Dhaka: Opposition chief whip Joynal Abdin Farroque, severely beaten by police during hartal hours on Wednesday, being taken for medical treatment by his party colleagues. -Photo: Zahiduddin Ahmed Saimon See details
View the original article here
Read more...NEW DELHI, June 24 (bdnews24.com/Reuters) - The government was expected to raise diesel prices on Friday, although a delay in a government meeting to decide on the politically unpopular decision raised questions as to whether or not officials were in full agreement.
Oil prices fell 6 percent on Thursday after major consuming countries announced an emergency release of stocks, pushing benchmark Brent crude to a four-month low and providing a window for the government to raise prices with less pain for consumers.
Since it was first elected in 2004, the government of Prime Minister Manmohan Singh has more often than not refrained from pushing through tough reforms in favour of pleasing its predominantly rural voter base.
It has delayed a decision on increasing diesel and other fuel prices for months, even as its subsidy burden mounts.
Persistently high inflation, currently the highest among major Asian economies, as well as its handling of a spate of corruption scandals has added to the government's reluctance and led to what many critics say is a state of policy paralysis in New Delhi.
"We are working on more options, the final decision will be announced after the meeting," Oil Minister Jaipal Reddy told reporters, adding that the meeting had been rescheduled for 1900 local time (1330 GMT), a delay of 6 hours.
Sources familiar with the matter had said a price rise was likely. The government could also cut taxes and Reddy said more options were being considered.
Reddy told Reuters earlier on Friday the International Energy Agency's (IEA's) planned release of strategic stockpiles would give only temporary respite.
"I cannot speculate on the future trend but in the short run there is no hope. Even if there is a slight increase in production those gains will not be made available to us because of unbridled speculation in the financial markets," he said.
"We don't know whether this (softening in global prices) is a stable trend," he added.
J.P. Morgan cut its forecast for benchmark Brent oil for the third quarter to $100 a barrel from $130 after the IEA move but on Friday global crude prices were already rebounding.
Half of India's population are farmers, but the government needs to cut its massive subsidy bill on cooking gas and diesel in order meet its budget targets.
A year ago, New Delhi freed up petrol prices, which have risen about 23 percent since then, and said it could do the same with diesel. International oil prices are about 39 percent higher over the same period.
For a graphic on India fuel prices vs crude, click link.reuters.com/xyv32s
For a graphic on oil prices and IEA stock releases, click link.reuters.com/jev32s
PRICE RISES COULD ADD TO INFLATIONARY PRESSURES
With inflation above 9 percent and the domestic fuel price index up nearly 13 percent on the year, a fractious coalition government is wary of alienating its core voter base among India's 500 million poor, who live on less than the cost of 2 litres of diesel a day.
State-run fuel retailers Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp are losing 4.56 billion rupees ($101.4 million) a day on sales of diesel, kerosene and cooking gas at state-set cheaper prices.
"Obviously diesel and LPG (liquefied petroleum gas), which is being considered, will add to inflation, diesel particularly a bit more as compared to petrol and LPG because of transport costs," said Saugata Bhattacharya, an economist at Axis Bank in Mumbai.
A three rupee increase in the price of diesel from current levels of 38 rupees ($0.845) per litre would add 40-45 basis points to wholesale price inflation, according to Yes Bank, which expects annual headline inflation to top 10 percent in August, based in part on expected fuel price hikes.
Shares in Bharat Petroleum and Hindustan Petroleum were up 2.84 percent and 4.35 percent respectively on Friday, outperforming the broader market.
($1 = 44.955 Indian Rupees)
bdnews24.com/lq/1939h.
View the original article here
Read more...Kingston, June 23 (bdnews24.com/Reuters) ? Rahul Dravid made a painstakingly slow but masterful century to put India in a strong position to win the first test against West Indies at Sabina Park Wednesday.
Dravid, showing all the patience and sublime skill built up over a 15-year test career, batted for almost six and a half hours to compile 112 in a low-scoring match where both teams have struggled to score freely.
His performance enabled the tourists to post a second-innings total of 252 and set West Indies a daunting target of 326 to win the series opener.
West Indies racked up 131 to reduce their target to 195 off by the time stumps were drawn on the third day but lost three wickets in the process, leaving India in control of a match seemingly destined to finish early.
Dravid's hundred was his 32nd in tests and his fourth against West Indies and the 38-year-old provided his younger team mates with a lesson in resilience as he cautiously navigated his way to triple figures on a pitch offering assistance to the spinners.
None of the other batsman got to 30 while Darren Sammy and Devendra Bishoo were the pick of the West Indian bowlers, capturing four wickets each.
India started the third day on 91 for three but lost Virat Kohli (15), Suresh Raina (27) and Mahendra Singh Dhoni (16) in the morning session as Dravid took his overnight score from 45 to 69.
Content to bat cautiously and occupy the crease, Dravid accelerated in the middle session, reaching his ton off 252 balls before becoming the last wicket to fall.
West Indies made a flying start to their run chase when Adrian Barath and Lendl Simmons brought up their 50 partnership in just 55 balls before India made three quick strikes, removing Barath (38), Simmons (27) and Ramnaresh Sarwan, for no score, to leave the home side reeling at 80-3.
Darren Bravo (30 not out) and Shivnarine Chanderpaul (24 not out) added 51 in an unbroken stand fopr the fourth wicket to guide the home team to the close without further casualties and give them some hope of reaching their target Thursday.
bdnews24.com/smo/1320h
View the original article here
Read more...Kingston, June 22 (bdnews24.com/Reuters) ? India dominated the second day of the first test against West Indies on Tuesday to seize the momentum in the series opener at Sabina Park.
