Archive for April, 2015

19/04/2015

India issues fresh tax notice to Vodafone – report | Reuters

Tax authorities have issued a fresh notice to Vodafone Group Plc (VOD.L) seeking re-assessment of tax returns for assessment year 2009-2010, news channel ET Now reported on Saturday citing sources familiar with the development.

A man checks his mobile phone as he walks past a shop displaying the Vodafone logo on its shutter in Mumbai January 15, 2014. REUTERS/Danish Siddiqui/Files

The government in January said it would not appeal a regional court ruling in favour of Vodafone in a long-running dispute under which the taxmen had accused a unit of the British telecoms firm of under-pricing shares in a rights issue.

Vodafone has 30 days to respond to the fresh notice, the news channel’s report said. (bit.ly/1JUMvap)

However, Finance Minister Arun Jaitley, in comments carried by Business Standard newspaper, said: “Barring a case that is pending under that law (Income Tax Act) or another case that has arisen now, I think we’ve put most issues to rest, as far as retrospective legislation is concerned.” (bit.ly/1EZM9Q7)

via India issues fresh tax notice to Vodafone – report | Reuters.

19/04/2015

E-commerce boom spurs record demand for VRL Logistics IPO | Reuters

A $75-million market debut for Indian parcel delivery firm VRL Logistics Ltd IPO-VRLL.NS has encountered record demand, drawing bids for more than 70 times the number of shares on offer late last week, as investors bet on an e-commerce boom.

Subscription levels were the highest in nearly eight years, stock exchange data showed, roughly the highest since the global financial crisis hit.

Analysts said strong demand was helped by the successful listing of renewable energy firm INOX Wind (INWN.NS), which has lifted primary market sentiment, and growing demand for logistics services as Indians buy more online.

The sale received bids amounting to 74.26 times the number of shares on offer by the last day on Friday, stock exchange data showed.

via E-commerce boom spurs record demand for VRL Logistics IPO | Reuters.

19/04/2015

U.S., China top dumping of electronic waste; little recycled | Reuters

The United States and China contributed most to record mountains of electronic waste such as cellphones, hair dryers and fridges in 2014 and less than a sixth ended up recycled worldwide, a U.N. study said on Sunday.

Overall, 41.8 million tonnes of “e-waste” — defined as any device with an electric cord or battery — were dumped around the globe in 2014 and only an estimated 6.5 million tonnes were taken for recycling, the United Nations University (UNU) said.

“Worldwide, e-waste constitutes a valuable ‘urban mine’, a large potential reservoir of recyclable materials,” said David Malone, the U.N. under-secretary-general and rector of UNU.

The report estimated that the discarded materials, including gold, silver, iron and copper, was worth some $52 billion.

The United States led e-waste dumping with 7.1 million tonnes in 2014, ahead of China on 6.0 million and followed by Japan, Germany and India, it said.

The United States, where individual states run e-waste laws, reported collection of 1 million tonnes for 2012 while China said it collected 1.3 million tonnes of equipment such as TVs, refrigerators and laptops in 2013.

via U.S., China top dumping of electronic waste; little recycled | Reuters.

19/04/2015

Foreign automakers double down on China bets despite slowing growth | Reuters

Foreign automakers continue to plough money into factories in China, the world’s largest car market, even as the biggest economic slowdown in a quarter of a century crimps sales growth.

Employees work at the third factory of Dongfeng Peugeot Citroen Automobile company, after its inauguration ceremony, in Wuhan, in this July 2, 2013 file photo.  REUTERS/China Daily/Files

Market leaders Volkswagen AG (VOWG_p.DE) and General Motors (GM.N) show no sign of letting up on their planned investments, while Toyota Motor (7203.T) and Ford Motor (F.N) are also pursuing new China expansion plans.

That’s in spite of the economic slowdown further depressing the car market in January-March, when sales grew only 3.9 percent, compared to 9.2 percent a year ago and way below the 7 percent growth that the China Association of Automobile Manufacturers (CAAM) predicts for this year.

via Foreign automakers double down on China bets despite slowing growth | Reuters.

18/04/2015

Apple Grows its Own Solar Farms in China – China Real Time Report – WSJ

Call it savvy public relations or plain good investing, but Apple is becoming a solar-power developer in China.

News Thursday that the Cupertino, Calif.-based company is partnering with SunPower., a major U.S. solar-panel maker, to build two solar power plants in China’s southwestern Sichuan province, highlights Apple’s attempts to offset its growing carbon footprint in China, where it is expanding at a rapid pace.

Although financial terms weren’t disclosed, SunPower said Thursday that Apple will co-own the projects, which have the combined capacity of 40 megawatts.

