Posts tagged ‘Financial institution’

15/12/2014

This Is What India’s Radio Cabs Are Doing to Make Women Safer – India Real Time – WSJ

Indian authorities and radio taxi operators in the national capital have stepped up security measures to ensure passenger safety in the aftermath of an alleged rape of a female passenger by a driver contracted to the international car booking service Uber Technologies.

Transport authorities in New Delhi have ordered radio fleet taxi companies and web-based operators to submit database of their drivers whose credentials need to be checked and have asked them to come up with a revised safety plan to be put in place by early next year, a Delhi police official, who did not wish to be named said Monday.

“A list of around 20,000 drivers has been submitted so far out of which the background details of more than 10,000 still need to be verified,” he said.

Last week, Delhi’s transport department barred Uber from operating its ride-hailing system in the national capital until it got the proper licenses. Uber on Thursday said it would suspend its service in the capital while it reviewed its screening processes. The department had stated that only six registered radio taxi companies would now be allowed to continue operating in New Delhi.

The cab operators in New Delhi, for their part, said they have certain safety rules in mind that they would submit by Dec. 31 to the transport department.

via This Is What India’s Radio Cabs Are Doing to Make Women Safer – India Real Time – WSJ.

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04/12/2014

China bolsters support for farm sector with tax breaks | Reuters

China is increasing its support for agriculture by renewing select tax breaks that have expired, the government said on Wednesday, in another move to support the real economy.

A farmer plants paddy on a terrace field in Suichuan county, Jiangxi province May 20, 2014. REUTERS-Stringer

China’s stumbling economy this year has pared banks’ tolerance for risk when they lend, further reducing the supply of loans to small-time borrowers who are usually ignored by banks because they are deemed to be high-risk borrowers.

Financial companies do not have to pay a business tax on the interest earned on agricultural loans worth no more than 100,000 yuan ($16,260), the Chinese cabinet said after a weekly meeting.

Their corporate income tax would also be discounted by 10 percent to “muster the enthusiasm of financial institutions when it comes to lending to farmers”, the cabinet, or State Council, said in an online statement.

The tax breaks, previously in place but had expired, would be reinstated and are effective until the end of 2016.

Insurers that sell insurance to crop and livestock farmers would also get a 10 percent discount on their corporate income tax, the government said.

A tax break that cuts the business tax to three percent for financial firms working within counties would also be extended until the end of 2016, the cabinet said.

Buffeted by a slowing housing market and slowing domestic demand and investment, China’s economy is forecast by some analysts to be sliding towards its worst downturn in nearly a quarter of a century this year.

Annual growth in the world’s second-largest economy could fall to 7.4 percent, a Reuters poll showed in October.

To rejuvenate the real economy, China announced a cut in interest rates of 40 basis points on Nov. 21 in a move that the central bank said was aimed at lowering borrowing cost.

via China bolsters support for farm sector with tax breaks | Reuters.

30/12/2012

* Taiwan’s Fubon says to buy China bank stake for $1 billion

Another reason why China and Taiwan will try their utmost not to go to war.

Reuters: “Fubon Financial (2881.TW), one of the most aggressive Taiwanese financial firms expanding into the Chinese market, said on Thursday it will buy an 80 percent stake in China’s Firstsino Bank for 6.45 billion yuan ($1.03 billion).

Map of the Taiwan Strait

Map of the Taiwan Strait (Photo credit: Wikipedia)

The acquisition would be another sign that banking links across the Taiwan Straits are strengthening. Taiwan’s financial companies are keen to tap the huge mainland market as trade ties between the former political foes boom, helping them move beyond a saturated domestic market.

“It will help us build a complete platform in Greater China, paving the way to enter the fast-growing areas in China,” Fubon said in a statement, adding that the purchase is subject to regulatory approvals from both sides.”

via Taiwan’s Fubon says to buy China bank stake for $1 billion | Reuters.

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