World
Passenger jet with 148 on board crashes in France
An Airbus A320 of a German low-cost airline with 148 people on board crashed on Tuesday in southern France while flying from Barcelona to Dusseldorf, media reports said.
 
The aircraft, belonging to Germanwings, crashed around 11 a.m. in Alpes-de-Haute-Provence in southern France, Xinhua reported citing BFMTV. 
 
The ill-fated passenger jet was carrying 142 passengers and six crew members when the tragedy occurred.
 
Germanwings is the low-cost subsidiary of Germany's Lufthansa Airlines, Europe's largest carrier.

User

Denial of L-1B visa applications highest for Indians: Study
Even as President Barack Obama announced Tuesday that he would reform the L-1B visa regime that allows global companies to temporarily shift their workers to the US, a study released last week finds that Indians faced the maximum rejections under this category.
 
"The denial rate for L-1B petitions to transfer employees of Indian origin is a remarkable 56 percent for 2012 through 2014, compared to an average denial rate of 13 percent to transfer employees from all other countries during the period," says the study by a US think tank.
 
"Only 4 percent of Canadian nationals were denied L-1B petitions, compared to 56 percent of Indian nationals, between 2012 and 2014," says the study by the National Foundation for American Society, non-profit public policy research organization on trade and immigration issues.
 
Indian nationals, the study says, had filed the most number of petitions under the L-1B regime at 25,296 petitions, followed by Canadians with 10,692 petitions. The denial rate was 16 percent for for Britishers for 2,577 petitions, and 22 percent for Chinese for 1,570 petitions.
 
"The data reveal the problem with denials centers primarily on the US Citizenship and Immigration Services denying petitions for employees being transferred into the United States from India. The numbers are stark," says the study.
 
"Examining the top eight countries of origin for L-1B petitions reveals no other country had even half the denial rate of employees from India," it said, even as data also revealed that Indians secured approvals for 11,192 petitions. 
 
Nevertheless, President Obama declared Tuesday that "America is proudly open for business", while assuring that the L-1B visa category will be reformed to allow global corporations to temporarily move workers to the US in a faster, simpler way.
 
"This could benefit hundreds of thousands of non-immigrant workers and their employers. That, in turn, will benefit our entire economy and spur additional investment," he said during an address to the the second SelectUSA Investment Summit in Washington.
 
"So the bottom line is this: America is proudly open for business, and we want to make it as simple and as attractive for you to set up shop here as is possible," said Obama. "That is what this summit is all about."
 
Reacting to the announcement, Nasscom president R. Chandrasekhar said the guidance on the reform of the l-1B regime was still not available, the statement of intent from Obama made it clear that he felt the move will strengthen investments into the US.
 
"We expect the guidance to be positive and a step in the right direction. But unless we see the actual guidance, which we expect around the end of this week, it will be diccicult to respond to any of the specifics," Chandrasekhar said in a TV interview.

User

Capital ceiling to be raised to qualify as micro, small, medium firm
The government has decided to change the definition of what constitute small and medium enterprises, notably by raising the capital caps for qualification, in a bid to revive a sector that is India's second-largest employer, with a 40 percent share in exports.
 
A draft bill has already been prepared proposing such revisions, officials said, adding, the cap is proposed to be doubled to Rs.50 lakh for micro enterprises and Rs.10 crore for small-scale firms. For medium enterprises it is proposed at Rs.30 crore from Rs.10 crore, officials said.
 
"We have not produced global level players in providing services except in information technology and information technology enabled services," says the draft Micro, Small and Medium Enterprises Bill, 2015, that also has a thrust on Prime Minister Narendra Modi's 'Make in India' initiative.
 
"India can become a global exporter of services. But with the above exceptions, it has not done so," it added in its observation on the sector, whose story replicates that of manufacturing in India overall.
 
According to a senior official in the ministry, the aim of the proposed amendments not only to help revival the enterprises in this category, but also facilitate the exit of some distressed enterprises, aso that investments can be unlocked for more productive use.
 
"Micro, small and medium enterprises face a lot of insolvency and bankruptcy issues. They must be given legal aid for revival, the ministry official said. "We also need to limit their liabilities and improve the process involved in winding up with affordable mechanism," he told IANS.
 
Towards this end, while presenting the Prime Minister Modi government's first full budget for the next fiscal in February, Finance Minister Arun Jaitely said that a new, comprehensive bankruptcy code on the lines prevailing in the US will make it easier for the exit from unviable ventures. 
 
"We will bring a comprehensive Bankruptcy Code in fiscal 2015-16, that will meet global standards and provide necessary judicial capacity," Jaitley had said -- a move that will replace the laws dealing with sick companies, and the one on industrial and financial reconstruction.
 
The senior official in the Ministry of Micro, Small and Medium Enterprises said funding was also a major issue for the sector, since banks get wary after loans become distressed, while the high debt-to-equity ratio prevents them from taking further exposures.
 
Officials said the proposal for a Rs.5-000 crore India Opportunities Venture Fund under the Small Industries Development Bank will go a long way in pumping equity, even as the turnover limit for compulsory tax audit and presumptive taxation was being enhanced from Rs.60 lakh to Rs.1 crore.
 
Another area being looked at is listing on bourses. The platform for such companies allows does not mandate a compulsory initial public offer. But reflecting their problem with equity funding, there are only a little over 90 such firms listed on the Bombay Stock Exchange.
 
The micro, small and medium enterprises contribute 8 percent to the country's GDP, 40 percent of its total exports and around 45 percent of the manufacturing output, as per official data. There are 3.62 crore such firms of which 15.64 are registered. They employ 8.1 crore people.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)