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Intel to pay Rs16.5 crore property tax in Bengaluru
Global chip maker Intel would pay Rs16.5 crore by August 28, as directed by the Karnataka High Court, to the city's civic corporation towards property tax arrears, an official said on Monday.
 
"Intel India gave in writing that it would abide by the High Court order to pay 50 per cent of the Rs 34 crore it owes to us by August 28," Bruhat Bengaluru Mahanagara Palike (BBMP) spokesman S.S. Khandre told IANS here.
 
Confirming the development, an Intel India spokesman said the company would comply with the court's interim order, which it obtained on challenging the BBMP notice but declined to elaborate, as the issue was sub-judice.
 
"Though Intel India paid property tax partly on its campus as per its estimates under the self-assessment scheme, we served a notice to it, conveying that as per our calculations, it has to pay Rs 34-crore property tax, including arrears for the land it acquired and had built its product development office," Khandre recalled.
 
BBMP and Intel India subsidiary, however, did not share details of the notice served, when the latter challenged it in the High Court and the interim order was given to pay 50 per cent of the tax plus arrears.
 
"Our Mahadevapura joint commissioner Muni Veerapppa went to Intel office earlier in the day to collect the amount as per the court order, which said it (amount) should be paid by, and not on, August 28," Khandre pointed out.
 
The corporation also threatened to dump truck loads of garbage in the company's campus, located in the city's eastern suburb on the outer ring road, if it did not rpt not pay the amount by August 28, to expose it as a property tax defaulter.
 
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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Struggling Twitter to rent out office space
 The beleaguered micro-blogging website Twitter is looking to rent space at its headquarters in San Francisco to other companies.
 
According to sfgate.com, Twitter has contacted San Francisco brokerage firm Cresa to market 183,642 square feet of "fully furnished" office space at its two buildings in Market Square.
 
"We're always looking at ways to use our office spaces more efficiently and effectively. We remain committed to our home in San Francisco's Mid-Market area," a Twitter spokesperson was quoted as saying.
 
Earlier this year, Twitter was considering renting out a partial floor of its Market Street headquarters to financial technology firm Affirm but the deal fell apart.
 
According to reports, Twitter is also seeking to rent out 24,000 square feet in its Manhattan office.
 
Earlier this month, there were rumours saying that former Microsoft chief executive Steve Ballmer was buying the micro-blogging website.
 
There were multiple reports, saying that Ballmer and Saudi Arabia's Prince Al-Waleed bin Talal were getting ready with a bid to buy Twitter.
 
Twitter was yet to respond to the rumour.
 
Earlier, although it added three million users -- one million more that what analysts had expected -- the not-so-promising second quarter earnings results led to the shares of micro-blogging website Twitter tumbling.
 
The company posted quarterly revenue of $602 million, up 20 per cent year-over-year and reported $107 million GAAP net loss ($0.15 per share) with quarterly non-GAAP net income of $93 million ($0.13 per share).
 
A year ago, the year-over-year growth was 61 per cent and two years back, it was a whopping 124 per cent.
 
The average monthly active users (MAUs) were 313 million for the quarter, up only 3 per cent compared to 310 million in the previous quarter.
 
The micro-blogging website is now looking at the video and news streaming space to revive its fortunes.
 
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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Unchanged interest rates not surprising: Moody's
The Reserve Bank of India's (RBI) decision to leave the policy interest rates untouched was in line with the predictable and transparent monetary policy, said global credit rating agency Moody's Investors Service.
 
The central bank's decision to leave policy interest rates unchanged on Tuesday was no surprise to market participants.
 
"In the next few months, we expect continuity in the RBI's policymaking. In particular, the government's notification of the inflation target at 4 per cent +/- 2 percent through to 2021 denotes ongoing commitment to keeping inflation at moderate levels," Marie Diron, senior vice president, Sovereign Risk Group was quoted as saying in a statement issued by Moody's.
 
"Meanwhile, the formation of a monetary policy committee is in line with common practice in many central banks around the world. We do not expect the RBI's shift to such a structure to have any significant implications for the conduct of monetary policy," Diron added.
 
According to Diron, the larger than average monsoon rainfall will help maintain moderate food price inflation to keep the headline inflation rate within or close to target this year. In the medium-term, the inflation will remain moderate.
 
"There are upside risks related to the implications of the rise in public sector wages with the implementation of some of the Pay Commission's recommendations. Should higher wages boost consumption significantly, inflationary pressures could rise," Diron said.
 
According to Diron, inflationary pressure could arise when the full recommendations are implemented due to increase in housing allowances.
 
"However, the less accommodative monetary policy stance at present than in 2009-13, when the RBI's policy interest rates were well below inflation, mitigates these risks," Diron said.
 
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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