E-tax must if earning Rs 10L+

Professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh annually will be required to file income tax returns electronically, the finance ministry said. Besides, all business entities and Hindu undivided families (HUFs) with a business income of over Rs 40 lakh per annum will also be required to mandatorily file income tax returns in the electronic format, the ministry said.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Railways post 7 pct growth in earnings

Railways have posted over 7 per cent growth in earnings during the first three months of this fiscal. During the period between April 1 to June 30, it earned Rs 22061.13 crore as compared to Rs. 20610.63 crore during the same period last year, registering an increase of 7.04 per cent. While the total goods earnings went up from Rs 13927.05 crore during this period last year to Rs 14930.11 this year, the total passenger revenue earnings also went up to Rs 6190.70, said an official statement. Earnings from other departments stood at Rs. 626.01 crore during this period.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

House prices: Surveyors expect property prices to fall

Surveyors are expecting house prices to fall in the coming months owing to more home sales and economic uncertainty. The rise in supply means more are expecting property values to fall than rise - a shift in sentiment from a similar poll a month ago. The survey, from the Royal Institution of Chartered Surveyors (Rics), said that the number of enquiries from new buyers dipped in July. This was only the second fall since the latter part of 2008. A separate forecast by accountants Pricewaterhouse Cooopers has suggested that house prices might not reach the levels seen at the peak of the market in 2007 for another decade.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

IMF raises global economic growth forecast

The International Monetary Fund (IMF) has raised its forecast for global growth this year, from 4.2% to 4.6%.It said the world economy grew strongly in the first part of this year, mainly thanks to robust growth in Asia. However, the UK was almost unique in having its 2010 growth forecast revised slightly down, while its 2011 forecast was cut by the IMF from 2.5% to 2.1%. The IMF also warned risks had increased and there had been a setback in progress towards financial stability.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

UK interest rates maintained at record low of 0.5%

The Bank of England has kept UK interest rates on hold at a record low of 0.5% for the 16th consecutive month. The Bank's Monetary Policy Committee (MPC) also decided not to inject any more money into the economy under its policy of quantitative easing (QE).The decision had been expected but calls have been growing for an increase in rates to curb inflation. Separately, a leading think tank warned that the UK recovery faced "headwinds" in the wake of last month's Budget. The National Institute of Economic and Social Research (Niesr) estimated that the economy grew by 0.7% in the three months to the end of June, marking a slowdown from the 0.9% expansion seen in the three months to May.Official gross domestic product (GDP) figures for the second quarter will be released on 23 July.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Market rally spurred by bank stress test hopes

Stock markets, oil prices and the euro have gained ground for a third day, spurred on by hopes that European banks will pass EU stress tests. The Dow Jones rose 0.5% in early trading, while European markets were up between 1% and 1.5% by mid-afternoon. The optimism also helped the euro add to a month-long rally, nearing $1.27. And US light crude oil rose above $75 a barrel, on hopes that the US and Europe would avoid a relapse into recession, though later slipped back. London Brent crude also rose towards $75 a barrel.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

UK manufacturing sees strongest growth in 15 years

UK manufacturing in May grew at its fastest pace in more than 15 years, official data has shown. Manufacturing output rose by 4.3% on the same month a year ago, the highest rate since December 1994, the Office for National Statistics (ONS) said. The increase was driven by the machinery and equipment industries, as well as basic metals and metal products, the ONS said. Month-on-month, manufacturing output was 0.3% higher. "The new figures leave manufacturing firmly in positive territory when compared with a year ago, and they reinforce expectations that GDP will record stronger growth in the second quarter of 2010," commented David Kern, chief economist at the British Chambers of Commerce.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

EU calls for joint action to withdraw economic support

The European Union (EU) has urged the G20 club of nations to agree when to scrap their economic support packages. The EU said a coordinated exit from stimulus measures would help restore confidence and reduce the risk that some countries would be disadvantaged. EU leaders made the call in an open letter ahead of this weekend's G20 summit in Canada. The EU also said the G20 should reconsider the introduction of a global transaction tax on banks. During the global financial meltdown, countries introduced a variety of support mechanisms, from loan guarantees to emergency tax breaks, to maintain growth.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

US home sales in unexpected fall

Sales of previously-owned US homes fell unexpectedly in May despite tax credits designed to encourage homebuyers, figures suggest. Sales fell 2.2% to 5.66 million after a surge in sales in April, the National Association of Realtors (NAR) said. Analysts had expected sales to rise. However, the NAR said sales were still strong and 19% higher than a year ago. The group's chief economist, Lawrence Yun, said tax credits would continue to boost sales next month. We are witnessing the ongoing effects of the home buyer tax credit, which we'll also see in June real estate closings, he said. But the number of home sales this month may be affected by delays in mortgage deals, he explained.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