Fast bowler Praveen Kumar captured three wickets in a devastating spell on his test debut as India dismissed West Indies for just 173 to snatch a 73-run first innings lead.
Then the tourists, who had managed 246 in their first knock, battled their way to 91-3 by stumps for an overall lead of 164 with seven wickets in hand.
Murali Vijay and VVS Laxman both made second innings ducks and opener Abhinav Mukund fell for 25 but Rahul Dravid kept the scoreboard ticking along with an unbeaten 45 while Virat Kohli was not out 14 at the close.
Kumar removed Adrian Barath, Darren Bravo and Brendan Nash in 14 deliveries just before lunch to trigger a West Indian batting collapse after the home side had resumed in a strong position at 34-1 in reply to India's modest first day total.
Barath top scored with a patient 64 off 122 balls while wicketkeeper Carlton Baugh chipped in with 27 and Shivnarine Chanderpaul made a cautious 23 but none of the other West Indian batsmen made it to 20.
Kumar finished with 3-38 from 18 overs while fellow paceman Ishant Sharma bagged 3-29. India's spinners, Amit Mishra and Harbhajan Singh, claimed two wickets each on a slow pitch starting to turn.
BAD BEGINNING
After making a bright start on the first day, West Indies made a bad beginning to the second day when Ishmar trapped Ramnaresh Sarwan lbw for three in the second over.
Barath, who hit nine boundaries and a six, combined with Bravo to steady the innings with a 56-run partnership for the third wicket before both batsmen were caught by wicketkeeper Mahendra Singh Dhoni off Kumar.
The 24-year-old paceman then claimed a third scalp when Suresh Raina held a sharp catch at third slip to get rid of Nash as the home side limped to lunch at 119-5.
Chanderpaul and Baugh gave West Indies a brief glimmer of hope with a sixth wicket stand of 45 but both fell to Harbhajan as the Indian spinners polished off the last five wickets for just 26 runs.
India suffered an early setback in their second innings when Vijay was trapped lbw by Ravi Rampaul in the second over but Mukund and Dravid restored calm with a 56-run stand in a low-scoring match that already seemed destined for an early finish.
bdnews24.com/smo/1035h
View the original article here
Read more... 
Dhaka, June 20 (bdnews24.com) ? Rumana Monzur, the tormented Dhaka University teacher, has returned from India.
The plane carrying the International Relations department teacher touched down at the Shahjalal International Airport around 4pm on Monday, her colleague Mohammad Tanzimuddin Khan told bdnews24.com.
According to Khan, doctors at the Indian hospital, where Rumana was under treatment, has asked her to be there again after her wounds heal.
She was taken to Chennai, India for better treatment on June 14, as doctors said her eye tissues had got badly ruptured.
Her husband Hassan Syed was arrested and grilled in a case filed for torturing her. He allegedly tried to gouge her eyes out and chewed part of her nose off.
bdnews24.com/pc/ost/nir/1855h
View the original article here
Read more...NEW DELHI, June 20 (bdnews24.com/Reuters) - India and Mauritius will soon review a three-decade-old taxation treaty, misused by many Indian and multinational companies to avoid paying tax or to route illicit funds, an Indian official and a Mauritius government source said on Monday.
The Indian government has been under pressure from opposition parties to renegotiate a treaty blamed for huge revenue losses, as Indian investors ship their money to Mauritius and then funnel it back untaxed.
The BSE Sensex fell as much as 3.1 percent on Monday on market talk of such a review, triggering jitters that foreign inflows could take a hit.
The issue of so-called "black money", or funds stashed illegally to avoid tax, has become a political hot potato as the government reels under a slew of corruption scandals that have dented investor confidence.
In the decade to April, foreign direct investment flows into India from Mauritius totalled $55.2 billion, about 42 percent of the total $133 billion during that period.
"India and Mauritius are expected to review the existing Double Taxation Avoidance Agreement (DTAA) soon," said Shishir Jha, spokesman for India's Central Board of Direct Taxes.
He declined to elaborate on the time frame or the areas in which India was looking to adjust the treaty. Mauritius had agreed to re-opening the treaty during a visit by Indian President Pratibha Patil earlier this year, he said.
Indian officials have said the country was losing more than $600 million every year in revenue because of the tax treaty, besides incurring the risk of militant groups using it to route money into India.
A large proportion of foreign investment in the stock market comes through companies registered in the Indian Ocean island nation and are exempted from tax in India under the treaty.
Many Indian companies park illicit funds in Mauritius through shell companies as the standards for registering firms in the island are lax, analysts say.
A meeting could be held in the next few weeks if both countries agree on dates, an Indian government source said.
"Mauritius is willing to re-open tax treaty with India and we would like to address India's concerns, including round-tripping of funds by Indian companies," said a senior official of the Mauritius government, declining to be identified.
"The next meeting of joint-working group of India and Mauritius could be held soon, probably in Mauritius," he said by phone, adding that dates must still be finalised.
The last meeting was held in New Delhi last year, he said.
Capital gains is exempted from tax in Mauritius, and under the DTAA, a Mauritian company cannot be taxed in India, analysts said. India has been insisting on review of the treaty since 2006 to tighten registration norms for its companies, but without any result.
bdnews24.com/lq/2147h.
View the original article here
Read more...
Posts
All Comments
© news by Newspaper by polnews24.com 2010
Back to TOP
