World
India, US to deepen alliance for combating tax evasion
Washington : As nations across the globe are in hot pursuit of tax evaders and terror financing, India and the US have agreed to step up their joint work in this area, while Washington has extended its support for India's trillion-dollar infrastructure development needs.
 
Visiting Finance Minister Arun Jaitley and US Treasury Secretary Jacob J. Lew met here Thursday evening for the 6th Annual US-India Economic and Financial Partnership, which was formed in 2010, and released a joint statement, covering collaborations in areas ranging from regulation to money laundering.
 
"We are committed to continued collaboration and sharing of experience in tackling offshore tax evasion and avoidance, including joint tax audits and examination. We look forward to the competent authorities of the two countries engaging in bilateral dialogue to move forward," the statement said.
 
"We have enhanced our cooperation in tackling money laundering and combating the financing of terrorism through increased information sharing and cooperation, including a dialogue held recently in India," the statement said.
 
"We both agree on the importance of fighting illicit finance in all forms as an important means of tackling global terrorism."
 
On these fronts, the two governments have already forged an inter-governmental pact to share financial information under the Foreign Account Tax Compliance Act that. This act requires the US non-residents to share information on their financial assets and revenues outside the country once a year.
 
The dialogue under the partnership pact was held even as an Oxfam report said on Thursday that as many as top 50 US companies, including the likes of Apple, Walmart, General Electric, Microsoft, Google and Coca-Cola, have a whopping $1.4 trillion stashed in offshore tax havens.
 
The talks, held on the margins of the World Bank-International Monetary Fund Spring meetings here on Thursday -- which also included Federal Reserve Chair Janet Yellen and Reserve Bank of India Governor Raghuram Rajan -- also covered Infrastructure.
 
"We are working together to support India's National Investment and Infrastructure Fund to increase financing options for India's infrastructure growth. We look forward to continuing discussions in areas such as municipal finance under the future work of the Initiative," said the statement.
 
"The next meeting of the Investment Initiative will be in the US later in 2016."
 
The statement said effort will also continue under the US-India Investment Initiative of January 2015 for the two governments to work with the private sector on areas like policies and regulatory reforms, besides mobilising capital from domestic and foreign sources to build infrastructure and create jobs.
 
"We are encouraged with the developments that have taken place since the launch of the Economic and Financial Partnership and look forward to continued engagement in an effort to strengthen our relationship, our economies, and the global economy."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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Infosys net up 16 percent in Q4
Bengaluru : Infosys Ltd has posted a Rs.3,597 crore consolidated net profit for fourth quarter (January-March) of fiscal 2015-16, registering 16 percent year-on-year (YoY) growth, as per Indian accounting standards.
 
In a regulatory filing with the BSE on Friday, the IT bellwether said its consolidated revenue grew 23.4 percent YoY to Rs.16,550 crore in Q4.
 
Under the International Financial Reporting Standard (IFRS), net profit was up 7 percent YoY to $533 million and revenue increased 13.3 percent YoY to $2,446 million ($2.5 billion).
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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Nifty, Sensex on an uptrend – Weekly closing report
Nifty will head higher, if it stays above 7,700
 
We had mentioned in last week’s closing report that Nifty, Sensex were in no-man’s land and that the absence of any trigger – positive or negative – would keep Nifty drifting sideways. A favourable monsoon forecast sent India's benchmark equity indices soaring this week. The trends of major indices in the course of the week’s trading are given in the table below:
 
 
On Monday, the key indices of the Indian stock markets opened on a firm note, on the back of a rebound in global crude oil prices and positive Chinese markets. Recovery after last week's correction lifted prices and the major indices closed in the green. The BSE market breadth was tilted in favour of bulls -- with 1,471 advances and 1,113 declines.
 
On Monday, Finance Minister Jaitley said that the steel sector had started turning around as a result of the government measures to protect domestic supplies from imported cheap Chinese steel. "The steel sector was suffering from the cheap Chinese steel coming in at below cost prices so we raised the custom duty, imposed safeguard duty and we also imposed the minimum import price."
 
Upcoming quarterly results, along with global and domestic macro-economic data, were expected to guide the Indian equity markets during the week. Market observers had pointed out on Monday that investors' sentiments would be heavily influenced by foreign funds inflow, global crude oil prices and the rupee's movements.
 
On Tuesday, optimism in the Indian stock markets continued with the major indices making small gains over Monday’s close. The latest news to attract optimistic investors was the forecast for a favourable monsoon from the Indian Meteorological Department.
 
Ahead of the release of data on factory output and retail inflation, key Indian benchmark indices were trading higher on Tuesday. At the BSE, good buying was observed in auto, industrials and oil and gas sectors, while selling pressure was seen in metal sector; 26 shares were up and four were down -- three of them from the pharmaceuticals sector. Asian markets showed a somewhat mixed trend with Japanese benchmarks up and those in China trading lower.
 
The Coal India board approved “giving up of performance incentive for supply of higher grades of coal (G5 and above) in the Model Fuel Supply Agreement for power and non-power with immediate effect and to improve lifting of coal," the company said in regulatory filing to BSE. The miner said this decision was taken due to fall in international coal prices and improved supply by it. There is sluggishness in coal demand in general and higher grade of coal in particular, the company said. CIL shares closed at Rs274.45, down 2.28% on the BSE.
 
Bharti Airtel's recent acquisition of Aircel's 4G airwaves in eight circles for Rs3,500 crore through a spectrum trading deal was credit-positive, rating agency Moody's Investors Service report said on Tuesday. The company has rolled out 4G services in a total of 427 cities across 14 circles already, as it had secured a pan-India data enablement in the 2010, 2014 and 2015 auctions, through a combination of the 900Mhz, 1800Mhz and 2300Mhz bands. Bharti Airtel shares closed at Rs349.55, up 0.34% on the BSE.
 
Key Indian stock market indices soared on Wednesday morning, cheered by the official forecast that rains this monsoon season will be bountiful, as also on account of a rise in factory output after three months of contraction and a notable fall in retail inflation. Among the 30 Sensex stocks, the sole scrip that was in the red was GAIL India. This scrip was down at the NSE as well, along with Tata Consultancy Services. Significantly, each of the 19 sector-specific indices of the BSE was also ruling higher. The BSE market breadth was in favour of the bulls -- with 1,566 advances and 1,120 declines.
 
The India Meteorological Department (IMD) said that after two straight years of drought, India was likely to be showered with above-average rains during the upcoming monsoon season, with a probability of more than 94% precipitation. Then, after the closing bell, came the twin dose of positive news from the Central Statistics Office that India's factory output for February logged a growth of 2% after three straight months of decline, and annual retail inflation fell to 4.83% in March from 5.26% in February.
 
It was reported on Wednesday that the Supreme Court would examine if the Reserve Bank of India and the central government could take shelter behind the confidentiality clause in the RBI Act and other statutes for holding back names of loan defaulters and the total quantum of money in default. If bank recoveries of bad loans were to improve, the Bank Nifty could improve further.
 
Idea Cellular emerged as the biggest gainer of the mobile number portability (MNP) scheme in the last five years, Kotak Institutional Equities said on Wednesday in a five-year scorecard. Idea Cellular shares closed at Rs114.45, up 0.88% on the BSE.
 
Investors were headed for a long weekend with trading holidays on Thursday and Friday. Next week will be a busy one with a flurry of March quarter results due to be announced. Infosys is expected to be the first bluechip firm to come out with its results on April 15.

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