US economy still in difficulty, says Geithner

US Treasury Secretary Timothy Geithner has warned that the country's economy "is still going through an incredibly difficult period". He told a congressional hearing the downturn's impact would be lasting. Mr Geithner also revealed that the US government had recovered more than half the money it had spent on the Troubled Asset Relief Program (Tarp). He added that Tarp investments had generated $24bn (£16bn) in additional revenue for taxpayers. Mr Geithner said "millions of Americans are still looking for work and are suffering from the damage of a deep recession. The impact of this crisis will be lasting. But he told the Congressional Oversight Panel the US government's actions to boost the economy during the crisis had cost less than expected.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

US Senate begins debate on new Wall Street regulations

The Senate has begun debating proposals for the most significant reforms to financial regulations since the 1930s. After days of deadlock, Republicans and Democrats began arguing over a bill aimed at bringing accountability to Wall Street and avoiding another financial meltdown. Republicans had blocked debate on the bill for three consecutive days, but eventually relented on Wednesday. But they also promised a hard fight to make changes to the reform bill.

The key battlegrounds of the debates will be measures to restrict trades in complex financial instruments, called derivatives, and the powers proposed for a new agency to protect consumers. Despite agreeing to a debate, Republican Senator Richard Shelby, who led the blocking campaign, appeared in no mood to compromise on his opposition to the consumer protection agency.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

World stocks advance on Wednesday

After Greece, the world markets worried about Spain, but that country has been a bit quicker in addressing the issue. World stock markets advanced Wednesday after Spain unveiled new spending cuts that helped ease worries about the continent's debt crisis. Britain's financial markets meanwhile gave a lukewarm response to the establishment of the country's first coalition government since World War II. Solid German economic growth figures - Europe's biggest economy expanded by a modestly higher than expected 0.2 percent in the first three months of the year - also helped fuel the rally, particularly in Frankfurt, where the DAX closed up 145.78 points, or 2.4 percent, at 6,183.49.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

SEBI bars 9 people from market for public issue fraud

Market regulator SEBI has barred nine people from trading in the securities market for a year for allegedly colluding to make a failed public issue appear as successful, thereby denying refund to retail investors. They created circumstances in which the retail investors got trapped. Had the issue failed, the innocent retail investors at least would have got the refund of their subscription, SEBI said in an order. It said these nine people bought 53 per cent of the shares issued by Consortex Karl Doelitzsch (India) Ltd, earlier known as Andhra Pradesh Power Tools Ltd. The issue opened for subscription on January 22, 1996 and closed on February 1, 1996.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

SEBI challenges SAT order on Takeover Code

The market watchdog SEBI on Wednesday moved the Supreme Court challenging the decision of the appellate tribunal SAT that held that financial investors like PEs and VCs do not acquire controlling stake in a company by just picking up more equity. The Securities Appellate Tribunal (SAT) had in January this year set aside a SEBI direction that held that the veto rights acquired by a financial investor in a target company cannot be construed as a controlling stake. An apex court bench comprising the new chief justice SH Kapadia and justices KS Radhakrishnan and Swatanter Kumar directed both the parties to file their written submissions.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Greece debt fears push euro to 13-month low

The euro has continued its slide against the dollar, reflecting the continued loss of investor confidence in some European economies. The euro has fallen to $1.2954 - its lowest level for more than a year. Share markets in Asia also dropped after heavy falls in Europe on Tuesday.

The Singapore market was down 1.5% and Hong Kong's Hang Seng index fell 2.1%. Investors remain concerned over the debt crisis in Greece, and the fear that it may spread to other economies. On Tuesday, the Spanish Prime Minister Luis Rodriguez Zapatero was forced to deny rumours that Spain would be next to seek financial rescue, following the agreement of a 110bn-euro ($143bn; £95bn) bail-out package for Greece over the weekend.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Greece debt fears push euro to 13-month low

The euro has continued its slide against the dollar, reflecting the continued loss of investor confidence in some European economies. The euro has fallen to $1.2954 - its lowest level for more than a year. Share markets in Asia also dropped after heavy falls in Europe on Tuesday. The Singapore market was down 1.5% and Hong Kong's Hang Seng index fell 2.1%. Investors remain concerned over the debt crisis in Greece, and the fear that it may spread to other economies. On Tuesday, the Spanish Prime Minister Luis Rodriguez Zapatero was forced to deny rumours that Spain would be next to seek financial rescue, following the agreement of a 110bn-euro ($143bn; £95bn) bail-out package for Greece over the weekend

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Singapore dollar allowed to appreciate as economy booms

Singapore has allowed its currency to rise against the dollar in an effort to tackle worsening inflation and control economic growth. The Singapore dollar immediately jumped 1.25% to 1.347 to the US dollar. The central bank raised its inflation forecast to 2.5%-3.5%, and said first quarter annualised growth jumped to 32.1% from -2.8% the previous quarter. The decision comes amid speculation that China will revalue its currency, the yuan, this year. Other currencies across the region also jumped on the news, as markets speculated that Singapore's decision could pave the way for higher interest rates in the other big exporting nations. The Malaysian ringgit appreciated 1.05%, while the Korean won was up 0.85%.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).