The direct tax receipts rose 7.18% to Rs1.95 trillion, on a net basis, in first six months of the current fiscal year that ends in March, said the finance ministry in a statement on Tuesday.
During the same period, gross tax receipts climbed to Rs2.57 trillion from Rs2.09 trillion a year ago, the ministry said.
According to the statement, the government is hopeful of meeting the Rs5.33 trillion target for direct tax collection in 2011-12 if the receipts grow at 19.3%, witnessed last financial year. (Reuters)
Inflation to remain under pressure until Dec: Govt
India’s headline inflation will remain under pressure until December and maintaining growth momentum along with price stability remains the biggest policy challenge, a finance ministry statement said on Tuesday.
India’s inflation barely budged in September, staying above 9% for the tenth straight month and girding the market for another interest rate rise even as policymakers around the world mull easing rates to stimulate a weak global economy. (Reuters)
Asia hedge funds lose $2 bn in 1st outflow in 17 months
Asia-focused hedge funds recorded a net outflow of $1.9 billion in September, their first monthly outflow in 17 months, as global markets tumbled on concern over the global economy and European debt crisis, new data showed on Tuesday.
The outflow reverses net flows in the previous three months, cutting the year-to-date allocation to hedge funds investing in the region to about $5 billion, data from industry tracker Eurekahedge showed. (Reuters)
LIC Housing Finance to raise at least Rs200 crore via bonds
LIC Housing Finance plans to raise at least Rs200 crore via two year bonds, a company source with direct knowledge of the deal told Reuters.
Investors can opt for one of the two options - a zero coupon bond paying a yield of 10.05% and a vanilla bond paying a coupon of 10.05%, the source said.
Axis Bank is the sole arranger to the deal, said the source. (Reuters)
British annual inflation soars to 5.2%
British inflation surged to 5.2% in September from a year earlier on soaring energy prices, matching its record high level of three years ago, official data showed on Tuesday.
The Office for National Statistics said annual Consumer Prices Index (CPI) inflation soared from a level of 4.5% in August. Analysts had forecast a jump to 4.9%, according to a poll by Dow Jones Newswires. (AFP)
India iron ore exports in August fall 43%
Iron ore exports in August from India, the world’s third biggest exporter, fell 43.4% to 2.65 million tonnes, data from a trade body showed, as monsoon dented shipments and there were no exports from Karnataka.
Exports in the first five months of the fiscal year to August fell 24.38% to 28.02 million tonnes, the Federation of Indian Mineral Industries (FIMI) said in a statement.
The southern state of Karnataka, which accounted for a quarter of shipments before a ban was imposed, registered zero exports on delayed efforts by the government to re-start shipments despite a Supreme Court order in April. (Reuters)
Yeddyurappa bail plea hearing adjourned to 20 Oct
The Karnataka High Court on Tuesday adjourned to 20 October the hearing on the interim bail plea of former chief minister B S Yeddyurappa, arrested in connection with alleged irregularities in denotifying government lands.
Justice B V Pinto adjourned the hearing on the application filed yesterday by Yeddyurappa, who, facing imminent arrest, had surrendered before the Lokayukta Court on Saturday last after it rejected his bail application. (PTI)
US to crack down on commodity traders
The United States is poised on Tuesday to push through the toughest measures yet to curtail speculation in commodity markets.
In a measure decried by Wall Street and trading companies as a misguided political attempt to cap soaring oil and grain prices, the Commodity Futures Trading Commission is set to vote in favor of “position limits” that will cap the number of futures, swaps and options contracts any trader can hold. (Reuters)
IBM’s Q3 disappoints, adds to concerns over corporate IT spending
IBM’s quarterly results failed to impress investors used to a stellar showing from Big Blue, adding to concerns about lacklustre corporate IT spending and dragging its stock down more than 3%.
The company’s earnings beat forecasts and it increased its 2011 earnings-per-share outlook but it faced a high hurdle after recent strong reports from Oracle and Accenture, and analysts focused on slower expansion in key regions and businesses. (Reuters)
China shares end down 2.3% on worries over economy
China shares ended down 2.3% on Tuesday as some investors locked in profits after data showed China’s economy expanded at its slowest in two years, prompting a selloff in riskier sectors, such as materials.
Analyst said the data was unlikely to make Beijing loosen monetary policy any time soon.
The Shanghai Composite Index closed at 2383.5 points, after a 0.4% rise on Monday. (Reuters)
G20 leaders should find solution for global economy and not just focus on domestic financial concerns: UN chief
During the upcoming G-20 summit, world leaders should find solutions to the “frustrations” of the people hit by the global economic crisis and not just focus on domestic financial concerns, UN chief Ban Ki-moon has said.
“That is what you are seeing all around the world, starting from Wall Street. People are showing their frustrations by trying to send a very clear and unambiguous message to the world,” Ban said.
He asked world leaders to use the upcoming G-20 summit in Cannes to find solutions for the entire global economy and not focus merely on domestic financial concerns. (Reuters)
Indian Olympic Association rejects the revised draft of the National Sports Development Bill
The Indian Olympic Association (IOA) calls the revised draft of the National Sports Development Bill a “cruel joke” and an attempt to strangulate the autonomy of the National Sports Federations.
“This is a more draconian bill, which if passed will shackle the IOA, National Sports Federations and will hit at the very root of the autonomy of the Olympic Charter and we will never be a party to it,” IOA’s acting president Vijay Kumar Malhotra said in a statement. (PTI)