and national police memorial

Arun-JaitleyNew Delhi, July 10 : Announcing the setting-up of a war memorial at Princes Park, New Delhi, Union Finance Minister Arun Jaitley said that it will be supplemented by a war museum.

Making this announcement while presenting his first budget in the Lok Sabha today, the Minister allocated a sum of Rs 100 crore for the projects.

Jaitley said that country is deeply indebted to the officers and the jawans of the armed forces for having made huge sacrifices to defend its honour. In doing so, a very large number of them gave up their lives. He said "It is a privilege for the nation to erect a befitting memorial in their memory".

Budget strong, reflects new government's philosophy: Naina Lal Kidwai

Naina-Lal-KidwaiNew Delhi, July 10 : Naina Lal Kidwai, Country Head of HSBC India, on Thursday described the budget presented by Finance Minister Arun Jaitley as 'balanced' and 'strong', and said that it reflects the philosophy of the new government.

"I believe it is a very balanced budget, a strong budget, as it reflects the philosophy of the new government," said Kidwai.

"What we have is a budget which is touching many areas. There is a lot of focus on rationalizing and simplifying. In fact many requests of the FICCI have been taken on board, particularly to do with Tax Dispute Resolution," she added.

Huma Qureshi unveils Femina's latest issue in Mumbai

Huma-QureshiNew Delhi, July 10 : Huma Qureshi recently unveiled the July edition of the Femina magazine at an event in Mumbai.

Qureshi, who features on the July edition of the magazine, looked gorgeous at the launch event.

The 'Dedh Ishqiya' actress wore a red peplum Vizyon top paired up with a white pencil skirt from Marks and Spencer.

Femina magazine's issue focuses on the size-zero stereotype, making the average looking women feel good about their body. (ANI)

Legislative, administrative changes proposed to reduce litigation in direct taxes

Arun-JaitleyNew Delhi, July 10 : The NDA Government has proposed certain legislative and administrative changes with a view to reducing litigation in direct taxes.

Announcing this in his maiden budget speech in Parliament today, Finance Minister Arun Jaitley said that resident tax payers can now obtain an advance ruling in respect of their income tax liability above a defined threshold.

He has also proposed to strengthen the authority for advance rulings by constituting additional benches. The scope of the Income Tax Settlement Commission shall be enlarged so that taxpayers may approach the Commission for settlement of disputes.

Govt. hopes to reduce fiscal deficit to 4.1 percent for 2014-15: Jaitley

Arun-JaitleyNew Delhi, July 10 : Finance Minister Arun Jaitley on Thursday announced that the NDA Government would set itself a target of limiting the fiscal deficit for 2014-15 to 4.1 per cent, and would further attempt to reduce it to 3.6 per cent and 3 per cent for fiscal 2015-16 and fiscal 2016-17 respectively.

In his maiden budget speech presented today in the Lok Sabha , Jaitley said that considering the fact that of low GDP growth for the last two yuears, static industrial growth, large subsidy burden and not so encouraging tax buoyancy, these targets are daunting.

Retro tax amendment to be undertaken with extreme caution: FM

Arun JaitleyNew Delhi: Assuring investors that retrospective amendments to tax laws will be undertaken with extreme caution, Finance Minister Arun Jaitley today said all fresh cases arising out of the 2012 amendment of I-T Act will be looked into by a high level CBDT committee.

However, the existing tax disputes, arising out of Retrospective Amendment to the Income tax Act, 1961, and are pending in Courts, will be allowed to reach their logical conclusions, he said.

"The sovereign right of the government to undertake retrospective legislation in unquestionable.

Economic Survey 2013-14: Increase share in merchandise exports to 4% in 5 years

merchandise-exportsNew Delhi: India should more than double its share in the world merchandise exports to at least 4 percent in the next five years, a government document said Wednesday.

In 2013, India's exports share in the world merchandise exports was 1.7 percent, said the Economic Survey 2013-14 tabled in Parliament.

"India should aim to increase its share in world merchandise exports from 1.7 percent in 2013 to a respectable ballpark figure of at least 4 percent in the next five years," it said, adding: "India's exports should grow consistently by around 30 percent annually to reach" that figure.

Gold price rises on fresh buying, global cues

GoldNew Delhi: Gold prices rose by Rs 65 to Rs 28,125 per ten gram in the national capital Wednesday on fresh buying by jewellers and retailers, tracking a firm global trend.

Silver also moved up by Rs 200 to Rs 45,100 per kg on increased offtake by industrial units and coin makers.

Traders said besides fresh buying by jewellers and retailers, firm global trend as a drop in equities and the dollar spurred demand for an alternative investment mainly boosted the sentiment.

Arun Jaitley to present Union Budget 2014-15 tomorrow

Arun-JaitleyNew Delhi: Finance Minister Arun Jaitley will present his maiden Budget Thursday in a bid to turn around the economy that is growing at a decade low.

Arun Jaitley is expected to take bold steps amidst high hopes that the new government will raise tax slabs and also significantly hike the annual tax exemption limit to provide a much-needed relief to salaried class, which is reeling under the stubbornly high inflation.

For boosting investment, Jaitley is expected to announce tax incentives for industry.


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