Apple has previously said it wants to be carbon neutral everywhere it operates, but that admirable goal is considerably absent in China, where the bulk of its products are made. Until now, unhappiness over air pollution mainly has been directed at the Chinese government, but Apple — already under fire over labor and customer-support issues –could become a major target. Initiatives like these could go a long way toward making sure its image in China remains favorable.

Apple tends to be financially involved in clean-energy projects only when they provide electricity for its operations. Apple and SunPower, for example, have partnered together in the U.S. to develop six solar power plants, all of which provide at least some power to Apple’s facilities.

In this case, however, Apple’s solar plants are being built in Sichuan’s remote Aba Tibetan and Qiang autonomous prefectures, far from Apple’s corporate offices, retail stores or manufacturing partners. The region is known for its rolling grasslands, where herders take yaks and sheep to graze, and where multi-colored Tibetan prayer flags are strung up along the slopes of hills.

In an interview on Thursday with China’s official Xinhua news agency, Apple’s vice president of environmental initiatives, Lisa Jackson, said the solar plants will be located in grasslands primarily used for raising yaks. Ms. Jackson, who was previously head of the U.S. Environmental Protection Agency, said Apple will take care to minimize the impact of construction on the environment. An Apple spokeswoman said Friday in an email that Apple and its local partners won’t use cement to install solar panels or dig trenches for wires during construction.

Apple has been expanding quickly in China as it attempts to go after the country’s burgeoning middle class. The company currently has 21 retail stores in mainland China and hopes to double that number by the end of next year. Although Apple’s latest efforts to produce clean energy in China might be a drop in the bucket when compared with amount of fossil fuels consumed by its manufacturing partners, Ms. Jackson told Xinhua that the company hopes to lead by example for its more than 330 suppliers.

Apple’s latest projects join a wave of new solar farms under construction in western China. Solar-panel makers, Chinese policy banks and other clean-energy developers are all piling into the business after China revived its solar industry amid the country’s ambitious targets to add as much as 18 gigawatts of solar-power capacity by the end of this year.

via Apple Grows its Own Solar Farms in China – China Real Time Report – WSJ.

16/04/2015

The Statesman: Roadmap for India-Canada free trade pact by Sept: Modi

India and Canada on Wednesday expressed commitment to have a free trade pact, with Prime Minister Narendra Modi saying a roadmap will be laid for the market opening agreement by September.

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Modi said the Bilateral Investment Promotion and Protection Agreement (BIPPA) will also be concluded soon.

“I am confident that we can conclude the Bilateral Investment Promotion and Protection Agreement very soon.

“We will also implement the roadmap to conclude the Comprehensive Economic Co-operation Agreement by September 2015,” he said at a joint press conference with his Canadian counterpart Stephen Harper.

He said Canada has the potential to partner India’s economic transformation and “it exists in a new environment in India which is open, predictable, stable and easy to do business in”.

Prime Minister Harper and I are absolutely committed to establishing a new framework for economic partnership. I am pleased that we have made rapid progress on long-pending agreements,” Modi said.

On the free trade pact, Harper said there are many issues in this to be resolved, but “we are committed to see it through”.

Harper further said there was no reason why Canada should not have a free trade pact with India which “is a vibrant democracy. Nothing precludes that”.

The Canadian Prime Minister said while the trade between the two countries has increased, “it is still not as much as it should be”.

He expressed confidence that nuclear agreement signed today with India will raise the bilateral trade volume further.

The bilateral trade increased to USD 5.18 billion in 2013-14 from USD 4.83 billion in previous year.

via The Statesman: Roadmap for India-Canada free trade pact by Sept: Modi.

14/04/2015

The Statesman: Let’s make India Ambedkar dreamt of: Modi

Prime Minister Narendra Modi on Tuesday paid tributes to to BR Ambedkar on his 124th birth anniversary, and said, “Let us pledge to dedicate ourselves to creating India that Ambedkar dreamt of…an India that will make him proud”.

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“I bow to Dr. Babasaheb Ambedkar on his birth anniversary – Jai Bhim,” the prime minister said in a message.

“Dr. Babasaheb Ambedkar is a yug purush (man of the era) who lives in the hearts and minds of crores of Indians. His life is characterised by unmatched determination and a firm commitment towards social justice. He made a mark as a bright lawyer, scholar, writer and intellectual who always spoke his mind,” Modi said.

He added: “Who can forget Dr. Ambedkar’s contribution in the making of our Constitution? He served the nation and the people tirelessly and selflessly.”

