- Karnataka High Court on Tuesday refused to release Ms Jayalalitha on bail and rejected her plea for suspending the four-year prison sentence imposed by the trial court on September 27 in the disproportionate assets case. The court also rejected similar pleas of the other convicts in the case — V.K. Sasikala, V.N. Sudhakaran and J. Elavarasi.
- Flipkart issued an apology for the troubles that customers faced during the much-publicised ‘Big Billion Day’ deal on Monday.
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Nobel Prize in Physics: Isamu Akasaki (Japan), Hiroshi Amano (Japan) and naturalized U.S. citizen Shuji Nakamura won for inventing blue light-emitting diodes, a breakthrough that has spurred the development of LED technology.
- After Osama bin Laden was killed by U.S. special forces in Abbottabad, his body was kept in a heavy black bag of 300 pounds of iron chain and dropped into the sea, former Mr. Panetta has said. “Bin Laden’s body was prepared for burial according to Muslim traditions… placed inside a heavy black bag,” Mr. Panetta wrote in his book.
- A British judge on Tuesday said Bahrain’s Prince Nasser bin Hamad Al-Khalifa did not have legal immunity from prosecution following a review requested by a Bahraini torture survivor. The decision has no immediate effect on the prince, who is not being prosecuted and considers Britain a home-from-home. It could, however, lead to his arrest if the case is pursued.
- The Securities Appellate Tribunal (SAT) has upheld the Securities and Exchange Board of India’s order against Angel Broking in case related to violations of stock broker norms and fraudulent dealings in shares of Sterling Green Woods.
- The European Union’s competition authority is opening a formal investigation of Amazon’s European corporate income tax practices. The EU’s executive Commission said on Tuesday it is probing whether a tax agreement struck between the online retailer and the government of Luxembourg where Amazon records most of its European profits does constitute illegal state aid, distorting competition. The Commission says a 2003 tax arrangement with Amazon EU Sarl ensures that most of Amazon’s profits made in the 28-nation bloc “are recorded in Luxembourg but are not taxed in Luxembourg.”
- Global private equity major Goldman Sachs has sold its entire 73 per cent stake in City View Bangalore Properties to a joint venture floated by Blackstone and realty player Embassy Group for an undisclosed amount, exiting the project after several failed attempts since 2012.
- Nokia suspends handset manufacturing at its Chennai plant citing termination of the services agreement with Microsoft. The Sriperumbudur facility near here was one of its biggest plants globally.The plant was not part of Microsoft’s $7.2-billion acquisition of Nokia’s handset business due to a tax dispute with the Union government. Nokia is also facing a commercial tax case with the Tamil Nadu government.
- Gross direct tax collections were, however, up 15 per cent at Rs.3.46 lakh crore during the April-September period of 2014-15 fiscal, as against Rs.3.01 lakh crore a year-ago, the statement added. The government has fixed the direct tax collections target of over Rs.7.36 lakh crore for 2014-15, which is 15 per cent higher than the last fiscal’s revised estimates. Gross collections of corporate taxes increased by 15.31 per cent to Rs.2.22 lakh crore during April-September from Rs.1.93 lakh crore in the year-ago period, the statement said.
- Net direct tax collections have risen only by 7.09 per cent to Rs.2.69 lakh crore in the first six months of the current fiscal from Rs.2.51 lakh crore in the same period in the previous year, the Finance Ministry said in a statement.
- Centre has cleared 19 pending defence sector projects, including that of Reliance Aerospace Technologies, Bharat Forge, Mahindra Telephonic Integrated Systems, Tata Advanced Materials and Punj Lloyd.
- U.S.-based Rockwell Collins and home-grown Zen Technologies entered into an agreement to tap the Indian defence market.
- The Reserve Bank of India said banks could shift their excess bond holdings to trading portfolios from the held-to-maturity (HTM) basket thrice a year (currently once a year) from 2015 to deepen the government securities market.
- India to grow at 5.6% (up from previous estimate of 5.4%) in 2014 and 6.4%(unchanged) in 2015 – WEO (World Economic Forum).
- New Museum in Rashtrapati Bhavan is expected to be ready by Oct 16 and is housed inside a heritage structure which previously was the ‘garages’ of the Rashtrapati Bhavan & is spread over 10,000 sq. metres.
- India launched an ingeniously manufactured microscope, Broad Spectrum Confocal Microscope, that generates 3D images of objects. It uses an infra red beam which passes through a patented photonic crystal fibre made by the Central Glass and Ceramics Research Institute (CGCRI), Kolkata. The microscope was developed by the Council for Scientific and Industrial Research (CSIR) along with Vinvish Technologies, Thiruvananthapuram, under the New Millennium Indian Technology Initiative. Priced between Rs.1.25 cr to Rs.1.5 cr, these will be cheaper than the import price of Rs.4 cr.
- Former New York Mayor and philanthropist billionaire Michael Bloomberg granted an honorary knighthood from Britain for his “prodigious entrepreneurial and philanthropic endeavours, and the many ways” in which they have benefitted British-U.S. relations.
Credits: The Hindu, Google.
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