“Let us pledge to dedicate ourselves to creating the India that Dr. Ambedkar dreamt of…an India that will make him proud.”

via The Statesman: Let’s make India Ambedkar dreamt of: Modi.

14/04/2015

India will set Climate Change conference agenda: Modi – The Hindu

Prime Minister Narendra Modi has slammed developed nations for questioning India over global warming despite it having the lowest per capita emission of gases and asserted that India will set the agenda for the Climate Change conference to be held in France in September.

Siemens CEO Joe Kaeser (centre) smiles as a trainee hands over a small Berlin TV Tower to the Prime Minister Narendra Modi during a visit to the Siemens company in Berlin on Monday.

“I am surprised that the world is scolding us even though our per capita gas emission is the lowest…,” he said while addressing a reception for the Indian community here last night.

Underlining that preservation of nature was in the customs and tradition of Indians which they have done for ages, Mr. Modi said, “The whole world is posing questions to us. Those who have destroyed climate are asking questions to us. If anybody has served the nature, it is Indians.”

He asserted that India is “not answerable to the world” and will tell them that “you destroyed nature.”

Underlining that India should lead the way to deal with climate change, the Prime Minister said, “India will set the agenda for the upcoming Conference of Parties (COP)” meeting to be held in Paris in September.

Referring to India’s traditional practices and traditions, Mr. Modi said it is the only country which has served the nature the most as Indians even treat even river as mother and worship trees.

“Treating the nature well comes naturally for Indians and they (developed nations) are teaching us,” he said.

The Prime Minster said the solutions to the “crisis” on account of global warming are in India’s traditions and customs.

“We should go out with confidence,” he said, asking the Indian diaspora to contribute in this regard.

At the same time, he said India also wants solutions to the global problem of climate change. In this regard, he spoke about his government’s initiatives to tap clean and renewable energy for generating 175 Gigawatts of electricity from it.

One Gigawatt is equal to 1,000 MW.

“Earlier, we did not go beyond Megawatts but in 10 months, we have at least started thinking of Gigawatts,” he said.

via India will set Climate Change conference agenda: Modi – The Hindu.

14/04/2015

Why the Trial of Former Chinese Oil Executive Jiang Jiemin Matters – China Real Time Report – WSJ

A court in central China’s Hubei province today began hearing the case of Jiang Jiemin, the former chairman of China’s biggest oil company who also briefly headed a government commission that oversees state-owned firms.

Though Mr. Jiang may not be a household name, his trial marks the most senior-level prosecution of a Communist Party official in President Xi Jinping’s anticorruption drive, which has targeted both large state industries and their political backers over the past two years.

Far more important than his past role as head of the State-owned Assets Supervision and Administration Commission was Mr. Jiang’s previous tenure as chairman of China National Petroleum Corp. Following his appointment to that role in 2011, CNPC’s revenue rose, and it grew to rival Exxon Mobil Corp. in total market value.

Mr. Jiang was tapped to head Sasac in 2013, just as several other oil-company executives were becoming ensnared in corruption allegations or disappeared from view.

While Sasac oversees state-owned companies, in practice analysts say it is weaker than the larger, clout-wielding companies it supervises.

Mr. Jiang’s trial is being closely watched in part to see if it yields any details about the circumstances surrounding the downfall of Zhou Yongkang, the country’s granite-faced former security chief, who was formally charged with bribery and abuse of power earlier this month. Mr. Jiang had risen through the ranks of the country’s oil industry under Mr. Zhou.

It is also being watched for further details of corruption investigations involving other politicians and officials in the country’s oil industry, a key target for Mr. Xi’s campaign. The trial began at 8:30 a.m. Monday and was announced in a brief notice on the Hubei Hanjiang Intermediate People’s Court Weibo account. Without elaborating, the court said Mr. Jiang faces charges in connection to bribe-taking, holding a large amount of property that came from unidentified sources and abuse of power.

The court said Mr. Jiang has a lawyer and didn’t object to the charges that include taking bribes, holding assets from unexplained sources and abusing his power.

Like Mr. Jiang, Mr. Zhou had previously served as the head of CNPC. A wide network of Mr. Zhou’s acquaintances and family members have been caught up in a far-flung investigation involving deals in areas where Mr. Zhou oversaw power, involving deals worth tens of millions or more.

Officials of Mr. Zhou’s standing have traditionally been considered off limits, but under Mr. Xi, that is changing.

Mr. Zhou is expected to face trial as are other associates, including Li Chuncheng, former deputy party secretary of Sichuan, who worked under Mr. Zhou from 1999-2002

via Why the Trial of Former Chinese Oil Executive Jiang Jiemin Matters – China Real Time Report – WSJ.

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